# EDGAR Filing Document

**Accession Number:** 0001997641
**File Stem:** 0000930413-25-003485
**Filing Date:** 2025-11
**Character Count:** 1079210
**Document Hash:** 1aefadcaec68377a4d3b3ee9ae079ddb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-25-003485.hdr.sgml**: 20251121

**ACCESSION NUMBER**: 0000930413-25-003485

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

**PUBLIC DOCUMENT COUNT**: 11

**FILED AS OF DATE**: 20251121

**DATE AS OF CHANGE**: 20251120

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Global X Venture Fund
- **CENTRAL INDEX KEY:** 0001997641

**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:** 811-23982
- **FILM NUMBER:** 251504045

**BUSINESS ADDRESS:**
- **STREET 1:** 605 3RD AVENUE
- **STREET 2:** 43RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10158
- **BUSINESS PHONE:** 212-644-6440

**MAIL ADDRESS:**
- **STREET 1:** 605 3RD AVENUE
- **STREET 2:** 43RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10158
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Global X Venture Fund
- **CENTRAL INDEX KEY:** 0001997641

**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:** 333-280711
- **FILM NUMBER:** 251504044

**BUSINESS ADDRESS:**
- **STREET 1:** 605 3RD AVENUE
- **STREET 2:** 43RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10158
- **BUSINESS PHONE:** 212-644-6440

**MAIL ADDRESS:**
- **STREET 1:** 605 3RD AVENUE
- **STREET 2:** 43RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10158

**As filed with the Securities and Exchange Commission on November 20, 2025**

**Registration File No. 333-280711**

**Registration File No. 811-23982**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

**Form N-2**

⌧ **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** 

⌧ **Pre-Effective Amendment No. 2**

□ **Post-Effective Amendment No.** <br> ⌧ **REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** 

⌧ **Amendment No. 2**

**Global X Venture Fund**

**(Exact Name of Registrant as Specified in Charter)**

**Global X Management Company LLC**

605 3rd Avenue, 43rd Floor

New York, New York 10158

(Address of Principal Executive Offices)<br> **(212) 644-6440** 

**(**Registrant's Telephone Number, including Area Code**)**

**c/o Jasmin Ali, Esq.** <br> Global X Management Company LLC

605 3rd Avenue, 43rd Floor

New York, New York 10158

(Name and Address of Agent for Service)

**Copy to:**

Jacqueline Edwards, Esq. <br> Simpson Thacher & Bartlett LLP <br> 425 Lexington Avenue <br> New York, NY 10017 Ryan P. Brizek, Esq. Simpson Thacher & Bartlett LLP 900 G Street, N.W. Washington, DC 20001

**Approximate Date of Commencement of Proposed Public Offering:**

As soon as practicable after the effective date of this Registration Statement.

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

⌧ Check box if any securities being registered on this Form will be offered on a delayed or continuous
 basis in reliance on Rule 415 under the Securities Act of 1933 ("Securities Act"), other than securities offered
 in connection with a dividend reinvestment plan.

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

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

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

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

□ when declared effective pursuant to Section 8(c)

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

□ 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: ______.

**Check each box that appropriately characterizes the Registrant:**

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| | |
|:---|:---|
| ⌧ | Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 ("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 ("Exchange Act"). |
| □ | If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act. |
| □ | 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 THE REGISTRATION STATEMENT SHALL BECOME EFFECTIVE ON SUCH DATE AS THE SECURITIES AND EXCHANGE COMMISSION, ACTING PURSUANT TO SECTION 8(A), MAY DETERMINE. |

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**The information in this Prospectus 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 Prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

**PRELIMINARY PROSPECTUS**

**SUBJECT TO COMPLETION, DATED NOVEMBER 20, 2025**

**PROSPECTUS**

**_____ __, 2025**

**GLOBAL X VENTURE FUND**

**CLASS A SHARES (GXVAX)**

**CLASS S SHARES (GXVSX)**

**CLASS I SHARES (GXVIX)**

The Global X Venture Fund (the "**Fund**") is a Delaware statutory trust that is registered under the Investment Company Act of 1940, as amended, as a non-diversified, closed-end management investment company.

*Investment Objective.* The Fund's investment objective is to seek long-term capital appreciation. There can be no assurance that the Fund will achieve its investment objective.

*Interval Fund.* Interval funds are investment vehicles that can provide individual investors with access to strategies that are typically limited to large institutional investors that have significant assets. These strategies may allocate a greater portion of their assets to asset classes that are less liquid than those typically found in mutual funds. Interval funds are not required to provide investors with daily liquidity; rather, they offer to repurchase a certain percentage of their outstanding shares at set periods or "intervals," throughout the calendar year (often quarterly). The periodic repurchase schedule of an interval fund allows the investment manager of the interval fund to take a longer-term view with respect to allocating fund assets.

The Fund is an "interval fund" that is designed primarily for long-term investors and not as a trading vehicle. The Fund will, subject to applicable law, conduct quarterly repurchase offers for between 5% and 25% of the Fund's outstanding shares of beneficial interest ("**Shares**") at net asset value ("**NAV**"). In connection with any given repurchase offer, it is expected that the Fund will offer to repurchase only the minimum amount of 5% of its outstanding Shares. It is also possible that a repurchase offer may be oversubscribed, with the result that holders of Shares ("**Shareholders**") may only be able to have a portion of their Shares repurchased. The Fund does not currently intend to list its Shares for trading on any national securities exchange. The Shares are, therefore, not readily marketable. Even though the Fund will make quarterly repurchase offers to repurchase a portion of the Shares to seek to provide liquidity to Shareholders, you should consider the Shares to be illiquid. The Fund will make repurchase offers in the months of March, June, September and December and expects to make its initial repurchase offer following the second full quarter after the effective date of the Fund's registration statement. **See "Types of Investments and Related Risks — Repurchase Program Risks**."

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **The Fund has a limited operating history.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Unlike an investor in many closed-end funds, Shareholders should not expect to be able to sell their Shares regardless of how the Fund performs. An investment in the Fund is considered illiquid. Thus, an investment in the Fund may not be suitable for all investors.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Unlike many closed-end funds, the Shares are not listed on any securities exchange. The Fund intends to provide liquidity through quarterly offers to repurchase a limited amount of the Fund's Shares (expected to be 5% of the Fund's Shares outstanding per quarter). There is not expected to be any secondary trading market in the Shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **There is no assurance that distributions paid by the Fund will be maintained or that dividends will be paid at all.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **The Fund's Shares may not be sold, transferred or assigned without the written consent of the Fund.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **The Fund's distributions may be funded from unlimited amounts of offering proceeds or borrowings, which may constitute a return of capital. A return of capital will 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.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **The Fund invests in early-, medium- and late-stage private companies across multiple emerging sectors that the Advisers (as defined below) believe are poised to experience high growth. As a result, investment in Shares of the Fund involves substantial risks including risks associated with uncertainty regarding the valuations of private company investments, high rate of failure among early-stage companies, and restricted liquidity in securities of such companies. See "Types of Investments and Related Risks" for additional information.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Shares are speculative and involve a high degree of risk, including the risks associated with limited availability of information, uncertainty in valuation and restrictions on transferability and resale.** 

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

Investing in Shares involves certain risks. See "Types of Investments and Related Risks" beginning on Page 38 of this prospectus.

This prospectus (the "**Prospectus**") applies to the offering of three separate classes of Shares to investors, designated as "**Class A Shares**", "**Class S Shares**" and "**Class I Shares**". The Fund is authorized as a Delaware statutory trust to issue an unlimited number of Shares. The Shares are generally offered on any Business Day at the NAV per applicable class of Share on that day. No person who is admitted as a Shareholder will have the right to require the Fund to redeem its Shares.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Per Class A<br> Share** | **Per Class S<br> Share** | **Per Class I Share** | **Total** |
| Public Offering Price<sup>(1)</sup> | Current NAV | Current NAV | Current NAV | Unlimited |
| Sales Load as a percentage of purchase amount<sup>(2)</sup> | N/A | N/A | N/A | N/A |
| Proceeds to Fund Before Expenses | Current NAV | Current NAV | Current NAV | Unlimited |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fund is offering an unlimited number of shares of beneficial interest on a continuous basis.
SEI Investments Distribution Co. (the "**Distributor**") acts as principal underwriter for the Shares and serves
in that capacity on a reasonable best efforts basis, subject to various conditions. Class A Shares, Class S Shares and Class I
Shares are continuously offered at a price per Share equal to the NAV per Share for such class. The NAV of each class within the
Fund varies, primarily because each class has different class-specific expenses such as Distribution and Servicing Fees. Generally,
the stated minimum investment by an investor in the Fund is $2,000 with respect to Class A Shares and Class S Shares and $1,000,000
with respect to Class I Shares. The stated minimum investment for Class I Shares may be reduced for certain investors as described
under "Purchasing Shares." The minimum subsequent investment in the Fund is $100 with respect to Class A Shares and
Class S Shares and $10,000 with respect to Class I Shares. The Fund may, in its sole discretion, accept investments below these
minimums. Investors subscribing through a given broker/dealer or registered investment adviser may have shares aggregated to meet
these minimums, so long as initial investments are not less than $2,000 and incremental contributions are not less than $100. Financial
intermediaries may impose higher minimums.

&nbsp;&nbsp;&nbsp;&nbsp;(2) No upfront sales load will be paid with respect to Class A Shares, Class S Shares or Class I Shares,
however, if you buy Class A Shares through certain financial intermediaries, they may directly charge you transaction or other
fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that financial
intermediaries limit such charges to a 5.50% cap on NAV for Class A Shares. Financial intermediaries will not charge such fees
on Class S Shares or Class I Shares. Your financial intermediary may impose additional charges when you purchase Shares of the
Fund. Please consult your financial intermediary for additional information.

The date of this prospectus is _______ __, 2025.

*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. To provide some liquidity to Shareholders, the Fund is structured as an "interval fund" and conducts periodic repurchase offers for a portion of its outstanding Shares, as described below. 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.

*The Adviser.* The investment adviser to the Fund is Global X Management Company LLC ("**Global X**" or the "**Adviser**"), an investment adviser registered with the U.S. Securities and Exchange Commission (the "**SEC**") under the Investment Advisers Act of 1940, as amended (the "**Advisers Act**"). Global X is a Delaware limited liability company and a wholly-owned subsidiary of Mirae Asset Global Investments Co., Ltd. ("**Mirae Global**"). Under the terms of an investment advisory agreement between the Fund and the Adviser ("Advisory Agreement"), the Adviser serves as the investment adviser to the Fund, subject to the general oversight of the Fund's Board of Trustees (the "**Board of Trustees**" or the "**Board**"), and is primarily responsible for the day-to-day investment management of the Fund. The Adviser has engaged the Investment Subadviser (as defined below) to provide day-to-day management of the Fund's portfolio, subject to the supervision of the Adviser.

*The Investment Subadviser.* Global X has engaged Mirae Asset Global Investments (USA) LLC ("**Mirae**" or the "**Investment Subadviser**" and, together with the Adviser, the "**Advisers**"), an investment adviser registered with the SEC under the Advisers Act, to serve as investment subadviser to the Fund and identify investment opportunities for the Fund. Mirae is a Delaware limited liability company and an affiliate of Global X. Mirae will serve as investment subadviser to the Fund pursuant to an investment subadvisory agreement with Global X (the "**Subadvisory Agreement**").

*Securities Offered.* This Prospectus applies to the public offering of the Fund's Shares. The Fund has received an exemptive order from the SEC to permit the Fund to offer multiple classes of Shares. Each class of Shares has certain differing characteristics and differences in the shareholder Distribution and Servicing Fees (as defined below) that may be charged. The Fund may offer additional classes of Shares in the future.

The Fund is offering an unlimited number of Shares on a continuous basis at the NAV per share. The minimum initial investment by a Shareholder for Class A and Class S Shares is $2,000 with minimum subsequent investments of $100. The minimum initial investment by a Shareholder for Class I Shares is $1,000,000 with minimum subsequent investments of $10,000. The minimum balance requirement for the Shares is $2,000. The Fund reserves the right to waive the investment minimum. The Fund may also offer Shares to certain feeder vehicles created to hold the Fund's Shares. Shares are being offered through the Distributor at an offering price equal to the Fund's then current NAV per Share of the applicable class. The Distributor is not affiliated with Global X or Mirae. **See "Purchase of Shares**."

Shares are subject to restrictions on transferability and liquidity will be provided by the Fund only through repurchase offers, which are expected to be made quarterly by the Fund, as determined by the Fund's Board in its sole discretion based on recommendations by the Adviser. **See "Share Repurchase Program**."

This Prospectus concisely 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 statement of additional information, dated [ ], 2025 (the "**Statement of Additional Information**" or "**SAI**"), has been filed with the SEC and is incorporated by reference in its entirety into this Prospectus. The Statement of Additional Information and, when available, 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 Global X Management Company LLC, 605 Third Avenue, 43<sup>rd</sup> Floor, New York, New York 10158, or by calling toll-free 1-888-493-8631. 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 1-888-493-8631 or by visiting www.[ ].com. 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 materials 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*.

