# EDGAR Filing Document

**Accession Number:** 0002131040
**File Stem:** 0001628280-26-046280
**Filing Date:** 2026-6
**Character Count:** 1613552
**Document Hash:** eb626e4ee67cbab03d0edbcc57fa14e0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-046280.hdr.sgml**: 20260630

**ACCESSION NUMBER**: 0001628280-26-046280

**CONFORMED SUBMISSION TYPE**: N-2

**PUBLIC DOCUMENT COUNT**: 31

**FILED AS OF DATE**: 20260630

**DATE AS OF CHANGE**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Robinhood Ventures Fund II
- **CENTRAL INDEX KEY:** 0002131040

**ORGANIZATION NAME:**
- **EIN:** 414754264
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-297168
- **FILM NUMBER:** 261141404

**BUSINESS ADDRESS:**
- **STREET 1:** 85 WILLOW ROAD
- **CITY:** MENLO PARK
- **STATE:** CA
- **ZIP:** 94025
- **BUSINESS PHONE:** (703) 200-5952

**MAIL ADDRESS:**
- **STREET 1:** 85 WILLOW ROAD
- **CITY:** MENLO PARK
- **STATE:** CA
- **ZIP:** 94025

**As filed with the Securities and Exchange Commission on June 30, 2026**

**Securities Act File No. 333- [●]**

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-2**

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933 ☒

PRE-EFFECTIVE AMENDMENT NO. ☐

POST-EFFECTIVE AMENDMENT NO. ☐

**Robinhood Ventures Fund II**

(Exact name of Registrant as Specified in Charter)

85 Willow Road

Menlo Park, CA 94025

(Address of Principal Executive Offices)

(650) 761-7789

(Registrant's Telephone Number, including Area Code)

John Markle

Maureen Montgomery

85 Willow Road

Menlo Park, CA 94025

(Name and Address of Agent for Service)

***Copies to:***

---

| | |
|:---|:---|
| **Christopher P. Healey** | **William G. Farrar** |
| **Davis Polk & Wardwell LLP**<br>**1050 17th Street, NW**<br>**Washington, DC 20036**<br>**Tel: (202) 962-7000**<br>| **Sullivan & Cromwell LLP**<br>**125 Broad Street**<br>**New York, NY 10004**<br>**Tel: (212) 558-4000**<br>|
| **Emily Roberts** | **John L. Savva** |
| **Davis Polk & Wardwell LLP**<br>**900 Middlefield Road**<br>**Redwood City, CA 94063**<br>**Tel: (650) 752-2000**<br>| **Sullivan & Cromwell LLP**<br>**550 Hamilton Avenue**<br>**Palo Alto, CA 94301**<br>**Tel: (650) 461-5600**<br>|
| **Gregory S. Rowland** |  |
| **Davis Polk & Wardwell LLP**<br>**450 Lexington Avenue**<br>**New York, NY 10017**<br>**Tel: (212) 450-4000**<br>|  |

---

**Approximate Date of Commencement of Proposed Public Offering**: As soon as practicable after the effective date of this Registration Statement.

☐ Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans.

☐ Check 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 ("Securities Act"), other than securities offered in connection with a dividend reinvestment plan

☐ Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto.

☐ Check 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 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.

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

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

**If appropriate, check the following box:**

☐ This [post-effective] amendment designates a new effective date for a previously filed [post-effective amendment] [registration statement].

☐ This Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: _____.

☐ This Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: _____.

☐ This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: _____.

**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 ("1940 Act")).

☒ Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the 1940 Act).

☐ Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the 1940 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 Exchange Act of 1934 ("Exchange Act")).

☐ 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 1940 Act for less than 12 calendar months preceding this filing).

**THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE** 

**REGISTRANT SHALL FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN** 

**ACCORDANCE WITH SECTION 8(a) OF THE SECURITIES ACT OF 1933 OR UNTIL THE REGISTRATION STATEMENT SHALL BECOME EFFECTIVE ON SUCH DATE AS THE** 

**SECURITIES AND EXCHANGE COMMISSION, ACTING PURSUANT TO SAID SECTION 8(a), MAY DETERMINE.**

**The information in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the** 

**registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an** 

**offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

**Subject to Completion. Dated [●], 2026**

**PRELIMINARY PROSPECTUS**

**Maximum Offering of [●] Shares**

**Robinhood Ventures Fund II**

**Common Shares**

**$[25.00] per share**

*The Company*. Robinhood Ventures Fund II (the "Company") is a newly organized Delaware statutory trust with limited

operating history. The Company is an externally managed, diversified, closed-end, management investment company that has elected

to be regulated as a business development company (a "BDC") under the Investment Company Act of 1940, as amended (the "1940

Act").

This is the initial public offering of the Company's common shares of beneficial interest, without par value (the "Shares"), and no

public market currently exists for the Shares. The Company is offering up to [●] Shares [and the selling shareholder identified in this

Prospectus is offering [●] Shares]. The initial public offering price of the Shares is $[25.00]. [The Company will not receive any of the

proceeds from the sale of Shares by the selling shareholder. The selling shareholder is an "underwriter" within the meaning of Section

2(a)(11) of the Securities Act of 1933, as amended (the "Securities Act").]

*The Investment Objective*. The Company's investment objective is to seek long-term capital appreciation. There can be no

assurance that the Company's investment objective will be achieved.

*Listing*. The Shares are expected to be listed, subject to official notice of issuance, on the New York Stock Exchange ("NYSE")

under the symbol "RVII."

*No Prior History*. Because the Company is newly organized, it has limited operating history, and its Shares have no history of

public trading. The Company has made limited investments using the proceeds of a seed capital investment by Robinhood Markets,

Inc. ("Robinhood"). Shares of BDCs frequently trade at a discount from their net asset value. The risk of loss due to this discount may

be greater for investors expecting to sell their shares in a relatively short period after the completion of this offering.

**Investing in the Shares is speculative and involves certain risks. See "<u>[Risks](#i9fdf5ca8c5d94332a78ac024e1493af0_34)</u>" beginning on page <u>[54](#i9fdf5ca8c5d94332a78ac024e1493af0_34)</u> of this Prospectus. You** 

**should carefully consider these risks together with all of the other information contained in this Prospectus before making a** 

**decision to purchase Shares.**

**Neither the SEC nor any state securities commission has approved or disapproved of these securities or determined if this** 

**Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

---

| | | |
|:---|:---|:---|
|  | **Per Share** | **Total**<sup>(1)</sup> |
| Initial Public Offering Price ................................................................................................................... | $[25.00] | $|
| Sales Load<sup>(2)</sup> ........................................................................................................................................... | $/ % | $/ % |
| Proceeds to the Company before Expenses<sup>(3)</sup> ......................................................................................... | $— | $— |
| [Proceeds to the Selling Shareholder before Expenses] ......................................................................... | $— | $— |

---

(*notes on next page)*

The Underwriter[s] expect to deliver the Shares against payment in New York, New York on [**●**], 2026.

**Goldman Sachs & Co. LLC**<br>

Prospectus dated [●], 2026.

(*notes continued from front cover)*

<sup>(1)</sup> The underwriter[s] are obligated to purchase all the Shares sold in the offering, which represent [●]% of the Company's outstanding voting

securities. In addition, under the terms of the Underwriting Agreement (as defined later in this Prospectus), the Company has granted the

underwriter[s] an option, exercisable within 30 days after the date of this prospectus, to acquire up to an additional [●]% of the total

number of the Shares to be offered in the offering, solely for the purpose of covering over-allotments. If this option is exercised in full, the

total public offering price, sales load, and proceeds to the Company, will be $[●], $[●] and $[●], respectively. It is anticipated that a portion

of the Shares offered by this Prospectus will be offered through Robinhood Financial LLC ("Robinhood Financial"), acting as a selling

group member, to allocate for sale to its customers through its IPO Access feature on the Robinhood platform. Any such sales will be made

at the same initial public offering price, and at the same time, as any other purchases in this offering. Robinhood Financial will not retain

any fees or other amounts received in connection with providing this service to the Company. See "Underwriting" and "Potential Conflicts

of Interest."

<sup>(2)</sup> The Company's principal underwriter, Goldman Sachs & Co. LLC (the "Underwriter[s]"), will deduct from the gross offering proceeds a

sales load of $[●], which is [●]% of the gross proceeds from the sale of the Shares in the offering. The effect of the aggregate sales load

will immediately reduce the net asset value of each Share purchased in this offering. See "Summary of Fees and Expenses" and

"Underwriting."

<sup>(3)</sup> The Company estimates that it will incur expenses of approximately $[●] million (approximately [●]% of the gross proceeds) in connection

with this offering, which is $[●] per share if [●] shares are sold by the Company in this offering. These expenses include organizational

expenses, registration fees, underwriting discounts and commissions (other than the sales load), FINRA (as defined later in this Prospectus)

filing fees, exchange listing fees, printing expenses, legal fees and expenses and accounting fees and expenses. The organizational and

offering costs will immediately reduce the NAV of each Share purchased in this offering. See "Summary of Fees and Expenses" and

"Underwriting." Any organizational costs or offering costs incurred prior to the closing of the initial public offering paid by Robinhood will

be reimbursed by the Company. The Company will reimburse Robinhood promptly following the offering out of the offering proceeds.

*Investment Strategy and Policies.* In pursuing its investment objective, the Company will primarily invest, under normal

circumstances, in a diversified portfolio of early-stage and growth-stage private companies, with a focus on private companies that are

current or previous participants in the Y Combinator startup accelerator program or companies with a founder or co-founder that has

participated in the Y Combinator startup accelerator program (collectively, "YC Companies"). The Company may, however, also

invest in companies that are not YC Companies. The Adviser will seek to invest in YC Companies and other early-stage and growth-

stage private companies that, in the view of the Adviser, demonstrate significant growth potential (each, a "Promising Company").

The specific Promising Companies in which the Company focuses its investments may change over time, including if a Promising

Company becomes a public company or is acquired in the future and the Company elects to sell its investment in such company. The

Company intends to make direct and indirect investments in Promising Companies. See *"Investment Objective and Strategy."*

Y Combinator is a leading startup accelerator that helps launch and scale early-stage technology companies by providing seed

funding, mentorship, and access to a global founder and investor network. "Y Combinator" is a registered trademark of Y Combinator

Management, LLC or its affiliates and is used by the Company with permission. Y Combinator does not sponsor, endorse, or promote

the Company and has no responsibility for the management or performance of the Company.

*Concentration*. The Company does not have fixed guidelines for diversification by industry or type of security, and investments

may be concentrated in only a few industries or types of securities. The Company may, for example, invest significantly in aerospace

and defense, artificial intelligence ("AI"), computer software, consumer products, consumer technology, enterprise software, Fintech,

technology, and robotics related companies.

*The Adviser and the Administrator.* Robinhood Ventures DE, LLC (the "Adviser"), which is registered as an investment adviser

with the U.S. Securities and Exchange Commission ("SEC") under the Investment Advisers Act of 1940, as amended (the "Advisers

Act"), serves as the Company's investment adviser and is responsible for making investment decisions for the Company's portfolio.

The Adviser was formed in August 2025, has limited investing history and has no history managing BDCs, and is a wholly-owned

subsidiary of Robinhood, a publicly-traded company. The principal business address of the Adviser is 85 Willow Road, Menlo Park,

California, 94025. The Adviser comprises a team of [4] research and investment professionals, including Sarah Pinto, the Adviser's

Chief Investment Officer, and [●] other professionals. As of [●], 2026, the Adviser had approximately $[●] million of assets under

management. The Adviser will also serve as the administrator of the Company (in its capacity as administrator of the Company, the

"Administrator").

*Use of Leverage*. Following the completion of this offering and the investment of the net proceeds therefrom, the Company

reserves the right to borrow money from banks or other financial institutions, or issue debt securities in an amount up to 66 2/3% of its

total assets in accordance with the 1940 Act if it believes that market conditions would be conducive to the successful implementation

of such a leveraging strategy. Any leveraging strategy will not be fully achieved until the proceeds resulting from the use of leverage

have been invested in accordance with the Company's investment objective and policies. The use of leverage is subject to numerous

risks. When leverage is employed, the Company's net asset value per Share ("NAV") and the market price of the Shares will be more

volatile than if leverage was not used. The Company cannot assure you that the use of leverage would result in a higher return on the

Shares. Any leveraging strategy the Company may employ may not be successful. See "*Leverage*."

***Risk Factors*. An investment in the Company is speculative with a substantial risk of loss, including risk associated with** 

**the Company's potential use of leverage. The Company and the Adviser do not guarantee any level of return on investments** 

**and there can be no assurance that the Company's investment objective will be achieved. You should carefully consider these** 

**risks together with all of the other information contained in this Prospectus before making a decision to invest in the** 

**Company. See "<u>[Risks](#i9fdf5ca8c5d94332a78ac024e1493af0_34)</u>" on page <u>[54](#i9fdf5ca8c5d94332a78ac024e1493af0_34)</u> of this Prospectus.**

• The Company has limited operating history.

• The Company's share price may be volatile and could decline significantly and rapidly.

• Shares of BDCs frequently trade at a discount to their net asset values.

• The Company will have no limitation on the portion of its portfolio that may be invested in illiquid securities, and all or a

substantial portion of the Company's portfolio is expected to be invested in such illiquid securities at all times. The Company

may invest without limitation in investments in which no active secondary market is readily available or which are otherwise

illiquid.

• An active, liquid, and orderly market for the Shares may not develop or be sustained. You may be unable to sell your Shares

at or above the price at which you purchased them, or at all.

The timing and amount of our future dividends, if any, will be determined by the Board (as defined below). Any dividends to the

holders of Shares (the "Shareholders") will be declared out of assets legally available for distribution. The Company intends to elect to

be treated as a RIC (as defined below) for federal income tax purposes and expects to continue to operate in a manner so as to qualify

for the tax treatment applicable to RICs. See "*Distributions*."

\*\*\*

You should read this Prospectus, which concisely sets forth information about the Company that a prospective investor ought to

know before investing, before deciding whether to invest in the Shares, and retain this Prospectus for future reference. You may

request free copies of the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-

K ("Shareholder Reports"), when available, or request other information about the Company or make other shareholder inquiries, free

of charge, by calling a toll-free number at 877-389-1648 or writing to the Company at 85 Willow Road, Menlo Park, California 94025.

Copies of the Company's Shareholder Reports (when available) will also be available free of charge on the Company's website at [●].

Except as noted herein, information contained on the Company's website is not incorporated by reference into this Prospectus. You

may also obtain information about the Company for free from the SEC's website, https://www.sec.gov, which contains reports, proxy

and information statements, and other information regarding issuers that file electronically with the SEC.

You should not construe the contents of this Prospectus as legal, tax or financial advice. You should consult with your own

professional advisors as to the legal, tax, financial or other matters relevant to the suitability of an investment in the Company.

The terms "we," "us," "our" and "the Company" in this Prospectus refer to Robinhood Ventures Fund II, a Delaware statutory

trust.

The Company is an "emerging growth company" under the federal securities laws and will be subject to reduced public company

reporting requirements.

**This Prospectus does not constitute an offer to sell, or a solicitation of an offer to buy, a security in any jurisdiction or to** 

**any person to whom it is unlawful to make such an offer or solicitation in that jurisdiction.**

**The Shares do not represent a deposit or an obligation of, and are not guaranteed or endorsed by, any bank or other** 

**insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal** 

**Reserve Board or any other government agency.**

**Neither the Company [nor the selling shareholder] nor the Underwriter[s] have authorized anyone to provide you with** 

**any information or to make any representations other than those contained in this Prospectus or in any free writing** 

**prospectus we have prepared and filed with the SEC. The Company [, the selling shareholder] and the Underwriter[s] take no** 

**responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. You** 

**should assume that the information in this Prospectus is accurate only as of the date of this Prospectus. The Company's** 

**business, financial condition and prospects may have changed since that date.** 

**References to the 1940 Act or other applicable law include any rules promulgated thereunder and any guidance,** 

**interpretations or modifications by the SEC, SEC staff or other authority with appropriate jurisdiction, including court** 

**interpretations, and exemptive, no-action or other relief or permission from the SEC, SEC staff or other authority.**

i

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| <u>[Prospectus Summary](#i9fdf5ca8c5d94332a78ac024e1493af0_10)</u> ................................................................................................................................. | <u>[1](#i9fdf5ca8c5d94332a78ac024e1493af0_10)</u> |
| <u>[Cautionary Note Regarding Forward-Looking Statements](#i9fdf5ca8c5d94332a78ac024e1493af0_13)</u> ....................................................................... | <u>[35](#i9fdf5ca8c5d94332a78ac024e1493af0_13)</u> |
| <u>[Summary of Fees and Expenses](#i9fdf5ca8c5d94332a78ac024e1493af0_16)</u> ................................................................................................................ | <u>[36](#i9fdf5ca8c5d94332a78ac024e1493af0_16)</u> |
| <u>[The Company](#i9fdf5ca8c5d94332a78ac024e1493af0_19)</u> ............................................................................................................................................. | <u>[38](#i9fdf5ca8c5d94332a78ac024e1493af0_19)</u> |
| <u>[Use of Proceeds](#i9fdf5ca8c5d94332a78ac024e1493af0_22)</u> ......................................................................................................................................... | <u>[43](#i9fdf5ca8c5d94332a78ac024e1493af0_22)</u> |
| <u>[Investment Objective and Strategy](#i9fdf5ca8c5d94332a78ac024e1493af0_25)</u> ............................................................................................................ | <u>[44](#i9fdf5ca8c5d94332a78ac024e1493af0_25)</u> |
| <u>[Robinhood Overview](#i9fdf5ca8c5d94332a78ac024e1493af0_28)</u> ................................................................................................................................. | <u>[52](#i9fdf5ca8c5d94332a78ac024e1493af0_28)</u> |
| <u>[Leverage](#i9fdf5ca8c5d94332a78ac024e1493af0_31)</u> .................................................................................................................................................... | <u>[53](#i9fdf5ca8c5d94332a78ac024e1493af0_31)</u> |
| <u>[Risks](#i9fdf5ca8c5d94332a78ac024e1493af0_34)</u> .......................................................................................................................................................... | <u>[54](#i9fdf5ca8c5d94332a78ac024e1493af0_34)</u> |
| <u>[Potential Conflicts of Interest](#i9fdf5ca8c5d94332a78ac024e1493af0_37)</u> .................................................................................................................... | <u>[80](#i9fdf5ca8c5d94332a78ac024e1493af0_37)</u> |
| <u>[Management of the Company](#i9fdf5ca8c5d94332a78ac024e1493af0_40)</u> .................................................................................................................... | <u>[90](#i9fdf5ca8c5d94332a78ac024e1493af0_40)</u> |
| <u>[Company Expenses](#i9fdf5ca8c5d94332a78ac024e1493af0_43)</u> .................................................................................................................................... | <u>[105](#i9fdf5ca8c5d94332a78ac024e1493af0_43)</u> |
| <u>[Net Asset Valuation](#i9fdf5ca8c5d94332a78ac024e1493af0_46)</u> ................................................................................................................................... | <u>[108](#i9fdf5ca8c5d94332a78ac024e1493af0_46)</u> |
| <u>[Underwriting](#i9fdf5ca8c5d94332a78ac024e1493af0_49)</u> .............................................................................................................................................. | <u>[111](#i9fdf5ca8c5d94332a78ac024e1493af0_49)</u> |
| <u>[\[Selling Shareholder\]](#i9fdf5ca8c5d94332a78ac024e1493af0_52)</u> ................................................................................................................................. | <u>[116](#i9fdf5ca8c5d94332a78ac024e1493af0_52)</u> |
| <u>[Closed-End Fund Structure; No Right of Redemption](#i9fdf5ca8c5d94332a78ac024e1493af0_55)</u> .............................................................................. | <u>[119](#i9fdf5ca8c5d94332a78ac024e1493af0_55)</u> |
| <u>[Distributions](#i9fdf5ca8c5d94332a78ac024e1493af0_58)</u> .............................................................................................................................................. | <u>[120](#i9fdf5ca8c5d94332a78ac024e1493af0_58)</u> |
| <u>[Dividend Reinvestment Plan](#i9fdf5ca8c5d94332a78ac024e1493af0_61)</u> ..................................................................................................................... | <u>[121](#i9fdf5ca8c5d94332a78ac024e1493af0_61)</u> |
| <u>[Description of Shares](#i9fdf5ca8c5d94332a78ac024e1493af0_64)</u> ................................................................................................................................. | <u>[123](#i9fdf5ca8c5d94332a78ac024e1493af0_64)</u> |
| <u>[Certain Provisions in the Declaration of Trust](#i9fdf5ca8c5d94332a78ac024e1493af0_67)</u> .......................................................................................... | <u>[124](#i9fdf5ca8c5d94332a78ac024e1493af0_67)</u> |
| <u>[ERISA Considerations](#i9fdf5ca8c5d94332a78ac024e1493af0_70)</u> ............................................................................................................................... | <u>[128](#i9fdf5ca8c5d94332a78ac024e1493af0_70)</u> |
| <u>[Material U.S. Federal Income Tax Considerations](#i9fdf5ca8c5d94332a78ac024e1493af0_73)</u> .................................................................................... | <u>[129](#i9fdf5ca8c5d94332a78ac024e1493af0_73)</u> |
| <u>[Business Development Company Regulations](#i9fdf5ca8c5d94332a78ac024e1493af0_76)</u> .......................................................................................... | <u>[139](#i9fdf5ca8c5d94332a78ac024e1493af0_76)</u> |
| <u>[Investment Practices, Techniques and Risks](#i9fdf5ca8c5d94332a78ac024e1493af0_79)</u> ............................................................................................. | <u>[141](#i9fdf5ca8c5d94332a78ac024e1493af0_79)</u> |
| <u>[Control Persons and Principal Shareholders](#i9fdf5ca8c5d94332a78ac024e1493af0_82)</u> .............................................................................................. | <u>[175](#i9fdf5ca8c5d94332a78ac024e1493af0_82)</u> |
| <u>[Code of Ethics](#i9fdf5ca8c5d94332a78ac024e1493af0_85)</u> ............................................................................................................................................ | <u>[176](#i9fdf5ca8c5d94332a78ac024e1493af0_85)</u> |
| <u>[Proxy Voting Policies and Procedures](#i9fdf5ca8c5d94332a78ac024e1493af0_88)</u> ...................................................................................................... | <u>[177](#i9fdf5ca8c5d94332a78ac024e1493af0_88)</u> |
| <u>[Portfolio Transactions](#i9fdf5ca8c5d94332a78ac024e1493af0_91)</u> ................................................................................................................................ | <u>[178](#i9fdf5ca8c5d94332a78ac024e1493af0_91)</u> |
| <u>[Custodian and Sub-Administrator](#i9fdf5ca8c5d94332a78ac024e1493af0_94)</u> ............................................................................................................. | <u>[179](#i9fdf5ca8c5d94332a78ac024e1493af0_94)</u> |
| <u>[Transfer Agent, Dividend Paying Agent and Registrar](#i9fdf5ca8c5d94332a78ac024e1493af0_97)</u> ............................................................................. | <u>[180](#i9fdf5ca8c5d94332a78ac024e1493af0_97)</u> |
| <u>[Available Information](#i9fdf5ca8c5d94332a78ac024e1493af0_100)</u> ................................................................................................................................ | <u>[181](#i9fdf5ca8c5d94332a78ac024e1493af0_100)</u> |
| <u>[Fiscal Year](#i9fdf5ca8c5d94332a78ac024e1493af0_103)</u> ................................................................................................................................................. | <u>[182](#i9fdf5ca8c5d94332a78ac024e1493af0_103)</u> |
| <u>[Independent Registered Public Accounting Firm](#i9fdf5ca8c5d94332a78ac024e1493af0_106)</u> ...................................................................................... | <u>[183](#i9fdf5ca8c5d94332a78ac024e1493af0_106)</u> |
| <u>[Legal Counsel](#i9fdf5ca8c5d94332a78ac024e1493af0_109)</u> ............................................................................................................................................ | <u>[184](#i9fdf5ca8c5d94332a78ac024e1493af0_109)</u> |
| <u>[Website Disclosure](#i9fdf5ca8c5d94332a78ac024e1493af0_112)</u> .................................................................................................................................... | <u>[185](#i9fdf5ca8c5d94332a78ac024e1493af0_112)</u> |
| <u>[Privacy Notice](#i9fdf5ca8c5d94332a78ac024e1493af0_115)</u> ........................................................................................................................................... | <u>[186](#i9fdf5ca8c5d94332a78ac024e1493af0_115)</u> |
| <u>[Index to Financial Statements](#i9fdf5ca8c5d94332a78ac024e1493af0_1244)</u> .................................................................................................................... | <u>[F-1](#i9fdf5ca8c5d94332a78ac024e1493af0_1244)</u> |

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**PROSPECTUS SUMMARY**

*This summary highlights some of the information contained in this Prospectus. It is not complete and does not* 

*contain all of the information that a prospective investor should consider before investing in the Company. Before* 

*investing, you should carefully read the more detailed information appearing elsewhere in this Prospectus.*

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| The Company .............................. | The Company is a newly organized Delaware statutory trust, structured as an <br>externally managed, diversified, closed-end, management investment company <br>that has elected to be regulated as a BDC under the 1940 Act.<br>|
| Board of Trustees ........................ | The Company's Board of Trustees ("Board") has overall responsibility for the <br>management and supervision of the business operations of the Company. The <br>Board is comprised of five Trustees, a majority of whom are not "interested <br>persons" (as defined in the 1940 Act) of the Company ("Independent Trustees").<br>|
| The Adviser and the <br>Administrator ..............................<br>| The Adviser, which is registered as an investment adviser with the SEC under <br>the Advisers Act, serves as the Company's investment adviser and is responsible <br>for making investment decisions for the Company's portfolio. The Adviser was <br>formed in August 2025, has limited investing history and has no experience <br>managing BDCs, and is a wholly-owned subsidiary of Robinhood. As of [●], <br>2026, the Adviser had approximately $[●] million of assets under management. <br>The Adviser will also serve as the administrator of the Company (in its capacity <br>as administrator of the Company, the "Administrator").<br>|
| Investment Team ........................ | The Adviser's investment team is currently comprised of Sarah Pinto, and is <br>supported by members of the Adviser's senior executive team. The investment <br>team is responsible for selecting and evaluating all investment opportunities on <br>behalf of the Company. The investment team's member(s) may change from <br>time to time as designated by the Adviser.<br>|
| Investment Objective .................. | The Company's investment objective is to seek long-term capital appreciation. <br>There can be no assurance that the Company will achieve its investment <br>objective.<br>|
| Investment Strategies .................. | In pursuing its investment objective, the Company will primarily invest, under <br>normal circumstances, in a diversified portfolio of early-stage and growth-stage <br>private companies, with a focus on private companies that are current or previous <br>participants in the Y Combinator startup accelerator program or companies with <br>a founder or co-founder that has participated in the Y Combinator startup <br>accelerator program (collectively, "YC Companies"). Approximately 500-700 <br>companies join Y Combinator each year.<sup>1</sup> The Company may, however, also <br>invest in companies that are not YC Companies. <br>|
|  | Y Combinator is a leading startup accelerator that helps launch and scale early-<br>stage technology companies by providing seed funding, mentorship, and access <br>to a global founder and investor network. "Y Combinator" is a registered <br>trademark of Y Combinator Management, LLC or its affiliates and is used by the <br>Company with permission. Y Combinator does not sponsor, endorse, or promote <br>the Company and has no responsibility for the management or performance of <br>the Company.<br>|

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| The Company will seek to invest in YC Companies and other early-stage and <br>growth-stage private companies that, in the view of the Adviser, demonstrate <br>significant growth potential (each, a "Promising Company"). In identifying <br>Promising Companies, the Adviser considers a variety of factors that may <br>include the experience and track record of the founding team, market size, <br>industry trends, product differentiation, commercial traction, and business <br>model. The Adviser bases its evaluation on information available at the time of <br>investment, which may include pitch presentations, publicly available materials, <br>the Adviser's own research and analysis, and references from parties familiar <br>with the company or its founders.<br>The specific Promising Companies in which the Company focuses its <br>investments may change over time, including if a Promising Company becomes <br>a public company or is acquired in the future and the Company elects to sell its <br>investment in such company. <br>|
| As a BDC, at least 70% of the Company's assets must be the type of <br>"qualifying" assets listed in Section 55(a) of the 1940 Act, as described herein, <br>which are generally privately-offered securities issued by U.S. private or thinly-<br>traded companies. The Company may also invest up to 30% of its portfolio <br>opportunistically in "non-qualifying" portfolio investments, such as investments <br>in non-U.S. companies and private vehicles that rely on an exclusion from the <br>definition of investment company in Section 3(c) of the 1940 Act.<br>|
| The Company will make direct investments in Promising Companies, including <br>follow-on investments, which will typically be in the form of non-controlling <br>equity and equity-related securities, including, but not limited to, simple <br>agreements for future equity ("SAFEs"), common stock, warrants, convertible <br>preferred stock, other equity or equity-linked securities or ownership interests in <br>business enterprises, other forms of senior equity, which may or may not be <br>convertible into a company's common equity, and preferred stock and <br>convertible debt securities.<br>|
| The Company expects that a significant portion of its investments may be in the <br>form of SAFEs. A SAFE is an agreement between an investor and a company in <br>which the company generally agrees that the investor's investment in the <br>company will be converted into equity in the company upon certain trigger <br>events. For example, the investor's SAFE investment would typically be <br>converted into convertible preferred stock in the company's next priced equity <br>financing round, at the valuation that is set in the company's next priced equity <br>financing round. In addition, a SAFE may be triggered if the company is <br>acquired by or merged with another company. Other triggers may be an initial <br>public offering of securities by the company. <br>|

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| Although the Company will principally seek to invest directly in Promising <br>Companies, the Company may also make indirect investments in Promising <br>Companies by purchasing units or shares of special purpose vehicles ("SPVs"), <br>venture funds and private equity funds, limited liability companies, limited <br>partnerships, pooled investment vehicles, including venture capital funds, that <br>would be investment companies but for Section 3(c)(1) or Section 3(c)(7) of the <br>1940 Act, and other vehicles (each, a "Private Vehicle") that provide the <br>Company with economic exposure to the equity of one or more Promising <br>Companies. The SPVs in which the Company expects to invest will be private <br>investment vehicles managed by unaffiliated managers that are designed to <br>provide the Company and other accredited investors access to concentrated <br>economic exposure to one or more specific private companies through a private <br>offering of securities exempt from registration under the Securities Act pursuant <br>to Regulation D. An SPV may source its investments in underlying private <br>companies through a variety of methods, including through existing investment, <br>business or other relationships that the manager of the SPV may have with a <br>private company or its founders and/or key employees. Individual SPVs that the <br>Company expects to invest in may have different terms and structures, which <br>may present unique risks and different economic experience than if the Company <br>were to hold interests in the underlying private companies directly. The types of <br>SPVs in which the Company expects to invest may charge upfront sales charges <br>as well as management fees and/or carried interest-type fees that will impact the <br>value of the Company's investment and the Company's investment return. All <br>investors in an SPV typically will have similar rights, which are documented in <br>the governing documents of the SPV, subject to the terms of any side letters <br>entered into between an investor (including the Company) and the manager of <br>the SPV that may alter such rights and/or provide certain benefits to individual <br>SPV investors. <br>|
| It is expected that the SPVs in which the Company invests will not provide the <br>Company with voting rights with respect to the SPVs or underlying private <br>companies. Private Vehicles will typically not be controlled by the Company and <br>will not be subsidiaries of the Company. Such investments may include <br>investments made through "secondary transactions," in which the Company <br>acquires an interest in an existing Private Vehicle from another investor. The <br>Company also may seek indirect economic exposure to Promising Companies in <br>other ways, including through special situations, other equity or credit <br>investments, equity-related and equity-linked investments such as forward <br>contracts for future delivery of stock, swaps, and other synthetic equity <br>agreements that provide it with economic exposure to the equity of a Promising <br>Company. To the extent the Company enters into forward contracts or other <br>derivatives with respect to a Promising Company, the Company intends to do so <br>only with reputable counterparties that have received (or the guarantors of the <br>obligations of which have received) a credit rating of A-1 or P-1 by S&P or <br>Moody's, or that have an equivalent rating from another nationally rated <br>statistical rating organization ("NRSRO"), or that are determined to be of <br>equivalent credit quality by the Adviser.<br>Private Vehicles that rely on an exclusion from the definition of investment <br>company in Section 3(c) of the 1940 Act would not be qualifying assets for <br>purposes of compliance with the requirement of Section 55(a) of the 1940 Act to <br>invest at least 70% of the Company's total assets in qualifying assets. <br>The Company will publicly disclose information regarding its exposure to the <br>holdings of Private Vehicles and will make such information available on the <br>Company's website ([●]) on at least a quarterly basis, but this information may <br>be disclosed on an up to 90-day lag.<br>|

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| In seeking to achieve its investment objective, the Company will invest, without <br>limit, in privately placed or restricted securities (including in Rule 144A <br>securities, which are privately placed securities purchased by qualified <br>institutional buyers), illiquid securities and securities in which no secondary <br>market is readily available, of private companies. Issuers of these securities are <br>not expected to have a class of securities registered, or be subject to periodic <br>reporting, pursuant to the Exchange Act.<br>|
| The Company generally intends to hold its investments as a long-term investor, <br>consistent with its investment objective and strategies, and, accordingly, the <br>Company does not expect to divest of investments on any particular timeline or <br>upon the occurrence of any particular event. For example, the Company expects <br>generally to continue to hold investments in a company after future rounds of <br>financing or an initial public offering. However, the Company may divest of <br>some or all of an investment as the Adviser determines to be appropriate and <br>consistent with the Company's investment objective or strategies. This may <br>occur in connection with a future round of financing, an initial public offering or <br>acquisition of a company, in the event the Adviser determines it is appropriate to <br>rebalance the portfolio, where the Adviser determines that the investment is no <br>longer performing in line with expectations, or for any other reason in the <br>Adviser's discretion. In addition, if an investment is held in a Private Vehicle, <br>the Private Vehicle may dispose of a Promising Company.<br>|
| Under normal circumstances, substantially all of the Company's assets will be <br>invested in direct or indirect investments in Promising Companies (except that <br>the Company may continue to hold investments in a Promising Company after <br>future rounds of financing or the initial public offering of such Promising <br>Companies). However, consistent with the Company's BDC election and its <br>election to be taxed as a RIC, the Company may also invest, to a lesser extent <br>(including while it is seeking to build its position in one or more Promising <br>Companies or to manage cash) in other investments, including listed companies, <br>mutual funds, BDCs, exchange-traded funds ("ETFs"), money market funds, <br>U.S. government securities and other fixed income obligations, and cash <br>equivalents (such as bankers' acceptances, certificates of deposit, commercial <br>paper, short-term government and corporate obligations and repurchase <br>agreements), and crypto or digital assets, and may at times hold a significant <br>percentage of its assets in such investments. To the extent that a significant <br>portion of the Company's assets are invested in such instruments for an extended <br>period of time, the Company may not achieve its investment objective. |
| Under normal circumstances, substantially all of the Company's assets will be <br>invested in direct or indirect investments in Promising Companies (except that <br>the Company may continue to hold investments in a Promising Company after <br>future rounds of financing or the initial public offering of such Promising <br>Companies). However, consistent with the Company's BDC election and its <br>election to be taxed as a RIC, the Company may also invest, to a lesser extent <br>(including while it is seeking to build its position in one or more Promising <br>Companies or to manage cash) in other investments, including listed companies, <br>mutual funds, BDCs, exchange-traded funds ("ETFs"), money market funds, <br>U.S. government securities and other fixed income obligations, and cash <br>equivalents (such as bankers' acceptances, certificates of deposit, commercial <br>paper, short-term government and corporate obligations and repurchase <br>agreements), and crypto or digital assets, and may at times hold a significant <br>percentage of its assets in such investments. To the extent that a significant <br>portion of the Company's assets are invested in such instruments for an extended <br>period of time, the Company may not achieve its investment objective. |
| The Company does not have fixed guidelines for diversification by industry or <br>type of security, and investments may be concentrated in only a few industries or <br>types of securities. The Company may, for example, invest significantly in <br>aerospace and defense, artificial intelligence ("AI"), computer software, <br>consumer products, consumer technology, enterprise software, Fintech, <br>technology, and robotics related companies.<br>|
| The Company is permitted to borrow money or issue debt securities in an <br>amount up to 66 2/3% of its total assets in accordance with the 1940 Act. The <br>Company may establish one or more credit lines to borrow money for a range of <br>purposes, including for the purpose of funding investments, to satisfy Company <br>liabilities or obligations, or other specified purposes. The Company may pledge <br>its assets to secure any such borrowings. There is no assurance, however, that the <br>Company will be able to enter into a credit line or that it will be able to timely <br>repay any borrowings under such credit line, which may result in the Company <br>incurring leverage on its portfolio investments from time to time. The <br>Company's use of leverage may increase or decrease from time to time in its <br>discretion and the Company may, in the future, determine not to use leverage.<br>|
| The Company may make investments directly or indirectly through one or more <br>wholly-owned subsidiaries (each, a "Subsidiary" and collectively, the <br>"Subsidiaries"), and references herein to the Company's investments also refer to <br>any Subsidiary's investments.<br>|

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| If the Company uses one or more Subsidiaries to make investments, the <br>Company and its Shareholders will bear the respective organizational and <br>operating fees, costs, expenses and liabilities of those Subsidiaries. The <br>Company and its Subsidiaries will have the same investment strategies and will <br>be subject to the same investment restrictions and limitations on a consolidated <br>basis. The Adviser will serve as investment adviser to the Company and each <br>Subsidiary. The Subsidiaries will comply with the provisions relating to <br>affiliated transactions and custody of the 1940 Act.<br>|
| The Adviser will not cause the Company to engage in certain negotiated <br>investments alongside affiliates unless the Company has received an order from <br>the SEC granting an exemption from Section 17 of the 1940 Act, or unless such <br>investments are not prohibited by Section 17(d) of the 1940 Act or <br>interpretations thereof, as expressed in SEC no-action letters or other available <br>guidance. The Adviser and the Company intend to apply for an exemptive order <br>from the SEC that, if granted, would expand the Company's ability to invest <br>alongside its affiliates in privately placed investments that involve the <br>negotiation of certain terms of the securities to be purchased (other than price-<br>related terms).<br>|

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__________________

(1)Source: Startup Directory (last visited June 25, 2026), available at https://www.ycombinator.com/companies.

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| Market Opportunity .................... | *Venture investing has historically been one of the most powerful engines of* <br>*wealth creation in the American economy — generating many of the companies* <br>*that have defined modern life, employed millions of Americans, and produced* <br>*extraordinary returns. Yet the opportunity to share in that wealth creation has* <br>*been systematically denied to the vast majority of Americans, reserved instead* <br>*for a small and self-reinforcing circle of institutional investors and well-*<br>*connected insiders. That exclusion is not an accident of market structure. It is a* <br>*consequence of rules and access barriers that have never been designed to* <br>*provide access to ordinary Americans. The Company is designed to change that* <br>*— by investing in YC Companies and other early-stage or growth-stage* <br>*companies whose technology, markets, and competitive position demonstrate, in* <br>*the view of the Adviser, compelling potential, providing the access and the* <br>*diversification that are unavailable to most investors.*<br>**I.The Private Venture Market: Size, Growth, and Returns**<br>The U.S. venture capital market has grown dramatically over the past decade and <br>a half. U.S. venture capital reached $320.0 billion deployed in 2025 — the <br>second-highest annual total ever recorded, behind only the 2021 peak of $358.2 <br>billion.<sup>1</sup> Even the relative trough of 2023, at $168.8 billion, exceeded every <br>pre-2018 annual total in U.S. history. The U.S. venture capital industry now <br>manages $1.38 trillion in total assets under management — comprising $1.08 <br>trillion in net asset value and $299.3 billion in dry powder awaiting deployment <br>into the next generation of companies.<sup>1</sup><br>Equally significant is a structural shift in when companies choose to access <br>public markets — and therefore in where their most significant appreciation <br>occurs. The median time from a company's founding to its IPO was 5 years in <br>1999; by 2024, that figure had reached 14 years.<sup>2</sup>A company that remains <br>private for 14 years may complete its foundational growth arc — from idea, to <br>product-market fit, to scaling — entirely within the private markets, entirely out <br>of reach of most of the investing public. The investors who participate in that arc <br>earn returns commensurate with bearing that risk. Often, by the time a company <br>reaches its IPO, the most significant wealth creation has already occurred, and it <br>has occurred exclusively for the small group of insiders who were allowed to <br>invest early on.<br>As of year-end 2025, approximately 859 venture-backed private companies <br>globally were valued at $1 billion or more, representing an aggregate estimated <br>value of approximately $4.34 trillion.<sup>3</sup> Whether that value is ultimately realized <br>through an acquisition, a public offering, or a secondary transaction, most of the <br>returns will flow to those who were permitted to invest during the private phase <br>— the same endowments, sovereign wealth funds, and ultra-high-net-worth <br>individuals who have always had access.<br>**II.The Closed Door: How Ordinary Americans Are Locked Out**<br>The private venture market has delivered significant returns and generated much <br>of the economic dynamism of the past generation. Generally, private venture <br>investments have not been accessible to most ordinary Americans. The exclusion <br>operates at two levels — a legal barrier erected by the SEC's accredited investor <br>rules, and a practical barrier rooted in the insular network dynamics of venture <br>capital. <br>*The Accredited Investor Threshold*. Under the Securities Act of 1933, most <br>private securities offerings — including interests in venture capital funds and <br>direct investments in private companies — may be sold only to "accredited <br>investors," defined by minimum thresholds for income, net worth, or <br>professional certification.<sup>5</sup> According to a June 2025 study published by the <br>SEC's Office of the Investor Advocate (the "2025 OIAD study"), approximately <br>12.6% of U.S. individuals qualify as accredited investors.<sup>6</sup> More than eight in ten <br>Americans are legally prohibited from investing in the types of private venture <br>investments that have generated some of the most significant wealth in modern <br>economic history because they do not meet the accredited investor threshold.<br>|

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*The Network Barrier*. For the minority of Americans who clear the legal <br>threshold, a second wall awaits. Even among those who are legally eligible to <br>participate, only 4.3% of accredited investors actually own private market <br>securities.<sup>6</sup> The most successful private venture funds are chronically <br>oversubscribed and allocate capacity almost entirely to a fixed circle of <br>institutional investors and high-net-worth individuals whose relationships were <br>established over decades. Top-tier founders typically raise money through <br>introductions from trusted networks, resulting in many of the best opportunities <br>going to the same people they always have.<br>The result is a compounding exclusion. Only 12.6% of Americans are legally <br>eligible to participate. Of those, only 4.3% actually own private market <br>securities. Meanwhile, among the vast majority of Americans who are not <br>accredited investors, only 1.1% own private market securities. Collectively, <br>approximately 1.3% of the total U.S. population holds any private market <br>investment at all.<sup>6</sup> However, the same 2025 OIAD study found that 5.2% of the <br>total U.S. population — four times the number who actually own such securities <br>— express interest in investing in new or private companies.<sup>6</sup> We believe that the <br>gap between what such Americans want and what they are permitted to access <br>may be the defining inequity of modern capital markets. <br>**III.The Diversification Dilemma**<br>The structural exclusion described above does more than deny ordinary <br>Americans access to individual opportunities. It prevents them from investing in <br>early-stage and growth-stage companies in one of the only ways that we believe <br>makes economic sense.<br>Early-stage and growth-stage investing is defined by the power law: the <br>distribution of outcomes is extraordinarily skewed, with the large majority of <br>companies returning little or no capital and a small number of exceptional <br>outcomes driving virtually all aggregate returns.<sup>4</sup> This is not a flaw in the asset <br>class — it is its defining characteristic, and it is precisely what produces venture-<br>scale returns for those who can capture it. But capturing it requires a portfolio <br>broad enough to include the outliers. An investor who participates in only a <br>handful of early-stage or growth-stage companies faces binary concentration risk <br>with no structural mechanism to offset failures. The expected return of a small, <br>undiversified portfolio of early-stage and growth-stage investments is materially <br>lower than the expected return of the asset class itself, because the probability of <br>holding the handful of companies that drive aggregate returns decreases sharply <br>as portfolio size declines. Institutional venture funds are constructed with this <br>dynamic explicitly in mind — deploying capital across large numbers of <br>companies precisely because breadth of exposure is the instrument through <br>which the power law works in investors' favor rather than against them.<br>

It generally is not possible for ordinary Americans to obtain this type of <br>diversified exposure to early- and growth-stage companies on their own. The <br>legal and network barriers described above do not merely limit retail access to <br>individual transactions — they make it structurally impossible for typical retail <br>investors to assemble the kind of diversified portfolio of early-stage and growth-<br>stage companies that we believe the asset class calls for. Minimum investment <br>sizes in private rounds — even where access exists — are typically far beyond <br>what retail investors can deploy across a sufficient number of companies to <br>achieve meaningful diversification. Deal flow itself is the binding constraint: <br>building a diversified early-stage and growth-stage portfolio requires consistent <br>access to a large volume of high-quality opportunities, which in turn requires the <br>kind of established institutional relationships that retail investors generally do <br>not have. A retail investor who overcomes the accredited investor legal threshold <br>and secures access to one or two early-stage investments has not solved the <br>access problem — he or she has simply taken on the risk profile of early-stage <br>investing without the broad portfolio construction that makes that risk rational to <br>bear. <br>The inability to diversify is not a secondary limitation. It is a core reason that <br>retail participation in early-stage and growth-stage investing, absent a <br>professionally managed, broadly diversified structure, fails to deliver the returns <br>that make the asset class worth pursuing. Solving the access problem means <br>solving the diversification problem — and doing so at a scale and with a <br>sourcing capability that retail investors generally cannot replicate on their own.<br>**IV.RVII: Built to End the Exclusion**<br>RVII is purpose-built to address the barriers and limitations described above.<br>RVII has no investment minimums, no income threshold, no net worth test, and <br>no accredited investor requirement. The wealth barrier that largely defines the <br>private market does not apply to RVII.<br>RVII will be listed and freely tradable on the NYSE. Investors may buy or sell <br>Shares on the NYSE without lockup periods, redemption gates, or capital call <br>obligations, although an active market may not develop, while the Company <br>generally expects to hold its investments through their natural private-phase arc <br>and seeks to realize value at natural exit — through acquisition, public offering, <br>or secondary transaction.<br>Diversification is a structural feature of RVII. Over time, RVII expects to invest <br>across a portfolio of a significant number of companies, applying the <br>construction discipline that institutional venture funds use to manage single-<br>company failure risk. The existing seed portfolio already includes investments in <br>79 private companies. Individual retail investors generally cannot replicate this <br>structure independently: private investing requires deal sourcing, underwriting <br>capacity, and portfolio scale that are generally operationally out of reach for <br>individuals acting alone. <br>The Adviser believes it is situated to develop a pipeline of investment <br>opportunities that are generally accessible only to institutional insiders. The <br>Adviser's relationships across venture capital include investors, founders, and <br>institutional participants who are active in venture markets, both within and <br>beyond the YC Company ecosystem. These relationships provide the Adviser <br>with visibility into financing rounds, access to investment opportunities that are <br>not broadly marketed, and the credibility to participate in competitive rounds <br>alongside established institutional investors. Early-stage and growth-stage <br>investing is, by its nature, a relationship-driven activity: the most attractive <br>opportunities are allocated through trusted networks, and access is a function of <br>reputation and prior engagement. The Adviser's position within those networks <br>is a strategic advantage that individual retail investors — and many new market <br>entrants — generally cannot replicate independently.<br>

__________________

(1)Source: NVCA 2026 Yearbook (National Venture Capital Association / PitchBook Data, Inc., 2026); data as of December 31, 2025.

(2)Source: Jay R. Ritter, "Initial Public Offerings: Median Age of IPOs Through 2025," University of Florida IPO Initiative, updated

December 31, 2025. Based on 9,343 IPOs from 1980–2025.

(3)Source: NVCA 2026 Yearbook (National Venture Capital Association / PitchBook Data, Inc., 2026); data as of December 31, 2025.

(4)Source: See e.g., Chris Dixon, Performance Data and the 'Babe Ruth' Effect in Venture Capital, Andreessen Horowitz (June 8, 2015),

https://a16z.com/performance-data-and-the-babe-ruth-effect-in-venture-capital/. Past performance is not indicative of future results.

(5)Source: 17 C.F.R. § 230.501(a).

(6)Source: Katherine Carman, Alycia Chin, Steven Nash & Brian Scholl, "Exploring Accredited Investors and Private Market Securities

Ownership," SEC Office of the Investor Advocate, OIAD Working Paper 2025 No. 1 (June 2025).

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| Listing and Symbol ..................... | The Shares are expected to be listed, subject to official notice of issuance, on the <br>NYSE under the symbol "RVII." See "Description of Shares."<br>|
| Principal Risk Factors ................. | *The following are certain principal risk factors that relate to the operations and* <br>*terms of the Company. The following information is a discussion of the known* <br>*material risk factors associated with an investment in the Shares specifically.* <br>*Additional risks and uncertainties not currently known to the Company or that* <br>*the Company currently deems to be immaterial also may materially adversely* <br>*affect the Company's business, financial condition and/or operating results. The* <br>*value of your investment in the Company, as well as the amount of return you* <br>*receive on your investment in the Company, may fluctuate significantly. You may* <br>*lose part or all of your investment in the Company. There is no assurance that* <br>*the Company will meet its investment objective. An investment in the Company is* <br>*speculative and involves a high degree of risk. Therefore, you should consider* <br>*the risks of investing in the Company prior to making an investment in the* <br>*Company. Each risk summarized below is considered a "principal risk" of* <br>*investing in the Company, regardless of the order in which it appears.*<br>|

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*Early-Stage Companies Risks*<br>The types of investments that the Company anticipates making involve a high <br>degree of risk. In general, financial and operating risks confronting portfolio <br>companies can be significant. While targeted returns should reflect the perceived <br>level of risk in any investment situation, there can be no assurance that the <br>Company will be adequately compensated for risks taken. A loss of the <br>Company's entire investment is possible. The timing of profit realization is <br>highly uncertain. Losses are likely to occur early in the Company's term, while <br>successes often require a long maturation.<br>Early-stage companies often experience unexpected problems in the areas of <br>product development, manufacturing, marketing, financing and general <br>management, which, in some cases, cannot be adequately solved. In addition, <br>such companies may require substantial amounts of financing, which may not be <br>available through institutional private placements or the public markets. In <br>addition, the markets that such companies target are highly competitive and in <br>many cases the competition consists of larger companies with access to greater <br>resources. The percentage of companies that survive and prosper can be small. <br>Given the rapid timelines often associated with accelerator programs such as Y <br>Combinator, and the inherently limited information available on early-stage <br>companies, the Adviser's evaluation of a given opportunity is generally <br>conducted on an expedited basis, which creates heightened risk for investors in <br>such early-stage companies.<br>*YC Companies Risk*<br>Because the Company focuses its investments in YC Companies, it may be more <br>concentrated in certain types of businesses (such as high-growth or technology-<br>oriented companies) and may perform differently than funds that invest in a <br>broader range of companies or have a less focused investment approach. In <br>addition, any limitation imposed by Y Combinator on the Company's access to <br>YC Companies could have a material adverse effect on the Company's business, <br>financial condition or results of operations.<br>*Equity Securities Risk*<br>The value of the equity securities the Company holds may fall due to general <br>market and economic conditions, perceptions regarding the industries in which <br>the issuers of securities the Company holds participate or factors relating to the <br>specific companies in which the Company invests. These can include stock <br>movements, purchases or sales of securities by the Company and other investors, <br>government policies, litigation, changes in interest rates, inflation, the financial <br>condition of the companies in which the Company invests or perceptions of such <br>companies, or economic conditions in general or specific to the issuer. Equity <br>securities and equity-related securities may also be particularly sensitive to <br>general movements in the stock market, and a decline in the broader market may <br>affect the value of the Company's equity investments.<br>The equity interests the Company invests in may not appreciate in value and, in <br>fact, may decline in value or lose all value. Accordingly, the Company may not <br>be able to realize gains from its equity investments, and any gains that it does <br>realize on the disposition of any equity investments may not be sufficient to <br>offset any other losses it experiences.<br>

*SAFEs Risk*<br>SAFEs do not represent an equity ownership interest at the time of investment <br>and it is uncertain if SAFEs will provide such exposure in the future. They are <br>designed for early-stage, high-growth startup companies that are expected to <br>raise additional capital in the future. If such growth or financing does not occur, <br>the economic assumptions underlying the investment may not be realized. Unlike <br>common stock, SAFEs do not provide holders with any current ownership rights, <br>including voting rights or rights to dividends, and instead represent only a <br>contractual right to receive equity in the future upon the occurrence of specified <br>triggering events, such as a future equity financing, acquisition, or initial public <br>offering, which may not occur. If such triggering events do not occur, the <br>Company may never receive equity securities and could lose its entire <br>investment. In certain circumstances, a portfolio company may raise additional <br>capital through alternative financing structures that do not trigger conversion. <br>Even if a triggering event occurs, the terms governing conversion may be <br>complex and highly variable, including valuation caps, discounts, or other <br>mechanisms, such as most favored nation or pro rata provisions, that may <br>significantly affect the amount and value of equity ultimately received.<br>The valuation for the Company used in the conversion of the SAFEs will be <br>determined by the investors investing in the next priced equity financing round <br>that triggers conversion of the SAFEs, which valuation may not be known by the <br>Company or an accurate reflection of the valuation of the company at that time.<br>A SAFE investment's value may not change for an extended period of time, for <br>example, until a conversion is triggered. Upon conversion, the Company's <br>investment in the company that issued the SAFE may change significantly, <br>impacting the Company's NAV per share and potentially the trading price for the <br>Shares. Because SAFEs are valued based on estimates of future contingent <br>events, their reported fair value may differ materially from realized outcomes.<br>

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| *Private Investments Risk*<br>Investments in private companies involve a high degree of business and financial <br>risk that can result in substantial losses. Less information is available with <br>respect to private companies compared to public companies and private company <br>investments offer limited liquidity. Private companies generally are not subject <br>to SEC reporting requirements, are not required to maintain their accounting <br>records in accordance with generally accepted accounting principles, and are not <br>required to maintain effective internal controls over financial reporting. <br>Operating results for private companies in a specified period may be difficult to <br>determine. As a result, there is risk that the Company may invest on the basis of <br>incomplete or inaccurate information, and will not be able to adequately monitor <br>the performance of its investments, which may adversely affect the Company's <br>investment performance. In addition, to the extent the Company or its Adviser <br>receives material non-public information about a private company, the <br>Company's ability to trade in that company (including the Company's ability to <br>sell its interest in the company) may be restricted at times. Private companies in <br>which the Company may invest also may have limited financial resources, <br>shorter operating histories, more asset concentration risk, narrower product lines <br>and smaller market shares than larger businesses, which tend to render such <br>private companies more vulnerable to competitors' actions and market <br>conditions, as well as general economic downturns. These companies generally <br>have less predictable operating results, may from time to time be parties to <br>litigation, may be engaged in rapidly changing businesses with products subject <br>to a substantial risk of obsolescence, and may require substantial additional <br>capital to support their operations, finance expansion or maintain their <br>competitive position. Private company investments are more difficult to value <br>than public companies due to less information being available and valuations <br>may fluctuate more dramatically than those of public companies. As a result, the <br>Company's NAV could significantly increase or decrease if the Company learns <br>of new material information regarding a private company, particularly if the <br>company comprises a significant portion of the Company's portfolio. <br>Additionally, the Company will only value its investments on a periodic basis. <br>To the extent that new material information regarding a private company in <br>which the Company has invested becomes public, the trading price of the Shares <br>could fluctuate significantly, including potentially causing the Shares to trade at <br>a discount or premium to the most recently published NAV.<br>|
| Investments in private companies generally are in restricted securities that are <br>not traded in public markets and subject to transfer restrictions and substantial <br>holding periods. There can be no assurance that the Company will be able to <br>realize the value of its investments in a timely manner, and its ability to dispose <br>of its investments when desired and to rebalance its portfolio in response to <br>market conditions may be limited. There also is no assurance that the private <br>companies in which the Company invests will ever have a liquidity event. <br>Additionally, the types of private companies in which the Company expects to <br>invest may be dependent on key personnel for their future success. If a company <br>is unable to hire and retain qualified personnel, or if the company loses a founder <br>or any key member of its management team, its ability to achieve its business <br>objective could be significantly impaired.<br>|

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| Historical return for private company investments has often been dependent on <br>investment selection with a limited number of companies having an outsized <br>impact on the return profile of the asset class. Private companies typically <br>control which investors are permitted to invest in their company, including <br>through a consent right over which investors are permitted to purchase shares <br>from existing investors in that company. There can be no assurance that the <br>companies that the Company targets will permit the Company to become an <br>investor. The Company may not be able to deploy all of its capital in companies <br>that fit its investment mandate.<br>The Company's private investments may be subject to risks associated with an <br>unaffiliated lead investor. Due diligence will be conducted on private investment <br>opportunities. However, due diligence will necessarily be limited by, among <br>other things, information that the Company is able to obtain, and the Company <br>expects that substantially less information will be available about the Company's <br>private investments than information that would be available for publicly traded <br>investments. The Company expects to make minority investments where it may <br>have little to no opportunity to negotiate the terms of a particular private <br>investment or to require a specific private company in which the Company <br>invests to disclose any particular type of information to the Company, either in <br>connection with diligence or as ongoing reporting. Where the Company invests <br>alongside an unaffiliated lead investor, the Adviser may rely to some extent on <br>the lead investor's diligence.<br>|
| In connection with some of the Company's investments in private companies, <br>the Company will pledge some or all voting rights in a particular company to <br>management or another third-party investor. The Adviser may determine in its <br>sole discretion that a pledge of such voting rights for a specific investment <br>opportunity is in the best interests of the Company, and if the Adviser determines <br>that the Company should not agree to pledge such voting rights, it may result in <br>the Company being excluded from the investment opportunity.<br>|
| The Company may be provided the opportunity to make additional investments <br>in a private company in its portfolio as "follow-on" investments. The Company <br>may elect not to make follow-on investments in a portfolio company or may lack <br>sufficient funds to make those investments. The failure to make follow-on <br>investments may, in some circumstances, jeopardize the continued viability of a <br>portfolio company and the value of the Company's investment, or may result in a <br>missed opportunity for the Company to increase its participation in a successful <br>company.<br>|
| The Company does not intend to hold controlling equity interests in its portfolio <br>companies and does not expect to be in a position to exercise control over the <br>management of those companies. As a result, the Company will be subject to the <br>risk that a portfolio company may make business decisions with which the <br>Company or its Adviser disagree, and the shareholders and management of a <br>portfolio company may take risks or otherwise act in ways that are adverse to the <br>interests of the Company and its Shareholders.<br>|

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| *Private Vehicle Risks*<br>The Company is subject to the risks of any Private Vehicles in which it invests. <br>Private Vehicle interests (which, as noted above, includes SPV interests) are <br>expected to be illiquid, and be subject to restricted marketability, and it may be <br>costly and take considerable time for the Company to realize the value of those <br>investments. In addition, certain private companies may impose broad transfer <br>restrictions on their equity securities. These restrictions may extend to the ability <br>of a Private Vehicle that invests in such private company to admit new investors, <br>meaning that the Company may be unable to invest in a Private Vehicle without <br>the consent of the underlying private company. There can be no assurance that <br>such consent will be granted, which may limit the Company's ability to gain <br>exposure to certain private companies. The Company expects to primarily invest <br>in Private Vehicles, including SPVs, that provide exposure focused on the same <br>Promising Companies that the Company invests in directly. Although the <br>Adviser will seek to receive detailed information from each Private Vehicle in <br>which the Company invests regarding its business strategy and any performance <br>history, including audited financial statements, in most cases the Adviser will <br>have little or no means of independently verifying this information. In addition, <br>Private Vehicles may have little or no near-term cash flow available to distribute <br>to investors, including the Company.<br>|
| Private Vehicle interests, including SPV interests, are ordinarily valued based <br>upon valuations provided by the manager or general partner of the Private <br>Vehicle (a "Private Vehicle Manager"), which may be received on a delayed <br>basis. Certain securities in which Private Vehicles invest may not have a readily <br>ascertainable market price and may be fair valued by the Private Vehicle <br>Managers, similar to how the Company values its private investments. No <br>assurances can be given regarding the valuation methodology or the sufficiency <br>of systems utilized by any Private Vehicle Manager, the accuracy of the <br>valuations provided by the Private Vehicle Managers, that the Private Vehicle <br>Managers will comply with their own internal policies or procedures for keeping <br>records or making valuations, or that the Private Vehicle Managers' policies and <br>procedures and systems will not change without notice to the Company. As a <br>result, a Private Vehicle Manager's valuation of the securities may fail to match <br>the amount ultimately realized with respect to the disposition of such securities. <br>A Private Vehicle Manager's information could also be inaccurate due to <br>fraudulent activity, mis-valuation or inadvertent error. The Company may not <br>uncover errors in valuation for a significant period of time, if ever. Private <br>Vehicle Managers may not use the same valuation methodologies that the <br>Company would use if the Company held the same underlying investments <br>directly.<br>|

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| The Company will pay asset-based or commitment-based fees, and, in most <br>cases, will be subject to performance-based fees in respect of its interests in <br>Private Vehicles. Such fees and performance-based compensation are in addition <br>to the Company's own base management fee and incentive fee on capital gains <br>(together, the "Management Fee"). In addition, performance-based fees charged <br>by Private Vehicle Managers may create incentives for the Private Vehicle <br>Managers to make risky investments. The Company may be required to pay a <br>Private Vehicle Manager a performance-based fee based on a Private Vehicle's <br>investments with positive returns even if the Private Vehicle's overall returns are <br>negative. Company Shareholders will indirectly bear a proportionate share of the <br>fees (including any performance fees) and expenses of the Private Vehicles, in <br>addition to a proportionate share of the fees and expenses of the Company, <br>which will reduce the Company's investment returns.<br>|
| The Company is subject to the risks associated with its Private Vehicles' <br>underlying investments. The investments made by the Private Vehicles will <br>entail a high degree of risk and in most cases will be highly illiquid and difficult <br>to value. The success of each investment made by a Private Vehicle will largely <br>depend on the ability and success of the management of the portfolio companies <br>in addition to economic and market factors. The Company may be subject to <br>capital calls with respect to its Private Vehicle investments, and may need to <br>hold a portion of its portfolio in cash or other liquid assets, or borrow money, to <br>meet such capital calls.<br>|
| In connection with making an investment in a Private Vehicle, the Company may <br>decide to pledge some or all voting rights in a Private Vehicle to management or <br>another third-party investor. The Adviser may determine in its sole discretion <br>that a pledge of such voting rights for a specific investment opportunity is in the <br>best interests of the Company, and if the Adviser determines that the Company <br>should not agree to pledge such voting rights, it may result in the Company <br>being excluded from the investment opportunity.<br>|
| The Company may make secondary investments in Private Vehicles by acquiring <br>interests in Private Vehicles from existing investors in such Private Vehicles. In <br>such instances, it is generally not expected that the Company will have the <br>opportunity to negotiate the terms of the interests being acquired, other than the <br>purchase price, or other special rights or privileges. Moreover, there is no <br>assurance that the Company will be able to purchase secondary investments in <br>Private Vehicles at attractive discounts to their respective NAV per share, or at <br>all. The overall performance of the Company's secondary investments in Private <br>Vehicles will depend in part on the acquisition price paid by the Company for its <br>secondary investments, the structure of such acquisitions and the overall success <br>of the Private Vehicle. There is significant competition for secondary <br>investments. No assurance can be given that the Company will be able to invest, <br>or invest in the amounts desired, in such investments.<br>|
| Regulatory changes may adversely affect Private Vehicles. The legal, tax and <br>regulatory environment for Private Vehicles is evolving, and it is possible that <br>any future changes may have a materially adverse effect on the ability of Private <br>Vehicles to pursue their investment strategies. Any regulatory changes that <br>adversely affect a Private Vehicle's ability to implement its investment strategies <br>could have a material adverse impact on the Private Vehicle's performance, and <br>thus on the Company's performance.<br>|

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| *Adviser Risk*<br>The Company does not and will not have any internal management capacity or <br>employees and depends on the experience, diligence, skill and network of <br>business contacts of the investment professionals the Adviser currently employs, <br>or may subsequently retain, to identify, evaluate, negotiate, structure, close, <br>monitor and manage the Company's investments. The Adviser will evaluate, <br>negotiate, structure, close and monitor the Company's investments in accordance <br>with the terms of the Investment Advisory Agreement (as defined later under <br>"*Management Fee*"). The Company's future success will depend to a significant <br>extent on the continued service and coordination of the Adviser's senior <br>investment professionals. The departure of any of the Adviser's key personnel, <br>including the portfolio managers, or of a significant number of the investment <br>professionals of the Adviser, could have a material adverse effect on the <br>Company's business, financial condition or results of operations. In addition, the <br>Company cannot assure investors that the Adviser will remain the Company's <br>investment adviser. The Company may not be able to find a suitable replacement <br>adviser, resulting in a disruption in its operations that could adversely affect its <br>financial condition, business and results of operations. <br>|
| *Concentration Risk.*<br>The Company does not have fixed guidelines for diversification by industry or <br>type of security, and investments may be concentrated in only a few industries or <br>types of securities. The Company may, for example, invest significantly in <br>aerospace and defense, artificial intelligence ("AI"), computer software, <br>consumer products, consumer technology, enterprise software, Fintech, <br>technology, and robotics related companies.<br>While these sectors in which the Company may invest can offer high growth <br>potential, they also come with heightened risk. Companies in these sectors are <br>often highly dependent on innovation, research and development, and consumer <br>adoption, and can be significantly impacted by legislative and regulatory <br>changes, adverse market conditions and competition, all of which can lead to <br>significant price volatility. The Company's concentrated exposure to these <br>sectors could result in greater losses during periods of market volatility or sector-<br>specific downturns. By focusing on a group of industries, the Company carries <br>much greater risks of adverse developments and price movements in such <br>industries than a fund that invests in a wider variety of industries. The <br>Company's concentration of risk in these sectors may increase the losses <br>suffered by the Company or reduce its ability to dispose of depreciating assets. If <br>the Company concentrates in a group of industries, there is also the risk that the <br>Company will perform poorly during a slump in demand for securities of <br>companies in such industries. Concentration could expose the Company to losses <br>disproportionate to those incurred by the market in general if the areas in which <br>the Company's investments are concentrated are disproportionately adversely <br>affected by price movements in those financial instruments or assets. The <br>Company is subject to the risks associated with the sectors in which it may <br>invest, and the risk that the securities of such issuers will underperform the <br>market as a whole due to legislative or regulatory changes, adverse market <br>conditions and/or increased competition affecting these sectors. The risks <br>associated with the sectors in which the Company may invest are further <br>described below.<br>|

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| *Technology Sector Risk*<br>Investing in private technology companies involves a number of significant <br>risks. These risks include volatility, intense competition, decreasing life cycles, <br>product obsolescence, changing consumer preferences, periodic downturns, <br>regulatory concerns and litigation risks. The revenue, income (or losses) and <br>valuations of technology-related companies can and often do fluctuate suddenly <br>and dramatically. In addition, because of rapid technological change, the average <br>selling prices of products and some services provided by companies in <br>technology-related sectors have historically decreased over their productive <br>lives.<br>|
| Many technology companies depend on third-party platforms and products, and <br>policy changes or technical issues in such systems could impair monetization. <br>Reliance on third-party cloud and data-center providers can also increase <br>exposure to outages, capacity shortfalls and cost increases. In addition, hardware <br>and device makers are exposed to a limited number of contract manufacturers <br>with geopolitically sensitive supply chains, which amplifies disruptions from <br>trade restrictions, natural disasters or public-health events. Where global trade <br>controls apply, export restrictions can abruptly curtail market access, depress <br>demand or force costly re-engineering.<br>|
| *AI Industry Risk*<br>Companies involved in AI-related businesses may have limited product lines, <br>markets, financial resources or personnel. These companies face intense <br>competition and potentially rapid product obsolescence, and many depend <br>significantly on retaining and growing the consumer base of their respective <br>products and services. Many of these companies are also reliant on the end-user <br>demand of products and services in various industries that may in part utilize AI <br>and/or data services. Further, many companies involved in AI-related businesses <br>may be substantially exposed to the market and business risks of other industries <br>or sectors, and the Company may be adversely affected by negative <br>developments impacting those companies, industries or sectors. In addition, <br>these companies are heavily dependent on intellectual property rights and may be <br>adversely affected by loss or impairment of those rights. There can be no <br>assurance that companies involved in the AI industry will be able to successfully <br>protect their intellectual property to prevent the misappropriation of their <br>technology, or that competitors will not develop technology that is substantially <br>similar or superior to such companies' technology. AI companies also face risks <br>specific to training data and model development, including allegations that third-<br>party models or datasets used to develop or enhance products lacked proper <br>licenses or consents, challenges obtaining or maintaining access to high-quality <br>models, datasets, or specialized hardware, and higher operating costs driven by <br>compute-intensive training and inference.<br>|

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| AI companies are potential targets for cyberattacks, which can have a materially <br>adverse impact on the performance of these companies. In addition, the <br>collection of data from consumers and other sources could face increased <br>scrutiny as regulators consider how the data is collected, stored, safeguarded and <br>used. AI companies may face regulatory fines and penalties, including potential <br>forced break-ups, that could hinder the ability of the companies to operate on an <br>ongoing basis. Compliance with evolving regulatory obligations specific to AI, <br>such as the EU Artificial Intelligence Act, California's Transparency in Frontier <br>Artificial Intelligence Act, and other emerging United States federal and state <br>oversight of model transparency, safety and privacy, may require significant <br>changes to products, practices and business models, which may adversely affect <br>AI companies subject to such regulations. Many AI companies also depend on <br>third-party cloud infrastructure operated by a small number of service providers <br>to host and deliver their offerings; interruptions, price increases or preferential <br>treatment of competitors by those service providers, or any cyberattacks on those <br>providers, could materially and adversely affect the operations of such AI <br>companies. Other issues arising from the development and use of AI, such as <br>bias, safety defects or inaccurate outputs, may result in reputational harm, <br>competitive harm or legal liability.<br>|
| AI companies typically engage in significant research and development <br>spending, and there is no guarantee that the products or services produced by <br>these companies will be successful. AI companies, especially smaller companies, <br>tend to be more volatile than companies that do not rely heavily on technology. <br>AI could face increasing regulatory scrutiny in the future, which may limit the <br>development of this technology and impede the growth of companies that <br>develop and/or utilize this technology.<br>|
| *Aerospace and Defense Industry Risk*<br>Aerospace and defense companies can be significantly affected by government <br>aerospace and defense regulation and spending policies because companies <br>involved in this industry rely to a significant extent on U.S. (and other) <br>government demand for their products and services. Thus, the financial condition <br>of, and investor interest in, aerospace and defense companies are heavily <br>influenced by governmental defense spending policies which are typically under <br>pressure from efforts to control the U.S. (and other) government budgets. The <br>sector also depends on a globally dispersed supply chain, where supplier distress, <br>quality issues and retrofit campaigns can disrupt deliveries and raise costs. The <br>aerospace industry in particular has recently been affected by adverse economic <br>conditions and consolidation within the industry.<br>|
| *Fintech Sector Risk*<br>Fintech companies may face competition from larger and more established firms, <br>and a Fintech company may not currently or in the future derive any revenue <br>from disruptive technologies. In addition, Fintech companies may not be able to <br>capitalize on their disruptive technologies if they face political and/or legal <br>attacks from competitors, industry groups or local and national governments. <br>Additionally, many Fintech companies operate under complex financial <br>regulatory regimes, which can force product changes, add cost and result in <br>fines.<br>|

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| *Computer Software Industry Risk*<br>Computer software companies can be significantly affected by competitive <br>pressures, aggressive pricing, technological developments, changing domestic <br>demand, the ability to attract and retain skilled employees and availability and <br>price of components. The market for products produced by computer software <br>companies is characterized by rapidly changing technology, rapid product <br>obsolescence, cyclical market patterns, evolving industry standards and frequent <br>new product introductions. The success of computer software companies <br>depends in substantial part on the timely and successful introduction of new <br>products and the ability to service such products.<br>|
| *Consumer Goods Industry Risk*<br>Companies in the consumer goods industry include companies involved in the <br>design, production or distribution of goods for consumers, including food, <br>household, home, personal and office products, clothing and textiles. The <br>success of the consumer goods industry is tied closely to the performance of the <br>domestic and international economy, interest rates, exchange rates, competition, <br>consumer confidence and consumer disposable income. The consumer goods <br>industry may be affected by trends, marketing campaigns and other factors <br>affecting consumer demand. Governmental regulation affecting the use of <br>various food additives may affect the profitability of certain companies in the <br>consumer goods industry. Moreover, international events may affect food and <br>beverage companies that derive a substantial portion of their net income from <br>foreign countries. In addition, tobacco companies may be adversely affected by <br>new laws, regulations and litigation. Many consumer goods may be marketed <br>globally, and consumer goods companies may be affected by the demand and <br>market conditions in other countries and regions. Companies in the consumer <br>goods industry may be subject to severe competition, which may also have an <br>adverse impact on their profitability. Changes in demographics and consumer <br>preferences may affect the success of consumer products.<br>|

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| *Consumer Technology Industry Risk*<br>Consumer technology companies produce a wide range of products and services <br>for general consumers, such as smartphones, computers, home electronics, and <br>software. The operations and performance of consumer technology companies <br>depend significantly on global and regional economic conditions. Adverse <br>macroeconomic conditions can adversely impact consumer confidence and <br>spending and materially adversely affect demand for consumer technology <br>companies' products and services. The market for consumer technology products <br>and services is highly competitive and subject to rapid technological change. The <br>inability of a consumer technology company to develop and sell innovative new <br>products with attractive margins or to protect itself from competitors' <br>infringement on its intellectual property could materially adversely affect that <br>company's ability to maintain a competitive advantage. Data security measures <br>of consumer technology companies cannot provide absolute security, and losses <br>or unauthorized access to or releases of confidential information can occur and <br>could materially adversely affect a company's business and reputation. <br>Consumer technology companies are subject to complex and changing laws and <br>regulations. Compliance with laws and regulations is onerous and expensive. <br>New and changing laws and regulations can adversely affect a consumer <br>technology company's business by increasing the costs of compliance, limiting <br>the company's ability to offer a product, service or feature to customers, <br>imposing changes to the design of the company's products and services, or <br>impacting customer demand for the company's products and services.<br>|
| *Enterprise Software Industry Risk*<br>Enterprise software companies develop and provide specialized software <br>solutions for enterprises, rather than individual consumers, to streamline <br>business operations and improve productivity. The industry in which enterprise <br>software companies operate is characterized by rapid technological advances, <br>intense competition, changing delivery models, evolving standards in <br>communications infrastructure, increasingly sophisticated customer needs and <br>frequent new product introductions and enhancements. Because enterprise <br>software companies' services are complex and incorporate a variety of hardware, <br>proprietary software, third-party and open-source software, their services may <br>have errors or defects that could result in unanticipated downtime for their <br>subscribers and harm to their reputation and business. Enterprise software <br>companies and their third-party vendors are regularly subject to attempts by third <br>parties to identify and exploit product and service vulnerabilities, penetrate or <br>bypass their security measures, and gain unauthorized access to their or their <br>customers', partners' and suppliers' software, hardware and cloud offerings, <br>networks and systems. Such malicious attacks can lead, and have led, to the <br>compromise of confidential information and harm to enterprise software <br>companies' reputation and business.<br>|

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| *Robotics Risk*<br>Risks associated with companies in the robotics industry include many of the <br>same risks as companies in the technology sector (see "Technology Sector <br>Risk"). Securities of robotics companies, especially smaller, start-up companies, <br>tend to be more volatile than securities of companies that do not rely heavily on <br>technology. Companies may rely on a combination of patents, copyrights, <br>trademarks and trade secret laws to establish and protect their proprietary rights <br>in their products and technologies. There can be no assurance that the steps taken <br>by these companies to protect their proprietary rights will be adequate to prevent <br>the misappropriation of their technology or that competitors will not <br>independently develop technologies that are substantially equivalent or superior <br>to such companies' technology.<br>|
| Companies focused on humanoid robotics face challenges specific to the <br>complex and unproven nature of the technology. Such operations often require a <br>significant allocation of capital to design, test, and scale viable robotic solutions, <br>and may not produce meaningful revenue during the life of the Company.<br>|
| Companies involved in AI-driven humanoid robotics may face regulatory <br>scrutiny in the future, which may limit the development of this technology and <br>impede the growth of companies that develop and/or utilize this technology. <br>Similarly, the collection of data from consumers and other sources could face <br>increased scrutiny as regulators consider how the data is collected, stored, <br>safeguarded and used.<br>|
| *Digital Assets Risk*<br>Digital assets are assets designed to act as a medium of exchange, though some <br>arguably have not achieved that purpose, and digital assets represent an <br>emerging asset class. There are thousands of digital assets, with Bitcoin being <br>one of the most well-known. Digital assets generally operate without a central <br>authority (such as a bank) and are not backed by any government. Digital assets <br>are not legal tender. Federal, state and/or foreign governments may restrict the <br>use and exchange of digital assets, and regulation in the United States is still <br>developing. The market price of digital assets has been subject to extreme <br>fluctuations. Similar to fiat currencies (i.e., a currency that is backed by a central <br>bank or a national, supranational or quasi-national organization), digital assets <br>are susceptible to theft, loss, and destruction. Digital asset trading platforms and <br>other trading venues on which digital assets trade are relatively new and, in most <br>cases, largely unregulated and may therefore be more exposed to fraud and <br>failure than established, regulated exchanges for securities, derivatives and other <br>fiat currencies. Digital asset trading platforms may stop operating or permanently <br>shut down due to fraud, technical glitches, hackers, or malware, which may also <br>affect volatility.<br>|

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| *General Risks of Investing in the Company*<br>*BDC Qualification*. If the Company fails to continuously qualify as a BDC, it <br>might be subject to regulation as a registered closed-end investment company <br>under the 1940 Act, which would significantly decrease the Company's <br>operating flexibility and could increase the cost of doing business. In addition, <br>failure to comply with the requirements imposed on BDCs by the 1940 Act <br>could cause the SEC to bring an enforcement action against the Company and <br>expose us to private litigation. See "*Business Development Company* <br>*Regulations*" for additional information. <br>*Emerging Growth Company Risk*. Because of the exemptions from various <br>reporting requirements provided to the Company as an "emerging growth <br>company" and because the Company will have an extended transition period for <br>complying with new or revised financial accounting standards, the Company <br>may be less attractive to investors and it may be difficult for the Company to <br>raise additional capital as and when it needs it. Investors may be unable to <br>compare the Company's business with other companies in the Company's <br>industry if they believe that the Company's financial accounting is not as <br>transparent as other companies in the Company's industry. If the Company is <br>unable to raise additional capital as and when it needs it, the Company's <br>financial condition and results of operations may be materially and adversely <br>affected.<br>*Incentive Fee Risk*. The Incentive Fee on Capital Gains (as defined below) <br>payable by us to the Adviser may create an incentive for the Adviser to make <br>investments on the Company's behalf that are risky or more speculative than <br>would be the case in the absence of such compensation arrangement, which <br>could result in higher investment losses, particularly during cyclical economic <br>downturns. <br>*Trading at a Discount/Premium*. Shares of business development companies <br>such as the Company frequently trade at a discount to their NAV. There can be <br>no assurance that the Shares will trade at a price equal to or higher than the <br>NAV. Also, the Company's NAV will be reduced immediately following this <br>offering by the Company's offering costs.<br>|
| The possibility that the Shares may trade at a discount to NAV is separate and <br>distinct from the risk that the NAV may not accurately reflect the true value of <br>the Company's investments and the risk that the NAV may decline.<br>|
| In addition to NAV, the market price of the Shares may be affected by such <br>factors as distributions, significant trading in one or more of the Company's <br>portfolio securities that are or become publicly traded, or the issuance of <br>additional Shares.<br>|
| *Other Risks Relating to Share Price*. If the Company or Robinhood sells <br>additional Shares after this offering or is perceived by the public as intending to <br>sell additional Shares, including upon the expiration of the Company Lock-Up <br>Period or Robinhood Lock-Up Period, respectively (as defined later in this <br>Prospectus), the market price of the Shares could decline. <br>|
| *Exchange Listing*. An active, liquid and orderly market for the Shares may not <br>develop or be sustained. Investors may be unable to sell their shares at or above <br>the price initially paid for those shares.<br>|

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| *Competition for Investment Opportunities*. The Company operates in a highly <br>competitive market for investment opportunities. A number of entities, including <br>venture capital firms and funds, public and private investment funds (including <br>hedge funds), BDCs, commercial and investment banks, commercial financing <br>companies, and internal venture capital arms of various companies will compete <br>with the Company to make the types of investments that the Company plans to <br>make. Robinhood and its affiliates also may compete with the Company for <br>certain types of investments, including acquisitions of companies in which the <br>Company might otherwise have considered for investment. Many of the <br>Company's potential competitors are substantially larger and have considerably <br>greater financial, technical and marketing resources than the Company has <br>access to. For example, some competitors may have a stronger network of <br>contacts and better connections for deal flows or have access to funding sources <br>that are not available to the Company or its Adviser. In addition, some of our <br>competitors have higher risk tolerances or different risk assessments, which <br>could allow them to consider a wider variety of investments and establish more <br>relationships than us. Furthermore, many of our competitors are not subject to <br>the regulatory restrictions that the Company is subject to under the 1940 Act.<br>|
| There can be no assurance that the Adviser will be able to secure investments on <br>behalf of the Company in all of the investment opportunities that it identifies for <br>the Company, or that the size of the investments available to the Company will <br>be as large as the Adviser would desire.<br>|
| *IPO Proceeds Investment Risk*. Delays in investing the net proceeds raised in this <br>initial public offering or any follow-on offering of Shares by the Company may <br>cause the Company's performance to be worse than that of other fully invested <br>BDCs or investors pursuing comparable investment strategies. The Company <br>cannot assure you that it will be able to identify any investments that meet the <br>Company's investment objective or that any investment that the Company makes <br>will produce a positive return. The Company may be unable to invest the net <br>proceeds of this initial public offering or any follow-on offering on acceptable <br>terms within the time period that it anticipates or at all, which could harm the <br>Company's financial condition and operating results.<br>|
| *Limited Operating History*. The Company was recently formed, has limited <br>operating history and has made limited investments using the proceeds of a seed <br>capital investment by Robinhood. Further, the Adviser was recently formed and <br>while its personnel have investment experience, the Adviser and its management <br>have no experience managing BDCs.<br>|
| *Future Growth*. The Company will need additional capital to grow and to fund <br>growth in its investments, and the Company may issue additional equity <br>securities in order to obtain this additional capital. The inability to obtain new <br>capital or a reduction in the availability of new capital could limit the Company's <br>ability to grow or pursue business opportunities, which may have an adverse <br>effect on the value of the Shares. In addition, regulations governing the <br>Company's operation as a BDC affect its ability to raise additional capital and <br>the way in which it does so. The raising of debt capital may expose the Company <br>to risks, including the typical risks associated with leverage.<br>|

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*Valuation*. The vast majority of the Company's portfolio investments are <br>expected to be in the form of securities that are not publicly traded, and that will <br>accordingly be recorded at fair value as determined in good faith pursuant to the <br>Company's valuation policies under the oversight of the Board. The Board has <br>designated the Adviser as its valuation designee (the "Valuation Designee"). <br>Because the Company's assets will largely be fair valued, there will be <br>uncertainty as to the value of its portfolio investments. The fair value of <br>securities and other investments that are not publicly traded may not be readily <br>determinable. The Company will value its securities at fair value according to its <br>written valuation procedures and as determined in good faith by the Adviser <br>under the oversight of the Board. The Adviser may use the services of nationally <br>recognized independent valuation firm(s) to aid it in determining the fair value of <br>the Company's securities. The methods for valuing these securities may include: <br>observable, company specific hard events, including priced financings, tender/<br>secondary transactions with determinable pricing, signed merger & acquisition <br>agreements, initial public offerings/direct listing, liquidation events, or other <br>objectively verifiable transactions with clear pricing implications; significant <br>events and other issuer-specific information that may reasonably indicate a <br>material change in value; company actions and communications that may inform <br>value, such as board-approved recapitalizations, stock splits, or issuer-published <br>tender prices, evaluated in light of the full information set available to the <br>Adviser; credible third-party indications (e.g., large and recent secondary prints <br>or other market participant data) where sufficiently reliable and relevant to the <br>Company's security and the issuer's circumstances; model-based approaches <br>and/or third-party valuation support, together with company performance <br>indicators, comparable company data, and other reasonably reliable information <br>when transactions are unavailable, not readily comparable to the Company's <br>security, or are deemed stale, or where significant events indicate transaction <br>inputs may no longer be representative. <br>

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| In determining fair value, the Company considers the specific contractual terms <br>of the SAFE, including valuation caps, discounts (where applicable), and other <br>economic features, and evaluates the implied value of the resulting equity <br>interest across a range of scenarios. Where applicable, the Company may <br>reference observable transaction data (including priced financing rounds or other <br>transactions, or "Hard Events") and may derive an implied as-converted value, <br>adjusted as appropriate for the terms of the SAFE and other relevant <br>considerations. <br>A SAFE investment's value may not change for an extended period of time, for <br>example, until a conversion is triggered. Upon conversion, the Company's <br>investment in the company that issued the SAFE may change significantly, <br>impacting the Company's NAV per share and potentially the trading price for the <br>Shares. Because SAFEs are valued based on estimates of future contingent <br>events, their reported fair value may differ materially from realized outcomes.<br>The value of the Company's investments in Private Vehicles generally will be <br>based on values provided by the applicable Private Vehicle Managers and, when <br>such information is not available or, in the view of the Adviser, does not reflect <br>fair value, the Adviser will fair value the investments in Private Vehicles with <br>the assistance of any independent valuation firm(s).<br>The Adviser's determinations of the fair value of the Company's securities (and <br>of its NAV) may differ materially from the values that would have been used if a <br>ready market for its fair-valued securities existed. The Company's NAV is a <br>critical component in several operational matters including computation of the <br>Base Management Fee. Consequently, variance in the valuation of the <br>Company's investments will impact, positively or negatively, the fees and <br>expenses the Company will pay.<br>|
| *Liquidity*. Substantially all of the Company's investments will be illiquid. The <br>Company invests primarily in private companies, both directly and indirectly. <br>Substantially all of these securities will be subject to legal and other restrictions <br>on resale/transfer or will otherwise be less liquid than publicly traded securities. <br>There is no assurance that the private companies in which the Company invests <br>will ever have a liquidity event and, even if a private company does have a <br>liquidity event, such as an initial public offering or a merger or acquisition <br>transaction, such a liquidity event may be at a lower valuation than the valuation <br>at which the Company invested. The illiquidity of the Company's investments <br>will generally make it more difficult for the Company to sell such investments if <br>the need arises. In addition, if the Company is required to liquidate all or a <br>portion of its investments quickly, the Company may realize significantly less <br>than the value at which it has previously recorded those investments. To the <br>extent the Company or its Adviser receives material non-public information <br>regarding an investment, the Company could face other restrictions on its ability <br>to liquidate that investment.<br>|

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| *Leverage*. The Company may borrow money, which magnifies the potential for <br>gain or loss and increases the risk of investing in the Company. The use of <br>leverage is speculative. Although leverage will increase the Company's <br>investment return if the Company's interest in an asset purchased with borrowed <br>funds earns a greater return than the interest expense the Company pays for the <br>use of those funds, the use of leverage will decrease the return of the Company if <br>the Company fails to earn as much on its investment purchased with borrowed <br>funds as it pays for the use of those funds. The use of leverage will in this way <br>magnify the volatility of changes in the value of an investment in the Company, <br>especially in times of a "credit crunch" or during general market turmoil. The <br>Company may be required to pledge its assets as collateral for its borrowings and <br>to maintain minimum average balances in connection with its borrowings or to <br>pay a commitment or other fee to maintain a line of credit; either of these <br>requirements would increase the cost of borrowing over the stated interest rate. <br>In addition, a lender to the Company may terminate or refuse to renew any credit <br>facility into which the Company has entered. If the Company is unable to access <br>additional credit, it may be forced to sell its investments at inopportune times, <br>which may further depress the returns of the Company.<br>|
| *Conflicts*. The Company is subject to conflicts of interest. RHV and its affiliates <br>will be permitted to market, organize, sponsor, act as general partner or as the <br>primary source for transactions for other pooled investment vehicles and other <br>accounts, which may be offered on a public or private placement basis, and to <br>engage in other investment and business activities. Some of these funds and <br>accounts will have investment strategies that overlap with the investment <br>strategies of the Company. Robinhood and its affiliates also may compete with <br>the Company for certain types of investments, including acquisitions of <br>companies in which the Company might otherwise have considered for <br>investment. Such activities may raise conflicts of interest for which the <br>resolution may not be determinable. In order to address potential conflicts of <br>interest, the Adviser has adopted an investment allocation policy that governs the <br>allocation of investment opportunities among the investment funds and other <br>accounts managed by the Adviser. See "Risks - Conflicts" for additional <br>information.<br>|

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| *Affiliated Transactions Restrictions*. Certain provisions of the 1940 Act prohibit <br>the Company from engaging in transactions with the Adviser and its affiliates. <br>Any funds managed by the Adviser or its affiliates that are not registered or <br>regulated under the 1940 Act would not be prohibited from participating in those <br>transactions. The 1940 Act also imposes significant limits on investments in <br>certain privately placed securities in aggregated transactions with affiliates of the <br>Company. The Adviser will not cause the Company to engage in investments <br>alongside affiliates in private placement securities that involve the negotiation of <br>certain terms of the private placement securities to be purchased (other than <br>price-related terms) unless the Company has received an order granting an <br>exemption from Sections 17 and 57 of the 1940 Act or unless such investments <br>are not prohibited by Section 17(d) or 57(a)(4) of the 1940 Act or interpretations <br>of Section 17(d) or 57(a)(4) as expressed in SEC no-action letters or other <br>available guidance. The Adviser and the Company intend to file for an <br>exemptive order from the SEC that, once received, would permit the Company <br>to, among other things and subject to the conditions of the order, invest in certain <br>privately placed securities in aggregated transactions alongside the Adviser and/<br>or other funds advised by the Adviser, or potentially Robinhood and its affiliates, <br>where the Adviser negotiates certain terms of the private placement securities to <br>be purchased (in addition to price-related terms). The conditions contained in the <br>exemptive order may limit or restrict the Company's ability to participate in such <br>negotiated investments. In addition, other conflicts may be present in a particular <br>investment that may limit or restrict the Company's ability to participate, <br>notwithstanding the exemptive order. An exemptive order would not apply to all <br>investments or to all affiliates of the Adviser. As a result, the Company may be <br>limited or restricted from participating in certain investment opportunities, <br>notwithstanding the exemptive order, including in investments in which affiliates <br>of the Adviser not covered by the exemptive order participate. An inability to <br>acquire the desired allocation to potential investments may affect the Company's <br>ability to achieve the desired investment returns.<br>|
| *Regulatory Environment*. Changes in laws or regulations governing the <br>Company's operations may adversely affect its business. The Company and its <br>portfolio companies are subject to regulation at the local, state, and U.S. federal <br>(or foreign) levels. These laws and regulations, as well as their interpretation, <br>may be changed from time to time. Any change in these laws or regulations <br>could materially and adversely affect our business.<br>|
| *Change in Investment Objective or Strategies*. The Board may change the <br>Company's investment objective and strategies or modify or waive certain of the <br>Company's operating policies and strategies without shareholder approval <br>(except as required by the 1940 Act or other applicable laws). The Company <br>cannot predict the effects that any changes to its current operating policies and <br>strategies would have on the Company's business, operating results and value of <br>its Shares. Nevertheless, the effects may adversely affect the Company's <br>business and impact its ability to make distributions.<br>|
| *Active Management*. The Company is subject to management risk because it is <br>an actively managed investment portfolio. The Adviser will apply investment <br>techniques and risk analyses in making investment decisions for the Company, <br>but there can be no guarantee that these will produce the desired results. <br>|

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|  | *Anti-Takeover Provisions Risk*. The Declaration of Trust includes provisions that <br>could have the effect of limiting the ability of other entities or persons to acquire <br>control of the Company, to change the composition of the Board or convert the <br>Company to open-end status. These provisions may have the effect of <br>discouraging attempts to acquire control of the Company, which attempts could <br>have the effect of increasing the expenses of the Company and interfering with <br>the normal operation of the Company. Such provisions also could limit the <br>ability of Shareholders to sell their Shares at a premium over the then-current <br>market prices by discouraging a third party from seeking to obtain control of the <br>Company. See "Certain Provisions in the Declaration of Trust - Anti-Takeover <br>and Other Provisions" for additional information. <br>|
|  | *RIC Tax Status*. The Company intends to elect to be treated as a regulated <br>investment company (or "RIC") under the Internal Revenue Code of 1986, as <br>amended (the "Code"), beginning with its taxable year that begins on the day <br>after the closing of this initial public offering of the Company's common shares <br>of beneficial interest (the "Company's First Post-IPO Tax Year"). If the <br>Company qualifies to be treated as a RIC, the Company generally will not pay <br>corporate-level federal income tax on any ordinary income or capital gains that <br>the Company distributes to Shareholders as dividends. To obtain and maintain <br>the federal income tax benefits of RIC status, the Company must meet specified <br>source-of-income and asset diversification requirements and distribute annually <br>an amount equal to at least 90% of the sum of the Company's net ordinary <br>income and realized net short-term capital gains in excess of realized net long-<br>term capital losses, if any, out of assets legally available for distribution. In <br>addition, the Company must maintain its status as a BDC under the 1940 Act. If <br>any of these requirements are not met, the favorable tax treatment described <br>above may not be available to the Company. For additional information <br>regarding the Company's tax requirements, see "Material U.S. Federal Income <br>Tax Considerations."<br>|
| Anti-Takeover Provisions ........... | The Declaration of Trust includes provisions that could have the effect of <br>limiting the ability of other entities or persons to acquire control of the <br>Company, to change the composition of the Board or convert the Company to <br>open-end status. These provisions may have the effect of discouraging attempts <br>to acquire control of the Company, which attempts could have the effect of <br>increasing the expenses of the Company and interfering with the normal <br>operation of the Company. See "*Certain Provisions in the Declaration of Trust -* <br>*Anti-Takeover and Other Provisions*" for additional information.<br>|
| [Selling Shareholder ................... | Robinhood Markets, Inc. (the "selling shareholder"). The selling shareholder is <br>the parent company of RHV and the sole shareholder (i.e., 100% shareholder) of <br>the Company prior to the commencement of this initial public offering. For <br>additional discussion regarding the selling shareholder, see "*Selling* <br>*Shareholder*." <br>Shares offered by the selling shareholder in this Prospectus may be purchased <br>from Robinhood Financial, an affiliate of RHV, acting in its capacity as a selling <br>group member in this offering. Any negative experiences Robinhood Financial's <br>customers have in connection with their participation or attempted participation <br>in this offering may harm the Company's brand and reputation. In addition, <br>participation in this offering by retail customers through Robinhood Financial <br>could result in increased volatility in the trading price of the Shares.]<br>|

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| The Offering ............................... | The Company is offering up to [●][, and the selling shareholder is offering [●],] <br>common shares of beneficial interest, without par value, through Goldman Sachs <br>& Co. LLC. The Company's common shares of beneficial interest are called <br>"Shares." The Underwriter[s] has been granted an option by the Company to <br>purchase up to [●] additional Shares from the Company solely to cover over-<br>allotments. The initial public offering price is $[25.00] per share. The Company <br>estimates that it will incur expenses of approximately $[●] million <br>(approximately [●]% of the gross proceeds) in connection with this offering, <br>which is $[●] per Share if [●] Shares are sold by the Company in this offering. <br>These expenses include organizational expenses, registration fees, underwriting <br>discounts and commissions (other than sales load), FINRA (as defined later in <br>this Prospectus) filing fees, exchange listing fees, printing expenses, legal fees <br>and expenses and accounting fees and expenses. The Company's organizational <br>and offering costs will immediately reduce the NAV of each Share purchased in <br>this offering. Any organizational costs or offering costs incurred prior to the <br>closing of the initial public offering paid by Robinhood will be reimbursed by <br>the Company. <br>On [●], the Board approved a stock split such that, immediately before the <br>completion of the initial public offering, each common share of beneficial <br>interest issued and outstanding shall be reclassified, subdivided and changed into <br>such number of Shares such that the NAV per Share plus the sales load per Share <br>equals $[25.00] per Share. The stock split will be determined based on the NAV <br>on the date that is no earlier than two business days before the pricing of this <br>offering. For reference, using the Company's NAV per Share ($[●]) and Shares <br>outstanding ([●]) as of [●], 2026, and the sales load of $[●] per Share, each <br>Share of the Company outstanding as of the date of this Prospectus would be <br>classified into [●] Shares of beneficial interest. However, the final stock split <br>will be determined based on the NAV on the date that is no earlier than two <br>business days before the pricing of this offering.<br>It is anticipated that a portion of the Shares offered by this Prospectus will be <br>offered through Robinhood Financial, acting as a selling group member, to <br>allocate for sale to its customers through its IPO Access feature on the <br>Robinhood platform. Any such sales will be made at the same initial public <br>offering price, and at the same time, as any other purchases in this offering, <br>including purchases by institutions and other large investors, and in accordance <br>with customary broker-dealer practices and procedures. Robinhood Financial <br>will not retain any fees or other amounts received in connection with this service <br>to the Company.<br>|

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| Use of Proceeds .......................... | The Company estimates that the net proceeds to the Company from this offering <br>will be approximately $[●] million ($[●] million if the Underwriter[s] exercises <br>its option to purchase additional shares in full) after deducting any organizational <br>and offering costs. The Company will not receive any proceeds from the sale of <br>Shares by the selling shareholder. The Company estimates that it will incur <br>expenses of approximately $[●] million (approximately [●]% of the gross <br>proceeds) in connection with this offering, which is $[●] per Share if [●] Shares <br>are sold by the Company in this offering. These expenses include organizational <br>expenses, registration fees, underwriting discounts and commissions (other than <br>sales load), FINRA (as defined later in this Prospectus) filing fees, exchange <br>listing fees, printing expenses, legal fees and expenses and accounting fees and <br>expenses. The organizational and offering costs will immediately reduce the <br>NAV of each Share purchased in this offering. Any organizational costs or <br>offering costs incurred prior to the closing of the initial public offering paid by <br>Robinhood will be reimbursed by the Company.<br>The Company intends to use the net proceeds from this offering to acquire <br>investments in accordance with its investment objectives and strategies described <br>in this Prospectus and for general working capital purposes. The Company may <br>not be able to fully invest its cash as quickly as it would like due to the limited <br>availability of and competition for private investments. Pending such investment, <br>consistent with the Company's BDC election and election to be taxed as a RIC, it <br>is anticipated that the Company will invest in other investments, including listed <br>companies, mutual funds, BDCs, ETFs, money market funds, U.S. government <br>securities and other fixed income obligations, and cash equivalents (such as <br>bankers' acceptances, certificates of deposit, commercial paper, short-term <br>government and corporate obligations and repurchase agreements), and crypto or <br>digital assets, and may at times hold a significant percentage of its assets in such <br>investments. To the extent that a significant portion of the Company's assets are <br>invested in such instruments for an extended period of time, the Company may <br>not achieve its investment objective.<br>|
| Purchasing Shares ....................... | Prospective investors should obtain the advice of their own legal, accounting, tax <br>and other advisers in reviewing documents pertaining to an investment in the <br>Company, including, but not limited to, this Prospectus and the Declaration of <br>Trust (as defined later in this Prospectus), before determining to invest in Shares.<br>|

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| Distributions ............................... | The timing and amount of our future dividends, if any, will be determined by the <br>Board. Any dividends to the Shareholders will be declared out of assets legally <br>available for distribution. The Company intends to focus on making capital <br>gains-based investments from which the Company will derive primarily capital <br>gains. As a consequence, the Company does not anticipate that it will pay <br>dividends on a quarterly basis or become a predictable distributor of dividends. <br>However, if there are earnings or realized capital gains to be distributed, the <br>Company intends to declare and pay a dividend at least annually. The Company <br>intends to elect to be treated as a RIC for federal income tax purposes and, after <br>such election, expects to continue to operate in a manner so as to qualify for the <br>tax treatment applicable to RICs. To maintain RIC status, the Company must, <br>among other things, distribute at least 90% of the sum of the Company's net <br>ordinary income and realized net short-term capital gains in excess of realized <br>net long-term capital losses, if any, out of assets legally available for distribution. <br>To avoid the imposition of a 4% U.S. federal excise tax, the Company must <br>distribute during each calendar year an amount equal to the sum of (1) at least <br>98% of its ordinary income for the calendar year, (2) at least 98.2% of its capital <br>gains in excess of capital losses for the one-year period generally ending on <br>October 31 of the calendar year and (3) certain undistributed amounts from <br>previous years on which the Company paid no U.S. federal income tax. In order <br>to minimize the imposition of the 4% federal excise tax, the Company generally <br>intends to distribute any income and capital gains in the manner necessary to <br>minimize imposition of the 4% federal excise tax. The Company cannot assure <br>Shareholders that the Company will achieve investment results that would allow <br>the Company to make distributions. All distributions will be at the sole discretion <br>of the Board and will depend on the Company's ability to dispose of its <br>investments, any net investment income, its financial condition, and such other <br>factors as the Board may deem relevant from time to time.<br>|
| Dividend Reinvestment Plan ...... | To the extent the Company determines to pay distributions in the future, the <br>Company has established a dividend reinvestment plan (the "DRIP") <br>administered by Equiniti Trust Company, LLC ("EQ"). Pursuant to the DRIP, <br>any dividends or other distributions, net of any applicable U.S. federal <br>withholding tax, paid by the Company will be reinvested automatically in the <br>Shares of the Company. Shareholders automatically participate in the DRIP. A <br>Shareholder who does not wish to participate in the DRIP and have distributions <br>automatically reinvested may terminate participation in the DRIP at any time by <br>written instructions to that effect Equiniti Trust Company, LLC at 1110 Centre <br>Pointe Curve, Suite 101, Mendota Heights, MN 55120. Shareholders who elect <br>not to participate in the DRIP will receive all distributions in cash paid to the <br>Shareholder of record (or, if the Shares are held in street or other nominee name, <br>then to such nominee). Such written instructions must be received by EQ three <br>days prior to the record date of the distribution or the Shareholder will receive <br>such distribution in Shares through the DRIP. Under the DRIP, the Company's <br>distributions to Shareholders are reinvested in full and fractional Shares. The <br>automatic reinvestment of distributions will not relieve Shareholders of any <br>federal, state or local income tax that may be payable (or required to be <br>withheld) on such distributions. For additional discussion regarding the tax <br>implications of participating in the DRIP, see "Material U.S. Federal Income Tax <br>Considerations."<br>|
| No Redemption Rights ............... | No Shareholder will have the right to require the Company to redeem Shares. |

---

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| | |
|:---|:---|
| Expenses ..................................... | The Company bears its own operating expenses (including, without limitation, <br>any offering expenses, and the fees and expenses charged by the Adviser, as well <br>as the Administrator, Sub-Administrator, Custodian and Transfer Agent, each as <br>defined later in this Prospectus).<br>The Company will bear its organizational and initial offering costs in connection <br>with this offering.<br>|
| Management Fee ......................... | Pursuant to the investment advisory agreement dated as of May 21, 2026, by and <br>between the Company and the Adviser (the "Investment Advisory Agreement") <br>and in consideration of the investment advisory and other services provided by <br>the Adviser, the Company pays the Adviser a management fee consisting of two <br>components: a base management fee and an incentive fee. <br>The base management fee (the "Base Management Fee") is calculated and <br>payable quarterly at the annual rate of 2.00% of the Company's Net Assets <br>determined quarterly as of the end of each quarter (before the accrual of the base <br>management fee for that quarter), effective upon the closing of the initial public <br>offering. "Net Assets" means the total assets of the Company minus the <br>Company's liabilities.<br>The incentive fee is based on capital gains (the "Incentive Fee on Capital Gains") <br>and is determined and payable in arrears as of the end of each fiscal year (or <br>upon termination of the Investment Advisory Agreement) and equals 20.00% of <br>the realized capital gains on a cumulative basis from inception through the end of <br>the fiscal year, if any, computed net of all realized capital losses and unrealized <br>capital depreciation on a cumulative basis, less the aggregate amount of any <br>previously paid Incentive Fee on Capital Gains. <br>For purposes of computing the Incentive Fee on Capital Gains, the calculation <br>methodology will look through derivatives or swaps as if the Company owned <br>the reference assets directly.<br>|
| Taxation ...................................... | The Company has been taxed as a "C" corporation under Subchapter C of the <br>Code since its formation, and intends to continue to be so treated through the <br>date of this initial public offering of the Shares. The Company intends to elect to <br>be treated as a RIC under Subchapter M of the Code as of the Company's First <br>Post-IPO Tax Year. As a RIC, the Company generally will not pay corporate-<br>level federal income taxes on any ordinary income or capital gains that the <br>Company distributes to Shareholders as dividends. The Company may be <br>required, however, to pay corporate-level federal income taxes on gains built into <br>the Company's assets as of the effective date of the Company's RIC election. <br>See "*Material U.S. Federal Income Tax Considerations—Conversion to* <br>*Regulated Investment Company*." To obtain and maintain the federal income tax <br>benefits of RIC status, the Company must meet specified source-of-income and <br>asset diversification requirements and distribute annually an amount equal to at <br>least 90% of the sum of the Company's net ordinary income and realized net <br>short-term capital gains in excess of realized net long-term capital losses, if any, <br>out of assets legally available for distribution.<br>|

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| | |
|:---|:---|
| Tax Reporting ............................. | As soon as practicable after the end of each calendar year, the Company will <br>provide to each Shareholder a statement on Internal Revenue Service ("IRS") <br>Form 1099-DIV (or successor form) or IRS Form 1042-S (or successor form), as <br>applicable, identifying the amount and character (e.g., ordinary dividend income, <br>qualified dividend income or long-term capital gain) of any distributions <br>includable in Shareholders' taxable income for such year.<br>|
| Reports to Shareholders .............. | The Company will prepare annual reports on Form 10-K, quarterly reports on <br>Form 10-Q and current reports on Form 8-K. These reports will be available on <br>the Company's website at [●] and the SEC website at www.sec.gov.<br>|
| Fiscal and Tax Year .................... | The Company's fiscal year for accounting purposes is the 12-month period <br>ending on March 31. The Company's taxable year is the 12-month period ending <br>on December 31. Following the closing of this initial public offering of the <br>Shares, the Company intends to elect to change its taxable year to a taxable year <br>ending March 31.<br>|
| Term ............................................ | The Company's term is perpetual unless the Company is otherwise terminated <br>under the terms of the Declaration of Trust.<br>|
| Custodian and Transfer Agent .... | U.S. Bank National Association serves as the Company's custodian (the <br>"Custodian" or "U.S. Bank"), and Equiniti Trust Company, LLC serves as the <br>Company's transfer agent (the "Transfer Agent" or "EQ"). The Company <br>compensates the Custodian and Transfer Agent for these services and, in <br>addition, reimburses the Custodian and Transfer Agent for certain out-of-pocket <br>expenses.<br>|
| Sub-Administrator ...................... | The Company and Administrator have retained U.S. Bancorp Fund Services, <br>LLC (the "Sub-Administrator" or "USBGFS") to provide the Company with <br>certain administrative services, including fund administration and fund <br>accounting services. The Company compensates the Sub-Administrator for these <br>services and, in addition, reimburses the Sub-Administrator for certain out-of-<br>pocket expenses.<br>|
| ERISA ......................................... | Investors subject to the Employee Retirement Income Security Act of 1974, as <br>amended ("ERISA"), or Section 4975 of the Code, including employee benefit <br>plans and individual retirement accounts, may purchase Shares of the Company. <br>Because the Shares should qualify for "publicly-offered securities" within the <br>meaning of 29 CFR § 2510.3-101, the underlying assets of the Company should <br>not be considered to be "plan assets" subject to the fiduciary responsibility and <br>prohibited transaction rules of ERISA. Thus, it is not expected that the Adviser <br>will be a "fiduciary" within the meaning of ERISA with respect to the assets of <br>any "benefit plan investor" (within the meaning of Section 3(42) of ERISA) that <br>becomes a Shareholder, solely as a result of such benefit plan investor's <br>investment in the Company.<br>|

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| | |
|:---|:---|
| Privacy Policy ............................. | The Company and certain service providers may have access to Shareholders' <br>personal information. The Adviser, Administrator, Sub-Administrator, <br>Custodian, Transfer Agent, the Company's auditors and the other service <br>providers to the Company may receive and have access to personal data relating <br>to Shareholders. Such information may be stored, modified, processed or used in <br>any way, subject to applicable laws, by RHV and by the Company's other <br>service providers and their agents, delegates, sub-delegates and certain third <br>parties in any country in which such person conducts business. Subject to <br>applicable law, Shareholders may have rights in respect of their personal data, <br>including a right to access and rectification of their personal data and may in <br>some circumstances have a right to object to the processing of their personal <br>data.<br>|
| Website Disclosure ..................... | Following this offering, the Company will use the "Announcements" section of <br>its website (accessible at [●]) and the Robinhood Newsroom (accessible at <br>newsroom.aboutrobinhood.com) as a means of disclosing information to the <br>public in a broad, non-exclusionary manner for purposes of the SEC Regulation <br>Fair Disclosure (Reg. FD). Following this offering, investors should monitor <br>those web pages, in addition to the Company's press releases, SEC filings, and <br>public conference calls and webcasts, as information posted on them could be <br>deemed to be material information. However, information on the Company's <br>website and the Robinhood Newsroom is not incorporated by reference into this <br>Prospectus.<br>|

---

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

*This Prospectus contains forward-looking statements that involve substantial risks and uncertainties. You can* 

*identify these statements by the use of forward-looking terminology such as "anticipates," "believes," "expects,"* 

*"intends," "will," "shall," "should," "may," "plans," "continues," "seeks," "estimates," "would," "could,"* 

*"targets," "outlook," "potential," "predicts" and variations of these words and similar expressions to identify* 

*forward-looking statements, although not all forward-looking statements include these words. You should read* 

*statements that contain these words carefully because they discuss the Company's plans, strategies, prospects and* 

*expectations concerning the Company's business, operating results, financial condition and other similar matters.* 

*The factors listed under "Risks," as well as any cautionary language in this Prospectus, provide examples of risks,* 

*uncertainties and events that may cause the Company's actual results to differ materially from the expectations* 

*described in these forward-looking statements.*

*Before you invest in the Shares, you should be aware that the occurrence of the events described in "Risks" and* 

*elsewhere in this Prospectus could have a material adverse effect on the Company's business, results of operations* 

*and financial position. The forward-looking statements contained in this Prospectus involve a number of risks and* 

*uncertainties, including statements concerning:*

• the current and future business, operations, financial condition, operating results or prospects of the

Company and those of the issuers of the securities in which the Company invests;

• the return or impact of current and future investments;

• general market conditions, the state of the general economy and its impact on the industries in which the

Company invests;

• the impact of changes in laws or regulations (including the interpretation thereof), including tax laws,

governing the operations of the Company or the issuers of securities in which the Company invests;

• the Company's ability to deploy any capital raised in this offering;

• the Company's contractual arrangements and relationships with third parties, including the Adviser,

Administrator, Sub-Administrator, Custodian and Transfer Agent;

• the impact of supply chain constraints on the issuers of the securities in which the Company invests and the

global economy;

• uncertainty surrounding global financial stability;

• geopolitical tensions and hostilities, and the potential for such tensions and hostilities to adversely impact

the industries and issuers of the securities in which the Company invests;

• the impact of information technology system failures, data security breaches, data privacy compliance,

network disruptions, and cybersecurity attacks; and

• the ability of the Adviser to locate and obtain suitable investments for the Company and to monitor and

administer the Company's investments.

You should not place undue reliance on these forward-looking statements, which are based on information

available to the Company as of the date of this Prospectus. Except as required by the federal securities laws, the

Company undertakes no obligation to revise or update any forward-looking statements, whether as a result of new

information, future events or otherwise.

The forward-looking statements in this Prospectus are excluded from the safe harbor protection provided by

Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the

"Exchange Act"). The Company's actual operating results and financial condition could differ materially from those

implied or expressed in the forward-looking statements or from the Company's historical performance for any

reason, including the factors set forth in "Risks" and the other information included in this Prospectus.

**SUMMARY OF FEES AND EXPENSES**

The following table contains information about the costs and expenses that Shareholders will bear directly or

indirectly. The expenses shown in the table under "Annual Expenses" are based on estimated amounts for the

Company's first fiscal year of operations and assume that the Company issues an aggregate of [12,000,000] Shares

(representing an aggregate public offering price of $[300,000,000]). The purpose of the table and the example below

is to help you understand the fees and expenses that you as a Shareholder would bear directly or indirectly. The

following table should not be considered as a representation of the Company's future expenses. Actual expenses

may be greater or less than those shown and, all other things being equal, will increase as a percentage of net assets

attributable to Shares of the Company if the Company issues fewer than [12,000,000] Shares.

Please refer to "*Management of the Company-Investment Advisory Agreement-Management Fee*," "*Company* 

*Expenses,"* "*Underwriting*" and "*Dividend Reinvestment Plan*" for more complete descriptions of the various costs

and expenses.

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| | |
|:---|:---|
| **Shareholder Transaction Expenses:** |  |
| Sales load paid by you (as a percentage of offering price) .................................................................. | [4.50] % |
| Offering expenses borne by the Company (as a percentage of offering price)<sup>(1)</sup> ................................ | 1.33% |
| Dividend reinvestment plan fees ......................................................................................................... |  |

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| | |
|:---|:---|
| **Annual Expenses:** | **Percentage of** <br>**Net Assets** <br>**Attributable to** <br>**Shares**<br>|
| Base Management Fees<sup>(2)</sup> .................................................................................................................... | 2.00% |
| Incentive Fee on Capital Gains<sup>(3)</sup> ........................................................................................................ |  |
| Other Expenses<sup>(4)</sup> ................................................................................................................................. | 1.44% |
| Repayment to Robinhood<sup>(5)</sup> ............................................................................................................ | 0.62% |
| Other Expenses ............................................................................................................................... | 0.82% |
| Interest Payments on Borrowings<sup>(6)</sup> ................................................................................................... |  |
| Acquired Fund Fees and Expenses<sup>(7)</sup> ................................................................................................... | 0.12% |
| Total Annual Expenses ........................................................................................................................ | 3.56% |

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__________________

(1)The Company estimates that it will incur one-time expenses of approximately $[4.0] million (approximately 1.33% of the gross proceeds) in

connection with this offering, assuming [12] million Shares are sold in this offering. These expenses include registration fees, FINRA (as

defined later in this Prospectus) filing fees, exchange listing fees, printing expenses, legal fees and expenses and accounting fees and

expenses. The offering costs will immediately reduce the NAV of each Share purchased in this offering. See "Underwriting." Any offering

costs incurred prior to the closing of the initial public offering paid by Robinhood will be reimbursed by the Company. The Company will

reimburse Robinhood promptly following the offering out of the offering proceeds.

(2)The Company pays the Adviser a Base Management Fee calculated and payable quarterly at an annual rate of 2.00% of the Company's Net

Assets determined quarterly as of the end of each quarter (before the accrual of the Base Management Fee for that quarter). "Net Assets"

means the total assets of the Company minus the Company's liabilities. For purposes of determining the Base Management Fee payable to

the Adviser, the Company's Net Assets will be calculated prior to any reduction for the accrual of the Base Management Fee for that

quarter.

(3)Based on the Company's current business plan, it anticipates that substantially all of the net proceeds of this offering will be invested within

[●] to [●] months depending on the availability of investment opportunities that are consistent with the Company's investment objective and

other market conditions. As a result, during the Company's first year of operations following consummation of this offering the Company

expects that it will not have any capital gains. The Incentive Fee on Capital Gains, payable at the end of each fiscal year (or upon

termination of the Investment Advisory Agreement) in arrears, equals 20.00% of cumulative realized capital gains from inception to the end

of each fiscal year, less cumulative realized capital losses and unrealized capital depreciation from inception to the end of each fiscal year,

less the aggregate amount of any previously paid Incentive Fee on Capital Gains for prior periods.

(4)Other Expenses are based on estimated amounts for the current fiscal year, and include organizational costs incurred since inception.

(5)The Company entered into an Organizational Costs Support and Reimbursement Letter Agreement with Robinhood and the Adviser, dated

June 29, 2026, which was approved by the Board. Pursuant to this agreement, Robinhood agreed to pay all organizational costs incurred by

the Company or incurred by Robinhood on the Company's behalf prior to the initial public offering of its common shares of beneficial

interest. In the event the Company does not consummate the initial public offering of its Shares, Robinhood irrevocably forebears its right to

seek reimbursement from the Company for such organizational costs. As a result of this agreement, organizational costs incurred for periods

through the date of the initial public offering are borne by Robinhood until the initial public offering. In the event that the Company

consummates the initial public offering of its Shares, the organizational costs will be charged to the Company by Robinhood immediately

upon the consummation of the initial public offering, and the Company will reimburse Robinhood for such organizational costs from the

proceeds received by the Company from the initial public offering. As a result, the organizational costs will immediately reduce the NAV of

each Share purchased in this offering.

(6)The Company does not currently anticipate incurring indebtedness on its portfolio or paying any interest during the current fiscal year.

(7)The Acquired Fund Fees and Expenses are based on estimated amounts for the current fiscal year.

The following example illustrates the expenses (including the sales load of [4.50]%) that you would pay on a

$1,000 investment in Shares, assuming (1) total annual expenses of 3.56% of net assets attributable to Shares and (2)

a 5% annual return:<sup>(1)</sup>

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $79 | $149 | $221 | $411 |

---

**The example should not be considered a representation of future expenses. Actual expenses may be** 

**higher or lower.**

(1)The example assumes that the estimated Total Annual Expenses set forth in the Annual Expenses table are

accurate, and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less

than those assumed. Moreover, the Company's actual rate of return may be greater or less than the hypothetical

5% return shown in the example. The example assumes that the Company will not realize any capital gains

(computed net of all realized capital losses and unrealized capital depreciation) in any of the indicated time

periods. If the Company achieves sufficient returns on its investments to trigger an Incentive Fee on Capital

Gains of a material amount, the Company's expenses, and returns to the Company's investors, would be higher.

**THE COMPANY**

The Company is a newly organized Delaware statutory trust formed on February 27, 2026, and is a closed-end,

diversified, management investment company that has elected to be regulated as a BDC under the 1940 Act. The

Company has limited operating history. The Company's term is perpetual unless the Company is otherwise

terminated under the terms of the Amended and Restated Declaration of Trust (the "Declaration of Trust"). The

Shares are expected to be listed, subject to official notice of issuance, on the New York Stock Exchange ("NYSE")

under the symbol "RVII." The Company's principal office is located at 85 Willow Road, Menlo Park, California

94025 and its telephone number is (650) 761-7789.

Investment management services are provided to the Company by the Adviser pursuant to the Investment

Advisory Agreement. Responsibility for monitoring and overseeing the Company's investment program and its

management and operation is vested in the Board.

Certain information about the Company's current investments is included in this Prospectus. Additional

information about the Company's investments will be available in Shareholder Reports when they are prepared.

The following table sets forth certain unaudited information as of June 30, 2026, for each portfolio company in

which the Company was invested as of such date.

A SAFE investment's value may not change for an extended period of time, for example, until a conversion is

triggered. Upon conversion, the Company's investment in the company that issued the SAFE may change

significantly, impacting the Company's NAV per share and potentially the trading price for the Shares. Because

SAFEs are valued based on estimates of future contingent events, their reported fair value may differ materially

from realized outcomes.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Address** | **Nature of Business** | **Security Type** | **Acquisition** <br>**Date**<br>| **Cost** | **Fair Value** |
| Adialante, Inc. | Compact and whole <br>body MRIs.<br>| SAFE | 5/26/2026 | $250000.00 | $250000.00 |
| Agentic Fabriq, Inc. | Data permissioning <br>control plane for AI <br>agents.<br>| SAFE | 3/16/2026 | $250000.00 | $250000.00 |
| Amboras Inc. | AI-native e-<br>commerce platform.<br>| SAFE | 6/6/2026 | $250000.00 | $250000.00 |
| Anoria Inc. | Emotion-focused <br>wearable.<br>| SAFE | 6/6/2026 | $250000.00 | $250000.00 |
| Apex Flux Inc.  | AI scheduling <br>assistant learning <br>user preferences.<br>| SAFE | 3/16/2026 | $250000.00 | $250000.00 |
| Apollo Atomics, Inc. | Compact nuclear <br>reactors.<br>| SAFE | 5/20/2026 | $250000.00 | $250000.00 |
| Arga Labs Inc. | Real-world <br>sandboxes to test <br>agents and agent-<br>facing software.<br>| SAFE | 6/8/2026 | $250000.00 | $250000.00 |
| Arzana, Inc. | Automated ERP <br>system for factories.<br>| SAFE | 6/12/2026 | $250000.00 | $250000.00 |
| Aseon Labs, Inc. | Micro-depots for <br>self-driving cars.<br>| SAFE | 5/23/2026 | $250000.00 | $250000.00 |
| Asimov Robotics, <br>Inc.<br>| Marketplace for <br>human motion data <br>for humanoids.<br>| SAFE | 3/27/2026 | $250000.00 | $250000.00 |
| Autumn AI, Inc. | Real-time prospect <br>signals for outbound <br>sales.<br>| SAFE | 3/23/2026 | $250000.00 | $250000.00 |

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| | | | | |
|:---|:---|:---|:---|:---|
| Avea Robotics, Inc. | Teleoperation <br>software for robots.<br>| SAFE | 5/27/2026 | $250000.00 |
| AxionOrbital Space <br>Inc.<br>| 24/7 Earth <br>observation <br>foundation models.<br>| SAFE | 3/26/2026 | $250000.00 |
| BioStack Platforms, <br>Inc.<br>| Data sets for training <br>models in healthcare <br>and drug discovery.<br>| SAFE | 6/2/2026 | $250000.00 |
| Caretta Inc. | Realtime AI for live <br>sales call objection <br>handling.<br>| SAFE | 3/23/2026 | $250000.00 |
| Carnot AI, Inc. | Vibe-code AI <br>workflows in plain <br>English.<br>| SAFE | 3/31/2026 | $250000.00 |
| CatchBack Cards <br>Incorporated<br>| Trading card <br>collecting platform <br>with liquidity.<br>| SAFE | 3/19/2026 | $250000.00 |
| CellType Inc. | Agentic drug <br>discovery on <br>simulated biology.<br>| SAFE | 3/20/2026 | $250000.00 |
| Complir, Inc. | AI-powered product<br>compliance.<br>| SAFE | 6/11/2026 | $250000.00 |
| Crosslayer Labs, Inc. | Detects website and <br>API impersonation <br>attacks.<br>| SAFE | 3/18/2026 | $250000.00 |
| Crow, Inc. | Natural-language <br>chat control for any <br>app.<br>| SAFE | 3/23/2026 | $250000.00 |
| Cumulus Compute <br>Labs Corporation<br>| Serverless GPU <br>cloud with <br>proprietary inference.<br>| SAFE | 3/16/2026 | $250000.00 |
| Daymi, Inc.  | AI agents for <br>proactive post-sale <br>customer <br>engagement.<br>| SAFE | 3/18/2026 | $250000.00 |
| Didit Identity, Inc. | All-in-one identity <br>verification from face <br>scan.<br>| SAFE | 3/16/2026 | $250000.00 |
| DroneTector Inc.  | Radars to detect and<br>track small drones.<br>| SAFE | 6/18/2026 | $250000.00 |
| Eden Robotics Inc. | Multi-use robots sold <br>to companies through <br>a usage-based model.<br>| SAFE | 6/8/2026 | $250000.00 |
| Expanse Compute, <br>Inc.<br>| Intelligence layer for <br>compute <br>infrastructure.<br>| SAFE | 5/19/2026 | $250000.00 |
| Formative <br>Intelligence Inc <br>| AI video creator <br>platform for films <br>and series.<br>| SAFE | 6/7/2026 | $250000.00 |
| InkVell Inc. | AI co-scientist <br>running <br>computational <br>research.<br>| SAFE | 3/31/2026 | $250000.00 |
| InstaAgent Inc. | Personalized ad <br>generation for <br>consumer brands.<br>| SAFE | 6/6/2026 | $250000.00 |

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| | | | | |
|:---|:---|:---|:---|:---|
| JigsawStack, Inc.  | AI model for <br>deterministic <br>developer tasks.<br>| SAFE | 6/8/2026 | $250000.00 |
| KelAI Tech, Inc. | AI research platform <br>for institutional <br>investors.<br>| SAFE | 6/5/2026 | $250000.00 |
| Keyframe Labs, Inc. | AI avatars for video<br>calls.<br>| SAFE | 6/9/2026 | $250000.00 |
| Klaimee Labs Inc. | Liability insurance <br>for AI agents.<br>| SAFE | 6/8/2026 | $250000.00 |
| Known Quantity <br>Labs, Inc. <br>| Prediction markets <br>intelligence for <br>institutional <br>investors.<br>| SAFE | 6/13/2026 | $250000.00 |
| Lambda Systems, <br>Inc.<br>| API for voice agents <br>to collect phone <br>payments.<br>| SAFE | 3/19/2026 | $250000.00 |
| Laminar Run, Inc.  | Automatically <br>generated APIs for <br>connecting AI <br>products with legacy <br>desktop apps.<br>| SAFE | 6/8/2026 | $250000.00 |
| LegalOS Inc. | AI-native <br>immigration law firm <br>for work visas.<br>| SAFE | 3/23/2026 | $250000.00 |
| Limrun, Inc. | Mobile development <br>and testing for AI <br>agents.<br>| SAFE | 6/4/2026 | $250000.00 |
| Luel Inc. | Rights-cleared <br>multimodal AI <br>training data <br>marketplace.<br>| SAFE | 3/27/2026 | $100000.00 |
| Lumius Imaging, Inc. | Real time and <br>intelligent 3D <br>ultrasounds.<br>| SAFE | 6/6/2026 | $250000.00 |
| Matforge, Inc. | Materials discovery <br>platform for <br>semiconductors.<br>| SAFE | 6/1/2026 | $250000.00 |
| Maywood AI Inc. | AI automating <br>investment-banking <br>deal execution.<br>| SAFE | 3/23/2026 | $250000.00 |
| MirageDoodle, Inc. <br>(d/b/a Autositu)<br>| AI workspace for <br>municipal <br>development review.<br>| SAFE | 3/25/2026 | $250000.00 |
| Opalite Health Inc. | AI translation for <br>non-English-speaking <br>patients.<br>| SAFE | 3/19/2026 | $250000.00 |
| Ornadyne, Inc. | Robotic birds for <br>reconnaissance. <br>| SAFE | 6/9/2026 | $250000.00 |
| Oxus AI, Inc. | AI automation for <br>internal audit <br>workflows.<br>| SAFE | 3/23/2026 | $250000.00 |
| PantaCapital, Inc. | Autonomous AI <br>commercial <br>insurance brokerage.<br>| SAFE | 3/24/2026 | $250000.00 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Plena Inc. | AI operating system <br>for specialty <br>medicine practices.<br>| SAFE | 6/8/2026 | $250000.00 |
| Prana AI <br>Incorporated<br>| AI primary care <br>doctor in your <br>pocket.<br>| SAFE | 3/26/2026 | $250000.00 |
| Prototyping, Inc. | Autonomous <br>manufacturing for <br>mechanical parts.<br>| SAFE | 6/5/2026 | $250000.00 |
| Qomplement, Inc. | Agentic ERP for <br>supply chain <br>operations.<br>| SAFE | 6/8/2026 | $250000.00 |
| ReasonBlocks Inc. | Runtime layer for AI <br>agents.<br>| SAFE | 6/7/2026 | $250000.00 |
| Relay Innovations, <br>Inc.<br>| Telephony platform <br>for AI agents. <br>| SAFE | 6/9/2026 | $250000.00 |
| Replicas Group Inc. | Background coding <br>agent for task <br>delegation.<br>| SAFE | 6/10/2026 | $250000.00 |
| RMJ Labs, Inc. | AI agents for <br>personal injury law <br>firms.<br>| SAFE | 6/13/2026 | $250000.00 |
| Rudus, Inc. | AI-powered takeoff <br>and estimation <br>platform for concrete <br>contractors. <br>| SAFE | 6/7/2026 | $250000.00 |
| Ruma, Inc. | Automates prior <br>authorizations for <br>biologics access.<br>| SAFE | 3/16/2026 | $250000.00 |
| Samora AI, Inc. | Multilingual voice <br>agents with human <br>escalation.<br>| SAFE | 3/19/2026 | $250000.00 |
| Sarah AI Inc.  | Autonomous AI ops <br>team for CPG brands.<br>| SAFE | 3/22/2026 | $250000.00 |
| Second Stage Labs, <br>Inc. <br>| Communication <br>infrastructure for <br>fully autonomous <br>agents. <br>| SAFE | 5/18/2026 | $250000.00 |
| SharedGenes, Inc. | AI assistant for <br>chronic illness. <br>| SAFE | 6/8/2026 | $250000.00 |
| Shotwell, Inc. | Observability layer <br>for robotics.<br>| SAFE | 6/10/2026 | $250000.00 |
| Silmaril Security Inc. | Runtime security <br>platform for AI.<br>| SAFE | 6/8/2026 | $250000.00 |
| Smol Machines, Inc. | Portable, self <br>contained virtual <br>machines.<br>| SAFE | 6/10/2026 | $250000.00 |
| Sparkley Inc.  | AI growth engine for <br>home-services <br>businesses.<br>| SAFE | 3/16/2026 | $250000.00 |
| Speedtrain, Inc.  | Lab building <br>autonomous <br>computer-to-<br>computer orgs.<br>| SAFE | 3/25/2026 | $250000.00 |
| SpotPay, Inc. | Borderless stablecoin <br>neobank for cross-<br>border finance.<br>| SAFE | 3/24/2026 | $250000.00 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Surtr Defense <br>Systems, Inc.<br>| Hardware agnostic <br>operating system for <br>drone defense. <br>| SAFE | 6/8/2026 | $250000.00 |
| Tenet Industries Inc. | Low-cost mass <br>producible defense <br>systems. <br>| SAFE | 5/31/2026 | $250000.00 |
| Terminal Use, Inc. | Orchestration <br>platform for <br>background agents.<br>| SAFE | 3/18/2026 | $250000.00 |
| The General Aviation <br>Company<br>| Building a new ATC <br>(Air Traffic Control) <br>system. <br>| SAFE | 5/22/2026 | $250000.00 |
| Unifold, Inc. | API/SDK for multi-<br>chain crypto deposits.<br>| SAFE | 3/23/2026 | $250000.00 |
| Unilabs  | AI voice agents for<br>legacy phone<br>systems.<br>| SAFE | 6/14/2026 | $250000.00 |
| Veriad, Inc. | AI compliance <br>officers for <br>documents and <br>policies.<br>| SAFE | 3/19/2026 | $250000.00 |
| Visibl <br>Semiconductors, Inc.<br>| AI agents turning <br>compute into chip-<br>design capacity.<br>| SAFE | 3/19/2026 | $250000.00 |
| Voxel Energy Inc. | Data centers powered <br>by solar and <br>repurposed batteries.<br>| SAFE | 4/10/2026 | $250000.00 |
| Voygr Tech, Inc. | Place intelligence <br>APIs for AI agents.<br>| SAFE | 3/26/2026 | $250000.00 |
| Workable Solutions <br>Inc.<br>| Enterprise AI agent <br>generating task-<br>specific UIs.<br>| SAFE | 3/19/2026 | $250000.00 |

---

**USE OF PROCEEDS**

The Company estimates that the net proceeds to the Company from this offering will be approximately $[●]

million ($[●] million if the Underwriter[s] exercise the over-allotment option in full) after deducting any

organizational and offering costs. The Company estimates that it will incur expenses of approximately $[●] million

(approximately [●]% of the gross proceeds) in connection with this offering, which is $[●] per Share if [●] Shares

are sold by the Company in this offering. These expenses include organizational expenses, registration fees,

underwriting discounts and commissions (other than sales load), FINRA (as defined later in this Prospectus) filing

fees, exchange listing fees, printing expenses, legal fees and expenses and accounting fees and expenses. The

organizational and offering costs will immediately reduce the NAV of each Share purchased in this offering. Any

organizational costs or offering costs incurred prior to the closing of the initial public offering paid by Robinhood

will be reimbursed by the Company. [The Company will not receive any proceeds from the sale of Shares by the

selling shareholder.]

The Company intends to use the proceeds from this offering to acquire investments in accordance with its

investment objective and strategies described in this Prospectus and for general working capital purposes. The

Company may not be able to fully invest its cash as quickly as it would like due to the limited availability of and

competition for private investments. It is presently anticipated that the Company will be able to invest substantially

all of the net proceeds in securities that meet the Company's investment objective and policies within approximately

[●] months after the completion of the offering. Pending such investment, consistent with the Company's BDC

election and election to be taxed as a RIC, it is anticipated that the Company will invest in other investments,

including listed companies, mutual funds, BDCs, ETFs, money market funds, U.S. government securities and other

fixed income obligations, and cash equivalents (such as bankers' acceptances, certificates of deposit, commercial

paper, short-term government and corporate obligations and repurchase agreements), and crypto or digital assets,

and may at times hold a significant percentage of its assets in such investments. To the extent that a significant

portion of the Company's assets are invested in such instruments for an extended period of time, the Company may

not achieve its investment objective.

[The Company will not receive any proceeds from any sale of Shares by the selling shareholder. The Company

has agreed to pay the costs, expenses and fees relating to the registration of the selling shareholder's securities

covered by this Prospectus.]

**INVESTMENT OBJECTIVE AND STRATEGY**

**Investment Objective**

The Company's investment objective is to seek long-term capital appreciation. The investment objective of the

Company is not a fundamental policy of the Company and may be changed by the Board without the vote of a

majority of the Company's outstanding voting securities (as defined by the 1940 Act). There can be no assurance

that the Company will achieve its investment objective.

**Investment Strategies**

In pursuing its investment objective, the Company will primarily invest, under normal circumstances, in a

diversified portfolio of early-stage and growth-stage private companies, with a focus on private companies that are

current or previous participants in the Y Combinator startup accelerator program or companies with a founder or co-

founder that has participated in the Y Combinator startup accelerator program (collectively, "YC Companies").

Approximately 500-700 companies join Y Combinator each year.<sup>1</sup> The Company may, however, also invest in

companies that are not YC Companies.

Y Combinator is a leading startup accelerator that helps launch and scale early-stage technology companies by

providing seed funding, mentorship, and access to a global founder and investor network. "Y Combinator" is a

registered trademark of Y Combinator Management, LLC or its affiliates and is used by the Company with

permission. Y Combinator does not sponsor, endorse, or promote the Company and has no responsibility for the

management or performance of the Company.

The Adviser will seek to invest in YC Companies and other early-stage and growth-stage private companies

that, in the view of the Adviser, demonstrate significant growth potential (each, a "Promising Company"). In

identifying Promising Companies, the Adviser considers a variety of factors that may include the experience and

track record of the founding team, market size, industry trends, product differentiation, commercial traction, and

business model. The Adviser bases its evaluation on information available at the time of investment, which may

include pitch presentations, publicly available materials, the Adviser's own research and analysis, and references

from parties familiar with the company or its founders.

The specific Promising Companies in which the Company focuses its investments may change over time,

including if a Promising Company becomes a public company or is acquired in the future and the Company elects to

sell its investment in such company.

As a BDC, at least 70% of the Company's assets must be the type of "qualifying" assets listed in Section 55(a)

of the 1940 Act, as described herein, which are generally privately-offered securities issued by U.S. private or

thinly-traded companies. The Company may also invest up to 30% of its portfolio opportunistically in "non-

qualifying" portfolio investments, such as investments in non-U.S. companies and private vehicles that rely on an

exclusion from the definition of investment company in Section 3(c) of the 1940 Act.

The Company will make direct investments in Promising Companies, including follow-on investments, which

will typically be in the form of non-controlling equity and equity-related securities, including, but not limited to,

SAFEs, common stock, warrants, convertible preferred stock, other equity or equity-linked securities or ownership

interests in business enterprises, other forms of senior equity, which may or may not be convertible into a company's

common equity, and preferred stock and convertible debt securities.

The Company expects that a significant portion of its investments may be in the form of SAFEs. A SAFE is an

agreement between an investor and a company in which the company generally agrees that the investor's investment

in the company will be converted into equity in the company upon certain trigger events. For example, the investor's

SAFE investment would typically be converted into convertible preferred stock in the company's next priced equity

financing round, at the valuation that is set in the company's next priced equity financing round. In addition, a SAFE

may be triggered if the company is acquired by or merged with another company. Other triggers may be an initial

public offering of securities by the company.

Although the Company will principally seek to invest directly in Promising Companies, the Company may also

make indirect investments in Promising Companies by purchasing units or shares of special purpose vehicles

("SPVs"), venture funds and private equity funds, limited liability companies, limited partnerships, pooled

investment vehicles, including venture capital funds, that would be investment companies but for Section 3(c)(1) or

Section 3(c)(7) of the 1940 Act, and other vehicles (each, a "Private Vehicle") that provide the Company with

economic exposure to the equity of one or more Promising Companies. The SPVs in which the Company expects to

invest will be private investment vehicles managed by unaffiliated managers that are designed to provide the

Company and other accredited investors access to concentrated economic exposure to one or more specific private

companies through a private offering of securities exempt from registration under the Securities Act pursuant to

Regulation D. An SPV may source its investments in underlying private companies through a variety of methods,

including through existing investment, business or other relationships that the manager of the SPV may have with a

private company or its founders and/or key employees. Individual SPVs that the Company expects to invest in may

have different terms and structures, which may present unique risks and different economic experience than if the

Company were to hold interests in the underlying private companies directly. The types of SPVs in which the

Company expects to invest may charge upfront sales charges as well as management fees and/or carried interest-type

fees that will impact the value of the Company's investment and the Company's investment return. All investors in

an SPV typically will have similar rights, which are documented in the governing documents of the SPV, subject to

the terms of any side letters entered into between an investor (including the Company) and the manager of the SPV

that may alter such rights and/or provide certain benefits to individual SPV investors. It is expected that the SPVs in

which the Company invests will not provide the Company with voting rights with respect to the SPVs or underlying

private companies. Private Vehicles will typically not be controlled by the Company and will not be subsidiaries of

the Company. Such investments may include investments made through "secondary transactions," in which the

Company acquires an interest in an existing Private Vehicle from another investor. The Company also may seek

indirect economic exposure to Promising Companies in other ways, including through special situations, other

equity or credit investments, equity-related and equity-linked investments such as forward contracts for future

delivery of stock, swaps, and other synthetic equity agreements that provide it with economic exposure to the equity

of a Promising Company. To the extent the Company enters into forward contracts or other derivatives with respect

to a Promising Company, the Company intends to do so only with reputable counterparties that have received (or the

guarantors of the obligations of which have received) a credit rating of A-1 or P-1 by S&P or Moody's, or that have

an equivalent rating from NRSRO, or that are determined to be of equivalent credit quality by the Adviser.

Private Vehicles that rely on an exclusion from the definition of investment company in Section 3(c) of the

1940 Act would not be qualifying assets for purposes of compliance with the requirement of Section 55(a) of the

1940 Act to invest at least 70% of the Company's total assets in qualifying assets.

The Company will publicly disclose information regarding its exposure to the holdings of Private Vehicles and

will make such information available on the Company's website ([●]) on at least a quarterly basis, but this

information may be disclosed on an up to 90-day lag.

In seeking to achieve its investment objective, the Company will invest, without limit, in privately placed or

restricted securities (including in Rule 144A securities, which are privately placed securities purchased by qualified

institutional buyers), illiquid securities and securities in which no secondary market is readily available, of private

companies. Issuers of these securities are not expected to have a class of securities registered, or be subject to

periodic reporting, pursuant to the Exchange Act.

The Company generally intends to hold its investments as a long-term investor, consistent with its investment

objective and strategies, and, accordingly, the Company does not expect to divest of investments on any particular

timeline or upon the occurrence of any particular event. For example, the Company expects generally to continue to

hold investments in a company after future rounds of financing or an initial public offering. However, the Company

may divest of some or all of an investment as the Adviser determines to be appropriate and consistent with the

Company's investment objective or strategies. This may occur in connection with a future round of financing, an

initial public offering or acquisition of a company, in the event the Adviser determines it is appropriate to rebalance

the portfolio, where the Adviser determines that the investment is no longer performing in line with expectations, or

for any other reason in the Adviser's discretion. In addition, if an investment is held in a Private Vehicle, the Private

Vehicle may dispose of a Promising Company.

