# EDGAR Filing Document

**Accession Number:** 0002094939
**File Stem:** 0001398344-26-011323
**Filing Date:** 2026-6
**Character Count:** 1215652
**Document Hash:** fb684595b53816fe0374e8d8fa71f868
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-011323.hdr.sgml**: 20260626

**ACCESSION NUMBER**: 0001398344-26-011323

**CONFORMED SUBMISSION TYPE**: N-2/A

**PUBLIC DOCUMENT COUNT**: 39

**FILED AS OF DATE**: 20260626

**DATE AS OF CHANGE**: 20260626

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WVB Blackstone All Privates Fund
- **CENTRAL INDEX KEY:** 0002094939

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-2/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24142
- **FILM NUMBER:** 261130671

**BUSINESS ADDRESS:**
- **STREET 1:** 280 CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 6177908054

**MAIL ADDRESS:**
- **STREET 1:** 280 CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WVB Blackstone All Privates Fund
- **CENTRAL INDEX KEY:** 0002094939

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-2/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-291877
- **FILM NUMBER:** 261130670

**BUSINESS ADDRESS:**
- **STREET 1:** 280 CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 6177908054

**MAIL ADDRESS:**
- **STREET 1:** 280 CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**As filed with the Securities and Exchange Commission on June 26, 2026**

**Securities Act File No. 333-291877**

**Investment Company Act File No. 811-24142**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

**FORM N-2**

**(CHECK APPROPRIATE BOX OR BOXES)**

[X] **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

[X] **PRE-EFFECTIVE AMENDMENT NO. 4**

[X] **REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940**

[X] **AMENDMENT NO**. **4**

**WVB Blackstone All Privates Fund**

(Exact name of Registrant as Specified in Charter)

**280 Congress Street**

**Boston, MA 02210**

(Address of Principal Executive Offices)

**Registrant's Telephone Number, including Area Code: (617) 951-5000**

**Wellington Management Company LLP**

**280 Congress Street**

**Boston, MA 02210**

**USA**<br> (Name and Address of Agent for Service)

***Copies to:***

**Kyle T. Sullivan**

**Wellington Management Company LLP**

**280 Congress Street**

**Boston, MA 02210**

**USA**

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| | |
|:---|:---|
| **Christopher D. Christian, Esq.**<br> **Dechert LLP**<br> **One International Place, 40th Floor**<br> **100 Oliver Street**<br> **Boston, MA 02110** | **Aaron D. Withrow, Esq.**<br> **Dechert LLP**<br> **1900 K Street, N.W.**<br> **Washington, D.C. 20006** |

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**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.

[X] 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 dividend or interest reinvestment plans.

[ ] 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:

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| |
|:---|
| This post-effective amendment designates a new effective date for a previously filed post-effective amendment. |
| 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: ______. |

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Check each box that appropriately characterizes the Registrant:

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

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

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

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

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

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

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

[X] New Registrant (registered or regulated under the Investment Company 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 this Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.**

Preliminary Prospectus

Dated June 26, 2026

Subject to Completion

The information in this preliminary prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the U.S. Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer is not permitted.

**PROSPECTUS**

**WVB BLACKSTONE ALL PRIVATES Fund**

**SHARES OF BENEFICIAL INTEREST**

**Class A Shares**

**Class I Shares**

**Class M Shares**

**[●], 2026**

The WVB Blackstone All Privates Fund (the "Fund") is a newly organized Delaware statutory trust that is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company. Wellington Management Company LLP (the "Adviser" or "WMC") serves as the investment adviser to the Fund. The Fund is offering through this prospectus three separate classes of shares of beneficial interest ("Shares") designated as Class A ("Class A Shares"), Class I ("Class I Shares") and Class M ("Class M Shares"), respectively.

*Investment Objective*. The Fund's investment objective is to seek to provide attractive risk adjusted returns. There can be no assurance that the Fund will achieve its investment objective.

*Principal Investment Strategies*. The Fund seeks to achieve its investment objective by investing primarily in pooled investment vehicles sponsored by affiliates of Blackstone Inc. (collectively, "Blackstone"), directly or indirectly, and other investments that provide exposure to a broad range of asset classes and geographies in private markets. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) directly or indirectly in a combination of Blackstone Underlying Funds that provide exposure to private market investments and Temporary Private Markets Exposure Proxies (each as defined in the "Investment Program—Investment Strategies" section of the Prospectus). The term "private markets" refers to investments that are not traded on public exchanges, including, but not limited to, private equity, private credit, real estate and infrastructure. The Fund may not have exposure to all private markets asset classes and strategies at all times, and the Fund's allocations across sectors, asset classes, industries and geographic regions are expected to vary over time in the sole discretion of the Adviser. The Fund's portfolio may, at any given time, be more heavily weighted to one or more sectors, asset classes, industries and geographic regions.

Blackstone Underlying Funds are pooled investment vehicles sponsored by Blackstone and may include registered investment companies, business development companies, real estate investment trusts, private funds (*i.e.*, private investment funds excluded from the definition of "investment company" pursuant to Sections 3(c)(1) or 3(c)(7) of the 1940 Act) and other investment vehicles through which Blackstone may provide access to investment opportunities in private markets. The Fund will acquire interests in Blackstone Underlying Funds at net asset value ("NAV"). The Adviser's allocation and reallocation of the Fund's assets among Blackstone Underlying Funds will take into consideration a variety of factors, including but not limited to, market environment analysis (which considers various market factors that may impact a Blackstone Underlying Fund), financial modeling techniques to assess risk and uncertainty, including scenario and sensitivity analysis and stress tests, behavior of returns, correlations (*i.e.*, the relationship among various Blackstone Underlying Funds and/or markets, including the degree to which they move in relation to each other), beta (*i.e.*, measures of returns relative to applicable markets), and volatility, and the role of exposure in the overall solution design.

i

The Fund also may invest a portion of its net assets in registered investment companies, including mutual funds and exchange-traded funds ("ETFs"), or directly in securities and derivatives, in each case providing exposure to short duration fixed income securities, money market investments and other investments considered by the Adviser to be liquid. These exposures shall be obtained primarily through allocations of the Fund's assets by the Adviser to Blackstone Underlying Funds that provide daily liquidity and investment vehicles managed by The Vanguard Group, Inc. or its affiliates (together with its affiliates, "Vanguard," and each such vehicle, a "Vanguard Underlying Fund," and together with the Blackstone Underlying Funds, the "Underlying Funds"). Vanguard Underlying Funds include passively-managed index mutual funds and ETFs, and actively-managed ETFs and mutual funds.

The Adviser expects to select Underlying Funds without considering or canvassing the universe of other available investment vehicles managed by other managers not affiliated with the Adviser, Blackstone or Vanguard. The Fund will not invest in any fund that is managed, advised or sponsored by a manager that is not the Adviser, Blackstone or Vanguard unless the Adviser, Blackstone, or Vanguard is a sub-adviser of such fund; provided that the Fund may invest in feeder vehicles managed, advised or sponsored by other managers, where such vehicles invest exclusively in a fund or funds managed, advised, sponsored or sub-advised by the Adviser, Blackstone or Vanguard. Complete information about the Fund's principal investment strategies is included in this prospectus; however, this prospectus does not include a list of all possible Underlying Funds or all possible investment strategies or methods that may be used by Underlying Funds. Complete information about an SEC-registered Underlying Fund is available on the SEC's website and/or directly from such Underlying Fund. Information about private Underlying Funds has limited, if any, availability. Blackstone and Vanguard are not sponsors, promoters, investment advisers, sub-advisers, underwriters or affiliates of the Fund.

The Fund may invest in both U.S. and foreign issuers and may have significant investment exposure to the United States or other geographic regions or countries, which can include less-developed countries. Less-developed countries are commonly referred to as emerging market countries, which include so-called frontier market countries.

The Fund may utilize various investment strategies to hedge positions, enhance return and manage cash flows. These strategies may include: the use of leverage, long and short positions, commodities and futures; investing in exchange-traded and over-the-counter derivatives (primarily futures, swaps, options, structured notes, warrants, forwards and equity-linked notes), bonds, interest rate derivatives, credit derivatives, other fixed income securities (including investment grade debt and high yield debt, floating rate securities such as senior loans or structured credit, and in derivatives and other instruments that have economic characteristics similar to such securities or investments including high-yielding sectors of the credit market including emerging market debt, and bank loans), currencies, equities and indices, ETFs, real estate investment trusts, convertible and non-convertible preferred securities, mortgage-backed and asset-backed securities and cash equivalent investments; and writing options. The Fund may invest a portion of its assets in non-U.S. securities that are generally denominated in non-U.S. currencies. In certain cases, the currency fluctuations of investments may be hedged through the use of currency derivatives or other instruments.

**The Fund may invest without limit, directly or through Underlying Funds, in credit instruments that are rated below investment grade by credit rating agencies (rated below BBB by either S&P Global Ratings or Fitch Ratings, or below Baa by Moody's Investors Service, Inc.) or that have no credit rating at all and would be rated below investment grade if they were rated. Credit instruments that are rated below investment grade (commonly referred to as "high yield" securities or "junk bonds") are regarded as having predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. Because of the risks associated with investing in high yield securities, an investment in the Fund should be considered speculative.** 

*Unlisted Closed-End Fund.* An investment in the Fund is subject to, among others, the following risks:

● **An investment in the Fund is suitable only for investors who can bear the risks associated with private market investments with potential limited liquidity. The Shares should be viewed as a long-term investment within a multi-asset personal portfolio and should not be viewed individually as a complete investment program.** 

● **There is not expected to be any secondary trading market in the Shares. Thus, an investment in the Fund may not be suitable for investors who may need the money they invest within a specified timeframe.** 

● **Unlike many closed-end funds, the Shares are not listed on any securities exchange. Liquidity for the Shares is expected to be provided only through quarterly tender offers of the Shares at NAV per share.** 

ii

● **Although the Fund may offer to repurchase Shares from time to time, there is no guarantee that repurchases will occur or that an investor will be able to sell all the Shares that the investor desires to sell in a tender offer, nor will the Shares be exchangeable for shares of any other fund. Due to these restrictions, an investor should consider an investment in the Fund to be illiquid. Investing in the Shares may be speculative and involves a high degree of risk, including the risks associated with leverage.** 

● **Shareholders should not expect to be able to sell their Shares in a secondary market transaction regardless of how the Fund performs. An investment in the Fund is considered to be of limited liquidity.** 

● **There is no assurance that annual distributions paid by the Fund will be maintained at the targeted level or that dividends will be paid at all.** 

● **The Fund's distributions may be funded from unlimited amounts of offering proceeds or borrowings, which may constitute a return of capital and reduce the amount of capital available to the Fund for investment. Any capital returned to Shareholders through distributions will be distributed after payment of fees and expenses.** 

● **The Fund may pay distributions in significant part from sources that may not be available in the future and that are unrelated to the Fund's performance, such as from offering proceeds, borrowings, and amounts from the Fund's affiliates that are subject to repayment by investors.** 

● **A return of capital to Shareholders is a return of a portion of their original investment in the Fund, and reduces the tax basis of their investment. As a result of such reduction in tax basis, Shareholders may be subject to tax in connection with the sale of Fund Shares, even if such Shares are sold at a loss relative to their original investment.** 

● **The Fund's distributions may arise as a result of expense reimbursements provided by the Adviser, which are subject to repayment by the Fund. Shareholders should understand that any such distributions are not based on the Fund's investment performance and can only be sustained if the Fund achieves positive investment performance in future periods and/or the Adviser continues to make such expense reimbursements. Shareholders should also understand that the Fund's future repayments will reduce the distributions that a Shareholder would otherwise receive.** 

● **Interests in certain Underlying Funds are illiquid and may only be redeemed during periodic repurchase offers pursuant to which such Underlying Funds repurchase limited amounts of their outstanding shares at the Underlying Fund's discretion. An Underlying Fund may accept less than the amount of Underlying Fund shares that the Fund tenders in a repurchase offer. In addition, the Fund will be subject to certain material constraints on withdrawals from its investments in Blackstone Underlying Funds under certain circumstances. Moreover, there is no regular market for interests in such Underlying Funds, which typically must be sold in privately negotiated transactions. Any such sales would likely require the consent of the Underlying Fund's manager and could occur at a discount to the stated NAV. If the Adviser determines to cause the Fund to sell its interest in an Underlying Fund, the Fund may be unable to sell such interest quickly, if at all, and could therefore be obligated to continue to hold such interest for an extended period of time, or to accept a lower price for a more expeditious sale.** 

● **The Adviser, Vanguard and Blackstone have formed a strategic alliance as discussed in additional detail in " <u>Types of Investments and Related Risks – Strategic Alliance</u> " (the "Strategic Alliance"). To the extent the three firms alter or terminate their Strategic Alliance, the Fund may not be able to pursue its investment strategies in whole or in part, and the Fund and Shareholders could experience investment losses as a result. In addition, this could inhibit or preclude the Fund from being able to comply with its fundamental policy to invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) directly or indirectly in a combination of Blackstone Underlying Funds that provide exposure to private market investments and Temporary Private Markets Exposure Proxies. To the extent that the Fund is unable to comply with such fundamental policy, it will be required to seek shareholder approval to revise or eliminate the fundamental policy. Other potential consequences include the possibility of increased transaction costs on the sale of securities and reinvestments in other securities, as well as the possibility of realizing taxable capital gains, including short-term capital gains. In addition, sales of interests in an Underlying Fund that is treated as a partnership for federal income tax purposes may result in taxable capital gains and, in certain circumstances, ordinary income to the Fund, which may increase taxable distributions to Shareholders. It is also possible that changes in the Fund's investment program resulting from alteration or termination of the Strategic Alliance could threaten the Fund's ability to qualify as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended.** 

iii

**Investing in Shares involves a high degree of risk. *See* "<u>Types of Investments and Related Risks</u>" beginning on page 29 of this prospectus and "<u>Types of Investments and Related Risks – Leverage</u>" beginning on page 35 of this prospectus.**

**The date of this prospectus is [●], 2026.**

iv

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Per Class A Share** | **Per Class I Share** | **Per Class M Share** | **Total<sup>(1)</sup>** |
| Public Offering Price | Current NAV | Current NAV | Current NAV | Unlimited |
| Sales Load<sup>(1)</sup> |  |  |  |  |
| Proceeds to the Fund (Before Expenses)<sup>(2)</sup> | Amount invested at current NAV | Amount invested at current NAV | Amount invested at current NAV | Unlimited |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Generally, the stated minimum initial investment by an investor in the Fund is $2,500 for each class of
Shares, which stated minimum may be reduced for certain investors. Class A Shares, Class I Shares and Class M Shares are not subject to
front-end sales loads. While Class A, Class I and Class M Shares do not impose a front-end sales charge, if you purchase Class A, Class
I or Class M Shares through certain financial firms, such firms may directly charge you transaction or other fees in such amount as they
may determine, provided that such firms limit such charges to a 1.50% cap for Class A Shares and a 3.50% cap for Class M Shares. Please
consult your financial firm for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Assumes all amounts currently registered are sold in the continuous offering.
The Adviser will also bear, for a one-year period from the date of this prospectus, certain ongoing offering costs associated with the
Fund's continuous offering. Pursuant to an expense limitation agreement (the "Expense Limitation Agreement") between
the Fund and the Adviser, the Fund will be obligated to reimburse the Adviser for any such payments, subject to certain limitations. *See*" <u>Fund Expenses</u>."

*Structure*. The Fund does not currently intend to list its Shares for trading on any securities exchange and does not expect any secondary market to develop for its Shares. Shareholders of the Fund are not able to have their Shares redeemed or otherwise sell their Shares on a daily basis because the Fund is an unlisted closed-end fund.

*Repurchases*. The Fund intends, but is not obligated, to conduct quarterly tender offers for up to 3% of its outstanding Shares at the applicable NAV per share as of the applicable valuation date. Repurchases will be made at such times and on such terms as may be determined by the Fund's Board of Trustees (the "Board of Trustees," or the "Board"), in its sole discretion. However, no assurance can be given that repurchases will occur or that any Shares properly tendered will be repurchased by the Fund. Any repurchase of Shares from a Shareholder that were held for less than one year (on a first-in, first-out basis) will be subject to an "Early Repurchase Fee" equal to 2.00% of the NAV of any Shares repurchased by the Fund that were held for less than one year. If an Early Repurchase Fee is charged to a Shareholder, the amount of such fee will be retained by the Fund. The one-year holding period will be satisfied if at least one year has elapsed from (a) the issuance date of the applicable Shares to (b) the subscription date immediately following the valuation date used in the repurchase of such Shares. An Early Repurchase Fee payable by a Shareholder may be waived by the Fund, in circumstances where the Board determines that doing so is in the best interests of the Fund and in a manner as will not discriminate unfairly against any Shareholder. An investment in the Fund is suitable only for long-term investors who can bear the risks associated with the limited liquidity of the Shares. *See* "<u>Repurchases of Shares</u>."

*Investment Adviser.* The investment manager to the Fund is Wellington Management Company LLP (the "Adviser" or "WMC"). The Adviser is registered as an investment adviser with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended ("Advisers Act"). The Adviser is responsible for the Fund's investment strategy and the day-to-day management of the Fund's assets.

*Securities Offered.* The Fund is offering its Shares on a continuous basis. While Class A, Class I and Class M Shares do not impose a front-end sales charge, if you purchase Class A, Class I or Class M Shares through certain financial firms, such firms may directly charge you transaction or other fees in such amount as they may determine, provided that such firms limit such charges to a 1.50% cap for Class A Shares and a 3.50% cap for Class M Shares. Please consult your financial firm for additional information. For each class of Shares, the minimum initial investment is $2,500; subsequent investments may be made with at least $500, except for purchases made pursuant to the Fund's dividend reinvestment plan or as otherwise permitted by the Fund. The Fund reserves the right to waive investment minimums. Shares are being offered through Foreside Fund Services, LLC (the "Distributor") at an offering price equal to the Fund's then-current NAV per Share, plus any applicable sales load.

v

This prospectus provides the information that a prospective investor should know about the Fund before investing. Investors are advised to read this prospectus carefully and to retain it for future reference. Additional information about the Fund, including a <u>statement of additional information</u> about the Fund, dated [**●**], 2026 (the "Statement of Additional Information"), has been filed with the SEC and is incorporated by reference in its entirety into this prospectus. The Statement of Additional Information and the Fund's annual and semi-annual reports and other information filed with the SEC, can be obtained upon request and without charge by writing to the Fund at WVB Blackstone All Privates Fund, c/o State Street Bank and Trust Company, 1776 Heritage Way, Quincy, Massachusetts 02171, or by calling 1-888-287-3403.

The table of contents of the Statement of Additional Information appears on page 108 of this prospectus. Investors may request the Fund's Statement of Additional Information, annual and semi-annual reports (when available) and other information about the Fund or make Shareholder inquiries by calling 1-888-287-3403 or by visiting <u>https://wvbblackstoneallprivates.com</u>.

In addition, the contact information provided above may be used to request additional information about the Fund and to make Shareholder inquiries. The Statement of Additional Information, other material incorporated by reference into this prospectus and other information about the Fund is also available on the SEC's website at http://www.sec.gov. The address of the SEC's website is provided solely for the information of prospective investors and is not intended to be an active link. **Shares are not deposits or obligations of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and Shares are not insured by the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System or any other government agency.**

**Neither the SEC, Commodity Futures Trading Commission ("<u>CFTC</u>") nor any state securities commission has approved or disapproved these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

vi

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
| **SUMMARY OF TERMS** | **1** |
| **SUMMARY OF FEES AND EXPENSES** | **17** |
| **FINANCIAL HIGHLIGHTS** | **20** |
| **THE FUND** | **21** |
| **THE ADVISER** | **22** |
| **USE OF PROCEEDS** | **23** |
| **INVESTMENT PROGRAM** | **24** |
| **TYPES OF INVESTMENTS AND RELATED RISKS** | **29** |
| **MANAGEMENT OF THE FUND** | **67** |
| **FUND EXPENSES** | **70** |
| **DETERMINATION OF NET ASSET VALUE** | **76** |
| **CONFLICTS OF INTEREST** | **78** |
| **REPURCHASES OF SHARES** | **82** |
| **DESCRIPTION OF CAPITAL STRUCTURE** | **85** |
| **TAX ASPECTS** | **89** |
| **ERISA CONSIDERATIONS** | **99** |
| **ANTI-TAKEOVER PROVISIONS IN THE DECLARATION OF TRUST** | **100** |
| **PLAN OF DISTRIBUTION** | **101** |
| **DISTRIBUTIONS** | **104** |
| **FISCAL YEAR; REPORTS** | **106** |
| **INQUIRIES** | **107** |
| ****TABLE OF CONTENTS** OF THE STATEMENT OF ADDITIONAL INFORMATION** | **108** |

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**SUMMARY OF TERMS**

This is only a summary and does not contain all of the information that a prospective investor should consider before investing in the Fund. Before investing, a prospective investor in the Fund should carefully read the more detailed information appearing elsewhere in this prospectus and the Statement of Additional Information.

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| | |
|:---|:---|
| THE FUND | The Fund is a newly organized Delaware statutory trust that is registered under the 1940 Act as a non-diversified, closed-end management investment company.<br>The Fund offers three separate classes of Shares designated as Class A Shares, Class I Shares and Class M Shares, all of which are offered by this prospectus. The Fund may offer additional classes of Shares in the future. |
| THE ADVISER | Wellington Management Company LLP ("WMC" or the "Adviser") serves as the Fund's investment adviser. The Adviser is registered as an investment adviser with the SEC under the Advisers Act. |
| INVESTMENT PROGRAM | The Fund's investment objective is to seek to provide attractive risk adjusted returns.<br>There can be no assurance that the Fund will achieve its investment objective.<br>The Fund seeks to achieve its investment objective by investing primarily in pooled investment vehicles sponsored by affiliates of Blackstone Inc. (collectively, "Blackstone"), directly or indirectly, and other investments that provide exposure to a broad range of asset classes and geographies in private markets. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) directly or indirectly in a combination of Blackstone Underlying Funds that provide exposure to private market investments and Temporary Private Markets Exposure Proxies (each as defined on page 24 in the "Investment Program—Investment Strategies" section of the Prospectus). The term "private markets" refers to investments that are not traded on public exchanges, including, but not limited to, private equity, private credit, real estate and infrastructure. The Fund may not have exposure to all private markets asset classes and strategies at all times, and the Fund's allocations across sectors, asset classes, industries and geographic regions are expected to vary over time in the sole discretion of the Adviser. The Fund's portfolio may, at any given time, be more heavily weighted to one or more sectors, asset classes, industries and geographic regions.<br>Blackstone Underlying Funds are pooled investment vehicles sponsored by Blackstone and may include registered investment companies, business development companies, real estate investment trusts, private funds (*i.e.*, private investment funds excluded from the definition of "investment company" pursuant to Sections 3(c)(1) or 3(c)(7) of the 1940 Act) and other investment vehicles through which Blackstone may provide access to investment opportunities in private markets. The Fund will acquire interests in Blackstone Underlying Funds at net asset value ("NAV"). The Adviser's allocation and reallocation of the Fund's assets among Blackstone Underlying Funds will take into consideration a variety of factors, including but not limited to, market environment analysis (which considers various market factors that may impact a Blackstone Underlying Fund), financial modeling techniques to assess risk and uncertainty, including scenario and sensitivity analysis and stress tests, behavior of returns, correlations (*i.e.*, the relationship among various Blackstone Underlying Funds and/or markets, including the degree to which they move in relation to each other), beta (*i.e.*, measures of returns relative to applicable markets), and volatility, and the role of exposure in the overall solution design. |

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The Fund also may invest a portion of its net assets in registered investment companies, including mutual funds and exchange-traded funds ("ETFs"), or directly in securities and derivatives, in each case providing exposure to short duration fixed income securities, money market investments and other investments considered by the Adviser to be liquid. These exposures shall be obtained primarily through allocations of the Fund's assets by the Adviser to Blackstone Underlying Funds that provide daily liquidity and investment vehicles managed by The Vanguard Group, Inc. or its affiliates (together with its affiliates, "Vanguard," and each such vehicle, a "Vanguard Underlying Fund," and together with the Blackstone Underlying Funds, the "Underlying Funds"). Vanguard Underlying Funds include passively-managed index mutual funds and ETFs, and actively-managed ETFs and mutual funds.<br>The Adviser expects to select Underlying Funds without considering or canvassing the universe of other available investment vehicles managed by other managers not affiliated with the Adviser, Blackstone or Vanguard. The Fund will not invest in any fund that is managed, advised or sponsored by a manager that is not the Adviser, Blackstone or Vanguard unless the Adviser, Blackstone, or Vanguard is a sub-adviser of such fund; provided that the Fund may invest in feeder vehicles managed, advised or sponsored by other managers, where such vehicles invest exclusively in a fund or funds managed, advised, sponsored or sub-advised by the Adviser, Blackstone or Vanguard. Complete information about the Fund's principal investment strategies is included in this prospectus; however, this prospectus does not include a list of all possible Underlying Funds or all possible investment strategies or methods that may be used by Underlying Funds. Complete information about an SEC-registered Underlying Fund is available on the SEC's website and/or directly from such Underlying Fund. Information about private Underlying Funds has limited, if any, availability. Blackstone and Vanguard are not sponsors, promoters, investment advisers, sub-advisers, underwriters or affiliates of the Fund.<br>The Fund may invest in both U.S. and foreign issuers and may have significant investment exposure to the United States or other geographic regions or countries, which can include less-developed countries. Less-developed countries are commonly referred to as emerging market countries, which include so-called frontier market countries.<br>The Fund may utilize various investment strategies to hedge positions, enhance return and manage cash flows. These strategies may include: the use of leverage, long and short positions, commodities and futures; investing in exchange-traded and over-the-counter derivatives (primarily futures, swaps, options, structured notes, warrants, forwards and equity-linked notes), bonds, interest rate derivatives, credit derivatives, other fixed income securities (including investment grade debt and high yield debt, floating rate securities such as senior loans or structured credit, and in derivatives and other instruments that have economic characteristics similar to such securities or investments including high-yielding sectors of the credit market including emerging market debt, and bank loans), currencies, equities and indices, ETFs, real estate investment trusts, convertible and non-convertible preferred securities, mortgage-backed and asset-backed securities and cash equivalent investments; and writing options. The Fund may invest a portion of its assets in non-U.S. securities that are generally denominated in non-U.S. currencies. In certain cases, the currency fluctuations of investments may be hedged through the use of currency derivatives or other instruments.<br>

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| LEVERAGE | The Fund may use leverage opportunistically and may choose to increase or decrease its leverage, or use different types or combinations of leveraging instruments, at any time based on the Fund's assessment of market conditions and the investment environment. There can be no assurance that the Fund will use leverage or that its leveraging strategy will be successful during any period in which it is employed. The Fund will be limited in its ability to borrow (or guarantee other obligations) by the 1940 Act requirement that a registered closed-end investment company must satisfy an "asset coverage" requirement of 300% of its indebtedness, including amounts borrowed, measured at the time the investment company incurs the indebtedness, and 200% of any senior security that is stock, measured at the time the investment company issues the stock, with an exception for borrowings not in excess of 5% of the Fund's total assets made for temporary purposes. This requirement generally means that the value of the investment company's total indebtedness may not exceed 33% the value of its total assets (including the indebtedness) and that the value of the investment company's total indebtedness and preferred stock issuance together may not exceed 50% of the value of its total assets (including the indebtedness and preferred stock). Additionally, pursuant to SEC regulation, the Fund's trading of derivatives and other transactions that create future payment or delivery obligations is subject to value-at-risk ("VaR") leverage limits and derivatives risk management program and reporting requirements. *See* "<u>Types of Investments and Related Risks – Leverage</u>." |
| INVESTOR ELIGIBILITY | Shares are generally being offered only to investors that are either (i) U.S. persons for U.S. federal income tax purposes or (ii) non-U.S. persons that meet eligibility standards as defined by the Fund pursuant to applicable law in the relevant jurisdictions. |
| BOARD OF TRUSTEES | The Fund's Board of Trustees (the "Board of Trustees," or the "Board"), including a majority of the members of the Board (each, a "Trustee") that are considered independent and are not "interested persons" (as defined in the 1940 Act) of the Fund or the Adviser (collectively, the "Independent Trustees"), oversees and monitors the Fund's management and operations. *See* "<u>Management of the Fund</u>." |
| INVESTMENT MANAGEMENT FEE | The Adviser allocates and reallocates the Fund's assets among Blackstone Underlying Funds and other investments, as described in the section "<u>Investment Program – Investment Strategies</u>." Pursuant to the investment advisory agreement, dated as of March 4, 2026 (the "Investment Management Agreement"), by and between the Fund and the Adviser, and in consideration of the advisory services provided by the Adviser to the Fund, the Adviser is entitled to an investment management fee (the "Investment Management Fee") payable quarterly in arrears and accrued monthly at an annual rate of 0.10% of the value of the Fund's net assets, which is calculated as of the close of business on the last business day of each month. |

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| The Investment Management Fee paid to the Adviser will be paid out of the Fund's assets. The Investment Management Fee is paid before giving effect to any repurchase of Shares in the Fund effective as of that date and will decrease the net profits or increase the net losses of the Fund. *See* "<u>Investment Management Fee</u>." |
| The Board will periodically review the Investment Management Agreement to determine, among other things, whether the fees payable under such agreement are reasonable in light of the services provided.<br>The Adviser and the Fund have entered into the Expense Limitation Agreement under which the Adviser has agreed contractually, on a monthly basis, to reimburse the Fund's "Specified Expenses" in respect of each class of the Fund (each, a "Class") where "Specified Expenses" means all other expenses incurred in the business of the Fund and allocated to a Class, including the Fund's annual operating expenses, with the exception of: (i) the Investment Management Fee; (ii) the Shareholder Servicing Fee (as defined herein); (iii) the Distribution Fee (as defined herein); (iv) certain costs associated with the acquisition, ongoing investment and disposition of the Fund's investments and unconsummated investments, including legal costs, professional fees, travel costs and brokerage costs; (v) fees and expenses of the Underlying Funds in which the Fund invests; (vi) dividend and interest payments (including any dividend payments, interest expenses, commitment fees, or other expenses related to any leverage incurred by the Fund); (vii) taxes and costs to reclaim foreign taxes; and (viii) extraordinary expenses (as determined in the sole discretion of the Adviser), to the extent that such expenses, on an annualized basis, exceed 0.50% of the monthly net assets of such Class (the "Expense Limitation").<br>If, while the Adviser is the investment adviser to the Fund, the Fund's estimated annualized Specified Expenses in respect of a Class for a given month are less than the Expense Limitation, the Adviser shall be entitled to reimbursement by the Fund of the other expenses borne by the Adviser on behalf of the Fund (the "Reimbursement Amount") during any of the previous thirty-six (36) months, but only to the extent that the Fund's estimated annualized Specified Expenses in respect of a Class (after such reimbursement is taken into account) do not exceed, for such month, the lesser of (i) the Expense Limitation in effect at the time such expenses were borne by the Adviser on behalf of the Fund pursuant to the Expense Limitation Agreement or (ii) any other relevant expense limit in effect at the time of such reimbursement with respect to the Class, and provided further that such amount paid to the Adviser will in no event exceed the total Reimbursement Amount and will not include any amounts previously reimbursed. The Adviser may recapture a Specified Expense in any year within the thirty-six (36) month period after the Adviser bears the expense. *See* "<u>Fund Expenses—Expense Limitation Agreement</u>" for additional information.<br>The Expense Limitation Agreement will remain in effect for a one-year period from the date the Fund commences operations or until July 31, 2027, whichever is longer, unless and until the Board approves its modification or termination. Thereafter, the Expense Limitation Agreement may be annually renewed with the written agreement of the Adviser and the Fund. The Board may terminate the Expense Limitation Agreement at any time upon notice to the Adviser, and the Expense Limitation Agreement shall automatically terminate upon the termination of the Investment Management Agreement between the Adviser and the Fund. The Fund's obligation to make reimbursement payments shall survive the termination of the Expense Limitation Agreement. *See* "<u>Fund Expenses</u>." |

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Certain Blackstone Underlying Funds may charge incentive-based compensation, including incentive fees and performance-based allocations (collectively, "incentive fees"). In the event that the Fund has a net total return (including any distributions) over an Additional Reimbursement Period (defined below) that is less than 0% (using the net total return of the Fund's Class I Shares or any other lower-cost share class subsequently launched as a proxy for the Fund's net total return) and Blackstone received incentive fees attributable to the Fund's investments in Blackstone Underlying Funds during such period, the Adviser has contractually agreed to reimburse the Fund an additional amount ("Additional Reimbursement"). The Additional Reimbursement will be made to the Fund and divided proportionally among each share class of the Fund based on net assets, not only to the Class I Shares. The Additional Reimbursement agreement will commence on the date the Fund commences operations and remain in effect until December 31 of the second following year (for example, if the Fund commences operations in 2026, the Additional Reimbursement agreement will continue in effect until December 31, 2028). The Additional Reimbursement shall generally be the <u>lesser</u> of (i) the amount that would result in the net total return (including any distributions) of the Fund's Class I Shares (or any other lower cost share class subsequently launched) over the Additional Reimbursement Period equaling 0% as if the entire Fund had experienced the net total return (including distributions) of that share class over the Additional Reimbursement Period; and (ii) the total incentive fees received by Blackstone attributable to the Fund's investments in Blackstone Underlying Funds over the Additional Reimbursement Period. The "Additional Reimbursement Period" shall be: (i) initially, the period from the date on which the Fund commences operations until December 31 of the following calendar year (for example, if the Fund commences operations on August 1, 2026, the initial Additional Reimbursement Period would be August 1, 2026 – December 31, 2027); and (ii) thereafter, January 1 through December 31 of the following year (in the example above, the second Additional Reimbursement Period would be January 1, 2028 – December 31, 2028). A lower-cost share class subsequently launched will be used as the proxy for the Fund's net total return instead of Class I only if that share class was operational for the entire Additional Reimbursement Period in question. The Additional Reimbursement agreement may be annually renewed with the written agreement of the Adviser and the Fund. The Board of Trustees of the Fund may terminate this Agreement at any time upon notice to the Adviser, and this Agreement shall automatically terminate upon the termination of the Investment Management Agreement between the Adviser and the Fund. See "<u>Fund Expenses</u>."<br>Amounts reimbursed, if any, pursuant to the Additional Reimbursement agreement shall not be subject to reimbursement to the Adviser. The Additional Reimbursement will be accrued and paid in accordance with U.S. Generally Accepted Accounting Principles ("U.S. GAAP").<br>

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| ADMINISTRATION EXPENSES | Pursuant to a supervision and administration agreement (the "Supervision and Administration Agreement") with Wellington Fund Services LLC (the "Administrator"), subject to the general supervision and direction of the Board, the Administrator provides or causes to be performed all supervisory and administrative and other services reasonably necessary for the operation of the Fund other than investment advisory services provided pursuant to the Investment Management Agreement. These services include, without limitation: the supervision and coordination of matters relating to the ordinary operation of the Fund, including any necessary coordination among the Adviser, custodian, transfer agent, sub-administrator and any portfolio accounting agent (including pricing and valuation of the Fund's portfolio), accountants, and other parties performing services or operational functions for the Fund; the maintenance of the books and records of the Fund, other than the records and ledgers maintained under the Investment Management Agreement; the preparation of all federal, state, local and foreign tax returns and reports for the Fund; the supervision and performance of general portfolio compliance monitoring with respect to applicable law; the preparation, filing and distribution of proxy materials and periodic reports to intermediaries, shareholders or other appropriate parties; the preparation and filing of such registration statements and other documents with such authorities as may be required to register the Fund's shares and qualify the Fund to do business or as otherwise required by applicable law; the taking of other such actions as may be required by applicable law (including establishment and maintenance of a compliance program for the Fund); the provision of legal support for the purchase, sale, holding, monitoring, disposing or sustenance of portfolio securities and other assets; and the provision of adequate personnel, office space, communications facilities, and other facilities necessary for the effective performance of the supervision and administration of the Fund, as well as the services of a sufficient number of persons competent to perform such supervisory and administrative and clerical functions as are necessary for compliance with federal securities laws and other applicable laws.<br>The Fund pays a supervisory and administrative fee to the Administrator, computed as 0.04% of the Fund's net assets attributable to each share class. The supervisory and administrative fee will be accrued monthly pursuant to the annual fee rate set forth above based on the value of the net assets of the Fund as of the close of business on the last business day of each month (including any assets in respect of Shares that will be repurchased by the Fund as of the end of the period). The supervisory and administrative fee is due and payable in arrears within ten business days after the end of the quarter (starting with the quarter investment operations commence).<br>The Administrator, in turn, provides or procures supervisory and administrative services for the Fund and also bears certain costs including fees of the sub-administrator. The Fund bears other expenses that are not covered under the supervisory and administrative fee that may vary and affect the total level of expenses paid by the Fund, such as taxes and governmental fees, brokerage fees, commissions and other transaction expenses, organizational and offering expenses of the Fund, costs of various third-party services required by the Fund (*e.g.*, audit, custodial, portfolio accounting, external legal, transfer agency, certain services provided by financial intermediaries and printing costs) and any other expenses that are capitalized in accordance with generally accepted accounting principles, costs of borrowing money including interest expenses, extraordinary expenses (such as litigation and indemnification expenses) and fees and expenses of the Fund's Independent Trustees and their counsel. *See* "<u>Fund Expenses</u>." The supervisory and administrative fee paid by the Fund may reflect a premium over the Fund's actual administrative expenses paid or incurred by the Administrator for a given period, and such premium would be used to cover the Administrator's internal costs and expenses attributable to the Fund. Also, under the terms of the Supervision and Administration Agreement, the Administrator, and not Fund shareholders, would benefit from any price decreases in third-party services that are paid by the Administrator, including decreases resulting from an increase in net assets. |

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|  | The Supervision and Administration Agreement may be terminated, with respect to the Fund or a particular share class of the Fund, at any time, without the payment of any penalty, by a vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of the Fund or such share class, or by a vote of a majority of the Fund's Trustees on 60 days' written notice to the Administrator, or by the Administrator on 60 days' written notice to the Fund. The Supervision and Administration Agreement shall terminate automatically in the event of its assignment (as defined in the 1940 Act). *See* "<u>Management of the Fund—Administrative Services</u>." |
| DISTRIBUTIONS | The Fund's distribution policy is to make distributions to Shareholders at least annually. The Fund intends to accrue distributions from its net investment income, if any, and net realized gains, if any, and distribute them at least annually. *See* "<u>Distributions</u>."<br>The Board reserves the right to change the distribution policy from time to time. |
| DIVIDEND REINVESTMENT PLAN | The Fund will operate under a dividend reinvestment plan ("DRP") administered by State Street Bank and Trust Company (the "Transfer Agent"). Pursuant to the DRP, the Fund's income dividends or capital gains or other distributions (each, a "Distribution" and collectively, "Distributions"), net of any applicable U.S. withholding tax, are reinvested in the same class of Shares of the Fund.<br>Shareholders automatically participate in the DRP, unless and until an election is made to withdraw from the DRP on behalf of such participating Shareholder. A Shareholder who does not wish to have Distributions automatically reinvested may terminate participation in the DRP by written instruction to that effect to the Transfer Agent. Shareholders who elect not to participate in the DRP 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). Under the DRP, the Fund's Distributions to Shareholders are reinvested in full and fractional Shares. *See* "<u>Distributions—Dividend Reinvestment Plan</u>." |
| PURCHASES OF SHARES | Shares are being offered through the Distributor on a monthly basis at an offering price equal to the Fund's then-current NAV per Share, plus any applicable sales load, which is calculated as of the close of business on the last business day of the immediately preceding month. *See* "<u>Plan of Distribution</u>" for purchase instructions and additional information. Shares may be purchased as of the first business day of each month. While the Fund intends to have monthly closings, the Board reserves the right in its sole discretion to suspend monthly closings from time to time when it believes it is in the best interests of the Fund. If monthly closings are suspended, the Fund will return any uninvested funds held in escrow to investors. |

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|  | For each class of Shares, the minimum initial investment is $2,500; subsequent investments may be made with at least $500, except for purchases made pursuant to the Fund's DRP or as otherwise permitted by the Fund. The Fund reserves the right to waive investment minimums. *See* "<u>Description of Capital Structure—Purchase Terms</u>." |
| PLAN OF DISTRIBUTION | The Distributor, located at Three Canal Plaza, Suite 100, Portland, ME 04101, serves as the Fund's principal underwriter and acts as the Distributor of the Fund's Shares on a best-efforts basis, subject to various conditions. The Fund's Shares are offered through the Distributor at a price equal to the then-current NAV per share, plus any applicable sales load, which is calculated as of the close of business on the last business day of the immediately preceding month. The Distributor also may enter into broker-dealer selling agreements with other broker dealers for the sale and distribution of the Fund's Shares. While Class A, Class I and Class M Shares do not impose a front-end sales charge, if you purchase Class A, Class I or Class M Shares through certain financial firms, such firms may directly charge you transaction or other fees in such amount as they may determine, provided that such firms limit such charges to a 1.50% cap for Class A Shares and a 3.50% cap for Class M Shares. Please consult your financial firm for additional information.<br>The Distributor is not required to offer any specific number or dollar amount of the Fund's Shares. Shares of the Fund will not be listed on any national securities exchange and the Distributor will not act as a market maker in Fund Shares. The Distributor is not affiliated with the Adviser or its affiliates.<br>The Adviser or its affiliates, in the Adviser's or its affiliates' discretion and from their own legitimate resources, may pay additional compensation to financial intermediaries and their agents that have made arrangements with the Fund and are authorized to buy and sell Shares of the Fund (collectively, "Financial Intermediaries") in connection with the sale of Fund Shares (the "Additional Compensation"). Blackstone and its affiliates, from its own legitimate resources, may also pay such Additional Compensation to Financial Intermediaries and/or pay or reimburse amounts to the Adviser or its affiliates in connection with the Adviser's or its affiliates' payment of such Additional Compensation as well as in connection with other marketing expenses related to the Fund borne by the Adviser or its affiliates. In return for the Additional Compensation, the Fund may receive certain marketing advantages including access to a broker's or dealer's registered representatives, placement on a list of investment options offered by a broker or dealer, or the ability to assist in training and educating the broker's or dealer's registered representatives. The Additional Compensation may differ among brokers or dealers in amount or in the manner of calculation. Payments of Additional Compensation may be fixed dollar amounts or, based on the aggregate value of outstanding Shares held by Shareholders introduced by the broker or dealer, or determined in some other manner. The receipt of Additional Compensation by a selling Financial Intermediary may create potential conflicts of interest for that Financial Intermediary by incentivizing the Financial Intermediary to recommend the Fund to investors over other potential investments. |

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|  | In addition, Blackstone may provide assistance, without additional compensation, to the Adviser in support of the distribution of the Fund. For example, Blackstone will assist Wellington in the development of a marketing and branding strategy for the Fund. *See* "<u>Plan of Distribution</u>." |
| ERISA PLANS AND OTHER TAX-EXEMPT ENTITIES | Investors subject to the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and other tax-exempt entities, including employee benefit plans, individual retirement accounts ("IRAs"), 401(k) plans and Keogh plans, may purchase Shares. Because the Fund is registered as an investment company under the 1940 Act, the underlying assets of the Fund will not be considered to be "plan assets" of the ERISA plans investing in the Fund for purposes of ERISA's fiduciary responsibility and prohibited transaction rules. Thus, neither the Fund nor the Adviser will be a fiduciary within the meaning of ERISA 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 Fund. *See* "<u>ERISA Considerations</u>." |
| UNLISTED CLOSED-END STRUCTURE; LIMITED LIQUIDITY | The Fund has been organized as a continuously offered, non-diversified closed-end management investment company. Closed-end funds differ from open-end funds (commonly known as mutual funds) in that investors in closed-end funds do not have the right to redeem their shares on a daily basis. Unlike most closed-end funds, which typically list their shares on a securities exchange, the Fund does not currently intend to list the Shares for trading on any securities exchange, and the Fund does not expect any secondary market to develop for the Shares in the foreseeable future. Therefore, an investment in the Fund, unlike an investment in a typical closed-end fund, is not a liquid investment.<br>Liquidity will be provided by the Fund only through limited repurchase offers described below. An investment in the Fund is suitable only for investors who can bear the risks associated with the limited liquidity of the Shares and should be viewed as a long-term investment. *See* "<u>Types of Investments and Related Risks—Closed-End Fund; Liquidity</u>."<br>The Fund believes that a closed-end structure is most appropriate for the long-term nature of the Fund's strategy. The Fund's NAV per Share may be volatile. As the Shares are not traded, Shareholders will not be able to dispose of their Shares in the Fund, except through limited repurchase offers described below, no matter how the Fund performs. |
| SHARE CLASSES | The Fund currently offers three different classes of Shares: Class A, Class I, and Class M Shares, pursuant to exemptive relief. An investment in any Share class of the Fund represents an investment in the same assets of the Fund. However, the purchase restrictions and ongoing fees and expenses for each Share class are different. The fees and expenses for the Fund are set forth in "Summary of Fees and Expenses." If you have hired an intermediary and are eligible to invest in more than one class of Shares, the intermediary may help determine which share class is appropriate for you. When selecting a Share class, you should consider which Share classes are available to you, how much you intend to invest, how long you expect to own Shares and the total costs and expenses associated with a particular Share class. *See* "<u>Plan of Distribution</u>." |

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|  | Each investor's financial considerations are different. You should speak with your intermediary to help you decide which Share class is best for you. Not all Financial Intermediaries offer all classes of Shares. If your Financial Intermediary offers more than one class of Shares, you should carefully consider which class of Shares to purchase. |
| VALUATIONS | The Board is responsible for the oversight of the valuation of the Fund's portfolio investments pursuant to the Fund's valuation procedures ("Valuation Procedures"). The Fund's portfolio investments for which market quotations are readily available are valued at market value. Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act. As permitted by Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the Fund's valuation designee ("Valuation Designee") to perform fair value determinations relating to all portfolio investments pursuant to the Valuation Procedures. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources including the Underlying Funds, their affiliates and/or their agents. The Fund determines NAV per Share in accordance with the methodology described in the Fund's Valuation Procedures. Valuations of Fund investments are disclosed in reports publicly filed with the SEC.<br>The Fund calculates the NAV of each class of its Shares: (i) as of the close of business on the last business day of each month; (ii) on each date that Shares are to be repurchased in connection with the Fund's offer to purchase Shares; and (iii) at such other times as the Board shall determine (each, a "Determination Date"). In determining its NAV, the Fund will value its investments as of the relevant Determination Date. For information on the Fund's NAV, please call the Fund at 1-888-287-3403. The Adviser and the Board are responsible for the accuracy, reliability or completeness of any market or fair market valuation determinations made with respect to the Fund's assets. *See* "<u>Determination of Net Asset Value</u>." |
| REPURCHASES | The Fund does not currently intend to list the Shares for trading on any securities exchange or any other trading market in the near future. The Fund intends, but is not obligated, to conduct quarterly tender offers for up to 3% of its outstanding Shares at the applicable NAV per share as of the applicable valuation date in the sole discretion of the Board. In the event a tender offer is oversubscribed by Shareholders who tender Shares, the Fund will repurchase a *pro rata* portion by value of the Shares tendered by each Shareholder, extend the tender offer, or take any other action with respect to the tender offer permitted by applicable law. Any repurchase of Shares from a Shareholder that were held for less than one year (on a first-in, first-out basis) will be subject to an "Early Repurchase Fee" equal to 2.00% of the NAV of any Shares repurchased by the Fund that were held for less than one year. If an Early Repurchase Fee is charged to a Shareholder, the amount of such fee will be retained by the Fund. The one-year holding period will be satisfied if at least one year has elapsed from (a) the issuance date of the applicable Shares to (b) the subscription date immediately following the valuation date used in the repurchase of such Shares. An Early Repurchase Fee payable by a Shareholder may be waived by the Fund, in circumstances where the Board determines that doing so is in the best interests of the Fund and in a manner as will not discriminate unfairly against any Shareholder. |

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|:---|:---|
|  | There is no minimum number of Shares which must be repurchased in any repurchase offer. The Fund has no obligation to repurchase Shares at any time; any such repurchases will be made at such times and on such terms as may be determined by the Board, in its sole discretion. In determining whether the Fund should offer to repurchase Shares, the Board will consider the recommendations of the Adviser as to the timing of such an offer, as well as a variety of operational, business and economic factors. No assurance can be given that repurchases will occur or that any Shares properly tendered will be repurchased by the Fund. *See* "<u>Repurchases of Shares</u>."<br>Repurchases will be made at such times and on such terms as may be determined by the Board, in its sole discretion. However, no assurance can be given that repurchases will occur or that any Shares properly tendered will be repurchased by the Fund.<br>In any given quarter, the Adviser may or may not recommend to the Board that the Fund conduct a tender offer. For example, if adverse market conditions cause the Fund's investments to become more illiquid or trade at depressed prices or if the Adviser believes that conducting a tender offer for 3% of the Fund's outstanding Shares would impose an undue burden on Shareholders who do not tender compared to the benefits of giving stockholders the opportunity to sell all or a portion of their Shares at NAV, the Fund may choose not to conduct a tender offer or may choose to conduct a tender offer for less than 3% of its outstanding Shares. Regardless of the recommendation of the Adviser, the Board may or may not determine to cause the Fund to conduct a tender offer for any given quarter. Additionally, pursuant to Rule 23c-1(a)(10) under the 1940 Act, the Fund may also repurchase its outstanding Shares outside of the share repurchase program.<br>The Fund intends to comply with an exemption under Financial Industry Regulatory Authority ("FINRA") Rule 5110 that requires the Fund to make at least two tender offers per calendar year. However, there may be quarters in which no tender offer is made, and it is possible that no future tender offers will be conducted by the Fund at all. If a tender offer is not made, Shareholders may not be able to sell their Shares as it is unlikely that a secondary market for the Shares will develop or, if a secondary market does develop, Shareholders may be able to sell their Shares only at substantial discounts from NAV. If the Fund does conduct tender offers, it may be required to sell its more liquid, higher quality portfolio securities to fund the purchase of Shares that are tendered, which may increase risks for remaining Shareholders and increase Fund expenses as a percent of assets. The Fund is designed primarily for long-term investors and an investment in the Shares should be considered illiquid.<br>*See* "<u>Types of Investments and Related Risks—Repurchase Risks</u>." |
| SUMMARY OF TAXATION | The Fund intends to elect to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). As a RIC, the Fund generally will not be subject to corporate-level U.S. federal income taxes on any net ordinary income or capital gains that are currently distributed (or deemed distributed) as dividends for U.S. federal income tax purposes to Shareholders, as applicable. To qualify for and maintain its treatment as a RIC for U.S. federal income tax purposes, the Fund is required to meet certain specified source-of-income and asset diversification requirements, and is required to distribute dividends for U.S. federal income tax purposes of an amount at least equal to 90% of the sum of its net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses each tax year to Shareholders, as applicable. These distributions generally will be taxable as ordinary income or capital gains to the Shareholders, whether or not they are reinvested in Shares. *See* "<u>Distributions</u>" and "<u>Tax Aspects</u>." |

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---

| | |
|:---|:---|
|  | U.S. federally tax-exempt investors generally will not recognize unrelated business taxable income with respect to an investment in Shares as long as they do not borrow to make such an investment. |
| FISCAL YEAR | For accounting purposes, the Fund's fiscal year is the 12-month period ending on March 31. |
| REPORTS TO SHAREHOLDERS | As soon as practicable after the end of each calendar year, a statement on Form 1099-DIV identifying the sources of the distributions paid by the Fund to Shareholders for tax purposes will be furnished to Shareholders subject to Internal Revenue Service ("IRS") reporting. In addition, the Fund will prepare and transmit to Shareholders an unaudited semi-annual and an audited annual report within 60 days after the close of the period for which the report is being made, or as otherwise required by the 1940 Act. |
| RISK FACTORS | An investment in the Fund involves a high degree of risk and other considerations and, therefore, should be undertaken only by investors capable of evaluating the risks of the Fund and bearing the risks it represents. Prospective investors should carefully consider the following factors, in addition to the matters set forth elsewhere in this prospectus, prior to investing in the Fund. Below is a summary of some of the principal risks of investing in the Fund. For a more complete discussion of the risks of investing in the Fund, *see* "<u>Types of Investments and Related Risks</u>." Investors should consider carefully the following principal risks and those risks set forth in the "Types of Investments and Related Risks" section before investing in the Fund. |

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&nbsp;&nbsp;&nbsp;&nbsp;● Unlike many closed-end funds, the Fund's Shares will not be listed on any securities exchange. Liquidity for the Shares is expected to be provided only through quarterly tender offers of the Shares at NAV per share. However, no assurances can be given that the Fund will do so. Consequently, the Shares should only be acquired by investors able to commit their funds for an indefinite period of time.

&nbsp;&nbsp;&nbsp;&nbsp;● There is no guarantee that repurchases will occur or that an investor will be able to sell all the Shares that the investor desires to sell in a tender offer. The Fund should therefore be considered to offer limited liquidity.

&nbsp;&nbsp;&nbsp;&nbsp;● The capital markets may experience periods of disruption and instability, including as a result of events such as geopolitical events, natural disasters, or widespread pandemics (such as COVID-19) or other adverse public health developments. Such market conditions may materially and adversely affect debt and equity capital markets, which may have a negative impact on the Fund's investments, business and operations.

&nbsp;&nbsp;&nbsp;&nbsp;● The Fund's assets will be allocated among various underlying strategies, each of which operates independently from the others. Accordingly, it is possible that one or more of the underlying strategies may, at any time, take positions that may be opposite of positions taken by other underlying strategies. It is also possible that the underlying strategies may, on occasion, have substantial positions in or exposure to the same security or issuer or group of securities or issuers at the same time. The possible lack of diversification caused by these factors may subject the Fund's investments to more rapid change in value than would be the case if the Fund's investments were required to be more widely diversified.

&nbsp;&nbsp;&nbsp;&nbsp;● The Fund's investment portfolio will include interests in the Underlying Funds, some of which may hold interests in privately held companies, and operating results for a specified period will be difficult to predict. Such investments involve a high degree of business and financial risk that can result in substantial losses.

&nbsp;&nbsp;&nbsp;&nbsp;● An Underlying Fund's investments, depending on its strategy, may be in operating companies whose capital structures are highly leveraged. Such investments involve a high degree of risk in that adverse fluctuations in the cash flow of such operating companies, or increased interest rates, may impair their ability to meet their obligations, which may accelerate and magnify declines in the value of any such investments in a down market.

&nbsp;&nbsp;&nbsp;&nbsp;● The Fund will allocate to interests in the Underlying Funds, which may result in indirect expenses, such as asset-based fees and incentive fees, that may be higher than those of other types of securities.

&nbsp;&nbsp;&nbsp;&nbsp;● Shareholders will effectively bear two layers of expenses: asset-based fees and expenses at the Fund level, and asset-based fees, carried interest or incentive allocations (which are a share of an Underlying Fund's returns that are paid to the Underlying Fund's manager) and fees and expenses at the Underlying Fund level.

&nbsp;&nbsp;&nbsp;&nbsp;● An Underlying Fund's manager may receive a performance fee, carried interest or incentive allocation that the Adviser has observed to be generally equal to 12.5% of the net profits earned by the Underlying Fund that it manages, typically subject to a preferred return. The performance fee, carried interest or incentive allocation is paid indirectly out of the Fund's assets and therefore by investors in the Fund. These performance incentives may create an incentive for Underlying Fund managers to make investments that are riskier or more speculative than those that might have been made in the absence of the performance fee, carried interest or incentive allocation.

&nbsp;&nbsp;&nbsp;&nbsp;● Certain Underlying Funds in which the Fund intends to invest will not be registered as investment companies under the 1940 Act, and therefore the Fund, and indirectly, the Fund's Shareholders, may not avail themselves of 1940 Act protections with respect to interests in such Underlying Funds.

&nbsp;&nbsp;&nbsp;&nbsp;● Interests in certain Underlying Funds are illiquid and may only be redeemed during periodic repurchase offers pursuant to which such Underlying Funds repurchase limited amounts of their outstanding shares at the Underlying Fund's discretion. An Underlying Fund may accept less than the amount of Underlying Fund shares that the Fund tenders in a repurchase offer. In addition, the Fund will be subject to certain material constraints on withdrawals from its investments in Blackstone Underlying Funds under certain circumstances. Moreover, there is no regular market for interests in such Underlying Funds, which typically must be sold in privately negotiated transactions. Any such sales would likely require the consent of the Underlying Fund's manager and could occur at a discount to the stated NAV. If the Adviser determines to cause the Fund to sell its interest in an Underlying Fund, the Fund may be unable to sell such interest quickly, if at all, and could therefore be obligated to continue to hold such interest for an extended period of time, or to accept a lower price for a more expeditious sale.

&nbsp;&nbsp;&nbsp;&nbsp;● The Adviser, Vanguard and Blackstone have formed a strategic alliance as discussed in additional detail in " <u>Types of Investments and Related Risks – Strategic Alliance</u> " (the "Strategic Alliance"). To the extent the three firms alter or terminate their Strategic Alliance, the Fund may not be able to pursue its investment strategies in whole or in part, and the Fund and Shareholders could experience investment losses as a result. In addition, this could inhibit or preclude the Fund from being able to comply with its fundamental policy to invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) directly or indirectly in a combination of Blackstone Underlying Funds that provide exposure to private market investments and Temporary Private Markets Exposure Proxies. To the extent that the Fund is unable to comply with such fundamental policy, it will be required to seek shareholder approval to revise or eliminate the fundamental policy. Other potential consequences include the possibility of increased transaction costs on the sale of securities and reinvestments in other securities, as well as the possibility of realizing taxable capital gains, including short-term capital gains. In addition, sales of interests in an Underlying Fund that is treated as a partnership for federal income tax purposes may result in taxable capital gains and, in certain circumstances, ordinary income to the Fund, which may increase taxable distributions to Shareholders. It is also possible that changes in the Fund's investment program resulting from alteration or termination of the Strategic Alliance could threaten the Fund's ability to qualify as a RIC under Subchapter M of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;● Fund Shareholders will have no right to receive information about the interests in the Underlying Funds, and will have no recourse against interests in the Underlying Funds.

&nbsp;&nbsp;&nbsp;&nbsp;● The Fund and its interests in certain Underlying Funds are subject to risks associated with legal and regulatory changes applicable to the private fund industry.

&nbsp;&nbsp;&nbsp;&nbsp;● To the extent that the Fund does not receive timely valuation information from Underlying Funds, the Fund's ability to accurately calculate its NAV may be impaired. Certain Underlying Funds may calculate their NAVs less frequently, whereas the Fund provides valuations, and issues Shares, on a monthly basis. The Fund's interests in certain Underlying Funds, and many of the underlying investments held by such Underlying Funds, will be priced in the absence of a readily available market and may be priced based on determinations of fair value, which may prove to be inaccurate. The Fund and the Adviser may use independent pricing services to assist in calculating the value of the Fund's holdings, including illiquid investments. The factors and methodologies used for the valuation of such securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can realize the fair value assigned to a security if it were to sell the security. An Underlying Fund's valuation information could also be inaccurate due to fraudulent activity, mis-valuation or inadvertent error. The Fund may not uncover errors in valuation for a significant period of time, if ever.

&nbsp;&nbsp;&nbsp;&nbsp;● The success of a significant portion of the Fund's investment program depends to a great extent upon correctly assessing the future course of price movements of specific securities and other investments. There can be no assurance that the Adviser or Underlying Fund investment advisers will be able to predict accurately these price movements. As a result, there is always some, and occasionally a significant, degree of market risk.

&nbsp;&nbsp;&nbsp;&nbsp;● The Fund's investments in securities and other obligations of companies that are experiencing distress involve a substantial degree of risk, are generally considered speculative and may be subject to U.S. federal, state or non-U.S. bankruptcy laws or fraudulent transfer or conveyance laws.

&nbsp;&nbsp;&nbsp;&nbsp;● Certain investments may be exposed to the credit risk of the counterparties with whom the Fund deals or of third-party contractual customers of such counterparties.

&nbsp;&nbsp;&nbsp;&nbsp;● The Fund is exposed to risks associated with changes in interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;● The valuation of securities or instruments that lack a central trading place (such as shares of certain Underlying Funds, fixed-income securities or instruments) may carry greater risk than those that trade on an exchange.

&nbsp;&nbsp;&nbsp;&nbsp;● The Fund's investments, or those of Underlying Funds, may include securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as "high yield" or "junk," have predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal and may be particularly susceptible to economic downturns, which could cause losses.

&nbsp;&nbsp;&nbsp;&nbsp;● Derivative investments have risks, including the imperfect correlation between the value of such instruments and the underlying assets of the Fund. The investment program of the Fund may include short selling. Short sales can, in certain circumstances, substantially increase the impact of adverse price movements on the Fund. There is a risk that the securities borrowed by the Fund in connection with a short sale must be returned to the securities lender on short notice.

&nbsp;&nbsp;&nbsp;&nbsp;● The Fund may be materially adversely affected by market, economic and political conditions globally and in the jurisdictions and sectors in which the Fund or Underlying Funds invest.

&nbsp;&nbsp;&nbsp;&nbsp;● Non-U.S. securities may be traded in undeveloped, inefficient and less liquid markets and may experience greater price volatility and changes in value – changes in foreign currency exchange rates may adversely affect the U.S. dollar value of and returns on foreign denominated investments.

&nbsp;&nbsp;&nbsp;&nbsp;● The Fund's portfolio is expected to be constructed by combining the investment styles and strategies of multiple Underlying Funds. There is no assurance that the Fund's investment objective will be achieved.

&nbsp;&nbsp;&nbsp;&nbsp;● The Fund is a newly organized, non-diversified, closed-end investment company with no operating history.

&nbsp;&nbsp;&nbsp;&nbsp;● To qualify and remain eligible for the special tax treatment accorded to RICs under the Code, the Fund must meet certain source-of-income, asset diversification and annual distribution requirements, and failure to do so could result in the loss of RIC status and substantial tax liabilities. The Fund's complex investment strategies may make compliance with such requirements more challenging. Additionally, failure to obtain sufficient information from the Fund's Underlying Funds or their managers, where information is not publicly available, could adversely impact the Fund's ability to meet these requirements.

Accordingly, the Fund should be considered a speculative investment that entails substantial risks, and a prospective investor should invest in the Fund only if it can sustain a complete loss of their investment.

**SUMMARY OF FEES AND EXPENSES**

The following table illustrates the aggregate fees and expenses that the Fund expects to incur, and that Shareholders can expect to bear directly or indirectly.

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| | | | |
|:---|:---|:---|:---|
|  | **Class A** | **Class I** | **Class M** |
| **SHAREHOLDER TRANSACTION FEES** |  |  |  |
| Maximum sales load imposed on purchases<sup>(1)</sup> |  |  |  |
| Maximum early repurchase fee<sup>(2)</sup> | 2.00% | 2.00% | 2.00% |
| &nbsp;&nbsp;&nbsp; **ANNUAL FUND EXPENSES<sup>(3)</sup>**<br> **(as a percentage of average net assets attributable to Shares)** |  |  |  |
| Management Fee<sup>(4)</sup> | 0.10% | 0.10% | 0.10% |
| Interest payments on borrowed funds | 0.07% | 0.07% | 0.07% |
| Distribution Fee<sup>(5)</sup> | 0.00% | 0.00% | 0.75% |
| Shareholder Servicing Fee<sup>(6)</sup> | 0.25% | 0.00% | 0.10% |
| Other expenses<sup>(7)</sup> | 0.81% | 0.81% | 0.81% |
| Acquired Fund Fees and Expenses<sup>(8)</sup> | 0.76% | 0.76% | 0.76% |
| Total annual fund expenses | 1.99% | 1.74% | 2.59% |
| Expense reimbursement<sup>(9)</sup> | (0.31%) | (0.31%) | (0.31%) |
| Total annual fund expenses after expense reimbursement<sup>(9)</sup> | 1.68% | 1.43% | 2.28% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) While Class A, Class I and Class M Shares do not impose a front-end sales charge, if you purchase Class
A, Class I or Class M Shares through certain financial firms, such firms may directly charge you transaction or other fees in such amount
as they may determine, provided that such firms limit such charges to a 1.50% cap for Class A Shares and a 3.50% cap for Class M Shares.
Please consult your financial firm for additional information. *See*" <u>Plan of Distribution</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A 2.00% early repurchase fee payable to the Fund will be charged with respect to the repurchase of a Shareholder's
Shares at any time prior to the day immediately preceding the one-year anniversary of the Shareholder's purchase of the Shares (on
a "first in-first out" basis). The one-year holding period will be satisfied if at least one year has elapsed from (a) the
issuance date of the applicable Shares to (b) the subscription date immediately following the valuation date used in the repurchase of
such Shares. An early repurchase fee payable by a Shareholder may be waived by the Fund where doing so is in the best interests of the
Fund and in a manner as will not discriminate unfairly against any Shareholder. The early repurchase fee will be retained by the Fund
for the benefit of the remaining Shareholders. *See*" <u>Repurchases of Shares</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Assuming estimated net assets for the Fund of $250 million with no leverage for this purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Adviser allocates and reallocates the Fund's assets among Blackstone Underlying Funds and other
investments, as described in the section " <u>Investment Program – Investment Strategies</u>." In consideration of the
advisory services provided by the Adviser to the Fund, the Fund pays to the Adviser an Investment Management Fee payable quarterly in
arrears and accrued monthly at an annual rate of 0.10% of the value of the Fund's net assets, which is calculated as of the close
of business on the last business day of each month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Class M Shares will pay to the Distributor a distribution fee that will accrue at an annual rate equal
to 0.75% of the monthly net assets attributable to Class M Shares (the "Distribution Fee"). *See*" <u>Plan of Distribution</u> ".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Class A Shares may charge a shareholder servicing fee at an annual rate equal to 0.25% of the monthly
net assets attributable to Class A Shares, and Class M Shares may charge a shareholder servicing fee at an annual rate equal to 0.10%
of the monthly net assets attributable to Class M Shares (in each case, a "Shareholder Servicing Fee"). The Fund may use these
fees, in respect of the relevant class, to compensate Financial Intermediaries or financial institutions for distribution-related expenses,
if applicable, and providing ongoing services in respect of investors with whom they have distributed Shares of the Fund. Such services
may also include electronic processing of investor orders, electronic fund transfers between investors and the Fund, account reconciliations
with the Fund's transfer agent, facilitation of electronic delivery to investors of Fund documentation, monitoring investor accounts
for back-up withholding and any other special tax reporting obligations, maintenance of books and records with respect to the foregoing,
and such other information and liaison services as the Fund or the Adviser may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Other expenses are based on estimated amounts for the current fiscal year and include the administration
fee under the Fund's Supervision and Administration Agreement plus Trustee fees and expenses and organizational and offering costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) "Acquired Fund Fees and Expenses" ("AFFE") includes fees and expenses of those
Underlying Funds in which the Fund invests that are investment companies or would be an investment company but for an exception to that
definition provided for in Sections 3(c)(1) or 3(c)(7) of the 1940 Act (each, an "Acquired Fund"). Some of the Acquired Funds
in which the Fund will invest charge carried interest, incentive fees or allocations based on such Acquired Funds' performance.
Such Acquired Funds generally charge a management fee of 0.02% to 1.25%, and approximately 12.5% of net profits as a carried interest
allocation. The AFFE disclosed above are based on historical fees and expenses, and future AFFE may be substantially higher or lower because
certain fees are based on the performance of the Acquired Funds, which may fluctuate over time. AFFE reflects operating expenses of the
Acquired Funds (*i.e.*, management fees, administration fees and professional and other direct, fixed fees and expenses of the Acquired
Funds). The AFFE do not, however, reflect any performance-based fees or allocations paid by the Acquired Funds that are calculated solely
on the realization and/or distribution of gains, or on the sum of such gains and unrealized appreciation of assets distributed in-kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) The Adviser and the Fund have entered into the Expense Limitation Agreement under which the Adviser has
agreed contractually, on a monthly basis, to reimburse the Fund's "Specified Expenses" in respect of each class of the
Fund (each, a "Class") where "Specified Expenses" means all other expenses incurred in the business of the Fund
and allocated to a Class, including the Fund's annual operating expenses, with the exception of: (i) the Investment Management Fee;
(ii) the Shareholder Servicing Fee (as defined herein); (iii) the Distribution Fee (as defined herein); (iv) certain costs associated
with the acquisition, ongoing investment and disposition of the Fund's investments and unconsummated investments, including legal
costs, professional fees, travel costs and brokerage costs; (v) fees and expenses of the Underlying Funds in which the Fund invests; (vi)
dividend and interest payments (including any dividend payments, interest expenses, commitment fees, or other expenses related to any
leverage incurred by the Fund); (vii) taxes and costs to reclaim foreign taxes; and (viii) extraordinary expenses (as determined
in the sole discretion of the Adviser), to the extent that such expenses, on an annualized basis, exceed 0.50% of the monthly net assets
of such Class (the "Expense Limitation").

If, while the Adviser is the investment adviser to the Fund, the Fund's estimated annualized Specified Expenses in respect of a Class for a given month are less than the Expense Limitation, the Adviser shall be entitled to reimbursement by the Fund of the other expenses borne by the Adviser on behalf of the Fund (the "Reimbursement Amount") during any of the previous thirty-six (36) months, but only to the extent that the Fund's estimated annualized Specified Expenses in respect of a Class (after such reimbursement is taken into account) do not exceed, for such month, the lesser of (i) the Expense Limitation in effect at the time such expenses were borne by the Adviser on behalf of the Fund pursuant to the Expense Limitation Agreement or (ii) any other relevant expense limit in effect at the time of such reimbursement with respect to the Class, and provided further that such amount paid to the Adviser will in no event exceed the total Reimbursement Amount and will not include any amounts previously reimbursed. The Adviser may recapture a Specified Expense in any year within the thirty-six (36) month period after the Adviser bears the expense. *See* "<u>Fund Expenses—Expense Limitation Agreement</u>" for additional information. The Expense Limitation Agreement will remain in effect for a one-year period from the date the Fund commences operations or until July 31, 2027, whichever is longer, unless and until the Board approves its modification or termination. Thereafter, the Expense Limitation Agreement may be annually renewed with the written agreement of the Adviser and the Fund. The Board may terminate the Expense Limitation Agreement at any time upon notice to the Adviser, and the Expense Limitation Agreement shall automatically terminate upon the termination of the Investment Management Agreement between the Adviser and the Fund. The Fund's obligation to make reimbursement payments shall survive the termination of the Expense Limitation Agreement. *See* "<u>Fund Expenses</u>."

Certain Blackstone Underlying Funds may charge incentive-based compensation, including incentive fees and performance-based allocations (collectively, "incentive fees"). In the event that the Fund has a net total return (including any distributions) over an Additional Reimbursement Period (defined below) that is less than 0% (using the net total return of the Fund's Class I Shares or any other lower-cost share class subsequently launched as a proxy for the Fund's net total return) and Blackstone received incentive fees attributable to the Fund's investments in Blackstone Underlying Funds during such period, the Adviser has contractually agreed to reimburse the Fund an additional amount ("Additional Reimbursement"). The Additional Reimbursement will be made to the Fund and divided proportionally among each share class of the Fund based on net assets, not only to the Class I Shares. The Additional Reimbursement agreement will commence on the date the Fund commences operations and remain in effect until December 31 of the second following year (for example, if the Fund commences operations in 2026, the Additional Reimbursement agreement will continue in effect until December 31, 2028). The Additional Reimbursement shall generally be the <u>lesser</u> of (i) the amount that would result in the net total return (including any distributions) of the Fund's Class I Shares (or any other lower cost share class subsequently launched) over the Additional Reimbursement Period equaling 0% as if the entire Fund had experienced the net total return (including distributions) of that share class over the Additional Reimbursement Period; and (ii) the total incentive fees received by Blackstone attributable to the Fund's investments in Blackstone Underlying Funds over the Additional Reimbursement Period. The "Additional Reimbursement Period" shall be: (i) initially, the period from the date on which the Fund commences operations until December 31 of the following calendar year (for example, if the Fund commences operations on August 1, 2026, the initial Additional Reimbursement Period would be August 1, 2026 – December 31, 2027); and (ii) thereafter, January 1 through December 31 of the following year (in the example above, the second Additional Reimbursement Period would be January 1, 2028 – December 31, 2028). A lower-cost share class subsequently launched will be used as the proxy for the Fund's net total return instead of Class I only if that share class was operational for the entire Additional Reimbursement Period in question. Amounts reimbursed, if any, pursuant to the Additional Reimbursement agreement shall not be subject to reimbursement to the Adviser. The Additional Reimbursement will be accrued and paid in accordance with U.S. GAAP. The Additional Reimbursement agreement may be annually renewed with the written agreement of the Adviser and the Fund. The Board of Trustees of the Fund may terminate this Agreement at any time upon notice to the Adviser, and this Agreement shall automatically terminate upon the termination of the Investment Management Agreement between the Adviser and the Fund. See "<u>Fund Expenses</u>."

***Example:***

 ****

The following example demonstrates the projected dollar amount of total expenses that would be incurred over various periods with respect to a hypothetical investment in Shares. In calculating the following expense amounts, the Fund has assumed its direct and indirect annual operating expenses would remain at the percentage levels set forth in the table above (except that the example incorporates the expense reimbursement arrangement for only the first year).

An investor would pay the following expenses on a $1,000 investment, assuming a 5.0% annual return:

**Class A**

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $17 | $59 | $104 | $229 |

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**Class I**

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $15 | $52 | $91 | $202 |

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**Class M**

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $23 | $77 | $135 | $290 |

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**The example and the expenses in the table above should not be considered a representation of the Fund's future expenses, and actual expenses may be greater or less than those shown**. The example above excludes the early repurchase fee because Shares held for the full time periods above are not subject to repurchase fees. If an investor's Shares are repurchased within one year of their purchase, the Shares would incur the 2.00% early repurchase fee. While the example assumes a 5.0% annual return, as required by the SEC, the Fund's performance will vary and may result in a return greater or less than 5.0%. In addition to the fees and expenses described above, you may also be required to pay transaction or other fees on the purchase of Class A, Class I or Class M Shares through certain financial firms in such amount as they may determine, provided <u>that such firms limit such charges to a 1.50% cap for Class A Shares and a 3.50% cap for Class M Shares. Such transaction or other fees</u> are not reflected in the example. For a more complete description of the various fees and expenses borne directly and indirectly by the Fund, *see* "<u>Fund Expenses</u>" and "<u>Investment Management Fee</u>."

**FINANCIAL HIGHLIGHTS**

Because the Fund is newly organized and has no performance history as of the date of this prospectus, a financial highlights table for the Fund has not been included in this prospectus.

**THE FUND**

The Fund is a newly organized non-diversified, closed-end management investment company that is registered under the 1940 Act. The Fund was organized as a Delaware statutory trust on October 24, 2025 and has no operating history. The principal office of the Fund is located at 280 Congress Street, Boston, MA 02210, and its telephone number is (617) 951-5000.

The Fund's investment objective is to seek to provide attractive risk adjusted returns.

There can be no assurance that the Fund will achieve its investment objective.

The Fund seeks to achieve its investment objective by investing primarily in pooled investment vehicles sponsored by affiliates of Blackstone Inc. (collectively, "Blackstone"), directly or indirectly, and other investments that provide exposure to a broad range of asset classes and geographies in private markets. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) directly or indirectly in a combination of Blackstone Underlying Funds that provide exposure to private market investments and Temporary Private Markets Exposure Proxies (each as defined on page 24 in the "Investment Program—Investment Strategies" section of the Prospectus).

The Fund also may invest a portion of its net assets in registered investment companies, including mutual funds and ETFs, or directly in securities and derivatives, in each case providing exposure to short duration fixed income securities, money market investments and other investments considered by the Adviser to be liquid. These exposures shall be obtained primarily through allocations of the Fund's assets by the Adviser to Blackstone Underlying Funds that provide daily liquidity and investment vehicles managed by The Vanguard Group, Inc. or its affiliates (together with its affiliates, "Vanguard," and each such vehicle, a "Vanguard Underlying Fund," and together with the Blackstone Underlying Funds, the "Underlying Funds"). Vanguard Underlying Funds include passively-managed index mutual funds and ETFs, and actively-managed ETFs and mutual funds.

The Adviser expects to select Underlying Funds without considering or canvassing the universe of other available investment vehicles managed by other managers not affiliated with the Adviser, Blackstone or Vanguard. The Fund will not invest in any fund that is managed, advised or sponsored by a manager that is not the Adviser, Blackstone or Vanguard unless the Adviser, Blackstone, or Vanguard is a sub-adviser of such fund; provided that the Fund may invest in feeder vehicles managed, advised or sponsored by other managers, where such vehicles invest exclusively in a fund or funds managed, advised, sponsored or sub-advised by the Adviser, Blackstone or Vanguard.

The Fund may invest in both U.S. and foreign issuers and may have significant investment exposure to the United States or other geographic regions or countries, which can include less-developed countries. Less-developed countries are commonly referred to as emerging market countries, which include so-called frontier market countries.

The Fund may utilize various investment strategies to hedge positions, enhance return and manage cash flows. The Fund may invest a portion of its assets in non-U.S. securities that are generally denominated in non-U.S. currencies. In certain cases, the currency fluctuations of investments may be hedged through the use of currency derivatives or other instruments.

Except as otherwise indicated, the Fund may change its investment objective and any of its investment policies, restrictions, strategies and techniques without shareholder approval. The Fund's fundamental policy to invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) directly or indirectly in a combination of Blackstone Underlying Funds that provide exposure to private market investments and Temporary Private Markets Exposure Proxies, may be changed only by shareholder approval. Fundamental policies contained in the Statement of Additional Information may not be changed without shareholder approval. *See* "<u>Investment Restrictions – Fundamental Investment Restrictions</u>" for more information about the Fund's fundamental investment restrictions.

For a further discussion of the Fund's principal investment strategies, *see* "<u>Investment Objective, Opportunities and Strategies</u>." There can be no assurance that the Fund will achieve its investment objective.

**THE ADVISER**

The Adviser, an investment adviser registered with the SEC under the Advisers Act, serves as the Fund's adviser. The Adviser is responsible for the Fund's investment strategy and the day-to-day management of the Fund's assets. A discussion regarding the basis for the Board's approval of the Investment Management Agreement will be available in the Fund's first annual or semi-annual report on Form N-CSR.

The Adviser is a Delaware limited liability partnership with principal offices at 280 Congress Street, Boston, Massachusetts 02210. The Adviser is a professional investment counseling firm that provides investment services to investment companies, employee benefit plans, endowments, foundations, and other institutions. The Adviser and its predecessor organizations have provided investment advisory services for over 80 years. The Adviser is owned by the partners of Wellington Management Group LLP ("WMG"), a Massachusetts limited liability partnership. WMG serves as the ultimate parent holding company of the Wellington Management global organization. As of December 31, 2025, the Adviser had investment management authority with respect to approximately $1.3 trillion in assets.

**USE OF PROCEEDS**

Under normal market circumstances, the proceeds from the sale of Shares, not including the amount of any applicable sales loads paid by investors and net of the Fund's fees and expenses, are invested by the Fund to pursue its investment objective and strategies as soon as practicable, consistent with market conditions and the availability of suitable investments, after receipt of such proceeds by the Fund. *See* "<u>Types of Investments and Related Risks – Availability of Investment Opportunities</u>" for a discussion of the timing of Underlying Funds' subscription activities, market conditions and other considerations relevant to the timing of the Fund's investments generally. Although the Fund does not anticipate a delay in its use of proceeds, any such delay could lower returns and reduce the Fund's distributions to Shareholders. Pending utilization, the Fund may hold uninvested capital in the form of cash and cash equivalents, including money market investments, derivatives, public market investments and other instruments. These investments may detract from Fund performance, and the Fund may be prevented from achieving its objective during any period in which the Fund's assets are not substantially invested in accordance with its principal investment strategies. See "<u>Investment Program – Continuous Allocation to Blackstone Underlying Funds; Blackstone Underlying Fund Withdrawal Constraints</u>" for additional information.

The Fund will pay the Adviser the full amount of the Investment Management Fee during any period prior to which any of the Fund's assets (including any proceeds received by the Fund from the offering of Shares) are invested in Underlying Funds.

**INVESTMENT PROGRAM**

**Investment Objective**

The Fund's investment objective is to seek to provide attractive risk adjusted returns. The Fund's investment objective is not fundamental and may be changed by the Board without shareholder approval.

There can be no assurance that the Fund will achieve its investment objective.

**Investment Strategies**

The Fund seeks to achieve its investment objective by investing primarily in pooled investment vehicles sponsored by affiliates of Blackstone Inc. (collectively, "Blackstone"), directly or indirectly, and other investments that provide exposure to a broad range of asset classes and geographies in private markets. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) directly or indirectly in a combination of Blackstone Underlying Funds that provide exposure to private market investments and Temporary Private Markets Exposure Proxies (each as defined below) (the "80% Policy"). The term "private markets" refers to investments that are not traded on public exchanges, including, but not limited to, private equity, private credit, real estate and infrastructure. The Fund may not have exposure to all private markets asset classes and strategies at all times, and the Fund's allocations across sectors, asset classes, industries and geographic regions are expected to vary over time in the sole discretion of the Adviser. The Fund's portfolio may, at any given time, be more heavily weighted to one or more sectors, asset classes, industries and geographic regions.

"Blackstone Underlying Funds" are pooled investment vehicles sponsored by Blackstone and may include registered investment companies, business development companies, real estate investment trusts, private funds (*i.e.*, private investment funds excluded from the definition of "investment company" pursuant to Sections 3(c)(1) or 3(c)(7) of the 1940 Act) and other investment vehicles through which Blackstone may provide access to investment opportunities in private markets. Additionally, during (i) the Fund's launch phase, until the next available subscription window for applicable Blackstone Underlying Funds after the launch phase; (ii) times when subscription to one or more Blackstone Underlying Funds is not available in the ordinary course, until the next available subscription window for applicable Blackstone Funds; (iii) any period when one or more Blackstone Underlying Funds becomes permanently unavailable for investment by the Fund, until the first available subscription window for a replacement Blackstone Underlying Fund that is made available for investment by the Fund by Blackstone; and (iv) temporarily for purposes of compliance with the asset diversification requirements under the Internal Revenue Code applicable to regulated investment companies, investments in derivatives, public market investments and other instruments that, in combination with specified, complementary amounts of cash, are designed to approximate the volatility and risk characteristics of private markets in which the Blackstone Underlying Funds invest, as determined in the Adviser's discretion (such derivatives, public market investments and other instruments, together with such specified, complementary amounts of cash, "Temporary Private Markets Exposure Proxies"), shall be counted toward the Fund's 80% Policy. With respect to items (i) – (iii) above, such Temporary Private Markets Exposure Proxies will only be counted toward the Fund's 80% Policy until the next available subscription window for the applicable Blackstone Underlying Fund after the launch phase (in the case of (i)) or after such Temporary Private Markets Exposure Proxy is obtained (in the case of (ii)), or until the first available subscription window for a replacement Blackstone Underlying Fund that is made available for investment by the Fund by Blackstone (in the case of (iii)). The Fund will acquire interests in Blackstone Underlying Funds at NAV. The Adviser's allocation and reallocation of the Fund's assets among Blackstone Underlying Funds will take into consideration a variety of factors, including but not limited to, market environment analysis (which considers various market factors that may impact a Blackstone Underlying Fund), financial modeling techniques to assess risk and uncertainty, including scenario and sensitivity analysis and stress tests, behavior of returns, correlations (*i.e.*, the relationship among various Blackstone Underlying Funds and/or markets, including the degree to which they move in relation to each other), beta (*i.e.*, measures of returns relative to applicable markets), and volatility, and the role of exposure in the overall solution design.

The Fund also may invest a portion of its net assets in registered investment companies, including mutual funds and ETFs, or directly in securities and derivatives, in each case providing exposure to short duration fixed income securities, money market investments and other investments considered by the Adviser to be liquid. These exposures shall be obtained primarily through allocations of the Fund's assets by the Adviser to Blackstone Underlying Funds that provide daily liquidity and investment vehicles managed by The Vanguard Group, Inc. or its affiliates (together with its affiliates, "Vanguard," and each such vehicle, a "Vanguard Underlying Fund," and together with the Blackstone Underlying Funds, the "Underlying Funds"). Vanguard Underlying Funds include passively-managed index mutual funds and ETFs, and actively-managed ETFs and mutual funds.

The Adviser expects to select Underlying Funds without considering or canvassing the universe of other available investment vehicles managed by other managers not affiliated with the Adviser, Blackstone or Vanguard. The Fund will not invest in any fund that is managed, advised or sponsored by a manager that is not the Adviser, Blackstone or Vanguard unless the Adviser, Blackstone, or Vanguard is a sub-adviser of such fund; provided that the Fund may invest in feeder vehicles managed, advised or sponsored by other managers, where such vehicles invest exclusively in a fund or funds managed, advised, sponsored or sub-advised by the Adviser, Blackstone or Vanguard. Complete information about the Fund's principal investment strategies is included in this prospectus; however, this prospectus does not include a list of all possible Underlying Funds or all possible investment strategies or methods that may be used by Underlying Funds. Complete information about an SEC-registered Underlying Fund is available on the SEC's website and/or directly from such Underlying Fund. Information about private Underlying Funds has limited, if any, availability. Blackstone and Vanguard are not sponsors, promoters, investment advisers, sub-advisers, underwriters or affiliates of the Fund.

The Fund may invest in both U.S. and foreign issuers and may have significant investment exposure to the United States or other geographic regions or countries, which can include less-developed countries. Less-developed countries are commonly referred to as emerging market countries, which include so-called frontier market countries.

The Fund may utilize various investment strategies to hedge positions, enhance return and manage cash flows. These strategies may include: the use of leverage, long and short positions, commodities and futures; investing in exchange-traded and over-the-counter derivatives (primarily futures, swaps, options, structured notes, warrants, forwards and equity-linked notes), bonds, interest rate derivatives, credit derivatives, other fixed income securities (including investment grade debt and high yield debt, floating rate securities such as senior loans or structured credit, and in derivatives and other instruments that have economic characteristics similar to such securities or investments including high-yielding sectors of the credit market including emerging market debt, and bank loans), currencies, equities and indices, ETFs, real estate investment trusts, convertible and non-convertible preferred securities, mortgage-backed and asset-backed securities and cash equivalent investments; and writing options. The Fund may invest a portion of its assets in non-U.S. securities that are generally denominated in non-U.S. currencies. In certain cases, the currency fluctuations of investments may be hedged through the use of currency derivatives or other instruments.

**Access**

The Fund will provide Shareholders with access to Blackstone Underlying Funds that are generally unavailable to the broad investing public. Blackstone has agreed with the Adviser, subject to applicable legal or regulatory restrictions and requirements, to provide information to the Fund of the type and scope it customarily provides to other investors in Blackstone Underlying Funds.

As permitted by law, the Adviser expects to regularly communicate with Blackstone about the Underlying Funds in which the Fund has invested or may invest, and Blackstone may provide the Adviser with statistical or other factual information about the investment strategies, risk management and general information regarding economic factors and market trends in each case as they relate to Blackstone Underlying Funds. This interaction facilitates ongoing portfolio analysis by the Adviser and may help to address potential developments at the Underlying Fund level. It also provides ongoing due diligence feedback as additional investments in Blackstone Underlying Funds are considered by the Adviser.

Blackstone does not furnish investment advice to the Adviser or the Fund with respect to investments in Blackstone Underlying Funds. The long-term nature of certain private markets investments requires a commitment to ongoing risk management. In this regard, the Adviser seeks to maintain close contact with Blackstone and to monitor the performance of Blackstone Underlying Funds and, subject to bona fide regulatory and legal considerations, developments at the individual portfolio companies or other holdings that are material positions in the Blackstone Underlying Funds held by the Fund.

**Blackstone Underlying Funds**

The Fund can obtain exposure to various private markets (including private equity, private credit, real estate and infrastructure investments) through allocations of the Fund's assets among registered investment companies, business development companies, real estate investment trusts, private funds (*i.e.*, private investment funds excluded from the definition of "investment company" pursuant to Sections 3(c)(1) or 3(c)(7) of the 1940 Act) or other vehicles managed by Blackstone affiliates. In particular, the Fund shall have access to all semi-liquid perpetual Blackstone Underlying Funds available and for which the Fund is an eligible investor. The Blackstone Underlying Funds are expected to issue shares to the Fund on the same economic terms as to investors in the same class.

Private equity-focused Blackstone Underlying Funds generally invest primarily in privately negotiated, equity-oriented investments. Private credit-focused Blackstone Underlying Funds typically will focus on: private credit investments, including loans, bonds and other credit instruments that are issued in private offerings or issued by private companies; asset based and real estate credit; structured credit; and liquid credit. Such Blackstone Underlying Funds may focus on privately originated and privately negotiated investments, predominantly direct lending to U.S. private companies. Real estate-focused Blackstone Underlying Funds typically will invest primarily in stabilized, income-generating commercial real estate in the United States and, to a lesser extent, outside the United States, and may also invest in real estate debt investments. Infrastructure-focused Blackstone Underlying Funds generally invest primarily in infrastructure equity, and, to a lesser extent, in infrastructure secondaries and credit strategies. Any of these private market strategies could access investments in a variety of ways, including through: (i) direct investments (investments in companies and other private assets, directly or through intermediate entities); (ii) secondary investments (secondary market purchases of existing investments in established funds managed by Blackstone affiliates or third-party managers); and (iii) primary commitments (capital commitments to commingled, blind pool investment funds managed by Blackstone or third-party managers).

**Continuous Allocation to Blackstone Underlying Funds; Blackstone Underlying Fund Withdrawal Constraints**

As described above, under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) directly or indirectly in a combination of Blackstone Underlying Funds that provide exposure to private market investments and Temporary Private Markets Exposure Proxies. The Fund's policy to invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) directly or indirectly in a combination of Blackstone Underlying Funds that provide exposure to private market investments and Temporary Private Markets Exposure Proxies, is a fundamental policy that may be changed only by Shareholder approval.

When the Fund is at scale, the Fund will be subject to certain material constraints on withdrawals from its investments in Blackstone Underlying Funds under certain circumstances (the "Withdrawal Constraints"). Potential investors must fully understand that the Fund will maintain significant exposure to the Blackstone Underlying Funds and may be subject to the Withdrawal Constraints with respect to Blackstone Underlying Funds, and must be willing to assume the substantial associated risks, regardless of market conditions, including, but not limited to, the risk that the Fund may be unable to liquidate all or a portion of its position in a Blackstone Underlying Fund or may not be able to realize what it perceives to be the fair value of a Blackstone Underlying Fund in the event of a sale. *See* "<u>Risks Associated with the Fund's Investments and Investment Activities—Liquidity and Valuation</u>" and "<u>Conflicts of Interest</u>" for additional information.

Investors should also be aware that, to manage the Fund's cash until the Fund is able to invest in a particular Blackstone Underlying Fund, the Fund may take positions in various securities and instruments that are intended to provide economic exposures similar to those of one or more Blackstone Underlying Funds. Such temporary investments may, however, have different risk and return characteristics from the intended Blackstone Underlying Fund(s), which could lead to Fund underperformance or losses.

Additionally, investors should be aware that, during the Fund's launch phase, the Fund's holdings of certain Underlying Funds may represent a greater or lesser proportion of the Fund's overall net assets than is intended to be the case, under normal market conditions, once the Fund's investment strategies are fully implemented. As a result, during this period, the Fund may experience performance that is not reflective of the performance expected based on full implementation of the Fund's investment strategies. There is the risk that, during such period, the Fund could experience losses, including losses greater than, or gains less than, the losses or gains that would otherwise be incurred were the strategies fully implemented.

**Blackstone**

Blackstone is the world's largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone's more than $1.3 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, real assets, secondaries and hedge funds.

**Blackstone is not a sponsor, promoter, investment adviser, sub-adviser, underwriter or affiliate of the Fund. Blackstone will not provide investment recommendations or investment advice to the Fund or the Adviser regarding investments in Blackstone Underlying Funds or regarding the allocation and reallocation of the Fund's assets among Blackstone Underlying Funds or any other Underlying Funds. The Fund may not invest in all of the types of Blackstone Underlying Funds described herein. In light of the Fund's investment strategies, the Adviser has entered into a licensing agreement (the "Licensing Agreement") with Blackstone pursuant to which Blackstone has granted the Adviser a license to use certain trade names, trademarks and/or service marks (the "Marks") in connection with (i) the offering, marketing and promotion of the Fund and (ii) related disclosure. The "Blackstone" Mark is used in the Fund's name because the Fund has adopted a fundamental policy to invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) directly or indirectly in a combination of Blackstone Underlying Funds that provide exposure to private market investments and Temporary Private Markets Exposure Proxies. The Marks remain the sole and exclusive property of Blackstone and, under certain circumstances, Blackstone may terminate the Licensing Agreement and prohibit the Fund from using the Marks.**

**Vanguard**

Founded in 1975, Vanguard is one of the world's leading investment management companies. The firm offers investments, advice, and retirement services to tens of millions of individual investors around the globe – directly, through workplace plans, and through financial intermediaries. Vanguard operates under a unique, investor-owned structure where Vanguard fund shareholders own the funds, which in turn own Vanguard. As such, Vanguard adheres to a simple purpose: To take a stand for all investors, to treat them fairly, and to give them the best chance for investment success.

**Vanguard is not a sponsor, promoter, investment adviser, sub-adviser, underwriter or affiliate of the Fund. Vanguard will not provide investment recommendations or investment advice to the Fund or the Adviser regarding investments in Vanguard Underlying Funds or regarding the allocation and reallocation of the Fund's assets among Vanguard Underlying Funds or any other Underlying Funds. The Fund may not invest in all of the types of Vanguard Underlying Funds described herein.**

**Leverage**

The Fund may employ leverage in circumstances where the Adviser deems it appropriate to do so in order to implement the investment approach and to achieve the investment objective. The Fund may use leverage opportunistically and may choose to increase or decrease its leverage, or use different types or combinations of leveraging instruments, at any time based on the Fund's assessment of market conditions and the investment environment.

The Fund may incur leverage by borrowing funds from its prime brokers, brokerage firms, banks and other financial institutions and/or through the use of derivatives, repurchase transactions, and other non-fully funded instruments. Leverage obtained through borrowing is obtained from the relevant lender (and may be limited if the relevant lender is unwilling or unable to lend). Leverage obtained through the use of derivatives and other non-fully funded instruments is obtained from the relevant counterparty (and may be limited if a counterparty is unwilling to accept the terms of a proposed transaction).

The Fund delivers collateral from time to time to other parties (*e.g.*, counterparties to over-the-counter transactions) under the terms of its agreements with such parties (*e.g.*, ISDA master agreements and other trading agreements), by posting initial margin and on a daily mark-to-market basis. The Fund may also deposit collateral as security with a broker. There generally are no restrictions on the use of such collateral by such other parties and brokers except in certain circumstances where there are regulatory or contractual restrictions on the right of reuse of collateral.

There can be no assurance that the Fund will use leverage or that its leveraging strategy will be successful during any period in which it is employed.

The Fund will be limited in its ability to borrow (or guarantee other obligations) by the 1940 Act requirement that a registered investment company must satisfy an "asset coverage" requirement of 300% with respect to senior securities representing indebtedness, including amounts borrowed, measured at the time the investment company incurs the indebtedness, with an exception for borrowings not in excess of 5% of the Fund's total assets made for temporary purposes. This requirement generally means that the value of the investment company's total indebtedness may not exceed 33% the value of its total assets (including the indebtedness). Additionally, pursuant to SEC regulation, the Fund's trading of derivatives and other transactions that create future payment or delivery obligations is subject to value-at-risk ("VaR") leverage limits and derivatives risk management program and reporting requirements.

**Percentage Limitations**

Compliance with any policy or limitation of the Fund that is expressed as a percentage of assets is determined at the time of purchase of portfolio securities. The policy will not be violated if these limitations are exceeded because of changes in the market value or investment rating of the Fund's assets or if a borrower or issuer distributes equity securities incident to the purchase or ownership of a portfolio investment or in connection with a reorganization of a borrower or issuer. Notwithstanding the foregoing, the requirements of the Fund's 80% Policy adopted pursuant to Rule 35d-1 under the 1940 Act apply at the time of investment but, if the Fund identifies that its 80% Policy is no longer satisfied, the Fund must make future investments in a manner that will bring the Fund into compliance with its 80% Policy in the applicable timeframe prescribed by Rule 35d-1. The Fund may temporarily invest less than 80% of the value of its assets in accordance with its 80% Policy during the Fund's first 180 consecutive days, starting from the date the Fund commences operations.

***There can be no assurance that the Fund will achieve its investment objectives. The types of Underlying Funds and other investments held by the Fund may vary considerably over time as market conditions and investment opportunities change.***

**TYPES OF INVESTMENTS AND RELATED RISKS**

*Investors should carefully consider the risk factors described below, before deciding on whether to make an investment in the Fund. The risks set out below are not the only risks the Fund faces. Additional risks and uncertainties not currently known to the Fund or that the Fund currently deems to be immaterial also may materially adversely affect the Fund's business, financial condition and/or operating results. If any of the following events occur, the Fund's business, financial condition and results of operations could be materially adversely affected. In such case, the NAV of the Fund's Shares could decline, and investors may lose all or part of their investment.*

 ****

*The following discussion is organized into three sections: "Risks Associated with Market Conditions and Investment Opportunities;" "Risks Associated with the Fund's Investments and Investment Activities;" and "Risks Associated with the Fund and the Adviser."*

 

*As the Fund will obtain investment exposure primarily through allocations of the Fund's assets to the Underlying Funds, as well as through direct investments, the Fund may be exposed to certain risks described below through exposure to one or more Underlying Funds and/or may be directly exposed to certain risks described below. As a result, the following provides an overview of principal risks associated with the Fund's investments in the Underlying Funds and principal risks associated with the Fund's direct investments in certain short-term instruments for liquidity or cash management purposes.*

 

**Risks Associated with Market Conditions and Investment Opportunities**

**<u>Market Risks</u>**

The profitability of a significant portion of the Fund's and Underlying Funds' investment programs depend to a great extent upon correctly assessing the future course of price movements of specific securities and other investments. There can be no assurance that the Adviser or an Underlying Fund's manager will be able to predict accurately these price movements. As a result, there is always some, and occasionally a significant, degree of market risk.

The market price of securities owned by the Fund or an Underlying Fund may go up or down, sometimes rapidly or unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries or issuers represented in the securities markets. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, adverse changes to credit markets or adverse investor sentiment generally. The value of a security may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously even if the performance of those asset classes is not otherwise historically correlated. Investments may also be negatively impacted by market disruptions and by attempts by other market participants to manipulate the prices of particular investments. Equity securities generally have greater price volatility than fixed income securities. Credit ratings downgrades may also negatively affect securities held by the Fund or an Underlying Fund. Even when markets perform well, there is no assurance that the investments held by the Fund or an Underlying Fund will increase in value along with the broader market.