**Shares are not deposits nor 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 nor any other government agency.**

**Neither the SEC 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.**

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | <u>**<u>Page</u>**</u> |
| [SUMMARY OF TERMS](#x1_c113905a001) | 1 |
| [SUMMARY OF FEES AND EXPENSES](#x1_c113905a002) | 24 |
| [FINANCIAL HIGHLIGHTS](#x1_c113905a003) | 26 |
| [PLAN OF DISTRIBUTION](#x1_c113905a004) | 27 |
| [DISTRIBUTIONS](#x1_c113905a005) | 28 |
| [DISTRIBUTIONS AND SERVICING PLAN](#x1_c113905a006) | 29 |
| [DIVIDEND REINVESTMENT PLAN](#x1_c113905a007) | 30 |
| [USE OF PROCEEDS](#x1_c113905a008) | 31 |
| [THE FUND](#x1_c113905a009) | 32 |
| [INVESTMENT STRATEGIES](#x1_c113905a010) | 33 |
| [LEVERAGE](#x1_c113905a011) | 39 |
| [TYPES OF INVESTMENTS AND RELATED RISKS](#x1_c113905a012) | 40 |
| [MANAGEMENT OF THE FUND](#x1_c113905a013) | 72 |
| [CONFLICTS OF INTEREST](#x1_c113905a014) | 75 |
| [FUND EXPENSES](#x1_c113905a015) | 78 |
| [PURCHASE OF SHARES](#x1_c113905a016) | 79 |
| [DETERMINATION OF NET ASSET VALUE](#x1_c113905a017) | 84 |
| [SHARE REPURCHASE PROGRAM](#x1_c113905a018) | 86 |
| [DESCRIPTION OF CAPITAL STRUCTURE](#x1_c113905a019) | 89 |
| [MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS](#x1_c113905a020) | 91 |
| [CERTAIN ERISA CONSIDERATIONS](#x1_c113905a021) | 101 |
| [ANTI-TAKEOVER PROVISIONS AND CERTAIN OTHER PROVISIONS IN THE DECLARATION OF TRUST](#x1_c113905a022) | 104 |
| [DISSOLUTION AND LIQUIDATION](#x1_c113905a023) | 106 |
| [FISCAL YEAR; REPORTS](#x1_c113905a024) | 107 |
| [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#x1_c113905a025) | 108 |
| [LEGAL COUNSEL](#x1_c113905a026) | 109 |
| [INQUIRIES](#x1_c113905a027) | 110 |

---

i

**SUMMARY OF TERMS**

The following information is only a summary and does not contain all of the information that a prospective investor should consider before investing in Global X Venture Fund (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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| | |
|:---|:---|
| &nbsp;&nbsp;<u>***<u>The Fund</u>:***</u> | &nbsp;&nbsp;Global X Venture Fund, a Delaware statutory trust, is registered under the Investment Company Act of 1940, as amended (the "**1940 Act**"), as a closed-end, non-diversified, management investment company. The Fund was organized under Delaware law on September 21, 2023. The Fund is operated as an "interval fund" as discussed below. |
|  | &nbsp;&nbsp;The Fund is authorized as a Delaware statutory trust to issue an unlimited number of shares of beneficial interest ("**Shares**"). The Fund has received an exemptive order from the U.S. Securities and Exchange Commission (the "**SEC**") that permits the Fund to offer multiple classes of Shares. The Fund is offering three classes of Shares designated as Class A, Class S and Class I Shares. Each class of Shares is subject to different fees and expenses. The Fund may also offer Shares to certain feeder vehicles created to hold the Fund's Shares. The Fund may offer additional classes of Shares in the future. |
| &nbsp;&nbsp;<u>***<u>Investment Objective</u>:***</u> | &nbsp;&nbsp;The Fund's investment objective is to seek long-term capital appreciation. There can be no assurance that the Fund will achieve its investment objective. |
| &nbsp;&nbsp;<u>***<u>Investment Strategy</u>:***</u> | &nbsp;&nbsp;As discussed in more detail below, the Fund's assets will primarily be invested in the Fund's Private Investment Sleeve (as defined below) with the remainder of the Fund's assets invested in the Fund's Liquid Investment Sleeve (as defined below). Global X Management Company LLC ("**Global X**" or the "**Adviser**") serves as the investment adviser to the Fund, subject to the general oversight of the Fund's Board. The Adviser has engaged Mirae Asset Global Investments (USA) LLC ("**Mirae**" or the "**Investment Subadviser**" and, together with the Adviser, the "**Advisers**") to provide day-to-day management of the Fund's portfolio, subject to the supervision of the Adviser. |
|  | &nbsp;&nbsp;<u>Private Investment Sleeve.</u> The Fund will invest, under normal circumstances, primarily in domestic and foreign equity securities including common stocks, preferred stocks, partnership interests, securities convertible into any of the foregoing, other equity investments or ownership interests in early-, medium- and late-stage private companies across multiple emerging sectors that the Advisers believe are poised to experience high growth (collectively, "**Portfolio Companies**"). The Fund generally seeks to invest in primary offerings (direct investments in newly issued securities of Portfolio Companies) and secondary offerings (acquisitions of existing securities from current shareholders) of Portfolio Companies. The Fund may gain indirect exposure to Portfolio Companies by investing in private funds, including private equity funds, hedge funds and venture capital funds, holding vehicles or other investment vehicles, including single-asset special purpose vehicles ("**SPVs**"), managed by third-party managers (collectively, "**Portfolio Funds**"). The Fund may also invest in Portfolio Funds on a secondary basis from existing investors or |

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|:---|:---|
| &nbsp;&nbsp;may invest during a recapitalization of an equity interest in an existing Portfolio Fund. The Investment Subadviser seeks to identify long-term investment opportunities and provide capital and support to private companies throughout the entire lifecycle of their business. The Fund expects to primarily invest, either directly or indirectly, in Portfolio Companies and to hold such securities until a liquidity event with respect to such Portfolio Company occurs, such as an initial public offering or a merger or acquisition transaction. Notwithstanding the foregoing, if the Investment Subadviser believes it to be in the best interest of the Fund, the Fund may (i) continue to hold securities of a Portfolio Company following a liquidity event until such time that the Investment Subadviser determines to sell the securities or (ii) sell such securities prior to the occurrence of a liquidity event. The Investment Subadviser seeks to identify category leading companies with unique products, consistent innovation, significant growth potential and proven management teams. The Investment Subadviser is stage-agnostic and targets Portfolio Companies with exposure to emerging sectors with potential for accelerated growth, including, but not limited to, Artificial Intelligence Companies, Robotics Companies, Power & Energy Companies, Space Technology Companies, Cybersecurity Companies, FinTech Companies, Gaming Companies, and Defense Technology Companies. The Fund has the flexibility to invest in Portfolio Companies across these emerging sectors, subject to compliance with its investment strategies and restrictions and applicable law, including the 1940 Act. | &nbsp;&nbsp;may invest during a recapitalization of an equity interest in an existing Portfolio Fund. The Investment Subadviser seeks to identify long-term investment opportunities and provide capital and support to private companies throughout the entire lifecycle of their business. The Fund expects to primarily invest, either directly or indirectly, in Portfolio Companies and to hold such securities until a liquidity event with respect to such Portfolio Company occurs, such as an initial public offering or a merger or acquisition transaction. Notwithstanding the foregoing, if the Investment Subadviser believes it to be in the best interest of the Fund, the Fund may (i) continue to hold securities of a Portfolio Company following a liquidity event until such time that the Investment Subadviser determines to sell the securities or (ii) sell such securities prior to the occurrence of a liquidity event. The Investment Subadviser seeks to identify category leading companies with unique products, consistent innovation, significant growth potential and proven management teams. The Investment Subadviser is stage-agnostic and targets Portfolio Companies with exposure to emerging sectors with potential for accelerated growth, including, but not limited to, Artificial Intelligence Companies, Robotics Companies, Power & Energy Companies, Space Technology Companies, Cybersecurity Companies, FinTech Companies, Gaming Companies, and Defense Technology Companies. The Fund has the flexibility to invest in Portfolio Companies across these emerging sectors, subject to compliance with its investment strategies and restrictions and applicable law, including the 1940 Act. |
| &nbsp;&nbsp;· | <u>Artificial Intelligence Companies</u>. Artificial Intelligence Companies are companies that the Investment Subadviser believes are positioned to benefit from the further development and utilization of artificial intelligence in their products and services. |
| &nbsp;&nbsp;· | <u>Robotics Companies</u>. Robotics Companies are companies that the Investment Subadviser believes are positioned to benefit from increased demand for the design, construction and operation of robots (i.e., physical machines that can perform tasks, often mimicking human actions). |
| &nbsp;&nbsp;· | <u>Power & Energy Companies</u>. Power & Energy Companies are companies that the Investment Subadviser believes are positioned to benefit from the increasing consumer demand for power and energy. |
| &nbsp;&nbsp;· | <u>Space Technology Companies</u>. Space Technology Companies are companies that the Investment Subadviser believes are positioned to benefit from the development and provision of space technology and infrastructure as well as the use of space data and services. |
| &nbsp;&nbsp;· | <u>Cybersecurity Companies</u>. Cybersecurity Companies are companies that the Investment Subadviser believes are positioned to benefit from the development of innovative technologies that protect against cyber threats and safeguard sensitive data. |
| &nbsp;&nbsp;· | <u>FinTech Companies</u>. FinTech Companies are companies that the Investment Subadviser believes are positioned to benefit from demand for financial technology products and services. |
| &nbsp;&nbsp;· | <u>Gaming Companies</u>. Gaming Companies are companies that the Investment Subadviser believes are poised to benefit from the burgeoning demand for digital entertainment. |
| &nbsp;&nbsp;· | <u>Defense Technology Companies</u>. Defense Technology Companies are companies that the Investment Subadviser believes are positioned to benefit from developing artificial intelligence, drone technology, cybersecurity and aerospace and space defense for military applications. |

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| &nbsp;&nbsp;The Advisers believe that the ability to invest in privately held, early-, medium- and late-stage companies can offer the potential to capture more upside potential than investments in the securities of companies that are already publicly traded. The Investment Subadviser seeks to capture this value accretion, or what may be referred to as a private-public valuation arbitrage, by investing primarily in Portfolio Companies that it believes have high growth potential. | &nbsp;&nbsp;The Advisers believe that the ability to invest in privately held, early-, medium- and late-stage companies can offer the potential to capture more upside potential than investments in the securities of companies that are already publicly traded. The Investment Subadviser seeks to capture this value accretion, or what may be referred to as a private-public valuation arbitrage, by investing primarily in Portfolio Companies that it believes have high growth potential. |
| &nbsp;&nbsp;· | Early-stage private companies are typically startups in their initial phases of development. They may have a minimal viable product, early market traction, and are primarily focused on refining their business model and scaling operations. |
| &nbsp;&nbsp;· | Medium-stage private companies are more established, often with a proven business model, significant revenue growth, and are focused on expanding their market presence and operational capabilities. |
| &nbsp;&nbsp;· | Late-stage private companies are mature businesses, often nearing profitability or already profitable, with established market positions. They are typically preparing for an exit through an acquisition or an IPO. |
| &nbsp;&nbsp;In seeking to achieve its investment objective, the Fund may invest, without limit, in privately placed or restricted securities (including in Rule 144A securities, which are privately placed securities purchased by qualified institutional buyers), illiquid securities and securities in which no secondary market is readily available, including those of private companies. Issuers of these securities may not have a class of securities registered, and may not be subject to periodic reporting pursuant to the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"). The Fund may invest in such securities without limitation. The Fund may invest in equity securities of Portfolio Companies located in both developed and emerging markets, and may invest in American Depositary Receipts ("**ADRs**") and Global Depositary Receipts ("**GDRs**") and securities listed on local foreign exchanges. | &nbsp;&nbsp;In seeking to achieve its investment objective, the Fund may invest, without limit, in privately placed or restricted securities (including in Rule 144A securities, which are privately placed securities purchased by qualified institutional buyers), illiquid securities and securities in which no secondary market is readily available, including those of private companies. Issuers of these securities may not have a class of securities registered, and may not be subject to periodic reporting pursuant to the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"). The Fund may invest in such securities without limitation. The Fund may invest in equity securities of Portfolio Companies located in both developed and emerging markets, and may invest in American Depositary Receipts ("**ADRs**") and Global Depositary Receipts ("**GDRs**") and securities listed on local foreign exchanges. |
| &nbsp;&nbsp;The Fund's investments in Portfolio Companies and Portfolio Funds are collectively referred to as the Fund's "Private Investment Sleeve." Under normal circumstances, the Fund's Private Investment Sleeve is expected to constitute at least a majority of the Fund's assets and could constitute up to approximately 95% of the Fund's assets, as measured at the time of investment. | &nbsp;&nbsp;The Fund's investments in Portfolio Companies and Portfolio Funds are collectively referred to as the Fund's "Private Investment Sleeve." Under normal circumstances, the Fund's Private Investment Sleeve is expected to constitute at least a majority of the Fund's assets and could constitute up to approximately 95% of the Fund's assets, as measured at the time of investment. |
| &nbsp;&nbsp;The Fund will be concentrated (*i.e.*, more than 25% of the value of the Fund's assets) in securities of issuers having their principal business activities in groups of industries in the technology sector. | &nbsp;&nbsp;The Fund will be concentrated (*i.e.*, more than 25% of the value of the Fund's assets) in securities of issuers having their principal business activities in groups of industries in the technology sector. |
| &nbsp;&nbsp;The Fund may pursue its investment objective by investing up to 25% of its total assets in wholly-owned subsidiaries of the Fund organized under the laws of the United States ("**Taxable Subsidiary**") or Cayman Islands ("**Cayman Subsidiary**" and together with the Taxable Subsidiary, the "**Subsidiaries**"). The Subsidiaries would hold certain investments or interests in pass-through entities (such as certain Portfolio Funds) and allow the Fund to satisfy certain requirements. | &nbsp;&nbsp;The Fund may pursue its investment objective by investing up to 25% of its total assets in wholly-owned subsidiaries of the Fund organized under the laws of the United States ("**Taxable Subsidiary**") or Cayman Islands ("**Cayman Subsidiary**" and together with the Taxable Subsidiary, the "**Subsidiaries**"). The Subsidiaries would hold certain investments or interests in pass-through entities (such as certain Portfolio Funds) and allow the Fund to satisfy certain requirements. |