Under normal circumstances, substantially all of the Company's assets will be invested in direct or indirect

investments in Promising Companies (except that the Company may continue to hold investments in a Promising

Company after future rounds of financing or the initial public offering of such Promising Companies). However,

consistent with the Company's BDC election and its election to be taxed as a RIC, the Company may also invest, to

a lesser extent (including while it is seeking to build its position in one or more Promising Companies or to manage

cash) in other investments, including listed companies, mutual funds, BDCs, ETFs, money market funds, U.S.

government securities and other fixed income obligations, and cash equivalents (such as bankers' acceptances,

certificates of deposit, commercial paper, short-term government and corporate obligations and repurchase

agreements), and crypto or digital assets, and may at times hold a significant percentage of its assets in such

investments. To the extent that a significant portion of the Company's assets are invested in such instruments for an

extended period of time, the Company may not achieve its investment objective.

The Company does not have fixed guidelines for diversification by industry or type of security, and investments

may be concentrated in only a few industries or types of securities. The Company may, for example, invest

significantly in aerospace and defense, artificial intelligence ("AI"), computer software, consumer products,

consumer technology, enterprise software, Fintech, technology, and robotics related companies.

The Company is permitted to borrow money or issue debt securities in an amount up to 66 2/3% of its total

assets in accordance with the 1940 Act. The Company may establish one or more credit lines to borrow money for a

range of purposes, including for the purpose of funding investments, to satisfy Company liabilities or obligations, or

other specified purposes. The Company may pledge its assets to secure any such borrowings. There is no assurance,

however, that the Company will be able to enter into a credit line or that it will be able to timely repay any

borrowings under such credit line, which may result in the Company incurring leverage on its portfolio investments

from time to time. The Company's use of leverage may increase or decrease from time to time in its discretion and

the Company may, in the future, determine not to use leverage.

The Company may make investments directly or indirectly through one or more Subsidiaries, and references

herein to the Company's investments also refer to any Subsidiary's investments.

If the Company uses one or more Subsidiaries to make investments, the Company and its Shareholders will bear

the respective organizational and operating fees, costs, expenses and liabilities of those Subsidiaries. The Company

and its Subsidiaries will have the same investment strategies and will be subject to the same investment restrictions

and limitations on a consolidated basis. The Adviser will serve as investment adviser to the Company and each

Subsidiary. The Subsidiaries will comply with the provisions relating to affiliated transactions and custody of the

1940 Act.

The Adviser will not cause the Company to engage in certain negotiated investments alongside affiliates unless

the Company has received an order from the SEC granting an exemption from Section 17 of the 1940 Act, or unless

such investments are not prohibited by Section 17(d) of the 1940 Act or interpretations thereof, as expressed in SEC

no-action letters or other available guidance. The Adviser and the Company intend to apply for an exemptive order

from the SEC that, if granted, would expand the Company's ability to invest alongside its affiliates in privately

placed investments that involve the negotiation of certain terms of the securities to be purchased (other than price-

related terms).

***Additional Information on SAFEs***

*<u>Background on SAFEs</u>*

In 2013, Y Combinator introduced the SAFE, which stands for Simple Agreement for Future Equity. At the

time of introduction, startups and investors were primarily using convertible notes for early-stage fundraising.<sup>2</sup> The

SAFE was intended to be a replacement for convertible notes to streamline the early-stage fundraising process, and

has generally been successful in doing so. As a one-document security without numerous terms to negotiate, SAFEs

save startups and investors money in legal fees and reduce the time spent negotiating the terms of the investment.

Founders and investors will usually only have to negotiate one item: the conversion price, which is determined based

on either a valuation cap or valuation discount rate.

*<u>SAFE Terms</u>*

In general, SAFEs automatically convert into equity securities or a right to receive cash upon three types of

events: (1) a priced equity financing of the company that issued the SAFE; (2) a liquidity event of the company that

issued the SAFE, such as a sale of the company or an initial public offering of the company; and (3) a dissolution

event, such as the issuer of the SAFE declaring bankruptcy or going out of business.

***Priced Equity Financing***. A SAFE will convert automatically into equity of the issuer of the SAFE when the

issuer of the SAFE closes a priced equity financing. A SAFE will convert into the equity security that is being issued

to other investors in the priced equity financing, which is most typically shares of convertible preferred stock. In

general, a SAFE will convert into a number of shares of convertible preferred stock that is equal to the dollar amount

of the SAFE investment, divided by a price per share determined based on the valuation cap of the SAFE or a

discount rate relative to the price per share of the convertible preferred stock in the priced equity financing. In other

words, a SAFE represents an investment into the issuer of the SAFE at the next priced equity financing at, or more

typically at a discount to, the valuation implied by the priced equity financing round.

• *Valuation Cap.* The Company may invest in a SAFE in which the conversion of the SAFE into equity of

the issuer of the SAFE is based on a valuation cap. A valuation cap imposes a cap on the valuation of the

issuer implied by the price per share at which the SAFE would convert into equity in a priced round. If the

issuer of the SAFE closes an equity financing at an implied valuation that exceeds the valuation cap, the

SAFE would convert into convertible preferred stock at the price per share implied by the valuation cap

stated in the SAFE, rather than at the price per share of the convertible preferred stock in the priced equity

financing, effectively resulting in a discount to the price per share of the implied valuation of the priced

equity financing.

• *Valuation Discount Rate*. The Company may invest in a SAFE in which the conversion of the SAFE into

equity of the issuer of the SAFE is based on a fixed discount rate to the valuation implied by the issuer's

next priced equity financing, resulting in a fixed discount to the price per share of the implied valuation of

the priced equity financing.

• *Most Favored Nation Provisions*. The Company may invest in a SAFE that contains a provision that allows

the SAFE holder to amend the SAFE at a later date to include any more advantageous terms that are

subsequently provided to holders of other SAFEs of that issuer. In other words, if the issuer of the SAFE

subsequently issues a SAFE that contains a valuation cap or a valuation discount rate that is more

advantageous to the SAFE holder, the investor may elect to amend its SAFE to include the terms that were

offered in the later-issued SAFE.

In other words, regardless of whether a SAFE has a valuation cap, a valuation discount, a most favored nation

provision, or any combination of the foregoing, the SAFE will convert into convertible preferred stock at the issuer's

next priced equity financing at, or at a discount, to the implied valuation of the priced equity financing.

***Liquidity Event****.* Typically, if the issuer of a SAFE undergoes a "Liquidity Event," which includes events such

as a sale of the company, an initial public offering, or a direct listing, the SAFE will convert into a right to receive

cash. In the event of a Liquidity Event, the SAFE holder will typically be entitled to receive a portion of the

proceeds equal to the greater of (1) the amount that the SAFE holder invested when it purchased the SAFE from the

company, and (2) the proceeds that the SAFE holder would be entitled to if the SAFE converted into common stock

of the company in connection with the Liquidity Event at the implied valuation of the Liquidity Event, taking into

account any terms such as a valuation cap or a valuation discount rate that the SAFE might be entitled to and the

company's overall capitalization.

***Dissolution Event***. If the issuer of the SAFE goes out of business (a "Dissolution Event"), the holder of the

SAFE is typically entitled to receive cash equal to the amount that the holder invested, subject to the issuer having

sufficient assets. However, a SAFE holder's claim would be junior to the claims of other creditors, such as the SAFE

issuer's trade creditors and holders of the issuer's outstanding indebtedness (including convertible notes). The SAFE

holder's right to receive cash would have the same priority as other SAFEs and standard non-participating preferred

stock, and be senior to payments for common stock.

***Involvement in our Portfolio Companies***

As a BDC, the Company will be obligated to offer to provide significant managerial assistance to certain of its

portfolio companies and to provide it if requested. In fact, the Company may seek investments where such assistance

is appropriate. Making available significant managerial assistance means, among other things, any arrangement

whereby the BDC, through its directors, officers or employees, offers to provide, and, if accepted, does so provide,

significant guidance and counsel concerning the management, operations or business objectives and policies of a

portfolio company.

***Non-Fundamental Policies***

None of the Company's investment polices are fundamental, and thus may be changed without Shareholder

approval.

***Portfolio Turnover***

While the Adviser pursues a long-term investment strategy and does not typically engage in short-term trading

in the shares of portfolio companies in which it invests, portfolio turnover generally involves some expense to the

Company, including finders, placement, brokerage, or other similar fees (or an allocable portion thereof) and other

transaction costs on the sale of securities and reinvestment in other securities. The Company's portfolio turnover rate

may vary from year to year. Higher portfolio turnover may decrease the investment return to individual investors in

the Company.

_________________

(1)Source: Startup Directory (last visited June 25, 2026), available at https://www.ycombinator.com/companies.

(2)Source: Safe User Guide (last visited June 26, 2026), available at https://www.ycombinator.com/documents.

**Market Opportunity**

*Venture investing has historically been one of the most powerful engines of wealth creation in the American* 

*economy — generating many of the companies that have defined modern life, employed millions of Americans, and* 

*produced extraordinary returns. Yet the opportunity to share in that wealth creation has been systematically denied* 

*to the vast majority of Americans, reserved instead for a small and self-reinforcing circle of institutional investors* 

*and well-connected insiders. That exclusion is not an accident of market structure. It is a consequence of rules and* 

*access barriers that have never been designed to provide access to ordinary Americans. The Company is designed to* 

*change that — by investing in YC Companies and other early-stage or growth-stage companies whose technology,* 

*markets, and competitive position demonstrate, in the view of the Adviser, compelling potential, providing the access* 

*and the diversification that are unavailable to most investors.*

**I.The Private Venture Market: Size, Growth, and Returns**

The U.S. venture capital market has grown dramatically over the past decade and a half. U.S. venture capital

reached $320.0 billion deployed in 2025 — the second-highest annual total ever recorded, behind only the 2021

peak of $358.2 billion.<sup>1</sup> Even the relative trough of 2023, at $168.8 billion, exceeded every pre-2018 annual total in

U.S. history. The U.S. venture capital industry now manages $1.38 trillion in total assets under management —

comprising $1.08 trillion in net asset value and $299.3 billion in dry powder awaiting deployment into the next

generation of companies.<sup>1</sup>

Equally significant is a structural shift in when companies choose to access public markets — and therefore in

where their most significant appreciation occurs. The median time from a company's founding to its IPO was 5

years in 1999; by 2024, that figure had reached 14 years.<sup>2</sup> A company that remains private for 14 years may

complete its foundational growth arc — from idea, to product-market fit, to scaling — entirely within the private

markets, entirely out of reach of most of the investing public. The investors who participate in that arc earn returns

commensurate with bearing that risk. Often, by the time a company reaches its IPO, the most significant wealth

creation has already occurred, and it has occurred exclusively for the small group of insiders who were allowed to

invest early on.

As of year-end 2025, approximately 859 venture-backed private companies globally were valued at $1 billion or

more, representing an aggregate estimated value of approximately $4.34 trillion.<sup>3</sup> Whether that value is ultimately

realized through an acquisition, a public offering, or a secondary transaction, most of the returns will flow to those

who were permitted to invest during the private phase — the same endowments, sovereign wealth funds, and ultra-

high-net-worth individuals who have always had access.

**II.The Closed Door: How Ordinary Americans Are Locked Out**

The private venture market has delivered significant returns and generated much of the economic dynamism of

the past generation. Generally, private venture investments have not been accessible to most ordinary Americans.

The exclusion operates at two levels — a legal barrier erected by the SEC's accredited investor rules, and a practical

barrier rooted in the insular network dynamics of venture capital.

*The Accredited Investor Threshold*. Under the Securities Act of 1933, most private securities offerings —

including interests in venture capital funds and direct investments in private companies — may be sold only to

"accredited investors," defined by minimum thresholds for income, net worth, or professional certification.<sup>5</sup>

According to a June 2025 study published by the SEC's Office of the Investor Advocate (the "2025 OIAD study"),

approximately 12.6% of U.S. individuals qualify as accredited investors.<sup>6</sup> More than eight in ten Americans are

legally prohibited from investing in the types of private venture investments that have generated some of the most

significant wealth in modern economic history because they do not meet the accredited investor threshold.

*The Network Barrier*. For the minority of Americans who clear the legal threshold, a second wall awaits. Even

among those who are legally eligible to participate, only 4.3% of accredited investors actually own private market

securities.<sup>6</sup> The most successful private venture funds are chronically oversubscribed and allocate capacity almost

entirely to a fixed circle of institutional investors and high-net-worth individuals whose relationships were

established over decades. Top-tier founders typically raise money through introductions from trusted networks,

resulting in many of the best opportunities going to the same people they always have.

The result is a compounding exclusion. Only 12.6% of Americans are legally eligible to participate. Of those,

only 4.3% actually own private market securities. Meanwhile, among the vast majority of Americans who are not

accredited investors, only 1.1% own private market securities. Collectively, approximately 1.3% of the total U.S.

population holds any private market investment at all.<sup>6</sup> However, the same 2025 OIAD study found that 5.2% of the

total U.S. population — four times the number who actually own such securities — express interest in investing in

new or private companies.<sup>6</sup> We believe that the gap between what such Americans want and what they are permitted

to access may be the defining inequity of modern capital markets.

**III.The Diversification Dilemma**

The structural exclusion described above does more than deny ordinary Americans access to individual

opportunities. It prevents them from investing in early-stage and growth-stage companies in one of the only ways

that we believe makes economic sense.

Early-stage and growth-stage investing is defined by the power law: the distribution of outcomes is

extraordinarily skewed, with the large majority of companies returning little or no capital and a small number of

exceptional outcomes driving virtually all aggregate returns.<sup>4</sup> This is not a flaw in the asset class — it is its defining

characteristic, and it is precisely what produces venture-scale returns for those who can capture it. But capturing it

requires a portfolio broad enough to include the outliers. An investor who participates in only a handful of early-

stage or growth-stage companies faces binary concentration risk with no structural mechanism to offset failures. The

expected return of a small, undiversified portfolio of early-stage and growth-stage investments is materially lower

than the expected return of the asset class itself, because the probability of holding the handful of companies that

drive aggregate returns decreases sharply as portfolio size declines. Institutional venture funds are constructed with

this dynamic explicitly in mind — deploying capital across large numbers of companies precisely because breadth of

exposure is the instrument through which the power law works in investors' favor rather than against them.

It generally is not possible for ordinary Americans to obtain this type of diversified exposure to early- and

growth-stage companies on their own. The legal and network barriers described above do not merely limit retail

access to individual transactions — they make it structurally impossible for typical retail investors to assemble the

kind of diversified portfolio of early-stage and growth-stage companies that we believe the asset class calls for.

Minimum investment sizes in private rounds — even where access exists — are typically far beyond what retail

investors can deploy across a sufficient number of companies to achieve meaningful diversification. Deal flow itself

is the binding constraint: building a diversified early-stage and growth-stage portfolio requires consistent access to a

large volume of high-quality opportunities, which in turn requires the kind of established institutional relationships

that retail investors generally do not have. A retail investor who overcomes the accredited investor legal threshold

and secures access to one or two early-stage investments has not solved the access problem — he or she has simply

taken on the risk profile of early-stage investing without the broad portfolio construction that makes that risk rational

to bear.

The inability to diversify is not a secondary limitation. It is a core reason that retail participation in early-stage

and growth-stage investing, absent a professionally managed, broadly diversified structure, fails to deliver the

returns that make the asset class worth pursuing. Solving the access problem means solving the diversification

problem — and doing so at a scale and with a sourcing capability that retail investors generally cannot replicate on

their own.

**IV.RVII: Built to End the Exclusion**

RVII is purpose-built to address the barriers and limitations described above.

RVII has no investment minimums, no income threshold, no net worth test, and no accredited investor

requirement. The wealth barrier that largely defines the private market does not apply to RVII.

RVII will be listed and freely tradable on the NYSE. Investors may buy or sell Shares on the NYSE without

lockup periods, redemption gates, or capital call obligations, although an active market may not develop, while the

Company generally expects to hold its investments through their natural private-phase arc and seeks to realize value

at natural exit — through acquisition, public offering, or secondary transaction.

Diversification is a structural feature of RVII. Over time, RVII expects to invest across a portfolio of a

significant number of companies, applying the construction discipline that institutional venture funds use to manage

single-company failure risk. The existing seed portfolio already includes investments in 79 private companies.

Individual retail investors generally cannot replicate this structure independently: private investing requires deal

sourcing, underwriting capacity, and portfolio scale that are generally operationally out of reach for individuals

acting alone.

The Adviser believes it is situated to develop a pipeline of investment opportunities that are generally accessible

only to institutional insiders. The Adviser's relationships across venture capital include investors, founders, and

institutional participants who are active in venture markets, both within and beyond the YC Company ecosystem.

These relationships provide the Adviser with visibility into financing rounds, access to investment opportunities that

are not broadly marketed, and the credibility to participate in competitive rounds alongside established institutional

investors. Early-stage and growth-stage investing is, by its nature, a relationship-driven activity: the most attractive

opportunities are allocated through trusted networks, and access is a function of reputation and prior engagement.

The Adviser's position within those networks is a strategic advantage that individual retail investors — and many

new market entrants — generally cannot replicate independently.

***Although many private companies have created value for investors, many more private companies have not.***

***The Company and the Adviser do not guarantee any level of return or risk on investments and there can be no***

***assurance that the Company's investment objective will be achieved or that the Company's investment program***

***will be successful.***

__________________

(1)Source: NVCA 2026 Yearbook (National Venture Capital Association / PitchBook Data, Inc., 2026); data as of December 31, 2025.

(2)Source: Jay R. Ritter, "Initial Public Offerings: Median Age of IPOs Through 2025," University of Florida IPO Initiative, updated

December 31, 2025. Based on 9,343 IPOs from 1980–2025.

(3)Source: NVCA 2026 Yearbook (National Venture Capital Association / PitchBook Data, Inc., 2026); data as of December 31, 2025.

(4)Source: See e.g., Chris Dixon, Performance Data and the 'Babe Ruth' Effect in Venture Capital, Andreessen Horowitz (June 8, 2015),

https://a16z.com/performance-data-and-the-babe-ruth-effect-in-venture-capital/. Past performance is not indicative of future results.

(5)Source: 17 C.F.R. § 230.501(a).

(6)Source: Katherine Carman, Alycia Chin, Steven Nash & Brian Scholl, "Exploring Accredited Investors and Private Market Securities

Ownership," SEC Office of the Investor Advocate, OIAD Working Paper 2025 No. 1 (June 2025).

**ROBINHOOD OVERVIEW**

**Overview of Robinhood**

Robinhood Ventures DE, LLC (referred to herein as the "Adviser", "Robinhood Ventures" or "RHV"), is a

limited liability company organized in the State of Delaware and serves as the Company's investment adviser and

administrator. The Adviser was formed in August 2025, and is a wholly-owned subsidiary of Robinhood Markets,

Inc., a Delaware corporation that is a publicly traded company (Nasdaq: HOOD), and holding company that operates

through several wholly-owned subsidiaries, including the following:

• Robinhood Financial is registered in the United States as a broker-dealer and acts as the introducing broker;

• Robinhood Securities, LLC is registered in the United States as a broker-dealer and performs the clearing

and settlement services for Robinhood Financial customers;

• Robinhood Gold, LLC is a Delaware limited liability company that offers Gold membership to customers

with subscription benefits;

• Robinhood Crypto, LLC ("Robinhood Crypto") provides users the ability to buy, sell and transfer

cryptocurrencies and is responsible for the custody of user cryptocurrencies held by users on the Robinhood

Crypto platform;

• Robinhood Credit, Inc. offers credit cards with certain rewards offerings;

• Robinhood Derivatives, LLC is a registered non-clearing futures commission merchant and a swap firm for

trading cleared swaps;

• Robinhood Asset Management, LLC is a registered investment adviser and provides discretionary portfolio

management to retail clients;

• Robinhood Money, LLC offers a spending card and a spending account that helps customers invest, save

and earn rewards;

• Trade-PMR, Inc. is a custodial and portfolio management platform for registered investment advisors that

was acquired by Robinhood in February 2025; and

• Bitstamp Ltd. is a globally-scaled cryptocurrency exchange with institutional and retail customers that was

acquired by Robinhood in June 2025.

Robinhood is continuously introducing new products and diversifying its services that further expand access to

the financial system.

**Key Differentiators/Competitive Advantages**

Some of the attributes that the Adviser believes differentiate it from its competitors include the ability to

leverage Robinhood's deep connectivity to the venture community, built during its high-growth private company

phase and sustained as a public company, spanning leading venture capital firms and founders/chief executive

officers of innovative companies. The Adviser believes that Robinhood's relationships may translate into

advantaged sourcing alongside traditional channels.

**LEVERAGE**

The Company is permitted to borrow money or issue debt securities in an amount up to 66 2/3% of its total

assets in accordance with the 1940 Act. The Company may establish one or more credit lines to borrow money for a

range of purposes, including for the purpose of funding investments, to satisfy Company liabilities or obligations, or

other specified purposes. The Company may pledge its assets to secure any such borrowings. There is no assurance,

however, that the Company will be able to enter into a credit line or that it will be able to timely repay any

borrowings under such credit line, which may result in the Company incurring leverage on its portfolio investments

from time to time. The Company's use of leverage may increase or decrease from time to time in its discretion and

the Company may, in the future, determine not to use leverage.

Certain types of leverage used by the Company may result in the Company being subject to covenants relating

to asset coverage and portfolio composition requirements. The Company may be subject to certain restrictions on

investments imposed by one or more lenders or by guidelines of one or more rating agencies, which may issue

ratings for any short-term debt securities or preferred shares issued by the Company. These guidelines may impose

asset coverage or portfolio composition requirements that are more stringent than those imposed by the 1940 Act.

**Preferred Shares**

The Company's organizational documents provide that the Board may authorize and issue preferred shares with

or without rights as determined by the Board, by action of the Board without prior approval of the holders of the

Shares. Shareholders have no preemptive right to purchase any preferred shares that might be issued. Any such

preferred share offering would be subject to the limits imposed by the 1940 Act. In addition, the Company generally

is not permitted to declare any cash dividend or other distribution on the Shares, or purchase any such Shares,

unless, at the time of such declaration, the Company would have asset coverage of at least 150% after deducting the

amount of such dividend or other distribution. The 1940 Act grants to the holders of senior securities representing

shares issued by the Company certain voting rights, including the right to elect two trustees of the Board. Failure to

maintain certain asset coverage requirements under the 1940 Act could entitle the holders of preferred shares to elect

a majority of the Board.

**Borrowings**

The Company is permitted, without prior approval of the Shareholders, to borrow money. The Company may

issue notes or other evidence of indebtedness (including bank borrowings or commercial paper) and may secure any

such borrowings by mortgaging, pledging or otherwise subjecting the Company's assets as security. In connection

with such borrowings, the Company may be required to maintain minimum average balances with the lender or to

pay a commitment or other fee to maintain a line of credit. Any such requirements will increase the cost of

borrowing over the stated interest rate. There can be no assurance that the Company will be able to utilize leverage

on terms that the Adviser deems favorable at any given time.

Borrowings by the Company are subject to certain limitations under the 1940 Act, including the amount of asset

coverage required. In addition, agreements related to the borrowings may also impose certain requirements, which

may be more stringent than those imposed by the 1940 Act.

The rights of lenders to the Company to receive interest on, and repayment of, principal of any such borrowings

will be senior to those of the Shareholders and the holders of any preferred shares, and the terms of any such

borrowings may contain provisions that limit certain activities of the Company, including the payment of dividends

to Shareholders and the holders of preferred shares, if any, in certain circumstances.

**Credit Facility**

The Company may establish one or more credit lines to borrow money for a range of purposes, including for the

purpose of funding investments and to otherwise satisfy Company liabilities or obligations.

**RISKS**

AN INVESTMENT IN THE COMPANY INVOLVES A HIGH DEGREE OF RISK AND THEREFORE

SHOULD ONLY BE UNDERTAKEN BY INVESTORS WHO UNDERSTAND THE POTENTIAL RISK OF

CAPITAL LOSS, FOR WHOM AN INVESTMENT IN THE COMPANY IS A PART OF A DIVERSIFIED

INVESTMENT PROGRAM, AND WHOSE FINANCIAL RESOURCES ARE SUFFICIENT TO ENABLE THEM

TO ASSUME THESE RISKS AND TO BEAR THE LOSS OF ALL OR PART OF THEIR INVESTMENT. THE

FOLLOWING IS NOT AN EXHAUSTIVE LISTING OF ALL OF THE POTENTIAL RISKS ASSOCIATED

WITH AN INVESTMENT IN THE COMPANY. PRIOR TO INVESTING IN THE COMPANY, INVESTORS

SHOULD CONSULT WITH THEIR OWN FINANCIAL, LEGAL, INVESTMENT AND TAX ADVISERS IN

EVALUATING THE MERITS AND RISKS OF INVESTING IN THE COMPANY.

An investment in the Company is suitable only for those persons who have such knowledge and experience in

financial and business matters that they are capable of evaluating the merits and risks of their proposed investment.

An investment in the Company is speculative and involves a high degree of risk. Therefore, you should consider the

risks of investing in the Company, including the principal risk factors described below, prior to making an

investment in the Company. The following information is a discussion of the known material risk factors associated

with an investment in the Shares specifically. These risks may be directly applicable to the Company or may be

indirectly applicable through the Company's investments. Additional risks and uncertainties not currently known to

the Company or that the Company currently deems to be immaterial also may materially adversely affect the

Company's business, financial condition and/or operating results.

The value of your investment in the Company, as well as the amount of return you receive on your investment

in the Company, may fluctuate significantly. You may lose all or part of your investment in the Company. There is

no assurance that the Company will meet its investment objective. Each risk summarized below is considered a

"principal risk" of investing in the Company, regardless of the order in which it appears, and such order is not

intended to provide any indication as to the likelihood of their occurrence or of their magnitude or significance.

**Early-Stage Companies Risks**

The types of investments that the Company anticipates making involve a high degree of risk. In general,

financial and operating risks confronting portfolio companies can be significant. While targeted returns should

reflect the perceived level of risk in any investment situation, there can be no assurance that the Company will be

adequately compensated for risks taken. A loss of the Company's entire investment is possible. The timing of profit

realization is highly uncertain. Losses are likely to occur early in the Company's term, while successes often require

a long maturation.

Early-stage companies often experience unexpected problems in the areas of product development,

manufacturing, marketing, financing and general management, which, in some cases, cannot be adequately solved.

In addition, such companies may require substantial amounts of financing, which may not be available through

institutional private placements or the public markets. In addition, the markets that such companies target are highly

competitive and in many cases the competition consists of larger companies with access to greater resources. The

percentage of companies that survive and prosper can be small. Given the rapid timelines often associated with

accelerator programs such as Y Combinator, and the inherently limited information available on early-stage

companies, the Adviser's evaluation of a given opportunity is generally conducted on an expedited basis, which

creates heightened risk for investors in such early-stage companies.

**YC Companies Risk**

Because the Company focuses its investments in YC Companies, it may be more concentrated in certain types

of businesses (such as high-growth or technology-oriented companies) and may perform differently than funds that

invest in a broader range of companies or have a less focused investment approach. In addition, any limitation

imposed by Y Combinator on the Company's access to YC Companies could have a material adverse effect on the

Company's business, financial condition or results of operations.

**SAFEs Risk**

SAFEs do not represent an equity ownership interest at the time of investment, and it is uncertain if SAFEs will

provide such exposure in the future. They are designed for early-stage, high-growth startup companies that are

expected to raise additional capital in the future. If such growth or financing does not occur, the economic

assumptions underlying the investment may not be realized. Unlike common stock, SAFEs do not provide holders

with any current ownership rights, including voting rights or rights to dividends, and instead represent only a

contractual right to receive equity in the future upon the occurrence of specified triggering events, such as a future

equity financing, acquisition, or initial public offering, which may not occur. If such triggering events do not occur,

the Company may never receive equity securities and could lose its entire investment. In certain circumstances, a

portfolio company may raise additional capital through alternative financing structures that do not trigger

conversion. Even if a triggering event occurs, the terms governing conversion may be complex and highly variable,

including valuation caps, discounts, or other mechanisms, such as most favored nation or pro rata provisions, that

may significantly affect the amount and value of equity ultimately received.

The valuation for the Company used in the conversion of the SAFEs will be determined by the investors

investing in the next priced equity financing round that triggers conversion of the SAFEs, which valuation may not

be known by the Company or an accurate reflection of the valuation of the company at that time.

A SAFE investment's value may not change for an extended period of time, for example, until a conversion is

triggered. Upon conversion, the Company's investment in the company that issued the SAFE may change

significantly, impacting the Company's NAV per share and potentially the trading price for the Shares. Because

SAFEs are valued based on estimates of future contingent events, their reported fair value may differ materially

from realized outcomes.

**Equity Securities Risks**

The prices of equity securities fluctuate based on changes in a company's financial condition and overall market

and economic conditions. Equity securities of companies that operate in certain sectors or industries tend to

experience greater volatility than companies that operate in other sectors or industries or the broader equity markets.

For example, publicly traded equity securities of private equity funds and private equity firms tend to experience

greater volatility than other companies in the financial services industry and the broader equity markets. An adverse

event, such as an unfavorable earnings report, may depress the value of equity securities held by the Company. The

value of equity securities may also decline due to factors which affect a particular industry or industries, such as

labor shortages or increased production costs and competitive conditions within an industry. The value of the equity

securities held by the Company may decline for a number of other reasons which directly relate to the issuer, such as

management performance, financial leverage, the issuer's historical and prospective earnings, the value of its assets

and reduced demand for its goods and services. Also, equity securities and equity-related securities may be

particularly sensitive to general movements in the stock market, and a drop in the stock market may depress the

price of any equity securities to which the Company has exposure. The value of the equity securities the Company

holds may also fluctuate because of changes in investors' perceptions of the financial condition of an issuer or the

general condition of the relevant stock market, or when political or economic events affecting the issuers occur. In

addition, common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and

borrowing costs increase. Common equity securities in which the Company may invest are structurally subordinated

to preferred stock, bonds and other debt instruments in a company's capital structure in terms of priority to corporate

income, and are therefore inherently more risky than preferred stock or debt instruments of such issuers.

The equity interests the Company invests in may not appreciate in value and, in fact, may decline in value or

lose all value. Accordingly, the Company may not be able to realize gains from its equity interests, and any gains

that it does realize on the disposition of any equity interests may not be sufficient to offset any other losses it

experiences.

**Technological Innovations**

Current trends in the market generally have been toward disrupting a traditional approach to an industry with

technological innovation, and multiple young companies have been successful where this trend toward disruption in

markets and market practices has been critical to their success. In this period of rapid technological and commercial

innovation, new businesses and approaches may be created that could affect the Company and/or its portfolio

investments or alter the market practices the Company's strategy has been designed to function within and on which

the Company's strategy depends for investment return. Moreover, given the pace of innovation in recent years, such

technological innovation may adversely impact the Company and/or its portfolio companies in a manner that may

not have been foreseen, or foreseeable, at the time the Company made any applicable investment. Any of these

technological innovations could damage the Company's investments, significantly disrupt the market in which it

operates and subject it to increased competition, which could materially and adversely affect its business, financial

condition and results of investments. Additionally, the Adviser could base investment decisions on views about the

direction or degree of innovation that prove inaccurate and lead to losses.

**Seed Relationships** 

The Company may occasionally enter into an agreement with a single entrepreneur or team of entrepreneurs

(each, an "Entrepreneur"), pursuant to which the Company will provide seed funding to one or more companies

founded or otherwise sponsored by such Entrepreneur. It is the Company's belief that such arrangements may

benefit the Company by creating opportunities for the Company to secure favorable terms with respect to such

investments, and that the Company's relationships with Entrepreneurs may benefit the Company by creating earlier

access to portfolio companies with promising founders. It is possible, however, that as a result of any such

arrangement, the Company will make investments in portfolio companies in which it otherwise would not have

invested.

**Reliance on Portfolio Company Management Team**

Each portfolio company's day-to-day operations will be the responsibility of such company's management

team. Certain of the Company's investments will be in portfolio companies that have not had significant operations

and may have founders and management teams with less operational experience than a more established company.

While the Company seeks to invest in companies operated by strong management or build strong management teams

at each of them, there can be no assurance that the existing management team, or any successor, will be able to

operate the portfolio company as expected by the Company. The success of each portfolio investment depends in

substantial part upon the skill and expertise of each portfolio company's management team. Additionally, portfolio

companies will need to attract, retain, and develop executives and members of their management teams. The market

for executive talent is, notwithstanding general unemployment levels or developments within a particular industry,

extremely competitive. There can be no assurance that a portfolio company will be able to attract, develop, integrate,

and retain suitable members of its management team, and, as a result, the Company may be adversely affected

thereby.

**Private Investments Risk**

Investments in private companies involve a high degree of business and financial risk that can result in

substantial losses. Less information is available with respect to private companies compared to public companies

and private company investments offer limited liquidity. Private companies are generally not subject to SEC

reporting requirements, are not required to maintain their accounting records in accordance with generally accepted

accounting principles, and are not required to maintain effective internal controls over financial reporting. As a

result, the Adviser may not have timely or accurate information about the business, financial condition and results of

operations of the private companies in which the Company invests. There is a risk that the Company may invest on

the basis of incomplete or inaccurate information, and will not be able to adequately monitor the performance of its

investments, which may adversely affect the Company's investment performance. It also is more difficult to value

private investments compared to public investments because there is less information available about private

companies. Private companies in which the Company may invest may have limited financial resources, shorter

operating histories, more asset concentration risk, narrower product lines and smaller market shares than larger

businesses, which tend to render such private companies more vulnerable to competitors' actions and market

conditions, as well as general economic downturns. These companies generally have less predictable operating

results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products

subject to a substantial risk of obsolescence, and may require substantial additional capital to support their

operations, finance expansion or maintain their competitive position. Private company investments are more difficult

to value than public companies due to less information being available and valuations may fluctuate more

dramatically than those of public companies. As a result, the Company's NAV could significantly increase or

decrease if the Company learns of new material information regarding a private company, particularly if the

company comprises a significant portion of the Company's portfolio. Additionally, the Company will only value its

investments on a periodic basis. To the extent that new material information regarding a private company in which

the Company has invested becomes public, the trading price of the Shares could fluctuate significantly, including

potentially causing the Shares to trade at a discount or premium to the most recently published NAV. These

companies may have difficulty accessing the capital markets to meet future capital needs, which may limit their

ability to grow or to repay their outstanding indebtedness upon maturity.

Typically, investments in private companies are in restricted securities that are not traded in public markets and

subject to transfer restrictions and substantial holding periods, so that the Company may not be able to resell some of

its holdings for extended periods, which may be several years. There can be no assurance that the Company will be

able to realize the value of private company investments in a timely manner. There also is no assurance that the

private companies in which the Company invests will ever have a liquidity event.

Additionally, the types of private companies in which the Company expects to invest may be dependent on key

personnel for their future success. If a company is unable to hire and retain qualified personnel, or if the company

loses a founder or any key member of its management team, its performance may be significantly impaired.

Historical return for private company investments has often been dependent on investment selection with a

limited number of companies having an outsized impact on the return profile of the asset class. Private companies

typically control which investors are permitted to invest in their company, including through a consent right over

which investors are permitted to purchase shares from existing investors in that company. There can be no assurance

that the companies that the Company targets will permit the Company to become an investor. The Company may not

be able to deploy all of its capital in companies that fit its investment mandate.

The Company's private investments may be subject to risks associated with an unaffiliated lead investor. Due

diligence will be conducted on private investment opportunities. However, due diligence will necessarily be limited

by, among other things, information that the Company is able to obtain, and the Company expects that substantially

less information will be available about the Company's private investments than information that would be available

for publicly traded investments. The Company may in its sole discretion make the determination to invest without

having access to the detailed information necessary for a full evaluation of the investment opportunity, including

where the Company believes that such level of due diligence is either not possible or not practicable given the

circumstances of the proposed portfolio investment (such as when the window of opportunity is short and/or the

demand by other investors is high). In such circumstances, there therefore may be a shorter due diligence process.

The Company expects to make minority investments where it may have little to no opportunity to negotiate the

terms of a particular private investment or to require a specific private company in which the Company invests to

disclose any particular type of information to the Company, either in connection with diligence or as ongoing

reporting. Where the Company invests alongside an unaffiliated lead investor, the Adviser may rely to some extent

on the lead investor's diligence on the relevant investment and to negotiate certain terms of the investment. In

addition, the Adviser may rely upon independent consultants or advisers in connection with their evaluation of

proposed investments and may consider the diligence of potential co-investors or strategic partners. There can be no

assurance that these consultants, advisers, co-investors or strategic partners will accurately evaluate such

investments, and such involvement of third-party consultants, advisers, co-investors or strategic partners may

present a number of risks primarily relating to the Adviser's reduced control of the functions that are outsourced. As

a result of any or all of these circumstances, the due diligence investigation that the Company carries out with

respect to any such investment opportunity may not reveal or highlight all material risks associated with such

investment opportunity, which may have otherwise been discovered with a more thorough process, especially when

there is a compressed diligence timeframe and/or heightened competition for an investment, where there may be

limited publicly available information with respect to a particular company or its executives, where because of the

size or other aspects of an investment limited information is made available to the Adviser by the prospective

portfolio company, or in circumstances where all or a portion of such due diligence is conducted remotely.

In connection with some of the Company's investments in private companies, the Company will pledge some or

all voting rights in a private company to management or another third-party investor. The Adviser may determine in

its sole discretion that a pledge of such voting rights for a specific investment opportunity is in the best interests of

the Company, and if the Adviser determines that the Company should not agree to pledge such voting rights, it may

result in the Company being excluded from the investment opportunity.

The Company has the discretion to make follow-on investments, subject to the availability of capital resources

and the availability of securities in the applicable portfolio company. The Company may elect not to make follow-on

investments in a portfolio company and it may lack sufficient funds to make those investments. The failure to make

follow-on investments may, in some circumstances, jeopardize the continued viability of a portfolio company and

the Company's initial investment, or may result in a missed opportunity for the Company to increase its participation

in a successful operation. Even if the Company has sufficient capital to make a desired follow-on investment, it may

elect not to do so in order not to increase its concentration of risk, because it prefers other opportunities, or because

it is inhibited by compliance with regulatory or other requirements.

**Private Vehicle Risks**

The Company's investments in Private Vehicles are subject to a number of risks. Private Vehicle interests are

expected to be illiquid and subject to restricted marketability, and the realization of investments from them may take

considerable time and/or be costly. In addition, certain private companies may impose broad transfer restrictions on

their equity securities. These restrictions may extend to the ability of a Private Vehicle that invests in such private

company to admit new investors, meaning that the Company may be unable to invest in a Private Vehicle without

the consent of the underlying private company. There can be no assurance that such consent will be granted, which

may limit the Company's ability to gain exposure to certain private companies. The Company expects to primarily

invest in Private Vehicles, including SPVs, that provide exposure focused on the same Promising Companies that

the Company invests in directly. Some of the Private Vehicles in which the Company invests may have only limited

operating histories. Although the Adviser will seek to receive detailed information from each Private Vehicle

regarding its business strategy and any performance history, including audited financial statements, in most cases the

Adviser will have little or no means of independently verifying this information. The Company may in its sole

discretion make the determination to invest without having access to the detailed information necessary for a full

evaluation of the investment opportunity, including where the Company believes that such level of due diligence is

either not possible or not practicable given the circumstances of the proposed portfolio investment (such as where

the window of opportunity is short and/or the demand by other investors is high). In such circumstances, there

therefore may be a shorter due diligence process. In addition, the Adviser may rely upon independent consultants or

advisers in connection with their evaluation of proposed investments and may consider the diligence of potential co-

investors or strategic partners. There can be no assurance that these consultants, advisers, co-investors or strategic

partners will accurately evaluate such investments, and such involvement of third-party consultants, advisers, co-

investors or strategic partners may present a number of risks primarily relating to the Adviser's reduced control of

the functions that are outsourced. As a result of any or all of these circumstances, the due diligence investigation that

the Company carries out with respect to any such investment opportunity may not reveal or highlight all material

risks associated with such investment opportunity, which may have otherwise been discovered with a more thorough

process, especially when there is a compressed diligence timeframe and/or heightened competition for an

investment, where there may be limited publicly available information with respect to a particular company or its

executives, where because of the size or other aspects of an investment limited information is made available to the

Adviser by the prospective portfolio company, or in circumstances where all or a portion of such due diligence is

conducted remotely. Lastly, Private Vehicles may have little or no near-term cash flow available to distribute to

investors, including the Company. Due to the pattern of cash flows in Private Vehicles and the illiquid nature of

their investments, investors typically will see negative returns in the early stages of Private Vehicles. Then, as

investments are able to realize liquidity events, such as a sale or initial public offering, positive returns will be

realized if the Private Vehicle's investments are successful.

Private Vehicle interests are ordinarily valued based upon valuations provided by the Private Vehicle Manager,

which may be received on a delayed basis. Certain securities in which the Private Vehicles invest may not have a

readily ascertainable market price and are fair valued by the Private Vehicle Managers. A Private Vehicle Manager

may face a conflict of interest in valuing such securities because their values may have an impact on the Private

Vehicle Manager's compensation. The Adviser will review and perform due diligence on the valuation procedures

used by each Private Vehicle Manager and monitor the returns provided by the Private Vehicles. No assurances can

be given regarding the valuation methodology or the sufficiency of systems utilized by any Private Vehicle

Manager, the accuracy of the valuations provided by the Private Vehicle Managers, that the Private Vehicle

Managers will comply with their own internal policies or procedures for keeping records or making valuations, or

that the Private Vehicle Managers' policies and procedures and systems will not change without notice to the

Company. As a result, a Private Vehicle Manager's valuation of the securities may fail to match the amount

ultimately realized with respect to the disposition of such securities. A Private Vehicle Manager's information could

also be inaccurate due to fraudulent activity, mis-valuation or inadvertent error. The Company may not uncover

errors in valuation for a significant period of time, if ever. Inaccurate valuations provided by Private Vehicles could

materially adversely affect the value of Shares.

The Company will pay asset-based or commitment-based fees, and, in most cases, will be subject to

performance-based fees in respect of its interests in Private Vehicles. Such fees and performance-based

compensation are in addition to the Company's own base management fee and incentive fee on capital gains

(together, the "Management Fee"). In addition, performance-based fees charged by Private Vehicle Managers may

create incentives for the Private Vehicle Managers to make risky investments, and may be payable by the Company

to a Private Vehicle Manager based on a Private Vehicle's positive returns even if the Company's overall returns are

negative. Company shareholders will indirectly bear a proportionate share of the fees and expenses of the Private

Vehicles, in addition to a proportionate share of the expenses of the Company.

The Company may be precluded from acquiring an interest in certain Private Vehicles due to regulatory

implications under the 1940 Act or other laws, rules and regulations or may be limited in the amount it can invest in

voting securities of Private Vehicles. The Adviser also may refrain from including a Private Vehicle in the

Company's portfolio in order to address adverse regulatory implications that would arise under the 1940 Act for the

Company if such an investment was made. In addition, the SEC has adopted Rule 18f-4 under the 1940 Act, which,

among other things, may impact the ability of the Company to enter into unfunded commitment agreements, if any,

such as a capital commitment to a Private Vehicle or as part of a direct investment. In addition, the Company's

ability to invest may be affected by considerations under other laws, rules or regulations. Such regulatory

restrictions, including those arising under the 1940 Act, may cause the Company to invest in different Private

Vehicles or direct investments than other clients of the Adviser.

If the Company fails to satisfy capital calls to a Private Vehicle in a timely manner then, generally, it will be

subject to significant penalties, including the complete forfeiture of the Company's investment in the Private

Vehicle. Any failure by the Company to make timely capital contributions may impair the ability of the Company to

pursue its investment program, cause the Company to be subject to certain penalties from the Private Vehicles or

otherwise impair the value of the Company's investments.

The governing documents of a Private Vehicle generally are expected to include provisions that would enable

the general partner, the manager, or a majority in interest (or higher percentage) of its limited partners or members,

under certain circumstances, to terminate the Private Vehicle prior to the end of its stated term. Early termination of

a Private Vehicle in which the Company is invested may result in the Company having distributed to it a portfolio of

immature and illiquid securities, or the Company's inability to invest all of its capital as anticipated, either of which

could have a material adverse effect on the performance of the Company.

Although the Company will be an investor in a Private Vehicle, Shareholders will not themselves be equity

holders of that Private Vehicle and will not be entitled to enforce any rights directly against the Private Vehicle or

the Private Vehicle Manager or assert claims directly against any Private Vehicles, the Private Vehicle Managers or

their respective affiliates. Shareholders will have no right to receive the information issued by the Private Vehicles

that may be available to the Company as an investor in the Private Vehicles. In addition, Private Vehicles generally

are not registered as investment companies under the 1940 Act; therefore, the Company, as an investor in Private

Vehicles, will not have the benefit of the protections afforded by the 1940 Act. Private Vehicle Managers may not

be registered as investment advisers under the Advisers Act, in which case the Company, as an investor in Private

Vehicles managed by such Private Vehicle Managers, will not have the benefit of certain of the protections afforded

by the Advisers Act.

Commitments to Private Vehicles generally are not immediately invested. Instead, committed amounts are

drawn down by Private Vehicles and invested over time, as underlying investments are identified—a process that

may take a period of several years, with limited ability to predict with precision the timing and amount of each

Private Vehicle's drawdowns. During this period, investments made early in a Private Vehicle's life are often

realized (generating distributions) even before the committed capital has been fully drawn. In addition, many Private

Vehicles do not draw down 100% of committed capital, and historic trends and practices can inform the Adviser as

to when it can expect to no longer need to fund capital calls for a particular Private Vehicle. Accordingly, the

Adviser may make investments and commitments based, in part, on anticipated future capital calls and distributions

from Private Vehicles. This may result in the Company making commitments to Private Vehicles in an aggregate

amount that exceeds the total amounts invested by Shareholders in the Company at the time of such commitment

(*i.e.*, to "over-commit"). To the extent that the Company engages in an "over-commitment" strategy, the risk

associated with the Company defaulting on a commitment to a Private Vehicle will increase. The Company will

maintain cash, cash equivalents, borrowings or other liquid assets in sufficient amounts, in the Adviser's judgment,

to satisfy capital calls from Private Vehicles.

The Company is subject to the risks associated with its Private Vehicles' underlying investments. The

investments made by Private Vehicles will entail a high degree of risk and in most cases be highly illiquid and

difficult to value. Unless and until those investments are sold or mature into marketable securities they will remain

illiquid. As a general matter, companies in which the Private Vehicle invests may face intense competition,

including competition from companies with far greater financial resources; more extensive research, development,

technological, marketing and other capabilities; and a larger number of qualified managerial and technical personnel.

In connection with making an investment in a Private Vehicle, the Company may decide to pledge some or all

voting rights in a Private Vehicle to management or another third-party investor. The Adviser may determine in its

sole discretion that a pledge of such voting rights for a specific investment opportunity is in the best interests of the

Company, and if the Adviser determines that the Company should not agree to pledge such voting rights, it may

result in the Company being excluded from the investment opportunity.

A Private Vehicle Manager may focus on a particular industry or sector, which may subject the Private Vehicle,

and thus the Company, to greater risk and volatility than if investments had been made in issuers in a broader range

of industries. Likewise, a Private Vehicle Manager may focus on a particular country or geographic region, which

may subject the Private Vehicle, and thus the Company, to greater risk and volatility than if investments had been

made in issuers in a broader range of geographic regions. In addition, Private Vehicles may establish positions in

different geographic regions or industries that, depending on market conditions, could experience offsetting returns.

The Company will not obtain or seek to obtain any control over the management of any portfolio company in

which any Private Vehicle may invest. The success of each investment made by a Private Vehicle will largely

depend on the ability and success of the management of the portfolio companies in addition to economic and market

factors.

The Company may make secondary investments in Private Vehicles by acquiring the interests in the Private

Vehicles from existing investors in such Private Vehicles (and not from the issuers of such investments). In such

instances, as the Company will not be acquiring such interests directly from the Private Vehicle, it is generally not

expected that the Company will have the opportunity to negotiate the terms of the interests being acquired, other

than the purchase price, or other special rights or privileges. There can be no assurance as to the number of

secondary investment opportunities that will be presented to the Company.

In addition, valuation of secondary investments in Private Vehicles may be difficult, as there generally will be

no established market for such investments or for the privately-held portfolio companies in which such Private

Vehicles may own securities. Moreover, the purchase price of secondary investments in such Private Vehicles

generally will be subject to negotiation with the sellers of the interests and there is no assurance that the Company

will be able to purchase secondary investments in Private Vehicles at attractive discounts to their respective net asset

value, or at all. The overall performance of the Company will depend in large part on the acquisition price paid by

the Company for its secondary investments, the structure of such acquisitions and the overall success of the Private

Vehicle.

Secondary investments in a Private Vehicle may be acquired at a discount to that Private Vehicle's NAV.

Because those secondary investments will be valued by the Company at the most recent NAV reported by the

Private Vehicle's Manager, the Company will have an unrealized gain with respect to those investments (and a

corresponding increase in NAV and performance) equal to the difference between the most recent reported NAV of

the Private Vehicle and the Company's purchase price.

To maintain the Company's status as a RIC and preserve the tax benefits to the Company of that status, the

Company intends to distribute to Shareholders capital gain dividends in the amount of the Company's net capital

gain. Distribution of the Company's net capital gain (which is generally the excess of the Company's realized net

long-term capital gains over the Company's realized net short-term capital losses) properly reported by the

Company as "capital gain dividends" will be taxable to a U.S. Shareholder as long-term capital gains, regardless of

the U.S. Shareholder's holding period for his, her or its common stock and regardless of whether paid in cash or

reinvested in additional common shares. Distributions of the Company's net capital gain to a non-U.S. Shareholder,

generally will not be subject to U.S. federal withholding tax and will not be subject to U.S. federal income tax unless

the distributions are effectively connected with a U.S. trade or business of the non-U.S. Shareholder (and, if an

income tax treaty applies, are attributable to a permanent establishment maintained by the non-U.S. Shareholder in

the United States).

Conversely, a secondary investment in a Private Vehicle sold by the Company at a discount will result in a

realized loss, and a corresponding decrease in the Company's NAV and performance equal to the difference

between the value of the secondary investment as reflected in the books and records of the Company and the

negotiated sale price.

The valuation of the Company's secondary investments in Private Vehicles is ordinarily determined based upon

valuations provided by the Private Vehicle Managers, when available, and is subject to the same risks associated

with the reliance on valuations provided by the Private Vehicle Managers as the primary investments in Private

Vehicles.

There is significant competition for secondary investments. Many institutional investors, including fund-of-

funds entities, as well as existing investors of Private Vehicles may seek to purchase secondary investments of the

same Private Vehicle which the Company may also seek to purchase. In addition, some Private Vehicle Managers

have become more selective by adopting policies or practices that exclude certain types of investors, such as fund-

of-funds. These Private Vehicle Managers also may be partial to secondary investments being purchased by existing

investors of their Private Vehicles. In addition, some secondary opportunities may be conducted pursuant to a

specified methodology (such as a right of first refusal granted to existing investors or a so-called "Dutch auction,"

where the price of the investment is lowered until a bidder bids and that first bidder purchases the investment,

thereby limiting a bidder's ability to compete for price) which can restrict the availability of those opportunities for

the Company. No assurance can be given that the Company will be able to identify secondary investments that

satisfy the Company's investment objective or, if the Company is successful in identifying such secondary

investments, that the Company will be permitted to invest, or invest in the amounts desired, in such secondary

investments.

At times, the Company may have the opportunity to acquire a portfolio of Private Vehicle interests from a

seller, on an "all or nothing" basis. In some such cases, certain of the Private Vehicle interests may be less attractive

than others, and certain of the Private Vehicle Managers may be more familiar to the Adviser than others or may be

more experienced or highly regarded than others. In such cases, it may not be possible for the Company to carve out

from such purchases those secondary investments which the Adviser considers (for commercial, tax legal or other

reasons) less attractive.

In the cases where the Company acquires an interest in a Private Vehicle through a secondary investment, the

Company may acquire contingent liabilities of the seller of such interest. More specifically, where the seller has

received distributions from the Private Vehicle and, subsequently, that Private Vehicle recalls one or more of these

distributions, the Company (as the purchaser of the interest to which such distributions are attributable and not the

seller) may be obligated to return the monies equivalent to such distribution to the Private Vehicle. While the

Company may, in turn, make a claim against the seller for any such monies so paid, there can be no assurances that

the Company would prevail on such claim.

Legal, tax and regulatory changes could occur that may adversely affect or impact the Company at any time.

The legal, tax and regulatory environment for private equity funds is evolving, and changes in the regulation and

market perception of such funds, including changes to existing laws and regulations and increased criticism of the

private equity and alternative asset industry by regulators and politicians and market commentators, may materially

adversely affect the ability of Private Vehicles to pursue their investment strategies. In recent years, market

disruptions and the dramatic increase in capital allocated to alternative investment strategies have led to increased

governmental, regulatory and self-regulatory scrutiny of the private equity and alternative investment fund industry

in general, and certain legislation proposing greater regulation of the private equity and alternative investment fund

industry periodically is being and may in the future be considered or acted upon by governmental or self- regulatory

bodies of both U.S. and in non-U.S. jurisdictions. It is impossible to predict what, if any, changes might be made in

the future to the regulations affecting: private equity funds generally; the Private Vehicles; the Private Vehicle

Managers; the markets in which they operate and invest; and/or the counterparties with which they do business. It is

also impossible to predict what the effect of any such legislative or regulatory changes might be. Any regulatory

changes that adversely affect a Private Vehicle's ability to implement its investment strategies could have a material

adverse impact on the Private Vehicle's performance, and thus on the Company's performance.

**Adviser Risk**

The Company does not and will not have any internal management capacity or employees and depends on the

experience, diligence, skill and network of business contacts of the investment professionals the Adviser currently

employs, or may subsequently retain, to identify, evaluate, negotiate, structure, close, monitor and manage the

Company's investments. The Adviser will evaluate, negotiate, structure, close and monitor the Company's

investments in accordance with the terms of the Investment Advisory Agreement. The Company's future success

will depend to a significant extent on the continued service and coordination of the Adviser's senior investment

professionals. The departure of any of the Adviser's key personnel, including the portfolio managers, or of a

significant number of the investment professionals of the Adviser, could have a material adverse effect on the

Company's business, financial condition or results of operations. In addition, the Company cannot assure investors

that the Adviser will remain the Company's investment adviser. The Company may not be able to find a suitable

replacement adviser, resulting in a disruption in its operations that could adversely affect its financial condition,

business and results of operations.

**Concentration Risk**

The Company does not have fixed guidelines for diversification by industry or type of security, and investments

may be concentrated in only a few industries or types of securities. The Company may, for example, invest

significantly in aerospace and defense, artificial intelligence ("AI"), computer software, consumer products,

consumer technology, enterprise software, Fintech, technology, and robotics related companies. While these sectors

in which the Company may invest can offer high growth potential, they also come with heightened risk. Companies

in these sectors are often highly dependent on innovation, research and development, and consumer adoption, and

can be significantly impacted by legislative and regulatory changes, adverse market conditions and competition, all

of which can lead to significant price volatility. The Company's concentrated exposure to these sectors could result

in greater losses during periods of market volatility or sector-specific downturns. By focusing on a group of

industries, the Company carries much greater risks of adverse developments and price movements in such industries

than a fund that invests in a wider variety of industries. The Company's concentration of risk in these sectors may

increase the losses suffered by the Company or reduce its ability to dispose of depreciating assets. If the Company

concentrates in a group of industries, there is also the risk that the Company will perform poorly during a slump in

demand for securities of companies in such industries. Concentration could expose the Company to losses

disproportionate to those incurred by the market in general if the areas in which the Company's investments are

concentrated are disproportionately adversely affected by price movements in those financial instruments or assets.

The Company is subject to the risks associated with the sectors in which it may invest, and the risk that the securities

of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market

conditions and/or increased competition affecting these sectors. The risks associated with the sectors in which the

Company may invest are further described below.

***Technology Sector Risk***

The market prices of technology-related securities tend to exhibit a greater degree of market risk and sharp price

fluctuations than other types of securities. These securities may fall in and out of favor with investors rapidly, which

may cause sudden selling and dramatically lower market prices. Technology securities may be affected by intense

competition, obsolescence of existing technology, general economic conditions and government regulation and may

have limited product lines, markets, financial resources, or personnel. Technology companies may experience

dramatic and often unpredictable changes in growth rates and competition for qualified personnel. These companies

are also heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely

impact a company's profitability. A small number of companies represent a large portion of the technology industry.

In addition, a rising interest rate environment tends to negatively affect technology companies, those technology

companies seeking to finance expansion would have increased borrowing costs, which may negatively impact

earnings. Technology companies having high market valuations may appear less attractive to investors, which may

cause sharp decreases in their market prices.

Many technology companies depend on third-party platforms and products, and policy changes or technical

issues in such systems could impair monetization. Reliance on third-party cloud and data-center providers can also

increase exposure to outages, capacity shortfalls and cost increases. Any disruption or damage to, or failure of the

third-party platform, products, systems or providers relied upon by technology companies could result in service

interruptions and harm the companies' businesses. As technology companies increase their reliance on these third

parties, particularly with respect to third-party cloud computing platforms, their exposure to damage from service

interruptions or other performance or quality issues may increase. Service interruptions or other performance or

quality issues may cause technology companies to issue credits or pay penalties, cause customers to make warranty

or other claims against the companies or to terminate their subscriptions, and adversely affect technology

companies' attrition rates and their ability to attract new customers, all of which would reduce technology

companies' revenue. Technology companies' business and reputation would also be harmed if their customers and

potential customers believe the companies' services are unreliable.

In addition, hardware and device makers are exposed to a limited number of contract manufacturers with

geopolitically sensitive supply chains, which amplifies disruptions from trade restrictions, natural disasters or

public-health events. Where global trade controls apply, export restrictions can abruptly curtail market access,

depress demand or force costly re-engineering. Many technology company suppliers and contract manufacturers are

in locations that are prone to earthquakes and other natural disasters. Global climate change is resulting in certain

types of natural disasters and extreme weather occurring more frequently or with more intense effects. In addition,

many suppliers' operations and facilities are subject to the risk of interruption by fire, power shortages, nuclear

power plant accidents and other industrial accidents, terrorist attacks and other hostile acts, ransomware and other

cybersecurity attacks, labor disputes, public health issues and other events beyond the suppliers' control. Global

supply chains can be highly concentrated and geopolitical tensions or conflict could result in significant disruptions.

Such events can make it difficult or impossible for the contract manufacturers to manufacture and deliver products

to its customers, create delays and inefficiencies in the supply and manufacturing chain, result in slowdowns and

outages to the technology companies' service offerings, increase costs, and negatively impact consumer spending

and demand in affected areas.

Technology company operations are also subject to the risks of industrial accidents at its suppliers and contract

manufacturers. While many suppliers are required to maintain safe working environments and operations, an

industrial accident could occur and could result in serious injuries or loss of life, disruption to the technology

companies' business, and harm to the technology companies' reputation. Major public health issues, including

pandemics, have adversely affected, and could in the future materially adversely affect, technology companies due

to their impact on the global economy and demand for consumer products. The imposition of protective public

safety measures, such as stringent employee travel restrictions and limitations on freight services and the movement

of products between regions, can disrupt technology companies' operations, supply chain and sales and distribution

channels, resulting in interruptions to the supply of current products and offering of existing services, and delays in

production ramps of new products and development of new services.

***AI Industry Risk***

Companies involved in AI-related businesses may have limited product lines, markets, financial resources or

personnel. These companies face intense competition and potentially rapid product obsolescence, and many depend

significantly on retaining and growing the consumer base of their respective products and services. Many of these

companies are also reliant on the end-user demand of products and services in various industries that may in part

utilize AI and/or data services. Further, many companies involved in AI-related businesses may be substantially

exposed to the market and business risks of other industries or sectors, and the Company may be adversely affected

by negative developments impacting those companies, industries or sectors. In addition, these companies are heavily

dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There

can be no assurance that companies involved in the AI industry will be able to successfully protect their intellectual

property to prevent the misappropriation of their technology, or that competitors will not develop technology that is

substantially similar or superior to such companies' technology. AI companies also face risks specific to training

data and model development, including allegations that third-party models or datasets used to develop or enhance

products lacked proper licenses or consents, challenges obtaining or maintaining access to high-quality models,

datasets, or specialized hardware, and higher operating costs driven by compute-intensive training and inference.

Moreover, due to challenges in detecting patent infringement pertaining to generative AI technologies, it may be

more difficult to protect generative AI and related innovations with patents. Further, the laws of some foreign

countries do not provide the same level of intellectual property protection as U.S. laws and courts and could fail to

adequately protect AI companies' intellectual property rights. If unauthorized disclosure of source code occurs

through security breach, cyber-attack or otherwise, AI companies could lose future trade secret protection for that

source code. Such loss could make it easier for third parties to compete with AI products by copying functionality,

which could cause AI companies to lose customers and could adversely affect their revenue and operating margins.

If AI companies cannot protect their intellectual property against unauthorized copying, use, or other

misappropriation, their businesses could be harmed.

AI companies are potential targets for cyberattacks, which can have a materially adverse impact on the

performance of these companies. In addition, the collection of data from consumers and other sources could face

increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. AI companies may

face regulatory fines and penalties, including potential forced break-ups, that could hinder the ability of these

companies to operate on an ongoing basis. Compliance with evolving regulatory obligations specific to AI, such as

the EU AI Act and emerging United States federal and state oversight of model transparency, safety and privacy,

may require significant changes to products, practices and business models, which may adversely affect AI

companies subject to such regulations. For example, the EU AI Act came into force on August 1, 2024, and will

generally become fully applicable after a two-year transitional period (although certain obligations will take effect at

an earlier or later time). The EU AI Act introduces various requirements for AI systems and models placed on the

market or put into service in the EU, including specific transparency and other requirements for general purpose AI

systems and the models on which those systems are based. In the U.S., there is increasing uncertainty as to the

federal government's approach to AI regulation going forward, as the continued applicability of the White House's

2023 Executive Order on the Safe, Secure, and Trustworthy Development and Use of AI, which lays out a

framework for the U.S. government, among other things, to monitor private sector development of certain

foundation models, remains subject to regulatory development. Several states are considering enacting or have

already enacted regulations concerning the use of AI technologies, including those focused on consumer protection,

and depending on the scope of AI regulation at the federal level, some states may move to regulate AI model

development and deployment. Further, at the federal and state level, there have been various proposals (and in some

cases laws enacted) addressing "deepfakes" and other AI-generated synthetic media.

Many AI companies also depend on third-party cloud infrastructures operated by a small number of service

providers to host and deliver their offerings; interruptions, price increases or preferential treatment of competitors by

those service providers, or any cyberattacks on those providers, could materially and adversely affect the operations

of such AI companies. Supply-chain attacks have increased in frequency and severity, and there can be no guarantee

that third parties and infrastructure in the AI companies' supply chain or third-party partners' supply chains have not

been compromised or that they do not contain exploitable defects or bugs that could result in a breach of or

disruption to AI companies' information technology systems (including AI companies' products) or the third-party

information technology systems that support AI companies and their services. Other issues arising from the

development and use of AI, such as bias, safety defects or inaccurate outputs, may result in brand, reputational, or

competitive harm, regulatory action or legal liability. For example, AI algorithms or training methodologies may be

flawed. Datasets may be overbroad, insufficient, or contain biased or inaccurate information. Content generated by

AI systems may be offensive, illegal, inaccurate, or otherwise harmful. Ineffective or inadequate AI development or

deployment practices by AI companies could result in incidents that impair the acceptance of AI solutions, cause

harm to individuals, customers, or society, or result in our products and services not working as intended. Human

review of certain inputs and outputs may be required, including for agentic AI systems that can take actions

autonomously. These risks may stem from issues related to intellectual property, data privacy, and other claims

associated with AI training and outputs.

AI companies typically engage in significant research and development spending, and there is no guarantee that

the products or services produced by these companies will be successful. AI companies, especially smaller

companies, tend to be more volatile than companies that do not rely heavily on technology. AI could face increasing

regulatory scrutiny in the future, which may limit the development of this technology and impede the growth of

companies that develop and/or utilize this technology.

***Aerospace and Defense Industry Risk***

The aerospace and defense industry may be significantly affected by government aerospace and defense

regulations, spending policies, and geopolitical stability because companies involved in this industry rely to a

significant extent on U.S. (and other) government demand for their products and services. The financial condition of

and investor interest in aerospace and defense companies will be negatively influenced by governmental defense

spending policies that, outside the occurrence of certain events, such as terrorist attacks, war, and other geopolitical

events, are typically under pressure from efforts to control the U.S. (and other) government budgets. The sector also

depends on a globally dispersed supply chain, where supplier distress, quality issues and retrofit campaigns can

disrupt deliveries and raise costs. Emerging laws and increasing regulatory requirements aimed at global supply

chains may impact aerospace and defense companies' ability to access certain materials and components, and

otherwise adversely affect their business, and they may not only be held responsible for their compliance, but for

that of their suppliers. In recent years, global supply chain disruptions have impacted, and may continue to impact in

the future, aerospace and defense companies' ability to procure raw materials, microelectronics, and certain

commodities. Such disruptions may be driven by supply chain market constraints and macroeconomic conditions,

including inflation and labor market shortages. Current geopolitical conditions, including conflicts and other causes

of strained intercountry relations, as well as sanctions and other trade restrictive activities, may in the future

contribute to these issues. Supply costs can be increased due to the above factors.

The industry's reliance on the successful development and implementation of new defense and aerospace

technologies may result in limited product lines, markets, financial resources, customers, or personnel, all of which

may have an adverse effect on profit margins. Products and technologies may face obsolescence due to rapid

technological developments and frequent new product introduction and, as such, companies may face unpredictable

changes in growth rates, competition for the services of qualified personnel and competition from foreign

competitors with lower production costs.

***Fintech Sector Risk***

Fintech companies may face competition from larger and more established firms, and a Fintech company may

not currently or in the future derive any revenue from disruptive technologies. In addition, Fintech companies may

not be able to capitalize on their disruptive technologies if they face political and/or legal attacks from competitors,

industry groups or local and national governments. Additionally, many Fintech companies operate under complex

financial regulatory regimes, which can force product changes, add cost and result in fines. Regulators and

legislators globally have been establishing, evolving, and increasing their regulatory authority, oversight, and

enforcement in a manner that impacts Fintech companies. As Fintech companies introduce new products and

services and expand into new markets, including through acquisitions, they are expected to become subject to

additional regulations, restrictions, and requirements. Any failure or perceived failure to comply with existing or

new laws, regulations, or orders of any government authority (including changes to or expansion of their

interpretation) may subject Fintech companies to significant fines, penalties, monetary damages, injunctive relief,

criminal and civil lawsuits, forfeiture of significant assets, and enforcement actions in one or more jurisdictions;

result in additional compliance requirements; increase regulatory scrutiny of their business; divert management's

time and attention from the business; restrict companies' operations; lead to increased friction for customers; force

companies to make changes to their business practices, products, or operations; require companies to engage in

remediation activities; or delay planned transactions, product launches, or improvements. Any of the foregoing

could, individually or in the aggregate, harm Fintech companies' reputation, damage their brands and business, and

adversely affect their results of operations and financial condition.

Financial services companies are subject to extensive governmental regulation and intervention, which may

adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital and

liquid assets they must maintain and their size, among other things. Financial services companies also may be

significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets,

credit rating downgrades, adverse public perception, exposure concentration and counterparty risk. Changes in

interest rates (or the expectation of such changes) can be difficult to forecast and may adversely affect Fintech

companies. Interest rates may change as a result of a variety of factors, and the change may be sudden and

significant, with unpredictable impacts on the financial markets and Fintech companies. Changes in fiscal,

economic, monetary and other policies or measures have in the past, and may in the future, cause or exacerbate the

risks associated with changing interest rates.

Fintech companies can be subject to operational and information security risks resulting from cybersecurity

incidents. A cybersecurity incident refers to both intentional and unintentional events that may cause Fintech

companies or their respective service providers to lose or compromise confidential information, suffer data

corruption or lose operational capacity. Cybersecurity incidents include stealing or corrupting data maintained online

or digitally, denial of service attacks on websites, the unauthorized release of confidential information and various

other operational disruptions. There is no guarantee that Fintech companies and/or their respective service providers

will be successful in protecting against cybersecurity incidents. The failure to protect against cybersecurity incidents

could cause significant interruptions in Fintech companies' operations and result in a failure to maintain the security,

confidentiality or privacy of sensitive data, including personal information relating to customers. Such a failure or

unauthorized disclosure of data could harm the Fintech companies' reputation, subject them to legal claims,

increased costs, financial losses, data privacy breaches, regulatory intervention and otherwise affect their business

and financial performance. The costs related to cyber or other security threats or disruptions may not be fully insured

or indemnified by other means. In addition, Fintech companies may incur substantial costs related to forensic

analysis of the origin and scope of a cybersecurity breach, increased and upgraded cybersecurity, identity theft,

unauthorized use of proprietary information, adverse investor reaction or litigation.

***Computer Software Industry Risk***

Computer software companies can be significantly affected by competitive pressures, aggressive pricing,

technological developments, changing domestic demand, the ability to attract and retain skilled employees and

availability and price of components. The market for products produced by computer software companies is

characterized by rapidly changing technology, rapid product obsolescence, cyclical market patterns, evolving

industry standards and frequent new product introductions. The success of computer software companies depends in

substantial part on the timely and successful introduction of new products and the ability to service such products.

An unexpected change in one or more of the technologies affecting an issuer's products or in the market for products

based on a particular technology could have a material adverse effect on a participant's operating results.

***Consumer Goods Industry Risk***

Companies in the consumer goods industry include companies involved in the design, production or distribution

of goods for consumers, including food, household, home, personal and office products, clothing and textiles. The

success of the consumer goods industry is tied closely to the performance of the domestic and international

economy, interest rates, exchange rates, competition, consumer confidence and consumer disposable income. The

consumer goods industry may be affected by trends, marketing campaigns and other factors affecting consumer

demand. Governmental regulation affecting the use of various food additives may affect the profitability of certain

companies in the consumer goods industry. Moreover, international events may affect food and beverage companies

that derive a substantial portion of their net income from foreign countries. In addition, tobacco companies may be

adversely affected by new laws, regulations and litigation. Many consumer goods may be marketed globally, and

consumer goods companies may be affected by the demand and market conditions in other countries and regions.

Companies in the consumer goods industry may be subject to severe competition, which may also have an adverse

impact on their profitability. Changes in demographics and consumer preferences may affect the success of

consumer products.

***Consumer Technology Industry Risk***

Consumer technology companies produce a wide range of products and services for general consumers, such as

smartphones, computers, home electronics, and software. The operations and performance of consumer technology

companies depend significantly on global and regional economic conditions. Adverse economic conditions can

materially adversely affect a consumer technology company's business. The global supply chain for consumer

technology companies is large and complex, and many supplier facilities, including manufacturing and assembly

sites, are located outside the United States. Adverse macroeconomic conditions, including slow growth or recession,

high unemployment, inflation, tighter credit, higher interest rates, changes in fiscal and monetary policy, financial

markets volatility and currency fluctuations, can adversely impact consumer confidence and spending and materially

adversely affect demand for consumer technology companies' products and services. Geopolitical tensions, military

conflicts, political unrest, terrorism, trade and other international disputes, changes in trade laws or regulations,

tariffs and customs controls, natural disasters, public health issues, industrial accidents, industry consolidation,

component constraints or shortages, shipping or transportation interruptions or slowdowns, business interruptions

and other factors can have an adverse impact on consumer technology companies' business and supply chains.

The market for consumer technology products and services is highly competitive and subject to rapid

technological change. Consumer technology companies may hold patents, trademarks and copyrights, and many

competitors may seek to compete primarily by imitating the products and infringing on intellectual property. If a

consumer technology company is unable to continue to develop and sell innovative new products with attractive

margins, or if competitors infringe on its intellectual property, that company's ability to maintain a competitive

advantage could be materially adversely affected.

Consumer technology companies may be required to use, store and share confidential information, including

personal information with respect to their customers. Data security measures cannot provide absolute security, and

losses or unauthorized access to or releases of confidential information can occur and could materially adversely

affect a company's business and reputation.

Consumer technology companies are subject to complex and changing laws and regulations relating to, among

other areas, antitrust; privacy, data security and data localization; consumer protection; advertising; product liability;

and intellectual property ownership and infringement. Compliance with these laws and regulations is onerous and

expensive. New and changing laws and regulations can adversely affect a consumer technology company's business

by increasing the costs of compliance, limiting the company's ability to offer a product, service or feature to

customers, imposing changes to the design of the company's products and services, or impacting customer demand

for the company's products and services. If any consumer technology company is found to have violated laws and

regulations, it could materially adversely affect the company's business and reputation.

***Enterprise Software Industry Risk***

Enterprise software companies develop and provide specialized software solutions for enterprises, rather than

individual consumers, to streamline business operations and improve productivity. The industry in which enterprise

software companies operate is characterized by rapid technological advances, intense competition, changing delivery

models, evolving standards in communications infrastructure, increasingly sophisticated customer needs and

frequent new product introductions and enhancements. If enterprise software companies are unable to develop new

or sufficiently differentiated products and services, enhance and improve their product offerings and support

services in a timely manner or position and price their products and services to meet demand, customers may not

purchase, subscribe to or renew their license, hardware support or cloud offerings. Enterprise software companies

rely on copyright, trademark, patent and trade secret laws, confidentiality procedures, controls and contractual

commitments to protect their intellectual property. Despite such efforts, these protections may be limited, and

unauthorized third parties may try to copy or reverse engineer their products or otherwise infringe on their

intellectual property. If enterprise software companies cannot protect their intellectual property against unauthorized

copying or use, or other misappropriation, they may not remain competitive.

Enterprise software companies depend on suppliers to develop, manufacture and deliver on a timely basis the

necessary technologies to their customers. Enterprise software companies' supply chain operations can be affected

by geopolitical tensions, military conflicts, political unrest, terrorism, trade and other international disputes, changes

in trade laws or regulations, tariffs and customs controls, natural disasters, public health issues, industrial accidents,

industry consolidation, component constraints or shortages, shipping or transportation interruptions or slowdowns,

business interruptions and other factors affecting the countries or regions where the vendors or products are located

or where the products are being shipped. If disruption caused by one or more of the risks described above occurs,

enterprise software companies' business and related operating results could be materially and adversely affected.

Many enterprise software companies rely on computer hardware purchased or leased from, software licensed from,

and cloud computing platforms provided by third parties in order to offer their services. Any disruption or damage

to, or failure of their third-party platform providers, could result in interruptions in their services and harm their

business.

Because enterprise software companies' services are complex and incorporate a variety of hardware, proprietary

software, third-party and open-source software, their services may have errors or defects that could result in

unanticipated downtime for their subscribers and harm to their reputation and business.

Many enterprise software companies have been and are targets for computer hackers, cyberattacks and other

perpetrators or threat actors because these companies store and process large amounts of data, including sensitive

data. Enterprise software companies and their third-party vendors are regularly subject to attempts by third parties to

identify and exploit product and service vulnerabilities, penetrate or bypass their security measures, and gain

unauthorized access to their or their customers', partners' and suppliers' software, hardware and cloud offerings,

networks and systems. Such malicious attacks can lead, and have led, to the compromise of confidential information

and harm to enterprise software companies' reputation and business.

***Robotics Risk***

Risks associated with companies in the robotics industry include many of the same risks as companies in the

technology sector (see "*Technology Sector Risk*"). Securities of robotics companies, especially smaller, start-up

companies, tend to be more volatile than securities of companies that do not rely heavily on technology. Companies

may rely on a combination of patents, copyrights, trademarks and trade secret laws to establish and protect their

proprietary rights in their products and technologies. There can be no assurance that the steps taken by these

companies to protect their proprietary rights will be adequate to prevent the misappropriation of their technology or

that competitors will not independently develop technologies that are substantially equivalent or superior to such

companies' technology.

Companies focused on humanoid robotics face challenges specific to the complex and unproven nature of the

technology. Such operations often require a significant allocation of capital to design, test, and scale viable robotic

solutions, and may not produce meaningful revenue during the life of the Company. Even if technical progress is

made, broader adoption of humanoid robotics could take longer than expected due to limited demand, workflow

integration issues, or operational barriers. There is also the possibility that key technological breakthroughs may not

occur during the life of the Company, or that competing solutions will emerge that render current approaches

obsolete before they reach meaningful scale.

Companies involved in AI-driven humanoid robotics may face regulatory scrutiny in the future, which may

limit the development of this technology and impede the growth of companies that develop and/or utilize this

technology. Similarly, the collection of data from consumers and other sources could face increased scrutiny as

regulators consider how the data is collected, stored, safeguarded and used. There is also the risk of trade agreements

between countries that develop these technologies and countries in which customers of these technologies are based.

Lack of resolution or potential imposition of, or an increase in existing trade tariffs, may adversely affect such

companies' ability to produce or integrate AI-driven hardware and/or software, as applicable. Any adverse event

affecting a particular country, region or industry to which a number of these companies are significantly exposed

may have a negative impact on their performance, and ultimately on your shares.

***Digital Assets Risk***

Digital assets are assets designed to act as a medium of exchange, though some arguably have not achieved that

purpose, and digital assets represent an emerging asset class. There are thousands of digital assets, with Bitcoin

being one of the most well-known. Digital assets generally operate without a central authority (such as a bank) and

are not backed by any government. Digital assets are not legal tender. Federal, state and/or foreign governments may

restrict the use and exchange of digital assets, and regulation in the United States is still developing. The market

price of digital assets has been subject to extreme fluctuations. Similar to fiat currencies (i.e., a currency that is

backed by a central bank or a national, supranational or quasi-national organization), digital assets are susceptible to

theft, loss, and destruction. Digital asset trading platforms and other trading venues on which digital assets trade are

relatively new and, in most cases, largely unregulated and may therefore be more exposed to fraud and failure than

established, regulated exchanges for securities, derivatives and other fiat currencies. Digital asset trading platforms

may stop operating or permanently shut down due to fraud, technical glitches, hackers, or malware, which may also

affect volatility.

**General Risks of Investing in the Company**

***BDC Qualifying Assets***

As a BDC, the 1940 Act prohibits the Company from acquiring any assets other than certain qualifying assets

unless, at the time of and after giving effect to such acquisition, at least 70% of the Company's total assets are

qualifying assets. Therefore, the Company may be precluded from investing in what the Adviser believes are

attractive investments if such investments are not qualifying assets. Similarly, these rules could prevent the

Company from making additional investments in existing portfolio companies, which could result in the dilution of

the Company's position or could require the Company to dispose of investments at an inopportune time to comply

with the 1940 Act. If the Company is forced to sell non-qualifying investments in the portfolio for compliance

purposes, the proceeds from such sale could be significantly less than the current value of such investments. If the

Company does not remain a BDC, it may be regulated as a closed-end investment company under the 1940 Act,

which could subject it to substantially more regulatory restrictions and decrease its operational flexibility. See

"*Business Development Company Regulations*" for additional information.

***Emerging Growth Company Risks***

The Company is an "emerging growth company," as defined in the JOBS Act. As a result, the Company intends

to take advantage of certain exemptions for emerging growth companies allowing it to temporarily forgo the auditor

attestation requirements of Section 404(b) of the Sarbanes-Oxley Act. The Company cannot predict if investors will

find its Shares less attractive because it relies on this exemption. If some investors find the Shares less attractive as a

result, there may be a less active trading market for the Shares and its share price may be more volatile. The

Company will remain an emerging growth company until the earlier of (a) the last day of the fiscal year (i) following

the fifth anniversary of the completion of the Company's initial public offering, (ii) in which the Company has total

annual gross revenue of at least $1.235 billion, or (iii) in which the Company is deemed to be a large accelerated

filer, which means the market value of the Company's common shares of beneficial interest that is held by non-

affiliates exceeds $700 million as of the end of the Company's prior second fiscal quarter, and (b) the date on which

the Company has issued more than $1 billion in non-convertible debt during the prior three-year period.

In addition, Section 107 of the JOBS Act also provides that an "emerging growth company" can take advantage

of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or

revised accounting standards. In other words, an "emerging growth company" can delay the adoption of certain

accounting standards until those standards would otherwise apply to private companies. The Company will take

advantage of the extended transition period for complying with new or revised accounting standards, which may

make it more difficult for investors and securities analysts to evaluate the Company since the Company's financial

statements may not be comparable to companies that comply with public company effective dates and may result in

less investor confidence.

Because of the exemptions from various reporting requirements provided to the Company as an "emerging

growth company" and because the Company will have an extended transition period for complying with new or

revised financial accounting standards, the Company may be less attractive to investors and it may be difficult for

the Company to raise additional capital as and when it needs it. Investors may be unable to compare the Company's

business with other companies in the same industry if they believe that the Company's financial accounting is not as

transparent as other companies in the same industry. If the Company is unable to raise additional capital as and when

it needs it, the Company's financial condition and results of operations may be materially and adversely affected.

***Incentive Fee on Capital Gains***

The Incentive Fee on Capital Gains may create an incentive for the Adviser to make investments on the

Company's behalf that are risky or more speculative than would be the case in the absence of such compensation

arrangement, which could result in higher investment losses, particularly during cyclical economic downturns.

As a result of the operation of the cumulative method of calculating the Incentive Fee on Capital Gains that the

Company pays to the Adviser, the cumulative aggregate Incentive Fee on Capital Gains received by the Adviser

could be effectively greater than 20%, depending on the timing and extent of subsequent net realized capital losses

or net unrealized depreciation. The Company cannot predict whether, or to what extent, this anticipated payment

calculation would affect your investment in the Company.

***Trading at a Discount/Premium.***

Shares of BDCs such as the Company frequently trade at a discount to their NAV per share. There can be no

assurance that the Shares will trade at a price equal to or higher than the NAV. Also, the NAV will be reduced

immediately following this offering by the Company's offering costs.

The possibility that the Shares may trade at a discount to NAV is separate and distinct from the risk that the

NAV may not accurately reflect the true value of the Company's investments and the risk that the NAV may

decline.

In addition to NAV, the market price of the Shares may be affected by such factors as distributions that the

Company may make to the Shareholders or significant trading in one or more of the Company's portfolio securities

immediately prior to their initial public offering, at times causing the market price to rise and, at times the

completion of certain initial public offerings of shares that the Company owns causing the market price to decrease;

in each case, such events are, in turn, further affected by expenses, the stability of the Company's distributions,

liquidity and market supply and demand. Any issuance of additional Shares may have an adverse effect on prices in

the secondary market for the Shares by increasing the number of Shares available, which may create downward

pressure on the market price for the Shares. The Company cannot predict whether the Shares will trade above, at, or

below their NAV.

***Other Risks Relating to Share Price***

If the Company or Robinhood sells additional Shares after this offering or is perceived by the public as

intending to sell additional Shares, including pursuant to the expiration of the respective lock-up periods, the market

price of the Shares could decline.

The Company has entered into a lock-up agreement with the Underwriter[s], pursuant to which it has agreed,

subject to certain exceptions, for a period of 180 days from the date of this Prospectus, not to offer, sell, contract to

sell, pledge, grant any option to purchase, make any short sale or otherwise transfer or dispose of, directly or

indirectly, any Shares, or enter into any swap or other agreement that transfers, in whole or in part, any of the

economic consequences of ownership of the Shares, without the prior written consent of the Underwriter[s].

Robinhood has entered into a lock-up agreement with the Underwriter[s], pursuant to which it has agreed,

subject to certain exceptions, not to offer, sell, contract to sell, pledge, grant any option, right or warrant to purchase,

purchase any option or contract to sell, lend or otherwise transfer or dispose of or hedge any Shares for 30 days from

the date of this Prospectus, except with the prior written consent of the Underwriter[s]. Notwithstanding the

foregoing, if the reported closing price of the Shares on the New York Stock Exchange is at least 20% greater than

the initial public offering price per share set forth on the cover page of this Prospectus on or after the 15<sup>th</sup> day (or, if

such 15<sup>th</sup> day is not a trading day, then the first trading day after such 15<sup>th</sup> day), the lock-up period shall

automatically expire beginning at the opening of trading on the first trading day thereafter with respect to all Shares

held by Robinhood.

As a result, all of the outstanding Shares of the Company that are not sold in the offering will be subject to a

lock-up agreement during the lock-up period.

Upon the expiration of the lock-up agreement at the end of the Robinhood Lock-Up Period as described above,

all of the Shares that are subject to the lock-up agreement will be eligible for resale in the public market, subject to

volume, manner of sale and other limitations applicable under Rule 144 of the Securities Act. In connection with

seed capital investments by Robinhood, the Company entered into a registration rights agreement (the "RRA") with

Robinhood. Pursuant to the RRA, the Company agreed to file a resale registration statement to register the

"Registrable Securities" covered by the RRA. See "*Description of Shares—Registration Rights*" for additional

information. Registration of the Shares would result in Shares becoming freely tradable without compliance with

Rule 144, upon effectiveness of the registration statement.

***Exchange Listing***

An active, liquid and orderly market for the Shares may not develop or be sustained. Investors may be unable to

sell their shares at or above the price initially paid for those shares.

***Competition for Investment Opportunities***

The Company operates in a highly competitive market for investment opportunities. A number of entities,

including venture capital firms and funds, public and private investment funds (including hedge funds), BDCs,

commercial and investment banks, commercial financing companies, and internal venture capital arms of various

companies will compete with the Company to make the types of investments that the Company plans to make.

Robinhood and its affiliates also may compete with the Company for certain types of investments, including

acquisitions of companies in which the Company might otherwise have considered for investment. Many of the

Company's competitors are substantially larger than the Company and have considerably greater financial, technical

and marketing resources than the Company does. The Company may be at a competitive disadvantage with the

Company's competitors in a particular sector or investment, as some of them have greater capital, a greater

willingness to take on risk, more personnel or greater sector or investment strategy specific expertise. The Company

may be unable to find a sufficient number of attractive opportunities to meet its investment objective and there is no

assurance as to the timing of investments. The Adviser expects the Company to benefit from its relationships;

however, there can be no assurance that the Adviser will be able to maintain or draw upon such relationships, which

could have an adverse effect on the Company's ability to find suitable investments and otherwise achieve its

investment objective.

***Non-U.S. Investments Risk***

The Company may make non-U.S. Investments, which are subject to additional risks.

The Company, either directly or indirectly, may invest in companies that are organized or headquartered or have

substantial sales or operations outside of the United States, its territories, and possessions. Such investments may be

subject to certain additional risk due to, among other things, potentially unsettled points of applicable governing law,

the risks associated with fluctuating currency exchange rates, capital repatriation regulations (as such regulations

may be given effect during the term of the Company or client portfolio), the application of complex U.S. and non-

U.S. tax rules to cross-border investments, possible imposition of non-U.S. taxes on investors with respect to the

income, and possible non-U.S. tax return filing requirements. The foregoing factors may increase transaction costs

and adversely affect the value of the Company's portfolio investments.

Additional risks of non-U.S. investments include but are not limited to: (a) economic dislocations in the host

country; (b) less publicly available information; (c) less well-developed regulatory institutions; (d) greater difficulty

of enforcing legal rights in a non-U.S. jurisdiction, (e) economic, social and political risks, including potential

exchange control regulations and restrictions on foreign investment (e.g., national security reviews by U.S. foreign

investment review authorities can extend timelines, increase costs, and even prevent closings) and repatriation of

capital, the risks of political, economic or social instability and the possibility of expropriation or confiscatory

taxation, and (f) the possible imposition of foreign taxes on income and gains recognized with respect to such

securities. Moreover, non-U.S. portfolio investments and companies may not be subject to uniform accounting,

auditing and financial reporting standards, practices and disclosure requirements comparable to those that apply to

U.S. portfolio investments and companies. In addition, laws and regulations of foreign countries may impose

restrictions that would not exist in the United States and may require financing and structuring alternatives that

differ significantly from those customarily used in the United States. No assurance can be given that a change in

political or economic climate, or particular legal or regulatory risks, including changes in regulations regarding

foreign ownership of assets or repatriation of funds or changes in taxation might not adversely affect an investment

by the Company.

The Company may be subject to risks related to changes in foreign currency exchange rates.

Because the Company may have exposure to securities denominated or quoted in currencies other than the U.S.

dollar, changes in foreign currency exchange rates may affect the value of securities held by the Company and the

unrealized appreciation or depreciation of investments. Currencies of certain countries may be volatile and therefore

may affect the value of securities denominated in such currencies, which means that the Company's NAV could

decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. The Adviser

may, but is not required to, elect for the Company to seek to protect itself from changes in currency exchange rates

through hedging transactions depending on market conditions. In addition, certain countries, particularly emerging

market countries, may impose foreign currency exchange controls or other restrictions on the transferability,

repatriation or convertibility of currency.

***Initial Public Offering Proceeds***

The Company anticipates that, depending on market conditions, it may take the Company a substantial period of

time to invest substantially all of the net proceeds of this initial public offering, or any follow-on offering, in

securities meeting its investment objective. Delays in investing the net proceeds raised in this initial public offering

or any follow-on offering of Shares by the Company may cause the Company's performance to be worse than that of

other fully invested BDCs or other lenders or investors pursuing comparable investment strategies. The Company

cannot assure you that it will be able to identify any investments that meet the Company's investment objective or

that any investment that the Company makes will produce a positive return. The Company may be unable to invest

the net proceeds of this initial public offering or any follow-on offering on acceptable terms within the time period

that it anticipates or at all, which could harm the Company's financial condition and operating results. In addition,

until such time as the net proceeds of this initial public offering or any follow-on offering are invested in securities

meeting the Company's investment objective, the market price for the Shares may decline. Thus, the return on your

investment may be lower than when, if ever, the Company's portfolio is fully invested in securities meeting its

investment objective.

***Limited Operating History***

The Company is a newly organized, diversified, closed-end, management investment company with limited

operating history that has elected to be regulated as a BDC under the 1940 Act. While members of the Adviser who

will be active in managing the Company's investments have experience in private market investments, the Company

was recently formed, has limited operating history and has made limited investments using the proceeds of a seed

capital investment by Robinhood. Further, the Adviser and its management have no experience managing BDCs.

***Future Growth***

The Company will need additional capital to grow and to fund growth in its investments, and the Company may

issue additional equity securities in order to obtain this additional capital. The inability to obtain new capital or a

reduction in the availability of new capital could limit the Company's ability to grow or pursue business

opportunities, which may have an adverse effect on the value of the Shares. In addition, regulations governing the

Company's operations as a BDC affect its ability to raise additional capital and the way in which it does so. The

raising of debt capital may expose the Company to risk, including the typical risks associated with leverage.

***Follow-On Investments***

The Company may be offered the opportunity to participate in a subsequent funding round of an existing

portfolio investment of the Company. There can be no assurance that the Company will make follow-on

investments, or that the Company will have sufficient cash to make all or any of such investments. Any decision by

the Company not to make follow-on investments or its inability to make such investments may have a substantial

negative impact on a portfolio company in need of such an investment (including an event of default under

applicable debt documents in the event an equity cure cannot be made), result in a lost opportunity for the Company

to increase its participation in a successful operation or the dilution of the Company's ownership in a portfolio

company.

***Valuation***

The vast majority of the Company's portfolio investments are expected to be in the form of securities that are

not publicly traded, and that will accordingly be recorded at fair value as determined in good faith pursuant to the

Company's valuation policies under the oversight of the Board. The Board has designated the Adviser as its

Valuation Designee. Because the Company's assets will largely be fair valued, there will be uncertainty as to the

value of its portfolio investments. The fair value of securities and other investments that are not publicly traded may

not be readily determinable.

The Company will value its securities at fair value according to its written valuation procedures and as

determined in good faith by the Adviser under the oversight of the Board. The Adviser may use the services of

nationally recognized independent valuation firm(s) to aid it in determining the fair value of the Company's

securities. The methods for valuing these securities may include: observable, company specific hard events,

including priced financings, tender/secondary transactions with determinable pricing, signed merger & acquisition

agreements, initial public offerings/direct listing, liquidation events, or other objectively verifiable transactions with

clear pricing implications; significant events and other issuer-specific information that may reasonably indicate a

material change in value; company actions and communications that may inform value, such as board-approved

recapitalizations, stock splits, or issuer-published tender prices, evaluated in light of the full information set

available to the Adviser; credible third-party indications (e.g., large and recent secondary prints or other market

participant data) where sufficiently reliable and relevant to the Company's security and the issuer's circumstances;

model-based approaches and/or third-party valuation support, together with company performance indicators,

comparable company data, and other reasonably reliable information when transactions are unavailable, not readily

comparable to the Company's security, or are deemed stale, or where significant events indicate transaction inputs

may no longer be representative.

In determining fair value, the Company considers the specific contractual terms of the SAFE, including

valuation caps, discounts (where applicable), and other economic features, and evaluates the implied value of the

resulting equity interest across a range of scenarios. Where applicable, the Company may reference observable

transaction data (including priced financing rounds or other transactions, or "Hard Events") and may derive an

implied as-converted value, adjusted as appropriate for the terms of the SAFE and other relevant considerations.

A SAFE investment's value may not change for an extended period of time, for example, until a conversion is

triggered. Upon conversion, the Company's investment in the company that issued the SAFE may change

significantly, impacting the Company's NAV per share and potentially the trading price for the Shares. Because

SAFEs are valued based on estimates of future contingent events, their reported fair value may differ materially

from realized outcomes.

The value of the Company's investments in Private Vehicles generally will be based on values provided by the

applicable Private Vehicle Managers and, when such information is not available or, in the view of the Adviser, does

not reflect fair value, the Adviser will fair value the investments in Private Vehicles with the assistance of any

independent valuation firm(s).

The value at which the Company's investments can be liquidated may differ, sometimes significantly, from the

valuations assigned by the Company. In addition, the timing of liquidations may also affect the values obtained on

liquidation. The Company will invest a significant amount of its assets in private market investments for which no

public market exists. There can be no guarantee that the Company's investments could ultimately be realized at the

Company's valuation of such investments.

The Company's NAV is a critical component in several operational matters including computation of the Base

Management Fee. Consequently, variance in the valuation of the Company's investments will impact, positively or

negatively, the fees and expenses the Company will pay. For more information regarding the Company's calculation

of its NAV, see "*Net Asset Valuation*."

***Liquidity***

Substantially all of the Company's investments will be illiquid. The Company invests primarily in private

companies, both directly and indirectly. Substantially all of these securities will be subject to legal and other

restrictions on resale/transfer or will otherwise be less liquid than publicly traded securities. There is no assurance

that the private companies in which the Company invests will ever have a liquidity event and, even if a private

company does have a liquidity event, such as an initial public offering or a merger or acquisition transaction, such a

liquidity event may be at a lower valuation than the valuation at which the Company invested. The illiquidity of the

Company's investments will generally make it more difficult for the Company to sell such investments if the need

arises. In addition, if the Company is required to liquidate all or a portion of its investments quickly, the Company

may realize significantly less than the value at which it has previously recorded those investments. To the extent the

Company or the Adviser receives material non-public information regarding an investment, the Company could face

other restrictions on its ability to liquidate that investment.

***Leverage***

On May 21, 2026, our Board and sole shareholder approved the adoption of an asset coverage requirement, as

described in Section 61(a)(2) of the 1940 Act, of 150%. Such election became effective on May 21, 2026.

The Company may borrow money, which may magnify the potential for gain or loss and may increase the risk

of investing in the Company. The use of leverage is speculative and involves certain risks. Although leverage will

increase the Company's investment return if the Company's interest in an asset purchased with borrowed funds

earns a greater return than the interest expense the Company pays for the use of those funds, the use of leverage will

decrease the return of the Company if the Company fails to earn as much on its investment purchased with borrowed

funds as it pays for the use of those funds. The use of leverage will in this way magnify the volatility of changes in

the value of an investment in the Company, especially in times of a "credit crunch" or during general market

turmoil. The Company may be required to pledge its assets as collateral for its borrowings and to maintain minimum

average balances in connection with its borrowings or to pay a commitment or other fee to maintain a line of credit;

either of these requirements would increase the cost of borrowing over the stated interest rate. In addition, a lender

to the Company may terminate or refuse to renew any credit facility into which the Company has entered. If the

Company is unable to access additional credit, it may be forced to sell its investments at inopportune times, which

may further depress the returns of the Company.

***Conflicts***

The Company is subject to conflicts of interest. RHV and its affiliates will be permitted to market, organize,

sponsor, act as general partner or as the primary source for transactions for other pooled investment vehicles and

other accounts, which may be offered on a public or private placement basis, and to engage in other investment and

business activities. Some of these funds and accounts will have investment strategies that overlap with the

investment strategies of the Company. Robinhood and its affiliates also may compete with the Company for certain

types of investments, including acquisitions of companies in which the Company might otherwise have considered

for investment. Such activities may raise conflicts of interest for which the resolution may not be determinable.

In order to address potential conflicts of interest, the Adviser has adopted an investment allocation policy that

governs the allocation of investment opportunities among the investment funds and other accounts managed by the

Adviser. To the extent an investment opportunity is appropriate for either or both of the Company and/or any other

investment fund or other account managed by the Adviser, and co-investment is not possible, the Adviser will

adhere to its investment allocation policy in order to determine to which account to allocate the opportunity.

Although the Adviser will endeavor to allocate investment opportunities in a fair and equitable manner over

time, the Company and Shareholders can be adversely affected to the extent investment opportunities are allocated

among the Company and other investment vehicles managed by the Adviser.

The investment allocation policy will also be designed to manage and mitigate the conflicts of interest

associated with the allocation of investment opportunities if the Company is able to co-invest, either pursuant to

SEC interpretive positions or an exemptive order, with other accounts managed by the Adviser. Generally, under the

investment allocation policy, co-investments will be allocated pursuant to the conditions of an exemptive order.

Under the investment allocation policy, a portion of each opportunity that is appropriate for the Company and any

affiliated fund or other account, which may vary based on asset class and liquidity, among other factors, will

generally be offered to the Company and such other eligible accounts, as determined by the Adviser. If there is a

sufficient amount of securities to satisfy all participants, each order will be fulfilled as placed. If there is an

insufficient amount of securities to satisfy all participants, the securities will generally be allocated at the discretion

of the Adviser.

The Adviser will seek to treat all clients fairly and equitably over time in a manner consistent with its fiduciary

duty to each of them; however, in some instances, especially in instances of limited investment supplies, the factors

may not result in pro rata allocations or may result in situations where certain accounts receive allocations where

others do not.

***Affiliated Transactions Restrictions***

Certain provisions of the 1940 Act prohibit the Company from engaging in transactions with the Adviser and its

affiliates. Any funds managed by the Adviser or its affiliates that are not registered under the 1940 Act would not be

prohibited from participating in those transactions. The 1940 Act also imposes significant limits on investments in

certain privately placed securities in aggregated transactions with affiliates of the Company. The Adviser will not

cause the Company to engage in investments alongside affiliates in private placement securities that involve the

negotiation of certain terms of the private placement securities to be purchased (other than price-related terms)

unless the Company has received an order granting an exemption from Sections 17 and 57 of the 1940 Act or unless

such investments are not prohibited by Section 17(d) or 57(a)(4) of the 1940 Act or interpretations of Section 17(d)

or 57(a)(4) as expressed in SEC no-action letters or other available guidance. The Adviser and the Company intend

to file for an exemptive order from the SEC that, once received, would permit the Company to, among other things

and subject to the conditions of the order, invest in certain privately placed securities in aggregated transactions

alongside the Adviser and/or other funds advised by the Adviser, or potentially Robinhood and its affiliates, where

the Adviser negotiates certain terms of the private placement securities to be purchased (in addition to price-related

terms). The conditions contained in the exemptive order may limit or restrict the Company's ability to participate in

such negotiated investments. In addition, other conflicts may be present in a particular investment that may limit or

restrict the Company's ability to participate, notwithstanding the exemptive order. An exemptive order would not

apply to all investments or to all affiliates of the Adviser. As a result, the Company may be limited or restricted from

participating in certain investment opportunities, notwithstanding the exemptive order, including in investments in

which affiliates of the Adviser not covered by the exemptive order participate. An inability to acquire the desired

allocation to potential investments may affect the Company's ability to achieve the desired investment returns.

The Company, together with interests held by other advisory clients of the Adviser, may be limited from

owning or controlling, directly or indirectly, interests in Private Vehicles or other issuers that equal or exceed 5% of

such issuer's outstanding voting securities. In addition, the Company may seek to invest in a Private Vehicle's non-

voting securities and, together with interests held by other advisory clients of the Adviser, may be limited in the

amount it can invest. Such limitations are intended to ensure that an underlying Private Vehicle not be deemed an

"affiliated person" of the Company for purposes of the 1940 Act, which may impose limits on the Company's

dealings with the Private Vehicle and its affiliated persons. As a general matter, however, the Private Vehicles in

which the Company will invest do not typically provide their shareholders with an ability to vote to appoint, remove

or replace the general partner of the Private Vehicle (except under quite limited circumstances that are not presently

exercisable). Notwithstanding these limitations, under certain circumstances the Company could become an

affiliated person of a Private Vehicle or another issuer. In such circumstances, the Company may be restricted from

transacting with the Private Vehicle or its portfolio companies absent an applicable exemption (whether by rule or

otherwise).

***Other Funds Advised by the Adviser***

Portfolio companies of the Company may be in, or come into, competition with other companies in which

affiliates of the Company have an interest via different investment funds or other means. In addition, the Company

could pursue a transaction with an entity in which another fund advised by the Adviser has a pre-existing

investment, or another fund advised by the Adviser could pursue a transaction with an entity in which the Company

has a pre-existing investment. For example, another fund advised by the Adviser could lead or participate in a

recapitalization of a portfolio company in which the Company has a pre-existing investment, or invest in a later-

stage equity issuance by a portfolio company in which the Company has a pre-existing investment. Such

investments could give rise to conflicts of interest to the extent that the Adviser takes into account the interests of

such other funds advised by the Adviser in its consideration of certain actions by the Company in respect of such

investments. In certain circumstances, the pre-existing interests of other funds advised by the Adviser in a portfolio

company could preclude the Company from taking actions it would otherwise have taken or could otherwise be

detrimental to the Company, or alternatively, such other funds advised by the Adviser could benefit from actions

taken on behalf of the Company. For example, if another fund advised by the Adviser makes an investment in an

existing portfolio company of the Company at a valuation that is below (or in excess of) the valuation implied by the

Company's original investment in such portfolio company, such other funds' investment could be dilutive (or

accretive) to the Company's existing investment. Additionally, another fund advised by the Adviser that participates

in a follow-on opportunity in a portfolio company of the Company will benefit from the initial evaluation,

investigation and due diligence undertaken by the Company in connection with the initial investment, but the other

participating fund advised by the Adviser will not be required to reimburse the Company for any expenses incurred

in connection with making or holding the investment.

In addition, the timing of entry into or exit from an investment in a portfolio company may vary among the

various funds advised by the Adviser for reasons such as differences in strategy, timeline, existing portfolio or

liquidity needs. There can be no assurance that the terms of, or the return on, the Company's investment will be

equivalent to, or better than, the terms of, or the returns obtained by, a different fund advised by the Adviser with

respect to the same portfolio company, nor can there be any assurance that such other fund advised by the Adviser

will hold the same positions in such portfolio company.

***Regulatory Environment***

Changes in laws or regulations governing the Company's operations may adversely affect its business. The

Company and its portfolio companies are subject to regulation at the local, state, and U.S. federal (or foreign) levels.

These laws and regulations, as well as their interpretation, may be changed from time to time. Any change in these

laws or regulations could materially and adversely affect the Company's business.

***Change in Investment Objective or Strategies***

The Board may change the Company's investment objective and strategies or modify or waive certain of the

Company's operating policies and strategies without shareholder approval (except as required by the 1940 Act or

other applicable laws). The Company cannot predict the effects that any changes to its current operating policies and

strategies would have on the Company's business, operating results and value of its Shares. Nevertheless, the effects

may adversely affect the Company's business and impact its ability to make distributions.

***Active Management***

The Company is subject to management risk because it is an actively managed investment portfolio. The

Company's ability to achieve its investment objective depends upon the Adviser's skill in determining the

Company's allocation of its assets and in selecting the best mix of investments. There is a risk that the Adviser's

evaluation and assumptions regarding investments may be incorrect in view of actual market conditions. The

Adviser will apply investment techniques and risk analyses in making investment decisions for the Company, but

there can be no guarantee that these will produce the desired results. The Company may be subject to a relatively

high level of management risk because the Company invests in private market investments, which are highly

specialized instruments that require investment techniques and risk analyses different from those associated with

investing in public equities and bonds. The Company's allocation of its investments across direct investments,

including Private Vehicles, and other portfolio investments representing various strategies, geographic regions, asset

classes and sectors may vary significantly over time based on the Adviser's analysis and judgment. As a result, the

particular risks most relevant to an investment in the Company, as well as the overall risk profile of the Company's

portfolio, may vary over time.

***Anti-Takeover Provisions Risk***

The Declaration of Trust includes provisions that could have the effect of limiting the ability of other entities or

persons to acquire control of the Company, to change the composition of the Board or convert the Company to open-

end status. These provisions may have the effect of discouraging attempts to acquire control of the Company, which

attempts could have the effect of increasing the expenses of the Company and interfering with the normal operation

of the Company. Such provisions also could limit the ability of Shareholders to sell their Shares at a premium over

the then-current market prices by discouraging a third party from seeking to obtain control of the Company. See

"*Certain Provisions in the Declaration of Trust - Anti-Takeover and Other Provisions*" for additional information.

***Required Distributions Risk***

Although the Company focuses on achieving capital gains from its investments, in certain cases it may receive

current income, such as interest or dividends, on its investments. Because in certain cases the Company may

recognize such current income before or without receiving cash representing such income, it may have difficulty

satisfying the annual distribution requirement applicable to RICs. Accordingly, in order for the Company to

maintain its qualification as a RIC, it may have to sell some of its investments at times it would not consider

advantageous, raise debt or equity capital or reduce new investments to meet these distribution requirements. If the

Company is not able to obtain cash from other sources, it may fail to qualify as a RIC and thus would be subject to

corporate-level U.S. federal income tax. See "*Material U.S. Federal Income Tax Considerations—Taxation as a* 

*Regulated Investment Company*."

***Taxation of Shareholders on Distributions in Company's Own Stock***

The Company may distribute a portion of its taxable distributions in the form of shares of its stock. In

accordance with certain applicable U.S. Treasury Regulations and other related administrative pronouncements

issued by the IRS, a RIC may be eligible to treat a distribution of its own stock as fulfilling its RIC distribution

requirements if each Shareholder is permitted to elect to receive its entire distribution in either cash or stock of the

RIC, subject to the satisfaction of certain guidelines. If too many Shareholders elect to receive cash, each

Shareholder electing to receive cash must receive a pro rata amount of cash (with the balance of the distribution paid

in stock). If these and certain other requirements are met, for U.S. federal income tax purposes, the amount of the

distribution paid in stock generally will be equal to the amount of cash that could have been received instead of

stock. Taxable Shareholders receiving such distributions will be required to include the full amount of the

distribution as ordinary income (or as long-term capital gain to the extent such distribution is properly reported as a

capital gain dividend) to the extent of their share of the Company's current and accumulated earnings and profits for

U.S. federal income tax purposes. As a result, a U.S. Shareholder may be subject to tax with respect to such

distributions in excess of any cash received. If a U.S. Shareholder sells the stock it receives as a distribution in order

to pay this tax, the sales proceeds may be less than the amount included in income with respect to the distribution,

depending on the market price of the Company's stock at the time of the sale, which would result in a capital loss,

the deductibility of which is subject to limitations. Furthermore, with respect to non-U.S. Shareholders, the

Company may be required to withhold U.S. tax with respect to such distributions, including in respect of all or a

portion of any such distribution that is payable in stock. In addition, if a significant number of the Shareholders

determine to sell shares of the Company's stock in order to pay taxes owed on distributions, such sales may put

downward pressure on the trading price of the Company's stock.

***Failure to Qualify as a Regulated Investment Company Risk***

The Company intends to elect to be treated as a RIC for federal income tax purposes as of the Company's First

Post-IPO Tax Year. If the Company qualifies to be treated as a RIC, the Company generally will not pay corporate-

level federal income tax on any ordinary income or capital gains that the Company distributes to Shareholders as

dividends. To obtain and maintain the federal income tax benefits of RIC status, the Company must meet specified

source-of-income and asset diversification requirements and distribute annually an amount equal to at least 90% of

the sum of the Company's net ordinary income and realized net short-term capital gains in excess of realized net

long-term capital losses, if any, out of assets legally available for distribution. In addition, the Company must

maintain its status as a BDC under the 1940 Act. If any of these requirements are not met, the favorable tax

treatment described above may not be available to the Company. In addition, as a RIC, the Company could be

subject to tax on any unrealized net built-in gains in the assets held by the Company during the period in which the

Company was not a RIC that are recognized within the five-year period beginning on the first day of its first taxable

year as a RIC, unless either the Company made a special election to pay corporate-level tax on such built-in gain at

the time of the Company's RIC election or an exception applies. At the time of the Company's RIC election, the

Company intends to elect to recognize all of its built-in gain at the time of its conversion and pay tax currently on

the built-in gain. See "*Certain U.S. Federal Income Tax Consequences—Conversion to Regulated Investment* 

*Company*." If the Company fails to qualify for the federal income tax benefits allowable to RICs for any reason and

remains or becomes subject to a corporate-level income tax, the resulting taxes could substantially reduce the

Company's net assets, the amount of income available for distribution to Shareholders and the actual amount of the

Company's distributions. Such a failure would have a material adverse effect on the Company, the net asset value of

the Shares and the total return, if any, obtainable from Shareholders' investment in Shares. For additional

information regarding the Company's tax requirements, see "*Material U.S. Federal Income Tax Considerations*."

Any net operating losses that the Company incurs in periods during which the Company qualifies as a RIC will not

offset net capital gains (*i.e.*, net realized long-term capital gains in excess of net short-term capital losses) that the

Company is otherwise required to distribute, and the Company cannot pass such net operating losses through to

Shareholders. In addition, net operating losses that the Company carries over to a taxable year in which the

Company qualifies as a RIC normally cannot offset ordinary income or capital gains.

***Additional Tax Liabilities Risk***

The Company is subject to complex tax laws and regulations of the multiple jurisdictions in which it operates.

These laws and regulations are subject to uncertain interpretation. The Company's interpretation and application of

these laws and regulations, as well as the Company's compliance with certain other requirements, require significant

judgment and the use of assumptions and estimates.

As a result, the Company will be exposed to the risk that tax authorities in any of the jurisdictions in which the

Company operates could disagree with the Company's interpretations of the applicable laws and regulations or the

Company's tax calculations and methodologies, including the classification of the Company's revenues or the

determination of the jurisdictions to which profits are attributed. Accordingly, the Company may be subject to tax

audits and other similar proceedings with tax authorities in a number of jurisdictions. In certain cases, the applicable

tax authority may challenge one or more tax positions of the Company. Any such audits and other similar

proceedings could result in additional taxes, including interest and penalties, which could, in turn, adversely affect

the Company's investment returns.

In addition, laws and regulations are changing on an ongoing basis, and these changes may apply with

retroactive effect. New legislation and any U.S. Treasury Regulations, administrative interpretations or court

decisions interpreting such legislation could significantly and negatively affect the Company's ability to qualify for

tax treatment as a RIC or the U.S. federal income tax consequences to the Company and its Shareholders of such

qualification, or could have other adverse consequences. In addition, the effective tax rate of the portfolio companies

in which the Company invests could materially increase as a result of changes in tax law, tax treaties or the

interpretation thereof.

On July 4, 2025, the bill referred to as the One Big Beautiful Bill Act (the "OBBBA") was enacted into law in

the United States. The OBBBA introduced broad changes to the Code, including changes to the taxation of

businesses. The Company believes the recent changes to the Code under the OBBBA do not materially impact the

Company.

Investors are urged to consult with their tax advisors regarding tax legislative, regulatory or administrative

developments and proposals and their potential effect on an investment in the Company's securities.

***The DRIP May Create a Taxable Event for Shareholders***

Distributions on the Shares will be automatically reinvested into additional Shares pursuant to the Company's

DRIP absent a Shareholder electing otherwise. Each Shareholder that does not so elect otherwise will be treated for

U.S. federal income tax purposes as if such Shareholder had received the applicable dividend. For a discussion of

the tax consequences to Shareholders of receiving dividends, see "*Material U.S. Federal Income Tax* 

*Considerations*."

***Other Risks Related to this Offering***

Shares offered by this Prospectus may be purchased from Robinhood Financial, an affiliate of RHV, acting in

its capacity as a selling group member in this offering. Any negative experiences Robinhood Financial's customers

have in connection with their participation or attempted participation in this offering may harm the Company's

brand and reputation. In addition, participation in this offering by retail customers through Robinhood Financial

could result in increased volatility in the trading price of the Shares.

Robinhood Financial, a broker-dealer affiliated with the Company's Adviser, is a member of the selling group

for this offering. It is anticipated that a portion of the Shares offered by this Prospectus will be offered through

Robinhood Financial, acting as a selling group member, to allocate for sale to its customers through its IPO Access

feature on the Robinhood platform. Any such sales will be made at the same initial public offering price, and at the

same time, as any other purchases in this offering, including purchases by institutions and other large investors, and

in accordance with customary broker-dealer practices and procedures. Robinhood Financial will not retain any fees

and other amounts received in connection with this service to the Company.

**POTENTIAL CONFLICTS OF INTEREST**

The Company is subject to conflicts of interest. The business activities of Robinhood, the ultimate parent

company of Robinhood Ventures, and its affiliates in the management of, or their interest in, their own business and

accounts, may present conflicts of interest that could disadvantage the Company and the Shareholders. Robinhood

and its affiliates provide brokerage services to retail investors that may follow investment programs similar to that of

the Company. Robinhood Ventures and its affiliates will be permitted to market, organize, sponsor, act as general

partner or as the primary source for transactions for other pooled investment vehicles and other accounts, which may

be offered on a public or private placement basis, and to engage in other investment and business activities. Some of

these funds and accounts will have investment strategies that overlap with the investment strategies of the Company.

Robinhood and its affiliates also may compete with the Company for certain types of investments, including

acquisitions of companies in which the Company might otherwise have considered for investment. Such activities

may raise conflicts of interest for which the resolution may not be determinable. Robinhood Ventures shares

resources, including personnel, with a variety of other Robinhood entities. As a result, some of Robinhood Ventures'

professionals may have conflicts in allocating their time and services among the Company and Robinhood Ventures,

on the one hand, and other affiliates of Robinhood Ventures, on the other. Robinhood Ventures clients and Company

shareholders may receive promotional communications from other Robinhood entities regarding the products and

services offered by such entities, which creates a potential conflict of interest as those Robinhood entities receive

revenue in connection with such products and services. The Company and Robinhood Ventures will adopt policies

and procedures designed to address potential conflicts of interest.

**Robinhood Ventures** 

Robinhood Ventures was formed in August 2025 and is a wholly-owned subsidiary of Robinhood Markets, Inc.,

a publicly-traded company ("Robinhood," Nasdaq: HOOD). Robinhood is a holding company for financial services

and other entities, including Robinhood Financial LLC ("Robinhood Financial"), Robinhood Securities, LLC

("Robinhood Securities"), Robinhood Gold, LLC ("Robinhood Gold"), Robinhood Crypto, LLC ("Robinhood

Crypto"), Robinhood Money, LLC ("Robinhood Money"), Robinhood Derivatives, LLC ("Robinhood

Derivatives"), Trade-PMR, Inc. ("TradePMR"), Robinhood Asset Management, LLC ("RAM"), Robinhood Credit,

Inc. ("Robinhood Credit"), and Bitstamp Ltd ("Bitstamp"). Robinhood Ventures has limited investing history and

has no history managing BDCs.

Robinhood Ventures is a separate but affiliated company of Robinhood Financial, an introducing broker-dealer

registered with the Financial Industry Regulatory Authority ("FINRA") and the SEC, and a member of the Securities

Investor Protection Corporation ("SIPC").

Robinhood Financial provides its self-directed retail clients with access to purchase exchange-listed securities

such as stocks, ETFs, closed-end funds, and options, commission-free and in whole share or fractional share

denominations. Shareholders may receive promotional communications about new and existing products and

services that Robinhood Financial makes available to its customers. Because Robinhood Financial, an affiliate of

Robinhood Ventures, receives revenue in connection with such products and services, this may create a potential

conflict of interest.

Robinhood Financial also offers services that could benefit indirectly from Robinhood Ventures' relationship to

the Company. For example, public attention to the Company may drive increased trading activity in the closed-end

funds available through Robinhood Financial.

Robinhood Ventures is a separate but affiliated company of Robinhood Securities, a broker-dealer that provides

clearing, settlement, and trade execution services for Robinhood Financial. Robinhood Securities is registered with

FINRA and the SEC, and is a member of SIPC.

Robinhood Ventures is a separate but affiliated company of RAM, an SEC-registered investment adviser that,

doing business as Robinhood Strategies, provides discretionary managed accounts to retail clients. Robinhood

Strategies accounts invest primarily in portfolios composed of ETFs and publicly-listed equity securities. Company

Shareholders may receive promotional communications from RAM regarding managed accounts or future services it

makes available to its clients, which creates a potential conflict of interest, because RAM, an affiliate of Robinhood

Ventures, receives compensation for such products and services.

Robinhood Ventures is a separate but affiliated company of Robinhood Gold, which offers premium services to

customers of Robinhood subsidiaries for a periodic subscription fee of $5/month or $50/year. Shareholders who are

subscribed to Robinhood Gold may receive promotions that are not available to shareholders who are not subscribed

to Robinhood Gold, including promotions related to the Company and promotions unrelated to the Company.

Shareholders will receive communications regarding Robinhood Gold, and may choose to subscribe. Any such

subscription will be pursuant to a separate agreement directly between such Shareholder and Robinhood Gold and

will be subject to a periodic subscription fee. The terms of any Robinhood Gold promotions are directed by

Robinhood Gold and generally are subject to change at any time. Robinhood Ventures does not share in subscription

fees paid to Robinhood Gold. However, a potential conflict of interest exists because an increase in Robinhood Gold

subscribers increases revenue to an affiliate of Robinhood Ventures.

Robinhood Ventures is a separate but affiliated company of Robinhood Crypto, which makes available the

opportunity for its clients to invest in cryptocurrency. Robinhood Ventures does not utilize the products and services

available through Robinhood Crypto. Robinhood Ventures clients and Company Shareholders may receive

promotional communications from Robinhood Crypto regarding the products and services it makes available to its

customers, which creates a potential conflict of interest, because Robinhood Crypto, an affiliate of Robinhood

Ventures, receives compensation for such products and services.

Robinhood Ventures is a separate but affiliated company of Robinhood Money, which is a licensed money

transmitter. Robinhood Ventures does not utilize the products and services available through Robinhood Money.

Robinhood Ventures clients and Shareholders may receive promotional communications from Robinhood Money

regarding the products and services it makes available to its customers, and Robinhood Money receives

compensation for such products and services, resulting in a potential conflict of interest.

Robinhood Ventures is a separate but affiliated company of Robinhood Derivatives, which is a registered

futures commission merchant with the CFTC and member of NFA. Robinhood Ventures clients and Shareholders

may receive promotional communications from Robinhood Derivatives regarding the products and services it makes

available to its customers. Robinhood Derivatives receives compensation for such products and services, resulting in

a potential conflict of interest.

Robinhood Ventures is a separate but affiliated company of TradePMR, a broker-dealer, registered with FINRA

and member of SIPC. TradePMR provides custodial services to registered investment advisers. TradePMR has an

introducing broker-dealer with a clearing arrangement with Wells Fargo Clearing Services, LLC. Robinhood

Ventures and TradePMR have separate management teams, and do not offer or utilize each other's services. It is

expected that TradePMR will receive compensation in connection with future products and services that will be

available to retail investors, including products and services about which Robinhood Ventures clients and

Shareholders may receive promotional communications, resulting in a potential conflict of interest.

Robinhood Ventures is a separate but affiliated company of Robinhood Credit, a platform that offers access to

credit cards. Robinhood Ventures clients and Shareholders may receive promotional communications from

Robinhood Credit regarding the products and services it makes available to its clients. Because such

communications may increase revenues to an affiliate of Robinhood Ventures, a potential conflict of interest exists.

Bitstamp is a globally-scaled cryptocurrency exchange with institutional and retail customers. Shareholders may

receive promotional communications regarding Bitstamp products and services. Bitstamp receives compensation for

such products and services to the extent Company shareholders utilize them.

Robinhood Ventures shares office space and other resources, including personnel, with certain affiliated entities

described above. In some cases, Robinhood Ventures supervised persons may also be dually employed, including as

registered representatives, with RAM, Robinhood Financial and/or Robinhood Securities. Such "dual-hatting" could

create a conflict of interest for those employees. Shared resources and services among subsidiaries of Robinhood are

generally governed by intercompany agreements.

Neither Robinhood Ventures nor any of its management persons is registered, or has an application pending to

register, as a commodity pool operator, commodity trading adviser, or an associated person of the foregoing entities.

Robinhood Ventures does not have any third-party investment adviser affiliations.

**Conflicts of interest will arise in the event the Company and other Robinhood-managed funds or accounts** 

**participate in competing bids for the same portfolio company** 

The Adviser is the investment adviser to another fund and may in the future be the investment adviser to other

funds or account clients. Conflicts of interest could arise between the Company and such other clients. In connection

with many direct investment opportunities, two or more lead sponsors will bid against each other in an auction

process for the opportunity to acquire the same portfolio company. The Company and any other funds or accounts

managed by the Adviser or an affiliate could participate in competing bids alongside two or more lead sponsors,

which could ultimately result in a higher purchase price for the lead sponsor that ultimately secures the investment

opportunity, and therefore could result in a higher transaction cost for the Company if the Company participates in

the opportunity. Alternatively, one or more lead sponsors could decline to grant an opportunity to invest in a

portfolio company to the Company if the Company or any other funds or accounts managed by the Adviser or an

affiliate are already in negotiation to invest with another lead sponsor in the same portfolio company.

**Potential conflicts with respect to advisory committee members of the Company's portfolio entities** 

In certain circumstances, an investor in a fund or account managed by the Adviser or an affiliate could have a

pre-existing relationship with the sponsor of a Private Vehicle in which such fund or account participates alongside

one or more other funds or accounts managed by the Adviser. In connection with such investment, the sponsor of

such Private Vehicle could decide to offer an advisory committee seat directly to such investor (and not to the

Adviser) or, where such investor invests in an account managed by the Adviser or an affiliate solely for that

investor's benefit, the sponsor could offer an advisory committee seat to the Adviser or an affiliate solely in its

capacity as the manager of such managed account, acting solely for the benefit of such investor, and not in its

capacity as the manager of all funds or accounts managed by the Adviser or an affiliate. In such circumstances, the

advisory committee seat would be made available to the Adviser or an affiliate solely to serve the interests of the

investor with the pre-existing relationship with the sponsor. While the Adviser or an affiliate could be offered an

additional advisory committee seat to be exercised for the benefit of any other funds or accounts participating in the

relevant Private Vehicle, including the Company, there can be no assurance of this and, in many if not all instances,

this could not be the case. Conflicts of interest will arise where the Adviser or an affiliate is offered advisory

committee seats in such circumstances. The interests of the investor with the pre-existing relationship with the

sponsor of the Private Vehicle on the one hand, and of the other funds and accounts managed by the Adviser or an

affiliate (which may include the Company) participating in such investment on the other hand, may not be aligned in

all circumstances in which the Adviser or an affiliate is called on to take any action as the holder of an advisory

committee seat made available to the Adviser or an affiliate solely for the benefit of such investor. Any action taken

by the Adviser or an affiliate for the benefit of such investor could adversely impact the Company.

**Transactions between the Company and Shareholders or prospective Shareholders of the Company or other** 

**funds and accounts managed by the Adviser** 

Shareholders and prospective Shareholders of the Company or other funds or accounts managed by the Adviser

can, to the extent permitted by the 1940 Act and other applicable law, sell or buy portfolio investments to or from

the Company and, in the case of such a sale, can use the proceeds to make investments in the Company and other

funds or accounts managed by the Adviser or an affiliated Adviser. Such transactions can give rise to conflicts of

interest to the extent that the Adviser facilitates such transactions and the Adviser might indirectly benefit from the

proceeds of such transactions being invested in funds or accounts managed by the Adviser or an affiliated adviser.

**Transactions involving Private Vehicles, direct investments and other third-party funds in which the** 

**Company, other funds or accounts managed by the Adviser or an affiliated adviser, or other affiliates of the** 

**Adviser have an interest**

The Company could, to the extent permitted by the 1940 Act and other applicable law, invest in a Private

Vehicle or direct investment whose general partner, manager, sponsor or founder (or the individual owners or key

personnel thereof) have a relationship with the Adviser or its affiliates (including, for example, as an investor in

Robinhood, the Adviser's parent company) or which is directly or indirectly partially owned by another fund or

account managed by the Adviser or an affiliate of the Adviser, and such affiliate or such other fund or account (and

indirectly the Adviser itself) could indirectly benefit by receiving directly or indirectly a portion of the fees the

Company pays in consideration of the investment advisory and other services provided with respect to such Private

Vehicle or direct investment. Further, the Company could invest in a Private Vehicle or direct investment whose

general partner, manager, sponsor or founder (or the individual owners or key personnel thereof) is an investor or

prospective investor in the Company or another fund or account managed by the Adviser or an affiliated adviser. In

such circumstances, conflicts of interest will arise as the Adviser could be incentivized to take such actual or

prospective investments by such general partner, manager, sponsor or founder (or the individual owners or key

personnel thereof) and the potential carried interest, management fees and/or other economic benefits to the Adviser

and its affiliates from such investments, into consideration in determining to invest the Company in such Private

Vehicle or direct investment.

Furthermore, to the extent permitted by the 1940 Act, the Company could buy securities from a third-party fund

in which other funds or accounts managed by the Adviser or an affiliated adviser are limited partners and/or have an

investment in the general partner or manager of such third-party fund. Any other funds or accounts invested in such

selling fund could indirectly benefit from such transaction. The Company could also buy securities of a company

that is owned, in part, by other funds or accounts managed by the Adviser or an affiliated adviser or that is owned, in

whole or in part, by third-party funds in which other funds or accounts managed by the Adviser or an affiliated

adviser, or an affiliate of the Adviser, are limited partners, and the transaction could allow such other funds or

accounts or such third-party funds to increase their holding value of such securities, which could benefit such funds

or accounts managed by the Adviser or an affiliated adviser, or an affiliate of the Adviser, and the Adviser itself.

**Transactions between portfolio companies of the Company and other funds and accounts managed by the** 

**Adviser and/or an affiliated adviser** 

The activities of the portfolio companies of the Company and of other funds and accounts managed by the

Adviser or an affiliated adviser could conflict with each other. The Company could, for example, invest in a

portfolio company that competes with a different portfolio company held by the Company or another fund or

account managed by the Adviser or an affiliated adviser or that becomes involved in a legal dispute with such

portfolio company. Conflicts among portfolio companies could preclude the Adviser from taking actions it would

otherwise have taken on behalf of the Company to the extent the Adviser determines that such action would be

detrimental to one or more of the other funds and accounts it manages, including the Company.

**Allocation and classification of investment opportunities and related conflicts of interest** 

In order to address potential conflicts of interest, the Adviser has adopted an investment allocation policy that

governs the allocation of investment opportunities among the investment funds and other accounts managed by the

Adviser (the "Allocation Policy"). To the extent an investment opportunity is appropriate for either or both of the

Company and/or any other investment fund or other account managed by the Adviser, and co-investment is not

possible, the Adviser will adhere to its Allocation Policy in order to determine which account to allocate the

opportunity.

Although the Adviser will endeavor to allocate investment opportunities in a fair and equitable manner over

time, the Company and Shareholders can be adversely affected to the extent investment opportunities are allocated

among the Company and other investment vehicles managed by the Adviser.

The Allocation Policy will also be designed to manage and mitigate the conflicts of interest associated with the

allocation of investment opportunities if the Company is able to co-invest, either pursuant to SEC interpretive

positions or an exemptive order, with other accounts managed by the Adviser. Generally, under the Allocation

Policy, co-investments will be allocated pursuant to the conditions of an exemptive order. Under the Allocation

Policy, a portion of each opportunity that is appropriate for the Company and any affiliated fund or other account,

which may vary based on asset class and liquidity, among other factors, will generally be offered to the Company

and such other eligible accounts, as determined by the Adviser. If there is a sufficient amount of securities to satisfy

all participants, each order will be fulfilled as placed. If there is an insufficient amount of securities to satisfy all

participants, the securities will generally be allocated at the discretion of the Adviser.

The Adviser will seek to treat all clients fairly and equitably over time in a manner consistent with its fiduciary

duty to each of them; however, in some instances, especially in instances of limited investment supplies, the factors

may not result in pro rata allocations or may result in situations where certain accounts receive allocations where

others do not.

Notwithstanding the above, certain funds or accounts managed by the Adviser in the future could be allocated

investment opportunities sourced by one or more of such fund's or account's beneficial owners, or due to the

relationships that one or more such beneficial owners has with other sponsors (including, for the avoidance of doubt,

relationships arising from pre-existing investments by accounts managed by the Adviser or an affiliated adviser in

which such a beneficial owner participates). Accordingly, in many circumstances, such investment opportunities that

are not sourced by the Adviser would not be allocated to the Company, in whole or in part, and such investment

opportunities could be allocated solely or disproportionately to such other funds or accounts, unless the sourcing

party offers the opportunity to the Adviser for other funds or accounts (including the Company) to participate. In

addition, from time to time, sponsors of the Company's potential portfolio investments could determine which funds

or accounts could participate in investment opportunities sourced by the Adviser, and any such determination could

differ from the allocation the Adviser would have made under its Allocation Policy.

To the extent the investment focus of any other funds and accounts managed by the Adviser may overlap with

the investment focus of the Company, not all investment opportunities suitable for the Company will be allocated to

the Company and, in some instances, the Company will be allocated less of an investment opportunity than would

otherwise be the case absent such other funds and accounts. In addition to the other relevant factors considered

under the Allocation Policy as described above, there could also be commercial, structural, regulatory, legal

(including the 1940 Act or ERISA), or other reasons that could cause the Adviser to determine that a prospective

investment is not appropriate for the Company. The Company can invest in opportunities that other funds or

accounts managed by the Adviser or an affiliated adviser have declined or could decline to invest in opportunities in

which other funds or accounts managed by the Adviser or an affiliated adviser have invested or will invest.

The classification of an investment opportunity as appropriate or inappropriate for the Company or any other

funds or accounts managed by the Adviser will be made by the Adviser, in good faith, at the time of purchase and

will govern in this regard. This determination frequently will be subjective in nature. Consequently, the Adviser

could determine that an investment opportunity is more appropriate for another fund or account, and such

investment could be allocated to such other fund or account.

Notwithstanding the foregoing, any funds or accounts managed by the Adviser for which the limited partners or

underlying clients of such funds or accounts may in the future source investment opportunities or which result from

relationships of the limited partners or underlying clients of such funds or accounts may be entitled to investment

priority with respect to such investor-sourced deals.

The Adviser can receive different amounts or structure of compensation from the Company and other funds or

accounts managed by the Adviser in the future with similar investment objectives as the Company. The Adviser

could have an incentive to favor other funds or accounts from which it receives higher compensation in making its

allocation decisions.

Robinhood employees and their family members can own investments in companies in which the Company

invests, and such jointly-held investments could lead to conflict of interests. Robinhood will seek to mitigate these

conflicts through its Code of Ethics and other applicable policies and procedures.

**Regulatory Restrictions, Affiliated Transactions and Position Limits**

The Adviser and the Company intend to apply for an exemptive order from the SEC that, if granted, would

expand the Company's ability to invest alongside its affiliates, including certain affiliates of the Adviser, in privately

placed investments that involve the negotiation of certain terms of the private placement securities to be purchased

(other than price-related terms) ("Co-Investments"), subject to certain terms and conditions (the "Co-Investment

Order").

If the Co-Investment Order is granted, the Adviser will not cause the Company to engage in Co-Investments

except in reliance on the Co-Investment Order or unless such investments otherwise qualify for another 1940 Act

exemption or are entered into in accordance with interpretations of Section 17(d) and Rule 17d-1 as expressed in

SEC no-action letters or other available guidance, including aggregated transactions where only price-related terms

of the private placement security to be purchased are negotiated by the Adviser.

The Adviser's Allocation Policy can be revised at any time without notice to, or consent from, the Shareholders.

The Company, together with interests held by other advisory clients of the Adviser, may be limited from

owning or controlling, directly or indirectly, interests in certain Private Vehicles or other issuers that equal or exceed

5% of such issuer's outstanding voting securities and may be limited in its ability to transact with such issuers. In

addition, the Company may seek to invest in a Private Vehicle's non-voting securities and, together with interests

held by other advisory clients of the Adviser, may be limited in the amount it can invest. Such limitations are

intended to ensure that an underlying Private Vehicle not be deemed an "affiliated person" of the Company for

purposes of the 1940 Act, which may impose limits on the Company's dealings with the Private Vehicle and its

affiliated persons. As a general matter, however, it is not expected that the Company will have an ability to vote to

appoint, remove or replace the general partner of the Private Vehicles in which the Company invests.

Notwithstanding these limitations, under certain circumstances the Company could become an affiliated person of a

Private Vehicle or another issuer. In such circumstances, the Company may be restricted from transacting with the

Private Vehicle or its portfolio companies absent an applicable exemption (whether by rule or otherwise).

**Leverage available to the Company could be limited as a result of allocations of available leverage to other** 

**funds managed by the Adviser** 

Many banks limit their exposure to all funds under management by a single manager and accordingly the

Company and other funds and accounts managed by the Adviser could be limited in the amount they can borrow

from a particular bank. The Adviser has discretion to determine the appropriate amount of leverage to make

available to the Company (subject to oversight by the Board) and any such other funds and accounts under any

credit line or lines. As a result, the Company may not employ leverage in pursuit of its investment strategies or may

use less leverage than it otherwise would have had the Adviser ultimately determined not to use leverage with other

funds or accounts it manages. Such a determination could adversely impact the Company or could otherwise result

in such other funds or accounts achieving returns that are better than the returns achieved by the Company.

**Warehousing conflicts** 

In certain circumstances, subject to applicable laws and applicable agreements, the Company could acquire an

investment from unaffiliated third parties that have acquired the investment with the expectation of selling or

reallocating a portion of such investment to the Company. In such circumstances, the Company may pay more to

acquire the investment than the Company would have paid had the Company initially made the investment.

Similarly, in certain circumstances, subject to applicable law, the Company could initially acquire or agree to

acquire an investment with the expectation of eventually selling or reallocating a portion of such investment to

unaffiliated third-parties, including for temporary purposes in connection with any rebalancing of the Company's

portfolio.

There can be no assurance that the Company will be successful in subsequently selling or reallocating such

portion of such investment, and the Company could consequently hold a greater concentration and have more

exposure to such investment (and its related expenses) than was initially intended, which could reduce the

Company's overall investment returns. Furthermore, if such investment is not consummated, the Company could

bear all of the related broken-deal expenses, including expenses related to the portion of the proposed investment it

had expected to sell. In addition, to the extent the Company sells a portion of an investment to an unaffiliated third

party in connection with a rebalancing, there is no guarantee that the Company will be able to repurchase such

investment from that third party should it later wish to do so.

**The Company could make strategic investments that do not perform as well as investments made by any** 

**other Robinhood-managed funds and accounts in the future** 

The Company could make strategic investments as determined by the Adviser that have the potential for

generating future investment opportunities for the Company and/or other funds and accounts managed by the

Adviser in the future, and the Adviser expects to primarily consider the potential for such future investment

opportunities in its evaluation of, and decision to cause the Company to make, such strategic investments. Such

investments could, for example, adversely impact the Company's ability to participate in other investments that

would have been more advantageous to the Company and might not perform as well as investments made by other

funds and accounts managed by the Adviser in the future. Strategic investments will be selected primarily because

such investments are expected to increase the likelihood of generating investment opportunities. Future investment

opportunities attributable to such strategic investments will be allocated among the Company and any other funds

and accounts managed by the Adviser in accordance with the Adviser's Allocation Policy, and the Company will not

have any investment priority over any other funds or accounts with respect to any such opportunities. Furthermore,

the Company could choose not to participate in such investment opportunities, if and when they arise, and, to the

extent such opportunities would cause the Company to be in breach of its investment restrictions or would require an

investment in excess of the Company's available capital, such opportunities could be allocated in full to other funds

or accounts. As such, the Company ultimately might not participate in such future investment opportunities if and

when they arise.

**The Company could pay finders fees in connection with deal sourcing** 

Any finders, placement, brokerage, and other similar fees (or an allocable portion thereof) incurred in

connection with sourcing portfolio investments will be payable by the Company. One possible source of portfolio

investments is Shareholders or prospective Shareholders of the Company or investors in other funds or accounts

managed by the Adviser, and such persons may, to the extent permitted by law, be paid finders or other similar fees.

**Possession of material non-public information could restrict the Company's investment activities** 

In connection with the management of the Company or other funds or accounts managed by the Adviser, the

Adviser could come into possession of material, non-public information in respect of certain portfolio companies or

could otherwise become an "insider" with respect to such companies. The Adviser has not established information

barriers between its internal investment teams. Trading by the Adviser on the basis of such information, or

improperly disclosing such information, or trading while the Adviser has such "insider" status, can be restricted

pursuant to applicable law and/or internal policies and procedures adopted by the Adviser to promote compliance

with applicable law. Accordingly, the possession of inside information or insider status with respect to such portfolio

companies will likely significantly constrain the Company's investment activities with respect to such portfolio

companies. In particular, due to possession by the Adviser of such information or status in respect of companies in

respect of which the Company holds publicly traded securities or (to the extent permitted) is targeting investment in

such securities, the Company is not likely to be able to initiate a purchase or sale transaction involving such

securities other than in very limited circumstances, which could adversely impact the Company. The Company

could also be subject to contractual "stand-still" obligations, "non-circumvent" obligations and/or confidentiality

obligations that restrict its ability to trade in such securities. In certain circumstances, the Adviser could engage an

independent agent to dispose of securities of issuers in which the Adviser is deemed to have material non-public

information on behalf of the Company. Such independent agent could dispose of the relevant securities for a price

that could be lower than the Company's valuation of such securities.

**Robinhood Ventures could outsource services it has previously performed in-house** 

In the future, services that Robinhood Ventures has previously performed in-house for the Company or other

funds or accounts could be outsourced in whole or in part to third parties in the sole discretion of Robinhood

Ventures. Such outsourced services could include, without limitation, accounting, tax, compliance, investment and

operational due diligence, trade settlement, information technology, or legal services. Outsourcing may not occur

uniformly for all funds and accounts managed by the Adviser and, accordingly, certain costs could be incurred by

the Company through the use of third-party service providers that are not incurred for comparable services used by

other funds or accounts managed by the Adviser. The decision by Robinhood Ventures to initially perform particular

services in-house for the Company will not preclude a later decision to outsource such services, or any additional

services, in whole or in part to third parties. Robinhood Ventures is permitted to treat the costs, fees, or expenses of

any such third-party service providers as Company expenses borne by the Company or, in certain circumstances

where Robinhood Ventures deems it appropriate (e.g., in connection with the transfer of any Shares), as costs, fees

and expenses borne in whole or in part by one or more Shareholders.

**Robinhood Ventures expects to charge for certain non-investment services performed by in-house personnel** 

It is anticipated that the Company (and potentially a portfolio company or proposed portfolio company of the

Company) will be charged amounts in connection with the provision of non-investment services by in-house non-

investment personnel of Robinhood Ventures in the sole discretion of Robinhood Ventures, taking into account

factors that it reasonably believes to be appropriate in the circumstances. A decision by Robinhood Ventures to

initially perform particular services in-house for the Company without charging the Company will not preclude a

later decision to charge the Company for such services, either in whole or in part.

**Potential conflicts with respect to service providers** 

The Company and any other funds or accounts managed by the Adviser may hold equity or debt investments in

certain service providers (including, without limitation, accountants, administrators, valuation agents, lenders,

bankers, brokers, attorneys, consultants, placement agents and other advisors and agents) that provide or may in the

future be engaged to provide services to the Company or Robinhood Ventures or its affiliates. In addition, the

Company may invest in service providers that provide or may in the future be engaged to provide such services to

other funds or accounts managed by the Adviser, or that otherwise have business, personal, financial, or other

relationships with Robinhood Ventures, its affiliates, other funds or accounts managed by the Adviser or an

affiliated adviser or their respective portfolio companies. Such service providers could also be investors in the

Company, other funds or accounts managed by the Adviser or their respective portfolio companies, affiliates of

Robinhood Ventures, sources of investment opportunities or co-investors or counterparties therewith. Additionally,

employees of Robinhood Ventures could have family members or relatives employed by such service providers.