In addition, market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level. For instance, war, terrorism, social unrest, recessions, supply chain disruptions, market manipulation, government defaults, government shutdowns, political changes, diplomatic developments, or the imposition of sanctions and other similar measures, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics, discussed further below) and natural/environmental disasters can all negatively impact the securities markets, which could cause the Fund to lose value. These events could reduce consumer demand or economic output, result in market closures, changes in interest rates, inflation/deflation, travel restrictions or quarantines, and significantly adversely impact the economy.

Health crises, such as pandemic and epidemic diseases, as well as other catastrophes that interrupt the expected course of events, such as those described above, and the public response to or fear of such diseases or events, have and may in the future have an adverse effect on investments and the Adviser's or an Underlying Fund manager's operations. For example, any preventative or protective actions that governments may take in respect of such diseases or events may result in periods of business disruption, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for portfolio companies. In addition, under such circumstances, the operations, including functions such as trading and valuation, of the Adviser or an Underlying Fund manager, and other service providers of the Fund or Underlying Fund, could be reduced, delayed, suspended or otherwise disrupted. The Fund's or an Underlying Fund's portfolio manager could fall ill or otherwise be adversely affected by such events, requiring the addition and/or substitution of other investment personnel to act as portfolio manager of the Fund or Underlying Fund. Further, the occurrence and pendency of such diseases or events could adversely affect the economies and financial markets either in specific countries or worldwide.

The current contentious domestic political environment, as well as political and diplomatic events within the United States and abroad, such as elections in the U.S. or abroad or the U.S. government's inability at times to agree on a long-term budget and deficit reduction plan, has in the past resulted, and may in the future result, in a government shutdown or otherwise adversely affect the U.S. regulatory landscape, the general market environment and/or investor sentiment, which could have an adverse impact on the Fund's or an Underlying Fund's investments and operations. Additional and/or prolonged U.S. federal government shutdowns may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree.

Governmental and quasi-governmental authorities and regulators throughout the world have previously responded to serious economic disruptions with a variety of significant fiscal and monetary policy changes, including, but not limited to, direct capital infusions into companies, new monetary programs and dramatically lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of these policies, could increase volatility in securities markets, which could adversely affect the Fund's or an Underlying Fund's investments.

Any market disruptions could also prevent the Fund or an Underlying Fund from executing advantageous investment decisions in a timely manner. Underlying strategies that focus their investments in a region enduring geopolitical market disruption will face higher risks of loss, although the increasing interconnectivity between global economies and financial markets can lead to events or conditions in one country, region or financial market adversely impacting a different country, region or financial market. Thus, investors should closely monitor current market conditions to determine whether the Fund meets their individual financial needs and tolerance for risk.

Current market conditions may pose heightened risks with respect to investments in fixed income securities. The U.S. Federal Reserve has raised interest rates from historically low levels. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Any additional interest rate increases in the future could cause the value of the Fund's or an Underlying Fund's investments in fixed income securities to decrease. As such, fixed income securities markets may experience heightened levels of interest rate, volatility and liquidity risk.

Although interest rates have significantly increased since 2022 through the date of this prospectus, the prices of real estate-related assets generally have not decreased as much as may be expected based on historical correlations between interest rates and prices of real estate-related assets. This presents an increased risk of a correction or severe downturn in real estate-related asset prices, which could adversely impact the value of other investments as well (such as loans, securitized debt and other fixed income securities). This risk is particularly present with respect to commercial real estate-related asset prices, and the value of other investments with a connection to the commercial real estate sector. As examples of the current risks faced by real estate-related assets; tenant vacancy rates, tenant turnover and tenant concentration have increased; owners of real estate have faced headwinds, delinquencies and difficulties in collecting rents and other payments (which increases the risk of owners being unable to pay or otherwise defaulting on their own borrowings and obligations); property values have declined; inflation, upkeep costs and other expenses have increased; and rents have declined for many properties.

**<u>Government Regulation</u>**

The Fund or an Underlying Fund may invest in securities and financial instruments listed on both U.S. and non-U.S. exchanges. The global financial markets have recently undergone, and are still undergoing, pervasive and fundamental disruptions and instability. Such instability has led to extensive and unprecedented governmental intervention. Regulators in many jurisdictions have implemented or proposed a number of wide-ranging emergency regulatory measures, including restrictions on the short selling of certain securities in many jurisdictions. Such intervention has in certain cases been implemented on an emergency basis without much or any notice, with the consequence that some market participants' ability to continue to implement certain strategies or manage the risk of their outstanding positions has been suddenly and/or substantially eliminated. Given the complexities of the global financial markets and the limited time frame within which governments have been able to take action, these interventions have sometimes been unclear in scope and application, resulting in confusion and uncertainty which in itself has been materially detrimental to the efficient functioning of such markets as well as previously successful investment strategies.

It is impossible to predict with certainty what additional interim or permanent governmental restrictions may be imposed on the markets and/or the effect of such restrictions on the Adviser's or an Underlying Fund manager's ability to implement the Fund's or an Underlying Fund's investment objective. However, there will be increased regulation of the global financial markets, and such increased regulation could be materially detrimental to the performance of the Fund's portfolio.

In addition, the global financial markets may undergo further fundamental disruptions in the future, which could result in renewed governmental interventions which may be materially detrimental to the performance of the Adviser and/or the Fund.

An Underlying Fund may invest in securities of companies that derive a major portion of profits or anticipated profits from the global financial services sector, and accordingly are subject to the risks associated with investments in financial services companies, in addition to the general risks of the stock markets. This means that an Underlying Fund could be more vulnerable to price fluctuations of financial services companies and other factors that particularly affect financial services industries than a more broadly diversified industrial portfolio. One of the factors that the financial services industry is vulnerable to is extensive governmental regulation, which may change frequently and can, among other things, increase costs for new services or products and make it difficult to pass increased costs on to consumers.

An Underlying Fund may also invest in companies in the biotechnology and related sectors which are generally subject to greater governmental regulation than other industries at both the state and federal levels. Changes in governmental policies may have a material effect on the demand for or costs of certain products and services. These companies must receive government approval before introducing new drugs and medical devices or procedures. This process may delay the introduction of these products and services to the marketplace, resulting in increased development costs, delayed cost-recovery and loss of competitive advantage to the extent that rival companies have developed competing products or procedures, adversely affecting the company's revenues and profitability. Certain of these companies depend on the exclusive rights or patents for the products they develop and distribute. Patents have a limited duration and, upon expiration, other companies may market substantially similar "generic" products which cost less to develop and may cause the original developer of the product to lose market share and/or reduce the price charged for the product, resulting in lower profits for the original developer.

**<u>Trade Policy</u>**

In recent years, the U.S. government has indicated its intent to alter its approach to international trade policy and in some cases to renegotiate, or potentially terminate, certain existing bilateral or multi-lateral trade agreements and treaties with foreign countries, and has made proposals and taken actions related thereto, and has proposed and/or taken actions to increase tariffs or other duties on goods or products being imported into the U.S. For example, the U.S. government has imposed, and may in the future increase, tariffs on certain foreign goods, including from China, such as steel and aluminum. Some foreign governments, including China, have instituted retaliatory tariffs on certain U.S. goods. Recently, the current U.S. presidential administration has proposed and/or imposed significant increases to tariffs on goods imported into the U.S., including from China, Canada and Mexico. The Fund cannot predict how or what tariffs will be imposed or what retaliatory measures other countries, including China, may take in response to tariffs proposed or imposed by the U.S. Such uncertainty and/or tariffs or counter-measures could further increase costs, decrease margins, reduce the competitiveness of products and services offered by current and future portfolio companies of the Fund or an Underlying Fund and adversely affect the revenues and profitability of portfolio companies whose businesses rely on imported goods.

There is uncertainty as to further actions that may be taken with respect to U.S. trade policy, including with respect to the proposed tariffs. Further governmental actions related to the imposition of tariffs or other trade barriers, or changes to international trade agreements or policies, could create further regulatory uncertainty for the portfolio companies of the Fund or an Underlying Fund and adversely affect their businesses and financial condition, particularly to the extent the revenues and profitability of their businesses rely on goods imported from outside of the United States.

**<u>Availability of Investment Opportunities</u>**

The Fund shall have access to all semi-liquid perpetual Blackstone Underlying Funds available and for which the Fund is an eligible investor. The Blackstone Underlying Funds are expected to issue shares to the Fund on the same economic terms as to other investors in the same class. While the Adviser believes that many attractive investments of the types in which the Underlying Funds expect to invest are currently available, there can be no assurance that such investments will continue to be available or that available investments will continue to meet the Underlying Funds' investment criteria. Furthermore, Underlying Funds may be unable to find a sufficient number of attractive investment opportunities to meet their investment objectives, and there may be times when subscription to one or more Underlying Funds is not available in the ordinary course. Similarly, identification of attractive investment opportunities by certain Underlying Funds is difficult and involves a high degree of uncertainty. Even if an attractive investment opportunity is identified by an Underlying Fund's manager, the Underlying Fund may not be permitted to take advantage of the opportunity to the fullest extent desired. Past performance is not necessarily indicative of future performance.

**<u>Competition</u>**

The markets for certain securities in certain Underlying Funds' investment programs are or may become highly competitive. In such cases, an Underlying Fund may be competing for investment opportunities with a significant number of financial institutions as well as various institutional investors. Some of these competitors may be larger and have greater financial, human and other resources than the Underlying Fund and may in certain circumstances have a competitive advantage over the Underlying Fund. As a result of this competition, there may be fewer attractively priced investment opportunities than in the past, which could have an adverse impact on the ability of the Underlying Fund to meet its investment goals. There can be no assurance that the returns on the Underlying Funds' investments will be commensurate with the risk of investment in the Underlying Funds. The Fund's returns are primarily based on the returns of the Underlying Funds.

**<u>No Assurance of Investment Return</u>**

The Underlying Fund's task of identifying and evaluating investment opportunities, managing such investments and realizing a significant return for investors is difficult. Many organizations operated by persons of competence and integrity have been unable to make, manage and realize a profit on such investments successfully. The Adviser believes that the Underlying Funds' investment strategies and investment approaches moderate this risk through a careful selection of securities and other financial instruments. However, there is no assurance that any Underlying Fund will be able to invest its capital on attractive terms or generate returns for its investors. Investors in the Fund could experience losses on their investment.

**Risks Associated with the Fund's Investments and Investment Activities**

**<u>Non-Diversification</u>**

The assets of certain of the Underlying Funds may at times be concentrated in a single sector and within that sector may be concentrated in a relatively few number of securities and/or sectors at times. The Fund may take substantial positions in the same security or group of securities at the same time. Focusing investments in a small number of issuers increases risk, such as greater susceptibility to risks associated with a single economic, political or regulatory occurrence, as compared with a more diversified portfolio. Some of those issuers also may present substantial credit or other risks. Accordingly, the investment portfolio of the Fund may be subject to more rapid change in value than would be the case if the Underlying Funds' portfolios were required to maintain a wide diversification among companies, sectors, securities, countries and industry groups. *See* "<u>Types of Investments and Related Risks – *Non-Diversified Status*</u>" beginning on page 60 for additional information.

**<u>Multiple Underlying Strategies</u>**

The Fund's assets will be allocated among various investment strategies and Underlying Funds, each of which operates independently from the others (the "Underlying Strategies"). Accordingly, it is possible that one or more of the Underlying Strategies may, at any time, take positions that may be opposite of positions taken by other Underlying Strategies. It is also possible that the Underlying Strategies may, on occasion, have substantial positions in the same security or group of securities at the same time. The possible lack of diversification caused by these factors may subject the Fund's investments to more rapid change in value than would be the case if the Fund's investments were required to be more widely diversified.

**<u>Allocation Risk</u>**

The Fund's investment performance is impacted by how its assets are allocated and reallocated between Underlying Funds. A principal risk of investing in the Fund is that the Adviser may make less than optimal or poor asset allocation decisions. The Adviser attempts to identify investment allocations that will provide consistent, quality performance for the Fund, but there is no guarantee that such allocation techniques will produce the desired results. It is possible that the Adviser will focus on an investment that performs poorly or underperforms other investments under various market conditions. You could lose money on your investment in the Fund as a result of these allocation decisions.

**<u>Fund of Funds Risk</u>**

Because the Fund invests a significant portion of its assets in Underlying Funds, the risks associated with investing in the Fund are closely related to the risks associated with the securities and other investments held by the Underlying Funds. The ability of the Fund to achieve its investment objective will depend upon the ability of the Underlying Funds to achieve their respective investment objectives. There can be no assurance that the investment objective of any Underlying Fund will be achieved.

Many of the Underlying Funds in which the Fund invests are not registered as investment companies under the 1940 Act. Accordingly, the provisions of the 1940 Act, which, among other things, require investment companies to have securities held in custody at all times in segregated accounts, impose leverage restrictions and regulate the relationship between the investment company and its asset management, including with respect to affiliated transactions, are not applicable to these Underlying Funds. The Underlying Funds' investments may therefore impact the strategies, risks and costs of and for the Fund itself. Shareholders may or will have limited information about the Underlying Funds in which the Fund is investing, including with respect to the Underlying Funds' holdings, liquidity and valuation.

The Fund's NAV will fluctuate in response to changes in the NAVs of the Underlying Funds in which it invests. The extent to which the investment performance and risks associated with the Fund correlate to those of a particular Underlying Fund will depend upon the extent to which the Fund's assets are allocated from time to time for investment in the Underlying Fund, which will vary. As discussed under "Risks Associated with the Fund and the Adviser—Systems and Operational," because the Fund's NAV is related to the NAVs of the Underlying Funds in which it invests, inaccuracies, delays or other disruptions in the calculation of an Underlying Fund's NAV may adversely impact the Fund.

The expenses associated with investing in a fund that invests a significant portion of its assets in other funds are generally higher than those for funds that do not invest in other funds. By investing in the Fund, an investor will indirectly bear fees and expenses charged by Underlying Funds – in some cases, including asset-based fees, carried interest or incentive allocations (which are a share of an Underlying Fund's returns that are paid to the Underlying Fund's manager) – in addition to the Fund's direct fees and expenses – that may be higher than those of other types of securities, which may adversely affect the Underlying Fund's performance. In addition, the use of a fund of funds structure could affect the timing, amount and character of distributions to shareholders and may therefore increase the amount of taxes payable by shareholders.

**<u>Incentive Allocation Arrangements</u>**

An Underlying Fund's manager may receive a performance fee, carried interest or incentive allocation that the Adviser has observed to be generally equal to 12.5% of the net profits earned by the Underlying Fund that it manages, typically subject to a preferred return. The performance fee, carried interest or incentive allocation is paid indirectly out of the Fund's assets and therefore by investors in the Fund. These performance incentives may create an incentive for the Underlying Fund's manager to make investments that are riskier or more speculative than those that might have been made in the absence of the performance fee, carried interest or incentive allocation. In addition, there is a possibility that certain of the Underlying Funds may receive performance fees, even if the performance of other Underlying Funds - or the overall performance of the Fund itself - is negative (i.e., "netting risk").

**<u>Illiquidity of Underlying Fund Interests</u>**

Interests in certain Underlying Funds are illiquid and may only be redeemed during periodic repurchase offers pursuant to which such Underlying Funds repurchase limited amounts of their outstanding shares at the Underlying Fund's discretion. An Underlying Fund may accept less than the amount of Underlying Fund shares that the Fund tenders in a repurchase offer. The Fund may also receive in-kind distributions of securities from an Underlying Fund that are illiquid or difficult to value and difficult to dispose of. In addition, the Fund will be subject to certain material constraints on withdrawals from its investments in Blackstone Underlying Funds under certain circumstances. Moreover, there is no regular market for interests in such Underlying Funds, which typically must be sold in privately negotiated transactions. Any such sales would likely require the consent of the Underlying Fund's manager and could occur at a discount to the stated NAV. If the Adviser determines to cause the Fund to sell its interest in an Underlying Fund, the Fund may be unable to sell such interest quickly, if at all, and could therefore be obligated to continue to hold such interest for an extended period of time, or to accept a lower price for a more expeditious sale.

**<u>Strategic Alliance</u>**

The Adviser, Vanguard and Blackstone have formed a strategic alliance to transform how individual investors access institutional-quality investment opportunities and collaborate on developing simplified investment solutions that integrate public and private markets and combine the expertise of each party (the "Strategic Alliance"). The Fund, which is not itself party to the Strategic Alliance, is an investment product solution. To the extent the three firms alter or terminate their Strategic Alliance, the Fund may not be able to pursue its investment strategies in whole or in part, and the Fund and Shareholders could experience investment losses as a result. For example, the Fund's ability to invest in certain Underlying Funds could be altered or eliminated, or the Fund may otherwise be forced to liquidate investments in such Underlying Funds. In addition to the potential for investment losses, this could inhibit or preclude the Fund from being able to comply with its fundamental policy to invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) directly or indirectly in a combination of Blackstone Underlying Funds that provide exposure to private market investments and Temporary Private Markets Exposure Proxies. To the extent that the Fund is unable to comply with such fundamental policy, it will be required to seek shareholder approval to revise or eliminate the fundamental policy. Other potential consequences include the possibility of increased transaction costs on the sale of securities and reinvestments in other securities, as well as the possibility of realizing taxable capital gains, including short-term capital gains. For example, redemptions or sales of shares in an Underlying Fund that qualifies as a RIC under Subchapter M of the Code, could cause distributable gains to Shareholders, and a portion of any such gains may be short-term capital gains that would be distributable as ordinary income to Shareholders. In addition, sales of interests in an Underlying Fund that is treated as a partnership for federal income tax purposes may result in taxable capital gains and, in certain circumstances, ordinary income to the Fund, which may increase taxable distributions to Shareholders. It is also possible that changes in the Fund's investment program resulting from alteration or termination of the Strategic Alliance could threaten the Fund's ability to qualify as a RIC under Subchapter M of the Code. Failure to qualify as a RIC would subject the Fund to U.S. federal income tax at regular corporate rates on its taxable income, including its net capital gains, even if such income were distributed, and all distributions out of earnings and profits would be taxed as ordinary dividend income. *See* "<u>Conflicts of Interest</u>" and "<u>Tax Aspects</u>."

**<u>Liquidity and Valuation</u>**

The Fund may invest in securities, including interests in certain Underlying Funds, which are subject to legal or other restrictions on transfer or for which no liquid market exists. Further, as described above, under certain conditions, the Fund will be subject to the Withdrawal Constraints, which impose certain material constraints on the Fund's withdrawals from its investments in Blackstone Underlying Funds. The sale of restricted and illiquid securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the OTC markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Because the markets for such securities are still evolving, liquidity in these securities is limited and liquidity with respect to lower-rated and unrated subordinated classes may be even more limited. The Fund may be unable to liquidate all or a portion of its position in such securities. In addition, the market prices, if any, for such securities tend to be more volatile and the Fund may not be able to realize what it perceives to be their fair value in the event of a sale. The high yield securities markets have suffered periods of extreme illiquidity for certain types of instruments in the past.

For these reasons, among others, calculating the fair market value of certain of the Fund's holdings may be difficult and involve uncertainties and judgment. For example, because the Fund may trade in global markets with varying closing times and holiday schedules, the valuation of individual investments held by the Fund may be based on closing prices of markets that have been closed for different periods of time. Investments held by the Fund may trade with bid-ask spreads that may be significant and certain investments may, from time to time, be valued at the mean between such spreads. Certain of the Fund's assets and liabilities may not have readily observable market prices and the valuation of such assets may rely on quoted prices in inactive markets or models that have observable inputs. Certain other categories of assets may lack any readily available market information and, accordingly, the valuation of such assets may rely substantially on models and significant unobservable inputs including assumptions from market participants. As such assets are not actively traded, their value can only be estimated using a combination of complex market prices, mathematical models and subjective assumptions. Information about market prices may be unavailable or difficult to obtain for investments that are not traded on an exchange or that trade less frequently, and the Adviser may determine the value of these investments by, among other things, using marked to market prices provided by dealers or pricing services, or through relative value pricing. When recent market quotations or other independent pricing information is not readily available, or does not (in the judgment of the Adviser) fairly represent the value of such investment, the Adviser will determine the value of an investment using other fair value methods determined in good faith. These methods may include, without limitation, use or consideration of third-party or proprietary pricing models; the cost of acquiring the investment; comparable issuer valuations; market prices of related instruments; recent private transactions of which the Adviser or its affiliates are aware (including recent transactions in which the Fund or other clients of the Adviser or its affiliates participated); book value, earnings or cash flow analyses; or any other information available to the Adviser or its affiliates regarding the relevant instrument, issuer or broader market events.

Fair value pricing involves judgments that are inherently subjective and uncertain, and in some cases involves reliance on information provided by private issuers or other sources whose reporting standards vary. Information used to determine fair valuations may be available on an irregular or less frequent basis. As a result, the presence of fair-valued investments may increase the volatility of the Fund's NAV at times, while dampening it at other times, and this effect may be more pronounced to the extent fair values assigned to those investments represent a meaningful portion of the Fund's overall portfolio value. While the Adviser will use its best efforts to value investments fairly, certain investments may be difficult to value and may be subject to varying interpretations of value. There can be no assurance that any fair values assigned to investments will reflect actual market value or will be realized upon the sale of such investments. If these valuations should prove to be incorrect, investors could be adversely affected, including (without limitation) when the Management Fee is calculated. Similarly, as the Fund's portfolio management process and decision-making are informed by such valuations, incorrect or uncertain valuations can adversely affect the Fund's portfolio management.

As permitted by Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as Valuation Designee to perform fair value determinations relating to all portfolio investments pursuant to the Valuation Procedures. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources including the Underlying Funds, their affiliates and/or their agents.

The Adviser may face conflicts of interest in overseeing the valuation of the Fund's investments in Underlying Funds, as their valuations will affect the Adviser's compensation. Moreover, although the Adviser will periodically review Underlying Funds' valuation methods and inputs, including at initial purchase, the Fund will not generally have sufficient information in order to be able to confirm or review the accuracy of valuations provided. An Underlying Fund manager's information could be inaccurate due to fraudulent activity, misvaluation or inadvertent error. In any case, the Fund may not uncover errors for a significant period of time. Even if the Fund desires to sell its interests in such an Underlying Fund, the Fund may be unable to sell such interests quickly, if at all, and could therefore be obligated to continue to hold such interests for an extended period of time. In such a case, the Underlying Fund manager's valuations of such interests could remain subject to such inaccuracy, and the Adviser may, in its sole discretion, determine to discount the value of the interests or value them at zero. Situations involving uncertainties as to the valuations by Underlying Fund managers could have a material adverse effect on the Fund if the Underlying Fund manager's, the Adviser's or the Fund's judgments regarding valuations should prove incorrect. Prospective investors who are unwilling to assume such risks should not make an investment in the Fund.

**<u>Leverage</u>**

The Fund and certain Underlying Funds may utilize leverage in pursuit of their investment objectives. This results in the Fund or Underlying Fund, as applicable, controlling more assets than it has equity. The Fund's or an Underlying Fund's willingness to use leverage, and the extent to which leverage is used at any time, will depend on many factors, including the Adviser's or Underlying Fund manager's assessment of the yield curve environment, interest rate trends, market conditions and other factors. The Fund or Underlying Fund may use leverage opportunistically and may choose to increase or decrease its leverage, or use different types or combinations of leveraging instruments, at any time based on the Fund's or Underlying Fund's assessment of market conditions and the investment environment.

Leverage can increase returns to investors if the Fund or Underlying Fund earns a greater return on leveraged investments than the Fund's or Underlying Fund's cost of such leverage. On the other hand, leverage will further diminish returns (or increase losses on capital) to the extent overall returns are less than the Fund's or Underlying Fund's cost of funds. As a general matter, the presence of leverage can accelerate losses. The use of leverage exposes the Fund or Underlying Fund's and its respective shareholders to a high degree of additional risk, including, but not limited to: (i) greater losses from investments than would otherwise have been the case had the Fund not used leverage to make the investments; (ii) margin calls, interim margin requirements, interest payments or other loan costs may force premature liquidations of investment positions at a loss or otherwise on unattractive terms; (iii) to the extent that Fund revenues are required to meet principal payments, shareholders may be allocated income (and therefore tax liability) in excess of cash distributed; and (iv) losses on investments where the investment fails to earn a return that equals or exceeds the Fund's or Underlying Fund's cost of leverage related to such investment. In addition, the Fund or Underlying Fund may need to refinance its outstanding debt as it matures. There is a risk that the Fund or Underlying Fund may not be able to refinance existing debt or that the terms of any refinancing may not be as favorable as the terms of any then existing loan agreements. If prevailing interest rates or other factors at the time of refinancing result in higher interest rates upon refinancing, then the interest expense relating to that refinanced indebtedness would increase. These risks could adversely affect the Fund's or Underlying Fund's financial condition, cash flows and the return on its investments.

Leverage, including borrowing, may cause the Fund or Underlying Fund to be more volatile than if the Fund or Underlying Fund had not been leveraged. This is because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund's or Underlying Fund's portfolio securities. In the event of a sudden, precipitous drop in value of the Fund's or Underlying Fund's assets, the Fund or Underlying Fund might not be able to liquidate assets quickly enough to repay its borrowings, further magnifying the losses incurred by the Fund or Underlying Fund.

To the extent that options, futures, options on futures, swaps, swaptions and other "synthetic" or derivative financial instruments are used, it should be noted that they inherently contain much greater leverage than a non-margined purchase of the underlying security, commodity or instrument. This is due to the fact that generally only a very small portion (and in some cases none) of the value of the underlying security, commodity or instrument is required to be paid in order to make such investments. In addition, many of these products are subject to variation or other interim margin requirements, which may force premature liquidation of investment positions at an inopportune time and adversely impact the performance of the Fund or Underlying Fund.

With respect to any asset-backed facility entered into by the Fund or Underlying Fund, a decrease in the market value of the Fund's or Underlying Fund's investments would increase the effective amount of leverage and could result in the possibility of a violation of certain financial covenants pursuant to which the Fund or Underlying Fund must repay the borrowed funds to the lender. Liquidation of the Fund's or Underlying Fund's investments at an inopportune time in order to satisfy such financial covenants could adversely impact the performance of the Fund or Underlying Fund and could, if the value of its investments had declined significantly, cause the Fund or Underlying Fund to lose all or a substantial amount of its capital. Fund-level or Underlying Fund-level debt facilities typically include other covenants such as, but not limited to, covenants against the Fund or Underlying Fund incurring or being in default under other recourse debt, including certain Fund guarantees of asset level debt, which, if triggered could cause adverse consequences to the Fund or Underlying Fund if it is unable to cure or otherwise mitigate such breach.

Subject to prevailing market conditions, the Fund may add financial leverage if, immediately after such borrowing, it would have asset coverage (as defined in the 1940 Act) of 300% or more (in the event leverage is obtained solely through debt) or 200% or more (in the event leverage is obtained solely though preferred stock). For example, if the Fund has $100 in net assets, it may utilize leverage through obtaining debt of up to $50, resulting in $150 in total assets (or 300% asset coverage). The Fund does not presently intend to obtain leverage through preferred stock. Additionally, pursuant to SEC regulation, the Fund's trading of derivatives and other transactions that create future payment or delivery obligations is subject to value-at-risk ("VaR") leverage limits and derivatives risk management program and reporting requirements.

Access to competitively priced borrowing capacity is important to the Fund's strategy. There can be no assurance that the cost of borrowing will remain such that the Fund can execute its strategy. Further, there can be no assurance that the Fund will have access to leverage necessary to execute its strategy. Significant price increases or limited access to borrowing as a result of, among other things, fewer lenders willing to provide margin capacity to counterparties, could negatively impact the Fund's ability to achieve its investment objective.

*Illustration*. The following table illustrates the effect of leverage on returns from an investment in the Fund's Shares assuming various annual returns, net of expenses other than interest. The calculations in the table below are hypothetical and actual returns may be higher or lower than those appearing below. As the Fund has not commenced operations as of the date of this prospectus, the calculation is based on an estimated level of leverage for the Fund, which represents borrowings equal to 1.0% of the Fund's total assets. The calculation also assumes $252,500,000 in total assets; $250,000,000 in total investments; an average cost of funds of 6.7%; $2,500,000 aggregate principal amount of debt outstanding; and $250,000,000 of total net assets. In order to compute the "Corresponding Return to Common Stockholders," the "Assumed Return on Portfolio (Net of Expenses Other than Interest)" is multiplied by an assumed total value of the Fund's investment portfolio to obtain an assumed return. From this amount, interest expense (calculated by multiplying the weighted-average interest rate of 6.7% by the $2,500,000 of debt) is subtracted to determine the return available to Shareholders. The return available to Shareholders is then divided by the total value of net assets to determine the "Corresponding Return to Common Shareholders." Actual interest payments may vary.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Assumed Return on Portfolio (Net of Expenses Other Than Interest)** | -10% | -5% | 0% | 5% | 10% |
| **Corresponding Return to Common Shareholders** | -10.08% | -5.07% | -0.07% | 4.93% | 9.93% |

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The assumed portfolio return in the table is based on SEC regulations and is not a prediction of, and does not represent, the Fund's projected or actual performance. The table also assumes that the Fund will maintain a constant level of leverage. The amount of leverage that the Fund uses will vary from time to time. The table also does not address certain other costs of borrowing (*e.g.*, annual fees and commitment fees).

**<u>Credit Risk</u>**

The Fund or an Underlying Fund could lose money if the issuer or guarantor of a fixed income security (including a security purchased with securities lending collateral), or the counterparty to a derivatives contract, repurchase agreement or a loan of portfolio securities, or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to make timely principal and/or interest payments, or to otherwise honor its obligations. The risk that such issuer, guarantor or counterparty is less willing or able to do so is heightened in market environments where interest rates are rising. Rising or high interest rates may deteriorate the credit quality of an issuer, guarantor or counterparty, particularly if an issuer or counterparty faces challenges rolling or refinancing its obligations. The downgrade of the credit of a security or of the issuer of a security held by the Fund or an Underlying Fund may decrease its value. Securities are subject to varying degrees of credit risk, which are often reflected in credit ratings. However, credit ratings are only the opinions of the agencies issuing them and are not absolute guarantees of the quality of the securities.

Measures such as average credit quality may not accurately reflect the true credit risk of the Fund or an Underlying Fund. This is especially the case if the Fund or an Underlying Fund invests in securities with widely varying credit ratings. Therefore, the Fund or an Underlying Fund may in fact be subject to greater credit risk than an average credit rating would suggest. This risk is greater to the extent the Fund or an Underlying Fund uses leverage or derivatives or has concentrated exposure to a counterparty.

Municipal bonds are subject to the risk that litigation, legislation or other political events, local business or economic conditions, or the bankruptcy of the issuer could have a significant effect on an issuer's ability to make payments of principal and/or interest.

**<u>Real Estate Risk</u>**

Investments in real estate investment trusts ("REITs") or real estate-linked derivative instruments are subject to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, including reduced demand for commercial and office space as well as increased maintenance or tenant improvement costs to convert properties for other uses, default risk of tenants and borrowers, the financial condition of tenants, buyers and sellers, and the inability to re-lease space on attractive terms or to obtain mortgage financing on a timely basis or at all, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. An investment in a REIT or a real estate-linked derivative instrument that is linked to the value of a REIT is subject to additional risks, such as poor performance by the manager of the REIT, adverse changes to the tax laws or failure by the REIT to qualify for tax-free pass-through of income under the Code. In addition, some REITs have limited diversification because they invest in a limited number of properties, a narrow geographic area, or a single type of property. Also, the organizational documents of a REIT may contain provisions that make changes in control of the REIT difficult and time-consuming. Finally, private REITs are not traded on a national securities exchange. As such, these products are generally illiquid. This reduces the ability of the Fund to redeem its investment early. Private REITs are also generally harder to value and may bear higher fees than public REITs.

**<u>Real Estate Debt Investment Risk</u>**

An Underlying Fund's real estate-related investments in or relating to private and public debt, equity or other interests are subject to, among other things, risk of defaults by borrowers in paying debt service on outstanding indebtedness and to other impairments of the Underlying Fund's loans and investments. Any deterioration of real estate fundamentals generally, and in the U.S. in particular, could negatively impact the Underlying Fund's performance by making it more difficult for borrowers of the Underlying Fund's mortgage loans, or borrower entities, to satisfy their debt payment obligations, increasing the default risk applicable to borrowers, and/or making it more difficult for the Underlying Fund to generate attractive risk-adjusted returns. Changes in general economic conditions will affect the creditworthiness of borrowers and/or the value of underlying real estate collateral relating to an Underlying Fund's investments and may include economic and/or market fluctuations, changes in building, environmental, zoning and other laws, casualty or condemnation losses, regulatory limitations on rents, decreases in property values, changes in the appeal of properties to tenants, changes in supply and demand of real estate products, fluctuations in real estate fundamentals, the financial resources of borrower entities, energy supply shortages, various uninsured or uninsurable risks, natural disasters, pandemics or outbreaks of contagious disease, political events, terrorism and acts of war, trade conflicts and trade barriers including tariffs, changes in government regulations, changes in monetary policy, changes in real property tax rates and/or tax credits, changes in operating expenses, changes in capital expenditure costs, changes in interest rates, changes in inflation rates, changes in foreign exchange rates, changes in the availability of debt financing and/or mortgage funds which may render the sale or refinancing of properties difficult or impracticable, increased mortgage defaults, increases in borrowing rates, changes in consumer spending, negative developments in the economy and/or adverse changes in real estate values generally and other factors that are beyond the Underlying Fund's control. Concerns about the real estate market, high interest rates, inflation, energy costs, geopolitical issues, and other global events outside of an Underlying Fund's control have contributed, and may in the future contribute, to increased volatility and diminished expectations for the economy and markets going forward.

An Underlying Fund cannot predict the degree to which economic conditions generally, and the conditions for real estate debt investing in particular, will improve or decline. Any declines in the performance of the U.S. and global economies or in the real estate debt markets could have a material adverse effect on an Underlying Fund's business, financial condition, and results of operations.

**<u>Infrastructure Investment Risks</u>**

Investment in infrastructure assets and infrastructure-related securities or instruments, properties and other assets involves many relatively unique and acute risks. Project revenues can be affected by a number of factors, including economic and market conditions, political events, competition, regulation and the financial position and business strategy of customers. Unanticipated changes in the availability or price of inputs necessary for the operation of infrastructure assets may adversely affect the overall profitability of the investment or related project. External events, such as political action, governmental regulation, demographic changes, economic conditions, increasing fuel prices, government macroeconomic policies, political events, toll rates, social stability, competition from untolled or other forms of transportation, natural disasters (such as fire, floods, earthquakes and typhoons), changes in weather, epidemics/pandemics, changes in demand for products or services, bankruptcy, or financial difficulty of a major customer and acts of war or terrorism and other unforeseen circumstances and incidents, could significantly reduce the revenues generated or significantly increase the expense of constructing, operating, maintaining or restoring infrastructure facilities. In turn, this may impair an Underlying Fund's portfolio company's ability to repay its debt, make distributions to an Underlying Fund or even result in termination of an applicable concession or other agreement. As a general matter, the operation and maintenance of infrastructure assets or businesses and infrastructure-related securities, properties and other assets involve various risks and are subject to substantial regulation, many of which may not be under the control of the owner/operator, including labor issues, failure of technology to perform as anticipated, structural failures and accidents and the need to comply with the directives of government authorities.

**<u>Private Equity Investments Generally</u>**

Certain Underlying Funds generally invest primarily in privately negotiated, equity-oriented investments, which are subject to a variety of risks.

Such an Underlying Fund may not always receive full information from portfolio companies because certain of this information may be considered proprietary by a portfolio company. A portfolio company's use of proprietary investment strategies that are not fully disclosed to the Underlying Fund may involve risks under some market conditions that are not anticipated by the Underlying Fund. Furthermore, this lack of access to information may make it more difficult for the Underlying Fund to select and evaluate portfolio companies.

Such an Underlying Fund also is likely to take a controlling interest in a material portion of its portfolio companies. The exercise of control over a company may impose additional risks of liability for a variety of reasons, including environmental damage, product defects, failure to supervise management, violation of governmental regulations (including securities laws) or other types of liability in which the limited liability generally characteristic of business ownership may be ignored. If these liabilities were to arise, such Underlying Fund may suffer a significant loss. On the other hand, such an Underlying Fund may hold a non-controlling interest in certain investments and, therefore, may have a limited ability to protect its position in such investments. In such cases, the Underlying Fund will typically be significantly reliant on the existing management, board of directors and other shareholders of such companies, who may not be affiliated with the Underlying Fund and whose interests may conflict with the interests of the Underlying Fund.

Investments in private equity generally often require extensive due diligence activities prior to acquisition, including legal costs. If a proposed investment by an Underlying Fund is not consummated, all or a portion of such third-party expenses (for example, but not limited to, expenses attributable to investment bankers, legal and tax advice and consultants), which may be significant, may be borne by the Underlying Fund.

Such an Underlying Fund may invest a portion of its assets in the securities of less established companies. Investments in such early stage companies may involve greater risks than generally are associated with investments in more established companies. To the extent there is any public market for the securities held by such an Underlying Fund, such securities may be subject to more abrupt and erratic market price movements than those of larger, more established companies. Less established companies tend to have lower capitalizations and fewer resources and, therefore, often are more vulnerable to financial failure. Such companies also may have shorter operating histories on which to judge future performance and in many cases, if operating, will have negative cash flow. Start-up enterprises in the technology and related industries may not have significant or any operating revenues, and any such investment should be considered highly speculative and may result in the loss of the Underlying Fund's entire investment therein. There can be no assurance that any such losses will be offset by gains (if any) realized on the Underlying Fund's other investments.

Such an Underlying Fund may invest in companies or assets that are in a conceptual or early stage of development, which may have no proven operating history on which to judge future performance, little or no profits or cash flow, uncertain market position and a high degree of regulatory risk. Growth portfolio companies may operate at a loss or with substantial variations in operating results from period to period, and many growth portfolio companies will need substantial additional capital to support additional research and development activities or expansion, to achieve or maintain a competitive position, and/or to expand or develop management resources. Growth portfolio companies may face intense competition, including from companies with greater financial resources, better brand recognition, more extensive development, marketing, manufacturing, and service capabilities, and a larger number of qualified managerial and technical personnel. A growth portfolio company's ability to succeed will be dependent not only upon its ability to develop the right products for the right market, but to constantly evolve its business to be sure that its products keep pace with changing technologies and markets. Such a growth portfolio company will need to implement appropriate sales and marketing, finance, personnel and other operational strategies in order to continue to grow its business. The Underlying Fund may make investments in portfolio companies that may rely upon rapidly changing technologies. Therefore, technological obsolescence and other technology risks may adversely impact the performance of these portfolio companies. In all such cases, the Underlying Fund will be subject to the risks associated with the underlying businesses engaged in by portfolio companies and of their customers.

Such an Underlying Fund may invest in companies that have already received one or more rounds of financing. The securities in which such an Underlying Fund will invest in these instances may be among the most junior in a portfolio company's capital structure and thus subject the Underlying Fund to a greater risk of losing all or part of its invested capital. There will often be no collateral to protect an Underlying Fund's investment in such securities once made.

Most of such an Underlying Fund's investments will be highly illiquid, and there can be no assurance that such an Underlying Fund will be able to realize on any investment at any given time, notwithstanding the need to do so. Although investments by such an Underlying Fund may generate current income, the return of capital and the realization of gains, if any, from an investment will generally occur only upon the partial or complete disposition or refinancing of the investment. While an investment may be sold at any time, it is not generally expected that this will occur for a number of years after such investment is made, and some investments may be held for much longer periods of time. Moreover, an investment that initially consists of an interest in assets may be exchanged, contributed or otherwise converted into private or publicly-traded stock of a corporation, interests in a limited liability company or other interests or assets (and vice-versa), and any such exchange, contribution or conversion will likely not constitute a disposition of the type that results in investors receiving distributions. In addition, such an Underlying Fund will generally not be able to sell its securities publicly unless their sale is registered under applicable securities laws, or unless an exemption from such registration requirements is available. In addition, in some cases such an Underlying Fund may be prohibited by contract or legal or regulatory reasons from selling certain securities for a period of time. Moreover, if it is determined that such an Underlying Fund will dissolve, the Underlying Fund may make investments which may not be advantageously disposed of prior to the date that such Underlying Fund will be dissolved.

**<u>Debt Securities Generally</u>**

The Fund and certain Underlying Funds may invest in fixed income securities and other debt securities. Certain of these securities may be unrated by a recognized credit-rating agency or below investment grade, which are subject to greater risk of loss of principal and interest than higher-rated debt securities. The Fund and certain Underlying Funds may invest in debt securities that rank junior to other outstanding securities and obligations of the issuer, all or a significant portion of which may be secured by substantially all of that issuer's assets. The Fund and certain Underlying Funds may invest in debt securities that are not protected by financial covenants or limitations on additional indebtedness. The Fund or Underlying Fund will therefore be subject to credit and liquidity risks, including the risk that the issuer of a debt security will be unable to pay interest or principal at the time called for by the instrument. In addition, the market for credit spreads is often inefficient and illiquid, making it difficult to accurately calculate discounting spreads for valuing financial instruments. Investment in a debt instrument will normally involve the assumption of interest rate risk.

**<u>Interest Rate Risk</u>**

Interest rate risk is the risk that fixed income securities and other instruments in the Fund's or an Underlying Fund's portfolio will fluctuate in value because of a change in interest rates. For example, as nominal interest rates rise, the value of certain fixed income securities held by the Fund or an Underlying Fund is likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Interest rate changes can be sudden and unpredictable, and the Fund or an Underlying Fund may lose money as a result of movements in interest rates. The Fund or an Underlying Fund may not be able to hedge against changes in interest rates or may choose not to do so for cost or other reasons. In addition, any hedges may not work as intended.

Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. The values of equity and other non-fixed income securities may also decline due to fluctuations in interest rates. Inflation-indexed bonds, including Treasury Inflation-Protected Securities ("TIPS"), decline in value when real interest rates rise. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed bonds may experience greater losses than other fixed income securities with similar durations.

Dividend-paying equity securities, particularly those whose market price is closely related to their yield, may be more sensitive to changes in interest rates. During periods of rising interest rates, the values of such securities may decline and may result in losses to the Fund or an Underlying Fund.

Variable and floating rate securities generally are less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. Inverse floating rate securities may decrease in value if interest rates increase. Inverse floating rate securities may also exhibit greater price volatility than a fixed rate obligation with similar credit quality. When the Fund or an Underlying Fund holds variable or floating rate securities, a decrease (or, in the case of inverse floating rate securities, an increase) in market interest rates will adversely affect the income received from such securities and the NAV of the Fund's Shares or Underlying Fund's shares.

A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise, including, but not limited to, central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for low yielding investments. Risks associated with rising interest rates are heightened under recent market conditions, including because the U.S. Federal Reserve (the "Federal Reserve") has raised interest rates from historically low levels and the U.S. and other governments have increased, and are likely to continue increasing, their debt issuances. There is the risk that the income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Further, in market environments where interest rates are rising, issuers may be less willing or able to make principal and interest payments on fixed income investments when due.

Rising interest rates may result in a decline in value of the Fund's or an Underlying Fund's fixed income investments and in periods of volatility. Further, while U.S. bond markets have steadily grown over the past three decades, dealer "market making" ability has remained relatively stagnant. As a result, dealer inventories of certain types of bonds and similar instruments, which provide a core indication of the ability of financial intermediaries to "make markets," are at or near historic lows in relation to market size. Because market makers provide stability to a market through their intermediary services, the significant reduction in dealer inventories could potentially lead to decreased liquidity and increased volatility in the fixed income markets. Such issues may be exacerbated during periods of economic uncertainty. All of these factors, collectively and/or individually, could cause the Fund or an Underlying Fund to lose value.

Certain European countries have previously experienced negative interest rates on certain fixed income instruments. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, may result in heightened market volatility and may detract from the Fund's or an Underlying Fund's performance to the extent the Fund or Underlying Fund is exposed to such interest rates.

Measures such as average duration may not accurately reflect the true interest rate sensitivity of the Fund or an Underlying Fund. This is especially the case if the Fund or Underlying Fund consists of securities with widely varying durations. Therefore, if the Fund or Underlying Fund has an average duration that suggests a certain level of interest rate risk, the Fund or Underlying Fund may in fact be subject to greater interest rate risk than the average would suggest. This risk is greater to the extent the Fund or Underlying Fund uses leverage or derivatives.

Convexity is an additional measure used to understand a security's interest rate sensitivity. Convexity measures the rate of change of duration in response to changes in interest rates. With respect to a security's price, a larger convexity (positive or negative) may imply more dramatic price changes in response to changing interest rates. Convexity may be positive or negative. Negative convexity implies that interest rate increases result in increased duration, meaning increased sensitivity in prices in response to rising interest rates. Thus, securities with negative convexity, which may include bonds with traditional call features and certain mortgage-backed securities, may experience greater losses in periods of rising interest rates. Accordingly, if the Fund or an Underlying Fund holds such securities, the Fund or Underlying Fund may be subject to a greater risk of losses in periods of rising interest rates.

**<u>High Yield, Low-Rated or Unrated Securities</u>**

Debt securities (including bonds) and preferred stock in which an Underlying Fund invests may or may not be rated by credit rating agencies. If they are rated, their ratings may range from the very highest to the very lowest. Securities rated below investment grade normally provide a yield that is significantly higher than that of investment grade securities, but are quite speculative for reasons enumerated below. The lower-rated categories include debt securities that are in default and debt securities of insolvent issuers. The rating that a credit rating agency assigns to a security does not reflect an assessment of the volatility of the security's market value or the liquidity of an investment in the security. The values of lower-rated securities (including unrated securities of comparable quality) fluctuate more than those of higher-rated securities because investors generally believe that there are greater risks associated with them. In addition, the lower rating reflects a greater possibility that the financial condition of the issuer, or adverse changes in general economic conditions, or both, or an unanticipated rise in interest rates, may impair the ability of the issuer to make payments of principal and income. The inability (or perceived inability) of issuers to make timely payment of interest and principal would likely make the values of the securities more volatile and could limit the purchaser's ability to sell the securities at prices approximating the values it had placed on the securities. In general, the market for lower-rated or unrated securities is smaller and less active than that for higher-rated securities, which can adversely affect the ability to sell these securities at favorable prices. In addition, the market prices of lower-rated securities are likely to be more volatile because: (i) an economic downturn or increased interest rates may have a more significant effect on the yield, price and potential for default; (ii) past legislation has limited (and future legislation may further limit) investment by certain institutions in lower-rated securities or the tax deductibility of the interest by the issuer, which may adversely affect the value of the securities; and (iii) it may be difficult to obtain information about financially or operationally troubled issuers. An Underlying Fund will not necessarily dispose of a security when its rating is reduced below its rating at the time of purchase.

**<u>Mezzanine Debt</u>**

An Underlying Fund may invest in mezzanine debt. Investments in mezzanine debt securities of highly leveraged companies involve a high degree of risk. Highly leveraged companies are inherently more sensitive to adverse business or financial developments or economic factors, including declines in company revenues, increases in company expenses, rising interest rates, downturns in the economy, increasing competition, and deteriorating industry conditions. In addition, mezzanine debt securities typically are subordinated to substantial amounts of senior debt, all or a significant portion of which may be secured, which means that distributions to mezzanine holders are available only after satisfaction of claims of senior creditors. While the mezzanine investments may benefit from the same or similar financial and other covenants as those enjoyed by the indebtedness ranking ahead of such investments and may benefit from cross-default provisions and security over the assets of the issuer, some or all of such terms may not be part of particular investments.

**<u>Subordinated Securities</u>**

An Underlying Fund may invest in mortgage-backed securities and other securities that are subordinate to one or more senior classes. Generally, such subordinated securities bear the first risk of loss on the mortgages or other collateral underlying such securities. As a result, changes in the value of the performance of subordinated securities are expected to be greater than the change in the value or payment performance of the underlying mortgages or other collateral. In the event of a default, proceeds from any realization on the underlying mortgages or other collateral will first be allocated to the senior classes of securities in accordance with the priority of payments prior to any allocation to the subordinated securities held by the Underlying Fund.

**<u>Bank Debt, Participations and Assignments</u>**

An Underlying Fund may invest in bank debt, which includes interests in loans to companies or their affiliates undertaken to finance a capital restructuring or in connection with recapitalizations, acquisitions, leveraged buyouts, refinancings or other financially leveraged transactions and may include loans which are designed to provide temporary or bridge financing to a borrower pending the sale of identified assets, the arrangement of longer-term loans or the issuance and sale of debt obligations. An Underlying Fund may also invest in collateralized loan obligations, including interests on whole commercial, consumer and other loans and lease contracts. These loans, which may bear fixed or floating rates, have generally been arranged through private negotiations between a corporate borrower and one or more financial institutions ("Lenders"), including banks. An Underlying Fund's investment may be in the form of participations in loans ("Participations") or of assignments of all or a portion of loans from third parties ("Assignments").

In certain cases, the rights and obligations acquired by an Underlying Fund through the purchase of an Assignment may differ from, and be more limited than, those held by the assigning selling institution. Assignments are sold strictly without recourse to the selling institutions, and the selling institutions will generally make no representations or warranties to an Underlying Fund about the underlying loan, the borrowers, the documentation of the loans or any collateral securing the loans.

An Underlying Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the Lender selling the Participation and only upon receipt by the Lender of the payments from the borrower. In connection with purchasing Participations, an Underlying Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Underlying Fund may not benefit directly from any collateral supporting the loan in which it has purchased the Participations. Thus, an Underlying Fund assumes the credit risk of both the borrower and the Lender that is selling the Participations. In addition, in connection with purchasing Participations, the Underlying Fund generally will have no role in terms of negotiating or effecting amendments, waivers and consents with respect to the loans underlying the Participations. In the event of the insolvency of the Lender, an Underlying Fund may be treated as a general creditor of the Lender and may not benefit from any set-off between the Lender and the borrower.

Investments in Participations and Assignments involves additional risks, including the risk of nonpayment of principal and interest by the borrower, the risk that any loan collateral may become impaired and that the Fund may obtain less than the full value for the loan interests sold because they may be illiquid. Purchasers of loans depend primarily upon the creditworthiness of the borrower for payment of interest and repayment of principal. If scheduled interest or principal payments are not made, the value of the instrument may be adversely affected.

Investments in loans through direct assignment of a financial institution's interests with respect to a loan may involve additional risks. For example, if a loan is foreclosed, an Underlying Fund could become part owner of any collateral, and would bear the costs and liabilities associated with owning and disposing of the collateral. In addition, it is conceivable that under emerging legal theories of lender liability, an Underlying Fund could be held liable as a co-lender.

A loan is often administered by a bank or other financial institution that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. Unless, under the terms of the loan or other indebtedness, an Underlying Fund has direct recourse against the borrower, the Underlying Fund may have to rely on the agent to apply appropriate credit remedies against a borrower. If assets held by the agent for the benefit of an Underlying Fund were determined to be subject to the claims of the agent's general creditors, the Underlying Fund might incur certain costs and delays in realizing payment on the loan or loan participation and could suffer a loss of principal or interest.

Interests in loans are also subject to additional liquidity risks. Loans are generally subject to legal or contractual restrictions on resale. Loans are not currently listed on any securities exchange or automatic quotation system, but are traded by banks and other institutional investors engaged in loan syndication. As a result, no active market may exist for some loans, and to the extent a secondary market exists for other loans, such market may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Consequently, an Underlying Fund may have difficulty disposing of Assignments or Participations in response to a specific economic event such as deterioration in the creditworthiness of the borrower, which can result in a loss. In such market situations, it may be more difficult for an Underlying Fund to assign a value to Assignments or Participations when valuing the Underlying Fund's securities and calculating its NAV.

**<u>Use of Collateral</u>**

Collateral for private credit investments may include a wide range of assets, including, but not limited to, assets and/or net income of companies, real estate, revenue streams, equity interests, fund interests, royalties of various types, rights to litigation proceeds, trade receivables, and derivative exposure to loans. To the extent an Underlying Fund invests in loans based partly upon the adequacy of the borrower's collateral, an incorrect valuation of such collateral may result in unforeseen losses. The inherent uncertainty of the value of collateral may result in values that differ significantly from the values that can ultimately be obtained for such collateral. Even if collateral is initially valued correctly, changes in market conditions, regulations or other circumstances, or changes directly related to such collateral, may materially adversely affect the value thereof. In addition, there can be no assurance that such collateral could be readily liquidated. In the event of bankruptcy of a borrower, an Underlying Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing an investment.

Under certain circumstances, collateral securing an investment may be released without the consent of the lender. Moreover, the lender's security interest (with respect to investments in secured debt) may be unperfected for a variety of reasons, including the failure to make required filings by lenders and, as a result, an Underlying Fund may not have priority over other creditors as anticipated. First priority lien investments made by the lender may, in certain cases, provide a first priority lien over some, but not all, of the assets of the relevant borrower. An Underlying Fund may also invest in second-lien debt, high-yield securities, marketable and non-marketable common and preferred equity securities and other unsecured instruments each of which involves a higher degree of risk than senior first-lien secured debt, including the re-use and subsequent loss of collateral by the borrower. Furthermore, an Underlying Fund's right to payment and its security interest, if any, may be subordinated to the payment rights and security interests of senior lenders (with respect to some or all of the assets of an issuer in which the Underlying Fund invests). Certain of these investments may have an interest-only payment schedule, with the principal amount remaining outstanding and at risk until the maturity of the investment. In such cases, the ability of the issuer to repay the principal in respect of an Underlying Fund's investment may be dependent upon a liquidity event or the long-term success of the company, the occurrence of which is uncertain.

The terms of any derivative hedging arrangements entered into by an Underlying Fund may provide that related collateral given to, or received by, the Underlying Fund may be pledged, lent, re-hypothecated or otherwise re-used by the collateral taker for its own purposes. If collateral received by an Underlying Fund is reinvested or otherwise re-used, the Underlying Fund is exposed to the risk of loss on that investment. Should such a loss occur, the value of the collateral will be reduced and the Underlying Fund will have less protection if the counterparty defaults. Similarly, if the counterparty reinvests or otherwise re-uses collateral received from an Underlying Fund and suffers a loss as a result, it may not be in a position to return that collateral to the Underlying Fund should the relevant transaction complete, be unwound or otherwise terminate and the Underlying Fund is exposed to the risk of loss of the amount of collateral provided to the counterparty.

**<u>Loans Generally</u>**

Loan interests generally are subject to restrictions on transfer, and an Underlying Fund may be unable to sell loan interests at a time when it may otherwise be desirable to do so or may be able to sell them only at prices that are less than what the Underlying Fund regards as their fair market value. Accordingly, loan interests may at times be illiquid. Loan interests may be difficult to value and may have extended settlement periods, which expose an Underlying Fund to the risk that the receipt of principal and interest payments may be delayed until the loan interest settles.

Interests in secured loans have the benefit of collateral and, typically, of restrictive covenants limiting the ability of the borrower to further encumber its assets. There is a risk that the value of any collateral securing a loan in which an Underlying Fund has an interest may decline and that the collateral may not be sufficient to cover the amount owed on the loan. In most loan agreements there is no formal requirement to pledge additional collateral. In the event the borrower defaults, the access to the collateral may be limited or delayed by bankruptcy or other insolvency laws. In addition, if a secured loan is foreclosed, an Underlying Fund would likely bear the costs and liabilities associated with owning and disposing of the collateral. The collateral may be difficult to sell and the Underlying Fund would bear the risk that the collateral may decline in value.

An Underlying Fund may acquire a loan interest by obtaining an assignment of all or a portion of the interests in a particular loan that are held by an original lender or a prior assignee. As an assignee, an Underlying Fund normally will succeed to all rights and obligations of its assignor with respect to the portion of the loan that is being assigned. However, the rights and obligations acquired by the purchaser of a loan assignment may differ from, and be more limited than, those held by the original lenders or the assignor.

In general, the secondary trading market for loans is not well developed. No active trading market may exist for certain senior secured loans, which may make it difficult to value them. Illiquidity and adverse market conditions may mean that an Underlying Fund may not be able to sell loans quickly or at a fair price. To the extent that a secondary market does exist for certain loans, the market for them may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods.

**<u>Lower Credit Quality Loans</u>**

Loans arranged or purchased by an Underlying Fund may be deemed to have substantial vulnerability to default in payment of interest and/or principal. Certain of the loans that an Underlying Fund may acquire may have large uncertainties or major risk exposures to adverse conditions, and may be considered to be predominantly speculative. Generally, such loans offer a higher return potential than higher quality loans, but involve greater volatility of price and greater risk of loss of income and principal. The market values of certain of these loans also tend to be more sensitive to changes in economic conditions than better quality loans.

**<u>Second Lien Loans</u>**

An Underlying Fund may invest in loans that are secured by a second lien on assets. Second lien loans have been a developed market for a relatively short period of time, and there is limited historical data on the performance of second lien loans in adverse economic circumstances. In addition, second lien loan products are subject to intercreditor arrangements with the holders of first lien indebtedness, pursuant to which the second lien holders have waived many of the rights of a secured creditor, and some rights of unsecured creditors, which may limit their ability to amend its loan documents, assign its loans, accept prepayments, exercise its remedies (through "standstill periods") and control decisions made in bankruptcy proceedings relating to borrowers, which can materially affect recoveries.

**<u>Other Lending Risks</u>**

The value of investments in loans may be detrimentally affected to the extent a borrower defaults on its obligations, there is insufficient collateral and/or there are extensive legal and other costs incurred in collecting on a defaulted loan. The Adviser may attempt to minimize this risk by maintaining low loan-to-liquidation values with a loan and the collateral underlying the loan. However, there can be no assurance that the value assigned by the Adviser to collateral underlying a loan can be realized upon liquidation, nor can there be any assurance that collateral will retain its value. In addition, some loans may be supported, in whole or in part, by personal guarantees made by the borrower or a relative, or guarantees made by a corporation affiliated with the borrower. The amount realizable with respect to a loan may be detrimentally affected if a guarantor fails to meet its obligations under the guarantee. Moreover, the value of collateral supporting loans may fluctuate. In addition, active lending/origination by an Underlying Fund may subject it to additional regulation, as well as possible adverse tax consequences to investors therein. There is no assurance that an Underlying Fund's manager will be able to sufficiently minimize such risk. Finally, there may be a monetary, as well as a time cost involved in collecting on defaulted loans and, if applicable, taking possession of and subsequently liquidating various types of collateral.

**<u>Assignments</u>**

The purchaser of an assignment of an interest in a loan typically succeeds to all the rights and obligations of the assigning selling institution and becomes a lender under the loan agreement with respect to that loan. To the extent an Underlying Fund purchases an assignment, the Underlying Fund generally will have the same voting rights as other lenders under the applicable loan agreement, including the right to vote to waive enforcement of breaches of covenants or to enforce compliance by the borrower with the terms of the loan agreement and the right to set off claims against the borrower and to have recourse to collateral supporting the loan. Assignments are, however, arranged through private negotiations between assignees and assignors and in certain cases the rights and obligations acquired by the purchaser of an assignment may differ from, and be more limited than, those held by the assigning selling institution.

Assignments are sold strictly without recourse to the selling institutions and the selling institutions will generally make no representations or warranties about the underlying loan, the borrowers, the documentation of the loans or any collateral securing the loans. In addition, an Underlying Fund will be bound by the provisions of the underlying loan agreements, if any, that require the preservation of the confidentiality of information provided by the borrower. Because of certain factors including confidentiality provisions, the unique and customized nature of the loan agreement and the private syndication of the loan, loans are not purchased or sold as easily as are publicly traded securities.

**<u>Prepayment</u>**

Loans are generally prepayable in whole or in part at any time at the option of the obligor at par plus accrued and unpaid interest thereon, and occasionally plus a prepayment premium. Prepayments on loans may be caused by a variety of factors which are often difficult to predict. Consequently, there exists a risk that loans purchased at a price greater than par may experience a capital loss as a result of such a prepayment. When credit market conditions become more attractive to obligors, the rate of prepayment of an Underlying Fund's assets would be expected to increase as obligors refinance to take advantage of such improved conditions, which may negatively impact the Underlying Fund.

**<u>Maturity</u>**

An Underlying Fund may invest in loans for which most or all of the principal is due at maturity. The ability of the obligor(s) under such loan to make such a large payment upon maturity typically depends upon its ability to refinance the loan prior to maturity. The ability of an obligor to consummate a refinancing will be affected by many factors, including the availability of financing at acceptable rates to such obligor, the financial condition of such obligor, the marketability of the collateral (if any) securing such loan, the operating history of the obligor and related businesses, tax laws and prevailing general economic conditions. Additionally, middle market obligors generally have more limited access to capital and higher funding costs, may be in a weaker financial position, may need more capital to expand or compete, and may be unable to obtain financing from public capital markets or from more traditional sources, such as commercial banks. Consequently, such obligor may not have the ability to repay the loan at maturity and, unless it is able to refinance such loan, it could default in payment at maturity, which could result in losses to an Underlying Fund.

Significant numbers of obligors are expected to need to refinance their debt over the next few years, and significant numbers of collateralized loan obligation transactions (historically an important source of funding for loans) have reached or are close to reaching the end of their reinvestment periods or the final maturities of their own debt. As a result, there could be significant pressure on the ability of obligors to refinance their debt over the next few years unless a significant volume of new collateralized loan obligation transactions or other sources of funding develop. If such sources of funding do not develop, significant defaults could occur, and there could be downward pressure on the prices and markets for debt instruments, including assets held by an Underlying Fund.

**<u>Collateralized Loan Obligations</u>**

An Underlying Fund may invest in collateralized loan obligations ("CLOs") and other similarly structured investments. A CLO is an asset-backed security whose underlying collateral is a pool of loans, which may include, among others, domestic and foreign floating rate and fixed rate senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. In the case of most CLOs, the structured finance securities are issued in multiple tranches, offering investors various maturity and credit risk characteristics, often categorized as senior, mezzanine and subordinated/equity according to their degree of risk. If there are defaults or the relevant collateral otherwise underperforms, scheduled payments to senior tranches of such securities take precedence over those of mezzanine tranches, and scheduled payments to mezzanine tranches have a priority in right of payment to subordinated/equity tranches. The riskiest portion is the "equity" tranche which bears the bulk of defaults from the collateral and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Because it is partially protected from defaults, a senior tranche from a CLO trust typically has higher ratings and lower yields than its underlying collateral and may be rated investment grade. Despite the protection from the equity and mezzanine tranches, more senior tranches of CLOs can experience losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of more subordinate tranches, market anticipation of defaults, as well as aversion to CLO securities as a class.

In light of the above, CLOs may therefore present risks similar to those of other types of debt obligations and, in fact, such risks may be of greater significance in the case of CLOs depending upon an Underlying Fund's ranking in the capital structure. In certain cases, losses may equal the total amount of an Underlying Fund's principal investment. Investments in structured vehicles involve risks, including credit risk and market risk. Changes in interest rates and credit quality may cause significant price fluctuations.

In addition to the general risks associated with investing in debt securities and asset-backed securities (*e.g.*, interest rate risk, credit risk and default risk), CLO securities carry additional risks, including: (1) the possibility that distributions from collateral assets will not be adequate to make interest or other payments; (2) the quality of the collateral may decline in value or default; (3) an Underlying Fund may invest in tranches of a CLO that are subordinate to other classes; and (4) the complex structure of a particular security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results. Additionally, changes in the collateral held by a CLO may cause payments on the instruments held by an Underlying Fund to be reduced, either temporarily or permanently. CLOs also may be subject to prepayment risk. Further, the performance of a CLO may be adversely affected by a variety of factors, including the security's priority in the capital structure of the issuer thereof, the availability of any credit enhancement, the level and timing of payments and recoveries on and the characteristics of the underlying receivables, loans or other assets that are being securitized, remoteness of those assets from the originator or transferor, the adequacy of and ability to realize upon any related collateral and the capability of the servicer of the securitized assets. There are also the risks that the trustee of a CLO does not properly carry out its duties to the CLO, potentially resulting in loss to the CLO. In addition, the complex structure of the security may produce unexpected investment results, especially during times of market stress or volatility.

**<u>Reverse Repurchase Agreements</u>**

The Fund or an Underlying Fund may enter into reverse repurchase agreements with respect to its portfolio investments subject to the Fund's or Underlying Fund's investment restrictions set forth herein or in the Underlying Fund's offering documents, respectively. Reverse repurchase agreements involve the sale of securities held by the Fund or Underlying Fund with an agreement by the Fund or Underlying Fund to repurchase the securities at an agreed upon price, date and interest payment. The use by the Fund or an Underlying Fund of reverse repurchase agreements involves many of the same risks of leverage since the proceeds derived from such reverse repurchase agreements may be invested in additional securities. Reverse repurchase agreements involve the risk that the market value of the securities acquired in connection with the reverse repurchase agreement may decline below the price of the securities the Fund or Underlying Fund has sold but is obligated to repurchase.

If the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, such buyer or its trustee or receiver may receive an extension of time to determine whether to enforce the Fund's or Underlying Fund's obligation to repurchase the securities, and the Fund's or Underlying Fund's use of the proceeds of the reverse repurchase agreement may effectively be restricted pending such decision. Also, the Fund or Underlying Fund would bear the risk of loss to the extent that the proceeds of the reverse repurchase agreement are less than the value of the securities subject to such agreement.

The Fund's or Underlying Fund's use of reverse repurchase agreements is subject to the provisions of the SEC rule regarding a registered investment company's use of derivatives. See "<u>Derivatives Instruments Generally</u>."

**<u>Investing through Special Purpose Entities</u>**

An Underlying Fund may acquire or hold interests in one or more entities formed in various U.S. and non-U.S. jurisdictions in order to administer certain tax filings or for other regulatory purposes (each such entity, a "Special Purpose Entity"). Investing through Special Purpose Entities, and in particular non-U.S. Special Purpose Entities, involves additional risks and special considerations beyond those typically associated with making investments directly. Such risks may include: (i) nationalization, expropriation of assets or confiscatory taxation; (ii) greater controls on foreign investment and limitations on repatriation of invested capital and on the ability to exchange local currencies for USD; and (iii) increased likelihood of governmental involvement and control. The cost of establishing and maintaining any such Special Purpose Entity, which may be substantial, will typically be borne by the Underlying Fund.

**<u>LIBOR Transition Risk</u>**

Certain instruments in which an Underlying Fund may invest may have relied in some fashion upon certain London Interbank Offered Rates (collectively, "LIBOR"), and in general, the Underlying Fund's investments, payment obligations and financing terms may be based on similar types of reference rates. LIBOR was traditionally an average interest rate, determined by the ICE Benchmark Administration, based on the rate that banks charge one another for the use of short-term money. Publication of all LIBOR settings has ceased. Certain bank-sponsored committees in other jurisdictions, including Europe, the United Kingdom, Japan and Switzerland, have selected alternative reference rates denominated in other currencies. Although the transition process away from LIBOR for many instruments has been completed, some residual effects of prior LIBOR use is continuing and there could be effects related to the transition away from LIBOR or former use of LIBOR on an Underlying Fund, or on certain instruments in which the Underlying Fund invests, which can be difficult to ascertain, and may vary depending on factors that include, but are not limited to: (i) how existing individual contracts transitioned away from LIBOR and (ii) whether, how, and when industry participants adopt new reference rates for affected instruments.

So-called "tough legacy" contracts had LIBOR interest rate provisions with no fallback provisions contemplating a permanent discontinuation of LIBOR, inadequate fallback provisions or fallback provisions which may not effectively result in a transition away from LIBOR prior to LIBOR's planned replacement date. On March 15, 2022, the Adjustable Interest Rate (LIBOR) Act was signed into law. This law provided a statutory fallback mechanism on a nationwide basis to replace LIBOR with a benchmark rate that is selected by the Board of Governors of the Federal Reserve System based on the Secured Overnight Financing Rate ("SOFR") for tough legacy contracts. On February 27, 2023, the Federal Reserve System's final rule in connection with this law became effective, establishing benchmark replacements based on SOFR and Term SOFR (a forward-looking measurement of market expectations of SOFR implied from certain derivatives markets) for applicable tough legacy contracts governed by U.S. law. In addition, the Financial Conduct Authority announced that it will require the publication of LIBOR settings on the basis of a changed methodology (known as "synthetic LIBOR") for the one-month, three-month and six-month U.S. Dollar LIBOR settings after June 30, 2023 through September 30, 2024. Certain of an Underlying Fund's investments may involve individual tough legacy contracts which may have been subject to the Adjustable Interest Rate (LIBOR) Act or synthetic LIBOR and no assurances can be given that these measures will have had the intended effects.

Moreover, certain aspects of the transition from LIBOR have relied on the actions of third-party market participants, such as clearing houses, trustees, administrative agents, asset servicers and certain service providers; the Adviser cannot guarantee the performance of such market participants and any failure on the part of such market participants to manage their part of the LIBOR transition could impact an Underlying Fund. The transition of investments from LIBOR to a replacement rate as a result of amendment, application of existing fallbacks, statutory requirements or otherwise may have also resulted in a reduction in the value of certain instruments held by an Underlying Fund or a reduction in the effectiveness of related Underlying Fund transactions such as hedges. In addition, an instrument's transition to a replacement rate could result in variations in the reported yields of an Underlying Fund. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to an Underlying Fund.

**<u>Sustainability Risks</u>**

A sustainability risk is an environmental, social or governance ("ESG") event or condition that, if it occurs, could cause an actual or potential material negative impact on the value of an investment ("Sustainability Risk"). Sustainability Risks may arise in respect of a company or sovereign issuer itself, its affiliates or in its supply chain and/or apply to a particular economic sector, geographical or political region. Environmental Sustainability Risks, including risks arising from climate change, are associated with events or conditions affecting the natural environment. Social risks may be internal or external to a business or sovereign issuer and are associated with employees, local communities, customers or populations of companies or countries and regions. Governance risks are associated with the quality, effectiveness and process for the oversight of day-to-day management of companies. Assessment of Sustainability Risks is complex and requires subjective judgements, which may be based on data which is difficult to obtain and incomplete, estimated, out of date or otherwise materially inaccurate. Even when identified, there can be no guarantee that the Adviser will correctly assess the impact of Sustainability Risks on the Fund's investments.

Sustainability Risk could be connected with the loss of investment value in numerous ways. For investments in a corporate issuer, losses may result from, for example and without limitation, damage to its reputation with a consequential fall in demand for its products or services, loss of key personnel, exclusion from potential business opportunities, increased costs of doing business and/or increased cost of capital. Laws, regulations and industry norms play a significant role in controlling the impact on ESG factors of many industries, particularly in respect of environmental and social factors. Any changes in such measures, such as increasingly stringent environmental or health and safety laws, can have a material impact on the operations, costs and profitability of businesses. A corporate issuer may also suffer the impact of fines and other regulatory sanctions. The time and resources of the corporate issuer's management team may be diverted from furthering its business and be absorbed seeking to deal with the Sustainability Risk, including changes to business practices and dealing with investigations and litigation. Sustainability Risks may also give rise to loss of assets and/or physical loss including damage to real estate and infrastructure. The utility and value of assets held by businesses to which the Fund is exposed may also be adversely impacted by a Sustainability Risk. Further, certain industries face considerable scrutiny from regulatory authorities, non-governmental organizations and special interest groups in respect of their impact on ESG factors. This may cause affected industries to make material changes to their business practices, which can increase costs and result in a material negative impact on the profitability of businesses. Such scrutiny also may materially impact the consumer demand for a business's products and services, which may result in a material loss in value of an investment linked to such businesses.

Sustainability Risks are relevant as both standalone risks, and also as cross-cutting risks that manifest through many other risk types that are relevant to the assets of the Fund. For example, the occurrence of a Sustainability Risk can give rise to financial and business risk, including though a negative impact on the creditworthiness of other businesses.

**<u>Short Sales</u>**

An Underlying Fund's investment program may include short selling. Short selling involves selling securities which may or may not be owned by the seller and borrowing the same securities for delivery to the purchaser, with an obligation to return the borrowed securities to the lender at a later date. Short selling allows the seller to profit from declines in market prices to the extent such decline exceeds the transaction costs and the costs of borrowing the securities and may be an important aspect of certain of the investment strategies of the Underlying Fund. The extent to which the Underlying Fund engages in short sales will depend upon its investment strategy and perception of market direction. A short sale creates the risk of a theoretically unlimited loss, in that the price of the underlying security could theoretically increase without limit, thus increasing the cost to the Underlying Fund of buying those securities to cover the short position. There can be no assurance that the securities necessary to cover a short position will be available for purchase at the time the Underlying Fund desires to close out such short position. Purchasing securities to close out the short position can itself cause the price of the securities to rise further, thereby exacerbating the loss. In addition, reporting requirements and limitations on the short selling of securities could interfere with the ability of the Underlying Fund to execute certain aspects of its investment strategies, including its ability to express negative views in relation to certain securities, companies or sectors, and any such limitations may adversely affect the performance of the Underlying Fund.

**<u>Futures Contracts</u>**

The Fund and certain Underlying Funds may invest in futures contracts. As discussed above under "Leverage," the low margin or premiums normally required in such trading may provide a large amount of leverage, and a relatively small change in the price of a security can produce disproportionately larger profit or loss.

A futures contract is an agreement to buy or sell a security or other asset for a set price on a future date. These contracts are traded on exchanges, so that, in most cases, a party can close out its position on the exchange for cash, without delivering the underlying security or other underlying asset. An option on a futures contract gives the holder of the option the right to buy or sell a position in a futures contract from or to the writer of the option, at a specified price and on or before a specified expiration date.

The Fund and certain Underlying Funds may invest in futures contracts and options thereon ("futures options") with respect to, but not limited to, interest rates, commodities, and security or commodity indexes. The Fund and certain Underlying Funds may also invest in futures contracts on carbon offset credits. A carbon offset credit represents the reduction or removal of a specific amount of carbon dioxide or other greenhouse gas ("GHG") from the atmosphere. Carbon offset credits are designed to provide a mechanism for people and businesses to mitigate the adverse environmental impact of their GHG-generating activities. The Fund also may invest in foreign currency futures contracts and options thereon.

An interest rate, commodity, foreign currency or index futures contract provides for the future sale or purchase of a specified quantity of a financial instrument, commodity, foreign currency or the cash value of an index at a specified price and time. A futures contract on an index is an agreement pursuant to which a party agrees to pay or receive an amount of cash equal to the difference between the value of the index at the close of the last trading day of the contract and the price at which the index contract was originally written. Although the value of an index might be a function of the value of certain specified securities, no physical delivery of these securities is made. A public market exists in futures contracts covering a number of indexes as well as financial instruments and foreign currencies, including , but not limited to: the S&P 500; the S&P Midcap 400; the Nikkei 225; the Markit CDX credit index; the iTraxx credit index; U.S. Treasury bonds; U.S. Treasury notes; U.S. Treasury bills; 90-day commercial paper; bank certificates of deposit; Eurodollar certificates of deposit; the Australian dollar; the Canadian dollar; the British pound; the Japanese yen; the Swiss franc; the Mexican peso; and certain multinational currencies, such as the euro. It is expected that other futures contracts will be developed and traded in the future. Certain futures contracts on indexes, financial instruments or foreign currencies may represent new investment products that lack performance track records. A commodity futures contract is an agreement to buy or sell a commodity, such as an energy, agricultural, metal or carbon commodity at a later date at a price and quantity agreed-upon when the contract is bought or sold.

Futures options possess many of the same characteristics as options on securities and indexes. A futures option gives the holder the right, in return for the premium paid, to assume a long position (call) or short position (put) in a futures contract at a specified exercise price at any time during the period of the option. Upon exercise of a call option, the holder acquires a long position in the futures contract and the writer is assigned the opposite short position. In the case of a put option, the opposite is true. A call option is "in the money" if the value of the futures contract that is the subject of the option exceeds the exercise price. A put option is "in the money" if the exercise price exceeds the value of the futures contract that is the subject of the option.

When a purchase or sale of a futures contract is made by the Fund or Underlying Fund, the Fund or Underlying Fund is required to deposit with its custodian (or broker, if legally permitted) a specified amount of assets determined to be liquid by the Adviser or Underlying Fund manager, as applicable ("initial margin"). The 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. Margin requirements on foreign exchanges may be different than U.S. exchanges. The initial margin is in the nature of a performance bond or good faith deposit on the futures contract which is returned to the Fund or Underlying Fund upon termination of the contract, assuming all contractual obligations have been satisfied. The Fund or Underlying Fund expects to earn interest income on its initial margin deposits. A futures contract held by the Fund or Underlying Fund is valued daily at the official settlement price of the exchange on which it is traded. Each day the Fund or Underlying Fund pays or receives cash, called "variation margin," equal to the daily change in value of the futures contract. This process is known as "marking-to-market." Variation margin does not represent a borrowing or loan by the Fund or Underlying Fund but is instead a settlement between the Fund or Underlying Fund and the broker of the amount one would owe the other if the futures contract expired. In computing NAV, the Fund will mark-to-market its open futures positions.

The Fund or Underlying Fund is also required to deposit and maintain margin with respect to put and call options on futures contracts written by it. Such margin deposits will vary depending on the nature of the underlying futures contract (and the related initial margin requirements), the current market value of the option, and other futures positions held by the Fund or Underlying Fund. Customer account agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the U.S. Commodity Futures Trading Commission. Variation margin, or changes in market value, are generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining.

Although some futures contracts call for making or taking delivery of the underlying securities or commodities, generally these obligations are closed out prior to delivery by offsetting purchases or sales of matching futures contracts (same exchange, underlying security or index, and delivery month). Closing out a futures contract sale is effected by purchasing an offsetting futures contract for the same aggregate amount of the specific type of financial instrument or commodity with the same delivery date. If an offsetting purchase price is less than the original sale price, the Fund or Underlying Fund realizes a capital gain, or if it is more, the Fund or Underlying Fund realizes a capital loss. Conversely, if an offsetting sale price is more than the original purchase price, the Fund or Underlying Fund realizes a capital gain, or if it is less, the Fund or Underlying Fund realizes a capital loss. The transaction costs must also be included in these calculations.

The requirements for qualification as a regulated investment company also may limit the extent to which the Fund or certain Underlying Funds may enter into futures, futures options and forward contracts.

There are several risks associated with the use of futures contracts and futures options as hedging techniques. A purchase or sale of a futures contract may result in losses in excess of the amount invested in the futures contract. There can be no guarantee that there will be a correlation between price movements in the hedging vehicle and in the Fund or Underlying Fund securities being hedged. In addition, there are significant differences between the securities and futures markets that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for futures and futures options on securities, including technical influences in futures trading and futures options, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading in such respects as interest rate levels, maturities, and creditworthiness of issuers. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends.

Futures contracts on U.S. Government securities historically have reacted to an increase or decrease in interest rates in a manner similar to that in which the underlying U.S. Government securities reacted. To the extent, however, that the Fund or an Underlying Fund enters into such futures contracts, the value of such futures will not vary in direct proportion to the value of the Fund's or Underlying Fund's holdings of U.S. Government securities. Thus, the anticipated spread between the price of the futures contract and the hedged security may be distorted due to differences in the nature of the markets. The spread also may be distorted by differences in initial and variation margin requirements, the liquidity of such markets and the participation of speculators in such markets.

Additionally, the price of index futures may not correlate perfectly with movement in the relevant index due to certain market distortions. First, all participants in the futures market are subject to margin deposit and maintenance requirements. Rather than meeting additional margin deposit requirements, investors may close futures contracts through offsetting transactions which could distort the normal relationship between the index and futures markets. Second, the deposit requirements in the futures market are less onerous than margin requirements in the securities market, and as a result, the futures market may attract more speculators than does the securities market. Increased participation by speculators in the futures market may also cause temporary price distortions. In addition, trading hours for foreign stock index futures may not correspond perfectly to hours of trading on the foreign exchange to which a particular foreign stock index futures contract relates. This may result in a disparity between the price of index futures and the value of the relevant index due to the lack of continuous arbitrage between the index futures price and the value of the underlying index.

Futures exchanges may limit the amount of fluctuation permitted in certain 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 the current trading session. Once the daily limit has been reached in a futures contract subject to the limit, no more trades may be made on that day at a price beyond that limit. The daily limit governs only price movements during a particular trading day and therefore does not limit potential losses because the limit may work to prevent the liquidation of unfavorable positions. For example, futures prices have occasionally moved to the daily limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of positions and subjecting some holders of futures contracts to substantial losses.

There can be no assurance that a liquid market will exist at a time when the Fund or an Underlying Fund seeks to close out a futures or a futures option position, and the Fund or Underlying Fund would remain obligated to meet margin requirements until the position is closed. In addition, many of the contracts discussed above are relatively new instruments without a significant trading history. As a result, there can be no assurance that an active secondary market will develop or continue to exist.

There are several additional risks associated with transactions in commodity futures contracts, including, but not limited to, storage, reinvestment and other economic factors.

● Unlike the financial futures markets, in the commodity futures markets there are costs of physical storage associated with purchasing the underlying commodity. The price of the commodity futures contract will reflect the storage costs of purchasing the physical commodity, including the time value of money invested in the physical commodity. To the extent that the storage costs for an underlying commodity change while the Fund or an Underlying Fund is invested in futures contracts on that commodity, the value of the futures contract may change proportionately.

● In the commodity futures markets, producers of the underlying commodity may decide to hedge the price risk of selling the commodity by selling futures contracts today to lock in the price of the commodity at delivery tomorrow. In order to induce speculators to purchase the other side of the same futures contract, the commodity producer generally must sell the futures contract at a lower price than the expected future spot price. Conversely, if most hedgers in the futures market are purchasing futures contracts to hedge against a rise in prices, then speculators will only sell the other side of the futures contract at a higher futures price than the expected future spot price of the commodity. The changing nature of the hedgers and speculators in the commodity markets will influence whether futures prices are above or below the expected future spot price, which can have significant implications for the Fund or Underlying Fund. If the nature of hedgers and speculators in futures markets has shifted when it is time for the Fund or Underlying Fund to reinvest the proceeds of a maturing contract in a new futures contract, the Fund or Underlying Fund might reinvest at higher or lower futures prices, or choose to pursue other investments.

● The commodities that underlie commodity futures contracts may be subject to additional economic and non-economic variables, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political and regulatory developments. These factors may have a larger impact on commodity prices and commodity-linked instruments, including futures contracts, than on traditional securities. Certain commodities are also subject to limited pricing flexibility because of supply and demand factors. Others are subject to broad price fluctuations as a result of the volatility of the prices for certain raw materials and the instability of supplies of other materials. These additional variables may create additional investment risks which subject the Fund's or Underlying Fund's investments to greater volatility than investments in traditional securities.

● The Fund's and certain Underlying Funds' use of futures is subject to the provisions of the SEC rule regarding a registered investment company's use of derivatives. *See*" <u>Derivatives Instruments Generally</u>."

**<u>Commodities</u>**

The value of commodities and commodity-related instruments may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in interest rates, or supply and demand factors affecting a particular industry or commodity market, such as drought, floods, weather, livestock disease, pandemics and public health emergencies, embargoes, taxation, war, terrorism, cyber hacking, economic and political developments, environmental proceedings, tariffs, changes in storage costs, availability of transportation systems, and international economic, political and regulatory developments. An unexpected surplus of a commodity caused by one of the aforementioned factors, for example, may cause a significant decrease in the value of the commodity (and a decrease in the value of any investments directly correlated to the commodity). Conversely, an unexpected shortage of a commodity caused by one of the aforementioned factors may cause a significant increase in the value of the commodity (and a decrease in the value of any investments inversely correlated to that commodity). The commodity markets are subject to temporary distortions and other disruptions due to, among other factors, lack of liquidity, the participation of speculators, and government regulation and other actions.

**<u>Derivatives Instruments Generally</u>**

The Fund and certain Underlying Funds may invest in derivative instruments. Generally, derivatives can be characterized as financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Types of derivatives include, but are not limited to, options, futures contracts, options on futures, forward contracts, swaps and credit-linked notes. The Fund and certain Underlying Funds may take advantage of opportunities with respect to certain other derivative instruments which are not presently contemplated for use by the Fund or Underlying Fund or which are currently not available. Derivative instruments may be used for a variety of reasons, including to enhance return, to provide leverage, to hedge certain market risks, or to provide a substitute for purchasing or selling particular securities. Derivatives may provide a cheaper, quicker or more specifically focused way for the Fund or Underlying Fund to invest than "traditional" securities would.

Derivatives can be volatile and involve various degrees of risk, depending upon the characteristics of the particular derivative and the portfolio as a whole. Derivatives may permit the Fund or Underlying Fund to increase or decrease the level of risk, or change the character of the risk, to which its portfolio is exposed in much the same way as the Fund or Underlying Fund can increase or decrease the level of risk, or change the character of the risk, of its portfolio by making investments in specific securities. Derivative instruments contain much greater leverage than do non-margined purchases of the underlying instrument in as much as only a very small portion of the value of the underlying instrument is required to be deposited as collateral in order to effect such investments. If the counterparty to such a swap defaults, the Fund or Underlying Fund would lose any collateral deposits made with the counterparty in addition to the net amount of payments that it is contractually entitled to receive under the swap.

The Fund's and certain Underlying Funds' use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of risks, such as liquidity risk (which may be heightened for highly-customized derivatives), interest rate risk, market risk, leverage risk, counterparty (including credit) risk, operational risk, legal risk and management risk, as well as risks arising from changes in applicable requirements, risks arising from margin requirements and risks arising from mispricing or valuation complexity. They also involve the risk that changes in the value of a derivative instrument may not correlate perfectly with the underlying asset, rate or index. Operational and legal risks include risks related to documentation issues, system failures, inadequate controls, human error and the risk that a party's obligations would be legally unenforceable.

By investing in a derivative instrument, the Fund or an Underlying Fund could lose more than the initial amount invested, and derivatives may increase the volatility of the Fund or Underlying Fund, especially in unusual or extreme market conditions. The Fund or an Underlying Fund may be required to hold additional cash or sell other investments in order to obtain cash to close out a position, and changes in the value of a derivative may also create margin delivery or settlement payment obligations for the Fund or Underlying Fund. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that the Fund or an Underlying Fund will engage in these transactions to reduce exposure to other risks when that would be beneficial or that, if used, such strategies will be successful. In addition, the use of derivatives may increase or accelerate the amount of taxes payable by shareholders.

Non-centrally cleared over-the-counter ("OTC") derivatives are also subject to the increased risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally cleared OTC derivatives. The primary credit risk on derivatives that are exchange-traded or traded through a central clearing counterparty resides with the Fund's or Underlying Fund's clearing broker or the clearinghouse. Participation in the markets for derivative instruments involves investment risks and transaction costs to which the Fund or Underlying Fund may not be subject absent the use of these strategies. The skills needed to successfully execute derivative strategies may be different from those needed for other types of transactions. If the Fund or an Underlying Fund incorrectly forecasts the value and/or creditworthiness of securities, currencies, interest rates, counterparties or other economic factors involved in a derivative transaction, the Fund might have been in a better position if the Fund had not entered into such derivative transaction. In evaluating the risks and contractual obligations associated with particular derivative instruments, it is important to consider that certain derivative transactions may be modified or terminated only by mutual consent of the Fund and its counterparty. Therefore, it may not be possible for the Fund or Underlying Fund to modify, terminate, or offset the Fund's or Underlying Fund's obligations or the Fund's or Underlying Fund's exposure to the risks associated with a derivative transaction prior to its scheduled termination or maturity date, which may create a possibility of increased volatility and/or decreased liquidity to the Fund or Underlying Fund. In such case, the Fund or Underlying Fund may lose money. Because the markets for certain derivative instruments (including markets located in foreign countries) are relatively new and still developing, appropriate derivative transactions may not be available in all circumstances for risk management or other purposes. Upon the expiration of a particular contract, the Fund or an Underlying Fund may wish to retain its position in the derivative instrument by entering into a similar contract, but may be unable to do so if the counterparty to the original contract is unwilling to enter into the new contract and no other suitable counterparty can be found. When such markets are unavailable, the Fund or Underlying Fund will be subject to increased liquidity and investment risk.

When a derivative is used as a hedge against a position that the Fund or an Underlying Fund holds, any loss generated by the derivative generally should be substantially offset by gains on the hedged investment, and vice versa. Although hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to imperfect matching between the derivative and the underlying instrument, and there can be no assurance that hedging transactions will be effective.

The regulation of the derivatives markets has increased over the past several years. The SEC rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies requires the Fund and certain Underlying Funds to trade derivatives and other transactions that create future payment or delivery obligations (except reverse repurchase agreements and similar financing transactions) subject to value-at-risk ("VaR") leverage limits and derivatives risk management program and reporting requirements. Generally, these requirements apply unless the Fund or applicable Underlying Fund satisfies a "limited derivatives users" exception that is included in the final rule. Under the rule, when the Fund or applicable Underlying Fund trades reverse repurchase agreements or similar financing transactions, including certain tender option bonds, it needs to aggregate the amount of indebtedness associated with the reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating the Fund's or Underlying Fund's asset coverage ratio or treat all such transactions as derivatives transactions. Reverse repurchase agreements or similar financing transactions aggregated with other indebtedness do not need to be included in the calculation of whether the Fund or applicable Underlying Fund satisfies the limited derivatives users exception, but for funds subject to the VaR testing requirement, reverse repurchase agreements and similar financing transactions must be included for purposes of such testing whether treated as derivatives transactions or not. The SEC also provided guidance in connection with the rule regarding the use of securities lending collateral that may limit the Fund's and certain Underlying Funds' securities lending activities. In addition, under the rule, the Fund and certain Underlying Funds are permitted to invest in a security on a when-issued or forward-settling basis, or with a non-standard settlement cycle, and the transaction will be deemed not to involve a senior security (as defined under Section 18(g) of the 1940 Act), provided that, (i) the Fund or applicable Underlying Fund intends to physically settle the transaction and (ii) the transaction will settle within 35 days of its trade date (the "Delayed-Settlement Securities Provision"). The Fund or applicable Underlying Fund may otherwise engage in when-issued, forward-settling and non-standard settlement cycle securities transactions that do not meet the conditions of the Delayed-Settlement Securities Provision so long as the Fund or Underlying Fund treats any such transaction as a "derivatives transaction" for purposes of compliance with the rule. Furthermore, under the rule, the Fund and certain Underlying Funds are permitted to enter into an unfunded commitment agreement, and such unfunded commitment agreement will not be subject to the asset coverage requirements under the 1940 Act, if the Fund or applicable Underlying Funds reasonably believes, 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 such agreements as they come due. These requirements may limit the ability of the Fund and certain Underlying Funds to use derivatives, reverse repurchase agreements and similar financing transactions, when-issued, delayed delivery and forward commitment transactions, and unfunded commitment agreements as part of its investment strategies. These requirements may increase the cost of the Fund's or certain Underlying Funds' investments and cost of doing business, which could adversely affect investors.

In December 2023, the SEC adopted rule amendments providing that any covered clearing agency ("CCA") for U.S. Treasury securities require that every direct participant of the CCA (which generally would be a bank or broker-dealer) submit for clearance and settlement all eligible secondary market transactions in U.S. Treasury securities to which it is a counterparty. The clearing mandate includes in its scope all repurchase or reverse repurchase agreements of such direct participants collateralized by U.S. Treasury securities (collectively, "Treasury repo transactions") of a type accepted for clearing by a registered CCA, including both bilateral Treasury repo transactions and triparty Treasury repo transactions where a bank agent provides custody, collateral management and settlement services.

The Treasury repo transactions of registered funds with any direct participants of a CCA will be subject to the mandatory clearing requirement. The Fixed Income Clearing Corporation ("FICC") is a CCA for U.S. Treasury securities. FICC currently operates a "Sponsored Program" for clearing of Treasury repo transactions pursuant to which a registered fund may enter into a clearing arrangement with a "sponsoring member" bank or broker-dealer that is a direct participant of FICC as a "sponsored member" of FICC.

Compliance with the clearing mandate for Treasury repo transactions is scheduled to be required by June 30, 2027. The clearing mandate is expected to result in the Fund and Underlying Funds being required to clear all or substantially all of their Treasury repo transactions as of the compliance date. There are currently substantial regulatory and operational uncertainties associated with the implementation which may affect the cost, terms and/or availability of cleared repo transactions.

Additional future regulation of the derivatives markets may make derivatives more costly, may limit the availability or reduce the liquidity of derivatives, or may otherwise adversely affect the value or performance of derivatives. Any such adverse future developments could impair the effectiveness or raise the costs of the Fund's and Underlying Funds' derivative transactions, impede the employment of the Fund's and Underlying Funds' derivatives strategies, or adversely affect the Fund's and Underlying Funds' performance.

The Adviser has registered as a commodity pool operator ("CPO") under the Commodity Exchange Act ("CEA"). The Adviser expects to rely on CFTC Rule 4.12(c)(3) with respect to its operation of the Fund. CFTC Rule 4.12(c)(3) allows for "substituted compliance" with respect to certain CFTC recordkeeping, reporting and disclosure requirements on the basis of the Fund's compliance with SEC rules and regulations applicable to the Fund and the Adviser. As a result, the Adviser will not be subject to certain aspects of the CFTC's rules ordinarily applicable to commodity pool operators, including the specific disclosure requirements under CFTC rules in connection with its management of the Fund. The Adviser will incur higher expenses for the Fund compared with exempt advisers. The CPO of a registered investment company with less than three years of operating history is required under Rule 4.12(c)(3) to disclose the performance of all accounts and pools that are managed by the CPO and that have investment objectives, policies and strategies substantially similar to those of the newly-formed registered investment company. No such accounts exist for the CPO.

**<u>Credit Derivatives</u>**

As part of its investment strategy, an Underlying Fund may enter into credit derivative transactions. Credit derivatives are transactions between two parties which are designed to isolate and transfer the credit risk associated with a third-party (the "reference entity"). Credit derivative transactions in their most common form consist of credit default swap transactions under which one party (the "credit protection buyer") agrees to make one or more fixed payments in exchange for the other party's (the "credit protection seller") obligation to assume the risk of loss if an agreed-upon "credit event" occurs with respect to the reference entity. Credit events are specified in the contract and are intended to identify the occurrence of a significant deterioration in the creditworthiness of the reference entity (mainly a default on a material portion of its outstanding obligations, a bankruptcy or a restructuring of its debt). Upon the occurrence of a credit event, credit default swaps may be cash settled (either directly or by way of an auction) or physically settled. If the transaction is cash settled, the amount payable by the credit protection seller following a credit event will usually be determined by reference to the difference between the nominal value of a specified obligation of the reference entity and its market value after the occurrence of the credit event (which sometimes may be established in an industry-wide auction process). If the transaction is physically settled, the credit protection buyer will deliver an obligation of the reference entity that is either specified in the contract or the general characteristics are described therein to the credit protection seller in return for the payment of its nominal value. Credit derivatives may be used to create an exposure to the underlying asset or reference entity, to reduce existing exposure or to create a profit through trading differences in their buying and selling prices. There are a number of uncertainties in the tax laws relating to credit default swaps. There can be no assurance that the characterization adopted by an Underlying Fund with respect to a particular credit default swap will be respected by the IRS or a court, and any recharacterization by the IRS, if successful, could adversely affect the shareholders' investments in the Underlying Fund.

Credit derivative transactions are an established feature of the financial markets and both the number of participants and range of products available have significantly increased over the years. Credit derivative transactions dependent upon credit events are priced incorporating many variables including the pricing and volatility of the common stock of the reference entity, potential loss upon default by the reference entity on any of its obligations, and the shape of the U.S. Treasury Market curve, among other factors. As such, there are many factors upon which market participants may have divergent views. Additionally, credit derivatives may require the posting of collateral. A bankruptcy of the collateral holder may result in losses to the extent posted collateral exceeds the obligations of the pledging party under the credit derivative transaction.

Transactions in certain derivatives are subject to trading and clearing on a U.S. national exchange and clearinghouse and to regulatory oversight, while other derivatives are subject to risks of trading in the OTC markets or on non-U.S. exchanges. Certain credit index derivatives are currently required to be traded on a Swap Execution Facility and cleared through a registered clearinghouse. For swaps that are cleared through a clearinghouse, an Underlying Fund will face the clearinghouse as legal counterparty and will be subject to clearinghouse performance and credit risk. Clearinghouse collateral requirements may differ from and be greater than the collateral terms negotiated with derivatives counterparties in the OTC market, and U.S. regulators have discretion to set collateral requirements for trades that are not cleared through a clearinghouse. OTC derivative dealers will be required to post margin to the clearinghouse through which they clear their customers' trades instead of using such margin in their operations, as they historically were allowed to do. This will further increase the dealers' costs, which costs are expected to be passed through to other market participants in the form of higher fees and less favorable dealer marks. In addition, an Underlying Fund's assets are also subject to the risk of the failure of any of the exchanges on which its positions trade or of its clearinghouses or counterparties.

The Underlying Fund's use of credit derivatives is subject to the provisions of the SEC rule regarding a registered investment company's use of derivatives. *See* "<u>Derivatives Instruments Generally</u>."

**<u>Swap Agreements</u>**

The Underlying Fund may enter into swap agreements. Swap agreements are two party contracts entered into primarily by institutional investors for periods ranging from a few weeks to several years. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or "swapped" between the parties are 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, in a particular foreign currency or security, or in a "basket" of securities representing a particular index). The "notional amount" of the swap agreement is only a fictive basis on which to calculate the obligations that the parties to a swap agreement agree to exchange. Most swap agreements entered into by an Underlying Fund would calculate the obligations of the parties to the agreement on a "net" basis. Consequently, the Underlying Fund's obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement.

Depending on their structure, swap agreements may increase or decrease the Underlying Fund's exposure to long-term or short-term interest rates, foreign currency values, mortgage securities, corporate borrowing rates, or other factors such as security prices, baskets of securities, or inflation rates. Swap agreements can take many different forms and are known by a variety of names. An Underlying Fund is not limited to any particular form of swap agreement if its manager determines that other forms are consistent with the Underlying Fund's investment objective and policies.

Swap agreements will tend to shift an Underlying Fund's investment exposure from one type of investment to another. For example, if an Underlying Fund agrees to exchange payments in dollars for payments in foreign currency, the swap agreement would tend to decrease the Underlying Fund's exposure to U.S. interest rates and increase its exposure to foreign currency and interest rates. Depending on how they are used, swap agreements may increase or decrease the overall volatility of an Underlying Fund's portfolio. The most significant factor in the performance of swap agreements is the change in the specific interest rate, currency, individual equity values or other factors that determine the amounts of payments due to and from an Underlying Fund. If a swap agreement calls for payments by an Underlying Fund, then the Underlying Fund must be prepared to make such payments when due. In addition, if the counterparty's creditworthiness declined, the value of a swap agreement would be likely to decline, potentially resulting in losses by the Underlying Fund.