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|  | &nbsp;&nbsp;The Fund is classified as a "non-diversified" investment company under the 1940 Act, which means that it may invest a high percentage of its assets in a limited number of issuers and may invest a larger proportion of its assets in a single issuer. |
|  | &nbsp;&nbsp;<u>Liquid Investment Sleeve</u>. The portion of the Fund's assets not invested in the Private Investment Sleeve will be invested by the Investment Subadviser in cash and/or cash equivalents such as high-quality, short-term debt and fixed income securities, money market instruments, affiliated and unaffiliated exchange traded funds ("**ETFs**") and other listed securities (collectively referred to herein as the Fund's "**Liquid Investment Sleeve**"). The Fund's investments in the Liquid Investment Sleeve may be used to gain indirect access to Portfolio Companies or for liquidity purposes, or both. |
|  | &nbsp;&nbsp; The Fund may, from time to time, take temporary defensive positions that are inconsistent with its principal investment strategies in attempting to respond to adverse market, economic, political or other conditions. For example, during such period, 100% of the Fund's assets may be invested in short-term, high-quality fixed income securities, cash or cash equivalents. Temporary defensive positions may be initiated when the Investment Subadviser and/or the Adviser judges that market conditions make pursuing the Fund's investment strategies inconsistent with the best interests of its Shareholders. When the Fund takes temporary defensive positions, it may not achieve its investment objective.<br>|
| &nbsp;&nbsp;<u>***<u>Risk Factors</u>:***</u> | &nbsp;&nbsp;**There is no assurance that the Fund will meet its investment objective. The value of your investment in the Fund, as well as the amount of return you receive on your investment in the Fund, may fluctuate significantly. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. Therefore, you should consider carefully the following risks before investing in the Fund. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears.** |
|  | &nbsp;&nbsp;**Market Risk**: Turbulence in the financial markets and reduced liquidity may negatively affect issuers, which could have an adverse effect on the Fund. The Fund is expected to hold illiquid securities, which may result in the Fund being unable to transact at advantageous times or prices, which may decrease the Fund's returns. In addition, there is a risk that policy changes by central governments and governmental agencies, including the U.S. Federal Reserve or the European Central Bank, which could include increasing interest rates, could cause increased volatility in financial |

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| &nbsp;&nbsp;markets and which could have a negative impact on the Fund. Furthermore, local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments. |
| &nbsp;&nbsp;**Changes in Trade Negotiations**: 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. Tariffs on imported goods could further increase costs, decrease margins, reduce the competitiveness of products and services offered by current and future portfolio companies and adversely affect the revenues and profitability of portfolio companies whose businesses rely on goods imported from such impacted jurisdictions. |
| &nbsp;&nbsp;**Privately Placed Securities Risk**: Privately placed securities generally are less liquid than publicly traded securities and the Fund may not always be able to sell such securities without experiencing delays in finding buyers or reducing the sale price for such securities. The disposition of some of the securities held by the Fund may be restricted under federal securities laws. As a result, the Fund may not be able to dispose of such investments at a time when, or at a price at which, it desires to do so and may have to bear expenses of registering these securities, if necessary. These securities may also be difficult to value. |
| &nbsp;&nbsp;**Risks Related to Portfolio Company Investments:** Portfolio Companies are generally not subject to SEC reporting requirements, are not required to maintain their accounting records in accordance with generally accepted accounting principles, and are not required to maintain effective internal controls over financial reporting. As a result, there is risk that the Fund may invest on the basis of incomplete or inaccurate information, which may adversely affect the Fund's investment performance. Portfolio Companies in which the Fund may invest also may have limited financial resources, shorter operating histories, more asset concentration risk, narrower product lines and smaller market shares than larger businesses, which tend to render these companies more vulnerable to competitors' actions and market conditions, as well as general economic downturns. These companies generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position. In addition, investments in Portfolio Companies generally are in restricted securities that are not traded in public markets and subject to substantial holding periods. There can be no assurance that the Fund will be able to realize the value of these investments in a timely manner. |
| &nbsp;&nbsp;**General Market Risk:** The Fund may invest in Portfolio Companies that involve a high degree of business or financial risk. The Portfolio Companies may be start-ups or in an early stage of development, may be distressed or have operating losses or significant variations in operating results and may be engaged in a rapidly changing business with products subject to a substantial risk of obsolescence. The Portfolio Companies may also include companies that are experiencing, or are expected to experience, financial difficulties which |

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| &nbsp;&nbsp;may never be overcome. In addition, they may require substantial additional capital to support their operations, to finance expansion or to maintain their competitive position, or may otherwise have a weak financial condition. Portfolio Companies may face intense competition, including competition from companies with greater financial re-sources, more extensive development, manufacturing, marketing and other capabilities and a larger number of qualified managerial and technical personnel. |
| &nbsp;&nbsp;**Illiquid Securities Risk**: The Fund will invest in illiquid securities which are not readily marketable. The Fund may not be able to readily dispose of such securities at prices that approximate those at which the Fund could sell such securities if they were more widely traded and, as a result of such illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. Limited liquidity can also affect the market price of securities, thereby adversely affecting the Fund's NAV and ability to make dividend distributions. |
| &nbsp;&nbsp;**Portfolio Funds Risk**: The Fund's investments in Portfolio Funds subject it to the risks associated with direct ownership of the securities in which the underlying funds invest. Portfolio Funds are also subject to operational risks, such as the manager's or general partner's of a Portfolio Fund (a "Portfolio **Fund Manager**") ability to maintain operations, including back office functions, property management, accounting, administration, risk management, valuation services and reporting. The Fund may be required to indemnify certain of the Portfolio Funds and/or their services providers from liability, damages, costs or expenses. In addition, the Fund, as a holder of securities issued by the Portfolio Funds, will bear its pro rata portion of such Portfolio Fund's expenses. These acquired fund fee expenses are in addition to the direct expenses of the Fund's own operations, thereby increasing costs and/or potentially reducing returns to investors. In addition, the Fund's investments in Portfolio Funds may be subject to investment lock-up periods, during which the Fund may not be able to withdraw its investment. Even if the Fund's investment in a Portfolio Fund is not subject to lock-up, it will take a significant amount of time to redeem or otherwise liquidate such a position. Such withdrawal limitations may also restrict the Adviser's ability to reallocate or terminate investments in Portfolio Funds that are poorly performing or have otherwise had adverse changes. |
| &nbsp;&nbsp;**Focus Risk**: Because the Fund focuses its investments in securities of companies in a group of industries in the technology sector, the Fund's performance will be particularly susceptible to adverse events impacting such industries and sector, which may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand, competition for resources, |

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| &nbsp;&nbsp;adverse labor relations, political or world events, obsolescence of technologies, and increased competition or new product introductions that may affect the profitability or viability of companies in these industries and sector. |
| &nbsp;&nbsp;**Risks Related to Investing in the Technology Sector**: The Fund's assets will be concentrated in securities of issuers having their principal business activities in groups of industries in the technology sector. Accordingly, the Fund's performance will be particularly susceptible to adverse events impacting the technology sector, which may include, but are not limited to, the following: rapid changes in technology product cycles; rapid product obsolescence; government regulation; and increased competition, both domestically and internationally, including competition from foreign competitors with lower production costs. |
| &nbsp;&nbsp;**Early-stage Companies Risk**: Early-stage private companies may never obtain necessary financing, may rely on untested business plans, may not be successful in developing markets for their products or services, and may remain an insignificant part of their industry, and as such may never be profitable. Stocks of early-stage companies may be less liquid, privately traded and more volatile and speculative than the securities of larger companies. |
| &nbsp;&nbsp;**Medium- and Late-Stage Companies Risk**: Medium- and late-stage private companies, while typically further along in developing their products and market presence, still encounter significant risks. These companies may require substantial additional financing to scale operations, expand into new markets, or sustain growth, with no guarantee that such financing will be available on favorable terms. Although they may have validated their business models to some extent, they are still subject to the uncertainties of market acceptance and competition, which can impact profitability and growth prospects. Additionally, as they prepare for potential public offerings or acquisition exits, these companies may face increased scrutiny and regulatory challenges that can affect their valuation and strategic flexibility. |
| &nbsp;&nbsp;**Risks Related to Investing in Artificial Intelligence Companies**: Artificial Intelligence Companies typically face intense competition and potentially rapid product obsolescence. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. Artificial Intelligence Companies typically engage in significant amounts of spending on research and development and there is no guarantee that the products or services produced by these companies will be successful. In addition, artificial intelligence technology could face increasing regulatory scrutiny in the future, which may limit the development of this technology and impede the growth of companies that develop and/or utilize this technology. |
| &nbsp;&nbsp;**Risks Related to Investing in Robotics Companies**: Risks associated with companies in the robotics industry include many of the same risks as companies in the technology sector (see "*Risks Related to Investing in the Technology Sector*"). Securities of robotics companies, especially smaller, start-up companies, tend to be more volatile than securities of companies that do not rely heavily on technology. Companies may rely on a combination of patents, copyrights, trademarks and trade secret laws to establish and protect their proprietary rights in their products and technologies. There can be no assurance that the steps taken by these companies to protect their proprietary rights will be adequate to prevent the misappropriation of their technology or that competitors will not independently develop technologies that are substantially equivalent or superior to such companies' technology. Additionally, companies in the robotics industry that focus on humanoid robotics face challenges specific to the complex and unproven nature of the technology. Such operations often require a significant allocation of capital to design, test, and scale viable robotic solutions, and may not produce meaningful revenue during the life of the Fund. |
| &nbsp;&nbsp;Robotics Companies involved in artificial intelligence-driven humanoid robotics in particular may face regulatory scrutiny in the future, which may limit the development of such technology and impede the growth of companies that develop and/or utilize this technology. Similarly, the |

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| &nbsp;&nbsp;collection of data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used.<br>**Risks Related to Investing in Power & Energy Companies**: The Fund's assets may include investments in Power & Energy Companies, including investments in certain utilities, infrastructures and technologies, thereby exposing the Fund to risks associated with this sector. The revenues derived from such investments are likely to be affected by the price of electricity derived from other fuel sources, which has been, and is likely to continue to be, volatile and subject to wide fluctuations in response to certain factors. Further, increases or decreases in the commodity supply or demand and resulting changes in pricing related to natural gas, natural gas liquids, crude oil, coal or other energy commodities, may have a significant impact on the assets focused on this sector. Advancements in renewable energy technologies, battery storage solutions, and smart grid infrastructure have the potential to disrupt traditional energy markets and introduce increased volatility in the pricing, supply, and demand of existing energy commodities. Major governmental policy changes could have a material adverse impact on the power and energy industries and the Fund's investments in the sector. Additionally, Power & Energy Companies are highly regulated, both domestically and internationally, which can also have a material impact on the investments in this sector. Other factors that may adversely affect the value of securities of companies in the sector include operational risks, challenges to exploration and production, competition, inability to make accretive acquisitions, significant accident or event that is not fully insured at a company, natural depletion of reserves, and other unforeseen natural disasters.  |
| &nbsp;&nbsp;**Risks Related to Investing in Space Technology Companies**: Space Technology Companies are subject to a wide range of unique and evolving risks. These businesses often operate in highly regulated markets, where changes in domestic and foreign government policy, defense budgets, procurement cycles, and export controls can materially affect operations and demand. Many such companies are reliant on a limited number of large government or commercial contracts, and the loss, delay, or renegotiation of such contracts may have a significant adverse impact on financial performance. |
| &nbsp;&nbsp;**Risks Related to Investing in Cybersecurity Companies**: Many technology companies store sensitive consumer information and could be the target of cybersecurity attacks and other types of theft, which could have a negative impact on these companies. These companies could be negatively impacted by disruptions in service caused by hardware or software failure, or by interruptions or delays in service by third-party data center hosting facilities and maintenance providers. The use of artificial intelligence and machine learning by such companies could exacerbate these risks or result in cybersecurity incidents that implicate personal data. |

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| &nbsp;&nbsp;**Risks Related to Investing in FinTech Companies**: FinTech Companies may be adversely impacted by government regulations, economic conditions, and deterioration in credit markets. These companies may have significant exposure to consumers and businesses in the form of loans and other financial products or services. FinTech Companies typically face intense competition and potentially rapid product obsolescence. There is significant risk that regulatory oversight of FinTech Companies may increase in the future, which could increase costs and adversely impact the current business models of some FinTech Companies. FinTech Companies with significant alternative currency exposure may also be negatively impacted during high periods of volatility within the crypto markets. |
| &nbsp;&nbsp;**Risks Related to Investing in Gaming Companies**: Gaming Companies operate in a highly competitive and rapidly evolving sector, facing risks from technological advancements and changing consumer preferences that could lead to product obsolescence and necessitate continuous investment. These companies are significantly exposed to cybersecurity risks due to their reliance on online platforms and storage of extensive user data, which raises concerns over data breaches and potential financial and reputational damages. Regulatory challenges also pose a risk, with varying international regulations affecting market access and content restrictions. The integration of digital assets and blockchain technologies introduces volatility and regulatory uncertainty, potentially impacting financial stability. Revenue concentration in hit titles and the project-based nature of game development can result in financial volatility, as success is heavily dependent on continuous hit releases and managing development costs. Moreover, expansion into new markets requires navigating cultural differences and intellectual property rights, which can impede growth. The sector's sensitivity to consumer discretionary spending and its inherent volatility underscore the investment risks in Gaming Companies. |
| &nbsp;&nbsp;**Risks Related to Investing in Defense Technology Companies**: Military defense companies depend heavily on contracts with governments for a substantial portion of their business. Changes in a government's priorities, or delays or reductions in spending could have a material adverse effect on such company's business. If appropriations are delayed or a government shutdown were to occur and continue for an extended period, a Defense Technology Company could be at risk of reduced orders, program cancellations and other disruptions and nonpayment. The U.S. Department of Defense's changes in funding priorities also could reduce opportunities in existing programs and in future programs or initiatives where such company intends to compete and where it has made investments. |