Subject to the limitations of the 1940 Act and SEC guidance, these service providers and their affiliates could

contract with or enter into custodial, financial, banking, administration, valuation, advising, brokerage, placement

agency or other arrangements or transactions with the Company, Robinhood Ventures or its affiliates, any investor

in the Company, or any portfolio company in which the Company has made an investment. These relationships

could influence Robinhood Ventures or its affiliates in deciding whether to select or recommend such a service

provider to perform services for the Company or a portfolio company. If the Company or any other funds or

accounts managed by the Adviser invest in a company which provides services to the Company, any other funds or

accounts managed by the Adviser or any of their respective portfolio companies, to the extent permitted under the

1940 Act and applicable exemptive rules and SEC no-action letters, (i) the cost of such services will generally be

borne directly or indirectly by the Company or such other funds or accounts or their respective portfolio companies,

as applicable, and (ii) any fees paid to such service providers in connection therewith will not offset Management

Fees borne by the Company. To the extent the Company makes a portfolio investment in any such company, it is

possible that actions taken by the Company in a distressed situation as a debt holder could adversely impact such

company and the funds or accounts or their portfolio companies that such company provides services to (and vice

versa, where other funds or accounts managed by the Adviser hold equity or debt investments in such companies

that provide services to the Company or its portfolio companies). These relationships could also preclude the

Adviser from taking actions it would otherwise have taken on behalf of the Company to the extent the Adviser

determines such action would be detrimental to one or more of the other funds and accounts it manages or their

portfolio companies.

**Service providers could charge different rates or have different arrangements** 

Service providers often charge different rates or have different arrangements for specific types of services. For

example, the fee for a particular type of service can vary based on the complexity of the matter as well as the

expertise required and demands placed on the service provider. Therefore, to the extent the types of services used by

the Company are different from those used by Robinhood Ventures, other funds or accounts managed by the

Adviser, their portfolio companies, or their respective affiliates, any of the foregoing could pay different amounts or

rates than those paid by the Company with respect to any particular service provider. Even if the type of service used

by the Company is the same as those services used by Robinhood Ventures, other funds or accounts managed by the

Adviser, their portfolio companies, or their respective affiliates, the Company and such other parties could enter into

different arrangements or pay different amounts or rates with the same service providers for the same services.

**Valuation can create conflicts of interest** 

The value of the Company's investments will be determined by the Adviser in accordance with the Company's

valuation procedures and the Adviser's valuation policies. Accordingly, the carrying value of an investment might

not reflect the price at which the investment could be sold in the market, and the difference between carrying value

and the ultimate sales price could be material. The valuation of investments will affect the amount and timing of the

Management Fee. The valuation of investments could also affect the ability of Adviser to raise successor funds to

the Company because prospective investors are likely to consider performance of the Company in making any

investment decisions with respect to a successor fund. As a result, there could be circumstances where the Adviser is

incentivized to determine valuations that are higher than the actual fair value of investments.

Although the Company does not make carried interest distributions, it will invest in Private Vehicles and direct

investments in which a third-party manager may receive carried interest distributions, as well as make investments

alongside other funds and accounts that may pay carried interest distribution to the Adviser, its personnel and/or

associated persons. The treatment of carried interest is subject to special U.S. federal income tax rules that could

result in the third-party managers (or the Adviser, to the extent that it has influence over such investments) being

incentivized to structure, hold and/or sell portfolio investments in a manner that takes into account the U.S. tax

treatment of any carried interest, which could adversely impact the Company. In many cases the Adviser will not be

in a position to dictate how or when a portfolio investment is realized, however, such misalignment of interest could

exist at the level of the underlying portfolio investments and carried interest or other profit participations payable to

their respective sponsors.

**Robinhood Ventures professionals can engage in other activities unrelated to the Company** 

The relevant personnel of Robinhood Ventures will devote that portion of their business time to the affairs of

the Company necessary for the proper performance of their duties. Other investment and financial services activities

of Robinhood Ventures and its affiliates are likely to require those individuals to devote substantial amounts of their

time to matters unrelated to the business of the Company.

**Shareholders could have relationships with Robinhood Ventures and its affiliates outside of the Company** 

Shareholders could make investments in other funds and accounts managed by the Adviser and its affiliates, and

Robinhood Ventures and/or its affiliates may provide services to Shareholders other than in their respective

capacities (and/or in addition to their respective capacities) as Shareholders of the Company. These arrangements

could take into account the scope of the broader relationship of such Shareholders (or of their affiliates or other

related or associated persons) with Robinhood Ventures and its affiliates, including the Shareholders' (or such

affiliates' or other related persons') investment in the Company, and could provide more favorable economic,

governance, or other terms to such Shareholders as a whole or with respect to some or all investments in the

Adviser's funds and accounts. These arrangements will not be disclosed to other Shareholders or otherwise be made

available to other Shareholders.

**Shareholders can have conflicting investment, tax and other interests with respect to their investments in the** 

**Company** 

Shareholders can have conflicting investment, tax, and other interests with respect to their investments in the

Company. The conflicting interests of individual Shareholders can relate to or arise from, among other things, the

nature of investments made by the Company, the structuring or the acquisition of investments and the timing of

disposition of investments. It is also possible that the Company or the Company's portfolio companies will be

counterparties to or participants in agreements, transactions or other arrangements with a Shareholder or an affiliate

of such Shareholder. As a consequence, conflicts of interest could arise in connection with the decisions made by the

Adviser, including with respect to the nature or structuring of investments that could be more beneficial for one

investor than for another investor, especially with respect to investors' individual tax situations. In addition, the

Company could make investments that could positively or negatively impact other investments made by a

Shareholder or an affiliate of such Shareholder. Likewise, other investments by Shareholders and their affiliates

could positively or negatively impact investments by the Company. In selecting and structuring investments

appropriate for the Company, the Adviser will consider the investment and tax objectives of the Company and its

Shareholders as a whole, not the investment, tax or other objectives of any Shareholder individually.

**MANAGEMENT OF THE COMPANY**

**Board of Trustees and Executive Officers**

The Board is responsible for the overall management of the Company, including supervision of the duties

performed by RHV. As is the case with virtually all investment companies (as distinguished from operating

companies), service providers to the Company, primarily the Adviser, have responsibility for the day-to-day

management and operation of the Company. The Board does not have responsibility for the day-to-day management

of the Company, and its oversight role does not make the Board a guarantor of the Company's investments or

activities. The Board has appointed certain representatives of RHV as officers of the Company with responsibility to

monitor and report to the Board on the Company's operations. In conducting its oversight, the Board will receive

regular reports from these officers and from other senior officers of RHV regarding the Company's operations.

As required by the 1940 Act, a majority of the Company's Trustees are Independent Trustees and are not

affiliated with the Adviser. The Board has established three standing committees: an Audit Committee, a

Nominating and Governance Committee and a Compensation Committee.

Any vacancy on the Board may be filled by the remaining Trustees, except to the extent the 1940 Act requires

the election of Trustees by Shareholders. The Company's officers are appointed by the Trustees and oversee the

management of the day-to-day operations of the Company under the supervision of the Board. All of the officers of

the Company are directors, officers or employees of RHV or its affiliates. To the fullest extent allowed by applicable

law, including the 1940 Act, the Declaration of Trust indemnifies the Trustees and officers for all costs, liabilities

and expenses that they may experience as a result of their service as such.

***Trustees***

The Trustees of the Company, their years of birth, addresses, positions held, lengths of time served, their

principal business occupations during the past five years, the number of portfolios in the Fund Complex (as defined

below) overseen by each Trustee and other Trusteeships, if any, held by the Trustees, are shown below. As required

by the 1940 Act, a majority of the Company's Trustees are not "interested persons" (as defined in the 1940 Act) of

the Company (the "Independent Trustees") and are not affiliated with the Adviser. The Trustees have been divided

into two groups-Interested Trustees and Independent Trustees. As set forth in the Company's Amended and Restated

Declaration of Trust, the Trustees shall be classified, with respect to the terms for which they severally hold office,

into three classes, as nearly equal in number as possible as determined by the Board of Trustees, with one class to

hold office initially for a term expiring at the next succeeding annual meeting of Shareholders, another class to hold

office initially for a term expiring at the second succeeding annual meeting of Shareholders and another class to hold

office initially for a term expiring at the third succeeding annual meeting of Shareholders, and with the members of

each class to hold office until their successors are duly elected and qualify. At each annual meeting of the

Shareholders, the successors to the class of Trustees whose term expires at such meeting shall be elected to hold

office for a term expiring at the annual meeting of Shareholders held in the third year following the year of their

election and until their successors are duly elected and qualify. The address of each Trustee is care of the Secretary

of the Company at 85 Willow Road, Menlo Park, California 94025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Position(s) Held** <br>**with Company, Year of** <br>**Birth, and Class\***<br>| **Length of Time Served** | **Principal Occupation** <br>**During Past 5 Years**<br>| **Number of Funds in** <br>**Fund Complex Overseen** <br>**by Trustee\*\***<br>| **Other Directorships** <br>**Held by Trustee During** <br>**Past 5 Years**<br>|
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| Class I |  |  |  |  |
| Meredith Whitney<br>1969 .............................<br>| Since inception | Ms. Whitney is the <br>CEO of Meredith <br>Whitney Advisory <br>Group, LLC, a macro <br>and strategy-driven <br>investment research <br>firm. Ms. Whitney also <br>serves as a board <br>member for Enhanced <br>Investment Products, as <br>a senior adviser for the <br>Boston Consulting <br>Group, and is a member <br>of the Advisory Board <br>for the Payne Institute. <br>From April 2021 to <br>February 2022, Ms. <br>Whitney was CFO of <br>Kindbody.<br>| 2 | Ms. Whitney currently <br>serves as a board <br>member for Enhanced <br>Investment Products, <br>as a senior adviser for <br>the Boston Consulting <br>Group, and is also a <br>member of the <br>Advisory Board for the <br>Payne Institute.<br>|
| Class II |  |  |  |  |
| Michael J. Gallagher<br>1962 .............................<br>| Since inception | Mr. Gallagher served as <br>a partner of <br>PricewaterhouseCooper<br>s ("PwC") (including <br>predecessor firms) from <br>1996 to 2023.<br>| 2 |  |
| Class III |  |  |  |  |
| Jill E. Sommers<br>1968 .............................<br>| Since inception | Ms. Sommers is <br>currently a financial <br>services consultant at <br>Jill Sommers LLC. Ms. <br>Sommers previously <br>served as a senior <br>advisor for Patomak <br>Global Partners from <br>May 2014 to February <br>2025.<br>| 2 | Ms. Sommers is <br>currently a Director of <br>the Minneapolis Grain <br>Exchange (since <br>February 2024), IMC <br>Trading (since January <br>2025), Bloomberg SEF <br>(since April 2025), <br>Tharimmune (since <br>February 2026) and <br>Miami International <br>Holdings (since March <br>2026). Ms. Sommers <br>was a Director for <br>LedgerX from August <br>2022 to January 2026, <br>Director for Cboe <br>Global Markets from <br>May 2018 to June <br>2022, and for Cboe <br>Options/Futures <br>Exchange/SEF <br>(formerly BATS) from <br>August 2013 to August <br>2022.<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Position(s) Held** <br>**with Company, Year of** <br>**Birth, and Class\***<br>| **Length of Time Served** | **Principal Occupation** <br>**During Past 5 Years**<br>| **Number of Funds in** <br>**Fund Complex Overseen** <br>**by Trustee\*\***<br>| **Other Directorships** <br>**Held by Trustee During** <br>**Past 5 Years**<br>|
| **Interested Trustees\*\*\*** | **Interested Trustees\*\*\*** | **Interested Trustees\*\*\*** | **Interested Trustees\*\*\*** | **Interested Trustees\*\*\*** |
| Class I  |  |  |  |  |
| Shiv Verma<br>1985 .............................<br>| Since inception | Mr. Verma is the <br>President of the Adviser <br>and the Chief Financial <br>Officer at Robinhood <br>Markets, Inc. Mr. <br>Verma previously was <br>the SVP of Finance & <br>Strategy and Treasurer <br>at Robinhood Markets, <br>Inc. from 2025 to <br>February 2026 and VP <br>of Finance & Strategy <br>and Treasurer at <br>Robinhood Markets, <br>Inc. from 2021 to 2025<br>| 2 | Mr. Verma currently <br>serves as a board <br>member for Say <br>Technologies LLC. <br>|
| Class II |  |  |  |  |
| Sarah Pinto<br>1982 .............................<br>| Since inception | Ms. Pinto is the Head of <br>Robinhood Ventures <br>and the Chief <br>Investment Officer of <br>the Adviser.<br>| 2 | Ms. Pinto served as a <br>Board Director at <br>Ready Responders, Inc <br>(dba MyLaurel Health) <br>from 2020 until 2025, <br>as Board Observer at <br>Pioneer Works, Inc <br>(dba Homebase) from <br>2023 until 2025, as <br>Member of the LP <br>Advisory Committee <br>for Town Hall <br>Ventures from 2020 <br>until 2025, and as <br>Member of the LP <br>Advisory Committee <br>for Full In Partners <br>from 2020 until 2025.<br>|

---

__________________

\*Each of the Independent Trustees serves on the Board's Audit Committee, Nominating and Governance Committee and Compensation

Committee.

\*\*&nbsp;&nbsp;&nbsp;&nbsp; "Fund Complex" consists of the Company and Robinhood Ventures Fund I.

\*\*\*&nbsp;&nbsp;&nbsp;&nbsp;These Trustees are deemed to be "interested persons" of the Company as defined in the 1940 Act by reason of their positions with the

Adviser and/or the parent of the Adviser.

***Officers***

Certain biographical and other information relating to the officers of the Company who are not Trustees, is set

forth below, including their years of birth, addresses, positions held, lengths of time served and their principal

business occupations during the past five years.

---

| | | |
|:---|:---|:---|
| **Name, Position(s) held with Company,** <br>**Year of Birth and Address\***<br>| **Length of Time Served** | **Principal Occupation During Past 5** <br>**Years**<br>|
| Sarah Pinto <br>1982<br>President<br>| Since inception | Ms. Pinto is the Head of Robinhood <br>Ventures and the Chief Investment <br>Officer of the Adviser. Ms. Pinto also <br>serves as President of Robinhood <br>Ventures Fund I. Ms. Pinto previously <br>led growth-stage venture investing at <br>Emerson Collective for over seven years <br>from 2018 to 2026. <br>|

---

---

| | | |
|:---|:---|:---|
| Dara Bazzano<br>1968<br>Principal Financial Officer and Principal <br>Accounting Officer<br>| Since June 2026 | Ms. Bazzano serves as Robinhood <br>Markets, Inc.'s Chief Accounting <br>Officer since April 2026 and has <br>responsibilities for Robinhood Markets, <br>Inc.'s accounting, tax, financial <br>operations, financial reporting, and <br>internal control functions. Ms. Bazzano <br>previously served as the California <br>Market leader for Cross Country <br>Consulting from June 2025 through <br>April 2026. Prior to that, Ms. Bazzano <br>served as Senior Vice President and <br>Chief Accounting Officer of T-Mobile <br>US, Inc., a wireless communication, and <br>broadband services provider, from 2020 <br>to 2025. In addition, Ms. Bazzano served <br>as SVP Global Finance, Chief <br>Accounting Officer at CBRE Group, <br>Inc., a global commercial real estate <br>services and investment firm, from 2018 <br>to 2020. Prior to joining CBRE, Ms. <br>Bazzano served as Global Controller and <br>Chief Accounting Officer at The Gap, <br>Inc., a leading global retailer offering <br>clothing, accessories, and personal care <br>products, from 2013 to 2018. Prior to <br>that, Ms. Bazzano served as an <br>Assurance Partner at <br>PricewaterhouseCoopers and KPMG <br>LLP.<br>|
| Hom Whe Tan<br>1983<br>Chief Compliance Officer <br>| Since inception | Ms. Tan serves as Chief Compliance <br>Officer of the Adviser and Robinhood <br>Ventures Fund I. Previously, she served <br>as Vice President, Regulatory & <br>Compliance at iCapital Network from <br>2022 through 2025. Prior to joining <br>iCapital, Ms. Tan was a Director on the <br>Portfolio Compliance team and Head of <br>the Liquidity Risk Management <br>Committee at Cohen & Steers, beginning <br>in 2020.<br>|
| Aaron Ellias<br>1985<br>Counsel and Secretary <br>| Since inception | Mr. Ellias serves as Assistant General <br>Counsel, Asset Management at <br>Robinhood Markets, Inc. since 2024. <br>Mr. Ellias also serves as Counsel and <br>Secretary of Robinhood Ventures Fund <br>I. Mr. Ellias previously worked as <br>Branch Chief and Senior Counsel in the <br>Chief Counsel's Office of the Division <br>of Investment Management at the U.S. <br>Securities and Exchange Commission <br>from 2021 to 2024. Prior to that, Mr. <br>Ellias was a partner in the Investment <br>Funds group at Kirkland & Ellis.<br>|

---

---

| | | |
|:---|:---|:---|
| Manan Shah<br>1979<br>Treasurer <br>| Since inception | Mr. Shah, MBA, currently serves as <br>Senior Director, Corporate Treasurer at <br>Robinhood Markets, Inc. since April <br>2024. Mr. Shah also serves as Treasurer <br>of Robinhood Ventures Fund I. <br>Previously, he held the position of <br>executive director of U.S. Banks <br>Strategy at Morgan Stanley from 2022 to <br>2024, and served as SVP and treasurer at <br>American Challenger Development <br>Corporation from 2021 to 2022. Prior to <br>that, Mr. Shah was executive director of <br>treasury at E\*TRADE for 17 years, <br>overseeing areas such as liquidity risk <br>management, capital structure, and <br>enterprise cash management.<br>|
| Robert Kamentsev<br>1989<br>Assistant Treasurer<br>| Since inception | Mr. Kamentsev is the Director of Fund <br>Accounting of Robinhood Ventures. <br>Prior to joining Robinhood Ventures, <br>Mr. Kamentsev served as Director of <br>Financial Reporting & Fund Accounting <br>at ARK Investment Management LLC, <br>where he also held the role of Principal <br>Financial Officer of ARK Venture Fund. <br>Prior to ARK, Mr. Kamentsev spent ten <br>years at KPMG LLC as a Senior <br>Manager in the asset management <br>practice.<br>|

---

__________________

\*The address of each officer is care of the Secretary of the Company at 85 Willow Road, Menlo Park, California 94025.

***Biographical Information and Discussion of Experience and Qualifications of Trustees***

The following is a summary of the experience, qualifications, attributes and skills of each Trustee that support

the conclusion, as of the date of this Prospectus, that each Trustee should serve as a Trustee of the Company.

*Independent Trustees*

*Michael J. Gallagher.* Mr. Gallagher was with PwC (including predecessor firms) from 1987 through his

retirement in 2023. Mr. Gallagher was admitted to partnership in 1996 and served in many senior roles

including Vice Chairman, Stakeholders & Client Service. From 2011 to 2017, Mr. Gallagher was Managing

Partner, Audit Quality, where he led PwC's Assurance National Office ("National Office"). The National Office

supports PwC's audit practice in evaluating complex accounting, auditing, SEC reporting, and other

professional practice matters. In this role, Mr. Gallagher was responsible for the PwC's relationships with the

SEC, the Public Company Accounting Oversight Board, and other regulators. Mr. Gallagher also previously

served on PwC's US Board of Partners. Mr. Gallagher holds a Bachelor of Science degree in accounting from

Frostburg State University.

*Jill E. Sommers*. Ms. Sommers is a financial services consultant at Jill Sommers LLC, and currently serves as

Director for the Minneapolis Grain Exchange (since February 2024), IMC Trading (since January 2025),

Bloomberg SEF (since April 2025), Tharimmune (since February 2026) and Miami International Holdings

(since March 2026). Ms. Sommers previously served as Director for LedgerX from August 2022 to January

2026, Senior Advisor for Patomak Global Partners from May 2014 to February 2025, Director for Cboe Global

Markets from May 2018 to June 2022, and Director for Cboe Options/Futures Exchange/SEF (formerly BATS)

from August 2013 to August 2022. Ms. Sommers holds a Bachelor of Arts degree from the University of

Kansas.

*Meredith Whitney.* Ms. Whitney is the CEO of Meredith Whitney Advisory Group, LLC, a macro and strategy-

driven investment research firm. Ms. Whitney has over 25 years of leadership experience within the financial

services industry. Ms. Whitney also serves as a board member for Enhanced Investment Products, as a senior

adviser for the Boston Consulting Group, and is a member of the Advisory Board for the Payne Institute. From

April 2021 to February 2022 she was CFO of Kindbody. Ms. Whitney holds a Bachelor of Arts degree from

Brown University.

*Interested Trustees*

*Sarah Pinto*. Ms. Pinto is the Head of Robinhood Ventures and the Chief Investment Officer of the Adviser.

Ms. Pinto previously led growth-stage venture investing at Emerson Collective for over seven years, where Ms.

Pinto led investments into emerging technology companies. Before joining Emerson Collective, Ms. Pinto spent

10 years investing at Spectrum Equity, Great Hill Partners, and Bridgepoint. She holds a Masters in Public

Administration in International Development from Harvard University and a MS in Finance from HEC Paris.

*Shiv Verma.* Mr. Verma is the President of the Adviser and the Chief Financial Officer at Robinhood Markets,

Inc. Mr. Verma previously was the SVP of Finance & Strategy and Treasurer at Robinhood Markets, Inc. from

2025 to February 2026 and VP of Finance & Strategy and Treasurer at Robinhood Markets, Inc. from 2021 to

2025. Mr. Verma has responsibilities for the Finance, Treasury, Corporate Strategy, and Corporate

Development teams at Robinhood Markets, Inc. Prior to Robinhood, Mr. Verma held roles at Oportun, PIMCO,

Franklin Templeton Investments, Symphony Asset Management, JPMorgan, and the Oakland A's. Mr. Verma

received a B.A. in Economics from Stanford University and an MBA from UCLA.

***Board Leadership Structure***

The primary responsibility of the Board is to represent the interests of the Company and to provide oversight of

the management of the Company. The Company's day-to-day operations are managed by the Adviser and other

service providers who have been approved by the Board. The Board is currently comprised of five Trustees, three of

whom are Independent Trustees. Generally, the Board acts by majority vote of all the Trustees, including a majority

vote of the Independent Trustees if required by applicable law.

The Board has appointed a Chair, Shiv Verma, who presides at Board meetings and who is responsible for,

among other things, participating in the planning of Board meetings, setting the tone of Board meetings and seeking

to encourage open dialogue and independent inquiry among the Trustees and management. In addition, the Chair

acts as a liaison with officers, counsel and other Trustees between meetings of the Board. The Chair may also

perform such other functions as may be delegated by the Board from time to time. The Board has established three

standing committees (as described below) and has delegated certain responsibilities to those committees, each of

which is comprised solely of Independent Trustees. The Board has determined that its leadership structure, in which

the Chair of the Board is an interested person of the Company, is appropriate because the Independent Trustees

believe that an interested Chair has a personal and professional stake in the quality and continuity of services

provided by management to the Company.

In addition, Jill Sommers serves as the lead Independent Trustee of the Board (the "Lead Independent Trustee")

and, among other things, chairs executive sessions of the Independent Trustees, serves as a spokesperson for the

Independent Trustees and serves as a liaison between the Independent Trustees and the Company's management

between Board meetings.

The Board and its committees will meet periodically throughout the year to oversee the Company's activities,

including through the review of the Company's contractual arrangements with service providers and the Company's

financial statements, compliance with regulatory requirements, and performance. The Board may also establish

informal working groups from time to time to review and address the policies and practices of the Company or the

Board with respect to certain specified matters. The Independent Trustees regularly meet outside the presence of

management and are advised by independent legal counsel experienced in 1940 Act matters and are represented by

such independent legal counsel at Board and committee meetings. The Board has determined that this leadership

structure, including a majority of Independent Trustees and committee membership limited to Independent Trustees,

is appropriate in light of the characteristics and circumstances of the Company because it allocates responsibilities

among the committees and the Board in a manner that further enhances effective oversight. The Board may at any

time and in its discretion change this leadership structure.

***Board Committees***

The Trustees have determined that the efficient conduct of the Company's affairs makes it desirable to delegate

responsibility for certain specific matters to committees of the Board. The committees meet periodically, either in

conjunction with regular meetings of the Trustees or otherwise. The committees of the Board are the Nominating

and Governance Committee, the Audit Committee and the Compensation Committee.

*Nominating and Governance Committee*. The Board has a Nominating and Governance Committee, which is

composed of Michael Gallagher, Jill Sommers and Meredith Whitney, each of whom is an Independent Trustee and

is "independent" as defined by NYSE listing standards. Meredith Whitney serves as Chair of the Nominating and

Governance Committee.

The purpose of the Nominating and Governance Committee is to review matters pertaining to the composition,

committees, and operations of the Board. As part of its duties, the Nominating and Governance Committee makes

recommendations to the full Board with respect to qualified candidates for the Board in the event that a position is

vacated or created. The Nominating and Governance Committee will consider Trustee nominations made by

Shareholders. In considering candidates submitted by Shareholders, the Nominating and Governance Committee

will take into consideration the needs of the Board and the qualifications of the candidate. To have a candidate

considered by the Nominating and Governance Committee, a Shareholder must send the nomination (which

nomination must include the name of the shareholder and evidence of the shareholder's status as a shareholder, as

well as biographical information and qualifications of the candidate) in writing to the Company's Nominating and

Governance Committee, c/o Secretary, Robinhood Ventures DE, LLC, 85 Willow Road, Menlo Park, California,

94025. Additional requirements and procedures relating to Shareholder submissions of such candidates are set forth

in the Company's Bylaws, which are available on www.sec.gov.

*Audit Committee*. The Board has an Audit Committee, which is composed of Michael Gallagher, Jill Sommers

and Meredith Whitney, each of whom is an Independent Trustee and is "independent" as defined by NYSE listing

standards. Michael Gallagher serves as Chair of the Audit Committee.

The Audit Committee is generally responsible for certain oversight matters, such as reviewing the Company's

systems for accounting, financial reporting and internal controls and, as appropriate, the internal controls of certain

service providers, overseeing the quality and integrity of the Company's financial statements (and the independent

audit thereof), as well as the qualifications, independence and performance of the Company's independent registered

public accounting firm. The Audit Committee is also responsible for recommending to the Board the appointment,

retention and termination of the Company's independent registered public accounting firm and acting as a liaison

between the Board and the Company's independent registered public accounting firm.

*Compensation Committee*. The Board has a Compensation Committee, which is composed of Michael

Gallagher, Jill Sommers and Meredith Whitney, each of whom is an Independent Trustee and is "independent" as

defined by NYSE listing standards. Michael Gallagher serves as Chair of the Compensation Committee.

The Compensation Committee is generally responsible for recommending to the Board the approval of the

compensation of the chief compliance officer and reviewing and approving the reimbursement, if any, by the

Company of the allocable portion of the compensation of the chief financial officer and chief compliance officer.

***Board's Role in Risk Oversight***

The day-to-day business of the Company, including the day-to-day management and administration of the

Company and of the risks that arise from the Company's investments and operations, will be performed by third-

party service providers, primarily the Adviser or its affiliates. Consistent with its responsibility for oversight of the

Company, the Board will be responsible for overseeing the service providers and thus, will have oversight

responsibility with respect to the risk management functions performed by those service providers. Risks to the

Company include, among others, investment risk, valuation risk, compliance risk and operational risk, as well as the

overall business risk relating to the Company. Under the oversight of the Board, the service providers to the

Company will employ a variety of processes, procedures and controls to seek to identify risks relevant to the

operations of the Company and to lessen the probability of the occurrence of such risks and/or to mitigate the effects

of such events or circumstances if they do occur. Each service provider will be responsible for one or more discrete

aspects of the Company's business and consequently, for managing risks associated with that activity. Each of the

Adviser and other service providers will have its own independent interest in risk management, and its policies and

methods of carrying out risk management functions will depend, in part, on its analysis of the risks, functions and

business models. Accordingly, Board oversight of different types of risks may be handled in different ways. As part

of the Board's periodic review of each Company's advisory and other service provider agreements, the Board may

consider risk management aspects of the service providers' operations and the functions for which they are

responsible.

The Board will oversee risk management for the Company directly and through the committee structure it

establishes. For instance, the Audit Committee will receive reports from the Company's independent registered

public accounting firm on internal control and financial reporting matters. Each committee will report its activities to

the Board on a regular basis. The Board also will oversee the risk management of the Company's operations by

requesting periodic reports from and otherwise communicating with various personnel of the Company and its

service providers, including, in particular, the Company's Chief Compliance Officer and the independent registered

public accounting firm. In this connection, the Board will require officers of the Company to report a variety of

matters at regular and special meetings of the Board and its committees, as applicable, including matters relating to

risk management. On at least a quarterly basis, the Board will meet with the Company's Chief Compliance Officer,

including separate meetings with the Independent Trustees in executive session, to discuss compliance matters and,

on at least an annual basis, will receive a report from the Chief Compliance Officer regarding the adequacy of the

policies and procedures of the Company and certain service providers and the effectiveness of their implementation.

The Board, with the assistance of Company management, will review investment policies and risks in connection

with its review of the Company's performance. In addition, the Board will receive reports from the Adviser on the

investments and securities trading of the Company. With respect to portfolio securities and assets of the Company

for which market quotations are not readily available or are deemed not reliable, which are expected to represent a

substantial portion of the Company's investments, the Company will value such securities at fair value as

determined in good faith by the Adviser according to written valuation procedures, which has been appointed the

Company's "Valuation Designee," under the oversight of the Board.

The Board recognizes that not all risks that may affect the Company can be identified, that it may not be

practical or cost-effective to eliminate or mitigate certain risks, that it may be necessary to bear certain risks (such as

investment-related risks) to seek to achieve the Company's investment objective, and that the processes, procedures

and controls employed to address certain risks may be limited in their effectiveness. As part of its oversight function,

the Board will receive and review various risk management reports and assessments and discusses these matters with

appropriate management and other personnel. Moreover, despite the periodic reports the Board will receive, it may

not be made aware of all of the relevant information of a particular risk. Most of the Company's investment

management and business affairs are carried out by or through the Adviser or its affiliates and other service

providers, most of whom employ professional personnel who have risk management responsibilities and each of

whom has an independent interest in risk management, which interest could differ from or conflict with that of the

other funds that are advised by the Adviser. The role of the Board and of any individual Trustee is one of oversight

and not of management of the day-to-day affairs of the Company and its oversight role does not make the Board a

guarantor of the Company's investments, operations or activities. As a result of the foregoing and other factors, the

Board's risk management oversight is subject to limitations. The Board may at any time and in its discretion change

how it administers its risk oversight function.

***Trustee Share Ownership***

For each Trustee, the dollar range of equity securities beneficially owned by the Trustee in the Company and in

the family of investment companies overseen by the Trustee as of [●], 2026, is set forth in the table below.

---

| | | |
|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of Equity Securities in the** <br>**Company**<br>| **Aggregate Dollar Range of Equity** <br>**Securities in All Registered Investment** <br>**Companies Overseen by Trustee in Family** <br>**of Investment Companies**<br>|
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| Michael J. Gallagher ......................... | None | None |
| Jill E. Sommers ................................. | None | None |
| Meredith Whitney ............................. | None | None |
| **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| Sarah Pinto ........................................ | None | None |
| Shiv Verma ....................................... | None | None |

---

As of [●], 2026, none of the Trustees or officers of the Company owned any Shares of the Company.

As to each Independent Trustee and his or her immediate family members, as of [●], 2026, no person owned

beneficially or of record securities of an investment adviser or principal underwriter of the Company, or a person

(other than a registered investment company) directly or indirectly controlling, controlled by or under common

control with an investment adviser or principal underwriter of the Company.

***Trustee Compensation***

The Independent Trustees are entitled to receive from the Fund Complex (as defined below), an annual retainer

of $132,000, plus reimbursement for expenses incurred in connection with service as a Trustee. The Lead

Independent Trustee receives from the Fund Complex additional compensation of $2,750 per annum. The Chair of

the Audit Committee receives from the Fund Complex additional compensation of $8,250 per annum, and the Chair

of the Nominating and Governance Committee receives from the Fund Complex additional compensation of $2,750.

No additional compensation is paid to the Chair of the Compensation Committee. Such compensation amounts are

allocated equally among the funds in the Fund Complex. The Company does not pay compensation to Trustees who

are officers or employees of RHV or any affiliate thereof.

The following table sets forth the anticipated compensation to be paid to the Company's Independent Trustees

for the Company's initial fiscal year.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Trustee** | **Estimated** <br>**Compensation** <br>**from the** <br>**Company for the** <br>**Fiscal Year** <br>**Ending March** <br>**31, 2027\***<br>| **Pension or** <br>**Retirement** <br>**Benefits Accrued** <br>**as Part of** <br>**Company** <br>**Expenses**<br>| **Estimated** <br>**Annual Benefits** <br>**Upon Retirement**<br>| **Total Estimated** <br>**Compensation** <br>**from the Fund** <br>**Complex\*\* Paid** <br>**to the Trustees** <br>**for the Fiscal** <br>**Year Ended** <br>**March 31, 2027**<br>|
| Michael J. Gallagher .......................................... | $60511 |  |  | $138502 |
| Jill E. Sommers .................................................. | $58138 |  |  | $133071 |
| Meredith Whitney .............................................. | $58138 |  |  | $133071 |

---

__________________

\*Since the Company has not completed its first full year since organization, compensation is estimated based upon future payments expected

to be made by the Company during its current fiscal year ending March 31, 2027.

\*\*"Fund Complex" consists of the Company and Robinhood Ventures Fund I.

***Interests of Independent Trustees***

Independent Trustees are required to disclose any direct or indirect relationship that they, or their immediate

family members, have had since the beginning of the two most recently completed fiscal years with certain persons,

including the Company's principal underwriter. An Independent Trustee has agreed to provide the following

disclosures in accordance with such requirements. The Independent Trustee maintains that the existence of these

facts or circumstances have not, or do not, in any manner, affect her ability to serve as an impartial and Independent

Trustee. Ms. Jill E. Sommers is a principal of the consulting firm Jill Sommers LLC. During calendar year 2025, Jill

Sommers LLC charged Goldman Sachs & Co. LLC $140,000 for consulting services provided.

**Portfolio Management**

The following individuals are primarily responsible for the day-to-day portfolio management of the Company:

---

| | | |
|:---|:---|:---|
| **Portfolio Managers** | **Since** | **Recent Professional Experiences** |
| Sarah Pinto | Inception | Ms. Pinto previously led growth-stage <br>venture investing at Emerson Collective <br>for over seven years, where she led <br>investments into emerging technology <br>companies. Before joining Emerson <br>Collective, she spent 10 years investing <br>at Spectrum Equity, Great Hill Partners, <br>and Bridgepoint. Ms. Pinto holds a <br>Master in Public Administration in <br>International Development from Harvard <br>University and a MS in Finance from <br>HEC Paris.<br>|
| [●]  | [●]  | [●]  |

---

***Compensation of the Portfolio Managers***

Robinhood compensates its employees competitively and, as a result of its culture, reputation, and name brand,

is fortunate to attract and retain some of the most talented individuals in the industry. The Company's portfolio

managers and other investment professionals are compensated on the same basis as all other Robinhood employees

and are typically paid a base salary, a grant of equity in Robinhood, and a discretionary performance bonus. Certain

of the Company's portfolio managers and other investment professionals also receive an incentive fee allocation.

The discretionary performance bonus is a direct function of individual performance and the performance of

Robinhood overall, and is not related to the performance of the Company or any other accounts managed by the

portfolio managers. Although the majority of such incentive compensation is paid in cash, Robinhood stock may be

allocated as additional compensation to reward, retain, and align key talent.

Performance of the Company's investment professionals is measured on the same criteria as all Robinhood

employees. Namely, such personnel are reviewed on various metrics, including how well they satisfied expectations

based on their role and level in the organization, such as demonstrating expertise, ownership, adaptability, effective

communication, and problem solving. Managers are further measured on how effectively they drive employee

performance, hire and retain top talent, and create community. Promotions are awarded twice annually to employees

who deserve recognition for their contributions to the success of the overall organization.

The incentive fee allocation provides certain of the Company's portfolio managers and other investment

professionals a percentage of the Incentive Fee on Capital Gains, subject to vesting, forfeiture and other conditions.

**Other Accounts Managed by the Portfolio Managers**

The following table lists the number and types of accounts, other than the Company, managed by the

Company's primary portfolio managers and assets under management in those accounts, as of [●], 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Account** | **Number of** <br>**Accounts** <br>**Managed**<br>| **Total Assets** <br>**Managed ($mm)**<br>| **Number of** <br>**Accounts** <br>**Managed for** <br>**which** <br>**Management Fee** <br>**is Performance-** <br>**Based**<br>| **Assets Managed** <br>**for which** <br>**Management Fee** <br>**is Performance-** <br>**Based ($mm)**<br>|
| **Sarah Pinto** ...................................................... | [●] | [●] | [●] | [●] |
| Registered Investment Companies ..................... | [●] | [●] | [●] | [●] |
| Other Pooled Investment Vehicles .................... | [●] | [●] | [●] | [●] |
| Other Accounts .................................................. | [●] | [●] | [●] | [●] |
| **[●]** .................................................................... | [●] | [●] | [●] | [●] |
| Registered Investment Companies ..................... | [●] | [●] | [●] | [●] |
| Other Pooled Investment Vehicles .................... | [●] | [●] | [●] | [●] |
| Other Accounts .................................................. | [●] | [●] | [●] | [●] |

---

For a description of any material conflicts of interest that may arise in connection with the portfolio managers'

management of the Company's investments on the one hand, and the investments of the other accounts included

above on the other hand, see "*Potential Conflicts of Interest."*

**Investment Advisory Agreement**

Under the terms of the Investment Advisory Agreement, the Adviser is responsible for providing the Company

with investment research, advice, management and supervision and shall furnish a continuous investment program

for the Company's portfolio of securities and other investments consistent with the Company's investment

objectives, policies and restrictions, and in accordance with any exemptive orders issued by the SEC applicable to

the Company and any SEC staff no-action letters applicable to the Company. For services rendered by the Adviser

on behalf of the Company under the Investment Advisory Agreement, effective upon the closing of the initial public

offering, the Company pays the Adviser the Management Fee.

The services of all investment professionals and staff of the Adviser, when and to the extent engaged in

providing investment management services, and the compensation and routine overhead expenses of such personnel

allocable to such services, are provided and paid for by the Adviser. The Company bears all other costs and

expenses of its operations and transactions as set forth in the Investment Advisory Agreement.

In addition to the fees and expenses to be paid by the Company under the Investment Advisory Agreement, the

Adviser and its affiliates will be entitled to reimbursement by the Company of the Adviser's and its affiliates' cost of

providing the Company with certain non-advisory services. If persons associated with the Adviser or any of its

affiliates, including persons who are officers of the Company, provide certain non-advisory, reporting, oversight,

legal, compliance, tax, valuation, accounting, clerical, and general administrative services to the Company at the

request of the Company, the Company may reimburse the Adviser and its affiliates for their costs in providing such

non-advisory, reporting, oversight, legal, compliance, tax, valuation, accounting, clerical, and general administrative

services to the Company (which costs may include an allocation of overhead including rent and the allocable portion

of the salaries and benefits of the relevant persons and their respective staffs, including Travel Expenses (as defined

below)). Nothing contained in the Investment Advisory Agreement shall be construed to restrict the Company's

right to hire its own employees or to contract for services to be performed by third parties.

The Investment Advisory Agreement provides that, in the absence of willful misfeasance, bad faith, gross

negligence or reckless disregard of its obligations to the Company, the Adviser and any partner, director, officer or

employee of the Adviser, or any of their affiliates, executors, heirs, assigns, successors or other legal representatives,

will not be liable to the Company for any error of judgment, for any mistake of law or for any act or omission by

such person in connection with the performance of services to the Company, except as may otherwise be provided

under provisions of applicable state law or federal securities law which cannot be waived or modified. The

Investment Advisory Agreement also provides that the Company shall indemnify, to the fullest extent permitted by

law, the Adviser, or any partners, directors, officers or employees of the Adviser and their respective affiliates,

executors, heirs, assigns, successors or other legal representatives, against any liability or expense to which the

person may be liable that arises in connection with the performance of services to the Company, so long as the

liability or expense is not incurred by reason of the person's willful misfeasance, bad faith, gross negligence or

reckless disregard of its duties to the Company.

The Company is incurring certain organizational and initial offering costs. The Adviser has agreed to advance

those costs to the Company. Such costs advanced by the Adviser are subject to recoupment by the Adviser.

The Investment Advisory Agreement was initially approved by the Board (including a majority of the

Independent Trustees) at a meeting held on May 21, 2026 and was approved by the sole common shareholder of the

Company as of May 21, 2026. The Investment Advisory Agreement will continue in effect for a period of two years

from its effective date, and if not sooner terminated, will continue in effect for successive periods of 12 months

thereafter, provided that each continuance is specifically approved at least annually in the manner required by the

1940 Act (as modified by any applicable exemptive relief or as interpreted by the SEC or its staff). The Investment

Advisory Agreement is terminable with respect to the Company without penalty by the Board or by vote of a

majority of the outstanding voting securities of the Company, in each case on not more than 60 days' nor less than

30 days' written notice to the Adviser, or by the Adviser upon not less than 60 days' written notice to the Company,

and will be terminated upon the mutual written consent of the Adviser and the Company. The Investment Advisory

Agreement also provides that it will terminate automatically in the event of its assignment by the Adviser and shall

not be assignable by the Company without the consent of the Adviser. For the purposes of the Investment Advisory

Agreement, the terms "assignment" and "majority of the outstanding voting securities" shall have the meanings

given to them by Section 2(a) of the 1940 Act, subject to such exemptions as may be granted by the SEC by any

rule, regulation or order.

The Company entered into an Organizational Costs Support and Reimbursement Letter Agreement with

Robinhood and the Adviser, dated June 29, 2026, which was approved by the Board. Pursuant to this agreement,

Robinhood agreed to pay all organizational costs incurred by the Company or incurred by Robinhood on the

Company's behalf prior to the initial public offering of its common shares of beneficial interest. In the event the

Company does not consummate the initial public offering of its Shares, Robinhood irrevocably forebears its right to

seek reimbursement from the Company for such organizational costs. As a result of this agreement, organizational

costs incurred for periods through the date of the initial public offering are borne by Robinhood until the initial

public offering. In the event that the Company consummates the initial public offering of its Shares, the

organizational costs will be charged to the Company by Robinhood immediately upon the consummation of the

initial public offering, and the Company will reimburse Robinhood for such organizational costs from the proceeds

received by the Company from the initial public offering. As a result, the organizational costs will immediately

reduce the NAV of each Share purchased in this offering.

***Management Fee***

The Company will pay its Adviser a Management Fee for its services under the Investment Advisory

Agreement consisting of two components: a base management fee and an incentive fee (together, the "Management

Fee"). The cost of both the base management fee payable to our Adviser and any incentive fees payable to the

Adviser will ultimately be borne by the Shareholders. The Management Fee is payable in cash.

*Base Management Fee*

In consideration of the investment advisory and other services provided by the Adviser, the Company pays the

Adviser a base management fee calculated and payable quarterly at an annual rate of 2% of the Company's Net

Assets determined quarterly as of the end of each quarter (before the accrual of the base management fee for that

quarter), effective upon the closing of the initial public offering of the Company. "Net Assets" means the total assets

of the Company minus the Company's liabilities.

*Incentive Fee on Capital Gains*

The Incentive Fee on Capital Gains, payable at the end of each fiscal year (or upon termination of the

Investment Advisory Agreement) in arrears, equals 20% of cumulative realized capital gains from inception to the

end of each fiscal year, less cumulative realized capital losses and unrealized capital depreciation from inception to

the end of each fiscal year, less the aggregate amount of any previously paid Incentive Fees on Capital Gains for

prior periods. In no event will the Incentive Fee on Capital Gains payable pursuant to the Investment Advisory

Agreement be in excess of the amount permitted by the Advisers Act, including Section 205 thereof. The Incentive

Fee on Capital Gains determined at the end of our first fiscal year will be calculated for a period shorter than 12

months to take into account any realized capital gains computed net of all realized capital losses and unrealized

capital depreciation from inception.

For purposes of computing the Incentive Fee on Capital Gains, the calculation methodology will look through

derivatives or swaps as if the Company owned the reference assets directly. Therefore, realized gains and realized

losses on the disposition of any reference assets, as well as unrealized depreciation on reference assets retained in the

derivative or swap, will be included on a cumulative basis in the calculation of the Incentive Fee on Capital Gains.

While the Investment Advisory Agreement neither includes nor contemplates the inclusion of unrealized gains

in the calculation of the Incentive Fee on Capital Gains, as required by U.S. GAAP, the Company accrues Incentive

Fees on Capital Gains on unrealized gains. This accrual reflects the Incentive Fees on Capital Gains that would be

payable to the Adviser if the Company's entire investment portfolio was liquidated at its fair value as of the balance

sheet date even though the Adviser is not entitled to an Incentive Fee on Capital Gains with respect to unrealized

gains unless and until such gains are actually realized.

The Incentive Fee on Capital Gains does not take into account the fees and expenses of the Company.

**Example: Incentive Fee on Capital Gains(\*):**

***Scenario 1***

*Assumptions* 

Year 1:$20 million investment made in Company A ("Investment A") and $30 million investment made in

Company B ("Investment B")

Year 2:Investment A sold for $50 million and fair market value ("FMV") of Investment B determined to be

$32 million

Year 3:FMV of Investment B determined to be $25 million

Year 4:Investment B sold for $31 million

The Incentive Fee on Capital Gains would be:

Year 1:None

Year 2:Incentive Fee on Capital Gains of $6 million — ($30 million realized capital gains on sale of

Investment A multiplied by 20%)

Year 3:None — $5 million (20% multiplied by ($30 million cumulative capital gains less $5 million

cumulative capital depreciation)) less $6 million (Incentive Fee on Capital Gains paid in Year 2)

Year 4:Incentive Fee on Capital Gains of $200,000 — $6.2 million ($31 million cumulative realized capital

gains multiplied by 20%) less $6 million (Incentive Fee on Capital Gains paid in Year 2)

***Scenario 2***

*Assumptions*

Year 1:$20 million investment made in Company A ("Investment A"), $30 million investment made in

Company B ("Investment B") and $25 million investment made in Company C ("Investment C")

Year 2:Investment A sold for $50 million, FMV of Investment B determined to be $25 million and FMV of

Investment C determined to be $25 million

Year 3:FMV of Investment B determined to be $27 million and Investment C sold for $30 million

Year 4:FMV of Investment B determined to be $24 million

Year 5:Investment B sold for $20 million

The Incentive Fee on Capital Gains, if any, would be:

Year 1:None

Year 2:$5 million Incentive Fee on Capital Gains — 20% multiplied by $25 million ($30 million realized

capital gains on Investment A less $5 million unrealized capital depreciation on Investment B)

Year 3:$1.4 million Incentive Fee on Capital Gains<sup>(1)</sup> — $6.4 million (20% multiplied by $32 million ($35

million cumulative realized capital gains less $3 million unrealized capital depreciation on Investment

B)) less $5 million (Incentive Fee on Capital Gains paid in Year 2)

Year 4:None

Year 5:None — $5 million (20% multiplied by $25 million (cumulative realized capital gains of $35 million

less realized capital losses of $10 million)) less $6.4 million (cumulative Incentive Fees on Capital

Gains paid in Year 2 and Year 3)<sup>(2)</sup>

\*The hypothetical amounts of returns shown are based on a percentage of the Company's total net assets and

assume no leverage. There is no guarantee that positive returns will be realized and actual returns may vary

from those shown in this example.

<sup>(1)</sup> As illustrated in Year 3 of Scenario 2 above, if the Company were to be wound up on a date other than its

fiscal year end of any year, the Company may have paid aggregate Incentive Fees on Capital Gains that are

more than the amount of such fees that would be payable if the Company had been wound up on its fiscal

year end of such year.

<sup>(2)</sup> As noted above, it is possible that the cumulative aggregate Incentive Fees on Capital Gains received by

our Adviser ($6.4 million) is effectively greater than $5 million (20% of cumulative aggregate realized

capital gains less net realized capital losses or net unrealized depreciation ($25 million)).

**Administration Agreement**

The Company has also entered into an Administration Agreement with the Administrator. Under the

Administration Agreement, the Administrator performs, or oversees the performance of administrative services

necessary for the operation of the Company, which include, among other things, being responsible for the financial

records which the Company is required to maintain and preparing reports to the Shareholders and reports filed with

the SEC. In addition, the Administrator assists in determining and publishing the Company's NAV, oversees the

preparation and filing of the Company's tax returns, oversees the printing and dissemination of reports to the

Shareholders, and generally oversees the payment of the Company's expenses and the performance of administrative

and professional services rendered to the Company by others. The Company will reimburse the Administrator for its

allocable portion of the costs and expenses incurred by the Administrator in performance by the Administrator of its

duties under the Administration Agreement, including technology costs and the Company's allocable portion of cost

of compensation and related expenses of the Company's Chief Financial Officer and Chief Compliance Officer and

their respective staffs, as well as any costs and expenses incurred by the Administrator relating to any administrative

or operating services provided by the Administrator to the Company (including costs and expenses incurred by the

Administrator in connection with the delegation of its obligations under the Administration Agreement to the Sub-

Administrator). The Company's Board reviews the allocation methodologies with respect to such expenses. Under

the Administration Agreement, non-investment professionals of the Administrator may provide, on behalf of the

Company, managerial assistance to those portfolio companies to which the Company is required to provide such

assistance. To the extent that the Company's Administrator outsources any of its functions, the Company pays the

fees associated with such functions on a direct basis without profit to the Administrator.

The Administration Agreement provides that, in the absence of willful misfeasance, bad faith, gross negligence

or reckless disregard of its obligations to the Company, the Administrator and any partner, director, officer or

employee of the Administrator, or any of their affiliates, executors, heirs, assigns, successors or other legal

representatives, will not be liable to the Company for any error of judgment, for any mistake of law or for any act or

omission by such person in connection with the performance of services to the Company, except as may otherwise

be provided under provisions of applicable state law or federal securities law which cannot be waived or modified.

The Administration Agreement also provides that the Company shall indemnify, to the fullest extent permitted by

law, the Administrator, or any partners, directors, officers or employees of the Administrator and their respective

affiliates, executors, heirs, assigns, successors or other legal representatives, against any liability or expense to

which the person may be liable that arises in connection with the performance of services to the Company, so long

as the liability or expense is not incurred by reason of the person's willful misfeasance, bad faith, gross negligence

or reckless disregard of its duties to the Company.

The Administration Agreement was approved by the Board (including a majority of the Independent Trustees)

at a meeting held on May 21, 2026. The Administration Agreement will continue in effect for a period of two years

from its effective date, and if not sooner terminated, will continue in effect for successive periods of 12 months

thereafter, provided that each continuance is specifically approved at least annually by the (i) the Board and (ii) a

majority of those members of the Company's Board of Trustees who are not parties to the Administration

Agreement or "interested persons" (as such term is defined in the 1940 Act and the rules and regulations thereunder)

of any such party. The Administration Agreement is terminable with respect to the Company without penalty by the

Board on not more than 60 days' nor less than 30 days' written notice to the Administrator, or by the Administrator

upon not less than 60 days' written notice to the Company, and will be terminated upon the mutual written consent

of the Administrator and the Company. Neither party may assign (as such term is defined in the 1940 Act and the

rules and regulations thereunder) the Administration Agreement without the prior written consent of the other party.

**COMPANY EXPENSES**

The Adviser will bear and pay the cost of all of the following expenses ("Adviser Expenses") in connection

with providing investment advisory services pursuant to the Investment Advisory Agreement: (i) payroll and other

costs of management, administrative and clerical personnel, including, but not limited to, salaries, wages, payroll

taxes, bonuses, cost of employee benefit plans and temporary office help expense excluding expenses for Insourced

Services (as defined below); (ii) insurance premiums and fees (except for premiums or fees for trustees' and

officers' liability insurance and other insurance protecting the Company or any indemnified party from liabilities in

connection with the affairs of the Company); (iii) rent, utilities, telephone, office supplies and other office expenses;

and (iv) other similar routine administrative expenses.

The Company will bear all other expenses to be incurred in its operation (including to the extent such operations

are performed by RHV or its affiliates), including, without limitation:

i.the Company's share of all fees, costs and out-of-pocket expenses (including any legal and other

professional fees and expenses and platform fees) incurred by the Company, RHV or its affiliates in

connection with the formation of the Company (including all or a portion of such amounts in respect of the

Company and the development, formation and operation of investment vehicles established to facilitate

investments by the Company, as well other vehicles through which the Company makes or holds

investments), the incorporation and registration of such entities (in the United States or otherwise), related

regulatory filings (such as Form 10-K, Form 10-Q, Form 8-K and others), any related taxes, the offering

and distribution of the interests therein (including legal and tax advice, preparation of disclosures,

notifications, translations, publications (including without limitation on a website for regulatory,

commercial or other purposes)), such share being determined as between the Company and any such other

entity on a basis that RHV determines in good faith is appropriate ("Organizational Expenses");

ii.legal (including without limitation in respect of corporate formalities, such as corporate secretary services

and domiciliation services), accounting, regulatory (including expenses incurred in connection with certain

filings and registrations), compliance (including compliance consultants), administrator, consulting

(including expert network and media consultants), valuation (including valuation consultants engaged by

the Adviser), custodial, depositary, auditing, costs associated with any regulatory audit, investigation,

settlement or review of any entity of the Company, costs incurred with any action, suit or proceeding of any

kind of nature, transfer agency, third-party trustee, administrator and Shareholder servicing, banking,

database subscriptions (including, without limitation, subscriptions used for the purposes of researching,

monitoring, valuing, or obtaining market data in respect of potential or existing portfolio investments),

software licensing, web hosting, digital platform, data aggregation, marketing, translation, reporting and

other external professional fees and expenses, but excluding, for the avoidance of doubt, the costs of

RHV's and its affiliates' general compliance with law not related to the Company;

iii.out-of-pocket costs of developing, sourcing, evaluating, negotiating, structuring, obtaining regulatory

approvals for, purchasing, trading, settling, monitoring, holding and disposing of potential investments,

whether consummated or unconsummated and including expenses related to meetings or conferences

hosted or attended by the Adviser, its affiliates or any of their respective employees to source investments,

attendance at industry conferences and trade association memberships, and, in the case of unconsummated

investments, break-up fees, and of making, monitoring, holding or selling investments (including, without

limitation, expenses relating to risk assessment, due diligence or ongoing monitoring of potential and

existing investments, including the environmental, social and governance risks related thereto), including

expenses related to the organization or maintenance of any entity (including intermediate entities) used to

acquire, hold or dispose of any investment or otherwise facilitate the Company's investment activities,

record-keeping expenses, travel, hotel accommodations, meals and entertainment expenses ("Travel

Expenses"), consulting fees and expenses and any finders, placement, brokerage or other similar fees and

expenses;

iv.expenses associated with the preparation of the Company's financial statements and tax returns, the

representation of the Company or the Shareholders in tax matters and preparation of tax forms and the

Company's information reporting regime compliance, and the preparation of tax reports for Shareholders;

v.out-of-pocket costs and expenses, including without limitation, Travel Expenses, of meeting with

Shareholders and reporting to the Shareholders, including expenses incurred in connection with the

Shareholder meetings (including Travel Expenses of the representatives of Shareholders, employees of

RHV or its affiliates, speakers and vendors), and annual software licensing fees and other fees related to

investor reporting as well as publication costs (including without limitation on a website or database, for

regulatory, commercial or other purposes);

vi.except as otherwise provided in the Administration Agreement or the Investment Advisory Agreement, any

taxes, fees or other governmental charges levied against the Company or its income or assets or in

connection with its business or operations (including pursuant to any separate tax sharing agreement or

similar agreement with any party);

vii.costs and expenses of the Board, including the operation of the board of any intermediary/holding vehicle,

Travel Expenses for members of the Board and employees of RHV or its affiliates incurred in connection

with meetings of the Board, meetings with Shareholders or meetings related to the Company;

viii.the Management Fee;

ix.interest on, and fees and expenses related to or arising from, any incurrence of indebtedness, including

without limitation in respect of any credit facility, guarantees of indebtedness, or hedging activities of the

Company (whether or not such facility or hedging arrangement is implemented);

x.premiums or fees for trustees' and officers' liability insurance and other insurance protecting the Company

or any indemnified party from liabilities in connection with the affairs of the Company;

xi.amounts charged to the Company for certain non-advisory, reporting, oversight, legal, compliance, tax,

valuation, accounting, information technology and security, clerical, and general administrative services

provided by employees of the Adviser or its affiliates, including by persons who are officers of the

Company (which costs may include an allocation of overhead including rent and the allocable portion of

the salaries and benefits of the relevant persons and their respective staffs, including travel expenses)

("Insourced Services");

xii.interest costs related to borrowing, any related facility fees, commitment expenses and any other costs

related to the borrowing;

xiii.all other costs and expenses of the Company, RHV or its affiliates in connection with the Company's

organization and/or operations other than Adviser Expenses, such as costs of litigation or other matters that

are the subject of indemnification and costs of winding-up and liquidating the Company;

xiv.any non-recurring or extraordinary expenses as may arise, including, without limitation, those relating to

actions, suits or proceedings to which the Company is a party and any indemnification expenses as

provided for in the Company's governing documents;

xv.fees and expenses incident to qualifying and listing of the Shares on any exchange;

xvi.the compensation of the Company's Chief Compliance Officer and the salary of any compliance personnel

of RHV and its affiliates who provide compliance-related services to the Company, provided such salary

expenses are properly allocated between the Company and other affiliates, as applicable, and any costs

associated with the monitoring, testing and revision of the Company's compliance policies and procedures

required by Rule 38a-1 under the 1940 Act;

xvii.the compensation of the Company's Chief Financial Officer and the salary of any financial reporting

personnel of the Adviser and its affiliates who provide financial reporting-related services to the Company,

provided such salary expenses are properly allocated between the Company and other affiliates, as

applicable;

xviii.the allocated cost incurred by RHV and its affiliates in providing managerial assistance to those portfolio

companies of the Company that requested it; and

xix.where appropriate and relevant, all ongoing costs and expenses, as detailed under (ii) to (xviii) above, as

incurred in connection with, or by, any other vehicles through which the Company makes or holds

investments, as well as the respective general partners or equivalent (if not a partnership) of such entities.

The Adviser has and may in the future enter into arrangements with certain persons to provide services to the

Adviser that benefit the Company. The Adviser will allocate fees and expenses with respect to such services on a

fair and equitable basis.

The Company (and potentially a portfolio company or proposed portfolio company) may be charged amounts in

connection with the provision of services by in-house personnel of the Adviser and any of its affiliates. The Adviser

will make the foregoing determination as to such amounts in its discretion, taking into account factors that it

reasonably believes to be appropriate in the circumstances.

The expenses, fees, and commissions that will be borne by the Company are set out in this Prospectus, but there

is no formal cap on the level of those expenses.

Expenses to be borne by the Company will reduce the actual returns realized by Shareholders on their

investment in the Company (and may, in certain circumstances, reduce the amount of capital available to be

deployed by the Company in investments). Company expenses include recurring and regular items, as well as

extraordinary expenses for which it may be hard to budget or forecast. As a result, the amount of Company expenses

ultimately incurred or incurred at any one time may exceed amounts expected or budgeted by the Company.

The Adviser will make judgments with respect to allocation of expenses in its good faith discretion,

notwithstanding its interest in the outcome, and may make corrective allocations after the fact should it determine

that such corrections are necessary or advisable. Notwithstanding the foregoing, the portion of an expense allocated

to the Company for a particular item or service may not reflect the relative benefit derived by the Company from

that item or service in any particular instance.

Unless otherwise agreed in writing between the Company and the Adviser from time to time, to the extent that

the Adviser or its affiliates (i) pays or otherwise bears the costs of any Company expenses or (ii) advances amounts

to the Company on a temporary basis, the Company shall reimburse the Adviser or such affiliate for the same.

Organizational costs are expensed as incurred. Offering costs are charged to paid-in-capital upon the sale of

Shares that are issued and sold by the Company.

**NET ASSET VALUATION**

The NAV of the Company's outstanding Shares will be determined quarterly by dividing the value of total

assets minus liabilities by the total number of shares outstanding.

The Board has approved procedures pursuant to which the Company will value its investments.

The Company's written valuation procedures (the "Valuation Policy") permits the Valuation Designee to use a

variety of valuation methodologies in connection with valuing the Company's investments. The methodology used

for a specific type of investment may vary based on the market data available or other considerations. As a general

matter, valuing securities and assets accurately is difficult and can be based on inputs and assumptions which may

not always be correct.

In general, portfolio securities and assets of the Company for which market quotations are readily available will

be valued on the basis of readily available market quotations at their current market value. Any security that is listed

or traded on more than one public, major exchange (or traded in multiple markets) is valued at the official close on

the primary exchange or market on which it is traded. In the absence of such a quotation, a security may be valued at

the last quoted sales price on the most active exchange or market. Equity securities traded on a U.S. national

securities exchange or a securities exchange abroad are generally valued at the price of the official close on the

exchange as of the local market close on the exchange. If there are no round lot sales on such date, such security will

be valued at the mean between the closing "bid" and "asked" prices (and if there is only a bid or only an asked price

on such date, valuation will be at such bid or asked price for long or short positions, respectively). Securities traded

in the over-the-counter market are valued at the mean between the last bid and asked prices prior to the time of

valuation (and if there is only a bid or only an asked price on such date, valuation will be at such bid or asked price

for long or short positions, respectively), except if such unlisted security is traded on the Nasdaq in which case it is

valued at the Nasdaq official closing price. Such prices are provided by approved pricing service or other pricing

sources.

The value of any cash on hand or on deposit, bills and demand notices and accounts receivable, prepaid

expenses, cash dividends and interest declared or accrued as aforesaid and not yet received shall be deemed to be the

full amount thereof unless in any case the same is unlikely to be paid or received in full, in which case the value

thereof shall be determined after making such discount as the Adviser may consider appropriate in such case to

reflect the true value thereof.

Assets and liabilities initially expressed in foreign currencies will be converted into U.S. Dollars using foreign

exchange rates provided by a recognized pricing service.

With respect to portfolio securities and assets of the Company for which market quotations are not readily

available or are deemed not reliable, which are expected to represent a substantial portion of the Company's

investments, the Company will value such securities at fair value according to the Valuation Policy and as

determined in good faith by the Adviser, which has been appointed the Company's Valuation Designee, under the

oversight of the Board. The methods for valuing these securities may include: observable, company specific hard

events, including priced financings, tender/secondary transactions with determinable pricing, signed merger &

acquisition agreements, initial public offerings/direct listing, liquidation events, or other objectively verifiable

transactions with clear pricing implications; significant events and other issuer-specific information that may

reasonably indicate a material change in value; company actions and communications that may inform value, such as

board-approved recapitalizations, stock splits, or issuer-published tender prices, evaluated in light of the full

information set available to the Adviser; credible third-party indications (e.g., large and recent secondary prints or

other market participant data) where sufficiently reliable and relevant to the Company's security and the issuer's

circumstances; model-based approaches and/or third-party valuation support, together with company performance

indicators, comparable company data, and other reasonably reliable information when transactions are unavailable,

not readily comparable to the Company's security, or are deemed stale, or where significant events indicate

transaction inputs may no longer be representative.

In determining fair value, the Company considers the specific contractual terms of the SAFE, including

valuation caps, discounts (where applicable), and other economic features, and evaluates the implied value of the

resulting equity interest across a range of scenarios. Where applicable, the Company may reference observable

transaction data (including priced financing rounds or other transactions, or "Hard Events") and may derive an

implied as-converted value, adjusted as appropriate for the terms of the SAFE and other relevant considerations.

A SAFE investment's value may not change for an extended period of time, for example, until a conversion is

triggered. Upon conversion, the Company's investment in the company that issued the SAFE may change

significantly, impacting the Company's NAV per share and potentially the trading price for the Shares. Because

SAFEs are valued based on estimates of future contingent events, their reported fair value may differ materially

from realized outcomes.

Fund-of-fund investments, feeder funds, and SPVs will generally be valued based on (i) the most recently

calculated NAV (or capital account balance) reported by the underlying vehicle, adjusted as necessary for known

subscriptions/redemptions, fees/expenses, or other activity through the valuation date, and (ii) any other information

reasonably available to assess whether the reported NAV remains representative as of the valuation date. If the

reported NAV is not available or is determined not to be reliable/representative, the position will be valued at fair

value as determined in good faith consistent with the Valuation Policy.

The valuation of the Company's secondary investments in Private Vehicles is ordinarily determined based upon

valuations provided by the Private Vehicle Managers, when available, and is subject to the same risks associated

with the reliance on valuations provided by the Private Vehicle Managers as the primary investments in Private

Vehicles.

The Company's officers, through the valuation committee of the Adviser (the "Valuation Committee") and

consistent with the monitoring and review responsibilities set forth in the Valuation Policy, regularly review

procedures used and valuations provided by the pricing services. Valuations provided by pricing services are

generally based on methods that the Valuation Committee believes are reasonably designed to approximate the

amount that the Company would receive upon the sale of the portfolio security or asset. When providing valuations

to the Company, pricing services use various inputs, methods, models and assumptions, which may include

information provided by broker-dealers and other market makers. Pricing services face the same challenges as the

Company in valuing securities and assets and may rely on limited available information.

The Board oversees the Adviser's implementation of the Valuation Policy and may consult with representatives

from the Company's outside legal counsel or other third-party consultants in their discussions and deliberations. The

value of the Company's assets will be based on information reasonably available at the time the valuation is made

and that the Adviser believes to be reliable. The Adviser generally will value the Company's investments in

accordance with Certification Topic ASC 820 of the Financial Accounting Standards Board ("ASC 820").

The Company expects that it will hold a significant proportion of its assets in private investments that do not

have readily ascertainable market prices.

In the event that the Valuation Designee determines that the valuation guidelines in the Valuation Policy are

impracticable or not appropriate in relation to a particular asset or liability of the Company, or in the case of assets

or liabilities not specifically referenced in the Valuation Policy, the Valuation Designee shall determine prudently

and in good faith the fair value of such asset or liability, including the potential to place a greater emphasis on

internal pricing models. Such valuations might vary from similar valuations performed by independent third parties

for similar types of securities or assets or liabilities. The valuation of illiquid securities and other assets and

liabilities is inherently subjective and subject to increased risk that the information utilized to value such assets or

liabilities or to create the price models could be inaccurate or subject to other errors.

Prospective investors should be aware that there can be no assurance that the valuation of the Company's

investments as determined under the procedures described above will in all cases be accurate, especially given that

the Company and the Adviser do not generally have access to all necessary financial and other information relating

to the Company's investment to determine independently the NAV of the Company's interests in those investments.

Investments valued at fair value by the Adviser will be subject to a new valuation determination upon the next

quarterly valuation of the Company. Prospective investors should be aware that fair value represents a good faith

approximation of the value of an asset or liability. The fair value of one or more assets or liabilities may not, in

retrospect, be the price at which those assets or liabilities could have been sold during the period in which the

particular fair values were used in determining the Company's NAV. As a result, the Company's issuance (including

through dividend or distribution reinvestment) of Shares at a time when it owns investments that are valued at fair

value may have the effect of diluting or increasing the economic interest of existing Shareholders.

The Adviser may engage a third-party valuation firm to review the valuation of fair-valued investments.

Determination of fair values involves subjective judgments and estimates not susceptible to substantiation by

auditing procedures. Accordingly, under current auditing standards, the notes to the Company's financial statements

will refer to the uncertainty with respect to the possible effect of such valuations, and any change in such valuations,

on the Company's financial statements.

**UNDERWRITING**

The Company, the Adviser[, the selling shareholder] and the Underwriter[s] named below have entered into an

underwriting agreement (the "Underwriting Agreement") with respect to the Shares being offered. Subject to certain

conditions, the Underwriter[s] have agreed to purchase the number of Shares indicated in the following table.

---

| | |
|:---|:---|
| **Underwriter** | **Number of** <br>**Shares**<br>|
| Goldman Sachs & Co. LLC ................................................................................................................. | [●] |
| [●] ........................................................................................................................................................ | [●] |
| [●] ........................................................................................................................................................ | [●] |
| **Total** ................................................................................................................................................... | [●] |

---

The Underwriter[s] are committed to take and pay for all of the Shares being offered by the Company and [the

selling shareholder and], if any are taken, other than the Shares covered by the option described below unless and

until this option is exercised. The offering of the Shares by the Underwriter[s] are subject to receipt and acceptance

and subject to the Underwriter[s]' right to reject any order in whole or in part.

If an Underwriter fails to purchase the Shares it has agreed to purchase, the Underwriting Agreement provides

that one or more substitute underwriters may be found, the purchase commitments of the remaining Underwriter[s]

may be increased or the Underwriting Agreement may be terminated.

The Company has granted to the Underwriter[s] an option, exercisable for 30 days from the date of this

Prospectus, to purchase up to an additional [●] Shares at the initial offering price, less the Underwriter[s]'

commission. The Underwriter[s] may exercise such option to cover sales by the Underwriter[s] of a greater number

of Shares than the total number set forth in the table above.

The Underwriting Agreement provides that the obligations of the Underwriter[s] to purchase the Shares

included in this offering are subject to approval of certain legal matters by counsel and certain other conditions.

The Underwriter[s] will deduct from the gross offering proceeds a sales load of $[●], which is equal to $[●] per

Share ([●]% of the public offering price per Share).

Total underwriting compensation determined in accordance with Financial Industry Regulatory Authority, Inc.

("FINRA") rules is summarized as follows. The Underwriter[s] will deduct from the sale of the Shares in the public

offering a sales load in the amount of $[●], which represents [●]% of the total proceeds in the public offering. In

addition, the Company and the Adviser have agreed to reimburse the Underwriter[s] for the reasonable fees and

disbursements of counsel to the Underwriter[s] in connection with the review by FINRA of the terms of the sale of

the Shares in an amount not to exceed $[●] in the aggregate, which amount will not exceed [●]% of the total public

offering price of the Shares if the Underwriter[s'] option to purchase additional shares is not exercised.

In addition, the Company will bear all costs associated with this offering. [The Company will also pay the fees

and expenses (other than underwriting commissions) of the selling shareholder.]

Prior to this offering, there has been no public or private market for the Shares of the Company. Consequently,

the offering price for the Shares was determined by negotiation [among] the Company[, the selling shareholder] and

the Underwriter[s]. There can be no assurance, however, that the price at which the Shares sell after this offering

will not be lower than the price at which they are sold in the initial public offering by the Underwriter[s] or that an

active trading market in the Shares will develop and continue after this offering.

The Shares are expected to be listed, subject to official notice of issuance, on the NYSE under the symbol

"RVII." In connection with the requirements for listing the Shares on the NYSE, the Underwriter[s] have undertaken

to sell lots of 100 or more Shares to a minimum of 400 beneficial owners in North America.

The Underwriter[s] have informed the Company that it does not intend sales to discretionary accounts to exceed

five percent of the total number of Shares offered by them.

It is anticipated that a portion of the Shares offered by this Prospectus will be offered through Robinhood

Financial, acting as a selling group member, to allocate for sale to its customers through its IPO Access feature on

the Robinhood platform. Any such sales will be made at the same initial public offering price, and at the same time,

as any other purchases in this offering, including purchases by institutions and other large investors, and in

accordance with customary broker-dealer practices and procedures. Robinhood Financial will not retain any fees or

other amounts received in connection with this service to the Company.

The Company [and the selling shareholder] [have each] agreed to indemnify the Underwriter[s] and its

controlling persons for certain liabilities, including liabilities under the Securities Act, or to contribute to payments

the Underwriter[s] may be required to make in respect of those liabilities, except in the cases of willful misfeasance,

bad faith, gross negligence or reckless disregard of applicable obligations and duties.

[The selling shareholder is an "underwriter" within the meaning of Section 2(a)(11) of the Securities Act.]

The Company has agreed with the Underwriter[s] pursuant to the Underwriting Agreement that for a period of

180 days after the date of this Prospectus (such period, the "Company Lock-Up Period"), the Company will not (i)

offer, sell, contract to sell, pledge, grant any option to purchase, make any short sale or otherwise transfer or dispose

of, directly or indirectly, any securities of the Company that are substantially similar to the Shares, including but not

limited to any options or warrants to purchase Shares or any securities that are convertible into or exchangeable for,

or that represent the right to receive, Shares or any such substantially similar securities, or (ii) enter into any swap or

other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Shares or

any such other securities, whether any such transaction described in clause (i) or (ii) above is to be settled by

delivery of Shares or such other securities, in cash or otherwise (other than the Shares to be issued pursuant to the

DRIP), without the prior written consent of Underwriter[s]; provided that nothing therein shall prevent the Company

from issuing Shares pursuant to the DRIP.

Robinhood has entered into a lock-up agreement with the Underwriter[s] pursuant to which Robinhood, with

limited exceptions, has agreed that for a period of 30 days after the date of this Prospectus (such period, the

"Robinhood Lock-Up Period"), it will not (and will not cause or direct any of its affiliates to), without the prior

written consent of the Underwriter[s], (1) offer, sell, contract to sell, pledge, grant any option, right or warrant to

purchase, purchase any option or contract to sell, lend or otherwise transfer or dispose of any Shares, or any options

or warrants to purchase any Shares, or any securities convertible into, exchangeable for or that represent the right to

receive Shares (such Shares, options, rights, warrants or other securities, collectively, "Lock-Up Securities"),

including without limitation any such Lock-Up Securities now owned or hereafter acquired by Robinhood, (2)

engage in any hedging or other transaction or arrangement (including, without limitation, any short sale or the

purchase or sale of, or entry into, any put or call option, or combination thereof, forward, swap or any other

derivative transaction or instrument, however described or defined) which is designed to or which reasonably could

be expected to lead to or result in a sale, loan, pledge or other disposition (whether by Robinhood or someone other

than Robinhood), or transfer of any of the economic consequences of ownership, in whole or in part, directly or

indirectly, of any Lock-Up Securities, whether any such transaction or arrangement (or instrument provided for

thereunder) would be settled by delivery of Shares or other securities, in cash or otherwise (any such sale, loan,

pledge or other disposition, or transfer of economic consequences, a "Transfer"), (3) except with respect to the

exercise of the rights (the "Registration Rights") to request that the Company register any Shares under any

registration statement(s) on Form N-2 as described in the Prospectus, make any demand for or exercise any right

with respect to the registration of any Lock-Up Securities or (4) except with respect to the exercise of the

Registration Rights, otherwise publicly announce any intention to engage in or cause any action, activity, transaction

or arrangement described in clause (1), (2) or (3) above.

Notwithstanding the foregoing, if the reported closing price of the Shares on the NYSE is at least 20% greater

than the initial public offering price per share set forth on the cover page of this Prospectus on or after the 15th day

(or, if such 15th day is not a trading day, then the first trading day after such 15th day), the Robinhood Lock-Up

Period shall automatically expire beginning at the opening of trading on the first trading day thereafter with respect

to all Robinhood's Shares subject to the lock-up agreement, and beginning at the opening of trading on the first

trading day thereafter, such released shares may be sold in the public market, subject to compliance with applicable

securities laws.

The restrictions imposed by the lock-up agreement applicable to Robinhood are subject to certain exceptions,

including with respect to: (a) transfers of Lock-Up Securities: (i) as one or more bona fide gifts or charitable

contributions, or for bona fide estate planning purposes; (ii) to a partnership, limited liability company or other

entity of which Robinhood is the legal and beneficial owner of all of the outstanding equity securities or similar

interests; (iii) to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible

under clauses (a)(i) through (ii) above; (iv) (A) to another corporation, partnership, limited liability company or

other business entity that is an affiliate (as defined in Rule 405 under the Securities Act) of Robinhood, or to any

investment fund or other entity which fund or entity is controlled or managed by Robinhood or affiliates of

Robinhood, or (B) as part of a distribution by Robinhood to its shareholders, partners, members or other

equityholders or to the estate of any such shareholders, partners, members or other equityholders; (v) by operation of

law, such as pursuant to a qualified domestic order, divorce settlement, divorce decree or separation agreement or

other court order; (vi) in connection with a sale of Robinhood's Shares acquired (A) from the Underwriter[s] in this

initial public offering or (B) in open market transactions after the closing date of this initial public offering; or (vii)

with the prior written consent of the Underwriter; provided that (A) in the case of clauses (a)(i), (ii), (iii) and (iv)

above, such transfer or distribution shall not involve a disposition for value, (B) in the case of clauses (a)(i), (ii),

(iii), (iv) and (v) above, it shall be a condition to the transfer or distribution that the donee, devisee, transferee or

distributee, as the case may be, shall sign and deliver a lock-up agreement, (C) in the case of clauses (a)(ii), (iii) and

(iv) above, no filing by any party (including, without limitation, any donor, donee, devisee, transferor, transferee,

distributor or distributee) under the Exchange Act, or other public filing, report or announcement reporting a

reduction in beneficial ownership of Lock-Up Securities shall be required or shall be voluntarily made in connection

with such transfer or distribution, and (D) in the case of clauses (a)(i), (v) and (vi) above, no filing under the

Exchange Act or other public filing, report or announcement shall be voluntarily made, and if any such filing, report

or announcement shall be legally required during the Robinhood Lock-Up Period, such filing, report or

announcement shall clearly indicate in the footnotes thereto (A) the circumstances of such transfer or distribution

and (B) in the case of a transfer or distribution pursuant to clauses (a)(i) or (v) above, that the donee, devisee,

transferee or distributee has agreed to be bound by a lock-up agreement; (b) entering into a written plan meeting the

requirements of Rule 10b5-1 under the Exchange Act relating to the transfer, sale or other disposition of

Robinhood's Lock-Up Securities, if then permitted by the Company, provided that none of the securities subject to

such plan may be transferred, sold or otherwise disposed of until after the expiration of the Robinhood Lock-Up

Period and no public announcement, report or filing under the Exchange Act, or any other public filing, report or

announcement, shall be voluntarily made (whether by or on behalf of Robinhood, the Company or any other party)

regarding, or that otherwise discloses, the establishment of such plan during the Robinhood Lock-Up Period, and if

any such filing, report or announcement shall be legally required during the Robinhood Lock-Up Period, such filing,

report or announcement shall clearly indicate that none of the securities subject to such plan may be transferred, sold

or otherwise disposed of pursuant to such plan until after the expiration of the Robinhood Lock-Up Period; (c)

transfers of Robinhood's Lock-Up Securities pursuant to a bona fide third-party tender offer, merger, consolidation

or other similar transaction that is approved by the Board of the Company and made to all holders of the Shares

involving a change of control of the Company (for purposes hereof, "change of control" shall mean the transfer

(whether by tender offer, merger, consolidation or other similar transaction), in one transaction or a series of related

transactions, to a person or group of affiliated persons, of shares of equity interests if, after such transfer, such

person or group of affiliated persons would hold at least a majority of the outstanding voting securities of the

Company (or the surviving entity)); provided that in the event that such tender offer, merger, consolidation or other

similar transaction is not completed, Robinhood's Lock-Up Securities shall remain subject to the provisions of the

lock-up agreement; and (d) transfers or sales of Shares to the Underwriter[s] pursuant to the Underwriting

Agreement.

*Price Stabilization, Short Positions and Penalty Bids.* In connection with this offering, the Underwriter[s] may

purchase and sell Shares in the open market. These transactions may include short sales and stabilizing transactions

and purchases to cover syndicate short positions created in connection with this offering. Short sales involve the sale

by the Underwriter[s] of a greater number of Shares than they are required to purchase in the offering, and a short

position represents the amount of such sales that have not been covered by subsequent purchases. A "covered short

position" is a short position that is not greater than the amount of additional Shares for which the Underwriter[s]'

option described above may be exercised. The Underwriter[s] may cover any covered short position by either

exercising their option to purchase additional Shares or purchasing Shares in the open market. In determining the

source of Shares to cover the covered short position, the Underwriter[s] will consider, among other things, the price

of Shares available for purchase in the open market as compared to the price at which it may purchase additional

Shares pursuant to the option described above. "Naked" short sales are any short sales that create a short position

greater than the amount of additional Shares for which the option described above may be exercised. The

Underwriter[s] must cover any such naked short position by purchasing Shares in the open market. A naked short

position is more likely to be created if the Underwriter[s] are concerned that there may be downward pressure on the

price of the Shares in the open market after pricing that could adversely affect investors who purchase in the

offering. Stabilizing transactions consist of certain bids or purchases for the purpose of preventing or retarding a

decline in the market price of the Shares and syndicate short positions involve the sale by the Underwriter[s] of a

greater number of Shares than they are required to purchase from the Company in this offering. The Underwriter[s]

also may impose a penalty bid, whereby selling concessions allowed to syndicate members or other broker-dealers

in respect of the Shares sold in this offering for their account may be reclaimed by the syndicate if such Shares are

repurchased by the syndicate in stabilizing or covering transactions. These activities may stabilize, maintain or

otherwise affect the market price of the Shares, which may be higher than the price that might otherwise prevail in

the open market; and these activities, if commenced, may be discontinued at any time without notice. These

transactions may be effected on the NYSE or otherwise. Neither the Company[, the selling shareholder] nor any of

the Underwriter[s] make any representation or prediction as to the direction or magnitude of any effect that the

transactions described above may have on the price of the Shares. In addition, neither the Company[, the selling

shareholder] nor any of the Underwriter[s] make any representation that the Underwriter[s] will engage in these

transactions or that these transactions, once commenced, will not be discontinued without notice.

*Other Relationships.* The Underwriter[s] and their respective affiliates are full service financial institutions

engaged in various activities, which may include sales and trading, commercial and investment banking, advisory,

investment management, investment research, principal investment, hedging, market making, brokerage and other

financial and non-financial activities and services. Certain of the Underwriter[s] and their affiliates have provided,

and may in the future provide, a variety of these services to the Company, [the selling shareholder] and to persons

and entities with relationships with the Company or [the selling shareholder], for which they received or will receive

customary fees and expenses. The Company anticipates that from time to time certain of Underwriter[s] may act as

brokers or dealers in connection with the execution of the Company's portfolio transactions after they have ceased to

be Underwriter[s] and, subject to certain restrictions, may act as brokers while they are an Underwriter. The

Underwriter[s] may perform investment banking and advisory services for the Adviser and its affiliates from time to

time, for which it may receive customary fees and expenses. The Underwriter[s] may, from time to time, engage in

transactions with or perform services for the Adviser and its affiliates in the ordinary course of business.

In the ordinary course of their various business activities, the Underwriter[s] and their respective affiliates,

officers, directors and associates may purchase, sell or hold a broad array of investments and actively trade

securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments for their

own account and for the accounts of their consumers, and such investment and trading activities may involve or

relate to assets (including securities in the Company's investment portfolio), securities and/or instruments of the

Company (directly, as collateral securing other obligations or otherwise) and/or persons and entities with

relationships with the Company. The Underwriter[s] and their respective affiliates may also communicate

independent investment recommendations, market color or trading ideas and/or publish, maintain or express

independent research or valuation views in respect of such assets, securities or instruments and may at any time

hold, or recommend to clients that they should acquire, long and/or short positions in such assets, securities and

instruments.

Certain Underwriter[s] and their respective affiliates may have engaged in, and may in the future engage in,

investment banking and other commercial dealings in the ordinary course of business with the Company or its

affiliates. They may have or may in the future receive customary fees and commissions for these transactions.

*Electronic Distribution.* In connection with the offering, certain Underwriter[s] or selected dealers may

distribute prospectuses electronically. A prospectus in electronic format may be made available on websites

maintained by the Underwriter[s] or one or more selling group members participating in this offering. The

Underwriter[s] may agree to allocate a number of Shares to selling group members for sale to their online brokerage

account holders. Internet distributions will be allocated by the Underwriter[s] to selling group members that may

make internet distributions on the same basis as allocations made by the Underwriter[s].

*Other Information*. Other than in the United States, no action has been taken by the Company or the

Underwriter[s] that would permit a public offering of the securities offered by this Prospectus in any jurisdiction

where action for that purpose is required. The securities offered by this Prospectus may not be offered or sold,

directly or indirectly, nor may this Prospectus or any other offering material or advertisements in connection with

the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances

that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose

possession this Prospectus comes are advised to inform themselves about and to observe any restrictions relating to

the offering and the distribution of this Prospectus. This Prospectus does not constitute an offer to sell or a

solicitation of an offer to buy any securities offered by this Prospectus in any jurisdiction in which such an offer or a

solicitation is unlawful.

The principal business address[es] of the Underwriter[s] [is/are] [200 West Street, New York, New York

10282].

**[SELLING SHAREHOLDER]**

Robinhood, the parent company of RHV, and the initial shareholder of the Company, is participating as a

selling shareholder in the initial public offering. More information about Robinhood and its relationships with the

Company and its affiliates is included in this Prospectus under the section entitled "Robinhood Overview."

As of [●], 2026, prior to the commencement of this initial public offering and before giving effect to the stock

split described below, the selling shareholder held [●] (or 100%) of the Company's outstanding Shares. The Board

has approved a stock split, described further below, that will modify the number of Shares owned by the selling

shareholder prior to this offering. After giving effect to the stock split, [●] Shares will be offered for sale in this

offering. Assuming all of the Shares offered by the Company and the selling shareholder are sold in this offering and

assuming that the stock split is effected on a 1 to [●] basis (based on the NAV at [●], 2026), the selling shareholder

would beneficially own [●] (or [●]%) of the Shares after the completion of this offering ([●] (or [●]%) of the Shares,

if the over-allotment option is exercised in full).

The following table contains information about the beneficial ownership of the Shares by the selling shareholder

as of [●], 2026 using the assumptions described above regarding the effect of the stock split, (i) immediately prior to

the consummation of this offering and (ii) as adjusted to reflect the sale of Shares offered by this Prospectus:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Shares before Offering** | **Shares before Offering** | **Shares after Offering**<br>**(no option exercise)** | **Shares after Offering**<br>**(no option exercise)** | **Shares after Offering**<br>**(full option exercise)** | **Shares after Offering**<br>**(full option exercise)** |
| <br>**Beneficial Owner** | **Number** | **Percentage** | **Number** | **Percentage** | **Number** | **Percentage** |
| Selling Shareholder: |  | % |  | % |  | % |
| Robinhood Markets, Inc. | [●] | [●]% | [●] | [●]% | [●] | [●]% |

---

On [●], 2026, the Board approved a stock split such that, immediately before the completion of the initial public

offering, each common share of beneficial interest issued and outstanding shall be reclassified, subdivided and

changed into such number of Shares such that the NAV per Share plus the sales load per Share equals $[25.00] per

Share. The stock split will be determined based on the NAV on the date that is no less than two business days before

the pricing of this offering. For reference, using the Company's NAV per Share as of [●], 2026 ($[●]) and the sales

load of $[●], the stock split would have resulted in [●] Shares outstanding. The final stock split will be determined

based on the NAV on the date that is no less than two business days before the pricing of this offering.

To the Company's knowledge, the selling shareholder named in the table has sole voting and investment power

with respect to all of the securities shown as beneficially owned by the selling shareholder. The number of securities

shown represents the number of securities the selling shareholder "beneficially owns," as determined by the rules of

the SEC. The SEC has defined "beneficial" ownership of a security to mean the possession, directly or indirectly, of

voting power and/or investment power. A security holder is also deemed to be, as of any date, the beneficial owner

of all securities that such security holder has the right to acquire within 60 days after that date through (1) the

exercise of any option, warrant or right, (2) the conversion of a security, (3) the power to revoke a trust,

discretionary account or similar arrangement or (4) the automatic termination of a trust, discretionary account or

similar arrangement.

The calculation of the percentage of beneficial ownership prior to and after the offering is based on [●] Shares

outstanding as of [●], 2026. The calculation of the percentage of beneficial ownership after the offering is based on

Shares outstanding immediately after the completion of this offering (assuming no exercise of the Underwriter[s]'

option to purchase additional Shares solely to cover over-allotments, if any, from the Company). The percentage of

beneficial ownership after the offering is likely to change over time.

The selling shareholder has entered into a lock-up agreement with the Underwriter[s] pursuant to which the

selling shareholder, with limited exceptions, has agreed that for the Robinhood Lock-Up Period it will not (and will

not cause or direct any of its affiliates to), without the prior written consent of the Underwriter[s], (1) offer, sell,

contract to sell, pledge, grant any option, right or warrant to purchase, purchase any option or contract to sell, lend or

otherwise transfer or dispose of Lock-Up Securities, including without limitation any such Lock-Up Securities now

owned or hereafter acquired by the selling shareholder, (2) engage in any hedging or other transaction or

arrangement (including, without limitation, any short sale or the purchase or sale of, or entry into, any put or call

option, or combination thereof, forward, swap or any other derivative transaction or instrument, however described

or defined) which is designed to or which reasonably could be expected to lead to or result in a Transfer, (3) except

with respect to the exercise of the Registration Rights, make any demand for or exercise any right with respect to the

registration of any Lock-Up Securities or (4) except with respect to the exercise of the Registration Rights, otherwise

publicly announce any intention to engage in or cause any action, activity, transaction or arrangement described in

clause (1), (2) or (3) above.

Notwithstanding the foregoing, if the reported closing price of the Shares on the NYSE is at least 20% greater

than the initial public offering price per share set forth on the cover page of this Prospectus on or after the 15th day

(or, if such 15th day is not a trading day, then the first trading day after such 15th day), the Robinhood Lock-Up

Period shall automatically expire beginning at the opening of trading on the first trading day thereafter with respect

to all the selling shareholder's Shares subject to the lock-up agreement, and beginning at the opening of trading on

the first trading day thereafter, such released shares may be sold in the public market, subject to compliance with

applicable securities laws.

The restrictions imposed by the lock-up agreement applicable to the selling shareholder are subject to certain

exceptions, including with respect to: (a) transfers of Lock-Up Securities: (i) as one or more bona fide gifts or

charitable contributions, or for bona fide estate planning purposes; (ii) to a partnership, limited liability company or

other entity of which the selling shareholder is the legal and beneficial owner of all of the outstanding equity

securities or similar interests; (iii) to a nominee or custodian of a person or entity to whom a disposition or transfer

would be permissible under clauses (a)(i) through (ii) above; (iv) (A) to another corporation, partnership, limited

liability company or other business entity that is an affiliate (as defined in Rule 405 under the Securities Act) of the

selling shareholder, or to any investment fund or other entity which fund or entity is controlled or managed by the

selling shareholder or affiliates of the selling shareholder, or (B) as part of a distribution by the selling shareholder to

its shareholders, partners, members or other equityholders or to the estate of any such shareholders, partners,

members or other equityholders; (v) by operation of law, such as pursuant to a qualified domestic order, divorce

settlement, divorce decree or separation agreement or other court order; (vi) in connection with a sale of the selling

shareholder's Shares acquired (A) from the Underwriter[s] in this initial public offering or (B) in open market

transactions after the closing date of this initial public offering; or (vii) with the prior written consent of the

Underwriter; provided that (A) in the case of clauses (a)(i), (ii), (iii) and (iv) above, such transfer or distribution shall

not involve a disposition for value, (B) in the case of clauses (a)(i), (ii), (iii), (iv) and (v) above, it shall be a

condition to the transfer or distribution that the donee, devisee, transferee or distributee, as the case may be, shall

sign and deliver a lock-up agreement, (C) in the case of clauses (a)(ii), (iii) and (iv) above, no filing by any party

(including, without limitation, any donor, donee, devisee, transferor, transferee, distributor or distributee) under the

Exchange Act, or other public filing, report or announcement reporting a reduction in beneficial ownership of Lock-

Up Securities shall be required or shall be voluntarily made in connection with such transfer or distribution, and (D)

in the case of clauses (a)(i), (v) and (vi) above, no filing under the Exchange Act or other public filing, report or

announcement shall be voluntarily made, and if any such filing, report or announcement shall be legally required

during the Robinhood Lock-Up Period, such filing, report or announcement shall clearly indicate in the footnotes

thereto (A) the circumstances of such transfer or distribution and (B) in the case of a transfer or distribution pursuant

to clauses (a)(i) or (v) above, that the donee, devisee, transferee or distributee has agreed to be bound by a lock-up

agreement; (b) entering into a written plan meeting the requirements of Rule 10b5-1 under the Exchange Act

relating to the transfer, sale or other disposition of the selling shareholder's Lock-Up Securities, if then permitted by

the Company, provided that none of the securities subject to such plan may be transferred, sold or otherwise

disposed of until after the expiration of the Robinhood Lock-Up Period and no public announcement, report or filing

under the Exchange Act, or any other public filing, report or announcement, shall be voluntarily made (whether by

or on behalf of the selling shareholder, the Company or any other party) regarding, or that otherwise discloses, the

establishment of such plan during the Robinhood Lock-Up Period, and if any such filing, report or announcement

shall be legally required during the Robinhood Lock-Up Period, such filing, report or announcement shall clearly

indicate that none of the securities subject to such plan may be transferred, sold or otherwise disposed of pursuant to

such plan until after the expiration of the Robinhood Lock-Up Period; (c) transfers of the selling shareholder's Lock-

Up Securities pursuant to a bona fide third-party tender offer, merger, consolidation or other similar transaction that

is approved by the Board and made to all holders of the Shares involving a change of control of the Company (for

purposes hereof, "change of control" shall mean the transfer (whether by tender offer, merger, consolidation or other

similar transaction), in one transaction or a series of related transactions, to a person or group of affiliated persons,

of shares of equity interests if, after such transfer, such person or group of affiliated persons would hold at least a

majority of the outstanding voting securities of the Company (or the surviving entity)); provided that in the event

that such tender offer, merger, consolidation or other similar transaction is not completed, the selling shareholder's

Lock-Up Securities shall remain subject to the provisions of the lock-up agreement; and (d) transfers or sales of

Shares pursuant to the Underwriting Agreement.

**CLOSED-END FUND STRUCTURE; NO RIGHT OF REDEMPTION**

The Company is a diversified, closed-end management investment company with no operating history that has

elected to be regulated as a BDC under the 1940 Act. Closed-end funds differ from open-end funds in that closed-

end funds do not redeem their shares at the request of an investor. No Shareholder has the right to require the

Company to redeem his, her or its Shares. While the Shares are expected to be listed on the NYSE, an active public

market for the Shares may not develop. As a result, Shareholders may not be able to liquidate their investment.

Accordingly, Shareholders should consider that they may not have access to the funds they invest in the Company

for an indefinite period of time.

**DISTRIBUTIONS**

The timing and amount of our future dividends, if any, will be determined by the Board. Any dividends to the

Shareholders will be declared out of assets legally available for distribution. The Company intends to focus on

making capital gains-based investments from which the Company will derive primarily capital gains. As a

consequence, the Company does not anticipate that it will pay dividends on a quarterly basis or become a predictable

distributor of dividends. However, if there are earnings or realized capital gains to be distributed, the Company

intends to declare and pay a dividend at least annually. The Company intends to elect to be treated as a RIC for

federal income tax purposes and expects to continue to operate in a manner so as to qualify for the tax treatment

applicable to RICs. To maintain RIC status, the Company must, among other things, distribute at least 90% of the

sum of the Company's net ordinary income and realized net short-term capital gains in excess of realized net long-

term capital losses, if any, out of assets legally available for distribution. To avoid the imposition of a 4% U.S.

federal excise tax, the Company must distribute during each calendar year an amount equal to the sum of (1) at least

98% of its ordinary income for the calendar year, (2) at least 98.2% of its capital gains in excess of capital losses for

the one-year period generally ending on October 31 of the calendar year and (3) certain undistributed amounts from

previous years on which the Company paid no U.S. federal income tax.

In order to minimize the imposition of the 4% federal excise tax, the Company generally intends to distribute

any income and capital gains in the manner necessary to minimize imposition of the 4% federal excise tax.

The Company cannot assure Shareholders that the Company will achieve investment results that would allow

the Company to make distributions. All distributions will be at the sole discretion of the Board and will depend on

the Company's ability to dispose of its investments, any net investment income, its financial condition, compliance

with applicable BDC regulations and such other factors as the Board may deem relevant from time to time.

For any distribution, the Company will calculate each Shareholder's specific distribution amount for the period

using record and ex-dividend dates.

The Company may finance its cash distributions to Shareholders from any sources of funds available to the

Company, including offering proceeds, borrowings, net investment income from operations, capital gains proceeds

from the sale of assets (including fund investments), non-capital gains proceeds from the sale of assets (including

fund investments), dividends or other distributions paid to the Company on account of preferred and common equity

investments or other sources. The Company has not established limits on the amount of funds the Company may use

from available sources to make distributions.

As soon as practicable after the end of each calendar year, the Company will provide to each Shareholder a

statement on IRS Form 1099-DIV (or successor form) or IRS Form 1042-S (or successor form), as applicable,

identifying the amount and character (e.g., ordinary dividend income, qualified dividend income or long-term capital

gain) of the distributions includable in that Shareholder's taxable income for such year. Shareholders that hold their

Shares in the Company through a financial intermediary will receive this information from such financial

intermediary. The Company's distributions may exceed the Company's earnings, especially during the period before

the Company has substantially invested the proceeds from this offering. As a result, a portion of the distributions the

Company makes may represent a return of capital for U.S. federal income tax purposes. A return of capital generally

is a return of your investment rather than a return of earnings or gains derived from the Company's investment

activities and will be made after deduction of the fees and expenses payable in connection with the offering,

including any fees payable to RHV. See "*Material U.S. Federal Income Tax Considerations*" for more information.

Shareholders will automatically have all distributions reinvested in Shares of the Company issued by the

Company in accordance with the Company's DRIP (as defined below) unless an election is made to receive cash.

See "*Dividend Reinvestment Plan*."

**DIVIDEND REINVESTMENT PLAN**

To the extent the Company determines to pay distributions in the future, the Company has established a DRIP

administered by EQ. Pursuant to the DRIP, any dividends or other distributions, net of any applicable U.S. federal

withholding tax, paid by the Company will be reinvested automatically in the Shares of the Company. As a result, if

the Board authorizes, and the Company declares, a cash dividend or other distribution, that dividend or other

distribution will be automatically reinvested in additional Shares, rather than being paid to Shareholders in cash. In

this way, Shareholders can maintain an undiluted investment while still allowing the Company to pay out

distributable income. Other than through the DRIP, the Company has no current plan to issue additional Shares

following the completion of this offering.

Shareholders automatically participate in the DRIP, unless and until a Shareholder elects to withdraw from the

DRIP. A Shareholder who does not wish to participate in the DRIP and have distributions automatically reinvested

may terminate participation in the DRIP at any time by written instructions to that effect to Equiniti Trust Company,

LLC at 1110 Centre Pointe Curve, Suite 101, Mendota Heights, MN 55120. Shareholders who elect not to

participate in the DRIP will receive all distributions in cash paid to the Shareholder of record (or, if the Shares are

held in street or other nominee name, then to such nominee). Such written instructions must be received by three (3)

days prior to the record date of the distribution or the Shareholder will receive such distribution in Shares through

the DRIP. Under the DRIP, the Company's distributions to Shareholders are automatically reinvested in full and

fractional Shares as described below.

When the Company declares a distribution, EQ, on the Shareholder's behalf, will receive additional authorized

Shares from the Company. The Shares are acquired either (i) through receipt of additional unissued but authorized

Shares from the Company ("Newly Issued Shares") or (ii) by purchase of outstanding Shares on the open market

("Open-Market Purchases") on the NYSE or elsewhere. If, on a dividend payment date, the Company's NAV is

equal to or less than the market price per Share on the NYSE plus estimated brokerage commissions (such condition

being referred to as "market premium"), EQ will invest the dividend amount in Newly Issued Shares on behalf of the

Shareholder. The number of Newly Issued Shares to be credited to the Shareholder's account will be determined by

dividing the dollar amount of the dividend by the Company's NAV per Share on the date the Shares are issued,

unless the Company's NAV is less than 95% of the then-current market price per Share, in which case the dollar

amount of the dividend will be divided by 95% of the then-current market price per Share on the NYSE. If on the

dividend payment date the Company's NAV is greater than the market price per Share on the NYSE, EQ will invest

the dividend amount in Shares acquired on behalf of the Shareholder in Open-Market Purchases. Although a

Shareholder may from time to time have an undivided fractional interest in Shares of the Company within the

operation of the DRIP, and distributions made on fractional shares will be credited to the Shareholder's account, no

fractional Shares will be transferred. In the event of termination of a Shareholder's account under the DRIP, EQ will

either (i) continue to hold such Shareholder's Shares in book-entry form, or (ii) transfer a whole number of Shares to

a financial intermediary of such Shareholder's choosing; in either case disbursing to the Shareholder an amount of

cash equal to the value of any fractional Shares held, valued at the market value of the Shares at the time of

termination.

EQ's service fee, if any, and expenses for administering the plan will be paid for by the Company. There will be

no brokerage charges to Shareholders with respect to Shares issued directly by the Company as a result of dividends

or other distributions payable either in Shares or in cash. However, each participant will pay a pro-rata share of

brokerage commissions incurred with respect to EQ's Open-Market Purchases in connection with the reinvestment

of cash dividends.

EQ will maintain all Shareholder accounts and furnish written confirmations of all transactions in the accounts,

including information needed by Shareholders for personal and tax records. EQ will hold Shares in the account of

the Shareholders in non-certificated form in the name of the participant, and each Shareholder's proxy, if any, will

include those Shares purchased pursuant to the DRIP. EQ will distribute all proxy solicitation materials, if any, to

participating Shareholders.

In the case of Shareholders, such as banks, brokers or nominees, that hold Shares for others who are beneficial

owners participating under the DRIP, EQ will administer the DRIP on the basis of the number of Shares certified

from time to time by the record Shareholder as representing the total amount of Shares registered in the

Shareholder's name and held for the account of beneficial owners participating under the DRIP.

Neither EQ nor the Company shall have any responsibility or liability beyond the exercise of ordinary care for

any action taken or omitted pursuant to the DRIP, nor shall they have any duties, responsibilities or liabilities except

such as expressly set forth herein. Neither EQ nor the Company shall be liable hereunder for any act done in good

faith or for any good faith omission to act, including, without limitation, failure to terminate a participant's account

promptly upon receipt of written notice of such participant's death, or with respect to prices at which Shares are

purchased or sold for the participant's account and the terms on which such purchases and sales are made, subject to

applicable provisions of the federal securities laws.

The automatic reinvestment of distributions will not relieve participants of any federal, state or local income tax

that may be payable (or required to be withheld) on such distributions. See *"Material U.S. Federal Income Tax* 

*Considerations."*

The Company may elect to make non-cash distributions to Shareholders. Such distributions are not subject to

the DRIP, and all Shareholders, regardless of whether or not they are participants in the DRIP, will receive such

distributions in additional Shares of the Company.

The Company reserves the right to amend or terminate the DRIP. There is no direct service charge to

participants with regard to purchases under the DRIP; however, the Company reserves the right to amend the DRIP

to include a service charge payable by the participants.

Additional information about the DRIP may be obtained by contacting Equiniti Trust Company, LLC by mail at

1110 Centre Pointe Curve, Suite 101, Mendota Heights, MN 55120 or by telephone at 800-937-5449.

**DESCRIPTION OF SHARES**

The Company is a statutory trust organized under the laws of Delaware pursuant to a Certificate of Trust, dated

as of February 27, 2026. Pursuant to the Declaration of Trust, dated as of February 27, 2026, and as amended

through the date hereof, the Company is authorized to issue an unlimited number of common shares of beneficial

interest, without par value. Each Share, when issued and paid for in accordance with the terms of this offering and

the Declaration of Trust, will be fully paid and non-assessable. Distributions may be paid to holders of the Company

Shares if, as and when authorized by the Board and declared by the Company out of funds legally available therefor.

All Shares are equal as to dividends, assets and voting privileges and have no conversion, preemptive or other

subscription rights. Under the rules of the NYSE currently applicable to listed companies, the Company will be

required to hold an annual meeting of Shareholders in each fiscal year.

*Listing and Symbol.* The Shares are expected to be listed on the NYSE, subject to official notice of issuance,

under the symbol "RVII."

*Voting Rights.* Holders of Shares will vote as a single class to elect the Board and on additional matters with

respect to which the 1940 Act mandates a vote by the Shareholders. If preferred shares are issued, holders of

preferred shares will have a right to elect two of the Company's Trustees, and will have certain other voting rights.

Each Share is entitled to one vote on all matters submitted to a vote of Shareholders, including the election of

trustees. See "*Certain Provisions in the Declaration of Trust - Anti-Takeover and Other Provisions*."

*Registration Rights*. Robinhood and its permitted transferees are entitled to certain rights with respect to the

registration of such Shares. In connection with seed capital investments by Robinhood, the Company entered into a

RRA with Robinhood. Pursuant to the RRA, the Company agreed to use commercially reasonable efforts to file a

resale registration statement to register the "Registrable Securities" covered by the RRA to use best efforts to cause

the registration statement to be declared effective as soon as practicable thereafter, but in no event later than fifteen

(15) days after the date of this Prospectus and to use commercially reasonable efforts to maintain the effectiveness of

such registration statement, subject to the lock-up agreement applicable to Robinhood described above. The

registration of these shares would enable Robinhood and its permitted transferees to trade these shares without

restriction under the Securities Act when the applicable registration statement is declared effective, subject to the

lock-up agreement described above. The Company will pay the registration expenses (other than any underwriting

discounts and selling commissions) for the shares registered for sale pursuant to the RRA.

*Outstanding Securities.* The following are the Company's outstanding securities as of [●], 2026:

---

| | | | |
|:---|:---|:---|:---|
| **Title of Class** | **Amount Authorized** | **Amount Held by** <br>**Registrant or for its** <br>**Account**<br>| **Amount** <br>**Outstanding** <br>**Exclusive of** <br>**Amounts Shown in** <br>**Adjacent Column**<br>|
| Common Shares ................................................................ | Unlimited | [__] | [__] |

---

**CERTAIN PROVISIONS IN THE DECLARATION OF TRUST**

An investor in the Company will be a Shareholder of the Company and his or her rights in the Company will be

established and governed by the Declaration of Trust. A prospective investor and his or her advisers should carefully

review the Declaration of Trust as each Shareholder will agree to be bound by its terms and conditions. The

following is a summary description of certain items and select provisions of the Declaration of Trust that may not be

described elsewhere in this Prospectus. The description of such items and provisions is not definitive and reference

should be made to the complete text of the Declaration of Trust.

**Shareholders; Issuance of Additional Shares**

"Shareholders" shall mean as of any particular time the holders of record of outstanding Shares of the

Company, at such time. RHV or its affiliates have invested in the Company as a Shareholder and may do so in the

future.

*Issuance of Additional Shares.* The provisions of the 1940 Act generally require that the public offering price

(less underwriting commissions and discounts) of common shares sold by a business development company must

equal or exceed the net asset value of such company's common shares (calculated within 48 hours of the pricing of

such offering), unless such sale is made with the consent of a majority of its common shareholders. The Company

may, from time to time, seek the consent of Shareholders to permit the issuance and sale by the Company of Shares

at a price below the Company's then-current NAV, subject to certain conditions. If such consent is obtained, the

Company may, contemporaneous with and in no event more than one year following the receipt of such consent, sell

Shares at a price below NAV in accordance with any conditions adopted in connection with the giving of such

consent. Additional information regarding any consent of Shareholders obtained by the Company and the applicable

conditions imposed on the issuance and sale by the Company of Shares at a price below NAV will be disclosed in a

prospectus supplement relating to any such offering of Shares at a price below NAV. Until such consent of

Shareholders, if any, is obtained, the Company may not sell Shares at a price below NAV.

Because the Company's Base Management Fee is based upon the Company's Net Assets determined quarterly

as of the end of each quarter (before the accrual of the Management Fee for that quarter), the Adviser's interests in

recommending the issuance and sale of Shares at a price below NAV may conflict with the interests of the Company

and its Shareholders.

Each Share has one vote and, when issued and paid for in accordance with the terms of this offering, will be

fully paid and non-assessable. All Shares issued are equal as to distributions, assets and voting privileges and have

no conversion, preemptive or other subscription rights.

**Anti-Takeover and Other Provisions**

The Declaration of Trust includes provisions that could have the effect of limiting the ability of other entities or

persons to acquire control of the Company, to change the composition of the Board or convert the Company to open-

end status. These provisions may have the effect of discouraging attempts to acquire control of the Company, which

attempts could have the effect of increasing the expenses of the Company and interfering with the normal operation

of the Company. The terms for which the Trustees hold office are organized into three classes, and Trustees are

elected to hold office for a term expiring at the annual meeting of Shareholders held in the third year following the

year of their election. Any of the Trustees may be removed from office for cause only, and not without cause, and

only by action taken by a majority of the remaining Trustees (or, in the case of an Independent Trustee, only by

action taken by a majority of the remaining Independent Trustees). Whenever a vacancy in the Board of Trustees

shall occur, the remaining Trustees may fill such vacancy by appointing any individual as they may determine in

their sole discretion by a vote of a majority of the Trustees then in office, or may leave such vacancy unfilled or

reduce the number of Trustees; provided the aggregate number of Trustees after such reduction shall not be less than

the minimum number required in the Declaration of Trust. The Declaration of Trust requires the affirmative vote of

not less than seventy-five percent (75%) of the Shares of the Company to approve, adopt or authorize an amendment

to the Declaration of Trust that makes the Shares a "redeemable security" as that term is defined in the 1940 Act,

unless such amendment has been approved by a majority of the Trustees then in office, in which case approval by

the vote of a majority of the outstanding voting securities, as defined in the 1940 Act, is required, notwithstanding

any provisions of the Declaration of Trust or Bylaws. Upon the adoption of a proposal to convert the Company from

a "closed-end company" to an "open-end company", as those terms are defined by the 1940 Act, and the necessary

amendments to the Declaration of Trust to permit such a conversion, the Company shall, upon complying with any

requirements of the 1940 Act and state law, become an "open-end" investment company. Such affirmative vote or

consent shall be in addition to the vote or consent of the holders of the Shares otherwise required by law, or any

agreement between the Company and any national securities exchange.

**Certain Aspects of the Delaware Control Share Statute**

Because the Company is organized as a Delaware statutory trust, it is subject to the control share acquisition

provisions (the "Control Share Statute") contained in Subchapter III of Delaware Statutory Trust Act (the "DSTA").

The Control Share Statute became automatically applicable to listed business development companies organized as

Delaware statutory trusts upon its effective date of August 1, 2022.

The Control Share Statute provides for a series of voting power thresholds above which shares are considered

control shares. These voting power thresholds are as follows:

• 10% or more, but less than 15% of all voting power;

• 15% or more, but less than 20% of all voting power;

• 20% or more, but less than 25% of all voting power;

• 25% or more, but less than 30% of all voting power;

• 30% or more, but less than a majority of all voting power; or

• a majority or more of all voting power.

Voting power is defined by the Control Share Statute as the power to directly or indirectly exercise or direct the

exercise of the voting power of fund shares in the election of trustees. Whether a voting power threshold is met is

determined by aggregating the holdings of the acquirer as well as those of its "associates," which is broadly defined

by the Control Share Statute.

Once a threshold is reached, an acquirer has no voting rights under the DSTA or the governing documents of

the Company with respect to shares acquired in excess of that threshold (*i.e.*, the "control shares") unless approved

by Shareholders of the Company or exempted by the Board. Approval by the Shareholders requires the affirmative

vote of two-thirds of all votes entitled to be cast on the matter, excluding shares held by the acquirer and its

associates as well as shares held by certain insiders of the Company. The Control Share Statute provides procedures

for an acquirer to request a shareholder meeting for the purpose of considering whether voting rights shall be

accorded to control shares. Further approval by the Shareholders would be required with respect to additional

acquisitions of control shares above the next applicable threshold level. The Board is permitted, but not obligated to,

exempt specific acquisitions or classes of acquisitions of control shares, either in advance or retroactively.

The Control Share Statute requires shareholders to disclose to the Company any control share acquisition within

10 days of such acquisition and, upon request, to provide any information that the Board reasonably believes is

necessary or desirable to determine whether a control share acquisition has occurred.

The Control Share Statute may protect the long-term interests of Company Shareholders by limiting the ability

of certain investors to use their ownership to attempt to disrupt the Company's long-term strategy such as by forcing

a liquidity event. However, the Control Share Statute may also serve to entrench the Board and make it less

responsive to shareholder requests. The totality of positive or negative affects is difficult to predict as the Control

Share Statute has been in effect for a relatively short period of time.

The foregoing is only a summary of certain aspects of the Control Share Statute. Shareholders should consult

their own legal counsel to determine the application of the Control Share Statute with respect to their Shares of the

Company and any subsequent acquisitions of Shares.

The Control Share Statute and the voting restrictions thereunder shall not apply to (i) any acquisition of

preferred shares that may be issued by the Company and (ii) any acquisition or proposed acquisition of Shares by

any company that, in accordance with the 1940 Act or SEC exemptive order or other regulatory relief or guidance,

votes the Shares held by it in the same proportion as the vote of all other holders of such security or all securities.

**Limitation of Liability; Indemnification**

The Declaration of Trust hereby provides that the Company agrees to indemnify, out of Trust Property (as that

term is defined in the Declaration of Trust), to the fullest extent permitted under applicable law, each person who at

any time serves as a Trustee or officer of the Company (each such person being an "indemnitee") against any

liabilities and expenses (including amounts paid in satisfaction of judgments, in compromise or settlements, or as

fines and penalties; any expenses of establishing a right to indemnification under the Declaration of Trust; and

reasonable counsel fees reasonably incurred by such indemnitee in connection with the defense or disposition of, or

advice in connection with, any action, suit, proceeding or investigation, whether civil or criminal, before or in

connection with any court, or administrative or investigative body, in which he or she may be or may have been

involved as a party, witness, participant or otherwise, or with which he or she may be or may have been threatened),

incurred in connection with acting in any capacity set forth in the relevant provisions of the Declaration of Trust or

by reason of his having acted in any such capacity, except with respect to any matter as to which he or she shall not

have acted in good faith in the belief that his action was in the best interest of the Company or, in the case of any

criminal proceeding, as to which he or she shall have had reasonable cause to believe that the conduct was unlawful;

provided, however, that no indemnitee shall be indemnified hereunder against any liability to any person or any

expense of such indemnitee arising by reason of (i) willful misfeasance, (ii) bad faith, (iii) gross negligence, or (iv)

reckless disregard of the duties involved in the conduct of his position (the conduct referred to in such clauses (i)

through (iv) being sometimes referred to herein as "disabling conduct"); and provided further, that the termination of

any proceeding by judgment, order, settlement, conviction or plea of nolo contendere or its equivalent shall not of

itself create a presumption that the indemnitee did not act in good faith or that the indemnitee had reasonable cause

to believe that his conduct was unlawful. Notwithstanding the foregoing, with respect to any action, suit or other

proceeding voluntarily prosecuted by any indemnitee as plaintiff, indemnification shall be mandatory only if the

prosecution of such action, suit or other proceeding by such indemnitee (1) was authorized by a majority of the

Trustees or (2) was instituted by the indemnitee to enforce his or her rights to indemnification hereunder in a case in

which the indemnitee is found to be entitled to such indemnification. The rights to indemnification set forth in the

Declaration of Trust shall continue as to a person who has ceased to be a Trustee or officer of the Company and shall

inure to the benefit of his or her heirs, executors and personal and legal representatives. No amendment or

restatement of the Declaration of Trust or repeal of any of its provisions shall limit or eliminate any of the benefits

provided to any person who at any time is or was a Trustee or officer of the Company or otherwise entitled to

indemnification hereunder in respect of any act or omission that occurred prior to such amendment, restatement or

repeal.

**Derivative Actions, Direct Actions and Exclusive Jurisdiction**

The Declaration of Trust provides that a Shareholder may bring a derivative action on behalf of the Company

only if the following conditions (in addition to the requirements set forth in Section 3816 of the DSTA) are met: (i)

the Shareholder or Shareholders must make a pre-suit demand upon the Trustees to bring the subject action unless an

effort to cause the Trustees to bring such an action is not likely to succeed, and a demand on the Board of Trustees

shall only be deemed not likely to succeed and therefore excused if a majority of the Board of Trustees, or a majority

of any committee established to consider the merits of such action, is composed of Trustees who are not

"independent trustees" (as such term is defined in the DSTA); and (ii) unless a demand is not required under clause

(i), the Trustees must be afforded a reasonable amount of time (in any case, not less than ninety (90) days) to

consider such Shareholder request and to investigate the basis of such claim (the Trustees may retain counsel or

other advisors in considering the merits of the request and Shareholders making such request may be required to

undertake to reimburse the Company for the expense of any such advisor if the Trustees determine not to take

action). The Board may designate a committee of one Trustee to consider a Shareholder demand. A Shareholder

may only bring a derivative action if Shareholders owning not less than ten percent (10%) of the then outstanding

Shares of the Company or such series or class join in the bringing of such action. Notwithstanding the foregoing,

however, such provision shall not apply to any claims asserted under such U.S. federal securities law.

Under the Declaration of Trust, actions by Shareholders against the Company asserting a claim governed by

Delaware law or the Company's organizational documents must be brought in the Court of Chancery of the State of

Delaware or any other court in the State of Delaware with subject matter jurisdiction. Shareholders also waive the

right to jury trial to the fullest extent permitted by law. This exclusive jurisdiction provision may make it more

expensive for a Shareholder to bring a suit. Notwithstanding the foregoing, however, such provision shall not apply

to any claims asserted under such U.S. federal securities law.

**Advance Notice Provisions for Shareholder Nominations and Shareholder Proposals**

The Bylaws provide that with respect to an annual meeting of Shareholders, nominations of persons for election

to the Board and the proposal of business to be considered by Shareholders may be made only (1) pursuant to the

Company's notice of meeting, (2) by or at the direction of the Board or (3) by any Shareholder of the Company who

was a Shareholder of record both at the time of giving of notice by the Shareholder as provided for in the Bylaws

and at the time of the annual meeting, who is entitled to vote at the meeting in the election of each individual so

nominated or on any such other business and who has complied with the notice procedures set forth in the Bylaws.

With respect to special meetings of Shareholders, only the business specified in the notice of the meeting may be

brought before the meeting. Nominations of persons for election to the Board at a special meeting may be made only

(1) pursuant to the Company's notice of meeting, (2) by or at the direction of the Board or (3) provided that the

special meeting has been called for the purpose of electing trustees, by any Shareholder of the Company who is a

Shareholder of record both at the time of giving of notice provided for in the Bylaws and at the time of the special

meeting, who is entitled to vote at the meeting in the election of each individual so nominated and who has complied

with the notice procedures set forth in the Bylaws.

The purpose of requiring Shareholders to give advance notice of nominations and other business is to afford the

Board a meaningful opportunity to consider the qualifications of the proposed nominees and the advisability of any

other proposed business and, to the extent deemed necessary or desirable by the Board, to inform Shareholders and

make recommendations about such qualifications or business, as well as to provide a more orderly procedure for

conducting meetings of Shareholders. Although the Bylaws do not give the Board any power to disapprove

shareholder nominations for the election of trustees or proposals recommending certain action, they may have the

effect of precluding a contest for the election of trustees or the consideration of Shareholder proposals if proper

procedures are not followed and of discouraging or deterring a third-party from conducting a solicitation of proxies

to elect its own slate of trustees or to approve its own proposal without regard to whether consideration of such

nominees or proposals might be harmful or beneficial to the Company and Shareholders.

**Amendment of the Declaration of Trust**

The Declaration of Trust may generally be amended, in whole or in part, with the approval of a majority of the

Board (including a majority of the Independent Trustees, if required by the 1940 Act) and without the approval of

the Shareholders unless the approval of Shareholders is required under 1940 Act or such an amendment would limit

Shareholder rights, as discussed in the Declaration of Trust.

**Term, Dissolution, and Liquidation**

Subject to possible termination in accordance with the applicable provisions of the Declaration of Trust, the

Company shall have perpetual existence. Upon liquidation of the Company, after paying or adequately providing for

the payment of all liabilities of the Company and the liquidation preference with respect to any outstanding preferred

shares, 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 Company among the classes of Shares of the

Company in accordance with the respective rights of such classes.

**ERISA CONSIDERATIONS**

Employee benefit plans and other plans, accounts and arrangements subject to ERISA or Section 4975 of the

Code, including corporate pension and 401(k) plans, IRAs and Keogh plans (each, an "ERISA Plan") may purchase

Shares. ERISA imposes certain general and specific responsibilities on persons who are fiduciaries with respect to

an ERISA Plan, including prudence, diversification, prohibited transactions and other standards, and fiduciaries

should consider these standards when purchasing Shares with the assets of any ERISA Plan.

Because the Shares should qualify for "publicly-offered securities" within the meaning of 29 CFR §

2510.3-101, the underlying assets of the Company should not be considered to be "plan assets" of any ERISA Plan

investing in the Company for purposes of the fiduciary responsibility and prohibited transaction rules under Title I

of ERISA or Section 4975 of the Code. Thus, it is not expected that the Adviser will be a fiduciary within the

meaning of ERISA or Section 4975 of the Code with respect to the assets of any ERISA Plan that becomes a

Shareholder, solely as a result of the ERISA Plan's investment in the Company.

The provisions of ERISA are subject to extensive and continuing administrative and judicial interpretation and

review. The discussion of ERISA contained herein is, of necessity, general and may be affected by future

publication of regulations and rulings. Neither this discussion nor anything in this Prospectus is or is intended to be

investment advice directed at any potential investor that is an ERISA Plan or at such investors generally. Potential

investors should consult their legal advisers regarding the consequences under ERISA and the Code of an

investment in the Company by an ERISA Plan.

**MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS**

The following is a discussion of material U.S. federal income tax considerations affecting the Company and the

ownership and disposition of Shares, but it does not purport to be a comprehensive description of all of the tax

considerations that may be relevant to a particular person's decision to acquire Shares. This discussion applies only

to initial investors who hold Shares as capital assets for tax purposes. This discussion does not address federal estate,

state, local and non-U.S. tax consequences, any alternative minimum tax consequences or any consequences

resulting from the Medicare tax on investment income. Moreover, the discussion below does not address the

consequences to taxpayers subject to special tax accounting rules under Section 451(b) of the Code. In addition, it

does not describe all of the tax consequences that may be relevant to investors subject to special rules, such as:

• certain banks or financial institutions;

• insurance companies;

• certain dealers and traders in securities or commodities that use a mark-to-market method of tax

accounting;

• investors holding Shares as part of a "straddle," wash sale, conversion transaction, integrated transaction or

constructive sale transaction;

• U.S. Shareholders (as defined below) whose functional currency is not the U.S. dollar;

• Non-U.S. Shareholders (as defined below) who own, or have owned, actually or constructively, more than

5% of the Shares;

• entities classified as partnerships or other pass-through entities for U.S. federal income tax purposes;

• tax-exempt entities, including "individual retirement accounts" or "Roth IRAs" as defined in Section 408 or

408A of the Code, respectively;

• regulated investment companies; or

• real estate investment trusts.

If an entity that is classified as a partnership for U.S. federal income tax purposes holds Shares, the U.S. federal

income tax treatment of a partner will generally depend on the status of the partner and the activities of the

partnership. If an investor is a partnership holding Shares or a partner in such a partnership, such investor should

consult its tax advisor as to the particular U.S. federal tax consequences of holding and disposing of Shares to them.

This discussion is based on the Code, administrative pronouncements, judicial decisions and final, temporary

and proposed U.S. Treasury Regulations, all as of the date hereof. These laws are subject to change, possibly on a

retroactive basis. Persons considering the purchase of Shares should consult their own tax advisors concerning the

U.S. federal, state, local and non-U.S. tax consequences of owning and disposing of Shares in their particular

circumstances.

**Tax Treatment of the Company as a "C" Corporation**

Until such time as the Company elects to be treated, and qualifies, as a RIC, and for any other period in which

the Company fails to qualify as a RIC, the Company will be taxed as a "C" corporation for U.S. federal income tax

purposes and will therefore be subject to corporate-level federal income tax on all of the Company's income at rates

applicable to corporations (currently 21%). Any such U.S. corporate income tax could materially reduce cash

available to make distributions on Shares. The Company would not be able to deduct distributions to Shareholders,

nor would the distributions be required to be made. Distributions made prior to such election to be treated as a RIC,

to the extent of the Company's current and accumulated earnings and profits, are taxable to the Shareholders and,

provided certain customary limitations and restrictions are met, distributions to non-corporate U.S. Shareholders

could qualify for treatment as "qualified dividend income" at favorable rates applicable to long-term capital gains.

Subject to customary limitations and restrictions, dividends paid to corporate U.S. Shareholders will be eligible for

the dividends-received deduction. Distributions in excess of the Company's current and accumulated earnings and

profits will be treated first as a return of capital to the extent of a Shareholder's tax basis, and any remaining

distributions will be treated as a capital gain. The Company intends to elect to be treated as a RIC as of the

Company's First Post-IPO Tax Year, and will be required to satisfy the RIC qualification requirements for that year

and to distribute any earnings and profits from any year in which the Company was not a RIC as discussed below in

"Conversion to a Regulated Investment Company." Except as stated otherwise, the remainder of this discussion

assumes the Company will elect to be treated as a RIC.

**Election to be Taxed as a Regulated Investment Company**

Following this initial public offering of the Shares, the Company intends to elect to change its taxable year to a

taxable year ending March 31. The Company intends to elect to be treated and intends to qualify each year as a RIC

under Subchapter M of the Code, commencing with its taxable year ending March 31, 2027. The Company will be

treated as a "C" corporation for U.S. federal income tax purposes, and will be subject to federal income tax at

regular corporate rates, for its current taxable year, which will end on the date the sale of Shares pursuant to this

initial public offering closes.

**Conversion to a Regulated Investment Company**

The Company intends to elect to be treated as a RIC under Subchapter M of the Code as of the Company's First

Post-IPO Tax Year. As noted above, prior to the effective date of the Company's RIC election, the Company will be

taxable as a "C" corporation under Subchapter C of the Code. The Company anticipates that, on the effective date of

that election, the Company may hold assets with "built-in gain," which are assets whose fair market value as of the

effective date of the election exceeds their tax basis. The Company intends to elect to recognize all of its built-in

gain at the time of its conversion and pay tax currently on the built-in gain. Absent the foregoing election, the

Company would pay tax on such built-in gain in any asset sold in a taxable transaction during the five-year period

beginning on the first day of its first taxable year as a RIC. The amount of this tax would vary depending on the

assets that are actually sold by the Company in this five-year period, the actual amount of net built-in gain or loss

present in those assets as of the effective date of the Company's election to be treated as a RIC and effective tax

rates. Recognized built-in gains that are ordinary in character and the excess of short-term capital gains over long-

term capital losses will be included in the Company's investment company taxable income, and generally the

Company must distribute annually at least 90% of any such amounts (net of corporate taxes the Company pays on

those gains) in order to be eligible for RIC tax treatment. Any such amount distributed likely will be taxable to

Shareholders as ordinary income. Built-in gains (net of taxes) that are recognized within the five-year period and

that are long-term capital gains likely will also be distributed (or deemed distributed) annually to the Shareholders.

Any such amount distributed (or deemed distributed) likely will be taxable to Shareholders as capital gains.

One requirement to qualify as a RIC is that, by the end of the Company's first taxable year as a RIC, the

Company must have eliminated the earnings and profits accumulated while the Company was taxable as a "C"

corporation. The Company intends to accomplish this by paying to Shareholders in the taxable year for which the

Company makes a RIC election a cash dividend representing all of the Company's accumulated earnings and profits

for the period from the Company's inception through the end of the prior taxable year. The determination of these

accumulated earnings and profits will take into account the distribution described below and is therefore expected to

be minimal.

The Company intends to make a distribution before the closing of the initial public offering to [the selling

shareholder] in an amount sufficient to eliminate all or substantially all of the Company's current and accumulated

earnings and profits through the end of the Company's tax year that will end on the closing date of the initial public

offering.

**Taxation as a Regulated Investment Company**

To qualify as a RIC, the Company must, among other things, (i) derive in each taxable year at least 90% of its

gross income from dividends, interest (including tax-exempt interest), payments with respect to certain securities

loans, gains from the sale or other disposition of stock, securities or foreign currencies, other income (including but

not limited to gain from options, futures and forward contracts) derived with respect to its business of investing in

stock, securities or currencies, or net income derived from an interest in a "qualified publicly traded partnership" (a

"QPTP"); and (ii) diversify its holdings so that, at the end of each quarter of each taxable year the following two

requirements are met. First, at least 50% of the market value of its total assets is represented by cash and cash items,

U.S. Government securities, the securities of other RICs and securities of non-RIC issuers that meet the following

criteria: the securities of the non-RIC issuer owned by the Company do not represent (A) more than 5% of the value

of the Company's total assets or (B) more than 10% of the outstanding voting securities of such issuer (subject to the

exception described below). Second, not more than 25% of the market value of the Company's total assets is

invested in securities (other than U.S. Government securities and the securities of other regulated investment

companies) (A) of any one issuer, (B) of any two or more issuers that the Company controls and that are determined

to be engaged in the same business or similar or related trades or businesses, or (C) of one or more QPTPs. The

Company may generate certain income that might not qualify as qualifying income for purposes of the 90% annual

gross income requirement described above. The Company will monitor its transactions to endeavor to prevent

disqualification as a RIC.

If the Company fails to satisfy the 90% annual gross income requirement or the asset diversification

requirements discussed above in any taxable year, it may be eligible for relief provisions if the failures are due to

reasonable cause and not willful neglect and certain additional conditions are met, in which case an additional

penalty tax would be payable with respect to each failure to satisfy the applicable requirements. Additionally, relief

is provided for certain de minimis failures of the asset diversification requirements where the Company corrects the

failure within a specified period. If the applicable relief provisions are not available or cannot be met, all of the

Company's income would be subject to corporate-level U.S. federal income tax as described below. The Company

cannot provide assurance that it would qualify for any such relief should it fail the 90% annual gross income

requirement or the asset diversification requirements discussed above.

As a RIC, in any taxable year with respect to which the Company timely distributes at least 90% of the sum of:

• its investment company taxable income (which includes, among other items, dividends, interest and the

excess of any net short-term capital gain over net long-term capital loss and other taxable income (other

than any net capital gain), reduced by deductible expenses) determined without regard to the deduction for

dividends and distributions paid; and

• net tax exempt interest income (which is the excess of the Company's gross tax exempt interest income

over certain disallowed deductions)

(collectively, the "Annual Distribution Requirement"), the Company (but not its Shareholders) generally will

not be subject to U.S. federal income tax on investment company taxable income and net capital gain (generally, net

long-term capital gain in excess of short-term capital loss) that it distributes to its Shareholders. However, due to

limits on the deductibility of certain expenses, the Company may, in certain years, have aggregate taxable income

subject to the Annual Distribution Requirement that is in excess of the aggregate net income actually earned by it in

those years.

To the extent that the Company meets the Annual Distribution Requirement but retains its net capital gains for

investment or any investment company taxable income, the Company will be subject to U.S. federal income tax on

such income at the regular corporate income tax rates. The Company may choose to retain its net capital gains for

investment or any investment company taxable income, and pay the associated federal corporate income tax,

including the federal excise tax described below.

A 4% U.S. federal excise tax is imposed on a RIC if the RIC does not meet certain additional distribution

requirements for each calendar year. To avoid this tax, the Company must distribute (or be deemed to have

distributed) during each calendar year an amount equal to the sum of:

• at least 98% of its ordinary income (not taking into account any capital gains or losses) for the calendar

year;

• at least 98.2% of the amount by which the Company's capital gains exceed its capital losses (adjusted for

certain ordinary losses) for a one-year period generally ending on October 31 of the calendar year; and

• certain undistributed amounts from previous years on which the Company paid no U.S. federal income tax

(collectively, the "Excise Tax Exemption Requirement").

While the Company generally intends to distribute any income and capital gains in the manner necessary to

minimize imposition of the 4% federal excise tax, sufficient amounts of its taxable income and capital gains may not

be distributed to avoid entirely the imposition of the tax. In that event, the Company will be liable for the tax only on

the amount by which it does not meet the Excise Tax Exemption Requirement.

If, in any particular taxable year, the Company does not satisfy the Annual Distribution Requirement or fails to

qualify as a RIC (for example, because the Company fails the 90% annual gross income requirement described

above), and relief is not available as discussed above, all of the Company's taxable income (including its net capital

gains) will be subject to tax at regular corporate rates without any deduction for distributions to Shareholders, and

distributions generally will be taxable to the Shareholders as ordinary dividends to the extent of the Company's

current and accumulated earnings and profits.

If the Company realizes a net capital loss during any year in which it is a RIC, the excess of its net short-term

capital loss over its net long-term capital gain would be treated as a short-term capital loss arising on the first day of

its next taxable year and the excess of the Company's net long-term capital loss over its net short-term capital gain

would be treated as a long-term capital loss arising on the first day of its next taxable year. If future capital gain is

offset by carried forward capital losses, such future capital gain is not subject to fund-level U.S. federal income tax,

regardless of whether amounts corresponding to such gain are distributed to Shareholders. Accordingly, the

Company does not expect to distribute any such offsetting capital gain. A RIC cannot carry back or carry forward

any net operating losses to offset its investment company taxable income.

***The Company's Investments***

Certain of the Company's investment practices are subject to special and complex U.S. federal income tax

provisions that may, among other things:

• disallow, suspend or otherwise limit the allowance of certain losses or deductions, including the dividends

received deduction, net capital losses, business interest expenses and certain underwriting and similar fees;

• convert lower taxed long-term capital gain and qualified dividend income into higher taxed short-term

capital gain or ordinary income;

• convert ordinary loss or a deduction into capital loss (the deductibility of which is more limited);

• cause the Company to recognize income or gain without a corresponding receipt of cash;

• adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur;

• adversely alter the characterization of certain complex financial transactions; and

• produce income that will not qualify for purposes of the 90% annual gross income requirement described

above.

The Company will monitor its transactions and may make certain tax elections, borrow money or dispose of

securities (even if it is not advantageous to dispose of such securities) to mitigate the effect of these rules, prevent its

disqualification as a RIC and prevent or mitigate imposition of corporate-level U.S. federal income tax. However, no

assurance can be given as to the Company's eligibility for any such tax elections or that any such tax elections that

are made will fully mitigate the effects of these rules.

Investments the Company makes in securities issued at a discount or providing for deferred interest or PIK

interest may be subject to special tax rules that will affect the amount, timing and character of distributions to

Shareholders. For example, if the Company buys a debt security whose "stated redemption price at

maturity" (generally, the sum of all payments required under the note other than payments of "qualified stated

interest", which generally is stated interest that is unconditionally payable in cash or in property other than debt

instruments of the issuer at least annually at a single fixed rate) exceeds its issue price by an amount that does not

satisfy a de minimis test, the Company will generally be required to accrue the excess amount on a daily basis in

accordance with a constant yield-to-maturity method (unless otherwise accelerated) and to distribute such income on

a timely basis each year (in advance of receipt of corresponding cash) to maintain the Company's tax treatment as a

RIC and to avoid U.S. federal income and excise taxes. Because in these and certain other circumstances the

Company may recognize income before or without receiving cash representing such income or incur expenses that

are not fully deductible for tax purposes, the Company may have difficulty making distributions in the amounts

necessary to satisfy the requirements for avoiding U.S. federal income and excise taxes. Accordingly, the Company

may have to sell some of the Company's investments at times the Company would not consider advantageous, raise

additional debt or equity capital or reduce new investment originations to meet these distribution requirements. If the

Company is not able to obtain cash from other sources, the Company may fail to qualify for RIC tax treatment and

thereby be subject to corporate-level income tax.

Furthermore, a portfolio company in which the Company invests may face financial difficulty that requires the

Company to work out, modify or otherwise restructure the Company's investment in the portfolio company. Any

such restructuring may result in unusable capital losses and future non-cash income. Any such restructuring may

also result in the Company's recognition of a substantial amount of non-qualifying income for purposes of the 90%

gross income requirement or the Company receiving assets that would not count toward the asset diversification

requirements.

Gain or loss recognized by the Company from warrants acquired by it as well as any loss attributable to the

lapse of such warrants generally will be treated as capital gain or loss. Such gain or loss generally will be long-term

or short-term, depending on how long the Company held a particular warrant.

If the Company invests in foreign securities, it may be subject to withholding and other foreign taxes with

respect to those securities. Shareholders will generally not be entitled to claim a U.S. foreign tax credit or deduction

with respect to foreign taxes paid by the Company. If the Company acquires shares in a "passive foreign investment

company" (a "PFIC"), the Company may be subject to U.S. federal income tax (plus an interest charge) on a portion

of any "excess distribution" or gain from the disposition of such shares even if such amounts are distributed by the

Company to Shareholders. If the Company invests in a PFIC and elects to treat the PFIC as a "qualified electing

fund" under the Code (a "QEF"), in lieu of the foregoing treatment, the Company will be required to include in

income each year a portion of the ordinary earnings and net capital gain of the QEF, even if such income is not

distributed to it. Alternatively, subject to certain limitations, the Company can elect to mark-to-market at the end of

each taxable year its shares in a PFIC; in this case, the Company will recognize as ordinary income any increase in

the value of such shares, and as ordinary loss any decrease in such value to the extent it does not exceed prior

increases included in income. The Company's ability to make either election will depend on factors beyond its

control. Under either election, the Company may be required to recognize in a year income in excess of distributions

it receives from PFICs and proceeds it receives from dispositions of PFIC stock during that year, and such income

will nevertheless generally be subject to the Annual Distribution Requirement and will be taken into account for

purposes of the 4% excise tax.

If the Company directly or indirectly holds 10% or more of the shares (by vote or value) in a foreign

corporation that is treated as a controlled foreign corporation ("CFC"), the Company may be required to include in

its gross income its pro rata share of such CFC's "subpart F income" and "Net CFC Tested Income," whether or not

the corporation makes an actual distribution during such year. In general, a foreign corporation will be classified as a

CFC if more than 50% of the shares of the corporation, measured by reference to combined voting power or value, is

owned (directly, indirectly or constructively) by U.S. shareholders. A "U.S. shareholder", for purposes of this

paragraph, is any U.S. person that possesses (directly, indirectly or constructively) 10% or more of the combined

voting power of all classes of shares or 10% or more of the value of a corporation. If the Company is required to

include its pro rata share of "subpart F income" or "Net CFC Tested Income" in its gross income for a taxable year,

the Company will be required to include such income in its investment company taxable income regardless of

whether it receives any actual distributions from such CFC, and the Company must distribute an amount equal to

such income to satisfy the Annual Distribution Requirement and the Excise Tax Exemption Requirement.

Although the Code generally provides that income inclusions from QEFs and inclusions of subpart F income

and Net CFC Tested Income from CFCs will be qualifying income for purposes of the 90% gross income

requirement to the extent such income is distributed to a RIC in the year it is included in the RIC's income, the Code

does not specifically provide whether income inclusions from a QEF or inclusions of subpart F income and Net CFC

Tested Income during the RIC's taxable year with respect to which no distribution is received would be qualifying

income for the 90% gross income requirement. The U.S. Treasury, however, has issued regulations that treat such

income as qualifying for purposes of the 90% gross income requirement, provided the income is derived with

respect to a corporation's business of investing in stock, securities or currencies.

The Company's functional currency is the U.S. dollar for U.S. federal income tax purposes. Under Section 988

of the Code, gains or losses attributable to fluctuations in exchange rates between the time the Company accrues

income, expenses or other liabilities denominated in a foreign currency and the time the Company actually collects

such income or pays such expenses or liabilities are generally treated as ordinary income or loss. Similarly, gains or

losses on foreign currency forward contracts and the disposition of debt denominated in a foreign currency, to the

extent attributable to fluctuations in exchange rates between the acquisition and disposition dates, are also generally

treated as ordinary income or loss.

If the Company borrows money, the Company may be prevented by loan covenants from declaring and paying

dividends in certain circumstances. Limits on the Company's ability to pay dividends may prevent it from meeting

the Annual Distribution Requirement, and may, therefore, jeopardize the Company's qualification for taxation as a

RIC, or subject it to the 4% excise tax.

Moreover, the Company's ability to dispose of assets to meet its distribution requirements may be limited by (i)

the illiquid nature of the Company's portfolio and (ii) other requirements relating to its status as a RIC, including the

asset diversification requirements. If the Company disposes of assets to meet the Annual Distribution Requirement,

the asset diversification requirements, or to reduce or eliminate the 4% excise tax, it may make such dispositions at

times that, from an investment standpoint, are not advantageous.