Whether an Underlying Fund's use of swap agreements, if any, will be successful in furthering its investment objective will depend on the Underlying Fund manager's ability to correctly predict whether certain types of investments are likely to produce greater returns than other investments. The Underlying Fund 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. This risk may be mitigated by the delivery of variation margin to the Underlying Fund when it is "in-the-money" under a swap.

As noted in the section entitled "Credit Derivatives" above, certain standardized swaps are subject to mandatory exchange trading and central clearing. While exchange trading and central clearing are intended to reduce counterparty credit risk and increase liquidity, they do not make the Underlying Fund's use of swap transactions risk-free, as the Underlying Fund will face the clearinghouse as legal counterparty and will be subject to clearinghouse performance and credit risk.

Certain Underlying Funds' use of swaps is subject to the provisions of the SEC rule regarding a registered investment company's use of derivatives. *See* "<u>Derivatives Instruments Generally</u>."

**<u>Warrants</u>**

An Underlying Fund may invest in warrants. Warrants are derivative instruments that permit, but do not obligate, the holder to subscribe for other securities. Warrants do not carry with them the right to dividends or voting rights with respect to the securities that they entitle the holder to purchase, and they do not represent any rights in the assets of the issuer. As a result, warrants may be considered more speculative than certain other types of investments. In addition, the value of a warrant does not necessarily change with the value of the underlying securities or commodities, and a warrant ceases to have value if it is not exercised prior to its expiration date.

Certain Underlying Funds' use of warrants is subject to the provisions of the SEC rule regarding a registered investment company's use of derivatives. *See* "<u>Derivatives Instruments Generally</u>."

**<u>Forward Trading</u>**

The Fund and certain Underlying Funds may engage in forward trading. Forward contracts and options thereon are not traded on exchanges and are not standardized; rather, banks and dealers act as principals in these markets, negotiating each transaction on an individual basis. Forward and "cash" trading is substantially unregulated; there is no limitation on daily price movements and speculative position limits are not applicable. The principals who deal in the forward markets are not required to continue to make markets in the currencies or commodities they trade, and these markets can experience periods of illiquidity, sometimes of significant duration. There have been periods during which certain participants in these markets have refused to quote prices for certain currencies or commodities or have quoted prices with an unusually wide spread between the price at which they were prepared to buy and that at which they were prepared to sell. Market illiquidity or disruption could result in substantial losses to the Fund or Underlying Fund.

The Fund's and certain Underlying Funds' use of forward trading is subject to the provisions of the SEC rule regarding a registered investment company's use of derivatives. *See* "<u>Derivatives Instruments Generally</u>."

**<u>Non-U.S. Securities</u>**

The Fund or an Underlying Fund may invest a portion of its assets in non-U.S. securities. Investing in securities of non-U.S. governments and companies that are generally denominated in non-U.S. currencies and utilization of options on non-U.S. securities involves certain considerations comprising both risks and opportunities not typically associated with investing in securities of the United States Government or United States companies. The securities markets of many non-U.S. countries are relatively small, with a limited number of companies representing a small number of industries. Additionally, issuers of non-U.S. securities usually are not subject to the same degree of regulation as U.S. issuers. Reporting, accounting and auditing standards of non-U.S. countries differ, in some cases significantly, from U.S. standards. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. Also, nationalization, expropriation or confiscatory taxation, currency blockage, market disruptions, political changes, security suspensions, diplomatic developments or the imposition of sanctions or other similar measures could adversely affect the Fund's or Underlying Fund's investments in a foreign country. In the event of nationalization, expropriation or other confiscation, the Fund or an Underlying Fund could lose its entire investment in non-U.S. securities. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is difficult to ascertain. These types of measures may include, but are not limited to, banning a sanctioned country or certain persons or entities associated with such country from global payment systems that facilitate cross-border payments, restricting the settlement of securities transactions by certain investors, and freezing the assets of particular countries, entities or persons. The imposition of sanctions and other similar measures could, among other things, result in a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country, downgrades in the credit ratings of the sanctioned country's securities or those of companies located in or economically tied to the sanctioned country, currency devaluation or volatility, and increased market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could directly or indirectly limit or prevent the Fund or an Underlying Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and adversely impact the Fund's or Underlying Fund's liquidity and performance. Adverse conditions in a certain region can adversely affect securities of other countries whose economies appear to be unrelated. To the extent that the Fund or an Underlying Fund invests a significant portion of its assets in a specific geographic region or in securities denominated in a particular non-U.S. currency, the Fund or Underlying Fund will generally have more exposure to regional economic risks, including weather emergencies and natural disasters, associated with non-U.S. investments. Non-U.S. securities also may be less liquid and more difficult to value than securities of U.S. issuers.

**<u>Emerging Market Securities</u>**

Non-U.S. investment risk may be particularly high to the extent the Fund or an Underlying Fund invests in emerging market securities. The Fund considers emerging market countries to be countries represented in the MSCI Emerging Markets Index (the "Index"). Emerging market securities may present market, credit, currency, liquidity, volatility, legal, political, technical and other risks different from, and potentially greater than, the risks of investing in securities and instruments economically tied to developed non-U.S. countries. Future economic or political crises in emerging markets could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization, or creation of government monopolies. The currencies of emerging market countries may experience significant declines against the U.S. Dollar ("USD"), and devaluation may occur subsequent to investment in these currencies by the Fund or an Underlying Fund. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain emerging market countries.

To the extent the Fund or an Underlying Fund invests in emerging market securities that are economically tied to a particular region, country or group of countries, the Fund or Underlying Fund may be more sensitive to adverse political or social events affecting that region, country or group of countries. Economic, business, political, or social instability may affect emerging market securities differently, and often more severely, than developed market securities. To the extent the Fund or an Underlying Fund focuses its investments in multiple asset classes of emerging market securities, it may have a limited ability to mitigate losses in an environment that is adverse to emerging market securities in general. Emerging market securities may also be more volatile, less liquid (particularly during market closures due to local holidays or other reasons) and more difficult to value than securities economically tied to developed non-U.S. countries. The systems and procedures for trading and settlement of securities in emerging markets are less developed and less transparent and transactions may take longer to settle. Emerging market countries typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Governments in emerging market countries are often less stable and more likely to take extra-legal action with respect to companies, industries, assets, or foreign ownership than those in more developed markets. Moreover, it can be more difficult for investors to bring litigation or enforce judgments against issuers in emerging markets or for U.S. regulators to bring enforcement actions against such issuers. The Fund or an Underlying Fund will also be subject to emerging markets risk if it invests in derivatives or other securities or instruments whose value or return are related to the value or returns of emerging markets securities. Rising interest rates, combined with widening credit spreads, could negatively impact the value of emerging market debt and increase funding costs for non-U.S. issuers. In such a scenario, non-U.S. issuers might not be able to service their debt obligations, the market for emerging market debt could suffer from reduced liquidity, and the Fund or an Underlying Fund could lose money. The economy of some emerging markets may be particularly exposed to or affected by a certain industry or sector, and therefore issuers and/or securities of such emerging markets may be more affected by the performance of such industries or sectors.

**<u>Sovereign and Other Governmental Debt Investments</u>**

The Fund or an Underlying Fund may invest its assets in sovereign and other governmental debt instruments, which involve special risks. The governmental authority that controls the repayment of the sovereign and other governmental debt may be unwilling or unable to repay the principal and/or interest when due in accordance with the terms of such securities due to: (i) the extent of its foreign reserves; (ii) the availability of sufficient foreign exchange on the date a payment is due; (iii) the relative size of the debt service burden to the economy as a whole; or (iv) the government debtor's policy towards the International Monetary Fund and the political constraints to which a government debtor may be subject. In addition, sovereign and other governmental debt instruments may be subject to credit spread risks resulting from exposures to changes in a sovereign and other governmental issuer's probability of default, expected recovery rate and actual default. In recent years, some sovereign and other governmental issuers have encountered difficulties in servicing their external debt obligations, which led to defaults on certain obligations and the restructuring of certain indebtedness. If an issuer of sovereign and other governmental debt defaults on payments of principal and/or interest, the Fund or an Underlying Fund may have limited legal recourse against the issuer and/or guarantor. In certain cases, remedies must be pursued in the courts of the defaulting party itself, and the Fund's or Underlying Fund's ability to obtain recourse may be limited.

**<u>Foreign Currency and Exchange Risks</u>**

The Fund's Shares are denominated in U.S. dollars and will be issued in U.S. dollars, and the books of the Fund will be maintained, and investments in and distributions from the Fund will generally be made, in U.S. dollars. A portion of the Fund's or an Underlying Fund's investments (and the income and gains received by the Fund or Underlying Fund in respect of such investments) may be denominated in, or otherwise exposed to, currencies other than the U.S. dollar. Accordingly, changes in foreign currency exchange rates and exchange controls may materially adversely affect the value of the investments and the other assets of the Fund or Underlying Fund. For example, any significant depreciation in the exchange rate of the Euro, or any other currency in which the Fund or an Underlying Fund makes investments, against the U.S. dollar, could adversely affect the value of dividends or proceeds on investments denominated in the Euro or such other currencies. In addition, the Fund or Underlying Fund will incur costs, which may be significant, in connection with the conversion of various currencies.

In general, to the extent that the Fund or an Underlying Fund invests directly in non-U.S. currencies or in securities that trade in, and receive revenues in, non-U.S. currencies, or in derivatives or other instruments that provide exposure to non-U.S. currencies, it will be subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in non-U.S. countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, rates of inflation, balance of payments and governmental surpluses or deficits, intervention (or the failure to intervene) by U.S. or non-U.S. governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund's or Underlying Fund's investments in non-U.S. currencies and/or foreign currency-denominated securities may reduce the returns of the Fund or Underlying Fund. Currency risk may be particularly high to the extent that the Fund or an Underlying Fund invests in non-U.S. currencies or engages in foreign currency transactions that are economically tied to emerging market countries. These currency transactions may present market, credit, currency, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed non-U.S. currencies or engaging in foreign currency transactions that are economically tied to developed foreign countries.

The Adviser generally intends to hedge the foreign currency exposure of the Fund; however, the Fund will necessarily be subject to foreign exchange risks. The Fund may seek to hedge these risks by investing in non-U.S. currencies, foreign currency futures contracts and options thereon, forward foreign currency exchange contracts or similar instruments, or any combination thereof, but there can be no assurance that such strategies will be implemented, or if implemented, will be effective. In addition, prospective investors whose assets and liabilities are predominantly in other currencies should take into account the potential risk of loss arising from fluctuations in value between U.S. dollars and such other currencies.

**<u>Counterparty and Settlement Risk</u>**

To the extent the Fund or an Underlying Fund invests in certain non-centrally cleared swaps, derivative or other synthetic instruments, repurchase agreements, reverse repurchase agreements, other over-the-counter transactions or non-U.S. securities or engages in securities lending, the Fund or Underlying Fund may take a credit risk with regard to parties with which it trades and may also bear the risk of settlement default. These risks may differ materially from those entailed in exchange-traded transactions, which generally are backed by clearing organization guarantees, daily marking-to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries. Transactions entered directly between two counterparties generally do not benefit from such protections and expose the parties to the risk of counterparty default. Any such default by a trading counterparty could result in losses to the Fund due to the delay of settlement of a transaction, loss of market gains or, in certain circumstances, loss of a portion or the full amount of the notional value of the transaction. These risks are increased to the extent the Fund or an Underlying Fund has concentrated exposure to a counterparty.

**<u>Exchange-Traded Funds (ETFs)</u>**

Investments in ETFs entail certain risks; in particular, investments in index ETFs involve the risk that the ETF's performance may not track the performance of the index the ETF is designed to track. Unlike the index, an ETF incurs administrative expenses and transaction costs in trading securities. In addition, the timing and magnitude of cash inflows and outflows from and to investors buying and redeeming shares in the ETF could create cash balances that cause the ETF's performance to deviate from the index (which remains "fully invested" at all times). Performance of an ETF and the index it is designed to track also may diverge because the composition of the index and the securities held by the ETF may occasionally differ. In addition, investments in ETFs involve the risk that the market prices of ETF shares will fluctuate, sometimes rapidly and materially, in response to changes in the ETF's NAV, the value of ETF holdings and supply and demand for ETF shares. Although the creation/redemption feature of ETFs generally makes it more likely that ETF shares will trade close to NAV, market volatility, lack of an active trading market for ETF shares, disruptions at market participants (such as Authorized Participants or market makers) and any disruptions in the ordinary functioning of the creation/redemption process may result in ETF shares trading significantly above (at a "premium") or below (at a "discount") NAV. Additionally, to the extent an ETF holds securities traded in markets that close at a different time from the ETF's listing exchange, liquidity in such securities may be reduced after the applicable closing times, and during the time when the ETF's listing exchange is open but after the applicable market closing, fixing or settlement times, bid/ask spreads and the resulting premium or discount to the ETF's shares' NAV may widen. Significant losses may result when transacting in ETF shares in these and other circumstances. Neither the Adviser nor the Fund can predict whether ETF shares will trade above, below or at NAV. An ETF's investment results are based on the ETF's daily NAV. Investors transacting in ETF shares in the secondary market, where market prices may differ from NAV, may experience investment results that differ from results based on the ETF's daily NAV.

**<u>Temporary Investments</u>**

For defensive purposes, during periods in which the Fund determines that economic, market or political conditions are unfavorable to investors and a defensive strategy would benefit the Fund, the Fund may temporarily deviate from its investment strategies and objective. During such periods, the Fund may invest all or a portion of its assets in 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 Treasury or by U.S. government agencies or instrumentalities; non-U.S. government securities which have received the highest investment grade credit rating, certificates of deposit issued against funds deposited in a bank or a savings and loan association; commercial paper; bankers' acceptances; bank time deposits; shares of money market funds; credit-linked notes or repurchase agreements with respect to any of the foregoing. In addition, the Fund may also make these types of investments to comply with regulatory or contractual requirements, including with respect to leverage restrictions, or to keep cash fully invested pending the investment of assets. It is impossible to predict when, or for how long, the Fund will use these strategies. There can be no assurance that such strategies will be successful. The Fund is not required to adopt defensive positions or hedge its investments and may choose not to do so even in periods of extreme market volatility and economic uncertainty.

**<u>Other Investment Companies</u>**

The Fund may invest in the securities of other investment companies to the extent that such investments are consistent with the Fund's investment objective and permissible under the 1940 Act. Under one provision of the 1940 Act, the Fund may not acquire the securities of other investment companies if, as a result, (i) more than 10% of the Fund's total assets would be invested in securities of other investment companies, (ii) such purchase would result in more than 3% of the total outstanding voting securities of any one investment company being held by the Fund or (iii) more than 5% of the Fund's total assets would be invested in any one investment company. In some instances, the Fund may invest in an investment company in excess of these limits. For example, the Fund may invest in certain Underlying Funds and other registered investment companies, such as mutual funds, closed-end funds and ETFs, and in business development companies in excess of the statutory limits imposed by the 1940 Act in reliance on Rule 12d1-4 under the 1940 Act. These investments would be subject to the applicable conditions of Rule 12d1-4, which in part would affect or otherwise impose certain limits on the investments and operations of the underlying fund. The Fund, as a holder of the securities of other investment companies, will bear its pro rata portion of the other investment companies' expenses, including advisory fees. These expenses will be in addition to the direct expenses incurred by the Fund.

**<u>Business Development Companies (BDCs)</u>**

The Fund may invest in private BDCs, public non-traded BDCs and publicly traded BDCs. A BDC is a type of closed-end investment company regulated under the 1940 Act. BDCs typically invest in and lend to small and medium-sized private and certain public companies that may not have access to public equity or debt markets for capital raising. BDCs invest in such diverse industries as healthcare, chemical and manufacturing, technology and service companies. At least 70% of a BDC's investments must be made in private and certain public U.S. businesses, and BDCs are required to make available significant managerial assistance to their portfolio companies. Unlike corporations, BDCs are not taxed on income distributed to their shareholders, provided they comply with the applicable requirements of the Code.

Investments in BDCs may be subject to a high degree of risk. BDCs typically invest in small and medium-sized private and certain public companies that may not have access to public equity or debt markets for capital raising. As a result, a BDC's portfolio typically will include a substantial amount of securities purchased in private placements, and its portfolio may carry risks similar to those of a private equity or venture capital fund. Securities that are not publicly registered may be difficult to value and may be difficult to sell at a price representative of their intrinsic value. Small and medium-sized companies also may have fewer lines of business so that changes in any one line of business may have a greater impact on the value of their stock than is the case with a larger company. To the extent a BDC focuses its investments in a specific sector, the BDC will be susceptible to adverse conditions and economic or regulatory occurrences affecting the specific sector or industry group, which tends to increase volatility and result in higher risk. Investments in BDCs are subject to various risks, including management's ability to meet the BDC's investment objective and to manage the BDC's portfolio when the underlying securities are redeemed or sold, during periods of market turmoil and as investors' perceptions regarding a BDC or its underlying investments change. Private BDCs and public non-traded BDCs are illiquid investments, and there is no guarantee the Fund will be able to liquidate or sell its private BDC or public non-traded BDC investments.

Certain BDCs may use leverage in their portfolios through borrowings or the issuance of preferred stock. While leverage may increase the yield and total return of a BDC, it also subjects the BDC to increased risks, including magnification of any investment losses and increased volatility. In addition, a BDC's income may fall if the interest rate on any borrowings of the BDC rises.

**<u>Tax Risks</u>**

Special tax risks are associated with an investment in the Fund. The Fund intends to elect to be treated and intends to operate in a manner so as to continuously qualify, as a RIC under Subchapter M of the Code. As such, the Fund must satisfy, among other requirements, certain ongoing asset diversification, source-of-income and annual distribution requirements. See "<u>Tax Aspects</u>." If the Fund fails to qualify as a RIC it will become subject to corporate-level income tax, and the resulting corporate taxes could substantially reduce the Fund's net assets, the amount of income available for distributions to investors, the amount of distributions and the amount of funds available for new investments. Such a failure would have a material adverse effect on the Fund and the investors.

Each of the aforementioned ongoing requirements for qualification as a RIC requires that the Adviser obtain information from or about the Blackstone Underlying Funds in which the Fund is invested. However, Blackstone Underlying Funds generally are not obligated to disclose the contents of their portfolios. This lack of transparency may make it difficult for the Adviser to monitor the sources of the Fund's income and the diversification of its assets, and otherwise comply with Subchapter M of the Code, and ultimately may limit the universe of investments in which the Fund can invest or the amount that may be invested in certain investments. Furthermore, although the Fund expects to receive information from each investment vehicle regarding its investment performance on a regular basis, in most cases there is little or no means of independently verifying this information.

If, before the end of any quarter of its taxable year, the Fund believes that it may fail the asset diversification requirements of RIC qualification, the Fund may seek to take certain actions to avert such a failure. The Fund may try to acquire additional interests in Blackstone Underlying Funds to bring the Fund into compliance with such diversification tests. However, the action frequently taken by RICs to avert such a failure, the disposition of non-diversified assets, may be difficult for the Fund to pursue because of the limited liquidity of its interests in the Blackstone Underlying Funds. While relevant tax provisions afford the Fund a 30-day period after the end of the relevant quarter in which to cure a diversification failure by disposing of non-diversified assets, the constraints on the Fund's ability to effect a sale of an investment may limit utilization of this cure period. In certain cases, the Fund may be afforded a longer cure period under applicable savings provisions. However, the Fund may be subject to a penalty tax in connection with its use of those savings provisions. If the Fund fails to satisfy the asset diversification or other RIC requirements, it may lose its status as a RIC under the Code. If the Fund fails to qualify as a RIC, the Fund would become subject to a corporate-level U.S. federal income tax (and any applicable U.S. state and local taxes) and distributions to investors generally would be treated as corporate dividends. See "<u>Tax Aspects</u>." In addition, the Fund is required each December to make certain "excise tax" calculations based on income and gain information that must be obtained from the Blackstone Underlying Funds. If the Fund does not receive sufficient information from the Blackstone Underlying Funds, the Fund risks failing to satisfy the Subchapter M qualification tests and/or incurring an excise tax on undistributed income. The Fund may, however, attempt to avoid such outcomes by paying a distribution that is or is considered to be in excess of the Fund's current and accumulated earnings and profits for the relevant period (*i.e.*, a return of capital). See "<u>Distributions</u>" and "<u>Tax Aspects</u>" for more information regarding the treatment of returns of capital.

**Risks Associated with the Fund and the Adviser**

**<u>No Operating History</u>**

The Fund is a new company with no operating history, and as a result, the Fund has minimal financial information on which investors can evaluate an investment in the Fund or prior performance. Investors must rely on the Adviser to implement the Fund's investment policies, to evaluate all of the Fund's investment opportunities and to structure the terms of the Fund's investments rather than evaluating the Fund's investments in advance. Because investors are not able to thoroughly evaluate the Fund's investments in advance of acquiring Shares, the offering of Shares may entail more risk than other types of offerings. This additional risk may hinder investors' ability to achieve their own personal investment objectives related to portfolio diversification, risk-adjusted investment returns and other objectives. Additionally, the results of any other businesses or companies that have or have had an investment objective which is similar to, or different from, the Fund's investment objective are not indicative of the results that the Fund may achieve. The Fund expects to have a different investment portfolio from other businesses or companies. Accordingly, the Fund's results may differ from and are independent of the results obtained by such businesses or companies. Moreover, past performance is no assurance of future returns.

The Fund is subject to all of the business risks and uncertainties associated with any new business, including the risk that the Fund will not achieve its investment objective and that the value of investors' investments could decline substantially or that investors' investments could become worthless. It could take some time to invest substantially all of the capital expected to be raised due to market conditions generally and the time necessary to identify, evaluate, structure and execute suitable investments.

In order to comply with the RIC diversification requirements during the startup period, the Fund may invest proceeds in temporary investments, such as cash, cash equivalents, U.S. government securities and other high-quality debt investments that mature in one year or less from the time of investment, which may earn yields substantially lower than the interest, dividend or other income that the Fund seeks to receive in respect of suitable portfolio investments. The Fund may not be able to pay any significant distributions during this period, and any such distributions may be substantially lower than the distributions expected to be paid when the Fund's portfolio is fully invested. The Fund will pay the Investment Management Fee throughout this interim period. If these fees and other expenses exceed the return on the temporary investments, the Fund's returns could be negatively impacted.

**<u>Non-Diversified Status</u>**

The Fund is a "non-diversified" investment company for purposes of the 1940 Act, which means that it is not subject to percentage limitations under the 1940 Act on the percentage of its assets that may be invested in the securities of any one issuer. The Fund's NAV may therefore be subject to greater volatility than that of an investment company that is subject to such a limitation on diversification. In addition, while the Fund is a "non-diversified" fund for purposes of the 1940 Act, the Fund intends to elect and to maintain its qualification to be treated as a RIC under the Code. To qualify as a RIC under the Code, the Fund must, among other things, diversify its holdings so that, at the end of each quarter of each taxable year, (A) at least 50% of the market value of the Fund's assets is represented by cash, cash items, U.S. government securities, securities of other RICs and other securities, with such other securities of any one issuer limited for the purposes of this calculation to an amount not greater than 5% of the value of the Fund's total assets and 10% of the outstanding voting securities of such issuer and (B) not more than 25% of the market value of the Fund's total assets is invested in the securities (other than U.S. government securities and the securities of other RICs) of (1) any one issuer, (2) any two or more issuers that the Fund controls and that are determined to be engaged in the same business or similar or related trades or businesses, or (3) any one or more "qualified publicly traded partnerships."

**<u>Systems and Operational</u>**

The Fund depends on the Adviser to develop and implement appropriate systems for the Fund's activities. The Fund relies heavily and on a daily basis on financial, accounting and other data processing systems to execute, clear and settle transactions across numerous and diverse markets and to evaluate certain securities, to monitor its portfolio and capital, and to generate risk management and other reports that are critical to oversight of the Fund's activities. Certain of the Fund's and the Adviser's activities will be dependent upon systems operated by third parties, including prime brokers, the Administrator, market counterparties and other service providers, and the Adviser may not be in a position to verify the risks or reliability of such third-party systems. Failures in the systems employed by the Adviser, prime brokers, Administrator, counterparties, exchanges and similar clearance and settlement facilities and other parties could result in mistakes made in the confirmation or settlement of transactions, or in transactions not being properly booked, evaluated or accounted for. Disruptions in the Fund's operations may cause the Fund to suffer, among other things, financial loss, the disruption of its business, liability to third parties, regulatory intervention or reputational damage. Any of the foregoing failures or disruptions could have a material adverse effect on the Fund and investors' investments therein.

Additionally, exchanges and securities markets may close early, close late or issue trading halts on specific securities or generally, which may result in, among other things, the Fund being unable to buy or sell certain securities or financial instruments at an advantageous time or accurately price its portfolio investments. In addition, the Fund and/or certain Underlying Funds may rely on various third-party sources to calculate their respective NAVs. As a result, the Fund and such Underlying Funds are subject to certain operational risks associated with reliance on service providers and service providers' data sources. Errors or systems failures and other technological issues may adversely impact or delay the Fund's and/or Underlying Funds' calculation of their NAVs, and such NAV calculation issues may continue over extended periods. Because the Fund's NAV is related to the NAVs of the Underlying Funds in which it invests, the Fund may be adversely impacted by such NAV calculation issues at an Underlying Fund. The Fund may be unable to recover any losses associated with such failures.

**<u>Fundamental Analysis</u>**

Certain investment decisions will be based on fundamental analysis. In fundamental analysis, securities are selected based upon research and analysis of a variety of factors. Data on which fundamental analysis relies may be inaccurate or may be generally available to other market participants. Fundamental market information is subject to interpretation. To the extent that the Adviser misinterprets the meaning of certain data, the Fund may incur losses.

**<u>Investment and Due Diligence Process</u>**

Before making investments, the Adviser will conduct due diligence that it deems reasonable and appropriate based on the facts and circumstances applicable to each investment. When conducting due diligence, the Adviser may be required to evaluate important and complex business, financial, tax, accounting and legal issues. When conducting due diligence and making an assessment regarding an investment, the Adviser will rely on the resources reasonably available to it, which in some circumstances whether or not known to the Adviser at the time, may not be sufficient, accurate, complete or reliable. Due diligence may not reveal or highlight matters that could have a material adverse effect on the value of an investment.

**<u>Consideration of Environmental, Social and Governance (ESG) Factors</u>**

The Fund does not have any specific ESG objective. However, the Adviser may consider ESG factors as part of its broader analysis of individual issuers, sub-sectors, sectors, regions, etc. ESG factors are one of many inputs in the overall research process and are not expected to drive in isolation the selection or exclusion of an issuer or security from the investment universe. As a result of including ESG factors in its analysis of a particular investment, the Adviser may take action (*e.g.*, make or not make or dispose or not dispose an investment) when it would otherwise not have done so, which could adversely affect the performance of the Fund. On the other hand, the portfolio management team of the Fund may determine not to take ESG factors into account in its analysis of a particular investment, and the exclusion of such factors may prove to have an adverse effect on the performance of the applicable investments.

**<u>Senior Management Personnel of the Adviser</u>**

Since the Fund has no employees, it depends on the investment expertise, skill and network of business contacts of the Adviser. The Fund's future success depends to a significant extent on the continued service and operations of the Adviser and its senior management team. The departure of any members of the Adviser's senior management team could have a material adverse effect on the Fund's ability to achieve its investment objective.

The Fund's ability to achieve its investment objective depends on the Adviser's ability to identify, analyze, invest in, finance and monitor companies that meet the Fund's investment criteria. The Adviser's capabilities in managing the investment process and providing competent, attentive and efficient services to the Fund depend on the employment of investment professionals in an adequate number and of adequate sophistication to match the corresponding flow of transactions. To achieve the Fund's investment objective, the Adviser may need to hire, train, supervise and manage new investment professionals to participate in the Fund's investment selection and monitoring process. The Adviser may not be able to find investment professionals in a timely manner or at all. Failure to support the Fund's investment process could have a material adverse effect on the Fund's business, financial condition and results of operations.

**<u>Key Personnel</u>**

The Adviser depends on the diligence, skill and network of business contacts of its and its affiliates' investment professionals. The Fund's success depends on the continued service of such personnel. The investment professionals associated with the Adviser are actively involved in other investment activities not concerning the Fund and will not be able to devote all of their time to the Fund's business and affairs. The departure of any of the senior managers of the Adviser, or a significant number of the investment professionals or partners of the Adviser or Adviser's affiliates, could have a material adverse effect on the Fund's ability to achieve its investment objective. Individuals not currently associated with the Adviser may become associated with the Fund, and the performance of the Fund may also depend on the experience and expertise of such individuals. In addition, there is no assurance that the Adviser will remain the Fund's investment adviser or that the Adviser will continue to have access to the investment professionals and partners of its affiliates and the information and deal flow generated by the investment professionals of its affiliates.

**<u>Federal Income Tax</u>**

The tax laws applicable to the Fund, its investments and shareholders are complex and subject to change. Prospective investors are urged to consult their tax advisers before making an investment in the Fund. In particular, the Fund could (1) generate ordinary expense, including fee expense, that might exceed ordinary income, thus resulting in a non-deductible net operating loss, (2) incur non-deductible expenses, which could impact the after-tax return of any investor, (3) enter into transactions that adversely impact the timing, character or source of taxable income or deductions, or that adversely impact the availability of generally available tax credits, (4) adopt certain accounting conventions or methods that may be open to interpretation or challenge by the federal government, state governments or foreign taxing authorities; if these are not respected, the Fund could be subject to entity-level taxation, interest expense and tax penalties, (5) make distributions that are subject to disadvantageous income or withholding taxation, especially for non-U.S. investors, (6) make investments, particularly in illiquid securities or commodities, that could be subject to forced liquidation in a disorderly manner if in the future the U.S. federal government's conclusions regarding certain tax planning entered into by the Fund were to differ from currently-accepted market practice, (7) allocate undistributed tax earnings and profits toward shares redeemed for dividends paid deduction purposes, (8) be forced to make distributions to comply with the tax law, and to sell investments at times and/or at prices that may not be advantageous in order to fund such distributions, or (9) invest in certain securities or other financial instruments for which the tax treatment may not be clear or may be subject to re-characterization by the IRS. It could be more difficult for the Fund to comply with the federal income tax requirements applicable to RICs if the tax characterization of the Fund's investments is not clear or if the tax treatment of the income from such investments were successfully challenged by the IRS.

**<u>Cyber Security</u>**

As the use of technology, including cloud-based technology, has become more prevalent in the course of business, investment vehicles such as the Fund and its service providers have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events from outside threat actors or internal resources that may, among other things, cause the Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security breaches may involve unauthorized access to the Fund's digital information systems (*e.g.*, through "hacking" or malicious software coding), and may come from multiple sources, including outside attacks such as denial-of-service attacks (*i.e.*, efforts to make network services unavailable to intended users) or cyber extortion, including exfiltration of data held for ransom and/or "ransomware" attacks that render systems inoperable until ransom is paid, or insider actions (*e.g.*, intentionally or unintentionally harmful act of Adviser personnel). In addition, cyber security breaches involving the Fund's third-party service providers (including but not limited to the Adviser, Administrator, Transfer Agent, custodians, vendors, suppliers, Distributor and other third parties), trading counterparties or issuers in which the Fund invests can also subject the Fund to many of the same risks associated with direct cyber security breaches or extortion of company data. The Adviser's use of cloud-based service providers could heighten or change these risks. Cyber security failures or breaches may result in financial losses to the Fund and its shareholders. For example, cyber security failures or breaches involving trading counterparties or issuers in which the Fund invests could adversely impact such counterparties or issuers and cause the Fund's investments to lose value. In addition, work-from-home arrangements by the Fund, the Adviser or their service providers could increase all of the above risks, create additional data and information accessibility concerns, and make the Fund, the Adviser or their service providers susceptible to operational disruptions, any of which could adversely impact their operations.

These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Fund's ability to calculate its NAV, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future.

Like with operational risk in general, the Fund has established business continuity plans and risk management systems designed to reduce the risks associated with cyber security. However, there are inherent limitations in these plans and systems, including that certain risks may not have been identified, in large part because different or unknown threats may emerge in the future. As such, there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers in which the Fund may invest, trading counterparties or third-party service providers to the Fund. Such entities have experienced cyber attacks and other attempts to gain unauthorized access to systems from time to time, and there is no guarantee that efforts to prevent or mitigate the effects of such attacks or other attempts to gain unauthorized access will be successful. There is also a risk that cyber security breaches may not be detected. The Fund and its shareholders may suffer losses as a result of a cyber security breach related to the Fund, its service providers, trading counterparties or the issuers in which the Fund invests.

**<u>Technology and Data</u>**

The Adviser relies heavily on the use of technology, including proprietary and third-party software and data, both in portfolio management and more broadly to run most aspects of its business. For example, electronic systems and data are used to monitor compliance with investment guidelines.

The Adviser employs controls reasonably designed to assure that its technology systems are sound and the systems suppliers it relies on are reputable and competent. The Adviser also employs risk-based controls around the use of data, which include diligence of third-party service providers, monitoring data sources for inaccurate and missing data, and escalation procedures. Despite its control environment, the Adviser may encounter systems flaws, and some data may be inaccurate. These issues may go undetected for long periods of time, or avoid detection altogether. These issues could affect the investment performance of the Fund.

**<u>Shares Not Listed; No Market for Shares</u>**

The Fund has been organized as a closed-end management investment company. Closed-end funds differ from open-end management investment companies (commonly known as mutual funds) because investors in a closed-end fund do not have the right to redeem their shares on a daily basis. Unlike many closed-end funds, which typically list their shares on a securities exchange, the Fund does not currently intend to list the Shares for trading on any securities exchange, and the Fund does not expect any secondary market to develop for the Shares in the foreseeable future. Therefore, an investment in the Fund, unlike an investment in an exchange-listed closed-end fund, is not a liquid investment.

 ****

**<u>Closed-End Fund; Liquidity</u>**

The Fund is a non-diversified closed-end management investment company designed primarily for long-term investors and is not intended to be a trading vehicle. An investor should not invest in the Fund if the investor needs a liquid investment. Closed-end funds differ from open-end management investment companies (commonly known as mutual funds) in that investors in a closed-end fund do not have the right to redeem their shares on a daily basis at a price based on net asset value.

**<u>Repurchase Risks</u>**

The Fund has no obligation to repurchase Shares at any time; any such repurchases will only be made at such times, in such amounts and on such terms as may be determined by the Board of Trustees, in its sole discretion. With respect to any future repurchase offer, Shareholders tendering any Shares for repurchase must do so by a date specified in the notice describing the terms of the repurchase offer (the "Notice Date"). The Notice Date generally will be 3 months prior to the date as of which the Shares to be repurchased are valued by the Fund (the "Valuation Date"). Tenders will be revocable upon written notice to the Fund until the date specified in the terms of the repurchase offer (the "Expiration Date"). The Expiration Date generally will be 2 months prior to the Valuation Date. Shareholders that elect to tender any Shares for repurchase will not know the price at which such Shares will be repurchased until the Fund's net asset value as of the Valuation Date is able to be determined. It is possible that during the time period between the Notice Date and the Valuation Date, general economic and market conditions, or specific events affecting one or more Underlying Funds, could cause a decline in the value of Shares in the Fund. **Shareholders who require minimum annual distributions from a retirement account through which they hold Shares should consider the Fund's schedule for repurchase offers and submit repurchase requests accordingly and should consider the Fund's limited liquidity in making a decision to invest in the Fund**. Each repurchase offer is subject to approval by the Board of Trustees in its sole discretion. In addition, there is no regular market for interests in certain Underlying Funds, which typically must be sold in privately negotiated transactions. Any such sales would likely require the consent of the Underlying Fund's manager and could occur at a discount to the stated NAV. If the Adviser determines to cause the Fund to sell its interest in an Underlying Fund, the Fund may be unable to sell such interest quickly, if at all, and could therefore be obligated to continue to hold such interest for an extended period of time, or to accept a lower price for a more expeditious sale. The Fund may need to suspend or postpone repurchase offers if it is not able to dispose of its interests in Underlying Funds in a timely manner. *See* "<u>Repurchases of Shares</u>."

**<u>Investment Performance of the Fund and Other Investment Vehicles May Vary Significantly</u>**

The Adviser may establish, additional companies, partnerships or other entities, pooled investment vehicles for multiple investors, funds, separate accounts, or other entities that may have, in whole or in part, investment objectives and strategies that may be similar to or overlap with those of the Fund (collectively, "Other Investment Vehicles"). The Fund may at times compete with the Other Investment Vehicles for certain investments. The returns and investor liquidity terms of each of the Other Investment Vehicles will likely differ materially from those of the Fund.

The results of the investment activities of the Fund may differ significantly from the results achieved by the Adviser for its own benefit and from the results achieved by Other Investment Vehicles based on the investment strategies employed by such investors.

Subject to applicable law, including the 1940 Act, Other Investment Vehicles may invest alongside the Fund. In allocating any investment opportunities, the Adviser will take into account numerous factors, including factors specific only to such Other Investment Vehicles, in accordance with applicable policies and procedures. Any such investments made alongside the Fund may or may not be in proportion to the relevant commitments of the investing parties and, subject to applicable law, may involve different terms and fee structures than those of the Fund. As a result, investment returns may vary materially among the Fund and Other Investment Vehicles that invest alongside the Fund. In certain circumstances, negotiated co-investments may be made only if the Fund has received an exemptive order from the SEC permitting such investment. Failure to receive such an exemptive order could reduce the amount of transactions in which the Fund can participate and make it more difficult for the Fund to implement its investment objectives.

**<u>"Best-Efforts" Offering</u>**

This offering is being made on a best-efforts basis, whereby the Distributor is only required to use its best efforts to distribute the Shares and has no firm commitment or obligation to purchase any of the Shares. To the extent that a limited number of Shares are subscribed for in this offering, the opportunity for the allocation of the Fund's investments among various issuers and industries may be decreased, and the returns achieved on those investments may be reduced as a result of allocating all of the Fund's expenses over a smaller capital base.

**<u>Inadequate Return</u>**

No assurance can be given that the returns on the Fund's investments will be commensurate with the risk of investment in its Shares.

**<u>Fund Distribution Policy</u>**

The Fund intends to make distributions at least annually. The Fund may pay out less than all of its net investment income to the extent consistent with maintaining its ability to be subject to tax as a RIC under the Code, pay out undistributed income from prior months, return capital in addition to current period net investment income or borrow money to fund distributions. The distributions for any full or partial calendar year might not be made in equal amounts, and one distribution may be larger than the other. The Fund cannot assure investors that the Fund will achieve investment results that will allow the Fund to make a specified level of cash distributions or year-to-year increases in cash distributions. All distributions will be paid at the discretion of the Board out of assets legally available for these distributions and may depend on the Fund's earnings, the Fund's net investment income, the Fund's financial condition, maintenance of the Fund's RIC status, compliance with applicable regulations and such other factors as the Board may deem relevant from time to time. This distribution policy may, under certain circumstances, have certain adverse consequences to the Fund and its shareholders because it may result in a return of capital, which would reduce the NAV of the Shares and, over time, potentially increase the Fund's expense ratio. If a distribution constitutes a return of capital, it means that the Fund is returning to shareholders a portion of their investment rather than making a distribution that is funded from the Fund's earned income or other profits. The Fund's distribution policy may be changed at any time by the Board.

There is a possibility that the Fund may make total distributions during a calendar or taxable year in an amount that exceeds the Fund's net investment company taxable income and net capital gains for the relevant taxable year. In such situations, if a distribution exceeds the Fund's current and accumulated earnings and profits (as determined for U.S. federal income tax purposes), a portion of each distribution paid with respect to such taxable year would generally be treated as a return of capital for U.S. federal income tax purposes, thereby reducing the amount of a shareholder's tax basis in such shareholder's Shares. When a shareholder sells Shares, the amount, if any, by which the sales price exceeds the shareholder's tax basis in Shares may be treated as a gain subject to tax. Because a return of capital reduces a shareholder's tax basis in Shares, it generally will increase the amount of such shareholder's gain or decrease the amount of such shareholder's loss when such shareholder sells Shares. To the extent that the amount of any return of capital distribution exceeds a shareholder's tax basis in Shares, such excess generally will be treated as gain from a sale or exchange of the Shares.

If the Fund elects to issue preferred shares and/or notes or other forms of indebtedness, its ability to make distributions to its shareholders may be limited by the asset coverage requirements and other limitations imposed by the 1940 Act and the terms of the Fund's preferred shares, notes or other indebtedness.

**<u>Anti-Takeover</u>**

The Declaration of Trust and bylaws, as well as certain statutory and regulatory requirements, contain certain provisions that may have the effect of discouraging a third party from attempting to acquire it. Subject to the limitations of the 1940 Act, the Board may, without shareholder action, authorize the issuance of shares in one or more classes or series, including preferred shares; and the Board may, without shareholder action, make certain amendments to the Declaration of Trust. These anti-takeover provisions may inhibit a change of control in circumstances that could give shareholders the opportunity to realize a premium over the value of the shares.

**MANAGEMENT OF THE FUND**

**Trustees**

Pursuant to the Declaration of Trust and bylaws, the Fund's business and affairs are managed under the direction of the Board, which has overall responsibility for monitoring and overseeing the Fund's management and operations. The Board consists of four members, three of whom are considered Independent Trustees and one of whom is an Interested Trustee. The Trustees are subject to removal or replacement in accordance with Delaware law and the Declaration of Trust. The Statement of Additional Information provides additional information about the Trustees.

The Board, including a majority of the Independent Trustees, oversees and monitors the Fund's management and operations. After an initial two-year term, the Board will review on an annual basis the Investment Management Agreement to determine, among other things, whether the fees payable under such agreement is reasonable in light of the services provided.

**The Adviser** 

Wellington Management Company LLP ("WMC" or the "Adviser"), an investment adviser registered with the SEC under the Advisers Act, serves as the Fund's adviser. The Adviser is responsible for the Fund's investment strategy and the day-to-day management of the Fund's assets.

The Adviser is a Delaware limited liability partnership with principal offices at 280 Congress Street, Boston, Massachusetts 02210. The Adviser is a professional investment counseling firm that provides investment services to investment companies, employee benefit plans, endowments, foundations, and other institutions. The Adviser and its predecessor organizations have provided investment advisory services for over 80 years. The Adviser is owned by the partners of Wellington Management Group LLP ("WMG"), a Massachusetts limited liability partnership. WMG serves as the ultimate parent holding company of the Wellington Management global organization. As of December 31, 2025, the Adviser had investment management authority with respect to approximately $1.3 trillion in assets.

**Investment Personnel**

The Fund's portfolio managers (each, a "Portfolio Manager" and together, the "Portfolio Managers") are Gregg R. Thomas, Nick L. Samouilhan and Noah Comen.

Mr. Thomas is a Senior Managing Director and Portfolio Manager of WMC. Mr. Thomas is the Platform Lead of the Solutions Group within WMC, where he focuses on the coaching and developing of investment talent, investment process oversight for the group, and technology strategy. Mr. Thomas also serves as a portfolio manager and team leader of the fundamental factor platform within the Solutions Group, a team that manages client solutions spanning fundamental, factor, and alternative-oriented objectives.

Mr. Samouilhan is a Managing Director and Portfolio Manager of WMC. Mr. Samouilhan is a portfolio manager within WMC's Solutions Group. As Co-Head of the firm's Investment Solutions and Strategy Group, he helps to lead the multi-asset team in solving clients' investment challenges through custom multi-asset solutions, advisory engagements and product design.

Mr. Comen is a Managing Director and Portfolio Manager of WMC. Mr. Comen is a portfolio manager within WMC's Solutions Group. Mr. Comen designs and implements investment solutions that address client challenges, drawing on the team's research across market trends, manager evaluation, portfolio construction and risk management.

The Statement of Additional Information provides additional information about the portfolio manager's compensation, other accounts managed by the portfolio manager, and the portfolio manager's ownership of Shares in the Fund.

**Control Persons and Principal Holders of Securities**

A control person generally is a person who beneficially owns more than 25% of the voting securities of a company or has the power to exercise control over the management or policies of such company. Wellington Finance & Treasury LLC is expected to provide the initial investment for the Fund. For so long as Wellington Finance & Treasury LLC has a greater than 25% interest in the Fund, it may be deemed to be a "control person" of the Fund for purposes of the 1940 Act.

**Administrative Services**

Pursuant to a supervision and administration agreement (the "Supervision and Administration Agreement") with Wellington Fund Services LLC (the "Administrator"), subject to the general supervision and direction of the Board, the Administrator provides or causes to be performed all supervisory and administrative and other services reasonably necessary for the operation of the Fund other than investment advisory services provided pursuant to the Investment Management Agreement. These services include, without limitation: the supervision and coordination of matters relating to the ordinary operation of the Fund, including any necessary coordination among the Adviser, custodian, transfer agent, sub-administrator and any portfolio accounting agent (including pricing and valuation of the Fund's portfolio), accountants, and other parties performing services or operational functions for the Fund; the maintenance of the books and records of the Fund, other than the records and ledgers maintained under the Investment Management Agreement; the preparation of all federal, state, local and foreign tax returns and reports for the Fund; the supervision and performance of general portfolio compliance monitoring with respect to applicable law; the preparation, filing and distribution of proxy materials and periodic reports to intermediaries, shareholders or other appropriate parties; the preparation and filing of such registration statements and other documents with such authorities as may be required to register the Fund's shares and qualify the Fund to do business or as otherwise required by applicable law; the taking of other such actions as may be required by applicable law (including establishment and maintenance of a compliance program for the Fund); the provision of legal support for the purchase, sale, holding, monitoring, disposing or sustenance of portfolio securities and other assets; and the provision of adequate personnel, office space, communications facilities, and other facilities necessary for the effective performance of the supervision and administration of the Fund, as well as the services of a sufficient number of persons competent to perform such supervisory and administrative and clerical functions as are necessary for compliance with federal securities laws and other applicable laws.

The Fund pays a supervisory and administrative fee to the Administrator, computed as 0.04% of the Fund's net assets attributable to each share class.

The supervisory and administrative fee will be accrued monthly pursuant to the annual fee rate set forth above based on the value of the net assets of the Fund as of the close of business on the last business day of each month (including any assets in respect of Shares that will be repurchased by the Fund as of the end of the period). The supervisory and administrative fee is due and payable in arrears within ten business days after the end of the quarter (starting with the quarter investment operations commence).

The Administrator, in turn, provides or procures supervisory and administrative services for the Fund and also bears certain costs including fees of the sub-administrator. The Fund bears other expenses that are not covered under the supervisory and administrative fee that may vary and affect the total level of expenses paid by the Fund, such as taxes and governmental fees, brokerage fees, commissions and other transaction expenses, organizational and offering expenses of the Fund, costs of various third-party services required by the Fund (*e.g.*, audit, custodial, portfolio accounting, external legal, transfer agency, certain services provided by financial intermediaries and printing costs) and any other expenses that are capitalized in accordance with generally accepted accounting principles, costs of borrowing money including interest expenses, extraordinary expenses (such as litigation and indemnification expenses) and fees and expenses of the Fund's Independent Trustees and their counsel. *See* "<u>Fund Expenses</u>." The supervisory and administrative fee paid by the Fund may reflect a premium over the Fund's actual administrative expenses paid or incurred by the Administrator for a given period, and such premium would be used to cover the Administrator's internal costs and expenses attributable to the Fund. Also, under the terms of the Supervision and Administration Agreement, the Administrator, and not Fund shareholders, would benefit from any price decreases in third-party services that are paid by the Administrator, including decreases resulting from an increase in net assets.

The Supervision and Administration Agreement may be terminated, with respect to the Fund or a particular share class of the Fund, at any time, without the payment of any penalty, by a vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of the Fund or such share class, or by a vote of a majority of the Fund's Trustees on 60 days' written notice to the Administrator, or by the Administrator on 60 days' written notice to the Fund. The Supervision and Administration Agreement shall terminate automatically in the event of its assignment (as defined in the 1940 Act).

**Indemnification** 

The Investment Management Agreement provides that, absent willful misfeasance, lack of good faith or gross negligence in the performance of its duties, or by reason of the reckless disregard of its obligations and duties under the Investment Management Agreement, the Adviser, each of its affiliates and all respective partners, members, directors, officers, trustees and employees and each person, if any, who within the meaning of Section 15 of the Securities Act of 1933, as amended (the "Securities Act"), controls, is controlled by or is under common control with the Adviser shall not be liable for any error of judgment or mistake of law and shall not be subject to any expenses or liability to the Fund or any of the Fund's shareholders, in connection with the matters to which this Agreement relates. Nothing therein in any way constitutes a waiver or limitation of any right of any person under any applicable federal or state securities laws of the United States of America.

**Custodian and Transfer Agent**

State Street Bank and Trust Company, which has its principal office at One Congress Street, Boston, MA 02114, serves as the Fund's custodian, transfer agent and dividend paying agent.

**FUND EXPENSES**

The Adviser bears all of its own costs incurred in providing investment advisory services to the Fund. The Fund bears all other expenses incurred in the business and operation of the Fund. As described above, the Fund pays for certain supervisory and administrative services it receives under the Supervision and Administration Agreement, and the Administrator provides or procures supervisory and administrative services for the Fund and also bears the costs of certain third-party services required by the Fund. However, the Fund bears other expenses that are not covered under the supervisory and administrative fee.

Under the Investment Management Agreement, the Fund assumes and shall pay or cause to be paid all of its expenses, including without limitation the following. Certain of these expenses are further addressed by the Supervision and Administration Agreement, the discussion of which immediately follows this list.

**Fund Expenses Pursuant to Investment Management Agreement (subject to further specification under Supervision and Administration Agreement)**

● corporate, organizational and offering costs relating to offerings of Shares;

● the cost of calculating the NAV of Shares, including the cost of any third-party pricing or valuation services;

● the cost of effecting sales and repurchases of Shares and other securities;

● the Investment Management Fee;

● the Distribution Fee and/or Shareholder Servicing Fee;

● investment related expenses (*e.g.*, expenses that, in the Adviser's discretion, are related to the investment of the Fund's assets, whether or not such investments are consummated), including, as applicable, fees and expenses of Underlying Funds (including, without limitation, management fees, administration fees and professional and other direct, fixed fees and expenses, performance fee, carried interest, incentive fees or allocations based on Underlying Fund performance, as applicable), brokerage commissions, borrowing charges on securities sold short, clearing and settlement charges, recordkeeping, interest expense, line of credit fees, dividends on securities sold but not yet purchased, margin fees, investment related travel and lodging expenses and research-related expenses, professional fees relating to investments, including expenses of consultants, investment bankers, attorneys, accountants and other experts;

● transfer agent and custodial fees;

● Distributor costs;

● fees and expenses associated with marketing efforts;

● federal and any state registration or notification fees;

● federal, state and local taxes;

● costs incident to payment of dividends or distributions by the Fund;

● costs associated with the Fund's share repurchase program;

● fees and expenses of the Independent Trustees, including dues and expenses incurred in connection with membership in investment company organizations;

● the costs of preparing, printing and mailing reports and other communications, including tender offer correspondence or similar materials, to Shareholders;

● fidelity bond, Trustees and officers errors and omissions liability insurance and other insurance premiums;

● broken deal expenses (including, without limitation, research costs, fees and expenses of legal, financial, accounting, consulting or other advisors in connection with conducting due diligence or otherwise pursuing a particular non-consummated transaction);

● legal expenses (including those expenses associated with preparing the Fund's public filings, attending and preparing for Board meetings, as applicable, and generally serving as counsel to the Fund or the Independent Trustees of the Fund);

● external accounting expenses (including but not limited to fees and disbursements and expenses related to the annual audit of the Fund and the preparation of the Fund's tax information);

● any costs and expenses associated with or related to due diligence performed with respect to the Fund's offering of its Shares, including, but not limited to, costs associated with or related to due diligence activities performed by, on behalf of, or for the benefit of broker-dealers, registered investment advisors and third-party due diligence providers;

● costs associated with reporting and compliance obligations under the 1940 Act and applicable federal and state securities laws, including compliance with The Sarbanes-Oxley Act of 2002;

● all other expenses incurred by the Fund in connection with administering the Fund's business, including expenses by the Administrator for performing administrative services for the Fund, subject to the terms of the Supervision and Administration Agreement; and

● any expenses incurred outside of the ordinary course of business, including, without limitation, costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or similar proceeding and indemnification expenses as provided for in the Fund's organizational documents.

Except as otherwise described in this prospectus, the Adviser will be reimbursed by the Fund, as applicable, for any of the above expenses that it pays on behalf of the Fund.

Pursuant to the Supervision and Administration Agreement, the Administrator will pay all expenses incurred by it in connection with its obligations under the Supervision and Administration Agreement, except such expenses as are assumed by the Fund under the Supervision and Administration Agreement. The Administrator assumes and shall pay for maintaining its staff and personnel and shall, at its own expense provide the equipment, office space, office supplies and facilities necessary to perform its obligations under the Supervision and Administration Agreement. In addition, the Supervision and Administration Agreement provides that the Administrator and Fund, respectively, shall bear certain expenses, as follows.

**Administrator Expenses Pursuant to Supervision and Administration Agreement**

● expenses of the Fund's sub-administrator.

**Fund Expenses Pursuant to Supervision and Administration Agreement**

● salaries and other compensation or expenses, including travel expenses, of any of the Fund's executive officers and employees, if any, who are not officers, directors, shareholders, members, partners or employees of the Administrator or its subsidiaries or affiliates;

● taxes and governmental fees, if any, levied against the Fund;

● brokerage fees and commissions, and other portfolio transaction expenses incurred by or for the Fund (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by the Fund, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (*e.g.*, fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments));

● expenses of the Fund's securities lending (if any), including any securities lending agent fees, as governed by a separate securities lending agreement;

● costs, including interest expenses, of borrowing money or engaging in other types of leverage financing including, without limitation, through the use by the Fund of reverse repurchase agreements, dollar rolls, bank borrowings, credit facilities and tender option bonds;

● costs, including dividend and/or interest expenses and other costs (including, without limitation, offering and related legal costs, fees to brokers, fees to auction agents, fees to transfer agents, fees to ratings agencies and fees to auditors associated with satisfying ratings agency requirements for preferred shares or other securities issued by the Fund and other related requirements in the Fund's organizational documents) associated with the Fund's issuance, offering, redemption and maintenance of preferred shares, commercial paper or other instruments (such as the use of reverse repurchase agreements, dollar rolls, bank borrowings, credit facilities and tender option bonds) for the purpose of incurring leverage;

● fees and expenses of any underlying funds or other pooled vehicles in which the Fund invests (if any);

● dividend and interest expenses on short positions taken by the Fund;

● fees and expenses, including reasonable travel expenses and technology support, and fees and expenses of legal counsel retained for their benefit, of Trustees who are not officers, employees, partners, shareholders or members of the Administrator or its subsidiaries or affiliates;

● extraordinary expenses, including extraordinary legal expenses, as may arise, including, without limitation, expenses incurred in connection with litigation, proceedings, other claims, and the legal obligations of the Fund to indemnify its Trustees, officers, employees, shareholders, distributors, and agents with respect thereto;

● fees and expenses, including legal, printing and mailing, solicitation and other fees and expenses associated with and incident to shareholder meetings and proxy solicitations;

● organizational and offering expenses of the Fund, including registration (including share registration fees), legal, regulatory, marketing (to the extent payable pursuant to a plan adopted under Rule 12b-1 of the 1940 Act (a "Rule 12b-1 Plan") or a similar plan adopted by the Trustees with respect to that share class), printing, accounting and other expenses, associated with organizing the Fund in its state of jurisdiction and in connection with the initial registration of the Fund under the 1940 Act and the initial registration of its shares under the Securities Act (*i.e.*, through the effectiveness of the Fund's initial registration statement on Form N-2) and fees and expenses associated with seeking, applying for and obtaining formal exemptive, no-action and/or other relief from the SEC in connection with the issuance of multiple share classes and in connection with co-investment transactions, if any;

● except as otherwise specified in the Supervision and Administration Agreement as an expense of the Administrator, any expenses allocated or allocable to a specific class of Shares;

● expenses and fees paid to agents and intermediaries for sub-transfer agency, sub-accounting and other administrative services in respect of Shares of the Fund (or Shares of a particular share class) held through omnibus and networked, record Shareholder accounts (together, "Sub-Transfer Agency Expenses");

● distribution and/or service fees paid pursuant to a Rule 12b-1 Plan or similar plan adopted by the Trustees of the Fund for a particular share class;

● expenses of the Fund which are capitalized in accordance with generally accepted accounting principles;

● expenses of all audits by the Fund's independent public accountants;

● expenses of the Fund's transfer agent, registrar, dividend disbursing agent, and recordkeeping agent;

● expenses of the Fund's custodial services, including any recordkeeping services provided by the custodian;

● expenses of obtaining quotations for calculating the value of the Fund's net assets;

● expenses of maintaining the Fund's tax records;

● expenses and fees, including external legal fees, incident to: the preparation, printing and distribution of the Fund's prospectuses, notices, press releases and reports to existing shareholders; the preparation and filing of registration statements and updates thereto and reports to regulatory bodies; the maintenance of the Fund's existence and qualification to do business; issuing, redeeming and repurchasing shares; registering and qualifying for sale, shares with federal and state securities authorities following the initial registration of the Fund's shares under the Securities Act (*i.e.*, not in connection with the organization of the Fund) and following any registration of a new class of shares of the Fund subsequent to its initial registration; and the expense of qualifying and listing existing shares with any securities exchange or other trading system, if any;

● the Fund's ordinary legal fees, including the legal fees that arise in the ordinary course of business for a Delaware statutory trust, registered as a closed-end management investment company;

● the Fund's *pro rata* portion of the fidelity bond required by Section 17(g) of the 1940 Act, Directors & Officers/Errors & Omissions (D&O/E&O) liability insurance, or other insurance premiums; and

● organizational and offering expenses, including registration (including share registration fees), legal, regulatory, marketing (to the extent payable pursuant to a Rule 12b-1 Plan or a similar plan adopted by the Trustees for a particular share class), printing, accounting and other expenses, in connection with any registration of a new class of shares of the Fund subsequent to its initial registration.

**Expense Limitation Agreement** 

The Adviser and the Fund have entered into the Expense Limitation Agreement under which the Adviser has agreed contractually, on a monthly basis, to reimburse the Fund's "Specified Expenses" in respect of each class of the Fund (each, a "Class") where "Specified Expenses" means all other expenses incurred in the business of the Fund and allocated to a Class, including the Fund's annual operating expenses, with the exception of: (i) the Investment Management Fee; (ii) the Shareholder Servicing Fee (as defined herein); (iii) the Distribution Fee (as defined herein); (iv) certain costs associated with the acquisition, ongoing investment and disposition of the Fund's investments and unconsummated investments, including legal costs, professional fees, travel costs and brokerage costs; (v) fees and expenses of the Underlying Funds in which the Fund invests; (vi) dividend and interest payments (including any dividend payments, interest expenses, commitment fees, or other expenses related to any leverage incurred by the Fund); (vii) taxes and costs to reclaim foreign taxes; and (viii) extraordinary expenses (as determined in the sole discretion of the Adviser), to the extent that such expenses, on an annualized basis, exceed 0.50% of the monthly net assets of such Class (the "Expense Limitation").

If, while the Adviser is the investment adviser to the Fund, the Fund's estimated annualized Specified Expenses in respect of a Class for a given month are less than the Expense Limitation, the Adviser shall be entitled to reimbursement by the Fund of the other expenses borne by the Adviser on behalf of the Fund (the "Reimbursement Amount") during any of the previous thirty-six (36) months, but only to the extent that the Fund's estimated annualized Specified Expenses in respect of a Class (after such reimbursement is taken into account) do not exceed, for such month, the lesser of (i) the Expense Limitation in effect at the time such expenses were borne by the Adviser on behalf of the Fund pursuant to the Expense Limitation Agreement or (ii) any other relevant expense limit in effect at the time of such reimbursement with respect to the Class, and provided further that such amount paid to the Adviser will in no event exceed the total Reimbursement Amount and will not include any amounts previously reimbursed. The Adviser may recapture a Specified Expense in any year within the thirty-six (36) month period after the Adviser bears the expense. *See* "<u>Fund Expenses—Expense Limitation Agreement</u>" for additional information. The Expense Limitation Agreement will remain in effect for a one-year period from the date the Fund commences operations or until July 31, 2027, whichever is longer, unless and until the Board approves its modification or termination. Thereafter, the Expense Limitation Agreement may be annually renewed with the written agreement of the Adviser and the Fund. The Board may terminate the Expense Limitation Agreement at any time upon notice to the Adviser, and the Expense Limitation Agreement shall automatically terminate upon the termination of the Investment Management Agreement between the Adviser and the Fund. The Fund's obligation to make reimbursement payments shall survive the termination of the Expense Limitation Agreement. *See* "<u>Fund Expenses</u>."

Certain Blackstone Underlying Funds may charge incentive-based compensation, including incentive fees and performance-based allocations (collectively, "incentive fees"). In the event that the Fund has a net total return (including any distributions) over an Additional Reimbursement Period (defined below) that is less than 0% (using the net total return of the Fund's Class I Shares or any other lower-cost share class subsequently launched as a proxy for the Fund's net total return) and Blackstone received incentive fees attributable to the Fund's investments in Blackstone Underlying Funds during such period, the Adviser has contractually agreed to reimburse the Fund an additional amount ("Additional Reimbursement"). The Additional Reimbursement will be made to the Fund and divided proportionally among each share class of the Fund based on net assets, not only to the Class I Shares. The Additional Reimbursement agreement will commence on the date the Fund commences operations and remain in effect until December 31 of the second following year (for example, if the Fund commences operations in 2026, the Additional Reimbursement agreement will continue in effect until December 31, 2028). The Additional Reimbursement shall generally be the <u>lesser</u> of (i) the amount that would result in the net total return (including any distributions) of the Fund's Class I Shares (or any other lower cost share class subsequently launched) over the Additional Reimbursement Period equaling 0% as if the entire Fund had experienced the net total return (including distributions) of that share class over the Additional Reimbursement Period; and (ii) the total incentive fees received by Blackstone attributable to the Fund's investments in Blackstone Underlying Funds over the Additional Reimbursement Period. The "Additional Reimbursement Period" shall be: (i) initially, the period from the date on which the Fund commences operations until December 31 of the following calendar year (for example, if the Fund commences operations on August 1, 2026, the initial Additional Reimbursement Period would be August 1, 2026 – December 31, 2027); and (ii) thereafter, January 1 through December 31 of the following year (in the example above, the second Additional Reimbursement Period would be January 1, 2028 – December 31, 2028). A lower-cost share class subsequently launched will be used as the proxy for the Fund's net total return instead of Class I only if that share class was operational for the entire Additional Reimbursement Period in question. Amounts reimbursed, if any, pursuant to the Additional Reimbursement agreement shall not be subject to reimbursement to the Adviser. The Additional Reimbursement will be accrued and paid in accordance with U.S. GAAP. The Additional Reimbursement agreement may be annually renewed with the written agreement of the Adviser and the Fund. The Board of Trustees of the Fund may terminate this Agreement at any time upon notice to the Adviser, and this Agreement shall automatically terminate upon the termination of the Investment Management Agreement between the Adviser and the Fund.

**Organization and Offering Costs**

Organizational costs include, among other things, the cost of organizing as a Delaware statutory trust, including the cost of legal services and other fees pertaining to the Fund's organization. These costs are expensed as incurred by the Fund and will be paid by the Adviser on behalf of the Fund.

The Fund's initial offering costs include, among other things, legal, printing and other expenses pertaining to this offering. Offering costs will be recorded as accrued offering costs in the Statement of Assets and Liabilities and accounted for as a deferred charge until commencement of operations. Thereafter these initial offering costs will be amortized over 12 months on a straight-line basis. Ongoing offering costs will be expensed as incurred.

All organizational and offering costs of the Fund paid by the Adviser shall be subject to reimbursement under the terms of the Expense Limitation Agreement. *See* "<u>Fund Expenses—Expense Limitation Agreement</u>."

The Fund's estimated organizational and offering costs for the initial 12-month period of investment operations is approximately $500,000.

**Investment MANAGEMENT FEE**

The Adviser allocates and reallocates the Fund's assets among Blackstone Underlying Funds and other investments, as described in the section "<u>Investment Program – Investment Strategies</u>." Pursuant to the Investment Management Agreement, and in consideration of the advisory services provided by the Adviser to the Fund, the Adviser is entitled to an Investment Management Fee. As required pursuant to Section 15 of the 1940 Act, the Board, including the Independent Trustees, have requested and evaluated such information it considered reasonably necessary to evaluate the terms of the Investment Management Agreement, including the Investment Management Fee.

**Investment Management Fee**

The Investment Management Fee is payable quarterly in arrears and accrued monthly at an annual rate of 0.10% of the value of the Fund's net assets, which is calculated as of the close of business on the last business day of each month. The Investment Management Fee paid to the Adviser will be paid out of the Fund's assets. The Investment Management Fee will be paid to the Adviser before giving effect to any repurchase of Shares in the Fund effective as of that date and will decrease the net profits or increase the net losses of the Fund that are credited to its Shareholders. Net assets means the total value of all assets of the Fund, less an amount equal to all accrued debts, liabilities, and obligations of the Fund, determined in accordance with U.S. GAAP and the valuation and accounting policies and procedures of the Fund; provided that for purposes of determining the Investment Management Fee payable to the Adviser for any month, net assets will be calculated prior to any reduction for any fees and expenses of the Fund for that month, including, without limitation, the Investment Management Fee payable to the Adviser for that month.

**Approval of the Investment Management Agreement**

Board approval of the Investment Management Agreement was made in accordance with, and on the basis of an evaluation satisfactory to the Board, as required by Section 15(c) of the 1940 Act and the applicable rules and regulations thereunder, including consideration of, among other factors, (i) the nature, quality and extent of the services provided by the Adviser under the Investment Management Agreement; (ii) comparative information with respect to advisory fees and other expenses paid by other comparable investment companies; and (iii) information about the services performed by the Adviser and the personnel of the Adviser providing such services under the Investment Management Agreement. A discussion regarding the basis for the Board's approval of the Investment Management Agreement will be available in the Fund's first annual or semi-annual report on Form N-CSR. After its initial term, the Investment Management Agreement will continue in effect from year to year so long as such continuance is approved annually by the Board or by vote of a majority of the outstanding voting securities of the Fund; provided that in either event the continuance is also approved by a majority of the Independent Trustees by vote cast in person at a meeting called for the purpose of voting on such approval. The Investment Management Agreement is terminable without penalty, *inter alia*, upon 60 days' prior written notice by the Fund or by the Adviser. The Investment Management Agreement also provides that it will terminate automatically in the event of its "assignment," as defined by the 1940 Act and the rules thereunder.

**DETERMINATION OF NET ASSET VALUE**

The Fund calculates the NAV of each class of its Shares: (i) as of the close of business on the last business day of each month; (ii) on each date that Shares are to be repurchased in connection with the Fund's offer to purchase Shares; and (iii) at such other times as the Board shall determine (each, a "Determination Date"). In determining its NAV, the Fund will value its investments as of the relevant Determination Date. In accordance with the procedures adopted by the Board, the NAV per share of the Fund's outstanding Shares of beneficial interest is determined, on a class-specific basis, by dividing the value of total assets minus liabilities by the total number of Shares outstanding.

The Board has approved valuation procedures for the Fund (the "Valuation Procedures"). The Fund's portfolio investments for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act. As permitted by Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the Fund's valuation designee ("Valuation Designee") to perform fair value determinations relating to all portfolio investments pursuant to the Valuation Procedures. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources including the Underlying Funds, their affiliates and/or their agents.

The valuation of the Fund's assets is performed in accordance with U.S. GAAP and the 1940 Act. The fair value of the Fund's assets is determined in accordance with the terms of FASB Accounting Standards Codification Topic 820, *Fair Value Measurement* ("ASC 820"). ASC 820 defines fair value as "the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date." Fair value is a market-based measurement, not an entity-specific measurement. For some assets and liabilities, observable market transactions or market information might be available. For other assets and liabilities, observable market transactions and market information might not be available. However, the objective of a fair value measurement in both cases is the same—to estimate the price at which an orderly transaction to sell the asset or transfer the liability would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant that holds the asset or owes the liability).

ASC 820 establishes a hierarchal disclosure framework which ranks the observability of inputs used in measuring financial instruments at fair value. The observability of inputs is impacted by a number of factors, including the type of financial instrument, the characteristic specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices, or for which fair value can be measured from quoted prices in active markets, will generally have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value.

The three-level hierarchy for fair value measurement is defined as follows:

*Level 1* — quoted prices available in active markets for identical investments as of the reporting date.

*Level 2* — inputs to the valuation methodology are either directly or indirectly observable as of the reporting date and are those other than quoted prices in active markets.

*Level 3* — inputs to the valuation methodology are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation.

Securities/instruments traded in active markets on the measurement date are valued by multiplying the closing price of such traded securities/instruments by the quantity of shares or amount of the instrument held.

Level 2 securities (those that are not actively traded but whose fair value can be determined based on other observable market data) are generally valued using a price determined by an approved independent pricing vendor.

The valuation approach for Level 3 investments may vary by security/instrument but may include discounted cash flow analysis, comparable public market valuations and comparable transaction valuations, among others. Factors that might materially impact the value of an investment (*e.g*., operating results, financial condition, achievement of milestones, economic and/or market events and recent sales prices) may be considered. The factors and methodologies used for the valuation of such securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can realize the fair value assigned to a security if it were to sell the security. Because such valuations are inherently uncertain, they often reflect only periodic information about such companies' financial condition and/or business operations, which may be on a lagged basis and therefore fluctuate over time and can be based on estimates. Determinations of fair value may differ materially from the values that would have been used if an exchange-traded market for these securities existed.

Due to the inherent uncertainty in determining the fair value of investments for which market quotations are not readily available, including certain Blackstone Underlying Funds, the fair value of these investments may fluctuate from period to period. In addition, such fair value may differ materially from the values that may have been used had a ready market existed for such investments and may significantly differ from the value ultimately realized by the Fund.

The Adviser seeks to evaluate material information about the Fund's investments, and in some cases, the Adviser utilizes third party sources for such information. However, for the reasons noted herein, the Adviser may not be able to acquire and/or evaluate properly such information for certain investments. Due to these various factors, the Fund's fair value determinations can cause the Fund's NAV to materially understate or overstate the value of its investments. As a result, investors who purchase Shares may receive more or less Shares and investors who tender their Shares may receive more or less cash proceeds than they otherwise would receive.

For information on the Fund's NAV, please call the Fund at 1-888-287-3403 or visit the Fund's website at <u>https://wvbblackstoneallprivates.com</u>. The Board is responsible for overseeing the determination, in good faith, of the fair value of the Fund's portfolio investments. The Adviser and the Board are responsible for the accuracy, reliability or completeness of any market or fair market valuation determinations made with respect to the Fund's assets.

**CONFLICTS OF INTEREST**

The Adviser, Vanguard and Blackstone have formed a strategic alliance to transform how individual investors access institutional-quality investment opportunities and collaborate on developing simplified multi-asset investment solutions (the "Strategic Alliance"). The Fund, which is not itself party to the Strategic Alliance, is such an investment product. The three firms have agreed to certain terms to shape and govern the Strategic Alliance that, in some cases, present actual or potential conflicts of interest with respect to the Fund and its Shareholders.

As described above, under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) directly or indirectly in a combination of Blackstone Underlying Funds that provide exposure to private market investments and Temporary Private Markets Exposure Proxies. The Fund's policy to invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) directly or indirectly in a combination of Blackstone Underlying Funds that provide exposure to private market investments and Temporary Private Markets Exposure Proxies, is a fundamental policy that may be changed only by Shareholder approval.

The Adviser expects to select Underlying Funds without considering or canvassing the universe of available investment options managed by other managers, and under normal conditions, the Fund will not invest in any funds that are managed, advised or sponsored by a manager that is not the Adviser, Vanguard or Blackstone, even though there may (or may not) be one or more investment vehicles managed by other managers that investors might regard as more attractive for the Fund or that experience better performance from time to time. Moreover, the Underlying Funds that are available from Blackstone or Vanguard for investment by the Fund may change from time to time. Under the terms of the Strategic Alliance, if the Adviser seeks to implement certain changes that are not approved by Blackstone (collectively, "Reallocation Events"), the Adviser may, at its option, make a payment to Blackstone with respect to Blackstone's interest in the Strategic Alliance relating to the Fund, in which case Blackstone's remedies will be limited solely to such payment. Such Reallocation Events represent actions taken unilaterally by the Adviser, including in accordance with its fiduciary obligations to the Fund, that would run contrary to Shareholder expectations regarding the Fund and to the spirit of the Strategic Alliance as it relates to the Fund. For example, a Reallocation Event would occur if the Adviser, at its option, causes or proposes, and such changes are implemented, without the review of Blackstone, any of the following: (i) a change or elimination of the Fund's 80% Policy, subject to certain limited exceptions; (ii) an intentional, uncured breach of the Fund's 80% Policy, subject to certain limited exceptions; (iii) a merger, open-ending or other extraordinary transaction with respect to the Fund; and (iv) an allocation of Fund assets to funds or strategies managed by persons other than the Adviser, Vanguard, or Blackstone or to any private markets strategy managed, advised or sponsored by a person who is not Blackstone. If the Adviser elects not to make a payment to Blackstone in connection with a Reallocation Event, the Adviser will resign as the Fund's investment adviser, and a new investment manager may be proposed, subject to Board (including a majority of the independent Trustees) and Fund Shareholder approval (an "Investment Manager Alternative"). If a new investment manager is not proposed or Board or Shareholder approval of the Investment Manager Alternative is not obtained, then the parties have agreed to cooperate in good faith with each other to ensure an orderly wind-down and liquidation of the Fund, subject to approval by the Fund's Board. If the Adviser elects to resign, it will act in a manner consistent with its fiduciary duties to the Fund and its agreement to cooperate in good faith with all parties and the Board to ensure a smooth transition in the provision of investment management services to the Fund on a going forward basis or an orderly wind-down and liquidation. The Adviser expects to choose to consider only the Underlying Funds available to the Fund, even in circumstances when it may conflict or appear to conflict with the Fund's and Shareholders' interests. Such conflicts could arise in many circumstances, including, for example and without limitation, if available Underlying Fund performance lags market or competitor returns over extended periods. Additionally, as noted above and as part of the Strategic Alliance, the Adviser has agreed that, when the Fund is at scale, the Fund will be subject to the Withdrawal Constraints that limit the Fund's investment flexibility and liquidity.

To the extent the three firms alter or terminate their Strategic Alliance, the Fund may not be able to pursue its investment strategies in whole or in part, and the Fund and Shareholders could experience investment losses as a result. Other benefits that the Adviser and the Fund enjoy as a result of the Strategic Alliance, including, without limitation, Blackstone's assistance with marketing and branding for the Fund and its contributions to marketing expenses related to the Fund, could also be altered, reduced or eliminated in the event of such changes to the Strategic Alliance.

While the value of the Fund's securities and other instruments are typically based on pricing information from independent sources such as dealers and pricing services, the Fund may rely, with respect to certain investments, on fair valuations provided by the Adviser. Fair value pricing involves judgments that are inherently subjective and uncertain. Additionally, the Fund or its pricing services may utilize inputs obtained from the Blackstone Underlying Funds, their affiliates and/or their agents regarding certain Blackstone Underlying Funds. Because the Investment Management Fee is calculated based on the value of the Fund's net assets, the role of the Adviser in valuation of the Fund's securities and other instruments presents a potential conflict of interest.

The Fund's executive officers and Trustees, and the employees of the Adviser, serve or may serve as officers, trustees or principals of Other Investment Vehicles that operate in the same or a related line of business as the Fund or of other WMC advised funds. As a result, they may have obligations to investors in those entities, the fulfillment of which might not be in the best interests of the Fund or its Shareholders. Moreover, notwithstanding the difference in principal investment objectives between the Fund and the Other Investment Vehicles, such other funds, including potential new pooled investment vehicles or managed accounts not yet established (whether managed or sponsored by affiliates or the Adviser), have, and may from time to time have, overlapping investment objectives with the Fund and, accordingly, invest in, whether principally or secondarily, asset classes similar to those targeted by the Fund. To the extent the Other Investment Vehicles have overlapping investment objectives, the scope of opportunities otherwise available to the Fund may be adversely affected and/or reduced. However, the Adviser intends to allocate investment opportunities among its clients, including the Fund, in a fair and equitable manner over time in accordance with the Adviser's investment allocation policy, consistent with each client's investment objective and strategies and legal and regulatory requirements.

The results of the Fund's investment activities may differ significantly from the results achieved by the Other Investment Vehicles. It is possible that one or more of such funds will achieve investment results that are substantially more or less favorable than the results achieved by the Fund. Moreover, it is possible that the Fund will sustain losses during periods in which one or more affiliates of the Adviser achieve significant profits on their trading for proprietary or other accounts. The opposite result is also possible.

The Adviser and its affiliates also serve as investment adviser or sub-adviser to a number of registered investment companies and private investment funds sponsored and distributed by non-affiliates, and provide discretionary investment management for institutional client portfolios under a variety of investment styles. These different investment styles may cause the Adviser and its affiliates to recommend an investment approach or specific positions to one client but not to others. The Adviser and its affiliates may take an investment action or give investment advice on behalf of one client which differs from an investment action taken on behalf of another client. For example, the Adviser and its affiliates may buy securities on behalf of one client while selling simultaneously the same securities on behalf of another client. Alternatively, the Adviser and its affiliates may take a short position in a security on behalf of one client while maintaining a long position in that same security on behalf of another client, in each case consistent with the investment objectives of such clients and with the investment viewpoints of the different portfolio managers. To the extent permitted under applicable laws and the Adviser's policies and procedures, the Adviser may (but is not required to) execute direct trades, or "cross trades," between the Fund and one or more other client accounts if the Adviser determines that the trade is appropriate for all accounts involved and permissible under applicable law, including the 1940 Act.

Because the Adviser and its affiliates manage a range of strategies and asset classes, the Adviser and its affiliates may sometimes invest on behalf of other funds and client accounts in securities with different seniority or other rights than securities of the same issuer held by the Fund. For example, the Fund may hold equity securities of a company while other funds or accounts may hold fixed income securities of the same issuer. If the issuer experiences financial distress, other funds and accounts may take investment actions that could be adverse to the Fund.

The Adviser, its affiliates and their clients may pursue or enforce rights with respect to an issuer in which the Fund has invested, and those activities may have an adverse effect on the Fund. As a result, prices, availability, liquidity and terms of the Fund's investments may be negatively impacted by the activities of the Adviser and its affiliates or their clients, and transactions for the Fund may be impaired or effected at prices or terms that may be less favorable than would otherwise have been the case.

The Adviser and its affiliates, including their respective employees individually, may purchase and sell Shares in the Fund for their own accounts and on behalf of clients. Certain terms of investing in the Fund (including the minimum investment amount) may be waived for affiliates and personnel. In addition, affiliates and personnel may have access to information about the Fund that is not available to other investors or may have access to information on a timelier basis than other investors. This may raise conflicts between and among the interests of the Adviser, its affiliates, their clients, the Fund and its investors. The Adviser and its affiliates take reasonable steps to manage these conflicts, and seek to identify and prevent the misuse of material information about the Fund.

The Adviser may enter into transactions and invest in securities, instruments and currencies on behalf of the Fund in which customers of its affiliates, to the extent permitted by applicable law, serve as the counterparty, principal or issuer. In such cases, such party's interests in the transaction could be adverse to the interests of the Fund, and such party may have no incentive to assure that the Fund obtains the best possible prices or terms in connection with the transaction. In addition, the purchase, holding and sale of such investments by the Fund may enhance the profitability of the Adviser or its affiliates. One or more affiliates may also create, write or issue derivatives for their customers, the underlying securities, currencies or instruments of which may be those in which the Fund invests or which may be based on the performance of the Fund. The Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other distribution by one or more Adviser affiliates and may also enter into transactions with other clients of an affiliate where such other clients have interests adverse to those of the Fund.

Applicable law, including the 1940 Act, may at times prevent the Fund from being able to participate in investments that it otherwise would participate in and may require the Fund to dispose of investments at a time when it otherwise would not dispose of such investment, in each case, in order to comply with applicable law.

The 1940 Act contains prohibitions and restrictions relating to certain transactions between registered investment companies and certain affiliates (including any investment advisers or sub-advisers), principal underwriters and certain affiliates of those affiliates or underwriters. Because the Fund is a registered investment company, the Fund is not generally permitted to make loans to companies controlled by the Adviser or other funds managed by the Adviser or its affiliates. The Fund is also not permitted to make any co-investments with certain affiliates without exemptive relief from the SEC, subject to certain exceptions.

The Fund will be required to establish business relationships with its counterparties based on the Fund's own credit standing. Neither the Adviser nor any of its affiliates will have any obligation to allow its credit to be used in connection with the Fund's establishment of its business relationships, nor is it expected that the Fund's counterparties will rely on the credit of the Adviser or its affiliates in evaluating the Fund's creditworthiness.

By reason of the various activities of the Adviser and its affiliates, the Adviser and such affiliates may acquire confidential or material non-public information or otherwise be restricted from purchasing certain potential Fund investments that otherwise might have been purchased or be restricted from selling certain Fund investments that might otherwise have been sold at the time.

The Adviser has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy voting decisions made on behalf of advisory clients, including the Fund, and to help ensure that such decisions are made in accordance with its fiduciary obligations to clients. Nevertheless, notwithstanding such proxy voting policies and procedures, actual proxy voting decisions may have the effect of favoring the interests of other clients, provided that the Adviser believes such voting decisions to be in accordance with its fiduciary obligations.

The Adviser determines the broker or dealer to be used for each market transaction for the Fund. In selecting brokers or dealers to execute transactions, the Adviser seeks best available price and most favorable execution under the circumstances. It need not solicit competitive bids and does not have an obligation to seek the lowest available commission cost. The Adviser negotiates commission rates in advance of trading based on the various types of trade execution that its client accounts may need. It focuses on execution requirements when negotiating these rates and seeks to maximize overall benefits received by clients for their commission expenditures. Where permitted under applicable law, the Adviser may negotiate commission rates with brokers or dealers that bundle execution and investment research services. As a result, the Adviser may place transactions with brokers or dealers that provide research services to it or its affiliates, but only when the broker or dealer is judged capable of providing best price and most favorable execution for that transaction under the circumstances. Additionally, the Adviser uses research provided by brokers or dealers or other independent research and data providers in its decision-making process, which may include, without limitation, written materials and analysis, conversations with analysts at such providers, data, quotation services, meetings with corporate management and access to experts in a variety of fields. Such services are not linked directly to a particular transaction, and the Adviser does not track the benefits of research services to the commissions associated with a particular account or group of accounts. Some research and execution services may benefit the Adviser's or its affiliates' clients as a whole, while others may benefit a specific segment of clients. Some of the Adviser's clients will pay commission charges for trade execution services only (*i.e.*, unbundled from research service costs) in order to comply with applicable law. Research services received from client commission arrangements can be used by investment personnel of the Adviser and its affiliates and thus can benefit all of their clients.

In no event will the Adviser or its affiliates enter into agreements, express or implied, for selecting a broker or dealer as a means of remuneration for recommending the Adviser as an investment adviser for prospective or present clients. In addition, the Adviser or its affiliates will not knowingly place transactions with a broker or dealer in recognition of sales of the Fund or other pooled investment vehicles advised or sub-advised by the Adviser or its affiliates. However, portfolio transactions may be placed with firms who have made such recommendations or who sell or recommend pooled investment vehicles or separate account products advised or sub-advised by the Adviser or its affiliates if otherwise consistent with seeking best available price and most favorable execution.

**REPURCHASES OF SHARES**

**No Right of Redemption**

The Fund is a closed-end management investment company, and as such its Shareholders will not have the right to cause the Fund to redeem their Shares, other than limited rights of a stockholder's descendants or estate to request a repurchase of Shares in the event of such stockholder's death. Instead, the Fund expects to provide liquidity to its Shareholders through tender offers. Repurchases may be made, at the Fund's discretion, in a manner consistent with the Fund's periodic repurchases or in such other manner permitted by the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act"), the 1940 Act and the rules thereunder.

**Tender Offers**

The Fund does not currently intend to list its Shares for trading on any securities exchange or any other trading market in the near future. In recognition that a secondary market for the Fund's Shares likely will not exist, the Adviser currently intends to recommend to the Board that the Fund conduct quarterly tender offers for up to 3% of its outstanding Shares in the sole discretion of the Board. The Fund expects to set the price of its tender offers using the NAV per share for each applicable class as of the last business day of the quarter in which such tender offer is made. The Fund's NAV per share will be available on the Fund's website at <u>https://wvbblackstoneallprivates.com</u>. In the event a tender offer is oversubscribed by Shareholders who tender Shares, the Fund will repurchase a *pro rata* portion by value of the Shares tendered by each stockholder, extend the tender offer, or take any other action with respect to the tender offer permitted by applicable law. Any repurchase of Shares from a Shareholder that were held for less than one year (on a first-in, first-out basis) will be subject to an "Early Repurchase Fee" equal to 2.00% of the NAV of any Shares repurchased by the Fund that were held for less than one year. If an Early Repurchase Fee is charged to a Shareholder, the amount of such fee will be retained by the Fund. The one-year holding period will be satisfied if at least one year has elapsed from (a) the issuance date of the applicable Shares to (b) the subscription date immediately following the valuation date used in the repurchase of such Shares.

An Early Repurchase Fee payable by a Shareholder may be waived by the Fund, in circumstances where the Board of Directors determines that doing so is in the best interests of the Fund and in a manner as will not discriminate unfairly against any Shareholder. The Fund may, from time to time, waive the Early Repurchase Fee in the following circumstances (subject to the conditions described below):

● repurchases resulting from death, qualifying disability or divorce;

● in the event that a Shareholder's Shares are repurchased because the Shareholder has failed to maintain the $2,500 minimum account balance;

● due to trade or operational error; or

● repurchases of Shares submitted by discretionary model portfolio management programs (and similar arrangements) or funds of funds as approved by the Fund.

As set forth above, the Fund may waive the Early Repurchase Fee in respect of repurchase of Shares resulting from the death, qualifying disability (as such term is defined in Section 72(m)(7) of the Code) or divorce of a Shareholder who is a natural person, including Shares held by such Shareholder through a trust or an IRA or other retirement or profit-sharing plan, after (i) in the case of death, receiving written notice from the estate of the Shareholder, the recipient of the Shares through bequest or inheritance, or, in the case of a trust, the trustee of such trust, who shall have the sole ability to request repurchase on behalf of the trust, (ii) in the case of qualified disability, receiving written notice from such Shareholder, provided that the condition causing the qualifying disability was not pre-existing on the date that the Shareholder became a Shareholder or (iii) in the case of divorce, receiving written notice from the Shareholder of the divorce and the Shareholder's instructions to effect a transfer of the Shares (through the repurchase of the Shares by us and the subsequent purchase by the Shareholder) to a different account held by the Shareholder (including trust or an individual retirement account or other retirement or profit-sharing plan). The Fund must receive the written repurchase request within 12 months after the death of the Shareholder, the initial determination of the Shareholder's disability or divorce in order for the requesting party to rely on any of the special treatment described above that may be afforded in the event of the death, disability or divorce of a Shareholder. In the case of death, such a written request must be accompanied by a certified copy of the official death certificate of the Shareholder. If spouses are joint registered holders of Shares, the request to have the Shares repurchased may be made if either of the registered holders dies or acquires a qualified disability. If the Shareholder is not a natural person, such as certain trusts or a partnership, corporation or other similar entity, the right to waiver of the Early Repurchase Fee upon death, disability or divorce does not apply.

In any given quarter, however, the Adviser may or may not recommend to the Board that the Fund conduct a tender offer. For example, if adverse market conditions cause the Fund's investments to become illiquid or trade at depressed prices or if the Adviser believes that conducting a tender offer for 3% or less of the Fund's Shares then outstanding would impose an undue burden on Shareholders who do not tender compared to the benefits of giving Shareholders the opportunity to sell all or a portion of their Shares at NAV, the Fund may choose not to conduct a tender offer or may choose to conduct a tender offer for less than 3% of its outstanding Shares. Regardless of the recommendation of the Adviser, the Board may or may determine not to cause the Fund to conduct a tender offer for any given quarter.

The Fund intends to comply with an exemption under FINRA Rule 5110 that requires the Fund to make at least two tender offers per calendar year. However, there may be quarters in which no tender offer is made, and it is possible that no future tender offers will be conducted by the Fund at all. If a tender offer is not made, Shareholders may not be able to sell their Shares as it is unlikely that a secondary market for the Shares will develop or, if a secondary market does develop, Shareholders may be able to sell their Shares only at substantial discounts from NAV. If the Fund does conduct tender offers, it may be required to borrow or sell its more liquid, higher quality portfolio securities to purchase Shares that are tendered, which may increase risks for remaining Shareholders and increase Fund expenses as a percent of assets. The Fund is designed primarily for long-term investors and an investment in the Fund's Shares should be considered illiquid.

In a tender offer, the Fund repurchases outstanding Shares at the NAV per share of each class of Shares or at a percentage of such NAV per share on the last day of the offer. The Fund may sell portfolio investments to fund tender offers. However, subject to the Fund's investment restriction with respect to borrowings, the Fund may borrow money to finance the repurchase of Shares pursuant to any tender offers. There can be no assurance that the Fund will be able to obtain such financing for tender offers if it attempts to do so. Moreover, if the Fund's portfolio does not provide adequate liquidity to fund tender offers, the Fund may extend the last day of any tender offer or choose to pay tendering Shareholders with a promissory note, payment on which may be made in cash up to 30 days after the Valuation Date, or if the Fund has requested withdrawals of its capital from any Underlying Funds in order to fund the repurchase of Shares, within ten business days after the Fund has received at least 90% of the aggregate amount withdrawn from the Underlying Funds. The promissory note will be non-interest bearing, non-transferable and non-negotiable. With respect to the Shares tendered, the owner of a promissory note will no longer be a Shareholder of the Fund and will not have the rights of a Shareholder, including without limitation voting rights. The promissory note may be prepaid, without premium, penalty or notice, at any time. Although tender offers generally would be beneficial to Shareholders by providing them with some ability to sell their Shares at NAV, the acquisition of Shares by the Fund will decrease the total assets of the Fund. Tender offers are, therefore, likely to increase the Fund's expense ratio, may result in untimely sales of portfolio securities and/or may limit the Fund's ability to participate in new investment opportunities. To the extent the Fund maintains a cash position to satisfy Fund repurchases, the Fund would not be fully invested, which may reduce the Fund's investment performance. Furthermore, to the extent the Fund borrows to finance the making of tender offers by the Fund, interest on such borrowings reduces the Fund's net investment income. In order to fund repurchase requests, the Fund may be required to sell its more liquid, higher quality portfolio securities to purchase Shares that are tendered, which may increase risks for remaining Shareholders and increase Fund expenses. Consummating a tender offer may require the Fund to liquidate portfolio securities, and realize gains or losses, at a time when the Adviser would otherwise consider it disadvantageous to do so.

It is the Board's policy, which may be changed by the Board, not to purchase Shares pursuant to a tender offer if: (1) such purchases would impair the Fund's status as a RIC; (2) the Fund would not be able to liquidate portfolio securities in a manner that is orderly and consistent with the Fund's investment objectives and policies in order to purchase Shares tendered pursuant to the tender offer; or (3) there is, in the Board's judgment, any (a) legal action or proceeding instituted or threatened challenging the tender offer or otherwise materially adversely affecting the Fund, (b) declaration of a banking moratorium by Federal or state authorities or any suspension of payment by banks in the United States or Massachusetts, which is material to the Fund, (c) limitation imposed by Federal or state authorities on the extension of credit by lending institutions, (d) commencement or escalation of war, armed hostilities, acts of terrorism, natural disasters, public health crises or other international or national calamity directly or indirectly involving the United States that in the sole determination of the Board is material to the Fund, (e) a material decrease in the estimated NAV of the Fund from the estimated NAV of the Fund as of the commencement of the tender offer or (f) other events or conditions that would have a material adverse effect on the Fund or its Shareholders if Shares tendered pursuant to the tender offer were purchased. Thus, there can be no assurance that the Board will proceed with any tender offer. The Board may modify these conditions in light of circumstances existing at the time. The Fund may not purchase Shares to the extent such purchases would result in the asset coverage with respect to any borrowing being reduced below the asset coverage requirement set forth in the 1940 Act. Accordingly, in order to purchase all Shares tendered, the Fund may have to repay all or part of any then outstanding borrowing to maintain the required asset coverage. In addition, the amount of Shares for which the Fund makes any particular tender offer may be limited for the reasons set forth above or in respect of other concerns related to the Fund's portfolio or the impact of the tender offer on those Shareholders who do not sell their Shares in the tender offer. If a tender offer is oversubscribed by Shareholders who tender Shares, the Fund will generally repurchase a pro rata portion of the Shares tendered by each Shareholder. However, the Board, in its discretion, subject to applicable law, may amend a tender offer to include all or part of the oversubscribed amounts. In addition, for any tender offer, third party Shareholders may not be given priority over Shareholders that are affiliates of the Adviser, whose holdings in the Fund may be significant and may have the effect of diluting third party Shareholders with respect to any tender offer.

Each tender offer would be made and Shareholders would be notified in accordance with the requirements of the Exchange Act and the 1940 Act, either by publication or mailing or both. The tender offer documents will contain information prescribed by such laws and the rules and regulations promulgated thereunder. The repurchase of tendered Shares by the Fund is a taxable event to Shareholders. *See* "<u>Tax Aspects</u>." Selected securities dealers or other financial intermediaries may charge a processing fee to confirm a repurchase of Shares pursuant to a tender offer.

The Fund will assume all fees and expenses related to a repurchase of Shares. A Shareholder tendering for repurchase less than all of its Shares must maintain a minimum account balance after the repurchase is effected, the amount of which will be established by the Fund from time to time and is currently $2,500. If a Shareholder tenders a number of Shares that would cause the aggregate NAV of the Shareholder's holdings to fall below the required minimum, the Fund reserves the right to reduce the amount to be repurchased from the Shareholder so that the required minimum balance is maintained. The Fund may also repurchase all of such a Shareholder's Shares in the Fund, and amounts so repurchased are subject to an Early Repurchase Fee. The Fund or the Adviser may waive the minimum account balance from time to time.

The Fund's NAV per share may change materially from the date a tender offer is mailed to the tender valuation date (or any later valuation date if the tender offer is extended), and to the effective date of repurchase, and it also may change materially shortly after a tender is completed. The method by which the Fund calculates its NAV is discussed under "<u>Determination of Net Asset Value</u>."

**Early Repurchase Fee**

A 2.00% early repurchase fee payable to the Fund will be charged with respect to the repurchase of a Shareholder's Shares at any time prior to the day immediately preceding the one-year anniversary of a Shareholder's purchase of the Shares (on a "first in-first out" basis). If an Early Repurchase Fee is charged to a Shareholder, the amount of such fee will be retained by the Fund. The one-year holding period will be satisfied if at least one year has elapsed from (a) the issuance date of the applicable Shares to (b) the subscription date immediately following the valuation date used in the repurchase of such Shares.

An early repurchase fee payable by a Shareholder may be waived by the Fund, where doing so is in the best interests of the Fund and in a manner as will not discriminate unfairly against any Shareholder. Any such waiver does not imply that the early repurchase fee will be waived at any time in the future or that such early repurchase fee will be waived for any other Shareholder. As set forth above, the early repurchase fee may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder; in the event that a Shareholder's Shares are repurchased because the Shareholder has failed to maintain the $2,500 minimum account balance; due to trade or operational error; and repurchases of Shares submitted by discretionary model portfolio management programs (and similar arrangements) as approved by the Fund. In addition, the Fund's Shares may be sold to certain feeder vehicles primarily created to hold the Fund's Shares that in turn offer interests in such feeder vehicles to non-U.S. persons. For such feeder vehicles and similar arrangements in certain markets, the Fund will not apply the early repurchase fee to the feeder vehicles or underlying investors, often because of administrative or systems limitations. The early repurchase fee will be retained by the Fund for the benefit of remaining Shareholders.

Shares acquired through the Fund's DRP, reinvestment of dividends or capital gain distributions are not subject to an early repurchase fee.

**DESCRIPTION OF CAPITAL STRUCTURE**

The following description is based on relevant portions of the Delaware Statutory Trust Act, as amended, and on the Declaration of Trust and bylaws. This summary is not intended to be complete. Please refer to the Delaware Statutory Trust Act, as amended, and the Declaration of Trust and bylaws, copies of which have been filed as exhibits to the registration statement of which this prospectus forms a part, for a more detailed description of the provisions summarized below.

**Shares of Beneficial Interest**

The Declaration of Trust authorizes the Fund's issuance of an unlimited number of Shares of beneficial interest, par value $0.001 per share. There is currently no market for Shares and the Fund does not expect that a market for Shares will develop in the foreseeable future. Pursuant to the Declaration of Trust and as permitted by Delaware law, Shareholders are entitled to the same limitation of personal liability extended to stockholders of private corporations organized for profit under the General Corporation Law of the State of Delaware, as amended (the "DGCL") and therefore generally will not be personally liable for the Fund's debts or obligations.

Shares

Under the terms of the Declaration of Trust, all Shares, when consideration for Shares is received by the Fund, will be fully paid and nonassessable. Distributions may be paid to Shareholders if, as and when authorized and declared by the Board. Shares will have no preference, preemptive, appraisal, conversion, exchange or redemption rights, and will be freely transferable, except where their transfer is restricted by law or contract. The Declaration of Trust provides that the Board shall have the power to repurchase or redeem Shares. In the event of the Fund's dissolution, after the Fund pays or adequately provides for the payment of all claims and obligations of the Fund, and upon the receipt of such releases, indemnities and refunding agreements deemed necessary by the Board, each Share will be entitled to receive, according to its respective rights, a *pro rata* portion of the Fund's assets available for distribution, subject to any preferential rights of holders of the Fund's outstanding preferred Shares, if any. Each whole Share will be entitled to one vote as to any matter on which it is entitled to vote and each fractional Share will be entitled to a proportionate fractional vote. Shareholders shall be entitled to vote on all matters on which a vote of Shareholders is required by the 1940 Act, the Declaration of Trust or a resolution of the Board. There will be no cumulative voting in the election or removal of Trustees. Under the Declaration of Trust, the Fund is not required to hold annual meetings of Shareholders. The Fund only expects to hold Shareholder meetings to the extent required by the 1940 Act or pursuant to special meetings called by the Board or a majority of Shareholders. Investors may buy Shares of the Fund through Financial Intermediaries. Orders will be priced at the Fund's NAV next computed after they are received by a Financial Intermediary and accepted by the Fund. A Financial Intermediary may hold Shares in an omnibus account in the Financial Intermediary's name or the Financial Intermediary may maintain individual ownership records. The Fund may pay the Financial Intermediary for maintaining individual ownership records as well as providing other shareholder services. Financial Intermediaries may charge fees for the services they provide in connection with processing your transaction order or maintaining an investor's account with them. Investors should check with their Financial Intermediary to determine if it is subject to these arrangements. Financial Intermediaries are responsible for placing orders correctly and promptly with the Fund, forwarding payment promptly. While Class A, Class I and Class M Shares do not impose a front-end sales charge, if you purchase Class A, Class I or Class M Shares through certain financial firms, such firms may directly charge you transaction or other fees in such amount as they may determine, provided that such firms limit such charges to a 1.50% cap for Class A Shares and a 3.50% cap for Class M Shares. Please consult your financial firm for additional information.