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| &nbsp;&nbsp;Furthermore, these companies must comply with extensive laws and regulations relating to the award, administration and performance of government contracts. A violation of these laws and regulations could harm their reputation and result in the imposition of fines and penalties, the termination of contracts, suspension or debarment from bidding on or being awarded contracts and civil or criminal investigations or proceedings. This is a highly competitive industry and competitors may have more extensive or more specialized engineering, technical, marketing and servicing capabilities. |
| &nbsp;&nbsp;**Foreign Securities Risk**: The Fund may invest in foreign securities. The Fund's investments in foreign securities can be riskier than U.S. securities investments. Investments in the securities of foreign issuers (including investments in ADRs and GDRs) are subject to the risks associated with investing in those foreign markets, such as heightened risks of inflation, nationalization or restriction on repatriation of currencies. The prices of foreign securities and the prices of U.S. securities have, at times, moved in opposite directions. In addition, securities of foreign issuers may lose value due to political, economic and geographic events affecting a foreign issuer or market. The Fund's investments may lose money due to political, economic and geographic events affecting a foreign issuer or market. |
| &nbsp;&nbsp;**ADR and GDR Risk**: ADRs and GDRs may be subject to some of the same risks as direct investment in foreign companies, which includes international trade, currency, political, regulatory and diplomatic risks. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the depository's transaction fees. Under an unsponsored ADR arrangement, the foreign issuer assumes no obligations and the depository's transaction fees are paid directly by the ADR holders. Because unsponsored ADR arrangements are organized independently and without the cooperation of the issuer of the underlying securities, available information concerning the foreign issuer may not be as current as for sponsored ADRs and voting rights with respect to the deposited securities are not passed through. GDRs can involve additional currency risk since, unlike ADRs, they may not be U.S. Dollar-denominated. |
| &nbsp;&nbsp;**Developed Markets Investments**: Investment in developed country issuers may subject the Fund to regulatory, political, currency, security, and economic risk specific to developed countries. Developed countries generally tend to rely on services sectors (e.g., the financial services sector) as the primary means of economic growth. A prolonged slowdown in, among others, services sectors is likely to have a negative impact on economies of certain developed countries, although economies of individual developed countries can be impacted by slowdowns in other sectors. In the past, certain developed countries have been targets of terrorism, and some geographic areas in which the Fund invests have experienced strained international relations due to territorial disputes, historical animosities, defense concerns and other security concerns. These situations may cause uncertainty in the financial markets in these countries or geographic areas and may adversely affect the performance of the issuers to which the Fund has exposure. Heavy regulation of certain markets, including labor and product markets, may have an adverse effect on certain issuers. Such regulations may negatively affect economic growth or cause prolonged |

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| &nbsp;&nbsp;periods of recession. Many developed countries are heavily indebted and face rising healthcare and retirement expenses and may be underprepared for global health crises. | &nbsp;&nbsp;periods of recession. Many developed countries are heavily indebted and face rising healthcare and retirement expenses and may be underprepared for global health crises. |
| &nbsp;&nbsp;**Risk of Investing in Emerging Markets**: Investments in emerging markets may be subject to a greater risk of loss than investments in developed markets. Securities markets of emerging market countries are less liquid, subject to greater price volatility, have smaller market capitalizations, have less government regulation, and are not subject to as extensive and frequent accounting, financial, and other reporting requirements as the securities markets of more developed countries, and there may be greater risk associated with the custody of securities in emerging markets. Emerging markets may be more likely to experience inflation, political turmoil and rapid changes in economic conditions than more developed markets. Emerging market economies' exposure to specific industries, such as tourism, and lack of efficient or sufficient health care systems, could make these economies especially vulnerable to global crises, including but not limited to, pandemics such as the global COVID-19 pandemic. | &nbsp;&nbsp;**Risk of Investing in Emerging Markets**: Investments in emerging markets may be subject to a greater risk of loss than investments in developed markets. Securities markets of emerging market countries are less liquid, subject to greater price volatility, have smaller market capitalizations, have less government regulation, and are not subject to as extensive and frequent accounting, financial, and other reporting requirements as the securities markets of more developed countries, and there may be greater risk associated with the custody of securities in emerging markets. Emerging markets may be more likely to experience inflation, political turmoil and rapid changes in economic conditions than more developed markets. Emerging market economies' exposure to specific industries, such as tourism, and lack of efficient or sufficient health care systems, could make these economies especially vulnerable to global crises, including but not limited to, pandemics such as the global COVID-19 pandemic. |
| &nbsp;&nbsp;**Currency Risk**: The Fund may invest in securities denominated in foreign currencies. Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if the foreign currencies depreciate against the U.S. dollar or if there are delays or limits on repatriation of such currencies. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the Fund's NAV may change quickly and without warning, which could have a significant negative impact on the Fund. | &nbsp;&nbsp;**Currency Risk**: The Fund may invest in securities denominated in foreign currencies. Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if the foreign currencies depreciate against the U.S. dollar or if there are delays or limits on repatriation of such currencies. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the Fund's NAV may change quickly and without warning, which could have a significant negative impact on the Fund. |
| &nbsp;&nbsp;**Liquid Investment Sleeve Risk**: Certain types of investments the Fund makes in the Liquid Investment Sleeve are subject to the risks below. | &nbsp;&nbsp;**Liquid Investment Sleeve Risk**: Certain types of investments the Fund makes in the Liquid Investment Sleeve are subject to the risks below. |
| &nbsp;&nbsp;· | **ETF Risk**: Investments in ETFs are subject to market and selection risk. As a result of these investments, Shareholders bear both their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the ETF. An ETF may represent a portfolio of securities, or may use derivatives in pursuit of its stated objective. The risks of owning shares in an ETF generally reflect the risks of owning the underlying securities held by the ETF, although a lack of liquidity in an ETF could result in it being more volatile. Investments in ETFs are subject to the risk that the listing exchange may halt trading of an ETF's shares, in which case the Fund would be unable to sell its ETF shares unless and until trading is resumed. |
| &nbsp;&nbsp;· | **Debt Securities Risk:** Investments in debt securities are generally affected by changes in prevailing interest rates and the creditworthiness of the issuer. Prices of debt securities fall when prevailing interest rates rise. The longer the average maturity or duration of the debt securities held by the Fund, the more sensitive it will likely be to interest-rate fluctuations. The Fund's yield on investments in debt securities will fluctuate as the securities in the Fund are invested in securities with different interest rates. Investments in bonds are also subject to credit risk. Credit risk is the risk that an issuer of debt securities will be unable to pay principal and interest when due, or that the value of the security will suffer because investors believe the issuer is less able to make required principal and interest payments. This is broadly gauged by the credit ratings of the debt securities in which the Fund invests. However, |

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|  | credit ratings are only the opinions of the rating agencies issuing them, do not purport to reflect the risk of fluctuations in market value and are not absolute guarantees as to the payment of interest and the repayment of principal. |
| &nbsp;&nbsp;· | **U.S. Treasury Obligations Risk**: U.S. Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. U.S. Treasury obligations are subject to inflation risk, as the price of short-term U.S. Treasury obligations tends to fall during inflationary periods as investors seek higher yielding investments. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund's investments in U.S. Treasury obligations to decline. In addition, uncertainty in regard to the U.S. debt ceiling may increase the volatility in U.S. Treasury obligations and can heighten the potential for a credit rating downgrade, which could have an adverse effect on the value of the Fund's U.S. Treasury obligations. |
| &nbsp;&nbsp;· | **Short-Term Debt Instruments/Money Market Instruments Risk**: The Fund may invest in short-term money market instruments / debt instruments with short maturities, which can result in relatively high turnover rates. The transaction costs incurred as a result of the purchase or sale of short-term money market instruments / debt instruments may also increase, which in turn may have a negative impact on the Fund. |
| &nbsp;&nbsp;**Equity Securities Risk**: Equity securities are subject to changes in value, and their values may be more volatile than other asset classes, as a result of such factors as a company's business performance, investor perceptions, market trends and general economic conditions. Equity investments can experience failures or substantial declines in value at any stage. Equity holders generally have an inferior rank to debt holders, and are thus exposed to higher risks. | &nbsp;&nbsp;**Equity Securities Risk**: Equity securities are subject to changes in value, and their values may be more volatile than other asset classes, as a result of such factors as a company's business performance, investor perceptions, market trends and general economic conditions. Equity investments can experience failures or substantial declines in value at any stage. Equity holders generally have an inferior rank to debt holders, and are thus exposed to higher risks. |
| &nbsp;&nbsp;· | **Common Stock Risk**: Common stocks represent an ownership interest in a company. Common stocks and similar equity securities are more volatile and riskier than some other forms of investment. |
| &nbsp;&nbsp;· | **Preferred Securities Risk**: Preferred stock may be subordinated to bonds or other debt instruments in an issuer's capital structure, meaning that an issuer's preferred stock generally pays dividends only after the issuer makes required payments to holders of its bonds and other debt. Additionally, in certain situations, an issuer may call or redeem its preferred stock or convert it to common stock. Preferred stock may be less liquid than many other types of securities, such as common stock, and generally provides no voting rights with respect to the issuer. Preferred stock is subject to many of the risks associated with debt securities, including interest rate risk. As interest rates rise, the value of the preferred stocks held by the Fund are likely to decline. |
| &nbsp;&nbsp;**Convertible Securities Risk**. The market price of a convertible security generally tends to behave like that of a regular debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not | &nbsp;&nbsp;**Convertible Securities Risk**. The market price of a convertible security generally tends to behave like that of a regular debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not |

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| &nbsp;&nbsp;be able to pay interest, principal or dividends when due, and their market value may change based on changes in the issuer's credit rating or the market's perception of the issuer's creditworthiness. Because a convertible security derives a portion of its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying common stock, including the potential for increased volatility in the price of the convertible security. Convertible securities tend to have a lower payout than securities that do not have a conversion feature. Convertible securities may also be issued based on a fixed conversion ratio or market price conversion ratio, and a market price conversion ratio may present risks to the company and holders of its common stock in the event of a price decline. |
| &nbsp;&nbsp;The terms of these securities can be complex and challenging to understand, which can lead to disputes between founders and investors. A company can incur the risk of being over-levered if it issues too many convertible securities. There is risk that if the company is unable to raise additional funding, it may not be able to convert these securities into equity. In situations where the company raises additional funding at a higher valuation, investors may not be able to convert these securities at a discount, which could impact return on their investments. |
| &nbsp;&nbsp;**Non-Diversification Risk**: The Fund is classified as a "non-diversified" investment company under the 1940 Act. Therefore, the Fund may invest a relatively higher percentage of its assets in a relatively smaller number of issuers and may invest a larger proportion of its assets in a single issuer. As a result, the gains and losses on a single investment may have a greater impact on the Fund's NAV and may make the Fund more volatile than more diversified funds. |
| &nbsp;&nbsp;**Valuation Risk**: Because the Fund will invest a significant portion of its assets in non-publicly traded securities, there will be uncertainty regarding the value of the Fund's investments, which could adversely affect the determination of the Fund's NAV. Private Companies are generally not subject to SEC reporting requirements, are not required to maintain their accounting records in accordance with generally accepted accounting principles, and are not required to maintain effective internal controls over financial reporting. As a result, less information may be available with respect to private company investments and there is risk that the Fund may invest on the basis of incomplete or inaccurate information, which may adversely affect the Fund's investment performance. In addition, investments in private companies generally are in restricted securities that are not traded in public markets and subject to substantial holding periods. There can be no assurance that the Fund will be able to realize the value of such investments in a timely manner. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers. See "Determination of Net Asset Value." |
| &nbsp;&nbsp;Accordingly, the Fund should be considered a speculative investment that entails substantial risks, and a prospective investor should invest in the Fund only if they can sustain a complete loss of their investment. |
| &nbsp;&nbsp;**Risk of Competition for Investment Opportunities**. The Fund competes for investments with other investment funds and institutional investors. Some of the Fund's competitors are larger and may have greater financial |

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| &nbsp;&nbsp;and other resources and higher risk tolerance than the Fund. These characteristics could allow the Fund's competitors to consider a wider variety of investments, establish more relationships and pay more competitive prices for investments than the Fund is able or willing to do. Furthermore, some of the Fund's competitors may not be subject to the regulatory restrictions that the 1940 Act imposes on the Fund as a closed-end fund. These factors may make it more difficult for the Fund to pursue attractive investment opportunities or achieve its investment objective. |
| &nbsp;&nbsp;**Co-Investment Transactions Risk**. The Fund is prohibited under the 1940 Act from participating in certain transactions with certain of its affiliates (as well as affiliated persons of such affiliated persons) unless SEC relief is available. Among others, affiliated persons of the Fund may include other affiliated entities managed by the Adviser, Investment Subadviser or their affiliates. The 1940 Act prohibits certain "joint" transactions with the Fund's affiliates without prior approval from the SEC or reliance on an applicable exemptive rule under the 1940 Act or other regulatory guidance. Even if the Fund were to be able to rely on such rule or guidance that would permit certain "joint" transactions, the conditions imposed by the SEC staff may preclude the Fund from transactions in which it would otherwise wish to engage. These restrictions may affect the Fund's ability to capitalize on attractive investment opportunities. |
| &nbsp;&nbsp;The Advisers and the Fund have received an exemptive order from the SEC that expands the Fund's ability to co-invest alongside the Advisers and their affiliated entities in Portfolio Companies. The SEC exemptive order contains conditions that limit or restrict the Fund's ability to participate in an investment in such Portfolio Companies. |
| &nbsp;&nbsp;**New Fund Risk**: The Fund is a new fund, with a limited operating history, which may result in additional risks for investors in the Fund. The Fund commenced investment operations on June 17, 2025. It may take up to a year for the Fund's investments to fully reflect its intended investment strategy. There can be no assurance that the Fund will grow to or maintain an economically viable size, in which case the Board may determine to liquidate the Fund. While Shareholder interests will be the paramount consideration, the timing of any liquidation may not be favorable to certain individual Shareholders. |
| &nbsp;&nbsp;**Issuer Risk**: Fund performance depends on the performance of individual companies in which the Fund invests. Changes to the financial condition of any of those companies may cause the value of such company's securities to decline. |
| &nbsp;&nbsp;**Management Risk**: The Fund is subject to management risk. The ability of the Adviser and the Investment Subadviser to successfully implement the Fund's investment strategies will significantly influence the Fund's performance. The success of the Fund will depend in part upon the skill and expertise of certain key personnel of the Adviser and the Investment Subadviser, and there can be no assurance that any such personnel will continue to be associated with the Fund. |
| &nbsp;&nbsp;**Operational Risk**: The Fund is exposed to operational risk arising from a number of factors, including but not limited to human error, processing and communication errors, errors of the Fund's service providers, counterparties or other third-parties, failed or inadequate processes and technology or |