Even if the Company is authorized to borrow funds and/or to sell assets in order to satisfy distribution

requirements, under the 1940 Act, it is not permitted to make cash distributions to its Shareholders while its debt

obligations and senior securities are outstanding unless certain "asset coverage" tests are met. This may also

jeopardize the Company's qualification for taxation as a RIC or subject the Company to the 4% excise tax.

Some of the income that the Company might otherwise earn, such as income recognized in a work out or

restructuring of a portfolio investment, may cause the Company not to satisfy the 90% gross income requirement. To

manage the risk that such income might disqualify the Company as a RIC as a result of the Company failing to

satisfy the 90% gross income requirement, one or more of the Company's subsidiaries treated as U.S. corporations

for U.S. federal income tax purposes may be employed to earn such income. Such corporations will be required to

pay U.S. corporate income tax (and possible state or local tax) on their earnings, which ultimately will reduce the

yield to Shareholders on such income and fees.

***Failure to Qualify as a RIC***

If the Company were to fail to qualify for treatment as a RIC, and relief is not available as discussed above, the

Company would be subject to tax on all of its taxable income at regular corporate rates, and it would not be able to

deduct distributions to Shareholders. Distributions would generally be taxable to Shareholders as ordinary dividend

income eligible for reduced maximum rates for non-corporate U.S. Shareholders (as defined below) (subject to

certain limitations) to the extent of the Company's current and accumulated earnings and profits. Subject to certain

limitations under the Code, corporate U.S. Shareholders (as defined below) would be eligible for the dividends

received deduction. Distributions in excess of the Company's current and accumulated earnings and profits would be

treated first as a return of capital to the extent of the Shareholder's tax basis, and any remaining distributions would

be treated as a capital gain. If the Company were to fail to meet the RIC requirements for more than two consecutive

years and then to seek to requalify as a RIC, it would be required to recognize gain to the extent of any unrealized

appreciation in its assets unless it made a special election to pay corporate level tax on any such unrealized

appreciation recognized during the succeeding five-year period. The Company's qualification and taxation as a RIC

depends upon its ability to satisfy, on a continuing basis, through actual, annual operating results, various

distribution, income- and asset-related requirements, and other requirements imposed under the Code. No assurance

can be given that the Company will be able to meet the complex and varied tests required to qualify as a RIC or to

avoid corporate level tax. In addition, because the relevant laws may change, compliance with one or more of the

RIC requirements may become impossible or impracticable.

**Dividend Reinvestment Plan**

As discussed under "*Distributions*" in the Prospectus, the timing and amount of our future dividends, if any,

will be determined by the Board. In the event that the Company makes distributions on its Shares, such distributions

(net of any applicable U.S. federal withholding tax thereon) will automatically be reinvested into additional Shares

pursuant to the Company's dividend reinvestment plan ("DRIP") unless a Shareholder elects to instead receive cash

distributions. The automatic reinvestment of distributions will not relieve participants of any federal, state or local

income tax that may be payable (or required to be withheld) on such distributions. Shareholders who receive

distributions in the form of Shares are subject to the same federal, state and local tax consequences as are

Shareholders who elect to receive their distributions in cash. More specifically, under the DRIP, a Shareholder will

be taxed upon the reinvested amounts as if such Shareholder actually received the distribution in cash and then

reinvested the cash in Shares. The tax consequences of the receipt of distributions are discussed below in "*Taxation* 

*of U.S. Shareholders*" and "*Taxation of Non-U.S. Shareholders.*" A Shareholder's basis for determining gain or loss

upon the sale of Shares received in a distribution from the Company will be equal to the total dollar amount of the

distribution payable to the Shareholder. Any Shares received in a distribution will have a new holding period for tax

purposes commencing on the day following the day on which the Shares are credited to the U.S. Shareholder's

account.

**Taxation of U.S. Shareholders**

As used herein, the term "U.S. Shareholder" means a beneficial owner of Shares that is, for U.S. federal tax

purposes:

• a citizen or individual resident of the United States;

• a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the

United States, any state thereof or the District of Columbia; or

• an estate or trust the income of which is subject to U.S. federal income taxation regardless of its source.

Prospective investors that are not U.S. Shareholders should refer to the section "Non-U.S. Shareholders" below

and are urged to consult their tax advisors with respect to the U.S. federal income tax consequences of an investment

in the Shares, including the potential application of U.S. withholding taxes.

***Taxation of Distributions***

Distributions the Company pays on Shares from its ordinary income or from an excess of net short-term capital

gain over net long-term capital loss (together referred to hereinafter as "ordinary income dividends") are generally

taxable to U.S. Shareholders as ordinary income to the extent of the Company's earnings and profits, whether paid

in cash or reinvested in additional Shares. Distributions of the Company's net capital gains (which is generally the

Company's realized net long-term capital gains in excess of realized net short-term capital losses) properly reported

by the Company as "capital gain dividends" will be taxable to a U.S. Shareholder as long-term capital gains,

regardless of the U.S. Shareholder's holding period for his, her or its common stock and regardless of whether paid

in cash or reinvested in additional Shares. Provided that certain holding period and other requirements are met,

ordinary income dividends (if properly reported by the Company) may qualify (i) for the dividends received

deduction available to certain "C" corporations, but only to the extent that the Company's income consists of certain

qualifying dividend income from U.S. corporations and (ii) in the case of U.S. noncorporate stockholders, as

qualified dividend income eligible to be taxed at long-term capital gain rates to the extent that the Company earns

qualified dividend income (generally, dividend income from taxable U.S. resident corporations and certain qualified

foreign corporations). There can be no assurance as to what portion of the Company's distributions will be eligible

for the corporate dividends received deduction or for the reduced rates applicable to qualified dividend income. It is

anticipated that distributions paid by the Company generally will not be attributable to dividends and, therefore,

generally will not be qualified dividend income.

Distributions in excess of the Company's earnings and profits will first reduce the adjusted tax basis of a U.S.

Shareholder's Shares and, after the adjusted tax basis is reduced to zero, will constitute capital gain to the U.S.

Shareholder.

If the Company retains any net capital gain, it may designate the retained amounts as undistributed capital gain

in a notice to U.S. Shareholders. If a designation is made, a U.S. Shareholder would include in income, as long-term

capital gain, its proportionate share of the undistributed amounts, but would be allowed a credit or refund, as the

case may be, for its proportionate share of the corporate tax paid by the Company. A U.S. Shareholder that is not

subject to U.S. federal income tax or otherwise is not required to file a U.S. federal income tax return would be

required to file a U.S. federal income tax return on the appropriate form in order to claim a refund for its share of the

taxes the Company paid. In addition, the tax basis of the Shares owned by a U.S. Shareholder would be increased by

an amount equal to the difference between (i) the amount included in the U.S. Shareholder's income as long-term

capital gain and (ii) the U.S. Shareholder's proportionate share of the corporate tax paid by the Company.

Dividends and other taxable distributions are taxable to the U.S. Shareholders even if they are reinvested in

additional Shares. The Company has the ability to declare a large portion of a dividend in Shares. In August of 2017,

the IRS promulgated guidance stating that as long as 20% of the dividend is paid in cash and certain requirements

are met, the entire distribution will be treated as a dividend for U.S. federal income tax purposes. As a result, U.S.

Shareholders will be taxed on 100% of the dividend in the same manner as a cash dividend, even if most of the

dividend was paid in Shares.

If the Company pays a U.S. Shareholder a dividend in January which was declared in the previous October,

November or December to Shareholders of record on a specified date in one of these months, then the dividend will

be treated for tax purposes as being paid by the Company and received by a U.S. Shareholder on December 31 of the

year in which the dividend was declared.

***Sale or Other Disposition of Shares***

A U.S. Shareholder will recognize gain or loss on the sale or exchange of the Shares in an amount equal to the

difference between the U.S. Shareholder's adjusted basis in the Shares sold or exchanged and the amount realized on

their disposition. Generally, gain recognized by a U.S. Shareholder on the sale or other disposition of the Shares will

result in capital gain or loss, and will result in a long-term capital gain or loss if the Shares have been held for more

than one year at the time of sale. Any loss upon the sale or exchange of the Shares held for six months or less will be

treated as a long-term capital loss to the extent of any capital gain dividends received (including amounts credited as

an undistributed capital gain dividend) by a U.S. Shareholder. A loss realized on a sale or exchange of the Shares

will be disallowed if other substantially identical shares are acquired (whether through the automatic reinvestment of

dividends or otherwise) within a 61-day period beginning 30 days before and ending 30 days after the date that the

Shares are disposed of. In this case, the basis of the shares acquired will be adjusted to reflect the disallowed loss.

Present law taxes both long-term and short-term capital gains of corporations at the rates applicable to ordinary

income.

Non-corporate U.S. Shareholders with income in excess of certain thresholds are, in general, subject to an

additional 3.8% surtax on their "net investment income," which ordinarily includes taxable distributions from the

Company and taxable gain on the disposition of the Shares.

***Information Reporting and Backup Withholding***

Distributions in respect of the Shares and gross proceeds from the disposition of the Shares are generally subject

to information reporting, unless a U.S. Shareholder is an exempt recipient. The Company (or another applicable

withholding agent) may be required to withhold U.S. federal income tax ("backup withholding"), from all taxable

distributions or such gross proceeds to any non-corporate U.S. Shareholder (i) who fails to furnish the Company (or

the other withholding agent) with a correct taxpayer identification number or a certificate that such U.S. Shareholder

is exempt from backup withholding or (ii) with respect to whom the IRS notifies the Company (or the other

withholding agent) that such U.S. Shareholder has failed to properly report certain interest and dividend income to

the IRS and to respond to notices to that effect. An individual's taxpayer identification number is his or her social

security number. Any amount withheld under the backup withholding rules is allowed as a credit against the U.S.

Shareholder's U.S. federal income tax liability and may entitle such U.S. Shareholder to a refund, provided that

proper information is timely provided to the IRS.

Under U.S. Treasury Regulations, if a U.S. Shareholder recognizes a loss with respect to shares of $2 million or

more for a non-corporate U.S. Shareholder or $10 million or more for a corporate U.S. Shareholder in any single

taxable year (or a greater loss over a combination of years), the U.S. Shareholder must file with the IRS a disclosure

statement on Form 8886. Direct stockholders of portfolio securities in many cases are excepted from this reporting

requirement, but under current guidance, stockholders of a RIC are not excepted. Future guidance may extend the

current exception from this reporting requirement to stockholders of most or all RICs. The fact that a loss is

reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the

loss is proper. Significant monetary penalties apply to a failure to comply with this reporting requirement. U.S.

Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their

individual circumstances.

U.S. Shareholders should consult their tax advisors with respect to the U.S. federal income tax and withholding

tax, and state, local and foreign tax consequences of an investment in the Shares.

**Taxation of Non-U.S. Shareholders**

As used herein, the term "Non-U.S. Shareholder" means a beneficial owner of Shares that is, for U.S. federal

tax purposes:

• a non-resident alien individual, other than certain former citizens and residents of the United States subject

to tax as expatriates;

• a foreign corporation; or

• a foreign estate or trust.

A "Non-U.S. Shareholder" does not include a non-resident alien individual who is present in the United States

for 183 days or more in the taxable year of disposition. Such an individual is urged to consult his or her own tax

advisor regarding the U.S. federal income tax consequences of the sale or other disposition of Shares.

Whether an investment in the Shares is appropriate for a Non-U.S. Shareholder will depend upon that Non-U.S.

Shareholder's particular circumstances. An investment in the Shares by a Non-U.S. Shareholder may have adverse

tax consequences. Non-U.S. Shareholders should consult their tax advisors before investing in the Shares.

***Taxation of Distributions, Sale or Other Disposition of Shares***

Distributions of ordinary income dividends to Non-U.S. Shareholders, subject to the discussion below, will

generally be subject to withholding of U.S. federal tax at a 30% rate (or lower rate provided by an applicable treaty)

to the extent of the Company's current and accumulated earnings and profits. Different tax consequences may result

if the Non-U.S. Shareholder is engaged in a trade or business in the United States (and, if required by an applicable

income tax treaty, such Non-U.S. Shareholder conducts such trade or business through a permanent establishment in

the United States). Special certification requirements apply to a Non-U.S. Shareholder that is a foreign trust, and

such entities are urged to consult their tax advisors.

In general, no U.S. withholding taxes will be imposed on dividends paid by RICs to Non-U.S. Shareholders to

the extent dividends are designated as "interest-related dividends" (and the Non-U.S. Shareholder does not own 10%

or more, actually or constructively, of the underlying payor of the interest, by vote), or "short-term capital gain

dividends." Under this exemption, interest-related dividends and short-term capital gain dividends generally

represent distributions of interest or short-term capital gain that would not have been subject to U.S. withholding tax

at the source if they had been received directly by a Non-U.S. Shareholder, and that satisfy certain other

requirements. No assurance can be given that the Company will distribute any interest-related or short-term capital

gain dividends. In the case of Shares held through an intermediary, the intermediary may withhold even if the

Company reports all or a portion of any of the Company's distributions as "interest-related dividends" or "short-term

capital gain dividends."

Actual or deemed distributions of the Company's net capital gain to a Non-U.S. Shareholder, and gain

recognized by a Non-U.S. Shareholder upon the sale of the Shares, generally will not be subject to U.S. federal

withholding tax and will not be subject to U.S. federal income tax unless the distributions or gain, as the case may

be, are effectively connected with a U.S. trade or business of the Non-U.S. Shareholder (and, if an income tax treaty

applies, are attributable to a permanent establishment maintained by the Non-U.S. Shareholder in the United States).

If the Company distributes its net capital gains in the form of deemed rather than actual distributions, a Non-

U.S. Shareholder will be entitled to a U.S. federal income tax credit or tax refund equal to the Shareholder's

allocable share of the tax it pays on the capital gains deemed to have been distributed. In order to obtain the refund,

the Non-U.S. Shareholder must obtain a U.S. taxpayer identification number and file a U.S. federal income tax

return even if the Non-U.S. Shareholder is not otherwise required to obtain a U.S. taxpayer identification number or

file a U.S. federal income tax return. For a corporate Non-U.S. Shareholder, distributions (both actual and deemed),

and gains realized upon the sale of the Shares that are effectively connected with a U.S. trade or business (or, where

an applicable treaty applies, are attributable to a permanent establishment in the United States) may, under certain

circumstances, be subject to an additional "branch profits tax" at a 30% rate (or at a lower rate if provided for by an

applicable tax treaty). Accordingly, investment in the Shares may not be appropriate for certain Non-U.S.

Shareholders.

***Information Reporting and Backup Withholding***

Information returns will be filed with the IRS in connection with payments of dividends on Shares. A Non-U.S.

Shareholder may have to comply with certification procedures to establish that it is not a U.S. person in order to

avoid information reporting in respect of the payment of proceeds from a sale or other disposition of Shares and

backup withholding on dividends or on the payment of proceeds from a sale or other disposition of Shares.

Compliance with the certification procedures required to claim a reduced rate of withholding under a treaty will

satisfy the certification requirements necessary to avoid backup withholding as well. Amounts withheld under the

backup withholding rules are not additional taxes and may be refunded or credited against the Non-U.S.

Shareholder's U.S. federal income tax liability and may entitle the Non-U.S. Shareholder to a refund, provided that

the required information is timely furnished to the IRS.

***FATCA***

Under Sections 1471 through 1474 of the Code (such Sections commonly referred to as "FATCA"), a 30% U.S.

federal withholding tax may apply to any payments of U.S.-source dividends and the gross proceeds from the sale or

other disposition of securities, such as the Shares, that can generate U.S.-source dividends or other U.S.-source

"fixed or determinable annual or periodical" income to "foreign financial institutions" (which is broadly defined for

this purpose and in general includes investment vehicles) and certain other non-U.S. entities unless various U.S.

information reporting and due diligence requirements (generally relating to ownership by U.S. persons of interests in

or accounts with those entities) have been satisfied, or an exemption applies. An intergovernmental agreement

between the United States and the non-U.S. entity's jurisdiction may modify these requirements. If FATCA

withholding is imposed, a beneficial owner that is not a foreign financial institution generally may obtain a refund of

any amounts withheld by filing a U.S. federal income tax return (which may entail significant administrative

burden). The U.S. Treasury has released proposed regulations which, if finalized in their present form, would

eliminate the application of the FATCA withholding tax to the gross proceeds of a sale or other disposition of the

Shares. In its preamble to such proposed regulations, the U.S. Treasury stated that taxpayers may generally rely on

the proposed regulations until final regulations are issued. An investor should consult its tax advisors regarding the

effects of FATCA on its investments in the Shares, and the possible impact of these rules on the entities through

which such investors hold the Shares, including, without limitation, the process and deadlines for meeting the

applicable requirements to prevent the imposition of the FATCA withholding tax.

**BUSINESS DEVELOPMENT COMPANY REGULATIONS** 

The Company has elected to be regulated as a BDC under the 1940 Act. The 1940 Act contains prohibitions and

restrictions relating to transactions between BDCs and their affiliates, principal underwriters and affiliates of those

affiliates or underwriters. The 1940 Act requires that a majority of the directors be persons other than "interested

persons," as that term is defined in the 1940 Act.

In addition, the 1940 Act provides that the Company may not change the nature of its business so as to cease to

be, or to withdraw the Company's election as, a BDC unless approved by a majority of its outstanding voting

securities. The 1940 Act defines "a majority of the outstanding voting securities" as the lesser of (i) 67% or more of

the voting securities present at a meeting if the holders of more than 50% of the Company's outstanding voting

securities are present or represented by proxy or (ii) 50% of the Company's voting securities.

As a BDC, the Company will not generally be permitted to invest in any portfolio company in which its Adviser

or any of its affiliates currently have an investment or to make any co-investments with the Company's Adviser or

its affiliates without an exemptive order from the SEC. The Adviser and the Company intend to apply for an

exemptive order from the SEC that, if granted, would expand the Company's ability to invest alongside its affiliates

in privately placed investments that involve the negotiation of certain terms of the securities to be purchased (other

than price-related terms). There can be no assurance that any such exemptive order will be obtained.

**Qualifying Assets**

Under the 1940 Act, a BDC may not acquire any asset other than assets of the type listed in Section 55(a) of the

1940 Act, which are referred to as qualifying assets, unless, at the time the acquisition is made, qualifying assets

represent at least 70% of the company's total assets. The principal categories of qualifying assets relevant to the

Company's business are any of the following:

(1)Securities purchased in transactions not involving any public offering from the issuer of such securities,

which issuer (subject to certain limited exceptions) is an eligible portfolio company, or from any person

who is, or has been during the preceding 13 months, an affiliated person of an eligible portfolio company,

or from any other person, subject to such rules as may be prescribed by the SEC. An eligible portfolio

company is defined in the 1940 Act as any issuer which:

(a)is organized under the laws of, and has its principal place of business in, the United States;

(b)is not an investment company (other than a small business investment company wholly owned by the

BDC) or a company that would be an investment company but for the Section 3(c) exclusions under

the 1940 Act; and

(c)satisfies any of the following:

(i)does not have any class of securities that is listed on a national securities exchange or, if it does

have a class of securities listed on a national securities exchange, it has a market capitalization of

less than $250 million;

(ii)is controlled by a BDC or a group of companies including a BDC and the BDC has an affiliated

person who is a director of the eligible portfolio company; or

(iii)has total assets of not more than $4 million and capital and surplus of not less than $2 million.

(2)Securities of any eligible portfolio company that the Company controls.

(3)Securities purchased in a private transaction from a U.S. issuer that is not an investment company or from

an affiliated person of the issuer, or in transactions incident thereto, if the issuer is in bankruptcy and

subject to reorganization or if the issuer, immediately prior to the purchase of its securities was unable to

meet its obligations as they came due without material assistance other than conventional lending or

financing arrangements.

(4)Securities of an eligible portfolio company purchased from any person in a private transaction if there is no

ready market for such securities and the Company already owns 60% of the outstanding equity of the

eligible portfolio company.

(5)Securities received in exchange for or distributed on or with respect to securities described in (1) through

(4) above, or pursuant to the exercise of warrants or rights relating to such securities.

(6)Cash, cash items (including money market funds), U.S. government securities or high-quality debt

securities maturing in one year or less from the time of investment.

**Managerial Assistance to Portfolio Companies**

In order to count portfolio securities as qualifying assets for the purpose of the 70% test, the Company must

either control the issuer of the securities or must offer to make available to the issuer of the securities (other than

small and solvent companies described above) significant managerial assistance; except that, where the Company

purchases such securities in conjunction with one or more other persons acting together, one of the other persons in

the group may make available such managerial assistance. Making available significant managerial assistance

means, among other things, any arrangement whereby the BDC, through its directors, officers or employees, offers

to provide, and, if accepted, does so provide, significant guidance and counsel concerning the management,

operations or business objectives and policies of a portfolio company.

**Senior Securities**

The Company is permitted, under specified conditions, to issue multiple classes of debt and one class of stock

senior to the Shares if its asset coverage, as defined in the 1940 Act, is at least equal to 150% immediately after each

such issuance. Under a 150% asset coverage ratio a BDC may borrow $2 for investment purposes of every $1 of

investor equity. In addition, while any senior securities remain outstanding, the Company may be prohibited from

making distributions to Shareholders or repurchasing such securities or shares unless the Company meets the

applicable asset coverage ratios at the time of the distribution or repurchase. The Company may also borrow

amounts up to 5% of the value of its total assets for temporary or emergency purposes without regard to asset

coverage.

**Securities Exchange Act and Sarbanes-Oxley Act Compliance**

The Company will be subject to the reporting and disclosure requirements of the Exchange Act, including the

filing of quarterly, annual and current reports, proxy statements and other required items. In addition, the Company

will be subject to the Sarbanes-Oxley Act, which imposes a wide variety of regulatory requirements on publicly held

companies and their insiders. For example:

• pursuant to Rule 13a-14 of the Exchange Act, the chief executive officer and chief financial officer will be

required to certify the accuracy of the financial statements contained in the Company's periodic reports;

• pursuant to Item 307 of Regulation S-K, the Company's periodic reports will be required to disclose the

Company's conclusions about the effectiveness of its disclosure controls and procedures; and

• pursuant to Rule 13a-15 of the Exchange Act, the Company's management will be required to prepare a

report regarding its assessment of its internal control over financial reporting. When the Company is no

longer an emerging growth company under the JOBS Act, the Company's independent registered public

accounting firm will be required to audit the Company's internal control over financial reporting.

The Sarbanes-Oxley Act will require the Company to review its current policies and procedures to determine

whether the Company complies with the Sarbanes-Oxley Act and the regulations promulgated thereunder. The

Company intends to monitor its compliance with all regulations that are adopted under the Sarbanes-Oxley Act and

will take actions necessary to ensure that it is in compliance therewith.

**INVESTMENT PRACTICES, TECHNIQUES AND RISKS**

The following disclosure supplements the disclosure set forth under the captions "Investment Objective and

Strategy" and "Risks" and does not, by itself, present a complete or accurate explanation of the matters discussed.

Prospective investors also should refer to "Investment Objective and Strategy" and "Risks" for a complete

presentation of the matters disclosed below.

The Company invests in a variety of investment types and employs a number of investment strategies and

techniques. The Company may make other investments and engage in other types of strategies or techniques, to the

extent consistent with its investment objective and strategies and except where otherwise prohibited by applicable

law or the Company's own investment restrictions, as set forth in this Prospectus.

The discussion below provides additional information about certain of the investments, investment techniques,

and investment strategies that the Adviser may use in managing the Company as well as the risks associated with

such investments, investment techniques, and investment strategies. The investments, investment techniques, and

investment strategies as well as the risks associated with such investments, investment techniques, and investment

strategies are presented below in alphabetical order to facilitate readability, and their order does not imply that the

Company prioritizes one investment, investment technique, or investment strategy over another nor does it imply

that the realization of one risk is more likely to occur or have a greater adverse impact than another risk. The

information below supplements the discussion of the principal investment strategies and principal risks contained in

the Company's Prospectus, but does not describe every type of investment, investment technique, investment

strategy, factor, or other consideration that the Company may take into account nor does it describe every risk to

which the Company may be exposed.

The Company may use any or all of these investment types, investment techniques, or investment strategies at

any one time, and the fact that the Company may use an investment type, investment technique, or investment

strategy does not mean that it will be used.

**Artificial Intelligence:** Artificial intelligence or "AI" refers to computer systems that can perform tasks that

would otherwise require human intelligence and encompasses various different forms of artificial intelligence,

including machine learning models. Artificial intelligence is typically designed to analyze data, learn from patterns

and experiences, make decisions, and solve problems. Artificial intelligence can be categorized into two types:

narrow artificial intelligence, which is designed for specific tasks, and general artificial intelligence, which has the

ability to perform any intellectual task that a human can do and includes generative artificial intelligence. Generative

artificial intelligence is a type of artificial intelligence technology that produces new text, images, audio, and other

content based on training data that includes examples of the desired output. Typically, users enter questions, queries,

or other inputs that prompt the generative artificial intelligence model or tool to produce output. In addition, some

software uses generative artificial intelligence to suggest changes, summarize information, or translate text.

Artificial intelligence has various applications in many fields such as healthcare, finance, transportation, and law.

The Adviser may use and/or expand its use of artificial intelligence in connection with its business, operating

and investment activities and the Company's investments may also use such technologies. Actual usage of such

artificial intelligence will vary, and while the Adviser expects from time to time to adopt and adjust usage policies

and procedures governing the use of artificial intelligence by its personnel, there is a risk of misuse of artificial

intelligence technologies.

Artificial intelligence is highly reliant on the collection and analysis of large amounts of data and complex

algorithms, but it is not possible nor practicable to incorporate all data that would be relevant for a task conducted by

artificial intelligence. Therefore, it is possible that the information provided through use of artificial intelligence

could be insufficient, incomplete, inaccurate or biased leading to adverse effects for the Company, including,

potentially, operational errors and investment losses.

Artificial intelligence and its current and potential future applications, including in the investment and financial

sectors, as well as the regulatory frameworks within which they operate, continue to rapidly evolve, and it is

impossible to predict the full extent of future applications or regulations. Ongoing and future regulatory actions with

respect to artificial intelligence generally or artificial intelligence's use in any industry in particular may alter,

perhaps to a materially adverse extent, the ability of the Adviser, the Company or its investments to utilize artificial

intelligence in the manner it has to-date, and may have an adverse impact on the ability of the Adviser, or the

Company or its investments to continue to operate as intended.

**Bank Instruments:** Bank instruments include certificates of deposit ("CDs"), fixed-time deposits, and other

debt and deposit-type obligations (including promissory notes that earn a specified rate of return) issued by: (i) a

U.S. branch of a U.S. bank; (ii) a non-U.S. branch of a U.S. bank; (iii) a U.S. branch of a non-U.S. bank; or (iv) a

non-U.S. branch of a non-U.S. bank. Bank instruments may be structured as fixed-, variable- or floating-rate

obligations.

CDs typically are interest-bearing debt instruments issued by banks and have maturities ranging from a few

weeks to several years. Yankee dollar certificates of deposit are negotiable CDs issued in the United States by

branches and agencies of non-U.S. banks. Eurodollar certificates of deposit are CDs issued by non-U.S. banks with

interest and principal paid in U.S. dollars. Eurodollar and Yankee Dollar CDs typically have maturities of less than

two years and have interest rates that typically are pegged to the Secured Overnight Financing Rate. Bankers'

acceptances are negotiable drafts or bills of exchange, normally drawn by an importer or exporter to pay for specific

merchandise, which are "accepted" by a bank, meaning, in effect, that the bank unconditionally agrees to pay the

face value of the instrument on maturity. Bankers' acceptances are a customary means of effecting payment for

merchandise sold in import-export transactions and are a general source of financing. A fixed-time deposit is a bank

obligation payable at a stated maturity date and bearing interest at a fixed rate. There are generally no contractual

restrictions on the right to transfer a beneficial interest in a fixed-time deposit to a third party, although there is

generally no market for such deposits. Typically, there are penalties for early withdrawals of time deposits.

Promissory notes are written commitments of the maker to pay the payee a specified sum of money either on

demand or at a fixed or determinable future date, with or without interest.

Certain bank instruments, such as some CDs, are insured by the Federal Deposit Insurance Corporation (the

"FDIC") up to certain specified limits. Many other bank instruments, however, are neither guaranteed nor insured by

the FDIC or the U.S. government. These bank instruments are "backed" only by the creditworthiness of the issuing

bank or parent financial institution. U.S. and non-U.S. banks are subject to different governmental regulation. They

are subject to the risks of investing in the particular issuing bank and of investing in the banking and financial

services sector generally. Certain obligations of non-U.S. banks, including Eurodollar and Yankee dollar obligations,

involve different and/or heightened investment risks than those affecting obligations of U.S. banks, including,

among others, the possibilities that: (i) their liquidity could be impaired because of political or economic

developments; (ii) the obligations may be less marketable than comparable obligations of U.S. banks; (iii) a non-

U.S. jurisdiction might impose withholding and other taxes at high levels on interest income; (iv) non-U.S. deposits

may be seized or nationalized; (v) non-U.S. governmental restrictions such as exchange controls may be imposed,

which could adversely affect the payment of principal and/or interest on those obligations; (vi) there may be less

publicly available information concerning non-U.S. banks issuing the obligations; and (vii) the reserve requirements

and accounting, auditing and financial reporting standards, practices and requirements applicable to non-U.S. banks

may differ (including those that are less stringent) from those applicable to U.S. banks. Non-U.S. banks generally

are not subject to examination by any U.S. government agency or instrumentality.

**Borrowing:** Borrowing may result in leveraging of the Company's assets. This borrowing may be secured or

unsecured. Borrowing, like other forms of leverage, will tend to exaggerate the effect on NAV of any increase or

decrease in the market value of the Company's portfolio. Money borrowed will be subject to interest costs which

may or may not be recovered by appreciation of the securities purchased, if any. The Company also may be required

to maintain minimum average balances in connection with such borrowing or to pay a commitment or other fee to

maintain a line of credit; either of these requirements would increase the cost of borrowing over the stated interest

rate.

The Company may engage in other transactions that may have the effect of creating leverage in the Company's

portfolio, including, by way of example, reverse repurchase agreements, dollar rolls, and derivatives transactions.

The Company will generally not treat such transactions as borrowings of money.

**Cash Equivalents and Short-Term Debt Securities:** For temporary defensive purposes, the Company may

invest up to 100% of its assets in cash, cash equivalents, funds including money market funds or related instruments,

broadly syndicated term loans, short-term debt securities, other fixed income investments, and/or other investment

companies (including ETFs) ("Liquid Assets"). Short-term debt securities are defined to include, without limitation,

the following:

• U.S. government securities, including bills, notes and bonds differing as to maturity and rates of interest

that are either issued or guaranteed by the U.S. Treasury or by U.S. government agencies or

instrumentalities. U.S. government securities include securities issued by: (a) the Federal Housing

Administration (the "FHA"), Farmers Home Administration, Export-Import Bank of the United States,

Small Business Administration and Government National Mortgage Association ("GNMA"), the securities

of which are supported by the full faith and credit of the United States; (b) the Federal Home Loan Banks,

Federal Intermediate Credit Banks and Tennessee Valley Authority, the securities of which are supported

by the right of the agency to borrow from the U.S. Treasury; (c) the Federal National Mortgage Association

("FNMA"), the securities of which are supported by the discretionary authority of the U.S. government to

purchase certain obligations of the agency or instrumentality; and (d) the Student Loan Marketing

Association, the securities of which are supported only by its credit. While the U.S. government provides

financial support to such U.S. government-sponsored agencies or instrumentalities, no assurance can be

given that it always will do so since it is not so obligated by law. The U.S. government, its agencies and

instrumentalities do not guarantee the market value of their securities. Consequently, the value of such

securities may fluctuate.

• Certificates of deposit issued against funds deposited in a bank or a savings and loan association. Such

certificates are for a definite period of time, earn a specified rate of return and are normally negotiable. The

issuer of a certificate of deposit agrees to pay the amount deposited plus interest to the bearer of the

certificate on the date specified thereon. Certificates of deposit purchased by the Company may not be fully

insured by the FDIC.

• Repurchase agreements, which involve purchases of debt securities.

• Commercial paper, which consists of short-term unsecured promissory notes, including variable rate master

demand notes issued by corporations to finance their current operations. Master demand notes are direct

lending arrangements between the Company and a corporation. There is no secondary market for such

notes. However, they are redeemable by the Company at any time. The Adviser will consider the financial

condition of the corporation (e.g., earning power, cash flow and other liquidity ratios) and will continuously

monitor the corporation's ability to meet all of its financial obligations, because the Company's liquidity

might be impaired if the corporation were unable to pay principal and interest on demand. Investments in

commercial paper will be limited to commercial paper rated in the highest categories by a major rating

agency and which mature within one year of the date of purchase or carry a variable or floating rate of

interest.

**Commercial Paper:** Commercial paper represents short-term unsecured promissory notes issued in bearer form

by banks or bank holding companies, corporations and finance companies. Commercial paper may consist of U.S.

dollar- or foreign currency-denominated obligations of U.S. or non-U.S. issuers, and may be rated or unrated. The

rate of return on commercial paper may be linked or indexed to the level of exchange rates between the U.S. dollar

and a foreign currency or currencies.

Section 4(a)(2) commercial paper is commercial paper issued in reliance on the so-called "private placement"

exemption from registration afforded by Section 4(a)(2) of the Securities Act ("Section 4(a)(2) paper"). Section

4(a)(2) paper is restricted as to disposition under the U.S. federal securities laws, and generally is sold to investors

who agree that they are purchasing the paper for investment and not with a view to public distribution. Any resale by

the purchaser must be in an exempt transaction. Section 4(a)(2) paper is normally resold to other investors through

or with the assistance of the issuer or dealers who make a market in Section 4(a)(2) paper, thus providing liquidity.

**Commodities:** The Company may gain exposure to commodity markets by investing in commodity-related

instruments. Such instruments include, (i) commodity-linked derivatives such as futures contracts and options, that

are designed to provide the Company with exposure to the commodities market without necessarily investing

directly in physical commodities; and (ii) exchange traded investment vehicles that are designed to provide exposure

to the investment return of assets that trade in the commodities markets, without investing directly in physical

commodities. Commodities values may be highly volatile, and may decline rapidly and without warning. The values

of commodity related instruments will typically be substantially affected by changes in the values of their underlying

commodity, commodity index, futures contract, or other economic variable to which they are related. Additionally,

economic leverage will increase the volatility of these instruments as they may increase or decrease in value more

quickly than the underlying commodity or other relevant economic variable.

**Convertible Securities:** Convertible securities are securities that combine the investment characteristics of debt

instruments and common stocks. Convertible securities typically consist of debt instruments or preferred stock that

may be converted (on a voluntary or mandatory basis) within a specified period of time (normally for the entire life

of the security) into a certain amount of common stock or other equity security of the same or a different issuer at a

predetermined price. Convertible securities also include debt instruments with warrants or common stock attached

and derivatives combining the features of debt instruments and equity securities. Other convertible securities with

additional or different features and risks may become available in the future. Convertible securities involve risks

similar to those of both debt instruments and equity securities. In a corporation's capital structure, convertible

securities are senior to common stock but are usually subordinated to senior debt instruments of the issuer.

The market value of a convertible security is a function of its "investment value" and its "conversion value." A

security's "investment value" represents the value of the security without its conversion feature (*i.e*., a

nonconvertible debt instrument). The investment value may be determined by reference to its credit quality and the

current value of its yield to maturity or probable call date. At any given time, investment value is dependent upon

such factors as the general level of interest rates, the yield of similar nonconvertible securities, the financial strength

of the issuer, and the seniority of the security in the issuer's capital structure. A security's "conversion value" is

determined by multiplying the number of shares the holder is entitled to receive upon conversion or exchange by the

current price of the underlying security. If the conversion value of a convertible security is significantly below its

investment value, the convertible security will trade like a nonconvertible debt instrument or preferred stock and its

market value will not be influenced greatly by fluctuations in the market price of the underlying security. In that

circumstance, the convertible security takes on the characteristics of a debt instrument, and the price moves in the

opposite direction from interest rates. Conversely, if the conversion value of a convertible security is near or above

its investment value, the market value of the convertible security will be more heavily influenced by fluctuations in

the market price of the underlying security. In that case, the convertible security's price may be as volatile as that of

common stock. Because both interest rates and market movements can influence its value, a convertible security

generally is not as sensitive to interest rates as a similar debt instrument, nor is it as sensitive to changes in share

price as its underlying equity security. Convertible securities are often rated below investment grade or are not rated,

and they are generally subject to greater levels of credit risk and liquidity risk.

<u>Contingent Convertible Securities ("CoCos"):</u> CoCos are a form of hybrid debt instrument. They are

subordinated instruments that are designed to behave like bonds or preferred equity in times of economic health for

the issuer, yet absorb losses when a pre-determined trigger event affecting the issuer occurs. CoCos are either

convertible into equity at a predetermined share price or written down if a pre-specified trigger event occurs. Trigger

events vary by individual security and are defined by the documents governing the contingent convertible security.

Such trigger events may include a decline in the issuer's capital below a specified threshold level, an increase in the

issuer's risk-weighted assets, the share price of the issuer falling to a particular level for a certain period of time, and

certain regulatory events. CoCos are subject to credit, interest rate, high-yield securities, foreign investments and

market risks associated with both debt instruments and equity securities. In addition, CoCos have no stated maturity

and have fully discretionary coupons. If the CoCos are converted into the issuer's underlying equity securities

following a conversion event, each holder will be subordinated due to their conversion from being the holder of a

debt instrument to being the holder of an equity instrument, hence worsening the holder's standing in a bankruptcy

proceeding.

**Corporate Debt Instruments:** Corporate debt instruments are long and short-term debt instruments typically

issued by businesses to finance their operations. Corporate debt instruments are issued by public or private issuers,

as distinct from debt instruments issued by a government or its agencies. The issuer of a corporate debt instrument

typically has a contractual obligation to pay interest at a stated rate on specific dates and to repay principal

periodically or on a specified maturity date. The broad category of corporate debt instruments includes debt issued

by U.S. or non-U.S. issuers of all kinds, including those with small-, mid- and large-capitalizations. The category

also includes bank loans, as well as assignments, participations and other interests in bank loans. Corporate debt

instruments may be rated investment grade or below investment grade and may be structured as fixed-, variable or

floating-rate obligations or as zero-coupon, pay-in-kind and step-coupon securities and may be privately placed or

publicly offered. They may also be senior or subordinated obligations. Because of the wide range of types and

maturities of corporate debt instruments, as well as the range of creditworthiness of issuers, corporate debt

instruments can have widely varying risk/return profiles.

Corporate debt instruments carry both credit risk and interest rate risk. Credit risk is the risk that an investor

could lose money if the issuer of a corporate debt instrument is unable to pay interest or repay principal when it is

due. Some corporate debt instruments that are rated below investment grade (commonly referred to as "junk bonds")

are generally considered speculative because they present a greater risk of loss, including default, than higher rated

debt instruments. The credit risk of a particular issuer's debt instrument may vary based on its priority for

repayment. For example, higher-ranking (senior) debt instruments have a higher priority than lower ranking

(subordinated) debt instruments. This means that the issuer might not make payments on subordinated debt

instruments while continuing to make payments on senior debt instruments. In addition, in the event of bankruptcy,

holders of higher-ranking senior debt instruments may receive amounts otherwise payable to the holders of more

junior securities. The market value of corporate debt instruments may be expected to rise and fall inversely with

interest rates generally. In general, corporate debt instruments with longer terms tend to fall more in value when

interest rates rise than corporate debt instruments with shorter terms. The value of a corporate debt instrument may

also be affected by supply and demand for similar or comparable securities in the marketplace. Fluctuations in the

value of portfolio securities subsequent to their acquisition will not affect cash income from such securities but will

be reflected in NAV. Corporate debt instruments generally trade in the over-the-counter ("OTC") market and can be

less liquid that other types of investments, particularly during adverse market and economic conditions.

**Depositary Receipts:** Depositary receipts are typically trust receipts issued by a U.S. bank or trust company

that evince an indirect interest in underlying securities issued by a foreign entity, and are in the form of sponsored or

unsponsored American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs") and Global

Depositary Receipts ("GDRs").

Generally, ADRs are publicly traded on a U.S. stock exchange or in the OTC market, and are denominated in

U.S. dollars, and the depositaries are usually a U.S. financial institution, such as a bank or trust company, but the

underlying securities are issued by a foreign issuer.

GDRs may be traded in any public or private securities markets in U.S. dollars or other currencies and generally

represent securities held by institutions located anywhere in the world. For GDRs, the depositary may be a foreign or

a U.S. entity, and the underlying securities may have a foreign or a U.S. issuer.

EDRs are generally issued by a European bank and traded on local exchanges.

Depositary receipts may be sponsored or unsponsored. Although the two types of depositary receipt facilities

are similar, there are differences regarding a holder's rights and obligations and the practices of market participants.

With sponsored facilities, the underlying issuer typically bears some of the costs of the depositary receipts (such as

dividend payment fees of the depositary), although most sponsored depositary receipt holders may bear costs such as

deposit and withdrawal fees. Depositaries of most sponsored depositary receipts agree to distribute notices of

shareholder meetings, voting instructions, and other shareholder communications and financial information to the

depositary receipt holders at the underlying issuer's request. Holders of unsponsored depositary receipts, which are

created independently of the issuer of the underlying security, generally bear all the costs of the facility. The

depositary usually charges fees upon the deposit and withdrawal of the underlying securities, the conversion of

dividends into U.S. dollars or other currency, the disposition of non-cash distributions, and the performance of other

services. The depositary of an unsponsored facility frequently is under no obligation to distribute shareholder

communications received from the underlying issuer or to pass through voting rights with respect to the underlying

securities to depositary receipt holders. As a result, available information concerning the issuer of an unsponsored

depositary receipt may not be as current as for sponsored depositary receipts, and the prices of unsponsored

depositary receipts may be more volatile than if such instruments were sponsored by the issuer.

In addition, a depositary or issuer may unwind its depositary receipt program, or the relevant exchange may

require depositary receipts to be delisted, which could require the Company to sell its depositary receipts (potentially

at disadvantageous prices) or to convert them into shares of the underlying non-U.S. security (which could adversely

affect their value or liquidity). Depositary receipts also may be subject to illiquidity risk, and trading in depositary

receipts may be suspended by the relevant exchange.

ADRs, GDRs and EDRs are subject to many of the same risks associated with investing directly in foreign

issuers. Investments in depositary receipts may be less liquid and more volatile than the underlying securities in their

primary trading market. If a depositary receipt is denominated in a different currency than its underlying securities it

will be subject to the currency risk of both the investment in the depositary receipt and the underlying securities. The

value of depositary receipts may have limited or no rights to take action with respect to the underlying securities or

to compel the issuer of the receipts to take action.

**Derivative Instruments:** Derivatives are financial contracts whose values change based on changes in the

values of one or more underlying assets or the difference between underlying assets. Underlying assets may include

a security or other financial instrument, asset, currency, interest rate, credit rating, commodity, volatility measure, or

index. Examples of derivative instruments include swap agreements, forward commitments, futures contracts, and

options. Derivatives may be traded on contract markets or exchanges, or may take the form of contractual

arrangements between private counterparties. Investing in derivatives involves counterparty risk, particularly with

respect to contractual arrangements between private counterparties. Derivatives can be highly volatile and involve

risks in addition to, and potentially greater than, the risks of the underlying asset(s). Gains or losses from derivatives

can be substantially greater than the derivatives' original cost and can sometimes be unlimited. Derivatives typically

involve leverage. Derivatives can be complex instruments and can involve analysis and processing that differs from

that required for other investment types. If the value of a derivative does not correlate well with the particular market

or other asset class the derivative is intended to provide exposure to, the derivative may not have the effect intended.

Derivatives can also reduce the opportunity for gains or result in losses by offsetting positive returns in other

investments. Derivatives can be less liquid than other types of investments. Legislation and regulation of derivatives

in the United States and other countries, including margin, clearing, trading, reporting, and position limits, may

make derivatives more costly and/or less liquid, limit the availability of certain types of derivatives, cause changes in

the use of derivatives, or otherwise adversely affect the use of derivatives.

Certain derivative transactions require margin or collateral to be posted to and/or exchanged with a broker,

prime broker, futures commission merchant, exchange, clearing house, or other third party, whether directly or

through a segregated custodial account. If an entity holding the margin or collateral becomes bankrupt or insolvent

or otherwise fails to perform its obligations due to financial difficulties, there could be delays and/or losses in

liquidating open positions purchased or sold through such entity and/or recovering amounts owed, including a loss

of all or part of its collateral or margin deposits with such entity.

Some derivatives may be used for "hedging," meaning that they may be used when the Adviser seeks to protect

investments from a decline in value, which could result from changes in interest rates, market prices, currency

fluctuations, and other market factors. Derivatives may also be used when the Adviser seeks to increase liquidity;

implement a cash management strategy; invest in a particular stock, bond, or segment of the market in a more

efficient or less expensive way; modify the characteristics of portfolio investments; and/or to enhance return.

However, when derivatives are used, their successful use is not assured and will depend upon the Adviser's ability to

predict and understand relevant market movements.

<u>Derivatives Regulation</u>: The U.S. government has enacted legislation that provides for regulation of the

derivatives market, including clearing, margin, reporting, and registration requirements. The European Union (the

"EU"), the United Kingdom (the "UK"), and certain other jurisdictions have implemented or are in the process of

implementing similar requirements, which will affect derivatives transactions with a counterparty organized in, or

otherwise subject to, the EU's or other jurisdiction's derivatives regulations. Clearing rules and other rules and

regulations could, among other things, restrict a registered investment company's ability to engage in, or increase

the cost of, derivatives transactions, for example, by eliminating the availability of some types of derivatives,

increasing margin or capital requirements, or otherwise limiting liquidity or increasing transaction costs. While these

rules and regulations and central clearing of some derivatives transactions are designed to reduce systemic risk (*i.e*.,

the risk that the interdependence of large derivatives dealers could cause them to suffer liquidity, solvency, or other

challenges simultaneously), there is no assurance that they will achieve that result, and in the meantime, central

clearing and related requirements may expose investors to different kinds of costs and risks. For example, in the

event of a counterparty's (or its affiliate's) insolvency, the Company's ability to exercise remedies (such as the

termination of transactions, netting of obligations and realization on collateral) could be stayed or eliminated under

new special resolution regimes adopted in the United States, the EU, the UK and various other jurisdictions. Such

regimes provide government authorities with broad authority to intervene when a financial institution is

experiencing financial difficulty. In particular, the liabilities of counterparties who are subject to such proceedings in

the EU and the UK could be reduced, eliminated, or converted to equity in such counterparties (sometimes referred

to as a "bail in").

Additionally, U.S. regulators, the EU, the UK, and certain other jurisdictions have adopted minimum margin

and capital requirements for uncleared derivatives transactions. These regulations have had a material impact on the

use of uncleared derivatives. These rules impose minimum margin requirements on derivatives transactions between

a registered investment company and its counterparties and in certain cases increase the amount of margin required.

They impose regulatory requirements on the timing of transferring margin and the types of collateral that parties are

permitted to exchange.

The SEC has adopted rules that require managers to file monthly confidential reports with the SEC regarding

equity short sales and related activity. Under the rules, the SEC will publicly disclose aggregated short position

information on a monthly basis. The SEC has also adopted a rule that will require reporting and public disclosure of

securities loan transaction information (not including party names); this may include, but is not limited to,

information about securities loans entered into in connection with short sales. In addition, other non-U.S.

jurisdictions (such as the EU and the UK) where the Company may trade have reporting requirements. If the

Company's short positions or its strategy become generally known, it could have a significant effect on the

Adviser's ability to implement its investment strategy. In particular, it would make it more likely that other investors

could cause a "short squeeze" in the securities held short by the Company forcing the Company to cover its

positions at a loss. Such reporting requirements also may limit the Adviser's ability to access management and other

personnel at certain companies where the Adviser seeks to take a short position. In addition, if other investors

engage in copycat behavior by taking positions in the same issuers as the Company, the cost of borrowing securities

to sell short could increase drastically and the availability of such securities to the Company could decrease

drastically. Such events could make the Company unable to execute its investment strategy. Short sales are also

subject to certain SEC regulations and certain EU and UK regulations (under which there are restrictions on net

short sales in certain securities). If the SEC or regulatory authorities in other jurisdictions were to adopt additional

restrictions regarding short sales, they could restrict the Company's ability to engage in short sales in certain

circumstances, and the Company may be unable to execute its investment strategy as a result. In response to market

events, the SEC and regulatory authorities in other jurisdictions may adopt (and in certain cases, have adopted) bans

or other restrictions on short sales of certain securities or on derivatives and other hedging instruments used to

achieve a similar economic effect. Such bans or other restrictions may make it impossible for the Company to

execute certain investment strategies and may have a material adverse effect on the Company's ability to generate

returns. See also "Risks of transactions in futures contracts and related options" for more information.

The Company relies on certain exemptions in Rule 18f-4 to enter into derivatives transactions and certain other

transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act.

Under Rule 18f-4, "derivatives transactions" include the following: (1) any swap, security-based swap, futures

contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar

instrument, under which the Company is or may be required to make any payment or delivery of cash or other assets

during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or

otherwise; (2) any short sale borrowing; and (3) if the Company relies on the exemption in Rule 18f-4(d)(1)(ii),

reverse repurchase agreements and similar financing transactions. The Company will rely on a separate exemption in

Rule 18f-4(e) when entering into unfunded commitment agreements (e.g., capital commitments to invest equity in

Private Vehicles that can be drawn at the discretion of the Private Vehicle's general partner, manager or equivalent).

To rely on the unfunded commitment agreements exemption, the Company must reasonably believe, at the time it

enters into such agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect

to all of its unfunded commitment agreements, in each case as they come due. The Company will rely on another

exemption in Rule 18f-4(f) when purchasing when-issued or forward-settling securities (e.g., firm and standby

commitments, including to-be-announced commitments, and dollar rolls) and non-standard settlement cycle

securities, if certain conditions are met. When the Company enters into a secondary transaction to purchase interests

in underlying Private Vehicles, the Company will treat the date of the transfer agreement to purchase the interest in a

specific Private Vehicle as the trade date for determining whether the purchase of the Private Vehicle qualifies for

the exemption for non-standard settlement cycle securities transactions.

The Company intends to operate as a "limited derivatives user" for purposes of the derivatives transactions

exemption in Rule 18f-4. To qualify as a limited derivatives user, the Company's "derivatives exposure" is limited

to 10% of its net assets subject to exclusions for certain currency or interest rate hedging transactions (as calculated

in accordance with Rule 18f-4). If the Company fails to qualify as a "limited derivatives user" as defined in Rule

18f-4 and seeks to enter into derivatives transactions, the Company will be required to establish a comprehensive

derivatives risk management program, to comply with certain value-at-risk based leverage limits, to appoint a

derivatives risk manager and to provide additional disclosure both publicly and to the SEC regarding its derivatives

positions.

<u>General Limitations on Certain Futures, Options and Swap Transactions:</u> The Adviser, with respect to the

Company, will file a notice of eligibility for an exclusion from the definition of the term "commodity pool operator"

with the Commodity Futures Trading Commission (the "CFTC") and the National Futures Association (the "NFA"),

which regulate trading in the futures markets. Pursuant to CFTC Regulation 4.5, the Adviser and the Company

expect not to be subject to regulation as a commodity pool or commodity pool operator under the CEA. If the

Adviser or the Company becomes subject to these requirements, as well as related NFA rules, the Company may

incur additional compliance and other expenses.

**Digital Assets:** The further development and acceptance of digital assets is subject to a variety of factors that

are difficult to evaluate. The slowing or stopping of the development or acceptance of digital assets may adversely

affect the Company. The use of digital assets to, among other things, buy and sell goods and services, or to serve as

the basis for other digital assets to facilitate transactions or services (including DeFi financial transactions), is part of

the new, experimental and rapidly evolving digital asset industry. The growth of this industry is subject to a high

degree of uncertainty. The factors affecting the further growth and development of this industry, include, but are not

limited to:

• continued worldwide growth in the adoption and use of digital assets;

• government and quasi-government regulation of digital assets and their use, or restrictions on or regulation

of access to and operation of digital asset networks;

• changes in consumer demographics and public tastes and preferences;

• the maintenance and development of the open-source software protocol of the digital asset networks;

• the availability and popularity of other forms or methods of buying and selling goods and services,

including new means of using fiat currencies;

• the further development of "second-layer" applications and scaling solutions; and

• general economic conditions and the regulatory environment relating to digital assets, and negative

consumer or public perception of digital assets.

Digital assets are loosely regulated and there is no central marketplace for digital asset exchange. Supply is

typically determined by a computer code, foundations or groups of developers or users, not by a central bank, and

prices can be extremely volatile. Additionally, exchanges may suffer from operational issues, such as delayed

execution, that could have an adverse effect on a fund. Digital asset exchanges have been closed due to fraud, failure

or security breaches. Any of the Company's assets that reside on an exchange that shuts down or suffers a breach

may be lost.

Several factors may affect the price of digital assets, including, but not limited to: supply and demand,

investors' expectations with respect to the rate of inflation, interest rates, currency exchange rates or future

regulatory measures (if any) that restrict the trading of digital assets or the use of digital assets as a form of payment.

There is no assurance that digital assets will maintain their long-term value in terms of purchasing power in the

future, or that acceptance of digital asset payments by mainstream retail merchants and commercial businesses will

continue to grow.

Digital assets are created, issued, distributed, transmitted, secured and stored according to protocols run by

computers in the digital asset networks, decentralized networks of computers that operate on cryptographic

protocols. No single entity owns or operates a digital asset network, the infrastructure of which is collectively

maintained by a decentralized user base. It is possible these protocols have undiscovered flaws which could result in

the loss of assets held by the Company. There may also be network-scale attacks against these protocols, which

result in the loss of assets held by the Company. Some assets held by the Company may be created, issued,

distributed, transmitted, secured or stored using experimental cryptography which could have underlying flaws.

Advancements in quantum computing could break the cryptographic rules of protocols which support the digital

assets held by the Company. There are no guarantees about the reliability of the protocol or cryptography used to

create, issue, distribute, transmit, secure or store digital assets held by the Company.

**Emerging Markets Investments:** Investments in emerging markets are generally subject to a greater risk of

loss than investments in developed markets. This may be due to, among other things, the possibility of greater

market volatility, lower trading volume and liquidity, greater risk of expropriation, nationalization, and social,

political and economic instability, greater reliance on a few industries, international trade or revenue from particular

commodities, less developed accounting, legal and regulatory systems, higher levels of inflation, deflation or

currency devaluation, greater risk of market shut down, and more significant governmental limitations on investment

activity as compared to those typically found in a developed market. In addition, issuers (including governments) in

emerging market countries may have less financial stability than in other countries. As a result, there will tend to be

an increased risk of price volatility in investments in emerging market countries, which may be magnified by

currency fluctuations relative to a base currency. Settlement and asset custody practices for transactions in emerging

markets may differ from those in developed markets. Such differences may include possible delays in settlement and

certain settlement practices, such as delivery of securities prior to receipt of payment, which increases the likelihood

of a "failed settlement." Failed settlements can result in losses. For these and other reasons, investments in emerging

markets are often considered speculative.

<u>Investing through Stock Connect</u>: The Company may, directly or indirectly (through, for example, participation

notes or other types of equity-linked notes), purchase shares in mainland China-based companies that trade on

Chinese stock exchanges such as the Shanghai Stock Exchange and the Shenzhen Stock Exchange ("China A-

Shares") through the Shanghai-Hong Kong Stock Connect ("Stock Connect"), a mutual market access program

designed to, among other things, enable foreign investment in the People's Republic of China ("PRC") via brokers

in Hong Kong. There are significant risks inherent in investing in China A-Shares through Stock Connect. The

underdeveloped state of PRC's investment and banking systems subjects the settlement, clearing, and registration of

China A-Shares transactions to heightened risks. Stock Connect can only operate when both PRC and Hong Kong

markets are open for trading and when banking services are available in both markets on the corresponding

settlement days. As such, if either or both markets are closed on a U.S. trading day, the Company may not be able to

dispose of its China A-Shares in a timely manner, which could adversely affect the Company's performance. PRC

regulations require that the Company that wishes to sell its China A-Shares pre-deliver the China A-Shares to a

broker. If the China A-Shares are not in the broker's possession before the market opens on the day of sale, the sell

order will be rejected. This requirement could also limit the Company's ability to dispose of its China A-Shares

purchased through Stock Connect in a timely manner. Additionally, Stock Connect is subject to daily quota

limitations on purchases of China A Shares. Once the daily quota is reached, orders to purchase additional China A-

Shares through Stock Connect will be rejected. The Company's investment in China A-Shares may only be traded

through Stock Connect and is not otherwise transferable. Stock Connect utilizes an omnibus clearing structure, and

the Shares will be registered in its custodian's name on the Central Clearing and Settlement System. This may limit

the ability of the Adviser to effectively manage the Company, and may expose the Company to the credit risk of its

custodian or to greater risk of expropriation. Investment in China A-Shares through Stock Connect may be available

only through a single broker that is an affiliate of the Company's custodian, which may affect the quality of

execution provided by such broker. Stock Connect restrictions could also limit the ability of the Company to sell its

China A-Shares in a timely manner, or to sell them at all. Further, different fees, costs and taxes are imposed on

foreign investors acquiring China A-Shares acquired through Stock Connect, and these fees, costs and taxes may be

higher than comparable fees, costs and taxes imposed on owners of other securities providing similar investment

exposure. Stock Connect trades are settled in Renminbi ("RMB"), the official currency of PRC, and investors must

have timely access to a reliable supply of RMB in Hong Kong, which cannot be guaranteed.

**Equity-Linked Notes:** An equity-linked note ("ELN") is an investment whose value is based on the value of a

single equity security, basket of equity securities, or an index of equity securities (each, an "underlying equity").

Generally, when purchasing an ELN, the Company pays the counterparty (usually a bank or brokerage firm) the

current value of the underlying equity plus a commission. Upon the maturity of the ELN, the Company generally is

entitled to receive the par value plus a return based on the appreciation of the underlying equity. If the underlying

equity has depreciated in value or if the price fluctuates outside of a preset range, depending on the type of ELN in

which the Company invested, the Company may receive only the principal amount of the note, or may lose the

principal invested in the ELN entirely.

ELNs are available with an assortment of features, such as periodic coupon payments (*e.g.*, monthly, quarterly,

or semiannually); varied participation rates (the rate at which the Company participates in the appreciation of the

underlying equity); limitations on the appreciation potential of the underlying equity by a maximum payment or call

right; and different protection levels on the Company's principal investment. In addition, when the underlying equity

is foreign securities or indices, an ELN may be priced with or without currency exposure. The Company may engage

in all types of ELNs, including those that: (1) provide for protection of the Company's principal in exchange for

limited participation in the appreciation of the underlying equity, and (2) do not provide for such protection and

subject the Company to the risk of loss of the Company's principal investment.

An ELN may provide interest income, thereby offering a yield advantage over investing directly in the

underlying equity. ELNs also may enable the Company to obtain a return (the coupon payment) without risk to

principal (in principal-protected ELNs) if the general price movement of the underlying equity is correctly

anticipated. The Company's successful use of ELNs will usually depend on the Adviser's ability to accurately assess

the terms of the ELN and forecast the credit quality of the issuer and the movements in the value of the underlying

equity. Should the prices of the underlying equity move in an unexpected manner, the Company may not achieve the

anticipated benefits of the investment in the ELN, and it may realize losses, which could be significant and could

include the Company's entire principal investment.

In addition, an investment in an ELN possesses the risks associated with the underlying equity, such as

management risk, market risk, and as applicable, foreign securities and currency risks. In addition, because ELNs

are in note form, ELNs are subject to the usual risks associated with debt instruments, such as interest rate risk and

credit risk. An ELN also bears the risk that the issuer of the ELN will default or become bankrupt. In such an event,

the Company may have difficulty being repaid, or fail to be repaid, the principal amount of, or income from, its

investment. A downgrade or impairment to the credit rating of the issuer may also negatively impact the value of the

ELN, regardless of the price of the underlying equity.

The Company may also experience liquidity issues when investing in ELNs. The secondary market for ELNs

may be limited, and the lack of liquidity in the secondary market may make ELNs difficult to sell and value. The

market for those ELNs that are exchange traded may be thinly traded and no assurance of liquidity is provided.

ELNs may exhibit price behavior that does not correlate with the underlying equity. In addition, the

performance of an ELN is the responsibility only of the issuer of the ELN and not the issuer of the underlying

equity. As the holder of an ELN, the Company generally has no rights to the underlying equity, including no voting

rights or rights to receive dividends, although the amount of expected dividends to be paid during the term of the

instrument are factored into the pricing and valuation of the underlying equity at inception.

<u>Europe:</u> European financial markets are vulnerable to volatility and losses arising from concerns about the

potential exit of member countries from the EU and/or the Economic and Monetary Union of the European Union

(the "EMU") and, in the latter case, the reversion of those countries to their national currencies. Defaults by EMU

member countries on sovereign debt, as well as any future discussions about exits from the EMU, may negatively

affect the Company's investments in the defaulting or exiting country, in issuers, both private and governmental,

with direct exposure to that country, and in European issuers generally. The UK left the EU on January 31, 2020

(commonly known as "Brexit") and entered into an 11-month transition period during which the UK remained part

of the EU single market and customs union. The transition period concluded on December 31, 2020, and the UK left

the EU single market and customs union under the terms of a new Trade and Cooperation Agreement. This

agreement does not provide the UK with the same level of rights or access to all goods and services in the EU as

before, including in relation to financial services. Consequently, uncertainty remains in certain areas regarding the

future UK-EU relationship.

From January 1, 2021, EU laws ceased to apply in the UK, with many being assimilated into UK law until

repealed, replaced, or amended. The UK government has enacted legislation to make substantial amendments to

these laws, creating unpredictable consequences for financial markets and investments. Brexit could significantly

impact the UK, European, and global macroeconomic conditions, leading to prolonged political, legal, regulatory,

tax, and economic uncertainty. This uncertainty may affect opportunities, pricing, availability, and cost of financing,

regulation, values, or exit opportunities of companies or assets based in, doing business with, or having significant

relationships in the UK or EU.

**Equity Securities Risk:** The prices of equity securities fluctuate based on changes in a company's financial

condition and overall market and economic conditions. Equity securities of companies that operate in certain sectors

or industries tend to experience greater volatility than companies that operate in other sectors or industries or the

broader equity markets. For example, publicly traded equity securities of private equity funds and private equity

firms tend to experience greater volatility than other companies in the financial services industry and the broader

equity markets. An adverse event, such as an unfavorable earnings report, may depress the value of equity securities

held by the Company. The value of equity securities may also decline due to factors which affect a particular

industry or industries, such as labor shortages or increased production costs and competitive conditions within an

industry. The value of the equity securities held by the Company may decline for a number of other reasons which

directly relate to the issuer, such as management performance, financial leverage, the issuer's historical and

prospective earnings, the value of its assets and reduced demand for its goods and services. Also, equity securities

and equity-related securities may be particularly sensitive to general movements in the stock market, and a drop in

the stock market may depress the price of any equity securities to which the Company has exposure. The value of

the equity securities the Company holds may also fluctuate because of changes in investors' perceptions of the

financial condition of an issuer or the general condition of the relevant stock market, or when political or economic

events affecting the issuers occur. In addition, common stock prices may be particularly sensitive to rising interest

rates, as the cost of capital rises and borrowing costs increase. Common equity securities in which the Company may

invest are structurally subordinated to preferred stock, bonds and other debt instruments in a company's capital

structure in terms of priority to corporate income, and are therefore inherently more risky than preferred stock or

debt instruments of such issuers.

The equity interests the Company invests in may not appreciate in value and, in fact, may decline in value or

lose all value. Accordingly, the Company may not be able to realize gains from its equity interests, and any gains

that it does realize on the disposition of any equity interests may not be sufficient to offset any other losses it

experiences.

**Floating or Variable Rate Instruments:** Variable and floating rate instruments are a type of debt instrument

that provides for periodic adjustments in the interest rate paid on the instrument. Variable rate instruments provide

for the automatic establishment of a new interest rate on set dates, while floating rate instruments provide for an

automatic adjustment in the interest rate whenever a specified interest rate changes. Variable rate instruments will be

deemed to have a maturity equal to the period remaining until the next readjustment of the interest rate.

There is a risk that the current interest rate on variable and floating rate instruments may not accurately reflect

current market interest rates or adequately compensate the holder for the current creditworthiness of the issuer.

Some variable or floating rate instruments are structured with liquidity features such as: (1) put options or tender

options that permit holders (sometimes subject to conditions) to demand payment of the unpaid principal balance

plus accrued interest from the issuers or certain financial intermediaries; or (2) auction rate features, remarketing

provisions, or other maturity-shortening devices designed to enable the issuer to refinance or redeem outstanding

debt instruments (market-dependent liquidity features). The market-dependent liquidity features may not operate as

intended as a result of the issuer's declining creditworthiness, adverse market conditions, or other factors or the

inability or unwillingness of a participating broker-dealer to make a secondary market for such instruments. As a

result, variable or floating rate instruments that include market-dependent liquidity features may lose value and the

holders of such instruments may be required to retain them for an extended period of time or indefinitely.

Generally, changes in interest rates will have a smaller effect on the market value of variable and floating rate

instruments than on the market value of comparable debt instruments. Thus, investing in variable and floating rate

instruments generally allows less potential for capital appreciation and depreciation than investing in comparable

debt instruments.

**Foreign (Non-U.S.) Currencies:** Investments in issuers in different countries are often denominated in foreign

currencies. Changes in the values of those currencies relative to the U.S. dollar may have a positive or negative

effect on the values of investments denominated in those currencies. Investments may be made in currency exchange

contracts or other currency-related transactions (including derivatives transactions) to manage exposure to different

currencies. Also, these contracts may reduce or eliminate some or all of the benefits of favorable currency

fluctuations. The values of foreign currencies may fluctuate in response to, among other factors, interest rate

changes, intervention (or failure to intervene) by national governments, central banks, or supranational entities such

as the International Monetary Fund, the imposition of currency controls, and other political or regulatory

developments. Currency values can decrease significantly both in the short term and over the long term in response

to these and other developments. Continuing uncertainty as to the status of the Euro and the EMU has created

significant volatility in currency and financial markets generally. Any partial or complete dissolution of the EMU, or

any continued uncertainty as to its status, could have significant adverse effects on currency and financial markets,

and on the values of portfolio investments. Some foreign countries have managed currencies, which do not float

freely against the U.S. dollar.

**Foreign (Non-U.S.) Investments:** Investments in non-U.S. issuers (including depositary receipts) entail risks

not typically associated with investing in U.S. issuers. Similar risks may apply to instruments traded on a U.S.

exchange that are issued by issuers with significant exposure to non-U.S. countries. The less developed a country's

securities market is, the greater the level of risk. In certain countries, legal remedies available to investors may be

more limited than those available with regard to U.S. investments. Because non-U.S. instruments are normally

denominated and traded in currencies other than the U.S. dollar, the value of the assets may be affected favorably or

unfavorably by currency exchange rates, exchange control regulations, and restrictions or prohibitions on the

repatriation of non-U.S. currencies. Income and gains with respect to investments in certain countries may be subject

to withholding and other taxes. There may be less information publicly available about a non-U.S. issuer than about

a U.S. issuer, and many non-U.S. issuers are not subject to accounting, auditing, and financial reporting standards,

regulatory framework and practices comparable to those in the United States. The securities of some non-U.S.

issuers are less liquid and at times more volatile than securities of comparable U.S. issuers. Foreign (non-U.S.)

security trading, settlement, and custodial practices (including those involving securities settlement where the assets

may be released prior to receipt of payment) are often less well developed than those in U.S. markets, and may result

in increased risk of substantial delays in the event of a failed trade or in insolvency of, or breach of obligation by, a

foreign broker-dealer, securities depository, or foreign sub-custodian. Non-U.S. transaction costs, such as brokerage

commissions and custody costs, may be higher than in the United States. In addition, there may be a possibility of

nationalization or expropriation of assets, imposition of currency exchange controls, imposition of tariffs or other

economic and trade sanctions, entering or exiting trade or other intergovernmental agreements, confiscatory

taxation, political or financial instability, and diplomatic developments that could adversely affect the values of the

investments in certain non-U.S. countries. In certain foreign markets an issuer's securities are blocked from trading

at the custodian or sub-custodian level for a specified number of days before and, in certain instances, after a

shareholder meeting where such shares are voted. This is referred to as "share blocking." The blocking period can

last up to several weeks. Share blocking may prevent buying or selling securities during this period, because during

the time shares are blocked, trades in such securities will not settle. It may be difficult or impossible to lift blocking

restrictions, with the particular requirements varying widely by country. Economic or other sanctions imposed on a

foreign country or issuer by the U.S., or on the U.S. by a foreign country, could impair the Company's ability to buy,

sell, hold, receive, deliver, or otherwise transact in certain securities. Sanctions could also affect the value and/or

liquidity of a foreign (non-U.S.) security. The Public Company Accounting Oversight Board, which regulates

auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in

foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class

actions or fraud claims, and the ability of the SEC, the U.S. Department of Justice and other authorities to bring and

enforce actions against foreign issuers or foreign persons is limited.

**Forward Commitments:** Forward commitments are contracts to purchase securities for a fixed price at a future

date beyond customary settlement time. A forward commitment may be disposed of prior to settlement. Such a

disposition would result in the realization of short-term profits or losses.

Payment for the securities pursuant to one of these transactions is not required until the delivery date. However,

the purchaser assumes the risks of ownership (including the risks of price and yield fluctuations) and the risk that the

security will not be issued or delivered as anticipated. If the Company makes additional investments while a delayed

delivery purchase is outstanding, this may result in a form of leverage. Forward commitments involve a risk of loss

if the value of the security to be purchased declines prior to the settlement date, or if the other party fails to complete

the transaction.

<u>Forward Currency Contracts</u>: A forward currency contract is an obligation to purchase or sell a specified

currency against another currency at a future date and price as agreed upon by the parties. Forward contracts usually

are entered into with banks and broker-dealers and usually are for less than one year, but may be renewed. Forward

contracts may be held to maturity and make the contemplated payment and delivery, or, prior to maturity, enter into

a closing transaction involving the purchase or sale of an offsetting contract. Secondary markets generally do not

exist for forward currency contracts, with the result that closing transactions generally can be made for forward

currency contracts only by negotiating directly with the counterparty. Thus, there can be no assurance that the

Company would be able to close out a forward currency contract at a favorable price or time prior to maturity.

Forward currency transactions may be used for hedging purposes. For example, the Company might sell a

particular currency forward if it holds bonds denominated in that currency but the Adviser anticipates, and seeks to

protect the Company against, a decline in the currency against the U.S. dollar. Similarly, the Company might

purchase a currency forward to "lock in" the dollar price of securities denominated in that currency which the

Adviser anticipates purchasing for the Company.

Hedging against a decline in the value of a currency does not limit fluctuations in the prices of portfolio

securities or prevent losses to the extent they arise from factors other than changes in currency exchange rates. In

addition, hedging transactions may limit opportunities for gain if the value of the hedged currency should rise.

Moreover, it may not be possible to hedge against a devaluation that is so generally anticipated that no contracts are

available to sell the currency at a price above the devaluation level it anticipates. The cost of engaging in currency

exchange transactions varies with such factors as the currency involved, the length of the contract period, and

prevailing market conditions. Because currency exchange transactions are usually conducted on a principal basis, no

fees or commissions are involved.

**Futures Contracts:** A futures contract is an agreement between two parties to buy or sell in the future a

specific quantity of an underlying asset at a specific price and time agreed upon when the contract is made. Futures

contracts are traded in the U.S. only on commodity exchanges or boards of trade - known as "contract markets" -

approved for such trading by the CFTC, and must be executed through a futures commission merchant (also referred

to herein as a "broker") which is a member of the relevant contract market. Futures are subject to the

creditworthiness of the futures commission merchant(s) and clearing organizations involved in the transaction.

Certain futures contracts are physically settled (*i.e*., involve the making and taking of delivery of a specified

amount of an underlying asset). For instance, the sale of physically settled futures contracts on foreign currencies or

financial instruments creates an obligation of the seller to deliver a specified quantity of an underlying foreign

currency or financial instrument called for in the contract for a stated price at a specified time. Conversely, the

purchase of such futures contracts creates an obligation of the purchaser to pay for and take delivery of the

underlying asset called for in the contract for a stated price at a specified time. In some cases, the specific

instruments delivered or taken, respectively, on the settlement date are not determined until on or near that date. That

determination is made in accordance with the rules of the exchange on which the sale or purchase was made.

Some futures contracts are cash settled (rather than physically settled), which means that the purchase price is

subtracted from the current market value of the instrument and the net amount, if positive, is paid to the purchaser by

the seller of the futures contract and, if negative, is paid by the purchaser to the seller of the futures contract. See, for

example, "Index Futures Contracts" below.

The value of a futures contract typically fluctuates in correlation with the increase or decrease in the value of the

underlying asset. The buyer of a futures contract enters into an agreement to purchase the underlying asset on the

settlement date and is said to be "long" the contract. The seller of a futures contract enters into an agreement to sell

the underlying asset on the settlement date and is said to be "short" the contract.

The purchaser or seller of a futures contract is not required to deliver or pay for the underlying asset unless the

contract is held until the settlement date. The purchaser or seller of a futures contract is required to deposit "initial

margin" with a futures commission merchant when the futures contract is entered into. Initial margin is typically

calculated as a percentage of the contract's notional amount. A futures contract is valued daily at the official

settlement price of the exchange on which it is traded. Each day cash is paid or received, called "variation margin,"

equal to the daily change in value of the futures contract. The minimum margin required for a futures contract is set

by the exchange on which the contract is traded and may be modified during the term of the contract. Additional

margin may be required by the futures commission merchant.

The risk of loss in trading futures contracts can be substantial, because of the low margin required, the

extremely high degree of leverage involved in futures pricing, and the potential high volatility of the futures

markets. As a result, a relatively small price movement in a futures position may result in immediate and substantial

loss (or gain) to the investor. Thus, a purchase or sale of a futures contract may result in unlimited losses. In the

event of adverse price movements, an investor would continue to be required to make daily cash payments to

maintain its required margin. In addition, on the settlement date, an investor may be required to make delivery of the

assets underlying the futures positions it holds.

Futures can be held until their settlement dates, or can be closed out by offsetting purchases or sales of futures

contracts before then if a liquid market is available. It may not be possible to liquidate or close out a futures contract

at any particular time or at an acceptable price and an investor would remain obligated to meet margin requirements

until the position is closed. Moreover, most futures exchanges limit the amount of fluctuation permitted in futures

contract prices during a single trading day. The daily limit establishes the maximum amount that the price of a

futures contract may vary either up or down from the previous day's settlement price at the end of a trading session.

Once the daily limit has been reached in a particular type of contract, no trades may be made on that day at a price

beyond that limit. The daily limit governs only price movement during a particular trading day and therefore does

not limit potential losses, because the limit may prevent the liquidation of unfavorable positions. Futures contract

prices have occasionally moved to the daily limit for several consecutive trading days with little or no trading,

thereby preventing prompt liquidation of futures positions and potentially resulting in substantial losses. The

inability to close futures positions could require maintaining a futures positions under circumstances where the

Adviser would not otherwise have done so, resulting in losses.

If the Company buys or sells a futures contract as a hedge to protect against a decline in the value of a portfolio

investment, changes in the value of the futures position may not correlate as expected with changes in the value of

the portfolio investment. As a result, it is possible that the futures position will not provide the desired hedging

protection, or that money will be lost on both the futures position and the portfolio investment.

<u>Index Futures Contracts</u>: An index futures contract is a contract to buy or sell specified units of an index at a

specified future date at a price agreed upon when the contract is made. The value of a unit is based on the current

value of the index. Under such contracts no delivery of the actual securities or other assets making up the index

takes place. Rather, upon expiration of the contract, settlement is made by exchanging cash in an amount equal to

the difference between the contract price and the closing price of the index at expiration, net of variation margin

previously paid.

<u>Interest Rate Futures Contracts</u>: An interest rate futures contract is an agreement to take or make delivery of

either: (i) an amount of cash equal to the difference between the value of a particular interest rate index, debt

instrument, or index of debt instruments at the beginning and at the end of the contract period; or (ii) a specified

amount of a particular debt instrument at a future date at a price set at the time of the contract. Interest rate futures

contracts may be bought or sold in an attempt to protect against the effects of interest rate changes on current or

intended investments in debt instruments or generally to adjust the duration and interest rate sensitivity of an

investment portfolio. For example, if the Company owned long-term bonds and interest rates were expected to

increase, the Company might enter into interest rate futures contracts for the sale of debt instruments. Such a sale

would have much the same effect as selling some of the long-term bonds in the Company's portfolio. If interest rates

did increase, the value of the debt instruments in the portfolio would decline, but the value of the interest rate futures

contracts would be expected to increase, subject to the correlation risks described below, thereby keeping the NAV

of the Company from declining as much as it otherwise would have.

Similarly, if interest rates were expected to decline, interest rate futures contracts may be purchased to hedge in

anticipation of subsequent purchases of long-term bonds at higher prices. Since the fluctuations in the value of the

interest rate futures contracts should be similar to that of long-term bonds, an interest rate futures contract may

protect against the effects of the anticipated rise in the value of long-term bonds until the necessary cash becomes

available or the market stabilizes. At that time, the interest rate futures contracts could be liquidated and cash could

then be used to buy long-term bonds on the cash market. Similar results could be achieved by selling bonds with

long maturities and investing in bonds with short maturities when interest rates are expected to increase. However,

the futures market may be more liquid than the cash market in certain cases or at certain times.

<u>Gold Futures Contracts</u>: A gold futures contract is a standardized contract which is traded on a regulated

commodity futures exchange, and which provides for the future sale of a specified amount of gold at a specified

date, time, and price. If the Company purchases a gold futures contract, it becomes obligated to pay for the gold

from the seller in accordance with the terms of the contract. If the Company sells a gold futures contract, it becomes

obligated to sell the gold to the purchaser in accordance with the terms of the contract.

<u>Foreign Currency Futures</u>: Currency futures contracts are similar to currency forward contracts (described

above), except that they are traded on exchanges (and always have margin requirements) and are standardized as to

contract size and settlement date. Most currency futures call for payment in U.S. dollars. A foreign currency futures

contract is a standardized exchange-traded contract for the future sale of a specified amount of a foreign currency at

a price set at the time of the contract. Foreign currency futures contracts traded in the U.S. are designed by and

traded on exchanges regulated by the CFTC, such as the Chicago Mercantile Exchange, and have margin

requirements.

At the maturity of a deliverable currency futures contract, the Company either may accept or make delivery of

the currency specified in the contract, or at or prior to maturity enter into a closing transaction involving the

purchase or sale of an offsetting contract. Closing transactions with respect to futures contracts may be effected only

on a commodities exchange or board of trade which provides a market in such contracts. There is no assurance that a

liquid market on an exchange or board of trade will exist for any particular contract or at any particular time. In such

event, it may not be possible to close a futures position and, in the event of adverse price movements, the Company

would continue to be required to make daily cash payments of variation margin.

<u>Margin Payments</u>: If the Company purchases or sells a futures contract, it is required to deposit with a futures

commission merchant an amount of cash, U.S. Treasury bills, or other permissible collateral equal to a percentage of

the amount of the futures contract. This amount is known as "initial margin." The nature of initial margin is different

from that of margin in security transactions in that it does not involve borrowing money to finance transactions.

Rather, initial margin is similar to a performance bond or good faith deposit that is returned to the Company upon

termination of the contract, assuming the Company satisfies its contractual obligations.

Subsequent payments to and from the broker occur on a daily basis in a process known as "marking to market."

These payments are called "variation margin" and are made as the value of the underlying futures contract

fluctuates. For example, when the Company sells a futures contract and the price of the underlying asset rises above

the contract price, the Company's position declines in value. The Company then pays the broker a variation margin

payment generally equal to the difference between the contract price of the futures contract and the market price of

the underlying asset. Conversely, if the price of the underlying asset falls below the contract price of the contract, the

Company's futures position increases in value. The broker then must make a variation margin payment generally

equal to the difference between the contract price of the futures contract and the market price of the underlying asset.

If an exchange raises margin rates, the Company would have to provide additional capital to cover the higher margin

rates which could require closing out other positions earlier than anticipated.

If the Company terminates a position in a futures contract, a final determination of variation margin would be

made, additional cash would be paid by or to the Company, and the Company would realize a loss or a gain. Such

closing transactions involve additional commission costs.

<u>Options on Futures Contracts</u>: Options on futures contracts generally operate in the same manner as options

purchased or written directly on the underlying assets. A futures option gives the holder, in return for the premium

paid, the right, but not the obligation, to assume a position in a futures contract (a long position if the option is a call

and a short position if the option is a put) at a specified exercise price at any time during the period of the option (or

on a specified date, depending on its terms). Upon exercise of the option, the delivery of the futures position by the

writer of the option to the holder of the option will be accompanied by delivery of the accumulated balance in the

writer's futures margin account which represents the amount by which the market price of the futures contract, at

exercise, exceeds (in the case of a call) or is less than (in the case of a put) the exercise price of the option on the

futures. If an option is exercised on the last trading day prior to its expiration date, the settlement will be made

entirely in cash. Purchasers of options who fail to exercise their options prior to the expiration date suffer a loss of

the premium paid.

Like the buyer or seller of a futures contract, the holder or writer of an option has the right to terminate its

position prior to the scheduled expiration of the option by selling or purchasing an option of the same series, at

which time the person entering into the closing purchase transaction will realize a gain or loss. There is no guarantee

that such closing purchase transactions can be effected.

The Company would be required to deposit initial margin and maintenance margin with respect to put and call

options on futures contracts written by it pursuant to brokers' requirements similar to those described above in

connection with the discussion on futures contracts. See "Margin Payments" above.

<u>Risks of transactions in futures contracts and related options</u>: Successful use of futures contracts is subject to the

ability of the Adviser to predict movements in various factors affecting financial markets. Compared to the purchase

or sale of futures contracts, the purchase of call or put options on futures contracts involves less potential risk to the

Company because the maximum amount at risk is the premium paid for the options (plus transaction costs).

However, there may be circumstances when the purchase of a call or put option on a futures contract would result in

a loss when the purchase or sale of a futures contract would not result in a loss, such as when there is no movement

in the prices of the underlying futures contracts. The writing of an option on a futures contract involves risks similar

to those risks relating to the sale of futures contracts.

The use of futures and related options involves the risk of imperfect correlation among movements in the prices

of the assets underlying the futures and options, of the options and futures contracts themselves, and, in the case of

hedging transactions, of the underlying assets which are the subject of a hedge. The successful use of these strategies

further depends on the ability of the Adviser to forecast market movements such as movements in interest rates

correctly. It is possible that, where the Company has purchased puts on futures contracts to hedge its portfolio

against a decline in the market, the securities or index on which the puts are purchased may increase in value and the

value of securities held in the portfolio may decline. If this occurred, the Company would lose money on the puts

and also experience a decline in value in its portfolio securities. In addition, the prices of futures, for a number of

reasons, may not correlate perfectly with movements in the underlying asset due to certain market distortions. For

example, all participants in the futures market are subject to margin deposit requirements. Such requirements may

cause investors to close futures contracts through offsetting transactions, which could distort the normal relationship

between the underlying asset and futures markets. The margin requirements in the futures markets are less onerous

than margin requirements in the securities markets in general, and as a result the futures markets may attract more

speculators than the securities markets do. Increased participation by speculators in the futures markets may also

cause temporary price distortions.

There is no assurance that higher than anticipated trading activity or other unforeseen events might not, at times,

render certain market clearing facilities inadequate, and thereby result in the institution by exchanges of special

procedures which may interfere with the timely execution of customer orders.

The ability to establish and close out positions will be subject to the development and maintenance of a liquid

market. It is not certain that this market will develop or continue to exist for a particular futures contract or option.

The Company's futures commission merchant may limit the Company's ability to invest in certain futures contracts.

Such restrictions may adversely affect the Company's performance and its ability to achieve its investment

objective.

The CFTC, certain foreign (non-U.S.) regulators, and many futures exchanges have established (and continue to

evaluate and monitor) speculative position limits, referred to as "position limits," on the maximum net long or net

short positions which any person may hold or control in particular options and futures contracts. In addition, U.S.

federal position limits apply to swaps that are economically equivalent to futures contracts on certain agricultural,

energy, and metals commodities. All positions owned or controlled by the same person or entity, even if in different

accounts, must be aggregated for purposes of complying with these speculative limits, unless an exemption applies.

Thus, even if the Company's holding does not exceed applicable position limits, it is possible that some or all of the

positions in client accounts managed by the Adviser and its affiliates may be aggregated for this purpose. It is

possible that the trading decisions of the Adviser may be affected by the sizes of such aggregate positions. The

modification of investment decisions or the elimination of open positions, if it occurs, may adversely affect the

performance of the Company. A violation of position limits could also lead to regulatory action materially adverse to

the Company's investment strategy. The Company may also be affected by other regimes, including those of the EU

and UK, and trading venues that impose position limits on commodity derivative contracts.

**High-Yield Securities:** High-yield securities (commonly referred to as "junk bonds") are debt instruments that

are rated below investment grade. Investing in high-yield securities involves special risks in addition to the risks

associated with investments in higher rated debt instruments. While investments in high-yield securities generally

provide greater income and increased opportunity for capital appreciation than investments in higher quality

securities, investments in high-yield securities typically entail greater price volatility as well as principal and income

risk. High-yield securities are regarded as predominantly speculative with respect to the issuer's continuing ability to

meet principal and interest payments. Analysis of the creditworthiness of issuers of high-yield securities may be

more complex than for issuers of higher quality debt instruments.

High-yield securities may be more susceptible to real or perceived adverse economic and competitive industry

conditions than investment grade securities. The prices of high-yield securities are likely to be sensitive to adverse

economic downturns or individual corporate developments. A projection of an economic downturn or of a period of

rising interest rates, for example, could cause a decline in high-yield security prices because the advent of a

recession could lessen the ability of a highly leveraged issuer to make principal and interest payments on its debt

instruments. If an issuer of high-yield securities defaults, in addition to risking payment of all or a portion of interest

and principal, additional expenses to seek recovery may be incurred.

The secondary market on which high-yield securities are traded may be less liquid than the market for higher

grade securities. Less liquidity in the secondary trading market could adversely affect the price at which a high-yield

security could be sold, and could adversely affect daily NAV. Adverse publicity and investor perceptions, whether

or not based on fundamental analysis, may decrease the values and liquidity of high-yield securities, especially in a

thinly traded market. When secondary markets for high-yield securities are less liquid than the market for higher

grade securities, it may be more difficult to value lower rated securities because such valuation may require more

research, and elements of judgment may play a greater role in the valuation because there is less reliable, objective

data available.

Credit ratings issued by credit rating agencies are designed to evaluate the safety of principal and interest

payments of rated securities. They do not, however, evaluate the market value risk of lower-quality securities and,

therefore, may not fully reflect the true risks of an investment. In addition, credit rating agencies may or may not

make timely changes in a rating to reflect changes in the economy or in the condition of the issuer that affect the

market value of the securities. Consequently, credit ratings are used only as a preliminary indicator of investment

quality. Each credit rating agency applies its own methodology in measuring creditworthiness and uses a specific

rating scale to publish its ratings. Furthermore, high-yield debt instruments may not be registered under the

Securities Act, and, unless so registered, the Company will not be able to sell such high-yield debt instruments

except pursuant to an exemption from registration under the Securities Act. This may further limit the Company's

ability to sell high-yield debt instruments or to obtain the desired price for such securities.

Special tax considerations are associated with investing in high-yield securities structured as zero-coupon or

pay-in-kind instruments.

**Hybrid Instruments:** A hybrid instrument may be a debt instrument, preferred stock, depositary share, trust

certificate, warrant, convertible security, certificate of deposit or other evidence of indebtedness on which a portion

of or all interest payments, and/or the principal or stated amount payable at maturity, redemption or retirement, is

determined by reference to prices, changes in prices, or differences between prices, of securities, currencies,

intangibles, goods, commodities, indexes, economic factors or other measures, including interest rates, currency

exchange rates, or commodities or securities indices, or other indicators. Thus, hybrid instruments may take a variety

of forms, including, but not limited to, debt instruments with interest or principal payments or redemption terms

determined by reference to the value of a currency or commodity or securities index at a future point in time,

preferred stocks with dividend rates determined by reference to the value of a currency, or convertible securities

with the conversion terms related to a particular commodity.

Hybrid instruments can be an efficient means of creating exposure to a particular market, or segment of a

market, with the objective of enhancing total return. For example, the Company may wish to take advantage of

expected declines in interest rates in several European countries, but avoid the transaction costs associated with

buying and currency-hedging the foreign bond positions. One solution would be to purchase a U.S. dollar-

denominated hybrid instrument whose redemption price is linked to the average three-year interest rate in a

designated group of countries. The redemption price formula would provide for payoffs of greater than par if the

average interest rate was lower than a specified level and payoffs of less than par if rates were above the specified

level. Furthermore, the Company could limit the downside risk of the security by establishing a minimum

redemption price so that the principal paid at maturity could not be below a predetermined minimum level if interest

rates were to rise significantly. The purpose of this arrangement, known as a structured security with an embedded

put option, would be to give the Company the desired European bond exposure while avoiding currency risk,

limiting downside market risk, and lowering transactions costs. Of course, there is no guarantee that the strategy

would be successful, and the Company could lose money if, for example, interest rates do not move as anticipated or

credit problems develop with the issuer of the hybrid instrument.

<u>Risks of Investing in Hybrid Instruments</u>: The risks of investing in hybrid instruments reflect a combination of

the risks of investing in securities, swaps, options, futures and currencies. An investment in a hybrid instrument may

entail significant risks that are not associated with a similar investment in a traditional debt instrument. The risks of

a particular hybrid instrument will depend upon the terms of the instrument, but may include the possibility of

significant changes in the benchmark(s) or the prices of the underlying assets to which the instrument is linked. Such

risks generally depend upon factors unrelated to the operations or credit quality of the issuer of the hybrid

instrument, which may not be foreseen by the purchaser, such as economic and political events, the supply and

demand profiles of the underlying assets and interest rate movements. Hybrid instruments may be highly volatile.

The return on a hybrid instrument will be reduced by the costs of the swaps, options, or other instruments

embedded in the instrument.

Hybrid instruments are potentially more volatile and carry greater market risks than traditional debt instruments.

Depending on the structure of the particular hybrid instrument, changes in an underlying asset may be magnified by

the terms of the hybrid instrument and have an even more dramatic and substantial effect upon the value of the

hybrid instrument. Also, the prices of the hybrid instrument and the underlying asset may not move in the same

direction or at the same time.

Hybrid instruments may bear interest or pay preferred dividends at below market (or even nominal) rates.

Alternatively, hybrid instruments may bear interest at above market rates but bear an increased risk of principal loss

(or gain). Leverage risk occurs when the hybrid instrument is structured so that a given change in an underlying

asset is multiplied to produce a greater value change in the hybrid instrument, thereby magnifying the risk of loss as

well as the potential for gain.

If a hybrid instrument is used as a hedge against, or as a substitute for, a portfolio investment, the hybrid

instrument may not correlate as expected with the portfolio investment, resulting in losses. While hedging strategies

involving hybrid instruments can reduce the risk of loss, they can also reduce the opportunity for gain or even result

in losses by offsetting favorable price movements in other investments.

Hybrid instruments may also carry liquidity risk since the instruments are often "customized" to meet the

portfolio needs of a particular investor. The Company may be prohibited from transferring a hybrid instrument, or

the number of possible purchasers may be limited by applicable law or because few investors have an interest in

purchasing such a customized product. Because hybrid instruments are typically privately negotiated contracts

between two parties, the value of a hybrid instrument will depend on the willingness and ability of the issuer of the

instrument to meet its obligations. Hybrid instruments also may not be subject to regulation by the CFTC, which

generally regulates the trading of futures, options on futures, and certain swaps.

<u>Synthetic Convertible Securities</u>: Synthetic convertible securities are derivative positions composed of two or

more different securities whose investment characteristics, taken together, resemble those of convertible securities.

For example, the Company may purchase a non-convertible debt instrument and a warrant or option, which enables

the Company to have a convertible-like position with respect to a company, group of companies, or stock index.

Synthetic convertible securities are typically offered by financial institutions and investment banks in private

placement transactions. Upon conversion, the Company generally receives an amount in cash equal to the difference

between the conversion price and the then-current value of the underlying security. Unlike a true convertible

security, a synthetic convertible security comprises two or more separate securities, each with its own market value.

Therefore, the market value of a synthetic convertible security is the sum of the values of its debt component and its

convertible component. For this reason, the value of a synthetic convertible security and a true convertible security

may respond differently to market fluctuations.

**Inflation-Indexed Bonds:** Inflation-indexed bonds are debt instruments whose principal and/or interest value

are adjusted periodically according to a rate of inflation (usually a consumer price index). Two structures are most

common. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of

the bond. Most other issuers pay out the inflation accruals as part of a semi-annual coupon.

U.S. Treasury Inflation Protected Securities ("TIPS") currently are issued with maturities of five, ten, or thirty

years, although it is possible that bonds with other maturities will be issued in the future. The principal amount of

TIPS adjusts for inflation, although the inflation-adjusted principal is not paid until maturity. Semi-annual coupon

payments are determined as a fixed percentage of the inflation-adjusted principal at the time the payment is made.

If the rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward,

and consequently the interest payable on these bonds (calculated with respect to a smaller principal amount) will be

reduced. At maturity, TIPS are redeemed at the greater of their inflation-adjusted principal or at the par amount at

original issue. If an inflation-indexed bond does not provide a guarantee of principal at maturity, the adjusted

principal value of the bond repaid at maturity may be less than the original principal.

The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real

interest rates in turn are tied to the relationship between nominal interest rates and the rate of inflation. For example,

if inflation were to rise at a faster rate than nominal interest rates, real interest rates would likely decline, leading to

an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increase at a faster rate than

inflation, real interest rates would likely rise, leading to a decrease in value of inflation-indexed bonds.

While these bonds, if held to maturity, are expected to be protected from long-term inflationary trends, short-

term increases in inflation may lead to a decline in value. If nominal interest rates rise due to reasons other than

inflation (for example, due to an expansion of non-inflationary economic activity), investors in these bonds may not

be protected to the extent that the increase in rates is not reflected in the bond's inflation measure.

The inflation adjustment of TIPS is tied to the Consumer Price Index for Urban Consumers ("CPI-U"), which is

calculated monthly by the U.S. Bureau of Labor Statistics. The CPI-U is a measurement of price changes in the cost

of living, made up of components such as housing, food, transportation, and energy.

Other issuers of inflation-protected bonds include other U.S. government agencies or instrumentalities,

corporations, and foreign governments. There can be no assurance that the CPI-U or any foreign inflation index will

accurately measure the real rate of inflation in the prices of goods and services. Moreover, there can be no assurance

that the rate of inflation in a foreign country will be correlated to the rate of inflation in the United States. If interest

rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in

these bonds may not be protected to the extent that the increase is not reflected in the bond's inflation measure.

Any increase in principal for an inflation-protected bond resulting from inflation adjustments is considered to be

taxable income in the year it occurs. For direct holders of inflation-protected bonds, this means that taxes must be

paid on principal adjustments even though these amounts are not received until the bond matures. Similarly, with

respect to inflation-protected instruments held by the Company, both interest income and the income attributable to

principal adjustments must currently be distributed to shareholders in the form of cash or reinvested shares.

**Options:** An option gives the holder the right, but not the obligation, to purchase (in the case of a call option) or

sell (in the case of a put option) a specific amount or value of a particular underlying asset at a specific price (called

the "exercise" or "strike" price) at one or more specific times before the option expires. The underlying asset of an

option contract can be a security, currency, index, future, swap, commodity, or other type of financial instrument.

The seller of an option is called an option writer. The purchase price of an option is called the premium. The

potential loss to an option purchaser is limited to the amount of the premium plus transaction costs. This will be the

case, for example, if the option is held and not exercised prior to its expiration date.

Options can be traded either through established exchanges ("exchange-traded options") or privately negotiated

transactions OTC options. Exchange-traded options are standardized with respect to, among other things, the

underlying asset, expiration date, contract size and strike price. The terms of OTC options are generally negotiated

by the parties to the option contract which allows the parties greater flexibility in customizing the agreement, but

OTC options are generally less liquid than exchange-traded options.

All option contracts involve credit risk if the counterparty to the option contract (*e.g*., the clearing house or OTC

counterparty) or the third party effecting the transaction in the case of cleared options (*e.g*., futures commission

merchant or broker/dealer) fails to perform. The value of an OTC option that is not cleared is dependent on the

credit worthiness of the individual counterparty to the contract and may be greater than the credit risk associated

with cleared options.

The purchaser of a put option obtains the right (but not the obligation) to sell a specific amount or value of a

particular asset to the option writer at a fixed strike price. In return for this right, the purchaser pays the option

premium. The purchaser of a typical put option can expect to realize a gain if the price of the underlying asset falls.

However, if the underlying asset's price does not fall enough to offset the cost of purchasing the option, the

purchaser of a put option can expect to suffer a loss (limited to the amount of the premium, plus related transaction

costs).

The purchaser of a call option obtains the right (but not the obligation) to purchase a specified amount or value

of an underlying asset from the option writer at a fixed strike price. In return for this right, the purchaser pays the

option premium. The purchaser of a typical call option can expect to realize a gain if the price of the underlying

asset rises. However, if the underlying asset's price does not rise enough to offset the cost of purchasing the option,

the buyer of a call option can expect to suffer a loss (limited to the amount of the premium, plus related transaction

costs).

The purchaser of a call or put option may terminate its position by allowing the option to expire, exercising the

option or closing out its position by entering into an offsetting option transaction if a liquid market is available. If

the option is allowed to expire, the purchaser will lose the entire premium. If the option is exercised, the purchaser

would complete the purchase or sale, as applicable, of the underlying asset to the option writer at the strike price.

The writer of a put or call option takes the opposite side of the transaction from the option's purchaser. In return

for receipt of the premium, the writer assumes the obligation to buy or sell (depending on whether the option is a put

or a call) a specified amount or value of a particular asset at the strike price if the purchaser of the option chooses to

exercise it. A call option written on a security or other instrument held by the Company (commonly known as

"writing a covered call option") limits the opportunity to profit from an increase in the market price of the

underlying asset above the exercise price of the option. A call option written on securities that are not currently held

by the Company is commonly known as "writing a naked call option." During periods of declining securities prices

or when prices are stable, writing these types of call options can be a profitable strategy to increase income with

minimal capital risk. However, when securities prices increase, the Company would be exposed to an increased risk

of loss, because if the price of the underlying asset or instrument exceeds the option's exercise price, the Company

would suffer a loss equal to the amount by which the market price exceeds the exercise price at the time the call

option is exercised, minus the premium received. Calls written on securities that the Company does not own are

riskier than calls written on securities owned by the Company because there is no underlying asset held by the

Company that can act as a partial hedge. When such a call is exercised, the Company must purchase the underlying

asset to meet its call obligation or make a payment equal to the value of its obligation in order to close out the

option. Calls written on securities that the Company does not own have speculative characteristics and the potential

for loss is theoretically unlimited. There is also a risk, especially with less liquid preferred and debt instruments, that

the asset may not be available for purchase.

Generally, an option writer sells options with the goal of obtaining the premium paid by the option purchaser. If

an option sold by an option writer expires without being exercised, the writer retains the full amount of the premium.

The option writer's potential loss is equal to the amount the option is "in-the-money" when the option is exercised

offset by the premium received when the option was written. A call option is in-the-money if the value of the

underlying asset exceeds the strike price of the option, and so the call option writer's loss is theoretically unlimited.

A put option is in-the-money if the strike price of the option exceeds the value of the underlying asset, and so the put

option writer's loss is limited to the strike price. Generally, any profit realized by an option purchaser represents a

loss for the option writer. The writer of an option may seek to terminate a position in the option before exercise by

closing out its position by entering into an offsetting option transaction if a liquid market is available. If the market

is not liquid for an offsetting option, however, the writer must continue to be prepared to sell or purchase the

underlying asset at the strike price while the option is outstanding, regardless of price changes.

If the Company is the writer of a cleared option, the Company is required to deposit initial margin. Additional

variation margin may also be required. If the Company is the writer of an uncleared option, the Company may be

required to deposit initial margin and additional variation margin.

A physical delivery option gives its owner the right to receive physical delivery (if it is a call), or to make

physical delivery (if it is a put) of the underlying asset when the option is exercised. A cash-settled option gives its

owner the right to receive a cash payment based on the difference between a determined value of the underlying

asset at the time the option is exercised and the fixed exercise price of the option. In the case of physically settled

options, it may not be possible to terminate the position at any particular time or at an acceptable price. A cash-

settled call conveys the right to receive a cash payment if the determined value of the underlying asset at exercise

exceeds the exercise price of the option, and a cash-settled put conveys the right to receive a cash payment if the

determined value of the underlying asset at exercise is less than the exercise price of the option.

Combination option positions are positions in more than one option at the same time. A spread involves being

both the buyer and writer of the same type of option on the same underlying asset but different exercise prices and/or

expiration dates. A straddle consists of purchasing or writing both a put and a call on the same underlying asset with

the same exercise price and expiration date.

The principal factors affecting the market value of a put or call option include supply and demand, interest rates,

the current market price of the underlying asset in relation to the exercise price of the option, the volatility of the

underlying asset and the remaining period to the expiration date.

If a trading market in particular options were illiquid, investors in those options would be unable to close out

their positions until trading resumes, and option writers may be faced with substantial losses if the value of the

underlying asset moves adversely during that time. There can be no assurance that a liquid market will exist for any

particular options product at any specific time. Lack of investor interest, changes in volatility, or other factors or

conditions might adversely affect the liquidity, efficiency, continuity, or even the orderliness of the market for

particular options. Exchanges or other facilities on which options are traded may establish limitations on options

trading, may order the liquidation of positions in excess of these limitations, or may impose other sanctions that

could adversely affect parties to an options transaction.

Many options, in particular OTC options, are complex and often valued based on subjective factors. Improper

valuations can result in increased cash payment requirements to counterparties or a loss of value to the Company.

<u>Foreign Currency Options</u>: Put and call options on foreign currencies may be bought or sold either on

exchanges or in the OTC market. A put option on a foreign currency gives the purchaser of the option the right to

sell a foreign currency at the exercise price until the option expires. A call option on a foreign currency gives the

purchaser of the option the right to purchase the currency at the exercise price until the option expires. Currency

options traded on U.S. or other exchanges may be subject to position limits which may limit the ability of the

Company to reduce foreign currency risk using such options.

<u>Index Options</u>: An index option is a put or call option on a securities index or other (typically securities-related)

index. In contrast to an option on a security, the holder of an index option has the right to receive a cash settlement

amount upon exercise of the option. This settlement amount is equal to: (i) the amount, if any, by which the fixed

exercise price of the option exceeds (in the case of a call) or is below (in the case of a put) the closing value of the

underlying index on the date of exercise, multiplied; by (ii) a fixed "index multiplier." The index underlying an

index option may be a "broad-based" index, such as the S&P 500® Index or the NYSE Composite Index, the

changes in value of which ordinarily will reflect movements in the stock market in general. In contrast, certain

options may be based on narrower market indices, such as the S&P 100 Index, or on indices of securities of

particular industry groups, such as those of oil and gas or technology issuers. A stock index assigns relative values to

the stocks included in the index, and the index fluctuates with changes in the market values of the stocks so

included. The composition of the index is changed periodically. The risks of purchasing and selling index options

are generally similar to the risks of purchasing and selling options on securities.

**Participatory Notes:** The Company may invest in instruments that have economic characteristics similar to

equity securities, such as participatory notes or other structured notes or instruments that may be developed from

time to time. Participatory notes are a type of derivative instrument used by foreign investors to access local markets

and to gain exposure to, primarily, equity securities of issuers listed on a local exchange. Rather than purchasing

securities directly, the Company may purchase a participatory note from a broker-dealer, which holds the securities

on behalf of the noteholders.

Participatory notes are similar to depositary receipts except that: (1) brokers, not U.S. banks, are depositories for

the securities; and (2) noteholders may remain anonymous to market regulators.

The value of the participatory notes will be directly related to the value of the underlying securities. Any

dividends or capital gains collected from the underlying securities are remitted to the noteholder.

The risks of investing in participatory notes include derivatives risk and foreign investments risk. The foreign

investments risk associated with participatory notes is similar to those of investing in depositary receipts. However,

unlike depositary receipts, participatory notes are subject to counterparty risk based on the uncertainty of the

counterparty's (*i.e.*, the broker's) ability to meet its obligations.

**Preferred Stocks:** Preferred stock represents an equity interest in an issuer that generally entitles the holder to

receive, in preference to the holders of other stocks such as common stocks, dividends and a fixed share of the

proceeds resulting from a liquidation of the issuer.

Preferred stocks may pay fixed or adjustable rates of return. Preferred stock dividends may be cumulative or

noncumulative, fixed, participating, auction rate or other. If interest rates rise, a fixed dividend on preferred stocks

may be less attractive, causing the value of preferred stocks to decline either absolutely or relative to alternative

investments. Preferred stock may have mandatory sinking fund provisions, as well as provisions that allow the issuer

to redeem or call the stock.

Preferred stock is subject to issuer-specific and market risks applicable generally to equity securities. In

addition, because a substantial portion of the return on a preferred stock may be the dividend, its value may react

similarly to that of a debt instrument to changes in interest rates. An issuer's preferred stock generally pays

dividends only after the issuer makes required payments to holders of its debt instruments and other debt. For this

reason, the value of preferred stock will usually react more strongly than debt instruments to actual or perceived

changes in the issuer's financial condition or prospects. Preferred stocks of smaller issuers may be more vulnerable

to adverse developments than preferred stock of larger issuers.

**Private Investments in Public Companies:** In a typical private placement by a publicly-held company

("PIPE") transaction, a buyer will acquire, directly from an issuer seeking to raise capital in a private placement

pursuant to Regulation D under the Securities Act, common stock or a security convertible into common stock, such

as convertible notes or convertible preferred stock. The issuer's common stock is usually publicly traded on a U.S.

securities exchange or in the OTC market, but the securities acquired will be subject to restrictions on resale

imposed by U.S. securities laws absent an effective registration statement. In recognition of the illiquid nature of the

securities being acquired, the purchase price paid in a PIPE transaction (or the conversion price of the convertible

securities being acquired) will typically be fixed at a discount to the prevailing market price of the issuer's common

stock at the time of the transaction. As part of a PIPE transaction, the issuer usually will be contractually obligated to

seek to register within an agreed upon period of time for public resale under the U.S. securities laws the common

stock or the shares of common stock issuable upon conversion of the convertible securities. If the issuer fails to so

register the shares within that period, the buyer may be entitled to additional consideration from the issuer (*e.g*.,

warrants to acquire additional shares of common stock), but the buyer may not be able to sell its shares unless and

until the registration process is successfully completed. Thus, PIPE transactions present certain risks not associated

with open market purchases of equities.

Among the risks associated with PIPE transactions is the risk that the issuer may be unable to register the shares

for public resale in a timely manner or at all, in which case the shares may be saleable only in a privately negotiated

transaction at a price less than that paid, assuming a suitable buyer can be found. Disposing of the securities may

involve time-consuming negotiation and legal expenses, and selling them promptly at an acceptable price may be

difficult or impossible. Even if the shares are registered for public resale, the market for the issuer's securities may

nevertheless be "thin" or illiquid, making the sale of securities at desired prices or in desired quantities difficult or

impossible.

While private placements may offer attractive opportunities not otherwise available in the open market, the

securities purchased are usually "restricted securities" or are "not readily marketable." Restricted securities cannot

be sold without being registered under the Securities Act, unless they are sold pursuant to an exemption from

registration (such as Rules 144 or 144A under the Securities Act). Securities that are not readily marketable are

subject to other legal or contractual restrictions on resale.

**Publicly Listed Securities:** The Company may make investments in publicly listed companies whose primary

business is managing private investments and in publicly traded vehicles whose primary purpose is to invest in or

lend capital to private investments.

Publicly traded private investments generally involve publicly listed companies that pursue the business of

private equity investing, including listed private equity companies, listed funds of funds, BDCs, special purpose

acquisition companies ("SPACs"), alternative asset managers, holding companies, investment trusts, closed-end

funds, financial institutions and other vehicles whose primary purpose is to invest in, lend capital to or provide

services to privately held companies.

Publicly traded private investment funds are typically regulated vehicles listed on a public stock exchange that

invest in private markets transactions or funds. Such vehicles may take the form of corporations, BDCs, unit trusts,

publicly traded partnerships, or other structures, and may focus on mezzanine, infrastructure, buyout or venture

capital investments.

Publicly traded private investments may also include investments in publicly listed companies in connection

with a privately negotiated financing or an attempt to exercise significant influence on the subject of the investment.

Publicly traded private equity investments usually have an indefinite duration.

Publicly traded private investments occupy a small portion of the private investments universe, including only a

few professional investors who focus on and actively trade such investments. As a result, relatively little market

research is performed on publicly traded private markets companies, only limited public data may be available

regarding these companies and their underlying investments, and market pricing may significantly deviate from

published NAV. This can result in market inefficiencies and may offer opportunities to specialists that can value the

underlying private investments.

Publicly traded private investments are typically liquid and capable of being traded daily, in contrast to direct

investments and private equity funds, in which capital is subject to lengthy holding periods. Accordingly, publicly

traded private investment transactions are significantly easier to execute than other types of private investments,

giving investors an opportunity to adjust the investment level of their portfolios more efficiently.

**Repurchase Agreements:** A repurchase agreement is a contract under which the Company acquires a security

for a relatively short period (usually not more than one week) subject to the obligation of the seller to repurchase and

the Company to resell such security at a fixed time and price. Repurchase agreements may be viewed as loans which

are collateralized by the securities subject to repurchase. The value of the underlying securities in such transactions

will be at least equal at all times to the total amount of the repurchase obligation, including the interest factor. If the

seller defaults, the Company could realize a loss on the sale of the underlying security to the extent that the proceeds

of sale including accrued interest are less than the resale price provided in the agreement including interest. In

addition, if the seller should be involved in bankruptcy or insolvency proceedings, the Company may incur delay

and costs in selling the underlying security or may suffer a loss of principal and interest if the Company is treated as

an unsecured creditor and required to return the underlying collateral to the seller's estate. To the extent that the

Company has invested a substantial portion of its assets in repurchase agreements, the investment return on such

assets, and potentially the ability to achieve the investment objective, will depend on the counterparties' willingness

and ability to perform their obligations under the repurchase agreements. The SEC has finalized new rules requiring

the central clearing of certain repurchase transactions involving U.S. Treasuries. The mandatory clearing of such

repurchase transactions could increase the cost of repurchase transactions and impose added operational complexity

which could make it more difficult for the Company to execute certain investment strategies.

**Restricted Securities:** Securities that are legally restricted as to resale (such as those issued in private

placements), including securities governed by Rule 144A and Regulation S, and securities that are offered in

reliance on Section 4(a)(2) of the Securities Act, are referred to as "restricted securities." Restricted securities may

be sold in private placement transactions between issuers and their purchasers and may be neither listed on an

exchange nor traded in other established markets. Due to the absence of a public trading market, restricted securities

may be more volatile, less liquid, and more difficult to value than publicly- traded securities. The price realized from

the sale of these securities could be less than the amount originally paid or less than their fair value if they are resold

in privately negotiated transactions. In addition, these securities may not be subject to disclosure and other

investment protection requirements that are afforded to publicly-traded securities. Certain restricted securities

represent investments in smaller, less seasoned issuers, which may involve greater risk. The Company may incur

additional expenses when disposing of restricted securities, including costs to register the sale of the securities.

**Reverse Repurchase Agreements and Dollar Roll Transactions:** Reverse repurchase agreements involve

sales of portfolio securities to another party and an agreement by the Company to repurchase the same securities at a

later date at a fixed price. During the reverse repurchase agreement period, the Company continues to receive

principal and interest payments on the securities and also has the opportunity to earn a return on the collateral

furnished by the counterparty to secure its obligation to redeliver the securities.

Dollar rolls involve selling securities (*e.g.,* mortgage-backed securities or U.S. Treasury securities) and

simultaneously entering into a commitment to purchase those or similar securities on a specified future date and

price from the same party. Mortgage-dollar rolls and U.S. Treasury rolls are types of dollar rolls. During the roll

period, principal and interest paid on the securities is not received but proceeds from the sale can be invested.

Reverse repurchase agreement and dollar rolls involve the risk that the market value of the securities to be

repurchased under the agreement may decline below the repurchase price. If the buyer of securities under a reverse

repurchase agreement or dollar rolls files for bankruptcy or becomes insolvent, such a buyer or its trustee or receiver

may receive an extension of time to determine whether to enforce the obligation to repurchase the securities and use

of the proceeds of the reverse repurchase agreement may effectively be restricted pending such decision.

Additionally, reverse repurchase agreements entail many of the same risks as OTC derivatives. These include the

risk that the counterparty to the reverse repurchase agreement may not be able to fulfill its obligations, that the

parties may disagree as to the meaning or application of contractual terms, or that the instrument may not perform as

expected. The SEC has finalized new rules requiring the central clearing of certain reverse repurchase transactions

involving U.S. Treasuries. The mandatory clearing of such transactions could increase the cost of such transactions

and impose added operational complexity which could make it more difficult for the Company to execute certain

investment strategies.

**Rights and Warrants:** Warrants and rights are types of securities that give a holder a right to purchase shares

of common stock. Warrants usually are issued in conjunction with a bond or preferred stock and entitle a holder to

purchase a specified amount of common stock at a specified price typically for a period of years. Rights are

instruments, frequently distributed to an issuer's shareholders as a dividend, that usually entitle the holder to

purchase a specified amount of common stock at a specified price on a specific date or during a specific period of

time (typically for a period of only weeks). The exercise price on a right is normally at a discount from the market

value of the common stock at the time of distribution.

Warrants may be used to enhance the marketability of a bond or preferred stock. Rights are frequently used

outside of the United States as a means of raising additional capital from an issuer's current shareholders.

Warrants and rights do not carry with them the right to dividends or to vote, do not represent any rights in the

assets of the issuer and may or may not be transferable. Investments in warrants and rights may be considered more

speculative than certain other types of investments. In addition, the value of a warrant or right does not necessarily

change with the value of the underlying securities, and expires worthless if it is not exercised on or prior to its

expiration date, if any.

Bonds issued with warrants attached to purchase equity securities have many characteristics of convertible

bonds and their prices may, to some degree, reflect the performance of the underlying stock. Bonds also may be

issued with warrants attached to purchase additional debt instruments.

Equity-linked warrants are purchased from a broker, who in turn is expected to purchase shares in the local

market. If the Company exercises its warrant, the shares are expected to be sold and the warrant redeemed with the

proceeds. Typically, each warrant represents one share of the underlying stock. Therefore, the price and performance

of the warrant are directly linked to the underlying stock, less transaction costs. In addition to the market risk related

to the underlying holdings, the Company bears counterparty risk with respect to the issuing broker. There is

currently no active trading market for equity-linked warrants, and they may be highly illiquid.

Index-linked warrants are put and call warrants where the value varies depending on the change in the value of

one or more specified securities indices. Index-linked warrants are generally issued by banks or other financial

institutions and give the holder the right, at any time during the term of the warrant, to receive upon exercise of the

warrant a cash payment from the issuer based on the value of the underlying index at the time of exercise. In

general, if the value of the underlying index rises above the exercise price of the index-linked warrant, the holder of

a call warrant will be entitled to receive a cash payment from the issuer upon exercise based on the difference

between the value of the index and the exercise price of the warrant; if the value of the underlying index falls, the

holder of a put warrant will be entitled to receive a cash payment from the issuer upon exercise based on the

difference between the exercise price of the warrant and the value of the index. The holder of a warrant would not be

entitled to any payments from the issuer at any time when, in the case of a call warrant, the exercise price is greater

than the value of the underlying index, or, in the case of a put warrant, the exercise price is less than the value of the

underlying index. If the Company were not to exercise an index-linked warrant prior to its expiration, then the

Company would lose the amount of the purchase price paid by it for the warrant.

Index-linked warrants are normally used in a manner similar to its use of options on securities indices. The risks

of index-linked warrants are generally similar to those relating to its use of index options. Unlike most index

options, however, index-linked warrants are issued in limited amounts and are not obligations of a regulated clearing

agency, but are backed only by the credit of the bank or other institution that issues the warrant. Also, index-linked

warrants may have longer terms than index options. Index-linked warrants are not likely to be as liquid as certain

index options backed by a recognized clearing agency. In addition, the terms of index-linked warrants may limit the

Company's ability to exercise the warrants at such time, or in such quantities, as the Company would otherwise wish

to do.

Indirect investment in foreign equity securities may be made through international warrants, local access

products, participation notes, or low exercise price warrants. International warrants are financial instruments issued

by banks or other financial institutions, which may or may not be traded on a foreign exchange. International

warrants are a form of derivative security that may give holders the right to buy or sell an underlying security or a

basket of securities from or to the issuer for a particular price or may entitle holders to receive a cash payment

relating to the value of the underlying security or basket of securities. International warrants are similar to options in

that they are exercisable by the holder for an underlying security or the value of that security, but are generally

exercisable over a longer term than typical options. These types of instruments may be American style exercise,

which means that they can be exercised at any time on or before the expiration date of the international warrant, or

European style exercise, which means that they may be exercised only on the expiration date. International warrants

have an exercise price, which is typically fixed when the warrants are issued.

Low exercise price warrants are warrants with an exercise price that is very low relative to the market price of

the underlying instrument at the time of issue (*e.g*., one cent or less). The buyer of a low exercise price warrant

effectively pays the full value of the underlying common stock at the outset. In the case of any exercise of warrants,

there may be a time delay between the time a holder of warrants gives instructions to exercise and the time the price

of the common stock relating to exercise or the settlement date is determined, during which time the price of the

underlying security could change significantly. These warrants entail substantial credit risk, since the issuer of the

warrant holds the purchase price of the warrant (approximately equal to the value of the underlying investment at the

time of the warrant's issue) for the life of the warrant.

The exercise or settlement date of the warrants and other instruments described above may be affected by

certain market disruption events, such as difficulties relating to the exchange of a local currency into U.S. dollars,

the imposition of capital controls by a local jurisdiction or changes in the laws relating to foreign investments. These

events could lead to a change in the exercise date or settlement currency of the instruments, or postponement of the

settlement date. In some cases, if the market disruption events continue for a certain period of time, the warrants

may become worthless, resulting in a total loss of the purchase price of the warrants.

Investments in these instruments involve the risk that the issuer of the instrument may default on its obligation

to deliver the underlying security or cash in lieu thereof. These instruments may also be subject to liquidity risk

because there may be a limited secondary market for trading the warrants. They are also subject, like other

investments in foreign (non-U.S.) securities, to foreign risk and currency risk.

**SAFEs:** A SAFE is an agreement between an investor and a company in which the company generally agrees

that the investor's investment in the company will be converted into equity in the company upon certain trigger

events. For example, the investor's SAFE investment would typically be converted into convertible preferred stock

in the company's next priced equity financing round, at the valuation that is set in the company's next priced equity

financing round. In addition, a SAFE may be triggered if the company is acquired by or merged with another

company. Other triggers may be an initial public offering of securities by the company.

SAFEs do not represent an equity ownership interest at the time of investment and it is uncertain if SAFEs will

provide such exposure in the future. They are designed for early-stage, high-growth startup companies that are

expected to raise additional capital in the future. If such growth or financing does not occur, the economic

assumptions underlying the investment may not be realized. Unlike common stock, SAFEs do not provide holders

with any current ownership rights, including voting rights or rights to dividends, and instead represent only a

contractual right to receive equity in the future upon the occurrence of specified triggering events, such as a future

equity financing, acquisition, or initial public offering, which may not occur. If such triggering events do not occur,

the Company may never receive equity securities and could lose its entire investment. In certain circumstances, a

portfolio company may raise additional capital through alternative financing structures that do not trigger

conversion. Even if a triggering event occurs, the terms governing conversion may be complex and highly variable,

including valuation caps, discounts, or other mechanisms, such as most favored nation or pro rata provisions, that

may significantly affect the amount and value of equity ultimately received.

The valuation for the Company used in the conversion of the SAFEs will be determined by the investors

investing in the next priced equity financing round that triggers conversion of the SAFEs, which valuation may not

be known by the Company or an accurate reflection of the valuation of the company at that time.

A SAFE investment's value may not change for an extended period of time, for example, until a conversion is

triggered. Upon conversion, the Company's investment in the company that issued the SAFE may change

significantly, impacting the Company's NAV per share and potentially the trading price for the Shares. Because

SAFEs are valued based on estimates of future contingent events, their reported fair value may differ materially

from realized outcomes.

**Securities Lending:** Securities lending involves lending of portfolio securities to qualified broker/dealers,

banks or other financial institutions who may need to borrow securities in order to complete certain transactions,

such as covering short sales, avoiding failure to deliver securities, or completing arbitrage operations. Securities are

loaned pursuant to a securities lending agreement approved by the Board and under the terms, structure and the

aggregate amount of such loans consistent with the 1940 Act. Lending portfolio securities increases the lender's

income by receiving a fixed fee or a percentage of the collateral, in addition to receiving the interest or dividend on

the securities loaned. As collateral for the loaned securities, the borrower gives the lender collateral equal to at least

100% of the value of the loaned securities. The collateral may consist of cash (including U.S. dollars and foreign

currency), securities issued by the U.S. government or its agencies or instrumentalities, or such other collateral as

may be approved by the Board. The borrower must also agree to increase the collateral if the value of the loaned

securities increases but may request some of the collateral be returned if the market value of the loaned securities

goes down.

During the existence of the loan, the lender will receive from the borrower amounts equivalent to any dividends,

interest or other distributions on the loaned securities, as well as interest on such amounts. Loans are subject to

termination by the lender or a borrower at any time. The Company may choose to terminate a loan in order to vote in

a proxy solicitation.

During the time a security is on loan and the issuer of the security makes an interest or dividend payment, the

borrower pays the lender a substitute payment equal to any interest or dividends the lender would have received

directly from the issuer of the security if the lender had not loaned the security. When a lender receives dividends

directly from domestic or certain foreign corporations, a portion of the dividends paid by the lender itself to its

shareholders and attributable to those dividends (but not the portion attributable to substitute payments) may be

eligible for: (i) treatment as "qualified dividend income" in the hands of individuals; or (ii) the U.S. federal

dividends received deduction in the hands of corporate shareholders. The Adviser therefore may cause the Company

to terminate a securities loan – and forego any income on the loan after the termination – in anticipation of a

dividend payment. As of the date of this Prospectus, the Adviser is not engaging in this particular securities loan

termination practice.

Securities lending involves counterparty risk, including the risk that a borrower may not provide additional

collateral when required or return the loaned securities in a timely manner. Counterparty risk also includes a

potential loss of rights in the collateral if the borrower or the Lending Agent defaults or fails financially. This risk is

increased if loans are concentrated with a single borrower or limited number of borrowers. There are no limits on the

number of borrowers that may be used and securities may be loaned to only one or a small group of borrowers.

Participation in securities lending also incurs the risk of loss in connection with investments of cash collateral

received from the borrowers. Cash collateral is invested in accordance with investment guidelines contained in the

Securities Lending Agreement and approved by the Board. Some or all of the cash collateral received in connection

with the securities lending program may be invested in one or more pooled investment vehicles, including, among

other vehicles, money market funds managed by the Lending Agent (or its affiliates). The Lending Agent shares in

any income resulting from the investment of such cash collateral, and an affiliate of the Lending Agent may receive

asset-based fees for the management of such pooled investment vehicles, which may create a conflict of interest

between the Lending Agent (or its affiliates) and the Company with respect to the management of such cash

collateral. To the extent that the value or return on investments of the cash collateral declines below the amount

owed to a borrower, the Company may incur losses that exceed the amount it earned on lending the security. The

Lending Agent will indemnify the Company from losses resulting from a borrower's failure to return a loaned

security when due, but such indemnification does not extend to losses associated with declines in the value of cash

collateral investments. The Adviser is not responsible for any loss incurred by the Company in connection with the

securities lending program. See "Derivatives Regulation" for more information.

**Securities of Other Investment Companies:** The Company may invest, subject to applicable regulatory limits,

in the securities of other investment companies, including open-end management companies, closed-end

management companies (including BDCs) and unit investment trusts. The Company also may invest in ETFs, as

described in additional detail under "ETFs and Other Exchange-Traded Investment Vehicles" below. Under the

1940 Act, subject to the Company's own more restrictive limitations, if any, the Company's investment in securities

issued by other investment companies, subject to certain exceptions, currently is limited to: (1) 3% of the total

voting stock of any one investment company; (2) 5% of the Company's total assets with respect to any one

investment company; and (3) 10% of the Company's total assets in the aggregate (such limits do not apply to

investments in money market funds). Exemptions in the 1940 Act or the rules thereunder may allow the Company to

invest in another investment company in excess of these limits. In particular, Rule 12d1-4 under the 1940 Act allows

the Company to acquire the securities of another investment company, including ETFs, in excess of the limitations

imposed by Section 12 of the 1940 Act, subject to certain limitations and conditions on the Company and the

Adviser, including limits on control and voting of acquired funds' shares, evaluations and findings by the Adviser

and limits on most three-tier fund structures.

When investing in the securities of other investment companies, the Company will be indirectly exposed to all

the risks of such investment companies' portfolio securities. In addition, as a shareholder in an investment company,

the Company would indirectly bear its pro rata share of that investment company's advisory fees and other operating

expenses. Fees and expenses incurred indirectly by the Company as a result of its investment in shares of one or

more other investment companies generally are referred to as "acquired fund fees and expenses" and may appear as

a separate line item in the Prospectus fee table. For certain investment companies, such as BDCs, these expenses

may be significant. In addition, the purchase of shares of closed-end management companies, including BDCs, may

involve the payment of substantial premiums above the value of such issuer's portfolio securities, while the sale of

such securities may be made at substantial discounts from the value of such issuer's portfolio securities. Historically,

shares of closed-end funds, including BDCs, have frequently traded at a discount to their NAV, which discounts

have, on occasion, been substantial and lasted for sustained periods of time.

Certain money market funds that operate in accordance with Rule 2a-7 under the 1940 Act float their NAV

while others seek to reserve the value of investments at a stable NAV (typically $1.00 per share). An investment in a

money market fund, even an investment in a fund seeking to maintain a stable NAV per share, is not guaranteed, and

it is possible for the Company to lose money by investing in these and other types of money market funds. If the

liquidity of a money market fund's portfolio deteriorates below certain levels, the money market fund may suspend

redemptions (*i.e.*, impose a redemption gate) and thereby prevent the Company from selling its investment in the

money market fund or impose a fee of up to 2% on amounts the Company redeems from the money market fund

(*i.e.*, impose a liquidity fee).

<u>ETFs and Other Exchange-Traded Investment Vehicles</u>: The Company may invest, subject to applicable

regulatory limits, in the securities of ETFs and other pooled investment vehicles that are traded on an exchange and

that hold a portfolio of securities or other financial instruments (collectively, "exchange-traded investment

vehicles"). When investing in the securities of exchange-traded investment vehicles, the Company will be indirectly

exposed to all the risks of the portfolio securities or other financial instruments they hold. The performance of an

exchange-traded investment vehicle will be reduced by transaction and other expenses, including fees paid by the

exchange-traded investment vehicle to service providers. ETFs are investment companies that are registered as open-

end management companies or unit investment trusts. The limits that apply to the Company's investment in

securities of other investment companies generally apply also to the Company's investment in securities of ETFs.

Shares of exchange-traded investment vehicles are listed and traded in the secondary market. Many exchange-

traded investment vehicles are passively managed and seek to provide returns that track the price and yield

performance of a particular index or otherwise provide exposure to an asset class (e.g., currencies or commodities).

Although such exchange-traded investment vehicles may invest in other instruments, they largely hold the securities

(e.g., common stocks) of the relevant index or financial instruments that provide exposure to the relevant asset class.

The share price of an exchange-traded investment vehicle may not track its specified market index, if any, and may

trade below its NAV. An active secondary market in the shares of an exchange-traded investment vehicle may not

develop or be maintained and may be halted or interrupted due to actions by its listing exchange, unusual market

conditions, or other reasons. There can be no assurance that the shares of an exchange-traded investment vehicle will

continue to be listed on an active exchange.

**Small- and Mid-Capitalization Issuers:** Issuers with smaller market capitalizations, including small- and mid-

capitalization issuers, may have limited product lines, markets, or financial resources, may lack the competitive

strength of larger issuers, may have inexperienced managers or depend on a few key employees. In addition, their

securities often are less widely held and trade less frequently and in lesser quantities, and their market prices are

often more volatile than the securities of issuers with larger market capitalizations. Issuers with smaller market

capitalizations may include issuers with a limited operating history (unseasoned issuers). Investment decisions for

these securities may place a greater emphasis on current or planned product lines and the reputation and experience

of the issuer's management and less emphasis on fundamental valuation factors than would be the case for more

mature issuers. In addition, investments in unseasoned issuers are more speculative and entail greater risk than do

investments in issuers with an established operating record. The liquidation of significant positions in small- and

mid-capitalization issuers with limited trading volume, particularly in a distressed market, could be prolonged and

result in investment losses.

**Special Purpose Acquisition Companies:** The Company may invest in stock, rights, and warrants of SPACs.

Also known as a "blank check company," a SPAC is a company with no commercial operations that is formed solely

to raise capital from investors for the purpose of acquiring one or more existing private companies. The typical

SPAC initial public offering ("IPO") involves the sale of units consisting of one share of common stock combined

with one or more warrants or fractions of warrants to purchase common stock at a fixed price upon or after

consummation of the acquisition. If the Company purchases shares of a SPAC in an IPO, it will generally bear a

sales commission, which may be significant. SPACs often have pre-determined time frames to make an acquisition

after going public (typically two years) or the SPAC will liquidate, at which point invested funds are returned to the

entity's shareholders (less certain permitted expenses) and any rights or warrants issued by the SPAC expire

worthless. Unless and until an acquisition is completed, a SPAC generally holds its assets in U.S. government

securities, money market securities and cash. To the extent the SPAC holds cash or similar securities, this may

impact the Company's ability to meet its investment objective. SPACs generally provide their investors with the

option of redeeming an investment in the SPAC at or around the time of effecting an acquisition. In some cases, the

Company may forfeit its right to receive additional warrants or other interests in the SPAC if it redeems its interest

in the SPAC in connection with an acquisition. SPACs are subject to increasing scrutiny, and potential legal

challenges or regulatory developments may limit their effectiveness or prevalence. For example, the SEC recently

adopted additional disclosure and other rules that apply to SPACs; it is impossible to predict the potential impact of

these developments on the use of SPACs.

Because SPACs have no operating history or ongoing business other than seeking acquisitions, the value of a

SPAC's securities is particularly dependent on the ability of the entity's management to identify and complete a

favorable acquisition. Some SPACs may pursue acquisitions only within certain industries or regions, which may

increase the volatility of their prices. At the time the Company invests in a SPAC, there may be little or no basis for

the Company to evaluate the possible merits or risks of the particular industry in which the SPAC may ultimately

operate or the target business which the SPAC may ultimately acquire. There is no guarantee that a SPAC in which

the Company invests will complete an acquisition or that any acquisitions that are completed will be profitable.

It is possible that a significant portion of the funds raised by a SPAC for the purpose of identifying and effecting

an acquisition or merger may be expended during the search for a target transaction. Attractive acquisition or merger

targets may become scarce if the number of SPACs seeking to acquire operating businesses increases. No market, or

only a thinly traded market, for shares of or interests in a SPAC may develop, leaving the Company unable to sell its

interest in a SPAC or able to sell its interest only at a price below what the Company believes is the SPAC security's

value. In addition, the Company may be delayed in receiving any redemption or liquidation proceeds from a SPAC

to which it is entitled, and an investment in a SPAC may be diluted by additional later offerings of interests in the

SPAC or by other investors exercising existing rights to purchase shares of the SPAC. The values of investments in

SPACs may be highly volatile and may depreciate significantly over time.

**Special Situation Issuers:** A special situation arises when, in the opinion of the Adviser, the securities of a

particular issuer can be purchased at prices below the anticipated future value of the cash, securities or other

consideration to be paid or exchanged for such securities solely by reason of a development applicable to that issuer

and regardless of general business conditions or movements of the market as a whole. Developments creating

special situations might include, among others: liquidations, reorganizations, recapitalizations, mergers, material

litigation, technical breakthroughs, and new management or management policies. Investments in special situations

often involve much greater risk than is inherent in ordinary investment securities, because of the high degree of

uncertainty that can be associated with such events.

If a security is purchased in anticipation of a proposed transaction and the transaction later appears unlikely to

be consummated or in fact is not consummated or is delayed, the market price of the security may decline sharply.

There is typically asymmetry in the risk/reward payout of special situations strategies – the losses that can occur in

the event of deal break-ups can far exceed the gains to be had if deals close successfully. The consummation of a

proposed transaction can be prevented or delayed by a variety of factors, including regulatory and antitrust

restrictions, political developments, industry weakness, stock specific events, failed financings, and general market

declines. Certain special situation investments prevent ownership interest therein from being withdrawn until the

special situation investment, or a portion thereof, is realized or deemed realized, which may negatively impact

Company performance.

**Swap Transactions and Options on Swap Transactions:** Swap agreements are two-party contracts entered

into primarily by institutional investors for periods ranging from a few weeks to more than one year. In a standard

"swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on

particular predetermined underlying assets, which may be adjusted for an interest factor. The gross returns to be

exchanged or "swapped" between the parties are generally calculated with respect to a "notional amount," (*i.e*., the

return on or increase in value of a particular dollar amount invested at a particular interest rate or in a "basket" of

securities representing a particular index). When the Company enters into an interest rate swap, it typically agrees to

make payments to its counterparty based on a specified long- or short-term interest rate, and will receive payments

from its counterparty based on another interest rate. Other forms of swap agreements include interest rate caps,

under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent

that interest rates exceed a specified rate, or "cap"; interest rate floors, under which, in return for a specified

payment stream, one party agrees to make payments to the other to the extent that interest rates fall below a specified

rate, or "floor"; and interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an

attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. The

Company may enter into an interest rate swap in order, for example, to hedge against the effect of interest rate

changes on the value of specific securities in its portfolio, or to adjust the interest rate sensitivity (duration) or the

credit exposure of its portfolio overall, or otherwise as a substitute for a direct investment in debt instruments.

In a total return swap, one party typically agrees to pay to the other a short-term interest rate in return for a

payment at one or more times in the future based on the increase in the value of an underlying asset; if the

underlying asset declines in value, the party that pays the short-term interest rate must also pay to its counterparty a

payment based on the amount of the decline. A swap may create a long or short position in the underlying asset. A

total return swap may be used to hedge against an exposure in an investment portfolio (including to adjust the

duration or credit quality of a bond portfolio) or generally to put cash to work efficiently in the markets in

anticipation of, or as a replacement for, cash investments. A total return swap may also be used to gain exposure to

securities or markets which may not be accessed directly (in so-called market access transactions).

In a credit default swap, one party provides what is in effect insurance against a default or other adverse credit

event affecting an issuer of debt instruments (typically referred to as a "reference entity"). In general, the protection

"buyer" in a credit default swap is obligated to pay the protection "seller" an upfront amount or a periodic stream of

payments over the term of the swap. If a "credit event" occurs, the buyer has the right to deliver to the seller bonds

or other obligations of the reference entity (with a value up to the full notional value of the swap), and to receive a

payment equal to the par value of the bonds or other obligations. Rather than exchange the bonds for the par value, a

single cash payment may be due from the seller representing the difference between the par value of the bonds and

the current market value of the bonds (which may be determined through an auction). Credit events that would

trigger a request that the seller make payment are specific to each credit default swap agreement, but generally

include bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/

moratorium. If the Company buys protection, it may or may not own securities of the reference entity. If it does own

securities of the reference entity, the swap serves as a hedge against a decline in the value of the securities due to the

occurrence of a credit event involving the issuer of the securities. If the Company does not own securities of the

reference entity, the credit default swap may be seen to create a short position in the reference entity. If the

Company is a buyer and no credit event occurs, the Company will typically recover nothing under the swap, but will

have had to pay the required upfront payment or stream of continuing payments under the swap. If the Company

sells protection under a credit default swap, the position may have the effect of creating leverage in the Company's

portfolio through the Company's indirect long exposure to the issuer or securities on which the swap is written. If

the Company sells protection, it may do so either to earn additional income or to create such a "synthetic" long

position. Credit default swaps involve general market risks, illiquidity risk, counterparty risk, and credit risk.

A cross-currency swap is a contract between two counterparties to exchange interest and principal payments in

different currencies. A cross-currency swap normally has an exchange of principal at maturity (the final exchange);

an exchange of principal at the start of the swap (the initial exchange) is optional. An initial exchange of notional

principal amounts at the spot exchange rate serves the same function as a spot transaction in the foreign exchange

market (for an immediate exchange of foreign exchange risk). An exchange at maturity of notional principal

amounts at the spot exchange rate serves the same function as a forward transaction in the foreign exchange market

(for a future transfer of foreign exchange risk). The currency swap market convention is to use the spot rate rather

than the forward rate for the exchange at maturity. The economic difference is realized through the coupon

exchanges over the life of the swap. In contrast to single currency interest rate swaps, cross-currency swaps involve

both interest rate risk and foreign exchange risk.

The Company may enter into swap transactions for any legal purpose consistent with its investment objective

and policies, such as for the purpose of attempting to obtain or preserve a particular return or spread at a lower cost

than obtaining a return or spread through purchases and/or sales of instruments in other markets, to protect against

currency fluctuations, as a duration management technique, to protect against any increase in the price of securities

the Company anticipates purchasing at a later date, or to gain exposure to certain markets in a more economical way.

An interest rate cap is a right to receive periodic cash payments over the life of the cap equal to the difference

between any higher actual level of interest rates in the future and a specified strike (or "cap") level. The cap buyer

purchases protection for a floating rate move above the strike. An interest rate floor is the right to receive periodic

cash payments over the life of the floor equal to the difference between any lower actual level of interest rates in the

future and a specified strike (or "floor") level. The floor buyer purchases protection for a floating rate move below

the strike. The strikes are based on a reference rate chosen by the parties and are typically measured quarterly.

Rights arising pursuant to both caps and floors are typically exercised automatically if the strike is in the money.

Caps and floors can eliminate the risk that the buyer fails to exercise an in-the-money option.

The swap market has grown over the years, with a large number of banks and investment banking firms acting

both as principals and agents utilizing standard swap documentation, which has contributed to greater liquidity in

certain areas of the swap market under normal market conditions.

An option on swap agreement ("swaption") is a contract that gives a counterparty the right (but not the

obligation) to enter into a new swap agreement or to shorten, extend, cancel, or otherwise modify an existing swap

agreement, at some designated future time on specified terms. Depending on the terms of the particular swaption,

generally a greater degree of risk is incurred when writing a swaption than when purchasing a swaption. If the

Company purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the

option expire unexercised. However, if the Company writes a swaption, upon exercise of the option the Company

will become obligated according to the terms of the underlying agreement.

The successful use of swap agreements or swaptions depends on the Adviser's ability to predict correctly

whether certain types of investments are likely to produce greater returns than other investments. Moreover, the

Company bears the risk of loss of the amount expected to be received under a swap agreement in the event of the

default or bankruptcy of a swap agreement counterparty.

Swaps are highly specialized instruments that require investment techniques and risk analyses different from

those associated with traditional investments. The use of a swap requires an understanding not only of the referenced

asset, reference rate, or index but also of the swap itself, without the benefit of observing the performance of the

swap under all possible market conditions. Because they are two-party contracts that may be subject to contractual

restrictions on transferability and termination and because they may have terms of greater than seven days, swap

agreements may be considered to be illiquid. To the extent that a swap is not liquid, it may not be possible to initiate

a transaction or liquidate a position at an advantageous time or price, which may result in significant losses.

Like most other investments, swap agreements are subject to the risk that the market value of the instrument

will change in a way detrimental to the Company's interest. The Company bears the risk that its Adviser will not

accurately forecast future market trends or the values of assets, reference rates, indices, or other economic factors in

establishing swap positions for the Company. If the Adviser attempts to use a swap as a hedge against, or as a

substitute for, a portfolio investment, the Company would be exposed to the risk that the swap will have or will

develop imperfect or no correlation with the portfolio investment. This could cause substantial losses for the

Company. While hedging strategies involving swap instruments can reduce the risk of loss, they can also reduce the

opportunity for gain or even result in losses by offsetting favorable price movements in other Company investments.