If an investment is made through an IRA, Keogh plan or 401(k) plan, an approved trustee must process and forward the subscription to the Fund. In such case, the Fund will send the confirmation and notice of its acceptance to the trustee.

The Fund accepts initial and additional purchases of Shares as of the first business day of each calendar month (the "acceptance date").

The Fund does not issue the Shares purchased (and an investor does not become a Shareholder with respect to such Shares) until the applicable purchase date (*i.e.*, the first business day of the following calendar month). Consequently, purchase proceeds do not represent capital of the Fund, and do not become assets of the Fund, until such date. Purchases are generally subject to the receipt of the purchase order and cleared funds at least seven days prior to the acceptance date in the full amount of the purchase. An investor who misses the acceptance date may have the effectiveness of his, her or its investment in the Fund delayed until the following month.

Any amounts received in advance of the initial or subsequent purchases of Shares are placed in a non-interest-bearing account with the Fund's transfer agent prior to their investment in the Fund, in accordance with Rule 15c2-4 under the Exchange Act. The Fund reserves the right to reject any application. Unless otherwise required by applicable law, any amount received in advance of a purchase ultimately rejected by the Fund will be returned to the prospective investor.

**Purchase Terms**

For each class of Shares, the minimum initial investment is $2,500; subsequent investments may be made with at least $500, except for purchases made pursuant to the Fund's DRP or as otherwise permitted by the Fund. While Class A, Class I and Class M Shares do not impose a front-end sales charge, if you purchase Class A, Class I or Class M Shares through certain financial firms, such firms may directly charge you transaction or other fees in such amount as they may determine, provided that such firms limit such charges to a 1.50% cap for Class A Shares and a 3.50% cap for Class M Shares. Please consult your financial firm for additional information. The Fund reserves the right to waive the investment minimum. The Fund may permit a Financial Intermediary to waive the initial minimum per shareholder for Class I Shares in the following situations: broker-dealers purchasing fund shares for clients in broker-sponsored discretionary fee-based advisory programs; Financial Intermediaries with clients of a registered investment adviser (RIA) who have entered into an agreement to offer institutional shares through a no-load program or investment platform; and certain other situations deemed appropriate by the Fund, such as purchases by Trustees and certain employees of WMC and its affiliates and their extended family members. The Fund's Class I Shares are offered through its Distributor at NAV. The price of the Shares during the Fund's continuous offering will fluctuate over time with the NAV of the Shares.

The Fund's Shares are offered through its Distributor on a monthly basis at NAV, plus any applicable sales load, which is calculated as of the close of business on the last business day of the immediately preceding month. The price of the Shares during the Fund's continuous offering will fluctuate over time with the NAV of the Shares.

Preferred Shares and Other Securities

The Declaration of Trust provides that the Board may, subject to the Fund's investment policies and restrictions and the requirements of the 1940 Act, authorize and cause the Fund to issue securities of the Fund other than Shares (including preferred Shares, debt securities or other senior securities), by action of the Board without the approval of Shareholders. The Board may determine the terms, rights, preferences, privileges, limitations and restrictions of such securities as the Board sees fit.

Preferred Shares could be issued with rights and preferences that would adversely affect Shareholders. Preferred Shares could also be used as an anti-takeover device. Every issuance of preferred Shares will be required to comply with the requirements of the 1940 Act. The 1940 Act requires, among other things, that (i) immediately after issuance of preferred Shares and before any distribution is made with respect to the Shares and before any purchase of Shares is made, the aggregate involuntary liquidation preference of such preferred Shares together with the aggregate involuntary liquidation preference or aggregate value of all other senior securities must not exceed an amount equal to 50% of the Fund's total assets after deducting the amount of such distribution or purchase price, as the case may be; and (ii) the holders of preferred Shares, if any are issued, must be entitled as a class to elect two Trustees at all times and to elect a majority of the Trustees if distributions on such preferred Shares are in arrears by two years or more. Certain matters under the 1940 Act require the separate vote of the holders of any issued and outstanding preferred Shares.

**Outstanding Securities**

The following table sets forth information about the Fund's outstanding Shares as of June 15, 2026.

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| | | | |
|:---|:---|:---|:---|
|  | **Amount Authorized** | **Amount Held by the**<br> **Fund for its Own**<br> **Account** | **Amount Outstanding** |
| **Class A Shares** | **Unlimited** | **None** | **0** |
| **Class I Shares** | **Unlimited** | **None** | **10,000** |
| **Class M Shares** | **Unlimited** | **None** | **0** |

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**Limitation on Liability of Trustees and Officers; Indemnification and Advance of Expenses**

Pursuant to the Declaration of Trust, Trustees and officers of the Fund will not be subject in such capacity to any personal liability to the Fund or Shareholders, unless the liability arises from bad faith, willful misfeasance, gross negligence or reckless disregard for the Trustee's or officer's duty.

Except as otherwise provided in the Declaration of Trust, the Fund will indemnify and hold harmless any current or former Trustee or officer of the Fund against any liabilities and expenses (including reasonable attorneys' fees relating to the defense or disposition of any action, suit or proceeding with which such person is involved or threatened), while and with respect to acting in the capacity of a Trustee or officer of the Fund, except with respect to matters in which such person did not act in good faith in the reasonable belief that his or her action was in the best interest of the Fund, or in the case of a criminal proceeding, matters for which such person had reasonable cause to believe that his or her conduct was unlawful. In accordance with the 1940 Act, the Fund will not indemnify any Trustee or officer for any liability to which such person would be subject by reason of his or her willful misfeasance, bad faith, gross negligence or reckless disregard of the duties of his or her position. The Fund will provide indemnification to Trustees and officers prior to a final determination regarding entitlement to indemnification as described in the Declaration of Trust.

The Investment Management Agreement provides that, in the absence of willful misfeasance, lack of good faith, gross negligence or reckless disregard for its obligations and duties thereunder, the Adviser is not liable for any error of judgment or mistake of law or for any loss the Fund suffers.

Pursuant to the Declaration of Trust, the Fund will advance the expenses of defending any action for which indemnification is sought if the Fund receives a written undertaking by the indemnitee which provides that the indemnitee will reimburse the Fund unless it is subsequently determined that the indemnitee is entitled to such indemnification.

**Number of Trustees; Appointment of Trustees; Vacancies; Removal**

The Declaration of Trust provides that the number of Trustees shall be no less than one (1) and no more than fifteen (15), as determined in writing by a majority of the Trustees then in office. As set forth in the Declaration of Trust, a Trustee's term of office shall continue until his or her death, resignation, removal, bankruptcy, adjudicated incompetence or other incapacity to perform the duties of the office of a Trustee. Subject to the provisions of the 1940 Act, individuals may be appointed by the Trustees at any time to fill vacancies on the Board by the appointment of such persons by a majority of the Trustees then in office. Each Trustee shall hold office until his or her successor shall have been appointed pursuant to the Declaration of Trust. To the extent that the 1940 Act requires that Trustees be elected by Shareholders, any such Trustees will be elected by a plurality of all Shares voted at a meeting of Shareholders at which a quorum is present.

The Declaration of Trust provides that any Trustee may be removed (provided that after the removal the aggregate number of Trustees is not less than the minimum required by the Declaration of Trust) from office with cause 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).

**Action by Shareholders**

The Declaration of Trust provides that Shareholder action can be taken at a meeting of Shareholders or by written consent in lieu of a meeting. Subject to the 1940 Act, the Declaration of Trust or a resolution of the Board specifying a greater or lesser vote requirement, the affirmative vote of a majority of Shares present in person or represented by proxy at a meeting and entitled to vote on the subject matter shall be the act of the Shareholders with respect to any matter submitted to a vote of the Shareholders.

**Amendment of Declaration of Trust and Bylaws**

Subject to the provisions of the 1940 Act, pursuant to the Declaration of Trust, the Board may make certain amendments to the Declaration of Trust without any vote of Shareholders. Pursuant to the Declaration of Trust and bylaws, the Board has the exclusive power to amend or repeal the bylaws or adopt new bylaws at any time.

**No Appraisal Rights**

In certain extraordinary transactions, some jurisdictions provide the right to dissenting Shareholders to demand and receive the fair value of their Shares, subject to certain procedures and requirements set forth in such statute. Those rights are commonly referred to as appraisal rights. The Declaration of Trust provides that Shares shall not entitle Shareholders to appraisal rights.

**Conflict with Applicable Laws and Regulations**

The Declaration of Trust provides that if and to the extent that any provision of the Declaration of Trust conflicts with any provision of the 1940 Act, the provisions under the Code applicable to the Fund as a RIC or other applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of the Declaration of Trust; provided, however, that such determination shall not affect any of the remaining provisions of the Declaration of Trust or affect the validity of any action taken or omitted to be taken prior to such determination.

**TAX ASPECTS**

The following is a general summary of certain material U.S. federal income tax considerations applicable to the Fund and an investment in the Fund. The discussion below provides general tax information related to an investment in the Fund, but does not purport to be a complete description of the U.S. federal income tax consequences of an investment in the Fund and does not address any state, local, non-U.S. or other tax consequences. It is based on the Code and U.S. Treasury regulations thereunder and administrative pronouncements, all as of the date hereof, any of which is subject to change, possibly with retroactive effect. In addition, it does not describe all of the tax consequences that may be relevant in light of a Shareholder's particular circumstances, including (but not limited to) alternative minimum tax consequences and tax consequences applicable to Shareholders subject to special tax rules, such as certain financial institutions; dealers or traders in securities who use a mark-to-market method of tax accounting; persons holding Shares as part of a hedging transaction, wash sale, conversion transaction or integrated transaction or persons entering into a constructive sale with respect to Shares; entities classified as partnerships or other pass-through entities for U.S. federal income tax purposes; insurance companies; U.S. Shareholders (as defined below) whose functional currency is not the U.S. dollar; or tax-exempt entities, including "individual retirement accounts" or "Roth IRAs." Unless otherwise noted, the following discussion applies only to a Shareholder that holds Shares as a capital asset and is a U.S. Shareholder. A "U.S. Shareholder" generally is a beneficial owner of Shares who is for U.S. federal income tax purposes:

● an individual who is a citizen or 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;

● an estate the income of which is subject to U.S. federal income taxation regardless of its source; or

● a trust if it (a) is subject to the primary supervision of a court within the United States and one or more U.S. persons have the authority to control all substantial decisions of the trust or (b) has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.

If a partnership (including an entity treated as a partnership for U.S. federal income tax purposes) holds Shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. A prospective Shareholder that is a partner in a partnership holding Shares should consult the Shareholder's personal advisors with respect to the purchase, ownership and disposition of Shares.

The discussion set forth herein does not constitute tax advice. Tax laws are complex and often change, and Shareholders should consult their tax advisors about the U.S. federal, state, local or non-U.S. tax consequences of an investment in the Fund.

**Taxation of the Fund**

The Fund intends to elect to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a RIC under Subchapter M of the Code. As a RIC, the Fund generally will not be subject to corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes as dividends to Shareholders. To qualify as a RIC in any tax year, the Fund must, among other things, satisfy both a source of income test and asset diversification tests. The Fund will qualify as a RIC if (i) at least 90% of the Fund's gross income for such tax year consists of dividends; interest; payments with respect to certain securities loans; gains from the sale or other disposition of shares, securities or foreign currencies; other income (including, but not limited to, gains from options, futures or forward contracts) derived with respect to its business of investing in such shares, securities or currencies; and net income derived from interests in "qualified publicly-traded partnerships" (such income, "Qualifying RIC Income"); and (ii) the Fund's holdings are diversified so that, at the end of each quarter of such tax year, (a) at least 50% of the value of the Fund's total assets is represented by cash and cash equivalents, securities of other RICs, U.S. government securities and other securities, with such other securities limited, in respect of any one issuer, to an amount not greater than 5% of the value of the Fund's total assets and not greater than 10% of the outstanding voting securities of such issuer and (b) not more than 25% of the value of the Fund's total assets is invested (x) in securities (other than U.S. government securities or securities of other RICs) of any one issuer or of two or more issuers that the Fund controls and that are engaged in the same, similar or related trades or businesses or (y) in the securities of one or more "qualified publicly-traded partnerships." The Fund's share of income derived from a partnership other than a "qualified publicly-traded partnership" will be treated as Qualifying RIC Income only to the extent that such income would have constituted Qualifying RIC Income if derived directly by the Fund. A "qualified publicly-traded partnership" is generally defined as an entity that is treated as a partnership for U.S. federal income tax purposes if (1) interests in such entity are traded on an established securities market or are readily tradable on a secondary market or the substantial equivalent thereof and (2) less than 90% of its gross income for the relevant tax year consists of Qualifying RIC Income. The Code provides that the Treasury Department may by regulation exclude from Qualifying RIC Income foreign currency gains that are not directly related to the RIC's principal business of investing in shares or securities (or options and futures with respect to shares or securities). The Fund anticipates that, in general, its foreign currency gains will be directly related to its principal business of investing in shares and securities.

In addition, to maintain RIC tax treatment, the Fund must distribute on a timely basis with respect to each tax year dividends of an amount at least equal to 90% of the sum of its "investment company taxable income" and its net tax-exempt interest income, determined without regard to any deduction for dividends paid, to Shareholders (the "90% distribution requirement"). If the Fund qualifies as a RIC and satisfies the 90% distribution requirement, the Fund generally will not be subject to U.S. federal income tax on its "investment company taxable income" and net capital gains (that is, the excess of net long-term capital gains over net short-term capital losses) that it distributes as dividends to Shareholders (including amounts that are reinvested pursuant to the DRP). In general, a RIC's "investment company taxable income" for any tax year is its taxable income, determined without regard to net capital gains and with certain other adjustments. The Fund intends to distribute all or substantially all of its "investment company taxable income," net tax-exempt interest income (if any) and net capital gains on an annual basis. Any taxable income, including any net capital gains that the Fund does not distribute in a timely manner, will be subject to U.S. federal income tax at regular corporate rates.

If the Fund retains any net capital gains for reinvestment, it may elect to treat such capital gains as having been distributed to Shareholders. If the Fund makes such an election, each Shareholder will be required to report its share of such undistributed net capital gains attributed to the Fund as long-term capital gain and will be entitled to claim its share of the U.S. federal income taxes paid by the Fund on such undistributed net capital gains as a credit against its own U.S. federal income tax liability, if any, and to claim a refund on a properly-filed U.S. federal income tax return to the extent that the credit exceeds such liability. In addition, each Shareholder will be entitled to increase the adjusted tax basis of its Shares by the difference between its share of such undistributed net capital gain and the related credit. There can be no assurance that the Fund will make this election if it retains all or a portion of its net capital gain for a tax year.

As a RIC, the Fund will be subject to a nondeductible 4% federal excise tax on certain undistributed amounts for each calendar year (the "4% excise tax"). To avoid the 4% excise tax, the Fund must distribute in respect of each calendar year dividends of an amount at least equal to the sum of (1) 98% of its ordinary taxable income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of its capital gain net income (adjusted for certain ordinary losses) generally for the one-year period ending on October 31 of the calendar year and (3) any ordinary income and capital gains for previous calendar years that were not distributed during those calendar years and on which the Fund paid no U.S. federal income tax. For purposes of determining whether the Fund has met this distribution requirement, the Fund will be deemed to have distributed any income or gains previously subject to U.S. federal income tax. Furthermore, any distribution declared by the Fund in October, November or December of any calendar year, payable to Shareholders, of record on a specified date in such a month and actually paid during January of the following calendar year, will be treated for tax purposes as if it had been paid on December 31 of the calendar year in which the distribution was declared. The Fund generally intends to avoid the imposition of the 4% excise tax, but there can be no assurance in this regard.

If the Fund fails to qualify as a RIC or fails to satisfy the 90% distribution requirement in respect of any tax year, the Fund would be subject to U.S. federal income tax at regular corporate rates on its taxable income, including its net capital gains, even if such income were distributed, and all distributions out of earnings and profits would be taxed as ordinary dividend income. Such distributions generally may be eligible for the dividends-received deduction in the case of certain corporate Shareholders and may be eligible to be qualified dividend income in the case of certain non-corporate Shareholders. In addition, the Fund could be required to recognize unrealized gains, pay taxes and make distributions (any of which could be subject to interest charges) before re-qualifying for taxation as a RIC. If the Fund fails to satisfy either the income test or asset diversification test described above, in certain cases, however, the Fund may be able to avoid losing its status as a RIC by timely providing notice of such failure to the IRS, curing such failure and possibly paying an additional tax or penalty.

Certain of the Underlying Funds in which the Fund may invest will be treated as partnerships (other than "qualified publicly traded partnerships") for U.S. federal income tax purposes. Consequently, the Fund's income, gains, losses, deductions and expenses will depend upon the corresponding items recognized by such Underlying Funds. In addition, the Fund's proportionate share of the assets of each such Underlying Funds will be treated as if held directly by the Fund. In these instances, the Fund will be required to meet the diversification test with respect to the assets of such Underlying Funds. An entity that is properly classified as a partnership (and not an association or publicly traded partnership taxable as a corporation) is generally not itself subject to federal income tax. Instead, each partner of the partnership is required to take into account its distributive share of the partnership's net capital gain or loss, net short-term capital gain or loss, and its other items of ordinary income or loss (including all items of income, gain, loss and deduction allocable to that partnership from investments in other partnerships) for each taxable year of the partnership ending with or within the partner's taxable year. Each such item will have the same character to a partner and will generally have the same source (either United States or foreign), as though the partner realized the item directly. Partners of a partnership must report these items regardless of the extent to which, or whether, the partners receive cash distributions with respect to such items. Accordingly, the Fund may be required to recognize items of taxable income and gain prior to the time that any corresponding cash distributions are made to the Fund (including in circumstances where investments by an underlying partnership, such as investments in debt instrument with original issue discount ("OID") generate income prior to a corresponding receipt of cash). In such case, the Fund may have to dispose of assets that it would otherwise have continued to hold in order to generate cash for distributions to Fund shareholders. In addition, the Fund may have to dispose of an investment in a partnership or devise other methods of cure, to the extent the partnership earns income of a type that is not Qualifying RIC Income or holds assets that could cause the Fund not to satisfy the diversification test. Any distribution by a partnership to the Fund in excess of the Fund's allocable share of the partnership's net taxable income will decrease the Fund's tax basis in its partnership interest and will therefore increase the amount of gain (or decrease the amount of loss) that will be recognized by the Fund on the disposition of its partnership interest.

A portion of any gain or loss recognized by the Fund on a disposition of a partnership interest (or by a partnership on a disposition of an underlying asset) may be separately computed and treated as ordinary income or loss under the Code to the extent attributable to assets of the partnership that give rise to depreciation recapture, intangible drilling and development cost recapture, or other "unrealized receivables" or "inventory items" under the Code. Any such gain may exceed net taxable gain realized on the disposition and will be recognized even if there is a net taxable loss on the disposition. The Fund's net capital losses may only be used to offset capital gains and therefore cannot be used to offset gains that are treated as ordinary income. Thus, the Fund could recognize both gain that is treated as ordinary income and a capital loss on a disposition of a partnership interest (or on a partnership's disposition of an underlying asset) and would not be able to use the capital loss to offset that gain. Any capital losses that the Fund recognizes on a disposition of a partnership interest can only be used to offset capital gains that the Fund recognizes. Any capital losses that the Fund is unable to use may be carried forward to reduce its capital gains in later years.

Certain of the Underlying Funds in which the Fund may invest may be treated as RICs for U.S. federal income tax purposes ("Underlying RICs"). The Fund will not be able to offset gains distributed by one Underlying RIC in which it invests against losses in another Underlying RIC in which the Fund invests. Redemptions or sales of shares in an Underlying RIC could also cause additional distributable gains to shareholders of the Fund. A portion of any such gains may be short-term capital gains that would be distributable as ordinary income to shareholders of the Fund and would not be offset by the Fund's capital loss carryforwards, if any. Capital loss carryforwards of an Underlying RIC, if any, would not offset net capital gains of the Fund. Further, a portion of losses on sales or redemptions of shares in the Underlying RICs may be deferred indefinitely under the wash sale rules. As a result of these factors, the use of the fund of funds structure by the Fund could therefore affect the amount, timing and character of distributions to shareholders.

Some of the income that the Fund may earn directly or through an Underlying Fund (other than an Underlying RIC), such as income recognized from an equity investment in an operating partnership, may not satisfy the income test described above.

Some of the investments that the Fund is expected to make, such as investments in debt instruments having market discount and/or treated as issued with OID, may cause the Fund to recognize income or gain for U.S. federal income tax purposes prior to the receipt of any corresponding cash or other property. As a result, the Fund may have difficulty meeting the 90% distribution requirement necessary to maintain RIC tax treatment. Because this income will be included in the Fund's investment company taxable income for the tax year it is accrued, the Fund may be required to make a distribution to Shareholders to meet the distribution requirements described above, even though the Fund will not have received any corresponding cash or property. The Fund may be required to borrow money, dispose of other securities or forgo new investment opportunities for this purpose.

There may be uncertainty as to the appropriate treatment of certain of the Fund's investments for U.S. federal income tax purposes. For example, the Fund expects to invest a portion of its net assets in below investment grade debt instruments. U.S. federal income tax rules with respect to such instruments are not entirely clear about issues such as whether and to what extent the Fund should recognize interest, OID or market discount, when and to what extent deductions may be taken for bad debts or worthless instruments, how payments received on obligations in default should be allocated between principal and income and whether exchanges of debt obligations in a bankruptcy or workout context are taxable. Similarly complicated tax issues could arise in connection with the Fund's derivative financial instruments. These and other issues will be addressed by the Fund, to the extent necessary, in connection with the Fund's general intention to distribute sufficient income to qualify for and maintain its treatment as a RIC for U.S. federal income tax purposes, and to minimize the risk that it becomes subject to U.S. federal income or excise tax.

Income received by the Fund from sources outside the United States may be subject to withholding and other taxes imposed by such countries, thereby reducing income available to the Fund. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. If more than 50% of the value of the Fund's total assets at the close of its tax year consists of securities of foreign corporations, the Fund will be eligible to elect to "pass through" to Shareholders the foreign source amount of income deemed earned and the respective amount of foreign taxes paid by the Fund. If at least 50% of the value of the Fund's total assets at the close of each quarter of its tax year is represented by interests in other RICs, the Fund may elect to "pass through" to Shareholders the foreign source amount of income deemed earned and the respective amount of foreign taxes paid or deemed paid by the Fund. If the Fund so elects, each Shareholder would be required to include in gross income, even though not actually received, each Shareholder's *pro rata* share of the foreign taxes paid or deemed paid by the Fund, but would be treated as having paid its *pro rata* share of such foreign taxes and would therefore be allowed to either deduct such amount in computing taxable income or use such amount (subject to various limitations) as a foreign tax credit against federal income tax (but not both).

The Fund may invest in shares of foreign companies that are classified under the Code as passive foreign investment companies ("PFICs"). In general, a foreign company is considered a PFIC if at least 50% of its assets constitute investment-type assets or 75% or more of its gross income is investment-type income. In general under the PFIC rules, an "excess distribution" received with respect to PFIC shares is treated as having been realized ratably over the period during which the Fund held the PFIC shares. The Fund generally will be subject to tax on the portion, if any, of the excess distribution that is allocated to the Fund's holding period in prior tax years (and an interest factor will be added to the tax, as if the tax had actually been payable in such prior tax years) even though the Fund distributes the corresponding income to Shareholders. Excess distributions include any gain from the sale of PFIC shares as well as certain distributions from a PFIC. All excess distributions are taxable as ordinary income.

The Fund may be eligible to elect alternative tax treatment with respect to PFIC shares. Under one such election (*i.e.*, a "QEF" election), the Fund generally would be required to include in its gross income its share of the earnings of a PFIC on a current basis, regardless of whether any distributions are received from the PFIC. If this election is made, the special rules, discussed above, relating to the taxation of excess distributions, would not apply. Alternatively, the Fund may be able to elect to mark its PFIC shares to market, resulting in any unrealized gains at the Fund's tax year end being treated as though they were recognized and reported as ordinary income. Any mark-to-market losses and any loss from an actual disposition of the PFIC shares would be deductible as ordinary losses to the extent of any net mark-to-market gains included in income in prior tax years with respect to shares in the same PFIC. It is important to note that under the QEF and PFIC mark-to-market rules, certain limitations may apply to the Fund's ability to deduct losses for federal income tax purposes. These rules could impact the Fund's taxable income and thus the Fund's need to make distributions to investors.

Because the application of the PFIC rules may affect, among other things, the character of gains, the amount of gain or loss and the timing of the recognition of income, gain or loss with respect to PFIC shares, as well as subject the Fund itself to tax on certain income from PFIC shares, the amount that must be distributed to Shareholders, and which will be recognized by Shareholders as ordinary income or long-term capital gain, may be increased or decreased substantially as compared to a fund that did not invest in PFIC shares. Note that distributions from a PFIC are not eligible for the reduced rate of tax on distributions of "qualified dividend income" as discussed below.

The Fund may from time to time invest in CLOs. Some of the CLOs in which the Fund may invest may be treated as PFIC equity, and thus may be subject to the tax consequences described above. Investment in certain equity interests of CLOs that are subject to treatment as PFICs for U.S. federal income tax purposes may cause the Fund to recognize income in a tax year in excess of the Fund's distributions from such CLOs, PFICs and the Fund's proceeds from sales or other dispositions of equity interests in other CLOs and other PFICs during that tax year. As a result, the Fund generally may be required to distribute such income to satisfy the distribution requirements applicable to RICs.

If the Fund holds more than 10% of the interests treated as equity for U.S. federal income tax purposes in a foreign corporation that is treated as a controlled foreign corporation ("CFC"), including equity tranche investments and certain debt tranche investments in a CLO treated as a CFC, the Fund may be treated as receiving a deemed distribution (taxable as ordinary income) each tax year from such foreign corporation of an amount equal to the Fund's *pro rata* share of the foreign corporation's earnings for such tax year (including both ordinary earnings and capital gains), whether or not the corporation makes an actual distribution to the Fund during such tax year. This deemed distribution is required to be included in the income of certain U.S. shareholders of a CFC, such as the Fund. The Fund is generally required to distribute such income in order to satisfy the distribution requirements applicable to RICs, even if the Fund's income from a CFC exceeds the distributions from the CFC and the Fund's proceeds from the sales or other dispositions of CFC stock during that tax year. In general, a foreign corporation will be treated as a CFC for U.S. federal income tax purposes if more than 50% of the shares of the foreign corporation, measured by reference to combined voting power or value, is owned (directly, indirectly or by attribution) by U.S. Shareholders. A "U.S. Shareholder," for this purpose, is any U.S. person that possesses (actually or constructively) 10% or more of the combined voting power or value of all classes of shares of a corporation.

The functional currency of the Fund, for U.S. federal income tax purposes, is the U.S. dollar. Gains or losses attributable to fluctuations in foreign currency exchange rates that occur between the time the Fund accrues interest income or other receivables or accrues expenses or other liabilities denominated in a foreign currency and the time the Fund actually collects such receivables or pays such liabilities generally are respectively characterized as ordinary income or ordinary loss for U.S. federal income tax purposes. Similarly, on the sale of other disposition of certain investments, including debt securities, certain forward contracts, as well as other derivative financial instruments, denominated in a foreign currency, gains or losses attributable to fluctuations in the value of foreign currency between the date of acquisition of the security or contract and the date of disposition also are generally treated as ordinary gain or loss. These gains and losses, referred to under the Code as "section 988" gains and losses, may increase or decrease the amount of the Fund's investment company taxable income subject to distribution to Shareholders as ordinary income. For example, fluctuations in exchange rates may increase the amount of income that the Fund must distribute to qualify for tax treatment as a RIC and to prevent application of an excise tax on undistributed income. Alternatively, fluctuations in exchange rates may decrease or eliminate income available for distribution. If section 988 losses exceed other investment company taxable income during a tax year, the Fund would not be able to distribute amounts considered dividends for U.S. federal income tax purposes, and any distributions during a tax year made by the Fund before such losses were recognized would be re-characterized as a return of capital to Shareholders for U.S. federal income tax purposes, rather than as ordinary dividend income, and would reduce each Shareholder's tax basis in Shares.

If the Fund utilizes leverage through the issuance of preferred Shares or borrowings, it will be prohibited from declaring a distribution or dividend if it would fail the applicable asset coverage test(s) under the 1940 Act after the payment of such distribution or dividend. In addition, certain covenants in credit facilities or indentures may impose greater restrictions on the Fund's ability to declare and pay dividends on Shares. Limits on the Fund's ability to pay dividends on Shares may prevent the Fund from meeting the distribution requirements described above and, as a result, may affect the Fund's ability to be subject to tax as a RIC or subject the Fund to the 4% excise tax. The Fund endeavors to avoid restrictions on its ability to make distribution payments. If the Fund is precluded from making distributions on Shares because of any applicable asset coverage requirements, the terms of preferred Shares (if any) may provide that any amounts so precluded from being distributed, but required to be distributed by the Fund to enable the Fund to satisfy the distribution requirements that would enable the Fund to be subject to tax as a RIC, will be paid to the holders of preferred Shares as a special distribution. This distribution can be expected to decrease the amount that holders of preferred Shares would be entitled to receive upon redemption or liquidation of such preferred Shares.

For federal income tax purposes, the Fund is generally permitted to carry forward a net capital loss in any taxable year to offset its own capital gains, if any. These amounts are available to be carried forward to offset future capital gains to the extent permitted by the Code and applicable tax regulations. Any such loss carryforwards will retain their character as short-term or long-term. In the event that the Fund were to experience an ownership change as defined under the Code, the Fund's capital loss carryforwards and other favorable tax attributes, if any, may be subject to limitation.

Certain of the Fund's investments may be subject to special U.S. federal income tax provisions that, among other things, (1) disallow, suspend or otherwise limit the allowance of certain losses or deductions, (2) convert lower-taxed long-term capital gains into higher-taxed short-term capital gains or ordinary income, (3) convert an ordinary loss or a deduction into a capital loss, the deductibility of which is more limited, (4) adversely affect when a purchase or sale of shares or securities is deemed to occur, (5) adversely alter the intended characterization of certain complex financial transactions, (6) cause the Fund to recognize income or gain without a corresponding receipt of cash, (7) treat dividends that would otherwise constitute qualified dividend income as non-qualified dividend income, (8) treat dividends that would otherwise be eligible for the corporate dividends received deduction as ineligible for such treatment and (9) produce income that will not constitute Qualifying RIC Income. The application of these rules could cause the Fund to be subject to U.S. federal income tax or the 4% excise tax and, under certain circumstances, could affect the Fund's status as a RIC. The Fund monitors its investments and may make certain tax elections to mitigate the effect of these provisions.

The remainder of this discussion assumes that the Fund has qualified for and maintained its treatment as a RIC for U.S. federal income tax purposes and has satisfied the distribution requirements described above.

**Taxation of U.S. Shareholders**

**Distributions**

Distributions of the Fund's ordinary income and net short-term capital gains will, except as described below with respect to distributions of "qualified dividend income," generally be taxable to Shareholders as ordinary income to the extent such distributions are paid out of the Fund's current or accumulated earnings and profits, as determined for U.S. federal income tax purposes. Distributions (or deemed distributions, as described above), if any, of net capital gains will be taxable as long-term capital gains, regardless of the length of time a Shareholder has owned Shares. The ultimate tax characterization of the Fund's distributions made in a tax year cannot be determined until after the end of the tax year. As a result, the Fund may make total distributions during a tax year in an amount that exceeds the current and accumulated earnings and profits of the Fund. A distribution of an amount in excess of the Fund's current and accumulated earnings and profits will be treated by a Shareholder as a return of capital that will be applied against and reduce the Shareholder's tax basis in its Shares. To the extent that the amount of any such distribution exceeds the Shareholder's tax basis in its Shares, the excess will be treated as gain from a sale or exchange of Shares. Distributions will be treated in the manner described above regardless of whether such distributions are paid in cash or invested in additional Shares. Generally, for U.S. federal income tax purposes, a Shareholder receiving Shares under the DRP will be treated as having received a distribution equal to the fair market value of such Shares on the date the Shares are credited to the Shareholder's account.

A return of capital to Shareholders is a return of a portion of their original investment in the Fund, thereby reducing the tax basis of their investment. As a result of such reduction in tax basis, Shareholders may be subject to tax in connection with the sale of Shares, even if such Shares are sold at a loss relative to the Shareholder's original investment.

A portion of the Fund's income may consist of ordinary income. For example, interest and OID derived by the Fund characterized as ordinary income for U.S. federal income tax purposes. In addition, gain derived by the Fund from the disposition of debt instruments with "market discount" (generally, securities with a fixed maturity date of more than one year from the date of issuance acquired by the Fund at a price below the lesser of their stated redemption price at maturity or accreted value, in the case of securities with OID) will generally be characterized as ordinary income for U.S. federal income tax purposes to the extent of the market discount that has accrued, as determined for U.S. federal income tax purposes, at the time of such disposition, unless the Fund makes an election to accrue market discount on a current basis. In addition, certain of the Fund's investments will be subject to other special U.S. federal income tax provisions that may affect the character, increase the amount and/or accelerate the timing of distributions to Shareholders.

Distributions made by the Fund to a corporate Shareholder will qualify for the dividends-received deduction only to the extent that the distributions consist of qualifying dividends received by the Fund. In addition, any portion of the Fund's dividends otherwise qualifying for the dividends-received deduction will be disallowed or reduced if the corporate Shareholder fails to satisfy certain requirements, including a holding period requirement, with respect to its Shares. Distributions of "qualified dividend income" to an individual or other non-corporate Shareholder will be treated as "qualified dividend income" to such Shareholder and generally will be taxed at long-term capital gain rates, provided the Shareholder satisfies the applicable holding period and other requirements. Subject to certain limitations, "qualified dividend income" generally includes dividends from domestic corporations and dividends from foreign corporations that meet certain specified criteria. Given the Fund's investment strategy, it is not expected that a significant portion of the distributions made by the Fund will be eligible for the dividends-received deduction or the reduced rates applicable to "qualified dividend income."

Certain distributions reported by the Fund as section 163(j) interest dividends may be eligible to be treated as interest income by Shareholders for purposes of the tax rules applicable to interest expense limitations under Code section 163(j). Such treatment by the Shareholder is generally subject to holding period requirements and other potential limitations, although the holding period requirements are generally not applicable to dividends declared by money market funds and certain other funds that declare dividends daily and pay such dividends on a monthly or more frequent basis. The amount that the Fund is eligible to report as a section 163(j) dividend for a tax year is generally limited to the excess of the Fund's business interest income over the sum of the Fund's (i) business interest expense and (ii) other deductions properly allocable to the Fund's business interest income.

If a person acquires Shares shortly before the record date of a distribution, the price of the Shares may include the value of the distribution, and the person will be subject to tax on the distribution even though economically it may represent a return of the person's investment in such Shares.

Distributions paid by the Fund generally will be treated as received by a Shareholder at the time the distribution is made. However, the Fund may, under certain circumstances, elect to treat a distribution that is paid during the following tax year as if it had been paid during the tax year in which the income or gains supporting the distribution was earned. If the Fund makes such an election, the Shareholder will still be treated as receiving the distribution in the tax year in which the distribution is received. In this instance, however, any distribution declared by the Fund in October, November or December of any calendar year, payable to Shareholders of record on a specified date in such a month and actually paid during January of the following calendar year, will be treated for tax purposes as if it had been received by Shareholders on December 31 of the calendar year in which the distribution was declared.

Shareholders will be notified annually, as promptly as practicable after the end of each calendar year, as to the U.S. federal tax status of distributions, and Shareholders receiving distributions in the form of additional Shares will receive a report as to the NAV of those Shares.

**Sale or Exchange of Shares**

The repurchase or transfer of Shares may result in a taxable gain or loss to the tendering Shareholder. Different tax consequences may apply for tendering and non-tendering Shareholders in connection with a repurchase offer. For example, if a Shareholder does not tender all of his or her Shares, such repurchase may not be treated as a sale or exchange for U.S. federal income tax purposes, and it is possible that dividend treatment may apply to Shareholders (including non-tendering Shareholders) whose percentage ownership in the Fund increases as a result of the tender. On the other hand, Shareholders holding Shares as capital assets who tender all of their Shares (including Shares deemed owned by Shareholders under constructive ownership rules) will be treated as having sold their Shares and generally will recognize capital gain or loss. The amount of the gain or loss will be equal to the difference between the amount received for the Shares and the Shareholder's adjusted tax basis in the relevant Shares. Such gain or loss generally will be a long-term capital gain or loss if the Shareholder has held such Shares as capital assets for more than one year. Otherwise, the gain or loss will be treated as short-term capital gain or loss.

Losses realized by a Shareholder on the sale or exchange of Shares held as capital assets for six months or less will be treated as long-term capital losses to the extent of any distribution of long-term capital gains received (or deemed received, as discussed above) with respect to such Shares. In addition, no loss will be allowed on a sale or other disposition of Shares if the Shareholder acquires (including through reinvestment of distributions or otherwise) Shares, or enters into a contract or option to acquire Shares or substantially identical stock or securities, within 30 days before or after any disposition of such Shares at a loss. In such a case, the basis of the Shares acquired will be adjusted to reflect the disallowed loss. Under current law, net capital gains recognized by non-corporate Shareholders are generally subject to U.S. federal income tax at lower rates than the rates applicable to ordinary income.

In general, U.S. Shareholders currently are generally subject to a maximum federal income tax rate of either 15% or 20% (depending on whether the Shareholder's income exceeds certain threshold amounts) on their net capital gain (*i.e.*, the excess of realized net long-term capital gains over realized net short-term capital losses), including any long-term capital gain derived from an investment in Shares. Such rate is lower than the maximum rate on ordinary income currently payable by individuals. Corporate U.S. Shareholders currently are subject to U.S. federal income tax on net capital gain at the maximum 21% rate also applied to ordinary income. Non-corporate Shareholders with net capital losses for a tax year (*i.e.*, capital losses in excess of capital gains) generally may deduct up to $3,000 of such losses against their ordinary income each tax year. Any net capital losses of a non-corporate Shareholder in excess of $3,000 generally may be carried forward and used in subsequent tax years as provided in the Code. Corporate Shareholders generally may not deduct any net capital losses for a tax year, but may carry back such losses for three tax years or carry forward such losses for five tax years.

An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from the Fund and net gains from redemptions or other taxable dispositions of Shares) of U.S. individuals, estates and trusts to the extent that such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds certain threshold amounts. U.S. persons that are individuals, estates or trusts are urged to consult their tax advisors regarding the applicability of this tax to their income and gains in respect of their investment in the Fund.

The Fund (or if a U.S. Shareholder holds Shares through an intermediary, such intermediary) will send to each of its U.S. Shareholders, as promptly as possible after the end of each calendar year, a notice detailing, on a per Share and per distribution basis, the amounts includible in such U.S. Shareholder's taxable income for such year as ordinary income and as long-term capital gain. In addition, the federal tax status of each year's distributions generally will be reported to the IRS, including the amount of distributions, if any, eligible for the preferential maximum rate generally applicable to long-term capital gains. Distributions paid by the Fund generally will not be eligible for the corporate dividends received deduction or the preferential tax rate applicable to Qualifying Dividends because the Fund's income generally will not consist of dividends. Distributions may also be subject to additional state, local and foreign taxes depending on a U.S. Shareholder's particular situation.

Under U.S. Treasury regulations, if a Shareholder recognizes losses with respect to Shares of $2 million or more for an individual Shareholder or $10 million or more for a corporate Shareholder, the Shareholder must file with the IRS a disclosure statement on IRS Form 8886. Direct owners of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders 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. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

Reporting of adjusted cost basis information is required for covered securities, which generally include shares of a RIC, to the IRS and to taxpayers. Shareholders should contact their Financial Intermediaries with respect to reporting of cost basis and available elections for their accounts.

**Backup Withholding and Information Reporting**

Information returns will be filed with the IRS in connection with payments on Shares and the proceeds from a sale or other disposition of Shares. A Shareholder will be subject to backup withholding on all such payments if it fails to provide the payor with its correct taxpayer identification number (generally, in the case of a U.S. resident Shareholder, on an IRS Form W-9) and to make required certifications or otherwise establish an exemption from backup withholding. Corporate Shareholders and certain other Shareholders generally are exempt from backup withholding. Backup withholding is not an additional tax. Any amounts withheld as backup withholding may be credited against the applicable Shareholder's U.S. federal income tax liability, provided the required information is timely furnished to the IRS.

**Taxation of Tax-Exempt Shareholders**

Under current law, the Fund serves to "block" (that is, prevent the attribution to Shareholders) of unrelated business taxable income ("UBTI") from being realized by its U.S. federally tax-exempt Shareholders (including, among others, individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and certain charitable entities). Notwithstanding the foregoing, a U.S. federally tax-exempt Shareholder could realize UBTI by virtue of its investment in Shares of the Fund if the U.S. federally tax-exempt Shareholder has engaged in a borrowing or other similar transaction to acquire its Shares. A U.S. federally tax-exempt Shareholder may also recognize UBTI if the Fund were to recognize "excess inclusion income" derived from direct or indirect investments in residual interests in real estate mortgage investment conduits or taxable mortgage pools. If a charitable remainder annuity trust or a charitable remainder unitrust (each as defined in Section 664 of the Code) has UBTI for a taxable year, a 100% excise tax on the UBTI is imposed on the trust.

**Taxation of Non-U.S. Shareholders**

Whether an investment in the Fund is appropriate for a non-U.S. Shareholder (as defined below) will depend upon that investor's particular circumstances. An investment in the Fund by a non-U.S. Shareholder may have adverse tax consequences. Non-U.S. Shareholders should consult their tax advisors before investing in Shares.

The U.S. federal income taxation of a Shareholder that is a nonresident alien individual, a foreign trust or estate or a foreign corporation, as defined for U.S. federal income tax purposes (a "non-U.S. Shareholder"), depends on whether the income that the Shareholder derives from the Fund is "effectively connected" with a U.S. trade or business carried on by the Shareholder.

If the income that a non-U.S. Shareholder derives from the Fund is not "effectively connected" with a U.S. trade or business carried on by such non-U.S. Shareholder, distributions of "investment company taxable income" will generally be subject to a U.S. federal withholding tax at the then-current rate (or a lower rate provided under an applicable treaty). Alternatively, if the income that a non-U.S. Shareholder derives from the Fund is effectively connected with a U.S. trade or business of the non-U.S. Shareholder, the Fund will not be required to withhold U.S. federal tax if the non-U.S. Shareholder complies with applicable certification and disclosure requirements, although such income will be subject to U.S. federal income tax in the manner described below and at the rates applicable to U.S. residents. Backup withholding will not, however, be applied to payments that have been subject to the respective rate of withholding tax applicable to non-U.S. Shareholders.

A non-U.S. Shareholder whose income from the Fund is not "effectively connected" with a U.S. trade or business will generally be exempt from U.S. federal income tax on capital gains distributions, any amounts retained by the Fund that are designated as undistributed capital gains and any gains realized upon the sale or exchange of Shares. If, however, such a non-U.S. Shareholder is a nonresident alien individual and is physically present in the United States for 183 days or more during the tax year and meets certain other requirements such capital gains distributions, undistributed capital gains and gains from the sale or exchange of Shares will be subject to a the applicable U.S. tax rate.

Furthermore, properly reported distributions by the Fund that are received by non-U.S. Shareholders are generally exempt from U.S. federal withholding tax when they (a) are paid by the Fund in respect of the Fund's "qualified net interest income" (*i.e.,* the Fund's U.S. source interest income, subject to certain exceptions, reduced by expenses that are allocable to such income), or (b) are paid by the Fund in connection with the Fund's "qualified short-term capital gains" (generally, the excess of the Fund's net short-term capital gains over the Fund's long-term capital losses for such tax year). Depending on the circumstances, the Fund may report all, some or none of the Fund's potentially eligible distributions as derived from such qualified net interest income or from such qualified short-term capital gains, and a portion of such distributions (*e.g.,* derived from interest from non-U.S. sources or any foreign currency gains) would be ineligible for this potential exemption from withholding. Moreover, in the case of Shares held through an intermediary, the intermediary may have withheld amounts even if the Fund reported all or a portion of a distribution as exempt from U.S. federal withholding tax. To qualify for this exemption from withholding, a non-U.S. Shareholder must comply with applicable certification requirements relating to its non-U.S. tax residency status (including, in general, furnishing an IRS Form W-8BEN, IRS Form W-8BEN-E, IRS Form W-8ECI, IRS Form W-8IMY or IRS Form W-8EXP, or an acceptable substitute or successor form). Thus, an investment in the Shares by a non-U.S. Shareholder may have adverse tax consequences as compared to a direct investment in the assets in which the Fund will invest.

If the income from the Fund is "effectively connected" with a U.S. trade or business carried on by a non-U.S. Shareholder, any distributions of "investment company taxable income," capital gains distributions, amounts retained by the Fund that are designated as undistributed capital gains and any gains realized upon the sale or exchange of Shares will be subject to U.S. income tax, on a net income basis, in the same manner, and at the graduated rates applicable to, U.S. persons. If such a non-U.S. Shareholder is a corporation, it may also be subject to the U.S. branch profits tax.

A non-U.S. Shareholder other than a corporation may be subject to backup withholding on net capital gains distributions that are otherwise exempt from withholding tax or on distributions that would otherwise be taxable at a reduced treaty rate if such Shareholder does not certify its non-U.S. status under penalties of perjury or otherwise establish an exemption.

If the Fund distributes 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 the Fund pays on the capital gains deemed to have been distributed. To obtain the refund, the non-U.S. Shareholder must obtain a U.S. taxpayer identification number and file a federal income tax return even if the non-U.S. Shareholder would not otherwise be required to obtain a U.S. taxpayer identification number or file a federal income tax return.

Distributions will be treated in the manner described above regardless of whether such distributions are paid in cash or invested in additional shares pursuant to the DRP. A non-U.S. Shareholder receiving distributions in the form of additional shares will generally be treated as receiving a distribution in the amount of the fair market value of the distributed shares. If the distribution is subject to withholding tax as described above, only the net after-tax amount will be reinvested in additional shares. If the distribution is "effectively connected" with a U.S. trade or business of the non-U.S. Shareholder (and, if required by an applicable tax treaty, is attributable to a U.S. permanent establishment of the non-U.S. Shareholder), and the non-U.S. Shareholder complies with the applicable certification and disclosure requirements, the full amount of the distribution generally will be reinvested in additional shares and will nevertheless be subject to U.S. federal income tax at the rates and in the manner applicable to U.S. persons generally. The additional shares received by a non-U.S. Shareholder pursuant to the DRP will have a new holding period commencing on the day following the day on which the shares were credited to the non-U.S. Shareholder's account.

Under the Foreign Account Tax Compliance Act provisions of the Code, the Fund is required to withhold U.S. tax (at the applicable rate) on payments of taxable dividends made to certain non-U.S. entities that fail to comply (or be deemed compliant) with extensive reporting and withholding requirements in the Code designed to inform the U.S. Department of the Treasury of U.S.-owned foreign investment accounts. Shareholders may be requested to provide additional information to the Fund to enable the Fund to determine whether withholding is required.

The tax consequences to a non-U.S. Shareholder entitled to claim the benefits of an applicable U.S. tax treaty may differ from those described herein. Non-U.S. Shareholders are advised to consult their tax advisors with respect to the particular tax consequences to them of an investment in the Fund, including the potential application of the U.S. estate tax.

**Other Taxes**

Shareholders may be subject to state, local and non-U.S. taxes applicable to their investment in the Fund. In those states or localities, entity-level tax treatment and the treatment of distributions made to Shareholders under those jurisdictions' tax laws may differ from the treatment under the Code. Accordingly, an investment in Shares may have tax consequences for Shareholders that are different from those of a direct investment in the Fund's portfolio investments. Shareholders are advised to consult their tax advisors with respect to the particular tax consequences to them of an investment in the Fund.

**ERISA CONSIDERATIONS**

Employee benefit plans and other plans subject to ERISA or the Code, including corporate savings 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. Because the Fund is registered as an investment company under the 1940 Act, the underlying assets of the Fund will not be considered to be "plan assets" of any ERISA Plan investing in the Fund for purposes of the fiduciary responsibility and prohibited transaction rules under Title I of ERISA or Section 4975 of the Code. Thus, none of the Fund or 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 Fund.

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. Potential investors should consult their legal advisors regarding the consequences under ERISA of an investment in the Fund through an ERISA Plan.

**ANTI-TAKEOVER PROVISIONS IN THE DECLARATION OF TRUST**

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 Fund or to change the composition of the Board. These provisions may have the effect of discouraging attempts to acquire control of the Fund, which attempts could have the effect of increasing the expenses of the Fund and interfering with the normal operation of the Fund. The Trustees are elected for indefinite terms and do not stand for reelection. A Trustee may be removed from office for cause only, 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). The Declaration of Trust does not contain any other specific inhibiting provisions that would operate only with respect to an extraordinary transaction such as a merger, reorganization, tender offer, sale or transfer of substantially all of the Fund's assets, or liquidation. Reference should be made to the Declaration of Trust on file with the SEC for the full text of these provisions.

**PLAN OF DISTRIBUTION**

Foreside Fund Services, LLC (the "Distributor"), a wholly-owned subsidiary of Foreside Financial Group, LLC (dba ACA Group), located at Three Canal Plaza, Suite 100, Portland, ME 04101, serves as the Fund's principal underwriter and acts as the Distributor of the Fund's Shares on a best-efforts basis, subject to various conditions. The Fund's Shares are offered through the Distributor at a price equal to the then-current NAV per share, plus any applicable sales load, which is calculated as of the close of business on the last business day of the immediately preceding month. Shares may be purchased as of the first business day of each month. While the Fund intends to have monthly closings, the Board reserves the right in its sole discretion to suspend monthly closings from time to time when it believes it is in the best interests of the Fund. If monthly closings are suspended, the Fund will return any uninvested funds held in escrow to investors. The Distributor also may enter into agreements with Financial Intermediaries for the sale and distribution of the Fund's Shares. While Class A, Class I and Class M Shares do not impose a front-end sales charge, if you purchase Class A, Class I or Class M Shares through certain financial firms, such firms may directly charge you transaction or other fees in such amount as they may determine, provided that such firms limit such charges to a 1.50% cap for Class A Shares and a 3.50% cap for Class M Shares. Please consult your financial firm for additional information. In reliance on Rule 415 under the Securities Act of 1933, as amended (the "Securities Act"), the Fund intends to offer its Shares, on a continual basis, through the Distributor. The Distributor is not required to offer any specific number or dollar amount of the Fund's Shares. Shares of the Fund will not be listed on any national securities exchange and the Distributor will not act as a market maker in Fund Shares. The Distributor is not affiliated with the Adviser or its affiliates. The Fund has agreed to indemnify the Distributor for losses arising out of or relating to: the Distributor's service as principal underwriter; the Fund's breach of any of its obligations, representations, warranties or covenants in the agreement with the Distributor or the Fund's failure to comply with applicable securities laws or regulations; and claims that the registration statement or certain other materials knowingly include or included an untrue statement of material fact or omitted to state a material fact required to be stated or necessary to make the statements not misleading, unless such statement or omission was made in reliance upon written information furnished by the Distributor; and provided that the Distributor shall not be protected against liability to which the Distributor would otherwise be subject by reason of its willful misfeasance, bad faith, breach of confidentiality or gross negligence in the performance of its duties or reckless disregard of its obligations and duties under the agreement.

The Adviser or its affiliates, in the Adviser's or its affiliates' discretion and from their own legitimate resources, may pay Additional Compensation to Financial Intermediaries in connection with the sale of Fund Shares. Blackstone or its affiliates, from their own legitimate resources, may also pay such Additional Compensation to Financial Intermediaries and/or pay or reimburse amounts to the Adviser or its affiliates in connection with the Adviser's or its affiliates' payment of such Additional Compensation as well as in connection with other marketing expenses related to the Fund borne by the Adviser or its affiliates. In return for the Additional Compensation, the Fund may receive certain marketing advantages including access to a Financial Intermediary's registered representatives, placement on a list of investment options offered by a Financial Intermediary, or the ability to assist in training and educating a Financial Intermediary. The Additional Compensation may differ among Financial Intermediaries in amount or in the manner of calculation. Payments of Additional Compensation may be fixed dollar amounts, or based on the aggregate value of outstanding Shares held by Shareholders introduced by the Financial Intermediary, or determined in some other manner. The receipt of Additional Compensation by a selling Financial Intermediary may create potential conflicts of interest for that Financial Intermediary by incentivizing the Financial Intermediary to recommend the Fund to investors over other potential investments. Additionally, the Fund pays a servicing fee to the Financial Intermediaries or financial institutions and for providing ongoing services in respect of clients with whom it has distributed Shares of the Fund. Such services may include electronic processing of client orders, electronic fund transfers between clients and the Fund, account reconciliations with the Fund's transfer agent, facilitation of electronic delivery to clients of Fund documentation, monitoring client accounts for back-up withholding and any other special tax reporting obligations, maintenance of books and records with respect to the foregoing, and such other information and ongoing liaison services as the Fund or the Adviser may reasonably request. Separately, Blackstone may provide assistance, without additional compensation, to the Adviser in support of the distribution of the Fund. For example, Blackstone will assist Wellington in the development of a marketing and branding strategy for the Fund.

**Additional Payments for Certain Financial Intermediary Services**

In addition to the payments described above and elsewhere in this prospectus, further amounts are in certain circumstances paid by the Fund to Financial Intermediaries for providing services that may be referred to under a variety of descriptions, including sub-accounting, sub-transfer agency or administrative services. Such services may include, but are not limited to, the following services: providing recordkeeping and other administrative services; maintaining records of and facilitating Shareholder purchases or repurchases of the Fund's Shares; and processing and mailing transaction confirmations, periodic statements, prospectuses, Shareholder reports, Shareholder notices and other SEC-required communications to Shareholders. The actual services provided, and the payments made for such services, vary from firm to firm and, in some instances, can vary with respect to a single firm according to investment channel. In some cases, the levels of such payments may vary by share class of the Fund and may relate to advisory fees, total annual operating expenses or other payments made by the applicable share class to the Adviser or Wellington Fund Services LLC ("WFS"), the Fund's administrator. These payments, taken together in the aggregate, may be material to Financial Intermediaries relative to other compensation paid by the Fund and/or the Adviser or WFS and may be in addition to any (a) distribution and/or shareholder servicing (12b-1) fees and (b) Additional Compensation.

**Purchasing Shares**

Class A, Class I and Class M Shares of the Fund may be purchased on a monthly basis through Financial Intermediaries offering such Shares. Such Financial Intermediaries are authorized to designate other intermediaries to receive purchase orders on the Fund's behalf. Orders will be priced at the appropriate price next computed after it is received by a Financial Intermediary and accepted by the Fund. The Fund will be deemed to have received a purchase order when a Financial Intermediary or, if applicable, a Financial Intermediary's authorized designee, receives the request in good order and the Fund is in receipt. A purchase order from the client of a Financial Intermediary is not received in "good order" by such Financial Intermediary unless and until a confirmation of such order is passed back from the Distributor, the Fund, or their delegate to the broker who submitted the order, which may not occur until the business day immediately following the business day on which the purchase order was submitted by the client to such Financial Intermediary or at another time determined by the Fund or the Financial Intermediary. A Financial Intermediary may hold Shares in an omnibus account in the Financial Intermediary's name or the Financial Intermediary may maintain individual ownership records. The definition of "good order" may vary among Financial Intermediaries. The Fund may pay the Financial Intermediary for maintaining individual ownership records as well as providing other shareholder services. Financial Intermediaries may charge fees for the services they provide in connection with processing your transaction order or maintaining an investor's account with them. Investors should check with their Financial Intermediary to determine if it is subject to these arrangements. Financial Intermediaries are responsible for placing orders correctly and promptly with the Fund, forwarding payment promptly. The Fund accepts initial and additional purchases of Shares as of the first business day of each calendar month (the "acceptance date"). Purchases are generally subject to the receipt of the purchase order and cleared funds at least seven days prior to the acceptance date in the full amount of the purchase. An investor who misses the acceptance date may have the effectiveness of his, her or its investment in the Fund delayed until the following month.

While Class A, Class I and Class M Shares are not subject to a front-end sales charge, if you purchase Class A, Class I or Class M Shares through certain financial firms, such firms may directly charge you transaction or other fees in such amount as they may determine, provided that such firms limit such charges to a 1.50% cap for Class A Shares and a 3.50% cap for Class M Shares. Please consult your financial firm for additional information. Investors in Class A Shares may be subject to purchase deadlines set by their Financial Intermediary. Financial Intermediaries who miss Fund deadlines on behalf of their clients on any day may have their purchases delayed until the next day that the Fund accepts purchases orders.

If an investment is made through an IRA, Keogh plan or 401(k) plan, an approved trustee must process and forward the subscription to the Fund. In such case, the Fund will send the confirmation and notice of its acceptance to the trustee.

**Exchanging Shares**

Exchanges from one class of Shares to another class of Shares are generally not permitted. Upon request, the Fund may, in its discretion, permit a current Shareholder to exchange his or her shares to another class of Shares in a non-taxable transaction; provided that such Shareholder meets the requirements of the new Share class.

**Share Class Considerations**

When selecting a Share class, you should consider the following:

● which Share classes are available to you;

● how much you intend to invest;

● how long you expect to own the Shares; and

● total costs and expenses associated with a particular Share class.

Each investor's financial considerations are different. You should speak with your Financial Intermediary to help you decide which Share class is best for you. Not all Financial Intermediaries offer all classes of Shares. If your Financial Intermediary offers more than one class of Shares, you should carefully consider which class of Shares to purchase.

**Distribution and/or Shareholder Service Expenses**

The Fund has adopted a "Distribution and Shareholder Services Plan" with respect to its Class A and Class M Shares under which the Fund may compensate financial industry professionals for distribution-related expenses, if applicable, and providing ongoing services in respect of clients with whom they have distributed Shares of the Fund. Such services may include electronic processing of client orders, electronic fund transfers between clients and the Fund, account reconciliations with the Fund's transfer agent, facilitation of electronic delivery to clients of Fund documentation, monitoring client accounts for back-up withholding and any other special tax reporting obligations, maintenance of books and records with respect to the foregoing, and such other information and liaison services as the Fund or the Adviser may reasonably request. Under the Distribution and Shareholder Services Plan, the Fund, with respect to Class A and Class M, may incur expenses on an annual basis equal to 0.25% and 0.85%, respectively, of its monthly net assets. With respect to Class A Shares, the entire fee is characterized as a "shareholder servicing fee." With respect to Class M Shares, up to 0.75% of the fee is characterized as a "distribution fee" and up to 0.10% is characterized as a "shareholder servicing fee."

The Distribution and Shareholder Services Plan operates in a manner consistent with Rule 12b-1 under the 1940 Act, which regulates the manner in which an open-end investment company may directly or indirectly bear the expenses of distributing its shares. Although the Fund is not an open-end investment company, it has undertaken to comply with the terms of Rule 12b-1 as a condition of an exemptive order under the 1940 Act which permits it to have asset-based distribution fees.

**DISTRIBUTIONS**

The Fund intends to make a distribution at least annually to its Shareholders of the net investment income of the Fund after payment of Fund operating expenses. The dividend rate may be modified by the Board from time to time.

To the extent that any portion of the Fund's distributions are considered a return of capital to Shareholders, such portion would not be considered dividends for U.S. federal income tax purposes, and would represent a return of the amounts that such Shareholders invested. Although such return of capital distributions are not currently taxable to Shareholders, such distributions will have the effect of lowering a Shareholder's tax basis in such Shares, and could result in a higher tax liability when the Shares are sold, even if they have not increased in value, or in fact, have lost value. The Fund's final distribution for each tax year is expected to include any remaining investment company taxable income and net tax-exempt income (if any) undistributed during the tax year, as well as any undistributed net capital gain realized during the tax year. If the total distributions made in any tax year exceed investment company taxable income, net tax-exempt income (if any) and net capital gain, such excess distributed amount would be treated as ordinary dividend income only to the extent of the Fund's current and accumulated earnings and profits. This distribution policy, may, under certain circumstances, have adverse consequences to the Fund and its Shareholders because it may result in a return of capital resulting in less of a Shareholder's assets being invested in the Fund and, over time, increase the Fund's expense ratio. The distribution policy also may cause the Fund to sell securities at a time it would not otherwise do so to manage the distribution of income and gain. The initial distribution will be declared on a date determined by the Board.

Each year, a statement on Form 1099-DIV identifying the sources of the distributions (*i.e.*, paid from ordinary income, paid from net capital gains on the sale of securities, and/or a return of capital, which is a nontaxable distribution) will be furnished to Shareholders subject to IRS reporting. Fund ordinary distributions may exceed the Fund's earnings, especially during the period before the Fund has substantially invested the proceeds from this offering. To the extent that the Fund pays distributions that constitute a return of capital for U.S. federal income tax purposes, it will lower an investor's tax basis in his or her Shares. A return of capital generally is a return of an investor's investment rather than a return of earnings or gains derived from the Fund's investment activities. There can be no assurance that the Fund will be able to pay distributions at a specific rate or at all.

As discussed in the "Tax Aspects" section, to qualify for and maintain RIC tax treatment, the Fund is required to distribute on a timely basis with respect to each tax year dividends for U.S. federal income tax purposes of an amount at least equal to the sum of 90% of "investment company taxable income" and net tax-exempt interest income (if any), determined without regard to any deduction for dividends paid, for such tax year. To avoid certain excise taxes imposed on RICs, the Fund is required to distribute in respect of each calendar year dividends of an amount at least equal to the sum of (1) 98% of ordinary income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of capital gain net income (adjusted for certain ordinary losses) generally for the one-year period ending on October 31 of the calendar year and (3) any ordinary income and capital gain net income for previous calendar years that were not distributed during such calendar years and on which the Fund paid no U.S. federal income tax. The Fund can offer no assurance that it will achieve results that will permit the payment of any cash distributions. If the Fund issues senior securities, the Fund will be prohibited from making distributions if doing so causes it to fail to maintain the asset coverage ratios stipulated by the 1940 Act or if distributions are limited by the terms of any of the Fund's borrowings. Any such limitations would adversely impact the Fund's ability to make distributions to Shareholders.

**Dividend Reinvestment Plan**

The Fund will operate under the DRP administered by the Transfer Agent. Pursuant to the DRP, the Fund's Distributions, net of any applicable U.S. withholding tax, are reinvested in the same class of Shares of the Fund.

Shareholders automatically participate in the DRP, unless and until an election is made to withdraw from the DRP on behalf of such participating Shareholder. A Shareholder who does not wish to have Distributions automatically reinvested may terminate participation in the DRP by written instructions to that effect to the Transfer Agent. Shareholders who elect not to participate in the DRP 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). Under the DRP, the Fund's Distributions to Shareholders are automatically reinvested in full and fractional Shares as described below.

When the Fund declares a Distribution, the Transfer Agent, on the Shareholder's behalf, will receive additional authorized Shares from the Fund either newly issued or repurchased from Shareholders by the Fund. The number of Shares to be received when Distributions are reinvested will be determined by dividing the amount of the Distribution by the Fund's NAV per share.

The Transfer Agent 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 Transfer Agent 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 DRP. Each participant, nevertheless, has the right to request certificates for whole and fractional Shares owned. The Fund will issue certificates in its sole discretion. The Transfer Agent 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 DRP, the Transfer Agent will administer the DRP 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 DRP.

Neither the Transfer Agent nor the Fund shall have any responsibility or liability beyond the exercise of ordinary care for any action taken or omitted pursuant to the DRP, nor shall they have any duties, responsibilities or liabilities except such as expressly set forth herein. Neither shall they be liable hereunder for any act done in good faith or for any good faith omissions to act, including, without limitation, failure to terminate a participant's account prior to receipt of written notice of his or her death or with respect to prices at which Shares are purchased or sold for the participants 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 "Tax Aspects."

The Fund reserves the right to amend or terminate the DRP upon 30 days' notice to Shareholders. There is no direct service charge to participants with regard to purchases under the DRP; however, the Fund reserves the right to amend the DRP to include a service charge payable by the participants.

All correspondence concerning the DRP should be directed to the Transfer Agent at WVB Blackstone All Privates Fund c/o State Street Bank and Trust Company, 1776 Heritage Way, Quincy, Massachusetts 02171. Certain transactions can be performed by calling the toll free number 1-888-287-3403.

**FISCAL YEAR; REPORTS**

For accounting purposes, the Fund's fiscal year and tax year is expected to end on March 31. As soon as practicable after the end of each calendar year, a statement on Form 1099-DIV identifying the sources of the distributions paid by the Fund to Shareholders for tax purposes will be furnished to Shareholders subject to IRS reporting. In addition, the Fund will prepare and transmit to Shareholders an unaudited semi-annual and an audited annual report within 60 days after the close of the period for which the report is being made, or as otherwise required by the 1940 Act.

**INQUIRIES**

Inquiries concerning the Fund and the Shares should be directed to the Fund at 1-888-287-3403.

****TABLE OF CONTENTS** OF THE STATEMENT OF ADDITIONAL INFORMATION**

---

| | |
|:---|:---|
|  | **Page** |
| **INVESTMENT OBJECTIVE, POLICIES AND RISKS** | **B-1** |
| **INVESTMENT RESTRICTIONS** | **B-10** |
| **MANAGEMENT OF THE FUND** | **B-13** |
| **PORTFOLIO TRANSACTIONS** | **B-19** |
| **PROXY VOTING POLICY AND PROXY VOTING RECORD** | **B-20** |
| **CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES** | **B-21** |
| **INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** | **B-21** |
| **LEGAL COUNSEL** | **B-21** |
| **ADDITIONAL INFORMATION** | **B-21** |
| **FINANCIAL STATEMENTS** | **F-1** |

---

Investors should rely only on the information contained in this prospectus. No dealer, salesperson or other individual has been authorized to give any information or to make any representations that are not contained in this prospectus. If any such information or statements are given or made, investors should not rely upon such information or representations. This prospectus does not constitute an offer to sell any securities other than those to which this prospectus relates, or an offer to sell to, or a solicitation of an offer to buy from, any person in any jurisdiction where such an offer or solicitation would be unlawful. This prospectus speaks as of the date set forth below. Investors should not assume that the delivery of this prospectus or that any sale made pursuant to this prospectus implies that the information contained in this prospectus will remain fully accurate and correct as of any time subsequent to the date of this prospectus.

**WVB BLACKSTONE ALL PRIVATES FUND**

**SHARES OF BENEFICIAL INTEREST**

**PROSPECTUS**

**[●], 2026**

Preliminary Statement of Additional Information

Dated June 26, 2026

Subject to Completion

The information in this preliminary statement of additional information is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary statement of additional information is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

**WVB BLACKSTONE ALL PRIVATES FUND**

**SHARES OF BENEFICIAL INTEREST**

**Class A Shares**

**Class I Shares**

**Class M Shares**

**Statement of Additional Information**

**[●], 2026**

WVB Blackstone All Privates Fund (the "Fund") is a newly organized Delaware statutory trust that is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company and is operated as a "tender offer fund." Wellington Management Company LLP (the "Adviser" or "WMC") serves as the investment adviser to the Fund. The Fund's investment objective is to seek to provide attractive risk adjusted returns. There can be no assurance that the Fund will achieve its investment objective.

This Statement of Additional Information (the "Statement of Additional Information") is not a prospectus and is authorized for distribution to prospective investors only if preceded or accompanied by the applicable Prospectus. This Statement of Additional Information should be read in conjunction with the applicable Prospectus, a copy of which may be obtained upon request and without charge by writing to the Fund at WVB Blackstone All Privates Fund c/o State Street Bank and Trust Company, 1776 Heritage Way, Quincy, Massachusetts 02171, by calling 1-888-287-3403 or by accessing the Fund's website at <u>https://wvbblackstoneallprivates.com</u>. The information on the website is not incorporated by reference into this Statement of Additional Information and investors should not consider it a part of this Statement of Additional Information. The Prospectus, and other information about the Fund, are also available on the U.S. Securities and Exchange Commission's (the "SEC") website at *http://www.sec.gov*. The address of the SEC's website is provided solely for the information of prospective investors and is not intended to be an active link.

Capitalized terms used but not defined in this Statement of Additional Information have the meanings ascribed to them in the applicable Prospectus.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| **INVESTMENT OBJECTIVE, POLICIES AND RISKS** | **B-1** |
| **INVESTMENT RESTRICTIONS** | **B-10** |
| **MANAGEMENT OF THE FUND** | **B-13** |
| **PORTFOLIO TRANSACTIONS** | **B-19** |
| **PROXY VOTING POLICY AND PROXY VOTING RECORD** | **B-20** |
| **CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES** | **B-21** |
| **INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** | **B-21** |
| **LEGAL COUNSEL** | **B-21** |
| **ADDITIONAL INFORMATION** | **B-21** |
| **FINANCIAL STATEMENTS** | **F-1** |

---

**INVESTMENT OBJECTIVE, POLICIES AND RISKS**

The following disclosure supplements the disclosure set forth under the caption "Types of Investments and Related Risks" in the applicable Prospectus and does not, by itself, present a complete or accurate explanation of the matters disclosed. Prospective investors must refer also to "Types of Investments and Related Risks" in the applicable Prospectus for a complete presentation of the matters disclosed below.

**Cash Equivalents and Short-Term Debt Securities**

Short-term debt securities are defined to include, without limitation, the following:

(1) 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, Farmers Home Administration, Export-Import Bank of the United States, Small Business Administration and Government National Mortgage Association, 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, 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. The economic crisis in the United States during 2008 and 2009 negatively impacted government-sponsored entities. As the real estate market deteriorated through declining home prices and increasing foreclosure, government-sponsored entities, which back the majority of U.S. mortgages, experienced extreme volatility, and in some cases, a lack of liquidity. The Adviser will monitor developments and seek to manage the Fund's portfolio in a manner consistent with achieving the Fund's investment objective, but there can be no assurance that it will be successful in doing so.

(2) 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 Fund may not be fully insured by the Federal Deposit Insurance Corporation.

(3) Repurchase agreements, which involve purchases of debt securities. At the time the Fund purchases securities pursuant to a repurchase agreement, it simultaneously agrees to resell and redeliver such securities to the seller, who also simultaneously agrees to buy back the securities at a fixed price and time. This assures a predetermined yield for the Fund during its holding period, since the resale price is always greater than the purchase price and reflects an agreed-upon market rate. Such actions afford an opportunity for the Fund to invest temporarily available cash. The Fund may enter into repurchase agreements only with respect to obligations of the U.S. government, its agencies or instrumentalities; certificates of deposit; or bankers' acceptances in which the Fund may invest. Repurchase agreements may be considered loans to the seller, collateralized by the underlying securities. The risk to the Fund is limited to the ability of the seller to pay the agreed-upon sum on the repurchase date; in the event of default, the repurchase agreement provides that the Fund is entitled to sell the underlying collateral. If the value of the collateral declines after the agreement is entered into, and if the seller defaults under a repurchase agreement when the value of the underlying collateral is less than the repurchase price, the Fund could incur a loss of both principal and interest. The Adviser will monitor the value of the collateral at the time the action is entered into and at all times during the term of the repurchase agreement. The Adviser will do so in an effort to determine that the value of the collateral always equals or exceeds the agreed-upon repurchase price to be paid to the Fund. If the seller were to be subject to a federal bankruptcy proceeding, the ability of the Fund to liquidate the collateral could be delayed or impaired because of certain provisions of the bankruptcy laws.

(4) 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 Fund and a corporation. There is no secondary market for such notes. However, they are redeemable by the Fund 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 monitor the corporation's ability to meet all of its financial obligations because the Fund'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.

**When-Issued and Forward Commitment Securities**

An Underlying Fund may purchase securities on a "when-issued" basis and may purchase or sell securities on a "forward commitment" basis to acquire the security or to hedge against anticipated changes in interest rates and prices. When such transactions are negotiated, the price, which is generally expressed in yield terms, is fixed at the time the commitment is made, but delivery and payment for the securities take place at a later date. When-issued securities and forward commitments may be sold prior to the settlement date. If an Underlying Fund disposes of the right to acquire a when-issued security prior to its acquisition or disposes of its right to deliver or receive against a forward commitment, it might incur a gain or loss.

The SEC rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies permits an Underlying Fund that is registered under the 1940 Act or a business development company to invest in a security on a when-issued or forward-settling basis, or with a non-standard settlement cycle, and the transaction will be deemed not to involve a senior security (as defined under Section 18(g) of the 1940 Act), provided that, (i) the Underlying Fund intends to physically settle the transaction and (ii) the transaction will settle within 35 days of its trade date (the "Delayed-Settlement Securities Provision"). An Underlying Fund may otherwise engage in when-issued, forward-settling and non-standard settlement cycle securities transactions that do not meet the conditions of the Delayed-Settlement Securities Provision so long as the Underlying Fund treats any such transaction as a "derivatives transaction" for purposes of compliance with the rule.

There is always a risk that the securities may not be delivered and that an Underlying Fund may incur a loss.

Securities purchased on a forward commitment or when-issued basis are subject to changes in value (generally changing in the same way, *i.e.*, appreciating when interest rates decline and depreciating when interest rates rise) based upon the public's perception of the creditworthiness of the issuer and changes, actual or anticipated, in the level of interest rates. Securities purchased on a forward commitment or when-issued basis may expose an Underlying Fund to risks because they may experience such fluctuations prior to their actual delivery. Purchasing securities on a when-issued basis can involve the additional risks that the yield available in the market when the delivery takes place actually may be higher than that obtained in the transaction itself. Purchasing securities on a forward commitment or when-issued basis when an Underlying Fund is fully invested may result in greater potential fluctuation in the Underlying Fund's net asset value ("NAV").

The risks and effect of settlements in the ordinary course on an Underlying Fund's NAV are not the same as the risks and effect of when-issued and forward commitment securities.

The purchase price of when-issued and forward commitment securities are expressed in yield terms, which reference a floating rate of interest, and is therefore subject to fluctuations of the security's value in the market from the date of an Underlying Fund's commitment (the "Commitment Date") to the date of the actual delivery and payment for such securities (the "Settlement Date"). There is a risk that, on the Settlement Date, an Underlying Fund's payment of the final purchase price, which is calculated on the yield negotiated on the Commitment Date, will be higher than the market's valuation of the security on the Settlement Date. This same risk is also borne if an Underlying Fund disposes of its right to acquire a when-issued security, or its right to deliver or receive a forward commitment security, and there is a downward market movement in the value of the security from the Commitment Date to the Settlement Date. In some instances, no income accrues to an Underlying Fund during the period from the Commitment Date to the Settlement Date. On the other hand, an Underlying Fund may incur a gain if the Underlying Fund invests in when-issued and forward commitment securities and correctly anticipates the rise in interest rates and prices in the market.

The settlements of secondary market purchases of senior loans in the ordinary course, on a settlement date beyond the period expected by loan market participants (*i.e.*, T+7 for par loans and T+20 for distressed loans, in other words more than seven or twenty business days beyond the trade date, respectively) are subject to the delayed compensation mechanics prescribed by the Loan Syndications and Trading Association ("LSTA"). For par loans, income accrues to the buyer of the senior loan (the "Buyer") during the period beginning on the last date by which the senior loan purchase should have settled (T+7) to and including the actual settlement date. Should settlement of a par senior loan purchase in the secondary market be delayed beyond the T+7 period prescribed by the LSTA, the Buyer is typically compensated for such delay through a payment from the seller of the senior loan (this payment may be netted from the wire released on settlement date for the purchase price of the senior loan paid by the Buyer). In brief, the adjustment is typically calculated by multiplying the notional amount of the trade by the applicable margin in the Loan Agreement prorated for the number of business days (calculated using a year of 360 days) beyond the settlement period prescribed by the LSTA, plus any amendment or consent fees that the buyer should have received. Furthermore, the purchase of a senior loan in the secondary market is typically negotiated and finalized pursuant to a binding trade confirmation, and therefore, the risk of non-delivery of the security to an Underlying Fund is reduced or eliminated when compared with such risk when investing in when-issued or forward commitment securities.

**Distressed Situations**

An Underlying Fund may invest in distressed securities, which are securities and obligations of companies that are experiencing financial or business difficulties, and may also seek to acquire securities portfolios from such companies. "Distressed situation" investments may result in significant returns, but also involve a substantial degree of risk. Investments of this type may involve substantial financial and business risks that can result in substantial or at times even total losses. Among the risks inherent in investments in troubled entities is the fact that it frequently may be difficult to obtain information as to the true condition of, or securities portfolios held by, such issuers. Such investments also may be adversely affected by laws relating to, among other things, fraudulent transfers and other voidable transfers or payments, lender liability, and a tribunal's power to disallow, reduce, subordinate, or disenfranchise particular claims. The market prices of such securities are also subject to abrupt and erratic market movements and above-average price volatility, and the spread between the bid and asked prices of such securities may be greater than those prevailing in other securities markets. It may take a number of years for the market price of such securities to reflect their intrinsic value. In liquidation (both in and out of bankruptcy) and other forms of corporate reorganization, there exists the risk that the reorganization either will be unsuccessful (due to, for example, failure to obtain requisite approvals), will be delayed (*e.g*., until various liabilities, actual or contingent, have been satisfied) or will result in a distribution of cash or a new security the value of which will be less than the purchase price to an Underlying Fund of the security.

**Covenant-Lite Loans**

An Underlying Fund may invest in "covenant-lite" loans. Certain financial institutions may define "covenant-lite" loans differently, but such obligations generally contain fewer financial maintenance covenants (or no maintenance covenants at all), including terms that allow the lender to monitor the financial performance of the borrower and declare a default if certain criteria are breached. In addition, covenant-lite loans may have specific tranches that contain fewer or no restrictive covenants. While these loans may still contain other collateral protections, a covenant-lite loan may carry more risk than a covenant-heavy loan made by the same borrower as it does not require the borrower to provide affirmation that certain specific financial tests have been satisfied on a routine basis as is required under a covenant-heavy loan agreement. An Underlying Fund may experience relatively greater realized or unrealized losses or delays in enforcing its rights on its holdings of certain covenant-lite loans than its holdings of loans with the usual covenants.

**Non-Performing Loans**

An Underlying Fund may invest in non-performing and sub-performing loans that often involve workout negotiations, restructuring and the possibility of foreclosure. These processes are often lengthy and expensive. In addition, an Underlying Fund's investments may include securities and debt obligations of financially distressed issuers, including companies involved in bankruptcy or other reorganization and liquidation proceedings. As a result, an Underlying Fund's investments may be subject to additional bankruptcy related risks and returns on such investments may not be realized for a considerable period of time.

**Limited Amortization Requirements**

An Underlying Fund may invest in loans that have limited mandatory amortization requirements. While these loans may obligate an issuer to repay the loan out of asset sale proceeds or with annual excess cash flow, repayment requirements may be subject to substantial limitations that would allow an issuer to retain such asset sale proceeds or cash flow, thereby extending the expected weighted average life of the investment. In addition, a low level of amortization of any debt over the life of the investment may increase the risk that the issuer will not be able to repay or refinance the loans held by an Underlying Fund when it matures.

**Nature of Certain Investments**

An Underlying Fund generally expects to invest in loans, debt obligations, securities and assets that are inefficiently priced as a result of business, financial, market or legal uncertainties. There is typically no market for certain types of loans and debt an Underlying Fund may purchase. The level of analytical sophistication, both financial and legal, necessary for successful returns on such investments is unusually high. There can be no assurance that an Underlying Fund's manager will evaluate correctly the nature and magnitude of the various factors that could affect the value of the Underlying Fund's investments. In particular, an Underlying Fund may purchase securities and other obligations of companies that are experiencing significant financial or business distress, including companies involved in bankruptcy or other reorganization and liquidation proceedings. Many of these securities typically remain unpaid unless and until the company reorganizes and/or emerges from bankruptcy proceedings. In addition, it frequently may be difficult to obtain information as to the conditions of these securities. The market prices of these securities are also subject to abrupt and erratic market movements and above average price volatility, and the spread between the bid and asked prices of such securities may be greater than normally expected. Although such investments may result in significant returns to an Underlying Fund, they involve a substantial degree of risk and may not show any return for a considerable period of time, if at all. Sourcing, diligence, structuring and governance of private distressed investments require consideration of factors that are often not present in standard private equity investing or investments in the senior and secured debt of financially sound companies. If an Underlying Fund manager's evaluation of the anticipated outcome of an investment situation should prove incorrect, the Underlying Fund could experience losses. There is no assurance that an Underlying Fund will correctly evaluate the value of the assets collateralizing the Underlying Fund's investments or the prospects for a successful reorganization or similar action in respect of any company. In any reorganization or liquidation proceeding relating to a company in which an Underlying Fund invests, the Underlying Fund may lose its entire investment, may be required to accept cash or securities with a value less than the Underlying Fund's original investment and/or may be required to accept payment over an extended period of time.

**Nature of Bankruptcy Proceedings**

An Underlying Fund may invest in the securities and obligations of distressed and bankrupt issuers, including debt obligations that are in covenant or payment default. Such investments generally are considered speculative. The repayment of defaulted obligations is subject to significant uncertainties. Defaulted obligations might be repaid, if at all, only after lengthy workout or bankruptcy proceedings, during which the issuer might not make any interest or other payments and the amount of any recovery may be affected by the relative security of an Underlying Fund's investment in the capital structure of the issuer. Certain debt securities in which an Underlying Fund invests could be subject to U.S. federal, state or non-U.S. bankruptcy laws or fraudulent transfer or conveyance laws, if such securities were issued with the intent of hindering, delaying or defrauding creditors or, in certain circumstances, if the issuer receives less than reasonably equivalent value or fair consideration in return for issuing such securities. In addition, under certain circumstances, payments to an Underlying Fund may be reclaimed if any such payment or distribution is later determined to have been a fraudulent conveyance or a preferential payment. If an Underlying Fund or its manager are found to have interfered with the affairs of a company in which an Underlying Fund holds a debt investment, to the detriment of other creditors or investors of such company, the Underlying Fund may be held liable for damages to injured parties or a bankruptcy court. Moreover, such debt may be disallowed or subordinated to the claims of other creditors or treated as equity.

There are a number of significant risks arising out of investments in companies involved in bankruptcy proceedings, including, but not limited to, the following: First, many events in a bankruptcy are the product of contested matters and adversary proceedings that are beyond the control of the creditors. Second, a bankruptcy filing may have adverse and permanent effects on a company. For instance, the company may lose its market position and key employees or otherwise become incapable of emerging from bankruptcy and restoring itself as a viable entity. Further, if the bankruptcy proceeding is converted to a liquidation, the liquidation value of the company may not equal the liquidation value that was believed to exist at the time of the investment. Third, the duration of a bankruptcy proceeding is difficult to predict. A creditor's return on investments can be adversely affected by delays while a plan of reorganization is being negotiated, approved by the creditors and confirmed by the bankruptcy court, and until such time as such plan ultimately becomes effective.

**DIP Loans**

An Underlying Fund may invest in debtor-in-possession ("DIP") loans. DIP loans involve a fundamental credit risk based on the borrower's ability to make principal and interest payments and the inherent risks in the bankruptcy process. DIP loans are subject to a court approval process in which parties-in-interest may be heard but there can be no assurance that an Underlying Fund would be successful in obtaining favorable results. If the calculations of an Underlying Fund's manager as to the outcome or timing of a reorganization are inaccurate, a company that has filed for bankruptcy may not be able to make payments on a DIP loan on time or at all. In addition, DIP loans may be privately negotiated transactions, each of which has individualized terms. These positions may be illiquid and difficult to value. DIP loans may be subject to price volatility due to various factors including, but not limited to, changes in interest rates, market perception of the creditworthiness of the borrower and general market liquidity.

**Rediscount Loans**

Rediscount loans may present risks similar to those of the other types of loans in which an Underlying Fund may invest and, in fact, such risks may be of greater significance in the case of rediscount loans. Moreover, investing in rediscount loans may entail a variety of unique risks. Among other risks, rediscount loans may be subject to prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk. In addition, the performance of a rediscount loan will be affected by a variety of factors, including its priority in the capital structure of the obligor thereof, the availability of any credit enhancement, the level and timing of payments and recoveries on the underlying receivables, loans or other assets that are being collateralized, remoteness of those assets from the originator or transferor, the adequacy of and ability to realize upon any related collateral and the capability of the servicer of the relevant assets.

**Warehouse Investment Risk**

An Underlying Fund may invest in warehouses, which are financing structures created prior to and in anticipation of collateralized loan obligation ("CLO") or collateralized debt obligation ("CDO") closings and issuing securities and are intended to aggregate direct loans, corporate loans and/or other debt obligations that may be used to form the basis of CLO or CDO vehicles. To finance the acquisition of a warehouse's assets, a financing facility (a "Warehouse Facility") is often opened by (i) the entity or affiliates of the entity that will become the collateral manager of the CLO or CDO upon its closing and/or (ii) third-party investors that may or may not invest in the CLO or CDO. The period from the date that a warehouse is opened and asset accumulation begins to the date that the CLO or CDO closes is commonly referred to as the "warehousing period." In practice, investments in warehouses ("Warehouse Investments") are structured in a variety of legal forms, including subscriptions for equity interests or subordinated debt investments in special purpose vehicles that obtain a Warehouse Facility secured by the assets acquired in anticipation of a CLO or CDO closing.

A Warehouse Investment generally bears the risk that (i) the warehoused assets (typically senior secured corporate loans) will drop in value during the warehousing period, (ii) certain of the warehoused assets default or for another reason are not permitted to be included in a CLO or CDO and a loss is incurred upon their disposition, and (iii) the anticipated CLO or CDO is delayed past the maturity date of the related Warehouse Facility or does not close at all, and, in either case, losses are incurred upon disposition of all of the warehoused assets. In the case of (iii), a particular CLO or CDO may not close for many reasons, including as a result of a market-wide material adverse change, a manager-related material adverse change or the discretion of the manager or the underwriter.

There can be no assurance that a CLO or CDO related to Warehouse Investments will be consummated. In the event a planned CLO or CDO is not consummated, investors in a warehouse (which may include an Underlying Fund) may be responsible for either holding or disposing of the warehoused assets. Because leverage is typically used in warehouses, the potential risk of loss may be increased for the owners of Warehouse Investments. This could expose an Underlying Fund to losses, including in some cases a complete loss of all capital invested in a Warehouse Investment.

An Underlying Fund may be an investor in Warehouse Investments and in CLOs or CDOs that acquire warehoused assets, including from warehouses in which any of the Underlying Fund, other clients of the Underlying Fund's manager or the Underlying Fund manager has directly or indirectly invested. This involves certain conflicts and risks.

The Warehouse Investments represent leveraged investments in the underlying assets of a warehouse. Therefore, the value of a Warehouse Investment is often affected by, among other things: (i) changes in the market value of the underlying assets of the warehouse; (ii) distributions, defaults, recoveries, capital gains, capital losses and prepayments on the underlying assets of the warehouse; and (iii) the prices, interest rates and availability of eligible assets for reinvestment. Due to the leveraged nature of a Warehouse Investment, a significant portion (and in some circumstances all) of the Warehouse Investments made by an Underlying Fund may not be repaid.

**Other Fund Strategies**

**Derivatives**

*Futures Contracts.* The Fund may enter into securities-related futures contracts, including security futures contracts, as an anticipatory hedge. The Fund's derivative investments may include sales of futures as an offset against the effect of expected declines in securities prices and purchases of futures as an offset against the effect of expected increases in securities prices. The Fund does not enter into futures contracts which are prohibited under the CEA and will, to the extent required by regulatory authorities, enter only into futures contracts that are traded on exchanges and are standardized as to maturity date and underlying financial instrument. A security futures contract is a legally binding agreement between two parties to purchase or sell in the future a specific quantity of a security or of the component securities of a narrow-based security index, at a certain price. A person who buys a security futures contract enters into a contract to purchase an underlying security and is said to be "long" the contract. A person who sells a security futures contract enters into a contract to sell the underlying security and is said to be "short" the contract. The price at which the contract trades (the "contract price") is determined by relative buying and selling interest on a regulated exchange.

 

Transaction costs are incurred when a futures contract is bought or sold and margin deposits must be maintained. To enter into a security futures contract, the Fund must deposit funds with its custodian in the name of the futures commodities merchant equal to a specified percentage of the current market value of the contract as a performance bond. Moreover, all security futures contracts are marked-to-market at least daily, usually after the close of trading. At that time, the account of each buyer and seller reflects the amount of any gain or loss on the security futures contract based on the contract price established at the end of the day for settlement purposes.

An open position, either a long or short position, is closed or liquidated by entering into an offsetting transaction (*i.e.*, an equal and opposite transaction to the one that opened the position) prior to the contract expiration. Traditionally, most futures contracts are liquidated prior to expiration through an offsetting transaction and, thus, holders do not incur a settlement obligation. If the offsetting purchase price is less than the original sale price, a gain will be realized; if it is more, a loss will be realized. Conversely, if the offsetting sale price is more than the original purchase price, a gain will be realized; if it is less, a loss will be realized. The transaction costs must also be included in these calculations. However, there can be no assurance that the Fund will be able to enter into an offsetting transaction with respect to a particular futures contract at a particular time. If the Fund is not able to enter into an offsetting transaction, the Fund will continue to be required to maintain the margin deposits on the futures contract and the Fund may not be able to realize a gain in the value of its future position or prevent losses from mounting. This inability to liquidate could occur, for example, if trading is halted due to unusual trading activity in either the security futures contract or the underlying security; if trading is halted due to recent news events involving the issuer of the underlying security; if systems failures occur on an exchange or at the firm carrying the position; or, if the position is on an illiquid market. Even if the Fund can liquidate its position, it may be forced to do so at a price that involves a large loss.

Under certain market conditions, it may also be difficult or impossible to manage the risk from open security futures positions by entering into an equivalent but opposite position in another contract month, on another market, or in the underlying security. This inability to take positions to limit the risk could occur, for example, if trading is halted across markets due to unusual trading activity in the security futures contract or the underlying security or due to recent news events involving the issuer of the underlying security.

There can be no assurance that a liquid market will exist at a time when the Fund seeks to close out a futures contract position. The Fund would continue to be required to meet margin requirements until the position is closed, possibly resulting in a decline in the Fund's NAV. In addition, many of the contracts discussed above are relatively new instruments without a significant trading history. As a result, there can be no assurance that an active secondary market will develop or continue to exist.

Futures positions also may be illiquid because certain commodity exchanges limit fluctuations in certain futures contract prices during a single day by regulations referred to as "daily price fluctuation limits" or "daily limits." Under such daily limits, during a single trading day no trades may be executed at prices beyond the daily limits. Once the price of a particular futures contract has increased or decreased by an amount equal to the daily limit, positions in that contract can neither be entered into nor liquidated unless traders are willing to effect trades at or within the limit. Futures prices have occasionally moved beyond the daily limits for several consecutive days with little or no trading. Over-the-counter instruments generally are not as liquid as instruments traded on recognized exchanges. These constraints could prevent the Fund from promptly liquidating unfavorable positions and subject the Fund to substantial losses.

Security futures contracts that are not liquidated prior to expiration must be settled in accordance with the terms of the contract. Depending on the terms of the contract, some security futures contracts are settled by physical delivery of the underlying security. At the expiration of a security futures contract that is settled through physical delivery, a person who is long the contract must pay the final settlement price set by the regulated exchange or the clearing organization and take delivery of the underlying securities. Conversely, a person who is short the contract must make delivery of the underlying securities in exchange for the final settlement price. Settlement with physical delivery may involve additional costs.

Depending on the terms of the contract, other security futures contracts are settled through cash settlement. In this case, the underlying security is not delivered. Instead, any positions in such security futures contracts that are open at the end of the last trading day are settled through a final cash payment based on a final settlement price determined by the exchange or clearing organization. Once this payment is made, neither party has any further obligations on the contract.

As noted above, margin is the amount of funds that must be deposited by the Fund to initiate futures trading and to maintain the Fund's open positions in futures contracts. A margin deposit is intended to ensure the Fund's performance of the futures contract. The margin required for a particular futures contract is set by the exchange on which the futures contract is traded and may be significantly modified from time to time by the exchange during the term of the futures contract.

If the price of an open futures contract changes (by increase in the case of a sale or by decrease in the case of a purchase) so that the loss on the futures contract reaches a point at which the margin on deposit does not satisfy margin requirements, the broker will require an increase in the margin. However, if the value of a position increases because of favorable price changes in the futures contract so that the margin deposit exceeds the required margin, the broker will pay the excess to the Fund. In computing NAV, the Fund marks to market the current value of its open futures contracts. The Fund expects to earn interest income on its margin deposits.

Because of the low margin deposits required, futures contracts trading involves an extremely high degree of leverage. As a result, a relatively small price movement in a futures contract may result in an immediate and substantial loss or gain to the investor. For example, if at the time of purchase 10% of the value of the futures contract is deposited as margin, a subsequent 10% decrease in the value of the futures contract would result in a total loss of the margin deposit, before any deduction for the transaction costs, if the account were then closed out. A 15% decrease would result in a loss equal to 150% of the original margin deposit, before any deduction for the transaction costs, if the account were then closed out. Thus, a purchase or sale of a futures contract may result in losses in excess of the amount initially invested in the futures contract. However, the Fund would presumably have sustained comparable losses if, instead of the futures contract, it had invested in the underlying financial instrument and sold it after the decline.

In addition to the foregoing, imperfect correlation between futures contracts and the underlying securities may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss. Under certain market conditions, the prices of security futures contracts may not maintain their customary or anticipated relationships to the prices of the underlying security or index. These pricing disparities could occur, for example, when the market for the security futures contract is illiquid, when the primary market for the underlying security is closed, or when the reporting of transactions in the underlying security has been delayed.

In addition, the value of a position in security futures contracts could be affected if trading is halted in either the security futures contract or the underlying security. In certain circumstances, regulated exchanges are required by law to halt trading in security futures contracts. For example, trading on a particular security futures contract must be halted if trading is halted on the listed market for the underlying security as a result of pending news, regulatory concerns or market volatility. Similarly, trading of a security futures contract on a narrow-based security index must be halted under circumstances where trading is halted on securities accounting for at least 50% of the market capitalization of the index. In addition, regulated exchanges are required to halt trading in all security futures contracts for a specified period of time when the Dow Jones Industrial Average experiences one-day declines of 10%, 20% and 30%. The regulated exchanges may also have discretion under their rules to halt trading in other circumstances, such as when the exchange determines that the halt would be advisable in maintaining a fair and orderly market.

A trading halt, either by a regulated exchange that trades security futures or an exchange trading the underlying security or instrument, could prevent the Fund from liquidating a position in security futures contracts in a timely manner, which could expose the Fund to a loss.

Each regulated exchange trading a security futures contract may also open and close for trading at different times than other regulated exchanges trading security futures contracts or markets trading the underlying security or securities. Trading in security futures contracts prior to the opening or after the close of the primary market for the underlying security may be less liquid than trading during regular market hours.

*Swap Agreements.* The Fund may enter into swap agreements. In a standard "swap" transaction, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the "notional amount" of predetermined investments or instruments, which may be adjusted for an interest factor. Some swaps are structured to include exposure to a variety of different types of investments or market factors, such as interest rates, commodity prices, non-U.S. currency rates, mortgage securities, corporate borrowing rates, security prices, indexes or inflation rates. Swap agreements may be negotiated bilaterally and traded OTC between two parties or, in some instances, must be transacted through a futures commission merchant and cleared through a clearinghouse that serves as a central counterparty. Certain risks are reduced (but not eliminated) if a fund invests in cleared swaps. Certain standardized swaps, including certain credit default swaps, are subject to mandatory clearing, and more are expected to be in the future. The counterparty risk for cleared derivatives is generally lower than for uncleared derivatives, but cleared contracts are not risk-free.

 

Swap agreements may increase or decrease the overall volatility of the Fund's investments and the price of Fund Shares. The performance of swap agreements may be affected by a change in the specific interest rate, currency or other factors that determine the amounts of payments due to and from the Fund. If a swap agreement calls for payments by the Fund, the Fund must be prepared to make such payments when due. In addition, if the counterparty's creditworthiness declines, the value of a swap agreement would likely decline, potentially resulting in losses.

Generally, swap agreements have fixed maturity dates that are agreed upon by the parties to the swap. The agreement can be terminated before the maturity date only under limited circumstances, such as default by or insolvency of one of the parties and can be transferred by a party only with the prior written consent of the other party. The Fund may be able to eliminate its exposure under a swap agreement either by assignment or other disposition, or by entering into an offsetting swap agreement with the same party or a similarly creditworthy party. If the counterparty is unable to meet its obligations under the contract, declares bankruptcy, defaults or becomes insolvent, the Fund may not be able to recover the money it expected to receive under the contract.

A swap agreement can be a form of leverage, which can magnify the Fund's gains or losses.

The use of swaps can cause the Fund to be subject to additional regulatory requirements, which may generate additional Fund expenses.

The Fund monitors any swaps with a view towards ensuring that the Fund remains in compliance with all applicable regulatory, investment and tax requirements.

**Involuntary Repurchases and Mandatory Redemptions**

The Fund, consistent with the requirements of the Fund's Declaration of Trust, the provisions of the 1940 Act and rules thereunder, including Rule 23c-2, has the right to repurchase or redeem Shares of a Shareholder or any person acquiring Shares from or through a Shareholder under certain circumstances, including:

● ownership of Shares by a Shareholder or other person will cause the Fund to be in violation of, or subject the Fund to additional registration or regulation under, the securities, commodities or other laws of the U.S. or any other relevant jurisdiction;

● continued ownership of such Shares may be harmful or injurious to the business or reputation of the Fund or the Adviser, or may subject the Fund or any Shareholder to an undue risk of adverse tax or other fiscal consequences;

● any of the representations and warranties made by a Shareholder in connection with the acquisition of Shares was not true when made or has ceased to be true; or

● it would be in the best interests of the Fund to repurchase or redeem Shares, subject to the conditions of Rule 23c-2 under the 1940 Act.