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| &nbsp;&nbsp;systems failures. Additionally, cyber security failures or breaches of the electronic systems of the Fund, the Adviser, the Investment Subadviser and the Fund's other service providers, or the issuers of securities in which the Fund invests have the ability to cause disruptions and negatively impact the Fund's business operations, potentially resulting in financial losses to the Fund and its Shareholders. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate for those risks that they are intended to address. |
| &nbsp;&nbsp;**Regulated Investment Company ("RIC") Status Risk**: The Fund will elect to be treated, and intends to operate in a manner so as to qualify each taxable year thereafter, as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the "**Code**"). During any period that it qualifies as a RIC, the Fund generally does not expect to be subject to corporate-level U.S. federal income tax on income that it distributes to Shareholders. |
| &nbsp;&nbsp;To qualify and remain eligible for the special tax treatment accorded to RICs and their Shareholders, the Fund must meet, among other requirements, certain source-of-income, asset diversification and annual distribution requirements (see "Material U.S. Federal Income Tax Considerations—Taxation of the Fund—Qualification as a RIC"). The Fund may have difficulty complying with these requirements. In particular, to the extent that the Fund holds equity investments in Portfolio Companies that are treated as partnerships or other pass-through entities for U.S. federal income tax purposes, it may not have control over, or receive accurate information about, the underlying income and assets of those Portfolio Companies that are taken into account in determining the Fund's compliance with the aforementioned ongoing requirements. |
| &nbsp;&nbsp;If the Fund fails to qualify as a RIC in any taxable year, it will become subject to corporate-level U.S. federal income tax on all of its taxable income for such year without any deduction for distributions to Shareholders, and the resulting corporate taxes could substantially reduce the Fund's net assets, the amount of income available for distribution to Shareholders, and the amount of funds available for new investments. |
| &nbsp;&nbsp;**Repurchase Program Risk**: Although the Fund intends to implement a quarterly share repurchase program, there is no guarantee that a Shareholder will be able to sell all of the Shares that the Shareholder desires to sell. The Fund should therefore be considered to offer limited liquidity. Moreover, one or more feeder vehicles may be formed to facilitate indirect investments in the Fund by certain investors. Requests by these investors to withdraw their interests in a feeder vehicle are expected to result in repurchase requests by the feeder vehicle of its Shares in the Fund and could contribute to an over-subscription of a particular repurchase offer. |
| &nbsp;&nbsp;**Unlisted Shares Risk**: Unlike many closed-end funds, the Fund's Shares will not be listed on any securities exchange. Therefore, an investment in the Fund is not a liquid investment. |
| &nbsp;&nbsp;**Key Personnel Risk**. The Fund does not and will not have any internal management capacity or employees and depends on the experience, diligence, skill and network of business contacts of the investment professionals the Advisers currently employ, or may subsequently retain, to |

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|  | &nbsp;&nbsp;identify, evaluate, negotiate, structure, close, monitor and manage the Fund's investments. In addition, the Fund cannot assure investors that the Advisers will remain the Fund's investment advisers. The Fund may not be able to find a suitable replacement within that time, resulting in a disruption in its operations that could adversely affect its financial condition, business and results of operations. This could have a material adverse effect on the Fund's financial conditions, results of operations and cash flow. |
| &nbsp;&nbsp;<u>***<u>The Adviser</u>:***</u> | &nbsp;&nbsp;Global X Management Company LLC, a Delaware limited liability company and registered investment adviser, serves as investment adviser to the Fund. The Adviser has engaged the Investment Subadviser (as defined below) to provide day-to-day management of the Fund's portfolio, subject to the supervision of the Adviser. For more information on the Adviser, see "**Management of the Fund—Adviser**" in this Prospectus. |
| &nbsp;&nbsp;<u>***<u>The Investment Subadviser</u>:***</u> | &nbsp;&nbsp;Global X has engaged Mirae to serve as the Investment Subadviser to the Fund and identify investment opportunities for the Fund. Mirae is a Delaware limited liability company and an affiliate of Global X. Mirae will serve as Investment Subadviser to the Fund pursuant to the Subadvisory Agreement with Global X. For more information on the Investment Subadviser, **see** "**Management of the Fund—Investment Subadviser**" in this Prospectus. |
| &nbsp;&nbsp;<u>***<u>Advisory Arrangements</u>:***</u> | &nbsp;&nbsp;The Adviser provides management and administrative services necessary for the operation of the Fund. The Subadviser, subject to the oversight of the Adviser, is responsible for the day-to-day portfolio management of the Fund's portfolio. |
|  | &nbsp;&nbsp;Pursuant to the Advisory Agreement between the Fund and the Adviser, the Adviser is responsible for providing management and administrative services to the Fund. In consideration for the management services provided under the Advisory Agreement, the Fund pays the Adviser a management fee (the "**Management Fee**"). The Management Fee is calculated and payable monthly, in arrears, at the annual rate of 2.25% of the average daily value of the Fund's net assets. In consideration for the administrative services provided under the Advisory Agreement, the Fund is obligated to reimburse the Adviser, at cost, based upon the Fund's allocable portion of the Adviser's overhead and other expenses (including travel expenses) incurred by the Adviser in performing its obligations under the Advisory Agreement, including the Fund's allocable portion of the compensation of certain of its officers (including but not limited to the chief compliance officer, chief financial officer, chief accounting officer, general counsel, treasurer and assistant treasurer) and their respective staffs. |
|  | &nbsp;&nbsp;Pursuant to the Subadvisory Agreement between the Fund, the Adviser and the Investment Subadviser, the Investment Subadviser, subject to the oversight of the Adviser, is responsible for providing portfolio management services to the Fund. For these services, the Adviser pays a portion of the Management Fee it receives from the Fund to the Investment Subadviser. |
| &nbsp;&nbsp;***<u>Expense Limitation and Reimbursement Agreement</u>:*** | &nbsp;&nbsp;The Adviser has entered into an expense limitation agreement (the "**Expense Limitation Agreement**") with the Fund, whereby the Adviser has agreed to waive fees that it would otherwise be paid, and/or to assume expenses of the Fund (a "**Waiver**"), if required to ensure the Total Annual Expenses do not exceed 2.75% of the average daily net assets of Class A Shares and Class S Shares and 2.50% of the average daily net assets of Class |

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|  | &nbsp;&nbsp;I Shares on an annualized basis (the "**Expense Limit**"). "Total Annual Expenses" includes all expenses incurred in the business of the Fund, including organizational and offering costs, with the following exceptions: (i) taxes, (ii) interest, (iii) brokerage commissions, (iv) expenses associated with the acquisition and disposition of investments (including interest and structuring costs for borrowings and line(s) of credit), (v) the Management Fee, (vi) distribution and/or servicing fees, (vii) sub-transfer agency, sub-accounting and shareholder servicing fees, (viii) any acquired fund fees and expenses, (ix) dividend and interest expenses relating to short sales, (x) borrowing costs, (xi) merger or reorganization expenses, (xii) Shareholder meetings expenses, (xiii) litigation expenses and (xiv) extraordinary expenses. For a period not to exceed three years from the date on which a Waiver is made, the Adviser may recoup amounts waived or assumed, provided it is able to effect such recoupment without causing the Fund's expense ratio (after recoupment) to exceed the lesser of (a) the expense limit in effect at the time of the waiver, and (b) the expense limit in effect at the time of the recoupment. The Expense Limitation Agreement has a term ending one-year from the effective date of the registration statement, and will automatically renew thereafter for consecutive twelve-month terms, provided that such continuance is specifically approved at least annually by a majority of the Trustees and the Adviser. The Expense Limitation Agreement may be terminated by the Board upon thirty days' written notice to the Adviser. |
| &nbsp;&nbsp;<u>***<u>Fund Expenses</u>:***</u> | &nbsp;&nbsp;The Adviser and Investment Subadviser bear all of their own costs incurred in providing investment advisory services to the Fund. The services of all investment professionals and staff of the Advisers, when and to the extent engaged in providing investment advisory and management services, and the compensation and routine overhead expenses of such personnel allocable to such services, are provided and paid for by the Advisers. The Fund bears all other costs and expenses of its operations and transactions as set forth in its Advisory Agreement with the Adviser. |
| &nbsp;&nbsp;<u>***<u>Purchase of Shares</u>:***</u> | &nbsp;&nbsp;The Fund offers three classes of Shares on a continuous basis at the NAV per Share. The Fund's three classes of Shares shall be designated as "Class A Shares," "Class S Shares" and "Class I Shares." The Fund may also offer Shares to certain feeder vehicles created to hold the Fund's Shares. The Fund may offer additional classes of Shares in the future. |
|  | &nbsp;&nbsp;The Fund's Shares are offered to new and existing investors daily, as of the close of business on each Business Day. A "**Business Day**" means any day on which the New York Stock Exchange is open for business. **See** "**Purchase of Shares**" for purchase instructions and additional information. |
|  | &nbsp;&nbsp;Although no upfront sales load will be paid with respect to Class A Shares, Class S Shares or Class I Shares, if you buy Class A Shares through certain financial intermediaries, they may directly charge you transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that financial intermediaries limit such charges to a 5.50% cap on NAV for Class A Shares. Financial intermediaries will not charge such fees on Class S Shares or Class I Shares. Please consult your financial intermediary for additional information. |
| &nbsp;&nbsp;***<u>Share Classes; Minimum Investment</u>:*** | &nbsp;&nbsp;The Fund has received an exemptive order from the SEC that permits the Fund to offer multiple classes of shares. The Fund offers three classes of Shares designated as Class A, Class S and Class I Shares. Each class |

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|  | &nbsp;&nbsp;of Shares has differing characteristics, particularly in terms of the sales charges that Shareholders in that class may bear, and the Distribution and Servicing Fee (as defined below) that each class may be charged. The Fund may offer additional classes of Shares in the future. |
|  | &nbsp;&nbsp;The Fund is offering an unlimited number of Shares on a continuous basis at the NAV per share. The minimum initial investment by a Shareholder for Class A and Class S Shares is $2,000 with minimum subsequent investments of $100. The minimum initial investment by a Shareholder for Class I Shares is $1,000,000 with minimum subsequent investments of $10,000. Subsequent purchases pursuant to the DRIP (as defined herein) are not subject to a minimum purchase amount. The minimum balance requirement for the Shares is $2,000. The Fund reserves the right to waive the investment minimum. The Fund may also offer Shares to certain feeder vehicles created to hold the Fund's Shares. Shares are being offered through the Distributor at an offering price equal to the Fund's then current NAV per Share of the applicable class. |
|  | &nbsp;&nbsp;The stated minimum investment for Class I Shares may be reduced for certain investors as described under "**Purchasing Shares**." |
|  | &nbsp;&nbsp;Shares are not listed on any securities exchange, and it is not anticipated that a secondary market for Shares will develop. Shares are subject to limitations on transferability, and liquidity will be provided only through limited repurchase offers. |
|  | &nbsp;&nbsp;The Adviser reserves the right to waive or modify these requirements in its sole discretion. **See** "**Purchase of Shares**" for more information. |
| &nbsp;&nbsp;<u>***<u>Plan of Distribution</u>:***</u> | &nbsp;&nbsp;SEI Investments Distribution Co., 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 for sale through the Distributor at NAV. The Distributor also may enter into broker-dealer selling agreements with other broker dealers for the sale and distribution of the Fund's Shares. |
|  | &nbsp;&nbsp;The Distributor is not required to sell any specific number or dollar amount of the Fund's Shares, but will use its best efforts to solicit orders for the sale of the 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. |
|  | &nbsp;&nbsp;The Fund's Shares being offered hereby will be primarily offered and distributed by the Distributor. The Distributor may earn (or pay to other financial intermediaries) a Distribution and Servicing Fee (as discussed below). This offering is being made on a "best efforts" basis. |
|  | &nbsp;&nbsp;No market currently exists for the Fund's Shares. The Fund's Shares are not listed and the Fund does not currently intend to list its Shares for trading on any securities exchange, and the Fund does not anticipate that any secondary market will develop for its Shares. Neither the Adviser nor the Fund intends to make a market in the Fund's Shares. |
|  | &nbsp;&nbsp;The Adviser and/or its affiliates may pay broker/dealers or other financial intermediaries for the sale of the Fund Shares and related services. These payments create a conflict of interest by influencing your broker/dealer, |

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|  | &nbsp;&nbsp; salespersons or other intermediary or its employees or associated persons to recommend the Fund over another investment. Ask your financial adviser or visit your financial intermediary's website for more information. |
| &nbsp;&nbsp;<u>***<u>Distributions</u>:***</u> | &nbsp;&nbsp;In order to qualify for preferential tax treatment as a RIC under the Code, the Fund must distribute at least 90% of its "investment company taxable income" (as such term is defined in the Code) to Shareholders annually. |
|  | &nbsp;&nbsp;The Fund expects to make annual distributions to Shareholders. **See** "**Distributions**." |
| &nbsp;&nbsp;<u>***<u>Dividend Reinvestment Plan</u>:***</u> | &nbsp;&nbsp;The Fund will operate under a dividend reinvestment plan ("**DRIP**") administered by BNY Mellon Investment Servicing (US) Inc. Pursuant to the plan, 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 Shares of the Fund. Shareholders automatically participate in the DRIP, unless and until an election is made to withdraw from the plan on behalf of such participating Shareholder. A Shareholder who does not wish to have Distributions automatically reinvested in Shares of the Fund may terminate participation in the DRIP at any time by written instructions to that effect to the Fund or the shareholder's financial intermediary. Shareholders who elect not to participate in the DRIP will receive all distributions in cash paid to the Shareholder of record (or, if the shares are held in street or other nominee name, then to such nominee). Such written instructions must be received 30 days prior to the record date of the Distribution or the shareholder will receive such Distribution in shares through the DRIP. Under the DRIP, the Fund's Distributions to Shareholders are reinvested in full and fractional shares. **See** "**Distributions — Dividend Reinvestment Plan**." |
| &nbsp;&nbsp;<u>***<u>Board of Trustees</u>:***</u> | &nbsp;&nbsp;The Board has overall responsibility for monitoring and overseeing the Fund's management and operations. A majority of the Board members are Independent Trustees. **See** "**Management of the Fund**." |
| &nbsp;&nbsp;<u>***<u>U.S. Employee Benefit Plans and Arrangements</u>:***</u> | &nbsp;&nbsp;Employee benefit plans and accounts, including those subject to Title I of the U.S. Employee Retirement Income Security Act of 1974, as amended ("**ERISA**"), or Section 4975 of the Code 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 "**Benefit Plan Investors**" (as defined below in "**Certain ERISA Considerations**") (within the meaning of Section 3(42) of ERISA) plans investing in the Fund, and thus the Master Fund, for purposes of the fiduciary responsibility and prohibited transaction rules of ERISA and Section 4975 of the Code. Thus, none of the Fund or the Advisers will be a fiduciary within the meaning of ERISA with respect to the assets of any "Benefit Plan Investor" that is a Shareholder, solely as a result of the Benefit Plan Investor's investment in the Fund. **See** "**Certain ERISA Considerations**." |
| &nbsp;&nbsp;<u>***<u>Interval Fund Structure</u>:***</u> | &nbsp;&nbsp;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 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 |