Many swaps are complex and often valued subjectively.

Counterparty risk with respect to derivatives has been and may continue to be affected by rules and regulations

concerning the derivatives market. Some interest rate swaps and credit default index swaps are required to be

centrally cleared, and a party to a cleared derivatives transaction is subject to the credit risk of the clearing house and

the clearing member through which it holds the position. Credit risk of market participants with respect to

derivatives that are centrally cleared is concentrated in a few clearing houses and clearing members, and it is not

clear how an insolvency proceeding of a clearing house or clearing member would be conducted, what effect the

insolvency proceeding would have on any recovery by the Company, and what impact an insolvency of a clearing

house or clearing member would have on the financial system more generally. In some ways, cleared derivative

arrangements are less favorable to the Company than bilateral arrangements, for example, by requiring that the

Company provide more margin for its cleared derivatives positions. Also, as a general matter, in contrast to a

bilateral derivatives position, following a period of notice to the Company, the clearing house or the clearing

member through which it holds its position at any time can require termination of an existing cleared derivatives

position or an increase in the margin required at the outset of a transaction. Any increase in margin requirements or

termination of existing cleared derivatives positions by the clearing member or the clearing house could interfere

with the ability of the Company to pursue its investment strategy.

Also, in the event of a counterparty's (or its affiliate's) insolvency, the possibility exists that the Company's

ability to exercise remedies, such as the termination of transactions, netting of obligations and realization on

collateral, could be stayed or eliminated under special resolution regimes adopted in the U.S., the EU, the UK, and

various other jurisdictions. Such regimes provide government authorities with broad authority to intervene when a

financial institution is experiencing financial difficulty. In particular, the regulatory authorities could reduce,

eliminate, or convert to equity the liabilities to the Company of a counterparty who is subject to such proceedings in

the EU and the UK (sometimes referred to as a "bail in").

The U.S. government, the EU, and the UK have also adopted mandatory minimum margin requirements for

bilateral derivatives. Such requirements could increase the amount of margin required to be provided by the

Company in connection with its derivatives transactions and, therefore, make derivatives transactions more

expensive.

**U.S. Government Securities and Obligations:** Some U.S. government securities, such as Treasury bills, notes,

and bonds and mortgage-backed securities guaranteed by GNMA, are supported by the full faith and credit of the

United States; others are supported by the right of the issuer to borrow from the U.S. Treasury; others are supported

by the discretionary authority of the U.S. government to purchase the agency's obligations; still others are supported

only by the credit of the issuing agency, instrumentality, or enterprise. Although U.S. government-sponsored

enterprises may be chartered or sponsored by Congress, they are not funded by Congressional appropriations, and

their securities are not issued by the U.S. Treasury, their obligations are not supported by the full faith and credit of

the U.S. government, and so investments in their securities or obligations issued by them involve greater risk than

investments in other types of U.S. government securities. In addition, certain governmental entities have been

subject to regulatory scrutiny regarding their accounting policies and practices and other concerns that may result in

legislation, changes in regulatory oversight and/or other consequences that could adversely affect the credit quality,

availability or investment character of securities issued or guaranteed by these entities.

The events surrounding the U.S. federal government debt ceiling and any resulting agreement could adversely

affect the Company. On August 5, 2011, S&P Global Ratings ("S&P") lowered its long-term sovereign credit rating

on the United States. More recently, Fitch Ratings ("Fitch") downgraded the U.S. long-term credit rating on August

1, 2023. The downgrade by S&P and other future downgrades could increase volatility in both stock and bond

markets, result in higher interest rates and lower Treasury prices and increase the costs of all kinds of debt. These

events and similar events in other areas of the world could have significant adverse effects on the economy generally

and could result in significant adverse impacts on the Company or issuers of securities held by the Company. The

Adviser cannot predict the effects of these or similar events in the future on the U.S. economy and securities markets

or on the Company's portfolio. The Adviser may not timely anticipate or manage existing, new or additional risks,

contingencies or developments.

<u>Government Trust Certificates</u>: Government trust certificates represent an interest in a government trust, the

property of which consists of: (i) a promissory note of a foreign government, no less than 90% of which is backed by

the full faith and credit guarantee issued by the federal government of the United States pursuant to Title III of the

Foreign Operations, Export, Financing and Related Borrowers Programs Appropriations Act of 1998; and (ii) a

security interest in obligations of the U.S. Treasury backed by the full faith and credit of the United States sufficient

to support the remaining balance (no more than 10%) of all payments of principal and interest on such promissory

note; provided that such obligations shall not be rated less than AAA by S&P or less than Aaa by Moody's Ratings

("Moody's") or have received a comparable rating by another Nationally Recognized Statistical Rating

Organization.

**When-Issued Securities and Delayed Delivery Transactions:** When-issued securities and delayed delivery

transactions involve the purchase or sale of securities at a predetermined price or yield with payment and delivery

taking place in the future after the customary settlement period for that type of security. Upon the purchase of the

securities, liquid assets with an amount equal to or greater than the purchase price of the security will be set aside to

cover the purchase of that security. The value of these securities is reflected in the net assets value as of the purchase

date; however, no income accrues from the securities prior to their delivery.

There can be no assurance that a security purchased on a when-issued basis will be issued or that a security

purchased or sold on a delayed delivery basis will be delivered. When the Company engages in when-issued or

delayed delivery transactions, it relies on the other party to consummate the trade. Failure of such party to do so may

result in the Company's incurring a loss or missing an opportunity to obtain a price considered to be advantageous.

The purchase of securities in this type of transaction increases an overall investment exposure and involves a

risk of loss if the value of the securities declines prior to settlement. If deemed advisable as a matter of investment

strategy, the securities may be disposed of or the transaction renegotiated after it has been entered into, and the

securities sold before those securities are delivered on the settlement date.

**OTHER RISKS AND CONSIDERATIONS** 

**Cyber Security Issues:** Cyber security incidents and cyber-attacks (referred to collectively herein as "cyber-

attacks") have been occurring globally at a more frequent and severe level and will likely continue to increase in

frequency in the future. RHV and its service providers may be prone to operational and information security risks

resulting from cyber-attacks. Furthermore, as the Company's assets grow, it may become a more appealing target for

cybersecurity threats such as hackers and malware. Cyber-attacks include, among other behaviors, stealing or

corrupting data maintained online or digitally, denial of service attacks on websites, ransomware attacks, social

engineering attempts (such as business email compromise attacks), the unauthorized release of confidential

information or various other forms of cyber security breaches. Cyber-attacks affecting the Company or its service

providers may adversely impact the Company. For instance, cyber-attacks may cause the release of confidential

business information, impede trading, subject the Company to regulatory fines or financial losses and/or cause

reputational damage. The Company may also incur additional costs for cyber security risk management purposes. In

addition, substantial costs may be incurred in order to prevent any cyber-attacks in the future. Similar types of cyber

security risks are also present for issuers of securities in which the Company may invest, which could result in

material adverse consequences for such issuers and may cause the Company's investment in such companies to lose

value. In addition, cyber-attacks involving the Company's counterparty could affect such counterparty's ability to

meet its obligations to the Company, which may result in losses to the Company and its shareholders. Furthermore,

as a result of cyber-attacks, disruptions or failures, an exchange or market may close or issue trading halts on

specific securities or the entire market, which may result in the Company being, among other things, unable to buy

or sell certain securities or unable to accurately price its investments. The Company cannot control the cyber

security plans and systems put in place by service providers to the Company, and such third-party service providers

may have limited indemnification obligations to RHV or the Company, each of whom could be negatively impacted

as a result. The Company and its shareholders could be negatively impacted as a result. Any problems relating to the

performance and effectiveness of security procedures used by the Company or third-party service providers to

protect the Company's assets, such as algorithms, codes, passwords, multiple signature systems, encryption and

telephone call-backs, may have an adverse impact on an investment in the Company. There may be an increased risk

of cyber-attacks during periods of geo-political or military conflict and new ways to carry out cyber-attacks are

always developing. In addition, the rapid development and increasingly widespread use of artificial intelligence,

including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate

these risks. Therefore, there is a chance that some risks have not been identified or prepared for, or that an attack

may not be detected, which puts limitations on the Company's ability to plan for or respond to a cyber-attack.

**Qualified Financial Contracts:** The Company's investments may involve qualified financial contracts

("QFCs"). QFCs include, but are not limited to, securities contracts, commodities contracts, forward contracts,

repurchase agreements, securities lending agreements and swaps agreements, as well as related master agreements,

security agreements, credit enhancements, and reimbursement obligations. Under regulations adopted by federal

banking regulators pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, certain QFCs with

counterparties that are part of U.S. or foreign global systemically important banking organizations are required to

include contractual restrictions on close-out and cross-default rights. If a covered counterparty of the Company or

certain of the covered counterparty's affiliates were to become subject to certain insolvency proceedings, the

Company may be temporarily, or in some cases permanently, unable to exercise certain default rights, and the QFC

may be transferred to another entity. These requirements may impact the Company's credit and counterparty risks.

**CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS** 

As of the date of this Prospectus, Robinhood owned 100% of the Shares and therefore may be deemed to

control the Company until such time as it owns 25% or less of the Company's outstanding Shares, which is expected

to occur upon the closing of this offering. The address of Robinhood is 85 Willow Road, Menlo Park, CA 94025.

Robinhood is organized under the laws of Delaware.

On [●], 2026, the Board approved a stock split such that, immediately before the completion of the initial public

offering, each common share of beneficial interest issued and outstanding shall be reclassified, subdivided and

changed into such number of Shares such that the NAV per Share plus the sales load per Share equals $[25.00] per

Share.

On [●], 2026, the Company entered into the RRA with Robinhood pursuant to which the Company agreed to

file a resale registration statement to register the "Registrable Securities" covered by the RRA. The Company will

bear the cost of registering these securities. See "*Description of Shares—Registration Rights*" for a description of

these registration rights.

**CODE OF ETHICS**

The Company and RHV have each adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act that

establishes procedures for personal investments and restricts certain personal securities transactions. Personnel

subject to these codes may invest in securities for their personal investment accounts, including securities that may

be purchased or held by the Company, so long as such investments are made in accordance with the applicable

code's requirements. The codes of ethics are included as exhibits to the registration statement. In addition, the codes

of ethics are available on the EDGAR database on the SEC's website at https://www.sec.gov. Shareholders may also

obtain copies of each code of ethics, after paying a duplicating fee, by electronic request at the following e-mail

address: publicinfo@sec.gov.

**PROXY VOTING POLICIES AND PROCEDURES**

The Company's investments in Private Vehicles do not typically convey traditional voting rights, and the

occurrence of corporate governance or other consent or voting matters for these types of investments is substantially

lower than that encountered in connection with registered equity securities. On occasion, however, the Company

may receive notices or proposals from the Private Vehicles in which it invests seeking the consent of or voting by

holders, and may also receive proxies relating to other investments held by the Company, including registered equity

securities. The Board has delegated to the Adviser proxy voting authority with respect to the Company's portfolio

securities. The proxy voting policies and procedures of the Adviser are described below.

The Adviser's policies and procedures are reasonably designed to seek to ensure that the Adviser votes proxies

in the best interest of the Company and addresses how it will resolve any conflict of interest that may arise when

voting proxies. The Adviser will review on a case-by-case basis each proposal submitted for a shareholder vote to

determine its impact on the portfolio securities held by its clients. Although the Adviser will generally vote against

proposals that may have a negative impact on its clients' portfolio securities, it may vote for such proposals if there

exist compelling long-term reasons to do so.

Decisions on how to vote a proxy generally are made by the Adviser. The Adviser seeks to vote in a prudent

and timely fashion and only after careful evaluation of any proposal presented on a proxy ballot. The Adviser

intends to consider all factors it considers relevant, including, but not limited to, the implications of changes in

corporate governance structures, adoption of, or amendments to, compensation plans and matters involving social

issues or corporate responsibility. The Adviser seeks to avoid direct or indirect conflicts of interest raised by

exercising its voting discretion and considers only those factors that relate to its client's investment and its

investment objectives, and may determine that abstaining on a proposal may be in the best interests of the client.

**PORTFOLIO TRANSACTIONS**

Investments that the Company makes are generally investments in private companies or purchases in private

placements and generally do not involve brokers. The Company may use brokers to sell public stock received when

a private company completes an IPO, or received in the form of stock distributions from underlying partnerships. In

addition, the Company may use brokers to sell interests in private funds.

Subject to policies established by the Board, the Adviser is primarily responsible for the execution of any

securities transactions in the Company's portfolio and the Company's allocation of finders, placement, brokerage,

and other similar fees. When selling securities, the Company generally sells through a diversified group of finders,

placement agents, brokers, and other intermediaries, which for traded securities are selected on the basis of best

price and execution. Soft dollar arrangements are not utilized for this purpose.

**CUSTODIAN AND SUB-ADMINISTRATOR**

The Company has engaged U.S. Bank to serve as the Company's custodian and USBGFS to serve as the

Company's sub-administrator. Under the Custody Agreement between the Company and U.S. Bank, the Custodian

holds the Company's assets in compliance with the 1940 Act. Under the Fund Servicing Agreement between the

Company and USBGFS, the Sub-Administrator provides certain administrative services necessary for the operation

of the Company. Such services include maintaining certain Company books and records, providing accounting and

tax services, and preparing certain regulatory filings. The Custodian's principal business address is 5065 Wooster

Rd., Cincinnati, Ohio 45226. The Sub-Administrator's principal business address is 777 E. Wisconsin Ave.,

Milwaukee, WI 53202.

For its services as the Company's sub-administrator, the Company pays the Sub-Administrator an annual fee

based upon a percentage of the average net assets of the Company, subject to a minimum annual fee, as well as

certain fixed fees and expenses. For its services as the Company's custodian, the Company pays the Custodian an

annual fee based upon, among other things, the average daily market value of all long securities and cash held in the

Company's portfolio, plus certain charges for portfolio transactions.

**TRANSFER AGENT, DIVIDEND PAYING AGENT AND REGISTRAR**

EQ, whose principal business address is 28 Liberty Street, 53<sup>rd</sup> Floor, New York, NY 10005, serves as the

Company's transfer agent, dividend paying agent and registrar.

**AVAILABLE INFORMATION**

The Company has filed with the SEC a registration statement on Form N-2, together with all amendments and

related exhibits, under the Securities Act with respect to the Shares offered by this Prospectus. The registration

statement contains additional information about the Company and the Shares being offered by this Prospectus.

Upon completion of this offering, the Company will file with or submit to the SEC annual, quarterly and current

reports, proxy statements, and other information meeting the informational requirements of the Exchange Act. The

SEC maintains an internet site that contains reports, proxy and information statements and other information filed

electronically by the Company with the SEC which are available on the SEC's internet site at http://www.sec.gov.

Copies of these reports proxy and information statements and other information may be obtained, after paying any a

duplicating fee, by electronic request at the following email address: publicinfo@sec.gov, or by writing the SEC's

Public Reference Section, 100 F Street, N.E., Washington, D.C. 20549.

If applicable, the Company will furnish to Shareholders as soon as practicable after the end of each taxable year

information on IRS Form 1099-DIV or IRS Form 1042-S, as applicable, to assist Shareholders in preparing their tax

returns.

**FISCAL YEAR**

The Company's fiscal year for accounting purposes is the 12-month period ending March 31. The Company has

also adopted the 12-month period ending on December 31, 2026 as its first taxable year.

Following the closing of this initial public offering of the Shares, the Company intends to elect to change its

taxable year to a taxable year ending March 31.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Ernst & Young LLP serves as the independent registered public accounting firm of the Company. Its principal

business address is One Manhattan West, New York, New York 10001.

**LEGAL COUNSEL**

Davis Polk & Wardwell LLP, 1050 17th Street, NW, Washington, D.C. 20036, serves as legal counsel to the

Company. Richards, Layton & Finger, P.A. serves as special Delaware counsel to the Company. No attorney-client

relationship exists, however, between Davis Polk & Wardwell LLP, or Richards, Layton & Finger, P.A., and any

other person solely by reason of such other person investing in the Company. [Davis Polk & Wardwell LLP serves

as legal counsel to the selling shareholder in connection with certain legal matters related to this offering.]

Sullivan & Cromwell LLP serves as counsel to the Underwriter[s].

**WEBSITE DISCLOSURE** 

Following this offering, the Company will use the "Announcements" section of its website (accessible at [●])

and the Robinhood Newsroom (accessible at newsroom.aboutrobinhood.com) as a means of disclosing information

to the public in a broad, non-exclusionary manner for purposes of the SEC Regulation Fair Disclosure (Reg. FD).

Following this offering, investors should monitor those web pages, in addition to the Company's press releases, SEC

filings, and public conference calls and webcasts, as information posted on them could be deemed to be material

information. However, information on the Company's website and the Robinhood Newsroom is not incorporated by

reference into this Prospectus.

**PRIVACY NOTICE**

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| | |
|:---|:---|
| **FACTS** | **WHAT DOES ROBINHOOD DO WITH YOUR** <br>**PERSONAL INFORMATION?**<br>|
| **Why?** | Financial companies choose how they share your personal information. Federal law gives consumers the <br>right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and <br>protect your personal information. Please read this notice carefully to understand what we do.<br>|
| **What?** | The types of personal information we collect and share depend on the product or service you have with us. <br>This information can include:<br>■ Social Security number and income&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; ■ Investment experience and risk tolerance<br>■ Account balances and transaction history&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ■ Account transactions and assets<br>■ Credit history and scores<br>|
| **How?** | All financial companies need to share customers' personal information to run their everyday business. In <br>the section below, we list the reasons financial companies can share their customers' personal information; <br>the reasons Robinhood chooses to share; and whether you can limit this sharing.<br>|

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| | | |
|:---|:---|:---|
| **Reasons we can share your personal information** | **Does Robinhood share?** | **Can you limit this** <br>**sharing?**<br>|
| **For our everyday business purposes** – such as to process<br>your transactions, maintain your account(s), respond to court<br>orders and legal investigations, or report to credit bureaus<br>| Yes. | No. |
| **For our marketing purposes** – to offer our products and services to you | Yes. | No. <br>(See "Additional privacy<br>choices for customers" below.)<br>|
| **For joint marketing with other financial companies** | Yes. | No. |
| **For our affiliates' everyday business purposes** –<br>information about your transactions and experiences<br>| Yes. | No. |
| **For our affiliates' everyday business purposes** –<br>information about your creditworthiness<br>| Yes. | Yes.<br>(See "To limit our sharing"<br>below)<br>|
| **For our affiliates to market to you** | Yes. | Yes.<br>(See "To limit our sharing"<br>below)<br>|
| **For non-affiliates to market to you** | Yes. | Yes.<br>(See "Additional privacy<br>choices for<br>customers" below)<br>|

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| | | | |
|:---|:---|:---|:---|
| **To limit our**<br>**sharing**<br>| ■E-mail us at <u>privacy@robinhood.com</u>. Please include "Limit Sharing" in the subject line of the email and include any/<br>all of the following opt-out statements in the body of the email to indicate your choices:<br>☐ Do not share information about my creditworthiness with your affiliates for their everyday business purposes. <br>☐ Do not allow your affiliates to use my personal information to market to me.<br>**Please note the following:**<br>If you have a joint account, your choice(s) will apply to everyone on your account.<br>If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice, unless you <br>have elected otherwise electronically. When you are no longer our customer, we continue to share your information as <br>described in this notice.<br>However, you can contact us at any time to limit our sharing.<br>|  |  |
| **Additional**<br>**privacy**<br>**choices for**<br>**customers** | We provide additional privacy choices to customers regarding our use of advertising partners to market our services <br>across third-party platforms. Please visit <u>https://robinhood.com/us/en/support/articles/data-sharing-preferences/</u> to learn <br>more |  |  |
| **Additional**<br>**privacy**<br>**choices for**<br>**customers** | We provide additional privacy choices to customers regarding our use of advertising partners to market our services <br>across third-party platforms. Please visit <u>https://robinhood.com/us/en/support/articles/data-sharing-preferences/</u> to learn <br>more | **Questions?** | E-mail us at <u>privacy@robinhood.com</u> |
| **Additional**<br>**privacy**<br>**choices for**<br>**customers** | We provide additional privacy choices to customers regarding our use of advertising partners to market our services <br>across third-party platforms. Please visit <u>https://robinhood.com/us/en/support/articles/data-sharing-preferences/</u> to learn <br>more |  |  |

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This Privacy Notice is not part of the Prospectus.

---

| | |
|:---|:---|
| **Who we are** | **Who we are** |
| **Who is providing this notice?** | This form is provided by **Robinhood Financial, LLC; Robinhood Securities, LLC;** <br>**Robinhood Derivatives, LLC; Robinhood Crypto, LLC; Robinhood Asset** <br>**Management, LLC; Robinhood Ventures DE, LLC; Robinhood Ventures Fund I;** <br>**and Robinhood Ventures Fund II (**collectively, "**Robinhood").**<br>|
| **What we do** | **What we do** |
| **How does Robinhood protect my personal** <br>**information?**<br>| To protect your personal information from unauthorized access and use, we use security <br>measures that comply with federal law. These measures include computer safeguards and <br>secured files and buildings.<br>When you access our Account holder areas, you are required to provide your username <br>and your password. Do not share your password and change it frequently<br>|
| **How does Robinhood collect my personal** <br>**information?**<br>| We collect your personal information, for example, when you<br>■Open an account or deposit money.<br>■Provide account information.<br>■Direct us to buy and sell securities, options, or other brokerage or cryptocurrency <br>products.<br>■We also collect your personal information from others, such as credit bureaus, <br>affiliates, or other companies.<br>|
| **Why can't I limit all sharing?** | Federal law gives you the right to limit only<br>■sharing for affiliates' everyday business purposes – information about your <br>creditworthiness<br>■affiliates from using your information to market to you<br>■sharing for nonaffiliates to market to you<br>State laws and individual companies may give you additional rights to limit sharing. See <br>below for more on your rights under state law.<br>|
| **What happens when I limit sharing for an** <br>**account I hold jointly with someone else?**<br>| ■Your choices will apply to everyone on your account |

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| | |
|:---|:---|
| **Definitions** | **Definitions** |
| **Affiliates** | Companies related by common ownership or control. They can be financial and <br>nonfinancial companies.<br>*■Our affiliates include companies which share common Robinhood branding,* <br>*including Robinhood Markets, Inc., other financial companies like TradePMR, Inc.* <br>*and Bitstamp USA Inc. and its affiliates, and other non-financial companies like Say* <br>*Technologies LLC and Sherwood Media, LLC.*<br>|
| **Nonaffiliates** | Companies not related by common ownership or control. They can be financial and <br>nonfinancial companies.<br>*■Nonaffiliates we share with can include service providers, such as data processors,* <br>*and advertising partners.*<br>|
| **Joint Marketing** | A formal agreement between nonaffiliated financial companies that together market <br>financial products or services to you.<br>*■Our joint marketing partners include categories of companies such as tax preparers,* <br>*mortgage loan servicers, and estate planners.*<br>|

---

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| |
|:---|
| **Other important information** |
| **Other State Law Rights**: Please see our <u>online privacy notice at notice at https://robinhood.com/us/en/support/articles/rh-financial-entities-</u><br><u>privacy-statement</u> for additional rights you may be entitled to depending on your state of residence.<br>Please submit privacy-related requests to <u>privacy@robinhood.com.</u><br>**Vermont Residents:** We will not disclose information about your creditworthiness to our affiliates and will not disclose your personal <br>information, financial information, credit report, or health information to nonaffiliated third parties to market to you, other than as permitted by <br>Vermont law, unless you authorize us to make those disclosures. Additional information concerning our privacy policies can be found at <u>https://</u><br><u>robinhood.com/us/en/support/articles/privacy-policy.</u><br>|

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This Privacy Notice is not part of the Prospectus.

**INDEX TO FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **Audited Financial Statements** | **Page** |
| <u>[Report of Independent Registered Public Accounting Firm](#i9fdf5ca8c5d94332a78ac024e1493af0_1260)</u> ................................................................... | <u>[F-2](#i9fdf5ca8c5d94332a78ac024e1493af0_1260)</u> |
| <u>[Schedule of Investments](#i9fdf5ca8c5d94332a78ac024e1493af0_1276)</u> ......................................................................................................................... | <u>[F-3](#i9fdf5ca8c5d94332a78ac024e1493af0_1276)</u> |
| <u>[Statement of Assets and Liabilities](#i9fdf5ca8c5d94332a78ac024e1493af0_1290)</u> ........................................................................................................ | <u>[F-5](#i9fdf5ca8c5d94332a78ac024e1493af0_1290)</u> |
| <u>[Statement of Operations](#i9fdf5ca8c5d94332a78ac024e1493af0_1305)</u> ......................................................................................................................... | <u>[F-6](#i9fdf5ca8c5d94332a78ac024e1493af0_1305)</u> |
| <u>[Statement of Changes in Net Assets](#i9fdf5ca8c5d94332a78ac024e1493af0_1320)</u> ....................................................................................................... | <u>[F-7](#i9fdf5ca8c5d94332a78ac024e1493af0_1320)</u> |
| <u>[Statement of Cash Flows](#i9fdf5ca8c5d94332a78ac024e1493af0_1335)</u> ........................................................................................................................ | <u>[F-8](#i9fdf5ca8c5d94332a78ac024e1493af0_1335)</u> |
| <u>[Financial Highlights](#i9fdf5ca8c5d94332a78ac024e1493af0_1350)</u> ................................................................................................................................ | <u>[F-9](#i9fdf5ca8c5d94332a78ac024e1493af0_1350)</u> |
| <u>[Notes to the Financial Statements](#i9fdf5ca8c5d94332a78ac024e1493af0_1358)</u> ........................................................................................................... | <u>[F-10](#i9fdf5ca8c5d94332a78ac024e1493af0_1358)</u> |

---

**Report of Independent Registered Public Accounting Firm**

To the Shareholder and the Board of Trustees of Robinhood Ventures Fund II

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Robinhood Ventures Fund II (the

"Company"), including the schedule of investments, as of March 31, 2026, and the related statements of operations,

changes in net assets and cash flows and the financial highlights for the period from March 16, 2026

(Commencement of Operations) through March 31, 2026, 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 Company at March 31, 2026, and the results of its operations, the changes in its net assets, its cash

flows, and its financial highlights for the period from March 16, 2026 (Commencement of Operations) through

March 31, 2026, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an

opinion on the Company's financial statements based on our audit. 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 Company 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 audit 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 Company is not required to have, nor were we engaged to perform,

an audit of the Company's internal control over financial reporting. As part of our audit, 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 Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit 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 owned as of March 31, 2026, by correspondence with the

custodian and issuers of privately held investments; when replies were not received from issuers of privately held

investments, we performed other auditing procedures. Our audit 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 audit provides a reasonable basis for our opinion.

![image_0.jpg](image_0.jpg)

We have served as the Company's auditor since 2026.

New York, New York

June 30, 2026

**Robinhood Ventures Fund II**

**Schedule of Investments** 

**March 31, 2026**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Security (a)** | **Shares/Principal** | **Acquisition Date** | **Cost** | **Fair Value**  |
| **Simple Agreements for Future Equity in** <br>**Private Companies (f) 73.3%**<br>|  |  |  |  |
| **Consumer Discretionary 2.0%** |  |  |  |  |
| CatchBack Cards Incorporated <sup>(b)(c)(d)(e)</sup> ......... | 250000 | 03/19/2026 | $250000 | $250000 |
|  |  |  | **250000** | **250000** |
| **Financials 8.3%** |  |  |  |  |
| Maywood AI Inc. <sup>(b)(c)(d)(e)</sup> ............................. | 250000 | 03/23/2026 | 250000 | 250000 |
| PantaCapital, Inc.<sup>(b)(c)(d)(e)</sup> .............................. | 250000 | 03/24/2026 | 250000 | 250000 |
| SpotPay, Inc. <sup>(b)(c)(d)(e)</sup> .................................... | 250000 | 03/24/2026 | 250000 | 250000 |
| Unifold, Inc. <sup>(b)(c)(d)(e)</sup> ..................................... | 250000 | 03/23/2026 | 250000 | 250000 |
|  |  |  | **1000000** | **1000000** |
| **Health Care 8.3%** |  |  |  |  |
| CellType Inc.<sup>(b)(c)(d)(e)</sup> .................................... | 250000 | 03/20/2026 | 250000 | 250000 |
| Opalite Health Inc.<sup>(b)(c)(d)(e)</sup> ............................ | 250000 | 03/19/2026 | 250000 | 250000 |
| Prana AI Incorporated <sup>(b)(c)(d)(e)</sup> ...................... | 250000 | 03/26/2026 | 250000 | 250000 |
| Ruma, Inc. <sup>(b)(c)(d)(e)</sup> ........................................ | 250000 | 03/16/2026 | 250000 | 250000 |
|  |  |  | **1000000** | **1000000** |
| **Information Technology 54.7%** |  |  |  |  |
| Agentic Fabriq, Inc. <sup>(b)(c)(d)(e)</sup> .......................... | 250000 | 03/16/2026 | 250000 | 250000 |
| Apex Flux Inc. <sup>(b)(c)(d)(e)</sup> .................................. | 250000 | 03/16/2026 | 250000 | 250000 |
| Asimov Robotics, Inc. <sup>(b)(c)(d)(e)</sup> ...................... | 250000 | 03/27/2026 | 250000 | 250000 |
| Autumn AI, Inc. <sup>(b)(c)(d)(e)</sup> ............................... | 250000 | 03/23/2026 | 250000 | 250000 |
| AxionOrbital Space Inc. <sup>(b)(c)(d)(e)</sup> ................... | 250000 | 03/26/2026 | 250000 | 250000 |
| Caretta Inc. <sup>(b)(c)(d)(e)</sup> ....................................... | 250000 | 03/23/2026 | 250000 | 250000 |
| Carnot AI, Inc. <sup>(b)(c)(d)(e)</sup> .................................. | 250000 | 03/31/2026 | 250000 | 250000 |
| Crosslayer Labs, Inc. <sup>(b)(c)(d)(e)</sup> ........................ | 250000 | 03/18/2026 | 250000 | 250000 |
| Crow, Inc. <sup>(b)(c)(d)(e)</sup> ......................................... | 250000 | 03/23/2026 | 250000 | 250000 |
| Cumulus Compute Labs <br>Corporation <sup>(b)(c)(d)(e)</sup> ...................................<br>| 250000 | 03/16/2026 | 250000 | 250000 |
| Daymi, Inc. <sup>(b)(c)(d)(e)</sup> ....................................... | 250000 | 03/18/2026 | 250000 | 250000 |
| Didit Identity, Inc. <sup>(b)(c)(d)(e)</sup> ............................ | 250000 | 03/16/2026 | 250000 | 250000 |
| InkVell Inc. <sup>(b)(c)(d)(e)</sup> ...................................... | 250000 | 03/31/2026 | 250000 | 250000 |
| Lambda Systems, Inc. <sup>(b)(c)(d)(e)</sup> ...................... | 250000 | 03/19/2026 | 250000 | 250000 |
| LegalOS Inc. <sup>(b)(c)(d)(e)</sup> .................................... | 250000 | 03/23/2026 | 250000 | 250000 |
| Luel Inc. <sup>(b)(c)(d)(e)</sup> ........................................... | 100000 | 03/27/2026 | 100000 | 100000 |
| MirageDoodle, Inc. (D.B.A. Autositu) <br><sup>(b)(c)(d)(e)</sup> .......................................................<br>| 250000 | 03/25/2026 | 250000 | 250000 |
| Oxus AI, Inc.<sup>(b)(c)(d)(e)</sup> .................................... | 250000 | 03/23/2026 | 250000 | 250000 |

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**Robinhood Ventures Fund II**

**Schedule of Investments** 

**March 31, 2026**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Security (a)** | **Shares/Principal** | **Acquisition Date** | **Cost** | **Fair Value**  |
| **Simple Agreements for Future Equity in** <br>**Private Companies 73.3% (continued)**<br>|  |  |  |  |
| **Information Technology (continued)** |  |  |  |  |
| Samora AI, Inc. <sup>(b)(c)(d)(e)</sup> ................................ | 250000 | 03/19/2026 | 250000 | 250000 |
| Sarah AI Inc. <sup>(b)(c)(d)(e)</sup> .................................... | 250000 | 03/22/2026 | 250000 | 250000 |
| Sparkley Inc. <sup>(b)(c)(d)(e)</sup> .................................... | 250000 | 03/16/2026 | 250000 | 250000 |
| Speedtrain, Inc. <sup>(b)(c)(d)(e)</sup> ................................. | 250000 | 03/25/2026 | 250000 | 250000 |
| Terminal Use, Inc. <sup>(b)(c)(d)(e)</sup> ............................ | 250000 | 03/18/2026 | 250000 | 250000 |
| Veriad, Inc. <sup>(b)(c)(d)(e)</sup> ....................................... | 250000 | 03/19/2026 | 250000 | 250000 |
| Visibl Semiconductors, Inc.<sup>(b)(c)(d)(e)</sup> .............. | 250000 | 03/19/2026 | 250000 | 250000 |
| Voygr Tech, Inc. <sup>(b)(c)(d)(e)</sup> .............................. | 250000 | 03/26/2026 | 250000 | 250000 |
| Workable Solutions Inc.<sup>(b)(c)(d)(e)</sup> ................... | 250000 | 03/19/2026 | 250000 | 250000 |
|  |  |  | **6600000** | **6600000** |
| **Total Simple Agreements for Future** <br>**Equity in Private Companies** ............<br>|  |  | **8850000** | **8850000** |
| **Total Investments 73.3%** ................................ |  |  | **$8850000** | **$8850000** |
| **Other Assets in Excess of Liabilities 26.7%** . |  |  |  | **3218339** |
| **Net Assets 100.0%** ........................................... |  |  |  | **$12068339** |

---

__________________

(a)Percentages are stated as a percent of net assets.

(b)Investment is a non-controlled, non-affiliated investment as defined by the Investment Company Act of 1940, as amended (the "1940 Act").

The 1940 Act classifies investments based on the level of control that the Company maintains in a particular portfolio company. As defined

in the 1940 Act, a company is generally presumed to be "non-controlled" when the Company owns 25% or less of the portfolio company's

voting securities and "controlled" when the Company owns more than 25% of the portfolio company's voting securities and/or has the

power to exercise control over the management or policies of such portfolio company. The 1940 Act also classifies investments further

based on the level of ownership that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is

generally deemed as "non-affiliated" when the Company owns less than 5% of a portfolio company's voting securities and "affiliated" when

the Company owns 5% or more of a portfolio company's voting securities (and is not otherwise "controlled"). Except as otherwise indicated,

each portfolio company operates in the United States.

(c)Non-income producing security.

(d)Fair values of Level 3 securities were determined using significant unobservable inputs in accordance with procedures established by

Robinhood Ventures DE, LLC (the "Adviser" or "RHV"), acting as valuation designee (the "Valuation Designee"), under the supervision of

the board of trustees of the Company (the "Board of Trustees" or the "Board").

(e)Restricted investments as to resale. Restricted securities are often purchased in private placement transactions, are not registered under the

Securities Act of 1933, may have contractual restrictions on resale and are valued according to the Company's written valuation procedures

and as determined in good faith by the Adviser under the oversight of the Board. The Company may receive more or less than this valuation

in an actual sale and that difference could be material. As of March 31, 2026, there is no expected date for such restrictions to be removed

for the Company's restricted securities. The aggregate value of all restricted securities is $8,850,000, which totals 73.3% of net assets.

(f)See additional discussion of SAFE's in Note 2 and Note 7.

*See accompanying Notes to Financial Statements*

**Robinhood Ventures Fund II**

**Statement of Assets and Liabilities**

**March 31, 2026**

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at fair value (cost $8,850,000) .......................................................................................... | $8850000 |
| Cash ....................................................................................................................................................... | 5750000 |
| Deferred offering costs ......................................................................................................................... | 259494 |
| Total assets ....................................................................................................................................... | 14859494 |
| **Liabilities** |  |
| Accrued expenses .................................................................................................................................. | 19830 |
| Accrued organizational expenses .......................................................................................................... | 411831 |
| Accrued offering costs .......................................................................................................................... | 259494 |
| Payable for investments purchased ....................................................................................................... | 2100000 |
| Total liabilities ................................................................................................................................. | 2791155 |
| **Net Assets** ............................................................................................................................................ | $12068339 |
| **Net Assets consist of:** |  |
| Paid-in capital ....................................................................................................................................... | 12500000 |
| Total distributable losses ....................................................................................................................... | (431661) |
| **Net Assets** ............................................................................................................................................ | $12068339 |
| **Net Asset value per share** |  |
| Shares outstanding <sup>(a)</sup> ........................................................................................................................ | 500000 |
| Net asset value per share .................................................................................................................. | $24.14 |

---

__________________

(a)Unlimited shares authorized without par value.

*See accompanying Notes to Financial Statements*

**Robinhood Ventures Fund II**

**Statement of Operations**

**For the period March 16, 2026 (Commencement of Operations) through March 31, 2026**

---

| | |
|:---|:---|
| **Expenses:** |  |
| Organizational expenses <sup>(a)</sup> ................................................................................................................... | $411831 |
| Sub-administrator and custody expenses .............................................................................................. | 10817 |
| Other expenses ...................................................................................................................................... | 9013 |
| Total expenses ....................................................................................................................................... | 431661 |
| Net investment loss ............................................................................................................................... | (431661) |
| **Net realized gain and change in unrealized appreciation:** |  |
| Net realized and unrealized gain on investments .................................................................................. |  |
| Net decrease in net assets from operations ........................................................................................... | $(431661) |

---

__________________

(a)See additional discussion of organizational expenses subsequent to period-end in Note 10.

*See accompanying Notes to Financial Statements*

**Robinhood Ventures Fund II**

**Statement of Changes in Net Assets**

**For the period March 16, 2026 (Commencement of Operations) through March 31, 2026**

---

| | |
|:---|:---|
| **Operations:** |  |
| Net investment loss ............................................................................................................................... | $(431661) |
| Net realized and unrealized gain on investments .................................................................................. |  |
| Net decrease in net assets from operations ........................................................................................... | (431661) |
| **Capital share transactions:** |  |
| Proceeds from issuance of shares ......................................................................................................... | 12500000 |
| **Increase in Net Assets** ........................................................................................................................ | $12068339 |
| **Net Assets:** |  |
| Beginning of period .............................................................................................................................. |  |
| End of period ......................................................................................................................................... | $12068339 |
| **Capital share activity** |  |
| Issuance of shares ................................................................................................................................. | 500000 |
| **Shares outstanding, end of period** .................................................................................................... | 500000 |

---

*See accompanying Notes to Financial Statements*

**Robinhood Ventures Fund II**

**Statement of Cash Flows**

**For the period March 16, 2026 (Commencement of Operations) through March 31, 2026**

---

| | |
|:---|:---|
| **Cash flows from operating activities** |  |
| Net decrease in net assets from operations ........................................................................................... | $(431661) |
| Adjustments to reconcile net decrease in net assets from operations to net cash used in operating <br>activities:<br>|  |
| Purchases of investments ................................................................................................................. | (6750000) |
| Accrued expenses ............................................................................................................................. | 19830 |
| Accrued organizational expenses ..................................................................................................... | 411831 |
| Net cash used in operating activities ................................................................................................ | (6750000) |
| **Cash flows from financing activities** |  |
| Proceeds from issuance of shares ..................................................................................................... | 12500000 |
| Net cash provided by financing activities ........................................................................................ | 12500000 |
| Net increase in cash .......................................................................................................................... | 5750000 |
| Cash, beginning of period ..................................................................................................................... |  |
| Cash, end of period ............................................................................................................................... | $5750000 |

---

*See accompanying Notes to Financial Statements*

**Robinhood Ventures Fund II**

**Financial Highlights**

**For the period March 16, 2026 (Commencement of Operations) through March 31, 2026**

The following table includes selected data for a common share outstanding throughout the fiscal period and

other performance information derived from the financial statements.

---

| | |
|:---|:---|
|  | **Period ended** <br>**March 31, 2026**<br>|
| Per Share Data: |  |
| Net asset value, beginning of period | 25.00 |
| Net investment loss <sup>(a)</sup> | (0.86) |
| Net realized and unrealized gain on investments .................................................................................. |  |
| Total from investment operations ......................................................................................................... | (0.86) |
| Net asset value, end of period ............................................................................................................... | $24.14 |
| Total return, net asset value <sup>(b)</sup> .............................................................................................................. | (3.44)% |
| Supplemental Data/Ratios <sup>(c)</sup> ............................................................................................................... |  |
| Net assets, end of period (in thousands) | $12068 |
| Ratio to average net assets of: ............................................................................................................... |  |
| Expenses .............................................................................................................................................. | 3.51% |
| Net investment loss ............................................................................................................................... | (3.51)% |
| Portfolio turnover rate <sup>(d)</sup> ....................................................................................................................... | —% |

---

__________________

(a)Calculated based on the average number of shares of common shares outstanding during the period from March 16, 2026 to March 31,

2026. (b)Total return based on per share NAV reflects the effects of changes in NAV on the performance of the Company during the period. Total

return based on per share NAV reflects reinvested dividends, if any, but does not reflect the deduction of taxes that a shareholder would pay

on Company distributions or the sale of Company shares. Ratio is not annualized.

(c)Ratios are calculated using average net assets applicable to common shareholders. Ratios are not annualized.

(d)The portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested

assets at fair value for the period.

*See accompanying Notes to Financial Statements*

**Robinhood Ventures Fund II**

**NOTES TO THE FINANCIAL STATEMENTS**

**March 31, 2026**

**1. Organization**

Robinhood Ventures Fund II (the "Company") was organized as a Delaware statutory trust on February 27,

2026, and commenced its operations on March 16, 2026. The Company is a diversified, closed-end management

investment company that intends to elect to be regulated as a business development company ("BDC") under the

Investment Company Act of 1940, as amended (the "1940 Act"). The Company is governed by its Board of Trustees

(the "Board").

The Company's common shares of beneficial interest, (the "Shares") are expected to be listed, subject to official

notice of issuance, on the New York Stock Exchange ("NYSE") under the symbol "RVII." The Company is

authorized to issue an unlimited number of common shares of beneficial interest, without par value. There were

500,000 Shares of the Company outstanding as of March 31, 2026. All of the Shares of the Company are owned by

Robinhood Markets, Inc. (the "Affiliate").

In pursuing its investment objective, the Company will primarily invest, under normal circumstances, in a

diversified portfolio of early-stage and growth-stage private companies that, in the view of Robinhood Ventures DE,

LLC (the "Adviser"), demonstrate significant growth potential (each, a "Promising Company"). The Company

focuses its investments on Promising Companies that are current or previous participants in the Y Combinator

startup accelerator program, or companies with a founder or co-founder that participated in the program

(collectively, "YC Companies"), although it may also invest in Promising Companies that are not YC Companies. Y

Combinator does not sponsor, endorse, or promote the Company and has no responsibility for the management or

performance of the Company and is not an affiliate of the Company or the Affiliate. The Company intends to make

direct and indirect investments in Promising Companies, including follow-on investments, which will typically be in

the form of non-controlling equity and equity-related securities, including, but not limited to, simple agreements for

future equity ("SAFEs"), common stock, warrants, convertible preferred stock, other equity or equity-linked

securities or ownership interests in business enterprises, other forms of senior equity, which may or may not be

convertible into a company's common equity, and preferred stock and convertible debt securities. At March 31,

2026, all investments were held directly in the form of SAFEs by the Company.

The Adviser is registered as an investment adviser with the U.S. Securities and Exchange Commission ("SEC")

under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and will serve as the Company's

investment adviser and will be responsible for making investment decisions for the Company's portfolio.

The Company's fiscal year end is March 31.

Capitalized terms not defined herein within the financial statements are defined in the registration statement of

which the financial statements are a part.

**2. Summary of Significant Accounting Policies**

The following is a summary of significant accounting policies consistently followed by the Company in the

preparation of its financial statements. The financial statements have been prepared in conformity with accounting

principles generally accepted in the United States of America ("U.S. GAAP"). The Company is an investment

company and applies specific accounting and financial reporting requirements under Financial Accounting

Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, *Financial Services-Investment* 

*Companies.*

***(a)Investment Valuation***

The vast majority of the Company's portfolio investments are expected to be in the form of securities that are

not publicly traded, and that will accordingly be recorded at fair value as determined in good faith pursuant to the

Company's valuation policies under the oversight of the Board. The Board has designated the Adviser as its

Valuation Designee. Because the Company's assets will largely be fair valued, there will be uncertainty as to the

value of its portfolio investments. The fair value of securities and other investments that are not publicly traded may

not be readily determinable. The Company will value its securities at fair value according to its written valuation

procedures and as determined in good faith by the Adviser under the oversight of the Board. The Adviser may use

**Robinhood Ventures Fund II**

**NOTES TO THE FINANCIAL STATEMENTS**

**March 31, 2026**

the services of nationally recognized independent valuation firm(s) to aid it in determining the fair value of the

Company's securities. The methods for valuing these securities may include: observable, company specific hard

events, including priced financings, tender/secondary transactions with determinable pricing, signed merger &

acquisition agreements, initial public offerings/direct listing, liquidation events, or other objectively verifiable

transactions with clear pricing implications; significant events and other issuer-specific information that may

reasonably indicate a material change in value; company actions and communications that may inform value, such as

board-approved recapitalizations, stock splits, or issuer-published tender prices, evaluated in light of the full

information set available to the Adviser; credible third-party indications (e.g., large and recent secondary prints or

other market participant data) where sufficiently reliable and relevant to the Company's security and the issuer's

circumstances; model-based approaches and/or third-party valuation support, together with company performance

indicators, comparable company data, and other reasonably reliable information when transactions are unavailable,

not readily comparable to the Company's security, or are deemed stale, or where significant events indicate

transaction inputs may no longer be representative.

In determining fair value, the Company considers the specific contractual terms of the SAFE, including

valuation caps, discounts (where applicable), and other economic features, and evaluates the implied value of the

resulting equity interest across a range of scenarios. Where applicable, the Company may reference observable

transaction data (including priced financing rounds or other transactions, or "Hard Events") and may derive an

implied as-converted value, adjusted as appropriate for the terms of the SAFE and other relevant considerations.

A SAFE investment's value may not change for an extended period of time, for example, until a conversion is

triggered. Upon conversion, the Company's investment in the company that issued the SAFE may change

significantly, impacting the Company's NAV per share and, following the Company's initial public offering,

potentially the trading price for the Shares. Because SAFEs are valued based on estimates of future contingent

events, their reported fair value may differ materially from realized outcomes.

The value of the Company's investments in Private Vehicles generally will be based on values provided by the

applicable Private Vehicle Managers and, when such information is not available or, in the view of the Adviser, does

not reflect fair value, the Adviser will fair value the investments in Private Vehicles with the assistance of any

independent valuation firm(s).

The value at which the Company's investments can be liquidated may differ, sometimes significantly, from the

valuations assigned by the Company. In addition, the timing of liquidations may also affect the values obtained on

liquidation. The Company will invest a significant amount of its assets in private market investments for which no

public market exists. There can be no guarantee that the Company's investments could ultimately be realized at the

Company's valuation of such investments.

***(b)Investment Transactions***

Investment transactions are accounted for as of the trade date for financial reporting purposes. Realized gains

and losses on investment transactions are based upon the specific identification method.

***(c)Use of Estimates***

The preparation of the financial statements in conformity with U.S. 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. Actual results could differ from those estimates used in

preparing the accompanying financial statements.

***(d)Expenses***

Expenses are recorded on an accrual basis as incurred. Expenses directly attributable to the Company are

charged to the Company. Expenses common to the Company and other funds or accounts managed by the Adviser

are allocated among them using a method appropriate to the nature of the expense, as determined by the Adviser to

be reasonable and equitable. Accruals for estimated expenses are based on the best information available at the time

of accrual.

**Robinhood Ventures Fund II**

**NOTES TO THE FINANCIAL STATEMENTS**

**March 31, 2026**

***(e)Cash***

Cash includes deposits with banks which may exceed insured limits. The Company is subject to risk to the

extent that the banks may be unable to fulfill their obligations. As of March 31, 2026, the Company held $5,750,000

in cash.

***(f)Currency Translation***

The books and records of the Company are maintained in U.S. dollars. Assets, including investments, and

liabilities denominated in foreign currencies are translated into U.S. dollars at the end of each day. Purchases and

sales of investments, income and expenses, if any, are translated into U.S. dollars at the prevailing exchange rate on

the respective dates of the transactions.

***(g)Indemnifications***

The Company indemnifies its officers and trustees for certain liabilities that may arise from the performance of

their duties to the Company. Additionally, in the normal course of business, the Company enters into contracts that

contain a variety of representations which provide general indemnifications. The Company's maximum exposure

under these arrangements cannot be known, as this would involve future claims that may be made against the

Company that have not yet occurred. However, based on industry experience, the Company expects the risk of loss

due to these warranties and indemnifications to be remote.

***(h)Federal Income Taxes***

The Company has been taxed as a "C" corporation under Subchapter C of the Code since its organization, and

intends to continue to be so treated through the date of the initial public offering of the Shares. Income tax expense

is an estimate of current income taxes payable in the current fiscal year based on reported income before income

taxes. Deferred income taxes reflect the effect of temporary differences and carryforwards that the Company will

recognize for financial reporting and income tax purposes at enacted tax rates expected to be in effect when taxes are

actually paid or recovered.

The Company accounts for income taxes under the asset and liability method, which requires recognition of

deferred income tax assets and liabilities for the expected future tax consequences of events that have been

recognized in its financial statements, but have not been reflected in its taxable income. Deferred tax assets are

evaluated for future realization and reduced by a valuation allowance to the extent the Company believes that the

deferred tax assets will not be realized. The Company considers many factors when assessing the likelihood of

future realization of its deferred tax assets including, but not limited to, historical cumulative loss experience and

expectations of future earnings, tax planning strategies, and the carry-forward periods available for tax reporting

purposes. The Board's judgment regarding future profitability may change due to many factors, including future

market conditions and the ability to successfully execute business plans and/or tax planning strategies. Should there

be a change in the ability to recover deferred tax assets, the Company's tax provision would increase or decrease in

the period in which the assessment is changed.

The Company is wholly owned by the Affiliate as of March 31, 2026 and, as a result, is consolidated with the

Affiliate for income tax purposes until a de-consolidation event occurs. As a result of the Company being

consolidated with the Affiliate for a certain period, the Company will not file standalone income tax returns for

certain tax years and the Affiliate will bear any tax liabilities of the Company. Accordingly, the Company entered

into a tax sharing agreement with the Affiliate as of February 27, 2026, and pursuant to such agreement, to the

extent the Company has any income tax liability on a standalone basis and such tax liability is paid by the Affiliate

due to the Company being part of the Affiliate's consolidated income tax return group, the Company will pay or

reimburse the Affiliate the amounts related to any income taxes that otherwise would be owed by the Company. The

Company will not pay or reimburse the Affiliate for any income tax liability attributable to the Affiliate or its

affiliates. The Company's income tax liability has been computed and presented herein under the "separate return

method" as if the Company was a separate taxpayer rather than a member of the Affiliate's consolidated income tax

return group.

**Robinhood Ventures Fund II**

**NOTES TO THE FINANCIAL STATEMENTS**

**March 31, 2026**

The Company intends to elect to be treated as a regulated investment company ("RIC") under Subchapter M of

the Code as of the Company's first post-IPO tax year, which will be its taxable year that begins on the day after its

initial public offering of the Company's common shares of beneficial interest. If so qualified, the Company generally

will not pay corporate-level federal income taxes on any ordinary income or capital gains that the Company

distributes to Shareholders as dividends. The Company intends to pay corporate-level federal income taxes on any

gains built into the Company's assets as of the effective date of the Company's RIC election. To obtain and maintain

the federal income tax benefits of RIC status, the Company must meet specified source-of-income and asset

diversification requirements and distribute annually an amount equal to at least 90% of the sum of the Company's

net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if

any, out of assets legally available for distribution.

***(i)Distribution of Income and Capital Gains***

The timing and amount of the Company's future dividends, if any, will be determined by the Board. Any

dividends to the Shareholders will be declared out of assets legally available for distribution. The Company intends

to focus on making capital gains-based investments from which the Company will derive primarily capital gains. As

a consequence, the Company does not anticipate that it will pay dividends on a quarterly basis or become a

predictable distributor of dividends. However, if there are earnings or realized capital gains to be distributed, the

Company intends to declare and pay a dividend at least annually. The Company intends to elect to be treated as a

RIC for federal income tax purposes and expects to continue to operate in a manner so as to qualify for the tax

treatment applicable to RICs. To maintain RIC status, the Company must, among other things, distribute at least

90% of the sum of the Company's net ordinary income and realized net short-term capital gains in excess of realized

net long-term capital losses, if any, out of assets legally available for distribution. To avoid the imposition of a 4%

U.S. federal excise tax, the Company must distribute during each calendar year an amount equal to the sum of (1) at

least 98% of its ordinary income for the calendar year, (2) at least 98.2% of its capital gains in excess of capital

losses for the one-year period generally ending on October 31 of the calendar year and (3) certain undistributed

amounts from previous years on which the Company paid no U.S. federal income tax. In order to minimize the

imposition of the 4% federal excise tax, the Company generally intends to distribute any income and capital gains in

the manner necessary to minimize imposition of the 4% federal excise tax. The Company cannot assure

Shareholders that the Company will achieve investment results that would allow the Company to make distributions.

All distributions will be at the sole discretion of the Board and will depend on the Company's ability to dispose of

its investments, any net investment income, its financial condition, and such other factors as the Board may deem

relevant from time to time. The Company has made no distributions as of March 31, 2026 and is not currently

treated as a RIC for tax purposes.

***(j)Segment Reporting***

The Company operates as a single operating segment, which is an investment portfolio. Business activities are

managed on a consolidated basis and revenues are derived primarily through the Company's investments in

accordance with its investment objective. As of March 31, 2026, the sole Trustee of the Company served as the

Chief Operating Decision Maker ("CODM") and was responsible for evaluating the Company's operating results

and allocating resources in accordance with the Company's investment strategy. Internal reporting provided to the

CODM aligns with the accounting policies and measurement principles used in the financial statements.

For information regarding segment assets, segment profit or loss, and significant expenses, refer to the

Statement of Assets and Liabilities and the Statement of Operations, along with the related Notes to Financial

Statements.

***(k)Administrator, Sub-Administrator and Custodian***

The administrator of the Company is Robinhood Ventures DE, LLC (in its capacity as administrator to the

Company, the "Administrator"), the sub-administrator to the Company is U.S. Bancorp Fund Services, LLC (doing

business as U.S. Bank Global Fund Services) (the "Sub-Administrator"), and the custodian to the Company is U.S.

Bank National Association (the "Custodian"). The Sub-Administrator performs certain administrative services,

including fund administration and fund accounting services. The Company compensates the Sub-Administrator for

**Robinhood Ventures Fund II**

**NOTES TO THE FINANCIAL STATEMENTS**

**March 31, 2026**

these services, including reimbursing them for certain out of pocket expenses. The expenses associated with Sub-

Administrator and Custodian are included in Sub-administrator and custody expenses on the Statement of

Operations.

**3. Fair Value Measurements** 

All Company investments will be recorded and reported at fair value in accordance with the principles of U.S.

GAAP, ASC 820 (Fair Value Measurement).

The Company values its portfolio securities based on the market value of each respective security when reliable

market quotations are "readily available" for those securities. Given the Company's investment strategy of investing

primarily in the form of SAFEs and equity securities that are not publicly traded, the fair value of many of the

Company's investments may not be readily determinable. The Company will value such securities at fair value

according to written valuation procedures that have been approved by the Board and as determined in good faith by

the Adviser, which has been appointed Valuation Designee by the Board, under the oversight of the Board. The

Company will use those fair values in calculating its net asset value ("NAV").

ASC 820 was created to establish a framework for measuring fair value through the use of certain methods and

inputs and shall be used by the Adviser in combination with the directives of Rule 2a-5 of the 1940 Act. ASC 820

defines fair value as the price of an asset that one would observe in an orderly purchase and sale transaction between

market participants at a specific point in time. Data inputs used to perform a valuation are categorized as follows:

Level 1 – unadjusted quoted prices in active markets for identical assets or liabilities that are accessible by us.

Level 2 – quoted prices for similar assets and liabilities in an active market, quoted prices in markets that are not

active or for which all significant inputs are observable, either directly or indirectly.

Level 3 – unobservable inputs that are significant to the fair value of the assets or liabilities.

The availability of observable inputs can vary and is affected by a wide variety of factors, including, for

example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of

markets, and other characteristics of the security. To the extent that valuation is based on models or inputs that are

less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly,

the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for

disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety,

is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated

with investing in those securities.

The Company's investments will be fair valued on a quarterly basis and the Company will calculate its NAV as

of the close of each business quarter. Fluctuations in an investment's fair value may be caused by volatility in

economic conditions, among other factors. Such fluctuations in the fair value are classified as unrealized gains or

losses in the Company's Statement of Operations. Upon the disposition of an investment, the corresponding gain or

loss is classified as realized and will also be noted in the Statement of Operations.

The following table summarizes the levels within the fair value hierarchy for the Company's assets measured at

fair value as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs**<br>**Investments:** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** | <br>**Total** |
| SAFEs in Private Companies ............................. | $— | $— | $8850000 | $8850000 |
| **Total Investments** ............................................ | $— | $— | $8850000 | $8850000 |

---

**Robinhood Ventures Fund II**

**NOTES TO THE FINANCIAL STATEMENTS**

**March 31, 2026**

The changes in fair value of investments and liabilities for which the Company has used Level 3 inputs to

determine the fair value are as follows:

---

| | | |
|:---|:---|:---|
| **Level 3 Rollforward Table** | | |
|  | <br>**SAFEs in Private** <br>**Companies**<br>| <br>**Total** |
| Balance as of March 16, 2026 (Commencement of Operations) ............................. | $— | $— |
| Change in Unrealized Appreciation on Investments ................................................ | $— | $— |
| Net Realized Gain on Investments ........................................................................... | $— | $— |
| Purchase of Investments ........................................................................................... | 8850000 | 8850000 |
| Sale of Investments .................................................................................................. | $— | $— |
| Transfer into Level 3 ................................................................................................ | $— | $— |
| Transfer out of Level 3 ............................................................................................. | $— | $— |
| Balance as of March 31, 2026 .................................................................................. | $8850000 | $8850000 |

---

The following is a summary of quantitative information about significant unobservable valuation inputs for

Level 3 Fair Value Measurements for investments held as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Category** | **Fair Value** <br>**March 31, 2026**<br>| **Valuation** <br>**Approach**<br>| **Unobservable** <br>**Inputs**<br>| **Impact to** <br>**Valuation from** <br>**an Increase to** <br>**Input**<br>| **Range** | **Weighted** <br>**Average**<br>|
| SAFEs in Private <br>Companies .............<br>| $8850000 | Market <br>Approach<br>| Precedent <br>Transaction<br>| Increase | N/A | N/A |

---

**4. Recent Accounting Pronouncements**

In December 2023, the FASB issued Accounting Standards Update 2023-09, "Income taxes (Topic 740):

Improvements to Income Taxes Disclosures." This guidance requires annual disclosure of specific categories in the

rate reconciliation and provides additional information for reconciling items that meet a quantitative threshold. A

breakdown of income taxes paid by jurisdiction is provided when significant income taxes are paid. The Company

adopted this update as of March 31, 2026. The adoption of this guidance did not have a material impact on the

Company's financial statements and related disclosures.

**5. Related Party Transactions**

***(a)Investment Advisory Agreement***

Under the terms of the Advisory Agreement between the Company and the Adviser (the "Investment Advisory

Agreement"), the Adviser will provide investment advice and manage the day-to-day business and affairs of the

Company, in each case under the ultimate supervision of the Board. Pursuant to the Investment Advisory

Agreement, effective upon the initial public offering of the Company, the Company will pay the Adviser a

management fee (the "Management Fee") consisting of two components: a Base Management Fee and an Incentive

Fee on Capital Gains.

The Base Management Fee will be calculated and payable quarterly at an annual rate of 2.00% of the

Company's Net Assets determined quarterly as of the end of each quarter. For purposes of determining the Base

Management Fee payable to the Adviser, the Company's Net Assets will be calculated prior to any reduction for the

accrual of the Management Fee for that quarter. "Net Assets" means the total assets of the Company minus the

Company's liabilities.

The Incentive Fee on Capital Gains will be calculated and payable as of the end of each fiscal year (or, upon

termination of the Investment Advisory Agreement, as of the termination date). The Incentive Fee on Capital Gains

will equal 20% of the Company's realized capital gains, if any, on a cumulative basis from inception through the end

of each fiscal year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative

basis, less the aggregate amount of any previously paid Incentive Fees on Capital Gains. In no event will the

**Robinhood Ventures Fund II**

**NOTES TO THE FINANCIAL STATEMENTS**

**March 31, 2026**

Incentive Fee on Capital Gains exceed the amount permitted by the Investment Advisers Act of 1940, as amended,

including Section 205 thereof.

There were no Management Fees incurred during the period ended March 31, 2026.

***(b)Administration Agreement***

The Company has entered into an Administration Agreement with the Administrator subsequent to year end.

Under the Administration Agreement, the Administrator performs, or oversees the performance of administrative

services necessary for the operation of the Company, which include, among other things, being responsible for the

financial records which the Company is required to maintain and preparing reports to the Shareholders and reports

filed with the SEC. In addition, the Administrator assists in determining and publishing the Company's NAV,

oversees the preparation and filing of the Company's tax returns, oversees the printing and dissemination of reports

to the Shareholders, and generally oversees the payment of the Company's expenses and the performance of

administrative and professional services rendered to the Company by others. The Company will reimburse the

Administrator for its allocable portion of the costs and expenses incurred by the Administrator in performance by the

Administrator of its duties under the Administration Agreement, including technology costs and the Company's

allocable portion of cost of compensation and related expenses of the Company's Principal Financial Officer and

Chief Compliance Officer and their respective staffs, as well as any costs and expenses incurred by the

Administrator relating to any administrative or operating services provided by the Administrator to the Company

(including costs and expenses incurred by the Administrator in connection with the delegation of its obligations

under the Administration Agreement to the Sub-Administrator). The Board reviews the allocation methodologies

with respect to such expenses. Under the Administration Agreement, non-investment professionals of the

Administrator may provide, on behalf of the Company, managerial assistance to those portfolio companies to which

the Company is required to provide such assistance. To the extent that the Company's Administrator outsources any

of its functions, the Company pays the fees associated with such functions on a direct basis without profit to the

Administrator. There were no expenses allocable to the Company for the period ended March 31, 2026 under this

agreement.

***(c)Tax Sharing Agreement***

The Company has a tax sharing agreement with the Affiliate, and pursuant to the agreement, the Company pays

the Affiliate amounts related to income taxes owed. For the period ended March 31, 2026, the Company accrued no

Federal income taxes payable under the agreement, however the Company accrued $263 of state franchise taxes

under the agreement.

**6. Organizational and Offering Costs**

Organizational expenses are expensed as incurred to establish the Company and enable it legally to do business.

Offering costs include state registration fees and legal fees regarding the preparation of the initial registration

statement. Offering costs are accounted for as deferred costs and will be charged to paid-in-capital upon the initial

public offering. The total amounts of organizational expenses and offering costs incurred by the Company is

$411,831 and $259,494, respectively, as of March 31, 2026 and are included in the Statement of Operations and

Statement of Assets and Liabilities, respectively. Any organizational costs or offering costs incurred prior to the

closing of the initial public offering paid by the Adviser will be reimbursed by the Company.

**7. Principal Risks**

***Early-Stage Companies Risks***

The types of investments that the Company anticipates making involve a high degree of risk. In general,

financial and operating risks confronting portfolio companies can be significant. While targeted returns should

reflect the perceived level of risk in any investment situation, there can be no assurance that the Company will be

adequately compensated for risks taken. A loss of the Company's entire investment is possible. The timing of profit

realization is highly uncertain. Losses are likely to occur early in the Company's term, while successes often require

a long maturation.

**Robinhood Ventures Fund II**

**NOTES TO THE FINANCIAL STATEMENTS**

**March 31, 2026**

Early-stage companies often experience unexpected problems in the areas of product development,

manufacturing, marketing, financing and general management, which, in some cases, cannot be adequately solved.

In addition, such companies may require substantial amounts of financing, which may not be available through

institutional private placements or the public markets. In addition, the markets that such companies target are highly

competitive and in many cases the competition consists of larger companies with access to greater resources. The

percentage of companies that survive and prosper can be small. Given the rapid timelines often associated with

accelerator programs such as Y Combinator, and the inherently limited information available on early-stage

companies, the Adviser's evaluation of a given opportunity is generally conducted on an expedited basis, which

creates heightened risk for investors in such early-stage companies.

***YC Companies Risk***

Because the Company focuses its investments in YC Companies, it may be more concentrated in certain types

of businesses (such as high-growth or technology-oriented companies) and may perform differently than funds that

invest in a broader range of companies or have a less focused investment approach. In addition, any limitation

imposed by Y Combinator on the Company's access to YC Companies could have a material adverse effect on the

Company's business, financial condition or results of operations.

***Equity Securities Risks***

The prices of equity securities fluctuate based on changes in a company's financial condition and overall market

and economic conditions. The value of the equity securities held by the Company may decline for a number of

reasons which directly relate to the issuer, such as management performance, financial leverage, the issuer's

historical and prospective earnings, the value of its assets and reduced demand for its goods and services. Common

equity securities in which the Company may invest are structurally subordinated to preferred stock, bonds and other

debt instruments in a company's capital structure in terms of priority to corporate income, and are therefore

inherently more risky than preferred stock or debt instruments of such issuers.

***SAFEs Risk***

A SAFE is an agreement between an investor and a company in which the company generally agrees that the

investor's investment will be converted into equity in the company upon certain trigger events. SAFEs do not

represent an equity ownership interest at the time of investment. They are designed for early-stage, high-growth

startup companies that are expected to raise additional capital in the future. If such growth or financing does not

occur, the economic assumptions underlying the investment may not be realized. Unlike common stock, SAFEs do

not provide holders with any current ownership rights, including voting rights or rights to dividends, and instead

represent only a contractual right to receive equity in the future upon the occurrence of specified triggering events,

such as a future equity financing, acquisition, or initial public offering, which may not occur. If such triggering

events do not occur, the Company may never receive equity securities and could lose its entire investment. In certain

circumstances, a portfolio company may raise additional capital through alternative financing structures that do not

trigger conversion. Even if a triggering event occurs, the terms governing conversion may be complex and highly

variable, including valuation caps, discounts, or other mechanisms, such as most favored nation or pro rata

provisions, that may significantly affect the amount and value of equity ultimately received.

The valuation for the Company used in the conversion of the SAFEs will be determined by the investors

investing in the next priced equity financing round that triggers conversion of the SAFEs, which valuation may not

be known by the Company or an accurate reflection of the valuation of the company at that time.

A SAFE investment's value may not change for an extended period of time, for example, until a conversion is

triggered. Upon conversion, the Company's investment in the company that issued the SAFE may change

significantly, impacting the Company's NAV per share and potentially the trading price for the Shares. Because

SAFEs are valued based on estimates of future contingent events, their reported fair value may differ materially

from realized outcomes.

**Robinhood Ventures Fund II**

**NOTES TO THE FINANCIAL STATEMENTS**

**March 31, 2026**

***Private Investments Risk***

Investments in private companies involve a high degree of business and financial risk that can result in

substantial losses. Less information is available with respect to private companies compared to public companies

and private company investments offer limited liquidity. Private companies in which the Company may invest may

have limited financial resources, shorter operating histories, more asset concentration risk, narrower product lines

and smaller market shares than larger businesses, which tend to render such private companies more vulnerable to

competitors' actions and market conditions, as well as general economic downturns. These companies generally

have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly

changing businesses with products subject to a substantial risk of obsolescence, and may require substantial

additional capital to support their operations, finance expansion or maintain their competitive position. Private

company investments are more difficult to value than public companies due to less information being available and

valuations may fluctuate more dramatically than those of public companies.

The Company expects to make minority investments where it may have little to no opportunity to negotiate the

terms of a particular private investment or to require a specific private company in which the Company invests to

disclose any particular type of information to the Company, either in connection with diligence or as ongoing

reporting. Where the Company invests alongside an unaffiliated lead investor, the Adviser may rely to some extent

on the lead investor's diligence on the relevant investment and to negotiate certain terms of the investment.

**8. Income Taxes**

As of March 31, 2026, there were no provisions for income tax recorded. The reconciliation of statutory federal

income tax rate and our effective income tax rate was as follows:

---

| | | |
|:---|:---|:---|
|  | **As of March 31, 2026** | **As of March 31, 2026** |
|  | **Amount** | **Percentage** |
| Federal tax benefit at statutory rate .......................................................................... | $(90649) | 21.0% |
| Change in valuation allowance ................................................................................. | 90649 | (21.0)% |
| Effective tax rate ...................................................................................................... | $— | —% |

---

There were no income taxes paid for the period ended March 31, 2026.

Significant components of our deferred tax assets as of March 31, 2026 consisted of the following:

---

| | |
|:---|:---|
|  | **As of March 31,** <br>**2026**<br>|
| Deferred tax asset: |  |
| Net operating loss ................................................................................................................................. | $5125 |
| Capitalized organizational expenses ..................................................................................................... | 85524 |
| Total deferred tax asset ........................................................................................................................ | 90649 |
| Valuation Allowance ........................................................................................................................... | (90649) |
| Net deferred tax asset ........................................................................................................................... | $— |

---

Realization of tax benefits of net deferred tax assets is dependent upon future levels of taxable income, of an

appropriate character, in the periods the items are expected to be deductible or taxable. Based on the available

objective evidence during the period ended March 31, 2026, the Company believes it is more likely than not that the

tax benefits of its deferred tax assets may not be realized, and accordingly, the deferred tax assets have been offset

by a valuation allowance. The valuation allowance was $90,649 for the period ended March 31, 2026.

The Company evaluated its tax positions for unrecognized tax benefits. These unrecognized tax benefits, if

recognized, would not affect the effective tax rate. The Company records interest and penalties related to

unrecognized tax benefits in income tax expenses. There were no interest or penalties accrued as of March 31, 2026.

**Robinhood Ventures Fund II**

**NOTES TO THE FINANCIAL STATEMENTS**

**March 31, 2026**

The Company is included in Affiliate's consolidated U.S. federal return, which may result in the Affiliate

paying the income tax liability that the Company would bear if the Company were not part of the Affiliate's

consolidated income tax return group. The Company has a tax sharing agreement with the Affiliate, and pursuant to

the agreement, the Company will pay or reimburse the Affiliate amounts related to income taxes that otherwise

would be owed by the Company. The Company will not pay or reimburse the Affiliate for any income tax liability

attributable to the Affiliate or its affiliates. For the period ended March 31, 2026, the amount due to the Affiliate

under the tax sharing agreement was $263 of U.S. state franchise taxes that would have been borne by the Company

if the Company were not part of the Affiliate's income tax return group. The amount due to the Affiliate is included

in accrued expenses in the Statement of Assets and Liabilities. The tax years for 2026 remain open to examination

by the U.S. federal and state authorities.

**9. Commitments and Contingencies**

The Company is not currently subject to any material legal proceedings, and to the Company's knowledge, no

material legal proceedings are threatened against the Company. From time to time, the Company may be party to

certain legal proceedings in the ordinary course of business. While the outcome of any legal proceedings cannot be

predicted with certainty, to the extent the Company becomes party to such proceedings, the Company would assess

whether any such proceedings will have a material adverse effect upon its financial condition or results of operation.

**10. Subsequent Events**

Management has evaluated subsequent events through the date of issuance of the financial statements. Based on

this evaluation, no adjustments to the financial statements were required.

On June 10, 2026, the Affiliate purchased additional Shares of the Company for $10,000,000.

Subsequent to March 31, 2026 and through June 30, 2026, the Company made the following investments,

representing an aggregate investment of $10,750,000:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Shares/Principal** | **Acquisition Date** | **Cost** |
| **SAFEs in Private Companies** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adialante, Inc. ............................................................................. | 250000 | 05/26/2026 | $250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amboras Inc. ............................................................................... | 250000 | 06/06/2026 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Anoria Inc. .................................................................................. | 250000 | 06/06/2026 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apollo Atomics, Inc. ................................................................... | 250000 | 05/20/2026 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Arga Labs Inc. ............................................................................. | 250000 | 06/08/2026 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Arzana, Inc. ................................................................................. | 250000 | 06/12/2026 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aseon Labs, Inc. .......................................................................... | 250000 | 05/23/2026 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Avea Robotics, Inc. ..................................................................... | 250000 | 05/27/2026 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;BioStack Platforms, Inc. ............................................................. | 250000 | 06/02/2026 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Complir, Inc. ............................................................................... | 250000 | 06/11/2026 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;DroneTector Inc. ......................................................................... | 250000 | 06/18/2026 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eden Robotics Inc. ...................................................................... | 250000 | 06/08/2026 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expanse Compute, Inc. ............................................................... | 250000 | 05/19/2026 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Formative Intelligence Inc .......................................................... | 250000 | 06/07/2026 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;InstaAgent Inc. ............................................................................ | 250000 | 06/06/2026 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;JigsawStack, Inc. ......................................................................... | 250000 | 06/08/2026 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;KelAI Tech, Inc. .......................................................................... | 250000 | 06/05/2026 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Keyframe Labs, Inc. .................................................................... | 250000 | 06/09/2026 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Klaimee Labs Inc. ....................................................................... | 250000 | 06/08/2026 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Known Quantity Labs, Inc. ......................................................... | 250000 | 06/13/2026 | 250000 |

---

**Robinhood Ventures Fund II**

**NOTES TO THE FINANCIAL STATEMENTS**

**March 31, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Laminar Run, Inc. ....................................................................... | 250000 | 06/08/2026 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Limrun, Inc. ................................................................................. | 250000 | 06/04/2026 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lumius Imaging, Inc. .................................................................. | 250000 | 06/06/2026 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Matforge, Inc. .............................................................................. | 250000 | 06/01/2026 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ornadyne, Inc. ............................................................................. | 250000 | 06/09/2026 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plena Inc. ..................................................................................... | 250000 | 06/08/2026 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prototyping, Inc. .......................................................................... | 250000 | 06/05/2026 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Qomplement, Inc. ........................................................................ | 250000 | 06/08/2026 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;ReasonBlocks Inc. ....................................................................... | 250000 | 06/07/2026 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Relay Innovations, Inc. ............................................................... | 250000 | 06/09/2026 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Replicas Group Inc. ..................................................................... | 250000 | 06/10/2026 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;RMJ Labs, Inc. ............................................................................ | 250000 | 06/13/2026 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rudus, Inc. .................................................................................. | 250000 | 06/07/2026 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Second Stage Labs, Inc. .............................................................. | 250000 | 05/18/2026 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;SharedGenes, Inc. ........................................................................ | 250000 | 06/08/2026 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shotwell, Inc. .............................................................................. | 250000 | 06/10/2026 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silmaril Security Inc. .................................................................. | 250000 | 06/08/2026 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Smol Machines, Inc. .................................................................... | 250000 | 06/10/2026 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surtr Defense Systems, Inc. ........................................................ | 250000 | 06/08/2026 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenet Industries Inc. .................................................................... | 250000 | 05/31/2026 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;The General Aviation Company ................................................. | 250000 | 05/22/2026 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unilabs ........................................................................................ | 250000 | 06/14/2026 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Voxel Energy Inc. ....................................................................... | 250000 | 04/10/2026 | 250000 |
| **Total Investments** .................................................................. |  |  | **$10750000** |

---

At a meeting of the Board of Trustees held on May 21, 2026, an Audit Committee of the Board of Trustees

comprised of independent members was established to advise the full Board with respect to accounting, auditing and

financial matters of the Company.

On May 21, 2026, the Board of Trustees appointed Robinhood Ventures DE, LLC as the Adviser and the

Administrator, and approved the Investment Advisory Agreement and the Administration Agreement with RHV.

The Board of Trustees also approved all significant agreements between the Company and the persons or companies

that furnish services to the Company, including sub-administrator, custodian and transfer agent on May 21, 2026.

Equiniti Trust Company, LLC will serve as the Company's transfer agent after its initial public offering. At its May

21, 2026 meeting, the Board also designated the Adviser as the Valuation Designee for the Company pursuant to

Rule 2a-5 under the 1940 Act.

The Board of Trustees appointed Sarah Pinto as the President of the Company on May 21, 2026. Upon their

appointment, the President of the Company serves as the Chief Operating Decision Maker ("CODM") and is

responsible for evaluating the Company's operating results and allocating resources in accordance with the

Company's investment strategy.

On May 21, 2026, the Company's Board of Trustees approved the appointment of Goldman Sachs & Co. LLC

as an underwriter for the Company's initial public offering.

Subsequent to year end, the Company entered into an Organizational Costs Support and Reimbursement Letter

Agreement with the Affiliate and the Adviser, dated June 29, 2026, which was approved by the Board of Trustees.

Pursuant to this agreement, the Affiliate agreed to pay all organizational costs incurred by the Company or incurred

by the Affiliate on the Company's behalf prior to an initial public offering of its common shares of beneficial

interest. In the event the Company does not consummate an initial public offering of its Shares, the Affiliate

**Robinhood Ventures Fund II**

**NOTES TO THE FINANCIAL STATEMENTS**

**March 31, 2026**

irrevocably forebears its right to seek reimbursement from the Company for such organizational costs. As a result of

this agreement, organizational costs of $411,831 incurred for the period through March 31, 2026, and for periods

through the date of an initial public offering, are borne by the Affiliate until the initial public offering. In the event

that the Company consummates an initial public offering of its Shares, the organizational costs will be charged to

the Company by the Affiliate immediately upon the consummation of such initial public offering, and the Company

will reimburse the Affiliate for such organizational costs from the proceeds received by the Company from such

initial public offering. As a result, the organizational costs will immediately reduce the NAV of each Share

purchased in such initial public offering.

Additionally, any tax liabilities arising as a result of the arrangement covered by this agreement, will be borne

solely by the Affiliate, and as such, any reimbursement of such tax liabilities that may be due in accordance with the

Tax Sharing Agreement, the Affiliate has irrevocably agreed to forego.

**PRELIMINARY PROSPECTUS**

**[●] Shares**

**Robinhood Ventures Fund II**

**Common Shares**

**$[25.00] per share**

**Goldman Sachs & Co. LLC**<br>

**PRELIMINARY PROSPECTUS**

[●], 2026

Through and including [●], 2026 (the 25th day after the date of this Prospectus), all dealers effecting transactions in

these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in

addition to a dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold

allotment or subscription.

**PART C: OTHER INFORMATION**

**Item 25. Financial Statements and Exhibits**

(1)Financial Statements:

The Registrant's audited schedule of investments and statement of assets and liabilities as of March 31, 2026

and statement of operations, statement of changes in net assets, statement of cash flows and financial highlights for

the period from March 16, 2026 (commencement of operations) to March 31, 2026 and the notes thereto and report

of independent registered public accounting firm thereon are included in Part B of the Registrant's Registration

Statement on Form N-2.

(2)Exhibits:

(a) (1) <u>[Certificate of Trust, effective as of February 27, 2026 (filed herewith).](exhibita1-nx2.htm)</u> 

(2) <u>[Declaration of Trust, dated as of February 27, 2026 (filed herewith).](exhibita2-nx2.htm)</u> 

(3) <u>[Amended and Restated Declaration of Trust, dated as of May 21, 2026 (filed herewith).](exhibita3-nx2.htm)</u> 

(b) <u>[Bylaws, dated as of May 21, 2026 (filed herewith).](exhibitb-nx2.htm)</u>

(c) Not applicable.

(d) Not applicable.

(e) <u>[Dividend Reinvestment Plan, dated as of May 21, 2026 (filed herewith).](exhibite-nx2.htm)</u>

(f) Not applicable.

(g) <u>[Investment Advisory Agreement between the Registrant and Robinhood Ventures DE, LLC,](exhibitg-nx2.htm)</u> <u>[dated as of May 21, 2026 (filed herewith).](exhibitg-nx2.htm)</u>

(h) Form of Underwriting Agreement between the Registrant and Goldman Sachs & Co. LLC (to be filed by amendment)

(i) Not applicable.

(j) (1) <u>[Custody Agreement between the Registrant and U.S. Bank National Association, dated as](exhibitj1-nx2.htm)</u> <u>[of May 21, 2026 (filed herewith).](exhibitj1-nx2.htm)</u> 

(2) <u>[Document Custody Agreement between the Registrant and U.S. Bank National](exhibitj2-nx2.htm)</u> <u>[Association, dated as of May 21, 2026 (filed herewith).](exhibitj2-nx2.htm)</u> 

(k) (1) <u>[Administration Agreement between the Registrant and Robinhood Ventures DE, LLC,](exhibitk1-nx2.htm)</u> <u>[dated as of May 21, 2026 (filed herewith).](exhibitk1-nx2.htm)</u> 

(2) <u>[Fund Servicing Agreement between the Registrant and U.S. Bancorp Fund Services,](exhibitk2-nx2.htm)</u> <u>[LLC., dated as of May 21, 2026 (filed herewith).](exhibitk2-nx2.htm)</u> 

(3) <u>[Transfer Agency and Registrar Services Agreement between the Registrant and Equiniti](exhibitk3-nx2.htm)</u> <u>[Trust Company, LLC, dated as of May 13, 2026 (filed herewith).](exhibitk3-nx2.htm)</u> 

(4) <u>[Organizational Costs Support and Reimbursement Letter Agreement among the](exhibitk4-nx2.htm)</u> <u>[Registrant, Robinhood Markets, Inc. and Robinhood Ventures DE, LLC (filed herewith).](exhibitk4-nx2.htm)</u> 

(5) Registration Rights Agreement between the Registrant and Robinhood Markets, Inc. (to be filed by amendment).

(l) Form of Opinion and Consent of Richards, Layton & Finger P.A., Delaware Local Counsel to the Registrant (to be filed by amendment).

(m) Not applicable.

(n) <u>[Consent of Independent Registered Public Accounting Firm (filed herewith).](exhibitn-nx2.htm)</u>

(o) Not applicable.

(p) <u>[Form of Seed Capital Purchase Agreement (filed herewith).](exhibitp-nx2.htm)</u>

(q) Not applicable.

---

| | | |
|:---|:---|:---|
| (r) | (1) | <u>[Code of Ethics of the Registrant (filed herewith).](exhibitr1-nx2.htm)</u> |
|  | (2) | <u>[Code of Ethics of Robinhood Ventures DE, LLC (filed herewith).](exhibitr2-nx2.htm)</u> |
| (s) | <u>[Filing Fee Table (filed herewith).](rviin2fees.htm)</u> | <u>[Filing Fee Table (filed herewith).](rviin2fees.htm)</u> |
| (t) | <u>[Power of Attorney (filed herewith).](exhibitt-nx2.htm)</u> | <u>[Power of Attorney (filed herewith).](exhibitt-nx2.htm)</u> |
| 101.INS | Inline XBRL Instance Document. | Inline XBRL Instance Document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document. | Inline XBRL Taxonomy Extension Schema Document. |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | Inline XBRL Taxonomy Extension Label Linkbase Document. |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |

---

**Item 26. Marketing Arrangements**

Reference is made to Exhibit (h) to this Registration Statement, to be filed by amendment.

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

The following table sets forth the estimated expenses expected to be incurred in connection with the offering

described in this Registration Statement:

---

| | |
|:---|:---|
| SEC Registration Fees .......................................................................................................................... | $[41,430] |
| FINRA Filing Fees ................................................................................................................................ | $[45,500] |
| Trustees' Fees ....................................................................................................................................... | $[0] |
| Transfer Agent Fees .............................................................................................................................. | $[8,000] |
| Printing and engraving expenses .......................................................................................................... | $[129,300] |
| Accounting Fees and Expenses ............................................................................................................. | $[150,000] |
| Legal Fees and Expenses ...................................................................................................................... | $[3,093,269] |
| Exchange Listing Fees .......................................................................................................................... | $[95,100] |
| Miscellaneous ....................................................................................................................................... | $[435,000] |
| Total ...................................................................................................................................................... | $[3,997,599] |

---

**Item 28. Persons Controlled by or Under Common Control with the Registrant**

Immediately prior to this offering, Robinhood Markets, Inc. ("Robinhood") will own 100% of the Registrant's

outstanding common shares. Immediately following completion of this offering, Robinhood's share ownership is

expected to represent between approximately [●] and [●]% of the Registrant's outstanding common shares.

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

The following table sets forth, as of [●], 2026, the number of record holders of each class of the Registrant's

securities:

---

| | |
|:---|:---|
| **Title of Class** | **Number of** <br>**Record Holders**<br>|
| Shares of Common Stock .................................................................................................................... | [ ] |

---

**Item 30. Indemnification**

Reference is made to Article V, Section 5.2 of Registrant's Amended and Restated Declaration of Trust, to be

filed by amendment as Exhibit (a)(3). Insofar as indemnification for liabilities arising under the Securities Act of

1933, as amended (the "Securities Act") may be permitted to directors, 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 director, officer or controlling

person in the successful defense of an action suit or proceeding) is asserted by a director, 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 against 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 Investment Adviser**

Robinhood Ventures DE, LLC, a limited liability company organized under the laws of the State of Delaware,

acts as investment adviser to the Registrant.

The descriptions of the Adviser under the captions "Prospectus Summary – The Adviser," "Risks – Adviser

Risk," "Robinhood Overview" and "Management of the Company" of this Registration Statement are incorporated

by reference herein. Information as to the officers of the Adviser, together with information as to any other business,

profession, vocation or employment of a substantial nature engaged in by the officers of the Adviser in the last two

years, is included in the Adviser's application for registration as an investment adviser on Form ADV filed under

the Investment Advisers Act of 1940, as amended, and is incorporated herein by reference.

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

The Registrant's accounts, books and other documents are currently located at the offices of the Registrant, c/o

Robinhood Ventures DE LLC, 85 Willow Road, Menlo Park, CA 94025 and at the offices of U.S. Bank National

Association, the Registrant's Custodian, at 5065 Wooster Rd., Cincinnati, Ohio 45226; Equiniti Trust Company,

LLC, the Registrant's Transfer Agent, at 28 Liberty Street, 53<sup>rd</sup> Floor, New York, NY 10005; Robinhood Ventures

DE, LLC, the Registrant's Adviser and Administrator, at 85 Willow Road, Menlo Park, California, 94025 and U.S.

Bancorp Fund Services, LLC, the Registrant's Sub-Administrator, at 777 E. Wisconsin Ave., Milwaukee, WI 53202.

**Item 33. Management Services**

Not applicable.

**Item 34. Undertakings**

1. The Registrant hereby undertakes to suspend the offering of its common shares until it amends its

prospectus if (a) subsequent to the effective date of this Registration Statement, the net asset value declines

more than 10 percent from its net asset value as of the effective date of the Registration Statement or (b) the

net asset value increases to an amount greater than its net proceeds as stated in the prospectus.

2. Not applicable.

3. Not applicable.

4. The Registrant undertakes:

(a)for the purpose of determining any liability under the Securities Act of 1933, the information omitted from

the form of prospectus filed as part of this Registration Statement in reliance upon Rule 430A and

contained in a form of prospectus filed by the Registrant under Rule 424(b)(1) under the Securities Act of

1933 shall be deemed to be part of this Registration Statement as of the time it was declared effective; and

(b)for the purpose of determining any liability under the Securities Act of 1933, each post-effective

amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to

the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial

bona fide offering thereof.

5. Not applicable.

6. Not applicable.

7. The Registrant undertakes to send by first class mail or other means designed to ensure equally prompt

delivery within two business days of receipt of a written or oral request, any prospectus.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this

Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Menlo

Park and State of California, on the 30th day of June, 2026.

---

| | | |
|:---|:---|:---|
| **ROBINHOOD VENTURES FUND II**  | **ROBINHOOD VENTURES FUND II**  | **ROBINHOOD VENTURES FUND II**  |
| By: |  | /s/ Sarah Pinto |
|  | Name: | Sarah Pinto  |
|  | Title: | President |

---

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the

following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
|  | /s/ Sarah Pinto | Date June 30, 2026 |
| Name:  | Sarah Pinto  |  |
| Title:  | President (Principal Executive Officer) <br>and Trustee<br>|  |
|  | /s/ Dara Bazzano | Date June 30, 2026 |
| Name: | Dara Bazzano |  |
| Title: | Principal Financial Officer and <br>Principal Accounting Officer<br>|  |
|  | /s/ Shiv Verma\* | Date June 30, 2026 |
| Name: | Shiv Verma |  |
| Title: | Chair of the Board of Trustees |  |
|  | /s/ Jill E. Sommers\* | Date June 30, 2026 |
| Name: | Jill E. Sommers |  |
| Title: | Trustee |  |
|  | /s/ Michael J. Gallagher\* | Date June 30, 2026 |
| Name: | Michael J. Gallagher |  |
| Title: | Trustee |  |
|  | /s/ Meredith Whitney\* | Date June 30, 2026 |
| Name: | Meredith Whitney |  |
| Title: | Trustee |  |

---

---

| | |
|:---|:---|
| \*By: | /s/ Aaron Ellias |
|  | Aaron Ellias |
|  | Attorney-in-Fact\*\* |

---

\*\*ﾠSigned by Aaron Ellias pursuant to a power of attorney signed by each individual and filed herewith.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| (a)(1) | <u>[Certificate of Trust](exhibita1-nx2.htm)</u> |
| (a)(2) | <u>[Declaration of Trust](exhibita2-nx2.htm)</u> |
| (a)(3) | <u>[Amended and Restated Declaration of Trust](exhibita3-nx2.htm)</u> |
| (b) | <u>[Bylaws](exhibitb-nx2.htm)</u> |
| (e) | <u>[Dividend Reinvestment Plan](exhibite-nx2.htm)</u> |
| (g) | <u>[Investment Advisory Agreement between the Registrant and Robinhood Ventures DE, LLC](exhibitg-nx2.htm)</u> |
| (j)(1) | <u>[Custody Agreement between the Registrant and U.S. Bank National Association](exhibitj1-nx2.htm)</u> |
| (j)(2) | <u>[Document Custody Agreement between the Registrant and U.S. Bank National Association](exhibitj2-nx2.htm)</u> |
| (k)(1) | <u>[Administration Agreement between the Registrant and Robinhood Ventures DE, LLC](exhibitk1-nx2.htm)</u> |
| (k)(2) | <u>[Fund Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC](exhibitk2-nx2.htm)</u> |
| (k)(3) | <u>[Transfer Agency and Registrar Services Agreement between the Registrant and Equiniti Trust Company,](exhibitk3-nx2.htm)</u><br><u>[LLC](exhibitk3-nx2.htm)</u><br>|
| (k)(4) | <u>[Organizational Costs Support and Reimbursement Letter Agreement among the Registrant, Robinhood](exhibitk4-nx2.htm)</u><br><u>[Markets, Inc. and Robinhood Ventures DE, LLC](exhibitk4-nx2.htm)</u><br>|
| (n) | <u>[Consent of Independent Registered Public Accounting Firm](exhibitn-nx2.htm)</u> |
| (p) | <u>[Form of Seed Capital Purchase Agreement](exhibitp-nx2.htm)</u> |
| (r)(1) | <u>[Code of Ethics of the Registrant](exhibitr1-nx2.htm)</u> |
| (r)(2) | <u>[Code of Ethics of Robinhood Ventures DE, LLC](exhibitr2-nx2.htm)</u> |
| (s) | <u>[Filing Fee Table](rviin2fees.htm)</u> |
| (t) | <u>[Power of Attorney](exhibitt-nx2.htm)</u> |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| &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; **Calculation of Filing Fee Tables**  |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **N-2**  |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Robinhood Ventures Fund II**  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | &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; **Security Type**  | &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; **Security Class Title**  | &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; **Fee Calculation or Carry Forward Rule**  | &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; **Maximum Aggregate Offering Price**  | &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; **Fee Rate**  | &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; **Amount of Registration Fee**  |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to be Paid | 1 | Equity | Common Shares | 457(o) | $1000000.00 | 0.0001381 | $138.10 |
| Fees Previously Paid |  |  |  |  |  |  |  |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities |  |  |  |  |  |  |  |
|  |  |  | Total Offering Amounts: | Total Offering Amounts: | $1000000.00  |  | $138.10  |
|  |  |  | Total Fees Previously Paid:  | Total Fees Previously Paid:  |  |  | $0.00  |
|  |  |  | Total Fee Offsets:  | Total Fee Offsets:  |  |  | $0.00  |
|  |  |  | Net Fee Due:  | Net Fee Due:  |  |  | $138.10  |

---

&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; **Offering Note** <br>

&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; <sup>1</sup> Estimated pursuant to Rule 457(o) under the Securities Act of 1933 solely for the purpose of determining the registration fee. <br>

---

| |
|:---|
| |
| **Rules 457(b) and 0-11(a)(2)** |
| Fee Offset Claims |
| Fee Offset Sources |
| **Rule 457(p)** |
| Fee Offset Claims |
| Fee Offset Sources |

---

## Ex-99.(A)(1)

**Exhibit (a)(1)**

**CERTIFICATE OF TRUST**

**OF**

**ROBINHOOD VENTURES FUND II**

This Certificate of Trust of Robinhood Ventures Fund II (the "Trust") is being duly executed and filed to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C. Section 3801 et seq.) (the "Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Name</u>. The name of the Trust formed hereby is Robinhood Ventures Fund II.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Registered Office; Registered Agent</u>. The business address of the Trust's registered office in the State of Delaware is 3500 South DuPont Highway, Dover, Delaware 19901. The name of the Trust's registered agent at such address is Incorporating Services, Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Business Development Company</u>. The Trust will be regulated as a business development company under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Effective Date</u>. This Certificate of Trust shall be effective upon filing.

IN WITNESS WHEREOF, the undersigned has duly executed this Certificate of Trust in accordance with Section 3811(a)(1) of the Act.

---

| |
|:---|
| /s/ Sarah Pinto |
| Name: Sarah Pinto |
| Title: Trustee |

---

## Ex-99.(A)(2)

**Exhibit (a)(2)**

DECLARATION OF TRUST, dated as of February 27, 2026, by the individual trustee identified on the signature page hereto (the "Trustee"). The Trustee hereby agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;The trust created hereby (the "Trust") shall be known as "Robinhood Ventures Fund II" in which name the Trustee may conduct the business of the Trust, make and execute contracts on behalf of the Trust, and sue and be sued on behalf of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;The Trustee hereby declares that he or she will hold the Trust estate in trust for such persons as are or may become entitled to a beneficial interest in the Trust estate. It is the intention of the parties hereto that the Trust created hereby constitute a statutory trust under Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code § 3801 et seq., and that this document constitutes the governing instrument of the Trust. The Trustee is hereby authorized and directed to execute and file a certificate of trust in the office of the Secretary of State of the State of Delaware in the form attached hereto as Exhibit A. The Trust is hereby established by the Trustee for the purpose of becoming a business development company under the Investment Company Act of 1940, as amended (the "1940 Act"), and engaging in such other activities as are necessary, convenient or incidental thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;The Trustee intends to enter into an amended and restated Declaration of Trust, satisfactory to each party thereto, to provide for the contemplated operation of the Trust created hereby. Prior to the execution and delivery of such amended and restated Declaration of Trust, the Trustee shall not have any duty or obligation hereunder or with respect to the trust estate, except as required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;The Trustee may appoint and remove officers, with or without cause, from time to time with such titles and duties as the Trustee may decide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;The Trustee and the officers of the Trust, if any, are hereby authorized to take any actions permitted by Delaware law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;The number of Trustees initially shall be one (1) and thereafter the number of Trustees shall be such number as shall be fixed from time to time by a written instrument signed by a majority of the Trustees, which may increase or decrease the number of Trustees; provided, however, that the number of Trustees shall in no event be less than one (1). Subject to the foregoing, the Trustees, acting by majority vote, are entitled to appoint or remove without cause any Trustee at any time. Any Trustee may resign upon 30 days prior written notice to the other Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustees and the officers of the Trust, if any, (the "Fiduciary Indemnified Persons") shall not be liable, responsible or accountable in damages or otherwise to the Trust, the Trustees or any holder of the Trust's securities (the Trust and any holder of the Trust's securities being a "Covered Person") for any loss, damage or claim incurred by reason of any act or omission performed or omitted by the Fiduciary Indemnified Persons in good faith on behalf of the Trust and in a manner the Fiduciary Indemnified Persons reasonably believed to be within the scope of authority conferred on the Fiduciary Indemnified Persons by this Declaration of Trust or by law, except that the Fiduciary Indemnified Persons shall be liable for any such loss, damage

------

or claim incurred by reason of the Fiduciary Indemnified Person's willful misfeasance, gross negligence or bad faith with respect to such acts or omissions, or such Fiduciary Indemnified Person's reckless disregard of the duties involved in the conduct of his or her office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Fiduciary Indemnified Persons shall be fully protected in relying in good faith upon the records of the Trust and upon such information, opinions, reports or statements presented to the Trust by any person as to matters the Fiduciary Indemnified Persons reasonably believes are within such other person's professional or expert competence and who has been selected with reasonable care by or on behalf of the Trust, including information, opinions, reports or statements as to the value and amount of the assets, liabilities, profits, losses, or any other facts pertinent to the trust estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;The Trust shall, to the fullest extent permitted by applicable law,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;indemnify and hold harmless each Fiduciary Indemnified Person from and against any loss, damage, liability, tax, penalty, expense or claim of any kind or nature whatsoever incurred by the Fiduciary Indemnified Persons by reason of the creation, operation or termination of the Trust in a manner the Fiduciary Indemnified Persons reasonably believed to be within the scope of authority conferred on the Fiduciary Indemnified Persons by this Declaration of Trust, except that no Fiduciary Indemnified Persons shall be entitled to be indemnified in respect of any loss, damage or claim incurred by the Fiduciary Indemnified Persons by reason of willful misfeasance, gross negligence or willful misconduct with respect to such acts or omissions, or such Fiduciary Indemnified Person's reckless disregard of the duties involved in the conduct of his or her office; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;advance expenses (including legal fees) incurred by a Fiduciary Indemnified Person in defending any claim, demand, action, suit or proceeding, from time to time, prior to the final disposition of such claim, demand, action, suit or proceeding, upon receipt by the Trust of an undertaking by or on behalf of such Fiduciary Indemnified Persons to repay such amount if it shall be determined that such Fiduciary Indemnified Person is not entitled to be indemnified as authorized in the preceding subsection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;The provisions of Section 8 shall survive the resignation or removal of the Fiduciary Indemnified Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;The Trust may terminate without issuing any securities at the election of the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;This Declaration of Trust and the rights of the parties hereunder shall be governed by and interpreted in accordance with the laws of the State of Delaware and all rights and remedies shall be governed by such laws without regard to the principles of conflict of laws.

[REMAINDER OF PAGE LEFT INTENTIONALLY BLANK]

------

IN WITNESS WHEREOF, the undersigned has caused this Declaration of Trust to be duly executed as of the day and year first above written.

---

| |
|:---|
| /s/ Sarah Pinto&nbsp;&nbsp;&nbsp;&nbsp; |
| Name: Sarah Pinto |

---

------

EXHIBIT A

**FORM OF** 

**CERTIFICATE OF TRUST**

**OF**

**ROBINHOOD VENTURES FUND II**

This Certificate of Trust of Robinhood Ventures Fund II (the "Trust") is being duly executed and filed to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C. Section 3801 et seq.) (the "Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Name</u>. The name of the Trust formed hereby is Robinhood Ventures Fund II.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Registered Office; Registered Agent</u>. The business address of the Trust's registered office in the State of Delaware is 3500 South DuPont Highway, Dover, Delaware 19901. The name of the Trust's registered agent at such address is Incorporating Services, Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Business Development Company</u>. The Trust will be regulated as a business development company under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Effective Date</u>. This Certificate of Trust shall be effective upon filing.

IN WITNESS WHEREOF, the undersigned has duly executed this Certificate of Trust in accordance with Section 3811(a)(1) of the Act.

---

| |
|:---|
| /s/ Sarah Pinto |
| Name: Sarah Pinto |
| Title: Trustee |

---

## Ex-99.(A)(3)

**Exhibit (a)(3)**

***Execution Version***

**ROBINHOOD VENTURES FUND II**

**AMENDED AND RESTATED DECLARATION OF TRUST**

**Dated as of May 21, 2026**

------

**<u>**TABLE OF CONTENTS**</u>**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| Article I THE TRUST | Article I THE TRUST | 1 |
| 1.1 | Name | 1 |
| 1.2 | Trust Purpose | 1 |
| 1.3 | Definitions | 1 |
| Article II TRUSTEES | Article II TRUSTEES | 3 |
| 2.1 | Number and Qualification | 3 |
| 2.2 | Term and Election | 3 |
| 2.3 | Resignation and Removal | 4 |
| 2.4 | Vacancies | 4 |
| 2.5 | Meetings | 4 |
| 2.6 | Trustee Action by Written Consent | 5 |
| 2.7 | Chair | 5 |
| 2.8 | Officers | 5 |
| Article III POWERS AND DUTIES OF TRUSTEES | Article III POWERS AND DUTIES OF TRUSTEES | 6 |
| 3.1 | General | 6 |
| 3.2 | Investments | 6 |
| 3.3 | Legal Title | 6 |
| 3.4 | Issuance and Repurchase of Shares | 6 |
| 3.5 | Borrow Money or Utilize Leverage | 7 |
| 3.6 | Delegation; Committees | 7 |
| 3.7 | Collection and Payment | 7 |
| 3.8 | Expenses | 7 |
| 3.9 | Bylaws | 8 |
| 3.10 | Miscellaneous Powers | 8 |
| 3.11 | Further Powers | 8 |
| Article IV ADVISORY, MANAGEMENT AND DISTRIBUTION ARRANGEMENTS | Article IV ADVISORY, MANAGEMENT AND DISTRIBUTION ARRANGEMENTS | 8 |
| 4.1 | Advisory and Management Arrangements | 8 |
| 4.2 | Distribution Arrangements | 9 |
| 4.3 | Parties to Contract | 9 |
| Article V LIMITATIONS OF LIABILITY AND INDEMNIFICATION | Article V LIMITATIONS OF LIABILITY AND INDEMNIFICATION | 9 |
| 5.1 | No Personal Liability of Shareholders, Trustees, etc | 9 |
| 5.2 | Mandatory Indemnification | 10 |
| 5.3 | No Bond Required of Trustees | 11 |
| 5.4 | No Duty of Investigation; No Notice in Trust Instruments, etc | 11 |
| 5.5 | Reliance on Experts, etc | 11 |
| Article VI SHARES OF BENEFICIAL INTEREST | Article VI SHARES OF BENEFICIAL INTEREST | 12 |
| 6.1 | Beneficial Interest | 12 |
| 6.2 | Other Securities | 13 |
| 6.3 | Rights of Shareholders | 13 |
| 6.4 | Exchange and Conversion Privileges | 13 |
| 6.5 | Trust Only | 13 |

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| | | |
|:---|:---|:---|
| 6.6 | Issuance of Shares | 14 |
| 6.7 | Register of Shares | 14 |
| 6.8 | Transfer Agent and Registrar | 14 |
| 6.9 | Transfer of Shares | 14 |
| 6.10 | Notices; Waiver of Notice | 15 |
| 6.11 | Derivative Actions | 15 |
| Article VII DETERMINATION OF NET ASSET VALUE | Article VII DETERMINATION OF NET ASSET VALUE | 16 |
| 7.1 | Net Asset Value | 16 |
| 7.2 | Power to Modify Foregoing Procedures | 16 |
| Article VIII CUSTODIANS | Article VIII CUSTODIANS | 16 |
| 8.1 | Appointment and Duties | 16 |
| 8.2 | Central Certificate System | 17 |
| Article IX REPURCHASES OF SHARES | Article IX REPURCHASES OF SHARES | 17 |
| 9.1 | Repurchase of Shares | 17 |
| 9.2 | Disclosure of Holding | 17 |
| Article X SHAREHOLDERS | Article X SHAREHOLDERS | 17 |
| 10.1 | Meetings of Shareholders | 17 |
| 10.2 | Voting | 18 |
| 10.3 | Notice of Meeting and Record Date | 18 |
| 10.4 | Quorum and Required Vote | 18 |
| 10.5 | Proxies, etc | 18 |
| 10.6 | Inspection of Records | 19 |
| 10.7 | Delivery by Electronic Transmission or Otherwise | 19 |
| 10.8 | Shareholder Action by Written Consent | 19 |
| Article XI DURATION; TERMINATION OF TRUST; AMENDMENT; MERGERS; ETC. | Article XI DURATION; TERMINATION OF TRUST; AMENDMENT; MERGERS; ETC. | 19 |
| 11.1 | Duration | 19 |
| 11.2 | Termination | 19 |
| 11.3 | Amendment Procedure | 20 |
| 11.4 | Merger, Consolidation and Sale of Assets | 21 |
| 11.5 | Subsidiaries | 21 |
| 11.6 | Certain Transactions | 21 |
| Article XII MISCELLANEOUS | Article XII MISCELLANEOUS | 23 |
| 12.1 | Filing | 23 |
| 12.2 | Resident Agent | 23 |
| 12.3 | Governing Law | 23 |
| 12.4 | Exclusive Delaware Jurisdiction | 23 |
| 12.5 | Agreement to be Bound | 24 |
| 12.6 | Counterparts | 24 |
| 12.7 | Reliance by Third Parties | 24 |
| 12.8 | Provisions in Conflict with Law or Regulation | 24 |
| 12.9 | Delivery by Electronic Transmission or Otherwise | 25 |
| 12.10 | Conversion | 25 |
| 12.11 | Section Headings; Interpretation | 25 |

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**ROBINHOOD VENTURES FUND II**

**AMENDED AND RESTATED DECLARATION OF TRUST**

AMENDED AND RESTATED DECLARATION OF TRUST of ROBINHOOD VENTURES FUND II, a Delaware statutory trust (the "Trust"), made as of the 21<sup>st</sup> day of May, 2026 by the undersigned Trustees.

WHEREAS, the Trust has been formed to carry on business as set forth more particularly herein;

WHEREAS, the Trust is authorized to issue an unlimited number of its shares of beneficial interest in accordance with the provisions hereinafter set forth;

WHEREAS, this Amended and Restated Declaration of Trust (the "Declaration") amends and restates in its entirety that certain Declaration of Trust dated February 27, 2026;

WHEREAS, the Trustees (as defined below) have agreed to manage all property coming into their hands as Trustees of a Delaware statutory trust in accordance with the provisions hereinafter set forth; and

WHEREAS, the Trustees intend that the Trust shall constitute a statutory trust under the Delaware Statutory Trust Act and that this Declaration and the Bylaws of the Trust shall constitute the governing instrument of such statutory trust;

NOW, THEREFORE, the Trustees hereby (i) declare that they will hold all cash, securities, and other assets that the Trust now possesses or may hereafter from time to time acquire in any manner as Trustees hereunder in trust to manage and dispose of the same upon the following terms and conditions for the benefit of the holders from time to time of shares of beneficial interest in this Trust as hereinafter set forth; and (ii) amend and restate the Declaration of Trust in its entirety.

<u>ARTICLE I</u>

<u>THE TRUST</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Name</u>. This Trust shall be known as "Robinhood Ventures Fund II" and the Trustees shall conduct the business of the Trust under that name or any other name or names as they may from time to time determine. Any name change shall become effective upon the execution by a majority of the then Trustees of an instrument setting forth the new name and the filing of a certificate of amendment pursuant to Section 3810(b) of the Act. Any such instrument shall not require the approval of the Shareholders (as defined below), but shall have the status of an amendment to this Declaration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Trust Purpose</u>. The purpose of the Trust is to engage in any lawful act or activity and to exercise any powers permitted to a statutory trust organized under the Act as now or hereafter in force, including conducting, operating and carrying on the business of a closed-end management investment company operating as a business development company within the meaning of the 1940 Act (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Definitions</u>. As used in this Declaration, unless otherwise required by context or specifically provided herein, the following terms shall have the following meanings:

"<u>1940 Act</u>" refers to the Investment Company Act of 1940 and the rules and regulations promulgated thereunder and exemptions granted therefrom, as amended from time to time.

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"<u>Act</u>" shall mean the provisions of the Delaware Statutory Trust Act, 12 <u>Del</u>. <u>C</u>. § 3801, <u>et</u>. <u>seq</u>., as such Act may be amended from time to time.

"<u>Affiliated Person</u>," "<u>Assignment</u>," "<u>Interested Person</u>" and "<u>Principal Underwriter</u>" shall have the meanings given them in the 1940 Act.

<u>"Board of Trustees</u>" or "<u>Trustees</u>" shall mean the Trustees collectively.

"<u>Bylaws</u>" shall mean the Bylaws of the Trust as amended from time to time by the Trustees, which, together with the Declaration, shall constitute the governing instrument of the Trust within the meaning of the Act.

"<u>Class</u>" shall mean a class of Shares of the Trust established in accordance with the provisions hereof.

"<u>Code</u>" shall mean the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder.

"<u>Commission</u>" shall mean the U.S. Securities and Exchange Commission.

"<u>Contested Election</u>" shall mean any election of Trustees in which the number of persons nominated for election as Trustees exceeds the number of Trustees to be elected, with the determination that any election of Trustees is a Contested Election to be made by the Secretary or other officer of the Trust prior to the time the Trust mails its initial proxy statement in connection with such election of Trustees. If, prior to the time the Trust mails its initial proxy statement in connection with such election of Trustees, one or more persons nominated for election as a Trustee are withdrawn such that the number of persons nominated for election as Trustee no longer exceeds the number of Trustees to be elected, such election shall not be considered a Contested Election.

"<u>Continuing Trustee</u>" shall mean a Trustee who either (a) has been a member of the Board of Trustees for a period of at least thirty-six months (or since the date hereof, if less than thirty-six months) or (b) was nominated to serve as a member of the Board of Trustees by a majority of the Continuing Trustees then members of the Board of Trustees.

"<u>Declaration</u>" shall mean this Amended and Restated Declaration of Trust, as amended, supplemented or amended and restated from time to time.

"<u>Delaware General Corporation Law</u>" means the Delaware General Corporation Law, 8 <u>Del</u>. <u>C</u>. § 100, <u>et</u>. <u>seq</u>., as amended from time to time.

"<u>Fiscal Year</u>" means each period commencing on April 1 of each year and ending on March 31 of that year (or on the date of a final distribution made in accordance with Section 12.2 of this Declaration), unless the Trustees designate another fiscal year for the Trust. The taxable year of the Trust will end on December 31 of each year, or on any other date designated by the Trustees that is a permitted taxable year-end for tax purposes, and need not be the same as the Fiscal Year.

"<u>Fundamental Policies</u>" shall mean the investment policies and restrictions as set forth from time to time in any Registration Statement on Form N-2 of the Trust filed with the Commission and designated as fundamental policies therein, as they may be amended from time to time in accordance with the requirements of the 1940 Act.

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"<u>Majority Shareholder Vote</u>" shall mean a vote of "a majority of the outstanding voting securities" (as such term is defined in the 1940 Act) of the Trust with all classes of Shares voting together as a single class, except as with respect to votes which affect only one or more Classes, as provided for herein, in which case it shall mean a vote of a majority of outstanding voting securities of such Class or Classes, as applicable.

"<u>Person</u>" shall mean and include individuals, corporations, partnerships, trusts, limited liability companies, associations, joint ventures and other entities, whether or not legal entities, and governments and agencies and political subdivisions thereof.

"<u>Prospectus</u>" shall mean the Prospectus and Statement of Additional Information of the Trust, if any, as in effect and as may be amended from time to time.

"<u>Shareholders</u>" shall mean as of any particular time the holders of record of outstanding Shares of the Trust, at such time.

"<u>Shares</u>" shall mean the transferable units of beneficial interest into which the beneficial interest in the Trust shall be divided from time to time and includes fractions of Shares as well as whole Shares.

"<u>Trust</u>" shall mean the trust governed by this Declaration and the Bylaws, as amended from time to time, inclusive of each such amendment.

"<u>Trust Property</u>" shall mean as of any particular time any and all property, real or personal, tangible or intangible, which at such time is owned or held by or for the account of the Trust or the Trustees on behalf of the Trust.

"<u>Trustees</u>" shall mean the signatories to this Declaration, so long as they shall continue in office in accordance with the terms hereof, and all other persons who at the time in question have been duly elected or appointed and have qualified as trustees in accordance with the provisions hereof and are then in office.

<u>ARTICLE II</u>

<u>TRUSTEES</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Number and Qualification</u>. As of the date hereof, the number of Trustees shall be five (5) and such Trustees shall be the signatories hereto. Thereafter, the number of Trustees may be increased or decreased by resolution of a majority of the Trustees then in office, provided that the number of Trustees shall in no event be less than one (1) or more than fifteen (15). No reduction in the number of Trustees shall have the effect of removing any Trustee from office prior to the expiration of his or her term. An individual nominated as a Trustee shall satisfy any applicable requirements of the 1940 Act. Trustees need not own Shares and may succeed themselves in office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Term and Election</u>. The Trustees shall be classified, with respect to the terms for which they severally hold office, into three classes, as nearly equal in number as possible as determined by the Board of Trustees, one class to hold office initially for a term expiring at the next succeeding annual meeting of Shareholders, another class to hold office initially for a term expiring at the second succeeding annual meeting of Shareholders and another class to hold office initially for a term expiring at the third succeeding annual meeting of Shareholders, with the members of each class to hold office until their successors are duly elected and qualify. At each annual meeting of the Shareholders, the successors to the class of Trustees whose term expires at such meeting shall be elected to hold office for a term expiring at the annual meeting of Shareholders held in the third year following the year of their election and until their successors are duly elected and qualify. Subject to the provisions of the 1940 Act, the Trustees at any time may appoint individuals to fill vacancies on the Board of Trustees.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Resignation and Removal</u>. Any of the Trustees may resign (without need for prior or subsequent accounting) by an instrument in writing signed by such Trustee and delivered or mailed to the Trustees, the Chair (if any), the President or the Secretary, and such resignation shall be effective upon such delivery, or at a later date according to the terms of the instrument. Any of the Trustees may be removed (provided the aggregate number of Trustees after such removal shall not be less than the minimum number required by Section 2.1 hereof) for cause only, and not without cause, and only by action taken by a majority of the remaining Trustees (or, in the case of trustees who are not "interested persons" as such term is defined in the 1940 Act ("independent trustees"), only by action taken by a majority of the remaining independent trustees). Upon the resignation or removal of a Trustee, each such resigning or removed Trustee shall execute and deliver such documents as the remaining Trustees shall require for the purpose of conveying to the Trust or the remaining Trustees any Trust Property held in the name of such resigning or removed Trustee. Upon the incapacity or death of any Trustee, such Trustee's legal representative shall execute and deliver on such Trustee's behalf such documents as the remaining Trustees shall require as provided in the preceding sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Meetings</u>. Meetings of the Trustees shall be held from time to time upon the call of the Chair, if any, or the President, the Secretary or any two Trustees. Regular meetings of the Trustees may be held without call or notice, except as may be otherwise required by law, at a time and place fixed by the Bylaws, the Chair or by resolution or consent of the Trustees. Notice of any other meeting shall be given by the President, the Secretary or any Assistant Secretary and shall be delivered to the Trustees orally or via electronic transmission not less than 24 hours, or in writing not less than 48 hours, before the meeting, but may be waived in writing by any Trustee either before or after such meeting. The attendance of a Trustee at a meeting shall constitute a waiver of notice of such meeting except where a Trustee attends a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting has not been properly called or convened. Any time there is more than one Trustee, a quorum for all meetings of the Trustees shall be one-third, but not less than two, of the Trustees. Unless provided otherwise in this Declaration and except as required under the 1940 Act, any action of the Trustees may be taken at a meeting by vote of a majority of the Trustees present (a quorum being present) or without a meeting by written consent as provided in Section 2.6. If at any meeting of the Trustees there is less than a quorum present, a majority of the Trustees present may adjourn the meeting until a quorum is obtained.

Any committee of the Trustees, including an executive committee, if any, may act with or without a meeting. A quorum for all meetings of any such committee shall be one-third, but not less than two, of the members thereof, unless otherwise set forth in such committee's charter or the Trustees

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otherwise provide, or if the committee consists of only one member. Unless provided otherwise in this Declaration or the relevant committee charter, any action of any such committee may be taken at a meeting by vote of a majority of the members present (a quorum being present) or without a meeting by written consent as provided in Section 2.6.

With respect to actions of the Trustees and any committee of the Trustees, Trustees who are Interested Persons in any action to be taken may be counted for quorum purposes under this Section and shall be entitled to vote to the extent not prohibited by the 1940 Act or herein.

All or any one or more Trustees may participate in a meeting of the Trustees or any committee thereof by means of a conference telephone, video or similar communications equipment by means of which all persons participating in the meeting can hear each other; participation in a meeting pursuant to any such communications system shall constitute presence in person at such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Trustee Action by Written Consent</u>. Any action which may be taken by Trustees by vote may be taken without a meeting if that number of the Trustees, or members of a committee, as the case may be, required for approval of such action at a meeting of the Trustees or of such committee consent to the action in writing and the written consents are filed with the records of the meetings of Trustees. Such consent shall be treated for all purposes as a vote taken at a meeting of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Chair</u>. The Trustees may designate a Chair of the Board of Trustees, who shall have such powers and duties as determined by the Board of Trustees from time to time and who shall preside over all meetings of the Trustees at which he or she is present. The Trustees may elect Co-Chairs or Vice Chairs of the Board. Any Chair, Co-Chair or Vice Chair shall be a Trustee, and shall not be an officer of the Trust solely by virtue of being appointed Chair, Co-Chair or Vice Chair. In the absence of the Chair, another Trustee shall be designated by the Trustees to preside over meetings of the Trustees, to set the agenda for such meetings, and to perform the other responsibilities of the Chair.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Officers</u>. The Trustees shall elect a President, a Secretary and a Treasurer. Officers shall serve at the pleasure of the Trustees or until their successors are elected. The Trustees may elect or appoint or may authorize the Chair, if any, or President to appoint such other officers or agents with such powers as the Trustees may deem to be advisable. The President, Secretary and Treasurer may, but need not, be a Trustee.

<u>ARTICLE III</u>

<u>POWERS AND DUTIES OF TRUSTEES</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1&nbsp;&nbsp;&nbsp;&nbsp;<u>General</u>. The Trustees shall owe to the Trust and its Shareholders the same fiduciary duties as owed by directors of corporations to such corporations and their stockholders under the Delaware General Corporation Law. The Trustees shall have exclusive and absolute control over the Trust Property and over the business of the Trust to the same extent as if the Trustees were the sole owners of the Trust Property and business in their own right, but with such powers of delegation as may be permitted by this Declaration. The Trustees may perform such acts as in their sole discretion are proper for conducting the business of the Trust. The enumeration of any specific power herein shall not be construed as limiting the aforesaid power. Such powers of the Trustees may be exercised without order of or resort to any court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Investments</u>. The Trustees shall have power, subject to the Fundamental Policies in effect from time to time with respect to the Trust, to: (a) manage, conduct, operate and carry on the business of a business development company, including to vary any investment of the Trust; and (b) subscribe for, invest in, reinvest in, purchase or otherwise acquire, hold, pledge, sell, assign, transfer, exchange, distribute or otherwise deal in or dispose of any and all sorts of property, tangible or intangible, including

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but not limited to securities and financial instruments of any type whatsoever, whether equity or non-equity, of any issuer, evidences of indebtedness of any person and any other rights, interests, instruments or property of any sort and to exercise any and all rights, powers and privileges of ownership or interest in respect of any and all such investments of every kind and description, including, without limitation, the right to consent and otherwise act with respect thereto, with power to designate one or more Persons to exercise any of said rights, powers and privileges in respect of any of said investments. The Trustees shall not be limited by any law limiting the investments which may be made by fiduciaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Legal Title</u>. Legal title to all the Trust Property shall be vested in the Trust except that the Trustees shall have power to cause legal title to any Trust Property to be held by or in the name of one or more of the Trustees, or in the name of any other Person as nominee, custodian or pledgee, on such terms as the Trustees may determine, provided that the interest of the Trust therein is appropriately protected.

To the extent any Trust Property is titled in the name of one or more Trustees, the right, title and interest of the Trustees in the Trust Property shall vest automatically in each person who may hereafter become a Trustee upon his due election and qualification. Upon the ceasing of any person to be a Trustee for any reason, such person shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Issuance and Repurchase of Shares</u>. The Trustees shall have the power to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, classify and/or reclassify, dispose of, transfer, and otherwise deal in, Shares, including Shares in fractional denominations, and, subject to the more detailed provisions set forth in Articles VIII and IX, to apply to any such repurchase, redemption, retirement, cancellation or acquisition of Shares any funds or property of the Trust or a particular Class of Shares of the Trust, whether capital or surplus or otherwise, to the full extent now or hereafter permitted corporations formed under the Delaware General Corporation Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Borrow Money or Utilize Leverage</u>. Subject to the Fundamental Policies in effect from time to time with respect to the Trust, the Trustees shall have the power to borrow money or otherwise obtain credit or utilize leverage to the maximum extent permitted by law or regulation as such may be necessary or appropriate from time to time, and in connection with such borrowings, to issue notes or other evidences of indebtedness, and to secure such borrowings by mortgaging, pledging or otherwise subjecting as security the assets of the Trust, including the lending of portfolio securities, and to endorse, guarantee or undertake the performance of any obligation, contract or engagement of any other person, firm, association or corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Delegation; Committees</u>. The Trustees shall have the power to appoint from their own number, and terminate, any one or more committees consisting of one or more Trustees, including an executive committee which may exercise some or all of the power and authority of the Trustees as the Trustees may determine (including but not limited to the power to determine net asset value and net income and the power to declare a dividend or other distribution on the Shares of any series or class), subject to any limitations contained in the Bylaws, and in general to delegate (which delegation may include the power to sub-delegate) from time to time to one or more of their number or to one or more officers, employees or agents of the Trust, and to any investment adviser, manager, administrator, custodian, underwriter or other agent or independent contractor, any or all of their powers, authorities, duties and the doing of such things and the execution of such instruments, either in the name of the Trust or the names of the Trustees or otherwise, as the Trustees may deem expedient (including but not limited to the power to declare a dividend or other distribution on the Shares of any series or class).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Collection and Payment</u>. The Trustees shall have power to collect all property due to the Trust; to pay all claims, including taxes, against the Trust Property or the Trust, the Trustees or any

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officer, employee or agent of the Trust; to prosecute, defend, compromise or abandon any claims relating to the Trust Property or the Trust, or the Trustees or any officer, employee or agent of the Trust; to foreclose any security interest securing any obligations, by virtue of which any property is owed to the Trust; and to enter into releases, agreements and other instruments. Except to the extent required for a corporation formed under the Delaware General Corporation Law, the Shareholders shall have no power to vote as to whether or not a court action, legal proceeding or claim should or should not be brought or maintained derivatively or as a class action on behalf of the Trust or the Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Expenses</u>. The Trustees shall have power to incur and pay out of the assets or income of the Trust any expenses which in the opinion of the Trustees are necessary or incidental to carry out any of the purposes of this Declaration, and the business of the Trust, and to pay reasonable compensation from the funds of the Trust to themselves as Trustees. The Trustees shall fix the compensation of all Trustees. The Trustees may pay themselves such compensation for special services, including legal, underwriting, syndicating and brokerage services, as they in good faith may deem reasonable and reimbursement for expenses reasonably incurred by themselves on behalf of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Bylaws</u>. The Trustees shall have the exclusive authority, without the vote, approval or consent of the Shareholders, to adopt. and from time to time amend or repeal, Bylaws not inconsistent with this Declaration for the conduct of the business of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Miscellaneous Powers</u>. Without limiting the general or further powers of the Trustees, the Trustees shall have the power to: (a) employ or contract with such Persons as the Trustees may deem desirable for the transaction of the business of the Trust; (b) enter into joint ventures, partnerships and any other combinations or associations; (c) purchase, and pay for out of Trust Property, insurance policies insuring the Shareholders, Trustees, officers, employees, agents, investment advisors, distributors, selected dealers or independent contractors of the Trust against all claims arising by reason of holding any such position or by reason of any action taken or omitted by any such Person in such capacity, whether or not constituting negligence, or whether or not the Trust would have the power to indemnify such Person against such liability; (d) establish pension, profit-sharing, share purchase, and other retirement, incentive and benefit plans for any Trustees, officers, employees and agents of the Trust; (e) to appoint and terminate such officers, employees, agents and contractors as they consider appropriate, any of whom may be a Trustee, and to provide for the compensation of all of the foregoing; (f) make donations, irrespective of benefit to the Trust, for charitable, religious, educational, scientific, civic or similar purposes; (g) to the extent permitted by law, indemnify any Person with whom the Trust has dealings, including without limitation any advisor, administrator, manager, transfer agent, custodian, distributor or selected dealer, or any other person as the Trustees may see fit to such extent as the Trustees shall determine; (h) guarantee indebtedness or contractual obligations of others; (i) determine and change the fiscal year of the Trust and the method in which its accounts shall be kept; and (j) adopt a seal for the Trust, even though the absence of such seal shall not impair the validity of any instrument executed on behalf of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Further Powers</u>. The Trustees shall have the power to conduct the business of the Trust and carry on its operations in any and all of its branches and maintain offices both within and without the State of Delaware, in any and all states of the United States of America, in the District of Columbia, and in any and all commonwealths, territories, dependencies, colonies, possessions, agencies or instrumentalities of the United States of America and of foreign governments, and to do all such other things and execute all such instruments as they deem necessary, proper or desirable in order to promote the interests of the Trust although such things are not herein specifically mentioned. Any determination as to what is in the interests of the Trust made by the Trustees in good faith shall be conclusive. In construing the provisions of this Declaration, the presumption shall be in favor of a grant of power to the Trustees. The Trustees will not be required to obtain any court order to deal with the Trust Property.

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<u>ARTICLE IV</u>

<u>ADVISORY, MANAGEMENT AND DISTRIBUTION ARRANGEMENTS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Advisory and Management Arrangements</u>. Subject to the requirements of applicable law as in effect from time to time, the Trustees may in their discretion from time to time enter into advisory, administration or management contracts (including, in each case, one or more sub-advisory, sub-administration or sub-management contracts) whereby the other party to any such contract shall undertake to furnish such advisory, administrative and management services with respect to the Trust as the Trustees shall from time to time consider desirable and all upon such terms and conditions as the Trustees may in their discretion determine. Notwithstanding any provisions of this Declaration, the Trustees may authorize any advisor, administrator or manager (subject to such general or specific instructions as the Trustees may from time to time adopt) to exercise any of the powers of the Trustees, including to effect investment transactions with respect to the assets on behalf of the Trust to the full extent of the power of the Trustees to effect such transactions or to authorize any officer, employee or Trustee to effect such transactions pursuant to recommendations of any such advisor, administrator or manager (and all without further action by the Trustees). Any such investment transaction shall be deemed to have been authorized by the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Distribution Arrangements</u>. Subject to compliance with the 1940 Act, the Trustees may retain underwriters and/or selling agents to sell Shares and other securities of the Trust. The Trustees may in their discretion from time to time enter into one or more contracts, providing for the sale of securities of the Trust, whereby the Trust may either agree to sell such securities to the other party to the contract or appoint such other party its sales agent for such securities. In either case, the contract shall be on such terms and conditions as the Trustees may in their discretion determine not inconsistent with the provisions of this Article IV or the Bylaws; and such contract may also provide for the repurchase or sale of securities of the Trust by such other party as principal or as agent of the Trust and may provide that such other party may enter into selected dealer agreements with registered securities dealers and brokers and servicing and similar agreements with persons who are not registered securities dealers to further the purposes of the distribution or repurchase of the securities of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Parties to Contract</u>. Any contract of the character described in Sections 4.1 and 4.2 of this Article IV or in Article VIII hereof may be entered into with any Person, although one or more of the Trustees, officers or employees of the Trust may be an officer, director, trustee, shareholder or member of such other party to the contract, and no such contract shall be invalidated or rendered voidable by reason of the existence of any such relationship, nor shall any Person holding such relationship be liable merely by reason of such relationship for any loss or expense to the Trust under or by reason of said contract or accountable for any profit realized directly or indirectly therefrom, provided that the contract when entered into was reasonable and fair and not inconsistent with the provisions of this Article IV or the Bylaws. The same Person may be the other party to contracts entered into pursuant to Sections 4.1 and 4.2 above or Article VIII, and any individual may be financially interested or otherwise affiliated with Persons who are parties to any or all of the contracts mentioned in this Section 4.3.

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<u>ARTICLE V</u>

<u>LIMITATIONS OF LIABILITY AND INDEMNIFICATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1&nbsp;&nbsp;&nbsp;&nbsp;<u>No Personal Liability of Shareholders, Trustees, etc.</u> No Shareholder of the Trust shall be subject in such capacity to any personal liability whatsoever to any Person in connection with Trust Property or the acts, obligations or affairs of the Trust. Shareholders shall have the same limitation of personal liability as is extended to stockholders of a private corporation for profit incorporated under the Delaware General Corporation Law. No Trustee or officer of the Trust shall be subject in such capacity to any personal liability whatsoever to any Person, save only liability to the Trust or its Shareholders arising from bad faith, willful misfeasance, gross negligence or reckless disregard for his duty to such Person; and, subject to the foregoing exception, all such Persons shall look solely to the Trust Property for satisfaction of claims of any nature arising in connection with the affairs of the Trust. No Trustee who has been determined to be an "audit committee financial expert" (for purposes of Section 407 of the Sarbanes-Oxley Act of 2002 or any successor provision thereto) by the Trustees shall be subject to any greater liability or duty of care in discharging such Trustee's duties and responsibilities by virtue of such determination than is any Trustee who has not been so designated. If any Shareholder, Trustee or officer, as such, of the Trust, is made a party to any suit or proceeding to enforce any such liability, subject to the foregoing exception, he or she shall not, on account thereof, be held to any personal liability. Neither the repeal or modification of this Section 5.1, nor the adoption or modification of any other provision of this Declaration or the Bylaws inconsistent with this Article, shall adversely affect any right or protection of a Trustee or officer of the Trust existing at the time of such adoption, repeal or modification with respect to acts or omissions occurring prior to such adoption, repeal or modification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Mandatory Indemnification</u>. (a) The Trust hereby agrees to indemnify, out of Trust Property, to the fullest extent permitted under applicable law, each person who at any time serves as a Trustee or officer of the Trust (each such person being an "indemnitee") against any liabilities and expenses (including amounts paid in satisfaction of judgments, in compromise or settlements, or as fines and penalties; any expenses of establishing a right to indemnification under this Article; and reasonable counsel fees reasonably incurred by such indemnitee in connection with the defense or disposition of, or advice in connection with, any action, suit, proceeding or investigation, whether civil or criminal, before or in connection with any court, or administrative or investigative body, in which he or she may be or may have been involved as a party, witness, participant or otherwise, or with which he or she may be or may have been threatened), incurred in connection with acting in any capacity set forth in this Article V or by reason of his having acted in any such capacity, except with respect to any matter as to which he or she shall not have acted in good faith in the belief that his action was in the best interest of the Trust or, in the case of any criminal proceeding, as to which he or she shall have had reasonable cause to believe that the conduct was unlawful; provided, however, that no indemnitee shall be indemnified hereunder against any liability to any person or any expense of such indemnitee arising by reason of (i) willful misfeasance, (ii) bad faith, (iii) gross negligence, or (iv) reckless disregard of the duties involved in the conduct of his position (the conduct referred to in such clauses (i) through (iv) being sometimes referred to herein as "disabling conduct"); and provided further, that the termination of any proceeding by judgment, order, settlement, conviction or plea of nolo contendere or its equivalent shall not of itself create a presumption that the indemnitee did not act in good faith or that the indemnitee had reasonable cause to believe that his conduct was unlawful. Notwithstanding the foregoing, with respect to any action, suit or other proceeding voluntarily prosecuted by any indemnitee as plaintiff, indemnification shall be mandatory only if the prosecution of such action, suit or other proceeding by such indemnitee (1) was authorized by a majority of the Trustees or (2) was instituted by the indemnitee to enforce his or her rights to indemnification hereunder in a case in which the indemnitee is found to be entitled to such indemnification. The rights to indemnification set forth in this Declaration shall continue as to a person who has ceased to be a Trustee or officer of the Trust and shall inure to the benefit of his or her heirs, executors and personal and legal representatives. No amendment or restatement of this Declaration or repeal of any of its provisions shall

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limit or eliminate any of the benefits provided to any person who at any time is or was a Trustee or officer of the Trust or otherwise entitled to indemnification hereunder in respect of any act or omission that occurred prior to such amendment, restatement or repeal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, no indemnification shall be made hereunder unless there has been a determination (i) by a final decision on the merits by a court or other body of competent jurisdiction before whom the issue of entitlement to indemnification hereunder was brought that such indemnitee is entitled to indemnification hereunder or, (ii) in the absence of such a decision, by (1) a majority vote of a quorum of those Trustees who are neither Interested Persons nor parties to the proceeding ("Disinterested Non-Party Trustees"), that the indemnitee is entitled to indemnification hereunder, or (2) if such quorum is not obtainable or even if obtainable, if such majority so directs, independent legal counsel in a written opinion concludes that the indemnitee should be entitled to indemnification hereunder. All determinations to make advance payments in connection with the expense of defending any proceeding shall be authorized and made in accordance with the immediately succeeding paragraph (c) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Trust shall make advance payments in connection with the expenses of defending any action with respect to which indemnification might be sought hereunder if the Trust receives a written affirmation by the indemnitee of the indemnitee's good faith belief that the standards of conduct necessary for indemnification have been met and a written undertaking to reimburse the Trust unless it is subsequently determined that the indemnitee is entitled to such indemnification and if a majority of the Trustees determine that the applicable standards of conduct necessary for indemnification appear to have been met. In addition, at least one of the following conditions must be met: (i) the indemnitee shall provide adequate security for his undertaking, (ii) the Trust shall be insured against losses arising by reason of any lawful advances, or (iii) a majority of a quorum of the Disinterested Non-Party Trustees, or if a majority vote of such quorum so direct, independent legal counsel in a written opinion, shall conclude, based on a review of readily available facts (as opposed to a full trial-type inquiry), that there is substantial reason to believe that the indemnitee ultimately will be found entitled to indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The rights accruing to any indemnitee under these provisions shall not exclude any other right which any person may have or hereafter acquire under this Declaration, the Bylaws of the Trust, any statute, agreement, or vote of Shareholders or Trustees who are not "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) or any other right to which he or she or she may be lawfully entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Subject to any limitations provided by the 1940 Act and this Declaration, the Trust shall have the power and authority to indemnify and provide for the advance payment of expenses to employees, agents and other Persons providing services to the Trust or serving in any capacity at the request of the Trust or provide for the advance payment of expenses for such Persons, provided that such indemnification has been approved by a majority of the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3&nbsp;&nbsp;&nbsp;&nbsp;<u>No Bond Required of Trustees</u>. No Trustee shall, as such, be obligated to give any bond or other security for the performance of any of his duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4&nbsp;&nbsp;&nbsp;&nbsp;<u>No Duty of Investigation; No Notice in Trust Instruments, etc.</u> No purchaser, lender, transfer agent or other person dealing with the Trustees or with any officer, employee or agent of the Trust shall be bound to make any inquiry concerning the validity of any transaction purporting to be made by the Trustees or by said officer, employee or agent or be liable for the application of money or property paid, loaned or delivered to or on the order of the Trustees or of said officer, employee or agent. Every obligation, contract, undertaking, instrument, certificate, Share, other security of the Trust, and every other act or thing whatsoever executed in connection with the Trust shall be conclusively taken to have been executed or done by the executors thereof only in their capacity as Trustees under this Declaration or in their capacity as officers, employees or agents of the Trust. The Trustees may maintain insurance for the protection of the Trust Property, Shareholders, Trustees, officers, employees and agents in such

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amount as the Trustees shall deem adequate to cover possible tort liability and such other insurance as the Trustees in their sole judgment shall deem advisable or as is required by the 1940 Act

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Reliance on Experts, etc.</u> Each Trustee and officer or employee of the Trust shall, in the performance of its duties, be fully and completely justified and protected with regard to any act or any failure to act resulting from reliance in good faith upon the books of account or other records of the Trust, upon an opinion of counsel or upon reports made to the Trust by any of the Trust's officers or employees or by any advisor, administrator, manager, distributor, selected dealer, accountant, appraiser or other expert or consultant selected with reasonable care by the Trustees, officers or employees of the Trust, regardless of whether such counsel or expert may also be a Trustee. No such Trustee or officer shall be liable for any act or omission in accordance with such advice, records and/or reports and no inference concerning liability shall arise from a failure to follow such advice, records and/or reports.