**INVESTMENT RESTRICTIONS**

**FUNDAMENTAL INVESTMENT RESTRICTIONS**

The Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Purchase or sell real estate, except that, to the extent permitted by applicable law, the Fund may (i) invest
in securities directly or indirectly secured by real estate or interests therein or issued by entities that invest in real estate or interests
therein and (ii) acquire, hold and sell real estate acquired through default, liquidation, or other distributions of an interest
in real estate as a result of the Fund's ownership of other assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Purchase or sell commodities or commodity contracts or oil, gas or mineral programs, except to the extent
permitted under the Investment Company Act of 1940 (the "1940 Act"), as interpreted, modified, or otherwise permitted from
time to time by regulatory authority having jurisdiction. This restriction shall not prohibit the Fund, subject to restrictions described
in the Prospectus and elsewhere in this Statement of Additional Information, from investing in instruments directly or indirectly secured
by commodities or securities issued by entities that invest in or hold such commodities and acquire temporarily commodities as a result
thereof, or purchasing, selling or entering into futures contracts, options on futures contracts, forward contracts, or any interest rate,
securities-related or other derivative instrument, including swap agreements and other derivative instruments, subject to compliance with
any applicable provisions of the federal securities or commodities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Issue senior securities or borrow money except as permitted by the 1940 Act and the rules and interpretative
positions of the SEC thereunder or otherwise as permitted by applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Underwrite securities of other issuers, except
insofar as the Fund may be deemed an underwriter under the Securities Act of 1933, as amended, in selling portfolio securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Make loans to other persons, except to the extent permitted under the 1940 Act, as interpreted, modified,
or otherwise permitted from time to time by regulatory authority having jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Invest more than 25% of its total assets (taken at market value at the time of each investment) in the
securities of issuers in any one industry or group of industries; provided that securities issued or guaranteed by the U.S. Government
or its agencies or instrumentalities and tax-exempt securities of governments or their political subdivisions will not be considered to
represent an industry (other than those securities backed only by the assets and revenues of non-governmental users with respect to which
the Fund will not invest 25% or more of the value of its total assets (taken at market value at the time of each investment) in securities
backed by the same source of revenue.

In addition, the Fund has adopted a fundamental policy that it will, under normal market conditions, invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) directly or indirectly in a combination of Blackstone Underlying Funds that provide exposure to private market investments and Temporary Private Markets Exposure Proxies (each as defined in the Prospectus) (the "80% Policy").

The Fund will treat with respect to participation interests both the financial intermediary and the borrower as "issuers" for purposes of fundamental investment restriction (6). If the Fund invests in another investment company and information about the industry concentration of such investment company's holdings is known or should be known to the Fund, the Fund will consider such information in connection with compliance with fundamental investment restriction (6). In this regard, it shall not be a violation of this fundamental investment restriction to the extent that one or more Underlying Funds concentrate their investments in the equity securities of issuers in any one industry to the extent necessary for such Underlying Funds to approximate the composition of their target indexes, and such investments result in the Fund exceeding the percentage threshold set forth in this fundamental investment restriction. In addition, the Adviser will generally make determinations as to the appropriate industry categories and classifications for purposes of this fundamental investment restriction. As part of this determination, the Adviser may take into account a variety of considerations, including information provided by relevant third-party classification systems and internal analysis. Even where the Adviser relies primarily on a particular classification system, it may depart from that system in specific cases at its discretion. Additionally, information regarding the industry concentration of Blackstone Underlying Funds that are private funds (i.e., private investment funds excluded from the definition of "investment company" pursuant to Sections 3(c)(1) or 3(c)(7) of the 1940 Act) may be received on a delayed basis. The use of any particular classification system is not part of any fundamental policy, and the Fund may change any source used for determining industry classifications at any time without shareholder approval. Industry categories and issuer classifications may change over time as industry sectors and issuers evolve. Portfolio allocations shown in shareholder reports and other communications may use broader investment sectors or narrower sub-industry categories.

Investors should be aware that, during the Fund's launch phase, the Fund's holdings of certain Underlying Funds may represent a greater or lesser proportion of the Fund's overall net assets than is intended to be the case, under normal market conditions, once the Fund's investment strategies are fully implemented. As a result, during this period, the Fund may experience performance that is not reflective of the performance expected based on full implementation of the Fund's investment strategies. There is the risk that, during such period, the Fund could experience losses, including losses greater than, or gains less than, the losses or gains that would otherwise be incurred were the strategies fully implemented.

The fundamental investment limitations set forth above restrict the ability of the Fund to engage in certain practices and purchase securities and other instruments other than as permitted by, or consistent with, applicable law, including the 1940 Act. Certain relevant limitations of the 1940 Act as they presently exist are described below or elsewhere in the Fund's Prospectus or Statement of Additional Information. These limitations are based either on the 1940 Act itself, the rules or regulations thereunder or applicable orders of the SEC. In addition, interpretations and guidance provided by the SEC staff may be taken into account to determine if a certain practice or the purchase of securities or other instruments is permitted by the 1940 Act, the rules or regulations thereunder or applicable orders of the SEC. As a result, the foregoing fundamental investment policies may be interpreted differently over time as the statute, rules, regulations or orders (or, if applicable, interpretations) that relate to the meaning and effect of these policies change, and no vote of Shareholders, as applicable, will be required or sought.

**NON-FUNDAMENTAL INVESTMENT RESTRICTIONS**

The Fund is also subject to the following non-fundamental restrictions and policies, which may be changed by the Board of Trustees without the approval of the holders of a majority of the outstanding voting securities of the Fund. The Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Change or alter the Fund's investment objective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Purchase securities of other investment companies, except to the extent that such purchases are permitted
by applicable law, including any rules or exemptive orders issued by the SEC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Purchase any securities on margin except as may be necessary in connection with transactions described
under "Investment Objective, Policies and Risks" above and under "Investment Objective, Opportunities and Strategies"
in the Prospectus and except that the Fund may obtain such short-term credit as may be necessary for the clearance of purchases and sales
of portfolio investments (the deposit or payment by the Fund of initial or variation margin in connection with swaps, forward contracts
and financial futures contracts and options thereon is not considered the purchase of a security on margin).

Compliance with any policy or limitation of the Fund that is expressed as a percentage of assets is determined at the time of purchase of portfolio securities. The policy will not be violated if these limitations are exceeded because of changes in the market value or investment rating of the Fund's assets or if a borrower or issuer distributes equity securities incident to the purchase or ownership of a portfolio investment or in connection with a reorganization of a borrower or issuer. Notwithstanding the foregoing, the requirements of the Fund's 80% Policy adopted pursuant to Rule 35d-1 under the 1940 Act apply at the time of investment but, if the Fund identifies that its 80% Policy is no longer satisfied, the Fund must make future investments in a manner that will bring the Fund into compliance with its 80% Policy in the applicable timeframe prescribed by Rule 35d-1. The Fund may temporarily invest less than 80% of the value of its assets in accordance with its 80% Policy during the Fund's first 180 consecutive days, starting from the date the Fund commences operations.

The Fund interprets its policies with respect to borrowing and lending to permit such activities as may be lawful for the Fund, to the full extent permitted by the 1940 Act and rules adopted thereunder or by exemption from the provisions therefrom pursuant to an exemptive order of the SEC.

**MANAGEMENT OF THE FUND**

The Fund's business and affairs are managed under the direction of the Board. The Board currently consists of four members, three of whom are not "interested persons" of the Fund as defined in Section 2(a)(19) of the 1940 Act. The Fund refers to these individuals as its independent trustees. The Board annually elects the Fund's officers, who serve at the discretion of the Board. The Board maintains an audit committee and a nominating and governance committee, and may establish additional committees from time to time as necessary.

**Board of Trustees and Officers**

**Trustees**

Information regarding the members of the Board is set forth below. The Trustees have been divided into two groups—Interested Trustees and Independent Trustees. As set forth in the Fund's Declaration of Trust, each Trustee's term of office shall continue until his or her death, resignation, removal, bankruptcy, adjudicated incompetence or other incapacity to perform the duties of the office of a Trustee.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, address<sup>(1)</sup> and age** | **Position(s) <br> Held with<br> the Fund** | **Term of Office <br> and Length of<br> Time Served<sup>(2)</sup>** | **Principal Occupation(s)<br> During Past 5 Years** | **Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> Trustee<sup>(3)</sup>** | **Other Directorships<br> Held by Trustee** |
| ***Interested Trustee<sup>(2)</sup>*** | ***Interested Trustee<sup>(2)</sup>*** | ***Interested Trustee<sup>(2)</sup>*** | ***Interested Trustee<sup>(2)</sup>*** | ***Interested Trustee<sup>(2)</sup>*** | ***Interested Trustee<sup>(2)</sup>*** |
| Molly K. Shannon<br> (1966)<br>| Trustee and Board Chairperson | Since Inception | Senior Managing Director, Partner and Head of Focus Initiatives at Wellington Management; President and Board member, Wellington Funds Distributors Inc.; Manager of Wellington Management Canada LLC | 3 | Wellington Management International Limited; Wellington Funds Distributors Inc. |
| ***Independent Trustees*** | ***Independent Trustees*** |  |  |  |  |
| Andra Bolotin<br> (1962)<br>| Trustee | Since Inception | Executive Vice President and Chief Financial Officer, Great-West Lifeco US (2016-2024); Executive Vice President and Chief Financial Officer, Putnam Investments (2017-2023); Executive Vice President and Chief Financial Officer, Empower (2015-2023) | 3 | Massachusetts Regional Red Cross; Plimoth Patuxet Museum - Museum Council; PanAgora Asset Management; IGM Financial; Envestnet |
| F. William McNabb III<br> (1957) | Trustee | Since Inception | N/A | 3 | United Health Group; Axiom; Altruist; IBM; Vanilla; CECP: The CEO Force for Good; Philadelphia Zoo |
| Thomas Pappas<br> (1961) | Trustee | Since Inception | N/A | 3 | MassINC; Cummings Foundation; Omidyar-Tufts Active Citizen Trust; Move the World Foundation |

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(1) The address of each Trustee is care of the Secretary of the Fund at 280 Congress Street, Boston, MA 02210.

(2) "Interested person," as defined in the 1940 Act, of the Fund. Molly K. Shannon is an interested person of the Fund due to her affiliation with the Adviser.

(3) The term "Fund Complex" means two or more registered investment companies that share the same investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies or hold themselves out to investors as related companies for the purpose of investment and investor services.

 ***Officers***

 ****

The following table sets forth each officer's name, year of birth, position with the Fund and date first appointed to that position, and principal occupation(s) during the past five years. Each officer serves until his or her successor is chosen and qualified or until his or her resignation or removal by the Board of Trustees.

---

| | | | |
|:---|:---|:---|:---|
| **<br> Name, address<sup>(1)</sup> and <br> age** | **Position(s) Held with<br> the Fund** | **Term of Office <br> and Length of <br> Time Served** | **Principal Occupation(s)<br> During Past 5 Years** |
| Carmine A. Taglione<br> (1982) | President and Principal Executive Officer | Since Inception | Managing Director, President of Wellington Alternative Investments LLC and Wellington Funds (US) LLC at Wellington Management; Chief Operating Officer of U.S. Wealth Management at Wellington Management |
| Matthew J. Bowser<br> (1982) | Treasurer and Principal Financial Officer | Since Inception | Managing Director and Director, Fund Control & Operations at Wellington Management |
| Kyle T. Sullivan<br> (1988) | Secretary and Chief Legal Officer | Since Inception | Vice President & Counsel, Wellington Management (2025-Present); Associate, Investment Management Practice Group, Morgan Lewis & Bockius LLP (2018-2025) |
| Ruby Salter Henry<br> (1987) | Chief Compliance Officer | Since Inception | Managing Director and Senior Compliance Officer at Wellington Management |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The address of each officer is care of the Secretary of the Fund
at 280 Congress Street, Boston, MA 02210.

**Biographical Information and Discussion of Experience and Qualifications, *etc*.** 

***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 Statement of Additional Information, that each Trustee should serve as a Trustee of the Fund.

**Interested Trustee**

Molly K. Shannon

Molly K. Shannon serves as a Senior Managing Director and Partner, US Wealth at Wellington Management. Ms. Shannon oversees the business and team responsible for servicing and growing US subadvisory and intermediary client relationships. She also serves as head of the New York office for the firm. Prior to this role, Ms. Shannon served as Head of Focus Initiatives, overseeing the firm's strategic growth efforts in privates, hedge funds and sustainable investments. Ms. Shannon is president of Wellington Funds Distributors Inc., a limited purpose U.S. broker-dealer, and serves on its board of directors. She is chair of the board of directors of Wellington Management International Limited and chair of the Audit Committee. She is a former member of the firm's executive, product innovation, new partner advisory and capital commitments committees, and serves as a diversity, equity & inclusion senior ambassador for the firm. Ms. Shannon joined Wellington Management in 2003.

**Independent Trustees** 

Andra Bolotin

Andra Bolotin was the Chief Financial Officer of two separate companies majority owned by Great-West Lifeco (TSX: GWO): Putnam Investments and Empower, as well as the US parent, Great-West Lifeco US. Between 2015 and 2023, she shaped strategy for both companies, demonstrated business transformation leadership during the repositioning of Empower, oversaw major investments, provided leadership to critical areas including finance, investment administration, corporate actuarial and risk, and communicated with key stakeholders including rating agencies, shareholders, and external analysts. Her expertise in finance, capital management, and governance were instrumental to her active engagement with the Putnam and Empower corporate boards and audit committees.

Ms. Bolotin also has extensive experience working with corporate and mutual fund boards. She is currently on the board and chair of the audit committee of PanAgora Asset Management, a privately held global institutional manager, and Envestnet, a privately held financial services company. She is also on the board, audit committee and risk committee of IGM Financial, a publicly-held wealth and asset manager.

Previously, as a member of Putnam's operating committee from 2017 through 2023, Ms. Bolotin was integral to improving profitability by simplifying operations, technology, and overhead, and by streamlining products. She regularly engaged with the Putnam Mutual Fund board of trustees related to advisory and service contracts and products including the launch of ETFs. Andra co-led the sale of Putnam to Franklin Templeton, which closed in January of 2024.

Ms. Bolotin has extensive transformation experience, serving as SVP and Head of Corporate Finance at Fidelity from 2004 through 2007, leading financial processes and advancing analytics to improve firm wide decision making. Her focus on transformation and growth was fueled by her experience as an engagement manager and consultant at McKinsey and Company.

Ms. Bolotin is also a board member and active volunteer in the American Red Cross of Massachusetts and the "Plimoth" Patuxet Museum.

F. William McNabb III

F. William McNabb III is the former chairman and chief executive officer of Vanguard. He joined Vanguard in 1986. In 2008, he became chief executive officer; in 2010, he became chairman of the board of directors and the board of trustees. He stepped down as chief executive officer at the end of 2017 and as chairman at the end of 2018. Earlier in his career, he led each of Vanguard's client-facing business divisions.

Mr. McNabb is active in the investment management industry and served as the chairman of the Investment Company Institute's board of governors from 2013 to 2016. He is a board member of UnitedHealth Group, IBM, Axiom, Vanilla, and Altruist. He also serves as a senior advisor to Permira and Venrock.

Mr. McNabb is active in the nonprofit world. He is a board member and co-chair of CECP: The CEO Force for Good, former co-chair of the NACD Future of the American Boardroom Commission, a board member of the Philadelphia Zoo, a board member of the Head of the Charles, and chair of the US Rowing Foundation.

Thomas Pappas

Thomas Pappas was a Portfolio Manager for 23 years at Wellington Management Company, where he chaired multiple bond strategy groups, mentored talent, and, as a Partner, was involved with the firm's Executive, Audit, Diversity, and Trust Company committees. He managed roughly $70B for over 50 clients with assignments that spanned decades. Mr. Pappas chaired the Core Bond strategy team. In 2013 after leaving Wellington, Tom was named a Fellow at Harvard's Advanced Leadership Initiative, studying social entrepreneurship and focusing on educational insights to help lower-income students succeed. He has also become an active angel investor and startup mentor and is very involved with Hub Angels and the Gratitude Railroad impact investing network.

Mr. Pappas has served as a board member or in a leadership role for several Boston-area organizations, including Museum of Science, MassINC, Cummings Foundation, Bridge Boston Charter School, Wellington Charitable Foundation, Tufts University, Omidyar-Tufts Active Citizen Trust, and Move the World Foundation, which he founded to help improve educational pathways in Massachusetts "gateway cities."

**Board Structure and Role of the Board in Risk Oversight** 

The 1940 Act requires that at least 40% of the trustees be independent trustees. Certain exemptive rules promulgated under the 1940 Act require that at least 50% of the trustees be independent trustees. Currently, three Trustees (75%) are Independent Trustees. The independent trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairperson of the Board of Trustees, regardless of whether the trustee happens to be independent or a member of management. The Board of Trustees has determined that its leadership structure, in which the Chairperson of the Board of Trustees is an interested person of the Fund, is appropriate because the Independent Trustees believe that an interested Chairperson has a personal and professional stake in the quality and continuity of services provided by management to the Fund. The independent trustees have determined that they can act independently and effectively without having an independent trustee serve as Chairperson or as a lead independent trustee and that a key factor for assuring that they are in a position to do so is for the trustees who are independent of management to constitute a majority of the Board.

The Board expects to perform its risk oversight function primarily through (a) its two standing committees, which report to the entire Board and are comprised solely of independent trustees and (b) monitoring by the Fund's Chief Compliance Officer in accordance with the Fund's compliance policies and procedures.

**Committees of the Board**

The Board has established an audit committee and a nominating and governance committee. The Fund does not have a compensation committee because its officers do not receive any direct compensation from the Fund.

***Audit Committee.*** The members of the audit committee are Andra Bolotin, F. William McNabb III and Thomas Pappas, each of whom is independent for purposes of the 1940 Act. Ms. Bolotin serves as Chairperson of the audit committee. The audit committee is responsible for approving the Fund's independent accountants, reviewing with the Fund's independent accountants the plans and results of the audit engagement, approving professional services provided by the Fund's independent accountants, reviewing the independence of the Fund's independent accountants and reviewing the adequacy of the Fund's internal accounting controls.

***Nominating and Governance Committee.*** The members of the nominating and governance committee are Andra Bolotin, F. William McNabb III and Thomas Pappas, each of whom is independent for purposes of the 1940 Act. Mr. McNabb serves as the Chairperson of the nominating and governance committee. The nominating and governance committee is responsible for selecting, researching and nominating trustees for election by the Fund's Shareholders, selecting nominees to fill vacancies on the Board or a committee of the Board Trustees, developing and recommending to the Board a set of corporate governance principles and overseeing the evaluation of the Board and its committees.

The nominating and governance committee may consider recommendations for nomination of individuals for election as trustees from Shareholders (which include the biographical information and the qualifications of the proposed nominee) to the Secretary of the Fund, as the nominating and governance committee deems appropriate.

**Trustee Beneficial Ownership of Shares**

The following table sets forth the dollar range of Shares beneficially owned by each Trustee as of December 31, 2025.

---

| | | |
|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of Equity Securities<br> in the Fund<sup>(1), (2), (3)</sup>** | **Aggregate Dollar Range of Equity <br> Securities in All Registered <br> Investment Companies Overseen by <br> Director in Family of Investment <br> Companies <sup>(4)</sup>** |
| **Interested Trustee** |  |  |
| Molly K. Shannon |  | 0 |
| **Independent Trustees** |  |  |
| Andra Bolotin |  | 0 |
| F. William McNabb III |  | 0 |
| Thomas Pappas |  | 0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Dollar ranges are as follows: None, $1–$10,000, $10,001–$50,000, $50,001–$100,000, or
Over $100,000.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Beneficial ownership determined in accordance with Rule 16a-1(a)(2) under the Securities Exchange Act
of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;(3) As of the date of this Statement of Additional Information, the Fund had not commenced operations, and
therefore the Trustees and Officers of the Fund did not own any shares of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(4) The Family of Investment Companies is defined as any two or more registered investment companies that
(a) share the same investment adviser or principal underwriter; and (b) hold themselves out to investors as related companies for
purposes of investment and investor services.

**Compensation of Trustees**

The Independent Trustees are paid a total annual retainer of $100,000 for their service on the Fund's Board and the Boards of the Wellington Global Multi-Strategy Fund and WVB All Markets Fund. Each of the Fund, the Wellington Global Multi-Strategy Fund and the WVB All Markets Fund will pay a fixed portion of the retainer ($16,667 each) with the remainder ($50,000) allocated pro rata among the Fund, the Wellington Global Multi-Strategy Fund and the WVB All Markets Fund based on the net assets of each. The Chairperson of the Audit Committee is paid an additional annual fee of $5,000 by each fund. All Trustees are reimbursed for their reasonable out-of-pocket expenses. The Trustees do not receive any pension or retirement benefits from the Fund.

The following table shows information regarding the estimated compensation to be earned by the Trustees, none of whom is an employee of the Fund, for services as a Trustee for the fiscal year ended March 31, 2027. The Trustee who is an "interested person," as defined in the 1940 Act, of the Fund and the Fund's officers do not receive compensation from the Fund.

---

| | | |
|:---|:---|:---|
| **Name of Trustee** | **Aggregate Compensation<br> from the Fund(1)** | **Aggregate Compensation from the Fund <br> Complex (2)** |
| **Interested Trustee** |  |  |
| Molly K. Shannon |  |  |
| **Independent Trustees** |  |  |
| Andra Bolotin | $56167 | $115000 |
| F. William McNabb III | $51167 | $100000 |
| Thomas Pappas | $51167 | $100000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) As of the date of this Statement of Additional Information, the Fund
had not commenced operations, and therefore the Independent Trustees had not received any compensation from the Fund. As noted above,
each Independent Trustee will receive a total annual retainer of $100,000 for their service on the Fund's Board and the Boards of
the Wellington Global Multi-Strategy Fund and the WVB All Markets Fund, and the Chairperson of the Audit Committee will be paid an additional
annual fee of $5,000 by each fund.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The term "Fund Complex" means two or more registered investment
companies that share the same investment adviser or have an investment adviser that is an affiliated person of the investment adviser
of any of the other registered investment companies or hold themselves out to investors as related companies for the purpose of investment
and investor services.

**Shareholder Communications**

Shareholders may send communications to the Board. Shareholders should send communications intended for the Board by addressing the communication directly to the Board (or individual Trustees) and/or otherwise clearly indicating in the salutation that the communication is for the Board (or individual Trustees) and by sending the communication to the Fund's office at 280 Congress Street, Boston, Massachusetts 02210. Other Shareholder communications received by the Fund not directly addressed and sent to the Board will be reviewed and generally responded to by management, and will be forwarded to the Board only at management's discretion based upon the matters contained therein.

**Codes of Ethics**

The Fund and the Adviser 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 Fund, 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 of which this Statement of Additional Information forms a part. The codes of ethics are available on the EDGAR database on the SEC's website at *http://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.

**The Adviser**

The Adviser, an investment adviser registered with the SEC under the Advisers Act, serves as the Fund's adviser. The Adviser is responsible for the Fund's investment strategy and the day-to-day management of the Fund's assets.

The Investment Management Agreement was approved by the Board and became effective on March 4, 2026. Following an initial two-year term, the Investment Management Agreement will continue in effect from year to year, provided that each continuance is specifically approved at least annually by both (1) the vote of a majority of the Board or the vote of a majority of the outstanding securities of the Fund entitled to vote and (2) by the vote of a majority of the Independent Trustees, cast in person at a meeting called for the purpose of voting on such approval. In addition, the Investment Management Agreement has termination provisions that allow the parties to terminate the agreement without penalty. The Investment Management Agreement is terminable without penalty, *inter alia*, upon 60 days' prior written notice by the Fund or by the Adviser. The Investment Management Agreement also provides that it will terminate automatically in the event of its "assignment," as defined by the 1940 Act and the rules thereunder.

**Portfolio Management**

**Other Accounts Managed**

The portfolio managers primarily responsible for the day-to-day management of the Fund also provide investment advisory or sub-advisory services to other registered investment companies, other pooled investment vehicles and other accounts, as indicated below. The following table identifies, as of May 31, 2026: (i) the number of other registered investment companies, other pooled investment vehicles and other accounts managed by the portfolio managers; (ii) the total assets of such companies, vehicles and accounts; and (iii) the number and total assets of such companies, vehicles and accounts that are subject to an advisory fee based on performance.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br> Accounts** | **Assets of<br> Accounts<br> (in millions)** | **Number of<br> Accounts Subject to<br> a Performance Fee** | **Assets Subject to<br> a Performance Fee<br> (in millions)** |
| Gregg R. Thomas |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 1 | $246 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 6 | $2009 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 3 | $1519 | 0 | $0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br> Accounts** | **Assets of<br> Accounts<br> (in millions)** | **Number of<br> Accounts Subject to<br> a Performance Fee** | **Assets Subject to<br> a Performance Fee<br> (in millions)** |
| Nick L. Samouilhan |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 1 | $577 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 2 | $14 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 6 | $476 | 0 | $0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br> Accounts** | **Assets of<br> Accounts<br> (in millions)** | **Number of<br> Accounts Subject to<br> a Performance Fee** | **Assets Subject to<br> a Performance Fee<br> (in millions)** |
| Noah Comen |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 1 | $147 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 2 | $2840 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 3 | $4344 | 0 | $0 |

---

**Compensation of Portfolio Managers**

The Adviser receives a fee (the Investment Management Fee) based on the assets under management of the Fund, as set forth in the Investment Management Agreement between the Adviser and the Fund. The Adviser pays the Portfolio Managers out of its total revenues, including the Investment Management Fee earned with respect to the Fund.

Wellington Management's compensation structure is designed to attract and retain high-caliber investment professionals necessary to deliver high quality investment management services to its clients. Wellington Management's compensation of the Portfolio Managers includes a base salary and incentive components. Because Mr. Thomas is a partner ("Partner") of Wellington Management Group LLP, the ultimate holding company of Wellington Management, his base salary is generally a fixed amount that is determined by the managing partners of Wellington Management Group LLP. Base salaries for Wellington Management's employees are reviewed annually and may be adjusted based on the recommendation of an investment professional's manager, using guidelines established by Wellington Management's Compensation Committee, which has final oversight responsibility for base salaries of employees of the firm. The Portfolio Managers are also eligible to receive an incentive payment based on the revenues earned by Wellington Management from the Fund and other accounts managed by the Portfolio Managers. This incentive payment relating to the Fund is based on the gross pre-tax performance over one-, three- and five-year periods, with an emphasis on five-year results.

Wellington Management applies similar incentive compensation structures to other accounts managed by the Portfolio Managers, including accounts with performance fees.

Portfolio-based incentives across all accounts managed by Wellington Management's investment professionals can, and typically do, represent a significant portion of an investment professional's overall compensation; incentive compensation varies significantly by individual and can vary significantly from year to year. Each investment professional may also be eligible for bonus payments based on their overall contribution to Wellington Management's business operations. Senior management at Wellington Management may reward individuals as it deems appropriate based on other factors. Each Partner is eligible to participate in a Partner-funded tax qualified retirement plan, the contributions to which are made pursuant to an actuarial formula.

**Securities Ownership of Portfolio Managers**

The following table shows the dollar range of equity securities in the Fund beneficially owned by the portfolio managers as of May 31, 2026.

---

| | |
|:---|:---|
| **Name** | **Aggregate Dollar Range of Equity**<br> **Securities in the Fund<sup>(1)</sup>** |
| Gregg R. Thomas |  |
| Nick L. Samouilhan |  |
| Noah Comen |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Dollar ranges are as follows: None, $1–$10,000, $10,001–$50,000, $50,001–$100,000, $100,001–$500,000,
$500,001–$1,000,000 or Over $1,000,000. As of the date of this Statement of Additional Information, the Fund had not commenced operations,
and therefore the portfolio managers of the Fund did not own any shares of the Fund.

**PORTFOLIO TRANSACTIONS**

Subject to policies established by the Board of Trustees, the Adviser is primarily responsible for the execution of the Fund's portfolio transactions and the allocation of any brokerage.

Portfolio transactions for the Fund will be allocated to brokers and dealers on the basis of numerous factors and not necessarily lowest pricing. Brokers and dealers may provide other services that are beneficial to the Adviser and/or certain client accounts, but not beneficial to all client accounts. Subject to seeking most favorable execution (best execution), in selecting brokers and dealers (including prime brokers) to execute transactions, provide financing and securities on loan, hold cash and short balances and provide other services, the Adviser may consider, among other factors that are deemed appropriate to consider under the circumstances, the following: the ability to execute a difficult or unique trade, the ability to provide anonymity and confidentiality, the breadth of the broker/dealer's counterparty relationships, the likelihood of execution, the likelihood and timeliness of settlement, the broker/dealer's underwriting capabilities, its use of automation, and its willingness to commit capital.

Many of the investments that the Adviser manages involve specialized services or unique sourcing considerations, resulting in higher commissions or their equivalents than would be the case with transactions requiring more routine services. Accordingly, the commission rates (or dealer markups and markdowns arising in connection with riskless principal transactions) charged to the Fund by brokers or dealers in the foregoing circumstances may be higher than those charged by other brokers or dealers that may not offer such services. A significant portion of the trading done for the Fund is done on a net basis, so in many circumstances it may not be possible to determine the amount of commission being paid to a broker or dealer. The Adviser need not solicit competitive bids and does not have an obligation to seek the lowest available commission cost or spread.

From time to time, the Fund may pay a broker-dealer commissions for effecting Fund transactions in excess of that which another broker-dealer might have charged for effecting the transaction in recognition of the value of the brokerage and research services provided by the broker-dealer. The Adviser may cause the Fund to effect such transactions, and receive such brokerage and research services, only to the extent that they fall within the safe harbor provided by Section 28(e) of the Securities Exchange Act of 1934, as amended, and subject to prevailing guidance provided by the SEC regarding Section 28(e). The investment information provided to the Adviser is designed to augment the Adviser's own internal research and investment strategy capabilities. Research services furnished by brokers through which the Fund effects securities transactions are used by the Adviser in carrying out its investment responsibilities with respect to all its client accounts.

If the Adviser decides, based on the factors set forth above, to execute over-the-counter transactions on an agency basis through Electronic Communications Networks ("ECNs"), it will also consider the following factors when choosing to use one ECN over another: the ease of use; the flexibility of the ECN compared to other ECNs; and the level of care and attention that will be given to smaller orders.

As of the date of this prospectus, there were no brokerage commissions because the Fund had not yet commenced investment operations.

**PROXY VOTING POLICY AND PROXY VOTING RECORD**

The Adviser will vote proxies in connection with the Fund's portfolio securities in accordance with its proxy voting policies and procedures. The Adviser votes proxies in the best interest of its clients as shareholders and in a manner that the Adviser believes maximizes the long-term economic value of their holdings. The Adviser's proxy voting guidelines set forth broad guidelines and positions on common issues that it uses in voting proxies. Generally, issues that can be addressed by these guidelines are voted by means of standing instructions communicated to the Adviser's primary voting agent. Some votes warrant analysis of specific facts and circumstances and therefore are reviewed individually. The Adviser examines such votes including internal research notes, third-party voting research and company engagement. While manual votes are often resolved by investment research teams, each portfolio manager is empowered to make a final decision for their relevant client portfolio(s), absent a material conflict of interest.

Proactive portfolio manager input is sought under certain circumstances, which may include consideration of position size and proposal subject matter and nature. Where portfolio manager input is proactively sought, deliberation across the firm may occur. This collaboration does not prioritize consensus across the firm above all other interests but rather seeks to inform portfolio managers' decisions by allowing them to consider multiple perspectives. Portfolio managers may occasionally arrive at different voting conclusions for each client, resulting in different decisions for the same vote. The vote entered on a client's behalf with respect to a particular proposal may differ from the proxy voting guidelines and/or from the vote entered on behalf of another client.

Voting procedures and the deliberation that occurs before a vote decision are aligned with the Adviser's role as active owners and fiduciaries for its clients.

Annually, the Investment Stewardship Committee sets standards for identifying material conflicts based on the Adviser's client, vendor and lender relationships and publishes those to individuals involved in the proxy voting process.

If a proxy is identified as presenting a material conflict of interest, the matter must be reviewed by designated members of the Investment Stewardship Committee, who will resolve the conflict in the best interest of the client and direct the vote accordingly. Because identifying potential conflicts is a self-reporting process, if the apparent conflict is not raised by someone within the firm it may not be identified and reviewed by the Investment Stewardship Committee.

Information on how the Fund voted proxies (if any) relating to portfolio securities during the most recent 12-month period ended June 30 will be available without charge by calling 1-888-287-3403, or on the SEC's website at http://www.sec.gov. This reference to the website does not incorporate the contents of the website into this prospectus.

**CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES**

As the Fund had not commenced operations as of June 15, 2026, and except as noted below, no persons owned of record or beneficially 5% or more of the outstanding Shares of the Fund as of that date.

Wellington Finance & Treasury LLC is expected to provide the initial investment in the Fund. For so long as Wellington Finance & Treasury LLC has a greater than 25% interest in the Fund, it may be deemed to be a "control person" of the Fund for purposes of the 1940 Act.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

An independent registered public accounting firm for the Fund performs an annual audit of the Fund's financial statements. The Board has engaged PricewaterhouseCoopers LLP, located at 101 Seaport Boulevard, Boston, Massachusetts 02210, to serve as the Fund's independent registered public accounting firm.

**LEGAL COUNSEL**

The Board has engaged Dechert LLP, located at One International Place, 40th Floor, 100 Oliver Street, Boston, Massachusetts 02110 to serve as the Fund's legal counsel.

**ADDITIONAL INFORMATION**

A registration statement on Form N-2, including amendments thereto, relating to the Shares offered hereby, has been filed by the Fund with the SEC. The Prospectus and this Statement of Additional Information do not contain all of the information set forth in the registration statement, including any exhibits and schedules thereto. For further information with respect to the Fund and the Shares offered hereby, reference is made to the registration statement. A copy of the registration statement may be reviewed on the EDGAR database on the SEC's website at *http://www.sec.gov*. Prospective investors can also request copies of these materials, upon payment of a duplicating fee, by electronic request at the SEC's e-mail address (publicinfo@sec.gov).

**FINANCIAL STATEMENTS**

![](fp0099509-1_07.jpg)

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees and Shareholder of WVB Blackstone All Privates Fund

 ****

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities of WVB Blackstone All Privates Fund (the "Fund") as of March 31, 2026, and the related statement of operations for the one day ended March 31, 2026, including the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2026 in conformity with accounting principles generally accepted in the United States of America.

 ****

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our 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 Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these financial statements 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.

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 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.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts<br> June 26, 2026

We have served as the auditor of one or more investment companies in the Wellington Management group of funds since 2024.

 

*PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210*<br> T: (617) 530 5000, <u>www.pwc.com/us</u>

**WVB Blackstone All Privates Fund**

**Statement of Assets and Liabilities**

---

| | |
|:---|:---|
|  | **March 31, 2026** |
| **Assets:** |  |
| Cash | $100000 |
| Due from Adviser | 155956 |
| Deferred offering costs | 347359 |
| Total Assets | 603315 |
| **Liabilites:** |  |
| Accrued organizational costs | 155956 |
| Accrued offering costs | 347359 |
| Total Liabilities | 503315 |
| Commitments and contingencies (Note 5) |  |
| **Net Assets** | $**100000** |
| Components of Net Assets: |  |
| Paid-in capital | $100000 |
| Class I Shares issued and outstanding (par value of $0.001 per share with an unlimited number of shares authorized) | 10000 |
| Offering price and net asset value per share | $10.00 |

---

See accompanying Notes to Financial Statements.

**WVB Blackstone All Privates Fund**

**Statement of Operations**

---

| | |
|:---|:---|
|  | **One Day Ended**<br> **March 31, 2026** |
| **Expenses:** | |
| Organizational costs | $155956 |
| Total Expenses | $155956 |
| &nbsp;&nbsp;&nbsp;Less: Reimbursement from Adviser | (155956) |
| **Net Expenses** | $**-** |
| **Net Investment Income (loss)** | $**-** |

---

See accompanying Notes to Financial Statements.

**WVB Blackstone All Privates Fund**

**Notes to Financial Statements<br> March 31, 2026**

**1. <u>Fund Organization and Investment Objective</u>**

The WVB Blackstone All Privates Fund (the "Fund") is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as a non-diversified, closed-end management investment company. The Fund was organized as a Delaware statutory trust on October 24, 2025, and has no operating history.

Wellington Management Company LLP (the "Adviser"), an affiliate of the Fund, serves as investment adviser to the Fund. The Adviser is registered as an investment adviser with the U.S. Securities and Exchange Commission (the "SEC") under the U.S. Investment Advisers Act of 1940, as amended. The Adviser is responsible for the Fund's investment strategy and the day-to-day management of the Fund's assets.

The Fund's investment objective is to seek to provide attractive risk adjusted returns by investing primarily in pooled investment vehicles sponsored by affiliates of Blackstone Inc. (collectively, "Blackstone"), directly or indirectly, and other investments that provide exposure to a broad range of asset classes and geographies in private markets. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) directly or indirectly in Blackstone Underlying Funds (as defined below) that provide exposure to private market investments. The term "private markets" refers to investments that are not traded on public exchanges, including, but not limited to, private equity, private credit, real estate and infrastructure. The Fund may not have exposure to all private markets asset classes and strategies at all times, and the Fund's allocations across sectors, asset classes, industries and geographic regions are expected to vary over time in the sole discretion of the Adviser. The Fund's portfolio may, at any given time, be more heavily weighted to one or more sectors, asset classes, industries and geographic regions. "Blackstone Underlying Funds" are pooled investment vehicles sponsored by Blackstone and may include registered investment companies, business development companies, real estate investment trusts, private funds (i.e., private investment funds excluded from the definition of "investment company" pursuant to Sections 3(c)(1) or 3(c)(7) of the 1940 Act) and other investment vehicles through which Blackstone may provide access to investment opportunities in private markets. Additionally, during certain periods, the term "Blackstone Underlying Funds" shall include "Temporary Private Markets Exposure Proxies." Please refer to the Prospectus for further information. The Fund also may invest a portion of its net assets in registered investment companies, including mutual funds and exchange-traded funds ("ETFs"), or directly in securities and derivatives, in each case providing exposure to short duration fixed income securities, money market investments and other investments considered by the Adviser to be liquid.

Pursuant to an exemptive order obtained from the SEC the Fund will offer three separate classes of shares of beneficial interests ("Shares") designated as Class A ("Class A Shares"), Class I ("Class I Shares") and Class M ("Class M Shares"). Each class of Shares has differing characteristics, particularly in terms of the distribution and servicing fees that each class may be charged. The Fund may offer additional classes of Shares in the future. Shares are being offered monthly at the net asset value ("NAV") per Share on the close of business on the last business day of the immediately preceding month.

Pursuant to the Declaration of Trust and bylaws, the Fund's business and affairs are managed under the direction of the Board of Trustees (the "Board"), which has overall responsibility for monitoring and overseeing the Fund's management and operations, subject to the laws of the State of Delaware.

The Fund has not had any operations other than the sale and issuance of 10,000 Class I Shares at an aggregate purchase price of $100,000 made on March 19, 2026. A Statement of Changes in Net Assets and Financial Highlights are not disclosed within the financial statements as the Fund has not commenced operations as of the date of these financial statements.

**WVB Blackstone All Privates Fund**

**Notes to Financial Statements (continued)<br> March 31, 2026**

**2. <u>Summary of Significant Accounting Policies</u>**

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Fund is an investment company that follows the accounting and reporting guidance of Accounting Standards Codification Topic 946 applicable to investment companies.

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements.

**Use of Estimates in the Preparation of Financial Statements**

The preparation of financial statements in conformity with U.S. GAAP requires the Fund's Board to make estimates and assumptions that affect the reported amounts of assets and liabilities and the accompanying notes at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

**Cash**

As of the date of these financial statements, the Fund held cash in a non-interest-bearing account at a financial institution.

**Federal Income Taxes**

The Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies ("RICs"), and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders annually and to meet certain diversification and income requirements with respect to investment companies.

The Fund intends to make distributions on an annual basis in aggregate amounts representing substantially all of the Fund's investment company taxable income (including realized short-term capital gains), if any, earned during the year. Distributions may also include net capital gains, if any.

Because the Fund intends to qualify annually as a RIC under the Code, the Fund intends to distribute at least 90% of its investment company taxable income to its shareholders. Nevertheless, there can be no assurance that the Fund will pay distributions to shareholders at any particular rate.

**Organizational and Offering Costs**

The Fund's organizational costs include, among other things, the cost of organizing as a Delaware Statutory trust, including the cost of legal services and other fees pertaining to the Fund's organization. These costs are expensed as incurred by the Fund and will be paid by the Adviser on behalf of the Fund. The Fund's initial offering costs include, among other things, legal, printing and other expenses pertaining to this offering. Offering costs will be recorded as Accrued offering costs in the Statement of Assets and Liabilities and accounted for as a deferred charge until commencement of operations. Thereafter, these costs will be amortized over 12 months on a straight-line basis. Ongoing offering costs will be expensed as incurred.

**3. <u>Transactions with Affiliates and Service Providers</u>**

**Investment Management Fee**

Pursuant to the investment advisory agreement (the "Investment Management Agreement") between the Fund and the Adviser, and in consideration of the advisory services provided by the Adviser to the Fund, the Adviser is entitled to an investment management fee ("Investment Management Fee") payable quarterly in arrears and accrued monthly at an annual rate of 0.10% of the value of the Fund's net assets, which is calculated as of the close of business on the last business day of each month. The Investment Management Fee paid to the Adviser will be paid out of the Fund's assets. The Investment Management Fee is paid before giving effect to any repurchase of Shares in the Fund effective as of that date and will decrease the net profits or increase the net losses of the Fund.

**WVB Blackstone All Privates Fund**

**Notes to Financial Statements (continued)<br> March 31, 2026**

**Expense Limitation and Reimbursement**

The Adviser and the Fund have entered into an Expense Limitation Agreement ("ELA") under which the Adviser has agreed contractually, on a monthly basis, to reimburse the Fund's "Specified Expenses" in respect of each class of the Fund (each, a "Class") where "Specified Expenses" means all other expenses incurred in the business of the Fund and allocated to a Class, including the Fund's annual operating expenses, with the exception of: (i) the Investment Management Fee; (ii) the Shareholder Servicing Fee; (iii) the Distribution Fee; (iv) certain costs associated with the acquisition, ongoing investment and disposition of the Fund's investments and unconsummated investments, including legal costs, professional fees, travel costs and brokerage costs; (v) fees and expenses of the Underlying Funds in which the Fund Invests; (vi) dividend and interest payments (including any dividend payments, interest expenses, commitment fees, or other expenses related to any leverage incurred by the Fund); (vii) taxes and costs to reclaim foreign taxes; and (viii) extraordinary expenses (as determined in the sole discretion of the Adviser) to the extent that such expenses, on an annualized basis, exceed 0.50% of the monthly net assets of such Class (the "Expense Limitation").

If, while the Adviser is the investment adviser to the Fund, the Fund's estimated annualized Specified Expenses in respect of a Class for a given month are less than the Expense Limitation, the Adviser shall be entitled to reimbursement by the Fund of the other expenses borne by the Adviser on behalf of the Fund (the "Reimbursement Amount") during any of the previous thirty-six (36) months, but only to the extent that the Fund's estimated annualized Specified Expenses in respect of a Class (after such reimbursement is taken into account) do not exceed, for such month, the lesser of (i) the Expense Limitation in effect at the time such expenses were borne by the Adviser on behalf of the Fund pursuant to the Expense Limitation Agreement or (ii) any other relevant expense limit in effect at the time of such reimbursement with respect to the Class, and provided further that such amount paid to the Adviser will in no event exceed the total Reimbursement Amount and will not include any amounts previously reimbursed. The Adviser may recapture a Specified Expense in any year within the thirty-six (36) month period after the Adviser bears the expense. The Expense Limitation Agreement will remain in effect for a period of one year from commencement of operations or until July 31, 2027, whichever is longer, unless and until the Board approves its modification or termination. Thereafter, the Expense Limitation Agreement may be annually renewed with the written agreement of the Adviser and the Fund. The Fund's obligation to make reimbursement payments shall survive the termination of the Expense Limitation Agreement.

Certain Blackstone Underlying Funds may charge incentive-based compensation, including incentive fees and performance-based allocations (collectively, "incentive fees"). In the event that the Fund has a net total return (including any distributions) over an Additional Reimbursement Period (defined below) that is less than 0% (using the net total return of the Fund's Class I Shares or any other lower-cost share class subsequently launched as a proxy for the Fund's net total return) and Blackstone received incentive fees attributable to the Fund's investments in Blackstone Underlying Funds during such period, the Adviser has contractually agreed to reimburse the Fund an additional amount ("Additional Reimbursement"). The Additional Reimbursement will be made to the Fund and divided proportionally among each share class of the Fund based on net assets, not only to the Class I Shares. The Additional Reimbursement agreement will commence on the date the Fund commences operations and remain in effect until December 31 of the second following year (for example, if the Fund commences operations in 2026, the Additional Reimbursement agreement will continue in effect until December 31, 2028). The Additional Reimbursement shall generally be the lesser of (i) the amount that would result in the net total return (including any distributions) of the Fund's Class I Shares (or any other lower cost share class subsequently launched) over the Additional Reimbursement Period equaling 0% as if the entire Fund had experienced the net total return (including distributions) of that share class over the Additional Reimbursement Period; and (ii) the total incentive fees received by Blackstone attributable to the Fund's investments in Blackstone Underlying Funds over the Additional Reimbursement Period. The "Additional Reimbursement Period" shall be: (i) initially, the period from the date on which the Fund commences operations until December 31 of the following calendar year (for example, if the Fund commences operations on August 1, 2026, the initial Additional Reimbursement Period would be August 1, 2026 - December 31, 2027); and (ii) thereafter, January 1 through December 31 of the following year (in the example above, the second Additional Reimbursement Period would be January 1, 2028 - December 31, 2028). A lower-cost share class subsequently launched will be used as the proxy for the Fund's net total return instead of Class I only if that share class was operational for the entire Additional Reimbursement Period in question. The Additional Reimbursement agreement may be annually renewed with the written agreement of the Adviser and the Fund. The Board of Trustees of the Fund may terminate this Agreement at any time upon notice to the Adviser, and this Agreement shall automatically terminate upon the termination of the Investment Management Agreement between the Adviser and the Fund. Amounts reimbursed, if any, pursuant to the Additional Reimbursement agreement shall not be subject to reimbursement to the Adviser. The Additional Reimbursement will be accrued and paid in accordance with U.S. GAAP.

**WVB Blackstone All Privates Fund**

**Notes to Financial Statements (continued)<br> March 31, 2026**

**Distribution and/or Shareholder Service Fees**

The Fund has adopted a "Distribution and Shareholder Services Plan" with respect to its Class A and Class M Shares under which the Fund may compensate financial industry professionals for distribution-related expenses, if applicable, and providing ongoing services in respect of clients with whom they have distributed Shares of the Fund. Such services may include electronic processing of client orders, electronic fund transfers between clients and the Fund, account reconciliations with the Fund's transfer agent, facilitation of electronic delivery to clients of Fund documentation, monitoring client accounts for back-up withholding and any other special tax reporting obligations, maintenance of books and records with respect to the foregoing, and such other information and liaison services as the Fund or the Adviser may reasonably request. Under the Distribution and Shareholder Services Plan, the Fund, with respect to Class A and Class M, may incur expenses on an annual basis equal to 0.25% and 0.85%, respectively, of its monthly net assets. With respect to Class A Shares, the entire fee is characterized as a "shareholder servicing fee". With respect to Class M Shares, up to 0.75% of the fee is characterized as a "distribution fee" and up to 0.10% is characterized as a "shareholder servicing fee.".

The Distribution and Shareholder Services Plan operates in a manner consistent with Rule 12b-1 under the 1940 Act, which regulates the manner in which an open-end investment company may directly or indirectly bear the expenses of distributing its shares. Although the Fund is not an open-end investment company, it has undertaken to comply with the terms of Rule 12b-1 as a condition of an exemptive order under the 1940 Act which permits it to have asset-based distribution fees.

Class I Shares are not subject to a distribution or shareholder service fee.

**Administrator, Custodian and Transfer Agent**

Wellington Fund Services, LLC ("WFS") serves as the administrator of the Fund pursuant to a Supervision and Administration Agreement (the "Administration Agreement"). The Fund has retained State Street Bank and Trust Company to provide it with custodian and transfer agent services. Pursuant to the Administration Agreement, WFS provides or causes to be performed all supervisory and administrative and other services reasonably necessary for the operation of the Fund. The Fund pays WFS an annual rate of 0.04% of the Fund's monthly net assets.

**WVB Blackstone All Privates Fund**

**Notes to Financial Statements (continued)<br> March 31, 2026**

**4. <u>Capital Shares</u>**

The Fund's Declaration of Trust authorizes the issuance of an unlimited number of Shares, par value $0.001 per share. The Fund accepts additional purchases of Shares as of the first business day of each calendar month. There is currently no market for the Shares and the Fund does not expect that a market for Shares will develop in the foreseeable future. Shareholders of the Fund are not able to have their Shares redeemed or otherwise sell their Shares on a daily basis because the Fund is an unlisted closed-end fund. To provide some liquidity to shareholders, pursuant to the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act") and the 1940 Act, the Fund intends, but is not obligated, to conduct quarterly tender offers for up to 3% of the Fund's outstanding shares at the applicable NAV per share as of the applicable valuation date. Repurchases will be made at such times and on such terms as may be determined by the Fund's Board, in its sole discretion. The Board will establish the deadline by which the Fund must receive repurchase requests in response to each tender offer.

**5. <u>Commitments and Contingencies</u>**

In the normal course of business, the Fund may enter into contractual arrangements that contain a variety of representations and warranties and which at times provide for indemnification of counterparties. The Fund's maximum exposure under these types of arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund believes the possibility that it will have to make material payments under these arrangements is unlikely.

From time to time, the Adviser for the Fund and the Board may be subject to proceedings, including civil litigation and regulatory matters arising out of the ordinary course of their business.

**6. <u>Subsequent Events</u>**

Events or transactions occurring after period end through the date of issuance of the financial statements have been evaluated by the Adviser in the preparation of the financial statements and no items were noted requiring additional disclosure or adjustment.

**PART C: OTHER INFORMATION**

**Item 25. Financial Statements and Exhibits**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Financial Statements:

Part A: Not applicable, as Registrant has not yet commenced operations.

Part B: Not applicable, as Registrant has not yet commenced operations.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Exhibits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) [Certificate of Trust (1).](https://www.sec.gov/Archives/edgar/data/2094939/000139834425021507/fp0096424-1_ex99252a1.htm)

&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) [Declaration of Trust (1).](https://www.sec.gov/Archives/edgar/data/2094939/000139834425021507/fp0096424-1_ex99252a2.htm)

&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) [Amended and Restated Agreement and Declaration of Trust (3).](fp0099509-1_ex99252a3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Bylaws (3).](fp0099509-1_ex99252b.htm)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [Multiple Class Plan Pursuant to Rule 18f-3 (3).](fp0099509-1_ex99252d.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [Dividend Reinvestment Plan (3).](fp0099509-1_ex99252e.htm)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (1) [Investment Management Agreement between the Registrant and Adviser (3).](fp0099509-1_ex99252g1.htm)

(h) (1) [Distribution Agreement between the Registrant and Foreside Fund Services, LLC (3).](fp0099509-1_ex99252h1.htm)

&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) [Distribution and Shareholder Services Plan (3).](fp0099509-1_ex99252h2.htm)

&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) [Form of Dealer Agreement (3).](fp0099509-1_ex99252h3.htm)

&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) [Form of Rule 12d1-4 Fund of Funds Investment Agreement (3).](fp0099509-1_ex99252h4.htm)

&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) [Form of Rule 12d1-4 Fund of Funds Investment Agreement (3).](fp0099509-1_ex99252h5.htm)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (1) [Custody Agreement (3).](fp0099509-1_ex99252j1.htm)

(2) [Appendix A to Custody Agreement (3).](fp0099509-1_ex99252j2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) (1) [Supervision and Administration Agreement between the Registrant and Administrator (3).](fp0099509-1_ex99252k1.htm)

&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) (i) [Expense Limitation Agreement (3).](fp0099509-1_ex99252k2i.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&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) [Additional Reimbursement Agreement (3).](fp0099509-1_ex99252k2ii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) [Opinion and Consent of Dechert LLP (3).](fp0099509-1_ex99252l.htm)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) [Consent of Independent Registered Public Accounting Firm (3).](fp0099509-1_ex99252n.htm)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) [Form of Subscription Agreement (3).](fp0099509-1_ex99252p.htm)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) (1) [Code of Ethics of the Registrant (3).](fp0099509-1_ex99252r1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Code of Ethics of the Adviser (3).](fp0099509-1_ex99252r2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) [Filing Fee Table (3).](fp0099509-1_exfilingfees.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) [Powers of Attorney (2).](https://www.sec.gov/Archives/edgar/data/2094939/000139834426006571/fp0098429-1_ex99282t.htm)

(1) Previously filed as an exhibit to the Registration Statement on Form N-2 (File No. 333-291877), filed on December 1, 2025 and incorporated herein by reference.

(2) Previously filed as an exhibit to the Registration Statement on Form N-2 (File No. 333-291877), filed on April 15, 2026 and incorporated herein by reference.

(3) Filed herewith.

**Item 26. Marketing Arrangements**

Reference is made to the Distribution Agreement, which is included as Exhibit (2)(h)(1) hereto.

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

The following table sets forth the estimated expenses to be incurred in connection with the offering described in this registration statement:

---

| | |
|:---|:---|
| Securities and Exchange Commission Registration Fees | $69050 |
| Blue Sky Fees | $57174 |
| Legal Fees | $1350000 |
| Printing Expenses | $10000 |
| Total | $1486224 |

---

**Item 28. Persons Controlled by or Under Common Control with the Registrant**

No person is directly or indirectly controlled by or under common control with the Registrant.

**Item 29. Number of Holder of Securities**

Set forth below is the number of holders of securities of the Registrant as of June 15, 2026:

---

| | |
|:---|:---|
| **Title of Class** | **Number of Record Holders** |
| Shares of Beneficial Interest, Class A | 0 |
| Shares of Beneficial Interest, Class I | 1 |
| Shares of Beneficial Interest, Class M | 0 |

---

**Item 30. Indemnification**

To be provided by amendment.

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

See "Management of the Fund" in the Statement of Additional Information. Information as to the directors and officers of Wellington Management Company LLP, the Registrant's investment adviser, is included in its Form ADV filed with the SEC and is incorporated herein by reference thereto.

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

All accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, and the rules thereunder are maintained in the physical possession of State Street Bank and Trust Company at 1776 Heritage Way, Quincy, Massachusetts 02171.

**Item 33. Management Services**

Not applicable.

**Item 34. Undertakings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Registrant hereby undertakes to suspend the offering of its Shares until it amends its prospectus
if (a) subsequent to the effective date of its Registration Statement, the NAV declines more than ten percent from its NAV as of
the effective date of the Registration Statement or (b) the NAV increases to an amount greater than its net proceeds as stated in
the prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to file, during any period in which offers or sales are being made, a post-effective amendment to the
Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&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) to include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, as amended (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;(2) to reflect in the prospectus any facts or events after the effective date of the Registration Statement
(or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information
set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the
total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the
estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the
aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the
"Calculation of Registration Fee" table in the effective Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&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) to include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement
or any material change to such information in the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that, for the purpose of determining any liability under the Securities Act, each such post-effective
amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of those securities
at that time shall be deemed to be the initial bona fide offering thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to remove from registration by means of a post-effective amendment any of the securities being registered
which remain unsold at the termination of the offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that, for the purpose of determining liability under the Securities Act to any 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;(1) if the Registrant is relying on Rule 430B:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Each prospectus filed by the Registrant pursuant to Rule 424(b)(3)
shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration
statement; 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;(B) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration
statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (x), or (xi) for the purpose of providing
the information required by Section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement
as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities
in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at
that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities
in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part
of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or
prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective
date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement
or made in any such document immediately prior to such effective date; 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;(2) if the Registrant is subject to Rule 430C: Each prospectus filed pursuant to Rule 424(b) under the Securities
Act as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or prospectuses
filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used
after effectiveness. *Provided, however*, that no statement made in a registration statement or prospectus that is part of the registration
statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is
part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify
any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such
document immediately prior to such date of first use; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) that, for the purpose of determining liability under the Securities Act to any purchaser in the initial
distribution of securities:

The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this Registration Statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to 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;(1) any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required
to be filed pursuant to Rule 424 under the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&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) free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant
or used or referred to by the undersigned Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&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 portion of any other free writing prospectus or advertisement pursuant to Rule 482 under the Securities
Act relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf
of the undersigned Registrant; 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;(4) any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to
directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been
advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act of 1933
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 of the Registrant in the successful defense of any
action, suit or proceeding) is asserted by such 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 of 1933 and will
be governed by the final adjudication of such issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Statement of Additional Information.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Boston and Commonwealth of Massachusetts on the 26th day of June, 2026.

---

| | |
|:---|:---|
| **WVB BLACKSTONE ALL PRIVATES Fund** <br>(A Delaware statutory trust) | **WVB BLACKSTONE ALL PRIVATES Fund** <br>(A Delaware statutory trust) |
| By: | /s/ Carm A. Taglione |
|  | Carm A. Taglione |
|  | President and Principal Executive Officer |

---

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.

---

| | | |
|:---|:---|:---|
| **<u>Signature</u>** | &nbsp;&nbsp;&nbsp;**<u>Title</u>** | **<u>Date</u>** |
| /s/ Andra Bolotin\* | &nbsp;&nbsp;&nbsp;Trustee | June 26, 2026 |
| Andra Bolotin |  |  |
| /s/ F. William McNabb III\* | &nbsp;&nbsp;&nbsp;Trustee | June 26, 2026 |
| F. William McNabb III |  |  |
| /s/ Thomas Pappas\* | &nbsp;&nbsp;&nbsp;Trustee | June 26, 2026 |
| Thomas Pappas |  |  |
| /s/ Molly K. Shannon\* | &nbsp;&nbsp;&nbsp;Trustee | June 26, 2026 |
| Molly K. Shannon |  |  |
| /s/ Carm A. Taglione | &nbsp;&nbsp;&nbsp;President and Principal Executive Officer | June 26, 2026 |
| Carm A. Taglione |  |  |
| /s/ Matthew J. Bowser | &nbsp;&nbsp;&nbsp;Treasurer and Principal Financial Officer | June 26, 2026 |
| Matthew J. Bowser |  |  |

---

---

| | |
|:---|:---|
| \*By | /s/ Carm A. Taglione |
|  | Carm A. Taglione |
|  | Attorney-in-Fact pursuant to Powers of Attorney |

---

\* Pursuant to powers of attorney filed previously.

**WVB BLACKSTONE ALL PRIVATES FUND**

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Index No.** | **Description of Exhibit** |
| [2(a)(3)](fp0099509-1_ex99252a3.htm) | [Amended and Restated Agreement and Declaration of Trust](fp0099509-1_ex99252a3.htm) |
| [2(b)](fp0099509-1_ex99252b.htm) | [Bylaws](fp0099509-1_ex99252b.htm) |
| [2(d)](fp0099509-1_ex99252d.htm) | [Multiple Class Plan Pursuant to Rule 18f-3](fp0099509-1_ex99252d.htm) |
| [2(e)](fp0099509-1_ex99252e.htm) | [Dividend Reinvestment Plan](fp0099509-1_ex99252e.htm) |
| [2(g)(1)](fp0099509-1_ex99252g1.htm) | [Investment Management Agreement between the Registrant and Adviser](fp0099509-1_ex99252g1.htm) |
| [2(h)(1)](fp0099509-1_ex99252h1.htm) | [Distribution Agreement between the Registrant and Foreside Fund Services, LLC](fp0099509-1_ex99252h1.htm) |
| [2(h)(2)](fp0099509-1_ex99252h2.htm) | [Distribution and Shareholder Services Plan](fp0099509-1_ex99252h2.htm) |
| [2(h)(3)](fp0099509-1_ex99252h3.htm) | [Form of Dealer Agreement](fp0099509-1_ex99252h3.htm) |
| [2(h)(4)](fp0099509-1_ex99252h4.htm) | [Form of Rule 12d1-4 Fund of Funds Investment Agreement](fp0099509-1_ex99252h4.htm) |
| [2(h)(5)](fp0099509-1_ex99252h5.htm) | [Form of Rule 12d1-4 Fund of Funds Investment Agreement](fp0099509-1_ex99252h5.htm) |
| [2(j)(1)](fp0099509-1_ex99252j1.htm) | [Custody Agreement](fp0099509-1_ex99252j1.htm) |
| [2(j)(2)](fp0099509-1_ex99252j2.htm) | [Appendix A to Custody Agreement](fp0099509-1_ex99252j2.htm) |
| [2(k)(1)](fp0099509-1_ex99252k1.htm) | [Supervision and Administration Agreement between the Registrant and Administrator](fp0099509-1_ex99252k1.htm) |
| [2(k)(2)(i)](fp0099509-1_ex99252k2i.htm) | [Expense Limitation Agreement](fp0099509-1_ex99252k2i.htm) |
| [2(k)(2)(ii)](fp0099509-1_ex99252k2ii.htm) | [Additional Reimbursement Agreement](fp0099509-1_ex99252k2ii.htm) |
| [2(l)](fp0099509-1_ex99252l.htm) | [Opinion and Consent of Dechert LLP](fp0099509-1_ex99252l.htm) |
| [2(n)](fp0099509-1_ex99252n.htm) | [Consent of Independent Registered Public Accounting Firm](fp0099509-1_ex99252n.htm) |
| [2(p)](fp0099509-1_ex99252p.htm) | [Form of Subscription Agreement](fp0099509-1_ex99252p.htm) |
| [2(r)(1)](fp0099509-1_ex99252r1.htm) | [Code of Ethics of the Registrant](fp0099509-1_ex99252r1.htm) |
| [2(r)(2)](fp0099509-1_ex99252r2.htm) | [Code of Ethics of the Adviser](fp0099509-1_ex99252r2.htm) |
| [2(s)](fp0099509-1_exfilingfees.htm) | [Filing Fee Table](fp0099509-1_exfilingfees.htm) |

---

## Exhibit 99.25

**WVB BLACKSTONE ALL PRIVATES FUND** 

**AMENDED AND RESTATED DECLARATION OF TRUST**

**Dated as of June 18, 2026**

**<u>**TABLE OF CONTENTS**</u>**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| ARTICLE I THE TRUST | ARTICLE I THE TRUST | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | &nbsp;&nbsp;&nbsp;Name | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | &nbsp;&nbsp;&nbsp;Definitions | 1 |
| ARTICLE II TRUSTEES | ARTICLE II TRUSTEES | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 | &nbsp;&nbsp;&nbsp;Number | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 | &nbsp;&nbsp;&nbsp;Term and Election | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 | &nbsp;&nbsp;&nbsp;Resignation and Removal | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 | &nbsp;&nbsp;&nbsp;Vacancies | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 | &nbsp;&nbsp;&nbsp;Meetings | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 | &nbsp;&nbsp;&nbsp;Trustee Action by Written Consent | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 | &nbsp;&nbsp;&nbsp;Chairperson | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 | &nbsp;&nbsp;&nbsp;Officers | 5 |
| ARTICLE III POWERS AND DUTIES OF TRUSTEES | ARTICLE III POWERS AND DUTIES OF TRUSTEES | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 | &nbsp;&nbsp;&nbsp;General | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 | &nbsp;&nbsp;&nbsp;Investments | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 | &nbsp;&nbsp;&nbsp;Legal Title | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 | &nbsp;&nbsp;&nbsp;Issuance and Repurchase of Shares | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 | &nbsp;&nbsp;&nbsp;Borrow Money or Utilize Leverage | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 | &nbsp;&nbsp;&nbsp;Delegation; Committees | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 | &nbsp;&nbsp;&nbsp;Collection and Payment | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 | &nbsp;&nbsp;&nbsp;Expenses | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 | &nbsp;&nbsp;&nbsp;By-Laws | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;Miscellaneous Powers | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 | &nbsp;&nbsp;&nbsp;Further Powers | 8 |
| ARTICLE IV ADVISORY, MANAGEMENT AND DISTRIBUTION ARRANGEMENTS | ARTICLE IV ADVISORY, MANAGEMENT AND DISTRIBUTION ARRANGEMENTS | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 | &nbsp;&nbsp;&nbsp;Advisory and Management Arrangements | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 | &nbsp;&nbsp;&nbsp;Distribution Arrangements | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 | &nbsp;&nbsp;&nbsp;Parties to Contract | 9 |
| ARTICLE V LIMITATIONS OF LIABILITY AND INDEMNIFICATION | ARTICLE V LIMITATIONS OF LIABILITY AND INDEMNIFICATION | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 | &nbsp;&nbsp;&nbsp;No Personal Liability of Shareholders, Trustees, etc | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 | &nbsp;&nbsp;&nbsp;Mandatory Indemnification | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 | &nbsp;&nbsp;&nbsp;No Bond Required of Trustees | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 | &nbsp;&nbsp;&nbsp;No Duty of Investigation; No Notice in Trust Instruments, etc | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 | &nbsp;&nbsp;&nbsp;Reliance on Experts, etc | 11 |
| ARTICLE VI SHARES OF BENEFICIAL INTEREST | ARTICLE VI SHARES OF BENEFICIAL INTEREST | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 | &nbsp;&nbsp;&nbsp;Beneficial Interest | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 | &nbsp;&nbsp;&nbsp;Other Securities | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 | &nbsp;&nbsp;&nbsp;Rights of Shareholders | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 | &nbsp;&nbsp;&nbsp;Exchange and Conversion Privileges | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 | &nbsp;&nbsp;&nbsp;Trust Only | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 | &nbsp;&nbsp;&nbsp;Issuance of Shares | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 | &nbsp;&nbsp;&nbsp;Register of Shares | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 | &nbsp;&nbsp;&nbsp;Transfer Agent and Registrar | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 | &nbsp;&nbsp;&nbsp;Transfer of Shares | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 | &nbsp;&nbsp;&nbsp;Notices | 15 |

---

i

**<u>**TABLE OF CONTENTS** (continued)</u>**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| ARTICLE VII DETERMINATION OF NET ASSET VALUE | ARTICLE VII DETERMINATION OF NET ASSET VALUE | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 | &nbsp;&nbsp;&nbsp;Net Asset Value | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 | &nbsp;&nbsp;&nbsp;Power to Modify Foregoing Procedures | 15 |
| ARTICLE VIII CUSTODIANS | ARTICLE VIII CUSTODIANS | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 | &nbsp;&nbsp;&nbsp;Appointment and Duties | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 | &nbsp;&nbsp;&nbsp;Central Certificate System | 16 |
| ARTICLE IX REPURCHASES OF SHARES | ARTICLE IX REPURCHASES OF SHARES | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 | &nbsp;&nbsp;&nbsp;Repurchase of Shares | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 | &nbsp;&nbsp;&nbsp;Disclosure of Holding | 16 |
| ARTICLE X SHAREHOLDERS | ARTICLE X SHAREHOLDERS | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 | &nbsp;&nbsp;&nbsp;Meetings of Shareholders | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 | &nbsp;&nbsp;&nbsp;Voting | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 | &nbsp;&nbsp;&nbsp;Notice of Meeting and Record Date | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 | &nbsp;&nbsp;&nbsp;Quorum and Required Vote | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 | &nbsp;&nbsp;&nbsp;Proxies, etc | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 | &nbsp;&nbsp;&nbsp;Reports | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 | &nbsp;&nbsp;&nbsp;Inspection of Records | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 | &nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 | &nbsp;&nbsp;&nbsp;Duration | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 | &nbsp;&nbsp;&nbsp;Termination | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 | &nbsp;&nbsp;&nbsp;Amendment Procedure | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 | &nbsp;&nbsp;&nbsp;Merger, Consolidation and Sale of Assets | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 | &nbsp;&nbsp;&nbsp;Subsidiaries | 21 |
| ARTICLE XII MISCELLANEOUS | ARTICLE XII MISCELLANEOUS | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 | &nbsp;&nbsp;&nbsp;Filing | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 | &nbsp;&nbsp;&nbsp;Resident Agent | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 | &nbsp;&nbsp;&nbsp;Governing Law | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 | &nbsp;&nbsp;&nbsp;Counterparts | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 | &nbsp;&nbsp;&nbsp;Reliance by Third Parties | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 | &nbsp;&nbsp;&nbsp;Provisions in Conflict with Law or Regulation | 22 |

---

ii

**WVB BLACKSTONE ALL PRIVATES FUND**

**AMENDED AND RESTATED DECLARATION OF TRUST**

AMENDED AND RESTATED DECLARATION OF TRUST made as of the eighteenth day of June, 2026, by the Trustees hereunder.

WHEREAS, this Trust has been formed to carry on business as set forth more particularly hereinafter;

WHEREAS, this Trust is authorized to issue an unlimited number of its shares of beneficial interest all in accordance with the provisions hereinafter set forth;

WHEREAS, the Trustees 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;

WHEREAS, the Trustees have determined to amend and restate in its entirety the Trust's Agreement and Declaration of Trust dated as of October 24, 2025.

NOW, THEREFORE, the Trustees hereby declare that they will hold all cash, securities, and other assets which they may 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.

ARTICLE I<u><br>THE TRUST</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Name.</u> This Trust shall be known as the "WVB Blackstone All Privates Fund" 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 Delaware Statutory Trust Act. Any such instrument shall not require the approval of the Shareholders, but shall have the status of an amendment to this Declaration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Definitions.</u> As used in this Declaration, the following terms shall have the following meanings:

The "<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.

The terms "<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>By-Laws</u>" shall mean the By-Laws of the Trust as amended from time to time by the Trustees.

"<u>Class</u>" shall mean a class of Shares 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 Securities and Exchange Commission.

"<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>Delaware Statutory Trust 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>Fiscal Year</u>" means each period commencing on April 1 of each year and ending on March 31 of the following 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 March 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.

"<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 established by this Declaration, 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 in such capacity.

"<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.

ARTICLE II<u><br>TRUSTEES</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Number</u>. As of the date hereof, the number of Trustees shall be four (4) and such Trustees shall be the signatories hereto. Thereafter, the number of Trustees shall be determined by a written instrument signed by a majority of the Trustees then in office, provided that the number of Trustees shall be no less than one (1) and no 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. Trustees need not own Shares and may succeed themselves in office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Term and Election</u>. The term of office of a Trustee shall continue until death, resignation, removal, bankruptcy, adjudicated incompetence or other incapacity to perform the duties of the office of a Trustee. Subject to the provisions of the 1940 Act, the Trustees at any time may appoint individuals to fill vacancies on the Board of Trustees. Each Trustee elected shall hold office until his or her successor shall have been elected and shall have qualified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Resignation and Removal</u>. Any of the Trustees may resign their trust (without need for prior or subsequent accounting) by an instrument in writing signed by such Trustee and delivered or mailed to the Trustees or the Chairperson (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 a Trustee that is not an Interested Person, only by action taken by a majority of the remaining Trustees that are not Interested Persons). 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;2.5 <u>Meetings</u>. Meetings of the Trustees shall be held from time to time upon the call of the Chairperson, 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 By-Laws or by resolution of the Trustees. Notice of any other meeting shall be given by the Secretary and shall be delivered to the Trustees orally or via electronic transmission not less than 24 hours, or in writing not less than 72 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 of a majority of the Trustees.

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 provided otherwise in this Declaration, 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 of a majority of the members.

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.

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 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;2.6 <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;2.7 <u>Chairperson</u>. The Trustees may designate a Chairperson and a Vice Chairperson of the Board of Trustees, who shall have such powers and duties as determined by the Board of Trustees from time to time. Any Chairperson or Vice Chairperson shall be a Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <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 Chairperson, 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.

ARTICLE III<u><br>POWERS AND DUTIES OF TRUSTEES</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <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;3.2 <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:

&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) manage, conduct, operate and carry on the business of an investment company; 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) 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 but not limited to securities 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;3.3 <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.

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;3.4 <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 whether capital or surplus or otherwise, to the full extent now or hereafter permitted corporations formed under the Delaware General Corporation Law. The Trustees may establish, from time to time, a program or programs by which the Trust voluntarily repurchases Shares from the Shareholders; provided, however, that such repurchases do not impair the capital or operations of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <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 needed from time to time and to secure the same 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;3.6 <u>Delegation; Committees</u>. The Trustees shall have the power, consistent with their continuing exclusive authority over the management of the Trust and the Trust Property, to delegate from time to time to such of their number or to officers, employees or agents of the Trust the doing of such things, including any matters set forth in this Declaration, 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 or appropriate to the extent permitted by law. The Trustees may designate one or more committees which shall have all or such lesser portion of the authority of the entire Board of Trustees as the Trustees shall determine from time to time except to the extent action by the entire Board of Trustees or particular Trustees is required by the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 <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 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;3.8 <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 officers, employees and 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. The Trustees shall have the power, as frequently as they may determine, to cause each Shareholder to pay directly, in advance or arrears, for charges of distribution, of the custodian or of the transfer, Shareholder servicing or similar agent, a pro rata amount as defined from time to time by the Trustees, by setting off such charges due from such Shareholder from declared but unpaid dividends or distributions owed such Shareholder and/or by reducing the number of shares in the account of such Shareholder by that number of full and/or fractional Shares which represents the outstanding amount of such charges due from such Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 <u>By-Laws</u>. The Trustees shall have the exclusive authority to adopt and from time to time amend or repeal By-Laws for the conduct of the business of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 <u>Miscellaneous Powers</u>. 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) make donations, irrespective of benefit to the Trust, for charitable, religious, educational, scientific, civic or similar purposes; (f) 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; (g) guarantee indebtedness or contractual obligations of others; (h) determine and change the fiscal year of the Trust and the method in which its accounts shall be kept; and (i) 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;3.11 <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.

ARTICLE IV<u><br>ADVISORY, MANAGEMENT AND DISTRIBUTION ARRANGEMENTS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <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 may 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;4.2 <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 By-Laws; 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;4.3 <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 By-Laws. 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.

ARTICLE V<u><br>LIMITATIONS OF LIABILITY AND INDEMNIFICATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <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 shall not, on account thereof, be held to any personal liability. Any repeal or modification of this Section 5.1 shall not adversely affect any right or protection of a Trustee or officer of the Trust existing at the time of such repeal or modification with respect to acts or omissions occurring prior to such repeal or modification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Mandatory Indemnification</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;(a) The Trust hereby agrees to indemnify 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 as fines and penalties, and reasonable counsel fees reasonably incurred by such indemnitee in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative or investigative body in which he may be or may have been involved as a party or otherwise or with which he may be or may have been threatened, while acting in any capacity set forth in this Article V by reason of his having acted in any such capacity, except with respect to any matter as to which he shall not have acted in good faith in the reasonable belief that his action was in the best interest of the Trust or, in the case of any criminal proceeding, as to which he 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"). 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 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;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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" of the Trust 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;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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 By-Laws 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 may be lawfully entitled.

&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) 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;5.3 <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;5.4 <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 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;5.5 <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.

ARTICLE VI<u><br>SHARES OF BENEFICIAL INTEREST</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Beneficial Interest</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;(a) The interest of the beneficiaries shall be divided into an unlimited number of transferable shares of beneficial interest, par value $0.001 per share. The Trustees may divide Shares into one or more Classes and the Trustees hereby establish the Classes listed in Schedule A hereto and made part hereof. Schedule A may be revised from time to time by resolution of a majority of the then Trustees, including in connection with the establishment and designation or re-designation of any Class and shall not constitute an amendment of this Declaration of Trust. 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, except as provided in the last sentence of Section 3.8, 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;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the further provisions of this Article VI, any restriction set forth in the By-Laws 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, which preferences, voting powers, rights, duties and privileges may be different from any existing Class; 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;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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;&nbsp;&nbsp;&nbsp;&nbsp;(d) With respect to any Class of Shares of the Trust, each such Class shall represent interests in the assets of the Trust and have the same voting, dividend, liquidation and other rights and terms and conditions as each other Class of Shares of the Trust, except that, subject to applicable law, expenses allocated to a Class may be borne solely by such Class as determined by the Trustees and as provided herein, and a Class may have exclusive voting rights with respect to matters affecting only that Class.

&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) To the fullest extent permitted by Section 3804 of the Delaware Statutory Trust 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;6.2 <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 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. 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;6.3 <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 hereinbefore 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, subject to the right of the Trustees to charge certain expenses directly to Shareholders, as provided in the last sentence of Section 3.8, 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;6.4 <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;6.5 <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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 <u>Issuance of Shares.</u> The Trustees, in their discretion, may from time to time without vote of the Shareholders issue Shares 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 divide 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 1/1,000ths of a Share or multiples thereof as the Trustees may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 <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 addresses of the Shareholders and the number of Shares held by them respectively and a record of all transfers thereof. Each such register shall be conclusive as to who are the holders of the 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 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 appropriate fees therefor and rules and regulations as to their use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 <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;6.9 <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. Pursuant to Section 3.8 hereof, a Shareholder transferring Shares may be charged reasonable expenses, including attorneys' and accountants' fees, incurred by the Trust 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;6.10 <u>Notices</u>. 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 mailed, postage prepaid, addressed to any Shareholder of record at his last known address as recorded on the applicable register of the Trust.

ARTICLE VII<u><br>DETERMINATION OF NET ASSET VALUE</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <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 and shall be as set forth in the Prospectus or as may otherwise be determined by the Trustees. The power and duty to make the net asset value calculations may be delegated by the Trustees and shall be as generally set forth in the Prospectus or as may otherwise be determined by the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <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 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.

ARTICLE VIII<u><br>CUSTODIANS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <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 By-Laws 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;&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) 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;&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) 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;&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) 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;&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) 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;&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 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;8.2 <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.

ARTICLE IX<u><br>REPURCHASES OF Shares</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>Repurchase of Shares.</u> Except as otherwise provided by the Trustees, no Shareholder or other Person holding Shares will have the right to withdraw or tender Shares to the Trust for repurchase. The Trustees may, from time to time, in their complete and exclusive discretion and on terms and conditions as they may determine, cause the Trust to repurchase Shares in accordance with written tenders. In determining whether to cause the Trust to repurchase Shares, pursuant to written tenders, the Trustees may consider such factors as the Trustees deem appropriate at such time. Additionally, the Trust shall offer to repurchase Shares from time to time as may be required by applicable law and/or specified in the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <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.

ARTICLE X<u><br>SHAREHOLDERS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 <u>Meetings of Shareholders</u>. The Trust will not hold Shareholder meetings unless required by the 1940 Act, the provisions of this Declaration, the By-Laws 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 of the Trust 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 on such day and at such time as the Trustees shall designate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 <u>Voting</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;(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;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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;10.3 <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 record 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;10.4 <u>Quorum and Required Vote</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;(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 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.

&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) 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) 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, except that Trustees shall be elected by plurality of the Shares voted at such a meeting to the extent Shareholders are entitled to vote to elect Trustees, and (ii) 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;10.5 <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 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 <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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 <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 Delaware Statutory Trust Act but subject to such reasonable regulation as the Trustees may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 <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.

ARTICLE XI<u><br>DURATION; TERMINATION OF TRUST; AMENDMENT; MERGERS; ETC.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 <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;11.2 <u>Termination</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;(a) The Trust may be dissolved, only upon approval of not less than 80% of the Trustees or, to the extent provided under those circumstances described in the registration statement, by the vote of the majority of the Shareholders. 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) 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;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 <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 Shareholder, 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;&nbsp;&nbsp;&nbsp;&nbsp;(b) No amendment may be made to Section 2.1, Section 2.2, Section 2.3, Section 3.8, Section 5.1, Section 5.2, Section 11.2(a), this Section 11.3 or Section 11.4 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;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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.

Notwithstanding any other provision hereof, until such time as a registration statement under the Securities Act of 1933, as amended, covering the first public offering of Shares of the Trust shall have become effective, this Declaration may be terminated or amended in any respect by the affirmative vote of a majority of the Trustees or by an instrument signed by a majority of the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 <u>Merger, Consolidation and Sale of Assets</u>. 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 or the property, including its goodwill, upon such terms and conditions and for such consideration when and as authorized by two-thirds of the Trustees and approved by a Majority Shareholder Vote to the extent required by the 1940 Act 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;11.5 <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, limited liability company, association or organization in which the Trust holds or is about to acquire shares or any other interests.

ARTICLE XII<u><br>MISCELLANEOUS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 <u>Filing</u>. 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;12.2 <u>Resident Agent</u>. The Trust shall maintain a resident agent in the State of Delaware, which agent shall initially be Corporation Service Company, 251 Little Falls Drive, Wilmington, Delaware, 19808. 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;12.3 <u>Governing Law</u>. This Declaration is executed by the Trustees and delivered in the State of Delaware and with reference to the laws thereof (except for conflict-of-laws provisions or doctrines thereof), and the rights of all parties and the validity and construction of every provision hereof shall be subject to and construed according to laws of said State, and reference shall be specifically made to the Delaware General Corporation Law as to the construction of matters not specifically covered herein or as to which an ambiguity exists, although such law shall not be viewed as limiting the powers otherwise granted to the Trustees hereunder and any ambiguity shall be viewed in favor of such powers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 <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;12.5 <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 By-Laws 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;12.6 <u>Provisions in Conflict with Law or Regulation</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;(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;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

IN WITNESS WHEREOF, the undersigned have caused these presents to be executed as of the day and year first above written.

---

| | |
|:---|:---|
| By | /s/ Andra Bolotin |
|  | Andra Bolotin |
|  | Trustee |
| By | /s/ F. William McNabb III |
|  | F. William McNabb III |
|  | Trustee |
| By | /s/ Thomas Pappas |
|  | Thomas Pappas |
|  | Trustee |
| By | /s/ Molly K. Shannon |
|  | Molly K. Shannon |
|  | Trustee |

---

**Schedule A**

Class A Shares

Class I Shares

Class M Shares

## Exhibit 99.25

**WVB BLACKSTONE ALL PRIVATES FUND**

**BY-LAWS**

**Dated as of March 4, 2026**

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| ARTICLE I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHAREHOLDER MEETINGS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. | Chairperson | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. | Proxies; Voting | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. | Fixing Record Dates | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. | Inspectors of Election | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5. | Records at Shareholder Meetings | 2 |
| ARTICLE II | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRUSTEES | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. | Regular Meetings | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. | Chairperson; Records | 2 |
| ARTICLE III | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OFFICERS | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. | Officers of the Trust | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. | Tenure | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. | Removal of Officers | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. | Bonds and Surety | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. | President and Vice Presidents | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6. | Secretary | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7. | Treasurer | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8. | Other Officers and Duties | 4 |
| ARTICLE IV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MISCELLANEOUS | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. | Depositories | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. | Signatures | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. | Seal | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. | Exclusive Delaware Jurisdiction | 4 |
| ARTICLE V | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARE TRANSFERS | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. | Transfer Agents, Registrars and the Like | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. | Transfer of Shares | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. | Registered Shareholders | 5 |
| ARTICLE VI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMENDMENT OF BY-LAWS | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. | Amendment and Repeal of By-Laws | 6 |

---

-i-

<u>WVB BLACKSTONE ALL PRIVATES FUND</u>

<u>BY-LAWS</u>

These By-Laws are made and adopted pursuant to Section 3.9 of the Amended and Restated Declaration of Trust establishing WVB Blackstone All Privates Fund dated as of March 4, 2026, as from time to time amended (hereinafter called the "Declaration"). All words and terms capitalized in these By-Laws shall have the meaning or meanings set forth for such words or terms in the Declaration.

ARTICLE I<u><br> SHAREHOLDER MEETINGS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Chairperson</u>. The Chairperson, if any, shall act as Chairperson at all meetings of the Shareholders; in the Chairperson's absence, the Trustee or Trustees present at each meeting may elect a temporary Chairperson for the meeting, who may be one of themselves.

&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, all as provided in Article X of the Declaration.

&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;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 Chairperson, 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 Chairperson. 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 Chairperson, if any, of the meeting, or of any Shareholder or Shareholder proxy, the Inspectors of Election shall make a report in 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;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. Shareholders shall have such other rights and procedures of inspection of the books and records of the Trust as are granted to shareholders of a Delaware business corporation.

ARTICLE II<u><br> TRUSTEES</u>

&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 Chairperson, if any, 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;2.2 <u>Chairperson; Records</u>. The Chairperson, if any, shall act as Chairperson at all meetings of the Trustees; in absence of a Chairperson, the Trustees present shall elect a Trustee to act as temporary Chairperson. 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><br> OFFICERS</u>

&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 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;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;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 Chairperson, if any, President, or Secretary, and such resignation shall take effect immediately upon receipt by the Chairperson, if any, President, or Secretary, or at a later date according to the terms of such notice in writing.

&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;3.5 <u>President and Vice Presidents</u>. The President 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 President of a corporation. Subject to direction of the Trustees, the President 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 President 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 President shall have such further authorities and duties as the Trustees shall from time to time determine. In the absence or disability of the President, the Vice-Presidents in order of their rank as fixed by the Trustees or, if more than one and not ranked, the Vice-President designated by the Trustees, shall perform all of the duties of the President, and when so acting shall have all the powers of and be subject to all of the restrictions upon the President. Subject to the direction of the Trustees, and of the President, 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 President.

&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) shall affix the seal, or if permitted, facsimile thereof, 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;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 President 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 President. 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. 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 on behalf of the Trust.

&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 President.

ARTICLE IV<u><br> MISCELLANEOUS</u>

&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 (including the adviser, administrator or manager), as the Trustees may from time to time authorize.

&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 these By-Laws or as the Trustees may from time to time by resolution provide.

&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Exclusive Delaware Jurisdiction</u>. Each Trustee, each officer and each person legally or beneficially owning a Share or an interest in a Share (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 Delaware Statutory Trust Act, (i) irrevocably agrees that, except for any claims, suits, actions or proceedings arising under federal securities laws, 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 Delaware Statutory Trust Act, the Declaration or these By-Laws (including, without limitation, any claims, suits, actions or proceedings to interpret, apply or enforce (A) the provisions of the Declaration or these By-Laws, 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 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 or the Shareholders, or (D) any provision of the Delaware Statutory Trust Act or other laws of the State of Delaware pertaining to trusts made applicable to the Trust pursuant to Section 3809 of the Delaware Statutory Trust Act, or (E) any other instrument, document, agreement or certificate contemplated by any provision of the Delaware Statutory Trust Act, the Declaration or these By-Laws 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 agrees that any claims, suits, actions or proceedings arising under the federal securities laws shall be exclusively brought in the federal district courts of the United States of America, (iii) irrevocably submits to the exclusive jurisdiction of such courts in connection with any such claim, suit, action or proceeding, (iv) 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, (v) consents to process being served in any such claim, suit, action or proceeding by mailing, certified mail, return receipt requested, 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 (v) hereof shall affect or limit any right to serve process in any other manner permitted by law, and (vi) irrevocably waives any and all right to trial by jury in any such claim, suit, action or proceeding. Notwithstanding anything to the contrary in this Section 4.4, the Trust may, at its sole discretion, select and/or consent to an alternative forum for any claims, suits, actions or proceedings relating in any way to the Trust.

ARTICLE V<u><br> SHARE Transfers</u>

&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;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;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.

ARTICLE VI<u><br> AMENDMENT OF BY-LAWS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Amendment and Repeal of By-Laws</u>. In accordance with Section 3.9 of the Declaration, the Trustees shall have the exclusive power to amend or repeal the By-Laws or adopt new By-Laws at any time. Action by the Trustees with respect to the By-Laws shall be taken by an affirmative vote of a majority of the Trustees. The Trustees shall in no event adopt By-Laws which are in conflict with the Declaration, and any apparent inconsistency shall be construed in favor of the related provisions in the Declaration.

## Exhibit 99.25

**WVB BLACKSTONE ALL PRIVATES FUND**

**MULTIPLE CLASS PLAN**

**March 4, 2026**

WHEREAS, WVB Blackstone All Privates Fund (the "Fund") is engaged in business as a closed-end management investment company and is registered as such under the Investment Company Act of 1940 (the "1940 Act"); and

WHEREAS, the Fund has been granted exemptive relief by the Securities and Exchange Commission to permit the Fund to offer multiple classes of shares (the "Exemptive Relief"); and

WHEREAS, upon being granted the Exemptive Relief, the Fund became subject to Rule 18f-3 ("Rule 18f-3") under the 1940 Act, as if it were an open-end management investment company.

NOW, THEREFORE, the Fund hereby adopts this multiple class plan pursuant to Rule 18f-3 (the "Plan").

The provisions of the Plan are:

**A.**  **<u>General Description of Classes</u>** 

As of the effective date of the Plan as set forth above, the Fund will offer three (3) classes of shares of beneficial interest: Class A Shares, Class I Shares and Class M Shares. In addition, pursuant to Rule 12b-1 under the 1940 Act, the Fund has adopted a Distribution and Shareholder Services Plan (the "12b-1 Plan") under which shares of one or more classes are subject to a distribution or shareholder servicing fee (the "12b-1 Fees"). A general description of the fees applicable to each class of shares is set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Class A</u>**. Class A Shares are not subject to a front-end sales charge but are subject to a shareholder servicing fee of up to 0.25% per year of the Fund's monthly net assets attributable to Class A Shares under the 12b-1 Plan. Class A shares generally require a minimum initial investment of $2,500 and a minimum subsequent investment of $500.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Class I</u>**. Class I Shares are not subject to a front-end sales charge. Class I shares are not subject to a distribution or shareholder servicing fee under the 12b-1 Plan. Class I Shares generally require a minimum initial investment of $2,500 and a minimum subsequent investment of $500.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Class M</u>**. Class M Shares are not subject to a front-end sales charge but are subject to a distribution fee at an annual rate of up to 0.75% of the Fund's monthly net assets attributable to Class M Shares under the 12b-1 Plan. Class M Shares are subject to a shareholder servicing fee at an annual rate of up to 0.10% of the Fund's monthly net assets attributable to Class M Shares under the 12b-1 Plan. Class M Shares generally require a minimum initial investment of $2,500 and a minimum subsequent investment of $500.

Each class of shares of the Fund also pays a fee for supervisory and administrative services ("Supervisory and Administrative Fees") at an annual rate of 0.04% of the Fund's monthly net assets attributable to such share class pursuant to a Supervision and Administration Agreement with Wellington Fund Services LLC (the "Administrator," and such agreement, the "Supervision and Administration Agreement"). Under the Supervision and Administration Agreement, the Administrator provides or procures administrative and other services such as audit, custody, transfer agency, accounting, legal and printing services. The Supervisory and Administrative Fee rates payable by each class of shares are set forth in the Fund's prospectus.

**B.**  **<u>Expense Allocation of Each Class</u>** 

Class A and Class M Shares pay the expenses associated with their different distribution and shareholder servicing arrangements. All classes pay their respective Supervisory and Administrative Fees. Each class of shares may, at the discretion of the Fund's Board of Trustees ("Trustees"), also pay a different share of other expenses (together with 12b-1 Fees and Supervisory and Administrative Fees, "Class Expenses"), not including advisory fees or other expenses related to the management of the Fund's assets, if these expenses are actually incurred in a different amount by that class, or if the class received services of a different kind or to a different degree than other classes.

All expenses incurred by the Fund, other than Class Expenses, shall be allocated to each class on the basis of the net asset value of that class in relation to the net asset value of the Fund. Class Expenses shall be allocated to the particular class to which they are attributable.

Certain expenses may be allocated differently if their method of imposition changes. Thus, if a Class Expense can no longer be attributed to a class, it will be charged to the Fund for allocation among classes, as determined by the Trustees. Any additional Class Expenses not specifically identified above which are subsequently identified and determined to be properly allocated to one class of shares shall not be so allocated until approved by the Trustees in light of the requirements of the 1940 Act and the Internal Revenue Code of 1986, as amended.

The Fund reserves the right to utilize any other appropriate method to allocate expenses among the classes, including those specified in Rule 18f-3(c)(1), provided that a majority of the Trustees and a majority of the Trustees who are not considered "interested persons" (as defined in the 1940 Act) of the Fund (the "Independent Trustees") determine that the method is fair to the shareholders of each class and that the annualized rate of return of each class will generally differ from that of the other classes only by the expense differentials among the classes.

**C.**  **<u>Voting Rights</u>** 

Each share of the Fund entitles the shareholder of record to one vote. Shareholders of each class will vote separately as a class to approve any material increase in payments applicable to each class authorized under the 12b-1 Plan and on other matters for which class voting is required under applicable law. In addition, each class shall have separate voting rights on any matter submitted to shareholders in which the interests of one class differ from the interests of any other class.

**D.**  **<u>Exchanges</u>** 

A class of shares of the Fund may be exchanged without payment of any exchange fee for another class of shares of the Fund at their respective net asset values, to the extent provided in the Fund's prospectus.

**E.**  **<u>Waivers and Reimbursements</u>** 

Fees and expenses may be waived or reimbursed by the Fund's investment adviser or any other service provider. Such waiver or reimbursement may be applicable to some or all of the classes and may be in different amounts for one or more classes.

**F.**  **<u>Income, Gains and Losses</u>** 

Income and realized and unrealized capital gains and losses shall be allocated to each class on the basis of the net asset value of that class in relation to the net asset value of the Fund.

The Fund reserves the right to utilize any other appropriate method to allocate income and realized and unrealized capital gains and losses among the classes, including those specified in Rule 18f-3(c)(1), provided that a majority of the Trustees and a majority of the Independent Trustees determine that the method is fair to the shareholders of each class and that the annualized rate of return of each class will generally differ from that of the other classes only by the expense differentials among the classes.

**G.**  **<u>Dividends</u>** 

Dividends paid by the Fund, with respect to its classes of shares, to the extent any dividends are paid, will be calculated in the same manner, at the same time and will be in the same amount, except that any expenses relating to a class of shares will be borne exclusively by that class.

**H.**  **<u>Class Designation</u>** 

Subject to approval by the Trustees, the Fund may alter the nomenclature for the designations of one or more of its classes of shares.

**I.**  **<u>Additional Information</u>** 

This Plan is qualified by and subject to the terms of the then-current prospectus and Statement of Additional Information for the applicable classes; provided, however, that none of the terms set forth in any such prospectus and Statement of Additional Information shall be inconsistent with the terms of the classes contained in this Plan.

**J.**  **<u>Effective Date</u>** 

This Plan is effective upon the date set forth above, provided that this Plan shall not become effective with respect to the Fund or a class of shares of the Fund unless first approved by a majority of the Trustees, including a majority of the Independent Trustees. This Plan may be terminated or amended at any time with respect to the Fund or a class of shares thereof by a majority of the Independent Trustees.

## Exhibit 99.25

**WVB BLACKSTONE ALL PRIVATES FUND**

**DIVIDEND REINVESTMENT PLAN**

**Introduction**

This Dividend Reinvestment Plan ("Plan") for WVB Blackstone All Privates Fund (the "Fund") provides that a holder ("Shareholder") of the Fund's shares of beneficial interest (each, a "Share" and collectively, "Shares") will be automatically enrolled in the Plan (each, a "Participant" and collectively, "Participants"). All dividends and/or distributions on such Shareholder's Shares will be automatically reinvested by the Fund's administrator or its delegee administrator ("Dividend Disbursing Agent"), as agent for Shareholders in administering the Plan, in additional Shares, as set forth below, unless the Shareholder elects to receive cash (i.e., "opt-out"), as set forth below. A Shareholder whose Shares are held in the name of a nominee must contact the nominee regarding its status under the Plan, including whether such nominee will participate on such Shareholder's behalf.

**Plan Details**

1. The Dividend Disbursing Agent will open an account for each holder of Shares under the Plan in the same name in which such holder's other Shares are held. Whenever the Fund declares a dividend, capital gain or other distribution (each a "Dividend and together, "Dividends"), non-Participants in the Plan will receive cash and Participants will receive the equivalent in Shares. The Shares will be acquired by the Dividend Disbursing Agent for the Participants' accounts through receipt of additional unissued but authorized Shares from the Fund ("Newly Issued Shares"). Participants may elect to reinvest both dividends and distributions; receive dividends in cash and reinvest distributions; or reinvest dividends and receive distributions in cash.

2. The number of Newly Issued Shares to be received will be determined by dividing the amount of the Dividend by the Fund's net asset value per Share on the next valuation date following the ex-dividend date, which is the last date of a dividend period on which an investor can purchase Shares and still be entitled to receive the dividend. It is contemplated that the Fund will pay dividends at least annually.

3. The Dividend Disbursing Agent maintains all Participants' accounts in the Plan and furnishes written confirmation of all transactions in the accounts, including information needed by Participants for tax records. Shares acquired through Dividends in the account of each Participant will be held by the Dividend Disbursing Agent on behalf of the Participant, and each shareholder proxy will include those Shares purchased or received pursuant to the Plan. The Dividend Disbursing Agent will forward all proxy solicitation materials to Participants and vote proxies for Shares held under the Plan in accordance with the instructions of the Participants.

4. In the case of banks, brokers or nominees which hold Shares for the account of beneficial owners, the Dividend Disbursing Agent will administer the Plan on the basis of the number of Shares certified from time to time by the record Shareholder's name and held for the account of beneficial owners who participate in the Plan.

5. There will be no charges with respect to Shares issued directly by the Fund. The automatic reinvestment of Dividends will not relieve Participants of any Federal, state or local income tax that may be payable (or required to be withheld) on such Dividends.

6. A Participant is free to change its election and opt out of the Plan at any time by notifying the Dividend Disbursing Agent in writing at the address listed below. If, however, a Participant requests to change its election or opt out of the Plan within 45 days prior to a Dividend, the request will be effective only with respect to Dividends declared after the 45-day period.

7. The Fund reserves the right to amend or terminate the Plan upon 30 days' notice to Shareholders. There is no direct service charge to Participants with regard to purchases in the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the Participants.

8. Participants who hold their Shares through a bank, broker or nominee and who wish to change their election or opt out of the Plan must contact their bank, broker or nominee. For direct investors, all correspondence or questions concerning the Plan should be directed to the Dividend Disbursing Agent, State Street Bank & Trust Company, in writing to 1776 Heritage Drive, JAB0321, North Quincy, MA 02171.

9. The terms and conditions of this Plan shall be governed by the laws of the State of Delaware.

## Exhibit 99.25

**WVB BLACKSTONE ALL PRIVATES FUND** 

**INVESTMENT MANAGEMENT AGREEMENT**

**AGREEMENT** made as of the 4<sup>th</sup> day of March, 2026, by and between WVB Blackstone All Privates Fund, a Delaware statutory trust (the "Fund"), and Wellington Management Company LLP, a Delaware limited liability partnership (the "Adviser").