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|  | &nbsp;&nbsp;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. To provide some liquidity to Shareholders, the Fund will be structured as an "interval fund" and conduct quarterly repurchase offers for a limited amount of the Fund's Shares (expected to be 5% of the Fund's Shares outstanding). |
| &nbsp;&nbsp;<u>***<u>Leverage</u>:***</u> | &nbsp;&nbsp;The Fund may incur entity-level debt, including unsecured and secured credit facilities from certain financial institutions and other forms of borrowing money in connection with its investment activities, to satisfy repurchase requests from Shareholders and to otherwise provide the Fund with liquidity. There is no assurance, however, that the Fund will be able to enter into a credit line or that it will be able to timely repay any borrowings under such credit line, which may result in the Fund incurring leverage on its portfolio investments from time to time. The Fund's use of leverage may increase or decrease from time to time in its discretion and the Fund may, in the future, determine not to use leverage. See "Risks—The Fund may be subject to leverage risk." |
| &nbsp;&nbsp;<u>***<u>Share Repurchases</u>:***</u> | &nbsp;&nbsp;The Shares have no history of public trading, nor is it intended that the Shares will be listed on a public exchange at this time. No secondary market is expected. |
|  | &nbsp;&nbsp;The Fund is an "interval fund," a type of fund which, to provide some liquidity to Shareholders, makes quarterly offers to repurchase between 5% and 25% of its outstanding Shares at NAV, pursuant to Rule 23c-3 under the 1940 Act, unless such offer is suspended or postponed in accordance with regulatory requirements (as discussed below). In connection with any given repurchase offer, it is expected the Fund will offer to repurchase only the minimum amount of 5% of its outstanding Shares. Quarterly repurchases occur in the months of March, June, September and December, and the Fund expects to make its initial repurchase offer following the second full quarter after the effective date of the Fund's registration statement. The offer to purchase Shares is a fundamental policy that may not be changed without the vote of the holders of a majority of the Fund's outstanding voting securities (as defined in the 1940 Act). Written notification of each quarterly repurchase offer (the "**Repurchase Offer Notice**") is sent to Shareholders at least 21 and not more than 42 calendar days before the repurchase request deadline (i.e., the date by which Shareholders can tender their Shares in response to a repurchase offer) (the "**Repurchase Request Deadline**"). The Repurchase Offer Notice sets forth, among other items, information about the procedures by which Shareholders may submit their Shares for repurchase and the ability of Shareholders to withdraw or modify their repurchase request before the Repurchase Request Deadline. The Fund will determine the NAV applicable to repurchases on the "Repurchase Pricing Date." The Repurchase Pricing Date will occur no later than the 14<sup>th</sup> day after the Repurchase Request Deadline (or the next business day, if the 14<sup>th</sup> day is not a business day). The Fund expects to distribute payment to Shareholders between one and three business days after the Repurchase Pricing Date and will distribute such payment no later than seven calendar days after such Date. The Fund's NAV per Share may change materially between the date a repurchase offer is mailed and the Repurchase Request Deadline, and it may also change materially between the Repurchase Request Deadline and Repurchase Pricing Date. During the period an offer |

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|  | &nbsp;&nbsp;to repurchase is open, Shareholders may obtain the current NAV per Share by calling 1-888-493-8631. |
|  | &nbsp;&nbsp;The Fund's Shares are not listed on any securities exchange, and the Fund anticipates that no secondary market will develop for its Shares. Accordingly, you may not be able to sell Shares when, or in the amount that you desire. Thus, the Shares are appropriate only as a long-term investment. In addition, the Fund's repurchase offers may subject the Fund and Shareholders to special risks. **See** "**Types of Investments and Related Risks — Repurchase Program Risks**." |
|  | &nbsp;&nbsp;The Fund intends to finance repurchase offers with cash on hand, cash from new subscriptions, or the liquidation of portfolio securities and may finance repurchase offers with cash raised through borrowings. If the Fund is required to sell its more liquid, higher quality portfolio securities to purchase Shares that are tendered, remaining common Shareholders will be subject to increased risk and increased Fund expenses as a percentage of net assets. |
|  | &nbsp;&nbsp;A 2.00% early repurchase fee (the "**Early Repurchase Fee**") may be charged by the Fund with respect to any repurchase of Shares from a Shareholder at any time prior to the day immediately preceding the one-year anniversary of the Shareholder's purchase of the Shares. Shares tendered for repurchase will be treated as having been repurchased on a "first in-first out" basis. 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. The Early Repurchase Fee will not apply to Shares acquired through dividend reinvestment, and the Fund may waive the Early Repurchase Fee in its sole discretion under certain circumstances: (i) with respect to repurchase requests submitted by discretionary model portfolio management programs (and similar arrangements); (ii) with respect to repurchase requests from feeder funds (or similar vehicles) primarily created to hold Shares, which are offered to non-U.S. persons, where such funds seek to avoid imposing such a deduction because of administrative or systems limitations; (iii) pursuant to an asset allocation program, wrap fee program or other investment program offered by a financial institution where investment decisions are made on a discretionary basis by investment professionals; and (iv) pursuant to an automatic non-discretionary rebalancing program. To the extent the Fund determines to waive, impose scheduled variations of, or eliminate an Early Repurchase Fee it will do so consistently with the requirements of Rule 22d-1 under the 1940 Act, and the Fund's waiver of, scheduled variation in, or elimination of, the Early Repurchase Fee will apply uniformly to all Shareholders regardless of Share class. See "**Share Repurchase Program**." |
| &nbsp;&nbsp;<u>***<u>Distribution and Servicing Fee</u>:***</u> | &nbsp;&nbsp;Class A and Class S Shares are subject to an ongoing distribution and shareholder servicing fee (the "**Distribution and Servicing Fee**") to compensate financial industry professionals for distribution-related expenses, if applicable, and providing ongoing services in respect of Shareholders who own Class A or Class S Shares of the Fund. Although the Fund is not an open-end investment company, it will comply with the terms of Rule 12b-1 as a condition of the SEC exemptive relief, which permits the Fund to have, among other things, a multi-class structure and Distribution and Servicing Fees. Accordingly, the Fund has adopted a distribution and servicing plan for its Class A Shares and Class S Shares (the "**Distribution and Servicing Plan**") and pays the Distribution and Servicing Fee with |

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|  | &nbsp;&nbsp;respect to its Class A and Class S Shares. The Distribution and Servicing Plan operates in a manner consistent with Rule 12b-1 under the 1940 Act. |
|  | &nbsp;&nbsp;Class A Shares and Class S Shares pay a Distribution and Servicing Fee to the Distributor at an annual rate of 0.15%, based on the aggregate net assets of the Fund attributable to such class. For purposes of determining the Distribution and Servicing Fee, net asset value will be calculated prior to any reduction for any fees and expenses, including, without limitation, the Distribution and Servicing Fee payable. Class I Shares are not subject to the Distribution and Servicing Fee. |
|  | &nbsp;&nbsp;The Adviser, Subadviser, or their affiliates, may pay additional compensation out of its own resources (i.e., not Fund assets) to certain selling agents or financial intermediaries in connection with the sale of the Shares. The additional compensation may differ among brokers or dealers in amount or in the method 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 the additional compensation by a selling broker or dealer may create potential conflicts of interest between an investor and its broker or dealer who is recommending the Fund over other potential investments. |
| &nbsp;&nbsp;<u>***<u>Converting Shares</u>:***</u> | &nbsp;&nbsp;Investors eligible to purchase Class I Shares may convert Class A Shares and Class S Shares to Class I Shares. Class A Shares and Class S Shares will automatically convert into Class I Shares if the total sales charge would otherwise exceed the limits of Financial Industry Regulatory Authority ("**FINRA**") Rule 2341. See "**Share Repurchase Program**." |
| &nbsp;&nbsp;<u>***<u>Summary of Tax Matters</u>:***</u> | &nbsp;&nbsp;The Fund will elect to be treated, and intends to operate in a manner so as to qualify each taxable year thereafter, as a RIC under the Code. During the period that it qualifies as a RIC, the Fund generally does not expect to be subject to corporate-level U.S. federal income tax on income that it distributes to Shareholders. To qualify and remain eligible for the special tax treatment accorded to RICs and their Shareholders, the Fund must meet, among other requirements, certain source-of-income, asset diversification and annual distribution requirements. In particular, the Fund is required to distribute at least 90% of its "investment company taxable income" (as such term is defined in the Code, which generally is the Fund's net ordinary taxable income and recognized net short-term capital gain in excess of recognized net long-term capital loss to Shareholders in each taxable year. **See** "**Distributions" and "Material U.S. Federal Income Tax Considerations**." |
| &nbsp;&nbsp;<u>***<u>Summary of Taxation</u>:***</u> | &nbsp;&nbsp;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**"); the Fund currently expects that it will meet these requirements through its investment in the Fund. 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 is currently distributed as dividends for U.S. federal income tax purposes to Shareholders, as applicable. To qualify and maintain its qualification 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 |

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| | |
|:---|:---|
|  | &nbsp;&nbsp;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. The Fund currently expects that it will meet these requirements. Nonetheless, there can be no assurance that the Fund will so qualify and be eligible. See "**Distributions**" and "**Material U.S. Federal Income Tax Considerations**." |
|  | &nbsp;&nbsp;The Fund's compliance with the diversification and income requirements will be based upon its share of the assets and income of the Fund, which will be classified as a partnership for U.S. federal income tax purposes. |
|  | &nbsp;&nbsp;The Fund will be treated as receiving its proportionate share of each item of gross income earned by the partnership and the Fund must look through to the character of such items of gross income earned by the partnership, both for purposes of the tax treatment of specific investments made by such partnerships and in applying the RIC qualifying income test. Income derived by the Fund from an investment in a partnership is treated as qualifying income for RIC purposes only to the extent such income is attributable to items of partnership income that would be qualifying income if received directly by the Fund. Similarly, the Fund would look through the partnership to the partnership's underlying assets for purposes of analyzing the Fund's asset diversification. The Fund will need to closely monitor its investments in funds that are treated as partnerships in order to assure the Fund's compliance with Subchapter M requirements. |
| &nbsp;&nbsp;<u>***<u>Fiscal and Tax Year</u>:***</u> | &nbsp;&nbsp;For accounting purposes, the Fund's fiscal year is the 12-month period ending on March 31. The Fund's taxable year is the 12-month period ending on March 31. |
| &nbsp;&nbsp;<u>***<u>Valuation</u>:***</u> | &nbsp;&nbsp;The Board has the ultimate responsibility for the valuation of the Fund's portfolio investments for which market quotations are not readily available, as determined in good faith pursuant to the Adviser's valuation procedures. The Board has delegated day-to-day responsibility for implementing the portfolio valuation process to the Adviser and the Adviser's valuation committee, and has designated the Adviser as valuation designee to perform fair value determinations, pursuant to the valuation procedures, for Fund portfolio investments that do not have readily available market quotations. In carrying out these responsibilities, the Adviser is authorized to utilize, among others, independent third-party pricing services, independent third-party valuation services and broker-dealer valuations. Portfolio securities for which market quotations are readily available are valued at market value. The Fund calculates its NAV per Share once each business day. See "Determination of Net Asset Value" for more information. |
| &nbsp;&nbsp;<u>***<u>Reports</u>:***</u> | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;<u>***<u>Independent Registered Public Accounting Firm</u>:***</u> | &nbsp;&nbsp;[ ] serves as the Fund's Independent Registered Public Accounting Firm. See "Independent Registered Public Accounting Firm" below. |

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| | |
|:---|:---|
| &nbsp;&nbsp;<u>***<u>The Administrator</u>:***</u> | &nbsp;&nbsp;Global X Management Company LLC ("**Global X**" or the "**Administrator**") serves as the Fund's Administrator. See "Management of the Fund" below. |
| &nbsp;&nbsp;<u>***<u>The Sub-Administrator</u>:***</u> | &nbsp;&nbsp;SEI Investments Global Funds Services (the "**Sub-Administrator**") serves as the Fund's Sub-Administrator. See "Management of the Fund" below. |
| &nbsp;&nbsp;<u>***<u>The Custodian</u>:***</u> | &nbsp;&nbsp;The Bank of New York Mellon (the "**Custodian**") serves as the Fund's Custodian. See "Management of the Fund" below. |
| &nbsp;&nbsp;<u>***<u>The Distributor</u>:***</u> | &nbsp;&nbsp;SEI Investments Distribution Co. (the "**Distributor**") serves as the Fund's Distributor. See "Management of the Fund" below. |
| &nbsp;&nbsp;<u>***<u>The Transfer Agent</u>:***</u> | &nbsp;&nbsp;The Bank of New York Mellon (the "**Transfer Agent**") serves as the Fund's Transfer Agent. See "Management of the Fund" below. |

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**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. The expenses shown in the table under "Annual Fund Operating Expenses" are estimated based on projected amounts for the Fund's first full fiscal year of operations.