<u>ARTICLE VI</u>

<u>SHARES OF BENEFICIAL INTEREST</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Beneficial Interest</u>. (a) The interest of the beneficiaries shall be divided into an unlimited number of transferable shares, all without par value, unless otherwise determined by the Trustees. The Trustees may divide Shares into one or more Classes. All Shares issued in accordance with the terms hereof, including, without limitation, Shares issued in connection with a dividend or distribution in Shares or a split of Shares, shall be fully paid and nonassessable when the consideration determined by the Trustees (if any) therefor shall have been received by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the further provisions of this Article VI, any restriction set forth in the Bylaws and any applicable requirements of the 1940 Act or any applicable exemptive relief issued by the SEC, the Trustees shall have full power and authority, in their sole discretion, and without obtaining any authorization or vote of the Shareholders of any Class to: (i) divide the beneficial interest in each Class into Shares as the Trustees shall determine; (ii) establish, designate, redesignate, classify, reclassify and change in any manner any Class—and fix such preferences, voting powers, rights, duties and privileges and business purpose of each Class as the Trustees may from time to time determine; provided, however, that the Trustees may not reclassify or change outstanding Shares in a manner materially adverse to Shareholders of such Shares, without obtaining the authorization or vote of the Class of Shareholders that would be materially adversely affected; (iii) divide or combine the Shares of any Class into a greater or lesser number without thereby materially changing the proportionate beneficial interest of the Shares of such Class in the assets held with respect to that Class; (iv) change the name of any Class; (v) dissolve and terminate any one or more Classes; and (vi) take such other action with respect to the Classes as the Trustees may deem desirable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The establishment and designation of any Class of Shares of the Trust shall be effective upon the adoption by a majority of the then Trustees of a resolution that sets forth such establishment and designation and the relative rights and preferences of such Class of Shares of the Trust, whether directly in such resolution or by reference to another document including, without limitation, any registration statement of the Trust, or as otherwise provided in such resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;To the fullest extent permitted by Section 3804 of the Act and subject to the restrictions of the 1940 Act and any applicable exemptive relief issued by the SEC, the Trustees may allocate expenses of the Trust to a particular Class or to apportion the same between or among two or more Classes, provided that any expenses incurred by a particular Class shall be payable solely out of the assets belonging to that Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Securities</u>. The Trustees may, subject to the Fundamental Policies and the requirements of the 1940 Act, authorize and issue such other securities of the Trust as they determine to

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be necessary, desirable or appropriate, having such terms, rights, preferences, privileges, limitations and restrictions as the Trustees see fit, including preferred shares, debt securities or other senior securities. To the extent that the Trustees authorize and issue preferred shares of any class or series, they are hereby authorized and empowered to amend or supplement this Declaration as they deem necessary or appropriate, including to comply with the requirements of the 1940 Act or requirements imposed by the rating agencies or other Persons, all without the approval of Shareholders. Any such supplement or amendment shall be filed as is necessary. In addition, any such supplement or amendment may set forth the rights, powers, preferences and privileges of such preferred shares and any such supplement or amendment shall operate either as additions to or modifications of the rights, powers, preferences and privileges of any such preferred shares under this Declaration. To the extent the provisions set forth in such supplement or amendment conflict with the provisions of this Declaration with respect to any such rights, powers and privileges of the preferred shares, such amendment or supplement shall control. Except as contemplated by the immediately preceding sentence, this Declaration shall control as to the Trust generally and the rights, powers, preferences and privileges of the other Shareholders of the Trust. The Trustees are also authorized to take such actions and retain such persons as they see fit to offer and sell such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Rights of Shareholders</u>. The Shares shall be personal property giving only the rights in this Declaration specifically set forth. The ownership of the Trust Property of every description and the right to conduct any business herein described are vested exclusively in the Trustees on behalf of the Trust, and the Shareholders shall have no interest therein other than the beneficial interest conferred by their Shares, and they shall have no right to call for any partition or division of any property, profits, rights or interests of the Trust nor can they be called upon to share or assume any losses of the Trust or suffer an assessment of any kind by virtue of their ownership of Shares. The Shares shall not entitle the holder to preference, preemptive or appraisal rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Exchange and Conversion Privileges</u>. Subject to the provisions of the 1940 Act and provisions of this Declaration, the Trustees shall have the power and authority to provide that the Shareholders of any Class shall have the right to convert such Shares for Shares of one or more other Classes. Subject to the provisions of the 1940 Act and provisions of this Declaration, the Trustees shall have the power and authority to provide that the Shareholders of any Class may exchange their Shares for those of another fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Trust Only</u>. It is the intention of the Trustees to create only the relationship of Trustee and beneficiary between the Trustees and each Shareholder from time to time. It is not the intention of the Trustees to create a general partnership, limited partnership, joint stock association, corporation, bailment or any form of legal relationship other than a trust. Nothing in this Declaration shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members of a joint stock association or any form of legal relationship other than a Delaware statutory trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Issuance of Shares</u>. The Trustees, in their discretion, may from time to time without vote of the Shareholders issue Shares, including preferred shares that may have been established pursuant to Section 6.2, in addition to the then issued and outstanding Shares and Shares held in the treasury, to such party or parties and for such amount and type of consideration, including cash or property, at such time or times, and on such terms as the Trustees may determine, and may in such manner acquire other assets (including the acquisition of assets subject to, and in connection with the assumption of, liabilities) and businesses. The Trustees may from time to time, without a vote of the Shareholders, divide, reclassify or combine the Shares into a greater or lesser number without thereby changing the proportionate beneficial interest in such Shares. Issuances and redemptions of Shares may be made in whole Shares and/or fractions of shares having pro rata all the rights of full Shares, including, without limitation, the right to vote and to receive dividends and distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Register of Shares</u>. A register shall be kept at the offices of the Trust or any transfer agent duly appointed by the Trustees under the direction of the Trustees which shall contain the names and

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addresses of the Shareholders and the number of Shares held by them respectively and a record of all transfers thereof. Separate registers shall be established and maintained for each class or series of Shares. Each such register shall be conclusive as to who are the holders of the Shares of the applicable class or series of Shares and who shall be entitled to receive dividends or distributions or otherwise to exercise or enjoy the rights of Shareholders. No Shareholder shall be entitled to receive payment of any dividend or distribution, nor to have notice given to him as herein provided, until he or she has given his address to a transfer agent or such other officer or agent of the Trustees as shall keep the register for entry thereon. It is not contemplated that certificates will be issued for the Shares; however, the Trustees, in their discretion, may authorize the issuance of share certificates and promulgate rules and regulations as to their use, including, without limitation, requirements as to transfer and for the purchase of lost certificate insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Transfer Agent and Registrar</u>. The Trustees shall have power to employ a transfer agent or transfer agents, and a registrar or registrars, with respect to the Shares. The transfer agent or transfer agents may keep the applicable register and record therein, the original issues and transfers, if any, of the said Shares. Any such transfer agents and/or registrars shall perform the duties usually performed by transfer agents and registrars of certificates of stock in a corporation, as modified by the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Transfer of Shares</u>. Except as otherwise provided by the Trustees, Shares shall be transferable on the records of the Trust only by the record holder thereof or by its agent thereto duly authorized in writing, upon delivery to the Trustees or a transfer agent of the Trust of a duly executed instrument of transfer, together with such evidence of the genuineness of each such execution and authorization and of other matters (including compliance with any securities laws and contractual restrictions) as may reasonably be required. Upon such delivery the transfer shall be recorded on the applicable register of the Trust. Until such record is made, the Shareholder of record shall be deemed to be the holder of such Shares for all purposes hereof and neither the Trustees nor any transfer agent or registrar nor any officer, employee or agent of the Trust shall be affected by any notice of the proposed transfer. Each Shareholder will indemnify and hold harmless the Trust, the Trustees, each other Shareholder and any Affiliated Person of the Trust, the Trustees and each of the other Shareholders against all losses, claims, damages, liabilities, costs and expenses (including legal or other expenses incurred in investigating or defending against any losses, claims, damages, liabilities, costs and expenses or any judgments, fines and amounts paid in settlement), joint or several, to which these Persons may become subject by reason of or arising from (1) any transfer made by the Shareholder in violation of this Section 6.9 and (2) any misrepresentation by the transferring Shareholder or substituted Shareholder in connection with the transfer.

Any person becoming entitled to any Shares in consequence of the death, bankruptcy or incompetence of any Shareholder, or otherwise by operation of law, shall be recorded on the applicable register of Shares as the holder of such Shares upon production of the proper evidence thereof to the Trustees or a transfer agent of the Trust, but until such record is made, the Shareholder of record shall be deemed to be the holder of such for all purposes hereof, and neither the Trustees nor any transfer agent or registrar nor any officer or agent of the Trust shall be affected by any notice of such death, bankruptcy or incompetence, or other operation of law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices; Waiver of Notice</u>. (a) Subject to any different provisions of this Declaration, including Section 10.3 hereof, any and all notices to which any Shareholder hereunder may be entitled and any and all communications shall be deemed duly served or given if presented personally to a Shareholder, left at his or her residence or usual place of business or sent via United States mail or by electronic transmission to a Shareholder at his or her address as it is registered with the Trust. If mailed, such notice shall be deemed to be given when deposited in the United States mail addressed to the Shareholder at his or her address as it is registered with the Trust with postage thereon prepaid. If transmitted electronically, such notice shall be deemed to be given when transmitted to the Shareholder by an electronic transmission to any address or number of the Shareholder at which the Shareholder receives electronic transmissions. The Trust may give a single notice to all Shareholders who share an

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address, which single notice shall be effective as to any Shareholder at such address, unless such Shareholder objects to receiving such single notice or revokes a prior consent to receiving such single notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Whenever any notice is required to be given pursuant to this Declaration or the Bylaws or pursuant to applicable law, a waiver thereof in writing or by electronic transmission, given by the Person or Persons entitled to such notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice. Neither the business to be transacted at nor the purpose of any meeting need be set forth in the waiver of notice of such meeting, unless specifically required by statute. The attendance of any Person at any meeting shall constitute a waiver of notice of such meeting, except where such Person attends a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting has not been lawfully called or convened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Derivative Actions</u>. (a) No person, other than a Trustee, who is not a Shareholder shall be entitled to bring any derivative action, suit or other proceeding on behalf of the Trust. No Shareholder may maintain a derivative action on behalf of the Trust unless holders of at least ten percent (10%) of the outstanding Shares join in the bringing of such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;In addition to the requirements set forth in Section 3816 of the Act, a Shareholder may bring a derivative action on behalf of the Trust only if the following conditions are met: (i) the Shareholder or Shareholders must make a pre-suit demand upon the Trustees to bring the subject action unless an effort to cause the Trustees to bring such an action is not likely to succeed; and a demand on the Trustees shall only be deemed not likely to succeed and therefore excused if a majority of the Trustees, or a majority of any committee established to consider the merits of such action, is composed of Trustees who are not "independent trustees" (as that term is defined in the Act); and (ii) unless a demand is not required under clause (i) of this paragraph, the Trustees must be afforded a reasonable amount of time (in any case, not less than ninety (90) days) to consider such Shareholder request and to investigate the basis of such claim; and the Trustees shall be entitled to retain counsel or other advisors in considering the merits of the request and may require an undertaking by the Shareholders making such request to reimburse the Trust for the expense of any such advisors in the event that the Trustees determine not to bring such action. For purposes of this Section 6.11, the Trustees may designate a committee of one or more Trustees to consider a Shareholder demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Section 6.11, "Shareholder" or "Shareholders" shall mean the holder or holders of common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;This Section 6.11 shall not apply to any claims asserted under the U.S. federal securities laws including, without limitation, the 1940 Act.

<u>ARTICLE VII</u>

<u>DETERMINATION OF NET ASSET VALUE</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Net Asset Value</u>. The net asset value of each outstanding Share of each Class of the Trust shall be determined at such time or times on such days as the Trustees may determine, in accordance with the 1940 Act. The method of determination of net asset value shall be determined by the Trustees. The power and duty to make the net asset value calculations may be delegated by the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Power to Modify Foregoing Procedures</u>. Notwithstanding any of the foregoing provisions of this Article VII, the Trustees may prescribe, in their absolute discretion except as may be required by the 1940 Act, such other bases and times for determining the net asset value of each Class of the Trust's Shares or net income, or the declaration and payment of dividends and distributions as they may deem necessary or desirable for any reason, including to enable the Trust to comply with any provision of the

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Code, the 1940 Act, any securities exchange or association registered under the Securities Exchange Act of 1934 or any order of exemption issued by the Commission, all as in effect now or hereafter amended or modified.

<u>ARTICLE VIII</u>

<u>CUSTODIANS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Appointment and Duties</u>. The Trustees shall at all times employ a custodian or custodians, meeting the qualifications for custodians for portfolio securities of investment companies contained in the 1940 Act, as custodian with respect to the assets of the Trust. Any custodian shall have authority as agent of the Trust as determined by the custodian agreement or agreements, but subject to such restrictions, limitations and other requirements, if any, as may be contained in the Bylaws of the Trust and the 1940 Act, including without limitation authority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;to hold the securities owned by the Trust and deliver the same upon written order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;to receive any receipt for any moneys due to the Trust and deposit the same in its own banking department (if a bank) or elsewhere as the Trustees may direct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;to disburse such funds upon orders or vouchers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;if authorized by the Trustees, to keep the books and accounts of the Trust and furnish clerical and accounting services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;if authorized to do so by the Trustees, to compute the net income or net asset value of the Trust;

all upon such basis of compensation as may be agreed upon between the Trustees and the custodian.

The Trustees may also authorize each custodian to employ one or more sub-custodians from time to time to perform such of the acts and services of the custodian and upon such terms and conditions, as may be agreed upon between the custodian and such sub-custodian and approved by the Trustees, provided that in every case such sub-custodian shall meet the qualifications for custodians contained in the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Central Certificate System</u>. Subject to such rules, regulations and orders as the Commission may adopt, the Trustees may direct the custodian to deposit all or any part of the securities owned by the Trust in a system for the central handling of securities established by a national securities exchange or a national securities association registered with the Commission under the Securities Exchange Act of 1934, or such other Person as may be permitted by the Commission, or otherwise in accordance with the 1940 Act, pursuant to which system all securities of any particular class of any issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of such securities, provided that all such deposits shall be subject to withdrawal only upon the order of the Trust.

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<u>ARTICLE IX</u>

<u>REPURCHASES OF SHARES</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Repurchase of Shares</u>. Holders of Shares of the Trust shall not be entitled to require the Trust to repurchase or redeem Shares of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Disclosure of Holding</u>. The holders of Shares or other securities of the Trust shall upon demand disclose to the Trustees in writing such information with respect to direct and indirect ownership of Shares or other securities of the Trust as the Trustees deem necessary to comply with the provisions of the Code, the 1940 Act or other applicable laws or regulations, or to comply with the requirements of any other taxing or regulatory authority.

<u>ARTICLE X</u>

<u>SHAREHOLDERS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Meetings of Shareholders</u>. An annual meeting of the Shareholders for the election of Trustees and the transaction of any business as determined by the Trustees within the powers of the Trust shall be held on the date and at the time set by the Board of Trustees. Other than annual meetings, the Trust will not hold Shareholder meetings unless required by the 1940 Act, the provisions of this Declaration, the Bylaws or any other applicable law. A special meeting of Shareholders may be called at any time by a majority of the Trustees or the President and shall be called by any Trustee for any proper purpose upon written request of Shareholders holding in the aggregate at least a majority of the outstanding Shares of the Trust, such request specifying the purpose or purposes for which such meeting is to be called. Any shareholder meeting, including a special meeting, shall be held within or without the State of Delaware (or may be held virtually) on such day and at such time as the Trustees shall designate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Voting</u>. (a) Shareholders shall have no power to vote on any matter except matters on which a vote of Shareholders is required by applicable law, this Declaration or resolution of the Trustees. There shall be no cumulative voting in the election or removal of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision of this Declaration, on any matters submitted to a vote of the Shareholders, all Shares of the Trust then-entitled to vote shall be voted in aggregate, except: (i) when required by the 1940 Act and/or other applicable law, Shares shall be voted by individual Class; (ii) when the matter involves any action that the Trustees have determined will affect only the interests of one or more Classes, then only the Shareholders of such Class or Classes shall be entitled to vote thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice of Meeting and Record Date</u>. Notice of all meetings of Shareholders, stating the time, place and purposes of the meeting, shall be given by the Trustees by mail to each Shareholder of record entitled to vote thereat at its registered address, mailed at least 10 days and not more than 90 days before the meeting or otherwise in compliance with applicable law. Only the business stated in the notice of the meeting shall be considered at such meeting; provided, however, that the foregoing shall in no way limit the ability of one or more adjournments to be considered at a meeting. Any adjourned meeting may be held as adjourned one or more times without further notice not later than 120 days after the original meeting date. For the purposes of determining the Shareholders who are entitled to notice of and to vote at any meeting the Trustees may, without closing the transfer books, fix a date not more than 90 nor less than 10 days prior to the date of such meeting of Shareholders as a record date for the determination of the Persons to be treated as Shareholders of record for such purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Quorum and Required Vote</u>. (a) The holders of one-third of the Shares entitled to vote on any matter at a meeting present in person or by proxy shall constitute a quorum at such meeting of the Shareholders for purposes of conducting business on such matter. When any one or more Classes is to vote separately from any other Classes of Shares, holders of one-third of the Shares entitled to vote of

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each such Class shall constitute a quorum at a Shareholders' meeting of that Class. The absence from any meeting, in person or by proxy, of a quorum of Shareholders for action upon any given matter shall not prevent action at such meeting upon any other matter or matters which may properly come before the meeting, if there shall be present thereat, in person or by proxy, a quorum of Shareholders in respect of such other matters. Notwithstanding the foregoing, in the absence of a quorum, a Shareholders' meeting may be adjourned by either a vote of a majority of the Shares present and entitled to vote at such meeting, or by the chair of such meeting in his or her sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Subject to any provision of applicable law, this Declaration or a resolution of the Trustees specifying a greater or a lesser vote requirement for the transaction of any item of business at any meeting of Shareholders, (i) with respect to the election of Trustees, other than a Contested Election, the affirmative vote of a plurality of the Shares represented in person or by proxy at any meeting at which a quorum is present shall be the act of the Shareholders with respect to such matter, (ii) with respect to a Contested Election, the affirmative vote of a majority of the Shares outstanding and entitled to vote with respect to such matter at such meeting shall be the act of the Shareholders with respect to such matter, (iii) with respect to all other items of business, the affirmative vote of a majority of the Shares present in person or represented by proxy and entitled to vote on the subject matter shall be the act of the Shareholders with respect to such matter and (iv) where a separate vote of one or more Classes of Shares is required on any matter, the affirmative vote of a majority of the Shares of such Class present in person or represented by proxy and entitled to vote on the subject matter shall decide that matter insofar as that Class is concerned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Proxies, etc</u>. At any meeting of Shareholders, any holder of Shares entitled to vote thereat may vote by properly executed proxy, provided that no proxy shall be voted at any meeting unless it shall have been placed on file with the Secretary, or with such other officer or agent of the Trust as the Secretary may direct, for verification prior to the time at which such vote shall be taken. Pursuant to a resolution of a majority of the Trustees, proxies may be solicited in the name of one or more Trustees or one or more of the officers or employees of the Trust. No proxy shall be valid after the expiration of 11 months from the date thereof, unless otherwise provided in the proxy. Only Shareholders of record shall be entitled to vote. Each full Share shall be entitled to one vote and fractional Shares shall be entitled to a vote of such fraction. When any Share is held jointly by several persons, any one of them may vote at any meeting in person or by proxy in respect of such Share, but if more than one of them shall be present at such meeting in person or by proxy, and such joint owners or their proxies so present disagree as to any vote to be cast, such vote shall not be received in respect of such Share. A proxy purporting to be executed by or on behalf of a Shareholder shall be deemed valid unless challenged at or prior to its exercise, and the burden of proving invalidity shall rest on the challenger. If the holder of any such Share is a minor or a person of unsound mind, and subject to guardianship or to the legal control of any other person as regards the charge or management of such Share, he or she may vote by his guardian or such other person appointed or having such control, and such vote may be given in person or by proxy. <u>Reports.</u> The Trustees shall cause to be prepared at least annually and more frequently to the extent and in the form required by law, regulation or any exchange on which Trust Shares are listed a report of operations containing a balance sheet and statement of income and undistributed income of the Trust prepared in conformity with generally accepted accounting principles and an opinion of an independent public accountant on such financial statements. Copies of such reports shall be mailed to all Shareholders of record within the time required by the 1940 Act. The Trustees shall, in addition, furnish to the Shareholders at least semi-annually to the extent required by law, interim reports containing an unaudited balance sheet of the Trust as of the end of such period and an unaudited statement of income and surplus for the period from the beginning of the current fiscal year to the end of such period.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Inspection of Records</u>. The records of the Trust shall be open to inspection by Shareholders to the extent permitted by Section 3819 of the Act but subject to such reasonable regulation as the Trustees may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Delivery by Electronic Transmission or Otherwise</u>. Notwithstanding any provision in this Declaration to the contrary, any notice, proxy, vote, consent, report, instrument or writing of any kind or any signature referenced in, or contemplated by, this Declaration or the Bylaws may, in the sole discretion of the Trustees, be given, granted or otherwise delivered by electronic transmission (within the meaning of the Act), including via the internet, or in any other manner permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Shareholder Action by Written Consent</u>. Any action which may be taken by Shareholders by vote may be taken without a meeting if the holders, entitled to vote thereon, of the proportion of Shares required for approval of such action at a meeting of Shareholders pursuant to Section 10.4 consent to the action in writing and the written consents are filed with the records of the meetings of Shareholders. Such consent shall be treated for all purposes as a vote taken at a meeting of Shareholders.

<u>ARTICLE XI</u>

<u>DURATION; TERMINATION OF TRUST; AMENDMENT; MERGERS; ETC.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Duration</u>. Subject to possible termination in accordance with the provisions of Section 11.2 hereof, the Trust created hereby shall have perpetual existence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination</u>. (a) The Trust may be dissolved, only upon approval of not less than 80% of the Trustees. Upon the dissolution of the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Trust shall carry on no business except for the purpose of winding up its affairs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Trustees shall proceed to wind up the affairs of the Trust and all of the powers of the Trustees under this Declaration shall continue until the affairs of the Trust shall have been wound up, including the power to fulfill or discharge the contracts of the Trust, collect its assets, sell, convey, assign, exchange, merge where the Trust is not the survivor, transfer or otherwise dispose of all or any part of the remaining Trust Property to one or more Persons at public or private sale for consideration which may consist in whole or in part in cash, securities or other property of any kind, discharge or pay its liabilities, and do all other acts appropriate to liquidate its business; provided that any sale, conveyance, assignment, exchange, merger in which the Trust is not the survivor, transfer or other disposition of all or substantially all the Trust Property of the Trust shall require approval of the principal terms of the transaction and the nature and amount of the consideration by Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;After paying or adequately providing for the payment of all liabilities, and upon receipt of such releases, indemnities and refunding agreements, as they deem necessary for their protection, the Trustees may distribute the remaining Trust Property, in cash or in kind or partly each, among the Shareholders according to their respective rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;After the winding up and termination of the Trust and distribution to the Shareholders as herein provided, a majority of the Trustees shall execute and lodge among the records of the Trust an instrument in writing setting forth the fact of such termination and shall execute and file a certificate of cancellation with the Secretary of State of the State of Delaware. Upon termination of the Trust, the Trustees shall thereupon be discharged from all further liabilities and duties hereunder, and the rights and interests of all Shareholders shall thereupon cease.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendment Procedure</u>. (a) Except as provided in subsection (b) of this Section 11.3, this Declaration may be amended, after a majority of the Trustees (including a majority of the independent Trustees if such a vote is required under the 1940 Act) have approved a resolution therefor, by the affirmative vote required by Section 10.4 of this Declaration. The Trustees also may amend this Declaration without any vote of Shareholders to change the name of the Trust, to change the U.S. federal income tax classification of the Trust from an association taxable as a corporation to a partnership if the Trust elects to cease qualifying as a regulated investment company under Subchapter M of the Code, to make any other change that does not adversely affect the relative rights or preferences of any Shares, as they may deem necessary, or to conform this Declaration to the requirements of the 1940 Act or any other applicable federal or state laws or regulations including pursuant to Section 6.2 or, if applicable, the requirements of the regulated investment company provisions of the Code, but the Trustees shall not be liable for failing to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;No amendment may be made to Section 2.1, Section 2.2, Section 2.3, Section 11.2(a), this Section 11.3, Section 11.4 or Section 11.6 of this Declaration and no amendment may be made to this Declaration which would change any rights with respect to any Shares of the Trust by reducing the amount payable thereon upon liquidation of the Trust or by diminishing or eliminating any voting rights pertaining thereto (except that this provision shall not limit the ability of the Trustees to authorize, and to cause the Trust to issue, other securities pursuant to Section 6.2), except after a majority of the Trustees have approved a resolution therefor, and such amendment has been approved by the affirmative vote of the holders of not less than seventy-five percent (75%) of the Shares, unless such amendment has been approved by 80% of the Trustees, in which case approval by a Majority Shareholder Vote shall be required. Nothing contained in this Declaration shall permit the amendment of this Declaration to impair the exemption from personal liability of the Shareholders, Trustees, officers, employees and agents of the Trust or to permit assessments upon Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;An amendment duly adopted by the requisite vote of the Board of Trustees and, if required under the 1940 Act or otherwise under this Declaration, the Shareholders as aforesaid, shall become effective at the time of such adoption or at such other time as may be designated by the Board of Trustees or Shareholders, as the case may be. A certification in recordable form signed by a majority of the Trustees setting forth an amendment and reciting that it was duly adopted by the Trustees and, if required, the Shareholders as aforesaid, or a copy of the Declaration, as amended, in recordable form, and executed by a majority of the Trustees, shall be conclusive evidence of such amendment when lodged among the records of the Trust or at such other time designated by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Merger, Consolidation and Sale of Assets</u>. Except as provided in Section 11.6, the Trust may merge or consolidate with any other corporation, association, trust or other organization or may sell, lease or exchange all or substantially all of the Trust Property, including its goodwill, upon such terms and conditions and for such consideration when and as authorized by two-thirds of the Trustees and, to the extent required by the 1940 Act, approved by a Majority Shareholder Vote and any such merger, consolidation, sale, lease or exchange shall be determined for all purposes to have been accomplished under and pursuant to the statutes of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Subsidiaries</u>. Without approval by Shareholders, the Trustees may cause to be organized or assist in organizing one or more corporations, trusts, limited liability companies, partnerships, associations or other organizations to take over all of the Trust Property or to carry on any business in which the Trust shall directly or indirectly have any interest, and to sell, convey and transfer all or a portion of the Trust Property to any such corporation, trust, limited liability company, association or organization in exchange for the shares or securities thereof, or otherwise, and to lend money to, subscribe for the shares or securities of, and enter into any contracts with any such corporation, trust, limited liability company, partnership, association or organization, or any corporation, partnership, trust,

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limited liability company, association or organization in which the Trust holds or is about to acquire shares or any other interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Certain Transactions</u>. (a) Notwithstanding any other provision of this Declaration and subject to the exceptions provided in paragraph (d) of this Section, the types of transactions described in paragraph (c) of this Section shall require the affirmative vote or consent of a majority of the Trustees then in office followed by the affirmative vote of the holders of not less than seventy-five percent (75%) of the Shares outstanding, excluding the Shares of a Principal Shareholder (as defined in paragraph (b) of this Section) when any such Principal Shareholder is a party to the transaction. Such affirmative vote or consent shall be in addition to the vote or consent of the holders of Shares otherwise required by law. Notwithstanding the preceding sentence, so long as a transaction described in paragraph (c) of this Section is approved by both a majority of the Trustees then in office and seventy-five percent (75%) of the Continuing Trustees and, so long as all other conditions and requirements, if any, provided for in the Bylaws and under applicable law have been satisfied, then no Shareholder vote or consent shall be necessary or required to approve such transaction, except to the extent such vote or consent is required by the 1940 Act or other federal law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The term "Principal Shareholder" shall mean any corporation, Person or other entity which is the beneficial owner, directly or indirectly, of five percent (5%) or more of the outstanding Shares of any outstanding Class (which, solely for the purposes of this Section, shall not be deemed to include any Class of preferred shares) and shall include any affiliate or associate, as such terms are defined in clause (ii) below, of a Principal Shareholder. For the purposes of this Section, in addition to the Shares which a corporation, Person or other entity beneficially owns directly, (a) any corporation, Person or other entity shall be deemed to be the beneficial owner of any Shares (i) which it has the right to acquire pursuant to any agreement or upon exercise of conversion rights or warrants, or otherwise (but excluding share options granted by the Trust) or (ii) which are beneficially owned, directly or indirectly (including Shares deemed owned through application of clause (i) above), by any other corporation, Person or entity with which its "affiliate" or "associate" (as defined below) has any agreement, arrangement or understanding for the purpose of acquiring, holding, voting or disposing of Shares, or which is its "affiliate" or "associate" as those terms are defined in Rule 12b-2 of the General Rules and Regulations under the Securities Exchange Act of 1934, and (b) the outstanding Shares shall include Shares deemed owned through application of clauses (i) and (ii) above but shall not include any other Shares which may be issuable pursuant to any agreement, or upon exercise of conversion rights or warrants, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;This Section shall apply to the following transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The merger or consolidation of the Trust or any subsidiary of the Trust with or into any Principal Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;The sale, lease or exchange of all or any substantial part of the assets of the Trust to any Principal Shareholder (except assets having an aggregate fair market value of less than 2% of the total assets of the Trust, aggregating for the purpose of such computation all assets sold, leased or exchanged in any series of similar transactions within a twelve-month period).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;The sale, lease or exchange to the Trust or any subsidiary thereof, in exchange for securities of the Trust, of any assets of any Principal Shareholder (except assets having an aggregate fair market value of less than 2% of the total assets of the Trust, aggregating for

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the purposes of such computation all assets sold, leased or exchanged in any series of similar transactions within a twelve-month period).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this Section shall not be applicable to (i) any of the transactions described in paragraph (c) of this Section if 80% of the Trustees shall by resolution have approved a memorandum of understanding with such Principal Shareholder with respect to and substantially consistent with such transaction, in which case approval by a Majority Shareholder Vote shall be the only vote of Shareholders required by this Section, or (ii) any such transaction with any entity of which a majority of the outstanding shares of all classes and series of a stock normally entitled to vote in elections of directors is owned of record or beneficially by the Trust and its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The Board of Trustees shall have the power and duty to determine for the purposes of this Section on the basis of information known to the Trust whether (i) a corporation, Person or entity beneficially owns five percent (5%) or more of the outstanding Shares of any class or series, (ii) a corporation, Person or entity is an "affiliate" or "associate" (as defined above) of another, (iii) the assets being acquired or leased to or by the Trust or any subsidiary thereof constitute a substantial part of the assets of the Trust and have an aggregate fair market value of less than 2% of the total assets of the Trust, and (iv) the memorandum of understanding referred to in paragraph (d) hereof is substantially consistent with the transaction covered thereby. Any such determination shall be conclusive and binding for all purposes of this Section.

<u>ARTICLE XII</u>

<u>MISCELLANEOUS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Filing</u>. (a) This Declaration and any amendment or supplement hereto shall be filed in such places as may be required or as the Trustees deem appropriate. Each amendment or supplement shall be accompanied by a certificate signed and acknowledged by a Trustee stating that such action was duly taken in a manner provided herein and shall, upon insertion in the Trust's minute book, be conclusive evidence of all amendments contained therein. A restated Declaration, containing the original Declaration and all amendments and supplements theretofore made, may be executed from time to time by a majority of the Trustees and shall, upon insertion in the Trust's minute book, be conclusive evidence of all amendments and supplements contained therein and may thereafter be referred to in lieu of the original Declaration and the various amendments and supplements thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Resident Agent</u>. The Trust shall maintain a resident agent in the State of Delaware, which agent shall initially be Incorporating Services, Ltd., 3500 South DuPont Highway, Dover, Delaware, 19901. The Trustees may designate a successor resident agent, provided, however, that such appointment shall not become effective until written notice thereof and any required filing is delivered to the office of the Secretary of the State.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. The trust set forth in this instrument is made in the State of Delaware, and the Trust and this Declaration, and the rights and obligations of the Trustees and Shareholders hereunder, are to be governed by and construed and administered according to the Act and the laws of said State; provided, however, that there shall not be applicable to the Trust, the Trustees or this Declaration (a) the provisions of Sections 3540 and 3561 of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Act) pertaining to trusts which relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or

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concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration. The Trust shall be of the type commonly called a "statutory trust", and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Statutory Trust Statute, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Exclusive Delaware Jurisdiction</u>. Each Trustee, each officer and each Person legally or beneficially owning a Share or an interest in a Share of the Trust (whether through a broker, dealer, bank, trust company or clearing corporation or an agent of any of the foregoing or otherwise), to the fullest extent permitted by law, including Section 3804(e) of the Act, (i) irrevocably agrees that any claims, suits, actions or proceedings asserting a claim governed by the internal affairs (or similar) doctrine or arising out of or relating in any way to the Trust, the Act, this Declaration or the Bylaws (including, without limitation, any claims, suits, actions or proceedings to interpret, apply or enforce (A) the provisions of this Declaration or the Bylaws, or (B) the duties (including fiduciary duties), obligations or liabilities of the Trust to the Shareholders or the Trustees, or of officers or the Trustees or the Delaware Trustee to the Trust, to the Shareholders or each other, or (C) the rights or powers of, or restrictions on, the Trust, the officers, the Trustees, the Delaware Trustee or the Shareholders, or (D) any provision of the Act or other laws of the State of Delaware pertaining to trusts made applicable to the Trust pursuant to Section 3809 of the Act, or (E) any other instrument, document, agreement or certificate contemplated by any provision of the Act, the Declaration or the Bylaws relating in any way to the Trust (regardless, in each case, of whether such claims, suits, actions or proceedings (x) sound in contract, tort, fraud or otherwise, (y) are based on common law, statutory, equitable, legal or other grounds, or (z) are derivative or direct claims)), shall be exclusively brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other court in the State of Delaware with subject matter jurisdiction, (ii) irrevocably submits to the exclusive jurisdiction of such courts in connection with any such claim, suit, action or proceeding, (iii) irrevocably agrees not to, and waives any right to, assert in any such claim, suit, action or proceeding that (A) it is not personally subject to the jurisdiction of such courts or any other court to which proceedings in such courts may be appealed, (B) such claim, suit, action or proceeding is brought in an inconvenient forum, or (C) the venue of such claim, suit, action or proceeding is improper, (iv) consents to process being served in any such claim, suit, action or proceeding by mailing, certified mail, return receipt requested, or via electronic transmission a copy thereof to such party at the address in effect for notices hereunder, and agrees that such service shall constitute good and sufficient service of process and notice thereof; provided, nothing in clause (iv) hereof shall affect or limit any right to serve process in any other manner permitted by law, and (v) irrevocably waives any and all right to trial by jury in any such claim, suit, action or proceeding; provided, however, this Section 12.4 shall not apply to any claims asserted under the U.S. federal securities laws including, without limitation, the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Agreement to be Bound</u>. EVERY PERSON, BY VIRTUE OF HAVING BECOME A SHAREHOLDER IN ACCORDANCE WITH THE TERMS OF THIS DECLARATION AND THE BYLAWS, AS THE SAME MAY BE AMENDED FROM TIME TO TIME, SHALL BE DEEMED TO HAVE EXPRESSLY ASSENTED AND AGREED TO THE TERMS OF, AND SHALL BE BOUND BY, THIS DECLARATION AND THE BYLAWS.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. This Declaration may be simultaneously executed in several counterparts, each of which shall be deemed to be an original, and such counterparts, together, shall constitute one and the same instrument, which shall be sufficiently evidenced by any such original counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Reliance by Third Parties</u>. Any certificate executed by an individual who, according to the records of the Trust, or of any recording office in which this Declaration may be recorded, appears to be a Trustee hereunder, certifying to: (a) the number or identity of Trustees or Shareholders, (b) the name of the Trust, (c) the due authorization of the execution of any instrument or writing, (d) the form of any vote passed at a meeting of Trustees or Shareholders, (e) the fact that the number of Trustees or Shareholders present at any meeting or executing any written instrument satisfies the requirements of this Declaration, (f) the form of any Bylaws adopted by or the identity of any officers elected by the Trustees, or (g) the existence of any fact or facts which in any manner relate to the affairs of the Trust, shall be conclusive evidence as to the matters so certified in favor of any person dealing with the Trustees and their successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Provisions in Conflict with Law or Regulation</u>. (a) The provisions of this Declaration are severable, and if the Trustees shall determine, with the advice of counsel, that any of such provisions is in conflict with the 1940 Act, if applicable, with the regulated investment company provisions of the Code, if applicable, or with other applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of this Declaration; provided, however, that such determination shall not affect any of the remaining provisions of this Declaration or render invalid or improper any action taken or omitted prior to such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If any provision of this Declaration shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall attach only to such provision in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any other provision of this Declaration in any jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Delivery by Electronic Transmission or Otherwise</u>. Notwithstanding any provision in this Declaration to the contrary, any notice, proxy, vote, consent, instrument or writing of any kind referenced in, or contemplated by, this Declaration or the Bylaws may, in the sole discretion of the Trustees, be given, granted or otherwise delivered by electronic transmission (within the meaning of the Act), including via the internet, or in any other manner permitted by applicable law, and may be made using an electronic signature (within the meaning of the Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10&nbsp;&nbsp;&nbsp;&nbsp; <u>Conversion</u>. Notwithstanding any other provisions of this Declaration or the Bylaws, a favorable vote of not less than seventy-five percent (75%) of the Shares of the Trust entitled to vote on the matter, each affected series or class outstanding, voting as separate series or classes, shall be required to approve, adopt or authorize an amendment to this Declaration that makes the Common Shares a "redeemable security" as that term is defined in the 1940 Act, unless such amendment has been approved by a majority of the Trustees then in office, in which case approval by Majority Shareholder Vote of the Shares entitled to vote on the matter shall be required. Upon the adoption of a proposal to convert the Trust from a "closed-end company" to an "open-end company" as those terms are defined by the 1940 Act and the necessary amendments to this Declaration to permit such a conversion, the Trust shall, upon complying with any requirements of the 1940 Act and state law, become an "open-end" investment company. Such affirmative vote or consent shall be in addition to the vote or consent of the holders of the Shares otherwise required by law, or any agreement between the Trust and any national securities exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11&nbsp;&nbsp;&nbsp;&nbsp; <u>Section Headings; Interpretation</u>. Section headings in this Declaration are for convenience of reference only, and shall not limit or otherwise affect the meaning hereof. References in this Declaration to "this Declaration" shall be deemed to refer to this Declaration as from time to time

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amended, and all expressions such as "hereof", "herein" and "hereunder" shall be deemed to refer to this Declaration as from time to time amended and not exclusively to the article or section in which such words appear.

*[Signature page follows]*

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IN WITNESS WHEREOF, the undersigned has caused these presents to be executed as of the day and year first above written.

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| | |
|:---|:---|
| By: | /s/ Shiv Verma |
|  | Shiv Verma |
|  | Trustee |

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| | |
|:---|:---|
| By: | /s/ Jill E. Sommers |
|  | Jill E. Sommers |
|  | Trustee |

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| | |
|:---|:---|
| By: | /s/ Michael J. Gallagher |
|  | Michael J. Gallagher |
|  | Trustee |

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| | |
|:---|:---|
| By: | /s/ Meredith Whitney |
|  | Meredith Whitney |
|  | Trustee |

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| | |
|:---|:---|
| By: | /s/ Sarah Pinto |
|  | Sarah Pinto |
|  | Trustee |

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[*Signature Page to Amended and Restated Declaration of Trust of Robinhood Ventures Fund II*]

## Ex-99.(B)

**Exhibit (b)**

**ROBINHOOD VENTURES FUND II**

**BYLAWS**

**Dated as of May 21, 2026**

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**<u>**TABLE OF CONTENTS**</u>**

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| | | |
|:---|:---|:---|
| | | **Page** |
| ARTICLE I<br>SHAREHOLDER MEETINGS | ARTICLE I<br>SHAREHOLDER MEETINGS | ARTICLE I<br>SHAREHOLDER MEETINGS |
| 1.1 | Chair | 2 |
| 1.2 | Proxies; Voting | 2 |
| 1.3 | Fixing Record Dates | 2 |
| 1.4 | Inspectors of Election | 2 |
| 1.5 | Records at Shareholder Meetings | 3 |
| 1.6 | Annual Meeting | 3 |
| 1.7 | Special Meetings | 3 |
| 1.8 | Advance Notice of Shareholder Nominees for Trustee and Other Shareholder Proposals | 5 |
| 1.9 | Control Share Acquisition Statute | 10 |
| ARTICLE II <br>TRUSTEES | ARTICLE II <br>TRUSTEES | ARTICLE II <br>TRUSTEES |
| 2.1 | Regular Meetings | 10 |
| 2.2 | Chair; Records | 10 |
| ARTICLE III <br>OFFICERS | ARTICLE III <br>OFFICERS | ARTICLE III <br>OFFICERS |
| 3.1 | Officers of the Trust | 10 |
| 3.2 | Tenure | 10 |
| 3.3 | Removal of Officers | 10 |
| 3.4 | Bonds and Surety | 11 |
| 3.5 | Chief Executive Officer, President and Vice Presidents | 11 |
| 3.6 | Secretary | 11 |
| 3.7 | Treasurer | 11 |
| 3.8 | Other Officers and Duties | 12 |
| ARTICLE IV <br>MISCELLANEOUS | ARTICLE IV <br>MISCELLANEOUS | ARTICLE IV <br>MISCELLANEOUS |
| 4.1 | Depositories | 12 |
| 4.2 | Signatures | 12 |
| 4.3 | Seal | 12 |
| ARTICLE V <br>SHARE Transfers | ARTICLE V <br>SHARE Transfers | ARTICLE V <br>SHARE Transfers |
| 5.1 | Transfer Agents, Registrars and the Like | 12 |
| 5.2 | Transfer of Shares | 12 |
| 5.3 | Registered Shareholders | 12 |
| ARTICLE VI <br>AMENDMENT OF BYLAWS | ARTICLE VI <br>AMENDMENT OF BYLAWS | ARTICLE VI <br>AMENDMENT OF BYLAWS |
| 6.1 | Amendment and Repeal of Bylaws | 13 |

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i

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**ROBINHOOD VENTURES FUND II**

**BYLAWS**

These Bylaws (the "Bylaws") are made and adopted pursuant to Section 3.9 of the Amended and Restated Declaration of Trust of Robinhood Ventures Fund II (the "Trust"), dated as May 21, 2026, as from time to time amended (hereinafter called the "Declaration"). All words and terms capitalized in these Bylaws and not defined herein shall have the meaning or meanings set forth for such words or terms in the Declaration.

ARTICLE I

<u>SHAREHOLDER MEETINGS</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;1.1 <u>Chair</u>. The Chair, if any, shall act as chair at all meetings of the Shareholders; in the Chair's absence, the Vice Chair, if any, shall act as chair; in the absence of both the Chair and Vice Chair, the Trustee or Trustees present at each meeting may elect a temporary chair for the meeting, who may be one of themselves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Proxies; Voting</u>. Shareholders may vote either in person or by duly executed proxy and each full share represented at the meeting shall have one vote, and each fractional Shares shall be entitled to a vote of such fraction, all as provided in Article X of the Declaration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Fixing Record Dates</u>. For the purpose of determining the Shareholders who are entitled to notice of or to vote or act at any meeting, including any adjournment thereof, or who are entitled to participate in any dividends, or for any other proper purpose, the Trustees may from time to time, without closing the transfer books, fix a record date in the manner provided in Section 10.3 of the Declaration. If the Trustees do not prior to any meeting of Shareholders so fix a record date or close the transfer books, then the date of mailing notice of the meeting or the date upon which the dividend resolution is adopted, as the case may be, shall be the record date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 <u>Inspectors of Election</u>. In advance of any meeting of Shareholders, the Trustees may appoint Inspectors of Election to act at the meeting or any adjournment thereof. If Inspectors of Election are not so appointed, the chair, if any, of any meeting of Shareholders may, and on the request of any Shareholder or Shareholder proxy shall, appoint Inspectors of Election of the meeting. The number of Inspectors of Election shall be either one or three. If appointed at the meeting on the request of one or more Shareholders or proxies, a majority of Shares present shall determine whether one or three Inspectors of Election are to be appointed, but failure to allow such determination by the Shareholders shall not affect the validity of the appointment of Inspectors of Election. In case any person appointed as Inspector of Election fails to appear or fails or refuses to act, the vacancy may be filled by appointment made by the Trustees in advance of the convening of the meeting or at the meeting by the person acting as chair, if any. The Inspectors of Election shall determine the number of Shares outstanding, the Shares represented at the meeting, the existence of a quorum, the authenticity, validity and effect of proxies; shall receive votes, ballots or consents; shall hear and determine all challenges and questions in any way arising in connection with the right to vote; shall count and tabulate all votes or consents, determine the results, and do such other acts as may be proper to conduct the election or vote with fairness to all Shareholders. If there are three Inspectors of Election, the decision, act or certificate of a majority is effective in all respects as the decision, act or certificate of all. On request of the Chair, if any, of the meeting, or of any Shareholder or Shareholder proxy, the Inspectors of Election shall make a report in

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writing of any challenge or question or matter determined by them and shall execute a certificate of any facts found by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 <u>Records at Shareholder Meetings</u>. At each meeting of the Shareholders, there shall be made available for inspection at a convenient time and place during normal business hours, if requested by Shareholders, the minutes of the last previous meeting of Shareholders of the Trust and a list of the Shareholders of the Trust, as of the record date of the meeting or the date of closing of transfer books, as the case may be. Such list of Shareholders shall contain the name and the address of each Shareholder in alphabetical order and the number of Shares owned by such Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 <u>Annual Meeting</u>. An annual meeting of the Shareholders for the election of Trustees and the transaction of any business within the powers of the Trust shall be held on the date and at the time set by the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 <u>Special Meetings.</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;(a) <u>General</u>. A special meeting of Shareholders may be called at any time by a majority of the Trustees or the President. Subject to subsection (b) of this Section 1.7, a special meeting of Shareholders also shall be called by any Trustee for any proper purpose upon written request of Shareholders holding in the aggregate at least a majority of the outstanding Shares of the Trust, such request specifying the purpose or purposes for which such meeting is to be called.

&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;(b) <u>Shareholder Requested Special Meetings</u>. (1) Any Shareholder of record seeking to have Shareholders request a special meeting shall, by sending written notice to the Secretary (the "Record Date Request Notice") by registered mail, return receipt requested, request the Board of Trustees to fix a record date to determine the Shareholders entitled to request a special meeting (the "Request Record Date"). The Record Date Request Notice shall set forth the purpose of the meeting and the matters proposed to be acted on at it, shall be signed by one or more Shareholders of record as of the date of signature (or their agents duly authorized in a writing accompanying the Record Date Request Notice), shall bear the date of signature of each such Shareholder (or such agent) and shall set forth all information relating to each such Shareholder and each matter proposed to be acted on at the meeting that would be required to be disclosed in connection with the solicitation of proxies for the election of trustees in an election contest (even if an election contest is not involved), or would otherwise be required in connection with such a solicitation, in each case pursuant to Regulation 14A (or any successor provision) under the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the "Exchange Act"). Upon receiving a valid Record Date Request Notice, the Board of Trustees may fix a Request Record Date. The Request Record Date shall not precede and shall not be more than 10 days after the close of business on the date on which the resolution fixing the Request Record Date is adopted by the Board of Trustees. If the Board of Trustees, within 10 days after the date on which a valid Record Date Request Notice is received by the Secretary, fails to adopt a resolution fixing the Request Record Date, the Request Record Date shall be the close of business on the 10th day after the first date on which a Record Date Request Notice is received by the Secretary.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In order for any Shareholder to request a special meeting to act on any matter that may properly be considered at a meeting of Shareholders, one or more written requests for a special meeting (collectively, the "Special Meeting Request") signed by Shareholders of record (or their agents duly authorized in a writing accompanying the request) as of the Request Record Date entitled to cast not less than a majority of all of the votes entitled to be cast on such matter at such

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meeting (the "Special Meeting Percentage") shall be delivered to the Secretary. In addition, the Special Meeting Request shall (a) set forth the purpose of the meeting and the matters proposed to be acted on at it (which shall be limited to those lawful matters set forth in the Record Date Request Notice received by the Secretary), (b) bear the date of signature of each such Shareholder (or such agent) signing the Special Meeting Request, (c) set forth (i) the name and address, as they appear in the Trust's books, of each Shareholder signing such request (or on whose behalf the Special Meeting Request is signed), (ii) the class, series and number of all Shares which are owned (beneficially or of record) by each such Shareholder and (iii) the nominee holder for, and number of, Shares owned beneficially but not of record by such Shareholder, (d) be sent to the Secretary by registered mail, return receipt requested, and (e) be received by the Secretary within 60 days after the Request Record Date. Any requesting Shareholder (or agent duly authorized in a writing accompanying the revocation of the Special Meeting Request) may revoke his, her or its request for a special meeting at any time by written revocation delivered to the Secretary.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Secretary shall inform the requesting Shareholders of the reasonably estimated cost of preparing and mailing or delivering the notice of the meeting (including the Trust's proxy materials). The Secretary shall not be required to call a special meeting upon Shareholder request and such meeting shall not be held unless, in addition to the documents required by paragraph (2) of this Section 3(b), the Secretary receives payment of such reasonably estimated cost prior to the preparation and mailing or delivery of such notice of the meeting.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Except as provided in the next sentence, any special meeting shall be held at such place, date and time as may be designated by the President or the Board of Trustees or a Trustee, whoever has called the meeting. In the case of any special meeting called by the Secretary upon the request of Shareholders (a "Shareholder-Requested Meeting"), such meeting shall be held at such place, date and time as may be designated by the Board of Trustees; provided, however, that the date of any Shareholder-Requested Meeting shall be not more than 90 days after the record date for such meeting (the "Meeting Record Date"); and provided further that if the Board of Trustees fails to designate, within 10 days after the date that a valid Special Meeting Request is deemed to have been received by the Secretary pursuant to Section 1.7(6) hereof (the "Delivery Date"), a date and time for a Shareholder-Requested Meeting, then such meeting shall be held at 2:00 p.m., local time, on the 90th day after the Meeting Record Date or, if such 90th day is not a Business Day (as defined below), on the first preceding Business Day; and provided further that in the event that the Board of Trustees fails to designate a place for a Shareholder-Requested Meeting within 10 days after the Delivery Date, then such meeting shall be held at the principal executive office of the Trust. In fixing a date for a Shareholder-Requested Meeting, the Board of Trustees may consider such factors as it deems relevant, including, without limitation, the nature of the matters to be considered, the facts and circumstances surrounding any request for the meeting, and any plan of the Board of Trustees to call an annual meeting or a special meeting. In the case of any Shareholder-Requested Meeting, if the Board of Trustees fails to fix a Meeting Record Date that is a date within 30 days after the Delivery Date, then the close of business on the 30th day after the Delivery Date shall be the Meeting Record Date. The Board of Trustees may revoke the notice for any Shareholder-Requested Meeting in the event that the requesting Shareholders fail to comply with the provisions of paragraph (3) of this Section 3(b).

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) If written revocations of the Special Meeting Request have been delivered to the Secretary and the result is that Shareholders of record (or their agents duly authorized in writing), as of the Request Record Date, entitled to cast less than the Special Meeting Percentage have delivered, and not revoked, requests for a special meeting on the matter to the Secretary: (i) if the notice of meeting has not already been delivered, the Secretary shall refrain from delivering the notice of the

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meeting and send to all requesting Shareholders who have not revoked such requests written notice of any revocation of a request for a special meeting on the matter, or (ii) if the notice of meeting has been delivered and if the Secretary first sends to all requesting Shareholders who have not revoked requests for a special meeting on the matter written notice of any revocation of a request for the special meeting and written notice of the Trust's intention to revoke the notice of the meeting or for the chair of the meeting to adjourn the meeting without action on the matter, (A) the Secretary may revoke the notice of the meeting at any time before 10 days before the commencement of the meeting or (B) the chair of the meeting may call the meeting to order and adjourn the meeting without acting on the matter. Any request for a special meeting received after a revocation by the Secretary of a notice of a meeting shall be considered a request for a new special meeting.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The Chair, President or Board of Trustees may appoint regionally or nationally recognized independent inspectors of elections to act as the agent of the Trust for the purpose of promptly performing a ministerial review of the validity of any purported Special Meeting Request received by the Secretary. For the purpose of permitting the inspectors of election to perform such review, no such purported Special Meeting Request shall be deemed to have been delivered to the Secretary until the earlier of (i) five Business Days after receipt by the Secretary of such purported request and (ii) such date as the independent inspectors of election certify to the Trust that the valid requests received by the Secretary represent, as of the Request Record Date, Shareholders of record entitled to cast not less than the Special Meeting Percentage. Nothing contained in this paragraph (6) shall in any way be construed to suggest or imply that the Trust or any Shareholder shall not be entitled to contest the validity of any request, whether during or after such five Business Day period, or to take any other action (including, without limitation, the commencement, prosecution or defense of any litigation with respect thereto, and the seeking of injunctive relief in such litigation).

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) For purposes of these Bylaws, "Business Day" shall mean any day other than a Saturday, a Sunday or a day on which banking institutions in the State of New York are authorized or obligated by law or executive order to close.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 <u>Advance Notice of Shareholder Nominees for Trustee and Other Shareholder Proposals</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;(a)&nbsp;&nbsp;&nbsp;&nbsp;Annual Meetings of Shareholders.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Nominations of individuals for election to the Board of Trustees and the proposal of other business to be considered by the Shareholders may be made at an annual meeting of Shareholders (i) pursuant to the Trust's notice of meeting, (ii) by or at the direction of the Board of Trustees or (iii) by any Shareholder of the Trust who was a Shareholder of record both at the time of giving of notice by the Shareholder as provided for in this Section 1.8(a) and at the time of the annual meeting, who is entitled to vote at the meeting in the election of each individual so nominated or on any such other business and who has complied with this Section 1.8(a).

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For any nomination or other business to be properly brought before an annual meeting by a Shareholder pursuant to clause (iii) of paragraph (a)(1) of this Section 1.8, the Shareholder must have given timely notice thereof in writing to the Secretary of the Trust and any such other business must otherwise be a proper matter for action by the Shareholders. To be timely, a Shareholder's notice shall set forth all information required under this Section 1.8 and shall be delivered to the Secretary at the principal executive office of the Trust not earlier than the 150th day nor later than 5:00 p.m., Eastern Time, on the 120th day prior to the first anniversary of the date of the proxy statement

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(as defined in Section 1.8(c)(3) of this Article I) for the preceding year's annual meeting; provided, however, that in the event that the date of the annual meeting is advanced or delayed by more than 30 days from the first anniversary of the date of the preceding year's annual meeting (or in the case of the first annual meeting), notice by the Shareholder to be timely must be so delivered not earlier than the 150th day prior to the date of such annual meeting and not later than 5:00 p.m., Eastern Time, on the later of the 120th day prior to the date of such annual meeting, as originally convened, or the 10th day following the day on which public announcement of the date of such meeting is first made. The public announcement of a postponement or adjournment of an annual meeting shall not commence a new time period (or extend any time period) for the giving of a Shareholder's notice as described above. The number of nominees a Shareholder may nominate for election at the annual meeting (or in the case of one or more Shareholders giving the notice on behalf of a beneficial owner, the number of nominees such Shareholders may collectively nominate for election at the annual meeting on behalf of such beneficial owner) shall not exceed the number of trustees to be elected at such annual meeting.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Such Shareholder's notice shall set forth:

&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;(i) as to each individual whom the Shareholder proposes to nominate for election or reelection as a trustee (each, a "Proposed Nominee"), all information relating to the Proposed Nominee that would be required to be disclosed in connection with the solicitation of proxies for the election of the Proposed Nominee as a trustee in an election contest (even if an election contest is not involved), or would otherwise be required in connection with such solicitation, in each case pursuant to Regulation 14A (or any successor provision) under the Exchange Act, whether such Shareholder believes any Proposed Nominee is, or is not, an "interested person" of the Trust, as defined in the Investment Company Act of 1940, as amended (together with any rules and regulations and any applicable guidance and/or interpretations of the Securities and Exchange Commission ("Commission") or its staff promulgated thereunder, the "Investment Company Act") and information regarding such Proposed Nominee that is sufficient, in the discretion of the Board of Trustees or any committee thereof or any authorized officer of the Trust, to make such determination and such person's written consent to being named in the Trust's proxy statement and accompanying proxy card and to serving as a trustee if elected;

&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;(ii) as to any other business that the Shareholder proposes to bring before the meeting, a description of such business, the text of the proposal or business (including the text of any resolutions proposed for consideration and in the event that such business includes a proposal to amend these Bylaws, the language of the proposed amendment), the Shareholder's reasons for proposing such business at the meeting and any material interest in such business of such Shareholder or any Shareholder Associated Person (as defined below), individually or in the aggregate, including any anticipated benefit to the Shareholder or the Shareholder Associated Person therefrom;

&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;(iii) as to the Shareholder giving the notice, any Proposed Nominee and any Shareholder Associated Person, (A) the class, series and number of all Shares of or other securities of the Trust or any affiliate thereof (collectively, the "Trust Securities"), if any, which are owned (beneficially or of record) by such Shareholder, Proposed Nominee or Shareholder Associated Person, the date on which each such Trust Security was acquired and the investment intent of such acquisition, and any short interest (including any opportunity to profit or share in any benefit from any decrease in the price of such Shares or other security) in any Trust Securities of any such person, (B) the nominee holder for, and number of, any Trust Securities owned beneficially but not of record by such Shareholder, Proposed Nominee or Shareholder Associated Person, (C) whether and the extent to which such Shareholder, Proposed Nominee or Shareholder Associated Person, directly or indirectly (through brokers, nominees

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or otherwise), is subject to or during the last 12 months has engaged in any hedging, derivative or other transaction or series of transactions or entered into any other agreement, arrangement or understanding (including any short interest, any borrowing or lending of securities or any proxy or voting agreement), the effect or intent of which is to (I) manage risk or benefit of changes in the price of (x) Trust Securities or (y) any security of any other closed-end investment company, including any closed-end investment company that has elected to be regulated as a business development company under the Investment Company Act (a "Peer Group Company") for such Shareholder, Proposed Nominee or Shareholder Associated Person or (II) increase or decrease the voting power of such Shareholder, Proposed Nominee or Shareholder Associated Person in the Trust or any affiliate thereof (or, as applicable, in any Peer Group Company) disproportionately to such person's economic interest in the Trust Securities (or, as applicable, in any Peer Group Company); and (D) any substantial interest, direct or indirect (including, without limitation, any existing or prospective commercial, business or contractual relationship with the Trust), by security holdings or otherwise, of such Shareholder, Proposed Nominee or Shareholder Associated Person, in the Trust or any affiliate thereof, other than an interest arising from the ownership of Trust Securities where such Shareholder, Proposed Nominee or Shareholder Associated Person receives no extra or special benefit not shared on a pro rata basis by all other holders of the same class or series; (E) a description of any agreement, arrangement or understanding with respect to the nomination or proposal between or among such Shareholder and/or any Shareholder Associated Person, including, in the case of a nomination, the nominee, including any agreements, arrangements or understandings relating to any compensation or payments to be paid to any such proposed nominee(s), pertaining to the nomination(s) or other business proposed to be brought before the meeting of shareholders (which description shall identify the name of each other person who is party to such an agreement, arrangement or understanding); (F) a representation that the Shareholder is a holder of record of the Trust entitled to vote at such meeting and intends to appear in person or by proxy at the meeting to propose such business or nomination; (G) a representation whether such Shareholder or any Shareholder Associated Person intends or is part of a group which intends (1) to deliver a proxy statement and/or form of proxy to holders of at least the percentage of the Trust's securities required to approve or adopt the proposal or elect the nominee, (2) otherwise to solicit proxies or votes from shareholders in support of such proposal or nomination, and/or (3) to solicit proxies in support of any proposed nominee in accordance with Rule 14a-19 promulgated under the Exchange Act; (H) a description of any proxy (other than a revocable proxy given in response to a public proxy solicitation made pursuant to, and in accordance with, the Exchange Act), agreement, arrangement, understanding or relationship pursuant to which such Shareholder or Shareholder Associated Person has or shares a right, directly or indirectly, to vote any shares of any class or series of securities of the Trust; (I) a description of any rights to dividends or other distributions on the shares of any securities of Trust, directly or indirectly, owned beneficially by such Shareholder or Shareholder Associated Person that are separated or separable from the underlying securities of the Trust; and (J) a description of any performance-related fees (other than an asset based fee) that such Shareholder or any Shareholder Associated Person, directly or indirectly, is entitled to based on any increase or decrease in the value of shares of any securities of the Trust or any interests described in clause (C);

&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;(iv) as to the Shareholder giving the notice, any Shareholder Associated Person with an interest or ownership referred to in clauses (ii) or (iii) of this paragraph (3) of this Section 1.8(a) and any Proposed Nominee, (A) the name and address of such Shareholder, as they appear on the Trust's Shares ledger, and the current name and business address, if different, of each such Shareholder Associated Person and any Proposed Nominee and (B) the investment strategy or objective, if any, of such Shareholder and each such Shareholder Associated Person who is not an individual and a copy of the prospectus, offering memorandum or similar document, if any, provided to investors or potential investors in such Shareholder and each such Shareholder Associated Person; and

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&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;(v) to the extent known by the Shareholder giving the notice, the name and address of any other Shareholder supporting the nominee for election or reelection as a Trustee or the proposal of other business on the date of such Shareholder's notice.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Such Shareholder's notice shall, with respect to any Proposed Nominee, be accompanied by a certificate executed by the Proposed Nominee (i) certifying that such Proposed Nominee (a) is not, and will not become a party to, any agreement, arrangement or understanding with any person or entity other than the Trust in connection with service or action as a Trustee that has not been disclosed to the Trust and (b) will serve as a Trustee of the Trust if elected; and (ii) attaching a completed Proposed Nominee questionnaire (which questionnaire shall be provided by the Trust, upon request, to the Shareholder providing the notice and shall include all information relating to the Proposed Nominee that would be required to be disclosed in connection with the solicitation of proxies for the election of the Proposed Nominee as a Trustee in an election contest (even if an election contest is not involved), or would otherwise be required in connection with such solicitation, in each case pursuant to Regulation 14A (or any successor provision) under the Exchange Act and the rules thereunder, or would be required pursuant to the rules of any national securities exchange on which any securities of the Trust are listed or over-the-counter market on which any securities of the Trust are traded).

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) For purposes of this Section 1.8, "Shareholder Associated Person" of any Shareholder shall mean (i) any person acting in concert with such Shareholder, (ii) any beneficial owner of Shares of the Trust owned of record or beneficially by such Shareholder (other than a Shareholder that is a depositary) and (iii) any person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such Shareholder or such Shareholder Associated Person.

&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;(b) <u>Special Meetings of Shareholders</u>. Only such business shall be conducted at a special meeting of Shareholders as shall have been brought before the meeting pursuant to the Trust's notice of meeting. Nominations of individuals for election to the Board of Trustees may be made at a special meeting of Shareholders at which trustees are to be elected only (i) pursuant to the Trust's notice of meeting, (ii) by or at the direction of the Board of Trustees or (ii) provided that the special meeting has been called for the purpose of electing trustees, by any Shareholder of the Trust who is a Shareholder of record both at the time of giving of notice provided for in this Section 1.8 and at the time of the special meeting, who is entitled to vote at the meeting in the election of each individual so nominated and who has complied with the notice procedures set forth in this Section 1.8. The number of nominees a Shareholder may nominate for election at the special meeting at which Trustees are to be elected (or in the case of one or more Shareholders giving the notice on behalf of a beneficial owner, the number of nominees such Shareholders may collectively nominate for election at the special meeting on behalf of such beneficial owner) shall not exceed the number of Trustees to be elected at such special meeting. In the event the Trust calls a special meeting of Shareholders for the purpose of electing one or more

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individuals to the Board of Trustees, any Shareholder may nominate an individual or individuals (as the case may be) for election as a Trustee as specified in the Trust's notice of meeting, if the Shareholder's notice, containing the information required by paragraph (a)(4) of this Section 1.8, is delivered to the Secretary at the principal executive office of the Trust not earlier than the 120th day prior to such special meeting and not later than 5:00 p.m., Eastern Time, on the later of the 90th day prior to such special meeting or the 10th day following the day on which public announcement is first made of the date of the special meeting at which Trustees are to be elected. The public announcement of a postponement or adjournment of a special meeting shall not commence a new time period (or extend any time period) for the giving of a Shareholder's notice as described above.

&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;(c) <u>General</u>. (1) If information submitted pursuant to this Section 1.8 by any Shareholder proposing a nominee for election as a Trustee or any proposal for other business at a meeting of Shareholders shall be inaccurate in any material respect, such information may be deemed not to have been provided in accordance with this Section 1.8. Any such Shareholder shall notify the Trust of any inaccuracy or change (within two Business Days of becoming aware of such inaccuracy or change) in any such information. Upon written request by the Secretary or the Board of Trustees, any such Shareholder shall provide, within five Business Days of delivery of such request (or such other period as may be specified in such request), (A) written verification, satisfactory, in the discretion of the Board of Trustees or any authorized officer of the Trust, to demonstrate the accuracy of any information submitted by the Shareholder pursuant to this Section 1.8, and (B) a written update of any information (including, if requested by the Trust, written confirmation by such Shareholder that it continues to intend to bring such nomination or other business proposal before the meeting) submitted by the Shareholder pursuant to this Section 1.8 as of an earlier date. If a Shareholder fails to provide such written verification or written update within such period, the information as to which written verification or a written update was requested may be deemed not to have been provided in accordance with this Section 1.8.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Only such individuals who are nominated in accordance with this Section 1.8 shall be eligible for election by Shareholders as trustees, and only such business shall be conducted at a meeting of Shareholders as shall have been brought before the meeting in accordance with this Section 1.8. The chair of the meeting shall have the power and duty to determine whether a nomination or any other business proposed to be brought before the meeting was made or proposed, as the case may be, in accordance with this Section 1.8.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) For purposes of this Section 1.8, "the date of the proxy statement" shall have the same meaning as "the date of the company's proxy statement released to shareholders" as used in Rule 14a-8(e) promulgated under the Exchange Act, as interpreted by the Commission from time to time. "Public announcement" shall mean disclosure (A) in a press release reported by the Dow Jones News Service, Associated Press, Business Wire, PR Newswire or other widely circulated news or wire service or (B) in a document publicly filed by the Trust with the Commission pursuant to the Exchange Act or the Investment Company Act.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Notwithstanding the foregoing provisions of this Section 1.8, a Shareholder shall also comply with all applicable requirements of state law and of the Exchange Act and the rules and regulations thereunder with respect to the matters set forth in this Section 1.8. Nothing in this Section 1.8 shall be deemed to affect any right of a Shareholder to request inclusion of a proposal in, or the right of the Trust to omit a proposal from, the Trust's proxy statement pursuant to Rule 14a-8 (or any successor provision) under the Exchange Act. Nothing in this Section 1.8 shall require disclosure of revocable proxies received by the Shareholder or Shareholder Associated Person pursuant to a

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solicitation of proxies after the filing of an effective Schedule 14A by such Shareholder or Shareholder Associated Person under Section 14(a) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 <u>Control Share Acquisition Statute</u>. Subchapter III (entitled Control Beneficial Interest Acquisitions) of the Delaware Statutory Trust Act, 12 Del. C. § 3801, et seq., (the "Control Share Acquisition Statute") and the voting restrictions thereunder shall not apply to (i) any acquisition of preferred shares that may be issued by the Trust and (ii) any acquisition or proposed acquisition of shares by any company that, in accordance with the 1940 Act or Commission exemptive order or other regulatory relief or guidance, votes the shares held by it in the same proportion as the vote of all other holders of such security or all securities.

ARTICLE II

<u>TRUSTEES</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;2.1 <u>Regular Meetings</u>. Meetings of the Trustees shall be held from time to time upon the call of the Chair, if any, or the President, the Secretary or any two Trustees. Regular meetings of the Trustees may be held without call or notice and shall generally be held quarterly. Neither the business to be transacted at, nor the purpose of, any meeting of the Board of Trustees need be stated in the notice or waiver of notice of such meeting, and no notice need be given of action proposed to be taken by written consent, except as may otherwise be required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Chair; Records</u>. The Chair, if any, shall act as chairperson at all meetings of the Trustees; in absence of a chair, the Vice Chair, if any, shall act as chair; in the absence of both the Chair and Vice Chair, the Trustees present shall elect a Trustee to act as temporary chair. The results of all actions taken at a meeting of the Trustees, or by written consent of the Trustees, shall be recorded by the Secretary or the person appointed by the Board of Trustees as the meeting secretary.

ARTICLE III

<u>OFFICERS</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;3.1 <u>Officers of the Trust</u>. The officers of the Trust shall consist of a Chief Executive Officer, a President, a Secretary, a Treasurer and such other officers or assistant officers as may be elected or authorized by the Trustees. Any two or more of the offices may be held by the same Person. No officer of the Trust need be a Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Tenure</u>. Officers shall serve at the pleasure of the Trustees or until their successors have been duly elected and qualified. The Trustees may fill any vacancy in office or add any additional officers at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Removal of Officers</u>. Any officer may be removed at any time, with or without cause, by action of a majority of the Trustees. This provision shall not prevent the making of a contract of employment for a definite term with any officer and shall have no effect upon any cause of action which any officer may have as a result of removal in breach of a contract of employment. Any officer may resign at any time by notice in writing signed by such officer and delivered or mailed to the Chair, if any, Chief Executive Officer or Secretary, and such resignation shall take effect immediately upon receipt by the Chair, if any, Chief Executive Officer or Secretary, or at a later date according to the terms of such notice in writing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Bonds and Surety</u>. Any officer may be required by the Trustees to be bonded for the faithful performance of such officer's duties in such amount and with such sureties as the Trustees may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Chief Executive Officer, President and Vice Presidents</u>. The Chief Executive Officer shall be the principal executive officer of the Trust and, subject to the control of the Trustees, shall have general supervision, direction and control of the business of the Trust and of its employees and shall exercise such general powers of management as are usually vested in the office of chief executive officer of a corporation. Subject to direction of the Trustees, the Chief Executive Officer shall have power in the name and on behalf of the Trust to execute any and all loans, documents, contracts, agreements, deeds, mortgages, registration statements, applications, requests, filings and other instruments in writing, and to employ and discharge employees and agents of the Trust. Unless otherwise directed by the Trustees, the Chief Executive Officer shall have full authority and power, on behalf of all of the Trustees, to attend and to act and to vote, on behalf of the Trust at any meetings of business organizations in which the Trust holds an interest, or to confer such powers upon any other persons, by executing any proxies duly authorizing such persons. The Chief Executive Officer shall have such further authorities and duties as the Trustees shall from time to time determine. In the absence or disability of the Chief Executive Officer, the President or Vice Presidents in order of their rank as fixed by the Trustees or, in the absence of the President, if more than one Vice President and not ranked, the Vice President designated by the Trustees, shall perform all of the duties of the Chief Executive Officer, and when so acting shall have all the powers of and be subject to all of the restrictions upon the Chief Executive Officer. Subject to the direction of the Trustees, and of the Chief Executive Officer, the President and each Vice-President shall have the power in the name and on behalf of the Trust to execute any and all instruments in writing, and, in addition, shall have such other duties and powers as shall be designated from time to time by the Trustees or by the Chief Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>Secretary</u>. The Secretary shall maintain the minutes of all meetings of, and record all votes of, Shareholders, Trustees and any committee of the Trustees. The Secretary shall be custodian of the seal of the Trust, if any, and the Secretary (and any other person so authorized by the Trustees) may affix the seal, as described in Section 4.3 hereof, to any instrument executed by the Trust which would be sealed by a Delaware business corporation executing the same or a similar instrument and shall attest the seal and the signature or signatures of the officer or officers executing such instrument on behalf of the Trust. The Secretary shall also perform any other duties commonly incident to such office in a Delaware business corporation, and shall have such other authorities and duties as the Trustees shall from time to time determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 <u>Treasurer</u>. Except as otherwise directed by the Trustees, the Treasurer shall have the general supervision of the monies, funds, securities, notes receivable and other valuable papers and documents of the Trust, and shall have and exercise under the supervision of the Trustees and of the Chief Executive Officer all powers and duties normally incident to the office. The Treasurer may endorse for deposit or collection all notes, checks and other instruments payable to the Trust or to its order. The Treasurer shall deposit all funds of the Trust in such depositories as the Trustees shall designate. The Treasurer shall be responsible for such disbursement of the funds of the Trust as may be ordered by the Trustees or the Chief Executive Officer. The Treasurer shall keep accurate account of the books of the Trust's transactions which shall be the property of the Trust, and which together with all other property of the Trust in the Treasurer's possession, shall be subject at all times to the inspection and control of the Trustees. Unless the Trustees shall otherwise determine, the Treasurer shall be the principal accounting officer of the Trust and shall also be the principal financial officer of the Trust. The Treasurer shall have such other duties and authorities as the Trustees shall from time to time determine.

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Notwithstanding anything to the contrary herein contained, the Trustees may authorize any adviser, administrator, manager or transfer agent to maintain bank accounts and deposit and disburse funds of any series of the Trust on behalf of such series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 <u>Other Officers and Duties</u>. The Trustees may elect such other officers and assistant officers as they shall from time to time determine to be necessary or desirable in order to conduct the business of the Trust. Assistant officers shall act generally in the absence of the officer whom they assist and shall assist that officer in the duties of the office. Each officer, employee and agent of the Trust shall have such other duties and authority as may be conferred upon such person by the Trustees or delegated to such person by the Chief Executive Officer.

ARTICLE IV

<u>MISCELLANEOUS</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;4.1 <u>Depositories</u>. In accordance with Section 8.1 of the Declaration, the funds of the Trust shall be deposited in such custodians as the Trustees shall designate and shall be drawn out on checks, drafts or other orders signed by such officer, officers, agent or agents (which may include, without limitation, the adviser or administrator), as the Trustees may from time to time authorize.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Signatures</u>. All contracts and other instruments shall be executed on behalf of the Trust by its properly authorized officers, agent or agents, as provided in the Declaration or Bylaws or as the Trustees may from time to time by resolution provide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Seal</u>. The Trust is not required to have any seal, and the adoption or use of a seal shall be purely ornamental and be of no legal effect. The seal, if any, of the Trust may be affixed to any instrument, and the seal and its attestation may be lithographed, engraved or otherwise printed on any document with the same force and effect as if it had been imprinted and affixed manually in the same manner and with the same force and effect as if done by a Delaware business corporation. The presence or absence of a seal shall have no effect on the validity, enforceability or binding nature of any document or instrument that is otherwise duly authorized, executed and delivered.

ARTICLE V

<u>SHARE TRANSFERS</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;5.1 <u>Transfer Agents, Registrars and the Like</u>. As provided in Section 6.8 of the Declaration, the Trustees shall have authority to employ and compensate such transfer agents and registrars with respect to the Shares of the Trust as the Trustees shall deem necessary or desirable. In addition, the Trustees shall have power to employ and compensate such dividend disbursing agents, warrant agents and agents for the reinvestment of dividends as they shall deem necessary or desirable. Any of such agents shall have such power and authority as is delegated to any of them by the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Transfer of Shares</u>. The Shares of the Trust shall be subject to the limitations on transfer as provided in Section 6.9 of the Declaration. The Trust, or its transfer agents, shall be authorized to refuse any transfer unless and until presentation of proper evidence as may be reasonably required to show that the requested transfer is proper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Registered Shareholders</u>. The Trust may deem and treat the holder of record of any Shares as the absolute owner thereof for all purposes and shall not be required to take any notice of any right or claim of right of any other person.

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ARTICLE VI

<u>AMENDMENT OF BYLAWS</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;6.1 <u>Amendment and Repeal of Bylaws</u>. In accordance with Section 3.9 of the Declaration, the Trustees shall have the exclusive power to amend or repeal the Bylaws or adopt new Bylaws at any time. Action by the Trustees with respect to the Bylaws shall be taken by an affirmative vote of a majority of the Trustees. The Trustees shall in no event adopt Bylaws which are in conflict with the Declaration, and any apparent inconsistency shall be construed in favor of the related provisions in the Declaration.

## Ex-99.(E)

**Exhibit (e)**

**DIVIDEND REINVESTMENT PLAN**

Robinhood Ventures Fund II (the "**Company**"), hereby adopts the following Dividend Reinvestment Plan (the "**Plan**") with respect to distributions declared by its Board of Trustees (the "**Board**"), on its shares of beneficial interest (the "**Shares**"):

1. <u>Participation; Agent</u>. The Company's Plan is available to shareholders of record of the Shares (the "**Shareholders**"). Equiniti Trust Company, LLC (the "**Plan Administrator**"), acting as agent for each participant in the Plan, will apply dividends or other distributions (each, a "**Distribution**" and collectively, "**Distributions**"), net of any applicable U.S. federal withholding tax thereon, that become payable to such participant on Shares (including Shares held in the participant's name and Shares accumulated under the Plan), to the purchase of additional whole and fractional Shares of the same class for such participant.

2. <u>Eligibility and Election to Participate</u>. Participation in the Plan is limited to registered owners of Shares. The Company's Board reserves the right to amend or terminate the Plan. Shareholders automatically participate in the Plan, unless and until an election is made to withdraw from the Plan on behalf of a participating Shareholder. If participating in the Plan, a Shareholder is required to include all of the Shares owned by such Shareholder in the Plan.

3. <u>Share Purchases</u>. When the Company declares a Distribution, the Plan Administrator, on the Shareholder's behalf, will receive additional authorized Shares from the Company either newly issued or purchased from Shareholders on the open market by the Plan Administrator and held as treasury Shares. If, on the Distribution payment date, the Company's net asset value per Share ("NAV") is equal to or less than the market price per Share on the New York Stock Exchange ("NYSE") plus estimated brokerage commissions (such condition being referred to as a "market premium"), the Plan Administrator will invest the Distribution amount in newly issued Shares on behalf of the Shareholder. The number of Shares to be received when Distributions are reinvested will be determined by dividing the dollar amount of the Distribution by the Company's NAV per Share or NAV per Share of the applicable class, as applicable, on the date the Shares are issued, unless the Company's NAV is less than 95% of the then-current market price per Share, in which case the dollar amount of the Distributions will be divided by 95% of the then-current market price per Share on the NYSE. If on the Distribution payment date the Company's NAV is greater than the market price per Share on the NYSE, the Plan Administrator will invest the Distribution amount in Shares acquired on behalf of the Shareholder on the open market. There will be no sales load charged on Shares issued to a Shareholder under the Plan. All shares purchased under the Plan will be held in the name of each participant. In the case of Shareholders, such as banks, brokers or nominees, that hold Shares for others who are beneficial owners participating under the Plan, the Plan Administrator will administer the Plan on the basis of the number of Shares certified from time to time by the record Shareholder as representing the total amount of Shares registered in the Shareholder's name and held for the account of beneficial owners participating under the Plan.

4. <u>Timing of Purchases</u>. The Company expects to issue Shares pursuant to the Plan immediately following each Distribution payment date, and the Plan Administrator will make every reasonable effort to reinvest all Distributions on the day the Distribution is paid (except where

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necessary to comply with applicable securities laws) by the Company. If, for any reason beyond the control of the Plan Administrator, reinvestment of the Distributions cannot be completed within 30 days after the applicable Distribution payment date, funds held by the Plan Administrator on behalf of a participant will be distributed to that participant.

5. <u>Account Statements</u>. The Plan Administrator will maintain all Shareholder accounts and furnish written confirmations of all transactions in the accounts, including information needed by Shareholders for personal and tax records. The Plan Administrator will hold Shares in the account of the Shareholders in non-certificated form in the name of the participant, and each Shareholder's proxy, if any, will include those Shares purchased pursuant to the Plan. The Plan Administrator will confirm to each participant each acquisition made pursuant to the Plan as soon as practicable but not later than 10 business days after the date thereof. No less frequently than quarterly, the Plan Administrator will provide to each participant an account statement showing the Distribution, the number of shares purchased with the Distribution, and the year-to-date and cumulative Distributions paid.

6. <u>Expenses</u>. There will be no direct expenses to participants for the administration of the Plan. There is no direct service charge to participants with regard to purchases under the Plan; however, the Company reserves the right to amend the Plan to include a service charge payable by the participants. All fees associated with the Plan will be paid by the Company.

7. <u>Taxation of Distributions</u>. The reinvestment of Distributions does not relieve the participant of any federal, state or local income tax which may be payable (or required to be withheld) on such Distributions. As soon as practicable after the end of each calendar year, the Plan Administrator will provide a statement on the IRS Form 1099-DIV (or successor form), identifying the amount and character (e.g., ordinary dividend income, qualified dividend income or long-term capital gain) of the distributions includable in Shareholders' taxable income for such year. Shareholders that hold their Shares in the Company through a financial intermediary will receive this information from such financial intermediary.

8. <u>Voting of Shares</u>. Shares issued pursuant to the Plan will have the same voting rights as the Shares issued pursuant to the Company's public offering.

9. <u>Absence of Liability</u>. Neither the Company nor the Plan Administrator shall have any responsibility or liability beyond the exercise of ordinary care for any action taken or omitted pursuant to the Plan, nor shall they have any duties, responsibilities or liabilities except such as expressly set forth herein. Neither the Company nor the Plan Administrator shall be liable for any act done in good faith or for any good faith omission to act, including, without limitation, any claims of liability: (a) arising out of the failure to terminate a participant's account promptly upon receipt of written notice of such participant's death, or (b) with respect to prices at which Shares are purchased or sold for the participant's account and the terms on which such purchases and sales are made. NOTWITHSTANDING THE FOREGOING, LIABILITY UNDER THE U.S. FEDERAL SECURITIES LAWS CANNOT BE WAIVED.

10. <u>Termination/Withdrawal of Participation</u>. A Shareholder who does not wish to have Distributions automatically reinvested may terminate or withdraw participation in the Plan at any

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time by written instructions to that effect to the Plan Administrator. Such written instructions must be received by the Plan Administrator three (3) days prior to the record date of the Distribution or the Shareholder will receive such Distribution in Shares through the Plan. Although a Shareholder may from time to hold a fractional interest in a Share of the Company, and distributions on fractional Shares will be credited to the Shareholder's account, no fractional shares will be transferred. In the event of termination of a Shareholder's account under the Plan, the Plan Administrator will either (i) continue to hold the Shares in book-entry form, or (ii) transfer a whole number of Shares to a financial intermediary as directed by the Shareholder; in either case disbursing to the Shareholder an amount of cash equal to the value of any fractional shares held, valued at the market value of the Company's shares at the time of termination.

11. <u>Amendment, Supplement, Termination, and Suspension of Plan</u>. This Plan may be amended, supplemented, or terminated by the Company at any time in its sole and absolute discretion. The amendment or supplement shall be filed with the Securities and Exchange Commission as an exhibit to a subsequent appropriate filing made by the Company and shall be deemed to be accepted by each participant unless, prior to the effective date thereof, the Plan Administrator receives written notice of termination of the participant's account. Amendment may include an appointment by the Company, or the Plan Administrator with the approval of the Company, of a successor agent, in which event such successor shall have all of the rights and obligations of the Plan Administrator under this Plan. The Company may suspend the Plan at any time without notice to the participants.

12. <u>Governing Law</u>. This Plan and the authorization form signed by the participant (which is deemed a part of this Plan) and the participant's account shall be governed by and construed in accordance with the laws of the State of New York.

## Ex-99.(G)

**Exhibit (g)**

**ROBINHOOD VENTURES FUND II** 

**INVESTMENT ADVISORY AGREEMENT**

This INVESTMENT ADVISORY AGREEMENT (the "Agreement") is made this May 21, 2026, by and between Robinhood Ventures Fund II, a Delaware statutory trust (the "Company") and Robinhood Ventures DE, LLC, a Delaware limited liability company (the "Adviser" or "RHV").

WHEREAS, the Company is a closed-end management investment company that intends to elect to be treated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, the Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended;

WHEREAS, the Company wishes to retain the Adviser to provide investment advisory and investment management services to the Company; and

WHEREAS, the Adviser is willing to furnish such services on the terms and conditions hereinafter set forth;

NOW THEREFORE, in consideration of the premises and mutual covenants herein contained, it is agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby appoints the Adviser to act as investment adviser of the Company for the period and on the terms set forth in this Agreement. The Adviser accepts such appointment and agrees to render the services herein set forth, for the compensation herein provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;The Company shall at all times keep the Adviser fully informed with regard to the securities owned by it, its funds available, or to become available, for investment, and generally as to the condition of its affairs. It shall furnish the Adviser with such other documents and information with regard to its affairs as the Adviser may from time to time reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;Subject to the supervision of the Company's Board of Trustees (the "Board"), the Adviser shall regularly provide the Company with investment research, advice, management and supervision, which shall include serving as the Company's valuation designee, to the extent so designated by the Company's Board, and shall furnish a continuous investment program for the Company's portfolio of securities and other investments consistent with the Company's investment objectives, policies and restrictions, as stated in the Company's registration statement or other public disclosures, and in accordance with any exemptive orders issued by the Securities and Exchange Commission ("SEC") applicable to the Company and any SEC staff no-action letters applicable to the Company. The Adviser shall determine from time to time what securities and other investments will be purchased, retained, sold or exchanged by the Company and what portion of the assets of the Company's portfolio will be held in the various securities and other investments in which the Company invests, and shall implement those decisions, all subject to the provisions of the Company's Agreement and Declaration of Trust and Bylaws (collectively, the "Governing Documents"), the 1940 Act, and the applicable rules and regulations promulgated thereunder by the SEC and interpretive guidance issued thereunder by the SEC staff and any other applicable federal and state law, as well as the investment objectives, policies and restrictions of the Company and any exemptive orders and SEC staff no-action letters applicable to the Company referred to

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above, and any other specific policies adopted by the Board and disclosed to the Adviser. The Adviser is authorized as the agent of the Company to give instructions to the custodian of the Company and any sub-custodian or prime broker or other intermediary as to deliveries of securities and other investments and payments of cash in respect of transactions or cash margin calls or unfunded commitments for the account of the Company. The Adviser will place orders pursuant to its investment determinations for the Company either directly with the issuer, seller or with any broker or dealer, foreign currency dealer, futures commission merchant, counterparty or others selected by it. In connection with the selection of such brokers or dealers and the placing of such orders, subject to applicable law, brokers or dealers may be selected who also provide brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) to the Company and/or the other accounts over which the Adviser or its affiliates exercise investment discretion. The Adviser is authorized to pay a broker or dealer who provides such brokerage and research services a commission for executing a portfolio transaction for the Company, which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Adviser determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage and research services provided by such broker or dealer. This determination may be viewed in terms of either that particular transaction or the overall responsibilities that the Adviser and its affiliates have with respect to accounts over which they exercise investment discretion. The Board may adopt policies and procedures that modify and restrict the Adviser's authority regarding the execution of the Company's portfolio transactions provided herein. The Adviser shall also provide advice and recommendations with respect to other aspects of the business and affairs of the Company, shall exercise voting rights, rights to consent to corporate action and any other rights pertaining to the Company's portfolio securities subject to such direction as the Board may provide, and shall perform such other functions of investment management and supervision as may be directed by the Board and agreed to by the Adviser. The Adviser may execute on behalf of the Company certain agreements, instruments and documents in connection with the services performed by it under this Agreement. These may include, without limitation, purchase and sale agreements for investments and other assets, transfer agreements, brokerage agreements, clearing agreements, account documentation, futures and option agreements, swap agreements, other investment related agreements, and any other agreements, documents or instruments the Adviser believes are appropriate or desirable in performing its duties under this Agreement.

&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;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the direction and control of the Board, the Adviser shall perform or cause to be performed such investment management services as may from time to time be reasonably requested by the Company as necessary for the operation of the Company, including providing managerial assistance to the portfolio companies of the Company that request it. Notwithstanding the foregoing, the Adviser shall not be deemed to have assumed any duties with respect to, and shall not be responsible for, the distribution of the shares of the Company, nor shall the Adviser be deemed to have assumed or have any responsibility with respect to functions specifically assumed by any administrator, sub-administrator, transfer agent, fund accounting agent, custodian, shareholder servicing agent or other agent, in each case employed by the Company to perform such functions.

&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;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby authorizes any entity or person associated with the Adviser, which is a member of a national securities exchange, to effect any transaction on the exchange for the account of the Company which is permitted by Section 11(a) of the Exchange Act and Rule 11a2-2(T) thereunder, and the Company hereby consents to the retention of compensation for such transactions in accordance with Rule 11a2-2(T)(a)(2)(iv).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;Subject to the Board's approval, at the expense of the Adviser and to the extent permitted by any exemptive orders or SEC staff no-action letters applicable to the Company, the Adviser or the Company may enter into contracts with one or more investment subadvisers, including without limitation, affiliates of the Adviser, in which the Adviser delegates to such investment subadvisers any or all of its duties specified hereunder, on such terms as the Adviser will determine to be necessary, desirable or appropriate, provided that in each case the Adviser shall supervise the activities of each such subadviser and further provided that such contracts impose on any investment subadviser bound thereby all the conditions to which the Adviser is subject hereunder and that such contracts are entered into in accordance with and meet all applicable requirements of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;The Adviser shall oversee the maintenance of all books and records with respect to the Company's securities transactions and the keeping of the Company's books of account in accordance with all applicable federal and state laws and regulations. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Adviser hereby agrees that any records that it maintains for the Company are the property of the Company, and further agrees to surrender promptly to the Company any of such records upon the Company's request. The Adviser further agrees to arrange for the preservation of the records required to be maintained by Rule 31a-1 under the 1940 Act for the periods prescribed by Rule 31a-2 under the 1940 Act. The Adviser shall authorize and permit any of its directors, officers and employees, who may be elected as Board members or officers of the Company, to serve in the capacities in which they are elected.

&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;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Adviser will bear and pay the cost of all of the following expenses ("Adviser Expenses") in connection with providing investment advisory services pursuant to this Agreement: (i) payroll and other costs of management, administrative and clerical personnel, including, but not limited to, salaries, wages, payroll taxes, bonuses, cost of employee benefit plans and temporary office help expense excluding expenses for Insourced Services (as defined below); (ii) insurance premiums and fees (except for premiums or fees for trustees' and officers' liability insurance and other insurance protecting the Company or any indemnified party from liabilities in connection with the affairs of the Company); (iii) rent, utilities, telephone, office supplies and other office expenses; and (iv) other similar routine administrative expenses.

The Company will bear all other expenses to be incurred in its operation (including to the extent such operations are performed by RHV or its affiliates), including, without limitation, (i) the Company's share of all fees, costs and out-of-pocket expenses (including any legal and other professional fees and expenses and platform fees) incurred by the Company, RHV or its affiliates in connection with the formation of the Company (including all or a portion of such amounts in respect of the Company and the development, formation and operation of investment vehicles established to facilitate investments by the Company, as well other vehicles through which the Company makes or holds investments), the incorporation and registration of such entities (in the United States or otherwise), related regulatory filings (such as Form 10-K, Form 10-Q, Form 8-K and others), any related taxes, the offering and distribution of the interests therein (including legal and tax advice, preparation of disclosures, notifications, translations, publications (including without limitation on a website for regulatory, commercial or other purposes)), such share being determined as between the Company and any such other entity on a basis that RHV determines in good faith is appropriate ("Organizational Expenses"); (ii) legal (including without limitation in respect of corporate formalities, such as corporate secretary services and domiciliation services), accounting, regulatory (including expenses incurred in connection with certain filings and registrations), compliance (including compliance consultants), administrator, consulting (including expert network and media consultants), valuation (including valuation consultants engaged by the Adviser), custodial, depositary, auditing, costs associated with any regulatory audit, investigation, settlement or

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review of any entity of the Company, costs incurred with any action, suit or proceeding of any kind of nature, transfer agency, third-party trustee, administrator and shareholder servicing, banking, database subscriptions (including, without limitation, subscriptions used for the purposes of researching, monitoring, valuing, or obtaining market data in respect of potential or existing portfolio investments), software licensing, web hosting, digital platform, data aggregation, marketing, translation, reporting and other external professional fees and expenses, but excluding, for the avoidance of doubt, the costs of RHV's and its affiliates' general compliance with law not related to the Company; (iii) out-of-pocket costs of developing, sourcing, evaluating, negotiating, structuring, obtaining regulatory approvals for, purchasing, trading, settling, monitoring, holding and disposing of potential investments, whether consummated or unconsummated and including expenses related to meetings or conferences hosted or attended by the Adviser, its affiliates or any of their respective employees to source investments, attendance at industry conferences and trade association memberships, and, in the case of unconsummated investments, break-up fees, and of making, monitoring, holding or selling investments (including, without limitation, expenses relating to risk assessment, due diligence or ongoing monitoring of potential and existing investments, including the environmental, social and governance risks related thereto), including expenses related to the organization or maintenance of any entity (including intermediate entities) used to acquire, hold or dispose of any investment or otherwise facilitate the Company's investment activities, record-keeping expenses, travel, hotel accommodations, meals and entertainment expenses ("Travel Expenses"), consulting fees and expenses and any finders, placement, brokerage or other similar fees and expenses; (iv) expenses associated with the preparation of the Company's financial statements and tax returns, the representation of the Company or the shareholders in tax matters and preparation of tax forms and the Company's information reporting regime compliance, and the preparation of tax reports for shareholders; (v) out-of-pocket costs and expenses, including without limitation, Travel Expenses, of meeting with shareholders and reporting to the shareholders, including expenses incurred in connection with the Company's shareholder meetings (including Travel Expenses of the representatives of shareholders, employees of RHV or its affiliates, speakers and vendors), and annual software licensing fees and other fees related to investor reporting as well as publication costs (including without limitation on a website or database, for regulatory, commercial or other purposes); (vi) except as otherwise provided herein or in the Administration Agreement between the Company and RHV (the "Administration Agreement"), any taxes, fees or other governmental charges levied against the Company or its income or assets or in connection with its business or operations (including pursuant to any separate tax sharing agreement or similar agreement with any party); (vii) costs and expenses of the Board, including the operation of the board of any intermediary/holding vehicle, Travel Expenses for members of the Board and employees of RHV or its affiliates incurred in connection with meetings of the Board, meetings with shareholders or meetings related to the Company; (viii) the Management Fee (as defined below); (ix) interest on, and fees and expenses related to or arising from, any incurrence of indebtedness, including without limitation in respect of any credit facility, guarantees of indebtedness, or hedging activities of the Company (whether or not such facility or hedging arrangement is implemented); (x) premiums or fees for trustees' and officers' liability insurance and other insurance protecting the Company or any indemnified party from liabilities in connection with the affairs of the Company; (xi) amounts charged to the Company for certain non-advisory, reporting, oversight, legal, compliance, tax, valuation, accounting, information technology and security, clerical and general administrative services provided by employees of RHV or its affiliates, including by persons who are officers of the Company (which costs may include an allocation of overhead including rent and the allocable portion of the salaries and benefits of the relevant persons and their respective staffs, including travel expenses) ("Insourced Services"); (xii) interest costs related to borrowing, any related facility fees, commitment expenses and any other costs related to the borrowing; (xiii) all other costs and expenses of the Company, RHV or its affiliates in connection with the Company's organization and/or operations other than Adviser Expenses, such as costs of litigation or other matters that are the subject of

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indemnification and costs of winding-up and liquidating the Company; (xiv) any non-recurring or extraordinary expenses as may arise, including, without limitation, those relating to actions, suits or proceedings to which the Company is a party and any indemnification expenses as provided for in the Company's Governing Documents; (xv) fees and expenses incident to qualifying and listing of the Company's shares on any exchange; (xvi) the compensation of the Company's Chief Compliance Officer and the salary of any compliance personnel of RHV and its affiliates who provide compliance-related services to the Company, provided such salary expenses are properly allocated between the Company and other affiliates, as applicable, and any costs associated with the monitoring, testing and revision of the Company's compliance policies and procedures required by Rule 38a-1 under the 1940 Act; (xvii) the compensation of the Company's Chief Financial Officer and the salary of any financial reporting personnel of RHV and its affiliates who provide financial reporting-related services to the Company, provided such salary expenses are properly allocated between the Company and other affiliates, as applicable; (xviii) the allocated costs incurred by RHV and its affiliates in providing managerial assistance to those portfolio companies of the Company that request it; and (xix) where appropriate and relevant, all ongoing costs and expenses, as detailed under (ii) to (xviii) above, as incurred in connection with, or by, any other vehicles through which the Company makes or holds investments, as well as the respective general partners or equivalent (if not a partnership) of such entities.

The Adviser and its affiliates will be entitled to reimbursement by the Company of the Adviser's and its affiliates' cost of providing the Company with Insourced Services. For the avoidance of doubt, it also is understood and agreed that if persons associated with the Adviser or any of its affiliates, including persons who are officers of the Company, provide Insourced Services to the Company at the request of the Company, the Company may reimburse the Adviser and its affiliates for their costs in providing such Insourced Services to the Company. Nothing contained herein shall be construed to restrict the Company's right to hire its own employees or to contract for services to be performed by third parties. To the extent that the Adviser or its affiliates (i) pays or otherwise bears the costs of any Company expenses or (ii) advances amounts to the Company on a temporary basis, the Company shall reimburse the Adviser or such affiliate for the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;No member of the Board, officer or employee of the Company shall receive from the Company any salary or other compensation as such member of the Board, officer or employee while at the same time serving as a director, officer, or employee of the Adviser or any affiliated company of the Adviser, except as the Board may decide. This paragraph shall not apply to Board members, executive committee members, consultants and other persons who are not regular members of the Adviser's or any affiliated company's staff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;Effective upon the initial public offering of the Company, the Company will pay the Adviser a management fee (the "Management Fee") as indicated on Schedule A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Management Fee is payable in arrears within five business days after the applicable net asset value ("NAV") computation has been determined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;For the purpose of determining fees payable to the Adviser under this Section 7, the value of the Company's assets will be computed at the times and in the manner specified in the registration statement or other public disclosures, and on days on which the value of Company assets are not so determined, the asset value computation to be used will be as determined on the immediately preceding day on which the value of Company assets were determined.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall make any payments due hereunder to the Adviser or, if the Adviser directs, to an entity the Adviser controls, is controlled by the Adviser or with which the Adviser is under common control (including any sub-adviser of the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;The Adviser assumes no responsibility under this Agreement other than to render the services called for hereunder, in good faith, and shall not be liable for any error of judgment or mistake of law, or for any loss arising out of any investment or for any act or omission in the execution of securities transactions for the Company, provided that nothing in this Agreement shall protect the Adviser against any liability to the Company to which the Adviser would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties hereunder. As used in this Section 8, the term "Adviser" shall include any affiliates of the Adviser performing services for the Company contemplated hereby and the partners, shareholders, directors, officers and employees of the Adviser and such affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this Agreement shall limit or restrict the right of any director, officer, or employee of the Adviser who may also be a Board member, officer, or employee of the Company, to engage in any other business or to devote his time and attention in part to the management or other aspects of any other business, whether of a similar nature or a dissimilar nature, nor to limit or restrict the right of the Adviser to engage in any other business or to render services of any kind, including investment advisory and management services, to any other fund, firm, individual or association. If the purchase or sale of securities or other assets consistent with the investment policies of the Company or one or more other accounts of the Adviser is considered at or about the same time, transactions in such securities or other assets will be allocated among the accounts in accordance with the Adviser's allocation policy. Such transactions may be combined, in accordance with applicable laws and regulations, and consistent with the Adviser's policies and procedures as presented to the Board from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;On occasions when the Adviser deems the purchase or sale of a security or other financial instrument to be in the best interest of the Company, as well as other funds or accounts managed by the Adviser or its affiliates ("RHV-advised funds"), the Adviser is authorized, but not required, to aggregate purchase and sale orders for securities or other financial instruments held (or to be held) by the Company with similar orders being made on the same day for other RHV-advised funds to the extent permitted by the 1940 Act. When an order is so aggregated, the Adviser may allocate the recommendations or transactions among all accounts and portfolios for whom the recommendation is made or transaction is effected. The Adviser will endeavor to allocate investment opportunities in a manner that is fair and equitable over time, in accordance with its allocation policy and taking into account all relevant facts and circumstances as determined by the Adviser in its discretion. The Adviser and the Company recognize that in some cases this procedure may adversely affect the size of the position obtainable for the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;For the purposes of this Agreement, the Company's "net assets" shall be determined as provided in the Company's registration statement or other public disclosures and the terms "assignment," "interested person," and "majority of the outstanding voting securities" shall have the meanings given to them by Section 2(a) of the 1940 Act, subject to such exemptions as may be granted by the SEC by any rule, regulation or order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement will become effective as of the date of this Agreement, provided that it shall have been approved in accordance with the requirements of the 1940 Act (as modified by any applicable exemptive relief or as interpreted by the SEC or its staff) and, unless sooner terminated as provided herein, will continue in effect until the second anniversary of the date of effectiveness.

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Thereafter, if not terminated, this Agreement shall continue in effect with respect to the Company, so long as such continuance is specifically approved at least annually in the manner required by the 1940 Act (as modified by any applicable exemptive relief or as interpreted by the SEC or its staff).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement is terminable with respect to the Company without penalty by the Board or by vote of a majority of the outstanding voting securities of the Company, in each case on not more than 60 days' nor less than 30 days' written notice to the Adviser, or by the Adviser upon not less than 60 days' written notice to the Company, and will be terminated upon the mutual written consent of the Adviser and the Company. This Agreement shall terminate automatically in the event of its assignment by the Adviser and shall not be assignable by the Company without the consent of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;The Adviser agrees that for services rendered to the Company, or for any claim by it in connection with services rendered to the Company, it shall look only to assets of the Company for satisfaction. The undersigned officer of the Company has executed this Agreement not individually, but as an officer under the Company's Agreement and Declaration of Trust and the obligations of this Agreement are not binding upon any of the Trustees, officers or shareholders of the Company individually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;The parties agree that the name of the Adviser, the names of any affiliates of the Adviser and any derivative or logo or trademark or service mark or trade name are the valuable property of the Adviser and its affiliates. The Adviser hereby agrees to grant a license to the Company for use of its name, the names of any affiliates of the Adviser and any derivative or logo or trademark or service mark or trade name in connection with the Company for the term of this Agreement and such license shall terminate upon termination of this Agreement. If the Company makes any unauthorized use of the names, derivatives, logos, trademarks, or service marks or trade names of the Adviser and its affiliates, the parties acknowledge that the Adviser shall suffer irreparable harm for which monetary damages may be inadequate and thus, the Adviser shall be entitled to injunctive relief, as well as any other remedy available under law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp;Trustees, agents and interest holders of the Company are or may be interested in the Adviser (or any successor thereof) as members, managers, officers, or interest holders, or otherwise; members, managers, officers, agents, and interest holders of the Adviser are or may be interested in the Company as Trustees, interest holders or otherwise; and the Adviser (or any successor) is or may be interested in the Company as an interest holder or otherwise. In addition, brokerage transactions for the Company may be effected through affiliates of the Adviser if approved by the Company's Board, subject to the rules and regulations of the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp;In the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations to the Company, the Adviser and any partner, director, officer or employee of the Adviser, or any of their affiliates, executors, heirs, assigns, successors or other legal representatives, will not be liable for any error of judgment, mistake of law or for any act or omission by the person in connection with the performance of services to the Company, except as may otherwise be provided under provisions of applicable state law or Federal securities law which cannot be waived or modified hereby.

&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;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall indemnify, to the fullest extent permitted by law, the Adviser, or any partners, directors, officers or employees of the Adviser and their respective affiliates, executors, heirs, assigns, successors or other legal representatives, against any liability or expense to which the person may be liable that arises in connection with the performance of services to the Company, so long as the liability or expense is not incurred by reason of the

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person's willful misfeasance, bad faith, gross negligence or reckless disregard of its duties to the Company. The rights of indemnification provided under this Section shall not be construed so as to provide for indemnification of any aforementioned persons for any losses (including any liability under Federal securities laws which, under certain circumstances, impose liability even on persons that act in good faith) to the extent (but only to the extent) that such indemnification would be in violation of applicable law, but shall be construed so as to effectuate the applicable provisions of this Section to the fullest extent permitted by law.

&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;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Adviser shall indemnify, to the fullest extent permitted by law, the Company and all controlling persons of the Company (as described in Section 15 of the Securities Act of 1933, as amended), against any liability or expense to which the person may be liable that arises in connection with the performance of services to the Adviser, so long as the liability or expense is not incurred by reason of the person's willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations to the Adviser. The rights of indemnification provided under this Section shall not be construed so as to provide for indemnification of any aforementioned persons for any losses (including any liability under Federal securities laws which, under certain circumstances, impose liability even on persons that act in good faith) to the extent (but only to the extent) that such indemnification would be in violation of applicable law, but shall be construed so as to effectuate the applicable provisions of this Section to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;&nbsp;&nbsp;&nbsp;The services of the Adviser to the Company are not to be deemed exclusive, and the Adviser shall be free to render similar services to others so long as its services to the Company are not impaired thereby. The Adviser shall be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Company in any way or otherwise be deemed an agent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;&nbsp;&nbsp;&nbsp;No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought, and no material amendment of the Agreement shall be effective until approved in the manner required by the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement and the Administration Agreement embody the entire agreement and understanding between the parties hereto, and supersedes all prior agreements and understandings relating to the subject matter hereof. No provision of this Agreement is intended to conflict with any applicable law. Should any part of this Agreement be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding on and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement does not, and is not intended to, create any third-party beneficiary or otherwise confer any rights, privileges, claims or remedies upon any shareholder or other person other than the parties and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be construed and the provisions thereof interpreted under and in accordance with the laws of the State of Delaware without regard to conflicts of laws principles.

Any legal suit, action or proceeding related to, arising out of or concerning this Agreement shall be brought only in the U.S. District Court for the District of Delaware, or if such action may not be

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brought in that court, then such action shall be brought in the Court of Chancery of the State of Delaware sitting in New Castle County (the "Designated Courts"). Each party (a) consents to jurisdiction in the Designated Courts; (b) waives any objection to venue in either Designated Court; and (c) waives any objection that either Designated Court is an inconvenient forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.&nbsp;&nbsp;&nbsp;&nbsp;Subject to the proviso of the first sentence of Section 8 of this Agreement, the Adviser shall not be liable for any losses caused directly or indirectly by circumstances beyond the Adviser's reasonable control, including, without limitation, government restrictions, exchange or market rulings, suspensions of trading, acts of civil or military authority, national emergencies, riots, terrorism, war, or such other event of similar nature, labor difficulties, non-performance by a third party not hired or otherwise selected by the Adviser to provide services in connection with this Agreement, natural disaster, casualty, elements of nature, fires, earthquakes, floods, or other catastrophes, acts of God, mechanical breakdowns, or malfunctions, failure or disruption of utilities, communications, computer or information technology (including, without limitation, hardware or software), internet, firewalls, encryptions systems, security devices, or power supply.

[Signature page to follow]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers thereunto duly authorized.

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| | |
|:---|:---|
| **ROBINHOOD VENTURES FUND II** | **ROBINHOOD VENTURES FUND II** |
| By: | /s/ Sarah Pinto |
|  | Name: Sarah Pinto |
|  | Title: President |

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| | |
|:---|:---|
| **ROBINHOOD VENTURES DE, LLC** | **ROBINHOOD VENTURES DE, LLC** |
| By: | /s/ Manan Shah |
|  | Name: Manan Shah |
|  | Title: Senior Director, Corporate Treasurer |

---

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**Schedule A** 

**Robinhood Ventures Fund II Management Fee**

In consideration of the investment advisory and other services provided by the Adviser, the Company pays the Adviser a Management Fee consisting of two components: a base management fee (the "Base Management Fee") and an incentive fee on capital gains (the "Incentive Fee on Capital Gains").

*Base Management Fee*

The Base Management Fee shall be calculated and payable quarterly at an annual rate of 2% of the Company's Net Assets determined quarterly (before the accrual of the Management Fee payable as of the end of that quarter). "Net Assets" means the total assets of the Company minus the Company's liabilities.

For purposes of determining the Base Management Fee payable to the Adviser, the Company's Net Assets will be calculated prior to any reduction for the accrual of the Management Fee payable as of the end of that quarter.

*Incentive Fee on Capital Gains*

The Incentive Fee on Capital Gains shall be calculated and payable in arrears as of the end of each fiscal year (or upon termination of this Agreement, as of the termination date), and shall equal 20% of the Company's realized capital gains, if any, on a cumulative basis from inception through the end of each fiscal year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid Incentive Fees on Capital Gains; provided that the Incentive Fee on Capital Gains determined at the end of the Company's first fiscal year will be calculated for a period shorter than twelve months to take into account any realized capital gains computed net of all realized capital losses and unrealized capital depreciation from inception. In no event will the Incentive Fee on Capital Gains payable pursuant hereto be in excess of the amount permitted by the Investment Advisers Act of 1940, as amended, including Section 205 thereof.

For purposes of computing the Incentive Fee on Capital Gains, the calculation methodology will look through derivatives or swaps as if the Company owned the reference assets directly. Therefore, realized gains and realized losses on the disposition of any reference assets, as well as unrealized depreciation on reference assets retained in the derivative or swap, will be included on a cumulative basis in the calculation of the Incentive Fee on Capital Gains.

## Ex-99.(J)(1)

**Exhibit (j)(1)**

**CUSTODY AGREEMENT**

**THIS AGREEMENT** (the "Agreement") is made and entered into as of May 21, 2026 (the "Effective Date"), by and between **ROBINHOOD VENTURES FUND II**, a Delaware statutory trust (the "Company") and **U.S. BANK NATIONAL ASSOCIATION**, a national banking association organized and existing under the laws of the United States of America with its principal place of business at Minneapolis, Minnesota (the "Custodian").

**WHEREAS**, the Company is an externally managed, diversified, closed-end management investment company that intends to elect to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act");

**WHEREAS**, the Custodian is a bank having the qualifications prescribed in Section 26(a)(1) of the 1940 Act;

**WHEREAS**, the Board of Trustees (as defined below) has delegated to the Custodian the responsibilities set forth in Rule 17f-5(c) under the 1940 Act and the Custodian is willing to undertake the responsibilities and serve as the foreign custody manager for the Company;

**WHEREAS**, the Company desires to retain the Custodian to act as custodian of its cash and securities.

**NOW, THEREFORE**, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

**ARTICLE I**

**CERTAIN DEFINITIONS**

Whenever used in this Agreement, the following words and phrases shall have the meanings set forth below unless the context otherwise requires:

I.01&nbsp;&nbsp;&nbsp;&nbsp;<u>"Authorized Person"</u> means any person authorized by the Company, on a list to be provided to the Custodian (as amended from time to time), to give Written Instructions on behalf of the Company. Such person shall continue to be an Authorized Person until such time as the Custodian receives Written Instructions from the Company or the Company's investment adviser or other agent that any such person is no longer an Authorized Person.

I.02&nbsp;&nbsp;&nbsp;&nbsp;<u>"Board of Trustees"</u> shall mean the trustees from time to time serving under the Company's governing documents, as amended from time to time.

I.03&nbsp;&nbsp;&nbsp;&nbsp;<u>"Book-Entry System"</u> shall mean a federal book-entry system as provided in Subpart O of Treasury Circular No. 300, 31 CFR 306, in Subpart B of 31 CFR Part 350, or in such book-entry regulations of federal agencies as are substantially in the form of such Subpart O.

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I.04&nbsp;&nbsp;&nbsp;&nbsp;<u>"Business Day"</u> shall mean any day recognized as a settlement day by The New York Stock Exchange, Inc., and any other day for which the Company computes the net asset value of the Shares of the Company.

I.05&nbsp;&nbsp;&nbsp;&nbsp;<u>"Eligible Foreign Custodian"</u> has the meaning set forth in Rule 17f-5(a)(1) under the 1940 Act, including a majority-owned or indirect subsidiary of a U.S. Bank (as defined in Rule 17f-5), a bank holding company meeting the requirements of an Eligible Foreign Custodian (as set forth in Rule 17f-5 or by other appropriate action of the SEC), or a foreign branch of a Bank (as defined in Section 2(a)(5) of the 1940 Act) meeting the requirements of a custodian under Section 17(f) of the 1940 Act; the term does not include any Eligible Securities Depository.

I.06&nbsp;&nbsp;&nbsp;&nbsp;<u>"Eligible Securities Depository"</u> shall mean a system for the central handling of securities as that term is defined in Rule 17f-4 and 17f-7 under the 1940 Act.

I.07&nbsp;&nbsp;&nbsp;&nbsp;<u>"FINRA"</u> shall mean the Financial Industry Regulatory Authority, Inc.

I.08&nbsp;&nbsp;&nbsp;&nbsp;<u>"Foreign Securities"</u> means any of the Company's investments (including foreign currencies) for which the primary market is outside the United States and such cash and cash equivalents as are reasonably necessary to effect the Company's transactions in such investments.

I.09&nbsp;&nbsp;&nbsp;&nbsp;<u>"Company Custody Account"</u> shall mean any of the accounts in the name of the Company, which is provided for in Section 3.02 below.

I.10&nbsp;&nbsp;&nbsp;&nbsp;<u>"IRS"</u> shall mean the Internal Revenue Service.

I.11&nbsp;&nbsp;&nbsp;&nbsp;<u>"SEC"</u> shall mean the U.S. Securities and Exchange Commission.

I.12&nbsp;&nbsp;&nbsp;&nbsp;<u>"Securities"</u> shall include, without limitation, common and preferred stocks, bonds, call options, put options, debentures, notes, bank certificates of deposit, bankers' acceptances, mortgage-backed securities or other obligations, and any certificates, receipts, warrants or other instruments or documents representing rights to receive, purchase or subscribe for the same, or evidencing or representing any other rights or interests therein, or any similar property or assets that the Custodian or its agents have the facilities to clear and service.

I.13&nbsp;&nbsp;&nbsp;&nbsp;<u>"Securities Depository"</u> shall mean The Depository Trust Company and any other clearing agency registered with the SEC under Section 17A of the Securities Exchange Act of 1934, as amended (the "1934 Act"), which acts as a system for the central handling of Securities where all Securities of any particular class or series of an issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of the Securities.

I.14&nbsp;&nbsp;&nbsp;&nbsp;<u>"Shares"</u> shall mean, with respect to the Company, the shares of common stock issued by the Company on account of the Company.

I.15&nbsp;&nbsp;&nbsp;&nbsp;<u>"Straight Through Processing"</u> shall have the meaning assigned to it in Section 4.07 of this Agreement.

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I.16&nbsp;&nbsp;&nbsp;&nbsp;<u>"Sub-Custodian"</u> shall mean and include (i) any branch of a "U.S. bank," as that term is defined in Rule 17f-5 under the 1940 Act, and (ii) any "Eligible Foreign Custodian", as that term is defined in Rule 17f-5 under the 1940 Act, having a contract with the Custodian which the Custodian has determined will provide reasonable care of assets of the Company based on the standards specified in Section 3.03 below. Such contract shall be in writing and shall include provisions that provide: (i) for indemnification or insurance arrangements (or any combination of the foregoing) such that the Company will be adequately protected against the risk of loss of assets held in accordance with such contract; (ii) that the Foreign Securities will not be subject to any right, charge, security interest, lien or claim of any kind in favor of the Sub-Custodian or its creditors except a claim of payment for their safe custody or administration, in the case of cash deposits, liens or rights in favor of creditors of the Sub-Custodian arising under bankruptcy, insolvency, or similar laws; (iii) that beneficial ownership for the Foreign Securities will be freely transferable without the payment of money or value other than for safe custody or administration; (iv) that adequate records will be maintained identifying the assets as belonging to the Company or as being held by a third party for the benefit of the Company; (v) that the Company's independent public accountants will be given access to those records or confirmation of the contents of those records; and (vi) that the Company will receive periodic reports with respect to the safekeeping of the Company's assets, including, but not limited to, notification of any transfer to or from the Company's account or a third party account containing assets held for the benefit of the Company. Such contract may contain, in lieu of any or all of the provisions specified in (i)-(vi) above, such other provisions that the Custodian determines will provide, in their entirety, the same or a greater level of care and protection for the Company's assets as the specified provisions.

I.17&nbsp;&nbsp;&nbsp;&nbsp;<u>"Written Instructions"</u> shall mean (i) written communications actually received by the Custodian and signed by any Authorized Person, (ii) communications by facsimile or Internet e-mail or any other such system from one or more persons reasonably believed by the Custodian to be an Authorized Person, or (iii) communications between electronic devices.

**ARTICLE II.**

**APPOINTMENT OF CUSTODIAN**

II.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Appointment</u>. The Company hereby appoints the Custodian as custodian of all Securities and cash owned by or in the possession of the Company at any time during the period of this Agreement, on the terms and conditions set forth in this Agreement, and the Custodian hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement. The Company hereby delegates to the Custodian, subject to Rule 17f-5(b), the responsibilities with respect to the Company's Foreign Securities, and the Custodian hereby accepts such delegation as foreign custody manager with respect to the Company. The services and duties of the Custodian shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against the Custodian hereunder.

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II.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Documents to be Furnished</u>. The following documents, including any amendments thereto, will be provided contemporaneously with the execution of this Agreement to the Custodian by the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)A copy of the Company's agreement and declaration of trust, certified by the Secretary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)A copy of the Company's bylaws, certified by the Secretary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)A copy of the resolution of the Board of Trustees appointing the Custodian, certified by the Secretary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)A copy of the current prospectus of the Company (the "Registration Statement");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)A certification of the Chairman or the President and the Secretary of the Company setting forth the names and signatures of the current Authorized Persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)If applicable, an executed election required by the Shareholder Communications Act of 1985, attached hereto as <u>Exhibit B</u>.

II.03&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice of Appointment of Transfer Agent</u>. The Company agrees to notify the Custodian in writing of the appointment, termination or change in appointment of any transfer agent of the Company, except if the Company appoints an affiliate of the Custodian to serve as transfer agent of the Company, the Custodian hereby waives the Company's obligation to provide such written notice.

**ARTICLE III.**

**CUSTODY OF CASH AND SECURITIES**

III.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Segregation</u>. All Securities and non-cash property held by the Custodian for the account of the Company (other than Securities maintained in a Securities Depository, Eligible Securities Depository or Book-Entry System) shall be held in a separate account and physically segregated from other Securities and non-cash property in the possession of the Custodian and shall be identified as subject to this Agreement.

III.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Company Custody Accounts</u>. The Custodian shall open and maintain in its trust department a separate, segregated custody account in the name of the Company, subject only to draft or order of the Custodian, in which the Custodian shall enter and carry all Securities, cash and other assets of the Company which are delivered to it. The Custodian shall be authorized to open such additional accounts as may be necessary or convenient for administration of its duties hereunder.

III.03&nbsp;&nbsp;&nbsp;&nbsp;<u>Appointment of Agents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In its discretion, the Custodian may appoint one or more Sub-Custodians to establish and maintain arrangements with (i) Eligible Securities Depositories or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Eligible Foreign Custodians that are members of the Sub-Custodian's network to hold Securities and cash of the Company and to carry out such other provisions of this Agreement as it may determine; provided, however, that the appointment of any such agents and maintenance of any Securities and cash of the Company shall be at the Custodian's expense and shall not relieve the Custodian of any of its obligations or liabilities under this Agreement. The Custodian shall be liable for the actions of any Sub-Custodians (regardless of whether assets are maintained in the custody of a Sub-Custodian, a member of its network or an Eligible Securities Depository) appointed by it as if such actions had been done by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If, after the initial appointment of Sub-Custodians, the Custodian wishes to appoint other Sub-Custodians to hold property of the Company, it will so notify the Company and make the necessary determinations as to any such new Sub-Custodian's eligibility under Rule 17f-5 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)In performing its delegated responsibilities as foreign custody manager to place or maintain the Company's assets with a Sub-Custodian, the Custodian will determine that the Company's assets will be subject to reasonable care, based on the standards applicable to custodians in the country in which the Company's assets will be held by that Sub-Custodian, after considering all factors relevant to safekeeping of such assets, including, without limitation the factors specified in Rule 17f-5(c)(1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The agreement between the Custodian and each Sub-Custodian acting hereunder shall contain the required provisions set forth in Rule 17f-5(c)(2) under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)At the end of each calendar quarter, the Custodian shall provide written reports notifying the Board of Trustees of the withdrawal or placement of the Securities and cash of the Company with a Sub-Custodian and of any material changes in the Company's arrangements. Such reports shall include an analysis of the custody risks associated with maintaining assets with any Eligible Securities Depositories. The Custodian shall promptly take such steps as may be required to withdraw assets of the Company from any Sub-Custodian arrangement that has ceased to meet the requirements of Rule 17f-5 or Rule 17f-7 under the 1940 Act, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)With respect to its responsibilities under this Section 3.03, the Custodian hereby warrants to the Company that it agrees to exercise reasonable care, prudence and diligence such as a person having responsibility for the safekeeping of property of the Company would exercise. The Custodian further warrants that the Company's assets will be subject to reasonable care if maintained with a Sub-Custodian, after considering all factors relevant to the safekeeping of such assets, including, without limitation: (i) the Sub-Custodian's practices, procedures, and internal controls for certificated securities (if applicable), its method of keeping custodial

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records, and its security and data protection practices; (ii) whether the Sub-Custodian has the requisite financial strength to provide reasonable care for the Company's assets; (iii) the Sub-Custodian's general reputation and standing and, in the case of a Securities Depository, the Securities Depository's operating history and number of participants; and (iv) whether the Company will have jurisdiction over and be able to enforce judgments against the Sub-Custodian, such as by virtue of the existence of any offices of the Sub-Custodian in the United States or the Sub-Custodian's consent to service of process in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)The Custodian shall establish a system or ensure that its Sub-Custodian has established a system to monitor on a continuing basis (i) the appropriateness of maintaining the Company's assets with a Sub-Custodian or Eligible Foreign Custodians who are members of a Sub-Custodian's network; (ii) the performance of the contract governing the Company's arrangements with such Sub-Custodian or Eligible Foreign Custodian's members of a Sub-Custodian's network; and (iii) the custody risks of maintaining assets with an Eligible Securities Depository. The Custodian must promptly notify the Company or its investment adviser of any material change in these risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)The Custodian shall use commercially reasonable efforts to collect all income and other payments with respect to Foreign Securities to which the Company shall be entitled and shall credit such income, as collected, to the Company. In the event that extraordinary measures are required to collect such income, the Custodian and the Company shall consult as to the measures and as to the compensation and expenses of the Custodian relating to such measures.

III.04&nbsp;&nbsp;&nbsp;&nbsp;<u>Delivery of Assets to Custodian</u>. The Company shall deliver, or cause to be delivered, to the Custodian all of the Company's Securities, cash and other investment assets, including (i) all payments of income, payments of principal and capital distributions received by the Company with respect to such Securities, cash or other assets owned by the Company at any time during the period of this Agreement, and (ii) all cash received by the Company for the issuance of Shares. The Custodian shall not be responsible for such Securities, cash or other assets until actually received by it or its Sub-Custodian.

III.05&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Depositories and Book-Entry Systems</u>. The Custodian may deposit and/or maintain Securities of the Company in a Securities Depository or in a Book-Entry System, subject to the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Custodian, on an on-going basis, shall deposit in a Securities Depository or Book-Entry System all Securities eligible for deposit therein and shall make use of such Securities Depository or Book-Entry System to the extent possible and practical in connection with its performance hereunder, including, without limitation, in connection with settlements of purchases and sales of Securities, loans of Securities, and deliveries and returns of collateral consisting of Securities solely to the extent authorized under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Securities of the Company kept in a Book-Entry System or Securities Depository shall be kept in an account ("Depository Account") of the Custodian in such Book-Entry System or Securities Depository which includes only assets held by the Custodian as a fiduciary, custodian or otherwise for customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The records of the Custodian with respect to Securities of the Company maintained in a Book-Entry System or Securities Depository shall, by book-entry, identify such Securities as belonging to the Company .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)If Securities purchased by the Company are to be held in a Book-Entry System or Securities Depository, the Custodian shall pay for such Securities upon: (i) receipt of advice from the Book-Entry System or Securities Depository that such Securities have been transferred to the Depository Account; and (ii) the making of an entry on the records of the Custodian to reflect such payment and transfer for the account of the Company. If Securities sold by the Company are held in a Book-Entry System or Securities Depository, the Custodian shall transfer such Securities upon (i) receipt of advice from the Book-Entry System or Securities Depository that payment for such Securities has been transferred to the Depository Account; and (ii) the making of an entry on the records of the Custodian to reflect such transfer and payment for the account of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Custodian shall provide the Company with copies of any report (obtained by the Custodian from a Book-Entry System or Securities Depository in which Securities of the Company are kept) on the internal accounting controls and procedures for safeguarding Securities deposited in such Book-Entry System or Securities Depository.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Notwithstanding anything to the contrary in this Agreement, the Custodian shall be liable to the Company for any loss or damage to the Company resulting from: (i) the use of a Book-Entry System or Securities Depository by reason of any gross negligence or willful misconduct on the part of the Custodian or any Sub-Custodian; or (ii) failure of the Custodian or any Sub-Custodian to enforce effectively such rights as it may have against a Book-Entry System or Securities Depository. At its election, the Company shall be subrogated to the rights of the Custodian with respect to any claim against a Book-Entry System or Securities Depository or any other person from any loss or damage to the Company arising from the use of such Book-Entry System or Securities Depository, if and to the extent that the Company has not been made whole for any such loss or damage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)With respect to its responsibilities under this Section 3.05 and pursuant to Rule 17f-4 under the 1940 Act, the Custodian hereby warrants to the Company that it agrees to (i) exercise due care in accordance with reasonable commercial standards in discharging its duty as a securities intermediary to obtain and thereafter maintain such assets, (ii) provide, promptly upon request by the Company, such reports as are available concerning the Custodian's internal accounting controls and financial strength, and (iii) require any Sub-Custodian to

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exercise due care in accordance with reasonable commercial standards in discharging its duty as a securities intermediary to obtain and thereafter maintain assets corresponding to the security entitlements of its entitlement holders.

III.06&nbsp;&nbsp;&nbsp;&nbsp;<u>Disbursement of Moneys from Company Custody Account</u>. Upon receipt of Written Instructions, the Custodian shall disburse moneys from the Company Custody Account but only in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)For the purchase of Securities for the Company but only in accordance with Section 4.01 of this Agreement and only (i) in the case of Securities (other than options on Securities, futures contracts and options on futures contracts), against the delivery to the Custodian (or any Sub-Custodian) of such Securities registered as provided in Section 3.09 below or in proper form for transfer, or if the purchase of such Securities is effected through a Book-Entry System or Securities Depository, in accordance with the conditions set forth in Section 3.05 above; (ii) in the case of options on Securities, against delivery to the Custodian (or any Sub-Custodian) of such receipts as are required by the customs prevailing among dealers in such options; (iii) in the case of futures contracts and options on futures contracts, against delivery to the Custodian (or any Sub-Custodian) of evidence of title thereto in favor of the Company or any nominee referred to in Section 3.09 below; and (iv) in the case of repurchase or reverse repurchase agreements entered into between the Company and a bank that is a member of the Federal Reserve System or between the Company and a primary dealer in U.S. Government securities, against delivery of the purchased Securities either in certificate form or through an entry crediting the Custodian's account at a Book-Entry System or Securities Depository with such Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In connection with the conversion, exchange or surrender, as set forth in Section 3.07(f) below, of Securities owned by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)For the payment of any dividends or capital gain distributions declared by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)In payment of the repurchase price of Shares as provided in Section 5.01 below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)For the payment of any expense or liability incurred by the Company, including, but not limited to, the following payments for the account of the Company: interest; taxes, duties, withholdings (including backup withholding) or similar charges, including any interest, additions to tax or penalties applicable thereto; administration, investment advisory, accounting, auditing, transfer agent, custodian, trustee and legal fees; and other operating expenses of the Company; in all cases, whether or not such expenses are to be in whole or in part capitalized or treated as deferred expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)For transfer in accordance with the provisions of any agreement among the Company, the Custodian and a broker-dealer registered under the 1934 Act and a

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member of FINRA, relating to compliance with rules of the Options Clearing Corporation and of any registered national securities exchange (or of any similar organization or organizations) regarding escrow or other arrangements in connection with transactions by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)For transfer in accordance with the provisions of any agreement among the Company, the Custodian and a futures commission merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any contract market (or any similar organization or organizations) regarding account deposits in connection with transactions by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)For the funding of any uncertificated time deposit or other interest-bearing account with any banking institution (including the Custodian), which deposit or account has a term of one year or less; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)For any other proper Company purpose, but only upon receipt of Written Instructions specifying the amount and purpose of such payment, declaring such purpose to be a proper Company purpose, and naming the person or persons to whom such payment is to be made.

III.07&nbsp;&nbsp;&nbsp;&nbsp;<u>Delivery of Securities from Company Custody Account</u>. Upon receipt of Written Instructions, the Custodian shall release and deliver, or cause the Sub-Custodian to release and deliver, Securities from the Company Custody Account but only in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Upon the sale of Securities for the account of the Company but only against receipt of payment therefor in cash, by certified or cashiers check or bank credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In the case of a sale effected through a Book-Entry System or Securities Depository, in accordance with the provisions of Section 3.05 above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)To an offeror's depository agent in connection with tender or other similar offers for Securities of the Company; provided that, in any such case, the cash or other consideration is to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)To the issuer thereof or its agent (i) for transfer into the name of the Company, the Custodian or any Sub-Custodian, or any nominee or nominees of any of the foregoing, or (ii) for exchange for a different number of certificates or other evidence representing the same aggregate face amount or number of units; provided that, in any such case, the new Securities are to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)To the broker selling the Securities, for examination in accordance with the "street delivery" custom;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the issuer of such Securities, or pursuant to provisions for conversion contained in such Securities, or pursuant to any deposit agreement, including surrender or receipt of underlying Securities in connection with the issuance or cancellation of depository receipts; provided that, in any such case, the new Securities and cash, if any, are to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Upon receipt of payment therefor pursuant to any repurchase or reverse repurchase agreement entered into by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)In the case of warrants, rights or similar Securities, upon the exercise thereof, provided that, in any such case, the new Securities and cash, if any, are to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)For delivery in connection with any loans of Securities of the Company, but only against receipt of such collateral as the Company shall have specified to the Custodian in Written Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)For delivery as security in connection with any borrowings by the Company requiring a pledge of assets by the Company, but only against receipt by the Custodian of the amounts borrowed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)Pursuant to any authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)For delivery in accordance with the provisions of any agreement among the Company, the Custodian and a broker-dealer registered under the 1934 Act and a member of FINRA, relating to compliance with the rules of the Options Clearing Corporation and of any registered national securities exchange (or of any similar organization or organizations) regarding escrow or other arrangements in connection with transactions by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)For delivery in accordance with the provisions of any agreement among the Company, the Custodian and a futures commission merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any contract market (or any similar organization or organizations) regarding account deposits in connection with transactions by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)For any other proper Company purpose, but only upon receipt of Written Instructions, specifying the Securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper Company purpose, and naming the person or persons to whom delivery of such Securities shall be made; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)To brokers, clearing banks or other clearing agents for examination or trade execution in accordance with market custom; provided that in any such case the Custodian shall have no responsibility or liability for any loss arising from the delivery of such securities prior to receiving payment for such securities except as may arise from the Custodian's own gross negligence or willful misconduct.

III.08&nbsp;&nbsp;&nbsp;&nbsp;<u>Actions Not Requiring Written Instructions</u>. Unless otherwise instructed by the Company, the Custodian shall with respect to all Securities held for the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Subject to Section 9.04 below, collect on a timely basis all income and other payments to which the Company is entitled either by law or pursuant to custom in the securities business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Present for payment and, subject to Section 9.04 below, collect on a timely basis the amount payable upon all Securities that may mature or be called, redeemed, or retired, or otherwise become payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Endorse for collection, in the name of the Company, checks, drafts and other negotiable instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Surrender interim receipts or Securities in temporary form for Securities in definitive form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Execute, as custodian, any necessary declarations or certificates of ownership under the federal income tax laws or the laws or regulations of any other taxing authority now or hereafter in effect, and prepare and submit reports to the IRS and the Company at such time, in such manner and containing such information as is prescribed by the IRS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Hold for the Company, either directly or, with respect to Securities held therein, through a Book-Entry System or Securities Depository, all rights and similar Securities issued with respect to Securities of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)In general, and except as otherwise directed in Written Instructions, attend to all non-discretionary details in connection with the sale, exchange, substitution, purchase, transfer and other dealings with Securities and other assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Important information related to ADR's and Preferential Tax Treatment:</u> With respect to any ADRs the Company may purchase and own and which the Custodian custodies on the Company's behalf, the Company understands that the holding of American Depository Receipts ("<u>ADRs</u>") may require the disclosure of the beneficial ownership information (Name, Address, TIN/SSN, Share amount) by the Custodian to vendors, sub-custodians, or local tax authorities in foreign jurisdictions to avoid tax penalties and to obtain the most preferential tax treatment for the Company. The Company acknowledges and consents to any and

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all disclosures or releases of beneficial information, described above, by the Custodian to any third parties relating to ADRs and release, hold harmless, and indemnify the Custodian from any liability for doing so.

III.09&nbsp;&nbsp;&nbsp;&nbsp;<u>Registration and Transfer of Securities</u>. All Securities held for the Company that are issued or issuable only in bearer form shall be held by the Custodian in that form, provided that any such Securities shall be held in a Book-Entry System if eligible therefor. All other Securities held for the Company may be registered in the name of the Company, the Custodian, a Sub-Custodian or any nominee thereof, or in the name of a Book-Entry System, Securities Depository or any nominee of either thereof. The records of the Custodian with respect to the Company's Foreign Securities that are maintained with a Sub-Custodian in an account that is identified as belonging to the Custodian for the benefit of its customers shall identify those securities as belonging to the Company. The Company shall furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of any of the nominees referred to above or in the name of a Book-Entry System or Securities Depository, any Securities registered in the name of the Company.

III.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Records</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Custodian shall maintain complete and accurate records with respect to Securities, cash or other property held for the Company, including (i) journals or other records of original entry containing an itemized daily record in detail of all receipts and deliveries of Securities and all receipts and disbursements of cash; (ii) ledgers (or other records) reflecting (A) Securities in transfer, (B) Securities in physical possession, (C) monies and Securities borrowed and monies and Securities loaned (together with a record of the collateral therefor and substitutions of such collateral), (D) dividends and interest received, and (E) dividends receivable and interest receivable; (iii) canceled checks and bank records related thereto; and (iv) all records relating to its activities and obligations under this Agreement. The Custodian shall keep such other books and records of the Company as the Company shall reasonably request, or as may be required by the 1940 Act, including, but not limited to, Section 31 of the 1940 Act and Rule 31a-2 promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)All such books and records maintained by the Custodian shall (i) be maintained in a form acceptable to the Company and in compliance with the rules and regulations of the SEC, (ii) be the property of the Company and at all times during the regular business hours of the Custodian be made available upon request for inspection by duly authorized officers, employees or agents of the Company and employees or agents of the SEC, and (iii) if required to be maintained by Rule 31a-1 under the 1940 Act, be preserved for the periods prescribed in Rules 31a-1 and 31a-2 under the 1940 Act.

III.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Company Reports by Custodian</u>. The Custodian shall furnish the Company with a daily activity statement and a summary of all transfers to or from each Company Custody Account on the day following such transfers. At least monthly, the Custodian shall furnish the Company

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with a detailed statement of the Securities and moneys held by the Custodian and the Sub-Custodians for the Company under this Agreement.

III.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Reports by Custodian</u>. As the Company may reasonably request from time to time, the Custodian shall provide the Company with reports on the internal accounting controls and procedures for safeguarding Securities which are employed by the Custodian or any Sub-Custodian.

III.13&nbsp;&nbsp;&nbsp;&nbsp;<u>Proxies and Other Materials</u>. Neither the Custodian nor any nominee of the Custodian shall vote any of the Securities held under this Agreement by or for the account of the Company, except in accordance with Written Instructions. The Custodian shall cause all proxies relating to Securities that are not registered in the name of the Company to be promptly executed by the registered holder of such Securities, without indication of the manner in which such proxies are to be voted, and shall promptly deliver to the Company such proxies, all proxy soliciting materials and all notices relating to such Securities. With respect to the foreign Securities, the Custodian will use reasonable commercial efforts to facilitate the exercise of voting and other shareholder rights, subject to the laws, regulations and practical constraints that may exist in the country where such securities are issued. The Company acknowledges that local conditions, including lack of regulation, onerous procedural obligations, lack of notice and other factors may have the effect of severely limiting the ability of the Company to exercise shareholder rights.

III.14&nbsp;&nbsp;&nbsp;&nbsp;<u>Information on Corporate Actions</u>. The Custodian shall promptly deliver to the Company all information received by the Custodian and pertaining to Securities being held by the Company with respect to optional tender or exchange offers, calls for redemption or purchase, or expiration of rights. If the Company desires to take action with respect to any tender offer, exchange offer or other similar transaction, the Company shall notify the Custodian at least three Business Days prior to the date on which the Custodian is to take such action. The Company will provide or cause to be provided to the Custodian all relevant information for any Security which has unique put/option provisions at least three Business Days prior to the beginning date of the tender period.

**ARTICLE IV.**

**PURCHASE AND SALE OF INVESTMENTS OF THE COMPANY**

IV.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Purchase of Securities</u>. Promptly upon each purchase of Securities for the Company, Written Instructions shall be delivered to the Custodian, specifying (i) the name of the issuer or writer of such Securities, and the title or other description thereof, (ii) the number of shares, principal amount (and accrued interest, if any) or other units purchased, (iii) the date of purchase and settlement, (iv) the purchase price per unit, (v) the total amount payable upon such purchase, and (vi) the name of the person to whom such amount is payable. The Custodian shall upon receipt of such Securities purchased by the Company pay out of the moneys held for the account of the Company the total amount specified in such Written Instructions to the person named therein. The Custodian shall not be under any obligation to pay out moneys to cover the cost of a purchase of Securities for the Company, if in the Company Custody Account there is insufficient cash available to the Company for which such purchase was made.

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IV.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Liability for Payment in Advance of Receipt of Securities Purchased</u>. In any and every case where payment for the purchase of Securities for the Company is made by the Custodian in advance of receipt of the Securities purchased and in the absence of specified Written Instructions to so pay in advance, the Custodian shall be liable to the Company for such payment.

IV.03&nbsp;&nbsp;&nbsp;&nbsp;<u>Sale of Securities</u>. Promptly upon each sale of Securities by the Company, Written Instructions shall be delivered to the Custodian, specifying: (i) the name of the issuer or writer of such Securities, and the title or other description thereof; (ii) the number of shares, principal amount (and accrued interest, if any), or other units sold; (iii) the date of sale and settlement; (iv) the sale price per unit; (v) the total amount payable upon such sale; and (vi) the person to whom such Securities are to be delivered. Upon receipt of the total amount payable to the Company as specified in such Written Instructions, the Custodian shall deliver such Securities to the person specified in such Written Instructions. Subject to the foregoing, the Custodian may accept payment in such form as shall be satisfactory to it, and may deliver Securities and arrange for payment in accordance with the customs prevailing among dealers in Securities.

IV.04&nbsp;&nbsp;&nbsp;&nbsp;<u>Delivery of Securities Sold</u>. Notwithstanding Section 4.03 above or any other provision of this Agreement, the Custodian, when instructed to deliver Securities against payment, shall be entitled, if in accordance with generally accepted market practice, to deliver such Securities prior to actual receipt of final payment therefor. In any such case, the Company shall bear the risk that final payment for such Securities may not be made or that such Securities may be returned or otherwise held or disposed of by or through the person to whom they were delivered, and the Custodian shall have no liability for any for the foregoing.

IV.05&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment for Securities Sold</u>. In its sole discretion and from time to time, the Custodian may credit the Company Custody Account, prior to actual receipt of final payment thereof, with: (i) proceeds from the sale of Securities which it has been instructed to deliver against payment; (ii) proceeds from the redemption of Securities or other assets of the Company; and (iii) income from cash, Securities or other assets of the Company. Any such credit shall be conditional upon actual receipt by Custodian of final payment and may be reversed if final payment is not actually received in full. The Custodian may, in its sole discretion and from time to time, permit the Company to use funds so credited to the Company Custody Account in anticipation of actual receipt of final payment. Any such funds shall be repayable immediately upon demand made by the Custodian at any time prior to the actual receipt of all final payments in anticipation of which funds were credited to the Company Custody Account.

IV.06&nbsp;&nbsp;&nbsp;&nbsp;<u>Advances by Custodian for Settlement</u>. The Custodian may, in its sole discretion and from time to time, advance funds to the Company to facilitate the settlement of the Company's transactions in the Company Custody Account. Any such advance shall be repayable immediately upon demand made by Custodian.

IV.07&nbsp;&nbsp;&nbsp;&nbsp;<u>Straight Through Processing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Company directs Custodian to process Company-initiated cash and security instructions received by Custodian via online portal, SWIFT, secure file transfer

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protocol, or equivalent method in an automated, electronic process without manual review by Custodian ("Straight Through Processing").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Company (1) acknowledges and agrees that it is solely responsible for and assumes all risks and liabilities associated with instructions given to Custodian regarding any transactions eligible for Straight Through Processing and (2) understands that any non-repetitive wire instructions concerning cash or securities to be transferred out of Custodian or to a different entity will be deemed not eligible for Straight Through Processing. Such non-repetitive wire instructions may be subject to a call back process in order to obtain further verification and/or additional authorized direction or other documentation as reasonably requested for verification purposes by Custodian.

**ARTICLE V.**

**REPURCHASE OF COMPANY SHARES**

V.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Transfer of Funds</u>. From such funds as may be available for the purpose in the relevant Company Custody Account, and upon receipt of Written Instructions specifying that the funds are required to repurchase Shares of the Company, the Custodian shall wire each amount specified in such Written Instructions to or through such bank or broker-dealer as the Company may designate.

V.02&nbsp;&nbsp;&nbsp;&nbsp;<u>No Duty Regarding Paying Banks</u>. Once the Custodian has wired amounts to a bank or broker-dealer pursuant to Section 5.01 above, the Custodian shall not be under any obligation to effect any further payment or distribution by such bank or broker-dealer.

**ARTICLE VI.**

**SEGREGATED ACCOUNTS**

Upon receipt of Written Instructions, the Custodian shall establish and maintain a segregated account or accounts for and on behalf of the Company, into which account or accounts may be transferred cash and/or Securities, including Securities maintained in a Depository Account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)in accordance with the provisions of any agreement among the Company, the Custodian and a broker-dealer registered under the 1934 Act and a member of FINRA (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of the Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Company;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)for purposes of segregating cash or Securities in connection with securities options purchased or written by the Company or in connection with financial futures contracts (or options thereon) purchased or sold by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)which constitute collateral for loans of Securities made by the Company ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)for purposes of compliance by the Company with requirements under the 1940 Act for the maintenance of segregated accounts by registered investment companies or BDCs in connection with reverse repurchase agreements and when-issued, delayed delivery and firm commitment transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)for other proper Company purposes, but only upon receipt of Written Instructions, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper Company purposes.

Each segregated account established under this Article VI shall be established and maintained for the Company only. All Written Instructions relating to a segregated account shall specify the Company.

**ARTICLE VII.**

**COMPENSATION OF CUSTODIAN**

VII.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation</u>. The Custodian shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth on <u>Exhibit A</u> hereto (as amended from time to time). The Custodian shall also be compensated for such miscellaneous expenses (e.g., telecommunication charges, postage and delivery charges, and reproduction charges) as are reasonably incurred by the Custodian in performing its duties hereunder. The Company shall pay all such fees and reimbursable expenses within 30 calendar days following receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Company shall notify the Custodian in writing within 30 calendar days following receipt of each invoice if the Company is disputing any amounts in good faith. The Company shall pay such disputed amounts within 10 calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense the Company is disputing in good faith as set forth above, unpaid invoices shall accrue a finance change of 1½ % per month after the due date. Notwithstanding anything to the contrary, amounts owed by the Company to the Custodian shall only be paid out of the assets and property of the Company.