**WHEREAS**, the Fund is a closed-end, management investment company registered with the Securities and Exchange Commission (the "Commission") pursuant to 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 (the "Advisers Act"); and

**WHEREAS**, the Fund desires to retain the Adviser to serve as investment adviser and the Adviser is willing to do so;

**NOW, THEREFORE**, in consideration of the mutual promises and covenants hereinafter set forth, it is agreed by and between the parties, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **General Provision.** 

The Fund hereby employs the Adviser and the Adviser hereby undertakes to act as the investment adviser of the Fund and to perform for the Fund such other duties and functions as are hereinafter set forth. The Adviser shall, in all matters, give to the Fund and its Board of Trustees (the "Board" and each trustee of the Fund, a "Trustee" and collectively, the "Trustees") the benefit of its judgment, effort, advice and recommendations and shall, at all times conform to, and use its best efforts to enable the Fund to conform to: (a) the provisions of the 1940 Act and any rules or regulations thereunder; (b) any other applicable provisions of state or federal law; (c) the provisions of the declaration of trust ("Declaration of Trust") and by-laws ("By-Laws") of the Fund as amended from time to time; (d) policies and determinations of the Board; (e) the fundamental policies and investment restrictions of the Fund as reflected in its registration statement under the 1940 Act or as such policies may, from time to time, be amended by the Fund's shareholders; and (f) the prospectus ("Prospectus") and statement of additional information ("Statement of Additional Information") of the Fund in effect from time to time. The appropriate officers and employees of the Adviser shall be available upon reasonable notice for consultation with any of the Trustees and officers of the Fund with respect to any matters dealing with the business and affairs of the Fund. Consistent with applicable regulatory guidance, the Adviser may engage any of its affiliates, including its or their personnel, to assist it with providing its services under this Agreement (including affiliates outside of the United States), provided that the Adviser will remain responsible to the Fund for the performance of its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Investment Management.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser shall, subject to the oversight of the Board, (i) regularly provide, or arrange for and oversee the provision of, investment advice and recommendations to the Fund with respect to its investments, investment policies and the purchase and sale of securities and other investments; (ii) supervise the investment program of the Fund and the composition of its portfolio and determine, or oversee the determination of, what securities and other investments shall be purchased or sold by the Fund; and (iii) arrange, subject to the provisions of paragraph "7" hereof, for the purchase of securities and other investments for the Fund and the sale of securities and other investments held in the portfolio of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Provided that the Fund shall not be required to pay any compensation other than as provided by the terms of this Agreement, the Adviser may obtain investment information, research or assistance from any other person, firm or corporation to supplement, update or otherwise improve its investment management services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent permitted by applicable law, the Adviser may, from time to time with Board approval, appoint one or more sub-advisers to perform investment advisory services with respect to the Fund (including without limitation those set forth in subparagraph "(a)" of this paragraph "2"), and may, in its sole discretion, terminate any or all such sub-advisers at any time to the extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Adviser shall have the authority to (i) enter into, on behalf of the Fund and as its adviser and/or agent in fact, (A) any agreement, and any supporting documentation, with any futures commission merchant registered with the U.S. Commodity Futures Trading Commission to provide execution and clearing services for exchange-traded commodity futures contracts, options on futures contracts and cleared swaps for the Fund and (B) futures (including security futures) contracts, forward foreign currency exchange contracts, options on securities (listed and over-the-counter), options on indices (listed and over-the-counter), options on foreign currency and other foreign currency transactions, swap transactions (cleared or un-cleared) (including, without limitation, interest rate, credit default, total return, and related types of swap and notional rate agreements), options on swap transactions, forward rate agreements, TBA transactions and other transactions involving the forward purchase or sale of securities, repurchase and reverse repurchase transactions, buy/sell back transactions and other similar types of investment contracts or transactions, and any agreements, instruments or documentation governing any of the foregoing (including, without limitation, brokerage agreements, execution agreements, ISDA master agreements, master securities forward transactions agreements, master repurchase agreements, master securities lending agreements, security or collateral agreements, control agreements and any other agreements, instruments or documents similar or incidental to the foregoing that currently are, or in the future become, customary or necessary with respect to the documentation of any of the foregoing, and any schedules and annexes to the aforementioned agreements, instruments and documents, and any releases, consents, waivers, amendments, elections or confirmations to any of the aforementioned agreements, instruments and documents) (collectively, "Investment Instruments"), (ii) pledge and deliver cash, securities, commodities or other assets of the Fund as collateral security in connection with any Investment Instrument, and (iii) otherwise act on behalf of the Fund in connection with the exercise of any rights or the satisfaction of any obligations and liabilities of the Fund under any Investment Instruments or other agreement or documentation. Notwithstanding the foregoing, the Adviser's authority to act on behalf of the Fund is limited to engaging in authorized trading on behalf of the Fund and transferring capital for purposes of authorized trading within the Fund only. All securities and other property of the Fund shall remain in the direct or indirect custody of the Fund's custodian, except as otherwise authorized by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Provided that nothing herein shall be deemed to protect the Adviser from its willful misfeasance, lack of good faith or gross negligence in the performance of its duties, or reckless disregard of its obligations and duties under this Agreement, the Adviser, each of its affiliates and all respective partners, members, directors, officers, trustees and employees and each person, if any, who within the meaning of Section 15 of the Securities Act of 1933, as amended ("Securities Act"), controls, is controlled by or is under common control with the Adviser ("Control Persons") shall not be liable for any error of judgment or mistake of law and shall not be subject to any expenses or liability to the Fund or any of the Fund's shareholders, in connection with the matters to which this Agreement relates. Nothing herein in any way constitutes a waiver or limitation of any right of any person under any applicable federal or state securities laws of the United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Adviser shall indemnify and hold harmless the Fund and each of its directors, officers, trustees, employees and agents (each, a "Fund Indemnitee") against any and all losses, claims, damages, liabilities or litigation (including without limitation reasonable attorneys' fees and other expenses), to which such persons may become subject under the 1940 Act, the Securities Act, the Securities Exchange Act of 1934, as amended (the "1934 Act"), the Advisers Act, the Commodity Exchange Act, as amended, or any other statute, law, rule or regulation, arising out of the Adviser's responsibilities as investment manager of the Fund and its obligations hereunder (i) to the extent of, and as a result of, the willful misconduct, lack of good faith, or gross negligence, or reckless disregard of its duties hereunder, by the Adviser, any of the Adviser's affiliates or Control Persons or any affiliate of or any person acting on behalf of the Adviser, or (ii) to the extent of, and as a result of, a material breach of any representation or warranty by Adviser of this Agreement; provided, however, that in no case shall the Adviser's indemnity hereunder be deemed to protect a person against any liability to which any such person would otherwise be subject by reason of willful misconduct, lack of good faith or gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under this Agreement. The parties agree that each Fund Indemnitee shall be a third-party beneficiary of the terms of this subparagraph "(f)". In no event shall the Adviser or any of its affiliates be liable hereunder for any indirect, incidental, consequential, special, speculative or punitive losses, damages, costs or expenses of any kind, including loss of opportunity, loss of anticipated profits or savings and loss of goodwill or reputation. This indemnification obligation shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Nothing in this Agreement shall prevent the Adviser or any officer thereof from acting as investment adviser for any other person, firm or corporation and shall not in any way limit or restrict the Adviser or any of its directors, officers or employees from buying, selling or trading any securities or other instruments for its own account or for the account of others for whom it or they may be acting, provided that such activities will not adversely affect or otherwise impair the performance by the Adviser of its duties and obligations under this Agreement and under the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Adviser may utilize unaffiliated third-party data service providers in effecting compliance with applicable regulations, the Prospectus, Statement of Additional Information and any bona fide instructions from the Fund, and the Adviser shall not be held responsible for any losses resulting from non-compliance where it has reasonably relied on information provided by reputable third-party data service providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Fund agrees to each of the representations, warranties, and agreements set forth in Exhibit A (Master Agreements Representations) hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Other Duties of the Adviser.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser shall, at its own expense, maintain such staff and employ or retain such personnel and consult with such other persons as it shall from time to time determine to be necessary or useful to the performance of its obligations under this Agreement. Without limiting the generality of the foregoing, the staff and personnel of the Adviser shall be deemed to include persons employed or otherwise retained by the Adviser to furnish statistical and other factual data, advice regarding economic factors and trends, information with respect to technical and scientific developments, and such other information, advice and assistance as the Adviser may desire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser shall also furnish such reports, evaluations, information or analyses to the Fund as the Board may request from time to time or as the Adviser may deem to be desirable. The Adviser shall make recommendations to the Board with respect to Fund policies, and shall carry out such policies as are adopted by the Trustees. The Adviser shall, subject to review by the Board, furnish such other services as the Adviser shall from time to time determine to be necessary or useful to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund will, from time to time, furnish or otherwise make available to the Adviser such financial reports, proxy statements and other information relating to the business and affairs of the Fund as the Adviser may reasonably require in order to discharge its duties and obligations hereunder. The Adviser shall, as agent, for the Fund, maintain the Fund's records required in connection with the performance of its obligations under this Agreement and required to be maintained under the 1940 Act. All such records so maintained shall be the property of the Fund and, upon request therefore, the Adviser shall surrender to the Fund such of the records so requested; provided that the Adviser may, at its own expense, make and retain copies of any such records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Consistent with paragraph "5" hereof, the Adviser shall bear the cost of rendering the investment advisory and supervisory services to be performed by it under this Agreement, and shall, at its own expense, pay the compensation of the officers and employees, if any, of the Fund who are also directors, officers or employees of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund instructs the Adviser to vote proxies for securities held in the Fund in accordance with the Adviser's Global Proxy Policies and Procedures, as they may be amended from time to time. A current copy of this document is available upon request. The Fund authorizes the Adviser to instruct the Fund's custodian to forward promptly to the Adviser copies of all proxies and shareholder communications relating to proxy votes involving securities held in the Fund (other than materials relating to legal proceedings). The Fund agrees that the Adviser will not be responsible or liable for failing to vote any proxies where it has not received the proxies or related shareholder communications in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Adviser will notify the Fund of any additions to or withdrawals of partners of the Adviser within a reasonable time after such additions or withdrawals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Fund Expenses.** 

Except as otherwise provided in this Agreement, the Prospectus, by law or in any agreement limiting such expenses, the Adviser shall not be responsible for the Fund's expenses and the Fund assumes and shall pay or cause to be paid all of its expenses, including without limitation: corporate, organizational and offering costs relating to offerings of shares; the cost of calculating the net asset value of shares, including the cost of any third-party pricing or valuation services; the cost of effecting sales and repurchases of shares and other securities; the investment management fee, pursuant to paragraph "5" hereof; the Distribution Fee and/or Shareholder Servicing Fee, each as defined in the Fund's registration statement; investment related expenses (*e.g.*, expenses that, in the Adviser's discretion, are related to the investment of the Fund's assets, whether or not such investments are consummated), including, as applicable, fees and expenses of Underlying Funds (as defined in the Fund's registration statement) (including, without limitation, management fees, administration fees and professional and other direct, fixed fees and expenses, performance fees, carried interest, incentive fees or allocations based on Underlying Fund performance, as applicable), brokerage commissions, borrowing charges on securities sold short, clearing and settlement charges, recordkeeping, interest expense, line of credit fees, dividends on securities sold but not yet purchased, margin fees, investment**-**related travel and lodging expenses and research**-**related expenses, professional fees relating to investments, including expenses of consultants, investment bankers, attorneys, accountants and other experts; transfer agent and custodial fees; Distributor (as such term is defined in the Fund's registration statement) costs; fees and expenses associated with marketing efforts; federal and any state registration or notification fees; federal, state and local taxes; costs incident to payment of dividends or distributions by the Fund; costs associated with the Fund's share repurchase program; fees and expenses of Trustees who are not "interested persons" (as defined in the 1940 Act) of the Fund, including dues and expenses incurred in connection with membership in investment company organizations; the costs of preparing, printing and mailing reports and other communications, including tender offer correspondence or similar materials, to shareholders; fidelity bond, Trustees and officers errors and omissions liability insurance and other insurance premiums; broken deal expenses (including, without limitation, research costs, fees and expenses of legal, financial, accounting, consulting or other advisors in connection with conducting due diligence or otherwise pursuing a particular non-consummated transaction); legal expenses (including those expenses associated with preparing the Fund's public filings, attending and preparing for Board meetings, as applicable, and generally serving as counsel to the Fund or the Trustees who are not "interested persons" (as defined in the 1940 Act) of the Fund); external accounting expenses (including but not limited to fees and disbursements and expenses related to the annual audit of the Fund and the preparation of the Fund's tax information); any costs and expenses associated with or related to due diligence performed with respect to the Fund's offering of its shares, including, but not limited to, costs associated with or related to due diligence activities performed by, on behalf of, or for the benefit of broker-dealers, registered investment advisers and third-party due diligence providers; costs associated with reporting and compliance obligations under the 1940 Act and applicable federal and state securities laws, including compliance with The Sarbanes-Oxley Act of 2002; all other expenses incurred by the Fund in connection with administering the Fund's business, including expenses of the Administrator (as such term is defined in the Fund's registration statement) for performing administrative services for the Fund, subject to the terms of the Supervision and Administration Agreement (as such term is defined in the Fund's registration statement); and any expenses incurred outside of the ordinary course of business, including, without limitation, costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or similar proceeding and indemnification expenses as provided for in the Fund's organizational documents (subject, however, to paragraph "2" hereof).

The Fund shall reimburse the Adviser or its affiliates for any expenses of the Fund as may be reasonably incurred as specifically provided for in this Agreement (including, for the avoidance of doubt, any of the above expenses incurred by the Adviser or its affiliates on the Fund's behalf) or as specifically agreed to by the Board. The Adviser shall keep and supply to the Fund reasonable records of all such expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Compensation of the Adviser.** 

The Fund agrees to pay the Adviser and the Adviser agrees to accept as full compensation for the performance of all functions and duties on its part to be performed pursuant to the provisions hereof an investment management fee ("Investment Management Fee") payable quarterly in arrears and accrued monthly at an annual rate of 0.10% of the value of the Fund's net assets, which is calculated as of the close of business on the last business day of each month. For purposes of the Investment Management Fee, "net assets" means the total value of all assets of the Fund, less an amount equal to all accrued debts, liabilities and obligations of the Fund, determined in accordance with U.S. GAAP and the valuation and accounting policies and procedures of the Fund; provided that for purposes of determining the Investment Management Fee payable to the Adviser for any month, net assets will be calculated prior to any reduction for any fees and expenses of the Fund for that month, including, without limitation, the Investment Management Fee payable to the Adviser for that month.

The Investment Management Fee will be paid to the Adviser before giving effect to any repurchase of shares in the Fund effective as of that date and will decrease the net profits or increase the net losses of the Fund that are credited to shareholders.

If this Agreement expires or is terminated, the Adviser shall be entitled to receive all amounts (including any accrued by unreimbursed expenses) payable to it and not yet paid pursuant to this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Use of Names.** 

The Fund agrees and consents that: (i) the name "Wellington" is proprietary to the Adviser (and certain other parties, including one or more of the Adviser's affiliates); (ii) it may only (but is not required to) use the name "Wellington" as a component of its name and for no other purpose; (iii) it will not purport to grant to any third party the right to use the name "Wellington" for any other purpose; (iv) the Adviser, or one or more of its affiliates, may use or grant to others the right to use the name "Wellington" as all or a portion of a corporate or business name or for any commercial purpose, including without limitation a grant of such right to any other investment company or other pooled vehicle, consistent with such other agreements and restrictions to which the Adviser may be subject from time to time; upon termination of this Agreement, the Fund shall promptly take whatever action may be necessary, if any, to change its name and discontinue use of the name "Wellington" in the name of the Fund or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Portfolio Transactions and Brokerage.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser is authorized, subject to the supervision and oversight of the Board, to establish and maintain accounts on behalf of the Fund with, and place orders for the purchase and sale of the Fund's portfolio securities or other investments with or through, such persons, brokers or dealers, futures commission merchants or other counterparties ("brokers") as the Adviser may elect and negotiate commissions to be paid on such transactions; provided, however, that a broker affiliated with the Adviser shall be used only in transactions permissible under applicable laws, rules and regulations, including without limitation the 1940 Act and the Advisers Act and the rules and regulations promulgated thereunder, as well as permitted by the policies adopted by the Fund. The Adviser, upon reasonable request of the Board, shall promptly provide the Board with copies of all agreements regarding brokerage arrangements related to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On occasions when the Adviser deems the purchase or sale of a security to be in the best interests of the Fund as well as other clients of the Adviser, the Adviser, to the extent permitted by applicable laws and regulations (including without limitation any applicable exemptive orders or Commission guidance) and subject to the trade allocation procedures approved by the Board, may, but shall be under no obligation to, aggregate the securities to be sold or purchased in order to obtain the most favorable price or lower brokerage commissions or spreads and efficient execution. In such event, allocation of securities so sold or purchased, as well as the expenses incurred in the transaction, will be made by the Adviser in accordance with the approved procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Duration.** 

This Agreement will take effect on the date first set forth above. Unless earlier terminated pursuant to paragraph "9" hereof, this Agreement shall remain in effect until March 4, 2028, and thereafter will continue in effect from year to year, so long as such continuance shall be approved at least annually by the Board, including without limitation the vote of the majority of the Trustees who are not parties to this Agreement or "interested persons" (as defined in the 1940 Act) of any such party, cast in person at a meeting called for the purpose of voting on such approval (or otherwise, as consistent with applicable laws, regulations and related guidance and relief), or by the holders of a "majority" (as defined in the 1940 Act) of the outstanding voting securities of the Fund and by such a vote of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Termination.** 

This Agreement may be terminated: (a) by the Adviser at any time without penalty upon giving the Fund sixty days' written notice (which notice may be waived by the Fund); (b) by the Fund at any time without penalty upon sixty days' written notice to the Adviser (which notice may be waived by the Adviser); or (c) by the Fund upon delivery of written notice from the Fund to the Adviser in the event of a material breach of any provision of this Agreement by the Adviser, provided that, to the extent such material breach is capable of being cured, the Fund shall have first provided the Adviser written notice of the material breach and the Adviser shall have failed to cure such breach to the reasonable satisfaction of the Fund within 10 days after the delivery of such notice; provided that termination by the Fund under (b) or (c) above shall be directed or approved by the vote of a majority of all of the Trustees then in office or by the vote of the holders of a "majority" (as defined in the 1940 Act) of the outstanding voting securities of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Assignment or Amendment.** 

This Agreement may not be amended without the affirmative vote of the Board, including a majority of the Trustees who are not parties to this Agreement or "interested persons" (as defined in the 1940 Act) of any such party, cast in person at a meeting called for the purposes of voting on such approval (or otherwise, as consistent with applicable laws, regulations and related guidance and relief) and, where required by the 1940 Act, by a vote or written consent of a "majority" of the outstanding voting securities of the Fund, and shall automatically and immediately terminate in the event of its "assignment," as defined in the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Track Record.** 

Notwithstanding anything else to the contrary herein, the Adviser shall retain a right to use the investment performance and track record of the Fund (including in marketing materials) to the extent permitted by law. Further, for the avoidance of doubt, the Adviser shall be entitled to retain a copy and use records of each of its transactions and other records pertaining to the Fund as are necessary to support any such uses of the investment performance and track record.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Disclaimer of Shareholder Liability.** 

The Adviser understands that the obligations of the Fund under this Agreement are not binding upon any Trustee or shareholder of the Fund personally, but bind only the Fund and the Fund's property. The Adviser represents that it has notice of the provisions of the Declaration of Trust of the Fund disclaiming shareholder liability for acts or obligations of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Definitions.** 

The terms and provisions of this Agreement shall be interpreted and defined in a manner consistent with the provisions and definitions of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Counterparts.** 

This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts taken altogether shall constitute one and the same Agreement. Counterparts may be executed in either original or electronically transmitted form (*e.g.*, faxes or emailed portable document format (PDF) form), and the parties hereby adopt as original any signatures received via electronically transmitted form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Governing Law, Jurisdiction, etc.** 

This Agreement shall be governed by and construed in accordance with substantive laws of the Commonwealth of Massachusetts without reference to choice of law principles thereof and in accordance with the 1940 Act. In the case of any conflict, the 1940 Act shall control. The state and federal courts sitting within the Commonwealth of Massachusetts and County of Suffolk shall be the sole and exclusive forums for any action or proceeding hereunder and the parties hereto consent to the jurisdiction thereof. EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Reports and Notice.** 

Any notice to be given pursuant to the Agreement will be deemed to have been duly given or made as of the date delivered or transmitted, and will be effective upon receipt, if delivered personally, mailed by registered or certified mail (postage prepaid, return receipt requested) to the following addresses, or sent by electronic transmission to the email or fax number specified below:

To the Adviser at:

Wellington Management Company LLP

280 Congress Street

Boston, Massachusetts 02210

Attention: Legal and Compliance

Fax No.: +1-617-790-7760

Email:

To The Fund at:

280 Congress Street

Boston, Massachusetts 02210

Attention: Legal and Compliance

Fax No.: +1-617-790-7760

Email:

The Fund consents to electronic delivery of any reports or other information that may be requested by the Fund or required to be delivered by the Adviser under this Agreement, or pursuant to applicable law, rule or regulation, and the Fund represents that it has the means to, and will access, such disclosures in electronic format. The Adviser shall provide the Fund with hard copies of any such disclosures upon request. The Fund may revoke this consent upon written notice to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.** **Severability.** 

If any provision of this Agreement shall be held or made invalid by a court decision or applicable law, the remainder of the Agreement shall not be affected adversely and shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.** **Force Majeure.** 

No party to this Agreement will be liable for any failure or delay in performing any of its obligations under or pursuant to the Agreement, and any such failure or delay in performing its obligations will not constitute a breach of the Agreement, if such failure or delay is due to any cause whatsoever outside its reasonable control. Any such non-performing party will be entitled to a reasonable extension of the time for performing such obligations. Events outside a party's reasonable control include any event or circumstance that the party is unable to avoid using reasonable skill and care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.** **Entire Agreement.** 

This Agreement contains the entire understanding and agreement of the parties with respect to the subject matter hereof. Each party shall perform such further actions and execute such further documents as are necessary to effectuate the purpose of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.** **Survival.** 

The provisions of paragraphs 5, 6, 12, 15 and 20 shall survive termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.** **Electronic Signatures.** 

The parties agree that this Agreement and any documents related hereto may be electronically signed. The parties agree that any electronic signatures appearing on this Agreement and any related documents are the same as handwritten signatures for the purposes of validity, enforceability and admissibility.

Pursuant to an Exemption from the Commodity Futures Trading Commission in connection with accounts of qualified eligible persons, this brochure or account document is not required to be and has not been filed with the Commission. The Commodity Futures Trading Commission does not pass upon the merits of participating in a trading program or upon the adequacy or accuracy of commodity trading advisor disclosure. Consequently, the Commodity Futures Trading Commission has not reviewed or approved this trading program or this brochure or account document.

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

---

| | |
|:---|:---|
| WVB Blackstone All Privates Fund | WVB Blackstone All Privates Fund |
| By: | /s/ Carmine A. Taglione |
| Name: | Carmine A. Taglione |
| Title: | President & Principal Executive Officer |
| Wellington Management Company LLP | Wellington Management Company LLP |
| By: | /s/ Michael P. Miller |
| Name: | Michael A. Miller |
| Title: | Senior Managing Director |

---

EXHIBIT A

MASTER AGREEMENTS REPRESENTATIONS

The Fund understands that the Adviser has negotiated master agreements and related documents (including custodial undertakings in relation to repurchase agreements) on behalf of its clients (each, a "Master Agreement"). The Master Agreements govern transactions in cleared and non-cleared derivatives, exchange-traded futures and options, foreign exchange ("FX") forwards and options, and similar instruments, as well as certain security forward trades and repurchase transactions (collectively, "Transactions").

To become a party to these Master Agreements, the Fund must first confirm certain standard representations and terms set out below. The Fund recognizes that the provisions of the Master Agreements have been negotiated to benefit clients generally and cannot be amended through changes to this Exhibit.

This Exhibit does not grant the Adviser any additional investment authority to engage in particular FX, derivative, repurchase or security forward transactions nor does it expand the scope of permitted investments under this Agreement or the investment guidelines contained in the Fund's registration statement.

Accordingly, by executing this Agreement, the Fund confirms to the Adviser that:

The Adviser has full authority as investment adviser to (i) engage in Transactions subject to applicable investment guidelines, including discretion to transact on swap execution facilities or similar trading venues and to engage in block trades, (ii) enter into Master Agreements on the Fund's behalf with counterparties and open accounts with trading venues and SEFs, (iii) provide relevant "know your customer" and other required information (which may include client account formation documents, tax forms, financial information (*e.g.*, an account's assets under management) and investment management agreements (with fee information redacted) provided to a counterparty's legal and credit personnel on a confidential basis) and (iv) receive on the Fund's behalf required investment disclosures and other similar information from counterparties. With respect to Transactions, the Fund is not relying on the recommendations (if any) of any dealer or other counterparty.

The Fund further represents and warrants the following on behalf of each current and future account of the Fund managed by the Adviser pursuant to this Agreement:

● The Adviser is authorized to use and disclose information concerning Transactions to meet applicable reporting requirements, including the reporting of information to a swap data repository, swap execution facility or a similar trading venue. To the extent that applicable non-disclosure, confidentiality, bank secrecy or other law imposes nondisclosure requirements on Transaction information otherwise required to be reported, but permits the Fund to waive those non-disclosure requirements by consent, the Fund hereby consents to waive those requirements to the extent permitted by applicable laws.

● The Fund is duly organized and validly existing under the laws of the jurisdiction of the Fund's organization and, if relevant under such laws, in good standing. The Fund will have and will endeavor to maintain the necessary powers, consents, and licenses, and have taken all necessary actions to enable the Adviser, to lawfully execute and deliver Master Agreements, to engage in Transactions, to grant security interests in, or transfer title to, margin or collateral, and otherwise to perform the obligations relating to the Master Agreements. Such execution, delivery and performance do not and will not violate or conflict with any law, regulation or agreement applicable to the Fund, any provision of the Fund's constitutional documents, any order or judgment of any court or other agency of government applicable to the Fund or its assets, or any contractual restriction binding on or affecting the Fund or its assets. Accordingly, the Master Agreements to which the Fund becomes a party will constitute legal, valid and binding obligations upon the Fund, enforceable in accordance with their respective terms, subject to applicable bankruptcy, insolvency or similar laws and principles of equity.

● There is not pending, nor to the Fund's knowledge threatened against the Fund, (or any guarantor of the Fund's obligations under a Master Agreement, if applicable) any action, suit or proceeding at law or in equity that is likely to affect the legality, validity or enforceability of the Master Agreements or the Fund's ability to perform its obligations under the Master Agreements.

● The Fund recognizes that standard master agreements contain a waiver of immunities and so authorize the Adviser to enter into Master Agreements on the Fund's behalf that waive, to the fullest extent permitted by law, any immunity (on the basis of sovereignty or otherwise) from: (i) suit; (ii) jurisdiction; (iii) relief by way of injunction, order for specific performance or for recovery of property; (iv) attachment of assets; and (v) execution or enforcement of any judgment to which the Fund might otherwise be entitled in any proceeding relating to the Master Agreement.

The Fund hereby agrees to notify the Adviser promptly of any change in circumstances that would make untrue any of the statements contained herein.

## Exhibit 99.25

**DISTRIBUTION AGREEMENT**

THIS AGREEMENT is made and entered into as of this 4<sup>th</sup> day of March, 2026, by and between WVB Blackstone All Privates Fund, a Delaware statutory trust (the "Fund"), and Foreside Fund Services, LLC, a Delaware limited liability company (the "Distributor").

WHEREAS, the Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified closed-end management investment company and is authorized to issue Shares of beneficial interest ("Shares");

WHEREAS, the Fund desires to retain the Distributor as its principal underwriter in connection with the offering of the Shares of the Fund;

WHEREAS, the Distributor is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (the "1934 Act"), and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA");

WHEREAS, this Agreement has been approved by a vote of the Fund's board of trustees (the "Board") and its disinterested trustees in conformity with Section 15(c) of the 1940 Act; and

WHEREAS, the Distributor is willing to act as principal underwriter for the Fund on the terms and conditions hereinafter set forth.

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:

**1.** **Appointment of Distributor.** The Fund hereby appoints the Distributor as its principal underwriter
for the distribution of Shares of the Fund, on the terms and conditions set forth in this Agreement, and the Distributor hereby accepts
such appointment and agrees to perform the services and duties set forth in this Agreement.

2. Services and Duties of the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Distributor agrees to act as the principal underwriter of the Fund for the distribution of Shares of the Fund upon the terms described in the Prospectus. As used in this Agreement, the term "Prospectus" shall mean each current prospectus, including the statement of additional information, as amended or supplemented, relating to the Fund and included in the currently effective registration statement(s) or post-effective amendment(s) thereto (the "Registration Statement") of the Fund under the Securities Act of 1933, as amended (the "1933 Act"), and the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. During the public offering of Shares of the Fund, the Distributor shall distribute the Shares on a best-efforts basis. All orders for Shares shall be made through financial intermediaries or directly to the Fund, or its designated agent. Such purchase orders shall be deemed effective at the time and in the manner set forth in the Prospectus. The Fund or its designated agent will confirm orders and subscriptions upon receipt, will make appropriate book entries and, upon receipt of payment therefor, will issue the appropriate number of Shares in uncertificated form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Distributor shall maintain membership with the NSCC and any other similar successor organization to sponsor a participant number for the Fund so as to enable the Shares to be traded through FundSERV and any other similar successor platform. The Distributor shall not be responsible for any operational matters associated with FundSERV or networking transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Distributor acknowledges and agrees that it is not authorized to provide any information or make any representations regarding the Fund other than as contained in the Prospectus and any sales literature and advertising materials specifically approved by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Distributor agrees to review all proposed marketing materials for compliance with applicable FINRA and SEC advertising rules and regulations and shall file with FINRA those marketing materials that it believes are in compliance with such laws and regulations. The Distributor agrees to promptly furnish to the Fund any comments provided by regulators with respect to such materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The Fund agrees to repurchase Shares tendered by shareholders of the Fund in accordance with the Fund's obligations in the Prospectus and the Registration Statement. The Fund reserves the right to suspend such repurchase right upon written notice to the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. The Distributor may, in its discretion, and shall, at the request of the Fund, enter into agreements with qualified broker-dealers and other financial intermediaries (the "Financial Intermediaries") in order that such Financial Intermediaries may sell Shares of the Fund. The form of any dealer agreement shall be approved by the Fund ("Standard Dealer Agreement"). The Distributor shall not be obligated to make any payments to the Financial Intermediaries or other third parties, unless (i) Distributor has received a payment from the Fund pursuant to such Fund's plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act ("Plan") and (ii) such Plan has been approved by the Fund's Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. The Distributor shall not be obligated to sell any certain number of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. The Distributor shall prepare reports for the Board regarding its activities under this Agreement as from time to time shall be reasonably requested by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. The services furnished by the Distributor hereunder are not to be deemed exclusive and the Distributor shall be free to furnish similar services to others so long as its services under this Agreement are not impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Other than registration as a broker-dealer under the 1934 Act, the Distributor shall not be required to register as a broker or dealer in any specific jurisdiction or to maintain its registration in any jurisdiction in which it is now registered.

3. Representations, Warranties and Covenants of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Fund hereby represents and warrants to the Distributor, 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;(i) it is duly organized and in good standing under the laws of its jurisdiction of incorporation/organization
and is registered as a closed-end management investment company under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) this Agreement has been duly authorized, executed and delivered by the Fund and, when executed and delivered,
will constitute a valid and legally binding obligation of the Fund, 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;(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 or will obtain 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/operating agreement 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;(iv) the Shares are validly authorized and, when issued in accordance with the description in the Prospectus,
will be fully paid and nonassessable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Registration Statement and Prospectus included therein have been prepared in conformity with the requirements
of the 1933 Act and the 1940 Act and the rules and regulations thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Registration Statement and Prospectus and any marketing material prepared by the Fund or its agents
do not and shall not knowingly contain any untrue statement of material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein not misleading, and that all statements or information furnished to the Distributor
pursuant to this Agreement shall be true and correct in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Fund owns, possesses, licenses or has other rights to use all patents, patent applications, trademarks
and service marks, trademark and service mark registrations, trade names, copyrights, licenses, inventions, trade secrets, technology,
know-how and other intellectual property (collectively, "Intellectual Property") necessary for or used in the conduct of the
Fund's business and for the offer, issuance, distribution and sale of the Fund Shares in accordance with the terms of the Prospectus
and this Agreement, and such Intellectual Property does not and will not breach or infringe the terms of any Intellectual Property owned,
held or licensed by any third party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) all necessary approvals, authorizations, consents or orders of or filings with any federal, state, local
or foreign governmental or regulatory commission, board, body, authority or agency have been or will be obtained by the Fund in connection
with the issuance and sale of the Shares, including registration of the Shares under the 1933 Act and any necessary qualification under
the securities or blue sky laws of the various jurisdictions in which the Shares are being offered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Fund shall take, or cause to be taken, all necessary action to register the Shares under the federal and all applicable state securities laws and to maintain an effective Registration Statement for such Shares in order to permit the sale of Shares as herein contemplated. The Fund authorizes the Distributor to use the Prospectus, in the form furnished to the Distributor from time to time, in connection with the sale of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Fund agrees to advise the Distributor promptly in writing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) of any material correspondence or other communication by the Securities and Exchange Commission ("SEC")
or its staff relating to the Fund, including requests by the SEC for amendments to the Registration Statement or Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the event of the issuance by the SEC of any stop-order suspending the effectiveness of the Registration
Statement then in effect or the initiation of any proceeding for that purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) of the happening of any event of which the Fund is aware which makes untrue any statement of a material
fact made in the Prospectus or which requires the making of a change in such Prospectus in order to make the statements therein not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) of all actions taken by the SEC with respect to any amendments to any Registration Statement or Prospectus
which may from time to time be filed with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in the event that it determines to suspend the sale of Shares at any time in response to conditions in
the securities markets or otherwise at any time as permitted by the 1940 Act or the rules of the SEC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) of the commencement of any litigation or proceedings against the Fund or any of their officers or directors
in connection with the issue and sale of any of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Fund shall file such reports and other documents as may be required under applicable federal and state laws and regulations, including state blue sky laws, and shall notify the Distributor in writing of the states in which the Shares may be sold and of any changes to such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Fund agrees to file from time to time such amendments to its Registration Statement and Prospectus as may be necessary in order that its Registration Statement and Prospectus will not contain any untrue statement of material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The Fund shall fully cooperate in the efforts of the Distributor to arrange for the distribution of Shares. In addition, the Fund shall keep the Distributor fully informed and shall provide to the Distributor from time to time copies of all information, financial statements, and other papers that the Distributor may reasonably request for use in connection with the distribution of Shares, including, without limitation, certified copies of any financial statements prepared for the Fund by their independent public accountants and such reasonable number of copies of the most current Prospectus, statement of additional information and annual and interim reports to shareholders as the Distributor may request. The Fund shall forward a copy of any SEC filings, including the Registration Statement, to the Distributor within one (1) business day of any such filings. The Fund represents that it will not use or authorize the use of any marketing material unless and until such materials have been approved and authorized for use by the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. The Fund shall provide and cause each other agent or service provider to the Fund, including the Fund's transfer agent and investment adviser, to provide, to Distributor in a timely and accurate manner all such information (and in such reasonable medium) that the Distributor may reasonably request that may be necessary for the Distributor to perform its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. The Fund shall not file any amendment to the Registration Statement or Prospectus that amends any provision therein which pertains to Distributor, the distribution of the Shares or the applicable sales loads or public offering price without giving Distributor reasonable advance notice thereof; provided, however, that nothing contained in this Agreement shall in any way limit the Fund's right to file at any time such amendments to the Registration Statement or Prospectus, of whatever character, as the Fund may deem advisable, such right being in all respects absolute and unconditional.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. The Fund has adopted reasonably designed policies and procedures pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time. In this regard, the Fund (and relevant agents) shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent the unauthorized access to or use of, records and information relating to the Fund and the owners of the Shares.

4. Representations, Warranties and Covenants of the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Distributor hereby represents and warrants to the Fund, 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;(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;(ii) this Agreement has been duly authorized, executed and delivered by the Distributor
and, when executed and delivered, will constitute a valid and legally binding obligation of the Distributor, 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;(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, operating agreement or any contract binding it or affecting
its property which would prohibit its execution or performance of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) it is registered as a broker-dealer under the 1934 Act and is a member in good standing of FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In connection with all matters relating to this Agreement, the Distributor will comply with the applicable requirements of the 1933 Act, the 1934 Act, the 1940 Act, the regulations of FINRA and all other applicable federal or state laws and regulations to the extent such laws, rules, and regulations relate to Distributor's role as the principal underwriter of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Distributor shall promptly notify the Fund of the commencement of any litigation or proceedings against the Distributor or any of its managers, officers or directors in connection with the issue and sale of any of the Shares.

5. Compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. In consideration of Distributor's services in connection with the distribution of Shares of the Fund, Distributor shall receive the compensation set forth in Exhibit A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Except as specified in Section 5A, Distributor shall be entitled to no compensation or reimbursement of expenses for services provided by Distributor pursuant to this Agreement. Distributor may receive compensation from the Fund's investment adviser related to its services hereunder or for additional services all as may be agreed to between the investment adviser and Distributor.

6. Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Distributor shall not bear the costs and expenses in connection with registration of the Shares with the SEC and the applicable states, as well as all costs and expenses in connection with the offering of the Shares and communications with its shareholders, including but not limited to (i) fees and disbursements of its counsel and independent public accountants; (ii) costs and expenses of the preparation, filing, printing and mailing of Registration Statements and Prospectuses and amendments thereto, as well as related marketing material, (iii) costs and expenses of the preparation, printing and mailing of annual and interim reports, proxy materials and other communications to shareholders of the Fund; and (iv) fees required in connection with the offer and sale of Shares in such jurisdictions as shall be selected by the Fund pursuant to Section 3(D) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Distributor shall bear the expenses of registration or qualification of the Distributor as a dealer or broker under federal or state laws and the expenses of continuing such registration or qualification. The Distributor does not assume responsibility for any expenses not expressly assumed hereunder.

7. Indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Fund shall indemnify, defend and hold the Distributor, its affiliates and each of their respective members, managers, directors, officers, employees, representatives and any person who controls or previously controlled the Distributor within the meaning of Section 15 of the 1933 Act (collectively, the "Distributor Indemnitees"), free and harmless from and against any and all third-party losses, claims, demands, liabilities, damages and expenses (including the reasonable costs of investigating or defending any alleged losses, claims, demands, liabilities, damages or expenses and any reasonable counsel fees incurred in connection therewith) (collectively, "Losses") that any Distributor Indemnitee may incur under the 1933 Act, the 1934 Act, the 1940 Act any other statute (including Blue Sky laws) or any rule or regulation thereunder, or under common law or otherwise, arising out of or relating to (i) the Distributor serving as principal underwriter of the Fund pursuant to this Agreement; (ii) the Fund's breach of any of its obligations, representations, warranties or covenants contained in this Agreement; (iii) the Fund's failure to comply with any applicable securities laws or regulations; or (iv) any claim that the Registration Statement, Prospectus, shareholder reports, sales literature and advertising materials or other information filed or made public by the Fund (as from time to time amended) include or included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading under the 1933 Act, or any other statute or the common law any violation of any rule of FINRA or of the SEC or any other jurisdiction wherein Shares of the Fund is sold, provided, however, that the Fund's obligation to indemnify any of the Distributor Indemnitees shall not be deemed to cover any Losses arising out of any untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement, Prospectus, annual or interim report, or any such advertising materials or sales literature in reliance upon and in conformity with information relating to the Distributor and furnished to the Fund or its counsel by the Distributor in writing for use is such Registration Statement, Prospectus, shareholder reports, or sales literature and advertising materials. In no event shall anything contained herein be so construed as to protect the Distributor against any liability to the Fund or its shareholders to which the Distributor would otherwise be subject by reason of willful misfeasance, bad faith, breach of confidentiality or gross negligence in the performance of its duties under this Agreement or by reason of its reckless disregard of its obligations under this Agreement.

The Fund's agreement to indemnify the Distributor Indemnitees with respect to any action is expressly conditioned upon the Fund being notified of such action or claim of loss brought against any Distributor Indemnitee, within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon such Distributor Indemnitee, unless the failure to give notice does not prejudice the Fund. Such notification shall be given by letter, electronic mail, or by telegram addressed to the Fund's President, but the failure so to notify the Fund of any such action shall not relieve the Fund from any liability which the Fund may have to the person against whom such action is brought by reason of any such untrue, or alleged untrue, statement or omission, or alleged omission, otherwise than on account of the Fund's indemnity agreement contained in this Section 7(A).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Fund shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce any such Losses, but if the Fund elects to assume the defense, such defense shall be conducted by counsel chosen by the Fund and approved by the Distributor, which approval shall not be unreasonably withheld. In the event the Fund elects to assume the defense of any such suit and retain such counsel, the Distributor Indemnitee(s) in such suit shall bear the fees and expenses of any additional counsel retained by them. If the Fund does not elect to assume the defense of any such suit, or in case the Distributor does not, in the exercise of reasonable judgment, approve of counsel chosen by the Fund or, if under prevailing law or legal codes of ethics, the same counsel cannot effectively represent the interests of both the Fund and the Distributor Indemnitee(s), the Fund will reimburse the Distributor Indemnitee(s) in such suit, for the fees and expenses of any counsel retained by Distributor and them. The Fund's indemnification agreement contained in Sections 7(A) and 7(B) shall remain operative and in full force and effect regardless of any investigation made by or on behalf of the Distributor Indemnitee(s) and shall survive the delivery of any Shares and the termination of this Agreement. This agreement of indemnity will inure exclusively to the Distributor's benefit, to the benefit of each Distributor Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. [Intentionally Omitted]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Distributor shall indemnify, defend and hold the Fund, their affiliates, and each of their respective directors, officers, employees, representatives, and any person who controls or previously controlled the Fund within the meaning of Section 15 of the 1933 Act (collectively, the "Fund Indemnitees"), free and harmless from and against any and all Losses that any Fund Indemnitee may incur under the 1933 Act, the 1934 Act, the 1940 Act, any other statute (including Blue Sky laws) or any rule or regulation thereunder, or under common law or otherwise, arising out of or based upon (i) the Distributor's breach of any of its obligations, representations, warranties or covenants contained in this Agreement; (ii) the Distributor's failure to comply with any applicable securities laws or regulations; or (iii) any claim that the Registration Statement, Prospectus, sales literature and advertising materials or other information filed or made public by the Fund (as from time to time amended) include or included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements not misleading, insofar as such statement or omission was made in reliance upon, and in conformity with, information furnished to the Fund by the Distributor in writing for use in such Registration Statement, Prospectus, sales literature and advertising materials or other information filed or made public by the Fund. In no event shall anything contained herein be so construed as to protect the Fund against any liability to the Distributor to which the Fund would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of its duties under this Agreement or by reason of its reckless disregard of its obligations under this Agreement.

The Distributor's agreement to indemnify the Fund Indemnitees is expressly conditioned upon the Distributor's being notified of any action or claim of loss brought against a Fund Indemnitee, such notification to be given by letter, electronic mail, or telegram addressed to the Distributor's President, within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon the Fund Indemnitee, unless the failure to give notice does not prejudice the Distributor. The failure so to notify the Distributor of any such action shall not relieve the Distributor from any liability which the Distributor may have to the person against whom such action is brought by reason of any such untrue, or alleged untrue, statement or omission, otherwise than on account of the Distributor's indemnity agreement contained in this Section 7(D).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Distributor shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce any such Losses, but if the Distributor elects to assume the defense, such defense shall be conducted by counsel chosen by the Distributor and approved by the Fund Indemnitee, which approval shall not be unreasonably withheld. In the event the Distributor elects to assume the defense of any such suit and retain such counsel, the Fund Indemnitee(s) in such suit shall bear the fees and expenses of any additional counsel retained by them. If the Distributor does not elect to assume the defense of any such suit, or in case the Fund does not, in the exercise of reasonable judgment, approve of counsel chosen by the Distributor or, if under prevailing law or legal codes of ethics, the same counsel cannot effectively represent the interests of both the Distributor and the Fund Indemnitee(s), the Distributor will reimburse the Fund Indemnitee(s) in such suit, for the fees and expenses of any counsel retained by the Fund and them. The Distributor's indemnification agreement contained in Sections 7(D) and (E) shall remain operative and in full force and effect regardless of any investigation made by or on behalf of the Fund Indemnitee(s) and shall survive the delivery of any Shares and the termination of this Agreement. This Agreement of indemnity will inure exclusively to the Fund's benefit, to the benefit of each Fund Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. No person shall be obligated to provide indemnification under this Section 7 if such indemnification would be impermissible under the 1940 Act, the 1933 Act, the 1934 Act or the rules of the FINRA; provided, however, in such event indemnification shall be provided under this Section 7 to the maximum extent so permissible.

8. Dealer Agreement Indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Both parties acknowledge and agree that certain large and significant broker- dealers, such as (without limitation) Merrill Lynch, UBS and Morgan Stanley (all such brokers referred to herein as the "Brokers"), require that Distributor enter into dealer agreements (the "Non-Standard Dealer Agreements") that contain certain representations, undertakings and indemnification that are not included in the Standard Dealer Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. To the extent that Distributor enters into any Non-Standard Dealer Agreement, after review and approval by the Fund, the Fund shall indemnify, defend and hold the Distributor Indemnitees free and harmless from and against any and all Losses that any Distributor Indemnitee may incur arising out of or relating to (a) Distributor's actions or failures to act pursuant to any Non-Standard Dealer Agreement; (b) any representations made by Distributor in any Non-Standard Dealer Agreement to the extent that Distributor is not required to make such representations in the Standard Dealer Agreement; or (c) any indemnification provided by Distributor under a Non-Standard Dealer Agreement to the extent that such indemnification is beyond the indemnification Distributor provides to intermediaries in the Standard Dealer Agreement. In no event shall anything contained herein be so construed as to protect the Distributor Indemnitees against any liability to the Fund or its shareholders to which the Distributor Indemnitees would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of Distributor's obligations or duties under the Non-Standard Dealer Agreement or by reason of Distributor's reckless disregard of its obligations or duties under the Non-Standard Dealer Agreement.

**9. Limitations on Damages.** Neither party shall be liable for any consequential, special or indirect losses or damages suffered by the other party, whether or not the likelihood of such losses or damages was known by the party.

**10. Force Majeure.** Neither party shall be liable for losses, delays, failure, errors, interruption or loss of data occurring directly or indirectly by reason of circumstances beyond its reasonable control, including, without limitation, Acts of Nature (including fire, flood, earthquake, storm, hurricane or other natural disaster); action or inaction of civil or military authority; acts of foreign enemies; war; terrorism; riot; insurrection; sabotage; epidemics; pandemics; labor disputes, or interruption, loss or malfunction of utilities, transportation, computer or communications capabilities, but excluding any industry dispute related to the Distributor or Distributor's personnel; or civil commotion;; provided, however, that in each specific case such circumstance shall be beyond the reasonable control of the party seeking to apply this force majeure clause for a period of thirty (30) or more days of the start date of the force majeure event. Where such force majeure event continues and persists for more than thirty (30) days from the start date, the affected party may terminate this Agreement without liability to the non-performing party.

**11. Business Continuity Procedures.** The Distributor must, at all times, have effective disaster recovery and business continuity procedures ("Business Continuity Procedures") in place to ensure that acceptable service levels are maintained in the event of problems occurring with the Distributor.

12. Duration and Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. This Agreement shall become effective on the Effective Date. Unless sooner terminated as provided herein, this Agreement shall continue in effect for two (2) years from the date hereof. Thereafter, if not terminated, this Agreement shall continue automatically in effect for successive one-year periods, provided such continuance is specifically approved at least annually by (i) the Fund's Board or (ii) the vote of a majority of the outstanding voting securities of a Fund, in accordance with Section 15 of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Notwithstanding the foregoing, this Agreement may be terminated, without the payment of any penalty, by the Fund (i) through a failure to renew this Agreement at the end of a term or (ii) upon mutual consent of the parties. Further, this Agreement may be terminated upon no less than sixty (60) days' written notice, by either the Fund through a vote of a majority of the members of the Board who are not interested persons, as that term is defined in the 1940 Act, and have no direct or indirect financial interest in the operation of this Agreement or by vote of a majority of the outstanding voting securities of a Fund, or by the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. This Agreement will automatically terminate in the event of its "assignment" as such term is defined in the 1940 Act and the rules thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Upon termination of this Agreement, or at any other time upon the Fund's reasonable request, the Distributor will: (a) promptly destroy or deliver to the Fund all Confidential Information (defined below), notes, memoranda, notebooks, working papers, draft documents, records, reports, files, and other materials in its possession or under its control, in electronic form and otherwise, whether prepared by the Distributor or others, which are associated with the Services and relationship contemplated between the parties; and (b) upon request, promptly certify in writing that it has complied with the data destruction obligations of this section unless such records are required to be retained pursuant to the Distributor's document retention policy, as required by applicable rules and regulations.

13. Anti-Money Laundering Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Each of Distributor and the Fund acknowledge that it is a financial institution subject to the USA PATRIOT Act of 2001 and the Bank Secrecy Act (collectively, the "AML Acts"), which require, among other things, that financial institutions adopt compliance programs to guard against money laundering. Each party represents and warrants to the other that it is in compliance with and will continue to comply with the AML Acts and applicable regulations in all relevant respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Each of Distributor and the Fund agrees that it will take such further steps and cooperate with the other as may be reasonably necessary, to facilitate compliance with the AML Acts, including but not limited to the provision of copies of its written procedures, policies and controls related thereto ("AML Operations"). Distributor undertakes that it will grant to the Fund, the Fund's anti-money laundering compliance officer and appropriate regulatory agencies, reasonable access to copies of Distributor's AML Operations, and related books and records to the extent they pertain to the Distributor's services hereunder. It is expressly understood and agreed that the Fund and the Fund's compliance officer shall have no access to any of Distributor's AML Operations, books or records pertaining to other clients or services of Distributor.

**14. Privacy.** In accordance with Regulation S-P, the Distributor will not disclose any non- public personal information, as defined in Regulation S-P, received from the Fund or any Fund regarding any Fund shareholder; provided, however, that the Distributor may disclose such information to any party as necessary in the ordinary course of business to carry out the purposes for which such information was disclosed to the Distributor. The Distributor 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 consumers and customers of the Fund.

The Fund represents to the Distributor that it has adopted a Statement of its privacy policies and practices as required by Securities and Exchange Commission Regulation S-P and agrees to provide to the Distributor a copy of that statement annually. The Distributor agrees to use reasonable precautions to protect, and prevent the unintentional disclosure of, such non-public personal information.

**15. Confidentiality.** During the term of this Agreement, the Distributor and the Fund may have access to confidential information relating to such matters as either party's business, trade secrets, systems, procedures, manuals, products, contracts, personnel, and clients. As used in this Agreement, "Confidential Information" means any tangible and intangible non-public or proprietary information belonging to the Distributor or the Fund which is of value to such party and the disclosure of which could result in a competitive or other disadvantage to either party, including, without limitation, financial information, business practices and policies, know-how, trade secrets, market or sales information or plans, customer lists, business plans, and all provisions of this Agreement. Confidential Information does not include: (i) information that was known to the receiving party before receipt thereof from or on behalf of the disclosing party; (ii) information that is disclosed to the receiving party by a third person who has a right to make such disclosure without any obligation of confidentiality to the party seeking to enforce its rights under this Section; (iii) information that is or becomes generally known in the trade without violation of this Agreement by the receiving party; or (iv) information that is independently developed by the receiving party or its employees or affiliates without reference to the Disclosing Party's information.

Each party will protect and hold in the strictest confidence, the other's Confidential Information with at least the same degree of care it uses with respect to its own Confidential Information and will not use the other party's Confidential Information other than in connection with its obligations hereunder. Notwithstanding the foregoing, a party may disclose the other's Confidential Information if (i) required by law, regulation or legal process or if requested by any regulatory or self-regulatory agency; (ii) it is advised by counsel that it may incur liability for failure to make such disclosure; (iii) requested to by the other party; provided that in the event of

(i) or (ii) the disclosing party shall give the other party reasonable prior notice of such disclosure to the extent reasonably practicable and cooperate with the other party (at such other party's expense) in any efforts to prevent such disclosure.

16. Notices.

Any notice or other communication authorized or required by this Agreement to be given to either party shall be in writing and deemed to have been given when delivered in person or by confirmed facsimile, electronic mail, or posted by certified mail, return receipt requested, to the following address (or such other address as a party may specify by written notice to the other):

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| | |
|:---|:---|
| (i) **To Distributor:** | (ii) **To the Fund:** |
| Foreside Fund Services, LLC<br> Attn: Legal Department<br> 190 Middle Street, Suite 301<br> Portland, ME 04101<br> Telephone: (207) 553-7110<br> Email: legal@foreside.com | WVB Blackstone All Privates Fund<br> Attn: Ruby Henry<br> 280 Congress Street<br> Boston, MA 02210<br> Telephone:<br> Email: <u>rhsalter@wellington.com</u><br> Email: GMContractNotices@wellington.com |

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**17. Modifications.** The terms of this Agreement shall not be waived, altered, modified, amended or supplemented in any manner whatsoever except by a written instrument signed by the Distributor and the Fund. If required under the 1940 Act, any such amendment must be approved by the Fund's Board, including a majority of the Fund's Board who are not interested persons, as such term is defined in the 1940 Act, of any party to this Agreement, by vote cast in person at a meeting for the purpose of voting on such amendment.

**18. Governing Law.** This Agreement shall be construed in accordance with the laws of the State of Delaware, without regard to the conflicts of law principles thereof.

**19. Entire Agreement.** This Agreement constitutes the entire agreement between the Parties hereto and supersedes all prior communications, understandings and agreements relating to the subject matter hereof, whether oral or written.

20. Information Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. **Information Security Requirements.** Distributor shall ensure that it has implemented and documented reasonable and appropriate administrative, technical, and physical safeguards to protect the Fund's Confidential Information and personal information (collectively "Data") and the technologies and communications systems used by the Distributor for the delivery and administrative support of the Distributor's services to the Fund against accidental or unlawful destruction, alteration, unauthorized or improper disclosure or access or unlawful or unauthorized processing. Such safeguards shall include but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;(i) the use of encryption of both in transit and at rest and pseudonymisation controls to limit the impact
should Data be exposed;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) the ability to ensure the ongoing confidentiality, integrity, availability, and resiliency of processing
systems and services;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) the ability to restore the availability and access to Data and services in a timely manner in the event
of a breach or other physical or technical incident;

&nbsp;&nbsp;&nbsp;&nbsp;(iv) a process for training, regularly testing, assessing and evaluating the effectiveness of technical and
organizational measures for ensuring the security of the processing and ensuring security requirements and processes are understood and
adhered to within the Distributor organization and any third party servicers including affiliates
and subcontractors;

&nbsp;&nbsp;&nbsp;&nbsp;(v) a process for: timely identification of incidents, including processes for detecting anomalous access
to Data and misuse of systems; containment and eradication of the causes of the incident; and meeting obligation to notify Company of
any security breach, suspected breach or suspected improper exposure of Data;

&nbsp;&nbsp;&nbsp;&nbsp;(vi) controls in place to limit the loss of Data from both inadvertent mishandling as well as malicious activity arising from both manual
and automated processes;

&nbsp;&nbsp;&nbsp;&nbsp;(vii) a process for ensuring that access to Data is limited to personnel who are authorized and who have a legitimate need to process the
Data; and

&nbsp;&nbsp;&nbsp;&nbsp;(viii) for all remote access, including access to email, the Distributor employees will use multi- factor
authentication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Distributor will regularly test and monitor the effectiveness of its safeguards, controls, systems and procedures. The Distributor will periodically identify reasonably foreseeable internal and external risks to the security, confidentiality, integrity, and availability of the Data and ensure that these risks are addressed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Distributor shall promptly inform the Fund in writing if it cannot comply with any material term of the Agreement, regarding the Services that affects the privacy or security of the Data (if this occurs, the Distributor shall use reasonable efforts to remedy the non-compliance, and the Fund shall be entitled to suspend any of the Distributor's further delivery of Services, in accordance with the provisions contained in the Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Pursuant to Section 12D, the Distributor shall return or destroy all such Data promptly upon the termination of this Agreement, or at any time during the term of this Agreement upon written instructions from the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. **Disabling Devices.** No software component of any deliverable will contain a disabling device. For the purpose of this Agreement, "disabling device" means any program of device within the deliverable that is intentionally designed to prevent or disrupt the functioning of the deliverable (such as "viruses", "time bombs", "Trojan horses", "worms", and "salamis") upon the occurrence of an event or events other than programs or devices that are disclosed to the Fund and are designed to protect the Fund from unauthorized access by third parties, and similar risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. **Security Event.** Upon any potential or actual known breach of Data or of the Distributor's obligations with respect to Data, the Distributor will at it's expense (i) promptly investigate such breach or potential security event, (ii) promptly notify the Fund of such or potential breach if the investigation reveals that Data or service was affected or potentially affected, but no later than forty-eight (48) hours after the Distributor becomes aware of it; and

(iii) implement necessary corrective actions. For the purpose of this Section "potential breach" shall mean an actual breach where the Distributor suspects the Fund's Data was materially affected or compromised, a suspected breach where the Distributor reasonably believes that the Fund's Data was affected or compromised, or an actual breach where the Distributor's systems were breached and where disclosure would be appropriate, but where the Distributor cannot state with certainty that Fund's Data has been compromised. "Potential breach" shall not include breaches where the Distributor can easily identify that the Fund's Data was not compromised. Such corrective actions shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) performing an analysis to determine the cause of the security breach;

&nbsp;&nbsp;&nbsp;&nbsp;(b) providing the Fund with a report detailing the cause of the security breach and the material involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) promptly remedying or mitigating the security breach to a commercially reasonable extent; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) reasonable cooperation with the Fund and its designees and with any civil or criminal authority in any
investigation, remediation efforts, or action related to the unauthorized, unlawful or accidental access, use, processing, disclosure,
transfer destruction, loss or alteration.

In the event that the Distributor suspects or confirms a security breach or the existence of a disabling device in any software component of any Services, the Distributor will immediately send notice to the Fund at the following email address: **<u>reportcyberincident@wellington.com</u>.**

21. Insurance.

The Distributor shall, at its own expense, secure and keep in full force and effect throughout the term of this Agreement appropriate types and limits of insurance based on the Services being provided and as required by law.

**22. Survival.** The provisions of Sections 5, 6, 7, 8, 9, 14, 15, 18, 20 and 21 of this Agreement shall survive any termination of this Agreement.

**23. Miscellaneous.** The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. 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. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors. This Agreement shall be construed as if drafted jointly by both the Distributor and the Fund and no presumptions shall arise in favor of any party by virtue of authorship of any provision of this Agreement. This Agreement has been negotiated and executed by the parties in English. In the event any translation of this Agreement is prepared for convenience or any other purpose, the provisions of the English version shall prevail.

**24. Counterparts.** This Agreement may be executed by the parties hereto in any number of counterparts, and all of the counterparts taken together shall be deemed to constitute one and the same document.

**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 date first above written.

WVB Blackstone All Privates Fund

---

| | |
|:---|:---|
| By: | /s/ Carmine A. Taglione |
|  | Name: Carmine A. Taglione |
|  | Title: President & Principal Executive Officer |

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Foreside Fund Services, LLC

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| | |
|:---|:---|
| By: | /s/ Teresa Cowan |
| Teresa Cowan, President | Teresa Cowan, President |

---

EXHIBIT A

<u>Compensation</u>

<u>SALES LOADS</u>:

Any and all upfront commissions on sales of Shares notified by a Fund in writing to the Distributor in respect of a particular Financial Intermediary up to the maximum such upfront commission rate set forth in the Registration Statement, including the Prospectus, filed with the SEC and in effect at the time of sale of such Shares.

Such commissions shall not exceed the percentage of the applicable sale amount set forth in the Registration Statement and shall be paid by the Distributor to the applicable Financial Intermediaries as set forth in the Registration Statement and only after, for so long as and to the extent that the Distributor has received such sales loads from the Fund.

<u>DISTRIBUTION FEE</u>:

The Fund will pay the Distributor an ongoing quarterly fee at the annualized rate set forth in the Registration Statement and such fee shall be paid by the Distributor to the applicable Financial Intermediaries as set forth in the Registration Statement and only after, for so long as and to the extent that the Distributor has received such fee from the Fund.

## Exhibit 99.25

**DISTRIBUTION AND SHAREHOLDER SERVICES PLAN**

**WHEREAS**, WVB Blackstone All Privates Fund (the "Fund") is engaged in business as a closed-end management investment company and is registered as such under the Investment Company Act of 1940 (the "1940 Act"); and

**WHEREAS**, the Fund has been granted exemptive relief by the Securities and Exchange Commission to permit the Fund to offer multiple classes of shares (the "Exemptive Relief"); and

**WHEREAS**, pursuant to the Exemptive Relief, the Fund became subject to Rule 12b-1 ("Rule 12b-1") under the 1940 Act.

**NOW, THEREFORE**, the Fund hereby adopts this Distribution and Shareholder Services Plan (the "Plan") under Rule 12b-1, with respect to the classes of shares of beneficial interest (each, a "Class") listed on Schedule A hereto, as such Schedule A may be amended from time to time, on the following terms and conditions:

1. The Fund may pay to its distributor (the "Distributor") and other affiliated broker-dealers, unaffiliated broker-dealers, financial institutions and/or intermediaries as compensation for the services provided and expenses incurred relating to the distribution, offering and marketing of a Class, fees as set forth in Schedule A hereto, as may be amended from time to time. Such fees shall be calculated and accrued monthly and paid quarterly or at such other intervals as the Fund and the Distributor shall mutually agree. In addition to the payment of the fees, the Fund may pay for the expenses in connection with the printing and mailing of prospectuses to other than current shareholders and the printing and mailing of sales literature.

2. Any shareholder service fees may be paid for the provision of "personal service and/or the maintenance of shareholder accounts" as provided for in the Financial Industry Regulatory Authority ("FINRA") Rule 2341. If FINRA amends the definition of "service fee" or adopts a related definition intended to define the same concept, the services provided under the Plan shall be automatically amended, without further action of the parties, to conform to such definition.

3. This Plan must be approved, together with any related agreements, by votes of a majority of both (a) the Board of Trustees of the Fund (the "Board") and (b) those Trustees of the Fund who are not "interested persons" of the Fund, as defined in the 1940 Act, and who have no direct or indirect financial interest in the operation of the Plan or in any agreements related to the Plan (the "Independent Trustees"), cast at a meeting (or meetings) called for the purpose of voting on the Plan and related agreements in accordance with the requirements of Rule 12b-1.

4. This Plan shall continue in full force and effect for so long as such continuance is specifically approved at least annually in the manner provided for approval of this Plan in Paragraph 3 hereof.

5. The Distributor shall provide to the Board and the Board shall review, at least quarterly, a written report of Fund payments made in accordance with this Plan and the purposes for which such payments were made.

6. This Plan may be terminated at any time without penalty with respect to a Class of the Fund by the vote of a majority of the Independent Trustees or by vote of a majority of the outstanding voting securities of such Class.

7. This Plan may not be amended to increase materially the amount payable hereunder by a Class unless such amendment is approved by a vote of at least a majority (as defined in the 1940 Act) of the outstanding voting securities of such Class, and no material amendment to this Plan shall be made unless approved in the manner provided in Paragraph 3 hereof.

8. While this Plan is in effect, the selection and nomination of the Independent Trustees shall be committed to the discretion of the Independent Trustees then in office.

9. The Distributor may direct that all or any part of the amounts receivable by it under this Plan be paid directly to affiliated broker-dealers, unaffiliated broker-dealers, financial institutions and/or intermediaries. All payments made hereunder pursuant to the Plan shall be in accordance with the terms and limitations of applicable FINRA rules.

10. The Fund shall preserve copies of this Plan (including any amendments thereto) and any related agreements and all reports made pursuant to Paragraph 5 hereof for a period of not less than six years from the date of this Plan, the first two years in an easily accessible place.

11. The obligations of the Fund hereunder are not personally binding upon, nor shall be held to the private property of, any of the Trustees, shareholders, officers, employees or agents of the Fund, but only the Fund's property allocable to the applicable Class(es) shall be bound.

12. This Plan only relates to those Classes stated on Schedule A hereto and the fees determined in accordance with Paragraph 1 hereof shall be based upon the monthly net assets of the Fund attributable to the applicable Class.

Dated: March 4, 2026

**SCHEDULE A**

Class M – Class M shares shall pay a fee at the annual rate of up to 0.85% of the Fund's monthly net assets attributable to Class M shares, up to 0.75% of which shall be a "distribution fee" and up to 0.10% of which shall be a "shareholder servicing fee." Such fee shall be calculated and accrued monthly.

Class A – Class A shares shall pay a fee at the annual rate of up to 0.25% of the Fund's monthly net assets attributable to Class A shares, all of which shall be a "shareholder servicing fee." Such fee shall be calculated and accrued monthly.

## Exhibit 99.25

**FORESIDE FUND SERVICES, LLC**

**DEALER AGREEMENT**

**WVB BLACKSTONE ALL PRIVATES**

This agreement is made and effective as of this [-] day of [-], 20[-], by and between Foreside Fund Services, LLC, a Delaware limited liability company ("<u>Distributor</u>") and [**DEALER NAME**], a [**CORPORATE FORM/JURISDICTION**] ("<u>Dealer</u>" and, together with Distributor, the "<u>Parties</u>").

**WHEREAS**, Distributor has entered into a distribution agreement (each, a "<u>Distribution Agreement</u>"), as amended or supplemented from time to time, with each closed-end management investment company identified on <u>Schedule A</u> hereto (each, a "<u>Fund</u>" and collectively, the "<u>Funds</u>"); and

**WHEREAS**, each Fund is registered under the U.S. Investment Company Act of 1940 ("<u>Investment Company Act</u>") and is authorized to issue shares of beneficial interest ("<u>Shares</u>"); and

**WHEREAS**, pursuant to each Distribution Agreement, Distributor has been authorized to make arrangements for qualified broker-dealers to solicit from the public orders to purchase the class(es) of Shares listed from time to time on <u>Schedule A</u> hereto (each, a "<u>Class</u>"); and

**WHEREAS**, Dealer desires to serve as a selected dealer of each Fund.

**NOW, THEREFORE**, in consideration of the promises and the mutual covenants contained herein, and other good and valuable consideration, the receipt of which is hereby acknowledged, the Parties, intending to be legally bound, do hereby agree as follows:

**1**. **Role of Authorized Dealer.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dealer agrees to assist the Distributor and each Fund in soliciting from the public orders to purchase Shares of the Funds. The Dealer shall, however, have no obligation to purchase or sell or to solicit the purchase or sale of Shares of any Fund. The Dealer will discuss with its customers the overall investment needs of each customer and will assist the customer in evaluating what portion of the customer's assets is suitable for investment in Shares of the respective Funds. Dealer shall remain solely responsible for all suitability determinations made in regard to the customer's investment in Shares. As, when and if Dealer determines to purchase Shares of a Fund or Dealer receives a customer order for the purchase of Shares of a Fund and Dealer determines to accept such order, Dealer shall comply with the procedures relating to the purchase of Shares of such Fund as set forth in the prospectus relating to the Shares of such Fund or the relevant Class thereof (the "<u>Prospectus</u>") and the statement of additional information relating to the Shares of such Fund or the relevant Class thereof (the "<u>SAI</u>"), each as most recently amended or supplemented. Dealer shall further comply with any eligibility requirements for investment in Shares of a Fund as disclosed in the Prospectus, including (if applicable) the customer being deemed a "qualified client" within the meaning of Rule 205-3 under the Investment Advisers Act of 1940, as amended. In addition, to the extent any Fund makes periodic offers to repurchase Shares from shareholders (a "<u>Repurchase Offer</u>") , Dealer shall comply with the procedures for such Repurchase Offers as set forth in the Prospectus, SAI or any notification from the Fund or the Distributor relating to a Repurchase Offer ("<u>Repurchase Offer Notice</u>"). The procedure relating to the handling of orders shall be subject to such further instructions as the Fund (or its designee) or Distributor shall forward to Dealer in writing from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All orders for the purchase of Shares of any Class of any Fund shall be executed at the then applicable public offering price and subject to the minimum investment amount set forth in the Prospectus for such Fund or Class, subject to any waivers or reductions of the initial sales charge, if any, that may apply to such Class (the "<u>Sales Charge</u>") or dealer allowances (the "<u>Dealer Allowances</u>") as described in such Prospectus as amended from time to time; and all repurchases of Shares of any Class by the Fund shall be executed at the net asset value per Share less any applicable deferred Sales Charge, redemption fee or early withdrawal charge as described in the Prospectus for such Fund or Class at the time of the initial sale of such Shares. Any amendment to a Prospectus which affects the Sales Charge, Dealer Allowance, waivers or discounts shall not affect the Sales Charge, Dealer Allowance, discounts or waivers with respect to sales on which orders have been accepted by a Fund prior to the date of notice of such amendment. The placement of an order for Shares of a Fund or Class by Dealer after the date of any notice of such amendment shall conclusively evidence agreement to be bound thereby. Dealer also acknowledge that the amounts charged to the public for Shares of a Fund or Class may include such transaction fees ("<u>Transaction Fees</u>") as may be described in the relevant Prospectus and SAI. Distributor shall make a reasonable effort to notify Dealer of any redetermination or suspension of the public offering, but Distributor shall be under no liability for failure to do so. Reduced Sales Charges may also be available as a result of a cumulative discount or pursuant to a statement of intent as set forth in the Prospectus. Dealer agrees to advise Distributor promptly as to the amounts of any sales made by Dealer to the public qualifying for reduced Sales Charges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In purchasing Shares of a Fund, Dealer shall rely solely on the representations contained in the Prospectus and SAI relating to such Fund, as most recently amended, and in the registration statement on Form N-2 relating to the Shares, including all exhibits, as of the effective date of the most recent post-effective amendment thereto ("<u>Registration Statement</u>"). Dealer will not furnish to any person any information relating to the Shares of any Fund that is inconsistent with information contained in the relevant Prospectus, SAI and Registration Statement, or any printed information issued by any Fund as information supplemental to such Prospectuses and SAIs; and Dealer will not publish or use any other advertising or sales material relating to any Fund without prior written consent (but, notwithstanding such consent, Dealer shall remain solely responsible for any advertising or sales material Dealer prepares). Dealer agrees to indemnify and hold Distributor and the respective Fund harmless against any liabilities (including costs of investigation and defense) to which Distributor or a Fund may become subject in respect of any such information, advertising or sales material that is furnished to any person, published or used without prior written consent of the respective Fund (or its designee) or Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In connection with the sale of Shares of the Funds to the public, Dealer shall act for its own account, whether as agent or principal. In connection with the transmission of purchase, tender for repurchase, redemption, exchange, and/or transfer requests placed by its customers, Dealer is authorized to receive such orders from customers on the Fund's behalf and will follow the procedures as agreed between the Parties from time to time. Subject to Dealer's compliance with those procedures, Dealer will be considered a limited agent for Distributor and the Funds solely for the purpose of receiving such orders. All other services provided by the Dealer will be provided by the Dealer either as an independent contractor or as agent for its customers and not as agent for the Funds, Distributor or any of their affiliates. Dealer agrees that neither the Distributor nor any Fund nor any of their agents shall have any responsibility or liability to review any purchase, tender for repurchase, redemption, exchange, and/or transfer request which is presented by Dealer to determine whether such request is genuine or authorized by the customer of Dealer or to determine the suitability of the selected Class or Fund for such customer. Distributor, each Fund and their agents shall be entitled to rely conclusively on any purchase, tender for repurchase, redemption, exchange, and/or transfer request communicated to any of them by Dealer, and shall have no liability whatsoever for any losses, claims or damages to or against Dealer or any customer resulting from a failure of Dealer to transmit any such request, or from any errors contained in any request. Any such failure or error shall be the responsibility of Dealer. Distributor and Dealer agree that the procedures for the purchase, tender for repurchase, redemption, exchange, and/or transfer of Shares, including all relevant time and notification requirements, specified in the then-effective Prospectuses, Repurchase Offer Notice or as communicated to Dealer by the Fund or the Distributor, shall govern the purchase, tender for repurchase, redemption, exchange, and/or transfer of Shares for the accounts of the Dealer's customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Dealer acknowledges and understand that Shares of the Funds will not be listed for trading on any national securities exchange and though the Funds intend to make periodic repurchases of a portion of Funds Shares, the Shares should be considered to be illiquid and not readily marketable. ANY REPRESENTATION AS TO A REPURCHASE OFFER, OTHER THAN THAT WHICH IS SET FORTH IN ITS THEN CURRENT PROSPECTUS OR THE REPURCHASE OFFER NOTICE, IS EXPRESSLY PROHIBITED.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Dealer represents that it is a broker-dealer properly registered and qualified under all applicable federal, state and local laws to engage in the business and transactions described above and, in this agreement, and is a member in good standing of the Financial Industry Regulatory Authority ("<u>FINRA</u>") and the Securities Investor Protection Corporation ("<u>SIPC</u>"). Dealer shall maintain all records required by Applicable Laws (as defined below) or that are otherwise reasonably requested by Distributor relating to Dealer's transactions in Shares. In addition, Dealer shall notify Distributor immediately in the event Dealer's status as a member of FINRA or SIPC changes. Dealer shall at all times comply with: (i) the provisions of this agreement related to compliance with all Applicable Laws and (ii) the terms of each registration statement and Prospectus for the applicable Fund.

**2. Blue Sky and other Qualifications.** 

**(**a) The applicable Fund will make available to Dealer a list of the states or other jurisdictions in which Shares are registered for sale or are otherwise qualified for sale, which may be revised by the Fund from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Dealer shall be responsible for any qualification, if necessary, required under the securities or Blue-Sky laws of all jurisdictions relating to Dealer's ability to lawfully act as a broker-dealer (collectively, "<u>Broker-Dealer Qualification Laws</u>"). Dealer will indemnify and hold Distributor and each Fund harmless against any liabilities (including costs of investigation and defense) to which Distributor or a Fund may become subject insofar as such liabilities arise out of or are based upon any violation of any Broker-Dealer Qualification Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each order that Dealer submits to a Fund for the purchase of Shares of any Fund shall identify the state or states of residence of the customers who will be the beneficial owners of such Shares. If the sale of Shares of such Fund to customers in a particular state would cause the total number of Shares of such Fund sold in such state to exceed the number of Shares of such Fund that had been registered in such state, Distributor will have no obligation to sell such Shares to Dealer or its customers. Dealer will indemnify and hold Distributor and each respective Fund harmless against any liabilities (including costs of investigation and defense) to which a Fund may become subject as a result of any misrepresentation as to the state of residence of customers for whom Dealer purchases Shares.

**3. Orders and Payment for Shares.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All orders that Dealer submits for transactions in Shares shall reflect orders received from its customers or shall be for its account for its own bona fide investment. Dealer will date and timestamp its customer orders and forward them promptly each business day and in any event prior to the time required by the Fund's Prospectus. For purposes of this agreement, "business day" shall refer to any day that the Fund is open for business, as set forth in the Prospectus. As agent for its customers, Dealer shall not withhold placing customers' orders for any Shares so as to profit Dealer or its customers as a result of such withholding. Subject to the terms and conditions set forth in the Prospectus and any operating procedures and policies established by Distributor or the Fund (directly or through its transfer agent) from time to time, Dealer is hereby authorized to place orders directly with the Fund for the purchase of Shares. All purchase orders Dealer submits are subject to acceptance or rejection by each respective Fund, and Distributor reserves the right to suspend or limit the sale of Shares. No conditional orders will be accepted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All orders that are accepted for the purchase of Shares shall be executed at net asset value ("<u>NAV</u>") per share on the relevant subscription date, plus any applicable sales charge, as described in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Payment for Shares of any Class ordered from Dealer, in the amount of the then-current public offering price of Shares of such Class as determined in accordance with the terms of the applicable Prospectus, shall be made in federal funds or by check or bank wire and must be received by the Fund's transfer agent within two business days or such other settlement period as may then be required by FINRA Rule 2341(m) or any applicable successor rule (the "<u>Required Settlement Period</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Dealer agrees that all orders for Fund Shares shall have been received by the respective Fund's transfer agent by the close of trading (currently 4:00 p.m. Eastern time) on the New York Stock Exchange (the "<u>Close of Trading</u>") on each business day that the Fund is open for business and that any orders received by Dealer after the Close of Trading on any given business day will be transmitted to the Fund or its agent on the next business day. Dealer further agrees that all such orders received by Dealer from its customers by the Close of Trading on any business day will be delivered to the respective Fund's transfer agent on such business day on or prior to the time specified by Distributor, the Fund or its agent and/or in accordance with applicable law or regulation. In connection with any request to repurchase shares transmitted through the National Securities Clearing Corporation, Dealer agrees to transmit electronically, utilizing DTCC's National Securities Clearing Corporation's "NSCC" Fund/SERV service, repurchase requests received by Dealer from customers by the Close of Trading to the Fund or its agent such that such orders are received by Fund or its agent no later than 7:30 pm Eastern time on the date by which shareholders can tender their Shares in response to a repurchase offer.

**4**. **Compliance with Applicable Laws; Distribution of Prospectus and Reports; Confirmations.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with its respective activities hereunder, each Party shall abide by the Conduct Rules of FINRA and all other rules of self-regulatory organizations of which it is a member, as well as all laws, rules and regulations, including all federal and state securities laws, that are applicable to it (and its associated persons) from time to time in connection with its activities hereunder ("<u>Applicable Laws</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise mutually agreed in writing, Dealer shall deliver or cause to be delivered to each customer who purchases Shares from or through Dealer, copies of all Prospectuses, annual and interim reports, proxy solicitation materials, and any other information and materials relating to the applicable Fund and prepared by or on behalf of the Fund or Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If required by Rule 10b-10 under the Securities Exchange Act of 1934, as amended ("<u>Exchange Act</u>") or other Applicable Laws, Dealer shall send or cause to be sent confirmations or other reports to its customers containing such information as may be required by Applicable Laws.

**5. Compensation.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) When Dealer sells Shares of a Fund, Dealer will be entitled to receive that portion of the Sales Charge, if any, and any other compensation, that may apply to such Fund and Class and that is allocated to dealers as set forth in the applicable Prospectus or in any notice in writing from Distributor or Fund (or its designee), in connection with purchases of such Shares effected to or through Dealer. Dealer acknowledges that such Prospectus or writing may set forth a description of waivers or reductions of the Sales Charge in certain cases and Dealer hereby agrees to inform Distributor and each Fund if any such waiver or reduction is applicable to an order placed through Dealer and waive such portion of the Sales Charge otherwise allocable to Dealer. Each Fund will remit or cause to be remitted to Dealer or to an account Dealer shall designate, that portion of the Sales Charge, if any, to which Dealer is entitled and not yet paid to Dealer. With respect to Shares subject to any deferred sales charge or early withdrawal fee, Dealer shall be entitled at the time of sales of such Shares to compensation specified in the applicable Prospectus or in any notice in writing from Distributor (or its designee) but shall not be entitled to any portion of the Sales Charge paid at the time of redemption or repurchase of such Shares. Dealer shall not be entitled to any portion of a Sales Charge or other compensation until payment for the Shares has been received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to and in accordance with the terms of the applicable Prospectus for a Fund, Dealer may be paid a portion, to be agreed between the Parties from time to time (determined based on the net assets of the relevant Fund attributable to Shares owned by Dealer customers), of the fees payable by Fund pursuant to a distribution and service plan operating in a manner consistent with Rule 12b-1 of the Investment Company Act (the "<u>Plan</u>") adopted by a Fund, subject to the Class-specific arrangements for a Fund as set forth on <u>Schedule A</u> hereto (as may be amended from time to time). Such fees may be paid under the Plan for (A) preparing, printing and delivering prospectuses and shareholder reports to prospective shareholders, any activity primarily intended to result in the sale of Shares of a Fund which include, but are not limited to, marketing and promotional services including advertising, providing facilities to answer questions from prospective investors about a Fund, and/or complying with federal and state securities laws pertaining to the sale of shares, (B) the provision of personal and account maintenance services which include, but are not limited to, responding to inquiries of, and furnishing assistance to, shareholders regarding their ownership of Shares of a Fund or their accounts and/or the provision of similar services not otherwise provided by or on behalf of the Funds, and/or (C) certain additional shareholder support or administrative services that do not constitute "any activity which is primarily intended to result in the sale of shares" within the meaning of Rule 12b-1 under the Investment Company Act or "personal and account maintenance services" within the meaning of FINRA Rule 2341 (or any applicable successor rule), or to pay any of the expenses associated with other activities authorized. Notwithstanding any other provision of this agreement, the provisions of this section 5(b) relating to the Plan shall remain in effect for not more than a year and thereafter for successive annual periods only so long as the continuance of the Plan and this agreement is specifically approved at least annually in conformity with Rule 12b-1 and the Investment Company Act, and the provisions of this section 5(b) shall automatically terminate with respect to the Plan in the event of the assignment (as defined in the Investment Company Act) of this agreement, in the event the Plan terminates or ceases to remain in effect. In addition, the provisions of this section 5(b) may be terminated at any time, without penalty, by (i) the applicable Fund(s), in accordance with Rule 12b-1, or (ii) either Party with respect to the Plan on not more than sixty (60) days nor less than thirty (30) days prior written notice delivered to the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In determining the amount of any commission payable to Dealer, Distributor and each Fund reserve the right to exclude any sales which a Fund reasonably determines are not made in accordance with the terms of the applicable Fund's Prospectus and the provisions of this Agreement. The Parties agree that the investment adviser to the Fund ("<u>Investment Adviser</u>") may pay the Dealer additional compensation from its own legitimate profits as set forth in a separate agreement between the Dealer and the Investment Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If requested by any customer, Dealer shall provide the information regarding each Class offered by a Fund as contemplated by the applicable Prospectus, whether or not Dealer offers such Class to its customers. In the event that Dealer offers more than one Class of a Fund to Dealer's customers, Dealer shall act in good faith in advising its customers as to the relative advantages of each Class offered through Dealer and as to the availability of any waivers or reductions in Sales Charges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If applicable, Dealer hereby authorizes Distributor to pay Dealer's designated clearing agent ("<u>Clearing Agent</u>") such fees set forth under this section on Dealer's behalf. In such case, Dealer acknowledges and agrees that after Distributor has made payment of such fees to Dealer's Clearing Agent on Dealer's behalf: (i) Dealer's Clearing Agent is solely responsible and liable for direct payment of such fees to Dealer, and Distributor will not pay Dealer directly; (ii) Distributor cannot guarantee payment by Dealer's Clearing Agent of such fees to Dealer; and (iii) should Dealer not receive payment of such fees from Dealer's Clearing Agent for any reason, Dealer's sole recourse is against Dealer's Clearing Agent.

**6. Transactions in Shares.** With respect to all orders Dealer places for the purchase of Shares, unless otherwise agreed, settlement shall be made with the Fund within the Required Settlement Period. If payment is not received within the Required Settlement Period after the execution of any order by or through Dealer, the Fund and/or the Distributor reserve the right, without any notice, to cancel the sale and to hold Dealer responsible for any loss, including loss of profits, suffered by Fund or Distributor resulting from such failure. Dealer shall not be entitled to any gains generated thereby. Dealer also assumes responsibility for any loss to the Fund caused by any order placed by Dealer on an "as-of" basis subsequent to the trade date for the order and will immediately pay such loss to the Fund upon notification or demand. Such orders shall be acceptable only as permitted by the Fund and shall be subject to the Fund's policies pertaining thereto, which may include receipt of an executed Letter of Indemnity in a form acceptable to the Fund and/or to Distributor prior to the Fund's acceptance of any such order.

**7. Accuracy of Orders; Customer Signatures.** Dealer shall be responsible for the accuracy, timeliness and completeness of any orders transmitted by it on behalf of its customers by any means, including wire or telephone. In addition, Dealer shall guarantee the signatures of its customers when such guarantee is required by the Fund. Dealer agrees to indemnify and hold harmless the Funds and Distributor against any liabilities (including costs of investigation and defense) to which Distributor may become subject as a result of any action taken with respect to repurchases or exchanges upon Dealer's express instructions.

**8. Indemnification.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dealer shall indemnify and hold harmless Distributor and Distributor's officers, directors, agents and employees from and against any claims, liabilities, expenses (including reasonable attorneys' fees) and losses (collectively, the "<u>Losses</u>") resulting from (i) any breach by Dealer of any provision of this agreement or (ii) Dealer's failure to comply with any Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Distributor shall indemnify and hold harmless Dealer and Dealer's officers, directors, agents and employees from and against any Losses resulting from (i) any breach by Distributor of any provision of this agreement or (ii) any untrue statement of a material fact set forth in the Prospectus or supplemental sales material provided to Dealer by Distributor (and used by Dealer on the terms and for the period specified by Distributor or stated in such material), or omission to state a material fact required to be stated therein to make the statements therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In no event shall anything contained herein be so construed as to protect the Dealer against any liability to the Distributor to which the Dealer would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of Dealer's obligations or duties under this agreement or by reason of Dealer's reckless disregard of its obligations or duties under this agreement.

**9. Anti-Money Laundering & Corruption Compliance; Customer Identification Program.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dealer acknowledges that any purchasers of Shares made pursuant to this agreement are Dealer's clients and not clients of Distributor for purposes of complying with applicable anti-money laundering laws, rules and regulations and sanctions laws programs in all jurisdictions in which Distributor operates. References to clients of the Dealer in this clause will include all clients on behalf of whom the Dealer acts in its dealings with Distributor; any person controlling, controlled by, or under common control, with such client; the beneficial owner of such client; and any person for whom such client is acting as agent, or nominee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Dealer represents and warrants to Distributor that: (i) it maintains and will continue to apply an Anti-Money Laundering Policy and Program ("<u>AML Policy</u>") that meets the requirements of anti-money laundering laws and regulation applicable to Dealer and in force in the jurisdictions in which Dealer will distribute a Fund. Dealer's AML Policy includes, at a minimum, written policies, procedures and internal controls reasonably designed to prevent, detect and report money laundering, and identify and verify through appropriate due diligence each of Dealer's clients that purchases Shares pursuant to this agreement; (ii) it and/or its affiliates, or any party hired by the Dealer, will not cause Distributor to violate economic or trade sanctions programs applicable to Distributor ("<u>Sanctions Programs</u>"); and (iii) to the best of the Dealer's knowledge, none of its clients is an individual, entity, or organization that may subject Distributor to criminal or civil violations of any anti-money laundering laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Dealer represents and warrants to Distributor that it has implemented and shall maintain policies, procedures and internal controls reasonably designed to prohibit and prevent those acting on its behalf from: (i) violating any applicable anti-corruption laws or regulations including self-regulatory organization regulations; (ii) giving money or anything of value to obtain or retain business or favorable treatment; and (iii) making any bribe, rebate, payoff, influence payment, kickback or other unlawful payment to any person, including but not limited to domestic or foreign government officials or employees, customers and commercial counterparties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the best of the Dealer's knowledge and belief after due inquiry, neither it nor anyone acting on behalf of the Dealer, has made or authorized, directly or indirectly: (i) any improper payment or promise to pay; or (ii) any gift or promise to give any money or anything of value to any governmental official, customer, or commercial counterparty for the purpose of improperly influencing any official act or decision of such official, customer, or commercial counterparty or inducing him or her to use his or her influence improperly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon request, but not more than once per year, Dealer shall represent, warrant, and covenant to Distributor in writing that Dealer remains in compliance with the Bank Secrecy Act of 1970, as amended by the USA PATRIOT Act of 2001, codified at 31 USC § 5311 et seq., and the regulations promulgated thereunder, and the laws and regulations administered by the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) and applicable anti-corruption laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To help the government fight the funding of terrorism and money laundering, federal law requires all financial institutions to obtain, verify, and record information that identifies each registered owner of an account. In some cases, a Fund may also take additional steps to verify the identities of individuals with authority or control over the registered owner, including person(s) able to effect securities transactions on behalf of the registered owner. When the Dealer opens an account, Distributor and/or a Fund may ask for the registered owner's name, address, and identification number and other information that will allow a Fund to identify the registered owner. To the extent permitted by applicable law, Distributor and each Fund reserves the right: (A) to place limits on transactions in any account until the identity of the investor is verified; or (B) to refuse an investment in a Fund; or (C) to involuntarily redeem an investor's Shares and close an account in the event that the Fund is unable to verify an investor's identity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Dealer shall cooperate with Distributor to satisfy anti-money laundering due diligence policies of the Fund and Distributor, which may include annual compliance certifications and periodic due diligence reviews and/or other requests deemed necessary or appropriate by Distributor or the Fund.

**10. Privacy.**

The Parties agree that any Non-Public Personal Information, as the term is defined in Regulation S-P ("<u>Reg S-P</u>") of the Securities and Exchange Commission ("<u>SEC</u>"), that may be disclosed hereunder is disclosed for the specific purpose of permitting the other Party to perform the services set forth in this agreement. Each Party will, with respect to such information, comply with Reg S-P and will not disclose any Non-Public Personal Information received in connection with this agreement to any other party, except to the extent required to carry out the services set forth in this agreement or as otherwise permitted by law.

**11. Representations, Warranties and Undertakings.**

Dealer represents and warrants to and undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dealer is a corporation, partnership or other entity duly organized and validly existing in good standing under the laws of the jurisdiction in which Dealer is organized, and is qualified to act as a broker-dealer in the states or other jurisdictions in which Dealer transacts business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon execution and delivery by the Dealer, and assuming due and valid execution by the Distributor, this agreement will constitute a valid and binding agreement, enforceable against the Dealer in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Dealer is familiar with Rule 15c2-8 under the Exchange Act, Section 4(a)(3) of the Securities Act of 1933 (the "<u>Securities Act</u>") and Section 24(d) of the Investment Company Act relating to the distribution and delivery of preliminary and final prospectuses and agrees that it will comply therewith and that it will deliver a prospectus and any supplements to all customers for whom it accepts an order for purchase of Shares. In connection with a Repurchase Offer for Shares of a Fund, Dealer agrees to deliver promptly or cause to be delivered promptly to each person to whom any such offer is made, a copy of the Repurchase Offer Notice. Dealer agrees to make reasonable efforts to endeavor to obtain proxies from such purchasers whose Shares Dealer is holding as record holder. Additional copies of the Prospectus, annual or interim reports, proxy solicitation materials and Repurchase Offer Notice of the Fund will be supplied to Dealer as Dealer reasonably requests. Dealer further agrees to promptly transmit repurchase requests from its customers to the Fund or its transfer agent or other designee. Upon Dealer's receipt from a customer of an order for the purchase of Shares of a Fund, Dealer shall send to the customer a written confirmation of the transaction that satisfies the requirements of Rule 10b-10 under the Exchange Act. In addition, upon Distributor's receipt of payment for Shares of a Fund ordered from Distributor through or by Dealer, Distributor shall send to the customer a written confirmation of such transaction; provided, however, that Distributor shall not send such confirmation to the customer in such cases where Dealer is the record owner of such Shares or where Distributor has agreed with Dealer that Distributor shall not send such confirmation to the customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Dealer will obtain from each customer to whom Dealer sells Shares of a Fund any taxpayer identification number certification required under Section 3406 of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), and the regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Dealer agrees that it will maintain the registrations, qualifications and memberships referred to in sections 1(f) and 11(a) of this agreement in good standing and in full force and effect throughout the term of this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Dealer undertakes to comply with respect to its offering of Shares of the Funds to the public pursuant to this agreement with all applicable provisions of the Securities Act, the Exchange Act and the Investment Company Act and the rules and regulations thereunder and with the applicable rules of FINRA, and Dealer will indemnify and hold the Distributor harmless against any liabilities (including costs of investigation and defense) to which the Distributor becomes subject in respect of Dealer's breach of this section 11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Dealer covenants and agrees that it will only offer or sell Shares of the Funds to "U.S. persons" and that all offering or other solicitation activities in which Dealer engages shall be conducted by Dealer or any of its agents solely within the "United States", in each case as defined in Rule 902 under the Securities Act. In addition, Dealer covenants and agrees that Dealer shall have received and shall maintain duly executed and completed Internal Revenue Service Form W-9's for each one of Dealer's customers and shall update such Form W-9's as may be required by law. Dealer further covenants and agrees that Dealer shall provide to any customer that is a shareholder, and shall file with any applicable tax authority, all forms, reports, certificates or other documents required by law with respect to any distributions or transactions involving Shares held by or on behalf of such customer, including (but not limited to) IRS Form 1099 annually.

**12. Amendments.** This agreement may be amended from time to time by the following procedure. Distributor will mail a copy of the amendment to Dealer at Dealer's address shown below or as registered as Dealer's main office from time to time with FINRA. If Dealer does not object to the amendment within fifteen (15) days after its receipt, the amendment will become a part of this agreement. Dealer's objection must be in writing and be received by Distributor within such fifteen (15) days. All amendments shall be in writing and, except as provided above, executed by both Parties.

**13. Termination.** This agreement may be terminated by either Party, without penalty, upon ten (10) days' prior written notice to the other Party. Any of Dealer's suspension or expulsion from FINRA, the termination or suspension of Dealer's registration with the SEC, or the termination or suspension of Dealer's license to do business by any state or other jurisdiction will automatically terminate this agreement without notice. The occurrence of any event that terminates a Fund's Distribution Agreement with Distributor will automatically terminate this agreement as to such Fund without notice. Dealer agrees to notify Distributor promptly in writing of any such action or event. Any unfulfilled obligations hereunder, and all obligations of indemnification, shall survive the termination of this agreement.

**14. Assignment.** This agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns. No Party may assign this agreement nor any rights, privileges, duties or obligations hereunder without the prior written consent of the other Party, except that Distributor may assign or transfer this agreement to any broker-dealer which becomes the underwriter of the Fund without obtaining Dealer's written consent. For the avoidance of doubt, the Parties agree that a change of control of the Distributor shall not constitute an assignment of this agreement.

**15. Notices.** All notices and other communications to Distributor shall be sent to it at Three Canal Plaza, Suite 100, Portland, ME 04101, Attn: Legal Department, or at such other address as Distributor may designate in writing. All notices and other communications to Dealer shall be sent to it at the address set forth below or at such other address as Dealer may designate in writing. All notices required or permitted to be given pursuant to this agreement shall be given in writing and delivered by personal delivery, by postage prepaid mail, electronic mail, or by facsimile or similar means of same-day delivery.

**16. Authorization.** Each Party represents to the other that (i) all requisite corporate proceedings have been undertaken to authorize it to enter into and perform under this agreement as contemplated herein and (ii) the individual that has signed this agreement below on its behalf is a duly elected officer that has been empowered to act for and on behalf of it with respect to the execution of this agreement.

**17. Directed Brokerage Prohibitions.** Neither Party shall direct Fund portfolio securities transactions or related remuneration to compensate Dealer for any promotion or sale of Shares under this agreement. Distributor also will not directly or indirectly compensate Dealer in contravention of Rule 12b-1(h) of the Investment Company Act.

**18. Arbitration.** Any controversy or claim arising out of or relating to this agreement, or any breach thereof, shall be settled by arbitration in accordance with the then existing FINRA Code of Arbitration Procedure. Any arbitration shall be conducted in New York, New York, and each arbitrator shall be from the securities industry. Judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof.

**19. No Association or Agency.** Nothing herein contained shall be considered to establish an exclusive arrangement or constitute the Distributor partners with Dealer or with any other dealer. The Parties hereby elect to be excluded from the application of Subchapter K, Chapter 1, Subtitle A of the Code and agree not to take any position inconsistent with that election. Except as provided in section 1(d), neither Party hereto shall be, act as, or represent itself as, the agent or representative of the other, nor shall either Party have the right or authority to assume, create or incur any liability or any obligation of any kind, express or implied, against or in the name of, or on behalf of, the other Party. This agreement is not intended to, and shall not, create any rights against either Party hereto by any third party solely on account of this agreement. Neither Party hereto shall use the name of the other Party in any manner without the other Party's prior written consent, except as required by any applicable federal or state law, rule or regulation, and except pursuant to any promotional programs mutually agreed upon in writing by the Parties hereto.

**20. Miscellaneous.** This agreement supersedes any other agreement between the Parties with respect to the offer and sale of Shares and other matters covered herein. The invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of any other term or provision hereof. This agreement may be executed in any number of counterparts, which together shall constitute one instrument. This agreement shall be governed by and construed in accordance with the laws of the State of Delaware without regard to conflict of laws principles and shall bind and inure to the benefit of the Parties and their respective successors and assigns. This agreement has been negotiated and executed by the Parties in English. In the event any translation of this agreement is prepared for convenience or any other purpose, the provisions of the English version shall prevail.

*[Signature Page Follows]*

**IN WITNESS WHEREOF**, the Parties have caused this agreement to be executed by a duly authorized officer on one or more counterparts as of the date first written above.

**FORESIDE FUND SERVICES, LLC** 

By:   <br> Name:   <br> Title:  

**[DEALER NAME]**

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| |
|:---|
| By: |
| Name: |
| Title: |
| Address of Dealer: |
| Operations Contact: |
| Name: |
| Phone: |
| Email: |

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**SCHEDULE A**

**Funds & Share Classes Offered** 

**The following are the Funds and Share Classes covered by this agreement:**

**WVB Blackstone All Privates Fund**

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| | | |
|:---|:---|:---|
| **Share Class** | **Shareholder<br> Servicing Fee<br> (as stated in the<br> Prospectus)** | **Distribution Fee<br> (as stated in the<br> Prospectus)** |
| **A** | 0.25% | 0.00% |
| **M** | 0.10% | 0.75% |
| **I** | 0.00% | 0.00% |

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## Exhibit 99.25

**FORM OF RULE 12d1-4**

**FUND OF FUNDS INVESTMENT AGREEMENT**

THIS AGREEMENT, dated as of [ ], between each Acquiring Fund identified on Schedule A (each, an "**Acquiring Fund**"), the investment adviser to each Acquiring Fund, and each Acquired Fund identified on Schedule A (each, an "**Acquired Fund**" and together with the Acquiring Funds, the "**Funds**"), each Fund acting on its own behalf and separately from all of the other Funds and not jointly or jointly and severally with any of the other Funds. To the extent multiple Acquiring Funds and/or Acquired Funds are parties to this Agreement, the Agreement is to be treated as if each Acquiring Fund and each Acquired Fund had been the subject of a separate agreement, and references in the Agreement to "the Acquiring Fund" and "the Acquired Fund" shall mean each Acquiring Fund individually and each Acquired Fund individually, as the case may be.