If you invest through a brokerage account, you may be required to pay commissions and/or other forms of compensation to a broker for transactions in the Shares, which are not reflected in the table or the Example below. Any costs associated with opening such an account are not reflected in the following table or the Example below. Investors should contact their broker or other financial professional for more information about the costs associated with opening such an account.

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| | | | |
|:---|:---|:---|:---|
| **SHAREHOLDER TRANSACTION EXPENSES**<br> *(fees paid directly from your investment)* | **Class A<br> Shares** | **Class S<br> Shares** | **Class I <br> Shares** |
| Maximum Sales Load (as a percentage of offering price)<sup>(1)</sup> |  |  |  |
| Maximum Early Repurchase Fee (as a percentage of the repurchase amount)<sup>(2)</sup> | 2.00% | 2.00% | 2.00% |
| **ESTIMATED ANNUAL FUND OPERATING EXPENSES <br> (as a percentage of projected average net assets attributable to Shares)** | **Class A<br> Shares** | **Class S<br> Shares** | **Class I<br> Shares** |
| Management Fee<sup>(3)</sup> | 2.25% | 2.25% | 2.25% |
| Other Expenses<sup>(4)</sup> | 6.42% | 6.42% | 6.42% |
| Distribution and Servicing Fee<sup>(5)</sup> | 0.15% | 0.15% |  |
| Acquired Fund Fees and Expenses ("**AFFE**")<sup>(6)</sup> | 1.14% | 1.14% | 1.14% |
| Total Annual Fund Operating Expenses | 9.96% | 9.96% | 9.81% |
| Fee Waiver and/or Expenses Reimbursement<sup>(7)(8)</sup> | (6.19)% | (6.19)% | (6.19)% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | 3.77% | 3.77% | 3.62% |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) No upfront sales load will be paid with respect to Class A Shares, Class S Shares or Class I Shares,
however, if you buy Class A Shares through certain financial intermediaries, they may directly charge you transaction or other
fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that selling agents
limit such charges to a 5.50% cap on NAV for Class A Shares. Financial intermediaries will not charge such fees on Class S Shares
or Class I Shares. Please consult your financial intermediary for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;(2) A 2.00% Early Repurchase Fee payable to the Fund may be charged with respect to the repurchase
of 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). An Early Repurchase Fee payable by a Shareholder may be waived in circumstances
where the Board determines that doing so is in the best interests of the Fund and in a manner that will not discriminate unfairly
against any Shareholder. The Early Repurchase Fee will not apply to Shares acquired through dividend reinvestment, and the Fund
may waive the Early Repurchase Fee in its sole discretion under certain circumstances: (i) with respect to repurchase requests
submitted by discretionary model portfolio management programs (and similar arrangements); (ii) with respect to repurchase requests
from feeder funds (or similar vehicles) primarily created to hold Shares, which are offered to non-U.S. persons, where such funds
seek to avoid imposing such a deduction because of administrative or systems limitations; (iii) pursuant to an asset allocation
program, wrap fee program or other investment program offered by a financial institution where investment decisions are made on
a discretionary basis by investment professionals; and (iv) pursuant to an automatic non-discretionary rebalancing program. The
Early Repurchase Fee will be retained by the Fund for the benefit of the remaining Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The Fund pays the Adviser a fee, calculated and payable monthly, in arrears, at the annual rate
of 2.25% of the average daily net assets of the Fund (the "**Management Fee** "). For purposes of determining the
Management Fee payable to the Adviser, the value of the Fund's net assets will be calculated prior to the inclusion of the
Management Fee, if any, payable to the Adviser or to any purchases or repurchases of Shares of the Fund or any distributions by
the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(4) The Other Expenses include, among other things, professional fees and other expenses that the Fund
will bear, including initial and ongoing offering costs and fees and expenses of the Administrator, transfer agent and custodian.
The Other Expenses are based on estimated amounts for the Fund's first full year of operations.

&nbsp;&nbsp;&nbsp;&nbsp;(5) The Fund charges a Distribution and Servicing Fee pursuant to a distribution and servicing plan
adopted pursuant to Rule 12b-1 under the 1940 Act. Class A Shares and Class S Shares will pay a Distribution and Servicing Fee
that will accrue at an annual rate equal to 0.15% of the Fund's average daily net assets attributable to such Class and is
payable on a quarterly basis. The Fund may use these fees, in respect of the relevant Class, to compensate the Fund's Distributor
and/or other qualified recipients for distribution-related expenses and providing ongoing services in respect of clients with whom
they have distributed such Class of Shares. Class I Shares are not subject to the Distribution and Servicing Fee. See "Plan
of Distribution."

&nbsp;&nbsp;&nbsp;&nbsp;(6) AFFE are indirect fees and expenses that the Fund incurs from investing in shares of other
 investment vehicles, including in shares of Portfolio Funds, mutual funds, and ETFs.
 AFFE are based on estimated amounts for the Fund's first full
 fiscal year of operations ,
 which may change substantially over time, therefore, significantly affecting AFFE . Certain
 investment vehicles in which the Fund intends to invest, including Portfolio Funds,
 generally charge a management fee of 0.07% to 1.50% based on committed capital, and approximately 10.00% to 20.00% of net
 profits as a carried interest allocation. The AFFE shown in the expense table above reflects operating
 expenses of underlying vehicles (e.g., management fees,
 administration fees and professional and other direct, fixed fees and
 expenses) after refunds, excluding any performance-based fees or

allocations paid by the vehicle to its third-party sponsor manager solely on the realization and/or distribution of gains, or on the sum of such gains and unrealized appreciation of assets distributed in-kind, as such fees and allocations for a particular period may be unrelated to the cost of investing in such vehicles.

&nbsp;&nbsp;&nbsp;&nbsp;(7) The Fund may invest in one or more mutual funds and/or ETFs advised by the Adviser, the Subadviser
or their affiliates ()"**affiliated funds** "). The Adviser has contractually agreed to waive fees and/or reimburse
expenses in an amount sufficient to offset the respective net advisory fees it collects from the affiliated funds on the Fund's
investment in such affiliated funds.

&nbsp;&nbsp;&nbsp;&nbsp;(8) The Adviser has entered into an expense limitation agreement
(the "**Expense Limitation Agreement**") with the Fund, whereby the Adviser
has agreed to waive fees that it would otherwise be paid, and/or to assume expenses of the Fund (a "**Waiver** "),
if required to ensure the Total Annual Expenses do not exceed 2.75% of the average daily net assets of Class A Shares and Class
S Shares and 2.50% of the average daily net assets of Class I Shares on an annual basis (the "**Expense Limit** "). "**Total Annual Expenses**" includes all expenses incurred in the business of the Fund,
including organizational and offering costs, with the following exceptions: (i) taxes, (ii) interest, (iii) brokerage commissions,
(iv) expenses associated with the acquisition and disposition of investments (including interest and structuring costs for borrowings
and line(s) of credit), (v) the Management Fee, (vi) distribution and/or servicing fees, (vii) sub -transfer agency, sub -accounting and shareholder servicing fees, (viii) any acquired fund fees and expenses,
(ix) dividend and interest expenses relating to short sales, (x) borrowing costs, (xi) merger or reorganization expenses, (xii)
Shareholder meetings expenses, (xiii) litigation expenses and (xiv) extraordinary expenses. For a period not to exceed three years
from the date on which a Waiver is made, the Adviser may recoup amounts waived or assumed, provided it is able to effect such recoupment
without causing the Fund's expense ratio (after recoupment) to exceed the lesser of (a) the expense limit in effect at the
time of the waiver, and (b) the expense limit in effect at the time of the recoupment. The Expense Limitation Agreement has a term
ending one -year from the effective date of the registration statement, and will automatically
renew thereafter for consecutive twelve -month terms, provided that such continuance is specifically
approved at least annually by the Adviser and a majority of the Trustees. The Expense Limitation Agreement may be terminated by
the Board upon thirty days' written notice to the Adviser.

Example:

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that all distributions are reinvested at net asset value and that the percentage amounts listed under Annual Expenses remain the same (except that the examples incorporate the expense reimbursement arrangements from the Expense Limitation Agreement for only the one-year example and the first year of the three-, five- and ten-year examples). The assumption in the hypothetical example of a 5% annual return is required by regulation of the SEC and applicable to all registered investment companies. The assumed 5% annual return is not a prediction of, and does not represent, the projected or actual performance of the Fund.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Example** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| You would pay the following expenses on a $1,000 Class A Shares investment, assuming a 5% annual return: | $38 | $230 | $403 | $766 |
| You would pay the following expenses on a $1,000 Class S Shares investment, assuming a 5% annual return: | $38 | $230 | $403 | $766 |
| You would pay the following expenses on a $1,000 Class I Shares investment, assuming a 5% annual return: | $36 | $226 | $398 | $760 |

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**The Example above is based on the annual fees and expenses set forth on the table above. They should not be considered a representation of future expenses. Actual expenses may be greater or less than those shown, and the Fund's actual rate of return may be greater or less than the hypothetical 5.0% return assumed in the example. A greater rate of return** **than that used in the Example would increase the dollar amount of the asset-based fees paid by the Fund.**

For a more complete description of the various fees and expenses borne directly and indirectly by the Fund, see "**Fund Expenses**" and "**Management Fee**."

**FINANCIAL HIGHLIGHTS**

The Fund is newly organized and its Shares have not previously been publicly offered. Additional information about the Fund's investments will be available in the Fund's annual and semi-annual reports when they are prepared.

**PLAN OF DISTRIBUTION**

SEI Investments Distribution Co., with principal offices at One Freedom Valley Drive, Oaks, Pennsylvania 19456, serves, pursuant to a Distribution Agreement, 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 for sale through the Distributor at NAV. For information on how the Fund calculates NAV, see "Determination of Net Asset Value" above. The Distributor also may enter into broker-dealer selling agreements with other broker dealers for the sale and distribution of the Fund's Shares.

The Distributor has no obligation to sell any specific quantity of Shares of the Fund. The Distributor will pay all of its costs and expenses (other than expenses and costs agreed to be payable by the Fund, as described in the Distribution Agreement, and other than expenses which one or more dealers may bear pursuant to any agreement with Distributor) incurred by it in connection with the performance of its distribution duties under the Distribution Agreement. The Distributor, its affiliates and officers have no role in determining the investment policies or which securities are to be purchased or sold by the Fund. The Distributor is not affiliated with the Fund, the Adviser, the Investment Subadviser or any stock exchange.

**DISTRIBUTIONS**

The Fund will elect to be treated, and intends to operate in a manner so as to qualify each taxable year thereafter, as a RIC under the Code. During the period that it qualifies as a RIC, the Fund generally does not expect to be subject to corporate-level U.S. federal income tax on income that it distributes to Shareholders. To qualify and remain eligible for the special tax treatment accorded to RICs the Fund is required to distribute at least 90% of its "investment company taxable income" (as such term is defined in the Code, which generally is the Fund's net ordinary taxable income and recognized net short-term capital gain in excess of recognized net long-term capital loss to Shareholders in each taxable year. Each Shareholder of the Fund is entitled to its share of the Fund's distributions of investment company taxable income and net capital gain recognized on its investments. The Fund pays out substantially all of its net earnings to its Shareholders as "distributions."

The Fund typically earns income dividends from stocks and interest from debt securities. These amounts, net of expenses, are typically passed along to Fund Shareholders as dividends from net investment income. The Fund realizes capital gains or losses whenever it sells securities. Net capital gain is distributed to Shareholders as "capital gain distributions." Distributions from the Fund's investment company taxable income, including net short-term capital gains, if any, are taxable to Shareholders as ordinary income. Properly-designated capital gain dividends Shareholder receives from the Fund are taxable as long-term capital gain.

Investment company taxable income, if any, and net capital gain, if any, are typically distributed to Shareholders at least annually. Dividends may be declared and paid more frequently to comply with the distribution requirements of the Code. In addition, the Fund may determine to distribute at least annually amounts representing the full dividend yield net of expenses on the underlying investment securities, as if the Fund owned the underlying investment securities for the entire dividend period. If the Fund so elects, some portion of each distribution may result in a return of capital, which, for tax purposes, is treated as a return of a Shareholder's investment in Shares.

Each year, you will receive an annual statement (Form 1099) of your account activity to assist you in completing your U.S. federal, state and local tax returns. Distributions declared in October, November or December to Shareholders of record in such month, but paid in January, are taxable as if they were paid in December. The Fund makes every effort to search for reclassified income to reduce the number of corrected forms mailed to you. However, when necessary, you will receive a corrected Form 1099 to reflect reclassified information.

At the time you purchase your Fund Shares, the price of Shares may reflect undistributed income, undistributed capital gains, or net unrealized appreciation in value of portfolio securities held by the Fund. For taxable investors, a subsequent distribution to you of such amounts, although constituting a return of your investment, would be taxable. Buying Shares in the Fund just before it declares an income dividend or capital gains distribution is sometimes known as "buying a dividend."

**DISTRIBUTIONS AND SERVICING PLAN**

The Fund has adopted a Distribution and Servicing Plan with respect to Classes A and S in compliance with Rule 12b-1 under the 1940 Act. The Distribution and Servicing Plan allows the Fund to pay Distribution and Servicing Fees for the sale and servicing of its Class A and Class S Shares. Under the Distribution and Servicing Plan, the Fund will be permitted to pay a distribution and servicing fee that will accrue at an annual rate equal to 0.15% per year on Class A Shares and Class S Shares based on the aggregate net assets of the Fund attributable to such class (the "**Distribution and Servicing Fee**") to the Fund's Distributor and/or other qualified recipients. The Distribution and Servicing Fee is paid out of the relevant class's assets and decreases the net profits or increases the net losses of the Fund solely with respect to such class. Because the Distribution and Servicing Fee is paid out of the Fund's assets on an on-going basis, over time these fees will increase the cost of a Shareholder's investment and may cost the Shareholder more than paying other types of sales charges, if applicable. The Distribution and Servicing Fee may qualify as a "service fee" under FINRA rules and therefore will not be limited by FINRA rules which limit distribution fees as a percentage of total new gross sales. "Service fees" are defined for purposes of FINRA rules to mean fees paid for providing shareholder services or the maintenance of shareholder accounts. FINRA rules limit service fees to 0.25% of a fund's average annual net assets. A portion of the Distribution and Servicing Fee may also be used to pay for sub-transfer agency, sub-accounting and certain other administrative services that are not required to be paid pursuant to a "service fee" under FINRA rules. Class I Shares are not subject to the Distribution and Servicing Fee.