VII.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Overdrafts</u>. The Company is responsible for maintaining an appropriate level of short term cash investments to accommodate cash outflows. The Company may, but is under no obligation to, obtain a formal line of credit for potential overdrafts of its custody account. In the event of an overdraft or in the event the line of credit is insufficient to cover an overdraft, the overdraft amount or the overdraft amount that exceeds the line of credit will be charged in accordance with the fee schedule set forth on <u>Exhibit A</u> hereto (as amended from time to time)

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**ARTICLE VIII.**

**REPRESENTATIONS AND WARRANTIES**

VIII.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties of the Company</u>. The Company hereby represents and warrants to the Custodian, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)This Agreement has been duly authorized, executed and delivered by the Company in accordance with all requisite action and constitutes a valid and legally binding obligation of the Company, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)It, on behalf of itself and any of its agents and/or intermediaries who may initiate and deliver Straight Through Processing instruction(s) to Custodian and its operations group, has been granted the authority to provide the direction as required hereunder, and that such instruction meets all applicable requirements hereunder.

VIII.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties of the Custodian</u>. The Custodian hereby represents and warrants to the Company, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)It is a "U.S. Bank" as defined in Section (a)(7) of Rule 17f-5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)This Agreement has been duly authorized, executed and delivered by the Custodian in accordance with all requisite action and constitutes a valid and legally binding obligation of the Custodian, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other

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laws of general application affecting the rights and remedies of creditors and secured parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement.

**ARTICLE IX.**

**CONCERNING THE CUSTODIAN**

IX.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Standard of Care</u>. The Custodian shall exercise reasonable care and judgment in the performance of its duties under this Agreement. The Custodian shall not be liable for any error of judgment, mistake of law, shareholder fraud or for any loss suffered by the Company in connection with its duties under this Agreement, except a loss arising out of or relating to the Custodian's (or a Sub-Custodian's) refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement) or from its (or a Sub-Custodian's) fraud, bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). The Custodian shall be entitled to rely on and may act upon advice of counsel on all matters, and shall be without liability for any action reasonably taken or omitted pursuant to such advice. The Custodian shall promptly notify the Company of any action taken or omitted by the Custodian pursuant to advice of counsel.

IX.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Actual Collection Required</u>. The Custodian shall not be liable for, or considered to be the custodian of, any cash belonging to the Company or any money represented by a check, draft or other instrument for the payment of money, until the Custodian or its agents actually receive such cash or collect on such instrument.

IX.03&nbsp;&nbsp;&nbsp;&nbsp;<u>No Responsibility for Title, etc.</u> So long as and to the extent that it is in the exercise of reasonable care, <u>the</u> Custodian shall not be responsible for the title, validity or genuineness of any property or evidence of title thereto received or delivered by it pursuant to this Agreement.

IX.04&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitation on Duty to Collect</u>. Custodian shall not be required to enforce collection, by legal means or <u>otherwise</u>, of any money or property due and payable with respect to Securities held for the Company if such Securities are in default or payment is not made after due demand or presentation.

IX.05&nbsp;&nbsp;&nbsp;&nbsp;<u>Reliance Upon Documents and Instructions</u>. The Custodian shall be entitled to rely upon any certificate, notice or other instrument in writing received by it and reasonably believed by it to be genuine. The Custodian shall be entitled to rely upon any Written Instructions actually received by it pursuant to this Agreement.

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IX.06&nbsp;&nbsp;&nbsp;&nbsp;<u>Cooperation</u>. The Custodian shall cooperate with and supply necessary information to the entity or entities appointed by the Company to keep the books of account of the Company and/or compute the value of the assets of the Company. The Custodian shall take all such reasonable actions as the Company may from time to time request to enable the Company to obtain, from year to year, favorable opinions from the Company's independent accountants with respect to the Custodian's activities hereunder in connection with (i) the preparation of the Company's reports on Form 10-K, Form 10-Q, Form 8-K and any other reports required by the SEC or any registration statement on Form N-2, and (ii) the fulfillment by the Company of any other requirements of the SEC.

**ARTICLE X.**

**INDEMNIFICATION**

X.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification by Company</u>. The Company shall indemnify and hold harmless the Custodian, any Sub-Custodian and any of their respective directors, officers, employees or nominee thereof (each, a "Company Indemnified Party" and collectively, the "Company Indemnified Parties") from and against any and all claims, demands, losses, reasonable expenses and liabilities of any nature (including reasonable attorneys' fees) that a Company Indemnified Party may sustain or incur or that may be asserted against a Company Indemnified Party by any person arising directly or indirectly (i) from the fact that Securities are registered in the name of any such nominee, (ii) from any action taken or omitted to be taken by a Company Indemnified Party (a) at the request or direction of or in reliance on the advice of the Company, (b) upon Written Instructions, (c) for processing any transaction using Straight Through Processing, or (d) processing any transaction subsequently determined to be fraudulent by the Company as a result of Straight Through Processing, or (iii) from the performance of its obligations under this Agreement or any sub-custody agreement, provided that a Company Indemnified Party shall not be indemnified and held harmless from and against any such claim, demand, loss, expense or liability arising out of or relating to its refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement), or from its bad faith, gross negligence, fraud or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). This indemnity shall be a continuing obligation of the Company, its successors and assigns, notwithstanding the termination of this Agreement.

X.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification by Custodian</u>. The Custodian shall indemnify and hold harmless the Company, including its trustees, officers, and employees (each, a "Custodian Indemnified Party" and collectively, the "Custodian Indemnified Parties") from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees) that a Custodian Indemnified Party may sustain or incur or that may be asserted against a Custodian Indemnified Party by any person arising directly or indirectly out of any action taken or omitted to be taken by a Custodian Indemnified Party as a result of a Custodian Indemnified Party's refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement), or from its bad faith, gross negligence, fraud or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). This indemnity

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shall be a continuing obligation of the Custodian, its successors and assigns, notwithstanding the termination of this Agreement.

X.03&nbsp;&nbsp;&nbsp;&nbsp;<u>Security</u>. If the Custodian advances cash or Securities to the Company for any purpose, either at the Company's request or as otherwise contemplated in this Agreement, or in the event that the Custodian or its nominee incurs, in connection with its performance under this Agreement, any claim, demand, loss, expense or liability (including reasonable attorneys' fees) (except such as may arise from Custodian or its nominee's bad faith, gross negligence, fraud or willful misconduct), then, in any such event, any property at any time held for the account of the Company shall be security therefor, and should the Company fail to promptly repay or indemnify the Custodian, the Custodian shall be entitled to utilize available cash of the Company and to dispose of other assets of such Company to the extent necessary to obtain reimbursement or indemnification.

X.04&nbsp;&nbsp;&nbsp;&nbsp;<u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Neither party to this Agreement shall be liable to the other party for consequential, special or punitive damages under any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The indemnity provisions of this Article shall indefinitely survive the termination and/or assignment of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)It is understood that if in any case the indemnifying party is asked to indemnify or hold the indemnified party harmless, the indemnifying party shall be promptly advised of all pertinent facts concerning the situation in question, and it is further understood that the indemnified party will use all reasonable care to notify the indemnifying party promptly concerning any situation that presents or appears likely to present the probability of a claim for indemnification. The indemnifying party shall have the option to defend the indemnified party against any claim that may be the subject of this indemnification. In the event that the indemnifying party so elects to defend the indemnified party against any claim arising hereunder, the indemnifying party will so notify the indemnified party and thereupon the indemnifying party shall take over complete defense of the claim, and the indemnified party shall in such situation initiate no further legal or other expenses for which it shall seek indemnification under this Article. No indemnified party shall settle, confess or compromise on any claim against it for which it intends to seek indemnification from the indemnifying party without prior written notice to and consent from the indemnifying party, which consent shall not be unreasonably withheld. No indemnified party or indemnifying party shall settle any claim unless the settlement contains a full release of liability with respect to the other party in respect of such action.

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**ARTICLE XI.**

**FORCE MAJEURE**

Neither the Custodian nor the Company shall be liable for any failure or delay in performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; acts of terrorism; sabotage; strikes; epidemics; riots; power failures; computer failure and any such circumstances beyond its reasonable control as may cause interruption, loss or malfunction of utility, transportation, computer (hardware or software) or telephone communication service; accidents; labor disputes; acts of civil or military authority; governmental actions; or inability to obtain labor, material, equipment or transportation; provided, however, that in the event of a failure or delay, the Custodian: (i) shall not discriminate against the Company in favor of any other customer of the Custodian in making computer time and personnel available to input or process the transactions contemplated by this Agreement; and (ii) shall use its best efforts to ameliorate the effects of any such failure or delay.

**ARTICLE XII.**

**PROPRIETARY AND CONFIDENTIAL INFORMATION**

XII.01&nbsp;&nbsp;&nbsp;&nbsp;The Custodian agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Company, all non-public records and other information relative to the Company and prior, present, or potential shareholders of the Company (and clients of said shareholders), and not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, except: (i) after prior notification to and approval in writing by the Company, which approval shall not be unreasonably withheld and may not be withheld where the Custodian may be exposed to civil or criminal contempt proceedings for failure to comply; (ii) when requested to divulge such information by duly constituted governmental or regulatory authorities with jurisdiction over the Custodian, provided that the Custodian will promptly report such disclosure to the Company if disclosure is permitted by applicable law, rule or regulation; or (iii) when so requested in writing by the Company. Records and other information which have become known to the public through no wrongful act of the Custodian or any of its employees, agents or representatives, and information that was already in the possession of the Custodian prior to receipt thereof from the Company or its agent, shall not be subject to this paragraph.

XII.02&nbsp;&nbsp;&nbsp;&nbsp;Further, the Custodian will adhere to the privacy policies adopted by the Company pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time. The Custodian shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Company and its shareholders. The Custodian shall promptly notify the Company in writing of any breach of security, misuse or misappropriation of, or unauthorized access to, (in each case, whether actual or alleged) any information of the Company.

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XII.03&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees on behalf of itself and its trustees, officers, and employees to treat confidentially and as proprietary information of the Custodian, all non-public information relative to the Custodian (including, without limitation, information regarding the Custodian's pricing, products, services, customers, suppliers, financial statements, processes, know-how, trade secrets, market opportunities, past, present or future research, development or business plans, affairs, operations, systems, computer software in source code and object code form, documentation, techniques, procedures, designs, drawings, specifications, schematics, processes and/or intellectual property), and to not use such information for any purpose other than in connection with the services provided under this Agreement, except (i) after prior notification to and approval in writing by the Custodian, which approval shall not be unreasonably withheld and may not be withheld where the Company may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted governmental or regulatory authorities with jurisdiction over the Company, provided that the Company will promptly report such disclosure to the Custodian if disclosure is permitted by applicable law, rule or regulation, or (iii) when so requested in writing by the Custodian. Information which has become known to the public through no wrongful act of the Company or any of its employees, agents or representatives, and information that was already in the possession of the Company prior to receipt thereof from the Custodian, shall not be subject to this paragraph.

XII.04&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything herein to the contrary, (i) the Company shall be permitted to disclose the identity of the Custodian as a service provider, redacted copies of this Agreement, and such other information as may be required in the Company's registration or offering documents, or as may otherwise be required by applicable law, rule, or regulation, (ii) the Custodian shall be permitted to include the name of the Company in lists of representative clients in due diligence questionnaires, RFP responses, presentations, and other marketing and promotional purposes, (iii) each party agrees that it will not use such confidential or proprietary information other than as described in this Agreement, and (iv) each party agrees that it will not disclose such confidential or proprietary information to any other person, other than those persons agreed to in this Agreement who reasonably have a need to know such confidential or proprietary information and who are under an obligation of confidentiality consistent with the terms of this Agreement.

XII.05&nbsp;&nbsp;&nbsp;&nbsp;This Article shall survive the termination of this Agreement.

**ARTICLE XIII.**

**EFFECTIVE PERIOD; TERMINATION**

XIII.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Effective Period</u>. This Agreement shall become effective as of the Effective Date and will continue in effect for a period of three (3) years (the "Initial Term").

XIII.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination</u>. This Agreement may be terminated by either party upon giving 90 days prior written notice to the other party or such shorter period as is mutually agreed upon by the parties. Notwithstanding the foregoing, this Agreement may be terminated by either party upon the breach of the other party of any material term of this Agreement if such breach is not cured

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within 15 days of notice of such breach to the breaching party. In addition, the Company may, at any time, immediately terminate this Agreement in the event of the appointment of a conservator or receiver for the Custodian by regulatory authorities or upon the happening of a like event at the direction of an appropriate regulatory agency or court of competent jurisdiction.

XIII.03&nbsp;&nbsp;&nbsp;&nbsp;<u>Early Termination</u>. In the absence of any material breach of this Agreement or the liquidation of the Company, should the Company elect to terminate this Agreement prior to the end of the Initial Term, the Company agrees to pay the following fees:

&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;a) All monthly fees that would have been due through the end of the Initial Term;

&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;b) All reasonable fees of Custodian directly relating to converting services to successor service provider;

&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;c) All reasonable fees associated with any record retention and/or tax reporting obligations of Custodian that may be required notwithstanding the conversion to a successor service provider, as agreed upon by both parties in writing;

&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;d) All miscellaneous costs as reasonably incurred associated with (a) through (c) above.

XIII.04&nbsp;&nbsp;&nbsp;&nbsp;<u>Appointment of Successor Custodian</u>. If a successor custodian shall have been appointed by the Board of Trustees, the Custodian shall, upon receipt of a notice from the Company, on such specified date of termination (i) deliver directly to the successor custodian all Securities (other than Securities held in a Book-Entry System or Securities Depository) and cash then owned by the Company and held by the Custodian as custodian, and (ii) transfer any Securities held in a Book-Entry System or Securities Depository to an account of or for the benefit of the Company at the successor custodian, provided that the Company shall have paid to the Custodian all fees, expenses and other amounts to the payment or reimbursement of which it shall then be entitled. In addition, the Custodian shall, at the expense of the Company, transfer to such successor all relevant books, records, correspondence, and other data established or maintained by the Custodian under this Agreement in a form reasonably acceptable to the Company (if such form differs from the form in which the Custodian has maintained the same, the Company shall pay any expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from the Custodian's personnel in the establishment of books, records, and other data by such successor. Upon such delivery and transfer, the Custodian shall be relieved of all obligations under this Agreement.

XIII.05&nbsp;&nbsp;&nbsp;&nbsp;<u>Failure to Appoint Successor Custodian</u>. If a successor custodian is not designated by the Company on or before the date of termination of this Agreement, then the Custodian shall have the right to deliver to a bank or trust company of its own selection, which bank or trust company: (i) is a "bank" as defined in the 1940 Act; and (ii) has aggregate capital, surplus and undivided profits as shown on its most recent published report of not less than $25 million, all Securities, cash and other property held by the Custodian under this Agreement and to transfer to an account of or for the Company at such bank or trust company all Securities of the Company held in a Book-Entry System or Securities Depository. Upon such delivery and transfer, such

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bank or trust company shall be the successor custodian under this Agreement and the Custodian shall be relieved of all obligations under this Agreement. In addition, under these circumstances, all books, records and other data of the Company shall be returned to the Company.

**ARTICLE XIV.**

**SECURITIES LITIGATION PROCESSING**

Securities litigation processing is an optional service for which the Company is automatically opted-in to and must affirmatively opt out to stop receiving such services. The Custodian will utilize a third-party vendor specializing in securities litigation processing services (the "SLP Vendor"). The SLP Vendor shall identify claims, file claims, maintain communications with claim administrators for monitoring the status of any claims, respond to inquiries from claim administrators with respect to claim forms and filings, provide notifications, and perform recovery services from such claims for and on behalf of the Company in relation to any settled U.S./Canadian, non-U.S. passive class actions and U.S. antitrust suits that impacts any security the Company may have held in any active or closed accounts (except for terminated/closed distributed trusts) during the class period. If the Company has opted-out, it will not receive any notification of claims, nor any other securities litigation processing services.

The Company (i) authorizes Custodian to deliver any relevant data or information as may be requested by the SLP Vendor to file claims on the Company's behalf, including but not limited to the participating Company's relevant account, holdings, and transaction information (collectively, "Client Data"), (ii) understands that filing of a claim may require the disclosure of beneficial ownership information by the Custodian to vendors, sub-custodians, or a third-party claim administrator to validate the Company's eligibility in the class and consents to such disclosures if necessary, and (iii) holds harmless and indemnifies Custodian from any liability from such disclosures or releases as described herein.

The Company hereby acknowledges and understands that (i) it may be waiving and/or releasing certain rights to make claims or otherwise pursue the securities litigation defendants who settle their claims, (ii) there is no guarantee these claims will result in any payment of potential proceeds, (iii) the timing of such payment of proceeds, if any, is uncertain, (iv) it may be required to provide additional Client Data or sign tax forms upon request related to the claim processing, and (v) its failure to respond promptly to requests for additional Client Data could impact the Company's ability to recover any proceeds.

**ARTICLE XV.**

**MISCELLANEOUS**

XV.01 &nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance with Laws</u>. The Company has and retains primary responsibility for all compliance matters relating to the Company, including laws and regulations applicable to the Company and the policies and limitations of the Company relating to its portfolio investments as set forth in the Registration Statement. The Custodian's services hereunder shall not relieve the Company of its responsibilities for assuring such compliance or the Board of Trustee's oversight

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responsibility with respect thereto. The Company shall immediately notify the Custodian if there is a material change to the investment strategy of the Company that deviates from the investment strategy set out in the Registration Statement, or if the Company becomes subject to any new law, rule, regulation, or order of a governmental or judicial authority of competent jurisdiction, that materially impacts the operations of the Company or the services provided under this Agreement. Further, the Company agrees that it complies with any and all applicable local, state, federal, and international data protection laws, and confirms necessary and appropriate consents, disclosures and notices are in place to enable collection and processing of personal data by the Custodian. The Custodian's functions hereunder shall not relieve the Company of its primary day-to-day responsibility for assuring such compliance.

XV.02&nbsp;&nbsp;&nbsp;&nbsp;<u>ERISA</u>. The Custodian acknowledges that assets of the Company may be subject to ERISA and Section 4975 of the IRC. The Company acknowledges that (i) the Custodian is not a "named fiduciary" with respect to the Company within the meaning of ERISA Section 402(a); (ii) the Custodian does not provide any services under this Agreement as a fiduciary with respect to the Company or any "participating plan" within the meaning of ERISA Section 3(21); (iii) the Custodian has determined that it is not acting as a "covered service provider" within the meaning of 29 C.F.R 2500.408(b)-2(c) and as a result, the Custodian will not provide any participating plan's "administrator" within the meaning of ERISA Section 3(16)(A), participants, or beneficiaries with any plan-related, investment-related, fee and expense, or other information in connection with the Company Custody Account, this Agreement or the Company, including but not limited to, any information required for compliance with the reporting and disclosure requirements of ERISA or any description of the services to be provided or of the compensation to be received therefore; and (iv) the Custodian has no duty to establish, maintain, or reconcile to any individual accounts, or receive investment, distribution, or other directions from participants or beneficiaries.

XV.03 &nbsp;&nbsp;&nbsp;&nbsp;<u>Amendment</u>. This Agreement may not be amended or modified in any manner except by written agreement executed by the Custodian and the Company, and authorized or approved by the Board of Trustees.

XV.04&nbsp;&nbsp;&nbsp;&nbsp;<u>Assignment</u>. This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by the Company without the written consent of the Custodian, or by the Custodian without the written consent of the Company accompanied by the authorization or approval of the Board of Trustees.

XV.05&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to conflicts of law principles. To the extent that the applicable laws of the State of New York, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control, and nothing herein shall be construed in a manner inconsistent with the 1940 Act or any rule or order of the SEC thereunder.

XV.06 &nbsp;&nbsp;&nbsp;&nbsp;<u>No Agency Relationship</u>. Nothing herein contained shall be deemed to authorize or empower either party to act as agent for the other party to this Agreement, or to conduct business

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in the name, or for the account, of the other party to this Agreement, except to the extent provided herein.

XV.07 &nbsp;&nbsp;&nbsp;&nbsp;<u>Services Not Exclusive</u>. Nothing in this Agreement shall limit or restrict the Custodian from providing services to other parties that are similar or identical to some or all of the services provided hereunder.

XV.08&nbsp;&nbsp;&nbsp;&nbsp;<u>Invalidity.</u> Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.

XV.09 &nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>. Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission to the other party's address set forth below:

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| |
|:---|
| Notice to the Custodian shall be sent to: |
| U.S. Bank National Association |
| Lunken Operations Center |
| CN-OH-L2GL |
| 5065 Wooster Rd |
| Cincinnati, Ohio 45226 |
| Attn: Global Fund Custody Support Services |
| Fax: 844.206.1025 |
| Email: Trust.-.Fund.Custody.Conversion.Team@usbank.com |
| Notice to the Company shall be sent to: |
| c/o Robinhood Ventures Fund II |
| 85 Willow Road |
| Menlo Park, CA 94025 |
| Attn: Manan Shah |
| Phone:(844) 428-5411 |
| Email: rhvfund@robinhood.com |

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XV.10 &nbsp;&nbsp;&nbsp;&nbsp;<u>Multiple Originals</u>. This Agreement may be executed on two or more counterparts, each of which when so executed shall be deemed an original, but such counterparts shall together constitute but one and the same instrument.

XV.11 &nbsp;&nbsp;&nbsp;&nbsp;<u>No Waiver</u>. No failure by either party hereto to exercise, and no delay by such party in exercising, any right hereunder shall operate as a waiver thereof. The exercise by either party hereto of any right hereunder shall not preclude the exercise of any other right, and the remedies provided herein are cumulative and not exclusive of any remedies provided at law or in equity.

XV.12 &nbsp;&nbsp;&nbsp;&nbsp;<u>References to Custodian</u>. Except for as permitted by Section 12.04, the Company shall not circulate any written material that contains any reference to the Custodian without the prior written approval of the Custodian, excepting written material contained in the Registration Statement and such other written material as merely identifies the Custodian as custodian for the Company. The Company shall submit written material requiring approval to the Custodian in draft form, allowing sufficient time for review by the Custodian and its counsel prior to any deadline for publication.

XV.13&nbsp;&nbsp;&nbsp;&nbsp;<u>Shareholder Communications Election</u>. The Shareholder Communications Act of 1985 requires banks and trust companies to make an effort to permit direct communication between a company which issues securities and the shareholder who votes those securities. **Unless Company specifically requires Custodian to NOT release Company's name and address to requesting companies by indicating such "NO" election in Exhibit B hereto, Custodian is required by law to disclose Company's name and address and will treat the Company as consenting "YES" to disclosure of this information**.

**SIGNATURE PAGE FOLLOWS**

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**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the Effective Date.

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| | | | |
|:---|:---|:---|:---|
| **ROBINHOOD VENTURES FUND II** | **ROBINHOOD VENTURES FUND II** | **ROBINHOOD VENTURES FUND II** | **ROBINHOOD VENTURES FUND II** |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Manan Shah | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Manan Shah | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Manan Shah |
| Name: | Name: | Name: | Manan Shah |
| Title: | Title: | Treasurer | Treasurer |
| Date: | Date: | May 15, 2026 | May 15, 2026 |

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| | | |
|:---|:---|:---|
| **U.S. BANK NATIONAL ASSOCIATION** | **U.S. BANK NATIONAL ASSOCIATION** | **U.S. BANK NATIONAL ASSOCIATION** |
| By: /s/ Elizabeth Scalf | By: /s/ Elizabeth Scalf | By: /s/ Elizabeth Scalf |
| Name: | Name: | Elizabeth Scalf |
| Title: | Senior Vice President | Senior Vice President |
| Date: | May 15, 2026 | May 15, 2026 |

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**<u>EXHIBIT A</u>**

**CUSTODIAN COMPENSATION**

**Custody Services Fee Schedule**

Based upon an annual rate of average daily market value of all long securities and cash held in the portfolio

0.50 basis points

Minimum annual fee per fund – $4,800

Plus portfolio transaction fees

Portfolio Transaction Fees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ $4.00 – Book entry DTC transaction, Federal Reserve transaction, principal paydown

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ $7.00 – Repurchase agreement, reverse repurchase agreement, time deposit/CD or other non-depository transaction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ $8.00 – Option/SWAPS/future contract written, exercised or expired

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ $15.00 – Mutual fund trade, Margin Variation Wire and outbound Fed wire

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ $50.00 – Physical security transaction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ $5.00 – Check disbursement (waived if U.S. Bank is Administrator)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ $20 Manual instructions fee. (Additional Per Securities and Cash Transactions)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ $20 Cancellation/Repair fee. (Additional Per Securities and Cash Transactions)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ $15 Per Non-USD wire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ $30 Per 3<sup>rd</sup> party FX settled at U.S. Bank

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ $25 Monthly charge on zero valued securities (Per ISIN)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ $20 Per Proxy Vote cast.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ $25 Dormant account fee (one year no activity)

A transaction is a purchase/sale of a security, free receipt/free delivery, maturity, tender or exchange.

Bank Loan Custody (Less than 5 loans) – Minimum annual fee per fund – $7,000 and/or $500 per loan, whichever is greater.

**Miscellaneous Expenses**

All other miscellaneous fees and expenses, including but not limited to the following, will be separately billed as incurred, provided that such fees and expenses are reasonable and documented:

expenses incurred in the safekeeping, delivery and receipt of securities, shipping, transfer fees, deposit withdrawals at custodian (DWAC) fees, SWIFT charges, negative interest charges and extraordinary expenses based upon complexity.

***Additional Services***

▪ Additional fees apply for global servicing. Fund of Fund expenses quoted separately.

▪ $600 per custody sub – account per year (e.g., per sub –adviser, segregated account, etc.)

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▪ Class Action Services – 6% of gross proceeds, $100 minimum recovery.

▪ No charge for the initial conversion free receipt.

▪ Overdrafts – charged to the account at prime interest rate plus 2%, unless a line of credit is in place.

▪ Third Party lending - Additional fees will apply.

Additional services not included above shall be mutually agreed upon at the time of the service being added. In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided (e.g., margin management services, securities lending services, compliance with new SEC rules and reporting requirements).

Fees are calculated pro rata and billed monthly.

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**Additional Global Sub-Custodial Services Annual Fee Schedule** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Country** | **Safekeeping (BPS)** | **Transaction fee** | **Country** | **Safekeeping (BPS)** | **Transaction fee** | **Country** | **Safekeeping (BPS)** | **Transaction fee** |
| Argentina | 18.00 | $30 | Hong Kong | 1.75 | $18 | Poland | 8.00 | $25 |
| Australia | 1.50 | $15 | Hungary | 18.00 | $55 | Portugal  | 3.00 | $10 |
| Austria | 1.70 | $12 | Iceland | 15.00 | $48 | Qatar | 38.00 | $115 |
| Bahrain | 42.00 | $115 | India | 7.00 | $40 | Romania | 30.00 | $85 |
| Bangladesh | 18.00 | $110 | Indonesia | 6.00 | $52 | Russia | 12.00 | $175 |
| Belgium | 1.00 | $8 | Ireland  | 1.00 | $3 | Saudi Arabia | 30.00 | $75 |
| Bermuda | 15.00 | $55 | Israel | 10.00 | $26 | Serbia | 60.00 | $165 |
| Botswana | 24.00 | $45 | Italy | 1.00 | $10 | Singapore | 1.35 | $22 |
| Brazil | 7.00 | $15 | Japan | 1.00 | $6 | Slovakia | 20.00 | $90 |
| Bulgaria | 24.00 | $68 | Jordan | 40.00 | $125 | Slovenia  | 20.00 | $90 |
| Canada | 1.20 | $6 | Kenya | 28.00 | $42 | South Africa | 1.75 | $12 |
| Chile | 13.00 | $40 | Kuwait | 38.00 | $110 | South Korea | 3.00 | $12 |
| China Connect | 18.00 | $20 | Latvia | 15.00 | $65 | Spain  | 1.00 | $10 |
| China (B Shares) | 10.00 | $42 | Lithuania | 15.00 | $45 | Sri Lanka | 11.00 | $70 |
| Colombia | 30.00 | $50 | Luxembourg | 1.25 | $20 | Sweden | 1.25 | $10 |
| Costa Rica | 15.00 | $55 | Malaysia | 3.00 | $35 | Switzerland | 1.25 | $12 |
| Croatia | 18.00 | $55 | Malta | 20.00 | 65 | Taiwan | 8.00 | $43 |
| Cyprus | 4.00 | $20 | Mauritius | 28.00 | $90 | Tanzania | 45.00 | $150 |
| Czech Republic | 12.00 | $25 | Mexico | 2.50 | $12 | Thailand | 3.00 | $25 |
| Denmark | 1.25 | $10 | Morocco | 28.00 | $68 | Tunisia | 38.00 | $42 |
| Egypt | 18.00 | $50 | Namibia | 30.00 | $45 | Turkey | 9.00 | $12 |
| Estonia | 6.00 | $25 | Netherlands | 1.25 | $8 | UAE | 35.00 | $105 |
| Eswatini | 28.00 | $55 | New Zealand | 1.50 | $22 | Uganda | 40.00 | $90 |
| Euroclear<br>(Eurobonds) | 1.00 | $10 | Nigeria | 28.00 | $38 | Ukraine | 30.00 | $50 |
| Euroclear<br>(Non-Eurobonds) | Rates are available upon request | Rates are available upon request  | Norway | 1.25 | $10 | United Kingdom | 1.00 | $3 |
| Finland | 1.50 | $10 | Oman | 42.00 | $100 | Uruguay | 45.00 | $55 |
| France | 1.00 | $8 | Pakistan  | 24.00 | $75 | Vietnam | 20.00 | $80 |
| Germany | 1.00 | $8 | Panama | 65.00 | $98 | West African Economic Monetary Union (WAEMU)\*\* | 38.00 | $130 |
| Ghana | 25.00 | $40 | Peru | 30.00 | $60 | Zambia | 28.00 | $45 |
| Greece | 4.00 | $20 | Philippines | 3.50 | $38 | &nbsp;&nbsp;Zimbabwe | 28.00 | $45 |

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\* Transaction Fee includes: Receive Versus Payment (RVP), Delivery Versus Payment (DVP), FREE REC, and FREE DEL activity related to securities settlement within U.S. Bank sub-custodian network.

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**Global Custody Base Fee**

A monthly base fee of $500 per fund will apply. If no global assets are held within a given month, the monthly base charge will not apply for that month. Safekeeping and transaction fees are assessed on security and currency transactions.

**Global Custody Tax Services:**

▪ Global Filing: $500 per annum

▪ U.S. Domestic Filing: $250 per annum (Only ADRs)

▪ 3<sup>rd</sup> Party Tax Service Provider: $15,000 per annum (does not include out of pocket expenses incurred in the fulfillment of requests from the 3<sup>rd</sup> party)

▪ Any client who does not elect for U.S. Bank Global Custody/3<sup>rd</sup> Party Tax Services, but elects to pursue relief themselves, would be charged for out of pocket expenses incurred in the fulfillment of the requests.

***Miscellaneous Expenses***

▪ Charges incurred by U.S. Bank, N.A. directly or through sub-custodians for account opening fees, local taxes, stamp duties or other local duties and assessments, stock exchange fees, central securities depository fees, securities market regulator fees, foreign exchange transactions, postage and insurance for shipping, facsimile reporting, extraordinary telecommunications fees, proxy services and other shareholder communications, recurring administration fees, negative interest charges, overdraft charges or other expenses which are unique to a country in which the client or its clients is investing will be passed along as incurred.

▪ A surcharge may be added to certain miscellaneous expenses listed herein to cover handling, servicing and other administrative costs associated with the activities giving rise to such expenses. Also, certain expenses are charged at a predetermined flat rate.

▪ SWIFT reporting and message fees.

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Non Eurobonds rate sheet – below rate is applied on ISINs held at Euroclear plus (in addition to standard 1 basis point charge.) Non Eurobond rate is calculated on any ISIN code listed below held at Euroclear at month end.

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| | | |
|:---|:---|:---|
| **Market** | **Non Eurobond ISIN code** | **Non Eurobond Rate ISINs held at EOC\***  |
| ARGENTINA | AR | 15 |
| AUSTRALIA | AU | 2 |
| BELGIUM | BE | 2 |
| CANADA | CA | 2 |
| CHILE | CL | 9 |
| CZECH REPUBLIC | CZ | 10 |
| DENMARK | DK | 3 |
| FINLAND | FI | 3.5 |
| FRANCE | FR | 1.5 |
| GERMANY | DE | 2 |
| GREECE | GG | 35 |
| HOLLAND | NL | 1.5 |
| HONG KONG | HK | 1.5 |
| HUNGARY | HU | 10 |
| ISRAEL | IL | 17 |
| ITALY | IT | 2.5 |
| JAPAN | JP | 3 |
| LUXEMBOURG | LU | 1.5 |
| MEXICO | MX | 6 |
| NEWZEALAND | NZ | 2 |
| NORWAY | NO | 5 |
| PERU | PE | 9 |
| POLAND | PL | 10 |
| PORTUGAL | PT | 5 |
| ROMANIA | RO | 11 |
| RUSSIA | RU | 10 |
| SINGAPORE | SG | 2 |
| SLOVAK REPUBLIC | SK | 10 |
| SLOVENIA | SI | 10 |
| SPAIN | ES | 3 |
| SOUTH-AFRICA | ZA | 2 |
| SWEDEN | SE | 3 |
| SWITZERLAND | CH | 3 |
| THAILAND | TH | 8 |
| UNITED KINGDOM | GB | 2 |
| UNITED STATES | US | 3 |

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**Collateral Segregation Services**

▪ Requires U.S. Bank as custodian for all assets.

▪ $10,000 initial acceptance fee per secured party, payable annually in advance and not subject to proration. Fee includes initial review and execution of the governing documents and establishment of the account.

▪ $2,500 per account per year.

▪ Plus, 2 basis point charges for the custody of securities, based upon existing custody fee schedule.

▪ Payable annually in advance and not subject to proration.

**Margin Management Services**

▪ Requires U.S. Bank as custodian for all assets

▪ $30,000 annual program fee (includes up to 4 ISDA agreements)

▪ $7,500 annual fee per each additional ISDA agreement.

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**<u>EXHIBIT B</u>**

**SHAREHOLDER COMMUNICATIONS ACT ELECTION**

**ROBINHOOD VENTURES FUND II**

The Shareholder Communications Act of 1985 requires banks and trust companies to make an effort to permit direct communication between a company which issues securities and the shareholder who votes those securities.

Unless you specifically require us to NOT release your name and address to requesting companies, we are required by law to disclose your name and address.

Your "no" to disclosure will apply to all U.S. securities Custodian holds for you now and in the future, unless you change your mind and notify us in writing. A "no" election may prevent Custodian from obtaining, on your behalf, the most favorable tax rate for American Depository Receipts (ADRs) held in your account*.*

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| | |
|:---|:---|
| ______ NO | U.S. Bank is NOT authorized to provide the Company's name, address and security position to requesting companies whose stock is owned by the Company. |

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| | | | |
|:---|:---|:---|:---|
| **ROBINHOOD VENTURES FUND II** | **ROBINHOOD VENTURES FUND II** | **ROBINHOOD VENTURES FUND II** | **ROBINHOOD VENTURES FUND II** |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Manan Shah | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Manan Shah | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Manan Shah |
| Name: | Name: | Name: | Manan Shah |
| Title: | Title: | Treasurer | Treasurer |
| Date: | Date: | May 15, 2026 | May 15, 2026 |

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## Ex-99.(J)(2)

**Exhibit (j)(2)**

**DOCUMENT CUSTODY AGREEMENT**

**Robinhood Ventures Fund II**

**Company**

**and**

**U.S. BANK NATIONAL ASSOCIATION**

**Document Custodian**

**Dated May 21, 2026**

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**<u>**TABLE OF CONTENTS**</u>**

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| | | |
|:---|:---|:---|
| Section 1. | &nbsp;&nbsp;Certain Definitions. | &nbsp;&nbsp;&nbsp;1 |
| Section 2. | &nbsp;&nbsp;Appointment of the Document Custodian. | &nbsp;&nbsp;&nbsp;5 |
| Section 3. | &nbsp;&nbsp;Delivery of Collateral Files | &nbsp;&nbsp;&nbsp;5 |
| Section 4. | &nbsp;&nbsp;Release of Collateral Files | &nbsp;&nbsp;&nbsp;6 |
| Section 5. | &nbsp;&nbsp;Further Obligations of the Document Custodian | &nbsp;&nbsp;&nbsp;6 |
| Section 6. | &nbsp;&nbsp;Proper Instructions | &nbsp;&nbsp;&nbsp;7 |
| Section 7. | &nbsp;&nbsp;Transmission of Collateral Files | &nbsp;&nbsp;&nbsp;8 |
| Section 8. | &nbsp;&nbsp;Fees of the Document Custodian | &nbsp;&nbsp;&nbsp;8 |
| Section 9. | &nbsp;&nbsp;Resignation or Removal of Document Custodian; Termination of Agreement | &nbsp;&nbsp;&nbsp;9 |
| Section 10. | &nbsp;&nbsp;Representations | 10 |
| Section 11. | &nbsp;&nbsp;Notices | 10 |
| Section 12. | &nbsp;&nbsp;Concerning the Document Custodian. | 11 |
| Section 13. | &nbsp;&nbsp;Force Majeure | 14 |
| Section 14. | &nbsp;&nbsp;Cooperation. | 14 |
| Section 15. | &nbsp;&nbsp;Indemnification. | 14 |
| Section 16. | &nbsp;&nbsp;Amendments | 15 |
| Section 17. | &nbsp;&nbsp;Effective Waiver | 15 |
| Section 18. | &nbsp;&nbsp;Severability | 15 |
| Section 19. | &nbsp;&nbsp;Binding Effect; Governing Law | 15 |
| Section 20. | &nbsp;&nbsp;Successors and Assigns; Third Party Benefit | 15 |
| Section 21. | &nbsp;&nbsp;Entire Agreement; Counterparts. | 15 |
| Section 22. | &nbsp;&nbsp;Other Business | 16 |
| Section 23. | &nbsp;&nbsp;Reproduction of Documents | 16 |
| Section 24. | &nbsp;&nbsp;Confidentiality. | 16 |
| Section 25. | &nbsp;&nbsp;Actions Necessary to Preserve Rights under Collateral Documents | 16 |
| Section 26. | &nbsp;&nbsp;SUBMISSION TO JURISDICTION; WAIVERS. | 17 |
| Section 27. | &nbsp;&nbsp;Compliance with Applicable Law. | 18 |

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| | |
|:---|:---|
| SCHEDULE I | RECOMMENDED DATA FILE CRITERIA |
| EXHIBIT A | AUTHORIZED REPRESENTATIVES |
| EXHIBIT B | FORM OF REQUEST FOR RELEASE |

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**DOCUMENT CUSTODY AGREEMENT**

This DOCUMENT CUSTODY AGREEMENT is made and entered into as of May 21, 2026, by and between Robinhood Ventures Fund II (the "<u>Company</u>"), a statutory trust organized under the laws of the State of Delaware, and U.S. Bank National Association, a national banking association, organized under the laws of the United States, as document custodian (the "<u>Document</u> <u>Custodian</u>").

WHEREAS, the Company is and from time to time may become the owner of certain assets (the "<u>Collatera</u>l"); and

WHEREAS, the Company desires to have the Document Custodian take possession of certain documents relating to Collateral as specified herein, as the document custodian for the Company with respect to the Collateral in accordance with the terms and conditions of this Agreement; and

WHEREAS, the Document Custodian has agreed to act as document custodian for the Company, on the terms and conditions hereof;

NOW, THEREFORE, the parties to this Agreement hereby agree as follows:

**Section 1. Certain Definitions.** The words "herein," "hereof' and "hereunder" and other words of similar import refer to this Agreement as a whole and not to any particular Section or other subdivision; and Section references refer to Sections of this Agreement. For the purposes of this Agreement, the following terms shall have the indicated meanings unless the context or use indicates another or different meaning and intent, and the definitions of such terms are equally applicable to the singular and the plural forms of such terms.

"<u>1940</u> <u>Act</u>" means the Investment Company Act of 1940, as amended.

"<u>Advisers</u> <u>Ac</u>t" has the meaning set forth in the preamble hereto.

"<u>Agreement</u>" means this Document Custody Agreement and the schedules and Exhibits hereto, as supplemented or amended from time to time.

"<u>Authorized</u> <u>Representative</u>" has the meaning set forth in Section 6(b) hereof.

"<u>Business</u> <u>Day</u>" means any day other than (i) a Saturday or Sunday, (ii) any day that is a legal holiday under the laws of the State of New York, or the city or state in which the Document Custodian's offices are located or (iii) any day on which commercial banks in the State of New York, or the city or state in which the Document Custodian's offices are located are closed or authorized or permitted to close.

"<u>Collateral</u>" has the meaning set forth in the preamble hereto.

"<u>Collateral Documents</u>" means, with respect to any Collateral, the documents comprising the Collateral File for such Collateral received by the Document Custodian pursuant to this

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Agreement. With respect to the Collateral, the Document Custodian shall receive, originals or where indicated, copies (including electronic copies) of the following documents or instruments, all as specified on the related Collateral Schedule and the related document checklist:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)with respect to Collateral in the form of equity investments, as applicable,

&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;(A)the original of any limited liability company agreement, limited partnership agreement, transfer agreement, share purchase agreement, purchase agreement, or other documentation evidencing ownership of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)with respect to Collateral in the form of fixed income investments, as applicable,

&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;(A)other than in the case of a noted loan,

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the original or, if accompanied by an original "lost note" affidavit and indemnity, a copy of, the underlying promissory note, endorsed by the Company (that may be in the form of an allonge or note power attached thereto) as required under the related underlying instruments (and evidencing an unbroken chain of endorsements from each prior holder thereof evidenced in the chain of endorsements;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)a copy of each transfer document or instrument relating to such Collateral (including, until the settlement date specified therein, a commercially standard loan trade ticket that obligates the Company to settle the purchase of such Collateral on a specific date) evidencing the assignment of such Collateral to the Company, or

&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;(B)in the case of a noteless loan,

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)a copy of each transfer document or instrument relating to such noteless loan evidencing the assignment of such noteless loan to the Company;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)originals or copies (including electronic copies) of each of the following:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)to the extent applicable to the related loan; any related loan agreement, credit agreement, security agreement, subordination agreement and intercreditor agreement or similar instruments, and

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&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)to the extent applicable to the related loan and only to the extent such document is in the possession of the Company, any note purchase agreement, sale and servicing or collateral management agreement, acquisition agreement, guarantee, insurance policy, assumption or substitution agreement or similar material operative document, in each case together with any amendment or modification thereto, as set forth on the Collateral Schedule and document checklist.

Any statement clarified by "if any" or "if applicable" shall only refer to whether or not such item is present in the Collateral File when delivered to the Document Custodian. The Document Custodian shall have no duty or obligation to determine if such item should have been included.

"<u>Collateral</u> <u>File</u>" means a file delivered to the Document Custodian by the Company pursuant to Section 3, containing the Collateral Documents relating to the Collateral, as set forth on the Collateral Schedule delivered to the Document Custodian.

"<u>Collateral</u> <u>Schedule</u>" means a listing of Collateral Files in computer readable standardized text formats, delivered or caused to be delivered by the Company to the Document Custodian, incorporating the fields listed on Schedule I hereto and such other information and fields as may be mutually agreed upon by the Company and the Document Custodian and in a form satisfactory to the Company and the Document Custodian.

"<u>Confidential</u> <u>Information</u>" means any databases, computer programs, screen formats, screen designs, report formats, interactive design techniques and other similar or related information that may be furnished to the Company by the Document Custodian from time to time pursuant to this Agreement and any non-public information received by the Document Custodian in connection with the services described in this Agreement.

"<u>Delivery</u> <u>of Collateral Files</u>" means actual receipt by the Document Custodian at its designated office of the (i) Collateral Files and (ii) Collateral Schedule relating to such Collateral Files.

"<u>Investment Adviser</u>" means Robinhood Ventures DE, LLC or any investment adviser identified to the Document Custodian by the Company in writing.

"<u>Officer's</u> <u>Certificate</u>" means a certificate signed by an officer (authorized to sign an Officer's Certificate) of Company or other Person (on behalf of the Company) submitting a Collateral File to the Document Custodian or otherwise delivered an Officer's Certificate to the Document Custodian pursuant to this Agreement.

"<u>Person</u>" means any individual, corporation, partnership, limited liability company, joint venture, association, joint stock company, trust (including any beneficiary thereof), unincorporated organization or government or any agency or political subdivision thereof.

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<u>"Proper</u> <u>Instructions"</u> means the meaning set forth in Section 6(a) hereof.

<u>"Request for Release"</u> means a request for release of any Collateral File, which request shall be either (i) delivered to the Document Custodian substantially in the form of Exhibit B hereto or (ii) as otherwise agreed to between the Document Custodian and the Company.

<u>"Responsible</u> <u>Officer"</u> means, with respect to the Document Custodian, any officer, including any managing director, principal, vice president, assistant vice president, assistant treasurer, assistant secretary, trust officer or any other officer of the Document Custodian customarily performing functions similar to those performed by any of the above designated officers, and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer's knowledge of and familiarity with the particular subject, in each case, having direct responsibility for the administration of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;In this Agreement unless the contrary intention appears:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any reference to this Agreement or another agreement or instrument refers to such agreement or instrument as the same may be amended, modified or otherwise rewritten from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)a reference to a statute, ordinance, code or other law includes regulations and other instruments under it and consolidations, amendments, re-enactments or replacements of any of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)any term defined in the singular form may be used in, and shall include, the plural with the same meaning, and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)a reference to a Person includes a reference to the Person's executors, custodians, successors and permitted assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)an agreement, representation or warranty in favor of two or more Persons is for the benefit of them severally and not jointly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)an agreement, representation or warranty on the part of two or more Persons binds them severally and not jointly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)any reference to "execute", "executed", "sign", "signed", "signature" or any other like term hereunder shall include execution by electronic signature (including, without limitation, any .pdf file, .jpeg file, or any other electronic or image file, or any "electronic signature" as defined under the U.S. Electronic Signatures in Global and National Commerce Act <u>("E-SIGN")</u> or the New York Electronic Signatures and Records Act <u>("ESRA"),</u> which includes any electronic signature provided by Adobe Fill & Sign, Adobe Sign, DocuSign, or any other similar platform identified by the Company and reasonably available at no undue burden or expense to the Document Custodian), except to the extent the Document Custodian

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requests otherwise. Any such electronic signatures shall be valid, effective and legally binding as if such electronic signatures were handwritten signatures and shall be deemed to have been duly and validly delivered for all purposes hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Headings are inserted for convenience and do not affect the interpretation of this Agreement.

**Section 2. Appointment of the Document Custodian.** The Company hereby appoints the Document Custodian, and the Document Custodian hereby accepts its appointment, to act as the document custodian for the Company, to provide the services set forth in this Agreement, upon the terms and conditions set forth in this Agreement.

The Document Custodian acknowledges and agrees that it will hold possession of all Collateral Files delivered to it in accordance with this Agreement for the benefit of the Company. Collateral Files will be held in such a manner so as to clearly identify the Company's Collateral Files as segregated from the Collateral Files of any third party.

**Section 3.&nbsp;&nbsp;&nbsp;&nbsp;Delivery of Collateral Files.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall from time to time deliver or cause to be delivered Collateral Files, including each of the related Collateral Documents, to the Document Custodian to be held hereunder. With respect to each Delivery of Collateral Files, the Company shall provide or cause to be provided a related Collateral Schedule (in a form acceptable to the Company and the Document Custodian) to the Document Custodian with respect to such Collateral Files that are being delivered. The Document Custodian shall, not less than three (3) Business Days following receipt of such Collateral Schedule, Document Checklist, and Collateral Documents, confirm receipt of all related Collateral Documents listed on Document Checklist or inform the Company of any Collateral Documents not received (for 100 or fewer Collateral Files).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;In receiving any Collateral Files hereunder, and in maintaining any listing or providing any report or communication with respect to the Collateral Files or Collateral Documents held hereunder, the Document Custodian shall have no obligation to review or monitor any Collateral Files or Collateral Documents but shall only be required to hold those Collateral Files or other Collateral Documents received by it in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Document Custodian shall not be under any duty to review, inspect, examine or certify the Collateral Files or related Collateral Documents; and without limiting the foregoing, the Document Custodian shall be entitled to assume the genuineness of each such document and the genuineness and due authority of any signatures appearing thereon, shall be entitled to assume that each such document is what it purports to be. The Document Custodian shall have no liability for or obligation with respect to, and shall not be construed or obliged to make any representation or warranty as to: (i) the validity, sufficiency, marketability, genuineness, value, contents or enforceability of any Collateral Document; (ii) the validity, adequacy or perfection of any lien upon or security interest purported to be evidenced or created thereby; or (iii) to determine that the contents of any Collateral Document are appropriate for the

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represented purpose or that any Collateral Document has actually been recorded or filed, as maybe applicable, or that any Collateral Document is other than what it purports on its face to be.

**Section 4.&nbsp;&nbsp;&nbsp;&nbsp;Release of Collateral Files.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;In the event that any Collateral File is needed by the Company for the purpose of correction of errors therein or for one of the other purposes set forth in a Request for Release, the Company shall send to the Document Custodian a Request for Release. The Document Custodian shall release such Collateral Files within three (3) Business Days of its receipt of such completed Request for Release. Any request for release by the Company shall be in the form of the Request for Release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Company is authorized to transmit and the Document Custodian is authorized to accept signed facsimile or email copies of Requests for Release submitted in the form attached hereto as Exhibit B (or as otherwise agreed between the Document Custodian and the Company).

**Section 5.&nbsp;&nbsp;&nbsp;&nbsp;Further Obligations of the Document Custodian.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Maintenance of Facility</u>. The Document Custodian shall segregate and identify the Collateral Files on its automated data system and maintain custody of all Collateral Files received by it in secure and fire resistant facilities, all in accordance with customary standards for such custody and individually segregated from the Collateral Files of any other party and marked so as to clearly identify them as the property of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Insurance</u>. The Document Custodian shall, at its own expense, maintain at all times during the existence of this Agreement and keep in full force and effect insurance in amounts, with standard coverage and subject to deductibles, all as customary for insurance typically maintained by banks that act as document custodian. Upon written request from the Company, the Document Custodian shall provide evidence (which evidence may be in the form of a certificate of the respective insurer) that such insurance is in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Examination</u>. The Document Custodian shall upon not less than three (3) Business Days prior written notice permit (a) inspection during regular business hours of the Document Custodian (and subject to its usual charges for such access) by the Company (or by its auditors or agents when requested by the Company) of the Collateral Files, at such place or places where the related Collateral Files are deposited, and (b) the Company (or its auditors or agents when requested by the Company) to make copies of the Collateral Files, and (c) cooperate with Company (or its auditors or agents when requested by the Company) in supplying holdings reports in connection with Company audits. The Company shall be responsible for any expenses in connection with such inspection and copying. Any such inspection and copying shall be subject to the procedures of the Document Custodian. In addition, and not in limitation of the foregoing, the Company shall indemnify and hold the Document Custodian harmless from all claims, costs, expenses, losses and damages incurred by the Document Custodian as a result of the damage, loss or misplacement of any Collateral Files or Collateral Documents or other papers contained in the Collateral Files while in the possession of the Company (or its auditors or agents).

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**Section 6.&nbsp;&nbsp;&nbsp;&nbsp;Proper Instructions.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Any instruction or direction delivered to the Document Custodian from the Company or the Investment Adviser (acting on the Company's behalf) shall be in writing and executed by an Authorized Representative and shall be delivered in accordance with Section 11 hereof. The Document Custodian and the Company may agree from time to time to accept other forms of instruction or direction. Any such instruction or direction delivered pursuant to this Section 6(a) shall be considered "<u>Proper</u> <u>Instructions</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Any of the persons whose signatures and titles appear on Exhibit A (each, an "<u>Authorized</u> <u>Representative</u>") are authorized, acting singly, to act for the Company under this Agreement. The specimen signature for each such Authorized Representative of the Company or the Investment Adviser initially authorized hereunder is set forth on Exhibit A. From time to time, the Company or the Investment Adviser may, by delivering to the Document Custodian a revised exhibit, change the information previously given, but the Document Custodian shall be entitled to rely conclusively on the then current Exhibit until receipt of a superseding exhibit. Any electronically signed document delivered via electronic mail from a person purporting to be an Authorized Representative shall be considered signed or executed by such Authorized Representative on behalf of the applicable Person. The Document Custodian shall have no duty to inquire into or investigate the authenticity or authorization of any such electronic signature and shall be entitled to conclusively rely on any such electronic signature without any liability with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Document Custodian shall have no obligation to act in accordance with purported instructions to the extent that they conflict with applicable law or regulations. The Document Custodian shall not be liable for any loss resulting from a delay while it obtains clarification of any Proper Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;If, in performing its duties under this Agreement, the Document Custodian is required to decide between alternative courses of action, the Document Custodian may (but shall not be obliged to) request written instructions (or, in its sole discretion, oral instructions followed by written confirmation thereof) from the Company as to the course of action desired by it, upon which the Document Custodian shall be entitled to conclusively rely. If the Document Custodian does not receive such instructions within two (2) Business Days after it has requested them, the Document Custodian may, but shall be under no duty to, take or refrain from taking any such courses of action. The Document Custodian shall act in accordance with instructions received from the Company in response to such request after such two (2) Business Day period except to the extent it has already taken, or committed itself to take, action inconsistent with such instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby authorizes and directs the Document Custodian to accept, rely and act upon instruction from the Investment Adviser, acting on behalf and in the name of the Company for all purposes hereunder, and the Custodian is authorized to recognize and act upon the instruction of the Investment Adviser, acting alone, on behalf and in the stead of the Company for all purposes hereunder; provided that such authorization and direction may be revoked at any time by an Authorized Representative who is an officer of the Company.

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**Section 7. Transmission of Collateral Files.** Prior to any shipment of any Collateral Files or Collateral Documents hereunder pursuant to the request of the Company, the Company shall deliver to the Document Custodian written instructions as to the method of shipment and shipper(s) the Document Custodian is to utilize in connection with the transmission of Collateral Files or Collateral Documents in the performance of the Document Custodian's duties hereunder (which instruction shall include, if requested by the Document Custodian, billing account numbers maintained by the Company with such shipper(s) to allow for direct billing of the related charges to the Company). The Company shall arrange for the provision of such services at its sole cost and expense (or, at the Document Custodian's option, reimburse the Document Custodian for all costs and expenses incurred by the Document Custodian consistent with such instructions) and will maintain such insurance against loss or damage to Collateral Files or other loan documents as the Company deems appropriate.

Notwithstanding the foregoing, it is hereby expressly agreed that in the absence of express written instruction from the Company pursuant to the preceding terms, shipment may be made by the Document Custodian in any instance by means of any recognized overnight delivery or shipping service (it being hereby expressly acknowledged that United Parcel Service is one such recognized service, without implied limitation). All costs and risks of shipment shall be borne by the Company, and it is hereby expressly agreed that in no event shall the Document Custodian have any liability for any losses or damages to any Person, arising out of actions of the Document Custodian consistent with the instructions of the Company. Any costs of shipment that may be incurred or paid by the Document Custodian from time to time may be billed by the Document Custodian to the Company on a monthly basis and shall be due and payable when billed.

**Section 8. Fees of the Document Custodian.** It is understood that the Document Custodian will charge such fees for its services under this Agreement as are set forth in a separate agreement (the "<u>Fee</u> <u>Schedule</u>") between the Document Custodian and the Company, the payment of which, together with the Document Custodian's reasonable expenses (as described below) in connection herewith, shall be solely the obligation of the Company. The final form of such Fee Schedule (as amended or modified by the parties) shall be binding upon the parties, upon execution by the parties.

Subject to the Fee Schedule, the Company agrees to pay or reimburse to the Document Custodian upon its request from time to time, any and all reasonable and documented costs, disbursements, expenses and indemnification amounts (including without limitation reasonable fees and expenses of legal counsel, agents and experts) paid or incurred by the Document Custodian, in connection with (i) the preparation or execution of this Agreement, (ii) the transactions contemplated hereby, (iii) the administration of this Agreement, (iv) the performance by the Document Custodian of its duties and services under this Agreement or (v) the enforcement by the Document Custodian of this Agreement and its indemnification rights hereunder, from time to time (including without limitation costs and expenses of any legal or other action deemed necessary by the Document Custodian to collect any amounts owing to it under this Agreement).

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Any such fees, expenses and indemnification amounts payable pursuant to this Section 8 shall be due and payable within thirty (30) days of request by the Document Custodian to the Company. If such fees, expenses and indemnification amounts are not paid within thirty (30) days from request by the Document Custodian (a "Breach"), the Document Custodian shall notify the Company of the failure to pay and the Company shall have thirty (30) days from receipt of such notice to cure such Breach (the "Cure Period"). If the Company does not cure the Breach within the Cure Period, the Document Custodian may resign effective immediately, and shall ship all Collateral Files (in accordance with Section 7) then held by the Document Custodian on behalf of the Company to the Company at its address as provided in Section 11**.**

The obligations of the Company under this Section 8 and such separate agreement shall survive the termination of this Agreement and the resignation or removal of the Document Custodian.

**Section 9.&nbsp;&nbsp;&nbsp;&nbsp;Resignation or Removal of Document Custodian; Termination of Agreement.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Document Custodian may terminate its obligations under this Agreement upon ninety (90) days' prior written notice to the Company. In the event of such termination, (i) the Company shall appoint, by written instrument, a successor document custodian and (ii) the Document Custodian, promptly upon payment of any unpaid fees, expenses and indemnification amounts due to the Document Custodian, shall transfer to the successor document custodian, as directed, all Collateral Files being held by the Document Custodian under this Agreement. The Document Custodian's sole responsibility after the termination of its obligations as aforesaid shall be to safely maintain all of the Collateral Files and to deliver the same to a successor document custodian; provided, that if a successor document custodian has not accepted custodial responsibilities within the period set forth in the first sentence of this Section 9(a), the Document Custodian may, at the expense of the Company, either (i) deliver all Collateral Files to the Company, or (ii) petition any court of competent jurisdiction to name a successor document custodian. The Document Custodian shall not be responsible for the fees and expenses of any successor document custodian. Upon delivery of the Collateral Files to any successor document custodian or to the Company as provided in this paragraph, all duties and obligations of the Document Custodian shall cease and terminate. The payment of all costs and expenses relating to the transfer of the Collateral Files (including any shipping costs) upon termination shall be the sole responsibility of the Company. Notwithstanding the foregoing, the resignation of the Document Custodian shall not take effect until the earlier of (x) the date on which a successor document custodian has been engaged by the Company and (y) 30 days after the expiration of the notice period specified in the first sentence of this Section 9(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Company may at any time and without cause remove and discharge the Document Custodian from the performance of its duties under this Agreement upon at least sixty (60) days' written notice to from the Company to the Document Custodian. Such removal shall take effect upon (i) the appointment of a successor document custodian by the Company, and (ii) delivery of all the Collateral Files to the successor document custodian, which delivery shall be subject to, and shall be made promptly after, payment of the Document Custodian's unpaid fees,

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expenses and indemnification amounts. The payment of such successor document custodian's fees and expenses and all costs and expenses in connection with such transfer shall be the sole responsibility of the Company. If a successor document custodian is not appointed by the Company within the aforementioned ninety (90) days, the Document Custodian may, at the expense of the Company, deliver all the Collateral Files to the Company. Upon delivery of the Collateral Files to the Company as provided in this paragraph, all duties and obligations of the Document Custodian shall cease and terminate. The payment of all costs and expenses relating to the transfer of the Collateral Files (including any shipping costs) upon termination shall be the sole responsibility of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall terminate on the date on which the Company notifies the Document Custodian in writing that the Agreement is terminated. Upon the Document Custodian's receipt of both such written termination and the payment of any due and unpaid fees, expenses and indemnification amounts, the Document Custodian shall, within a reasonable time, deliver any remaining Collateral Files to the Company or its designee, as directed by the Company and at the Company's expense (including any shipping costs).

**Section 10.&nbsp;&nbsp;&nbsp;&nbsp;Representations.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby represents and warrants to the Document Custodian that it has the power and authority to enter into and perform its obligations under this Agreement, and it has duly authorized and executed this Agreement so as to constitute its valid and binding obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Document Custodian hereby represents and warrants to the Company that it has the power and authority to enter into and perform its obligations under this Agreement, and it has duly authorized and executed this Agreement so as to constitute its valid and binding obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Document Custodian maintains business continuity policies and standards that include data file backup and recovery procedures that comply with all applicable regulatory requirements, provided, however, that in no case shall the Custodian be required to disclose any information regarding business continuity or disaster preparedness plans or procedures that the Custodian deems confidential or proprietary.

**Section 11.&nbsp;&nbsp;&nbsp;&nbsp;Notices.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise expressly provided herein, all Proper Instructions, notices or any other communications hereunder shall be in writing and shall be sent (i) certified or registered mail, postage prepaid, (ii) recognized courier or delivery service or (iii) facsimile, .pdf transmission or electronic mail, to the Company or the Document Custodian at the following

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address, as applicable (or such other address as either party may designate by written notice to the other party):

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| |
|:---|
| If to the Company, to: |
| c/o Robinhood Ventures Fund II |
| 85 Willow Road |
| Menlo Park, CA 94025 |
| Attention: Manan Shah |
| Telephone: (650) 761-7789 |
| Email: rhvfund@robinhood.com |
| with a copy to: |
| 60 Livingston Ave. |
| St. Paul, MN 55116 |
| Attention: Ken Brandt |
| Email: kenneth.brandt@usbank.com |
| If to the Document Custodian, to: |
| U.S. Bank National Association |
| 1719 Otis Way |
| Florence, South Carolina 29501 |
| Ref: [●] |
| Attention: Steven Garrett |
| Fax No .: (843) 676-8901 |
| Email: steven.garrett@usbank.com |

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**Section 12. Concerning the Document Custodian.** The acceptance by the Document Custodian of its appointment hereunder is expressly subject to the following terms, which shall govern and apply to each of the terms and provisions of this Agreement (whether or not so stated therein or herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Document Custodian shall have no duties, obligations or responsibilities under this Agreement or with respect to the Collateral Files or the Collateral Documents except for such duties, obligations or responsibilities as are expressly and specifically set forth in this Agreement as duties obligations or responsibilities on its part to be performed, and the duties obligations and responsibilities of the Document Custodian shall be determined solely by the express provisions of this Agreement. No implied duties, obligations or responsibilities shall be read into this Agreement against, or on the part of, the Document Custodian. Notwithstanding

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anything to contrary herein, the Custodian has no responsibility for the Company's legal and regulatory compliance (including compliance with the Advisers Act or the 1940 Act) or any of its obligations to third parties, and the Custodian shall have no liability for acting in accordance with any Proper Instructions as contemplated hereunder. Any permissive right of the Document Custodian to take any action hereunder shall not be construed as a duty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Document Custodian makes no representations as to and shall not be responsible for or required to verify: (A) the validity, legality, enforceability, due authorization, effectiveness, recordability, insurability, sufficiency, value, form, substance or genuineness of any of the documents contained in any Collateral File or (b) the collectability, validity, transferability, insurability, value, effectiveness, perfection, priority or suitability of any Collateral File or any document contained therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Document Custodian shall have no responsibilities or duties with respect to any Collateral File while such Collateral File is not in its possession.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Document Custodian may rely on and shall be protected in acting or refraining from acting upon any written notice, instruction, statement, certificate, request, waiver, consent, opinion, report, receipt, electronic transmission or other paper or document furnished to it in accordance with this Agreement, not only as to its due execution and validity, but also as to the truth and accuracy of any information therein contained, which it in good faith believes to be genuine and signed or presented by the proper person (which in the case of any instruction from or on behalf of the Company shall be an Authorized Representative). The Document Custodian shall be entitled to presume the genuineness and due authority of any signature appearing thereon. The Document Custodian shall not be bound to make any independent investigation into the facts or matters stated in any such notice, instruction, statement, certificate, request, waiver, consent, opinion, report, receipt or other paper or document, provided, however, that if the form thereof is specifically prescribed by the terms of this Agreement, the Document Custodian shall examine the same to determine whether it substantially conforms on its face to the requirements set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Neither the Document Custodian nor any of its directors, officers or employees shall be liable to anyone for any error of judgment, or for any act done or step taken or omitted to be taken by it (or any of its directors, officers of employees), or for any mistake of fact or law, or for anything which it may do or refrain from doing in connection herewith, unless such action or inaction constitutes gross negligence, fraud, willful misconduct or bad faith of the Document Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The Document Custodian shall not be liable for any action taken by it in good faith and reasonably believed by it to be within powers conferred upon it, or taken by it pursuant to any direction or instruction received by it in accordance with this Agreement, or omitted to be taken by it by reason of the lack of direction or instruction required hereby for such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;The Document Custodian may consult with, and obtain advice from, legal counsel selected in good faith, with respect to any question as to any of the provisions hereof or its duties hereunder, or any matter relating hereto, and the opinion or advice of such counsel shall be full

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and complete authorization and protection in respect of any action taken, suffered, or omitted by the Document Custodian in good faith in accordance with the advice or opinion of such counsel. The reasonable costs and expenses of such advice or opinion shall be reimbursed by the Company pursuant to Section 8 hereof, subject to the Fee Schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;No provision of this Agreement shall require the Document Custodian to expend or risk its own funds, take any action hereunder (or omit to take any action) or otherwise incur any financial liability in the performance of its duties under this Agreement if it shall have grounds for believing that repayment of such funds or indemnity satisfactory is not assured to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Document Custodian may act or exercise its duties or powers hereunder through agents or attorneys, and the Document Custodian shall not be liable or responsible for the actions or omissions of any such agent or attorney appointed with due care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) If the Document Custodian shall request instructions from the Company with respect to any act, action or failure to act in connection with this Agreement, the Document Custodian shall be entitled to refrain from taking such action and continue to refrain from acting unless and until the Document Custodian shall have received written instructions from the Company without incurring any liability therefor to the Company, or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;In no event shall the Document Custodian or its directors, affiliates, officers, agents and employees be held liable for any lost profits or exemplary, punitive, special, indirect or consequential damages of any kind (including loss of profits or diminution in value) resulting from any action taken or omitted to be taken by it or them hereunder or in connection herewith even if advised of the possibility of such damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;The Document Custodian shall not be deemed to have notice of any fact, claim or demand with respect hereto unless actually known by a Responsible Officer of the Document Custodian or unless (and then only to the extent received) in writing by the Document Custodian in accordance with Section 11 herein and specifically referencing this Agreement. Any other provision of this Agreement to the contrary notwithstanding, the Document Custodian shall have no notice of and shall not be bound by any of the terms and conditions of any other document or agreement unless the Document Custodian is a signatory party to that document or agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;The Document Custodian shall not be responsible for the preparation or filing of any reports or returns relating to federal, state or local income taxes with respect to this Agreement, other than in respect of the Document Custodian's compensation or for reimbursement of expenses; shall be under no obligation to verify the authenticity of any signature on any of the documents received or examined by it in connection with this Agreement or the authority or capacity of any person to execute or issue such document, except as provided in Section 6 of this Agreement with respect to Authorized Representatives; shall have no duty to ascertain whether or not any cash amount or payment has been received by the Company or any third person and shall not be required to perform any cash movement functions in relation to this Agreement; and shall not be required to value or produce a report detailing the value of the Collateral Files.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this Agreement shall be deemed to impose on the Document Custodian any duty to qualify to do business in any jurisdiction, other than (i) any jurisdiction where any Collateral File is or may be held by the Document Custodian from time to time hereunder, and (ii) any jurisdiction where its ownership of property or conduct of business requires such qualification and where failure to qualify could have a material adverse effect on the Document Custodian or its property or business or on the ability of the Document Custodian to perform its duties hereunder.

The provisions of this Section 12 shall survive the termination of this Agreement and the resignation or removal of the Document Custodian.

**Section 13. Force Majeure.** In no event shall any party hereto be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, events, circumstances or forces beyond its control, including, without limitation, nationalization, expropriation, currency restrictions, the interruption, disruption or suspension of the normal procedures and practices of any securities market, power, mechanical, communications or other technological failures or interruptions, computer viruses or the like, loss or malfunctions of utilities, communications or computer (software and hardware) services, fires, floods, earthquakes or other natural disasters, civil or military disturbance, acts of war or terrorism, riots, revolution, acts of God, work stoppages, strikes, accidents, national disasters of any kind, nuclear or natural catastrophes, or other similar events or acts; errors by the Company (including any Authorized Representative) in its instructions to the Document Custodian; or changes in applicable law, regulation or orders.

**Section 14. Indemnification.** The Company agrees to indemnify and hold harmless the Document Custodian and its respective directors, officers, employees, agents, designees, successors and assigns from and against any and all liabilities, obligations, damages, penalties, claims, actions, judgments, suits, disbursements, losses, costs and expenses of any kind or nature, including reasonable fees and expenses of legal counsel, court costs and costs of appeal arising from or connected with, the Document Custodian's execution and performance of this Agreement and the enforcement of any provision hereunder, its participation in any transaction contemplated hereby, or the relationship between the Document Custodian and the Company created hereby, including but not limited to the claims of any third parties against the Document Custodian, except to the extent such loss, liability or expense results from the gross negligence, bad faith, fraud, or willful misconduct on the part of the Document Custodian.

The foregoing indemnifications shall survive the termination of this Agreement and the resignation or removal of the Document Custodian hereunder.

**Section 15. Amendments.** No amendment or waiver of any prov1s1on of this Agreement and no consent to any departure herefrom shall in any event be effective unless the same shall be in writing (including a writing evidenced by a facsimile transmission, PDF or electronic mail) and signed (whether by manual, facsimile, PDF or other electronic signature) by the parties hereto. No party hereto shall be required to execute any amendment that adversely affects its rights, duties, indemnities or immunities hereunder. However, with respect to any change in review procedure, this Agreement may be amended by mutual agreement between the parties

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hereto in the form of consent via electronic mail. Any such email shall reference this Agreement and shall specify that it is an amendment to the review procedures.

**Section 16. Effective Waiver.** In no instance shall any delay or failure to act be deemed to be or effective as a waiver by any party of any right, power or term hereunder, unless and except to the extent such waiver is set forth in an expressly written instrument signed by the party against whom it is to be charged.

**Section 17. Severability.** If any one or more of the provisions contained in this Agreement should be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby.

**Section 18. Binding Effect; Governing Law.** This Agreement shall be binding and inure to the benefit of the parties hereto and their respective successors and assigns. This Agreement shall be construed in accordance with, and governed by the law of the State of New York, without giving effect to the conflict of law principles thereof.

**Section 19.&nbsp;&nbsp;&nbsp;&nbsp;Successors and Assigns; Third Party Benefit.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The covenants and agreements set forth herein shall be binding upon and inure to the benefit of each of the parties and their respective successors and permitted assigns. Neither party shall be permitted to assign their rights under this Agreement without the written consent of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Any Person into which the Document Custodian may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Document Custodian shall be a party, or any Person to which all or substantially all of the document custody business of the Document Custodian may be sold or otherwise transferred, shall without the execution or filing of any paper or further act on the part of any parties hereto become the successor document custodian hereunder (including, without the prior written consent of the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement is not intended for, and shall not be construed to be intended for, the benefit of any third parties and may not be relied upon or enforced by any third parties (other than successors and permitted assigns pursuant to this Section 19.

**Section 20. Entire Agreement; Counterparts.** This Agreement, together with the exhibits, schedules and other writings referred to herein or delivered pursuant hereto, constitutes the entire agreement and understanding of the parties with respect to the matters and transactions contemplated by this Agreement and supersedes any prior agreement and understandings with respect to those matters and transactions. This Agreement may be executed in counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement (and by facsimile, electronic mail, .pdf transmission or other electronic transmission, which facsimile, electronic mail, .pdf transmission or other electronic transmission signatures shall be considered original executed counterparts).

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**Section 21. Other Business.** Nothing herein shall prevent the Document Custodian or any of its affiliates from engaging in other business, or from entering into any other transaction or financial or other relationship with, or receiving fees from or from rendering services of any kind to the Company or any other Person. Nothing contained in this Agreement shall constitute the Company and/or the Document Custodian (and/or any other Person) as members of any partnership, joint venture, association, syndicate, unincorporated business or similar assignment as a result of or by virtue of the engagement or relationship established by this Agreement.

**Section 22. Reproduction of Documents.** This Agreement and all schedules, exhibits, attachments and amendment hereto may be reproduced by any photographic, photostatic, microfilm, micro-card, miniature photographic, facsimile, .pdf, electronic mail or other similar process. The parties hereto each agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further production shall likewise be admissible in evidence.

**Section 23. Confidentiality.** The parties hereto agree that they and their advisors, including legal counsel, shall not disclose to any other Person and shall keep confidential the terms and conditions of this Agreement (including fee arrangements) and any amendment, supplement, Schedule or Exhibit hereto, as well as any Confidential Information. In the event that any party hereto or its advisors breaches any provision of this section, then, in addition to any other rights and remedies available to the non-breaching party, a non-breaching party shall be entitled to temporary and permanent injunctive relief against the breaching party without the necessity of proving actual damages. Notwithstanding the foregoing, Confidential Information may be disclosed by a party to the extent that (i) such party reasonably deems necessary to do so in working with taxing authorities or other governmental agencies or regulatory bodies or in order to comply with any applicable laws, (ii) any portion of the Confidential Information is required by law or requested by judicial or regulatory or supervisory process to be disclosed, or (iii) such disclosure is necessary to establish, make effective or enforce the Company's rights in the Collateral contained in the related Collateral File held by the Document Custodian pursuant to this Agreement.

**Section 24. Actions Necessary to Preserve Rights under Collateral Documents.** Notwithstanding the Delivery of Collateral Files to the Document Custodian, the Company acknowledges that the Document Custodian shall have no obligation to (i) collect or enforce any Collateral Document, (ii) take action to preserve or maintain the obligations of any party obligated under any Collateral Document, (iii) take action to protect, preserve or safeguard the rights of the Company against any Person under the Collateral Documents, or (iv) take action to obtain, preserve, safeguard, continue, perpetuate or enforce rights against any collateral which may secure repayment of any Collateral. The Company hereby expressly releases the Document Custodian from the obligation to take any such action.

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**Section 25. SUBMISSION TO JURISDICTION; WAIVERS.** EACH OF THE COMPANY AND THE DOCUMENT CUSTODIAN HEREBY IRREVOCABLY AND UNCONDITIONALLY:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.SUBMITS FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT, OR FOR RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE GENERAL JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN THE BOROUGH OF MANHATTAN, THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND APPELLATE COURTS FROM ANY THEREOF;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.CONSENTS THAT ANY SUCH ACTION OR PROCEEDING MAY BE BROUGHT IN SUCH COURTS AND, TO THE EXTENT PERMITTED BY LAW, WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT COURT AND AGREES NOT TO PLEAD OR CLAIM THE SAME;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.AGREES THAT, WITH RESPECT TO THE COMPANY, SERVICE OF PROCESS IN ANY SUCH ACTION OR PROCEEDING MAY BE EFFECTED BY MAILING A COPY THEREOF BY REGISTERED OR CERTIFIED MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL), POSTAGE PREPAID, TO ITS ADDRESS SET FORTH IN SECTION 11 HEREIN OR AT SUCH OTHER ADDRESS OF WHICH EACH OTHER PARTY HERETO SHALL HAVE BEEN NOTIFIED IN WRITING;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.AGREES THAT NOTHING HEREIN SHALL AFFECT THE RIGHT TO EFFECT SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR SHALL LIMIT THE RIGHT TO SUE IN ANY OTHER JURISDICTION; AND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

**Section 26. Compliance with Applicable Law.** In order to comply with laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including those relating to the funding of terrorist activities and money laundering ("<u>Applicable</u> <u>Law</u>"), the Document Custodian is required to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with the Document Custodian. Accordingly, the Company agrees to provide to the Document Custodian upon its

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request from time to time such identifying information and documentation as may be available for such party in order to enable the Document Custodian to comply with Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby acknowledges receipt of the following notice:

**"IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT**

**To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. For a non-individual person such as a business entity, a charity, a trust or other legal entity, the Document Custodian will ask for documentation to verify its formation and existence as a legal entity. The Document Custodian may also ask to see financial statements, licenses, identification and authorization documents from individuals claiming authority to represent the entity or other relevant documentation."**

**Section 27. Electronic Signatures.** By executing this Agreement, the Company hereby acknowledges and agrees, and directs the Document Custodian to acknowledge and agree and the Document Custodian does hereby acknowledge and agree, that execution of this Agreement, any Proper Instructions and any other notice, form or other document executed by the Company or the Document Custodian in connection with this Agreement, by electronic signatures (including, without limitation, any .pdf file, .jpeg file, or any other electronic or image file, or any "electronic signature" as defined under E-SIGN or ESRA, which includes any electronic signature provided using Adobe Sign, DocuSign, or any other similar platform identified by the Company and reasonably available at no undue burden or expense to the Document Custodian) shall be permitted hereunder notwithstanding anything to the contrary herein and such electronic signatures shall be legally binding as if such electronic signatures were handwritten signatures. Any electronically signed document delivered via electronic mail from a person purporting to be an Authorized Representative shall be considered signed or executed by such Authorized Representative on behalf of the Company. The Company also hereby acknowledges that the Document Custodian shall have no duty to inquire into or investigate the authenticity or authorization of any such electronic signature and shall be entitled to conclusively rely on any such electronic signature without any liability with respect thereto.

[SIGNATURES APPEAR ON NEXT PAGE.]

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IN WITNESS WHEREOF, the parties have executed and delivered this Agreement as of the date and year first above written.

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| |
|:---|
| **Robinhood Ventures Fund II,** as Company |
| By: /s/ Manan Shah |
| Name: Manan Shah |
| Title: Treasurer |
| **U.S. BANK NATIONAL ASSOCIATION,** as Document Custodian |
| /s/ Kenneth Brandt |
| Name: Kenneth Brandt |
| Title: Vice President |

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**SCHEDULE I**

**Recommended Data File Criteria**

Each of the items listed below must be in its own cell within either a CSV or Excel spreadsheet.

Data files should be sent electronically via email to your collateral review specialist at U.S. Bank.

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| |
|:---|
| •&nbsp;&nbsp;&nbsp;&nbsp;Asset Number |
| •&nbsp;&nbsp;&nbsp;&nbsp;Asset Name |

---

\*

\* ***Please remember that the shipment of Collateral Files must*** ***come to U.S. Bank in the same order as the data file.***

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Schedule 1-1

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**EXHIBIT A**

**AUTHORIZED REPRESENTATIVES**

Any of the following persons shall be an Authorized Representative (as this list may be subsequently modified by the Company from time to time by delivery of a replacement list to the Document Custodian):

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| | | |
|:---|:---|:---|
| **NAME** | **TITLE** | **SIGNATURE** |
| Shiv Verma | Trustee, Robinhood Ventures Fund II<br>President, Robinhood Ventures<br>DE, LLC | <u>/s/ Shiv Verma</u> |
| Shiv Verma | Trustee, Robinhood Ventures Fund II<br>President, Robinhood Ventures<br>DE, LLC | |
| Manan Shah | Treasurer, Robinhood Ventures Fund II<br>Treasurer, Robinhood Ventures<br>DE, LLC | <u>/s/ Manan Shah</u> |
| Manan Shah | Treasurer, Robinhood Ventures Fund II<br>Treasurer, Robinhood Ventures<br>DE, LLC | |
| Hom Whe Tan | &nbsp;&nbsp;&nbsp;Chief Compliance Officer, Robinhood Ventures DE, LLC | <u>/s/ Hom Whe Tan</u> |
| Sarah Pinto | &nbsp;&nbsp;&nbsp;President and Trustee, Robinhood Ventures Fund II | <u>/s/ Sarah Pinto</u> |

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Exhibit A-1

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**EXHIBITB**

**FORM OF REQUEST FOR RELEASE**

(attached)

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REQUEST FOR RELEASE OF DOCUMENTS

**U.S. Bank Global Corporate Trust**

1719 Otis Way

Florence, South Carolina 29501

**Attention: Document Custody Services Receiving Unit**

Email:&nbsp;&nbsp;&nbsp;&nbsp;dcs@usbank.com

Fax:&nbsp;&nbsp;&nbsp;&nbsp;(651) 695-6100 or (651) 695-6101

RE: Document Custody Agreement, dated as of May 21, 2026 (the "Document Custody Agreement") between Robinhood Ventures Fund II (the "Company") and

U.S. Bank National Association, as document custodian (the "Document Custodian")

Pursuant to Section 4 of the Document Custody Agreement, we request the release of the Collateral Files relating to the Collateral listed on the attached Excel spreadsheet for the reason indicated below:

**for Requesting Documents (Check One):**

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| | |
|:---|:---|
| ![us.jpg](us.jpg) |  |
| ![us.jpg](us.jpg) | 1) Collateral Paid in Full |
| ![us.jpg](us.jpg) | &nbsp;&nbsp;2) Collateral being Substituted |
| ![us.jpg](us.jpg) | &nbsp;&nbsp;3) Collateral being Liquidated by Company |
| ![us.jpg](us.jpg) | &nbsp;&nbsp;4) Other- Description Needed Below |
| ![us.jpg](us.jpg) |  |
| ![us.jpg](us.jpg) |  |

---

---

| |
|:---|
| Company: |
| Authorized Representative: |
| Name (Printed): |
| Title (Printed): |
| Date: |
| Phone: |

---

**File Delivery Instructions - Address Needed**<br>

Upon Completion of Request, for Release, please scan and email the request to the appropriate DCS Vault Location.

If applicable, please indicate if the request is a "Rush" in the subject line. Please fax the form if you do not have access to email.

---

| | |
|:---|:---|
| Florence: Frederick: | dcsflorencescreleases@usbank.com |
| Jacksonville: Saint | electronic.release.requests@usbank.com |
| Paul: | dcsctsjacksonville.requests@usbank.com |
| St. Petersburg: | dcs@usbank.com |
| | documentcustody.stpete@usbank.com |

---

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REQUEST FOR RELEASE OF DOCUMENTS

Upon Completion of Request, for Release, please scan and email the request to the appropriate DCS Vault Location.

If applicable, please indicate if the request is a "Rush" in the subject line. Please fax the form if you do not have access to email.

---

| | |
|:---|:---|
| Florence: Frederick: | dcsflorencescreleases@usbank.com |
| Jacksonville: Saint | electronic.release.requests@usbank.com |
| Paul: | dcsctsjacksonville.requests@usbank.com |
| St. Petersburg: | dcs@usbank.com |
| | documentcustody.stpete@usbank.com |

---

## Ex-99.(K)(1)

**Exhibit (k)(1)**

**ROBINHOOD VENTURES FUND II** 

**ADMINISTRATION AGREEMENT**

This ADMINISTRATION AGREEMENT (the "Agreement") is made this May 21, 2026, by and between Robinhood Ventures Fund II, a Delaware statutory trust (the "Company") and Robinhood Ventures DE, LLC, a Delaware limited liability company (the "Administrator" or "RHV").

WHEREAS, the Company is a closed-end management investment company that intends to elect to be treated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, the Company wishes to retain the Administrator to provide administrative services to the Company; and

WHEREAS, the Administrator is willing to furnish such services on the terms and conditions hereinafter set forth;

NOW THEREFORE, in consideration of the premises and mutual covenants herein contained, it is agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby appoints the Administrator to act as administrator of the Company, and to furnish, or arrange for others to furnish, the administrative services, personnel and facilities described below, subject to review by and the overall control of the Board of Trustees of the Company (the "Board," and each member thereof, a "Trustee"), for the period and on the terms and conditions set forth in this Agreement. The Administrator hereby accepts such appointment and agrees during such period to render, or arrange for the rendering of, such services, and to assume the obligations herein set forth, subject to the reimbursement of costs and expenses as provided for below. The Administrator, and any such other persons providing services arranged for by the Administrator, shall for all purposes herein be deemed to be independent contractors and shall, unless otherwise expressly provided or authorized herein, have no authority to act for or represent the Company in any way or otherwise be deemed agents of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;The Administrator shall perform (or oversee, or arrange for, the performance by third parties of) the administrative and compliance services necessary for the operation of the Company. Without limiting the generality of the foregoing, the Administrator shall provide the Company with office facilities, equipment, clerical, accounting, bookkeeping and record keeping services at such office facilities and such other services as the Administrator, subject to review by the Board, shall from time to time determine to be necessary or useful to perform its obligations under this Agreement. The Administrator shall also, on behalf of the Company (and, for the avoidance of doubt, at the expense of the Company), arrange for the services of, and oversee/conduct relations with, sub-administrators, custodians, depositories, loan agents, transfer agents, escrow agents, dividend disbursing agents, other shareholder servicing agents, accountants and accounting service providers, fund administration, treasury services, attorneys, underwriters, brokers and dealers, intermediaries, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable. The Administrator shall make reports to the Board of its performance of obligations hereunder and furnish advice and recommendations with respect to such other aspects of the business and affairs of the Company as the Board shall determine to be desirable; *provided* that nothing herein shall be construed to require the Administrator to, and the Administrator shall not, in its capacity as Administrator, provide any advice or recommendation relating to the securities and other assets that the

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Company should purchase, retain or sell, or any other investment advisory services to the Company. The Administrator shall be responsible for the financial, accounting and other records that the Company is required to maintain and shall prepare all required periodic and/or event driven reports to shareholders, and other materials required by any agreement or otherwise to be filed with the Securities and Exchange Commission (the "SEC") or any other regulatory authority, which includes, but is not limited to, providing the services of the Company's Chief Financial Officer, Chief Compliance Officer, and their respective staffs. At the Company's request, the Administrator will provide on the Company's behalf significant managerial assistance to those portfolio companies to which the Company is required to provide such assistance. In addition, the Administrator will assist the Company, in determining and publishing the Company's net asset value, overseeing the preparation and filing of the Company's tax returns, compliance monitoring (including providers), preparing materials and coordinating meetings of the Board, and the printing and dissemination of reports to shareholders of the Company, and generally overseeing the payment of the Company's expenses and the performance of administrative and professional services rendered to the Company by others. For the avoidance of any doubt, the parties agree that the Administrator is authorized to enter into one or more sub-administration agreements as the Administrator determines necessary in order to carry out the services set forth in this Section, subject to the prior approval of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;The Administrator agrees to maintain and keep all books, accounts and other records of the Company that relate to activities performed by the Administrator hereunder and, if required by any applicable statutes, rules and regulations, including without limitation, the 1940 Act, will maintain and keep such books, accounts and records in accordance with such statutes, rules and regulations. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Administrator agrees that all records that it maintains for the Company shall at all times remain the property of the Company, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination of this Agreement or otherwise on written request. The Administrator further agrees that all records that it maintains for the Company pursuant to Rule 31a-1 under the 1940 Act will be preserved for the periods prescribed by Rule 31a-2 under the 1940 Act unless any such records are earlier surrendered as provided above. Records shall be surrendered in usable machine-readable form. The Administrator shall have the right to retain copies of such records subject to observance of its confidentiality obligations under this Agreement. The Administrator may engage one or more third parties, subject to the prior approval of the Company, to perform all or a portion of the foregoing services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;The parties hereto agree that each shall treat confidentially all information provided by each party to the other regarding its business and operations. All confidential information provided by a party hereto, including nonpublic personal information of natural persons pursuant to Regulation S-P of the SEC, shall be used by the other party hereto solely for the purpose of rendering services pursuant to this Agreement and, except as may be required in carrying out this Agreement, shall not be disclosed to any third party without the prior consent of such providing party. The foregoing shall not be applicable to any information that is publicly available when provided, or thereafter becomes publicly available, other than through a breach of this Agreement, or that is required to be disclosed by any regulatory authority, any legal authority or legal counsel of the parties hereto, by judicial or administrative process or otherwise by applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;In full consideration of the provision of the services of the Administrator, the Company shall reimburse the Administrator for the costs and expenses incurred by the Administrator in performing its obligations and providing personnel and facilities hereunder (including costs and expenses incurred by the Administrator in connection with the delegation of its obligations hereunder to any sub-administrator). Except as specifically provided herein or otherwise in the Investment

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Advisory Agreement (the "Investment Advisory Agreement") between the Company and the Administrator (in its capacity as adviser pursuant to the Investment Advisory Agreement, the "Adviser"), the Company anticipates that all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory services to the Company, and the base compensation and bonuses and benefits of such personnel and the routine overhead expenses (including rent, office equipment and utilities) allocable to such services, will be provided and paid for by the Adviser.

The Company will bear all other expenses to be incurred in its operation (including to the extent such operations are performed by RHV or its affiliates), including, without limitation: (i) the Company's share of all fees, costs and out-of-pocket expenses (including any legal and other professional fees and expenses and platform fees) incurred by the Company, RHV or its affiliates in connection with the formation of the Company (including all or a portion of such amounts in respect of the Company and the development, formation and operation of investment vehicles established to facilitate investments by the Company, as well other vehicles through which the Company makes or holds investments), the incorporation and registration of such entities (in the United States or otherwise), related regulatory filings (such as Form 10-K, Form 10-Q, Form 8-K and others), any related taxes, the offering and distribution of the interests therein (including legal and tax advice, preparation of disclosures, notifications, translations, publications (including without limitation on a website for regulatory, commercial or other purposes)), such share being determined as between the Company and any such other entity on a basis that RHV determines in good faith is appropriate ("Organizational Expenses"); (ii) legal (including without limitation in respect of corporate formalities, such as corporate secretary services and domiciliation services), accounting, regulatory (including expenses incurred in connection with certain filings and registrations), compliance (including compliance consultants), administrator, consulting (including expert network and media consultants), valuation (including valuation consultants engaged by the Adviser), custodial, depositary, auditing, costs associated with any regulatory audit, investigation, settlement or review of any entity of the Company, costs incurred with any action, suit or proceeding of any kind of nature, transfer agency, third-party trustee, administrator and shareholder servicing, banking, database subscriptions (including, without limitation, subscriptions used for the purposes of researching, monitoring, valuing, or obtaining market data in respect of potential or existing portfolio investments), software licensing, web hosting, digital platform, data aggregation, marketing, translation, reporting and other external professional fees and expenses, but excluding, for the avoidance of doubt, the costs of RHV's and its affiliates' general compliance with law not related to the Company; (iii) out-of-pocket costs of developing, sourcing, evaluating, negotiating, structuring, obtaining regulatory approvals for, purchasing, trading, settling, monitoring, holding and disposing of potential investments, whether consummated or unconsummated and including expenses related to meetings or conferences hosted or attended by the Adviser, its affiliates or any of their respective employees to source investments, attendance at industry conferences and trade association memberships, and, in the case of unconsummated investments, break-up fees, and of making, monitoring, holding or selling investments (including, without limitation, expenses relating to risk assessment, due diligence or ongoing monitoring of potential and existing investments, including the environmental, social and governance risks related thereto), including expenses related to the organization or maintenance of any entity (including intermediate entities) used to acquire, hold or dispose of any investment or otherwise facilitate the Company's investment activities, record-keeping expenses, travel, hotel accommodations, meals and entertainment expenses ("Travel Expenses"), consulting fees and expenses and any finders, placement, brokerage or other similar fees and expenses; (iv) expenses associated with the preparation of the Company's financial statements and tax returns, the representation of the Company or the shareholders in tax matters and preparation of tax forms and the Company's information reporting regime compliance, and the preparation of tax reports for shareholders; (v) out-of-pocket costs and

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expenses, including without limitation, Travel Expenses, of meeting with shareholders and reporting to the shareholders, including expenses incurred in connection with the Company's shareholder meetings (including Travel Expenses of the representatives of shareholders, employees of RHV or its affiliates, speakers and vendors), and annual software licensing fees and other fees related to investor reporting as well as publication costs (including without limitation on a website or database, for regulatory, commercial or other purposes); (vi) except as otherwise provided herein or in the Investment Advisory Agreement, any taxes, fees or other governmental charges levied against the Company or its income or assets or in connection with its business or operations (including pursuant to any separate tax sharing agreement or similar agreement with any party); (vii) costs and expenses of the Board, including the operation of the board of any intermediary/holding vehicle, Travel Expenses for members of the Board and employees of RHV or its affiliates incurred in connection with meetings of the Board, meetings with shareholders or meetings related to the Company; (viii) the Management Fee (as defined in the Investment Advisory Agreement); (ix) interest on, and fees and expenses related to or arising from, any incurrence of indebtedness, including without limitation in respect of any credit facility, guarantees of indebtedness, or hedging activities of the Company (whether or not such facility or hedging arrangement is implemented); (x) premiums or fees for trustees' and officers' liability insurance and other insurance protecting the Company or any indemnified party from liabilities in connection with the affairs of the Company; (xi) amounts charged to the Company for certain non-advisory, reporting, oversight, legal, compliance, tax, valuation, accounting, information technology and security, clerical and general administrative services provided by employees of RHV or its affiliates, including by persons who are officers of the Company (which costs may include an allocation of overhead including rent and the allocable portion of the salaries and benefits of the relevant persons and their respective staffs, including travel expenses) ("Insourced Services"); (xii) interest costs related to borrowing, any related facility fees, commitment expenses and any other costs related to the borrowing; (xiii) all other costs and expenses of the Company, RHV or its affiliates in connection with the Company's organization and/or operations other than Adviser Expenses (as defined in the Investment Advisory Agreement), such as costs of litigation or other matters that are the subject of indemnification and costs of winding-up and liquidating the Company; (xiv) any non-recurring or extraordinary expenses as may arise, including, without limitation, those relating to actions, suits or proceedings to which the Company is a party and any indemnification expenses as provided for in the Company's Agreement and Declaration of Trust and Bylaws; (xv) fees and expenses incident to qualifying and listing of the Company's shares on any exchange; (xvi) the compensation of the Company's Chief Compliance Officer and the salary of any compliance personnel of RHV and its affiliates who provide compliance-related services to the Company, provided such salary expenses are properly allocated between the Company and other affiliates, as applicable, and any costs associated with the monitoring, testing and revision of the Company's compliance policies and procedures required by Rule 38a-1 under the 1940 Act; (xvii) the compensation of the Company's Chief Financial Officer and the salary of any financial reporting personnel of RHV and its affiliates who provide financial reporting-related services to the Company, provided such salary expenses are properly allocated between the Company and other affiliates, as applicable; (xviii) the allocated costs incurred by RHV and its affiliates in providing managerial assistance to those portfolio companies of the Company that request it; and (xix) where appropriate and relevant, all ongoing costs and expenses, as detailed under (ii) to (xviii) above, as incurred in connection with, or by, any other vehicles through which the Company makes or holds investments, as well as the respective general partners or equivalent (if not a partnership) of such entities.

RHV and its affiliates will be entitled to reimbursement by the Company of RHV's and its affiliates' cost of providing the Company with Insourced Services. For the avoidance of doubt, it also is understood and agreed that if persons associated with RHV or any of its affiliates, including persons who are officers of the Company, provide Insourced Services to the Company at the request of the

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Company, the Company may reimburse RHV and its affiliates for their costs in providing such Insourced Services to the Company. Nothing contained herein shall be construed to restrict the Company's right to hire its own employees or to contract for services to be performed by third parties. To the extent that RHV or its affiliates (i) pays or otherwise bears the costs of any Company expenses or (ii) advances amounts to the Company on a temporary basis, the Company shall reimburse RHV or such affiliate for the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement will become effective as of the date of this Agreement and, unless sooner terminated as provided herein, will continue in effect until the second anniversary of the date of effectiveness. Thereafter, if not terminated, this Agreement shall continue in effect with respect to the Company, but only so long as such continuance is specifically approved at least annually by (i) the Board and (ii) a majority of those members of the Company's Board of Trustees who are not parties to this Agreement or "interested persons" (as such term is defined in the 1940 Act and the rules and regulations thereunder) of any such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement is terminable with respect to the Company without penalty by the Board on not more than 60 days' nor less than 30 days' written notice to the Administrator, or by the Administrator upon not less than 60 days' written notice to the Company, and will be terminated upon the mutual written consent of the Administrator and the Company. Neither party may assign (as such term is defined in the 1940 Act and the rules and regulations thereunder) this Agreement without the prior written consent of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;The Administrator agrees that for services rendered to the Company, or for any claim by it in connection with services rendered to the Company, it shall look only to assets of the Company for satisfaction. The undersigned officer of the Company has executed this Agreement not individually, but as an officer under the Company's Agreement and Declaration of Trust and the obligations of this Agreement are not binding upon any of the Trustees, officers or shareholders of the Company individually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;In the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations to the Company, the Administrator and any partner, director, officer or employee of the Administrator, or any of their affiliates, executors, heirs, assigns, successors or other legal representatives, will not be liable for any error of judgment, mistake of law or for any act or omission by the person in connection with the performance of services to the Company, except as may otherwise be provided under provisions of applicable state law or Federal securities law which cannot be waived or modified hereby.

&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;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall indemnify, to the fullest extent permitted by law, the Administrator, or any partners, directors, officers or employees of the Administrator and their respective affiliates, executors, heirs, assigns, successors or other legal representatives, against any liability or expense to which the person may be liable that arises in connection with the performance of services to the Company, so long as the liability or expense is not incurred by reason of the person's willful misfeasance, bad faith, gross negligence or reckless disregard of its duties to the Company. The rights of indemnification provided under this Section shall not be construed so as to provide for indemnification of any aforementioned persons for any losses (including any liability under Federal securities laws which, under certain circumstances, impose liability even on persons that act in good faith) to the extent (but only to the extent) that such indemnification would be in violation of applicable law, but shall be construed so as to effectuate the applicable provisions of this Section to the fullest extent permitted by law.

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&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;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Administrator shall indemnify, to the fullest extent permitted by law, the Company and all controlling persons of the Company (as described in Section 15 of the Securities Act of 1933, as amended), against any liability or expense to which the person may be liable that arises in connection with the performance of services to the Administrator, so long as the liability or expense is not incurred by reason of the person's willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations to the Administrator. The rights of indemnification provided under this Section shall not be construed so as to provide for indemnification of any aforementioned persons for any losses (including any liability under Federal securities laws which, under certain circumstances, impose liability even on persons that act in good faith) to the extent (but only to the extent) that such indemnification would be in violation of applicable law, but shall be construed so as to effectuate the applicable provisions of this Section to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;The services of the Administrator to the Company are not to be deemed exclusive, and the Administrator shall be free to render similar services to others so long as its services to the Company are not impaired thereby. The Administrator shall be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Company in any way or otherwise be deemed an agent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement and the Investment Advisory Agreement embody the entire agreement and understanding between the parties hereto, and supersedes all prior agreements and understandings relating to the subject matter hereof. No provision of this Agreement is intended to conflict with any applicable law. Should any part of this Agreement be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding on and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement does not, and is not intended to, create any third-party beneficiary or otherwise confer any rights, privileges, claims or remedies upon any shareholder or other person other than the parties and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be construed and the provisions thereof interpreted under and in accordance with the laws of the State of Delaware without regard to conflicts of laws principles.

Any legal suit, action or proceeding related to, arising out of or concerning this Agreement shall be brought only in the U.S. District Court for the District of Delaware, or if such action may not be brought in that court, then such action shall be brought in the Court of Chancery of the State of Delaware sitting in New Castle County (the "Designated Courts"). Each party (a) consents to jurisdiction in the Designated Courts; (b) waives any objection to venue in either Designated Court; and (c) waives any objection that either Designated Court is an inconvenient forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;The Administrator shall not be liable for any losses caused directly or indirectly by circumstances beyond the Administrator's reasonable control, including, without limitation, government restrictions, exchange or market rulings, suspensions of trading, acts of civil or military authority, national emergencies, riots, terrorism, war, or such other event of similar nature, labor difficulties, non-

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performance by a third party not hired or otherwise selected by the Administrator to provide services in connection with this Agreement, natural disaster, casualty, elements of nature, fires, earthquakes, floods, or other catastrophes, acts of God, mechanical breakdowns, or malfunctions, failure or disruption of utilities, communications, computer or information technology (including, without limitation, hardware or software), internet, firewalls, encryptions systems, security devices, or power supply.

[Signature page to follow]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers thereunto duly authorized.

---

| | |
|:---|:---|
| **ROBINHOOD VENTURES FUND II** | **ROBINHOOD VENTURES FUND II** |
| By: | /s/ Sarah Pinto |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Sarah Pinto | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Sarah Pinto |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: President | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: President |

---

---

| | |
|:---|:---|
| **ROBINHOOD VENTURES DE, LLC** | **ROBINHOOD VENTURES DE, LLC** |
| By: | /s/ Manan Shah |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Manan Shah | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Manan Shah |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Senior Director, Corporate Treasurer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Senior Director, Corporate Treasurer |

---

## Ex-99.(K)(2)

**Exhibit (k)(2)**

**FUND SERVICING AGREEMENT**

This Fund Servicing Agreement (this "<u>Agreement</u>") is made and entered into as of May 21, 2026 by and between **ROBINHOOD VENTURES FUND II**, a Delaware statutory trust (the "<u>Company</u>"), **ROBINHOOD VENTURES, DE, LLC** a Delaware limited liability company (the "<u>Administrator</u>"), and **U.S. BANCORP FUND SERVICES, LLC (d/b/a U.S. Bank Global Fund Services)**, a Wisconsin limited liability company ("<u>USBGFS</u>").

WHEREAS, the Company is an externally managed, diversified, closed-end management investment company that intends to elect to be regulated as a business development company under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"); and

WHEREAS, the Administrator is the administrator of the Company; and

WHEREAS, USBGFS is, among other things, in the business of providing administration and accounting functions for the benefit of its customers; and

WHEREAS, the Company and the Administrator desire to retain USBGFS to provide certain services, as expressly delineated and limited herein.

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.Appointment of USBGFS as Service Provider.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.The Company hereby appoints USBGFS as a service provider to the Company on the terms and conditions set forth in this Agreement, and USBGFS hereby accepts such appointment and agrees to perform the services and duties set forth on <u>Exhibit A</u> (the "<u>Services</u>") in accordance with the terms and conditions of this Agreement. The services and duties of USBGFS shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against USBGFS hereunder (other than those functions, tasks, responsibilities, and acts that may be performed which are reasonably incidental or necessary to performance of the Services, but in no event shall this be construed to expand the scope of Services or create any additional obligations).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.USBGFS shall not be bound by any Company policies or procedures, or changes thereto, that purport to impose any additional duties, obligations, or care on USBGFS other than as expressly set forth herein, or that purport to affect in any way the Services or the manner in which they are provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.The Services set forth herein may not be modified or enlarged by implication or course of dealing between the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.USBGFS may use its affiliates or third parties to provide any of the Services. Any such party shall be held to the same standard of care as USBGFS would be

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under this Agreement, and USBGFS shall be responsible for the provision of such Services to the same extent as if provided by USBGFS. The Company consents to the use of such parties and to USBGFS providing to such parties any information regarding the Company or its shareholders as may be required to provide such Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.USBGFS reserves the right to make changes from time to time, as it deems advisable, relating to its systems, programs, rules, operating schedules and equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.The Company or its agent shall furnish to USBGFS the data necessary to perform the Services described herein at such times and in such form as mutually agreed upon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.The Company may from time-to-time request that USBGFS modify its internal operating procedures with respect to the provision of the Services, which request shall be provided in writing by a duly authorized officer of the Company or by any other person authorized by the Company to provide such request. USBGFS is under no obligation to agree to such modifications. If USBGFS agrees to comply with such request, then it shall be entitled to follow such modified operating procedure without further inquiry or diligence, and its actions or inactions in connection with following such modified operated procedures shall be deemed to be within its standard of care under <u>Section 10</u> for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Compensation.**

USBGFS shall be compensated for providing the Services in accordance with the fee schedule set forth on <u>Exhibit B</u> hereto (as amended from time to time). USBGFS shall also be reimbursed for such miscellaneous expenses set forth in <u>Exhibit B</u> hereto as are reasonably incurred by USBGFS in performing its duties hereunder. The Company shall pay all such fees and reimbursable expenses within thirty (30) calendar days following receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Company shall notify USBGFS in writing within thirty (30) calendar days following receipt of each invoice if the Company is disputing any amounts in good faith. The Company shall pay such disputed amounts within ten (10) calendar days of the day on which the parties agree to the amount to be paid. Notwithstanding anything to the contrary, amounts owed by the Company to USBGFS shall only be paid out of the assets and property of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.License of Data; Warranty; Termination of Rights.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.USBGFS has entered into agreements with various data service providers (each, a "<u>Data Provider</u>"), including, without limitation, MSCI index data services ("<u>MSCI</u>"), Standard & Poor Financial Services LLC ("<u>S&P</u>"), Morningstar, Broadridge, FTSE, ICE, and Confluence Technologies to provide data services that may include, without limitation, index returns and pricing information

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(collectively, the "<u>Data</u>") to facilitate the services provided by USBGFS to the Company. These Data Providers have required USBGFS to include certain provisions regarding the use of the Data in this Agreement attached hereto as <u>Exhibit C</u>. The Data is being licensed, not sold, to the Company. The Company has a limited license to use the Data only for purposes necessary for valuing the Company's assets and making any required reporting relating thereto (the "<u>License</u>"). The Company does not have any license or right to use the Data for purposes outside the scope of this Agreement including, but not limited to, resale to other users or for use in creating any type of historical database. The Company acknowledges and agrees that certain Data Providers may also require the Company to enter into an agreement directly with the Data Provider for the use of that Data Provider's Data. The provisions in <u>Exhibit C</u> shall not have any effect upon the standard of care and liability USBGFS has set forth in <u>Section 10</u> of this Agreement. The Company acknowledges the proprietary rights that USBGFS and its Data Providers have in the Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.THE TRUST HEREBY ACCEPTS THE DATA AS IS, WHERE IS, WITH NO WARRANTIES, EXPRESS OR IMPLIED, AS TO MERCHANTABILITY OR FITNESS FOR ANY PURPOSE OR ANY OTHER MATTER. USBGFS IS NOT RESPONSIBLE FOR ANY OF THE DATA ACCESSED BY THE TRUST OR ANY OF ITS SERVICE PROVIDERS OR AGENTS AND USBGFS ASSUMES NO DUTY TO VERIFY SUCH DATA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.USBGFS may stop supplying some or all Data to the Company if USBGFS' Data Providers terminate any agreement to provide Data to USBGFS. Also, USBGFS may stop supplying some or all Data to the Company if USBGFS reasonably believes that the Company is using the Data in violation of the License, or breaching its duties of confidentiality provided for hereunder, or if any of USBGFS' Data Providers demand that the Data be withheld from the Company. USBGFS will provide notice to the Company of any termination of provision of Data as soon as reasonably possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.The Company agrees to indemnify and hold harmless USBGFS, its Data Providers, and any other third party involved in or related to the making or compiling of the Data, their affiliates and subsidiaries and their respective directors, officers, employees and agents from and against any claims, losses, damages, liabilities, costs and expenses, including reasonable attorneys' fees and costs, as incurred, arising in and any manner out of the Company's or any third party's use (on behalf of the Company) of the Data in breach of any provision contained in this Agreement regarding the Data. The immediately preceding sentence shall not have any effect upon the standard of care and liability of USBGFS as set forth in Section 10 of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.RESERVED.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.RESERVED.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.Pricing of Portfolio Positions.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.For each valuation date, obtain prices from a pricing source as instructed to USBGFS by an individual authorized by the Company or the valuation designee (the "Valuation Designee") appointed by the Board of Trustees of the Company (the "Board") and apply those prices to the portfolio positions. For those securities where market quotations are not readily available, the Company's Valuation Designee, or another person authorized by the Company or the Valuation Designee, will be responsible to supply USBGFS with valuations. The Company's appointed Valuation Designee(s) is (are) responsible for the accuracy of the lists supplied to USBGFS of pricing sources and the list of individuals authorized to designate pricing sources or valuations on behalf of the Valuation Designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.If one or more of the primary pricing sources for the portfolio positions of the Company is unavailable when needed, USBGFS may use an alternative pricing source identified by USBGFS on a temporary basis. In such event the alternative price is subject to the review and approval of the Company or Valuation Designee, as applicable, and the Company or Valuation Designee, as applicable, shall promptly notify USBGFS of any desired changes to such alternative price. USBGFS shall not have any liability for the use of such alternative price so long as it has met its standard of care under <u>Section 10</u> with respect to the selection of such alternative pricing source.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.If the Company or Valuation Designee, as applicable, desires to provide a price for a portfolio position that varies from the price provided by the pricing source, the Company or Valuation Designee, as applicable, shall promptly notify and supply USBGFS with the price of any such security on each valuation date. All pricing changes made by the Company or Valuation Designee, as applicable, will be in writing and must specifically identify the securities to be changed by CUSIP, name of security, new price or rate to be applied, and, if applicable, the time period for which the new price(s) is/are effective. In such case USBGFS shall apply the price provided by the Company or Valuation Designee, as applicable, without further investigation or verification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.In the event that the Company or Valuation Designee, as applicable, at any time receives Data containing price evaluations, rather than market quotations, for certain securities or certain other data related to such securities, the following provisions will apply:

&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;i.evaluated securities are typically complicated financial instruments. There are many methodologies (including computer-based analytical modeling

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and individual security evaluations) available to generate approximations of the market value of such securities, and there is significant professional disagreement about which method is best. No evaluation method may consistently generate approximations that correspond to actual traded prices of the securities;

&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;ii.methodologies used to provide the pricing portion of certain Data may rely on evaluations; however, the Company or Valuation Designee, as applicable, acknowledges that there may be errors or defects in the software, databases, or methodologies generating the evaluations that may cause resultant evaluations to be inappropriate for use in certain applications; and

&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;iii.the Company or Valuation Designee, as applicable, assumes all responsibility for edit checking, external verification of evaluations, and ultimately the appropriateness of using Data containing evaluations, regardless of any efforts made by USBGFS and its suppliers in this respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Neither USBGFS, nor any of its employees, agents or suppliers is acting as the valuation designee within the meaning of Rule 2a-5 under the 1940 Act in respect of the Company, and USBGFS shall not have any obligation for making fair value determinations or to investigate or verify the accuracy or appropriateness of any prices, evaluations, market quotations, or other data or pricing related inputs received from the Company or Valuation Designee, as applicable, any of its affiliates, or any pricing service approved by the Board, or fair values obtained from the Board or its Valuation Designee. USBGFS may perform certain tests on pricing data received each day, on a limited basis, which may include day over day tolerance breaks, net asset value ("NAV") impact price analysis, and stale price testing, based on the availability of data from data vendors. However, such tests are limited, are not intended or designed to determine whether any price is fair or appropriate, and do not replace the Valuation Designee's responsibility for the appropriateness of prices used in calculating the NAV of the Company. Valuations received from a pricing source employed by the Company or Valuation Designee, as applicable, or from calculation models that are based on inputs or data delivered to these sources from individuals associated with the Company or Valuation Designee, as applicable, are not subject to these tests and will be utilized as instructed by the Valuation Designee. The Company acknowledges that the same or similar positions held by the Company may be valued differently by other customers of USBGFS and that USBGFS is not under any obligation to compare such prices or notify the Company or Valuation Designee, as applicable, of any such discrepancies. Notwithstanding anything else in this Agreement to the contrary, USBGFS and its affiliates shall not be responsible or liable for any mistakes, errors, or mispricing, or any losses related thereto, resulting from any inaccurate, inappropriate, or fraudulent prices,

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evaluations, market quotations, or other data or pricing related inputs received from the Company or Valuation Designee, as applicable, any of its affiliates, or any third-party source.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.Changes in Accounting Procedures.**

USBGFS shall perform its Services in accordance with the accounting practices and procedures of the Company, provided that any changes to such accounting practices and procedures shall only be effective upon the Services following a resolution passed by the Board and receipt of written notice to and acceptance by USBGFS, which shall not be unreasonably withheld, and which may not be withheld when such change is required by applicable laws. USBGFS agrees to implement such changes in a timely fashion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.Representations & Warranties.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.The Company hereby represents and warrants to USBGFS, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&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;i.It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&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;ii.This Agreement has been duly authorized, executed and delivered by the Company in accordance with all requisite action and constitutes a valid and legally binding obligation of the Company, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;

&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;iii.To the best of its knowledge, it is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement;

&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;iv.All records of the Company provided to USBGFS by the Company or by any prior or present service provider of the Company are accurate and complete and USBGFS is entitled to rely on all such records in the form provided.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.USBGFS hereby represents and warrants to the Company, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&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;i.It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&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;ii.This Agreement has been duly authorized, executed and delivered by USBGFS in accordance with all requisite action and constitutes a valid and legally binding obligation of USBGFS, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties; and

&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;iii.It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.Notification of Error.**

The Company will notify USBGFS of any discrepancy between USBGFS and the Company, including, but not limited to, failing to account for a security position in the Company's portfolio, upon the later to occur of: (i) three (3) business days after receipt of any reports rendered by USBGFS to the Company; (ii) three (3) business days after discovery of any error or omission not covered in the balancing or control procedure; or (iii) three (3) business days after receiving notice from any shareholder regarding any such discrepancy. Notwithstanding any other provision in this Agreement, USBGFS shall have no liability with respect to any such discrepancy that the Company does not notify USBGFS of within such time period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.Standard of Care; Indemnification; Limitation of Liability.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.USBGFS shall exercise reasonable care in the performance of its duties under this Agreement. Neither USBGFS nor any of its affiliates or vendors shall be liable for any error of judgment; mistake of law; fraud or misconduct by the Company, the adviser or any other service provider to the Company, or any employee of the foregoing; or for any loss suffered by the Company, or any third party in connection with USBGFS' duties under this Agreement, including losses resulting from mechanical breakdowns or the failure of communication or power supplies beyond USBGFS' reasonable control, except a loss arising out of or relating to USBGFS' material breach of this agreement or from its bad faith, gross

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negligence, or willful misconduct in the performance of its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Notwithstanding any other provision of this Agreement, if USBGFS has exercised reasonable care in the performance of its duties under this Agreement, the Company shall indemnify and hold harmless USBGFS, its affiliates, and its and their officers, directors, managers, employees and vendors (the "<u>USBGFS Indemnified Parties</u>") from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees) (collectively "<u>Losses</u>") that any such USBGFS Indemnified Party may sustain or incur or that may be asserted against a USBGFS Indemnified Party by any person arising out of any action taken or omitted to be taken by it in performing the services hereunder (i) in accordance with the foregoing standards, or (ii) in reliance upon any written or oral instruction provided to a USBGFS Indemnified Party by any duly authorized officer of the Company or by any other person authorized by the Company to provide such instruction, except for any and all claims, demands, losses, expenses, and liabilities arising out of or relating to USBGFS' material breach of this Agreement or from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement. This indemnity shall be a continuing obligation of the Company, its successors and assigns, notwithstanding the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.USBGFS shall indemnify and hold the Company and its trustees, officers, and employees (collectively the "<u>Company Indemnified Parties</u>") harmless from and against any and all Losses that the Company may sustain or incur or that may be asserted against the Company by any person arising out of or related to any action taken or omitted to be taken by USBGFS or its affiliates as a result of USBGFS or its affiliates' material breach of this Agreement, or from USBGFS or its affiliates' bad faith, gross negligence, or willful misconduct in the performance of its duties under this Agreement. This indemnity shall be a continuing obligation of USBGFS, its successors and assigns, notwithstanding the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.In no case shall either party be liable to the other for (i) any special, indirect or consequential damages, loss of profits or goodwill (even if advised of the possibility of such), (ii) any delay by reason of circumstances beyond its control, including acts of civil or military authority, national emergencies, labor difficulties, fire, mechanical breakdown, flood or catastrophe, acts of God, insurrection, war, riots, or failure beyond its control of transportation or power supply, or (iii) any claim that arose more than one year prior to the institution of suit therefore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.In the event of a mechanical breakdown or failure of communication or power supplies beyond its reasonable control, USBGFS shall take all reasonable steps to minimize service interruptions for any period that such interruption continues.

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USBGFS shall as promptly as possible under the circumstances notify the Company in the event of any service interruption that impacts USBGFS' services under this Agreement. USBGFS will make every reasonable effort to restore any lost or damaged data and correct any errors resulting from such a breakdown at the expense of USBGFS as soon as reasonably practicable. USBGFS agrees that it shall, at all times, have reasonable business continuity and disaster recovery contingency plans with appropriate parties, making reasonable provision for emergency use of electrical data processing equipment to the extent appropriate equipment is available. Representatives of the Company shall be entitled to inspect USBGFS' premises and operating capabilities and the books and records maintained on behalf of the Company at any time during regular business hours of USBGFS, upon reasonable notice to USBGFS. Moreover, USBGFS shall provide the Company, at such times as the Company may reasonably require, copies of reports rendered by independent accountants on the internal controls and procedures of USBGFS relating to the services provided by USBGFS under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.Notwithstanding anything herein to the contrary, USBGFS reserves the right to reprocess and correct administrative errors at its own expense. USBGFS shall promptly notify the Company upon discovery of any administrative error and shall consult with the Company about the actions it intends to take to correct the error prior to taking such actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.In order that the indemnification provisions contained in this section shall apply, it is understood that if in any case the indemnitor may be asked to indemnify or hold the indemnitee harmless, the indemnitor shall be fully and promptly advised of all pertinent facts concerning the situation in question, and it is further understood that the indemnitee will use all reasonable care to notify the indemnitor promptly concerning any situation that presents or appears likely to present the probability of a claim for indemnification. Unless it reserves any rights to deny indemnification, the indemnitor shall have the option to defend the indemnitee against any claim that may be the subject of this indemnification. In the event that the indemnitor so elects, it will so notify the indemnitee and thereupon the indemnitor shall take over complete defense of the claim and shall be totally responsible for any liability of the indemnitee, and the indemnitee shall in such situation incur no further legal or other expenses for which it shall seek indemnification under this section. The indemnitee shall in no case confess any claim or make any compromise in any case in which the indemnitor will be asked to indemnify the indemnitee except with the indemnitor's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.The indemnity and defense provisions set forth in this <u>Section 10</u> shall indefinitely survive the termination and/or assignment of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.If USBGFS is acting in another capacity for the Company pursuant to a separate agreement, nothing herein shall be deemed to relieve USBGFS of any of its obligations in such other capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j.In conjunction with the tax services provided to the Company by USBGFS hereunder, USBGFS shall not be deemed to act as an income tax return preparer for any purpose including as such term is defined under Section 7701(a)(36) of the Internal Revenue Code of 1986, as amended (the "IRC"), or any successor thereof. Any information provided by USBGFS to the Company for income tax reporting purposes with respect to any item of income, gain, loss, or credit will be performed solely in USBGFS' administrative capacity. The Company, and any appointees thereof, shall have the right to inspect the transaction summaries produced and aggregated by USBGFS, and any supporting documents thereto, in connection with the tax reporting services provided to the Company by USBGFS. USBGFS shall not be liable for the provision or omission of any tax advice with respect to any information provided by USBGFS to the Company. The tax information provided by USBGFS shall be pertinent to the data and information made available to USBGFS, and is neither derived from nor construed as tax advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.Proprietary and Confidential Information.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.USBGFS agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Company, all records and other information relative to the Company and prior, present, or potential shareholders of the Company (and clients of said shareholders), and not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, except (i) after prior notification to and approval in writing by the Company, which approval shall not be unreasonably withheld and may not be withheld where USBGFS may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted governmental or regulatory authorities with jurisdiction over USBGFS, provided that USBGFS will promptly report such disclosure to the Company if disclosure is permitted by applicable law, rule or regulation, or (iii) when so requested in writing by the Company. Records and other information which have become known to the public through no wrongful act of USBGFS or any of its employees, agents or representatives, and information that was already in the possession of USBGFS prior to receipt thereof from the Company or its agent, shall not be subject to this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.USBGFS shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Company and its shareholders. USBGFS has implemented and will maintain an effective information security program

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reasonably designed to protect information relating to the shareholders of the Company (such information, "<u>Personal Information</u>"), which program includes sufficient administrative, technical and physical safeguards and written policies and procedures reasonably designed to (a) ensure the security and confidentiality of such Personal Information; (b) protect against any anticipated threats or hazards to the security or integrity of such Personal Information, including identity theft; and (c) protect against unauthorized access to or use of such Personal Information that could result in substantial harm or inconvenience to the Company or any shareholder (the "<u>Information Security Program</u>"). The Information Security Program complies and shall comply with reasonable information security practices within the industry (including the encryption of data where necessary or appropriate). Upon written request from the Company, USBGFS shall provide a written description of its Information Security Program. USBGFS shall provide related reports and information responding to reasonable due diligence requests regarding its compliance with its Information Security Program and shall notify the Company, expeditiously and without unreasonable delay, in writing of any breach of security, misuse or misappropriation of, or unauthorized access to, (in each case, whether actual or alleged) any information of the Company (any or all of the foregoing referred to individually and collectively for purposes of this provision as a "<u>Security Breach</u>"). USBGFS shall promptly investigate, remedy and bear the cost of the measures (including notification to any affected parties), if any, to address any Security Breach. USBGFS shall bear the cost of the Security Breach only if USBGFS is determined to be directly responsible for such Security Breach. In addition to, and without limiting the foregoing, USBGFS shall promptly cooperate with the Company or any of its affiliates' regulators at USBGFS's expense to prevent, investigate, cease or mitigate any Security Breach, including but not limited to investigating, bringing claims or actions and giving information and testimony. Notwithstanding any other provision in this Agreement, the obligations set forth in this paragraph shall survive termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.The Company agrees on behalf of itself and its trustees, officers, and employees to treat confidentially and as proprietary information of USBGFS, all non-public information relative to USBGFS (including, without limitation, information regarding USBGFS' pricing, products, services, customers, suppliers, financial statements, processes, know-how, trade secrets, market opportunities, past, present or future research, development or business plans, affairs, operations, systems, computer software in source code and object code form, documentation, techniques, procedures, designs, drawings, specifications, schematics, processes and/or intellectual property), and not to use such information for any purpose other than in connection with the services provided under this Agreement, except (i) after prior notification to and approval in writing by USBGFS, which approval shall not be unreasonably withheld and may not be withheld where the Company may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted governmental

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or regulatory authorities with jurisdiction over the Company, provided that the Company will promptly report such disclosure to USBGFS if disclosure is permitted by applicable law, rule or regulation, or (iii) when so requested in writing by USBGFS. Information which has become known to the public through no wrongful act of the Company or any of its employees, agents or representatives, and information that was already in the possession of the Company prior to receipt thereof from USBGFS, shall not be subject to this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.The Company shall not make or change any written representations regarding the services provided by or the responsibilities of USBGFS or its affiliates under this Agreement, whether in the Company's registration statement, offering documents, marketing or promotional materials, policies, or otherwise, that explicitly or implicitly ascribe to USBGFS or its affiliates any duties or responsibilities under this Agreement that are not specifically stated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Notwithstanding anything herein to the contrary, (i) the Company shall be permitted to disclose the identity of USBGFS as a service provider, redacted copies of this Agreement, and such other information as may be required in the Company's registration or offering documents, or as may otherwise be required by applicable law, rule, or regulation, and (ii) USBGFS shall be permitted to include the name of the Company in lists of representative clients in due diligence questionnaires, RFP responses, presentations, and other marketing and promotional purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.Records.**

USBGFS shall keep records relating to the services to be performed hereunder in the form and manner, and for such period, as it may deem advisable, but consistent with the rules and regulations of appropriate government authorities, in particular, Section 31 of the 1940 Act and the rules thereunder. USBGFS agrees that records relating to the services to be performed by USBGFS hereunder are the property of the Company and will be preserved, maintained, and made available in accordance with such applicable sections and rules of the 1940 Act and will be promptly made available for inspection or surrendered to the Company or its designee on and in accordance with its request, provided, however, that the Company shall bear the reasonable cost of transfer (including, without limitation, costs related to image conversions), and USBGFS may retain such copies of such records in such form as may be required to comply with any applicable law, rule, regulation, or order of any governmental, regulatory, or judicial authority of competent jurisdiction. Notwithstanding anything in this Agreement to the contrary, the Company acknowledges and agrees that if the Company elects to use an FTP or other electronic transmission method to communicate trade instructions to USBGFS the Company shall be responsible for maintaining the Company's records as they relate to the Company's review and approval of individuals authorized to place trading instructions as described in Rule 31a-1(b)(10) promulgated under the 1940 Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.Compliance with Laws.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.The Company has and retains primary responsibility for all compliance matters relating to the Company, including but not limited to compliance with the Securities Act; the Exchange Act; the 1940 Act; the Investment Advisers Act of 1940, as amended; the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"); the Sarbanes-Oxley Act of 2002 (the "<u>SOX Act</u>"); the USA PATRIOT Act of 2001; and the policies and limitations of the Company relating to its portfolio investments as set forth in its registration statement on Form N-2. USBGFS' services hereunder shall not relieve the Company of its responsibilities for assuring such compliance or the Board's oversight responsibility with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.The Company shall promptly notify USBGFS if the investment strategy of the Company materially changes or deviates from the investment strategy disclosed in the registration statement or other public disclosures, or if it becomes subject to any new law, rule, regulation, or order of a governmental or judicial authority of competent jurisdiction that materially impacts the operations of the Company or the services provided under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.If, and only to the extent that, the General Data Protection Regulation (EU) 2016/679, as amended ("<u>GDPR</u>") or the Cayman Islands Data Protection Law, 2017, as amended ("<u>DPL</u>"), are applicable to USBGFS and the Company the following provisions shall apply:

&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;i.The parties agree USBGFS is a "<u>Data Processor</u>" under GDPR and DPL, as applicable, in the performance of its services under this Agreement. Notwithstanding the foregoing, the parties agree USBGFS is a "<u>Data Controller</u>" under GDPR and DPL, as applicable, solely for the purpose of fulfilling its own pre-contractual AML/KYC new fund client onboarding obligations. In either case, the Company shall ensure that all necessary and appropriate consents, disclosures and notices, including data subject consents, are in place to enable the processing of "Personal Data" (as defined by GDPR and DPL) by USBGFS, the transfer of Personal Data to USBGFS, and the transfer of Personal Data by USBGFS to third countries or regulatory organizations.

&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;ii.The parties further agree the Company is a "<u>Data Controller</u>" under GDPR and DPL, as applicable. The Company, either alone or jointly with others, determines or controls the content, use, purpose and means of processing the Personal Data.

&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;iii.USBGFS shall process the Personal Data: (i) in accordance with instructions of the Company pursuant to this Agreement and any authorized persons list executed pursuant thereto, for the purpose of discharging USBGFS' obligations under the Agreement; and (ii) when

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required by law or regulation, or required or requested by any court or regulator (each a "<u>Processing Order</u>") to which USBGFS is subject. In the event USBGFS receives a request to process Personal Data pursuant to any Processing Order, it shall, to the extent legally permissible and reasonably practicable under the circumstances, notify the Company prior to processing.

&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;iv.The Company is solely responsible for developing and implementing its internal policies and procedures with respect to GDPR and DPL.

&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;v.USBGFS shall:

&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;1.ensure that persons handling Personal Data on its behalf are subject to confidentiality obligations similar to those contained in this Agreement;

&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;2.implement appropriate technical and organizational measures to protect Personal Data including against unauthorized or unlawful processing and against accidental loss, damage or destruction;

&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;3.only appoint sub-processors with the prior written consent of the Company (standing instructions or general written authorization are sufficient), and only if the sub-processors provide sufficient guarantees in writing to USBGFS that they have implemented appropriate technical and organizational measures in such a manner that processing will comply with GDPR and DPL, as applicable<sup>1</sup>;

&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;4.beyond the initial appointment, inform the Company of any intended material changes concerning the addition or replacement of sub-processors, thereby giving the Company the opportunity to object;

&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;5.taking into account the nature of the processing, reasonably assist the Company by appropriate technical and organizational measures, insofar as possible, to enable the Company to comply with its obligation to respond to requests for exercising a data subject's rights under GDPR or DPL;

&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;6.provide reasonable assistance to the Company in ensuring their compliance with obligations regarding Personal Data breaches, data protection impact assessments and prior consultation subject to the nature of the processing and the information reasonably

<sup>1</sup> For the avoidance of doubt, USBGFS' affiliates and third party software providers will be used as sub-processors under this Agreement, and the Trust hereby authorizes such use.

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available to USBGFS, and inform the Company of Personal Data breaches without undue delay;

&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;7.at the written direction of the Company, delete or return all Personal Data to the Company after the end of the provision of services under the Agreement relating to processing, and delete existing copies of Personal Data unless applicable law or internal data retention or backup procedures require the storage of such Personal Data; and

&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;8.make available to the Company all information reasonably necessary to demonstrate compliance with GDPR or DPL, as applicable, and allow for and reasonably cooperate with audits, including inspections, conducted by the Company or its auditor; and immediately inform the Company if, in its opinion, the Company's instructions regarding this subsection infringes on GDPR or DPL.

&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;vi.Each party shall comply with any other applicable law or regulation which implements GDPR and DPL in relation to the Personal Data. Nothing in the Agreement shall be construed as preventing either party from taking such other steps as are necessary to comply with GDPR, DPL or any other applicable data protection laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.Term of Agreement; Amendment.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.This Agreement shall become effective as of the date that the Company elects to be regulated as a business development company under the 1940 Act and will continue in effect for a period of three (3) years. Following the initial term, this Agreement shall automatically renew for successive one (1) year terms unless either party provides written notice at least ninety (90) days prior to the end of the then current term that it will not be renewing the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Subject to <u>Section 15</u>, this Agreement may be terminated by either party upon giving ninety (90) days' prior written notice to the other party or such shorter notice period as is mutually agreed upon by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.USBGFS may terminate this Agreement immediately if the continued service of the Company would cause USBGFS or any of its affiliates to be in violation of any applicable law, rule, regulation, or order of any governmental, regulatory or judicial authority of competent jurisdiction, or if the Company (or any affiliate thereof) commits any act, or becomes involved in any situation or occurrence, tending to bring itself into significant public disrepute, contempt, scandal, or ridicule, or such that the continued association with the Company would have a materially unfavorable impact upon USBGFS' reputation, provided that in such event USBGFS shall, to the extent it is legally permitted and able to do so, permit

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the Company a reasonable period of time to cure such matter prior to termination pursuant to this provision and provide reasonable assistance to transition the Company to a successor service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.This Agreement shall automatically terminate if the Company fails to maintain an effective registration statement under the 1940 Act and, if applicable, the Securities Act, or appropriate state securities law filings as necessary to enable the Company to make a public offering of its shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.This Agreement may be terminated by the non-breaching party upon the breach of the other party of any material term of this Agreement if such breach is not cured within fifteen (15) days of notice of such breach to the breaching party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.This Agreement may not be amended or modified in any manner except by written agreement executed by USBGFS and the Company and authorized or approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.The Company may terminate this Agreement with 30 days prior written notice to USBGFS without penalty in the event that a regulatory body, including a self-regulatory body (i.e. FINRA, SEC) determines that the services provided under the Agreement do not comply with the laws, rules, regulations, findings or guidelines of such regulatory or self-regulatory body ("Regulatory Issue") and USBGFS determines that it cannot make modifications or enhancements to the applicable services within a commercially reasonable period to resolve any such Regulatory Issue. The Company must provide USBGFS with all written documentation from any such regulatory or self-regulatory body related to any such determination along with the termination notice. If the Company terminates this Agreement based on a Regulatory Issue, notwithstanding anything to the contrary in the Agreement, the Company will not be responsible for any payments under Section 15 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.Either party may terminate this Agreement immediately upon written notice to the other party following the occurrence of any of the following (in which case the Company shall not be obligated to pay an early termination fee under Section 15 of this Agreement): (i) the other party being declared bankrupt, entering into a composition with creditors, obtaining a suspension of payment, being put under court controlled management or being the subject of a similar measure; or (ii) the relevant federal or state authority withdrawing its authorization of either party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.Early Termination.**

In the absence of a breach of a material term of this Agreement or the liquidation of the Trust, should the Company elect to terminate this Agreement prior to the end of the three (3) year term , the Company agrees to pay the following fees subject to the termination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All monthly fees through the life of the Agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.All reasonable fees incurred when converting services to successor service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.All reasonable fees incurred with any record retention and/or tax reporting obligations that may not be eliminated due to the conversion to a successor service provider, as agreed upon by both parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.All reasonable and documented miscellaneous costs associated with a.- c. above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.Duties in the Event of Termination.**

In the event that, in connection with termination, a successor to any of USBGFS' duties or responsibilities hereunder is designated by the Company by written notice to USBGFS, USBGFS will promptly, upon such termination and at the expense of the Company (except in the case of a material breach by USBGFS, in which case all expenses shall be borne by USBGFS), transfer to such successor all relevant books, records, correspondence, and other data established or maintained by USBGFS under this Agreement in a form reasonably acceptable to the Company (if such form differs from the form in which USBGFS has maintained the same, the Company shall pay any expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from USBGFS' personnel in the establishment of books, records, and other data by such successor. If no such successor is designated, then such books, records and other data shall be returned to the Company. The Company shall also pay any actually incurred and documented fees associated with record retention and/or tax reporting obligations that USBGFS is obligated under applicable law, regulation, or rule to continue following the termination. USBGFS is authorized to destroy such books, records, and other data following termination in accordance with its record retention policy and applicable regulatory requirements if the Company or its designee do not take possession of such records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.Assignment.**

This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by the Company without the written consent of USBGFS, or by USBGFS without the written consent of the Company accompanied by the authorization or approval of the Company's Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.Governing Law.**

This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to conflicts of law principles. To the extent that the applicable laws of the State of New York, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control, and nothing herein shall be construed in a manner inconsistent with the 1940 Act or any rule or order of the U.S. Securities and Exchange Commission (the "SEC") thereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.No Agency Relationship.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Nothing herein contained shall be deemed to authorize or empower either party to act as agent for the other party to this Agreement, or to conduct business in the name, or for the account, of the other party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.The Company acknowledges that the Board and officers of the Company are responsible for management of the Company and that USBGFS has no duties or obligations to manage or control the Company. Any duties and obligations of USBGFS are strictly limited to those set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.The Company acknowledges and agrees that if any employee of USBGFS or any of its affiliates serves as a trustee of the Company such person is serving in their own individual capacity at the pleasure of the shareholders of the Company and not as a representative of USBGFS or any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.The Company acknowledges and agrees that if any employee of USBGFS or any of its affiliates serves as an officer of the Company, or in any other similar capacity, such person is engaged in such position at the direction of, and subject to the supervision and oversight of, and removal by, the Board of the Company, and when such person is acting in such capacity they are doing so on behalf of the Company and not as a representative of USBGFS or any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.Services Not Exclusive.**

Nothing in this Agreement shall limit or restrict USBGFS from providing services to other parties that are similar or identical to some or all of the services provided hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.Company Limitations** 

This Agreement is executed by the Company with respect to itself, and the obligations hereunder are not binding on any of the trustees, officers or shareholders of the Company individually, but are binding only on the Company and the assets and property of the Company. USBGFS further agrees that it shall not seek satisfaction of any such obligation from any shareholder of the Company, nor from any trustee of the Company, officers, employees or agents, whether past, present or future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.Insurance** 

USBGFS shall at all times during the term of this Agreement maintain, at its cost, insurance coverage regarding its business in such amount and scope as it deems adequate in connection with the services provided by USBGFS under this Agreement. Upon the Company's reasonable request, USBGFS shall furnish to the Company a summary of the applicable insurance coverage, including with respect to cybersecurity breaches.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.Invalidity.**

Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.Regulatory Services.**

Nothing in this Agreement shall be deemed to appoint USBGFS or any of its officers, directors or employees as the Company attorneys, form attorney-client relationships or require the provision of legal advice. No work performed by employees of USBGFS or its affiliates (whether relating to assisting in the preparation or filing of regulatory materials, compliance with applicable laws, rules, or regulations, or otherwise) shall constitute legal advice. The Company acknowledges that employees of USBGFS and its affiliates who are attorneys do not represent the Company and rely on outside counsel retained by the Company to review all services provided by USBGFS and to provide independent judgment on the Company's behalf. The Company acknowledges that because no attorney-client relationship exists between the Company and USBGFS (or any employee of USBGFS or its affiliates), any information provided may not be privileged and may be subject to compulsory disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.Notices.**

Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, to the other party's address set forth below:

Notice to USBGFS shall be sent to:

U.S. Bancorp Fund Services, LLC

777 E. Wisconsin Ave.

Milwaukee, WI 53202

Attn: GFS Contracts

Email: GFSContracts@usbank.com

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and notice to the Company shall be sent to:

c/o Robinhood Ventures Fund II

85 Willow Road

Menlo Park, CA 94025

Attn: Manan Shah

Phone: (844) 428-5411

Email: rhvfund@robinhood.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.No Third-Party Rights.**

Nothing expressed or referred to in this Agreement will be construed to give any third party (including, without limitation, shareholders of the Company) any legal or equitable right, remedy or claim under or with respect to this Agreement, other than the limited third party rights of the Data Providers as expressly set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.Multiple Originals; Electronic Signatures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original, but such counterparts shall together constitute but one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.This Agreement may be executed by means of electronic signatures, and a signed copy of this Agreement transmitted by facsimile, email, or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original executed copy of this Agreement for all purposes.

**SIGNATURE PAGE FOLLOWS**

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer.

---

| | | | |
|:---|:---|:---|:---|
| **ROBINHOOD VENTURES FUND II** | **ROBINHOOD VENTURES FUND II** | **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Manan Shah | By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Elizabeth Scalf |
| Name: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manan Shah | Name: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elizabeth Scalf |
| Title: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasurer | Title: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President |
| Date: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May 15, 2026 | Date: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May 15, 2026 |
| **ROBINHOOD VENTURES DE, LLC** | **ROBINHOOD VENTURES DE, LLC** |  |  |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Manan Shah |  |  |
| Name: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manan Shah |  |  |
| Title: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasurer |  |  |
| Date: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May 15, 2026 |  |  |

---

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**EXHIBIT A**

**<u>Services</u>**

**<u>CORE SERVICE LINES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.Administration Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.General Company Administration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Act as a liaison among all Company service providers, including, but not limited to, custodians, transfer agents and dividend reinvestment plan administrators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Audits:

&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;a.&nbsp;&nbsp;&nbsp;&nbsp;Prepare appropriate schedules and assist independent auditors.

&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;b.&nbsp;&nbsp;&nbsp;&nbsp;Provide information to the Securities Exchange Commission (the "SEC") if requested, and facilitate audit process.

&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;c.&nbsp;&nbsp;&nbsp;&nbsp;Provide office facilities, if necessary, in connection with such audits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Quarterly Compliance Support:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Regulatory and Internal Revenue Service (the "IRS") Quarterly Compliance:

&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;a.&nbsp;&nbsp;&nbsp;&nbsp;Monitor quarterly compliance with the 1940 Act requirements applicable to business development companies and the Company's status as a regulated investment company under Subchapter M, including:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Maintenance of books and records under Rule 31a-3 of the 1940 Act.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;IRC Section 851 – 90% Qualifying income

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;IRC Section 851 – Annual Distribution Requirement

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;IRC Section 851 – Fund Diversification

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;Section 12(d)(1)(A) of the 1940 Act – Diversification Requirement

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;Section 55(a) of the 1940 Act – 70% Eligible Assets Requirement

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;Section 18 of the 1940 Act, as modified by Section 61 of the 1940 Act – 150% Asset Coverage Requirement

&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;b.Maintain awareness of applicable regulatory and operational service issues.

&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;c.Perform its duties hereunder in compliance with all applicable laws and regulations and provide any sub-certifications reasonably requested by the Company in connection with: (i) any certification required of the Company pursuant to the Sarbanes-Oxley Act of

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2002 (the "SOX Act") or any rules or regulations promulgated by the SEC thereunder, and (ii) the operation of USBGFS' compliance program as it relates to the Company, provided the same shall not be deemed to change USBGFS' standard of care as set forth herein.

&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;d.In order to assist the Company in satisfying the requirements of Rule 38a-1 under the 1940 Act (the "Rule"), USBGFS' will provide the Company's Chief Compliance Officer with reasonable access to USBGFS' fund records relating to the services provided by it under this Agreement, and will provide quarterly compliance reports and related certifications regarding any Material Compliance Matter (as defined in the Rule) involving USBGFS&nbsp;&nbsp;&nbsp;&nbsp; that affect or could affect the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)SEC Reporting:

&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;a.Prepare financial statements for inclusion in Form 10-Q and Form 10-K, as applicable.

&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;b.Prepare and file fidelity bond under Rule 17g-1 of the 1940 Act.

&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;c.Assist in preparing supporting documents for initial fund required filings by the SEC and any U.S. stock exchanges on which the Company's shares may be listed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.SEC Inspections:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Assist in producing materials requested by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Maintain records of all materials produced as requested by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.Financial Reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Provide financial data for inclusion in the Company's registration statements filed under the Securities Act of 1933 and/or Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Supervise the maintenance of the Company's general ledger and the preparation of the Company's financial statements, including oversight of expense payments, of the determination of net asset value of the Company's shares, and of the declaration and payment of dividends and other distributions to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Compute the total return and expense ratio of the Company and the Company's portfolio turnover rate.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Prepare quarterly and annual financial statements, which include without limitation the following items:

&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;a.Schedule of Investments.