WHEREAS, each Fund is an investment company that (a) is registered with the U.S. Securities and Exchange Commission ("**SEC**") as an investment company under the Investment Company Act of 1940, as amended (the "**1940 Act**") (a "**registered investment company**"), or (b) has elected to be regulated as a business development company under the 1940 Act (a "**business development company**") (each registered investment company or business development company, a "**regulated fund**");

WHEREAS, Section 12(d)(1)(A) of the 1940 Act limits the extent to which a regulated fund may invest in shares of another regulated fund where at least one of the acquiring or acquired funds is a regulated fund; Section 12(d)(1)(B) limits the extent to which a registered open-end investment company, its principal underwriter, or registered brokers or dealers may knowingly sell shares of the registered open-end investment company to another regulated fund; and Section 12(d)(1)(C) limits the extent to which a regulated fund may invest in the shares of a closed-end regulated fund;

WHEREAS, Rule 12d1-4 under the 1940 Act (the "**Rule**"), permits a regulated fund, such as the Acquiring Fund, to invest in shares of another regulated fund, such as the Acquired Fund, in excess of the limits of Section 12(d)(1)(A), (B), and (C) of the 1940 Act, subject to compliance with the conditions of the Rule; and

WHEREAS, the Acquiring Fund may, from time to time, invest in shares of the Acquired Fund in excess of the limitations of Section 12(d)(1)(A) in reliance on the Rule;

NOW THEREFORE, in accordance with the Rule and in consideration of the potential benefits to the Acquiring Fund and the Acquired Fund arising out of the Acquiring Fund's investment in the Acquired Fund, the Acquiring Fund and the Acquired Fund desire to set forth the following terms pursuant to which the Acquiring Fund may invest in the Acquired Fund in reliance on the Rule.

1. Terms of Investment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In order to help reasonably address the risk of undue influence on the Acquired Fund by the Acquiring Fund, and to assist the Acquired Fund's investment adviser with making the required findings under the Rule, the Acquiring Fund and the Acquired Fund agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *In-kind redemptions*. The Acquiring Fund acknowledges and agrees that, if and to the extent consistent with the Acquired Fund's registration statement, as amended from time to time, the Acquired Fund may honor any redemption request partially or wholly in-kind in the sole discretion of the Acquired Fund (which discretion of the Acquired Fund shall include the selection of portfolio securities to distribute in-kind), even where the Acquired Fund does not ordinarily satisfy redemption requests in kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Timing/advance notification of redemptions/repurchases*. The Acquiring Fund will use reasonable efforts to spread large redemption/repurchase requests (greater than [1]% of the Acquired Fund's total outstanding shares) over multiple repurchase or tender offer windows, as the case may be, or to provide advance notification of redemption/repurchase requests to the Acquired Fund whenever practicable and consistent with the Acquiring Fund's best interests. The Acquired Fund acknowledges and agrees that any notification provided pursuant to the foregoing is not a commitment to redeem/repurchase and constitutes an estimate that may differ materially from the amount, timing, and manner in which a redemption/repurchase request is submitted, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Scale of investment.* The Acquiring Fund has provided summary information regarding the anticipated timeline of its investment in the Acquired Fund and the scale of its contemplated investments in the Acquired Fund, and will promptly update the Acquired Fund in the event the information provided changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In order to assist the Acquiring Fund's investment adviser with evaluating the complexity of the structure and fees and expenses associated with an investment in the Acquired Fund, the Acquired Fund shall provide the Acquiring Fund with information on the fees and expenses of the Acquired Fund reasonably requested by the Acquiring Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Acquiring Fund acknowledges and agrees that, to the extent permitted by the Acquired Fund's organizational and offering documents, the Acquired Fund, in its sole discretion, may reject any purchase or other acquisition of the Acquired Fund's shares by the Acquiring Fund and may redeem some or all of the Acquiring Fund's investment in the Acquired Fund at any time, whether to comply with regulatory requirements or for any other reason.

2. Representations and Obligations of the Acquired
 Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with any investment by the Acquiring Fund in the Acquired Fund in excess of the limitations in Section 12(d)(1)(A) or Section 12(d)(1)(C), the Acquired Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its staff from time to time, applicable to Acquired Fund; (ii) comply with its obligations under this Agreement; and (iii) promptly notify the Acquiring Fund if the Acquired Fund fails to comply with the Rule, as interpreted or modified by the SEC or its staff from time to time, with respect to an investment by the Acquiring Fund or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Acquired Fund agrees that: (i) before the initial investment in the Acquired Fund by the Acquiring Fund in excess of the limitations in Section 12(d)(1)(A)(i), the Acquired Fund's investment adviser will make the finding required by Rule 12d1-4(b)(2)(i)(B) under the 1940 Act with respect to that investment, considering, at a minimum, the items specified in Rule 12d1-4(b)(2)(i)(B); and (ii) the Acquired Fund's investment adviser will report the finding described in (i) above and the basis thereof to the Acquired Fund's board of directors, no later than the next regularly scheduled board of directors meeting, as required by Rule 12d1-4(b)(2)(i)(C) under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Acquired Fund agrees that, during such time as the Acquiring Fund invests in the Acquired Fund in reliance on the Rule, the Acquired Fund will not purchase or otherwise acquire the securities of a regulated fund or private fund except as permitted by Rule 12d1-4(b)(3)(ii) under the 1940 Act.

3. Representations and Obligations of the Acquiring
 Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with any investment by the Acquiring Fund in the Acquired Fund in excess of the limitations in Section 12(d)(1)(A) or Section 12(d)(1)(C), the Acquiring Fund and its investment adviser agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its staff from time to time, applicable to the Acquiring Fund's investment in the Acquired Fund; (ii) comply with its obligations under this Agreement; and (iii) promptly notify the Acquired Fund if the Acquiring Fund fails to comply with the Rule, as interpreted or modified by the SEC or its staff from time to time, with respect to its investment in the Acquired Fund or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Acquiring Fund and its investment adviser agrees that: (i) before the initial investment in the Acquired Fund by the Acquiring Fund in excess of the limitations in Section 12(d)(1)(A)(i), the Acquiring Fund's investment adviser will evaluate the complexity of the structure and fees and expenses associated with the Acquiring Fund's investment in the Acquired Fund and find that the Acquiring Fund's fees and expenses do not duplicate the fees and expenses of the Acquired Fund, in each case as required by Rule 12d1-4(b)(2)(i)(A) under the 1940 Act; and (ii) the Acquiring Fund's investment adviser will report the evaluation and finding described in (i) above and the basis thereof to the Acquiring Fund's board of directors, no later than the next regularly scheduled board of directors meeting, as required by Rule 12d1-4(b)(2)(i)(C) under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Acquiring Fund shall promptly notify the Acquired Fund:

&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) of any purchase or acquisition of shares in the Acquired Fund that causes the Acquiring Fund to hold 3% or more of the Acquired Fund's total outstanding voting 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;(ii) of any purchase or acquisition of shares in the Acquired Fund that causes the Acquiring Fund to hold 5% or more of the Acquired Fund's total outstanding voting 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;(iii) of any purchase or acquisition of shares in the Acquired Fund that causes the Acquiring Fund to hold 25% or more of the Acquired Fund's total outstanding voting securities; 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;(iv) if at any time the Acquiring Fund no longer holds voting securities of the Acquired Fund in excess of an amount noted in (i), (ii), or (iii) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Acquiring Fund and its investment adviser, on behalf of any Related Parties,<sup>1</sup> agrees that, unless the Acquiring Fund and the Acquired Fund are in the same group of investment companies (as defined in Rule 12d1-4(d)) or the Acquiring Fund's investment sub-adviser or any person controlling, controlled by, or under common control with such investment sub-adviser acts as the Acquired Fund's investment sub-adviser, (i) the Acquiring Fund and its advisory group (as defined in Rule 12d1-4(d) under the 1940 Act) will not control, individually or in the aggregate, the Acquired Fund; and (ii) if the Acquiring Fund and its advisory group, in the aggregate, hold more than (A) 25% of the outstanding voting securities of the Acquired Fund as a result of a decrease in the outstanding voting securities of the Acquired Fund, if the Acquired Fund is a registered open-end investment company or registered unit investment trust, or (B) 10% of the outstanding voting securities of the Acquired Fund, if the Acquired Fund is a registered closed-end investment company or business development company, the Acquiring Fund and each entity in its advisory group that holds the Acquired Fund's outstanding voting securities will vote those securities in the same proportion as the vote of all other holders of such securities; *provided*, *however,* that in circumstances where all holders of the outstanding voting securities of the Acquired Fund are required to vote those securities in the same proportion as the vote of all other holders of such securities, the Acquiring Fund will seek instructions from its security holders with regard to the voting of all proxies with respect to the Acquired Fund's securities and vote such proxies only in accordance with such instructions.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Acquiring Fund that holds less than 10% of the Acquired Fund's securities and its investment adviser, on behalf of any Related Parties, agrees that it shall (i) vote its shares at any meeting of shareholders of the Acquired Fund and (ii) vote its shares in accordance with the recommendations of the Acquired Fund's board of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Acquiring Fund and its investment adviser, on behalf of any Related Parties, agrees that it shall refrain from, directly or indirectly, with respect to the Acquired Fund, proposing, making any filing, or providing any advice, aid, or encouragement to any third party with respect to, any proposals or matters seeking the vote or consent of the Acquired Fund's shareholders, or any proposals or matters for the consideration of the board of the Acquired Fund, including, but not limited to, (i) declassification of the board of directors or trustees of the Acquired Fund, (ii) removal of any member of the board of directors or trustees of the Acquired Fund, (iii) nomination of any individuals for election to the board of directors or trustees of the Acquired Fund or otherwise seeking appointment to or representation on the Acquired Fund's board of directors or trustees, (iv) termination of the investment advisory contract between the Acquired Fund and its investment adviser, and (v) any form of business combination, restructuring, recapitalization, dissolution or similar transaction involving the Acquired Fund, including, without limitation, a merger, tender or exchange offer, open-ending, share repurchase or liquidation of the Acquired Fund's assets.

<sup>1</sup> "**Related Party**" shall mean with respect to the Acquiring Fund or its investment adviser and such investment adviser's affiliates, any person controlling or controlled by the Acquiring Fund; any person under common control with the Acquiring Fund; and directors, officers, employees, managers and agents of the Acquiring Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Unless required by applicable law, the Acquiring Fund and its investment adviser, on behalf of any Related Parties, agrees that it shall refrain from making any public statements referencing the Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Acquiring Fund and its investment adviser, on behalf of any Related Parties, agrees that it shall abide by the trading restrictions set forth in Rule 144 under the Securities Act of 1933 ("**Securities Act**") as if it were an "affiliate" of the Acquired Fund for purposes of Rule 144 under the Securities Act.

4. Notices

All notices, including all information that either party is required to provide under the terms of this Agreement and the Rule, shall be in writing and shall be delivered by registered or overnight mail, facsimile, or electronic mail to the address for each party specified below (which address may be changed from time to time by notice to the other parties).

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| | |
|:---|:---|
| If to the Acquiring Fund: | If to the Acquired Fund: |
| [Name]<br> c/o [Company]<br> [Address]<br> [City, State, Zip]<br> Fax:<br> Email:<br>With a copy to:<br> [Name]<br> Attn: Legal Dept.<br> [Address]<br> [City, State, Zip]<br> Fax:<br> Email: | [Name]<br> c/o [Company]<br> [Address]<br> [City, State, Zip]<br> Fax:<br> Email:<br>With a copy to:<br> [Name]<br> Attn: Legal Dept.<br> [Address]<br> [City, State, Zip]<br> Fax:<br> Email: |

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5. Additional Funds

Additional Acquiring Funds and/or Acquired Funds, or series thereof, may be added to this Agreement from time to time by an amendment to Schedule A agreed in writing by each affected party.

6. Term and Termination; Assignment; Amendment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be effective with respect to a particular Acquiring Fund and a particular Acquired Fund for the duration of that Acquired Fund's and that Acquiring Fund's reliance on the Rule, as interpreted or modified by the SEC or its staff from time to time. While the terms of the Agreement shall only be applicable to investments made in reliance on the Rule, as interpreted or modified by the SEC or its staff from time to time, the Agreement shall continue in effect until terminated pursuant to Section 6(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall continue with respect to a particular Acquiring Fund and a particular Acquired Fund until terminated in writing by either Fund upon [60] days' notice to the other Fund; provided, however, that the provisions of Section 3(e), Section 3(f), Section 3(g), Section 7 and Section 8 shall survive the termination of this Agreement. Upon termination of this Agreement with respect to a particular Acquiring Fund and a particular Acquired Fund, that Acquiring Fund may not purchase additional shares of that Acquired Fund beyond the Section 12(d)(1)(A) limits in reliance on the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement may not be assigned by any party without the prior written consent of each affected party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as otherwise provided in Section 5, this Agreement may be amended only by a writing that is signed by each affected party.

7. Indemnification

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Acquiring Fund, severally and not jointly, agrees to hold harmless and indemnify the Acquired Fund, including any principals, directors or trustees, officers, employees, and agents of the Acquired Fund ("**Acquired Fund Agents**"), against and from any and all losses, expenses, or liabilities incurred by or claims or actions ("**Claims**") asserted against the Acquired Fund, including any Acquired Fund Agent, to the extent such Claims result from a violation or alleged violation by the Acquiring Fund or any principals, directors or trustees, officers, employees and agents of the Acquiring Fund ("**Acquiring Fund Agents**") of (i) any provision of this Agreement or (ii) any provision of the Rule, such indemnification to include any reasonable counsel fees and expenses incurred in connection with investigating and/or defending such Claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Acquired Fund, severally and not jointly, agrees to hold harmless and indemnify the Acquiring Fund, including any Acquiring Fund Agents, against and from any and all Claims asserted against the Acquiring Fund, including any Acquiring Fund Agent, to the extent such Claims result from a violation or alleged violation by the Acquired Fund or any Acquired Fund Agent of (i) any provision of this Agreement or (ii) any provisions of the Rule, such indemnification to include any reasonable counsel fees and expenses incurred in connection with investigating and/or defending such Claims.

8. Use of Name

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Acquiring Fund shall not use the name, or any tradename, trademark, trade device, service mark, symbol, logo, or any abbreviation, contraction, derivative, or simulation thereof (collectively, "**Service Marks**"), of the Acquired Fund, or any of its affiliates, in its marketing materials unless it first receives prior written approval of the Acquired Fund. Likewise, the Acquired Fund shall not use the name, or any Service Mark, of the Acquiring Fund, or any of its affiliates, in its marketing materials unless it first receives prior written approval of the Acquiring Fund. Notwithstanding the foregoing, the Acquiring Fund and Acquired Fund each consents to the use of its name and the names of its affiliates to the extent such use is required by applicable law, rule, or regulation, including, without limitation, use in disclosure documents, shareholder communications, advertising, sales literature, and similar communications of the Acquired Fund or Acquiring Fund, as the case may be, to the extent required by applicable law, rule, or regulation.

9. Miscellaneous

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement contains the entire understanding between the parties hereto with respect to the subject matter hereof and supersedes all previous representations, warranties, or commitments regarding the subject matter hereof whether oral or in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver nor shall it deprive the party of the right thereafter to insist upon strict adherence to that term or any term of this Agreement. Any waiver of any term of this Agreement must be in writing signed by the waiving party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any provision of this Agreement is invalid or unenforceable, the balance of the Agreement shall remain in effect, and if any provision is inapplicable to any person or circumstance it shall nevertheless remain applicable to all other persons and circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement may be executed by the parties hereto on any number of counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Agreement shall be construed and the provisions thereof interpreted under and in accordance with the laws of the State of New York, without regard to its conflicts of laws provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Unless each party consents in writing to an alternative forum, the sole and exclusive forum for any action arising under or to interpret, apply, enforce or determine the validity of this Agreement shall be brought in the federal courts sitting within the Southern District of New York. Each party hereto shall be (i) deemed to have notice of and consented to the provisions of this paragraph, and (ii) deemed to have waived any argument relating to the inconvenience of the forums referenced above in connection with any action or proceeding described in this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In any action, duty, or obligation involving one or more Acquiring Funds under this Agreement, each Acquired Fund agrees to look solely to each individual series of the Acquiring Fund(s) that are involved in the matter in controversy separately from all of the other series of the Acquiring Funds and not jointly or jointly and severally with any other series of the Acquiring Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In any action, duty, or obligation involving one or more Acquired Funds under this Agreement, each Acquiring Fund agrees to look solely to each individual series of the Acquired Fund(s) that are involved in the matter in controversy separately from all of the other series of the Acquired Funds and not jointly or jointly and severally with any other series of the Acquired Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Acquired Fund and the Acquiring Fund agree, upon the reasonable request of the other party but in any event no more frequently than annually, to certify compliance with this Agreement and, in respect of the Acquiring Fund's investment in the Acquired Fund, the Rule.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

**[Acquired Fund]**

Name of Authorized Signer Print Signature <br> Title:

**[Acquiring Fund]**

Name of Authorized Signer Print Signature <br> Title:

**[Acquiring Fund's Investment Adviser]**

Name of Authorized Signer Print Signature <br> Title:

**SCHEDULE A**

**List of Funds to Which the Agreement Applies**

---

| | |
|:---|:---|
| **<u>Acquiring Funds</u>** | **<u>Acquired Funds</u>** |

---

## Exhibit 99.25

**RULE 12d1-4**

**FUND OF FUNDS INVESTMENT AGREEMENT**

THIS AGREEMENT, dated as of , [between/among] the [*Trust Name(s)*], on behalf of [itself/themselves] and [its/their] separate series listed on Schedule A (each, an "**Investing Fund**"), severally and not jointly, and the investment trusts listed on Schedule A, on behalf of themselves and their respective series also listed on Schedule A, severally and not jointly (each, a **"Vanguard Fund"** and together with the Investing Funds, the **"Funds"**).

WHEREAS, each Fund is registered with the U.S. Securities and Exchange Commission ("**SEC**") as an investment company under the Investment Company Act of 1940, as amended, (the "**1940 Act**");

WHEREAS, Section 12(d)(1)(A) of the 1940 Act limits the extent to which a registered investment company may invest in shares of other registered investment companies, Section 12(d)(1)(B) limits the extent to which a registered open-end investment company, its principal underwriter ("Distributor") or registered brokers or dealers ("Brokers") may knowingly sell shares of such registered investment company to other investment companies, and Section 12(d)(1)(C) limits the extent to which an investment company may invest in the shares of a registered closed-end investment company;

WHEREAS, Rule 12d1-4 under the 1940 Act (the "**Rule**") permits (i) registered investment companies, such as the Investing Funds, to invest in shares of other registered investment companies, such as the Vanguard Funds, in excess of the limits of Section 12(d)(1)(A) of the 1940 Act, and (ii) registered investment companies, such as the Vanguard Funds, as well as the Distributor and Brokers, knowingly to sell shares of the Vanguard Funds to the Investing Funds in excess of the limits of Section 12(d)(1)(B) of the 1940 Act, subject to compliance with the conditions of the Rule;

WHEREAS, an Investing Fund may, from time to time, invest in shares of one or more Vanguard Funds in excess of the limitations of Section 12(d)(1)(A) in reliance on the Rule; and

WHEREAS, a Vanguard Fund, Distributor, or Broker, from time to time, may knowingly sell Shares of one or more Vanguard Funds to an Investing Fund in excess of the limitations of Section 12(d)(1)(B) in reliance on the Rule;

NOW THEREFORE, in accordance with the Rule, the Investing Fund[s] and the Vanguard Fund[s] desire to set forth the following terms pursuant to which the Investing Fund[s] may invest in the Vanguard Fund[s] in reliance on the Rule and the Vanguard Funds, Distributor, or Broker may sell shares of the Vanguard Funds to the Investing Funds in reliance on the Rule.

1. <u>Terms of Investment</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to investments in Vanguard Funds that operate as exchange-traded funds ("Vanguard ETFs"), the Funds note that each Vanguard ETF is designed to accommodate large investments and redemptions, whether from Investing Funds or other investors. Creation and redemption orders for shares of the Vanguard ETFs can only be submitted by Brokers or other participants of a registered clearing agency (collectively, "Authorized Participants") that have entered into an agreement ("Authorized Participant Agreement") with the Vanguard ETFs' distributor to transact in shares of the Vanguard ETFs. The Vanguard ETFs also have policies and procedures (the "Basket Policies") that have been adopted pursuant to Rule 6c-11 under the 1940 Act, which govern creations and redemptions of the Vanguard ETFs' shares. Any creation or redemption order submitted by an Investing Fund through an Authorized Participant will be satisfied pursuant to the Basket Policies and the relevant Authorized Participant Agreement. The Basket Policies include provisions that govern in-kind creations and redemptions, as well as cash transactions. In any event, the Funds generally expect that the Investing Funds will transact in shares in the Vanguard ETFs on the secondary market rather than through direct creation and redemption transactions with the Vanguard ETF. The Funds believe that these material terms regarding an Investing Fund's investment in shares of a Vanguard ETF should assist the Vanguard ETF's investment adviser, the Vanguard Group Inc. ("Vanguard"), with making the required findings under the Rule.

Vanguard Internal Use Only

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In order to help reasonably address the risk of undue influence on a Vanguard Fund that operates as a mutual fund ("Vanguard Mutual Fund") by an Investing Fund, and to assist Vanguard with making the required findings under the Rule, each Investing Fund and each Vanguard Mutual Fund agree 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;(i) *In-kind redemptions*. The Investing Fund acknowledges and agrees that, if and to the extent consistent with the Vanguard Mutual Fund's registration statement, as amended from time to time, the Vanguard Mutual Fund may honor any redemption request partially or wholly in-kind.

&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) *Timing/advance notice of redemptions*. The Investing Fund will use reasonable efforts to spread large redemption requests (greater than 3% of the Vanguard Mutual Fund's total outstanding voting securities) over multiple days or to provide advance notification of such large redemption requests to the Vanguard Mutual Fund.

&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) *Scale of investment.* Upon a reasonable request by a Vanguard Mutual Fund, the Investing Fund will provide summary information regarding the anticipated timeline of its investment in the Vanguard Mutual Fund and the scale of its contemplated investments in the Vanguard Mutual Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In order to assist the Investing Fund's investment adviser with evaluating the complexity of the structure and fees and expenses associated with an investment in a Vanguard Fund, each Vanguard Fund shall provide each Investing Fund with information on the fees and expenses of the Vanguard Fund reasonably requested by the Investing Fund with reference to the Rule.

2. <u>Representations of the Vanguard Funds.</u> 

In connection with any investment by an Investing Fund in a Vanguard Fund in excess of the limitations in Section 12(d)(1)(A) or knowing sale of shares by a Vanguard Fund, Distributor, or Broker to an Investing Fund in excess of the limitations in Section 12(d)(1)(B), the Vanguard Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its Staff from time to time, applicable to Vanguard Funds; (ii) comply with its obligations under this Agreement; and (iii) promptly notify the Investing Fund if such Vanguard Fund fails to comply with the Rule with respect to an investment by the Investing Fund, as interpreted or modified by the SEC or its Staff from time to time, or this Agreement.

3. <u>Representations of the Investing Funds.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with any investment by an Investing Fund in a Vanguard Fund in excess of the limitations in Section 12(d)(1)(A) or knowing sale of Shares by a Vanguard Fund, Distributor, or Broker to an Investing Fund in excess of the limitations in Section 12(d)(1)(B), the Investing Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its Staff from time to time, applicable to Investing Funds; (ii) comply with its obligations under this Agreement; (iii) promptly notify the Vanguard Fund when it has invested in the Vanguard Fund in an amount which exceeds the limitations in Section 12(d)(1)(A); and (iv) promptly notify the Vanguard Fund if such Investing Fund fails to comply with the Rule with respect to its investment in such Vanguard Fund, as interpreted or modified by the SEC or its Staff from time to time, or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Investing Fund has adopted policies and procedures, where applicable, designed to prevent either it or any person directly or indirectly controlling, controlled by or under common control with it (as determined in accordance with Section 2(a)(9) of the 1940 Act) from attempting to influence the operations of any Vanguard Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Investing Fund acknowledges and agrees that it and any of its affiliated persons (as defined in the 1940 Act) will only be entitled to receive information about a Vanguard Fund that such Vanguard Fund is permitted to give any of its other shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any provisions of this Agreement notwithstanding, each Investing Fund represents and warrants to each Vanguard Fund that it operates, and will continue to operate, in compliance with the 1940 Act and the rules thereunder. Each Investing Fund agrees that a Vanguard Fund is entitled to rely on the representations contained in this Agreement and that the Vanguard Fund has no independent duty to monitor the Investing Fund's or its investment adviser's or, if applicable, its subadviser's compliance with this Agreement, the 1940 Act or the rules thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Investing Fund shall provide a Vanguard Fund with information regarding the amount of the Investing Fund's investments in the Vanguard Fund upon the Vanguard Fund's reasonable request.

4. <u>Indemnification.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Investing Fund, severally and not jointly, agrees to hold harmless, indemnify and defend the Vanguard Funds, including any principals, directors or trustees, officers, employees and agents ("Vanguard Agents"), against and from any and all losses, costs, expenses or liabilities incurred by or claims or actions ("Claims") asserted against the Vanguard Fund, including any Vanguard Agents, to the extent such Claims result from (i) a violation or alleged violation of any provision of this Agreement or (ii) a violation or alleged violation of the terms and conditions of the Rule, as applicable, in each case by the Investing Fund, its principals, directors or trustees, officers, employees, agents, advisers or if applicable, subadvisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Vanguard Funds, severally and not jointly, agree to hold harmless, indemnify and defend each Investing Fund, including any principals, directors or trustees, officers, employees and agents ("Investing Fund Agents"), against and from any and all losses, costs, expenses or liabilities incurred by or Claims asserted against an Investing Fund, including any Investing Fund Agents, to the extent such Claims result from (i) a violation or alleged violation of any provision of this Agreement or (ii) a violation or alleged violation of the terms and conditions of the Rule, as applicable, in each case by the Vanguard Fund, its principals, directors or trustees, officers, employees, agents or advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any indemnification pursuant to this Section shall include any reasonable counsel fees and expenses incurred in connection with investigating and/or defending the applicable Claims. In any action involving the Vanguard Funds under this Agreement, each Investing Fund agrees to look solely to the individual Vanguard Fund(s) that [is/are] involved in the matter in controversy and not to any other series of the Vanguard Funds.

5. <u>Notices</u> 

All notices, including all information that either party is required to provide under the terms of this Agreement and the Rule, shall be in writing and shall be delivered by registered or overnight mail, facsimile, or electronic mail to the address for each party specified below.

If to an Investing Fund: If to a Vanguard Fund: <br>[Name] c/o [Company] [Address] [City, State, Zip] Fax: Email: [Name] c/o [Company] [Address] [City, State, Zip] Fax: Email:

6. <u>Term and Termination; Governing Law; Dispute Resolution</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be effective for the duration of the Vanguard Funds' and the Investing Funds' reliance on the Rule, as interpreted or modified by the SEC or its Staff from time to time. While the terms of the Agreement shall only be applicable to investments in Funds made in reliance on the Rule, as interpreted or modified by the SEC or its Staff from time to time, the Agreement shall continue in effect until terminated pursuant to Section 6(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall continue, in its entirety or with respect to any particular Investing Fund or Vanguard Fund, until terminated in writing by any party upon 60 days' written notice to the other parties. Upon termination of this Agreement, no Investing Fund may purchase additional shares of a Vanguard Fund beyond the Section 12(d)(1)(A) limits in reliance on the Rule. Upon termination of this Agreement with respect to any particular Investing Fund or Vanguard Fund, the parties may not rely on the Rule with respect to any investment by such terminated Investing Fund in Shares of Vanguard Funds or investment in Shares of such terminated Vanguard Fund by Investing Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement will be governed by Pennsylvania law without regard to choice of law principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any dispute arising out of or related to this Agreement which cannot be resolved through discussions between the parties shall be settled by binding arbitration before a panel of three arbitrators in accordance with and subject to the Commercial Arbitration Rules of the American Arbitration Association then applicable. Unless otherwise agreed upon by the parties, the arbitration hearings will be held in Philadelphia, Pennsylvania.

7. <u>Miscellaneous</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement may not be assigned by either party without the prior written consent of the other. In the event either party assigns this Agreement to a third party as provided in this Section, such third party shall be bound by the terms and conditions of this Agreement applicable to the assigning party. Any assignment in contravention of this Section shall be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as expressly set forth herein, nothing in this Agreement shall confer any rights upon any person or entity other than the parties hereto and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. This Agreement shall become binding when any two or more counterparts thereof, individually or taken together, bear the signatures of both parties hereto. For purposes hereof, a facsimile copy of this Agreement, including the signature pages hereto, shall be deemed an original.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) With the exception of Schedule A, which may be amended via email notification to the contact identified in Section 5 of this Agreement, no amendment, modification, or supplement of any provision of this Agreement will be valid or effective unless made in writing in the manner provided by Section 5 and signed by a duly authorized representative of each party.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

**Vanguard Funds**

Name of Authorized Signer Print Signature <br> Title:

**[Investing Funds' Registrant(s)]**

Name of Authorized Signer Print Signature <br> Title:

**SCHEDULE A**

**List of Funds to Which the Agreement Applies**

---

| | |
|:---|:---|
| **<u>Investing Funds</u>** | **<u>Vanguard Funds</u>** |

---

## Exhibit 99.25

*Execution*

**CUSTODY AGREEMENT**

**This Agreement** (the "Agreement") is made as of November 20, 2024 (the "Effective Date") **between**:

&nbsp;&nbsp;&nbsp;&nbsp;**(1)** Each entity identified on Appendix A, whose jurisdiction of formation is identified opposite its name
(the "Client"); and

&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **STATE STREET BANK AND TRUST COMPANY**, a bank and trust company organized under the laws of The Commonwealth
of Massachusetts, U.S.A. (the "Custodian").

1 Definitions and Interpretation

Defined terms and the general rules of interpretation agreed by the Parties are set forth in Schedule 1.

2 Appointment of the Custodian

The Client hereby appoints the Custodian to provide the services set out in Sections 3 through 15 below (the "Services") subject to and in accordance with the terms of this Agreement and applicable law.

3 Safekeeping

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **Holding Assets.** The Custodian will hold Assets of the Client delivered or credited to its account
under this Agreement directly or through accounts at Subcustodians or CSDs. In turn, Subcustodians will hold Assets directly or through
accounts at CSDs. For purposes of this Agreement, the term "Assets" shall include Securities, Alternative Assets, monies,
and other property held by the Custodian for the benefit of the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** **Client Entitlements and Segregation.** The Custodian will take the following steps to reflect the
Client's ownership of Securities and to separately identify the Securities of the Client from the proprietary assets of the Custodian,
Subcustodians, and CSDs, in accordance with Local Market Practice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.1** **Accounts at the Custodian.** Open and maintain on the records of the Custodian one or more securities
accounts in the name of the Client or such other name as the Client may reasonably request (each, a "Securities Account")
and credit Securities to 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;**3.2.2** **Accounts at the Subcustodians or CSDs.** Open and maintain securities accounts at the Subcustodians
or CSDs in which the Custodian is a direct participant, cause Subcustodians to open and maintain securities accounts at CSDs in which
the Subcustodian is a participant, and cause Securities to be credited to the relevant accounts. Such accounts: (i) may be commingled
(or omnibus) accounts for Securities of multiple customers of the Custodian (or Subcustodian, in the case of accounts opened by the Subcustodian
at a CSD) or, in limited markets, segregated (or separate) accounts for Securities of the Client; and (ii) must not include any proprietary
securities of the Custodian, the Subcustodian or the CSD;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.3** **Physical Securities.** Physically segregate bearer Securities from the proprietary assets of the
Custodian, and require that the Subcustodians physically segregate bearer Securities from the Subcustodian's and the Custodian's
proprietary assets;

Information Classification: Confidential

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.4** **Registration Names.** Register certificated Securities (other than bearer securities) in the name
of the Client or in the name of the Custodian, a Subcustodian, a CSD or a nominee of any of them, or otherwise in accordance with Local
Market Practice and the laws and regulations applicable to the Custodian; 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;**3.2.5** **Records of Transactions; Reconciliation.** Maintain records of the Client's transactions in
the Securities Accounts and reconcile its records of clients' securities holdings against the records of its Subcustodians and CSDs
in which it is a direct participant in accordance with the Custodian's standard procedures and Local Market Practice. Subcustodians
will likewise maintain records of their client's transactions and reconcile their records of the securities holdings of their clients
against the records of the CSDs in which they are a direct participant in accordance with the Subcustodians' standard procedures
and Local Market Practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** **Securities Interchangeable.** Securities of the Client (whether
held in separate or commingled accounts) are fungible with all other securities of the same issue held in such accounts by the Custodian
and its Subcustodians. This means that the Client's redelivery rights in respect of the Securities are not in respect of the Securities
actually deposited with the Custodian or a Subcustodian from time to time, but rather in respect of Securities of the same number, class,
denomination and issue as those Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** **Acceptance of Securities.** Except as otherwise agreed in writing with the Client, the Custodian
will only accept custody of Securities and other assets that it is operationally equipped and licensed to hold in the relevant market
where it provides custodial services either directly or through an existing Subcustodian and may decline to accept custody of certain
securities or asset types that it determines present an unacceptable risk profile or that it or its Subcustodians are not operationally
equipped or permitted to hold under any law or regulation.

---

| | |
|:---|:---|
| 4 | Cash |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** **Cash Accounts.** The Custodian will open and maintain in the name of the Client one or more cash
deposit accounts (each a "Cash Account") in such currencies as may be required in connection with the investment activity
of the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** **Location of Cash Deposits.** Cash received for the Client will be deposited with the Custodian, or
with a Subcustodian, depending on the currency and/or the market. The Custodian will designate each currency in a particular market as
On Book Cash or Off Book Cash. "On Book Cash" means the currency is maintained in a deposit account with, and recorded as
a liability on the balance sheet of, the Custodian (through any of its branches) and "Off Book Cash" means the currency is
maintained in a deposit account with, and recorded as a liability on the balance sheet of, a Subcustodian (through any of its branches).
The Custodian may change the designation of a currency as On Book or Off Book from time to time. Clients will find the designation of
currencies as On Book Cash and Off Book Cash, and any changes to such designations, in the Client Publications.

Information Classification: Limited Access

Information Classification: Confidential 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3** **Cash Records.** The Custodian will reflect Cash balances held in all On Book and Off Book Client
deposit accounts on its books and records and report the balances to the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4** **Banking Relationship.** In accepting deposits under this Agreement, the Custodian (for On Book Cash)
or the relevant Subcustodian (for Off Book Cash) acts as banker and does not hold the money deposited on trust or segregated from its
proprietary assets. Accordingly, the Client is an unsecured creditor of the Custodian (for On Book Cash) or the relevant Subcustodian
(for Off Book Cash), subject to such rights as may arise in an Insolvency Event as determined under the laws of the jurisdiction of the
Custodian or relevant Subcustodian. With respect to Off Book Cash, the Custodian is only responsible for returning the actual amount that
the Custodian receives from the Subcustodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5** **Interest and Charges.** Cash Accounts may be interest bearing or non-interest bearing and may be
subject to charges or fees on the deposit balance or on a per account basis. The Custodian or the relevant Subcustodian will determine
on a periodic 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;&nbsp;&nbsp;&nbsp;&nbsp;**4.5.1** the interest rates, if any, (which may be positive, zero or negative) or equivalent charges or fees paid
or charged to the Client from time to time with respect to a Cash Account; 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;**4.5.2** the overdraft rates or equivalent charges or fees and the applicable overdraft thresholds (if any) that
will trigger interest charges from time to time for overdrafts,

in each case, acting in their sole discretion, taking into account market conditions and other relevant commercial considerations. Interest and overdraft rates or other account charges or fees will vary by currency. Details on current rates and deposit account charges are available upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6** **Overdrafts.** The Client must maintain sufficient funds in the Cash Accounts to settle all transactions
in the applicable currencies in a timely manner. The Custodian or its Subcustodians may, but are not required to, extend credit under
this Agreement. The Custodian reserves the right to decline to process any Proper Instruction or settle any transaction that would result
in an overdraft of the Cash Account. If an overdraft arises in the Cash Account, the Client agrees to repay the principal amount of the
overdraft upon demand by the Custodian or within five Business Days, whichever is earlier, plus any applicable overdraft fees and interest
on the principal overdraft.

---

| | |
|:---|:---|
| **5** | **Transaction Settlement** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1** **Settlement**. The Custodian will settle all transactions in accordance with Local Market Practice,
which may not always be on a delivery-versus-payment or receipt-versus-payment basis. Except as otherwise provided below regarding Contractual
Settlement, the Custodian will credit or debit the appropriate Cash Account on an actual settlement or payment basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2** **Contractual Settlement.** In order to facilitate transaction settlement, the Custodian may provisionally
credit settlement, maturity or redemption proceeds, or income, dividends and other distributions, on a contractual settlement or predetermined
income basis ("Contractual Settlement"), for markets, securities and eligible clients as determined and notified by the Custodian
in the Client Publications. The Custodian can terminate or suspend Contractual Settlement for markets, securities or particular clients
at any time.

Information Classification: Limited Access

Information Classification: Confidential 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3** **Use of Funds.** Where Contractual Settlement applies, the Custodian will credit or debit the appropriate
Cash Account on the contractual settlement date or payable date for the relevant transaction. This means that (i) the Client will have
use of the funds from the date that a sale was contracted to settle or the payable date, which may be earlier than the date payment actually
occurs and (ii) the Custodian will have use of the funds debited from the Cash Account from the date that a purchase was contracted to
settle until the date that settlement actually occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4** **Reversal.** The Custodian may reverse any Contractual Settlement credit at any time before actual
receipt of the cash payment associated with the credit if the Custodian determines, in its reasonable judgement, that such payment will
not be received within 30 days for that transaction or if the Custodian suspends or terminates the provision of Contractual Settlement
for those Securities in that market. The Custodian will generally notify the Client two Business Days before any such reversal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5** **Secured Liability.** To the extent that the Custodian has not received the cash payment associated
with a credit, the amount credited remains a Secured Liability under this Agreement.

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|:---|:---|
| **6** | **Corporate Actions** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1** **Transmit Information.** The Custodian will promptly transmit or make available to the Client all
material written information customarily provided by a professional global custodian regarding an applicable Corporate Action, or a brief
synopsis of that information, affecting Securities then being held under this Agreement, where (i) that information is received directly
from issuers of such Securities or from CSDs or Subcustodians or (ii) that information is publicly available in the relevant market from
standard vendors routinely used by professional global custodians provided that the Custodian can verify the accuracy of such information.
The Custodian will transmit or make available such Corporate Action data it receives from primary sources (issuers, CSDs and Subcustodians)
without further review although it will generally note if such information is single sourced. The Custodian generally will not transmit
or make available such Corporate Action data it receives from secondary sources (vendors) unless the accuracy of that information can
be verified against at least one additional source.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** **Exercise.** The Custodian will process the Client's elections with respect to any voluntary
Corporate Action at the direction of the Client provided it has actual possession of the relevant Securities and it has received Proper
Instructions by the deadline specified in the Custodian's Corporate Action notification ("Corporate Actions Deadline Date").
The Custodian will use reasonable efforts to effect Proper Instructions received after that deadline but will have no responsibility for
any failure to exercise such instructions accurately or timely. In the absence of receiving Proper Instructions by the Corporate Actions
Deadline Date, the Custodian may take the default action specified in the corporate action notification. In the event of a mandatory Corporate
Action, the Custodian will act without Proper Instructions in accordance with Section 22.10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3** **Class Actions.** The Custodian will transmit written information received by the Custodian regarding
any class action litigation to the extent set out in the Client Publications. The Custodian will not support class action participation
by the Client beyond such forwarding of written information. In no event will the Custodian act as a lead plaintiff in a class action.

Information Classification: Limited Access

Information Classification: Confidential 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4** **Fractional Positions.** Fractional positions resulting from Corporate Actions will be dealt with
in accordance with the Client Publications.

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|:---|:---|
| **7** | **Proxy Servicing** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1** **Transmit Information.** The Custodian will forward to the Client all proxies received by the
Custodian relating to the Securities then held under this Agreement, for the markets designated in the Client Publications, unless otherwise
instructed by the Client. The Custodian will use an agent to assist in the receipt and distribution of proxies and will share the
Client's position and contact information to facilitate such collection and distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2** **Voting.** The Custodian provides proxy voting services for the markets designated in the Client Publications.
The Custodian will cause eligible proxies to be promptly executed by the registered holder in accordance with Proper Instructions
and delivered to the issuer of the Securities or its designated agent. In order for the Custodian to provide the voting services, the
Custodian must have received such Proper Instructions, must have actual possession of the relevant Securities, and all requirements set
out in the Client Publications must have been met, including where applicable receiving an executed power of attorney, in each case by
the deadline specified in the Custodian's proxy notification.

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| | |
|:---|:---|
| **8** | **Income Collection** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1** **Monitoring and Crediting.** The Custodian will use reasonable efforts to monitor and collect on a
timely basis, in accordance with Local Market Practice, all income and other payments to which the Client is entitled in respect of the
Securities held under this Agreement and Securities on loan through the securities lending program sponsored by the Custodian or its Affiliates.
The Custodian will credit such amounts to the Cash Account of the Client as received, except where Contractual Settlement applies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2** **Repatriation of Income.** The Client is responsible for directing the repatriation of income into
the base currency of the Portfolio or another currency selected by the Client, and may enter into separate arrangements to do so, as set
out in Section 13 of this Agreement.

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| | |
|:---|:---|
| **9** | **Statements and Reports** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1** **Contents.** The Custodian will make available reports to the Client regarding the Portfolio on a
periodic basis as selected by the Client from certain online tools made available from time to time by the Custodian or as otherwise agreed
with the Client. The reports will include Cash balances, an itemized statement of Securities and Cash and Securities transaction activity.
Market values contained in these reports are unaudited and based on the Custodian's standard pricing vendors and practices. These
reports will not include net asset value calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2** **Cash and Securities Not Held.** The Custodian may agree to incorporate information in respect of
cash or securities not held by the Custodian. In making available such information to the Client, the Custodian will rely upon the information
provided by the Client or a third party without any requirement to verify the accuracy of such information. The Custodian will not perform
any other Services in relation to such cash or securities.

Information Classification: Limited Access

Information Classification: Confidential 5

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|:---|:---|
| **10** | **Tax Withholding and Tax Relief** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1** **Withholding.** The Custodian will withhold (or cause to be withheld) the amount of any tax which
is required to be withheld by the Custodian or Subcustodian under the Law applicable to the Custodian or Subcustodian based on the Client's
domicile and entity type in respect of any dividend, interest income or other distribution in relation to any Security, and/or the proceeds
or income from the sale or other transfer of any Security held by the Custodian. If the Client has not provided the requisite information
and documentation, the Custodian is obligated to arrange for maximum withholding. In certain markets, the Client will be required to hire
a local tax agent to calculate withholding, as set out in the Client Publications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2** **Tax Relief.** The Custodian will apply for a reduction of withholding tax and refund of any tax paid
or tax credits in respect of income payments on Securities based on the Client's entitlement under relevant tax treaties or laws
which apply in each market that supports a standard tax reclaim process, in all cases as may be set out from time to time in the Client
Publications *.* The Custodian does not facilitate tax reclaims for tax transparent or pass-through (i.e., multiple-beneficiary) entities
such as partnerships, LLCs, common trusts or any other types of entities that are generally ineligible for tax treaty or domestic law
tax entitlements, even where the partners or beneficial holders of such entities may be eligible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3** **Documentation.** In order for the Custodian to perform the services in this Section 10, the Client
will provide the Custodian such information and documentation as may be required from time to time by the Custodian for tax purposes,
including documentary evidence of its tax domicile, and its entity type and details of any special ruling or treatment to which the Client
may be entitled in relation to countries where the Client engages or proposes to engage in investment activity or where Securities are
or will be held. The Client is responsible for ensuring the documentation and information provided is true and accurate in all material
respects and will promptly provide the Custodian with all necessary corrections or updates upon becoming aware of any changes or inaccuracies
in the documentation or information supplied. The provision of documentation and information under this Section 10.3 will be taken to
be a Proper Instruction upon which the Custodian will be entitled to rely for all purposes under this Section 10, including calculating
withholding and determining available tax relief, without the need to undertake any further inquiries or verification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4** **Client Responsible for Taxes.** The Client will be liable for all taxes, levies or similar obligations
which arise as a result of the Client's investment activity, including in relation to any Cash or Securities held by the Custodian
on behalf of the Client, or any related transactions. If any taxes become payable in relation to any prior payment made to the Client
by the Custodian, the Custodian may withhold any credit balance in the Client's Cash Accounts to the extent necessary to satisfy
such tax obligation. The Client will also remain liable for any tax deficiency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.5** **No Tax Advice.** The Client acknowledges that the Custodian is not, and will not be deemed to be,
providing tax advice or tax counsel.

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| | |
|:---|:---|
| **11** | **Physical Safekeeping of Investment Documents** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1** **Document Safekeeping.** The Custodian may agree to provide physical safekeeping for Investment Documents
delivered to it and will return such Investment Documents to the Client upon receipt of Proper Instructions, subject to additional documentation
and other requirements as the Custodian may specify from time to time.

Information Classification: Limited Access

Information Classification: Confidential 6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2** **No Other Services.** The Custodian will not otherwise perform any other Services in relation to such
Investment Documents. Investment Documents held in physical safekeeping will be segregated from documents of any other person and marked
so as to clearly identify them as the property of the Client.

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| | |
|:---|:---|
| **12** | **Alternative Asset Servicing** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1** **Alternative Assets.** The Custodian may agree to reflect the Client's Alternative Assets on
its books, records or statements. Unless otherwise agreed in writing, the Custodian will not perform any other services or assume any
obligations in relation to Alternative Assets. The Custodian may, in limited cases, agree to register the Client's interests in
Alternative Assets in the name of the Custodian, subject to additional documentation and other requirements as the Custodian may specify
from time to time.

13 Foreign Exchange

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1** **Role of Custodian.** The role of the Custodian with respect to foreign exchange transactions is limited
to facilitating the processing and settlement of such transactions. The Custodian does not have any agency, trust or fiduciary obligation
to the Client or any other person in connection with the execution of any foreign exchange transactions, other than the obligation as
agent to process the Proper Instructions given by the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2** **Role of Counterparties.** If the Client enters into any foreign exchange transaction with State Street
Bank and Trust Company, a Subcustodian or any of their Affiliates, the Client does so on the basis that these entities are acting as a
principal dealer and counterparty, and not as fiduciary or agent to the Client, and the execution services are governed by separate arrangements
(including pricing) and do not form part of the Services provided by the Custodian under this Agreement. This applies to foreign exchange
transactions entered into by the Client directly with the trading desk of these entities or by Proper Instruction to the Custodian using
the indirect foreign exchange services described in the Client Publications.

14 Subcustodians

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1** **Use of Subcustodians.** The Custodian is authorized to utilize Subcustodians in connection with its
performance of the Services, and will notify the Client of the Subcustodians so employed from time to time through the Client Publications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2** **Selection and Monitoring.** The Custodian will use reasonable skill, care and diligence in the selection,
monitoring and continued utilization of Subcustodians by taking the following actions: (i) annually assess the financial condition of
each Subcustodian by reviewing their publicly available financial information, (ii) on a daily basis monitoring the performance by each
Subcustodian' of its duties relative to the Services, and (iii) confirming on an annual basis that each Subcustodian is licensed
to act as a subcustodian in its relevant market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.3** **Special Subcustodians**. At the request of the Client, the Custodian may agree to appoint one or
more qualified banks, trust companies or other entities designated by the Client to act as a subcustodian (each a "Special Subcustodian")
for purposes specified by the Client. In connection with the appointment of a Special Subcustodian, the Custodian shall enter into a tri-party
subcustodian agreement with the Special Subcustodian and the Client in form and substance approved the Custodian, provided that such agreement
shall comply with Law applicable to the Client and shall be consistent with the terms and provisions of this Agreement, to the extent
practicable.

Information Classification: Limited Access

Information Classification: Confidential 7

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.** **Provisions Relating to Rule 17f-5** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.1** **Delegation**. Each Client, by resolution of its Board, delegates to the Custodian, pursuant to Rule
17f-5(b), the obligations to perform as the Client's Foreign Custody Manager and, unless the Custodian advises the Customer that
it does not accept such delegation with respect to a country, the Custodian accepts such delegation. The Custodian acting in this capacity
shall be referred to as the "Foreign Custody Manager."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.2** **Exercise of Care as Foreign Custody Manager**. The Foreign Custody Manager will exercise such reasonable
care, prudence and diligence in performing the delegated responsibilities as a person having responsibility for the safekeeping of assets
of management investment companies registered under the 1940 Act would exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.3** **Foreign Custody Arrangements.** The Foreign Custody Manager will perform the delegated responsibilities
only with respect to Covered Foreign Countries and will provide the Client with a list on Schedule A of the Eligible Foreign Custodian(s)
it selects to maintain the Client's Foreign Assets in each Covered Foreign Country. The Foreign Custody Manager may amend the list
from time to time in its sole discretion upon notice to the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.4** **Scope of Delegated Responsibilities**. The Foreign Custody Manager, when placing and maintaining
Foreign Assets in the care of an Eligible Foreign Custodian, will determine that: (i) the Foreign Assets will be subject to reasonable
care, based on the standards applicable to custodians in the country in which the Foreign Assets will be held by the Eligible Foreign
Custodian, after considering all factors relevant to the safekeeping of such assets, including, without limitation the factors specified
in Rule 17f-5(c)(1), and (ii) the contract between the Foreign Custody Manager and the Eligible Foreign Custodian governing the foreign
custody arrangements will satisfy the requirements of Rule 17f-5(c)(2). The Foreign Custody Manager will establish a system to monitor
(a) the appropriateness of maintaining the Foreign Assets with the Eligible Foreign Custodian, and (b) the performance of the contract
governing the foreign custody arrangements. The Foreign Custody Manager will notify the Client if it determines that the custody arrangements
with an Eligible Foreign Custodian are no longer appropriate, including if such arrangements have ceased to meet the requirements of Rule
17f-5 under the 1940 Act, and will act in accordance with the Client's Proper Instructions with respect to the disposition of the
affected Foreign 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;**14.4.5** **Reporting Requirements**. The Foreign Custody Manager will (i) report the withdrawal of Foreign Assets
from an Eligible Foreign Custodian and the placement of Foreign Assets with another Eligible Foreign Custodian by providing to the Client
an updated Schedule A at the end of the calendar quarter in which the action has occurred, and (ii) after the occurrence of any other
material change in the foreign custody arrangements of the Client, make a written report available to the Client containing a notification
of the change.

Information Classification: Limited Access

Information Classification: Confidential 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;**14.4.6** **Representations of Foreign Custody Manager and Client**. The Foreign Custody Manager represents to
Client that it is a U.S. Bank as defined in Section (a)(7) of Rule 17f-5(a)(7). Client represents to the Custodian that its Board has
(i) determined that it is reasonable for the Board to rely on the Custodian to perform the responsibilities delegated pursuant to this
Agreement to the Custodian as the Foreign Custody Manager of the Client, and (ii) considered and determined to accept the risk described
in the first sentence of Section 19.2 as is incurred by placing and maintaining the Client's Foreign Assets in each Covered Foreign
Country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.7.** **Withdrawal of Acceptance of Delegation as Foreign Custody Manager.** Upon reasonable prior written
notice to the Client, the Foreign Custody Manager may withdraw its acceptance of such delegated responsibilities generally or with respect
to a specified Covered Foreign Country, and the Custodian will have no further responsibility in its capacity as Foreign Custody Manager
to the Client generally or with respect to the designated Covered Foreign Country, 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;**14.4.8** **Termination by Client of the Custodian as Foreign Custody Manager.** Upon at least 30 days'
prior written notice to the Custodian, Client may terminate the delegation to the Custodian as the Foreign Custody Manager for the Client.
Following the termination, the Custodian shall have no further responsibility in its capacity as Foreign Custody Manager to the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.9.** **Settlement Practices.** The Custodian will provide to each Client the information with respect to
custody and settlement practices in countries in which the Custodian employs an Eligible Foreign Custodian described on Schedule C at
the time or times set out on the Schedule. The Custodian may revise Schedule C from time to time, but no revision will result in a Client
being provided with substantively less information than had been previously provided on Schedule C.

15 Central Securities Depositories

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.1** **Use of Central Securities Depositories.** The Custodian and its Subcustodians will use CSDs in connection
with the performance of the Services, and will notify the Client of the CSDs so employed from time to time through the Client Publications **.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.2** **Rules of Central Securities Depositories.** Where the Custodian or its Subcustodians use CSDs, the
Client acknowledges that they will do so in accordance with the terms and conditions of participation or membership in such CSDs and the
rules and procedures governing the operation thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.3** **Provisions Relating to Rule 17f-4**. The Custodian may deposit and maintain securities or other financial
assets of the Client in a U.S. CSD in compliance with the conditions of Rule 17f-4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.4** **Provisions Relating to Rule 17f-7.** The Custodian will (i) provide the Client or its Investment
Manager with an analysis of the custody risks associated with maintaining assets with the Eligible Securities Depositories set out on
Schedule B in accordance with Section (a)(1)(i)(A) of Rule 17f-7, (ii) monitor such risks on a continuing basis and promptly notify the
Client or its Investment Manager of any material change in such risks, in accordance with Section (a)(1)(i)(B) of Rule 17f-7, and (iii)
exercise reasonable care, prudence and diligence in performing the requirements in subsections (i) and (ii) above. If following the foregoing
notification of a material change in risks, the Client determines that a custody arrangement with an Eligible Securities Depository no
longer meets the requirements of Rule 17f-7, the Custodian shall act in accordance with Proper Instructions to withdraw such Foreign Assets
from the relevant depository to the extent permissible.

Information Classification: Limited Access

Information Classification: Confidential 9

16 Delegation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.1** **Use of Delegates.** The Custodian shall retain the right to employ agents, subcontractors, consultants
or other third parties, including, without limitation, affiliates (each, a "Delegate" and collectively, the "Delegates")
to provide or assist it in the provision of any part of the services described herein or the discharge of any other obligations or duties
under this Agreement without the consent or approval of the Client (each, a "Delegate" and collectively, the "Delegates").
The Custodian shall be responsible for the acts and omissions of any such Delegate so employed as if the Custodian had committed such
acts and omissions itself. Unless otherwise agreed in a Fee Schedule, the Custodian shall be responsible for the compensation of its Delegates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.2** **Provision of Information Regarding Delegates.** Custodian will provide Client with information regarding
its global operating model for the delivery of the Services on a quarterly basis (or upon reasonable request by the Client), which information
shall include the identities of Delegates affiliated with Custodian that perform or may perform parts of the Services (for the avoidance
doubt, excluding Services performed by Securities Systems/CSDs which are not Delegates) the locations such Delegates perform Services,
as well as such other information about its Delegates as the Client may reasonably request from time to time. Custodian will provide Client
with prior notice of the engagement of any Delegates not affiliated with Custodian that are critical to the performance of the Services
or the discharge of any other non-custodial obligations or duties under this Agreement.

17 Standard of Care and Liability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.1** **Standard of Care.** The Custodian will at all times exercise the reasonable skill, care and diligence
expected of a professional provider of custody services to institutional investors and act in good faith and in accordance with generally
applicable industry standards and practices in the performance of its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.2** **Liability for Losses.** Subject to the limitations and exclusions of liability in this Agreement,
the Custodian will be liable for Losses suffered or incurred by the Client to the extent such Losses are caused by the negligence, wilful
misconduct, bad faith or fraud of the Custodian in the performance of its obligations under this Agreement. The parties agree that "negligence"
will mean a breach by the Custodian of its obligation to exercise the standard of care described in Section 17.1 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.3** **Responsibility for Subcustodians.** The Custodian will be liable to the Client for the acts and omissions
of its Subcustodians as if it had committed such acts and omissions itself; provided that:

Information Classification: Limited Access

Information Classification: Confidential 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;**17.3.1** compliance with the standard of care set out in Section 17.1 will be assessed in accordance with the standards
and circumstances prevailing at the time of the act or omission in the local market or jurisdiction in which the Subcustodian is providing
the relevant 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;&nbsp;&nbsp;&nbsp;&nbsp;**17.3.2** the Custodian will have no liability for Losses resulting from the insolvency or other financial default
of a Subcustodian that is not an Affiliate of the Custodian except to the extent that such Losses are caused by the failure of the Custodian
to exercise reasonable skill, care and diligence in the selection, monitoring and continued utilization of the Subcustodian as required
under Section 14.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.4** **Responsibility for Special Subcustodians.** Notwithstanding the provisions of Section 17.3 to the
contrary, the Custodian shall not be liable to the Client for Losses suffered or incurred by the Client resulting from the acts or omissions
of a Special Subcustodian, except to the extent such Losses are caused by the negligence, wilful misconduct, bad faith or fraud of the
Custodian. In the event of any such Loss, the Custodian shall use commercially reasonable efforts to enforce such rights as it may have
against any Special Subcustodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.5** **Responsibility for Delegates.** The Custodian will be liable to the Client for the acts and omissions
of its Delegates as if it had committed such acts and omissions itself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.6** **Force Majeure.** Neither Party will be in breach of this Agreement or liable for Losses arising by
reason of the occurrence of a Force Majeure Event that prevents, hinders or delays it from or in performing its obligations under this
Agreement, except, in the case of the Custodian, to the extent that such Losses are attributable to its breach of its business continuity
obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.7** **No Liability for Certain Losses.** The Custodian will not be liable to the Client for any Losses
to the extent they arise from or are caused by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.7.1** the Custodian acting upon any (i) Proper Instruction or (ii) if a Proper Instruction is not required in
a particular circumstance, any other instruction, information, notice, request, consent, certificate, instrument or other writing that
the Custodian reasonably believes to be genuine and to be signed or otherwise given by or on behalf of a person authorized to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.7.2** a delay in processing or any failure to process any Proper Instruction to the extent permitted under Section
22, subject to the satisfaction of the conditions set out in that Section, 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;**17.7.3** the failure of the Client or any person authorized by it to comply with the Client's obligations
under this Agreement; 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;**17.7.4** any other acts and omissions of the Client, any person authorized by it or any third party, including
any Third Party Agent, Market Participant, Authorized Data Source, CSD, or Financial Market Utility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.8** **Mutual Exclusion of Indirect and Other Loss.** Notwithstanding any other provision of this Agreement,
neither Party will be liable to the other for: (i) indirect, consequential, speculative, punitive or special Loss or (ii) loss of profit,
revenue, opportunity, business, anticipated savings, goodwill and damage to reputation, or Loss of any similar kind; in each case whether
or not a Party has been advised of or otherwise could have anticipated the possibility of such losses, except to the extent any such losses
cannot be excluded or limited as a matter of Law applicable to either Party.

Information Classification: Limited Access

Information Classification: Confidential 11

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| | |
|:---|:---|
| **18** | **Error Correction** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.1** **Error Correction**. If an error results from an act or omission of the Custodian in performing the
services under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances, which
may include effecting corrective transactions involving the Client's assets, where and to the extent reasonably necessary to place
the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible
for Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains arising from its
errors or related remedial actions unless otherwise prohibited by Law. Where an error results in a series of related Losses and
gains, the Custodian will be entitled to net gains against Losses when permitted by Law. The Custodian shall notify the Client within
a reasonable time of any material Loss or gain associated with an error it has fully remediated.

---

| | |
|:---|:---|
| **19** | **Limits on the Scope of the Services** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.1** **No Fiduciary or Implied Duties.** The Custodian is responsible only for the duties it has expressly
undertaken under this Agreement and no other duties will be implied or inferred, including any fiduciary duties, except to the extent
such fiduciary duties may not be disclaimed as a matter of Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.2** **Investment and Other Risk, Client Compliance Matters.** The Client bears the risk of investing in
Securities or other assets or holding cash denominated in any currency or holding assets in a particular market, including investment
risk and risk arising from the political, regulatory, legal or financial infrastructure of such market or otherwise arising from Local
Market Practice. The Custodian is not responsible for monitoring or enforcing compliance by the Client or its Investment Manager(s) with
any investment or other restriction, guideline or requirement imposed by the Client's constituent documents or by contract or Law
applicable to the Client in connection with investment activity undertaken by or on behalf of the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.3** **Data Accuracy.** The Custodian has no responsibility for, or duty to review, verify or otherwise
perform any investigation as to the completeness, accuracy or sufficiency of, any data or information provided by or on behalf of the
Client, any persons authorized by the Client, any Third Party Agent, any Market Participant or any Authorized Data Sources, except to
the extent the Custodian has agreed in writing to perform reconciliations, variance or tolerance checks or other specific forms of data
review under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.4** **Title.** The Custodian is not responsible for title or entitlement to, validity or genuineness,
including good deliverable form, of any asset received by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.5** **Proceedings.** The Custodian is not responsible for commencing legal or administrative proceedings
on behalf of the Client or relating to the assets held under this Agreement, including in respect of the late payment of income or other
payments due to the Client or amounts payable on Securities in default if payment is refused after due demand and presentment. The Custodian
shall provide commercially reasonable assistance to the Client in the Client's efforts to seek any such amounts due or payable to
the Client.

Information Classification: Limited Access

Information Classification: Confidential 12

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.6** **Laws Applicable to the Custodian or Subcustodian.** Laws applicable to the Custodian or a Subcustodian
may from time to time prohibit or cause delays in the Custodian holding assets, acting on Proper Instructions or providing the Services
to the Client in the manner contemplated by this Agreement. In such cases, the Custodian or Subcustodian will be entitled to comply with
the Law and, where permitted by such Law, the Parties will seek to resolve the situation to the Parties' mutual satisfaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.7** **Securities on Loan.** Asset servicing is not generally performed for securities on loan unless otherwise
noted in this Agreement or agreed by the Parties in writing. Provision of such services with respect to securities on loan may be
covered by a separate securities lending or services agreement.

20 Indemnity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.1** **Indemnity by Client.** Subject to this Section 20 and the exclusions and limitations of liability
elsewhere in this Agreement, including Section 17.8, the Client will indemnify the Custodian against any direct Losses incurred by the
Custodian (including Losses incurred by Subcustodians or Delegates for which the Custodian is liable) in connection with the performance
of its duties under this Agreement, including acting on Proper Instructions and Losses incurred by virtue of being the holder of record
of the Client's Securities, except, in each case, to the extent such Losses result from the Custodian's negligence, wilful
misconduct, bad faith or fraud (or that of its Subcustodians or Delegates) in the discharge of the Custodian's duties under this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.2** **Indemnity by Custodian.** Subject to this Section 20 and the exclusions and limitations of liability
elsewhere in this Agreement, including Section 17.7 and 17.8, the Custodian will indemnify the Client against any direct Losses incurred
by the Client, in each case, to the extent such Losses result from the negligence, wilful misconduct, bad faith or fraud of the Custodian
(or that of its Subcustodians or Delegates) in the discharge of the Custodian's duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.3** **Duty to Mitigate.** Each Party will use reasonable efforts to mitigate any Losses in respect of which
it claims indemnification under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.4** **Notice of Claims.** A Party seeking indemnification under this Section ("Indemnified Party")
against a third-party claim ("Indemnified Claim") will promptly provide written notice of such claim to the Party obligated
to indemnify ("Indemnifying Party"). The failure to notify the Indemnifying Party will not relieve such Party of any liability
under this Section, except to the extent that such failure materially prejudices the investigation and/or defense of the Indemnified Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.5** **Right to Control Third Party Claims.** The Indemnifying Party will, at its own expense, be entitled
but not obligated to control and direct the investigation and defense of any Indemnified Claim, except where the Custodian is the Indemnified
Party and is seeking indemnification from multiple customers for claims based on common facts or otherwise related to the Indemnified
Claim, in which case the Custodian will have the right to control and direct the investigation and defense of such claim, at the expense
of (i) the Indemnifying Party or (ii) all of the customers from which indemnification is sought, including the Indemnifying Party, pro
rata, as appropriate. Where the Indemnifying Party controls and directs the investigation of the defence of the Indemnified Claim, the
Indemnified Party may retain separate counsel at its own expense. If a conflict of interest exists between the Parties with respect to
the defense of such claim, the reasonable cost of separate counsel will be an indemnified expense.

Information Classification: Limited Access

Information Classification: Confidential 13

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.6** **Settlement of Claims.** Neither Party may settle an Indemnified Claim without the consent of the
other Party, which consent will not be unreasonably withheld, conditioned or delayed, provided that the Indemnifying Party will have the
right to settle an Indemnified Claim without the consent of the Indemnified Party if such settlement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.6.1** involves only the payment of money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.6.2** fully and unconditionally releases the Indemnified Party from any liability in exchange for the amount
paid in settlement; 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;**20.6.3** does not include any admission of fault or liability in relation to the Indemnified Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.7** **Cooperation.** In all cases, each Party will, as applicable, provide reasonable cooperation and
assistance to the other Party and keep the other Party apprised as to the status of the Indemnified Claim, including any discussions relating
to the settlement of the claim and the details of any settlement offer.

21 Obligations of the Client

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.1** **Provide Information.** The Client will provide or cause to be provided to the Custodian all data,
information, documents and instructions concerning the Client and the investment activity of the Client in relation to the Portfolio as
may be reasonably necessary or as the Custodian may reasonably request, in each case in a complete, accurate and timely manner, in order
to enable the Custodian to discharge its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.2** **AML Compliance.** The Client will comply with all applicable anti-money laundering, sanctions or
other financial crime legislation applicable to it and will provide the Custodian with all necessary sanctions questionnaires, declarations
and other documentation in order for the Custodian to comply with its anti-money laundering policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.3** **Pass Through Representations.** To the extent that the Custodian is required to give (or is deemed
to have given) any representation, warranty or undertaking to a third party relating to the Client in accordance with normal market practice
in connection with the execution of transaction documents or the issuance or transmission of trade notifications, confirmations and/or
settlement instructions, whether using facsimile transmission, industry messaging or matching utilities and/or the proprietary software
of Third Party Agents and Market Participants, CSDs or other Financial Market Utilities, the Client will be deemed to have made such representation,
warranty or undertaking to the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.4** **Operational Requirements.** The Client will adhere to the deadlines and other operational requirements
set out in the Client Publications, to facilitate meeting the requirements of CSD's,Third Party Agents and Market Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.5** **Client Review and Notification.** In accordance with standard market practice, the Client will employ
commercially reasonable review and control measures with respect to information provided by the Custodian under this Agreement and give
the Custodian prompt written notice of any suspected error or omission or the Client's inability to access any such Information
so as to prevent, stem or mitigate any Losses that may arise from the use of inaccurate data or the inaccessibility of data.

Information Classification: Limited Access

Information Classification: Confidential 14

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.6** **Fees.** In consideration for the Services provided by the Custodian, the Client will pay the Fees
as agreed in a written fee schedule or otherwise agreed in writing by the Parties from time to time. The Fees and any other amounts payable
under this Agreement are stated exclusive of any sales, use, excise, value-added, services, consumption, withholding or other similar
tax that is assessed on the supply of the Services under an agreement. Any such tax will be payable by the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.7** **Client Publications.** The Client will ensure that it provides the Custodian with and regularly updates,
as necessary, e-mail and other contact details for its representatives to enable timely distribution and receipt of the Client Publications.

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|:---|:---|
| 22 | Proper Instructions |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.1** **Dealings in Cash and Securities.** The Custodian will effect all transactions and dealings in Cash
and Securities under this Agreement in accordance with Proper Instructions, subject to any other rights it may have under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.2** **Appointment of Authorized Persons.** The Client and each Investment Manager will provide the Custodian
with a list of the names and (if applicable) signatures, of Authorized Persons in a form agreed by the parties from time to time. The
Custodian may rely upon the authority of each Authorized Person until it receives written notice to the contrary from the Client and has
had a reasonable time to act on such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.3** **Authentication Procedures.** The Custodian will implement Authentication Procedures. The Client acknowledges
that the Authentication Procedures are intended to provide a commercially reasonable degree of protection against unauthorized transactions
of certain types and are not designed to detect errors. Any purported Proper Instruction received by the Custodian in accordance with
an Authentication Procedure will be taken to have originated from an Authorized Person and will constitute a Proper Instruction under
this Agreement for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.4** **Security Measures by Client.** The Client is responsible for ensuring that appropriate security measures
are implemented to prevent unauthorized disclosure or use of any Authentication Procedure made available to it or an Investment Manager
in connection with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.5** **No Duty to Verify.** Except to the extent the Custodian is required to comply with Authentication
Procedures under Section 22.3 above, the Custodian has no duty to verify that personnel of the Client or any Investment Manager engaged
in investment activity are authorized to do so or that any instructions received by the Custodian are duly authorized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.6** **Decline/Delay in Processing.** The Custodian reserves the right to decline to process or delay the
processing of any purported Proper Instruction where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.6.1** the Custodian, in good faith, determines that the instruction may not have been properly authorized;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.6.2** the instruction is inaccurate, incomplete or unclear;

Information Classification: Limited Access

Information Classification: Confidential 15

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.6.3** the instruction conflicts with the terms of this Agreement or any Law applicable to either Party, Local
Market Practice or the Custodian's standard operating procedures; 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;**22.6.4** the Custodian has not been given a reasonable time period to effect the instruction.

In these circumstances, the Custodian will promptly seek authentication, clarification, correction or amendment of any Proper Instruction, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.7** **Cancellation and Amendment**. The Custodian will use reasonable efforts to act on Proper Instructions
to cancel or amend previously issued Proper Instructions if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.7.1** the Custodian has not already acted on the previously issued Proper Instructions; 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;**22.7.2** the Proper Instruction to cancel or amend is received before the applicable deadlines specified from time
to time in the Client Publications or applicable event notification.

The Custodian is not responsible or liable if the request to cancel or amend cannot be satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.8** **Oral Instructions.** If applicable, the Custodian may act on an oral instruction (given in accordance
with an agreed Authentication Procedure) before receipt of any written confirmation and irrespective of whether any subsequent written
confirmation conforms to the oral instruction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.9** **Conflicting Claims.** If there is a dispute or conflicting claim with respect to Securities or Cash
held by the Custodian under this Agreement, the Custodian is entitled to refuse to act on a Proper Instruction of the Client or any Investment
Manager in relation to the particular Securities or Cash until either (i) the dispute or conflicting claims have been finally determined
by a court of competent jurisdiction or settled by agreement between the conflicting parties, and the Custodian has received written evidence
satisfactory to it of such determination or agreement, or (ii) the Custodian has received an indemnity, security or both, satisfactory
to it and sufficient to hold it harmless from and against any and all Losses which the Custodian may incur as a result of its actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.10** **Matters Not Requiring Proper Instructions.** The Client authorises the Custodian in the absence of
Proper Instructions to attend to all matters which may be necessary or appropriate to discharge its duties and give effect to the terms
of this Agreement, including the execution, in the Client's name or on its behalf, of any affidavits, certificates of ownership
and other certificates and documents relating to Securities.

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| | |
|:---|:---|
| **23** | **Creditors Rights** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.1** **Security.** To secure the full and timely satisfaction of all Secured Liabilities, the Client hereby
grants to the Custodian a security interest in and a right of retention, sale and set off, as applicable, against (i) all of the Client's
Cash, Securities, and other assets, whether now existing or hereafter acquired, in the possession or under the control of the Custodian
or its Subcustodians pursuant to this Agreement and (ii) any and all cash proceeds of any of the above (collectively, the "Collateral").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.2** **Rights of the Custodian**. In the event that the Client fails to satisfy in full any of the Secured
Liabilities as and when due and payable, the Custodian will have, in addition to all other rights and remedies arising under this Agreement
or under applicable Law, the rights and remedies of a secured party under applicable Law. Without prejudice to the Custodian's other
rights and remedies, the Custodian will be entitled, in each case as and to the extent reasonably necessary to satisfy in full the Secured
Liabilities and any related transaction expenses, to (a) exercise its right of retention and withhold delivery of any Collateral and otherwise
refuse to act on any Proper Instruction relating to such Collateral, (b) sell or otherwise realize any Collateral, and (c) set off the
net proceeds of such sale or realization of Collateral and/or the amount of any deposit balances standing to the credit of the Client
in any Cash Account(s) against such Secured Liabilities.

Information Classification: Limited Access

Information Classification: Confidential 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.3** **Exercise of Rights**. The Custodian may exercise its rights and remedies against the Collateral in
any manner (including by any method, at any time or place, and on any terms) as it deems, in good faith, to be commercially reasonable
under the circumstances, and will use reasonable efforts to effect any sale of Collateral at the prevailing market price in the relevant
market. Without limiting the foregoing, the Client acknowledges that it will be commercially reasonable for the Custodian to, among other
things: (i) accelerate or cause the acceleration of the maturity of any fixed term deposits comprised in the Collateral and (ii) effect
any necessary currency conversions through its own trading desk at such exchange rates as it determines in its reasonable discretion,
which rates may include a mark-up from the rates the Custodian receives on the interbank market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.4** **Notice.** The Custodian will use reasonable efforts to give the Client prior notice of any exercise
of the right to sell or otherwise realize Collateral set forth above, provided that the Custodian will not be obligated to give prior
notice to the Client or delay exercising its rights pending or after the provision of such notice if, in its reasonable judgment, giving
such notice or any such delay would prejudice its ability to obtain satisfaction in full of the Secured Liabilities.

24 Confidentiality and Use of Data

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.1** **Confidential Information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.1.1** All information provided by or on behalf of a party (the "Disclosing Party") to the other
party (the "Receiving Party") regarding the Disclosing Party's business or operations that the Receiving Party knows
or reasonably should know that a reasonable institutional investor would consider to be confidential, proprietary or a trade secret, including
but not limited to holdings, transactions, and the identity of Client's clients, will be treated as confidential ("Confidential
Information"). Confidential Information will not include information that: (a) is publicly available when provided or thereafter
becomes publicly available, other than through a breach of this Agreement: (b) was known to the Receiving Party (without an obligation
of confidentiality) prior to its disclosure; (c) is independently developed by the Receiving Party without the use of other Confidential
Information; or (d) is rightfully obtained on a non-confidential basis from a third party source. The terms and conditions of this Agreement
will be treated as Confidential Information as to which each Party is a Disclosing Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.1.2** Subject to this Section 24, Confidential Information will not be disclosed by the Receiving Party to any
third party without the prior consent of the Disclosing Party. Both parties shall take commercially reasonable physical, electronic and
procedural security measures to prevent any unauthorized access to or use of Confidential Information of the other party. Such measures
will be no less protective than those used to secure the receiving party's own data of a similar type. The Custodian further agrees
that Confidential Information will not be transferred outside the United States except as permitted by this Agreement and in accordance
with the law applicable to the Custodian.

Information Classification: Limited Access

Information Classification: Confidential 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.1.3** The Receiving Party will not be considered to have breached its obligations by disclosing the Disclosing
Party's Confidential Information to the extent such Confidential Information is disclosed: (i) to comply with any legal or regulatory
proceeding, investigation, audit, examination, subpoena, civil investigative demand, request by a regulatory authority or other similar
process; or (ii) as required by operation of law or regulation or as required to comply with the requirements of any market infrastructure
that the Disclosing Party or its agents direct the Agent or its Affiliates to employ (or which is required in connection with the holding
or settlement of instruments included in the assets subject to 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;**24.1.4** Each Party acknowledges that the disclosure to any non-authorized third party of Confidential Information
or the use of Confidential Information in violation of this Agreement, may immediately give rise to continuing irreparable injury inadequately
compensable in damages at law, and in such cases the affected party may seek to obtain immediate injunctive relief against any such breach
or any threatened breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.1.5** Notwithstanding any term to the contrary in this Agreement, Feedback shall not be considered Confidential
Information and any intellectual property, product or product or service enhancement resulting from such Feedback shall be exclusively
owned by the Custodian. "Feedback" means any ideas or suggested changes specifically about Custodian's products and/or
services, including suggestions for future products and/or Services. For the avoidance of doubt Feedback does not include holdings, transaction
information or other Data of the Client or any other information about the Client's funds, investment strategies or business plans
that is not specifically about Custodian's products and/or 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;**24.1.6** Upon termination of the Agreement, Custodian shall promptly (but in no event later than ninety (90) days
from the date of termination) destroy or, if requested by Client, return in machine-readable format any Confidential Information, provided
that Custodian may keep copies of any Confidential Information as may be required by law or any regulatory authority or by Custodian's
internal record retention policies reasonably designed to comply with applicable law or regulation. Custodian further agrees that it will
properly dispose of such Confidential Information in a manner that is designed to protect against unauthorized access to or use of such
information. Upon request by Client, Custodian shall certify to Client in writing within ninety (90) days from the termination of the
Agreement that all copies of such Confidential Information have either been destroyed or certified in compliance with this provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.2** **Use of 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;**24.2.1** Subject to this Section 24, all Confidential Information will be used by the Receiving Party solely for
the purpose of providing or receiving Services, as applicable, or otherwise discharging its obligations under an Agreement. Either party
may also use Confidential Information to the extent reasonably necessary to carry out management of its businesses, including, but not
limited to, financial and operational management and reporting, risk management, legal and regulatory compliance and client service management.
Custodian agrees not to purchase, sell or recommend investments based on Confidential Information.

Information Classification: Limited Access

Information Classification: Confidential 18

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.2.2** Custodian and its Affiliates may collect and store Confidential Information and Data. "Data"
means any Confidential Information of the Client relating to its and its clients' holdings, transactions or other transactional
or financial data that Custodian receives in connection with the provision of the services under this Agreement or any other 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;**24.2.3** Custodian and its Affiliates may use Data to develop, publish or otherwise distribute to third parties
certain investor behavior "indicators" or "indices" that represent broad trends in the flow of investment funds
into various markets, sectors or investment instruments (collectively, the "Indicators"), but only so long as (i) the Data
is combined or aggregated with (A) information of other customers of Custodian and/or (B) information derived from sources other than
Client, in each case such that the Indicators do not allow for attribution or identification of such Data with the Client or its applicable
clients or identification of Client's holdings, transactions or investment strategies or processes, (ii) the Data represents less
than a statistically meaningful portion of all of the data used to create the Indicators and (iii) Custodian publishes or otherwise distributes
to third parties only the Indicators and under no circumstance publishes, makes available, distributes or otherwise discloses any of the
Data to any third party, whether aggregated, anonymized or otherwise, except as expressly permitted under this Agreement. Upon reasonable
request by Client, Custodian will coordinate a diligence meeting with Client to discuss the controls regarding use of Client's Data
in Indicators and to discuss any Indicators that include Client's Data. Based on a change in facts regarding the management or use
of the Data, Client may request that Custodian remove Client's Data from the Indicators at any time and such request shall be effected
within ninety (90) days of receipt by Custodian, it being understood that upon such request being implemented Client shall no longer have
access to any Indicators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.2.4** Custodian and its Affiliates may also use, on an anonymous basis, Data to develop, publish or otherwise
distribute to third parties other products and research (the "Other Products"), but only so long as (i) Custodian does not
actually publish, make available, distribute or otherwise disclose any of the Data to any third party and (ii) the Client has consented
in writing to the inclusion of such Data, such consent not to be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.2.5** Custodian will be entitled to charge the Client reasonable fees for any additional reporting or any value
added to such Data by Custodian or its Affiliates, including any enhancement or structuring of Data that the Client requests be provided
to it or another person or implemented other than in the ordinary course of the Custodian's discharge of its obligations under this
Agreement. In any such case the fees, if not reflected in the Fees and Expenses, will be mutually agreed and will appropriately compensate
Custodian for the provision of such additional reporting or such value added to such Data by Custodian or its Affiliates, including any
enhancement or structuring of Data. Custodian will not be required to comply with any such request if Custodian reasonably determines
that the provision of additional reporting or the provision of any value added to such Data by Custodian or its Affiliates, including
any enhancement or structuring of Data exposes Custodian to liability or to competitive harm unless the Client or the entity receiving
the Data provides Custodian with such protections as Custodian may reasonably require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.2.6** Custodian will not be liable for (i) the use of reports derived from Data for any purpose other than directly
in connection with the Client's receipt of the Services, or (ii) the use of enhanced Data for any purpose other than directly in
connection with the Client's receipt of the Services, in each case, provided by Custodian to the Client or any other person that
receives such Data by or on behalf of the Client (including by Custodian at the direction of the Client).

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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;**24.2.7** Except as expressly contemplated by this Agreement, nothing in this Section 24 will limit the confidentiality,
information security and data-protection obligations of Custodian under this Agreement and applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3** **Disclosure of Confidential Information and 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;**24.3.1** The Receiving Party may disclose the Disclosing Party's Confidential Information to (i) its attorneys,
accountants, auditors and other similar advisors that have a reasonable need to know such Confidential Information or (ii) to its Affiliates
and any of its third-party agents (including subcontractors and consultants) and service providers in connection with carrying out the
provision of services ("Service Providers" and together with the entities in clause (i), "Representatives"). in
each case of (i) and (ii) whether located inside or outside the United States, provided such Confidential Information is disclosed under
obligations of confidentiality and restrictions on use substantially similar to those of the Receiving Party 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;**24.3.2** Custodian may disclose Confidential Information of the Client as may be required to perform its obligations
under an Agreement or any Proper Instruction, including the requirements of any market infrastructure or in connection with holding or
settlement of cash, securities or other instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.3** Each Party will be responsible for any use or disclosure of Confidential Information of the Disclosing
Party in violation of this Agreement by its Affiliates and Representatives as though such Party had used or disclosed such Confidential
Information itself. The Custodian further agrees that it will provide a list of critical third-party agents and service providers with
access to Confidential Information upon reasonable request of the Client.

25 Effective Period, Termination and Amendment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.1** This Agreement shall remain in full force and effect until one
year from the Effective Date (the "Initial Term") unless terminated as set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.2** After the expiration of the Initial Term, the contract will continue indefinitely, provided that either
party may terminate this Agreement for any reason by giving at least one hundred eighty (180) days' prior written notice to the
other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.3** During the Initial Term and thereafter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.3.1** either party may terminate this Agreement by giving notice in writing to the other party (a) if the party
notified is in material breach of the Agreement and (if such breach is capable of remedy) it has not been remedied within thirty (30)
days after service of written notice of such breach, unless a longer period for remediation is agreed to by the parties; (b) if the party
notified is unable to pay its debts as they fall due or upon the filing by or against the notified party of a petition or other proceeding
in bankruptcy, insolvency, or for the appointment of a receiver of the notified party or any substantial part of its property; or (c)
if termination of the Agreement is required by applicable law or regulation;

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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;**25.3.2** the Client may terminate this Agreement by giving at least sixty (60) days prior written notice to the
Custodian if the Custodian assigns the Agreement without the Client's consent (other than to an Affiliate); 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;**25.3.3** the Client may terminate this Agreement if (a) the Client determines that the Custodian has failed to
meet, in a persistent manner that has, or may reasonably be expected to have, an adverse impact on the Client, (b) the Client has given
written notice to the Custodian of such determination, and (c) the Custodian has not remedied such deficiencies within sixty (60) days
after service of written notice, unless a longer period for remediation is agreed to by the parties (the "Service Deficiency Notice
Period"). During the Service Deficiency Notice Period, the Client shall cooperate with the Custodian to develop a reasonably acceptable
remedial plan and shall discuss with the Custodian progress on that plan's development and execution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.3.4** The Client shall not appoint for a Client a substitute Custodian to provide the same services as those
performed by the Custodian under this Agreement (other than agents contemplated by this Agreement) during the Initial Term unless a Client
has terminated the Agreement with respect to such Client as set forth 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;**25.3.5** In addition, the Custodian agrees to continue to provide services to each Client per the fee schedules
then in effect for a period not longer than three hundred sixty (360) days from the date of service of the written notice of termination
and the Agreement will continue to be in effect during such 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;**25.3.6** Termination of this Agreement with respect to any given Client shall in no way affect the continued validity
of this Agreement with respect to any other Client. Upon termination of this Agreement, the Client shall pay to the Custodian such compensation
and any reimbursable expenses as may be due under the terms hereof as of the date of such termination, including reasonable out-of-pocket
expenses associated with such termination. This Agreement may be modified or amended from time to time by mutual written agreement of
the parties hereto **.** 

26 Representations and Warranties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.1** **Each Party.** Each Party represents and warrants to the other
that: (i) it has the power to enter into and perform its obligations under this Agreement; and (ii) it has duly executed this Agreement
by duly authorized persons so as to constitute valid and binding obligations of that Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.2** **Client.** The Client further represents and warrants to the Custodian that: (i) it is the beneficial
owner of the assets comprising the Portfolio or is entitled to deal with the assets comprising the Portfolio under this Agreement as if
it were beneficial owner; and (ii) unless otherwise agreed, the Client acts as principal for the purposes of this Agreement and not as
agent for another person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.3** **Custodian.** The Custodian further represents and warrants to the Client that: (i) it holds such
authorisations and licences as are necessary to lawfully perform its obligations under this Agreement; and (ii) it will seek to maintain
such authorisations and licenses for the term of this Agreement.

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27 Record Retention and Audit Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.1** **Records.** The Custodian will retain the records it is required
to maintain under this Agreement in accordance with the Law applicable to the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.2** **Client and Regulator Access.** The Custodian will allow the Client and the Client's regulators
or supervisory authorities to perform periodic on-site audits as may be reasonably required to examine the Custodian's performance
of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.3** **Frequency and Scope.** For inspections requested by the Client (such request will include reasonable
advance notice) and agreed to by the Custodian, the Custodian reserves the right to impose reasonable limitations on the number, frequency,
timing, and scope of such audits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.4** **Limitations on Disclosure.** Nothing contained in this Section will obligate the Custodian to provide
access to or otherwise disclose: (i) any information that is unrelated to the Client and the provision of the Services to the Client;
(ii) any information that is treated as confidential under the Custodian's corporate policies, including, without limitation, internal
audit reports, compliance or risk management plans or reports, work papers and other reports, and information relating to management functions;
or (iii) any other documents, reports, or information that the Custodian is obligated or entitled to maintain in confidence as a matter
of law or regulation. In addition, any access provided to technology will be limited to a demonstration by the Custodian of the functionality
thereof and a reasonable opportunity to communicate with the Custodian's personnel regarding such technology.

28 Business Continuity, Internal Controls and Information Security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.1** **Business Continuity Plans.** The Custodian will at all times maintain a business contingency plan
and a disaster recovery plan and will take commercially reasonable measures to maintain and periodically test such plans. The Custodian
will implement such plans following the occurrence of an event which results in an interruption or suspension of the Services to be provided
by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.2** **Internal Controls Review and Repor** t. The Custodian will retain a firm of independent auditors to
perform an annual review of certain internal controls and procedures employed by the Custodian in the provision of the Services and issue
a standard System and Organization Controls 1 or equivalent report based on such review. The Custodian will provide a copy of the report
to the Client upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.3** **Information Security Systems and Controls.** The Custodian will maintain commercially reasonable
information security systems and controls, which include administrative, technical, and physical safeguards that are designed to: (i)
maintain the security and confidentiality of the Client's data; (ii) protect against any anticipated threats or hazards to the security
or integrity of the Client's data, including appropriate measures designed to meet legal and regulatory requirements applying to
the Custodian; and (iii) protect against unauthorized access to or use of the Client's data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.4** **Virus Detection.** The Custodian will at all times employ a current version of one of the leading
commercially available virus detection software programs to test the hardware and software applications used by it to deliver the Services
for the presence of any computer code designed to disrupt, disable, harm, or otherwise impede operation.

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|:---|:---|
| 29 | General |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.1** **Services Not Exclusive; Acting in Various Capacities.** The Custodian, its Subcustodians and their
Affiliates are part of groups of companies and businesses that, in the ordinary course of their business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.1.1** provide a wide range of financial services to many clients of different kinds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.1.2** engage in transactions for their own account (including acting as banker as outlined in Section 4.4 and
acting as foreign exchange counterparty as outlined in Section 13) or for the account of other clients;

which may result in actual, perceived or potential conflicts between the interests of the Client and the interest of the Custodian, its Subcustodians and their Affiliates or between the interests of clients. The Custodian maintains a conflicts of interest policy, and has implemented procedures and arrangements to identify and manage conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2** **Disclosure of Conflicts.** In connection with the matters outlined in Section 29.1.1, the Custodian,
its Subcustodians and their Affiliates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2.1** may do business with each client on different contractual or financial terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2.2** will seek to profit and is entitled to receive and retain profits and compensation in connection with
such activities without any obligation to account to the Client for the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2.3** may act as principal in its own interests, or as agent for its other clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2.4** may act or refrain from acting based upon information derived from such activities that is not available
to the Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2.5** are not under a duty to notify or disclose to the Client any information which comes to their notice as
a result of such activities; 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;**29.2.6** do not have an obligation to consider, act in, or provide information to the Client in respect of, the
interests of the Client in connection with such activities, except to the extent (if any) expressly agreed in writing with the Client
under the contractual arrangements governing those activities.

The Custodian may (but is not required to) make any disclosure or notification in connection with such activities to the Client via publication on MyStateStreet.com or other notification mechanism.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.3** **Notice.** Unless otherwise specified, all notices, requests, demands and other communications under
this Agreement (other than routine operational communications), will be in writing and will be taken to have been given:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.3.1** when delivered by hand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.3.2** on the next Business Day after being sent by e-mail (unless the sender receives an automated message that
the e-mail has not been delivered);

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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;**29.3.3** on the next Business Day after being sent by overnight courier service for next Business Day delivery;
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;**29.3.4** on the third Business Day after being sent by certified or registered mail, return receipt requested;

in each case to the applicable Party at the address or e-mail address specified on <u>Schedule 2</u>, or such other address or e-mail address as a Party may specify by written notice from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.4** **Waiver.** No failure on the part of any Party to exercise, and no delay on its part in exercising,
any right or remedy under this Agreement will operate as a waiver, nor will any single or partial exercise of any right or remedy preclude
any other or further exercise of that right or remedy, or the exercise of any other right or remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.5** **Sole Remedy.** Subject to the right to seek relief under the specific circumstances expressly permitted
in this Agreement, each of the Custodian and the Client agrees that, to the maximum extent permitted by law, a claim for breach of contract
under and consistent with the terms of this Agreement will be the sole and exclusive remedy available for any and all matters arising
from or in any way relating to this Agreement, the provision of the Services or any conduct (including omissions and alleged conduct)
relating to the Agreement or provision of the Services, whether before, during or after the term of this Agreement. Accordingly, to the
maximum extent permitted by law, each of the Custodian and the Client, on behalf of itself and its Affiliates, waives any and all other
rights and remedies that otherwise would be available to such party in law or equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.6 Assignment. This Agreement may
not be assigned by (a) the Client without the written consent of the Custodian or (b) the Custodian without the written consent of the
Client, except that the Custodian may assign this Agreement without the written consent of the Client either (i) to any party in connection
with an insolvency, receivership or similar winding up of the Custodian or its parent or in connection with the fulfilment of any regulatory
action involving the Custodian, or (ii) upon sixty (60) days' prior written notice, to a successor of all or a substantial portion
of its business, or to an affiliate of the Custodian; provided, however that upon the assignment to such a successor, the Initial Term
shall expire and the Client may terminate this Agreement consistent with its rights described in Section 25.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.7 Entire Agreement. This Agreement is the complete and exclusive agreement
of the Parties regarding the Services and supersedes, as of the Effective Date, all prior oral or written agreements, arrangements or
understandings between the parties relating to the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.8 Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.9 Counterparts and Electronic Signatures. This Agreement may be executed
in separate counterparts, each of which will be an original, but which together will constitute one and the same agreement. Counterparts
may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and
the Parties adopt as original any signatures received in electronically transmitted form. This Agreement may be executed by electronic
signature (whatever form the electronic signature takes) and the Parties agree that this method of signature is as conclusive of the intention
to be bound by this Agreement as if signed by the Parties' manuscript signatures.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.10 Severance. In the event that any part of this Agreement will be determined
to be void or unenforceable for any reason, the rest of this Agreement will be unaffected (unless the essential purpose hereof is substantially
frustrated by such determination) and will be enforceable in accordance with the rest of its terms as if the void or unenforceable part
were not a part of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.11 Survival. The provisions of Sections 10 (Tax Withholding and Tax Relief),
17 (Standard of Care and Liability), 20 (Indemnity), 21 (Obligations of the Client-Fees), 23 (Creditors Rights), 24 (Confidentiality and
Use of Data) and 25.3.5 (Termination) are continuing obligations and will survive termination of this Agreement for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.12 Governing Law and Jurisdiction. This Agreement is governed by and interpreted
in accordance with the laws of the Commonwealth of Massachusetts, and any disputes which may arise out of, under or in connection with
this Agreement will be determined by the exclusive jurisdiction of the Massachusetts courts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.13 The Parties; Additional Clients

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.13.1** All references in this Agreement to the "Client" are to each of the client entities listed
on <u>Appendix A</u>, individually, as if this Agreement were between the relevant individual Client and the Custodian. Any reference
in this Agreement to "the Parties" shall mean the Custodian and the individual Client as to which the matter relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.13.2** If any entity in addition to those listed on <u>Appendix A</u> would like the Custodian to render Services
under the terms of this Agreement, the entity may notify the Custodian in writing. If the Custodian agrees in writing to provide
the services, <u>Appendix A</u> will be taken to be amended to include such entity as a Client and that entity (together with the Custodian)
will be bound by all Sections of this Agreement.

***[Reminder of Page Intentionally Left Blank]***

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| | |
|:---|:---|
| Signed by the Parties: | Signed by the Parties: |
| WELLINGTON GLOBAL MULTI-STRATEGY FUND | WELLINGTON GLOBAL MULTI-STRATEGY FUND |
| By: | /s/ Matthew J. Bowser |
| Name: | Matthew J. Bowser |
| Title: | Treasurer and Principal Financial Officer |
| STATE STREET BANK AND TRUST COMPANY | STATE STREET BANK AND TRUST COMPANY |
| By: | /s/ Timothy Bias |
| Name: | Timothy Bias |
| Title: | Managing Director |

---

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**Schedule 1<br> Definitions**

In this Agreement:

"**1940 Act**" means the U.S. Investment Company Act of 1940, as amended from time to time.

**"Affiliate"** means, with respect to any person, any other person Controlling, Controlled by, or under common Control with, such person at the time in question. For these purposes. "Control" and its derivatives "Controlled" and "Controlling" mean, with regard to any person: (i) the legal or beneficial ownership, directly or indirectly, of fifty percent (50%) or more of the issued share capital or capital stock of that person (or other ownership interest, if not a corporation); (ii) the ability to control, directly or indirectly, fifty percent (50%) or more of the voting power in relation to that person; or (iii) the legal power to direct or cause the direction of the general management and policies of that person, provided that where Control is being determined with respect to a person that is a limited partnership, Control shall be determined by reference to the satisfaction of any of the above tests with respect to the general partner of the limited partnership.

**"Assets"** has the meaning given to it in Section 3.1.

**"Alternative Assets"** means derivatives, real estate, commodities, private placements, loans, infrastructure holdings, private equity holdings, hedge fund holdings or such other assets (i) not typically held in book-entry form and (ii) not typically held in accounts registered in the name of the Custodian or a Subcustodian, in each case as determined by the Custodian.

"**Authentication Procedures**" means the use of security codes, passwords, tested communications or other authentication procedures as may be agreed upon in writing by Parties from time to time for purposes of enabling the Custodian to verify that purported Proper Instructions have been originated by an Authorized Person, and will include a Funds Transfer and Transaction Origination Policy Agreement.

"**Authorized Data Sources**" means third party sources of data and information utilized by the Custodian in the provision of the Services, including issuer and issuer group data; security characteristics and classifications; security prices (OTC and exchange traded); ratings (issuer and issue); exchange, interest, discount and coupon rates; corporate action, dividend, income and tax data; benchmark, index, composite and indice related data (including values, constituents, weights and performance); and other reference and market data and information necessary for the performance of the Services.

"**Authorized Person**" means a person authorized to give Proper Instructions and otherwise act on the Client's behalf in connection with this Agreement.

"**Business Day**" means a day on which the Custodian or the relevant Subcustodian is open for business in the market or country in which a transaction or an action by a Party takes place.

"**Board**" means, in relation to a Client, the board of directors, trustees or other governing body of the Client.

"**Cash**" means cash in any currency from time to time deposited with the Custodian or Subcustodian under this Agreement.

"**Cash Account**" has the meaning given to it in Section 4.1.

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"**Client**" means the party named in the preamble. In the case of an investment entity that is structured as a series organization or umbrella scheme, all references in this Agreement to the "Client" are to the individual series or scheme, as applicable.

**"Client Publications"** means the general client publications of the Custodian from time to time available to clients and their investment managers, including the Investment Managers' Guide, Client Guide, Guide to Custody in World Markets, and FX Client Guide.

**"Collateral"** has the meaning given to it in Section 23.1.

**"Confidential Information"** means all information provided by or on behalf of a party (the "Disclosing Party") to the other party (the "Receiving Party"), or collected by a Receiving Party, under or pursuant to this Agreement that is marked "confidential", "restricted", "proprietary" or with a similar designation, or that the Receiving Party knows or reasonably should know is confidential, proprietary or a trade secret. The terms and conditions of this Agreement (including any related fee schedule or arrangement) and any Fees will be treated as Confidential Information as to which each Party is a Disclosing Party. Confidential Information will not include information that: (i) is publicly available when provided or thereafter becomes publicly available, other than through a breach of this Agreement: (ii) was known to the Receiving Party (without an obligation of confidentiality) prior to its disclosure; (iii) is independently developed by the Receiving Party without the use of other Confidential Information; (iv) is rightfully obtained on a non-confidential basis from a third party source.

**"Contractual Settlement"** has the meaning given to it in Section 5.2.

**"Corporate Actions"** means warrant and option exercises, conversions, exchanges and other capital reorganizations, calls, odd lot tenders/credits, bonus rights, subscription offers/rights, puts, maturities of securities, redemptions, mergers, tender or exchange offers, and rights exercises and expirations. Corporate Actions do not include class actions.

"**Corporate Actions Deadline Date**" has the meaning given to it in Section 6.2.

"**Covered Foreign Country**" means a country listed on Schedule A, which list of countries may be amended from time to time at the request of any Client and with the agreement of the Foreign Custody Manager.

"**CSD**" or "**Central Securities Depository**" means an entity or generally recognized book-entry or other settlement system or clearing house, central clearing counterparty or agency, acting as a local securities depository, central securities depository or international securities depository, the use of which is customary for securities settlement activities in the jurisdiction(s) in which it holds Securities or Cash in connection with this Agreement, and through which the Custodian may transfer, settle, clear, deposit or maintain Securities whether in certificated or uncertificated form and will include any services provided by any network service provider or carriers or settlement banks used by a CSD.

"**Data**" means any Confidential Information of the Client relating to its holdings, transactions or other information that the Custodian obtains with respect to the Client in connection with the provision of the Services under this Agreement or any other agreement.