&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;b.Consolidated Balance Sheet.

&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;c.Statement of 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Statement of Changes in Net Assets.

&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;e.Statement of Cash Flows.

&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;f.Notes to the quarterly and annual financial statements.

&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;g.Financial highlights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Coordinate certification requirements pursuant to the SOX act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)Compute Total Return calculations for Net Asset Value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.Tax Reporting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)File Form 1099 Miscellaneous or equivalent for payments to Trustees and other service providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Prepare tax schedules, which include without limitation the following items:

&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;a.Fiscal Distribution Schedule (including recorded ROSCOP journal entry to general ledger).

&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;b.Excise Distribution Schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Prepare for the review of the independent accountants and/or Company management the federal and state tax returns including without limitation, Form 1120 RIC and applicable state returns including any necessary schedules. USBGFS will prepare annual Company federal and state income tax return filings as authorized by and based on the instructions received by Company management and/or its independent accountant. File on a timely basis appropriate federal and state tax returns including, without limitation, Forms 1120/8613, with any necessary schedules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Provide the Company's management and Company's independent accountant with tax reporting information pertaining to the Company and available to USBGFS as required in a timely manner.

&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;a.Prepare Company financial statement tax footnote disclosures for the review and approval of Company management and/or the Company's independent accountant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.If the Company so elects, USBGFS shall provide additional services that are further described in the fee schedule on <u>Exhibit B</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II.Accounting Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Portfolio Accounting Services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Maintain portfolio records on a trade date+1 basis using security trade information communicated from the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)As of the end of each of the Company's fiscal years and first three fiscal quarters (each such date is referred to herein as a "valuation date"), obtain prices from a pricing source approved by the Board of Trustees of the Company (the "Board of Trustees" or the "Trustees") and apply those prices to the portfolio positions. For those securities where market quotations are not readily available, the Board of Trustees, or a designee thereof, shall provide, in good faith, the fair value for such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Identify interest and dividend accrual balances as of each valuation date and calculate gross earnings on investments for the accounting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Determine gain/loss on security sales and identify them as short-term or long-term; account for periodic distributions of gains or losses to shareholders and maintain undistributed gain or loss balances as of each valuation date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Expense Accrual and Payment Services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)For each valuation date, monitor the expense accrual amounts as directed by the Company as to methodology, rate or dollar amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Process and record payments for Company expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Account for Company expenditures and maintain expense accrual balances at the level of accounting detail, as agreed upon by USBGFS and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Provide expense accrual and payment reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.Company Valuation and Financial Reporting Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Account for Company share purchases, tenders, sales, exchanges, transfers, dividend reinvestments, and other Company share activity as reported by the Company's transfer agent on a timely basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Apply equalization accounting as directed by the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Determine net investment income (earnings) for the Company as of each valuation date. Account for periodic distributions of earnings to shareholders and maintain undistributed net investment income balances as of each valuation date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Maintain a general ledger and other accounts, books, and financial records for the Company in the form as agreed upon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Calculate the net asset value of the Company according to the accounting policies and procedures set forth in the Company's registration statement filed under the Securities Act of 1933 and/or Securities Exchange Act of 1934 or other public disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)On a quarterly basis, calculate per share net asset value, per share net earnings, and other per share amounts reflective of Company operations as of each valuation date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)Communicate, at an agreed upon time, the per share net asset value for each valuation date to parties as agreed upon from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)Prepare quarterly reports that document the adequacy of accounting details to support month-end ledger balances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.Tax Accounting Services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Maintain accounting records for the investment portfolio of the Company to support the tax reporting required for Internal Revenue Service defined regulated investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Maintain tax lot detail for the Company's investment portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Calculate taxable gain/loss on security sales using the tax lot relief method designated by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Provide the necessary financial information to calculate the taxable components of income and capital gains distributions to support tax reporting to the shareholders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.Compliance Control Services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Support reporting to regulatory bodies and financial statement preparation by making the Company's accounting records available to the Company, the SEC, and the Company's IRPAF, in each case as requested by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Maintain accounting records according to the 1940 Act and regulations provided thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Assist the Company's Chief Executive Officer and Chief Financial Officer in connection with establishing and maintaining internal control over financial reporting (as defined in Rules 13a-15(f) and 15-d(f) under the Securities Exchange Act of 1934 (the "1934 Act")) for the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)In order to assist the Company in satisfying the requirements of Rule 38a-1 under the 1940 Act (the "Rule"), USBGFS will provide the Company's Chief Compliance Officer with reasonable access to USBGFS' fund records relating the services provided by it under this Agreement, and will provide quarterly compliance reports and related certifications regarding any Material Compliance Matter (as defined in the Rule) involving USBGFS that affect or could affect the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Cooperate with the Company's IRPAF and take all reasonable action in the performance of its obligations under this Agreement to ensure that the necessary information is made available to such IRPAF for the expression of their opinion on the Company's financial statements, without any qualification as to the scope of their examination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.USBGFS will perform the following accounting functions on a quarterly basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Reconcile cash and investment balances of the Company with the Company's custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Transmit or mail a copy of the portfolio valuation to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.In addition, USBGFS will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Prepare quarterly security transactions listings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Supply various statistical data as requested by the Company on an ongoing basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Prepare a quarterly reconciliation between the Company's cash portfolio as held on USBGFS' accounting records and the Company's internal records.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Pay Company expenses upon written authorization from the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.If the Company so elects, USBGFS shall provide the Rule 2a-5 supplemental services described on, and subject to the terms and conditions of, <u>Exhibit E</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.If the Company so elects, USBGFS shall provide the Rule 18f-4 supplemental services described on, and subject to the terms and conditions of, <u>Exhibit F</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III.<u>RESERVED</u>.

**<u>ADDITIONAL AND SUPPLEMENTAL SERVICES</u>**

Any additional or supplemental services not listed above may be provided from time to time upon mutual written agreement of the parties, subject in all cases to the terms and conditions of this Agreement. Any such additional or supplemental services shall be provided at the fees specified on <u>Exhibit B</u> or at USBGFS' then current standard rates for such services if not specified.

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**EXHIBIT B**

**<u>Fees</u>**

**<u>ANNUAL FEES BASED UPON AVERAGE NET ASSETS PER FUND\*</u>**

6 basis points on the first $250 million

5 basis points on the next $250 million

3 basis points on the balance

Minimum Annual Fee: $125,000 per fund

▪ Additional fee of $15,000 for each additional class, Controlled Foreign Corporation (CFC), and/or sub-advisor

▪ Additional fee of $10,000 for each intramonth NAV calculations in excess of one strike per month

Note: Conversion, master/feeder, and extraordinary services quoted separately.

The fees above include the following 1120-RIC core tax services: M-1 book-to-tax adjustments at fiscal and excise year-end, prepare tax footnotes in conjunction with fiscal year-end audit, Prepare Form 1120-RIC federal income tax return and relevant schedules, Prepare Form 8613 and relevant schedules, Prepare Form 1099-NEC Forms, Prepare Annual TDF FBAR (Foreign Bank Account Reporting) filing, Prepare state returns (Limited to two) and Capital Gain Dividend Estimates (Limited to two).

All schedules subject to change depending upon use of unique security type requiring special pricing or accounting arrangements.

Following the first year of the Agreement, the above fees are subject to annual "CPI increase - All Urban Consumers - U.S. City Average" index. For each entity serviced that has more than 100 investors, each additional investor will incur an investor services charge of $85 per year.

**Chief Compliance Officer Support Fee**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ $6,000 per year

**Annual 10-K & 10-Q Document Management Fee**

Included in the basis point service fee schedule above, we will provide final drafts of required financial statements, schedule of investments and tabular data included in footnotes.

Form 10-Q and Form 10-K filings with financial data includes:

1)Shell of 10-Q/10-K provided prior to quarter/year end (Includes prior period comparative data).

2)Post-valuation financial statements / document (requires valuation sign-off).

3)Final financial statements / document

Additional report drafts beyond these three will be an additional $5,000

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**Data Services**

**Pricing and Security Setup Services**

For daily pricing, setup, and maintenance of each security (estimated 252 pricing days annually)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ $0.08 – Listed Equity Instruments and rates including but not limited to: Domestic Equities, Options, ADRs, Foreign Equities, Futures, Forwards, Currency Rates, Total Return Swaps,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ $0.50 – Lower Tier Cost Fixed Income Instruments including but not limited to: Domestic Corporate and Governments Agency Bonds, Mortgage Backed Securities, and Municipal Bonds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ $0.80 – Higher Tier Cost Fixed Income Instruments including but not limited to: CMOs and Asset Backed Securities; Money Market Instruments; Foreign Bonds; High Yield Bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ $1.00 Bank Loans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Derivative Instruments are generally charged at the following rates:

o$0.90 – Interest Rate Swaps, Foreign Currency Swaps

o$1.50 – Swaptions

o$3.00 Credit Default Swaps

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ $1.50 – Intraday money market funds pricing, up to 3 times per day

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ $500 per Month Manual Security Pricing (>25per day)

Note: Prices above are based on using U.S. Bank primary pricing service which may vary by security type and are subject to change. Prices do not include set-up fees which may be charged on certain derivative instruments such as swaps. Use of alternative and/or additional sources may result in additional fees. Pricing vendors may designate certain securities as hard to value or as a non-standard security type, such as CLOs and CDOs, which may result in additional fees. All schedules subject to change depending upon the use of unique security type requiring special pricing or accounting arrangements.

**Corporate Action and Factor Services (security paydown & prepayment time series)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ $2.50 per Foreign Equity Security per Month for Corporate Action Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ $1.50 per Domestic Equity Security per Month for Corporate Action Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ $4.00 per CMO and Asset Backed Security per Month for Factor Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ $1.50 per Mortgage Backed Security per Month for Factor Services

**Third Party Administrative Data Charges (descriptive data for each security analytics, reporting and compliance)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ $1.50 per security per month for fund administrative data (based upon U.S. Bancorp standard data services and are subject to change)

**Index Service Fees**

● $50 per month per fund: Tier 0 for maintenance of data for performance calculations where the client is supplying the Index data

● $100 per month per fund: Tier 1 including but not limited to: ICE Indexes, Morningstar, Bloomberg, S&P, Dow Jones, CBOE, and HFRI Indexes

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● $250 per month per fund: Tier 2 including but not limited to: MSCI Indexes, FTSE Russell

● $500 per month per fund: Tier 3 including but not limited to: Wilshire Indexes, Lipper JPM

● $200 per month per fund additional fee for creation of a blended index, in addition to Tier index fees.

Note: Rates are tiered based upon rates charged by the index provider and are subject to change. S&P Global and Dow Jones are their standard packages only, specialized packages from all index providers will result in a higher fee. Use of other, custom, and blended indexes may result in additional fees. Index providers may require a direct contract in addition to the above service contract, which may result in additional fees payable to the index provider

**All Data Service charges are subject to change based on cost increases from underlying data providers.**

***Miscellaneous Expenses***

All other miscellaneous fees and expenses, including but not limited to the following, will be separately billed as incurred:

Fair Value Services, SWIFT processing, customized reporting, third-party data provider costs, postage, stationery, programming, special reports, proxies, insurance, EDGAR filing, tax e-filing, PFIC monitoring, wash sale reporting, retention of records, federal and state regulatory filing fees, liquidity classification fees, expenses from Board of Trustees meetings, third party auditing and legal expenses, and conversion expenses (if necessary).

Additional services not included above shall be mutually agreed upon at the time of the service being added. In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided (*e.g*., compliance with new derivatives risk management and reporting requirements).

\*Subject to annual "CPI increase – All Urban Consumers – U.S. City Average" index, provided that the CPI adjustment will not decrease the base fees (even if the cumulative CPI rate at any point in time is negative).

Fees are calculated pro rata and billed monthly.

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**Fund Administration & Quarterly Compliance Portfolio Services Supplemental Fee Schedule**

**Quarterly Compliance Services**

■$20,000 per fund group per year - Base fee

■ Additional fee of $2,500 per fund per year (first fund included in base fee)

**SEC Derivatives Rule 18f-4 Confluence Technologies Offering** 

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| | |
|:---|:---|
| **Offering** | &nbsp;&nbsp;**Price per Fund per Month\*** |
| Limited Derivatives User | $200 |
| Full Derivatives User (no OTC derivatives) | $300 |
| Full Derivative User (with 1-5 OTC derivatives) | $400 |
| Full Derivative User (with 5 or more OTC derivatives) | $500 |
| Closed Fund Data Maintenance Fee | $50 |

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\***Additional fees may apply from index providers**

**Tax Reporting – C Corporation Fees**

▪ Prepare book to tax calculation, prepare quarterly and annual income tax provision analysis for standalone and consolidated reporting including tax footnote disclosures, and prepare federal income tax returns for investment fund (Federal returns & 1099 Breakout Analysis) – $30,000

▪ Prepare state income tax returns including apportionment and adjustment analysis - (First two included in core services) - $1,500 per state return

▪ Prepare federal and state extensions – included in return fees

▪ Prepare quarterly tax estimates – $5,000 per estimate (federal and state)

▪ State nexus study - $1,500 per state per request

▪ Prepare state combined and unitary filing requirements - $1,500 per requirement

▪ Prepare FINCEN Form 114 and Form 8937 (if applicable) – included in the return fee

▪ Prepare and file Form 1099-NEC – included in return fee

▪ Prepare ownership change analysis under Section 382 – fees assessed based on hours incurred at mutually agreed upon billing rate(s)

▪ Other tax services not specifically listed above will be billed at a mutually agreed upon fee

**Optional 1120-RIC Tax Services** 

▪ Prepare book-to-tax adjustments & Form 5471 for Controlled Foreign Corporations (CFCs) – $5,000 per year

▪ Additional Capital Gain Dividend Estimates – (First two included in core services) – $1,000 per additional estimate

▪ State tax returns - (First two included in core services) – $1,500 per additional return

**Fees for Special Situation:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Fee will be assessed.

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Rule 2a-5 Supplemental Services:

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| | |
|:---|:---|
| **Percentage of individual level 2 instruments held by a Fund** | &nbsp;&nbsp;**Monthly Fee for Such Fund<sup>2</sup>** |
| 5% or less | $100 |
| More than 5% but less than 25% | $200 |
| 25% or more | $300 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Note: The availability of the Rule 2a-5 Supplemental Services and the associated fees are subject to USBGFS' ability to obtain comparison prices from its chosen comparison third-party pricing sources at reasonable cost. The reports provided as part of the Rule 2a-5 Supplemental Services may, in USBGFS' sole discretion, exclude information for instruments for which an alternative comparison price is unavailable or difficult or costly to obtain. In addition, the reports provided may cease to include instruments that were previously included if alternative prices are no longer available from third-party sources or if the fees for such alternative prices rise.

**Digital Board Materials:**

Comprehensive Digital Services

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| | |
|:---|:---|
| Comprehensive Digital Services | Comprehensive Digital Services |
| &nbsp;&nbsp;**Description** | **Annual Price**<sup>1</sup> **(USD)** |
| Base Fee | $4500 |
| Per User Fee<sup>2</sup> | $500 |
| Per Separate Committee<sup>3</sup> Fee | $500 |

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<sup>1</sup> Subject to an annual increase, provided that the annual increase will not exceed 4.5% through October 2025

<sup>2</sup> Per user fee applies to all users excluding any USBGFS employee who is not an officer in a Multiple Series Trust sponsored by USBGFS.

<sup>3</sup> A committee consists of a separate space on Diligent's board portal that can be used to host and organize materials outside of the main board meeting, such as audit committees, governance committees, and executive committees.

<sup>2</sup> **NOTE: The Rule 2a-5 Supplemental Services and the associated fees are dependent on comparison prices from USBGFS' chosen comparison third-party pricing source. The Fund may choose to perform comparison pricing with a different comparison pricing vendor under an alternative service with different associated costs.**

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Light Digital Offering

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| | |
|:---|:---|
| Light Digital Offering | Light Digital Offering |
| &nbsp;&nbsp;**Description** | **Annual Price**<sup>1</sup> **(USD)** |
| Base Fee | $2000 |

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<sup>1</sup> Subject to annual "CPI increase – All Urban Consumers – U.S. City Average" index, provided that the CPI adjustment will not decrease the base fees (even if the cumulative CPI rate at any point in time is negative).

**Customized delivery of data:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ TBD

***Extraordinary Services***

Extraordinary services are duties or responsibilities of an unusual nature, including termination, but not provided for in the governing documents or otherwise set forth in this schedule. A reasonable charge will be assessed based on the nature of the service and the responsibility involved. At our option, these charges will be billed at a flat fee or at our hourly rate then in effect.

Fees are calculated pro rata and billed monthly. Account approval is subject to review and qualification. Fees are subject to change at our discretion and upon written notice. Fees paid in advance will not be prorated. The fees set forth above and any subsequent modifications thereof are part of your agreement. Finalization of the transaction constitutes agreement to the above fee schedule, including agreement to any subsequent changes upon proper written notice. In the event your transaction is not finalized, any related out-of-pocket expenses will be billed to the client directly. Absent your written instructions to sweep or otherwise invest, all sums in your account will remain uninvested and no accrued interest or other compensation will be credited to the account. Payment of fees constitutes acceptance of the terms and conditions set forth.

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an Account. For a non-individual person such as a business entity, a charity, a trust, or other legal entity, we ask for documentation to verify its formation and existence as a legal entity. We may also ask to see financial statements, licenses, identification and authorization documents from individuals claiming authority to represent the entity or other relevant documentation.

**Third-Party Agent Domestic Securities Lending Support\*+**

▪ $2,500 implementation fee per Company per Third-Party Agent Lender

▪ Annual Base Fee $75,000 per Company per Third-Party Agent Lender

▪ Plus Transaction fees

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**Third-Party Agent Portfolio Transaction Fees+** 

▪ $5.00 - transaction fee will be assessed for each loan, return, and reallocation transactions (loan/return)

+ Each Third-Party Agent Lender will be invoiced directly

\*Subject to annual "CPI increase – All Urban Consumers – U.S. City Average" index, provided that the CPI adjustment will not decrease the base fees (even if the cumulative CPI rate at any point in time is negative).

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**EXHIBIT C**

**<u>Required Provisions of Data Service Providers</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Company shall use the Data solely for internal purposes and will not redistribute the Data in any form or manner to any third party, except as may otherwise be expressly agreed to by the Data Provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Company will not use or permit anyone else to use the Data in connection with creating, managing, advising, writing, trading, marketing or promoting any securities or financial instruments or products, including, but not limited to, funds, synthetic or derivative securities (e.g., options, warrants, swaps, and futures), whether listed on an exchange or traded over the counter or on a private-placement basis or otherwise or to create any indices (custom or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Company agrees that it shall (a) comply with all laws, rules and regulations applicable to accessing and using the Data, (b) not use the Data for any purpose independent of those for which it is provided by the Data Provider, and (c) exculpate the Data Provider, its affiliates and their respective suppliers from any liability or responsibility of any kind relating to the Company's receipt or use of the Data (including expressly disclaiming all warranties).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Company will treat the Data as proprietary to the Data Provider. Further, the Company shall acknowledge that the Data Provider is the sole and exclusive owners of the Data and all trade secrets, copyrights, trademarks and other intellectual property rights in or to the Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Company will not (i) copy any component of the Data, (ii) alter, modify or adapt any component of the Data, including, but not limited to, translating, decompiling, disassembling, reverse engineering or creating derivative works, or (iii) make any component of the Data available to any other person or organization (including, without limitation, the Company's present and future parents, subsidiaries or affiliates) directly or indirectly, for any of the foregoing or for any other use, including, without limitation, by loan, rental, service bureau, external time sharing or similar arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Company shall reproduce on all permitted copies of the Data all copyright, proprietary rights and restrictive legends appearing on the Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Company shall assume the entire risk of using the Data and shall agree to hold the Data Providers harmless from any claims that may arise in connection with any use of the Data by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Company acknowledges that the Data Providers may, in their sole and absolute discretion and at any time, terminate USBGFS' right to receive and/or use the Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Company acknowledges and agrees that the Data Providers are third party beneficiaries of the agreements between the Company and USBGFS with respect to the provision of the Data, entitled to enforce all provisions of such agreements relating to the Data.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● THE DATA IS PROVIDED TO THE TRUST ON AN "AS IS" BASIS. USBGFS, ITS INFORMATION PROVIDERS, AND ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA MAKE NO REPRESENTATION OR WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, WITH RESPECT TO THE DATA (OR THE RESULTS TO BE OBTAINED BY THE USE THEREOF). USBGFS, ITS INFORMATION PROVIDERS AND ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA EXPRESSLY DISCLAIM ANY AND ALL IMPLIED WARRANTIES OF ORIGINALITY, ACCURACY, COMPLETENESS, NON-INFRINGEMENT, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● THE TRUST ASSUMES THE ENTIRE RISK OF ANY USE THE TRUST MAY MAKE OF THE DATA. IN NO EVENT SHALL USBGFS, ITS INFORMATION PROVIDERS OR ANY THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA, BE LIABLE TO THE TRUST, OR ANY OTHER THIRD PARTY, FOR ANY DIRECT OR INDIRECT DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY LOST PROFITS, LOST SAVINGS OR OTHER INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF THIS AGREEMENT OR THE INABILITY OF THE TRUST TO USE THE DATA, REGARDLESS OF THE FORM OF ACTION, EVEN IF USBGFS, ANY OF ITS INFORMATION PROVIDERS, OR ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA HAS BEEN ADVISED OF OR OTHERWISE MIGHT HAVE ANTICIPATED THE POSSIBILITY OF SUCH DAMAGES.

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**EXHIBIT D**

**<u>Digital Board Services</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Services</u>. USBGFS shall provide the following supplemental digital board services to the Company (the "Digital Board Services") as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Comprehensive Digital Services

&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;i.Full access to the premium version of Diligent's board portal, including compilation and distribution of all board materials by USBGFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Light Digital Offering

&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;i.Compilation of all board materials by USBGFS into a PDF stored on a OneDrive site to be accessed by the Company's Board participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Compensation</u>. The Company shall pay to USBGFS fees for the Board Services selected in accordance with the fee schedules as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Comprehensive Digital Services

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| | |
|:---|:---|
| Comprehensive Digital Services | Comprehensive Digital Services |
| &nbsp;&nbsp;**Description** | **Annual Price**<sup>1</sup> **(USD)** |
| Base Fee | $4500 |
| Per User Fee<sup>2</sup> | $500 |
| Per Separate Committee<sup>3</sup> Fee | $500 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Light Digital Offering

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| | |
|:---|:---|
| Light Digital Offering | Light Digital Offering |
| &nbsp;&nbsp;**Description** | **Annual Price**<sup>1</sup> **(USD)** |
| Base Fee | $2000 |

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<sup>1</sup> Subject to annual "CPI increase – All Urban Consumers – U.S. City Average" index, provided that the CPI adjustment will not decrease the base fees (even if the cumulative CPI rate at any point in time is negative).

<sup>2</sup> Per user fee applies to all users excluding any USBGFS employee who is not an officer of the Company

<sup>3</sup> A committee consists of a separate space on Diligent's board portal that can be used to host and organize materials outside of the main board meeting, such as audit committees, governance committees, and executive committees.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Selection of Services</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Comprehensive Digital Services</u>. The selection of Comprehensive Digital Services shall be binding on the Company for one year. Following any one year period of Comprehensive Digital Services the Company may select (i) Comprehensive Digital Services for an additional one year period, (ii) the Light Digital Offering, or (iii) only the basic board services provided under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>Light Digital Offering</u>. The selection of the Light Digital Offering shall be binding on the Company for one quarter. Following any quarter for which the Company has selected the Light Digital Offering the Company may select (i) Comprehensive Digital Services, (ii) the Light Digital Offering for an additional quarter, or (iii) only the basic board services provided under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Third-Party Vendors</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.The Comprehensive Digital Services are reliant upon services provided by Diligent as a third-party vendor to USBGFS, and if USBGFS shall cease to have access to the Diligent services for any reason the obligations of the parties hereto with respect to the Comprehensive Digital Services shall immediately terminate further liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.The Company agrees that it shall, and it shall cause its Board participants and other users to, comply with any terms of use established by Diligent, applicable to the use of the services and the access to any Diligent portals or electronic sites.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.The Company agrees that USBGFS shall not be responsible or liable for any actions or inactions of Diligent or any other third-party vendor, for any lack of access to any Diligent portal or other electronic site, or for any errors, data loss, or other cyber-security event by Diligent, at or through a Diligent maintained electronic site, or at any other third-party vendor. The Company acknowledges that Diligent is not responsible for maintaining records of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.USBGFS MAKES NO WARRANTY OR REPRESENTATIONS, EXPRESSED OR IMPLIED, WITH RESPECT TO THE ACCURACY, COMPLETENESS, OR SUFFICIENCY OF ANY DATA OR OTHER INFORMATION PROVIDED THROUGH THE DILIGENT PORTALS, ANY DILIGENT ELECTRONIC SITE, OR OTHERWISE THROUGH THE COMPREHENSIVE DIGITAL SERVICES OR THE LIGHT DIGITAL OFFERING.

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**EXHIBIT E**

**<u>Rule 2a-5 Supplemental Services</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.If the Company elects to receive the Rule 2a-5 Supplemental Services, USBGFS shall provide the following services to the Company (the "Rule 2a-5 Supplemental Services"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Price Comparison Report

&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;i.The Price Comparison Report is a monthly report showing prices from an alternative source chosen by USBGFS for certain instruments held by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Back-testing and Calibration Report

&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;i.The Back-testing and Calibration Report shows (a) the actual buy price for certain instruments held by the Company compared to the next price used for such instrument in the Company's NAV and (b) the actual sale price of certain instruments held by the Company compared to the prior price used for such instrument in the Company's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.Adviser Valuation Oversight Report

&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;i.The Adviser Valuation Oversight Report is graphic overview of the Company's assets, the pricing sources used by the Company, the types of prices used, and the preliminary fair value leveling utilized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The Company shall pay USBGFS fees for the Rule 2a-5 Supplemental Services for receiving such services based upon the number of level 2 instruments (as defined by the Company's Topic 820 Report) held by the Company as a percentage of the Company's total positions in accordance with the following table:

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| | |
|:---|:---|
| **Percentage of individual level 2 instruments held by the Company** | &nbsp;&nbsp;**Monthly Fee for the Company<sup>3</sup>** |
| 5% or less | $100 |
| More than 5% but less than 25% | $200 |
| 25% or more | $300 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.The availability of the Rule 2a-5 Supplemental Services and the associated fees are subject to USBGFS' ability to obtain comparison prices from its chosen comparison third-party pricing sources at reasonable cost. The reports provided as part of the Rule 2a-5 Supplemental Services may, in USBGFS' sole discretion, exclude information for instruments for which an alternative comparison price is unavailable or difficult or costly

<sup>3</sup> **NOTE: The Rule 2a-5 Supplemental Services and the associated fees are dependent on comparison prices from USBGFS' chosen comparison third-party pricing source. The Trust may choose to perform comparison pricing with a different comparison pricing vendor under an alternative service with different associated costs.**

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to obtain. In addition, the reports provided may cease to include instruments that were previously included if alternative prices are no longer available from third-party sources or if the fees for such alternative prices rise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The alternative pricing information provided in the Rule 2a-5 Supplemental Services is intended for comparison purposes only. THE TRUST IS RESPONSIBLE FOR SELECTING THE PRICING SOURCES USED FOR EACH INSTRUMENT HELD BY THE TRUST FOR CALCULATING THE TRUST'S NET ASSET VALUE, FOR DETERMINING THE APPROPRIATE PRICING METHODOLOGIES USED BY THE TRUST, AND FOR DETERMINING THAT THE PRICES USED FOR EACH INSTRUMENT ARE APPROPRIATE. USBGFS shall not have any obligation to verify the accuracy or appropriateness of any prices, evaluations, market quotations, or other data or pricing related inputs received from the Company, any of their affiliates, or any third-party source. Notwithstanding anything else in this Addendum or the Agreement to the contrary, USBGFS and its affiliates shall not be responsible or liable for any mistakes, errors, or mispricing, or any losses related thereto, resulting from any inaccurate, inappropriate, or fraudulent prices, evaluations, market quotations, or other data or pricing related inputs received from the Company, any of their affiliates, or any third-party source.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.USBGFS shall only include pricing comparison information in the Rule 2a-5 Supplemental Services from third-party sources. USBGFS shall not be responsible for (i) providing any discretionary or subjective valuation of any instrument, (ii) providing any pricing information not available from a third-party source, (iii) providing any recommendation or opinion on whether a primary price or a comparison price is appropriate, or (iv) determining the appropriate pricing source for any instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.The Company acknowledges that it is responsible for determining the suitability and applicability of the information obtained through the Rule 2a-5 Supplemental Services. USBGFS MAKES NO WARRANTIES OR REPRESENTATIONS, EXPRESSED OR IMPLIED, WITH RESPECT TO THE SUITABILITY AND ACCURACY OF INFORMATION PROVIDED IN THE RULE 2a-5 SUPPLEMENTAL SERVICES.

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**EXHIBIT F**

**<u>SEC Derivatives Rule 18f-4 Supplemental Services</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.USBGFS has entered into agreements with Confluence Technologies ("Confluence") to provide data (the "Confluence Data") and access for the Company to Confluence's web platform ("Platform") for use in or in connection with the compliance and reporting requirements under the Rule (the "Rule 18f-4 Supplemental Services").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.If the Company elects to receive the Rule 18f-4 Supplemental Services, the Company shall pay the following additional fees associated with complying with the requirements of the Rule, including the access to the third-party web platform, commencing on the date the Company begins accessing the third-party web platform:

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| | |
|:---|:---|
| **Offering** | &nbsp;&nbsp;**Price per Month\*** |
| Limited Derivatives User | $200 |
| Full Derivatives User (no OTC derivatives) | $300 |
| Full Derivative User (with 1-5 OTC derivatives) | $400 |
| Full Derivative User (with 5 or more OTC derivatives) | $500 |
| Closed Company Data Maintenance Fee | $50 |

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\*Additional fees may apply from index providers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.In connection with the provision of the Confluence Data and access to the Platform, Confluence requires certain provisions to be included in the Agreement. Accordingly, the Company agrees that it shall (a) comply with all laws, rules and regulations applicable to accessing and using the Confluence Data and Platform, (b) not use the Confluence Data for any purpose independent of complying with the requirements of the Rule, (c) exculpate Confluence, its affiliates and their respective suppliers from any liability or responsibility of any kind relating to the Company's receipt or use of the Confluence Data (including expressly disclaiming all warranties). The Company further agrees that Confluence shall be a third-party beneficiary of the Agreement solely with respect to the foregoing provisions (a) – (c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The Company acknowledges that it is responsible for determining the suitability and accuracy of the information obtained through its access to the Platform. USBGFS MAKES NO WARRANTIES OR REPRESENTATIONS, EXPRESSED OR IMPLIED, WITH RESPECT TO THE SUITABILITY AND ACCURACY OF TRUST DATA, SYSTEMS, INDUSTRY INFORMATION AND PROCESSES ACCESSED THROUGH THE PLATFORM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.In the event of termination of the Rule 18f-4 Supplemental Services, the Company shall immediately end its access to the Platform and return all codes, system access mechanisms, programs, manuals and other written information to USBGFS, and shall, to

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the extent reasonably technically practicable and permitted by applicable law, destroy or erase all such information on any storage medium, unless such access continues to be permitted pursuant to a separate agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.The Company assumes exclusive responsibility for the consequences of any instructions it may give to USBGFS, for failure to properly access the Platform in the manner prescribed by USBGFS, and for the Company's failure to supply accurate and complete information to USBGFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.The Company must provide USBGFS with such information as is requested by USBGFS or Confluence to assist in developing the Confluence Data needed for the Company's obligations under the Rule. The Company must provide USBGFS with such information as is necessary for USBGFS to provide the Company with access to the Platform.

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**EXHIBIT G**

**<u>Digital Investor, Digital Investor Institutional, Vision Electronic Statement Service, Chat</u> <u>and INFORMA</u>**<sup>TM</sup>

**1. Services and Definitions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Internet Access – Internet access by Shareholders to their account information and investment transaction capabilities ("<u>Internet Service</u>"). Internet Service is connected directly to the Company group's web site(s) through a transparent hyperlink. To the extent offered by the Company, Shareholders can access, among other information, account information and portfolio holdings within the Company, view their transaction history, and purchase additional shares through the Automated Clearing House ("<u>ACH</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B."<u>Informa</u><sup>TM</sup>" means the system made available through DST Output, a wholly owned subsidiary of DST Systems, Inc. ("<u>DST</u>") known as "Informa<sup>TM</sup>"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C."<u>INFORMA Services</u>" means the services that enable DST to make available certain data from DST's TA2000® mutual fund record-keeping systems through the Internet to authorized Users available to consenting end-users ("<u>User</u>", as defined below) through the systems known as Digital Investor or Digital Investor Institutional (as defined below), whereby certain electronic statements ("<u>E-Statements</u>", as further defined below) may be searched, viewed, downloaded and printed. INFORMA Services also include notification to the end-user of the availability of E-Statements and storage of E-Statement documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D."<u>E-Statement</u>" means an electronic version of daily confirms, monthly, quarterly or annual statements, and shareholder tax statements created with investor transaction data housed on DST's TA2000® mutual fund record keeping system, with images available online via a secure web site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E."<u>Vision Electronic Statement Services</u>" – Online account access for broker/dealers, financial planners, and registered investment advisers ("<u>RIAs</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F."<u>Chat</u>" – A web-based system to permit Shareholders to engage customer service agents through Internet chat. Services offered through chat are the same as through telephone servicing and include account information, transaction history, account maintenance, purchase, liquidation, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G."<u>Digital Investor</u>" – An internet portal for Shareholder access

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H."<u>Digital Investor Institutional</u>" – An internet portal for Institutional Shareholder access

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I."<u>Electronic Services</u>" shall consist of those services set out in paragraph A through H above.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J."<u>End User(s)</u>" or "<u>User(s)</u>" means the consenting person(s) to whom Electronic Services are made available.

**2. Duties and Responsibilities of USBGFS**

USBGFS shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Make the Internet Service available 24 hours a day, 7 days a week, subject to scheduled maintenance and events outside of USBGFS' reasonable control. Unless an emergency is encountered, no routine maintenance will occur during the hours of 8:00 a.m. to 3:00 p.m. Central Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Provide installation services for Electronic Services, which shall include review and approval of the Company's network requirements, recommending method of establishing (and, as applicable, cooperate with the Company to implement and maintain) a hypertext link between the Electronic Services site and the Company's web site(s) and testing the network connectivity and performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.Maintain and support the Electronic Services, which shall include providing error corrections, minor enhancements and interim upgrades to the Electronic Services that are made generally available to the Electronic Services customers and providing help desk support to provide assistance to the Company's officers and agents with their use of the Electronic Services. Maintenance and support, as used herein, shall not include (i) access to or use of any substantial added functionality, new interfaces, new architecture, new platforms, new versions or major development efforts, unless made generally available by USBGFS to the Electronic Services customers, as determined solely by USBGFS or (ii) maintenance of customized features.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.Establish systems to guide, assist and permit End Users (as defined above) who access the Electronic Services from the Company's web site(s) to electronically perform inquiries and create and transmit transaction requests to USBGFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.Address and mail, at the Company's expense, notification and promotional mailings and other communications provided by the Company to shareholders regarding the availability of the Electronic Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.Prepare and process new account applications received through the Internet Service from Shareholders determined by the Company to be eligible for such services and in connection with such, the Company agrees to permit the establishment of Shareholder bank account information over the Internet in order to facilitate purchase activity through ACH.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.Provide the End User with a transaction confirmation number for each completed purchase, repurchase, or exchange of the Company's shares upon completion of the transaction. Transactions are not considered in good order, and will not be

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processed, until the entry of the trade and proper authorization has been completed. If order entry or authorization occur after market close the transaction will be posted and receive the Net Asset Value for the next business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.Informa, Digital Investor, Digital Investor Institutional, Vision, and E-Statement are provided by a third party ("<u>Third Party Electronic Services</u>"). Third Party Electronic Services utilize commercially reasonable encryption and secure transport protocols intended to prevent fraud and ensure confidentiality of End User accounts and transactions. USBGFS will take commercially standard actions, including periodic scans of Internet interfaces and the Electronic Services, to protect the Internet web site(s) that provide the Electronic Services and related network(s), against viruses, worms and other data corruption or disabling devices, and unauthorized, fraudulent or illegal use, by using appropriate anti-virus and intrusion detection software and by adopting such other security procedures as may be necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.Inform the Company promptly of any malfunctions, problems, errors or service interruptions with respect to the Electronic Services of which USBGFS becomes aware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.Exercise reasonable efforts to maintain all on-screen disclaimers and copyright, trademark and service mark notifications, if any, provided by the Company to USBGFS in writing from time to time, and all "point and click" features of the Electronic Services relating to Shareholder acknowledgment and acceptance of such disclaimers and notifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K.Establish and provide to the Company written procedures, which may be amended from time to time by USBGFS with the written consent of the Company, regarding End User access to the Electronic Services and that are reasonably designed to protect the security and confidentiality of information relating to the Company and End Users.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L.Provide the Company with daily reports of transactions listing all purchases or transfers made by each End User separately. USBGFS shall also furnish the Company with monthly reports summarizing shareholder inquiry and transaction activity without listing all transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M.Annually engage a third party to audit its internal controls for the Electronic Services and compliance with all guidelines for the Electronic Services included herein and provide the Company with a copy of the auditor's report promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N.Maintain its systems and perform its duties and obligations hereunder in accordance with all applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O.Be responsible for timely and adequately notifying User via e-mail that the User's E-Statement is available at the appropriate Internet site.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P.Ensure the E-Statement is available for the User on the Company's Internet site for a minimum period of twenty-four (24) months after delivery.

**3. Duties and Responsibilities of the Company**

The Company or the End User, respectively, assume exclusive responsibility for the consequences of any instructions it may give to USBGFS, its own failure to properly access the Electronic Services in the manner prescribed by USBGFS, and its failure to supply accurate information to USBGFS.

The Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Revise and update the applicable registration statement&nbsp;&nbsp;&nbsp;&nbsp; and other pertinent materials including, without limitation, the fund's website(s), and obtain all necessary consents and agreements with respect to the Electronic Services (such as user agreements with End Users), to include the appropriate consents, notices and disclosures for Electronic Services, including disclaimers and information reasonably requested by USBGFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Be responsible for designing, developing and maintaining one or more web sites for the Company through which End Users may access the Electronic Services, including provision of software necessary for access to the Internet, which must be acquired from a third party vendor. Such web sites shall have the functionality necessary to facilitate, implement and maintain the hypertext links to the Electronic Services and the various inquiry and transaction web pages. The Company shall provide USBGFS with the name of the host of the Company's web site server and shall notify USBGFS of any change to the Company's web site server host.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.Provide USBGFS with such information and/or access to the Company's web site(s) as is necessary for USBGFS to provide the Electronic Services to End Users.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.Promptly notify USBGFS of any problems or errors with the applicable Electronic Services of which the Company becomes aware or any changes in policies or procedures of the Company requiring changes to the Electronic Services.

**4. Additional Representations and Warranties**

The parties hereby warrant that neither party shall knowingly insert into any interface, other software, or other program provided by such party to the other hereunder, or accessible through the Electronic Services or Company's web site(s), as the case may be, any "back door," "time bomb," "Trojan Horse," "worm," "drop dead device," "virus" or other computer software code or routines or hardware components designed to disable, damage or impair the operation of any system, program or operation hereunder. For

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failure to comply with this warranty, the non-complying party shall immediately replace all copies of the affected work product, system or software. All costs incurred with replacement including, but not limited to, cost of media, shipping, deliveries and installation, shall be borne by such party.

**5. Proprietary Rights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Each party acknowledges and agrees that it obtains no rights in or to any of the software, hardware, processes, trade secrets, proprietary information or distribution and communication networks of the other hereunder. Any software, interfaces or other programs a party provides to the other hereunder shall be used by such receiving party only in accordance with the provisions of this <u>Exhibit G</u>. Any interfaces, other software or other programs developed by one party shall not be used directly or indirectly by or for the other party or any of its affiliates to connect such receiving party or any affiliate to any other person, without the first party's prior written approval, which it may give or withhold in its sole discretion. Except in the normal course of business and in conformity with Federal copyright law or with the other party's consent, neither party nor any of its affiliates shall disclose, use, copy, decompile or reverse engineer any software or other programs provided to such party by the other in connection herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.The Company's web site(s) and the Electronic Services may contain certain intellectual property, including, but not limited to, rights in copyrighted works, trademarks and trade dress that is the property of the other party. Each party retains all rights in such intellectual property that may reside on the other party's web site, not including any intellectual property provided by or otherwise obtained from such other party. To the extent the intellectual property of one party is cached to expedite communication, such party grants to the other a limited, non-exclusive, non-transferable license to such intellectual property for a period of time no longer than that reasonably necessary for the communication. To the extent that the intellectual property of one party is duplicated within the other party's web site to replicate the "look and feel," "trade dress" or other aspect of the appearance or functionality of the first site, that party grants to the other a limited, non-exclusive, non-transferable license to such intellectual property for the period during which this <u>Exhibit G</u> is in effect. This license is limited to the intellectual property needed to replicate the appearance of the first site and does not extend to any other intellectual property owned by the owner of the first site. Each party warrants that it has sufficient right, title and interest in and to its web site and its intellectual property to enter into these obligations, and that to its knowledge, the license hereby granted to the other party does not and will not infringe on any U.S. patent, copyright or other proprietary right of a third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.Each party agrees that the nonbreaching party would not have an adequate remedy at law in the event of the other party's breach or threatened breach of its obligations under this Section of this <u>Exhibit G</u> and that the nonbreaching party

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would suffer irreparable injury and damage as a result of any such breach. Accordingly, in the event either party breaches or threatens to breach the obligations set forth in this Section of this <u>Exhibit G</u>, in addition to and not in lieu of any legal or other remedies a party may pursue hereunder or under applicable law, each party hereby consents to the aggrieved party seeking equitable relief (including the issuance of a temporary restraining order, preliminary injunction or permanent injunction) against it by a court of competent jurisdiction, without the necessity of proving actual damages or posting any bond or other security therefor, prohibiting any such breach or threatened breach. In any proceeding upon a motion for such equitable relief, a party's ability to answer in damages shall not be interposed as a defense to the granting of such equitable relief. The provisions of this Section relating to equitable relief shall survive termination of the provision of services set forth in this <u>Exhibit G</u>.

**6. Compensation**

USBGFS shall be compensated for providing the Electronic Services selected by the Company from time to time in accordance with the fee schedule set forth in <u>Exhibit B</u> (as amended from time to time).

**7. Additional Indemnification; Limitation of Liability**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Subject to <u>Section 2</u> of this Exhibit, USBGFS CANNOT AND DOES NOT GUARANTEE AVAILABILITY OF THE ELECTRONIC SERVICES. Accordingly, USBGFS' sole liability to the Company, or any third party (including End Users) for any claims, notwithstanding the form of such claims (e.g., contract, negligence, or otherwise), arising out of the delay of or interruption in the Electronic Services to be provided by USBGFS hereunder shall be to use its best efforts to commence or resume the Electronic Services as promptly as is reasonably possible, so long as the delay or interruption was not the proximate result of USBGFS's gross negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.USBGFS shall, at its sole cost and expense, defend, indemnify, and hold harmless the Company, and its trustees, officers, agents, and employees from and against any and all claims, demands, losses, expenses and liabilities of any and every nature (including reasonable attorneys' fees) arising out of or relating to any infringement, or claim of infringement, of any United States patent, trademark, copyright, trade secret, or other proprietary rights based on the use or potential use of the Electronic Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.If an injunction is issued against the Company's use of the Electronic Services by reason of infringement of a patent, copyright, trademark, or other proprietary rights of a third party, USBGFS shall, at its own option and expense, either (i) procure for the Company the right to continue to use the Electronic Services on substantially the same terms and conditions as specified hereunder, or (ii) after notification to the Company, replace or modify the Electronic Services so that

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they become non-infringing, provided that, in the Company's judgment, such replacement or modification does not materially and adversely affect the performance of the Electronic Services or significantly lessen their utility to the Company. If in the Company's judgment, such replacement or modification does materially adversely affect the performance of the Electronic Services or significantly lessen their utility to the Company, the Company may terminate all rights and responsibilities under this <u>Exhibit G</u> immediately on written notice to USBGFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.Because the ability of USBGFS to deliver Electronic Services is dependent upon the Internet and equipment, software, systems, data and services provided by various telecommunications carriers, equipment manufacturers, firewall providers and encryption system developers and other vendors and third parties, USBGFS shall not be liable for delays or failures to perform its obligations hereunder to the extent that such delays or failures are attributable to circumstances beyond its reasonable control which interfere with the delivery of the Electronic Services by means of the Internet or any of the equipment, software and services which support the Internet provided by such third parties. USBGFS shall also not be liable for the actions or omissions of any third party wrongdoers (i.e., hackers not employed by USBGFS or its affiliates) that cause a disruption of the Electronic Services, unless USBGFS did not exercise reasonable care in following commercial standards to protect the Electronic Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.USBGFS shall not be responsible for the accuracy of input material from End Users nor the resultant output derived from inaccurate input.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.Certain Electronic Services may permit the Company to provision End Users. If the Company undertakes to provision End Users, the Company shall be solely responsible for providing access to End Users, removing access for End Users, and for maintaining appropriate safeguards over access credentials for End Users. USBGFS shall not be responsible for any unauthorized or improper use of the Electronic Services by such End Users or by any other person accessing the Electronic Services through the action or inaction of the Company, or such End Users.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.Notwithstanding anything to the contrary contained herein, USBGFS shall not be obligated to ensure or verify the accuracy or actual receipt, or the transmission, of any data or information contained in any transaction via the Electronic Services or the consummation of any inquiry or transaction request not actually reviewed by USBGFS. USBGFS is entitled to reasonably presume that all information and transaction requests submitted through the Electronic Services are genuine in the absence of actual information to the contrary. USBGFS will not be liable for any loss, liability, cost or expense for reasonably following instructions communicated through the Electronic Services, including fraudulent or unauthorized instructions.

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**8. Warranties**

EXCEPT AS OTHERWISE PROVIDED IN THIS EXHIBIT, THE ELECTRONIC SERVICES ARE PROVIDED BY USBGFS "AS IS" ON AN "AS-AVAILABLE" BASIS WITHOUT WARRANTY OF ANY KIND, AND USBGFS EXPRESSLY DISCLAIMS ALL WARRANTIES, EXPRESS OR IMPLIED, WITH RESPECT TO THE ELECTRONIC SERVICES INCLUDING, WITHOUT LIMITATION, WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE AND WARRANTIES ARISING FROM COURSE OF DEALING OR COURSE OF PERFORMANCE.

**9. Duties in the Event of Termination**

In the event of termination of the services provided pursuant to this <u>Exhibit G</u>, (i) End Users will no longer be able to access the Electronic Services and (ii) the Company will, to the extent reasonably technically practicable and permitted by applicable law, return all codes, system access mechanisms, programs, manuals and other written information provided to it by USBGFS in connection with the Electronic Services provided hereunder, and shall destroy or erase all such information on any diskettes or other storage medium, except to the extent the Company is required to keep copies of such records under applicable law.

## Ex-99.(K)(3)

**Exhibit (k)(3)**

**<u>TRANSFER AGENCY AND REGISTRAR SERVICES AGREEMENT</u>**

THIS TRANSFER AGENCY AND REGISTRAR SERVICES AGREEMENT (this "<u>Agreement</u>"), dated as of May 13, 2026 (the "<u>Effective Date</u>"), is entered into by and between Robinhood Ventures Fund II, a Delaware Statutory Trust (the "<u>Company</u>"), and EQUINITI TRUST COMPANY, LLC, a New York limited liability trust company ("<u>Equiniti</u>" and together with the Company, the "<u>Parties</u>", and each a "<u>Party</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Appointment of Equiniti as Transfer Agent and Registrar</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby appoints Equiniti, and Equiniti hereby accepts such appointment, to act as transfer agent and registrar (the "<u>Transfer Agent</u>") for the common stock of the Company and for any other securities of the Company as requested in writing, which, for the avoidance of doubt, shall include electronic communications, by the Company from time to time (the "<u>Shares</u>"), effective on the date the Company's registration statement on Form N-2 is declared effective by the Securities and Exchange Commission. Equiniti shall perform only those duties and obligations that are specifically set forth in this Agreement, and no implied duties and obligations shall be read into this Agreement against Equiniti. If the Company desires that Equiniti perform any duties or responsibilities not expressly set forth in this Agreement or have special operational requirements that deviate from Equiniti's standard processes in providing the services herein, the Parties shall execute a written amendment to this Agreement setting forth the terms and conditions (including any applicable fees) to be mutually agreed by the Parties at such time. The Company agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all such further and other acts, instruments and assurances as may be reasonably requested by Equiniti in performing the services hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;On or as soon as reasonably practicable after the Effective Date, if requested by Equiniti, the Company shall deliver to Equiniti the following: (i) forms of outstanding stock certificates of the Company (the "<u>Stock Certificates</u>"), if any, approved and authorized by the board of trustees of the Company (the "<u>Board</u>") and certified by the corporate secretary or similar authorized officers of the Company; (ii) incumbency certificates of the officers of the Company who are authorized to (x) execute Stock Certificates and/or (y) deliver written instructions and requests on behalf of the Company to Equiniti; (iii) copies of the organizational documents of the Company, certified by the corporate secretary or similar authorized officers of the Company; (iv) a schedule that lists the class of the Shares, the par value of the Shares, and the number of authorized Shares; and (v) all documentation or information reasonably requested by Equiniti that is required by bank regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including without limitation the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, as amended (the "<u>Patriot Act</u>"). The Company authorizes Equiniti to use Stock Certificates, if applicable, bearing the signature of an authorized officer of the Company who at the time of use is no longer an officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall as soon as reasonably practicable advise Equiniti in writing of any change in the equity capital structure of the Company, and the Company shall as soon as reasonably practicable provide Equiniti with resolutions of the Board authorizing any

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recapitalization of the Shares or change in the number of issued or authorized Shares. Further, the Company shall advise Equiniti as soon as reasonably practicable of any amendment or supplement to any information or materials provided by the Company to Equiniti and shall provide such amendment or supplement to Equiniti as soon as reasonably practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby authorizes Equiniti to establish a program (the "<u>DRS Sale</u> <u>Program</u>"), through which a holder of one or more Shares (each, a "<u>Shareholder</u>") may elect to sell any Shares held in book-entry form through the Direct Registration System. The Company shall not be charged by Equiniti for establishing or administering the DRS Sale Program, and Equiniti shall be entitled to charge a transaction fee as set forth on Schedule 2 to any Shareholder that elects to sell Shares through the DRS Sale Program. The Company hereby appoints Equiniti, and Equiniti hereby accepts such appointment, to act as the administrator of the DRS Sale Program. The Company acknowledges and agrees that sales transactions in connection with the DRS Sale Program will be processed by a third-party clearing broker (the "<u>Broker</u>"), and that Equiniti shall not be liable or responsible for the Broker's failure to process any such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Term</u>. The initial term of this Agreement shall be two (2) years from the date hereof (the "Initial Term"). Following the Initial Term, Company may, at its option, extend this Agreement for up to two (2) additional one (1) year terms (each, a Renewal Terms") by providing written notice to Equiniti at least sixty (60) days prior to the expiration of the pending term; provided further that if Company does not exercise its option to extend at the end of the Initial term, or any Renewal Term, the remaining option(s) shall automatically lapse (the Initial Term and all Renewal Terms shall collectively be referred to as the "Term"); provided that in the event that any class of Shares is deregistered under the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>") and no other class of Shares is then so registered, this Agreement shall automatically terminate forty-five (45) days after the deregistration of such Shares unless otherwise extended upon the Parties' mutual written agreement. Equiniti shall provide Company with written notice of the upcoming end of the applicable Term at least sixty (60) days prior to the end of such applicable Term. Such notice shall identify any fee increase applicable to the Renewal Term in accordance with clause (c) of Section 3 (Fees, Expenses). The Term shall be governed by this <u>Section 2,</u> notwithstanding the cessation of active trading of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Fees; Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Equiniti shall, or shall cause its Affiliates (as defined below), to provide to the Company the services listed on Schedule 1 (the "<u>Services</u>"). In consideration for such Services, the Company shall pay to Equiniti the fees set forth on Schedule 2 (the "<u>Fees</u>"). If the Company requests that Equiniti provide additional services not contemplated hereby, the Company shall pay to Equiniti fees for such services at Equiniti's reasonable and customary rates, such fees to be governed by the terms of a separate agreement to be mutually agreed to and entered into by the Parties at such time (the "<u>Additional Service Fee</u>"; together with the Fees, the <u>"Service</u> <u>Fees</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall reimburse Equiniti for all direct, reasonable and documented expenses incurred by Equiniti (including, without limitation, reasonable and documented fees

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and disbursements of counsel) in connection with the Services (the "<u>Expenses</u>"). The Company agrees to pay all Service Fees and Expenses within sixty (60) days following receipt of an invoice from Equiniti; <u>provided</u> further, that to the extent such Expenses exceed $5,000 in the aggregate, Equiniti shall make reasonable efforts to obtain pre-approval from the Company. If the Company fails to pay the Fees when due, in addition to all other remedies available hereunder or at law, all such payments shall bear interest at a rate that is the lesser of (i) 2.5% per month on the basis of a 365-day year and (b) the highest rate permissible under applicable law, subject to a $50 minimum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees and acknowledges that Equiniti may adjust the Service Fees annually, on or about each anniversary date of this Agreement, by up to the greater of (x) five percent (5%) or (y) the annual percentage of change in the latest Consumer Price Index of All Urban Consumers United States City Average, as published by the U.S. Department of Labor, Bureau of Labor Statistics, <u>plus</u> three percent (3%). Further, Equiniti may adjust the Service Fees to reflect cost increases due to (i) changes mandated by legal or regulatory requirements, or (ii) additional services requested by the Company that are not ordinarily provided by Equiniti to its customers generally without charging fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Upon termination of this Agreement for any reason, Equiniti shall assist the Company with the transfer of records of the Company held by Equiniti. Equiniti shall be entitled to reasonable additional compensation and reimbursement of any Expenses for the preparation and delivery of such records to the successor agent or to the Company, and for maintaining records and/or Stock Certificates that are received after the termination of this Agreement (the "<u>Record Transfer Services</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Company represents and warrants to Equiniti that (i) it is duly organized and validly existing and in good standing under the laws of the state of its organization; (ii) it has all requisite power and authority to enter into this Agreement and to perform the transactions contemplated hereby; (iii) the execution, delivery and performance of this Agreement and the transactions contemplated hereby have been duly authorized by all necessary action on the part of the Company; and (iv) this Agreement has been duly executed and delivered and is the legally valid and binding obligation of the Company, enforceable against the Company in accordance with this Agreement's terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors' rights generally or by equitable principles (whether enforcement is sought by proceeding in equity or at law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;All Shares issued and outstanding as of the date hereof, or to be issued during the Term, are or shall be duly authorized, validly issued, fully paid and non-assessable. All such Shares (i) are or, at the time of the issuance, shall be duly registered under the Securities Act of 1933, as amended (the "<u>Securities Act"</u>), or issued upon reliance on a valid exemption from such registration and (ii) in the case of Shares to be listed upon any securities exchange that has registered with the Securities and Exchange Commission under Section 6 of the Exchange Act, such class of Shares is or at the time of listing shall be registered under the Exchange Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Any Shares that are not registered under the Securities Act and the Exchange Act are or shall be issued or transferred in a transaction that is, or a series of transactions that are, exempt from the registration provisions under the Securities Act or the Exchange Act, and such Shares bear or shall bear the applicable restrictive legends. Upon the initial issuance or transfer of Shares that are not registered under the Securities Act or the Exchange Act and upon Equiniti's written request, the Company shall deliver to Equiniti a customary legal opinion with respect to such exemption or, at Equiniti's reasonable discretion, an instruction letter from the Company's legal counsel (on which Equiniti may rely as contemplated by <u>Section 5(c))</u>). Upon any subsequent issuance or transfer of Shares that are not registered under the Securities Act or the Exchange Act and bear the applicable restrictive legends and upon Equiniti's written request, the Company shall deliver to Equiniti a customary legal opinion with respect to such exemption and/or, at Equiniti's reasonable discretion, an instruction letter from the Company's legal counsel (on which Equiniti may rely as contemplated by <u>Section 5(c)))</u> in form and substance reasonably satisfactory to Equiniti.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;To the extent that the Company requests or authorizes Equiniti to initiate Automated Clearing House (<u>"ACH</u>") entries, the Company acknowledges and agrees that: (i) EPS may act as a "Third-Party Sender" under the rules and operating guidelines of the National Automated Clearing House Association (<u>"NACHA Operating Rules</u>") and may transmit such entries to an Originating Depository Financial Institution ("<u>ODFI</u>") on the Company's behalf; (ii) all such entries are subject to, and the Company shall comply with, the NACHA Operating Rules and the requirements of the U.S. Department of the Treasury's Office of Foreign Assets Control ("<u>OFAC</u>"); (iii) the Company shall not initiate, or request that EPS initiate, any ACH entry in violation of the NACHA Operating Rules or applicable law and represents and warrants that it has obtained, and will maintain in accordance with the NACHA Operating Rules, all necessary authorizations from receivers of ACH entries; (iv) the Company shall indemnify and hold harmless EPS and its ODFI from any losses, fines, penalties, liabilities, or expenses (including reasonable attorneys' fees) arising out of or relating to the Company's acts or omissions in connection with ACH entries or any violation of the NACHA Operating Rules; and (v) the Company shall promptly cooperate with EPS, its ODFI, NACHA, or any governmental authority in any audit, inquiry, or compliance review relating to ACH activity conducted under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Reliance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Equiniti shall be entitled to assume the validity of the issuance, presentation or transfer of a Stock Certificate, the genuineness of any endorsement(s), the authority of its presenter(s), or the collection or payment of charges or taxes incident to the issuance or transfer of such Stock Certificate; <u>provided, however</u>, that Equiniti may delay or decline to issue or transfer a Stock Certificate if it determines in good faith and in its reasonable discretion that it is in the Company's and/or Equiniti's best interests to receive evidence or written assurance of the validity of the issuance, presentation or transfer of the Stock Certificate, the authority of its presenter(s) or the collection or payment of any charges or taxes relating to the issuance or transfer.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;For the avoidance of doubt, Equiniti shall not be responsible for any transfer or issuance of Shares that has not been effected by Equiniti.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Equiniti may rely on, and shall be protected and incur no liability in acting or refraining from acting in reliance upon: (i) any writing , certificate, wire instruction, instrument, opinion, notice, letter, stock power, affidavit or other document or security, received from any Person (as defined below) it believes in good faith to be an authorized officer, agent or authorized employee of the Company, unless the Company has advised Equiniti in writing that Equiniti must act and rely only on written instructions of certain authorized officers of the Company; (ii) any statement of fact contained in any such writing or instruction which Equiniti in good faith believes to be accurate; (iii) other authenticity and genuineness of any signature (manual, facsimile or electronic) appearing on any writing, including, but not limited to, any certificate, wire instruction, instrument, opinion, notice, letter, stock power, affidavit or other document or security; and (iv) the conformity to original of any copy. Equiniti may act and rely on the advice, opinions or instructions received from the Company's legal counsel, all of which, to the extent reasonable and practicable, shall be in writing. Without limiting the foregoing, Equiniti shall be entitled to use and rely upon any written instructions of the Company without responsibility for independent verification thereof and shall not assume responsibility for the accuracy or completeness of such written instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Equiniti may rely on, and shall be protected and incur no liability in acting or refraining from acting in reliance upon: (i) any writing believed by Equiniti in good faith to have been furnished by or on behalf of a Shareholder, including, but not limited to, any certificate, wire instruction, instrument, opinion, notice, letter, stock power, affidavit or other document or security; (ii) any statement of fact contained in any such writing or instruction which Equiniti in good faith believes to be accurate; (iii) the apparent authority of any Person to act on behalf of a Shareholder as having actual authority to the extent of such apparent authority; (iv) the authenticity and genuineness of any signature (manual, facsimile or electronic) appearing on any writing, including, but not limited to, any certificate, wire instruction, instrument, opinion, notice, letter, stock power, affidavit or other document or security; and (v) on the conformity to original of any copy. Equiniti is authorized to reject any transfer request that fails to satisfy Equiniti's standard internal procedures relating to the transfer of Shares. Without limiting the foregoing, Equiniti shall be entitled to use and rely upon any written instructions of a Shareholder or its representatives without responsibility for independent verification thereof and shall not assume responsibility for the accuracy or completeness of such written instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Equiniti may rely on, and shall be protected and incur no liability in acting or refraining from acting in good faith in reliance upon: (i) any guaranty of signature by an "eligible guarantor institution" that is a member or participant in the Securities Transfer Agents Medallion Program or other comparable signature guarantee program or insurance program; or (ii) any written instructions received through the Depository Trust Company's Direct Registration System/Profile service.

(!) Equiniti shall promptly notify the Company upon receipt of a Stock Certificate that is not reflected in Equiniti's records. If the Company and Equiniti are unable to account for such

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Stock Certificate, within sixty (60) days of such determination, the Company shall in its sole discretion (a) increase the number of issued Shares or (b) acquire and cancel a number of Shares to account for such Stock Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Lost. Stolen or Destroyed Certificates</u>. Equiniti shall not be obligated to issue a replacement certificate for any Stock Certificate reported to have been lost, stolen or destroyed, unless Equiniti shall have received from the applicable Shareholder: (a) an affidavit of loss; (b) an indemnity bond in form and substance reasonably satisfactory to Equiniti; and (c) payment of all applicable processing fees; <u>provided</u> that, upon the Company's written request, Equiniti may, in its sole discretion, accept an indemnification letter from the Company in lieu of an indemnity bond.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Unclaimed Property</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;To the extent required by applicable unclaimed property laws or if requested by the Company, Equiniti will provide, or cause to be provided, unclaimed property reporting services for unclaimed property that may be deemed abandoned or otherwise subject to unclaimed property law. Such services may include (without limitation) (i) identification of unclaimed or abandoned property, (ii) preparation of unclaimed or abandoned property reports, (iii) delivery of unclaimed or abandoned property to the applicable state unclaimed property departments, (iv) completion of required due diligence notifications, (v) responses to inquiries from Shareholders relating to unclaimed or abandoned property, and (vi) such other services as may reasonably be necessary to comply with unclaimed property laws or regulations. The Company shall assist and cooperate with Equiniti as reasonably necessary in connection with the performance of the services described in this <u>Section</u>. Equiniti shall assist the Company in responding to (x) inquiries from state unclaimed property departments regarding reports filed by or on behalf of the Company or (y) requests for the confirmation of names of owners of unclaimed or abandoned property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Company acknowledges and agrees that Equiniti may use a shareholder locating service provider (the "<u>Locating Service Provider</u>") to locate and contact Shareholders (or their surviving relatives, joint tenants or heirs, as applicable) to assist them in preventing the escheatment of applicable Shares and related unclaimed or abandoned property. The Company shall not be charged by Equiniti or the Locating Service Provider for such services. The Locating Service Provider may compensate Equiniti for processing and other services. The Locating Service Provider shall inform the Shareholders that they may elect (x) to contact Equiniti at no charge other than at Equiniti's applicable fees or (y) to utilize the services of the Locating Service Provider for a fee, which shall not exceed the maximum fee allowed under the applicable state's unclaimed property rules. Should the Company elect to utilize a provider other than the Locating Service Provider, additional fees may apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Confidential Information</u>" means, as to the Disclosing Party (as defined below) and, if applicable, its Affiliates: (i) information concerning the business of the Disclosing Party and, if applicable, its Affiliates (including, without limitation, business, financial, technical, and

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other information marked or designated by such Party as "confidential" or "proprietary", historical financial statements, financial projections and budgets, audits, tax returns and accountants' materials, historical, current and projected sales, capital spending budgets and plans, business plans, strategic plans, marketing and advertising plans, publications, and customer agreements); (ii) information that, by the nature of the circumstances surrounding the disclosure, ought in good faith to be treated as confidential; (iii) information, including account information, relating to the shareholders of the Disclosing Party; and (iv) all notes, analyses, compilations, studies, summaries and other material prepared by the Receiving Party (as defined below), its Affiliates, employees, agents, and representatives containing or based, in whole or in part, on any or all of the foregoing; <u>provided, however,</u> that Confidential Information shall not include any information that (x) is or becomes (through no improper action or inaction of the Receiving Party) generally available in the public domain; (y) was rightfully disclosed to the Receiving Party by a third party without a breach of any confidentiality obligations hereunder; or (z) was independently developed by the Receiving Party without reference to, incorporation of or other use of any Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Affiliates</u>" means, as to a specified Person, another Person that directly, or indirectly, controls or is controlled by or is under common control with the specified Person; "<u>Person</u>" means any corporation, limited liability company, partnership or other legal entity; and <u>"contro</u>l" means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. "<u>Controlling"</u> and "<u>controlled</u>" shall have corresponding meanings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Each Party (the "<u>Receiving Party</u>") acknowledges that it may acquire or have access to Confidential Information of the other Party (the "<u>Disclosing Party</u>") in connection with the Services or this Agreement. The Receiving Party shall not disclose Confidential Information to any other Person, and shall not use Confidential Information for any purposes other than in connection with the performance of its obligations under this Agreement; <u>provided</u> that the Receiving Party shall be permitted to disclose Confidential Information (i) pursuant to the order of any court or administrative agency or in any pending legal, judicial or administrative proceeding, or otherwise as required by applicable law or compulsory legal process based on the advice of counsel (in which case the Receiving Party agrees, to the extent practicable and not prohibited by applicable law, to inform the Disclosing Party promptly thereof prior to disclosure; <u>provided</u>, <u>however</u>, that this <u>clause</u> (i) shall not require Equiniti to notify the Company of its receipt of any subpoena, summons, or other legal process relating to wage garnishment, tax levy or domestic matter proceedings filed against or by a Shareholder); or (ii) upon the request or demand of any regulatory authority having jurisdiction over the Receiving Party (in which case the Receiving Party agrees, to the extent practicable and not prohibited by applicable law, to inform the Disclosing Party promptly thereof prior to disclosure). The Receiving Party shall safeguard the Confidential Information to the same extent that it safeguards its own confidential information of a like nature and in any event with not less than a reasonable degree of care. The Receiving Party shall reasonably notify the Disclosing Party of any unauthorized use or disclosure of any Confidential Information of which it becomes aware.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Upon the termination of this Agreement or upon the Disclosing Party's written request, the Receiving Party shall, at the Disclosing Party's option, either destroy or return to the Disclosing Party any and all of the Confidential Information, written or other materials derived from the Confidential Information, and copies thereof, and shall delete and purge permanently all copies and traces of the same from any storage location and/or media to the extent reasonably or technically possible. The Receiving Party shall, within fifteen (15) days from the termination of this Agreement or such request, provide the Disclosing Party with a certificate signed by an authorized officer of the Receiving Party confirming that the Receiving Party has fulfilled its obligations under this Section 8(d)). Notwithstanding the foregoing, upon notice to the Disclosing Party, the Receiving Party may keep a copy of the Confidential Information after termination of this Agreement to the extent necessary for retention policies, audit and/or regulatory purposes or to the extent required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Either Party may terminate this Agreement if the other Party breaches any material provision herein and either the breach cannot be cured or, if the breach can be cured, it is not cured by the breaching Party within forty-five (45) days after the breaching Party's receipt of written notice of such breach (the "<u>Cure Period</u>"). If the Company is the breaching Party, then, during the Cure Period, if Equiniti has reason to believe that the Company is not using good faith efforts to cure the breach, upon written notice to the Company, Equiniti may suspend the Services without terminating the Agreement. During the period of suspension of Services, Equiniti shall have no obligation to act as Transfer Agent, it being understood that such suspension shall not affect Equiniti's rights and remedies hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Either Party may terminate this Agreement, effective upon written notice to the other Party, if the other Party (i) becomes insolvent or admits its inability to pay its debts generally as they become due; (ii) becomes subject, voluntarily or involuntarily, to any proceeding under any domestic or foreign bankruptcy or insolvency law, which is not fully stayed within seven (7) business days or is not dismissed or vacated within forty-five (45) business days after filing; (iii) is dissolved or liquidated or takes any corporate action for such purpose; (iv) makes a general assignment for the benefit of creditors; or (v) has a receiver, trustee, custodian or similar agent appointed by order of any court of competent jurisdiction to take charge of or sell any material portion of its property or business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Either Party may terminate the Enhanced Ownership Intelligence Services (as defined in Schedule 1) on each anniversary date of the Effective Date by providing written notice to the other Party at least sixty (60) days prior to such anniversary date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Company acknowledges that Equiniti is required to perform a "know-your-customer" review of the Company from time to time pursuant to applicable anti-money laundering rules and regulations, including without limitation the Patriot Act, and Equiniti may terminate this Agreement, effective upon written notice to the Company, if Equiniti determines in its sole discretion that the Company has failed such "know-your-customer" review.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The expiration or termination of this Agreement, for any reason, shall not release either Party from any obligation or liability to the other Party, including any payment and delivery obligation, that (i) has already accrued hereunder; (ii) comes into effect due to the expiration or termination of the Agreement; or (iii) otherwise survives the expiration or termination of this Agreement. Following the termination of this Agreement, Equiniti shall promptly invoice the Company for any outstanding Service Fees and Expenses due and owing under this Agreement, and the Company shall pay all such Service Fees and Expenses to Equiniti in accordance with the payment terms set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;If the Company terminates this Agreement pursuant to <u>Sections 2, 9(a)),</u> or 9(b)<u>.</u> then the Company shall pay to Equiniti (i) all amounts outstanding under this Agreement as of the date of such termination, (ii) Equiniti's then-customary fees for any required Record Transfer Services, and (iii) any bank or other third party fees or charges (e.g., for cancellation of outstanding checks). If the Company terminates this Agreement for any reason other than pursuant to <u>Sections 2, 9(a).</u> or 9(b)<u>.</u> then the Company shall pay to Equiniti (w) all outstanding Service Fees and Expenses as of the date of such termination, (x) the Service Fees that would otherwise have accrued during the remainder of the then-current Term, (y) Equiniti's then-customary fees for Record Transfer Services, and (z) any bank or other third party fees or charges (e.g., for cancellation of outstanding checks).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitations on Liability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;To the fullest extent permitted by applicable law, neither Party shall be liable to the other Party on any theory of liability for any special, indirect, consequential or punitive damages (including, without limitation, any loss of profits, business or anticipated savings).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Equiniti's liability arising out of or in connection with the Services shall not exceed the aggregate amount of all Service Fees paid under this Agreement during the twelve-month period immediately prior to the date of occurrence of the circumstances giving rise to such liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnity</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby agrees to defend, indemnify and hold harmless Equiniti and its Affiliates and its and their officers, directors, employees, agents, and controlling persons (each, an "<u>Equiniti Indemnified Person</u>") from and against any and all losses, claims, damages, liabilities and expenses, joint or several, to which any such Equiniti Indemnified Person may become subject arising out of or in connection with this Agreement or any claim, litigation, investigation or proceeding relating to any of the foregoing (each, a <u>"Proceeding</u>"), regardless of whether any such Equiniti Indemnified Person is a party thereto or whether a Proceeding is brought by a third party or by the Company or any of its Affiliates, and to reimburse each such Equiniti Indemnified Person upon demand for any reasonable, documented legal or other out-of-pocket expenses incurred in connection with investigating or defending any of the foregoing by one counsel to the Equiniti Indemnified Persons taken as a whole and, in the case of a conflict of interest, one additional counsel to the affected Equiniti Indemnified Persons taken as a whole; <u>provided</u> that the foregoing indemnity shall not, as to any Equiniti Indemnified Person, apply to

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losses, claims, damages, liabilities or expenses to the extent they have resulted from the willful misconduct, bad faith, gross negligence, or material breach of this Agreement, by such Equiniti Indemnified Person (each as determined by a court of competent jurisdiction in a final and non-appealable decision).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Equiniti hereby agrees to defend, indemnify and hold harmless the Company and its investment adviser and other Affiliates and its and their officers, directors, employees, advisors, agents, other representatives and controlling persons (each, a "<u>Company Indemnified</u> <u>Person</u>") from and against any and all losses, claims, damages, liabilities and expenses, joint or several, to which any such Company Indemnified Person may become subject arising out of or in connection with Equiniti's willful misconduct, bad faith, gross negligence, or material breach of this Agreement (each as determined by a court of competent jurisdiction in a final and non-appealable decision).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Party entitled to seek indemnification under this Agreement (an "<u>Indemnified</u> <u>Person</u>") agrees to notify the other Party or persons from whom indemnification is sought (the "<u>Indemnifying Party</u>") promptly of the assertion of any Proceeding against any Indemnified Person. At the Indemnifying Party's election, unless there is a conflict of interest, the defense of the Indemnified Persons shall be conducted by the Indemnifying Party's counsel. Notwithstanding the foregoing, the Indemnified Person may employ separate counsel to represent it or defend it in such Proceeding, and the Indemnifying Party will pay any reasonable, documented legal or other out-of-pocket expenses of counsel if the Indemnified Person reasonably determines, based on the advice of its legal counsel, that there are defenses available to such Indemnified Person that are different from, or in addition to, those available to the Indemnifying Party , or if an actual or potential conflict of interest between the Indemnified Person and the Indemnifying Party makes representation by the Indemnifying Party's counsel not advisable; <u>provided</u> that, unless there is an actual or potential conflict of interest, the Indemnifying Party will not be required to pay the fees and expenses of more than one separate counsel for all Indemnified Persons in any jurisdiction in any single Proceeding; provided, further, that the Indemnifying Party shall not be liable for any such expenses of counsel that result directly from an Indemnified Party's delay in providing notice in accordance with this <u>Section 11(c),</u> which delay materially prejudices the defense of the applicable Proceeding. In any Proceeding the defense of which the Indemnifying Party assumes, each Indemnified Person shall be entitled to participate in such Proceeding and retain its own counsel at such Indemnified Person's own expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Indemnifying Party shall not be liable for any settlement of any Proceedings effected without its consent (which consent shall not be unreasonably withheld, conditioned or delayed), but if settled with the Indemnifying Party's written consent or if there is a final judgment for the plaintiff in any such Proceedings, the Indemnifying Party agrees to indemnify and hold harmless each Indemnified Person from and against any and all losses, claims, damages, liabilities and expenses by reason of such settlement or judgment in accordance with <u>Section 11(a)</u> above. The Indemnifying Party shall not, without the prior written consent of an Indemnified Person (which consent shall not be unreasonably withheld, conditioned or delayed), effect any settlement or consent to the entry of any judgment of any pending or threatened

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Proceedings in respect of which indemnity could have been sought hereunder by such Indemnified Person, unless (i) such settlement includes an unconditional release of such Indemnified Person in form and substance satisfactory to such Indemnified Person from all liability on claims that are the subject matter of such Proceedings and (ii) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Force Majeure</u>. Neither Party shall be liable for failure or delay in the performance of the Services or other obligations under this Agreement if such failure or delay is due to causes beyond its reasonable control, including but not limited to Acts of God (including fire, flood, earthquake, storm, hurricane or other natural disaster), pandemic, epidemic, state of emergency, war, invasion, act of foreign enemies, hostilities (regardless of whether war is declared), civil war, rebellion, revolution, insurrection, military or usurped power or confiscation, terrorist activities, nationalization, government sanction, blockage, embargo, labor dispute, strike, lockout or interruption or failure of electricity or telephone service or any other force majeure event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>. Any notice, report or payment required or permitted to be given or made under this Agreement by one Party to the other shall be in writing and addressed to the other Party at the following address (or at such other address as shall be given in writing by one Party to the other):

If to the Company:

Robinhood Ventures Fund II

85 Willow Road

Menlo Park, CA 94025

Attention: President

Email: <u>sarah.pinto@robinhood.com</u>; <u>corporate-legal-group@robinhood.com</u>

With a copy to:

Davis Polk & Wardwell LLP

1050 17th St NW

Washington, DC 20036

Attention: Christopher P. Healey

Email: <u>christopher.healey@davispolk.com</u>

If to Equiniti:

Equiniti Trust Company, LLC

28 Liberty Street, 53<sup>rd</sup> Floor

New York, NY 10005

Attention: Chief Operating Officer

Email: <u>margot.jordan@equiniti.com</u>

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With a copy to:

Equiniti Trust Company, LLC

28 Liberty Street, 53<sup>rd</sup> Floor

New York, NY 10005

Attention: Legal Department

Email: <u>LegalTeamUS@equiniti.com</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Company acknowledges and agrees that (i) nothing herein shall be construed as creating any agency, partnership, joint venture or other form of joint enterprise, employment or fiduciary relationship between the Parties, and (ii) the Company waives, to the fullest extent permitted by law, any claims that it may have against Equiniti for breach of fiduciary duty or alleged breach of fiduciary duty and agrees that Equiniti shall have no liability (whether direct or indirect) to the Company in respect of such a fiduciary duty claim. This Agreement is for the sole benefit of the Company, Equiniti, and their respective permitted successors and assigns. Nothing in this Agreement, express or implied, is intended to or shall confer upon any other person, including any Shareholder, any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without reference to its conflicts of law rules. It is agreed that any action, suit or proceeding arising out of or based upon this Agreement shall be brought in the United States District Court for the Southern District of New York or any court of the State of New York of competent jurisdiction located in such District. Service of any process by registered mail addressed to each party at the respective address above shall be effective service of process against such party for any suit, action or proceeding brought in any such court. Each Party (i) waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or the Services in any such New York State court or in any such Federal court; (ii) waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such suit, action or proceeding in any such court; and (iii) agrees that a final judgment in any such suit, action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. **EACH PARTY IRREVOCABLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY OR ON BEHALF OF ANY PARTY RELATED TO OR ARISING OUT OF THIS AGREEMENT OR THE PERFORMANCE OF ANY SERVICE HEREUNDER.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The compensation, reimbursement, confidentiality, indemnification, jurisdiction, governing law, and waiver of jury trial provisions contained herein shall remain in full force and effect regardless of the termination of this Agreement. No amendment or waiver of any provision hereof shall be effective unless in writing and signed by the Parties and then only in the specific instance and for the specific purpose for which given. This Agreement is the only agreement between the Parties with respect to the matters contemplated hereby and sets forth the entire

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understanding of the Parties with respect thereto. This Agreement and the obligations hereunder of each Party shall not be assignable by such Party without the prior written consent of the other Party (such consent not to be unreasonably withheld, delayed or conditioned); <u>provided</u> that Equiniti may assign this Agreement or any rights granted hereunder, in whole or in part, to (i) its Affiliates in connection with a reorganization or (ii) a Person that acquires all or substantially all of the business or assets of Equiniti whether by merger, acquisition, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be executed in any number of counterparts and by different Parties in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page of this Agreement by facsimile transmission or in "<u>.pdf</u>' or ".tif ' form shall be effective as delivery of a manually executed counterpart of this Agreement. If any provision of this Agreement shall be held illegal or invalid by any court, this Agreement shall be construed and enforced as if such provision had not been contained herein and shall be deemed an agreement between the Parties to the fullest extent permitted by law.

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.]

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IN WITNESS WHEREOF, each Party has caused this Agreement to be duly executed as of the date first above written.

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| | | | |
|:---|:---|:---|:---|
| EQUINITI TRUST COMPANY, LLC | EQUINITI TRUST COMPANY, LLC | ROBINHOOD VENTURES FUND II | ROBINHOOD VENTURES FUND II |
| By: | /s/ Carlos Pinto | By: | /s/ Sarah Pinto |
|  | Name:&nbsp;&nbsp;&nbsp;&nbsp;Carlos Pinto |  | Name:&nbsp;&nbsp;&nbsp;&nbsp;Sarah Pinto |
|  | Title:&nbsp;&nbsp;&nbsp;&nbsp;SVP, Director Relationship Management |  | Title:&nbsp;&nbsp;&nbsp;&nbsp;Initial Trustee |

---

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**Schedule 1**

**Services**

Capitalized terms used herein and not defined have the meaning ascribed to such terms in the Agreement. Unless otherwise noted, Equiniti will provide the following services:

**<u>ACCOUNT MAINTENANCE AND RECORDKEEPING</u>**

• Open new accounts, consolidate and close Shareholder accounts

• Annual record storage services (subject to an additional fee)

• Maintain all Shareholder accounts

• Process address changes, including seasonal addresses

• Place, maintain and remove stop transfers

• Post all debit and credit certificate transactions

• Perform social security solicitation

• Handle shareholder and broker inquiries, including internet correspondence

• Respond to requests for audit confirmations

• Monthly report for all classes of securities in Microsoft Word and HTML formats (Excel format is subject to an additional fee)

**<u>STOCK AUDIT / CONTROL BOOK FUNCTIONS</u>**

• Maintain accurate records of outstanding Shares

• Respond to requests for audit confirmations (subject to an additional fee)

• Provide web access to the total outstanding Share balances

**<u>CERTIFICATE AND SECURITY ISSUANCE FUNCTIONS</u>**

• Process all routine transfers

• Post all debit and credit certificate transactions

• Issue Stock Certificates, if allowed

• Create book entry Direct Registration System ("<u>DRS</u>") positions

• Participate in the DRS profile system, allowing broker "sweeps" of registered positions

• Interface electronically with DTC/CEDE & CO.

• Mail newly-issued certificates/DRS advices to Shareholders

• Replace lost or stolen Stock Certificates upon Shareholder request

• Issue and register all Stock Certificates

• Process legal transfers and transactions requiring special handling

• Provide, upon request, access to daily reports of processed transfers

**<u>REPORTING</u>**

• Furnish, upon request, unlimited Shareholder list, sorted by Company-designated criteria

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**<u>LISTS AND MAILINGS</u>**

• Enclose multiple proxy cards to same household in one envelope, if applicable (subject to an additional fee)

• Monitor and suppress undeliverable mail until correct address is located

• Furnish shareholder lists, in any sequence

• Provide geographical detail reports of all stocks issued/surrendered over a specific period

• Provide mailing labels

**<u>WEB-BASED ORIGINAL ISSUANCE (OI) / DWAC SYSTEM</u>**<sup>1</sup>

• Facilitate Deposit/Withdrawal At Custodian ("<u>DWAC</u>") and original issuances initiated from the Company's desktop via Internet

• Accept files for original issuances

• Allow multiple requests to be submitted on the same form at the same time

• Notify the Company via email when matching broker instructions have not been received

• Provide designated brokers the ability for brokers to log into the system and track the status of Company-submitted items

• Report daily and monthly transactions via e-mail

• Enforce built-in security procedures

**<u>TECHNOLOGY AND INTERNET ACCESS</u>**

• Retrieve account information (including outstanding Stock Certificates and checks) 24 hours a day, 7 days per week

• Review frequently asked questions, including transfer requirements and corporate actions data

• Download forms (e.g., affidavit of domicile, form W-8/W-9, letters of transmittal and stock power)

• Change account addresses

• Replace lost, stolen or uncashed checks

• Replace lost, stolen or non-received Stock Certificates

• Obtain a duplicate Form 1099

• Sign up for electronic delivery (e.g., for proxy materials)

• Request a certificate for shares held in book-entry or plan form

• Enroll to have dividends directed toward purchase of additional Shares

• Send e-mail inquiries concerning Shareholder's account, or conduct an online chat session with one of Equiniti's customer service representatives

**<u>SHAREHOLDERS VIA THE INTERACTIVE VOICE RESPONSE ("IVR")</u>**

• Obtain account-specific information, including account balance

<sup>1</sup> Please note that Equiniti does not charge a fee for DWAC processing but that the broker may charge fees incurred from receipt of Shares.

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• Execute plan transactions, including sales and certification requests

• Request a duplicate Form 1099, with delivery via mail or fax

• Request a transfer package via mail or fax

• Request forms to effect address changes, check replacements, Stock Certificate replacements and direct deposit enrollments

• Obtain information pertaining to current corporate actions or other significant Company events

**<u>SHAREHOLDER (INQUIRIES)</u>**

• Distribute "welcome" material to new Shareholders (may incur reimbursable expenses)

• Provide assistance to Shareholders related to their securities holdings as they initiate account inquiries or perform transactions, including guidance through common transactions and explanations for transaction rejections and the corrective steps required to complete their request

• Provide 24/7 account access via the internet and IVR telephonic system

• Provide toll-free number for Shareholder-initiated telephone inquiries to Equiniti's call center

• Oversee the fulfillment process for potential investors (if applicable) from receipt of Shares.

**<u>ISSUER CENTRAL® CLIENT INTERNET PORTAL</u>**<sup>2</sup>

• Access for authorized end-users to the Issuer Central transfer agent portal, which includes the following functionalities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ View and download detailed Shareholder data, including name, address of record, account number(s), number of Shares held in certificate and book-entry form, treasury shares, historical dividend-related information and cost basis reporting information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Insiders and other named directors & officers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Domestic and foreign tax certification summary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Plan/dividend elections summary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Abandoned property and escheatment detail

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Uncashed check summary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Obtain total outstanding Share balances

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Utilize Equiniti's reporting and subscription tools to access or generate comprehensive reports in a real-time environment, with immediate e-mail notification

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Issue stock options and effect delivery through the DWAC system

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Update company profile and corporate information

<sup>2</sup> Access to Issuer Central is subject to each end user's acceptance of the Click Through Subscription Agreement then in-effect.

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**<u>ENHANCED ISSUER CENTRAL WITH OWNERSHIP INTELLIGENCE (the</u> <u>"Enhanced Ownership Intelligence Services")</u>**

• Technical and analyst support services during standard business hours

• Onboarding session (up to 2 hours) - orientation, profile setup and home page customization

• License for Enhanced Issuer Central functionality, which includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Institutional Ownership

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Near Real-Time (Intra-Filing)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Top 100 Shareholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ 5% Shareholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Section 16 Insider Tracking/Reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Peer Investor Tracking Analysis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Historical Investor Tracking Analysis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Intelligence on Historical Behavior by Proxy Advisor Influencers

**<u>CONTROL BOOKS TRACKING</u>**

• Receive daily emails of control books information

• Review current transactions affecting the number of outstanding Shares in a Company-specified date range

**<u>PROXY CENTRAL</u>**

• Proxy reports (either summarized or detailed) by proposal

• Voting status on the 50 largest accounts

• Shareholders attending the Company&nbsp;&nbsp;&nbsp;&nbsp;annual meeting

• DTC position listing

• Broker voting detail

**<u>ANNUAL SHAREHOLDER MEETING</u>**

• Process proxy votes for routine/non-routine meetings of the Company

• Imprint Shareholders' name on proxy cards

• Mail material to Shareholders<sup>3</sup>

• Prepare and transmit daily proxy tabulation reports to the Company by email

• Provide certified Shareholder list in hard copy if requested

• Facilitate proxy distribution mailing

**<u>DIVIDEND DISBURSEMENT</u>**

• Confirm in writing that the dividend notice was received

• Prepare and calculate dividend payments

• Coordinate dividend checks and enclosures (if applicable) mailing to the Shareholders

<sup>3</sup> Please note that postage and processing fees will apply.

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• Furnish one copy of the dividend register, hard copy or CD-ROM (if requested)

• Place stop payment orders on reported lost dividend checks

• Issue replacement dividend checks/sales checks

• Provide copies of paid dividend checks upon request (subject to an additional fee)

• Report annual dividend income to Shareholders on applicable Form 1099

• File annual tax information electronically to the Internal Revenue Service

• Withhold and remit backup withholding taxes as required by the Internal Revenue Service

• Withhold foreign tax and file foreign tax reports as required by the Internal Revenue Service

• Maintain custody and control of all undeliverable checks and forward returned items to Shareholders upon confirmation of a current address

• Mail year-end tax information to plan participants and the Internal Revenue Service

**<u>UNCLAIMED PROPERTY</u>**

• Analyze and identify unclaimed or abandoned property across each class of security (if applicable)

• Prepare and distribute due diligence notices (may incur reimbursable expenses)

• Prepare unclaimed or abandoned property reports (including null or negative reports, if applicable)

• Deliver all unclaimed property and reports to the applicable jurisdictions

• Respond to shareholder and state inquiries relating to unclaimed property filings

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**Schedule 2**

**<u>Fees</u>**

**<u>IPO AND CONVERSION</u>**

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| | |
|:---|:---|
| One-Time Fee | $4500 |
| Assignment of IPO Conversion Specialist | Included |
| Custody Fee for each Selling Stockholder in the Offering (Includes same-day wire) | N/A |
| Conversion of existing Shareholder Data | Included |
| Coordination of working group as part of the offering | Included |
| Attendance at closing by telephone as requested | Included |
| Electronic delivery of Shares at time of closing | Included |
| Per Early Accelerated Partial Lock-Up Release (if applicable) | N/A |
| Standard 180-day Lock-Up Release | Included |
| Coordination of over-allotment of Shares (if closed separately from IPO) | N/A |
| **ANNUAL ENHANCED ISSUER CENTRAL (one license waived first year)** | N/A |
| **ONLINE DUAL CLASS SHARE CONVERSION PORTAL** | N/A |
|  | $5,000 per seat annually |
| **<u>ENHANCED OWNERSHIP INTELLIGENCE SERVICES</u> (waived for the initial year)** | $5,000 per seat annually |

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**<u>ONGOING ADMINISTRATION OF TRANSFER AGENT AND REGISTRAR</u> <u>SERVICES</u>**

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| | |
|:---|:---|
| \*Monthly Administration Fee | $1250 |
| \*Upon annually Implementation of Quarterly Dividend | $1550 |
| Unclaimed Property Reporting | $850 |
| One-time DRIP Implementation | $3500 |
| Additional Monthly Administration Fee - DRIP | $500 |

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\*Up to 750 registered shareholders (each additional class of security shall be TBD per month)

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**<u>TRANSFER AGENT SERVICES</u>**

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| | |
|:---|:---|
| Account Maintenance per Account | Included |
| Issuance and Registration of Stock Certificates | Included |
| Each Stock Certificate cancelled | Included |
| Restricted/Preferred Accounts | Included |
| General Written Correspondence | Included |
| Shareholder Address Changes | Included |
| Customer Service - Telephone | Included |
| Research and Responding to Shareholder Inquiries | Included |
| Issuance of Restricted Transfers | Included |
| Issuance of Stock Option | Included |
| DWAC Transfers (broker fees may apply)<sup>4</sup> | Included |
| Non-Routine Transfers (including removal of legends and transfer of applicable Shares) | Included |
| Shareholder Internet Access | Included |
| Company Internet Access | Included |
| DRS Sale Program - Transaction Fee (to be paid by the Shareholder)<sup>5</sup> | Per transaction |

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**<u>ANNUAL MEETING ADMINISTRATION SERVICES</u>**

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| | |
|:---|:---|
| Prepare Full Shareholder List as of Record Date | Included |
| Complete Reporting for Proxy Program | Included |
| Enclose and Mail Proxy Materials (mailing costs applied as out-of-pocket) | Included |
| Receive and Scan Returned Proxies | Included |
| Tabulate Proxies (Registered and Beneficial Holders - per vote fee applicable) | Included |
| Prepare and Verify Final Vote List | Included |
| Online access for Company to monitor voting | Included |
| Omnibus Download of Proxy from DTC | Included |
| Webcast-Integrated Virtual Meeting Hosting and Support Services | Available |
| Inspector of Election (travel fees will be applied as out-of-pocket expenses) | Available |
| Online & Telephonic Voting for Registered Shareholders | Available |

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<sup>4</sup> Please note that Equiniti does not charge a fee for DWAC processing but that the broker may charge fees incurred from receipt of Shares.

<sup>5</sup>A transaction fee of $15.00 plus $0.12 per Share sold will be charged to the Shareholder.

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**<u>MANAGEMENT REPORTING</u>**

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| | |
|:---|:---|
| Standard Reporting Suite | Included |
| Online Access to Management Reports | Included |
| Report Requirements determined at Conversion | Included |

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**<u>SPECIAL SERVICES</u>**

Services not included herein (including, without limitation, trustee and custodial services, exchange/tender offer services, stock dividend disbursement services, voluntary disclosure agreements and audit administration services relating to abandoned or unclaimed property) but requested by the Company may be subject to additional charges.

**<u>OUT-OF-POCKET EXPENSES</u>**<sup>6</sup>

All customary out-of-pocket expenses will be billed in addition to the foregoing fees. These charges include, but are not limited to items such as:

• Printing, stationery, postage and handling for all activities such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Dividend payments & statement mailings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Proxy mailings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Advices and confirmations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Tax form mailings o W8/W9 solicitations

• Freight and materials delivery

• Due diligence activities associated with escheatment

The foregoing fees apply to services ordinarily rendered by Equiniti and are subject to reasonable adjustment based on final review of documents.

<sup>6</sup> Detailed schedule of current rates is available upon request.

## Ex-99.(K)(4)

**Exhibit (k)(4)**

June 29, 2026

Robinhood Ventures Fund II

85 Willow Road

Menlo Park, CA 94025

Re: Robinhood Ventures Fund II – Organizational Costs

Ladies and Gentlemen:

Reference is made to the Robinhood Ventures Fund II Investment Advisory Agreement, dated May 21, 2026 (the "Advisory Agreement"), among Robinhood Ventures Fund II, a statutory trust organized under the laws of the State of Delaware (the "Fund") and Robinhood Ventures DE, LLC, a Delaware limited liability company (the "Adviser"). The Adviser is a wholly-owned subsidiary of Robinhood Markets, Inc. (collectively with its subsidiaries "Robinhood"). Pursuant to Section 5 of the Advisory Agreement, to the extent Robinhood, as an affiliate of the Adviser, "(i) pays or otherwise bears the costs of any Fund expenses or (ii) advances amounts to the Fund on a temporary basis, the Fund shall reimburse the Adviser or such affiliate for the same."

Notwithstanding anything to the contrary contained in the Advisory Agreement, including Section 5 thereof, by execution of this Organizational Costs Support and Reimbursement Letter Agreement between Robinhood, the Adviser and the Fund, Robinhood hereby agrees to pay and bear all organizational costs incurred by the Fund or incurred by Robinhood on the Fund's behalf prior to an initial public offering of its common shares of beneficial interest. In the event the Fund does not consummate an initial public offering of its common shares of beneficial interest, Robinhood hereby agrees to irrevocably forebear its right to seek reimbursement from the Fund for such organizational costs. Additionally, any tax liabilities arising as a result of the arrangement covered by this agreement, will be borne solely by Robinhood, and as such, any reimbursement of such tax liabilities that may be due in accordance with the Tax Sharing Agreement dated May 12, 2026, Robinhood irrevocably will forego.

In the event that the Fund consummates an initial public offering of its common shares of beneficial interest, the organizational costs will be borne by the Fund immediately upon the consummation of such initial public offering and the Fund will reimburse Robinhood for such organizational costs from the proceeds received by the Fund from such initial public offering. As a result, the organizational costs will immediately reduce the NAV of each Share purchased in such initial public offering.

Robinhood, the Adviser and the Fund are willing to be bound by this letter agreement. This letter agreement is limited to the Fund's organizational costs and will not preclude Robinhood, the Adviser or any affiliates from seeking reimbursement from the Fund for any other reimbursable expenses.

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| | |
|:---|:---|
| Very Truly Yours, | Very Truly Yours, |
| By: | /s/ Shiv Verma |
| Name: Shiv Verma | Name: Shiv Verma |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
|  | ROBINHOOD MARKETS, INC. |

---

------

---

| | |
|:---|:---|
| ACCEPTED AND AGREED TO: | ACCEPTED AND AGREED TO: |
| Robinhood Ventures Fund II | Robinhood Ventures Fund II |
| By: | /s/ Dara Bazzano |
| Name: Dara Bazzano | Name: Dara Bazzano |
| Title: Principal Financial Officer and Principal Accounting Officer, Duly Authorized | Title: Principal Financial Officer and Principal Accounting Officer, Duly Authorized |
| Robinhood Ventures DE, LLC | Robinhood Ventures DE, LLC |
| By: | /s/ Sarah Pinto |
| Name: Sarah Pinto | Name: Sarah Pinto |
| Title: Chief Investment Officer, Duly Authorized | Title: Chief Investment Officer, Duly Authorized |

---

## Ex-99.(N)

**Exhibit (n)**

**Consent of Independent Registered Public Accounting Firm**

We consent to the reference to our firm under the caption "Independent Registered Public Accounting Firm" in the Preliminary Prospectus, included in this Registration Statement (Form N-2) of Robinhood Ventures Fund II (the "Registration Statement").

We also consent to the use of our report dated June 30, 2026, with respect to the financial statements and financial highlights of Robinhood Ventures Fund II as of March 31, 2026 and for the period from March 16, 2026 (Commencement of Operations) through March 31, 2026, included in this Registration Statement, filed with the Securities and Exchange Commission.

/s/ Ernst & Young LLP

New York, New York

June 30, 2026

## Ex-99.(P)

**Exhibit (p)**

**ROBINHOOD VENTURES FUND II**

<u>Seed Capital Purchase Agreement</u>

This Seed Capital Purchase Agreement (the "Agreement") is made this&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2026 by and between Robinhood Ventures Fund II, a Delaware statutory trust (the "Company"), and Robinhood Markets, Inc. (the "Purchaser").

WITNESSETH:

WHEREAS, the Purchaser wishes to subscribe for and purchase, and the Company wishes to sell to the Purchaser&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; common shares for a purchase price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share.

NOW THEREFORE, IT IS AGREED:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Purchaser subscribes for and agrees to purchase from the Company&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; common shares at a purchase price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share. Purchaser agrees to make payment for these shares at such time as demand for payment may be made by an officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The Company agrees to issue and sell said shares to Purchaser promptly upon its receipt of the purchase price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.To induce the Company to accept its purchase and issue the shares subscribed for, the Purchaser represents that it is informed as follows:

&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;(a)That the shares being subscribed for have not been and will not be registered under the Securities Act of l933, as amended ("Securities Act");

&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;(b)That the shares will be sold by the Company in reliance on an exemption from the registration requirements of the Securities Act;

&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;(c)That the Company's reliance upon an exemption from the registration requirements of the Securities Act is predicated in part on the representations and agreements contained in this Agreement;

&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;(d)That when issued, the shares will be "restricted securities" as defined in paragraph (a)(3) of Rule l44 of the General Rules and Regulations under the Securities Act ("Rule l44") and cannot be sold or transferred by Purchaser unless they are subsequently registered under the Securities Act or unless an exemption from such registration is available; and

&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;(e)That there do not appear to be any exemptions from the registration provisions of the Securities Act available to the Purchaser for resale of the shares. In the future, certain exemptions may possibly become available, including an exemption for limited sales in accordance with the conditions of Rule l44.

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The Purchaser understands that a primary purpose of the information acknowledged in subparagraphs (a) through (e) above is to put it on notice as to restrictions on the transferability of the shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.To further induce the Company to accept its purchase and issue the shares subscribed for, the Purchaser:

&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;(a)Represents and warrants that the shares subscribed for are being and will be acquired for investment for its own account and not on behalf of any other person or persons and not with a view to, or for sale in connection with, any public distribution thereof, other than potentially as a secondary seller alongside the Company in connection with the Company's anticipated initial public offering; and

&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;(b)Agrees that any certificates representing the shares subscribed for may bear a legend substantially in the following form:

The shares represented by this certificate have been acquired for investment and have not been registered under the Securities Act of l933 or any other federal or state securities law. These shares may not be offered for sale, sold or otherwise transferred unless registered under said securities laws or unless some exemption from registration is available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.This Agreement and all of its provisions shall be binding upon the legal representatives, heirs, successors and assigns of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.The Company's Certificate of Trust is on file with the Secretary of the State of Delaware. This Agreement is executed on behalf of the Company by the undersigned officer in their capacity as an officer of the Company and not individually, and the obligations imposed upon the Company by this Agreement are not binding upon the trustees of the Company or any of the Company's officers or shareholders individually, but are binding only upon the assets and property of the Company.

[Signature page follows.]

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IN WITNESS WHEREOF, this Seed Capital Purchase Agreement has been executed by the parties hereto as of the date first above written.

---

| | |
|:---|:---|
| ROBINHOOD VENTURES FUND II | ROBINHOOD VENTURES FUND II |
| By: |  |
|  | Name: |
|  | Title: |
| ROBINHOOD MARKETS, INC. | ROBINHOOD MARKETS, INC. |
| By: |  |
|  | Name: |
|  | Title: |

---

## Ex-99.(R)(1)

**Exhibit (r)(1)**

**<u>Robinhood Ventures Fund II</u>**

**Code of Ethics – Robinhood Ventures Fund II**

**I. *Purpose of the Code of Ethics***

This code of ethics (the "Code") is based on the principle that, you as an access person of the Company, will conduct your personal investment activities in accordance with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;the duty at all times to place the interests of the Company's shareholders first;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;the requirement that all personal securities transactions be conducted consistent with this Code and in such a manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;the fundamental standard that Company personnel should not take inappropriate advantage of their positions.

In view of the foregoing, the Company has adopted this Code to specify a code of conduct for certain types of personal securities transactions which may involve conflicts of interest or an appearance of impropriety and to establish reporting requirements and enforcement procedures.

**II. *Legal Requirement***

Pursuant to Rule 17j-1(b) of the 1940 Act, it is unlawful for any Access Person, in connection with the purchase or sale (directly or indirectly) by such Access Person of a security "held or to be acquired" by the Company, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;employ any device, scheme or artifice to defraud the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;make any untrue statement of a material fact to the Company or fail to state a material fact necessary in order to make the statements made to the Company, in light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;engage in any manipulative practice with respect to the Company.

**III. *Definitions*** - All definitions shall have the same meaning as set forth in Rule 17j-1 or Section 2(a) of the 1940 Act, if applicable, and are summarized below.

An "**Access Person**" means any trustee, officer, general partner, or Advisory Person of the Company ("Advisory Person") or of the Investment Adviser (or of any entity in a control relationship to the Company or the Investment Adviser). For purposes of this Code, an Access Person who is subject to the securities pre-clearance requirements and securities transaction reporting requirements of the code adopted by the Adviser of the Company in compliance with Rule 17j-1 under the 1940 Act, Rule 204A-2 of the Advisers Act, or Section 15(f) of the 1934 Act as applicable, shall not be subject to the requirement to obtain pre-approval from the Company CCO before directly or indirectly acquiring beneficial ownership in any covered securities in an initial public offering or in a private placement or other limited offering. Such

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persons shall also be exempt from the reporting and certification requirements set forth in Sections V and VII of this Code.

**Automatic Investment Plan**" means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Program includes a dividend reinvestment plan.

**Advisory Person** of the Company or of the Adviser shall have the same meaning as that set forth in Rule 17j-1 of the 1940 Act.

**Beneficial ownership** shall have the same meaning as that set forth in Rule 16a-1(a)(2) of the 1934 Act. "Beneficial ownership" can have broad meaning that covers many types of transactions or relationships. "Beneficial ownership" is based on an individual's ability to profit from a particular purchase or sale of securities held by the individual or by his or her family members; through derivative transactions, registered investment companies, partnerships, corporations; or through other arrangements.

**Control** shall have the same meaning as that set forth in Section 2(a)(9) of the 1940 Act.

**Covered Security** means a security as defined in Section 2(a)(36) of the 1940 Act, except that it does not include:

(i)&nbsp;&nbsp;&nbsp;&nbsp;Direct obligations of the Government of the United States;

(ii)&nbsp;&nbsp;&nbsp;&nbsp;Bankers' acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt instruments, including repurchase agreements; and

(iii)&nbsp;&nbsp;&nbsp;&nbsp;Shares issued by open-end registered investment companies (excluding open-end exchange traded funds).

**Exchange Traded Fund** means an open-end registered investment company that is not a unit investment trust, and that operates pursuant to an order from the SEC exempting it from certain provisions of the 1940 Act permitting it to issue securities that trade on the secondary market.

**An Initial Public Offering** means an offering of securities registered under the 1933 Act, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the 1934 Act.

**Limited Offering** means an offering that is exempt from registration under the 1933 Act pursuant to Section 4(a)(2) or Section 4(a)(5) or pursuant to Rule 504 or Rule 506 under the 1933 Act.

**Purchase or Sale of a Covered Security** includes, among other things, the writing of an option to purchase or sell a Covered Security.

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**Security held or to be Acquired by the Company** means:

(i)&nbsp;&nbsp;&nbsp;&nbsp;Any Covered Security which, within the most recent 15 days:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;Is or has been held by the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;Is being or has been considered by the Company or the Adviser for purchase by the Company; and

(ii)&nbsp;&nbsp;&nbsp;&nbsp;Any option to purchase or sell, and any security convertible into or exchangeable for, a Covered Security.

**IV. *Policies of the Company Regarding Personal Securities Transactions***

**<u>General</u>**

No Access Person of the Company shall engage in any act, practice or course of business that would violate the provisions of Rule 17j-1 as set forth above, or in connection with any personal investment activity, engage in conduct inconsistent with this Code.

The Company CCO, or designee, will utilize an electronic reporting system, MyComplianceOffice ("MCO"), to facilitate account disclosures, reporting requirements, and surveillance. MCO will automatically record and produce all applicable holdings and transaction reports on behalf of the Access Person for all Reportable Accounts once they have been entered into the MCO system.

The Access Person is ultimately responsible for ensuring the information they have provided within MCO the system is complete, current, and able to be accurately reported on. The Company CCO, or designee, may request Access Persons to submit their reports by other means in order to remain in compliance with applicable rules.

<u>Specific Policies</u>

No Access Person shall purchase or sell, directly or indirectly, any security in which he/she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership and which he/she knows or should have known at the time of such purchase or sale:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;is being considered for purchase or sale by the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;is being purchased or sold by the Company.

<u>Pre-approval of Company Shares, Investments in IPOs and Limited Offerings</u>

Access Persons must obtain approval from the Company CCO before directly or indirectly acquiring Company shares or beneficial ownership in any covered securities in an initial public offering or in a private placement or other limited offering. However, Access Persons who are employees and immediate family members of employees of Robinhood Ventures DE, LLC, and affiliates, are prohibited from participating in IPOs.

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<u>Quarterly Blackout Periods</u>

During the period prior to the release of the quarterly financial results, the Company's insiders may possess material, non-public information. Therefore, to avoid even the appearance of trading while aware of material, non-public information, Access Persons will not be pre-cleared to trade in the Company's securities during the period beginning one week prior to the end of the Company's fiscal quarter and ending after the second full business day following the Company's issuance of its quarterly earnings release or analyst conference call. All Access Persons are subject to these quarterly blackout periods.

<u>Event-Specific Blackout Periods</u>

From time to time, an event may occur that is material to the Company and is known by select Access Persons. So long as the event remains material and non-public, no Access Persons may trade in the Company's securities. This restriction applies regardless of whether such persons have actual knowledge of the material event in question. The existence of an event-specific blackout will not be announced, other than to those who are aware of the event giving rise to the blackout. If, however, a person whose trades are subject to pre-clearance requests permission to trade in the Company's securities during an event-specific blackout, the Company CCO will inform the requester of a blackout period, without disclosing the reason for the blackout. Any person made aware of the existence of an event-specific blackout should not disclose the existence of the blackout to any other person. The failure of the Company CCO to designate a person as being subject to an event-specific blackout will not relieve that person of the obligation not to trade while aware of material, non-public information.

<u>Hardship Exceptions</u>

A person who is subject to a quarterly earnings blackout period and who has an unexpected and urgent need to sell the Company's shares in order to generate cash may, in appropriate circumstances, be permitted to sell such shares even during the blackout period. Hardship exceptions may be granted only by the Company CCO and must be requested at least two business days in advance of the proposed trade. A hardship exception may be granted only if the Company CCO concludes that the Company's earnings information for the applicable quarter does not constitute material, non-public information. Under no circumstances will a hardship exception be granted during an event-specific blackout period.

**V. *Reporting Procedures***

The Company shall notify each person (annually in January of each year) considered to be an Access Person of the Company that he/she is subject to the reporting requirements detailed in Sections (a), (b) and (c) below and shall deliver a copy of this Code to each such Access Person.

In order to provide the Company with information to enable it to determine with reasonable assurance whether the provisions of this Code are being observed, every Access Person must report the following:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Initial Holdings Reports</u>. Every Access Person must report on **Exhibit A**, attached hereto, or through MCO, no later than 10 days after becoming an Access Person, the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;The title, number of shares and principal amount of each Covered Security in which the Access Person had any direct or indirect beneficial ownership when the person became an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;The name of any broker, dealer or bank with whom the Access Person maintained an account in which any securities were held for the direct or indirect benefit of the Access Person as of the date the person became an Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;The date that the report is submitted by the Access Person.

This information must be current as of a date no more than 45 days prior to the date the person becomes an access person. Also, an Initial Holdings Report must be submitted even if there are no securities holdings to report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Quarterly Transaction Reports</u>. Every Access Person must report on **Exhibit B**, attached hereto, or through MCO, no later than 30 days after the end of a calendar quarter, the following information with respect to any transaction during the quarter in a Covered Security in which the Access Person had any direct or indirect beneficial ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;The date of the transaction, the title, the interest rate and maturity date (if applicable), the number of shares, and the principal amount of each Covered Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;The price of the Covered Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;The name of the broker, dealer or bank with or through whom the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;The date that the report is submitted by the Access Person.

An Access Person need <u>not</u> make a quarterly transaction report under Section V.b of this Code with respect to transactions effected pursuant to an Automatic Investment Plan.

With respect to any account established by an Access Person in which **any securities** were held during the quarter for the direct or indirect benefit of the Access Person, each Access Person must report on **Exhibit B**, attached hereto, or through MCO, no later than 30 days after the end of a calendar quarter the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;The name of the broker, dealer or bank with whom the Access Person established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;The date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;The date that the report is submitted by the Access Person.

An Access Person need not submit a Quarterly Transaction Report if the information reported therein would be duplicative of information contained in broker trade confirmations, notices or advices or account statements received by the Company. Also, a Quarterly Transaction Report

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must be submitted even if no purchases or sales of securities were made during the period covered by the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Annual Holdings Reports</u>. Every Access Person must report on **Exhibit C**, attached hereto, or through MCO, by January 31 of each year, the following information (which information must be current as of a date no more than 45 days before the report is submitted):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;The title, number of shares and principal amount of each Covered Security in which the Access Person had any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;The name and account number of any broker, dealer or bank with whom the Access Person maintains an account in which any securities are held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;The date that the report is submitted by the Access Person.

An Annual Holdings Report must be submitted even if no purchases or sales of securities were made during the period covered by the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Exceptions from Reporting Requirements</u>. Each Independent Trustee need not make an initial or annual holdings report but shall submit the same quarterly report as required under Section V.b of this Code to the Administrator, but only for a transaction in a Covered Security where he or she knew at the time of the transaction or, in the ordinary course of fulfilling his or her official duties as an Independent Trustee, should have known that during the 15-day period immediately preceding or after the date of the transaction, such Covered Security is or was purchased or sold, or considered for purchase or sale, by the Company.

These exceptions do not exclude the Independent Trustee from reporting any holdings or transactions in shares of the Company in the reports under Sections V.a, V.b, or V.c of this Code.

**VI. *Review of Reports and Administration of Code***

The Company CCO, or delegate, shall be responsible for reviewing the reports received, maintaining a record of the names of the persons responsible for reviewing these reports, and as appropriate, comparing the reports with this Code, and reporting to the Board:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;any transaction that appears to evidence a possible violation of this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;apparent violations of the reporting requirements stated herein.

The Company CCO shall review the reports made to them hereunder and shall determine whether the policies established in Sections IV and V of this Code have been violated, and what sanctions, if any, should be imposed on the violator. Sanctions include but are not limited to a letter of censure, suspension or termination of the employment of the violator, or the unwinding of the transaction and the disgorgement of any profits. The Company CCO will report all exceptions to the Board at the end of each calendar quarter.

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The Company CCO and Board shall review the operation of this Code at least annually. No less frequently than annually, the Company CCO shall provide a written report to the Board that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;describes any issues arising under the Code or corresponding procedures since the last report to the Board, including, but not limited to, information about material violations of the Code or procedures and sanctions imposed in response to the material violations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;certifies that the Company has adopted procedures reasonably necessary to prevent Access Persons from violating the Code.

**VII. *Adoption and Amendment to the Code***

The Board, including a majority of Independent Trustees, must approve the Code and any material changes to the Code. The Board must base its approval of the Code and any material changes to the Code on a determination that the Code contains provisions reasonably necessary to prevent Access Persons from engaging in any conduct prohibited by paragraph (b) of Rule 17j-1. Before approving the Code or any amendment to the Code, the Board must receive a certification from the Company that it has adopted procedures reasonably necessary to prevent Access Persons from violating the Code. The Board must also approve the code of ethics of an investment adviser before initially retaining the services of the investment adviser. The Board must approve a material change to a code of ethics no later than six months after adoption of the material change.

**VIII. *Recordkeeping***

The Company shall cause the records enumerated in this Section VIII.a through e. below to be maintained in an easily accessible place and shall cause such records to be made available to the SEC or any representative of the SEC at any time and from time to time for reasonable periodic, special or other examinations.

Specifically, the Company shall maintain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)&nbsp;&nbsp;&nbsp;&nbsp;a copy of the Code adopted by the Company that is in effect, or at any time within the previous five (5) years was in effect in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)&nbsp;&nbsp;&nbsp;&nbsp;a record of any violation of the Code of Ethics, and of any action taken as a result of such violation, in an easily accessible place, for at least five (5) years after the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)&nbsp;&nbsp;&nbsp;&nbsp;a copy of each report made by an Access Person as required by this Code for at least five (5) years after the end of the fiscal year in which the report is made or the information is provided, the first two (2) years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)&nbsp;&nbsp;&nbsp;&nbsp;a record of all persons, currently or within the past five years, who are or were required to make reports under Section IV of this Code, or who are or were responsible for reviewing these reports, in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e)&nbsp;&nbsp;&nbsp;&nbsp;a copy of each report required by Section IV of this Code, for at least five (5) years after the end of the fiscal year in which the report is made, the first two (2) years in an easily accessible place.

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**IX. *Acknowledgement***

The Company must provide all Access Persons with a copy of this Code. Upon receipt of this Code, all Access Persons must do the following:

All new Access Persons must read the Code and complete all relevant forms supplied by the Company CCO (including a written acknowledgement of their receipt of the Code).

***Adopted: May 21, 2026***

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**<u>Exhibit A</u>**

**INITIAL HOLDINGS REPORT**

To: Company Chief Compliance Officer

At the time I became an Access Person, I had a direct or indirect beneficial ownership interest in the securities listed below which are required to be reported pursuant to the Code of the Company:

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| | | |
|:---|:---|:---|
| **<u>Security (name plus ticker or CUSIP)</u>** | **<u>Number of Shares</u>** | **<u>Principal Amount</u>** |

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The name and account number of any broker, dealer or bank with whom I maintain an account in which my securities are held for my direct or indirect benefit are as follows:

This report (i) excludes transactions with respect to which I had no direct or indirect influence or control, (ii) excludes other transactions not required to be reported, and (iii) is not an admission that I have or had any direct or indirect beneficial ownership in the securities listed above. I understand that this information must be reported no later than ten (10) days after I became an Access Person.

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| | |
|:---|:---|
| Date | Print Name |
| | Signature |

---

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**<u>Exhibit B</u>**

**QUARTERLY TRANSACTION REPORT**

For the Calendar Quarter Ended _____________________

To:&nbsp;&nbsp;&nbsp;&nbsp;Company Chief Compliance Officer

A.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Transactions</u>. During the quarter referred to above, the following transactions were effected in securities of which I had, or by reason of such transactions acquired, direct or indirect beneficial ownership, and which are required to be reported pursuant to the Code of the Company. I understand that this information must be reported no later than

**<u>_________________</u>**.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Title of<br><u>Security</u> | Date of <u>Transaction</u> | Number of Shares or Principal <u>Amount</u> | Dollar Amount of <u>Transaction</u> | Interest Rate and Maturity Date (if <u>applicable)</u> | Nature of Transaction (Purchase,<br><u>Sale, Other)</u> | <u>Price</u> | Broker/Dealer<br>or Bank<br>Through<br>Whom<br><u>Effected</u> |

---

\* Transactions that are asterisked indicate transactions in a security where I knew at the time of the transaction or, in the ordinary course of fulfilling my official duties as a Trustee or Officer, should have known that during the 15-day period immediately preceding or after the date of the transaction, such security was purchased or sold, or such security was being considered for purchase or sale by the Company.

B.&nbsp;&nbsp;&nbsp;&nbsp;<u>New Brokerage Accounts</u>. During the quarter referred to above, I established the following accounts in which securities were held during the quarter for my direct or indirect benefit:

<u><u>Name of Broker, Dealer or Bank</u></u> <u><u>Date Account Was Established:</u></u>

C.&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Matters</u>. This report (i) excludes transactions with respect to which I had no direct or indirect influence or control, (ii) excludes other transactions not required to be reported, and (iii) is not an admission that I have or had any direct or indirect beneficial ownership in the securities listed above.

Date: Signature:  <br> Print Name: 

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**<u>Exhibit C</u>**

ANNUAL HOLDINGS REPORT

For the following period: January 1, 20___ – December 31, 20___

To: Company Chief Compliance Officer

As of the period referred to above, I have a direct or indirect beneficial ownership interest in the securities listed below which are required to be reported pursuant to the Code of the Company:

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| | | |
|:---|:---|:---|
| **<u>Security (name plus ticker or CUSIP)</u>** | **<u>Number of Shares</u>** | **<u>Principal Amount</u>** |

---

The name and account number of any broker, dealer or bank with whom I maintain an account in which my securities are held for my direct or indirect benefit are as follows:

This report (i) excludes transactions with respect to which I had no direct or indirect influence or control, (ii) excludes other transactions not required to be reported, and (iii) is not an admission that I have or had any direct or indirect beneficial ownership in the securities listed above.

---

| | |
|:---|:---|
| Date | Print Name |
| | Signature |

---

## Ex-99.(R)(2)

**Exhibit (r)(2)**

![robinhood.jpg](robinhood.jpg)

**Robinhood Ventures DE, LLC**

85 Willow Road

Menlo Park, CA, 94025

**Code of Ethics** 

**Effective May 2026**

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**Table of Contents**

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| | |
|:---|:---|
| Introduction | 3 |
| Standards of Business Conduct and Compliance with Laws | 3 |
| Access Persons | 5 |
| Protecting the Confidentiality of Client Information | 5 |
| Account Reporting | 7 |
| Outside Business Activities | 9 |
| Personal Securities Transactions | 9 |
| Gifts and Entertainment | 11 |
| Reporting Violations and Sanctions | 11 |
| Records | 12 |

---

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Introduction

This Code of Ethics ("Code") has been adopted by Robinhood Ventures DE, LLC (herein referred to as "RHV," "Robinhood Ventures" or the "Firm") and is designed to comply with Rule 204A-1 under the Investment Advisers Act of 1940 ("Advisers Act") and Rule 17j-1 of the Investment Company Act of 1940 (the "1940 Act"). RHV is a separate, wholly-owned subsidiary of Robinhood Markets, Inc. ("RHM" or the "Parent Company"). RHV leverages certain RHM compliance resources and, in certain cases, seeks to satisfy its compliance obligations via relevant RHM policies and procedures.

Rule 204A-1 requires investment advisers registered with the Securities and Exchange Commission ("SEC") to adopt a code of ethics that sets forth standards of conduct and requires compliance with federal securities laws, among other elements. RHV is an investment adviser registered with the SEC, and its clients are all expected to be business development companies ("BDCs") or investment companies registered under the 1940 Act ("Investment Companies").<sup>1</sup>

This Code applies to RHV's "Supervised Persons" (i.e., each partner, officer, director (or other person occupying a similar status or performing similar functions), employee, or other person who provides investment advice on behalf of RHV and is subject to RHV's supervision and control.

Standards of Business Conduct and Compliance with Laws

All Supervised Persons are responsible for and have agreed as a requirement of their role with RHV and the services they provide to advisory clients, to review, be familiar with, and comply with this Code of Ethics and the Robinhood Ventures DE, LLC Compliance Manual. In addition, the Code requires Supervised Persons to comply with applicable U.S. federal securities laws. The purpose of the Code is to preclude activities which may lead to or give the appearance of conflicts of interest, insider trading, and other forms of prohibited, or unethical business conduct. Compliance with the Code involves more than acting with honesty and good faith alone – it requires acting in utmost good faith, solely in the best interest of the RHV's clients.

RHV and its Supervised Persons are subject to the following specific fiduciary obligations when dealing with clients:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;the duty to have a reasonable, independent basis for the investment advice provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;the duty to obtain best execution for a client's transactions where RHV is in a position to direct brokerage transactions for the client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;the duty to ensure that investment advice is suitable to meeting the client's individual objectives, needs and circumstances; and

<sup>1</sup> &nbsp;&nbsp;&nbsp;&nbsp;As of the date of this Code, RHV has two clients: Robinhood Ventures Fund I ("RVI"), a registered closed-end investment company listed on the New York Stock Exchange ("NYSE"), and Robinhood Ventures Fund II ("RVII"), a closed-end investment company that intends to elect to be regulated as a BDC under the 1940 Act and become listed on the NYSE. RVI and RVII are each referred to herein as a "Fund," and, collectively, as the "Funds."

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;the duty of loyalty to clients.

Additionally, RHV and its Supervised Persons may not, in connection with the purchase or sale, directly or indirectly, of a security held or to be acquired (as defined in Rule 17j-1(a)(10)) by any Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;employ any device, scheme, or artifice to defraud the Fund;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;engage in any act, practice or course of business that operates or would operate as a fraud or deceit upon the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;engage in any manipulative practice with respect to the Fund.

In meeting its fiduciary responsibilities to its clients, RHV expects every Supervised Person to demonstrate the highest standards of ethical conduct. The provisions of the Code are not all-inclusive. Rather, they are intended as a guide for Supervised Persons in their conduct. Strict compliance with the provisions of the Code shall be considered a basic condition of employment with Robinhood Ventures. Supervised Persons are urged to seek the advice of RHV's Chief Compliance Officer (the "CCO") for any questions about the Code or the application of the Code to their individual circumstances. Supervised Persons should also understand that a material breach of the provisions of the Code may constitute grounds for disciplinary action, up to and including termination of employment from Robinhood Ventures.

The CCO may grant exceptions to certain provisions contained in the Code only in those situations when it is clear, in the view of the CCO, that the interests of RHV's clients would not be adversely affected or compromised by the grant of the exception. All questions arising in connection with personal securities trading will be resolved in favor of RHV's clients, even at the expense of the interests of Supervised Persons.

Consistent with fundamental principles of honesty, integrity, and professionalism, RHV requires that a Supervised Person advise the CCO promptly if he or she becomes involved in or threatened with litigation or an administrative investigation or legal proceeding by a financial services regulator, law enforcement agency or agency of similar authority. To the extent permissible by law and applicable regulations, RHV will endeavor to maintain such information on a confidential basis.

Section 206 of the Advisers Act makes it unlawful for RHV or its Supervised Persons to employ any device, scheme or artifice to defraud any client or prospective client, or to engage in fraudulent, deceptive or manipulative practices.

This Code contains provisions that are designed to prohibit and prevent these and other enumerated activities.

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Access Persons

Rule 204A-1 defines "Access Person" as

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Any of RHV's Supervised Persons:

o&nbsp;&nbsp;&nbsp;&nbsp;who has access to nonpublic information regarding any clients' purchase or sale of securities, or

o&nbsp;&nbsp;&nbsp;&nbsp;who has access to nonpublic information regarding the portfolio holdings of any "reportable fund," as defined in Rule 204A-1(e)(9) (both Funds are "reportable funds" for this purpose), or

o&nbsp;&nbsp;&nbsp;&nbsp;who is involved in making securities recommendations to clients, or

o&nbsp;&nbsp;&nbsp;&nbsp;who has access to such recommendations that are non-public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Where, as is the case with RHV, providing investment advice is an investment adviser's primary business, all of the adviser's directors, officers and partners are presumed to be Access Persons under the rule.

For purposes of complying with RHV's Code, generally all Supervised Persons are considered Access persons as they will have access to portfolio models and details constructed, or under construction, by the RHV team and officers of RHV.

RHV maintains a list of Supervised/Access Persons, including the date such person became an Access Person, ceased to be an Access Person.

Protecting the Confidentiality of Client Information

**Confidential Client Information**

During the course of investment advisory activities, RHV gains access to nonpublic information about its existing or prospective clients. Such information may include personal information, financial information, the allocation of assets in a client portfolio, the composition of investments in any client portfolio, information relating to services performed for clients, advice provided by RHV to clients, and data or analyses derived from such non-public information (collectively referred to as "Confidential Client Information"). All Confidential Client Information, whether relating to RHV's current or former clients, is subject to these policies and procedures. Any questions about the confidentiality of information should be addressed to the CCO.

**Non-Disclosure of Confidential Client Information**

To maintain client confidence and trust, Confidential Client Information must be handled with integrity and discretion. As a general rule, confidential information pertaining to a client of RHV should never be communicated to anyone other than a Supervised Person on an as-needed basis, or to third parties with a legitimate business need to receive such information (for example, a Fund's custodian, or a counterparty to a client transaction), as discussed further below. A judgment about who has a business need for particular client information depends on the facts and circumstances and should be discussed by the Supervised Person with the CCO or other

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designee. RHV does not share Confidential Client Information with third parties, except in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;as necessary to enable a Fund's own designated service providers to perform their responsibilities towards the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;as necessary to provide its service(s) to its clients. In this case, RHV requires that any financial intermediary, agent or other service provider utilized by RHV (such as broker-dealers or sub-advisers) comply with substantially similar standards for non-disclosure and protection of Confidential Client Information and use the information provided by RHV only for the performance of the specific service requested by RHV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;as required by regulatory authorities or law enforcement officials who have jurisdiction over RHV, or as otherwise required by any applicable law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;to the extent reasonably necessary to prevent fraud, unauthorized transactions or other harm to RHV or its clients.

Certain Supervised Persons also have employment responsibilities with RHV's affiliates. As a result, Supervised Persons must take particular care to keep confidential information pertaining to RHV and its clients separate from that pertaining to affiliated financial services entities, including through compliance with RHV's electronic communications policy.

**Employee Responsibilities**

Supervised Persons are prohibited from disclosing Confidential Client Information to any person or entity outside RHV, including family members, except under the circumstances described above. Supervised Persons are permitted to disclose Confidential Client Information only to other Supervised Persons who have a business need to access such information to deliver services to the client.

Supervised Persons are prohibited from making unauthorized copies of any documents or files containing Confidential Client Information.

Supervised Persons should not disclose the composition of any Fund portfolios except in accordance with the Fund's disclosure policies, with prior consent from the CCO or designee or the relevant Fund's CCO or designee, in order to assure compliance with the Federal Securities Laws (as defined by Rule 38a-1 of the Company Act), including Regulation FD, and/or the Fund's own policies and procedures. Requests for information regarding a Fund's holdings from outside entities should be forwarded to the Fund's CCO or designee, who will determine their disposition on a case-by-case basis.

If a Supervised Person believes confidential information may have been distributed inappropriately, they should report the matter to the CCO or designee.

Supervised Persons should be aware that violations of the non-disclosure policy described may result in disciplinary action, including possible termination, whether or not the Supervised Person benefited from the disclosed information.

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**Security of Confidential Personal Information**

RHV enforces the following policies and procedures to protect the security of Confidential Client Information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;RHV restricts access to Confidential Client Information to those Supervised Persons who need to know such information to enable RHV to provide services to clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;any Supervised Person who is authorized to have access to Confidential Client Information in connection with the performance of such person's duties and responsibilities is required to keep such information secure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;all electronic or computer files containing any Confidential Client Information shall be secured and protected from access by unauthorized persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;conversations involving Confidential Client Information, if appropriate, should be conducted by Supervised Persons in private, with due care taken to avoid any unauthorized persons overhearing such conversations.

Account Reporting

Access Persons are required to disclose all existing brokerage accounts they maintain, have financial control over, or beneficial interest in ("Reportable Accounts"). This includes accounts held by a spouse or other financially dependent household members. If an Access Person seeks to open a new brokerage account, they must request and receive approval from Compliance prior to establishing that account.

Access Persons are not able to retain or open accounts at brokerage firms where electronic transmission of transaction data cannot be sent, or if the contra broker-dealer is not an approved brokerage firm. In such cases, the account must be liquidated and closed, or the assets must be moved to an approved brokerage firm within 30 days. Once the assets have moved the original account must be closed.

Access Persons are required to annually attest to the existence of disclosed Reportable Accounts and any new Reportable Accounts.

In addition, Access Persons should be aware of any affiliated entities' procedures that may apply to them.

**Holdings Reports**

In compliance with Rule 204A-1 and 17j-1, every Access Person is required to provide, or cause to be provided, within 10 days after becoming an Access Person, an initial holdings report for all Reportable Accounts (as described above), containing the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;the title and type of security, and, as applicable, the exchange ticker symbol or CUSIP number, the number of shares and principal amount of each Reportable Security in which the Access Person has any direct or indirect beneficial interest ownership;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;the account name and the name of any broker, dealer or bank, with whom the Access Person maintained a Reportable Account in which any securities were held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;the date that the report is submitted by the Access Person.

The information submitted must be current as of a date no more than forty-five (45) days before the person became an Access Person.

Every Access Person shall provide, or cause to be provided, to RHV an annual holdings report containing the same information required in the initial holdings report as described above.

**Transaction Reports**

Every Access Person must, no later than thirty (30) days after the end of each calendar quarter, provide, or cause to be provided, to RHV, a quarterly transaction report containing the information below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;With respect to any transaction during the quarter in a Reportable Security in which the Access Person had or as a result of the transaction acquired any direct or indirect beneficial ownership:

o&nbsp;&nbsp;&nbsp;&nbsp;the date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, the interest rate and maturity date, the number of shares and the principal amount of each reportable security;

o&nbsp;&nbsp;&nbsp;&nbsp;the nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

o&nbsp;&nbsp;&nbsp;&nbsp;the price of the Reportable Security at which the transaction was effected;

o&nbsp;&nbsp;&nbsp;&nbsp;the name of the broker, dealer or bank with or through whom the transaction was effected; and

o&nbsp;&nbsp;&nbsp;&nbsp;the date the report is submitted by the Access Person.

**Exempt Transactions**

An Access Person need not submit a transaction report or holdings report with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;transactions effected for securities held in any managed account over which the person has no direct or indirect influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;transactions effected pursuant to an automatic investment plan, e.g., a dividend reinvestment plan.

**Electronic Compliance Management System**

RHV utilizes an electronic reporting system, MyComplianceOffice ("MCO"), to facilitate employee account disclosures, reporting requirements, and surveillance. MCO will automatically record and produce all applicable holdings and transaction reports on behalf of the Access Person for all Reportable Accounts once they have been entered into the MCO system.

The Access Person is ultimately responsible for ensuring the information they have provided within MCO the system is complete, current, and able to be accurately reported on. RHV may

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request Access Persons to submit their reports by other means in order to remain in compliance with applicable rules.

Outside Business Activities

Supervised Persons are permitted to maintain outside business activities with a non-affiliated entity only after the Supervised Person has submitted a request for permission through MCO, which is reviewed and subject to approval.

All Access Persons are subject to the *RHM Outside Business Activities & Private Securities Transactions Policy.* Please see the *RHM Outside Business Activities & Private Securities Transactions Policy*, available <u>here</u> for the full set of requirements and details

Personal Securities Transactions

**General Policy**

RHV has adopted the following principles governing personal investment activities by Supervised Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;the interests of clients shall at all times be placed first;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;all personal securities transactions shall be conducted in such manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Supervised Persons must not take inappropriate advantage of their positions.

Supervised Persons are prohibited from using material, non-public information regarding portfolio holdings, securities under active consideration for purchase or sale by client accounts, or client transactions for their personal benefit. Specifically, Supervised Persons are prohibited from using advance knowledge to trade ahead of or otherwise to the detriment of RHV clients.

All Supervised Persons are bound by the requirements of this Code, RHV's Compliance Manual, and to the following trading restrictions and supervision:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Trade pre-clearance in MCO is required for shares of the Funds and of any other Investment Company or BDC client of RHV, and for private or limited offerings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Restrictive trade windows apply during quiet periods and Fund/client updates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Trades are subject to post-trade surveillance.

Supervised Persons will receive an announcement which alerts them of the impending restriction on trade activity and provides timing of the restriction window.

Exceptions to the above trade restrictions may only be granted in writing by the CCO or designee.

The Code of Ethics rule mandates pre-approval of the following types of investments for all Supervised Persons:

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**Participation in IPOs**

No Access Person and their immediate family members, shall acquire any beneficial ownership in any securities in an Initial Public Offering (IPO) for his or her account. As Access Persons are also affiliated with the broker-dealer, they are prohibited from participating in IPOs.

**Preclearance Required for Private or Limited Offerings**

No Access Person shall acquire beneficial ownership of any securities in a limited offering or private placement without the prior written approval of the CCO or designee, who has been provided with full details of the proposed transaction (including written certification that the investment opportunity did not arise by virtue of the Access Person's activities on behalf of a client) and, if approved, shall be subject to continuous monitoring for possible future conflicts.

Requests for private securities transactions must be submitted through MCO for review and approval prior to participating in the transaction, as required by applicable regulations and policies of this Code.

Additionally, all Access Persons are subject to the *RHM Outside Business Activities & Private Securities Transactions Policy.* Please see the *RHM Outside Business Activities & Private Securities Transactions Policy*, available <u>here</u> for the full set of requirements and details.

**Trading in Robinhood Ventures Fund I and II Shares**

Supervised Persons must pre-clear all transactions in shares of RVI, RVII, and any other Investment Company or BDC client of RHV. Pre-clearance must be requested through MCO. Transactions that are approved must be completed within 48 hours, or a new request for pre-clearance must be submitted through MCO.

Supervised Persons and their family members should be aware that the Funds may impose extended blackout periods during which no trading in Fund shares will be permitted. Blackout periods may be triggered, for instance, before certain reports are issued to the public, when RHV is in possession of sensitive information that could potentially impact a Fund's market price, or for other reasons at the discretion of the Fund's CCO and senior management. Blackout periods apply in addition to holding periods (i.e., even if Fund shares have been held for the requisite holding period, a supervised person would not be able to sell those Fund shares if a blackout period has been triggered.)

**Monitoring and Review of Personal Securities Transactions**

The CCO or designee shall monitor and review all reports provided pursuant to this Code for compliance with the Code, RHV's policies, and applicable SEC rules and regulations. Access Persons' investment patterns will be monitored in part to seek to detect the following abusive or potentially abusive behavior:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Trading in securities appearing on the Restricted List;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Frequent and/or short-term trades in any Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Front-Running and other trading in conflict with Client interests; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Trading that appears to be based on Material Non-Public Information.

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The CCO or designee may also initiate inquiries of Supervised Persons regarding personal securities trading. Supervised Persons are required to cooperate with such inquiries and any monitoring or review procedures employed by RHV.

Any transactions for any Reportable Accounts of the CCO will be reviewed by another officer or member of Senior Management.

The CCO shall at least annually identify all Access Persons who are required to file reports pursuant to the Code and shall inform such Access Persons of their reporting obligations.

**Education**

RHV will provide Supervised Persons with periodic training regarding the Code and related issues as a reminder of their obligations, and/or in response to amendments and regulatory changes. In compliance with Rule 204A-1, RHV will provide each Supervised Person access to a copy of the Code and notice of any amendments thereto. Each Supervised Person will be required to acknowledge the receipt of the Code in MCO. The Code is provided to new Supervised Persons during the hiring/onboarding process, and at least annually (and more frequently, as amended) thereafter.

Gifts and Entertainment

Giving, receiving, or soliciting gifts or entertainment in a business setting may create an appearance of impropriety and may raise a potential conflict of interest. RHV has adopted the policies set forth below to guide Supervised Persons in this area.

This gifts and entertainment policy is separate from, but consistent and coordinated with, the enterprise Gifts and Entertainment Policy, made available through Robinhood Markets, Inc.'s Policy Library.

RHV adheres to the *RHM Gifts and Entertainment Policy* at the enterprise level with respect to gifts and entertainment. Please see the *RHM Gifts and Entertainment Policy*, available <u>here</u> for the full set of requirements and details.

Reporting Violations and Sanctions

All Supervised Persons shall promptly report to the CCO or, provided the CCO also receives such reports, to a member of Senior Management, all violations of the Code. Any retaliation against a Supervised Person for the good faith reporting of a violation of this Code shall itself constitute a violation of this Code.

The CCO or designee shall investigate all violations and reports of violations promptly, shall document any violations and the actions taken to address those violations (including, for example, disgorgement of any profits made from the violation, or additional training on the provisions of the Code), and shall report to Senior Management all material violations of the Code.

Senior Management shall consider reports made to it hereunder and shall determine whether or not the Code has been violated and what sanctions, if any, should be imposed. Possible

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sanctions may include reprimands, additional training requirements, suspension, or termination of the Supervised Person's employment with the Firm.

Anyone who in good faith raises an issue regarding a possible violation of law, regulation or company policy, or any suspected illegal or unethical behavior, will be protected from retaliation. If you have violated this Code, however, making a report will not protect you from the consequences of your actions. You may be subject to discipline up to, and including termination of employment, if you violate this Code, or fail to report violations that come to your attention.

*Fund Board Reporting.* The CCO will, no less frequently than annually, prepare a written report to each Fund's Board pursuant to Rule 17j-1(c)(2)(ii) that (i) describes any issues arising under this Code since the last report to the Board, including, but not limited to, information about material violations of this Code and any sanctions imposed in response to those material violations, and (ii) certifies that RHV has adopted procedures reasonably necessary to prevent Access Persons from violating this Code.

*Board Approval of Code of Ethics and Material Changes Thereto.* This Code must be approved by each Fund's Board (including a majority of the Independent Board Members), and the CCO must provide each Board a certification that RHV has adopted procedures reasonably necessary to prevent Access Persons (as defined in Rule 17j-1(a)(1)) from violating the Code. Material changes to the Code must be presented to the Fund's Board (including a majority of the Independent Board Members) for approval no later than six months after the adoption of the material change.

Records

Rule 204-2(a)(12) and (13) of the Advisers Act requires advisers to keep copies of certain enumerated records relating to the adviser's Code. RHV's recordkeeping policies are contained in the Compliance Manual.

As further set forth in the Compliance Manual, the CCO shall maintain or cause to be maintained the following records:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;a copy of any Code of Ethics adopted and implemented by RHV pursuant to Advisers Act Rule 204A-1 which is, or has been in effect during the past five years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;a record of any violation of the Code and any action that was taken as a result of such violation, for a period of five years from the end of the fiscal year in which the last entry on such record was made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;a record of all acknowledgements of receipt of the Code and amendments, through MCO, thereto for each person who is currently, or within the past five years, was, a Supervised Person, for a period of five years after the individual ceases to be a Supervised Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;a copy of each transaction or holdings report made pursuant to the Code in MCO, including any broker trade confirmations and account statements, or reports generated through MCO, provided in lieu of such reports, for a period of

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five years from the end of the fiscal year in which the last entry on such record was made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;a list of all persons who are, or within the preceding five years have been, Access Persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;a record of any decision and reasons supporting such decision to approve a Supervised Person's acquisition of securities in IPOs and limited offerings, for a period of five years after the end of the fiscal year in which such approval is granted.

## Ex-99.(T)

**Exhibit (t)**

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Sarah Pinto, Manan Shah, Aaron Ellias, Christian Lymn, Maureen Montgomery, Yingting Zhang, Hom Whe Tan, Robert Kamentsev and Jennifer Cho and each of them acting individually, his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign the Registration Statement on Form N-2 of Robinhood Ventures Fund II, any and all amendments thereto, and any related registration statement filed pursuant to Rule 462(b) under the Securities Act of 1933, and to file the same, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

This Power of Attorney may be executed in multiple counterparts, each of which shall be deemed an original, but which taken together shall constitute one instrument.

IN WITNESS WHEREOF, each of the undersigned has executed this Power of Attorney as of the 21<sup>st</sup> day of May, 2026.

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| | |
|:---|:---|
| **Signature** | **Title** |
| /s/ Sarah Pinto | |
| Sarah Pinto | President and Trustee |
| /s/ Robert Kamentsev | |
| Robert Kamentsev | Assistant Treasurer, <br>Principal Financial Officer,<br>Principal Accounting Officer |
| /s/ Michael Gallagher | |
| Michael Gallagher | Trustee |
| /s/ Jill Sommers | |
| Jill Sommers | Trustee |
| /s/ Meredith Whitney | |
| Meredith Whitney | Trustee |
| /s/ Shiv Verma |  |
| Shiv Verma | Trustee |

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