"**Delegate**" means any agent, subcontractor, consultant and other third party, whether affiliated or unaffiliated with the Custodian. The term Delegate does not include Subcustodians, CSDs, Authorized Data Sources, suppliers of information technology or related services, or Financial Market Utilities.

Information Classification: Limited Access

Information Classification: Confidential 28

**"Effective Date"** has the meaning given to it in the preamble.

"**Eligible Foreign Custodian**" has the meaning set out in Section (a)(1) of Rule 17f-5.

"**Eligible Securities Depository**" has the meaning set out in section (b)(1) of Rule 17f-7.

"**Fees**" means the fees charged by the Custodian in consideration for providing the Services and the costs, expenses and disbursements of the Custodian to be reimbursed by the Client, as agreed between the Parties from time to time in a separate written fee schedule, or as otherwise agreed in writing.

"**Financial Market Utility**" means any multilateral system for transferring, clearing, and settling payments, securities, and other financial transactions among or between financial institutions, including payment systems, central securities depositories, securities settlement systems, central counterparties and trade repositories.

"**Force Majeure Event**" means any event or circumstances beyond the reasonable control of the Custodian, including nationalization, expropriation, currency restrictions, suspension or disruption of the normal procedures and practices, or disruption of the infrastructure, of any securities market or CSD, interruptions in telecommunications or utilities, acts of war or terrorism, riots, revolution, acts of God or other similar events or acts.

"**Foreign Assets**" means a Client's Securities or other investments (including non-U.S. Cash) for which the primary market is outside the United States, and any cash and cash equivalents that are reasonably necessary to effect transactions in those investments.

"**Foreign Custody Manager**" has the meaning set forth in section (a)(3) of Rule 17f-5.

"**Foreign Securities System**" means an Eligible Securities Depository listed on Schedule B.

"**Indemnified Claim**", "**Indemnified Party**" **and** "**Indemnifying Party**" each have the meaning given to them in Section 20.4.

"**Insolvency Event**" means the occurrence of any of the following events in relation to any person: (i) the person generally does not pay its debts as such debts become due, or admits in writing its inability to pay its debts generally, or makes a general assignment for the benefit of creditors; or (ii) any proceeding is instituted by or against such person seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, or other similar official for it or for any substantial part of its property and, where any such proceeding is instituted against (but not by) such person, such person does not promptly seek dismissal of such proceeding or its motion or request to dismiss such proceeding is denied (whether or not on an initial, interim or final basis); or (iii) such person proposes or takes any corporate action to authorize any of the preceding actions or anything analogous to the foregoing events occurs in relation to such person under the laws of any jurisdiction.

"**Investment Document**" means any agreement, subscription, assignment or other document evidencing in physical form an investment of the Client, or providing for the ownership by the Client, in each case that is acceptable to the Custodian. For the avoidance of doubt, it does not include any Security, instrument, certificate, title, agreement or other document that is accompanied by a stock power or instrument of assignment, endorsed to the Custodian or in blank.

"**Investment Manager**" means each person specified as such by the Client, including its agents and delegates.

Information Classification: Limited Access

Information Classification: Confidential 29

"**Law**" means any statute, ordinance, order, judgment, decree, subordinate legislation, rule or regulation promulgated by any regulatory, administrative or judicial authority or otherwise in force in any jurisdiction, applicable to a Party, that relates to the performance by such Party of the Services or obligations under this Agreement.

"**Local Market Practice**" means the customary or established practices, procedures and terms in the jurisdiction or market where a transaction occurs, including the rules and procedures of any exchange or over the counter market and any practical constraints that exist with respect to the exercise of shareholder rights, realisation of entitlements or the sale, exchange, purchase, transfer or delivery of Cash or Securities.

"**Losses**" means all direct losses, damages, claims, costs, expenses or other liabilities (including reasonable attorneys' fees and other litigation expenses).

"**Market Participant**" means any issuer, intermediary, exchange, transaction counterparty or other market participant.

"**Off Book Cash**" has the meaning given to it in Section 4.2.

"**On Book Cash**" has the meaning given to it in Section 4.2.

"**Parties"** means the parties set out at the beginning of this Agreement.

"**Portfolio**" means the Securities and Cash delivered to and held by the Custodian which comprise the assets of the Client over which the Custodian provides the Services pursuant to this Agreement.

"**Proper Instructions**" means instructions (which may be standing instructions and which includes any security trade advice) received by the Custodian through an agreed Authentication Procedure in any of the following forms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in writing given by an Authorized Person including a facsimile transmission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in an electronic communication as may be agreed upon between the Custodian and the Client in writing from
time to time; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by such other means as may be agreed from time to time by the Custodian and the Client.

"**Rule 17f-4, Rule 17f-5, and Rule17f-7**" means Rule 17f-4, Rule 17f-5 and Rule 17f-7 promulgated under the 1940 Act.

"**Schedule" or "Schedules"** are all of the schedules referenced herein and attached to this Agreement.

**"Secured Liabilities"** means all liabilities or obligations owed by the Client to the Custodian or its Affiliates relating to this Agreement, including: (a) the obligations of the Client to the Custodian or its Affiliates in relation to any advance of cash or securities or any other extension of credit for any purpose; (b) the obligations of the Client to compensate the Custodian for the provision of the Services; and (c) the indemnity obligations of the Client to the Custodian under Section 20.

"**Securities**" means securities and such other similar assets as the Custodian may from time to time accept into custody under this Agreement.

"**Securities Account**" has the meaning given to it in Section 3.2.

"**Services**" means the services to be provided by the Custodian to the Client in accordance with this Agreement.

"**Special Subcustodian**" has the meaning given to it in Section 14.3.

Information Classification: Limited Access

Information Classification: Confidential 30

"**Subcustodian**" means any qualified bank, credit institution, trust company or other entity appointed by the Custodian to perform safekeeping, processing and other elements of the Services, including Affiliates or non-Affiliates of the Custodian.

"**Third Party Agent**" means any provider of services to the Client (other than the Custodian, a Subcustodian or Delegate under this Agreement) including any Investment Manager, adviser or sub-advisor, distributor, broker, dealer, transfer agent, administrator, accounting agent, audit firm, tax firm, or law firm.

"**UCC**" means the Uniform Commercial Code of the Commonwealth of Massachusetts, as in effect from time to time.

"**U.S.**" shall mean the United States of America.

"**U.S. CSD**" means a CSD authorized by the U.S. Department of the Treasury or a "clearing corporation" as defined in Section 8-102 of the UCC.

<u>Interpretation</u>: Capitalized terms used in this Agreement have the meanings given to them in this Schedule 1 unless otherwise defined. In this Agreement references to "persons" will include legal as well as natural persons or entities, references importing the singular will include the plural (and vice versa), use of the masculine pronoun will include the feminine, use of the terms "include", "includes" or "including" shall be deemed to be followed by the phrase "without limitation" and any specific examples given following the use of such terms shall be illustrative and in no way limit the general meaning of the words preceding them and numbered schedules, exhibits or Sections will (unless the contrary intention appears) be construed as references to such schedules and exhibits hereto and Sections herein bearing those numbers and any sub-sections thereof. The schedules and exhibits hereto are hereby incorporated herein by reference.

Information Classification: Limited Access

Information Classification: Confidential 31

**Schedule 2<br> Notices**

**(Section 29)**

---

| | |
|:---|:---|
| CUSTODIAN: | STATE STREET BANK AND TRUST COMPANY |
| Attention: | Senior Vice President – Custody Operations |
| CC: | Legal Department |
| Address: | One Congress Street |
|  | Boston, MA 02114 |
| Telephone No: | 617-662-4167 |
| Email: | dwhelan@statestreet.com |
| CLIENT: | WELLINGTON GLOBAL MULTI-STRATEGY FUND |
| Attention: | David M. Dooley |
| Address: | 280 Congress Street |
|  | Boston, MA 02210 |
| Telephone No: | 508-486-2986 |
| Email: | dmdooley@wellington.com |

---

Information Classification: Limited Access

Information Classification: Confidential 32

**Appendix A**

**List of Client Entities**

---

| | |
|:---|:---|
| **Client Name** | **Jurisdiction of Formation and Entity Type** |
| Wellington Global Multi-Strategy Fund | Delaware statutory trust |

---

Information Classification: Limited Access

Information Classification: Confidential 33

## Exhibit 99.25

**[WELLINGTON LETTERHEAD]**

March 4, 2026

STATE STREET BANK AND TRUST COMPANY

One Congress Street

Boston, MA 02114

Attention: David Whelan

**Re: Addition of WVB Blackstone All Privates Fund (the "New Client") to the Custody Agreement**

Dear David,

Pursuant to Section 29.13 of the Custody Agreement by and among **State Street Bank and Trust Company** ("State Street") and **each entity identified on Appendix A thereto** (each, a "Client"), dated as of November 20, 2024 (as amended, modified, or supplemented from time to time, the "Agreement"), the undersigned New Client hereby request that State Street act as Custodian for the New Client under the terms of the Agreement, and that Appendix A to the Agreement is hereby amended and restated as set forth on Exhibit A attached hereto, effective as of March 4, 2026 (the "Effective Date"). In connection with such request the undersigned New Client hereby confirms, as of the Effective Date, its representations and warranties set forth in Section 26.2 of the Agreement.

Please execute the acknowledgment below to evidence your agreement to add the requested entity to the Agreement and return a copy to the New Client.

**[Remainder of Page Intentionally Left Blank]**

Information Classification: Confidential

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| **WVB Blackstone All Privates Fund** | **WVB Blackstone All Privates Fund** |
| By: | /s/ Matthew J. Bowser |
| Name: | Matthew J. Bowser |
| Title: | Treasurer and Principal Financial Officer |

---

---

| | |
|:---|:---|
| AGREED AND ACKNOWLEDGED: | AGREED AND ACKNOWLEDGED: |
| **State Street Bank and Trust Company** | **State Street Bank and Trust Company** |
| By: | /s/ David Whelan |
| Name: | David Whelan |
| Title: | Senior Vice President |

---

Information Classification: Confidential

**<u>EXHIBIT A</u>**

**Appendix A**

**List of Client Entities**

---

| | |
|:---|:---|
| **Client Name** | **Jurisdiction of Formation and Entity Type** |
| Wellington Global Multi-Strategy Fund | Delaware statutory trust |
| WVB All Markets Fund | Delaware statutory trust |
| WVB Blackstone All Privates Fund | Delaware statutory trust |

---

Information Classification: Confidential

## Exhibit 99.25

**SUPERVISION AND ADMINISTRATION AGREEMENT**

**THIS SUPERVISION AND ADMINISTRATION AGREEMENT** (the "**Agreement**") is made as of the applicable Effective Date listed on Schedule A hereto, by and between each party listed on Schedule A hereto, each severally and not jointly (each, a "**Fund**"), and Wellington Fund Services LLC (the "**Administrator**"), a limited liability company organized under the laws of the State of Delaware.

**WHEREAS**, each Fund is a closed-end, management investment company and has registered or intends to register as such with the U.S. Securities and Exchange Commission (the "**SEC**") pursuant to the Investment Company Act of 1940, as amended (the "**1940 Act**"); and

**WHEREAS**, each Fund has entered into an Investment Management Agreement, as amended and supplemented from time to time, with Wellington Management Company LLP ("**WMC**") (each, an "**Investment Management Agreement**"), under which the Fund has retained WMC to provide investment advisory services with respect to the Fund in the manner and on the terms set forth therein; and

**WHEREAS**, each Fund desires to retain the Administrator to provide or procure supervisory and administrative and other services to the Fund, and the Administrator is willing to furnish such services and/or to arrange for such services from third parties and/or its affiliates, on the terms and conditions set forth in this Agreement; and

**NOW, THEREFORE**, in consideration of the premises, the promises and mutual covenants herein contained, it is agreed between the parties as follows:

1. **<u>Appointment.</u>** Each Fund hereby appoints the Administrator, subject to the direction of the Board of Trustees of the Fund (the "**Trustees**"), for the period and on the terms set forth in this Agreement, to provide or procure the supervisory and administrative and other services, as described herein, with respect to the Fund and the Fund's subsidiary entity/ies listed on Schedule B hereto (each, a "**Subsidiary**"), as applicable. The Administrator accepts such appointment and agrees during such period to render or procure the services set forth herein for the compensation herein provided.

2. **<u>Services of the Administrator.</u>**

Subject to the general supervision and direction of the Trustees, the Administrator shall provide or cause to be performed by a third-party or affiliate (including WMC) all supervisory and administrative and other services reasonably necessary for the operation of each Fund and its Subsidiary/ies (as applicable) other than the investment advisory services provided pursuant to the applicable Investment Management Agreement or pursuant to the investment management agreement(s), as amended and supplemented from time to time, between the Subsidiary/ies (as applicable) and WMC. These services shall include the following:

(a) Provide the following services in furtherance of the ordinary operation of each Fund and its Subsidiary/ies (as applicable) including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;i. supervising and coordinating all matters relating to the ordinary operation of the Fund and its Subsidiary/ies
(as applicable), including any necessary coordination among WMC, the custodian, transfer agent, sub-administrator and any portfolio accounting
agent (including pricing and valuation of the Fund's portfolio), other pricing services, accountants, and other parties performing
services or operational functions for the Fund or its Subsidiary/ies (as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;ii. maintaining or supervising the maintenance by third parties of such books and records of the Fund as may
be required by applicable U.S. federal or state law, other than the records and ledgers maintained under the applicable Investment Management
Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;iii. preparing or supervising the preparation by third parties of all federal, state, local and foreign tax
returns and reports relating to the Fund required by applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;iv. causing WMC to supervise and perform general portfolio compliance monitoring with respect to applicable
U.S. federal, state or foreign law or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;v. causing WMC to prepare or supervise the preparation and the filing, with the assistance of counsel, and
arrange for the distribution of proxy materials and periodic reports to financial intermediaries who hold shares of the Fund in nominee
name or shareholders of the Fund or other appropriate parties as required by applicable law and/or as agreed to with such financial intermediary
or shareholder, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;vi. causing WMC to prepare or supervise the preparation and the filing, with the assistance of counsel, of
such registration statements and other documents with the SEC and other U.S. federal and state or other regulatory authorities as may
be required to register the Fund's shares and qualify the Fund to do business or as otherwise required by applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;vii. causing WMC to take such other action with respect to the Fund and its Subsidiary/ies (as applicable)
as may be required by applicable law, including without limitation the rules and regulations of the SEC, including Rule 23c-3 under the
1940 Act with respect to operations as an "interval fund" or Rule 13e-4 under the Securities Exchange Act of 1934, as amended
(" **Exchange Act** "), with respect to operations as a "tender offer fund," as applicable, the Commodity Futures
Trading Commission (the "**CFTC** "), state securities commissions and other governmental and regulatory agencies (such
actions shall include, but are not limited to, establishment and maintenance of a compliance program in accordance with Rule 38a-1 under
the 1940 Act, support of the Fund's Chief Compliance Officer, and systems and procedures necessary to effectuate the compliance
program);

&nbsp;&nbsp;&nbsp;&nbsp;viii. providing the Fund and its Subsidiary/ies (as applicable), with the assistance of counsel, legal support
for the purchase, sale, holding, monitoring, disposing or sustenance of portfolio securities and other assets for the Fund and its Subsidiary/ies
(as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;ix. providing the Fund, at the Administrator's expense, with adequate personnel, office space, communications
facilities, and other facilities necessary for the effective performance of the supervision and administration of the Fund as contemplated
in this Agreement as well as providing the Fund, at the Administrator's expense, with the services of a sufficient number of persons
competent to perform such supervisory and administrative and clerical functions as are necessary for compliance with federal securities
laws and other applicable laws;

&nbsp;&nbsp;&nbsp;&nbsp;x. arranging for meetings of the Fund's Trustees and, in connection therewith, providing the Trustees
with necessary or appropriate information for their meetings;

&nbsp;&nbsp;&nbsp;&nbsp;xi. causing WMC to supervise the maintenance of the Fund's existence, and during such time as shares
of the Fund are publicly offered, maintain the registration and qualification of the Fund's shares under federal and state law;
and

&nbsp;&nbsp;&nbsp;&nbsp;xii. causing WMC to supervise the maintenance of the Fund's organizational and governance documents.

Reference in this subparagraph (a) to "laws" will include any applicable regulations. Nothing in this subparagraph (a) shall be deemed to inhibit a Fund or its officers from engaging, at the expense of such Fund, other persons to assist in providing other related services to the Fund.

(b) Render to the Trustees of each Fund such periodic and special reports as the Trustees may reasonably request.

(c) Make available to each Fund, promptly upon request, any of such Fund's books and records under supervision of the Administrator under this Agreement, and furnish to regulatory authorities having the requisite authority any such books and records and any information or reports in connection with the Administrator's services under this Agreement that may be requested in order to ascertain whether the operations of the Fund are being conducted in a manner consistent with applicable laws and regulations.

(d) Make its officers and employees available to the Trustees and officers of each Fund for consultation and discussions regarding the supervision and administration of the Fund and its Subsidiary/ies (as applicable) and the services provided to the Fund under this Agreement.

(e) (i) Supervise each Fund's accountant in determining, consistent with the Fund's valuation procedures and the policies and procedures stated in the Fund's registration statement, the value of portfolio securities or other assets of the Fund and the net asset value per share for the Fund; and, (ii) as directed by the Trustees or the Trustees' valuation designee, assist with the calculation of the value of any of a Fund's portfolio securities and other assets which do not have readily available market quotations, for recommendation to or ratification by the Trustees of the Fund, or the Trustees' valuation designee, as applicable.

(f) Supervise each Fund's sub-administrator in its performance of certain sub-administration and sub-accounting services for the Fund.

(g) The Administrator shall also provide services in connection with such other administrative services, whether similar to or different from those described in subparagraphs (a)-(f) of this paragraph 2, as the parties may from time to time agree in writing.

(h) The Administrator shall also procure on behalf of each Fund the following persons to provide services to the Fund, to the extent necessary: (i) a custodian or custodians for the Fund to provide for the safekeeping of the Fund's assets; (ii) a recordkeeping agent to maintain the portfolio accounting records for the Fund; (iii) a transfer agent(s) for the Fund; (iv) a sub-administrator(s) for the Fund; and (v) a dividend disbursing agent or registrar for the Fund. Each Fund and/or the Administrator may be a party to any agreement with any of the persons referred to in this subparagraph (h).

(i) In the event that the Administrator provides any services to a Fund, or pays or assumes a Fund expense, which the Administrator is not obligated to provide, pay or assume under this Agreement, the Administrator shall not be obligated hereby to provide the same or any similar service to a Fund or to pay or assume the same or any similar Fund expense in the future; provided, that nothing herein contained shall be deemed to relieve the Administrator of any obligation to the Funds under any separate agreement or arrangement between the parties.

3. **<u>Conformity with Applicable Law and Industry Standard.</u>**

The Administrator, in the performance of its duties and obligations under this Agreement, shall act in conformity with the registration statement of each Fund and with the instructions, procedures and directions of the Trustees of each Fund and will conform to, and comply with, the requirements of the 1940 Act and all other applicable federal and state laws and regulations. In addition, the Administrator shall seek to maintain a standard of service that is consistent with those prevailing in the fund industry for comparable funds.

4. **<u>Exclusivity.</u>**

The services of the Administrator to the Funds under this Agreement are not to be deemed exclusive, and the Administrator, or any affiliate thereof, shall be free to render similar services to other investment companies and other clients (whether or not their investment objectives and policies are similar to those of any of the Funds) and to engage in other activities.

5. **<u>Representations.</u>**

The Administrator represents to each Fund that (i) it has the requisite power and authority under applicable laws and by its organizational documents to enter into and perform this Agreement; (ii) all requisite corporate proceedings have been taken to authorize it to enter into and perform this Agreement; (iii) its entrance into this Agreement will not cause a material breach or be in material conflict with any other agreement or obligation of the Administrator or any law or regulation applicable to it; and (iv) it has duly adopted written policies and procedures that are reasonably designed to prevent violation of the U.S. federal securities laws (as defined in Rule 38a-1 under the 1940 Act) with respect to the services provided to each Fund under this Agreement.

6. **<u>Expenses.</u>**

During the term of this Agreement, the Administrator will pay all expenses incurred by it in connection with its obligations under this Agreement, except such expenses as are assumed by each Fund under this Agreement. The Administrator assumes and shall pay for maintaining its staff and personnel and shall, at its own expense, provide the equipment, office space, office supplies and facilities necessary to perform its obligations under this Agreement, including, but not limited to, communications facilities, computer systems and applications, internet access, and a web servicing platform and internet website.

(a) <u>Administrator Expenses</u>. In addition, the Administrator or its affiliates shall bear the following expenses under this Agreement with respect to each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;i. Expenses of the Fund's sub-administrator.

(b) <u>Fund Expenses</u>. Each Fund shall bear the following expenses:

&nbsp;&nbsp;&nbsp;&nbsp;i. Salaries and other compensation or expenses, including travel expenses, of any of the Fund's executive
officers and employees, if any, who are not officers, directors, shareholders, members, partners or employees of the Administrator or
its subsidiaries or affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;ii. Taxes and governmental fees, if any, levied against the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;iii. Brokerage fees and commissions, and other portfolio transaction expenses incurred by or for the Fund (including,
without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating
and structuring specialized loans and other investments made by the Fund, and any costs associated with originating loans, asset securitizations,
alternative lending-related strategies and so-called "broken-deal costs" (*e.g.*, fees, costs, expenses and
liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments));

&nbsp;&nbsp;&nbsp;&nbsp;iv. Expenses of the Fund's securities lending (if any), including any securities lending agent fees,
as governed by a separate securities lending agreement;

&nbsp;&nbsp;&nbsp;&nbsp;v. Costs, including interest expenses, of borrowing money or engaging in other types of leverage financing
including, without limitation, through the use by the Fund of reverse repurchase agreements, dollar rolls, bank borrowings, credit facilities
and tender option bonds;

&nbsp;&nbsp;&nbsp;&nbsp;vi. Costs, including dividend and/or interest expenses and other costs (including, without limitation, offering
and related legal costs, fees to brokers, fees to auction agents, fees to transfer agents, fees to ratings agencies and fees to auditors
associated with satisfying ratings agency requirements for preferred shares or other securities issued by the Fund and other related requirements
in the Fund's organizational documents) associated with the Fund's issuance, offering, redemption and maintenance of preferred
shares, commercial paper or other instruments (such as the use of reverse repurchase agreements, dollar rolls, bank borrowings, credit
facilities and tender option bonds) for the purpose of incurring leverage;

&nbsp;&nbsp;&nbsp;&nbsp;vii. Fees and expenses of any underlying funds or other pooled vehicles in which the Fund invests;

&nbsp;&nbsp;&nbsp;&nbsp;viii. Dividend and interest expenses on short positions taken by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;ix. Fees and expenses, including reasonable travel expenses and technology support, and fees and expenses
of legal counsel retained for their benefit, of Trustees who are not officers, employees, partners, shareholders or members of the Administrator
or its subsidiaries or affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;x. Extraordinary expenses, including extraordinary legal expenses, as may arise, including, without limitation,
expenses incurred in connection with litigation, proceedings, other claims, and the legal obligations of the Fund to indemnify its Trustees,
officers, employees, shareholders, distributors, and agents with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;xi. Fees and expenses, including legal, printing and mailing, solicitation and other fees and expenses associated
with and incident to shareholder meetings and proxy solicitations;

&nbsp;&nbsp;&nbsp;&nbsp;xii. Organizational and offering expenses of the Fund, including registration (including share registration
fees), legal, regulatory, marketing (to the extent payable pursuant to a plan adopted under Rule 12b-1 of the 1940 Act (a "**Rule 12b-1 Plan**") or a similar plan adopted by the Trustees with respect to that share class), printing, accounting and other
expenses, associated with organizing the Fund in its state of jurisdiction and in connection with the initial registration of the Fund
under the 1940 Act and the initial registration of its shares under the Securities Act of 1933, as amended (the "**Securities Act** ")
(*i.e.*, through the effectiveness of the Fund's initial registration statement on Form N-2) and fees and expenses
associated with seeking, applying for and obtaining formal exemptive, no-action and/or other relief from the SEC in connection
with the issuance of multiple share classes and in connection with co-investment transactions, if any;

&nbsp;&nbsp;&nbsp;&nbsp;xiii. Except as otherwise specified herein as an expense of the Administrator, any expenses allocated or allocable
to a specific class of shares;

&nbsp;&nbsp;&nbsp;&nbsp;xiv. Expenses and fees paid to agents and intermediaries for sub-transfer agency, sub-accounting and
other administrative services in respect of shares of the Fund (or shares of a particular share class) held through omnibus and networked,
record shareholder accounts (together, "**Sub-Transfer Agency Expenses** ");

&nbsp;&nbsp;&nbsp;&nbsp;xv. Distribution and/or service fees paid pursuant to a Rule 12b-1 Plan or similar plan adopted
by the Trustees of the Fund for a particular share class;

&nbsp;&nbsp;&nbsp;&nbsp;xvi. Expenses of the Fund which are capitalized in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;xvii. Expenses of all audits by the Fund's independent public accountants;

&nbsp;&nbsp;&nbsp;&nbsp;xviii. Expenses of the Fund's transfer agent, registrar, dividend disbursing agent, and recordkeeping agent;

&nbsp;&nbsp;&nbsp;&nbsp;xix. Expenses of the Fund's custodial services, including any recordkeeping services provided by the
custodian;

&nbsp;&nbsp;&nbsp;&nbsp;xx. Expenses of obtaining quotations for calculating the value of the Fund's net assets;

&nbsp;&nbsp;&nbsp;&nbsp;xxi. Expenses of maintaining the Fund's tax records;

&nbsp;&nbsp;&nbsp;&nbsp;xxii. Expenses and fees, including external legal fees, incident to: the preparation, printing and distribution
of the Fund's prospectuses, notices, press releases and reports to existing shareholders; the preparation and filing of registration
statements and updates thereto and reports to regulatory bodies; the maintenance of the Fund's existence and qualification to do
business; issuing, redeeming and repurchasing shares (provided that, as applicable, each Fund operating as an interval fund may impose
a repurchase fee on periodic repurchases, pursuant to Rule 23c-3 under the 1940 Act); registering and qualifying for sale, shares with
federal and state securities authorities following the initial registration of the Fund's shares under the Securities Act (*i.e.*,
not in connection with the organization of the Fund) and following any registration of a new class of shares of the Fund subsequent to
its initial registration; and the expense of qualifying and listing existing shares with any securities exchange or other trading system,
if any;

&nbsp;&nbsp;&nbsp;&nbsp;xxiii. The Fund's ordinary legal fees, including the legal fees that arise in the ordinary course of business
for a Delaware statutory trust, registered as a closed-end management investment company and, as applicable, that operates as
an "interval fund" pursuant to Rule 23c-3 under the 1940 Act or as a "tender offer fund" pursuant to
Rule 13e-4 under the Exchange Act, or that is listed for trading with a securities exchange or other trading system;

&nbsp;&nbsp;&nbsp;&nbsp;xxiv. The Fund's *pro rata* portion of the fidelity bond required by Section 17(g)
of the 1940 Act, Directors & Officers/Errors & Omissions (D&O/E&O) liability insurance, or other insurance premiums; and

&nbsp;&nbsp;&nbsp;&nbsp;xxv. Organizational and offering expenses, including registration (including
share registration fees), legal, regulatory, marketing (to the extent payable pursuant to a Rule 12b-1 Plan or a similar plan adopted
by the Trustees for a particular share class), printing, accounting and other expenses, in connection with any registration of a new class
of shares of the Fund subsequent to its initial registration.

7. **<u>Compensation.</u>**

(a) For the services provided by the Administrator to each Fund pursuant to this Agreement, for the facilities furnished and for the expenses borne by the Administrator pursuant to paragraph 6, each Fund shall pay to the Administrator a fee (the "**Supervisory and Administrative Fee**") in an amount as set forth on Schedule A hereto. The fee rates applicable to each share class of each Fund shall be set forth on Schedule A hereto. The Administrator will pay all fees of the sub-administrator in connection with its duties in respect of each Fund.

(b) In the event of termination of this Agreement, the Supervisory and Administrative Fee provided in this paragraph 7 shall be computed on the basis of the period ending on the last business day on which this Agreement is in effect subject to a pro rata adjustment based on the number of days elapsed in the current month as a percentage of the total number of days in such month.

8. **<u>Liability; Indemnification.</u>**

(a) The Administrator shall give each Fund the benefit of the Administrator's reasonable best efforts and diligence in rendering services under this Agreement. The parties acknowledge the importance of the Administrator freely exercising its reasonable judgment in the performance of its responsibilities, obligations and duties hereunder, and thus the Administrator may rely on information reasonably believed by it to be accurate and reliable. Accordingly, in the absence of willful misfeasance, bad faith, gross negligence, or reckless disregard of the responsibilities, obligations or duties hereunder, neither the Administrator nor its members, officers, directors, employees, agents or control persons (collectively, the "**Covered Persons**") shall be subject to any liability for any act or omission in connection with or arising out of any services rendered under this Agreement or otherwise related to this Agreement, or for any Losses (as defined below) that may be sustained in the purchase, holding or sale of any security or other asset by a Fund. Any liability incurred by the Administrator with respect to any Fund pursuant to this paragraph 8(a) in any year shall be limited to the revenues of the Administrator derived from such Fund in that fiscal year of the Fund. The Administrator shall be responsible as provided herein for the performance of only such duties as are set forth in this Agreement and shall have no responsibility for the actions or activities of any other party, including other agents of or service providers to a Fund. The Administrator shall not be liable for any special, indirect, incidental, punitive or consequential damages, including lost profits, of any kind whatsoever (including, without limitation, attorneys' fees) under any provision of this Agreement or for any such damages arising out of any act or failure to act hereunder.

(b) The Administrator is authorized and instructed to rely upon the information it receives from each Fund, its Trustees or any third-party agent (including, without limitation, the Fund's custodian(s), pricing services or sources) authorized by the Fund to provide such information to the Administrator. Each Fund and any third-party agents from which the Administrator shall receive or obtain certain records, reports and other data used or relied upon by the Administrator in rendering the services provided hereunder are solely responsible for the contents of such information, including, without limitation, the accuracy thereof. The Administrator has no responsibility to review, confirm or otherwise assume any duty with respect to the accuracy or completeness of any such information and shall be without liability for any loss or damage suffered by a Fund as a result of the Administrator's reliance on and utilization of such information. The Administrator shall have no responsibility and shall be without liability for any loss or damage caused by the failure of a Fund or any third-party agent to provide it with the information required.

(c) Each Fund shall indemnify and save harmless the Covered Persons and their executors, heirs, assigns, successors or other legal representatives ("**Indemnitees**"), to the fullest extent permitted by law, from and against any and all claims, liabilities, damages, losses, costs, charges, fees, penalties and other expenses (including reasonable attorney's fees and disbursements) of every nature and character ("**Losses**"), which may be asserted against or incurred by any Indemnitee or for which any Indemnitee may be held liable (a "**Claim**") and that in any way arise out of or in connection with, or in any way relate to, the performance or non-performance of or by the Indemnitee of any of the Administrator's duties, responsibilities, or services with respect to such Fund hereunder, whether express or implied hereunder; provided, however, that no Indemnitee shall be indemnified against any liability by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the Indemnitee's duties under this Agreement ("**disabling conduct**").

(d) Expenses, including reasonable counsel fees incurred by the Indemnitee (but excluding amounts paid in satisfaction of judgments, in compromise, or as fines or penalties), shall be paid from time to time by the applicable Fund in advance of the final disposition of a proceeding upon receipt by such Fund of an undertaking by or on behalf of the Indemnitee to repay amounts so paid to the Fund if it is ultimately determined that indemnification of such expenses is not indemnifiable under this Agreement; provided, however, that expenses shall not be advanced by a Fund unless (i) the Indemnitee has provided security considered in the reasonable discretion of the Trustees of the Fund to be appropriate for such undertaking; or (ii) the Fund shall be insured against losses arising from any such advance payments; or (iii) a reasonable belief is formed that the Indemnitee ultimately will be found entitled to indemnification, as determined by either (x) a majority of the Trustees who are not "interested persons" (as such term is defined in the 1940 Act) of the Fund who are not parties to the proceeding, acting on the matter, or (y) independent legal counsel, in a written opinion that includes a discussion of pertinent facts and legal analysis, based upon a review of readily available facts (as opposed to a full trial-type inquiry).

(e) Promptly after receipt of notice of the commencement of an investigation, action, claim or proceeding, an Indemnitee shall notify each Fund in writing of the commencement thereof, although the failure to do so shall not prevent recovery under this paragraph. Each Fund shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce any such Loss or Claim, but if the Fund elects to assume the defense, such defense shall be conducted by counsel chosen by the Fund and approved by the Indemnitee, which approval shall not be unreasonably withheld. In the event a Fund elects to assume the defense of any such suit and retain such counsel and notifies the Indemnitee of such election, the Indemnitee in such suit shall bear the fees and expenses of any additional counsel retained by it subsequent to the receipt of the Fund's election. If a Fund does not elect to assume the defense of any such suit, or in case the Indemnitee does not, in the exercise of reasonable judgment, approve of counsel chosen by the Fund, or in case there is a conflict of interest between the parties or a party and any Indemnitee, the Fund will reimburse the Indemnitee in such suit for the reasonable fees and expenses of any counsel retained by the Indemnitee.

(f) In the event a Fund elects to assume its own defense in any such suit, the Fund agrees that it shall not enter into any settlement agreement or similar agreement with other parties in such suit unless the Administrator and all of the other Indemnitees named as defendants are unconditionally released in such agreement or arrangement, or unless the Administrator provides its consent to such settlement or similar arrangement in writing.

(g) The Administrator shall look solely to applicable Fund property for satisfaction of claims of any nature against the applicable Fund or a Trustee, officer or agent of the Fund arising in connection with the affairs of the Fund.

(h) The indemnification agreement and all obligations of the parties contained in this paragraph 8 shall remain operative and in full force and effect regardless of any investigation made by or on behalf of any party seeking indemnification and shall survive the delivery of any shares of the applicable Fund and the termination of this Agreement. This agreement of indemnity will inure exclusively to the benefit of parties indemnified hereunder and their estates and successors.

9. **<u>Effectiveness and Termination.</u>**

(a) This Agreement shall take effect with respect to each Fund as of the close of business on the effective date for such Fund listed in Schedule A hereto (each, an "**Effective Date**") (and, with respect to any amendment, or with respect to any additional fund, the date of the amendment or supplement hereto or Effective Date for such additional fund, as applicable), and shall remain in effect for such Fund, unless sooner terminated as provided herein, until the earlier of two years from the Effective Date or such earlier date as determined by resolution of the Fund's Trustees, and shall continue thereafter on an annual basis with respect to the Fund provided that such continuance is specifically approved at least annually: (i) by the vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of the Fund or by the Fund's Trustees; and (ii) by the vote, cast in person at a meeting called for such purpose, of a majority of the Fund's Trustees who are not parties to this Agreement or "interested persons" (as defined in the 1940 Act) of any such party and who have no direct or indirect financial interest in the operation of this Agreement; <u>provided</u>, <u>however</u>, that if the continuance of this Agreement is submitted to the shareholders of the Fund for their approval and such shareholders fail to approve such continuance of this Agreement as provided herein, the Administrator may continue to serve hereunder with respect to the Fund in a manner consistent with the 1940 Act. If this Agreement is terminated or not renewed with respect to one or more Funds or share classes it may continue in effect with respect to any other Fund or share class as to which it has not been terminated (or has been renewed).

(b) This Agreement may be terminated, with respect to a Fund or a particular share class of the Fund, at any time, without the payment of any penalty, by a vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of the Fund or such share class, or by a vote of a majority of the Fund's Trustees on 60 days' written notice to the Administrator, or by the Administrator on 60 days' written notice to the Fund. This Agreement shall terminate automatically in the event of its assignment (as defined in the 1940 Act).

10. **<u>Amendment.</u>**

This Agreement may not be amended or modified in any manner except by a written agreement executed by the Administrator and each Fund affected by such amendment or modification; provided, however, that Schedule A and Schedule B hereto may be amended from time to time to add or remove one or more Funds and/or Subsidiaries, by each applicable Fund's and/or Subsidiary's execution and delivery to the Administrator of an amended Schedule A or Schedule B, as applicable, and the execution of such amended Schedule by the Administrator, in which case such amendment shall take effect immediately upon execution by the Administrator.

11. **<u>Limitation of Liability of Trustees.</u>**

Notice is hereby given that this Agreement is executed by an officer of each Fund on behalf of the Fund's Trustees, as Trustees and not individually, and that the obligations of this Agreement with respect to the Fund shall be binding upon the assets and the properties of the Fund only and shall not be binding upon the assets or properties of the Trustees, officers, agents or shareholders of the Fund individually.

12. **<u>Fund Ownership of Records.</u>**

All records required to be maintained and preserved by each Fund and by the Administrator pursuant to the provisions or rules or regulations of the SEC under Section 31(a) of the 1940 Act, including any such records maintained by the Administrator in connection with the performance of its obligations hereunder, are the property of the Fund and shall be surrendered by the Administrator promptly on request by the Fund; provided that the Administrator may at its own expense, make and retain copies of any such records.

13. **<u>Notices.</u>**

Notices of any kind shall be in writing and shall be duly given if delivered to (1) the Administrator at Wellington Fund Services LLC, 280 Congress Street, Boston, Massachusetts 02210; or (2) each Fund at 280 Congress Street, Boston, Massachusetts 02210.

14. **<u>Independent Contractor.</u>**

The Administrator, and any others with whom the Administrator subcontracts to provide the services set forth in this Agreement, shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided herein or authorized by the Trustees of each Fund from time to time, have no authority to act for or represent any Fund in any way or otherwise be deemed its agent.

15. **<u>Counterparts.</u>**

This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original.

16. **<u>Applicable Law; Severability; Construction; Third-Party Beneficiaries.</u>**

(a) This Agreement shall be governed by the laws of the Commonwealth of Massachusetts, and without regard for the conflicts of laws principles thereof, provided that nothing herein shall be construed in a manner inconsistent with the 1940 Act, the Investment Advisers Act of 1940, as amended, or any rule or order of the SEC thereunder, or the Commodity Exchange Act, or any rule or order of the CFTC thereunder.

(b) If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby and, to this extent, the provisions of this Agreement shall be deemed to be severable. To the extent that any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise with regard to any party, hereunder, such provisions with respect to other parties hereto shall not be affected thereby.

(c) The captions of this Agreement are included for convenience only and in no way define or limit any of the provisions hereof or otherwise affect their construction or effect.

(d) No person other than each Fund and the Administrator is a party to this Agreement or shall be entitled to any right or benefit arising under or in respect of this Agreement; there are no third-party beneficiaries of this Agreement. Without limiting the generality of the foregoing, nothing in this Agreement is intended to, or shall be read to, (i) create in any person other than each Fund (including without limitation any shareholder in the Fund) any direct, indirect, derivative, or other rights against Administrator, or (ii) create or give rise to any duty or obligation on the part of Administrator (including without limitation any fiduciary duty) to any person other than each Fund, all of which rights, benefits, duties, and obligations are hereby expressly excluded. If another fund or funds are added to this Agreement, this provision shall be interpreted to apply to each such fund as it applies to each Fund hereunder, in each case on a separate (and neither jointly nor joint and several) basis with respect to each Fund and each such other fund.

17. **<u>Entire Agreement.</u>**

This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof.

18. **<u>Several Agreement of each Fund.</u>**

This Agreement, including all covenants, representations, warranties, and undertakings of any kind shall be construed so as to give effect to the intention of the parties that this Agreement constitutes a separate agreement between each Fund and the Administrator. The parties acknowledge and agree that the rights and obligations of each Fund hereunder, including as to any fees payable by the Fund to the Administrator or liabilities or other obligations of the Administrator to the Fund or of the Fund to the Administrator, shall be several and independent of one another and neither joint nor joint and several with respect to any other Fund. Notwithstanding anything to the contrary contained in this Agreement, each party acknowledges and agrees that the sole source of payment of the obligations of any Fund hereunder shall be the assets of such Fund, and that the Administrator shall have no right of recourse or offset against the revenues and assets of any other Fund.

[*The remainder of this page has been intentionally left blank. The signature page follows.*]

**IN WITNESS WHEREOF**, each of the parties has caused this instrument to be executed in its name and behalf by its duly authorized representative under seal as of the date first written above.

**EACH FUND LISTED ON SCHEDULE A HERETO (with respect to each Fund, severally and neither jointly nor jointly and severally with any other Fund)**

---

| | |
|:---|:---|
| By: | /s/ Carmine A. Taglione |
| Name: Carmine A. Taglione | Name: Carmine A. Taglione |
| Title: President and Principal Executive Officer | Title: President and Principal Executive Officer |

---

**WELLINGTON FUND SERVICES LLC**

---

| | |
|:---|:---|
| By: | /s/ Matthew J. Bowser |
| Name: Matthew J. Bowser | Name: Matthew J. Bowser |
| Title: Treasurer and Principal Financial Officer | Title: Treasurer and Principal Financial Officer |

---

**Schedule A**

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Entity Type** | **Effective Date** | **Annual Rate** |
| Wellington Global Multi-Strategy Fund<sup>1</sup> | Delaware statutory trust | November 1, 2025 I | 0.15% |
|  |  | M | 0.15% |
|  |  | A | 0.15% |
| WVB All Markets Fund<sup>1</sup> | Delaware statutory trust | October 20, 2025 I | 0.04% |
|  |  | M | 0.04% |
|  |  | A | 0.04% |
| WVB Blackstone All Privates Fund<sup>2</sup> | Delaware statutory trust | March 4, 2026 I | 0.04% |
|  |  | M | 0.04% |
|  |  | A | 0.04% |

---

<sup>1</sup> The Supervisory and Administrative Fee will be accrued daily pursuant to the annual fee rate set forth in the table above based on the value of the net assets of the Fund as of the close of business on each business day (including any assets in respect of shares that will be repurchased by such Fund as of the end of the period). The Supervisory and Administrative Fee is due and payable in arrears within ten business days after the end of the month (starting with the month investment operations commence with respect to the Fund).

<sup>2</sup> The Supervisory and Administrative Fee will be accrued monthly pursuant to the annual fee rate set forth in the table above based on the value of the net assets of the Fund as of the close of business on the last business day of each month (including any assets in respect of shares that will be repurchased by such Fund as of the end of the period). The Supervisory and Administrative Fee is due and payable in arrears within ten business days after the end of the quarter (starting with the quarter investment operations commence with respect to the Fund).

**Schedule B**

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| | |
|:---|:---|
| **Subsidiary Entity** | **Jurisdiction of Formation** |
| Wellington Cayman Commodity Fund I<br>(wholly-owned subsidiary of Wellington Global Multi-Strategy Fund) | Cayman Islands |
| WVB Implementation Fund LLC<br>(wholly-owned subsidiary of WVB All Markets Fund) | State of Delaware, United States |

---

## Exhibit 99.25

**EXPENSE LIMITATION AND REIMBURSEMENT AGREEMENT** 

March 4, 2026

WVB Blackstone All Privates Fund

280 Congress Street

Boston, Massachusetts 02210

Dear Ladies and Gentlemen:

Wellington Management Company LLP (the "Adviser"), as investment adviser to the WVB Blackstone All Privates Fund (the "Fund"), agrees on a monthly basis to pay or otherwise bear the Fund's operating expenses to the extent that the Fund's monthly "Specified Expenses" (as defined below) in respect of each class of the Fund (each, a "Class"), on an annualized basis, exceed 0.50% of the monthly net assets of such Class (the "Expense Limitation"). This agreement ("Agreement") shall commence on the date the Fund commences operations and shall continue in effect for a period of one year or until July 31, 2027, whichever is longer. Thereafter, this Agreement may be annually renewed with the written agreement of the Adviser and the Fund. The Board of Trustees of the Fund may terminate this Agreement at any time upon notice to the Adviser, and this Agreement shall automatically terminate upon the termination of the Investment Management Agreement between the Adviser and the Fund.

For purposes of this Agreement, the Fund's "Specified Expenses" in respect of a Class means all other expenses incurred in the business of the Fund and allocated to a Class, including the Fund's annual operating expenses, with the exception of: (i) the Investment Management Fee (as defined in the Fund's prospectus); (ii) the Shareholder Servicing Fee (as defined in the Fund's prospectus); (iii) the Distribution Fee (as defined in the Fund's prospectus); (iv) certain costs associated with the acquisition, ongoing investment and disposition of the Fund's investments and unconsummated investments, including legal costs, professional fees, travel costs and brokerage costs; (v) fees and expenses of the Underlying Funds (as defined in the Fund's prospectus) in which the Fund invests; (vi) dividend and interest payments (including any dividend payments, interest expenses, commitment fees, or other expenses related to any leverage incurred by the Fund); (vii) taxes and costs to reclaim foreign taxes; and (viii) extraordinary expenses (as determined in the sole discretion of the Adviser).

If, while the Adviser is the investment adviser to the Fund, the Fund's estimated annualized Specified Expenses in respect of a Class for a given month are less than the Expense Limitation, the Adviser shall be entitled to reimbursement by the Fund of the other expenses borne by the Adviser on behalf of the Fund pursuant to this Agreement (the "Reimbursement Amount") during any of the previous thirty-six (36) months, but only to the extent that the Fund's estimated annualized Specified Expenses in respect of a Class (after such reimbursement is taken into account) do not exceed, for such month, the lesser of (i) the Expense Limitation in effect at the time such expenses were borne by the Adviser on behalf of the Fund pursuant to this Agreement or (ii) any other relevant expense limit in effect at the time of such reimbursement with respect to the Class, and provided further that such amount paid to the Adviser will in no event exceed the total Reimbursement Amount and will not include any amounts previously reimbursed. The Adviser may recapture a Specified Expense in any year within the thirty-six (36) month period after the Adviser bears the expense. The Fund's obligation to make reimbursement payments shall survive the termination of this Agreement.

The Adviser agrees that it shall look only to the assets of the Fund for performance of this Agreement and for any claims for payment. No trustees, officers, employees, agents or shareholders of the Fund shall be personally liable for performance by the Fund under this Agreement.

This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, except insofar as the Investment Company Act of 1940, as amended, or other federal laws and regulations may be controlling. Any amendment to this Agreement shall be in writing signed by the parties hereto. Subject to approval by the Adviser, this Agreement may be amended by the Fund's Board of Trustees without the approval of Fund shareholders.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| Wellington Management Company LLP | Wellington Management Company LLP |
| By | /s/ Michael P. Miller |
|  | Michael P. Miller |
|  | Senior Managing Director |

---

---

| | |
|:---|:---|
| WVB Blackstone All Privates Fund | WVB Blackstone All Privates Fund |
| By | /s/ Carmine A. Taglione |
|  | Carm A. Taglione |
|  | President & Principal Executive Officer |

---

## Exhibit 99.25

**EXPENSE REIMBURSEMENT AGREEMENT**

This Expense Reimbursement Agreement (the "**Agreement**") is made this 4th day of March, 2026, by and between WVB Blackstone All Privates Fund, a Delaware statutory trust (the "**Fund**"), and Wellington Management Company LLP, a Delaware limited liability partnership (the "**Adviser**").

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

WHEREAS, the Fund has retained the Adviser to furnish investment advisory services to the Fund on the terms and conditions set forth in the investment management agreement, dated March 4, 2026, entered between the Fund and the Adviser, as may be amended or restated (the "**Investment Management Agreement**");

WHEREAS, the Fund will invest primarily in pooled investment vehicles ("**Blackstone Underlying Funds**") managed, sub-advised or sponsored by affiliates of Blackstone Inc. (together with its affiliates, "**Blackstone**");

WHEREAS, certain Blackstone Underlying Funds may charge incentive-based compensation, including incentive fees and performance-based allocations (collectively, "**incentive fees**"); and

WHEREAS, the Fund and the Adviser have determined that it may be appropriate and in the best interests of the Fund for the Adviser to reimburse certain amounts to the Fund under certain conditions, as described herein.

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;**1.**  **<u>Expense Reimbursement</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that the Fund has a net total return (including any distributions) over a Reimbursement Period
(defined below) that is less than 0% (using the net total return of the Fund's Class I Shares or any other lower-cost share class
subsequently launched as a proxy for the Fund's net total return) and Blackstone received incentive fees attributable to the Fund's
investments in Blackstone Underlying Funds during such period, the Adviser shall reimburse the Fund a certain amount as specified below
(the "**Reimbursement** "). The Reimbursement will be made to the Fund and divided proportionally among each share class
of the Fund based on net assets, not only to the Class I Shares. The Reimbursement shall generally be the lesser of (i) the
amount that would result in the net total return (including any distributions) of the Fund's Class I Shares (or any other lower
cost share class subsequently launched) over the Reimbursement Period equaling 0% as if the entire Fund had experienced the net total
return (including distributions) of that share class over the Reimbursement Period; and (ii) the total incentive fees received by Blackstone
attributable to the Fund's investments in Blackstone Underlying Funds over the Reimbursement Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The "**Reimbursement Period**" shall be: (i) initially, the period from the date on which
the Fund commences operations until December 31 of the following calendar year (for example, if the Fund commences operations on June
1, 2026, the initial Reimbursement Period would be June 1, 2026 – December 31, 2027); and (ii) thereafter, January 1 through December
31 of the following year (in the example above, the second Reimbursement Period would be January 1, 2028 – December 31, 2028).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A lower-cost share class subsequently launched will be used as the proxy for the Fund's net total
return instead of Class I, as described in section 1(a), only if that share class was operational for the entire Reimbursement Period
in question.

**2. <u>Termination and Survival</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall commence on the date the Fund commences operations
and shall continue in effect until December 31 of the second following calendar year. For example, if the Fund commences operations in
2026, this Agreement shall continue in effect until December 31, 2028. Thereafter, this Agreement may be annually renewed with the written
agreement of the Adviser and the Fund. The Board of Trustees of the Fund may terminate this Agreement at any time upon notice to the Adviser,
and this Agreement shall automatically terminate upon the termination of the Investment Management Agreement between the Adviser and the
Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Sections 2 and 3 of this Agreement shall survive any termination of this Agreement.

**3. <u>Miscellaneous</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The captions of this Agreement are included for convenience only and in no way define or limit any of
the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings
and arrangements with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the place where this Agreement may be executed by any of the parties hereto, this Agreement
shall be construed in accordance with the laws of the State of Delaware. For so long as the Fund is a registered investment company under
the 1940 Act, this Agreement shall also be construed in accordance with the applicable provisions of the 1940 Act. In such case, to the
extent the applicable laws of the State of Delaware or any of the provisions herein conflict with the provisions of the 1940 Act, the
latter shall control. Further, nothing in this Agreement shall be deemed to require the Fund to take any action contrary to the Fund's
Declaration of Trust or By-Laws, as may be amended or restated, or to relieve or deprive the Board of Trustees of the Fund of its
responsibility for and control of the conduct of the affairs of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or
otherwise, the remainder of this Agreement shall not be affected thereby and, to this extent, the provisions of this Agreement shall be
deemed to be severable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund shall not assign this Agreement or any right, interest or benefit under this Agreement without
the prior written consent of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Agreement may be amended only in writing by mutual consent of the parties. This Agreement may be
executed by the parties on any number of counterparts, delivery of which may occur by facsimile or as an attachment to an electronic communication,
each of which shall be deemed an original, and all of said counterparts taken together shall be deemed to constitute one and the same
instrument.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the date first written above.

 

---

| | |
|:---|:---|
| **WVB Blackstone All Privates Fund** | **WVB Blackstone All Privates Fund** |
| By: | /s/ Carmine A. Taglione |
| Name: | Carmine A. Taglione |
| Title: | President & Principal Executive Officer |

---

---

| | |
|:---|:---|
| **Wellington Management Company LLP** | **Wellington Management Company LLP** |
| By: | /s/ Michael P. Miller |
| Name: | Michael P. Miller |
| Title: | Senior Managing Director |

---

 

*[Signature Page to Expense Reimbursement Agreement]*

## Exhibit 99.25

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| | |
|:---|:---|
| ![](fp0099509-1_01.jpg) | One International Place, 40th Floor<br> 100 Oliver Street<br> Boston, MA 02110-2605<br> +1 617 728 7100 Main<br> +1 617 426 6567 Fax<br> www.dechert.com<br>|

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June 26, 2026

WVB Blackstone All Privates Fund

280 Congress Street

Boston, MA 02210

Re: <u>Registration Statement on Form N-2</u>

Ladies and Gentlemen:

We have acted as counsel to WVB Blackstone All Privates Fund, a Delaware statutory trust (the "<u>Fund</u>"), in connection with the preparation and filing of a Registration Statement on Form N-2 (Registration No. 333-291877) as filed with the Securities and Exchange Commission (the "<u>Commission</u>") under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), and under the Investment Company Act of 1940, as amended, and as subsequently amended on or about the date hereof (the "<u>Registration Statement</u>"), relating to the proposed issuance of the Fund's common shares of beneficial interest, par value $0.001 per share ("<u>Shares</u>").

In rendering the opinion expressed below, we have examined and relied on originals or copies, certified or otherwise identified to our satisfaction, of such documents, corporate records and other instruments and such agreements, certificates and receipts of public officials, certificates of officers or other representatives of the Fund and others, and such other documents as we have deemed necessary or appropriate as a basis for rendering this opinion, including the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Certificate of Trust of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Amended and Restated Declaration of Trust of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the By-Laws of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) resolutions of the board of trustees of the Fund relating to, among other things, the authorization and issuance of the Shares.

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| ![](fp0099509-1_01.jpg) | June 26, 2026<br> Page 2 |

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As to the facts upon which this opinion is based, we have relied, to the extent we deem proper, upon certificates of public officials and certificates and written statements of officers, trustees, employees and representatives of the Fund.

In our examination, we have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as original documents and the conformity to original documents of all documents submitted to us as copies. In addition, we have assumed (i) the legal capacity of natural persons and (ii) the legal power and authority of all persons signing on behalf of the parties to all documents (other than the Fund).

On the basis of the foregoing and subject to the assumptions and qualifications set forth in this letter, we are of the opinion that when the Shares are issued and sold in the manner described in the Registration Statement, the Shares will be validly issued, fully paid and nonassessable.

The opinion expressed herein is limited to the Delaware Statutory Trust Act and judicial interpretations thereof. We are not members of the bar of the State of Delaware.

We assume no obligation to advise you of any changes in the foregoing subsequent to the date of this opinion.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference to this firm under the caption "Legal Counsel" in the Statement of Additional Information forming a part of the Registration Statement. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission thereunder.

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| Very truly yours, |
| /s/ Dechert LLP |
| Dechert LLP |

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## Exhibit 99.25

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>

We hereby consent to the use in this Registration Statement on Form N-2 of WVB Blackstone All Privates Fund of our report dated June 26, 2026, relating to the financial statements of WVB Blackstone All Privates Fund, which appear in such Registration Statement. We also consent to the reference to us under the heading "Independent Registered Public Accounting Firm" in such Registration Statement.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

June 26, 2026

## Exhibit 99.25

**FORM OF**

**WVB BLACKSTONE ALL PRIVATES FUND**

**<u>SUBSCRIPTION AGREEMENT</u>**

This Subscription Agreement is entered into this [ ] day of [ ], 2026 by and between WVB Blackstone All Privates Fund, a Delaware statutory trust (the "<u>Fund</u>"), and Wellington Finance & Treasury LLC (the "<u>Subscriber</u>");

WITNESSETH:

WHEREAS, the Fund has been formed for the purposes of carrying on business as a closed-end management investment company; and

WHEREAS, the Subscriber wishes to subscribe for and purchase, and the Fund wishes to sell to the Subscriber, [ ] Class [I] shares of beneficial interest (the "<u>Shares</u>") for a purchase price of $10.00 per share.

NOW THEREFORE, IT IS AGREED:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Subscriber subscribes for and agrees to purchase from the Fund [ ] Shares for a purchase price of
$10.00 per share. Subscriber agrees to make payment for these Shares at such time as demand for payment may be made by an officer of the
Fund. Such purchase of Fund Shares by the Subscriber may occur in two or more installments as mutually agreed by the Fund and the Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;2. The Fund agrees to issue and sell said Shares to Subscriber promptly upon its receipt of the purchase
price.

&nbsp;&nbsp;&nbsp;&nbsp;3. To induce the Fund to accept its subscription and issue the Shares subscribed for, the Subscriber:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Represents and warrants that it has no present intention of selling or redeeming the Shares subscribed
for under this Subscription Agreement; provided, however, that the Subscriber may distribute or otherwise transfer the Shares to any of
its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;4. The Subscriber is a "qualified purchaser" within the meaning of Section 2(a)(51) under the
Investment Company Act of 1940, as amended (the "1940 Act").

&nbsp;&nbsp;&nbsp;&nbsp;5. The Subscriber is an "accredited investor" within the meaning of Rule 501 under the Securities
Act of 1933, as amended (the "1933 Act").

&nbsp;&nbsp;&nbsp;&nbsp;6. The offering of the Shares as described herein has not been registered under the 1933 Act or under any
securities laws of any State of the United States or any other jurisdiction. This offering is made pursuant to Section 4(a)(2) of the
1933 Act, which exempts from such registration transactions not involving a public offering.

&nbsp;&nbsp;&nbsp;&nbsp;7. This Subscription 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;8. This Agreement is executed on behalf of the Fund by the Fund's officers as officers and not individually
and the obligations imposed upon the Fund by this Subscription Agreement are not binding upon any of the Fund's Trustees, officers
or shareholders individually but are binding only upon the assets and property of the Fund.

IN WITNESS WHEREOF, this Subscription Agreement has been executed by the parties hereto as of the day and date first above written.

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| |
|:---|
| **WVB BLACKSTONE ALL PRIVATES FUND** |
| By: |
| Name: |
| Title: |
| **WELLINGTON FINANCE & TREASURY LLC** |
| By: |
| Name: |
| Title: |

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## Exhibit 99.25

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| | |
|:---|:---|
| Wellington Management COMPANY LLP | ![](fp0099509-1_02.jpg) |

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**WVB BLACKSTONE ALL PRIVATES FUND** 

**(the "Fund")**

**Rule 17j-1 Code of Ethics**

In accordance with Rule 17j-1 under the Investment Company Act of 1940, as amended ("***Investment Company Act***"), this Code of Ethics ("***Code***") has been adopted by the Board of Trustees (the "***Board***") of the WVB Blackstone All Privates Fund (the "**Fund**"), a closed-end management investment company registered as an investment company under the Investment Company Act.

A separate Code of Ethics that is compliant with both Rule 17j-1 under the Investment Company Act and Rule 204A--1 under the Investment Advisers Act of 1940, as amended, governs Wellington Management Company LLP ("***Wellington***" or the "***Adviser***"), the Fund's investment adviser. Directors, officers and employees of the Adviser are considered "access persons" for purposes of the Adviser's Code of Ethics and may be considered Access Persons (as defined below) of the Fund. This Code contains several carve outs from its requirements for Access Persons of the Fund that are also access persons of the Adviser.

This Code is designed to ensure that those individuals with access to information regarding the portfolio securities activities of the Fund do not intentionally use that information for their personal benefit and to the detriment of the Fund. It is not the intention of this Code to prohibit personal securities activities by Access Persons.

&nbsp;&nbsp;&nbsp;&nbsp;1. **Definitions** 

Capitalized terms used in and not otherwise defined in this Code are defined below.

"**Access Person**" includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Any trustees and officers of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Each employee (if any) of the Fund (or of any
company in a Control relationship with the Fund) who, in connection with his or her regular functions or duties, makes, participates in,
or obtains information regarding, the purchase or sale of Covered Securities by the Fund, or whose functions relate to the making of any
recommendations with respect to such purchases or sales; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any natural person in a Control relationship
with the Fund who obtains information concerning recommendations made to the Fund with regard to the purchase or sale of Covered Securities
by the Fund.

A list of the Fund's Access Persons will be maintained by the Fund's CCO.

"**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 or allocation, including a dividend reinvestment plan.

"**Beneficial ownership**" means any interest in a security for which an Access Person or any member of his or her immediate family sharing the same household can directly or indirectly receive a monetary ("**pecuniary**") benefit. The term shall be interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"). Accordingly, a person will generally be considered the beneficial owner of a security if that person has the right to enjoy a direct or indirect economic benefit from the ownership of the security. For example, a person is normally regarded as the beneficial owner of securities held in (a) the name of his or her spouse, domestic partner, minor children, or other relatives living in his or her household, (b) a trust, estate, or other account in which he or she has a present or future interest in the income, principal or right to obtain title to the securities, or (c) the name of another person or entity by reason of any contract, understanding, relationship, agreement or other arrangement whereby he or she obtains benefits substantially equivalent to those of ownership.

"**CCO**" means the person or persons designated by the Board to fulfill the responsibilities assigned to the Chief Compliance Officer hereunder.

"**Control**" has the same meaning as that set forth in Section 2(a)(9) of the Investment Company Act, which presumes that a person who owns beneficially, either directly or through a controlled company, more than 25% of the voting securities of a company, controls that company.

"**Covered Security**" means any "security" as defined in Section 2(a)(36) of the Investment Company Act (a broad definition that includes any interest or instrument commonly known as a security),<sup>11</sup> but *excluding*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Direct obligations of the U.S. Government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Bankers' acceptances, bank certificates
of deposit, commercial paper and high-quality, short-term debt instruments, including repurchase agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Shares of open-end investment companies registered
under the Investment Company Act (other than exchange-traded funds)<sup>12</sup> that are not advised by the Adviser.

A purchase or sale of a Covered Security includes, among other things, the writing of an option to purchase or sell a Covered Security. Shares of exchange-traded funds, whether registered as open-end investment companies or unit investment trusts, are deemed to be Covered Securities.

"**IPO**" means an offering of securities registered under the Securities Act of 1933, as amended ("**Securities Act**"), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act.

"**Investment Personnel**" or "**Investment Person**" of the Fund or the Adviser means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Any employee of the Fund (or of any company in
a Control relationship with the Fund) who, in connection with his or her regular functions or duties, makes or participates in making
recommendations regarding the purchase or sale of securities by the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any natural person who controls the Fund and
who obtains information concerning recommendations made to the Fund regarding the purchase or sale of securities by the Fund.

"**Limited Offering**" means an offering or a private placement of securities that is exempt from registration under the Securities Act pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505, or Rule 506 under the Securities Act.

"**Security Held or to be Acquired by the Fund**" means (1) any Covered Security or (2) any option to purchase or sell, and any security convertible into or exchangeable for, a Covered Security that, in either case, within the most recent 15 days is or has been held by the Fund or is being considered by the Fund or its Adviser for purchase by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;2. **General Principles** 

Rule 17j-1(b) makes it unlawful for any affiliated person<sup>13</sup> of or principal underwriter for the Fund, or any affiliated person of an investment adviser or principal underwriter for the Fund, in connection with the purchase and sale, directly or indirectly, by such person of a Security Held or to be Acquired by the Fund to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Employ any device, scheme or artifice to defraud
the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Make any untrue statement of a 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;(C) Engage in any act, practice or course of business
which operates or would operate as a fraud or deceit on the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Engage in any manipulative practice with respect
to the Fund.

No Access Person shall engage in any act, practice or course of conduct that would violate the provisions of Rule 17j-1(b) set forth above. The interests of the Fund and its shareholders and investors are paramount and come before the interests of any Access Person. Personal investing activities of all Access Persons must be conducted in a manner that avoids actual or potential conflicts of interest with the Fund and its shareholders. Access Persons shall not use their positions, or any investment opportunities presented by virtue of such positions, to the detriment of the Fund and its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Substantive Restrictions** 

The following substantive restrictions are imposed on personal trading activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) *<u>Investments in IPOs and Limited Offerings.</u>* <sup>14</sup>
Investment Personnel are generally prohibited from participating in IPOs and Limited Offerings. However, an Investment Person may participate
in an IPO or a Limited Offering if he or she obtains written approval from the CCO (or their designee) before directly or indirectly acquiring
Beneficial Ownership in any securities in an IPO or Limited Offering. The CCO may approve the participation of an Investment Person in
an IPO or Limited Offering if he or she determines that, in view of the nature of the security, the nature of the offering, the market
for such security, and other factors deemed relevant, such participation by the Investment Person will not create a material conflict
with the Fund. A record of any decision to permit investment by an Investment Person in an IPO or Limited Offering, including the reasons
for the decision, shall be kept in accordance with the requirements of Section 7(F), below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) *<u>Disgorgement.</u>* Any profits derived
from securities transactions in violation of paragraph (A) shall be forfeited and paid to the Fund for the benefit of its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;4. **Reporting Requirements** 

To enable the Fund to determine with reasonable assurance whether the provisions of Rule 17j-1(a) and this Code are being observed by its Access Persons, the following reporting requirements apply, except as noted in Section 4(D) below.

Any report required to be submitted pursuant to this Section 4 may contain a statement that the report will not be construed as an admission that the person making the report has any direct or indirect Beneficial Ownership in the securities to which the report relates.

Reports under this Code shall not relieve any Access Person from responsibility to report other information required to be reported by law or to comply with other applicable requirements of the federal and state securities laws and other laws.

The Fund may require Access Persons to comply with their reporting requirements using an on-line, secure third-party platform.

*The Code of Ethics of the Adviser requires disclosure by Access Persons (as defined therein), but no duplicative disclosure is required by this Code.*

*<u>Initial Holdings Report</u>*. Within 10 days after a person becomes an Access Person, he or she shall disclose in writing, in a form acceptable to the CCO, all direct or indirect Beneficial Ownership interests of such Access Person in Covered Securities ("**Initial Holdings Report**"). Information to be reported must be current as of a date no more than 45 days prior to an individual becoming an Access Person and is to include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 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;(2) 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;(3) The date the report is submitted by the Access
Person.

*<u>Quarterly Transaction Report</u>.* Each Access Person shall report in writing to the CCO within 30 days of the end of each calendar quarter in a form acceptable to the CCO ("**Quarterly Transaction Report**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 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;(i) 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;(ii) 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;(iii) 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;(iv) The name of the broker, dealer or bank with or
through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The date that the report is submitted by the
Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) With respect to any account established by the
Access Person in which any securities were held during the quarter for the direct or indirect benefit of the Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The name of the broker, dealer or bank with which
the Access Person established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The date that the report is submitted by the
Access Person.

*<u>Annual Holdings Report</u>.* Each Access Person shall report annually, no later than January 31 of each year, the following information, which must be current as of December 31 of the prior calendar year ("**Annual Holdings Report**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 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;(2) The name 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;(3) The date the report is submitted.

*<u>Exceptions from Reporting Requirements</u>*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) A person need not submit reports pursuant to
this Section 4 with respect to transactions effected for, and Covered Securities held in, any account over which the person has no direct
or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) An Access Person need not make a Quarterly Transaction
Report with respect to transactions effected pursuant to an Automatic Investment Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any Access Person of the Fund that is also an
"access person" of the Adviser (as that term is defined in Rule 17j-1) need not submit reports pursuant to this Section 4
provided that such person is otherwise subject to a code of ethics compliant with the terms of Rule 17j-1 adopted by the Adviser, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) An Independent Trustee of the Fund (*i.e.*,
a trustee who is not an "interested person" of the Fund as that term is defined in Section 2(a)(19) of the Investment Company
Act), and who would be required to make a report solely by reason of being a trustee of the Fund, need <u>not</u> make:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) An Initial Holdings Report or an Annual Holdings
Report; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A Quarterly Transaction Report

unless the Independent Trustee knew or, in the ordinary course of fulfilling his or her official duties as a trustee of the Fund, should have known that, during the 15-day period immediately preceding or after the Independent Trustee's transaction in a Covered Security, the Fund purchased or sold such Covered Security or the Fund considered purchasing or selling the Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) An Access Person need not make a Quarterly Transaction
Report if the report would duplicate information contained in broker trade confirmations or account statements received by the Fund with
respect to the Access Person provided such broker trade confirmations or account statements are received by the due date required for
a Quarterly Transaction Report and broker trade confirmations or account statements contain all of the information required to be included
in the Quarterly Transaction Report.

&nbsp;&nbsp;&nbsp;&nbsp;5. **Compliance Procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) *<u>Notification to Access Persons:</u>* The CCO (or their designee) shall notify each Access Person that he or she is subject to this reporting requirement, of his or her classification
as "Access Person" and/or "Investment Personnel" under this Code, and shall deliver or make available a copy of
this Code to each Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) *<u>Review of Reports.</u>* The CCO (or
their designee) shall periodically review any reports received pursuant to this Code.

&nbsp;&nbsp;&nbsp;&nbsp;6. **Report to the Board** 

The Fund's CCO shall report to the Board at each meeting regarding the following matters (to the extent not previously reported to the Board):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Issues arising under this Code, including but
not limited to material violations of this Code, violations that are material in the aggregate, and any sanctions imposed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) With respect to any transaction not required
to be reported to the Board by the operation of Section 6(A) that the Fund's CCO believes nonetheless may evidence violation of
this policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The Board shall consider reports made hereunder
and upon discovering that a violation of this Code has occurred, the Board may impose such sanctions, in addition to any disgorgement
required pursuant to Section 3(B) hereof, as it deems appropriate, including, among other things, a letter of sanction, suspension, or
termination of the employment of the violator.

The Fund's CCO shall report to the Board on an annual basis concerning existing personal investing procedures, violations during the prior year and any recommended changes in existing restrictions or procedures.

The Board shall review this Code and the operation of these policies at least once a year.

&nbsp;&nbsp;&nbsp;&nbsp;7. **Recordkeeping** 

The Fund shall maintain the following records at its principal office:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) This Code and any related procedures, and any
Code that has been in effect during the past five years shall be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) A record of any violation of the Code and of
any action taken as a result of the violation, to be maintained in an easily accessible place for at least five years after the end of
the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) A copy of each report under this Code by (or
duplicate brokerage statements and/or confirmations for the account of) an Access Person, to be maintained for at least five years after
the end of the fiscal year in which the report is made or the information is provided, the first two years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) A record of all persons, currently or within
the past five years, who are or were required to make or to review reports made pursuant to Section 4, to be maintained in an easily accessible
place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) A copy of each report by the Fund's CCO
to the Board, to be maintained for at least five years after the end of the fiscal year in which it is made, the first two years in an
easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) A record of any decision, and the reasons supporting
the decision, to approve an acquisition by an Investment Person of securities offered in an IPO or in a Limited Offering, to be maintained
for at least five years after the end of the fiscal year in which the approval is granted.

&nbsp;&nbsp;&nbsp;&nbsp;8. **Approval Requirements** 

This Code and any material changes to this Code must be approved by the Fund's Board. Each such approval must be based on a determination that this Code contains provisions reasonably necessary to prevent Access Persons from engaging in any conduct prohibited by Rule 17j-1. Before approving this Code or any amendment thereto, the Board must receive a certification from the relevant entity that it has adopted procedures reasonably necessary to prevent its Access Persons from violating this Code. Before initially retaining any investment adviser, sub-adviser or principal underwriter for the Fund, the Fund's Board must approve the Code of Ethics of such investment adviser, sub-adviser or principal underwriter for the Fund (unless the entity is not required by Rule 17j-1 to adopt a Code of Ethics), and must approve any material change to that Code of Ethics within six months after the adoption of the change. For the avoidance of doubt, the Fund's officers may make such non-material changes to this Code as they may determine necessary or appropriate, provided that the amended Code shall be reviewed with the Board at the next regularly scheduled meeting.

## Exhibit 99.25

![](fp0099509-1_03.jpg)

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|:---|:---|
|  | *The reputation of a thousand years may be determined by the conduct of one hour.*<br> – Ancient proverb<br>A message from our CEO |
| <br>**Jean M. Hynes**<br> Chief Executive Officer | Our ability to thrive as an organization is driven by our shared values, and integrity is at the top of the list. This is reflected in our commitment to the "Client, Firm, Self" framework, through which all of our decisions should be viewed if we are to earn and maintain the trust of our clients.<br>Each and every one of us has a role to play in sustaining our clients' trust. We must test every decision we make, no matter how small, against our fiduciary obligations and our high ethical standards. If there is the slightest doubt about whether a decision is in the best interests of our clients, then bring it to someone's attention — your manager, the Legal and Compliance team, or any of my direct reports. But don't just let it go. This is what it means to be a fiduciary: complete dedication to conscientious stewardship of client assets.<br>To support this mandate, our Code of Ethics sets out standards for our personal conduct, including personal investing, acceptance of gifts and entertainment, outside activities, and client confidentiality. Please take the time to read the Code, familiarize yourself with the rules, and determine what you need to do to comply with them.<br>Remember, too, that while our Code of Ethics is reviewed and updated regularly, no set of rules can address every possible circumstance. And so I ask you to remain vigilant, exercise good judgment, ask for help when you need it, consider not just the letter but the spirit of the laws that govern our industry, and do your part to safeguard our clients' trust.<br>Sincerely,<br>![](fp0099509-1_05.jpg) <br>Jean M. Hynes<br> Chief Executive Officer |

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Contents

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| | |
|:---|:---|
| **Standards of conduct** | 1 |
| **Who is subject to the Code of Ethics?** | 1 |
| **Personal investing** | 2 |
| Which types of investments and related activities are prohibited? | 2 |
| Which investment accounts must be reported? | 3 |
| What are the reporting responsibilities for all personnel? | 4 |
| What are the preclearance responsibilities for all personnel? | 5 |
| What are the additional requirements for investment professionals? | 6 |
| **Gifts and entertainment** | 7 |
| **Outside activities** | 8 |
| **Client confidentiality** | 8 |
| **How we enforce our Code of Ethics** | 8 |
| **Exceptions from the Code of Ethics** | 9 |
| **Closing** | 9 |

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Wellington Management Code of Ethics 1

Standards of conduct

Our standards of conduct are straightforward and essential. Any transaction or activity that violates either of the standards of conduct below is prohibited, regardless of whether it meets the technical rules found elsewhere in the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;1. **We act as fiduciaries to our clients**. Each of us must put our clients' interests above our own and must not take advantage of our management
of clients' assets for our own benefit. Our firm's policies and procedures implement these principles with respect to our
conduct of the firm's business. This Code of Ethics implements the same principles with respect to our personal conduct. The procedures
set forth in the Code govern specific transactions, but each of us must be mindful at all times that our behavior, including our personal
investing activity, must meet our fiduciary obligations to our clients.

&nbsp;&nbsp;&nbsp;&nbsp;2. **We act with integrity and in accordance with both the letter and the spirit of the law**. Our business is highly regulated, and we are
committed as a firm to compliance with those regulations. Each of us must also recognize our obligations as individuals to understand
and obey the laws that apply to us in the conduct of our duties. They include laws and regulations that apply specifically to investment
advisors, as well as more broadly applicable laws ranging from the prohibition against trading on material nonpublic information and other
forms of market abuse to anticorruption statutes such as the US Foreign Corrupt Practices Act and the UK Bribery Act. The firm provides
training on their requirements. Each of us must take advantage of these resources to ensure that our own conduct complies with the law.

Who is subject to the Code of Ethics?

Our Code of Ethics applies to all employees of Wellington Management and its affiliates around the world. Its restrictions on personal investing also apply to temporary personnel (including co-ops and interns) and consultants whose tenure with Wellington Management exceeds 90 days and who are deemed by the Chief Compliance Officer to have access to nonpublic investment research, client holdings, or trade information.

All Wellington Management personnel receive a copy of the Code of Ethics (and any amendments) and must certify, upon joining the firm and annually thereafter, that they have read and understood it and have complied with its requirements.

**Adherence to the Code of Ethics is a basic condition of employment. Failure to adhere to our Code of Ethics may result in disciplinary action, including termination of employment.**

If you have any doubt as to the appropriateness of any activity, believe that you have violated the Code, or become aware of a violation of the Code by another individual, you should consult the manager of the Code of Ethics Team, Chief Compliance Officer, or General Counsel. You also have the right to report violations of law or regulation directly to relevant governmental agencies. You do not need the firm's prior authorization to make any such report or disclosures and are not required to notify the firm that you have done so.

For additional information regarding our **Code of Ethics Policy** refer to the **Guide to Our Policy** document available on the firm's Intranet.

Wellington Management Code of Ethics 2

Personal investing

As fiduciaries, each of us must avoid taking personal advantage of our knowledge of investment activity in client accounts. Although our Code of Ethics sets out a number of specific restrictions on personal investing designed to reflect this principle, no set of rules can anticipate every situation. Each of us must adhere to the spirit, and not just the letter, of our Code in meeting this fiduciary obligation to our clients.

Which types of investments and related activities are prohibited?

Our Code of Ethics prohibits the following personal investments and investment-related activities:

● Purchasing or selling the prohibited investments and activities listed in  **<u>Appendix A</u>** 

● Purchasing an equity security if your aggregate ownership of the equity security exceeds 0.05% of the total shares outstanding of the issuer

● Taking a profit from any trading activity within a 60-calendar day window

● Using a derivative instrument to circumvent a restriction in the Code of Ethics

**Short-term trading**<br>You are prohibited from taking a profit from any trading activity within a 60-calendar day window on any security that requires preclearance. For example, if you buy shares of stock<br> (or options on such shares) and then sell those shares within 60 days at a profit, an exception will be identified and any gain from the transactions must be surrendered. Gains are calculated based on a last in, first out (LIFO) method for purposes of this restriction. This short-term trading rule does not apply to securities exempt from the Code's preclearance requirements.<br>

Wellington Management Code of Ethics 3

**WHICH INVESTMENT ACCOUNTS MUST BE REPORTED?**

You are required to report any investment account over which you exercise investment discretion or from which any of the following individuals enjoy economic benefits: (i) your spouse, domestic partner, or minor children, and (ii) any other dependents living in your household,

**AND**

that holds or is capable of holding any of the *covered investments* detailed in **<u>Appendix A</u>** under "Reporting of Securities Transactions".

For purposes of the Code of Ethics, these investment accounts are referred to as *reportable accounts*. Examples of common account types include brokerage accounts, retirement accounts, employee stock compensation plans, and transfer agent accounts. Reportable accounts also include those from which you or an immediate family member may benefit indirectly, such as a family trust or family partnership, and accounts in which you have a joint ownership interest, such as a joint brokerage account.

**Accounts not requiring reporting**

You do not need to report the following accounts via the Code of Ethics System since the administrator will provide the Code of Ethics Team with access to relevant holdings and transaction information:

● Accounts maintained within the Wellington Retirement and Pension Plan or similar firm-sponsored retirement or benefit plans identified by the Ethics Committee

● Accounts maintained directly with Wellington Trust Company or other Wellington Management Sponsored Products

Although these accounts do not need to be reported, your investment activities in these accounts must comply with the standards of conduct embodied in our Code of Ethics.

Wellington Management Code of Ethics 4

**Managed account exemptions**

An account from which you or immediate family members could benefit financially, but over which neither you nor they have any investment discretion or influence (a *managed account*), may be exempted from the Code of Ethics' personal investing requirements upon written request and approval. An example of a managed account would be a professionally advised account about which you will not be consulted or have any input on specific transactions placed by the investment manager prior to their execution.

**Designated Brokers for US Reportable Accounts**

US-based reportable accounts must be held at one or more of the brokers on the Designated Brokers List. This requirement does not apply to managed accounts that are exempt from certain provisions of the Code of Ethics, employee stock purchase and stock option plans and other accounts (including pension, retirement and compensation accounts) required to be held at a specific broker.

New employees must transfer all reportable accounts to a Designated Broker within 45 days from the start of their employment.

**WHAT ARE THE REPORTING Responsibilities for ALL PERSONNEL?**

**Initial and annual holdings reports**

You must disclose all reportable accounts and all covered investments you hold within 10 calendar days after you begin employment at or association with Wellington Management. You will be required to review and update your holdings and securities account information annually thereafter.

**Non-volitional transactions include:**<br>Investments made through automatic dividend reinvestment or rebalancing plans and stock purchase plan acquisitions Transactions that result from corporate actions applicable to all similar security holders (such as splits, tender offers, mergers, and stock dividends)<br>

For initial holdings reports, holdings information must be current as of a date no more than 45 days prior to the date you became covered by the Code of Ethics.

*Please note that you cannot make personal trades until you have filed an initial holdings report via the Code of Ethics System on the Intranet.*

 

For subsequent annual reports, holdings information must be current as of a date no more than 45 days prior to the date the report is submitted. *Please note that your annual holdings report must account for both volitional and non-volitional transactions.*

 

At the time you file your initial and annual reports, you will be asked to confirm that you have read and understood the Code of Ethics and any amendments.

**Quarterly transactions reports**

You must submit a quarterly transaction report no later than 30 calendar days after quarter-end via the Code of Ethics System on the Intranet, even if you did not make any personal trades during that quarter. In the reports, you must either confirm that you did not make any personal trades (except for those resulting from non-volitional events) or provide information regarding all volitional transactions in covered investments.

**Duplicate statements and trade confirmations**

For each of your reportable accounts, you are required to provide duplicate statements and duplicate trade confirmations to Wellington Management.

Wellington Management Code of Ethics 5

**WHAT ARE THE PRECLEARANCE Responsibilities for ALL PERSONNEL?**

**Preclearance of publicly traded securities**

You must receive clearance before buying or selling stocks, bonds, options, and most other publicly traded securities in any reportable account. A full list of the categories of publicly traded securities requiring preclearance, and of certain exceptions to this requirement, is included in **<u>Appendix A</u>**. Transactions in accounts that are not reportable accounts do not require preclearance or reporting.

Preclearance requests must be submitted online via the Code of Ethics System, which is accessible through the Intranet. If clearance is granted, the approval will be effective for a period of 24 hours. If you preclear a transaction and then place a limit order with your broker, that limit order must either be executed or expire at the end of the 24-hour period. *If you want to execute the order after the 24-hour period expires, you must resubmit your preclearance request.*

 

**Please note that preclearance approval does not alter your responsibility to ensure that each personal securities transaction complies with the general standards of conduct, the reporting requirements, the restrictions on short-term trading, or the special rules for investment professionals set out in our Code of Ethics.**

**Caution on short sales, margin transactions, and options**

You may engage in short sales and margin transactions and may purchase or sell options (excluding options on ETFs) provided you receive preclearance and meet all other applicable requirements under our Code of Ethics (including the additional rules for investment professionals described on page 7). *Please note, however, that these types of transactions can have unintended consequences.* For example, any sale by your broker to cover a margin call or to buy in a short position will be in violation of the Code unless precleared. Likewise, any volitional sale of securities acquired at the expiration of a long call option will be in violation of the Code unless precleared. You are responsible for ensuring any subsequent volitional actions relating to these types of transactions meet the requirements of the Code.

**Preclearance of private placement securities**

You cannot invest in securities offered to potential investors in a private placement without first obtaining prior approval. Approval may be granted after a review of the facts and circumstances, including whether:

● an investment in the securities is likely to result in future conflicts with client accounts (e.g., upon a future public offering), and

● you are being offered the opportunity due to your employment at or association with Wellington Management.

Investments in our own privately offered investment vehicles (our *Sponsored Products*), including collective investment funds and common trust funds maintained by Wellington Trust Company, na, our hedge funds, and our non-US domiciled funds, have been approved under the Code and therefore do not require the submission of a Private Placement Approval Form.

Wellington Management Code of Ethics 6

**WHAT ARE THE ADDITIONAL REQUIREMENTS FOR INVESTMENT PROFESSIONALS?**

If you are a portfolio manager, research analyst, or other investment professional who has portfolio management responsibilities for a client account (e.g., designated portfolio manager, backup portfolio manager, investment team member), or who otherwise has direct authority to make decisions to buy or sell securities in a client account (referred to here as an investment professional), you are required to adhere to additional rules and restrictions on your personal securities transactions. However, as no set of rules can anticipate every situation, you must remember to place our clients' interests first whenever you transact in securities that are also held in client accounts you manage.

The following provisions of the code are intended to allow investment professionals to make long-term investments in securities. However, you may not be able to sell personal investments for extended periods of time and therefore should consider the liquidity, tax planning, market, and similar risks associated with making personal investments in securities of an issuer that are or may be held in client accounts.

● **INVESTMENT PROFESSIONAL BLACKOUT PERIODS** — You cannot buy or sell a security (excluding shares of exchange-traded funds (ETFs)) for a period of **14 calendar days before or after** any transaction in the same issuer by a client account for which you serve as an investment professional. In addition, you may not sell personal holdings in a security of the same issuer that is held by a client account for which you serve as an investment professional until the **later of** the following periods: (i) **one calendar year** from the date of your last purchase and (ii) **90 calendar days** after all of your client accounts liquidate all holdings of the same issuer.

If you anticipate receiving a cash flow or redemption request in a client portfolio that will result in the purchase or sale of securities that you also hold in your personal account, you should take care to avoid transactions in those securities in your personal account in the days leading up to the client transactions. However, unanticipated cash flows and redemptions in client accounts and unexpected market events do occur from time to time, and a personal trade made in the prior 14 days should never prevent you from buying or selling a security in a client account if the trade would be in the client's best interest. If you find yourself in that situation and need to buy or sell a security in a client account within the 14 calendar days following your personal transaction in a security of the same issuer, you should attempt to notify the Code of Ethics Team or your local Compliance Officer in advance of placing the trade. If you are unable to reach any of those individuals and the trade is time sensitive, you should proceed with the client trade and notify the Code of Ethics Team promptly after submitting it.

● **SHORT SALES BY AN INVESTMENT PROFESSIONAL** — An investment professional may not personally take a short position in a security of an issuer in which he or she holds a long position in a client account.

Wellington Management Code of Ethics 7

Gifts and entertainment

Our guiding principle of "client, firm, self" also governs the receipt of gifts and entertainment from clients, consultants, brokers/dealers, research providers, vendors, companies in which we may invest, and others with whom the firm does business. As fiduciaries to our clients, we must always place our clients' interests first and cannot allow gifts or entertainment opportunities to influence the actions we take on behalf of our clients. In keeping with this standard, you must follow several specific requirements:

**ACCEPTING GIFTS** — You may only accept gifts of nominal value, which include logoed items, flower arrangements, gift baskets, and food, as well as other gifts with an approximate value of less than US$100 or the local equivalent per year from a single source. You may not accept a gift of cash, including a cash equivalent such as a gift card, regardless of the amount. If you receive a gift that violates the Code, you must return the gift or consult with the Chief Compliance Officer to determine appropriate action under the circumstances.

**ACCEPTING BUSINESS MEALS** — Business meals are permitted provided that neither the cost nor the frequency is excessive and there is a legitimate business purpose. If the host is a broker/dealer or research provider, the host must be reimbursed for the full amount of your proportionate share of the total cost of the meal if the approximate value of the meal is more than US$250 or the local equivalent.

**ACCEPTING ENTERTAINMENT OPPORTUNITIES** — The firm recognizes that participation in entertainment opportunities with representatives from organizations with which the firm does business, such as consultants, broker/dealers, research providers, vendors, and companies in which we may invest, can help to further legitimate business interests. However, participation in such entertainment opportunities should be infrequent and is subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;1. A representative of the hosting organization must be present;

&nbsp;&nbsp;&nbsp;&nbsp;2. The primary purpose of the event must be to discuss business or to build a business relationship;

&nbsp;&nbsp;&nbsp;&nbsp;3. You must receive prior approval from your line manager or designee ;

&nbsp;&nbsp;&nbsp;&nbsp;4. If the host is a broker/dealer or research provider, the host must be reimbursed for the full amount of the entertainment opportunity;
and

&nbsp;&nbsp;&nbsp;&nbsp;5. For all other entertainment opportunities, the host must be reimbursed for the full face value of any entertainment ticket(s) if:

● the entertainment opportunity requires a ticket with a face value of more than US$450 or the local equivalent, or is a high-profile event (e.g., a major sporting event),

● you wish to accept more than one ticket, or

● the host has invited numerous Wellington Management representatives.

Please note that even if you pay for the full face value of a ticket, you may attend the event *only if the host is present*.

**LODGING AND AIR TRAVEL** — You may not accept a gift of lodging or air travel in connection with any entertainment opportunity. If you participate in an entertainment opportunity for which lodging or air travel is paid for by the host, you must reimburse the host for the equivalent cost, as determined by Wellington Management's travel manager.

Wellington Management Code of Ethics 8

**SOLICITING GIFTS, ENTERTAINMENT OPPORTUNITIES, OR CONTRIBUTIONS** — In your capacity as an employee of the firm, you may not solicit gifts, entertainment opportunities, or charitable or political contributions for yourself, or on behalf of clients, prospects, or others, from brokers, vendors, clients, or consultants with whom the firm conducts business or from companies in which the firm may invest.

**SOURCING ENTERTAINMENT OPPORTUNITIES** — You may not request tickets to entertainment events from the firm's Trading department or any other Wellington Management department, or employee, nor from any broker, vendor, company in which we may invest, or other organization with which the firm conducts business.

Outside activities

While the firm recognizes that you may engage in business or charitable activities in your personal time, you must take steps to avoid conflicts of interest between your private interests and our clients' interests. As a result, all significant outside business or charitable activities (e.g., additional employment, consulting work, directorships or officerships) must be approved by your manager and by the Chief Compliance Officer, General Counsel, or Chair of the Ethics Committee prior to the acceptance of such a position (or if you are new, upon joining the firm). Approval will be granted only if it is determined that the activity does not present a significant conflict of interest. Directorships in public companies (or companies reasonably expected to become public companies) will generally not be authorized, while service with charitable organizations generally will be permitted.

Client confidentiality

Any nonpublic information concerning our clients that you acquire in connection with your employment at the firm is confidential. This includes information regarding actual or contemplated investment decisions, portfolio composition, research recommendations, and client interests. You should not discuss client business, including the existence of a client relationship, with outsiders unless it is a necessary part of your job responsibilities.

How we enforce our Code of Ethics

Legal and Compliance is responsible for monitoring compliance with the Code of Ethics. Members of Legal and Compliance will periodically request certifications and review holdings and transaction reports for potential violations. They may also request additional information or reports.

It is our collective responsibility to uphold the Code of Ethics. In addition to the formal reporting requirements described in this Code of Ethics, you have a responsibility to report any violations of the Code. If you have any doubt as to the appropriateness of any activity, believe that you have violated the Code, or become aware of a violation of the Code by another individual, you should consult the manager of the Code of Ethics Team, Chief Compliance Officer, or General Counsel.

Wellington Management Code of Ethics 9

Potential violations of the Code of Ethics will be investigated and considered by representatives of Legal and Compliance and/or the Ethics Committee. All violations of the Code of Ethics will be reported to the Chief

Compliance Officer. Violations are taken seriously and may result in sanctions or other consequences, including:

● a warning

● referral to your manager and/or senior management

● reversal of a trade or the return of a gift

● disgorgement of profits or of the value of a gift

● a limitation or restriction on personal investing

● termination of employment

● referral to civil or criminal authorities

If you become aware of any potential conflicts of interest that you believe are not addressed by our Code of Ethics or other policies, please contact the Chief Compliance Officer, the General Counsel, or the manager of the Code of Ethics Team.

Exceptions from the Code of Ethics

The Chief Compliance Officer may grant an exception from the Code, including preclearance, other trading restrictions, and certain reporting requirements on a case-by-case basis if it is determined that the proposed conduct involves no opportunity for abuse and does not conflict with client interests. Exceptions are expected to be rare.

Closing

As a firm, we seek excellence in the people we employ, the products and services we offer, the way we meet our ethical and fiduciary responsibilities, and the working environment we create for ourselves. Our Code of Ethics embodies that commitment. Accordingly, each of us must take care that our actions fully meet the high standards of conduct and professional behavior we have adopted. Most importantly, we must all remember "client, firm, self" is our most fundamental guiding principle.

Wellington Management Code of Ethics 10

APPENDIX A

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| |
|:---|
| **No Preclearance or Reporting Required:** |
| Open-end investment funds not managed by Wellington Management<sup>1</sup> , except for ETFs which require reporting and all closed-end funds that require both preclearance and reporting. |
| Interests in a variable annuity product in which the underlying assets are held in a fund not managed by Wellington Management |
| Direct obligations of the US government (including debt issued by US Gov Agencies), the governments of Canada, France, Germany, Italy, Japan, United Kingdom, Singapore (SSBs and SG T-Bills) as well as Hong Kong and Australian government bonds issued only to retail investors. |
| Cash |
| Money market instruments or other short-term debt instruments rated P-1 or P-2, A-1 or A-2, or their equivalents<sup>2</sup> |
| Bankers' acceptances, CDs, commercial paper |
| Wellington Trust Company Pools, Wellington Sponsored Private Funds (e.g. Wellington Hedge and Private Equity Funds) that are held in WRPP and/or MD Savings Plan |
| Securities futures and options on direct obligations of the US government or the governments of Canada, France, Germany, Italy, Japan, United Kingdom, and associated derivatives |
| Options, forwards, and futures on commodities and foreign exchange, and associated derivatives |
| Transactions in approved managed accounts |

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| |
|:---|
| **Reporting of Securities Transactions Required (no need to preclear and not subject to the 60-day holding period):** |
| Open-end investment funds managed by Wellington Management, including WMF funds and subadvised funds<sup>1</sup> (other than money market funds) |
| Interests in a variable annuity or insurance product in which the underlying assets are held in a fund managed by Wellington Management |
| Futures and options on securities indices |
| Shares of exchange-traded funds (ETFs) <sup>3</sup>, excluding closed-end ETFs managed by Wellington and listed closed-end ETFs, which require preclearance and reporting. |
| Gifts of securities to you or a reportable account |
| Gifts of securities from you or a reportable account |
| Non-volitional transactions (splits, tender offers, mergers, stock dividends, dividend reinvestments, etc.) |

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| |
|:---|
| **Preclearance and Reporting of Securities Transactions Required:** |
| Bonds and notes (including municipal bonds) other than those listed in the no preclearance or reporting section |
| Stock (common and preferred) or other equity securities, including any security convertible into equity securities |
| All closed-end funds (including closed-end funds managed by Wellington and listed closed-end funds) |
| Interest in private placement securities (other than Wellington Management sponsored products)<sup>4</sup> |
| Unit investment trusts |
| American Depositary Receipts |
| Options on securities (but not their non-volitional exercise or expiration), excluding options on ETFs and securities indices |
| Warrants |
| Rights |

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| |
|:---|
| **Prohibited Investments and Activities:** |
| Initial public offerings (IPOs) of any securities |
| Single-stock futures |
| Single-Stock ETFs (including Leveraged Single-Stock ETFs, Inverse Single-Stock ETFs, and Hedged Single-Stock ETFs) |
| Tokenized Single Stock Instruments |
| Securities or financial instruments whose performance is derived from the performance of a security covered by our Code of Ethics (e.g. single stock ETFs and single stock futures) |
| Options with an expiration date that is within 60 calendar days of the transaction date (excluding shares of exchange-traded funds (ETFs)) |
| Securities being bought or sold on behalf of clients until one trading day after such buying or selling is completed or canceled |
| Securities of an issuer that is the subject of a new, changed, or reissued but unchanged action recommendation from a global industry research or fixed income credit analyst until two business days following issuance or reissuance of the recommendation |
| Securities of an issuer that is mentioned at the Morning Meeting or the Early Morning Meeting until two business days following the meeting |
| Securities on the firmwide restricted list |
| Taking a profit from any trading activity within a 60-calendar day window |
| Securities of broker/dealers or their affiliates with which the firm conducts business |
| Securities of any securities market or exchange on which the firm trades |
| Using a derivative, digital asset, or other instrument to circumvent the requirements of the Code of Ethics |
| Purchasing an equity security if your aggregate ownership of the equity security exceeds 0.05% of the total shares outstanding of the issuer, |
| Initial Coin offerings (ICOs) |

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This appendix is current as of 2 February 2026 and may be amended at the discretion of the Ethics Committee.

<sup>1</sup>A list of funds advised or subadvised by Wellington Management ("Wellington-Managed Funds") is available online via the Code of Ethics System. However, you remain responsible for confirming whether any particular investment represents a Wellington-Managed Fund; <sup>2</sup>If the instrument is unrated, it must be of equivalent duration and comparable quality; <sup>3</sup>Excluding Single-Stock ETFs as these are a prohibited investment; <sup>4</sup>Interest in private placement securities (other than Wellington Mgmt sponsored products) require prior approval. A Private Placement Approval Form must be submitted and approved prior to transacting.

![](fp0099509-1_06.jpg)

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**N-2**

**WVB Blackstone All Privates Fund**

**Table 1: Newly Registered and Carry Forward Securities**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **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* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Equity | Shares of beneficial interest, $0.001 par value per share | (1) | 457(o) |  | $| $499000000.00 | 0.0001381 | $68911.90 |
| Fees Previously Paid | Equity | Shares of beneficial interest, $0.001 par value per share | (2) | 457(o) |  | $| $1000000.00 |  | $138.10 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $500000000.00 |  | 69050.00 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  | 138.10 |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $68911.90 |

---

**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Estimated pursuant to Rule 457(o) under the Securities Act of 1933, as amended, solely for the purpose of determining the registration fee. The proposed maximum offering price per security will be determined, from time to time, by the Registrant in connection with the sale by the Registrant of the securities registered under the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Registrant previously paid $138.10 in connection with the Registrant's registration statement on Form N-2 (File No. 333-291877) as filed with the Securities and Exchange Commission on December 1, 2025. The Registrant paid the remaining $68,911.90 in connection with the filing hereof.

## Exhibit 99.25

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| | |
|:---|:---|
| ![](fp0099509-1_01.jpg) | One International Place, 40th Floor<br> 100 Oliver Street<br> Boston, MA 02110-2605<br> +1 617 728 7100 Main<br> +1 617 426 6567 Fax<br> www.dechert.com<br>|
|  | <br> **CHRISTOPHER D. CHRISTIAN**<br>christopher.christian@dechert.com<br> +1 617 728 7173 Direct<br> +1 617 426 6567 Fax |

---

June 26, 2026

**VIA EDGAR**

U.S. Securities and Exchange Commission

100 F Street, NE

Washington, D.C. 20549-4720

Re: WVB Blackstone All Privates Fund (File Nos. 333-291877 and 811-24142) – Pre-Effective Amendment No. 4 to the Registration Statement on Form N-2

Ladies and Gentlemen:

Enclosed for filing on behalf of WVB Blackstone All Privates Fund (the "Fund"), a newly organized closed-end management investment company, is Pre-Effective Amendment No. 4 to the Fund's registration statement under the Securities Act of 1933 and Amendment No. 4 to the Fund's registration statement under the Investment Company Act of 1940 on Form N-2 ("Registration Statement"). This filing is being made for the purposes of: (i) incorporating comments received from the Staff of the U.S. Securities and Exchange Commission in connection with its review of the Registration Statement; (ii) making certain other changes to the Prospectus and Statement of Additional Information; and (iii) providing certain items required to be contained in the Registration Statement, including certain exhibits thereto.

If you have any questions relating to this filing, please do not hesitate to contact me at 617.728.7173.

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| |
|:---|
| Sincerely, |
| /s/ Christopher D. Christian |
| Christopher D. Christian |

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