The Distribution and Servicing Fee to be paid to the Distributor for distribution of each class of Shares under the Distribution and Servicing Plan is as follows:

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| | |
|:---|:---|
| **Class** | **Distribution and Servicing Fee** |
| Class A Shares | 0.15% |
| Class S Shares | 0.15% |
| Class I Shares |  |

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**DIVIDEND REINVESTMENT PLAN**

Pursuant to the dividend reinvestment plan established by the Fund, each Shareholder whose Shares are registered in its own name will automatically be a participant under the DRIP and have all income dividends and/or capital gains distributions automatically reinvested in additional Shares unless such Shareholder specifically elects to receive all income, dividends and/or capital gain distributions in cash. A Shareholder is free to change this election at any time. If, however, a Shareholder requests to change its election within 30 days prior to a distribution, the request will be effective only with respect to distributions after the 30-day period. A Shareholder whose Shares are registered in the name of a nominee must contact the nominee regarding its status under the DRIP.

Generally, for U.S. federal income tax purposes, Shareholders receiving Shares under the DRIP will be treated as having received a distribution equal to the amount payable to them in cash as a distribution had the Shareholder not participated in the DRIP.

Shares will be issued pursuant to the DRIP at their NAV determined on the next valuation date following the ex-dividend date (the last date of a dividend period on which an investor can purchase Shares and still be entitled to receive the dividend). There is no sales load or other charge for reinvestment, but the Distribution and Servicing Fee will be charged where applicable. A request must be received by the Fund before the record date to be effective for that dividend or capital gain distribution. The Fund may terminate the DRIP at any time. Any expenses of the DRIP will be borne by the Fund. The reinvestment of dividends and distributions pursuant to the DRIP will increase the Fund's net assets on which the Management Fee is payable to the Adviser.

**USE OF PROCEEDS**

The Fund intends to use the net proceeds from the sale of its securities pursuant to this Prospectus to acquire investments in accordance with the Fund's investment objective and strategies described in this Prospectus and other general corporate purposes, including funding Share repurchases. The Advisers are continuously identifying, reviewing and, to the extent consistent with the Fund's investment objective, funding new investments. The Fund will also use a portion of any such proceeds to pay operating expenses, and other expenses such as due diligence expenses relating to potential new investments.

The Fund currently anticipates being able to invest proceeds from the sale of its Shares with three months after the receipt of such proceeds, however, the Fund may be delayed up to an additional three months depending on the availability of appropriate investment opportunities consistent with the Fund's investment objective, capital inflows into the Fund and market conditions. The Fund anticipates that it will take a longer period of time to allocate proceeds of its continuous offering to certain investments, principally investments in the Private Investment Sleeve, due to the nature of those investments. The marketplace for private company and venture capital investing has become increasingly competitive, and the Fund may encounter delays in locating suitable investment opportunities. Such delays may impact Shareholders' investment returns. Until appropriate private company and venture capital investments can be found, the Fund intends to invest its assets in publicly traded securities, which may have returns that are lower than returns from private company and venture capital investments.

**THE FUND**

The Fund is a non-diversified, closed-end management investment company that is registered under the 1940 Act. The Fund is structured as an "interval fund" and continuously offers its Shares. The Fund was organized as a Delaware statutory trust September 21, 2023. The principal office of the Fund is located at 605 Third Avenue, 43<sup>rd</sup> Floor, New York, New York 10158 and its telephone number is 1-888-493-8631.

The Fund's investment objective is to seek long-term capital appreciation. There can be no assurance that the Fund will achieve its investment objective. A description of the Fund's principal investment strategies is disclosed below. See "Investment Strategies."

**INVESTMENT STRATEGIES**

**Investment Strategies**

As discussed in more detail below, the Fund's assets will primarily be invested in the Fund's Private Investment Sleeve with the remainder of the Fund's assets invested in the Fund's Liquid Investment Sleeve. The Investment Subadviser will be responsible for the day-to-day management of the Fund's portfolio, subject to the supervision of the Adviser.

<u>Private Investment Sleeve</u>. The Fund will invest, under normal circumstances, primarily in domestic and foreign equity securities including common stocks, preferred stocks, partnership interests, securities convertible into any of the foregoing, other equity investments or ownership interests in early-, medium- and late-stage private companies across multiple emerging sectors that the Advisers believe are poised to experience high growth (collectively, "**Portfolio Companies**"). The Fund generally seeks to invest in primary offerings (direct investments in newly issued securities of Portfolio Companies) and secondary offerings (acquisitions of existing securities from current shareholders) of Portfolio Companies. The Fund may gain indirect exposure to Portfolio Companies by investing in private funds, including private equity funds, hedge funds and venture capital funds, holding vehicles or other investment vehicles, including single-asset special purpose vehicles ("**SPVs**"), managed by third-party managers (collectively, "**Portfolio Funds**"). The Fund may also invest in Portfolio Funds on a secondary basis from existing investors or may invest during a recapitalization of an equity interest in an existing Portfolio Fund. The Investment Subadviser seeks to identify long-term investment opportunities and provide capital and support to private companies throughout the entire lifecycle of their business. The Fund expects to primarily invest, either directly or indirectly, in Portfolio Companies and to hold such securities until a liquidity event with respect to such Portfolio Company occurs, such as an initial public offering or a merger or acquisition transaction. Notwithstanding the foregoing, if the Investment Subadviser believes it to be in the best interest of the Fund, the Fund may (i) continue to hold securities of a Portfolio Company following a liquidity event until such time that the Investment Subadviser determines to sell the securities or (ii) sell such securities prior to the occurrence of a liquidity event. The Investment Subadviser seeks to identify category leading companies with unique products, consistent innovation, significant growth potential and proven management teams. The Investment Subadviser is stage-agnostic and targets Portfolio Companies with exposure to emerging sectors with potential for accelerated growth, including, but not limited to, Artificial Intelligence Companies, Robotics Companies, Power & Energy Companies, Space Technology Companies, Cybersecurity Companies, FinTech Companies, Gaming Companies, and Defense Technology Companies. The Fund has the flexibility to invest in Portfolio Companies across these emerging sectors, subject to compliance with its investment strategies and restrictions and applicable law, including the 1940 Act.

The Advisers believe that the ability to invest in privately held, early-, medium- and late-stage companies can offer the potential to capture more upside potential than investments in the securities of companies that are already publicly traded. The Investment Subadviser seeks to capture this value accretion, or what may be referred to as a private-public valuation arbitrage, by investing primarily in Portfolio Companies that it believes have high growth potential. The Investment Subadviser will seek to construct a portfolio comprised of varied assets across investment types, underlying investment strategy, industry sectors, geography, manager / sponsor, and vintage year exposure, among other factors. The Investment Subadviser will utilize its top-down and bottom-up due diligence processes to evaluate each investment, including, but not limited to, fundamentals and cash flows analysis, conversations with the sponsor, historical track record evaluation, industry analysis, and other quantitative and qualitative analyses, as available.

The investment and due diligence process implemented by Global X's business through the Investment Subadviser involves a combination of broad sourcing and systematic identification of potential opportunities where the Investment Subadviser believes it has an investment and/or process edge, with fundamental, bottom-up analysis of key portfolio companies, integrated with a top-down analysis of the innovations occurring across industries. The process is enhanced through dynamic portfolio construction and portfolio management to optimize the mix of assets and risk management exposure. The investment process is designed to support both traditional and non-traditional transactions while leveraging the broader strengths and capabilities of the entire Global X and Mirae platforms.

In determining the Portfolio Companies that align with specific investment themes, the Investment Subadviser employs a rigorous selection process grounded in proprietary research and evaluation. This process draws upon a wide range of resources, including but not limited to, external studies and analyses, to craft investment strategies, thereby

uncovering opportunities influenced by broader industry movements or specific organizational developments. The types of companies that the Investment Subadviser believes are Artificial Intelligence Companies, Robotics Companies, Power & Energy Companies, Space Technology Companies, Cybersecurity Companies, FinTech Companies, Gaming Companies, and Defense Technology Companies are described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Artificial Intelligence Companies</u>.
Artificial Intelligence Companies are companies that the Investment Subadviser believes are positioned to benefit from the further
development and utilization of artificial intelligence in their products and services. The Investment Subadviser considers Artificial
Intelligence Companies to be companies that (i) have developed internal artificial intelligence capabilities (organically or through
acquisition) and are applying artificial intelligence technology directly in their products and services, (ii) provide artificial
intelligence capabilities to their customers as a service, (iii) produce semiconductors, memory storage and other hardware that
is utilized for artificial intelligence applications, and (iv) are developing quantum computing technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Robotics Companies</u>. Robotics Companies
are companies that the Investment Subadviser believes are positioned to benefit from the design, construction and operation of
robots (i.e., physical machines that can perform tasks, often mimicking human actions). These companies design and manufacture
the physical hardware used for everything from massive robotic arms on automotive assembly lines to small, nimble robots in e-commerce
warehouses. Robotics is prevalent in logistics, manufacturing, construction, aerospace, defense and security, agriculture and healthcare.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Power & Energy Companies</u>. Power
& Energy Companies are companies that the Investment Subadviser believes are positioned to benefit from the increasing consumer
demand for power and energy. Companies developing power solutions include companies focused on developing utility-scale solar and
wind, residential and distributed solar, battery storage and materials, EV charging infrastructure, and grid modernization and
digital infrastructure. Companies developing energy efficiency technology include companies focused on improved industrial processes,
electrification, high-efficiency machines and appliances, improved building insulation, reflective roofing, daylighting and shading
in building design, and the intelligent automation of lighting, heating, cooling and other processes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Space Technology Companies</u>. Space
Technology Companies are companies that the Investment Subadviser believes are positioned to benefit from the development and provision
of space technology and infrastructure as well as the use of space data and services. In the context of space technology and infrastructure,
Space Technology Companies include those that focus on the research, development and manufacturing of spacecraft, rockets, satellites,
launch services, ground receiving and transmitting stations, and other space-related hardware. In the context of space data and
services, Space Technology Companies include those that focus on the use of space technology to provide services and applications
that benefit Earth infrastructure for various use cases, such as satellite communication services for television broadcasting,
telecommunications and mobile phone networks, Earth observation for collecting data for weather forecasting, environmental monitoring,
and resource management, satellite navigation systems, and space science used to study the universe.

· <u>Cybersecurity Companies</u>. Cybersecurity Companies are companies that the Investment Subadviser believes are positioned to benefit from the development of innovative technologies that protect against cyber threats and safeguard sensitive data. Cybersecurity <br>

Companies include companies that develop, sell and implement cybersecurity solutions, including antivirus software, firewalls, intrusion detection and prevention systems and other technologies designed to safeguard information technology and data, including legacy security vendors and companies that provide cloud security, identity management, infrastructure monitoring and content delivery networks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>FinTech Companies</u>. FinTech Companies
are companies that the Investment Subadviser believes provide financial technology products and services, including companies involved
in (i) mobile payments, (ii) enterprise solutions (iii) blockchain and alternative currencies, (iv) crowdfunding and (v) personal
finance software and automated wealth management/trading. Although the Fund reserves broad flexibility to make investments in Private
Companies that the Adviser believes demonstrate high growth potential across all industries, the Fund generally expects that FinTech
Companies may include Private Companies engaged in payment solutions, lending platforms, financial infrastructure, regulatory technology
(RegTech), wealth management platforms (WealthTech), and insurance technology (InsurTech). These companies develop technologies
that enhance efficiency in areas like payment processing, lending, core banking, compliance, financial planning, and insurance.
The Fund does not intend to invest in NFTs or digital assets directly or indirectly but will focus on FinTech Companies driving
innovation in financial services and infrastructure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Gaming Companies</u>. Gaming Companies
are companies that the Investment Subadviser believes are poised to benefit from the burgeoning demand for digital entertainment,
including but not limited to, companies whose principal business is in the development, publishing, or distribution of video games
and other interactive media.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Defense Technology Companies</u>. Defense
Technology Companies are companies that the Investment Subadviser believes are positioned to benefit from developing artificial
intelligence, drone technology, cybersecurity, and aerospace and space defense for military applications. Defense Technology Companies
include companies developing artificial intelligence solutions for drones and unmanned aerial vehicles as well as for decision-making
systems, cybersecurity, and operational logistics, creating advanced defense mechanisms to protect critical military infrastructure
from cyberattacks, rocket systems for defense and commercial space missions, and quantum computing and cryptography to secure communications
and data processing in defense.

The Investment Subadviser's primary strategy is to invest in Portfolio Companies and to hold such securities until a liquidity event with respect to such Portfolio Company occurs, such as an initial public offering or a merger or acquisition transaction. Notwithstanding the foregoing, if the Investment Subadviser believes it to be in the best interest of the Fund, the Fund may (i) continue to hold securities of a Portfolio Company following a liquidity event until such time that the Investment Subadviser determines to sell the securities, or (ii) sell such securities prior to the occurrence of a liquidity event. Notwithstanding the foregoing, if the Investment Subadviser believes it to be in the best interest of the Fund, the Fund may (i) continue to hold securities of a Portfolio Company following a liquidity

event until such time that the Investment Subadviser determines to sell the securities, or (ii) sell such securities prior to the occurrence of a liquidity event.

In seeking to achieve its investment objective, the Fund may invest, without limit, in privately placed or restricted securities (including in Rule 144A securities, which are privately placed securities purchased by qualified institutional buyers), illiquid securities and securities in which no secondary market is readily available, including those of private companies. Issuers of these securities may not have a class of securities registered, and may not be subject to periodic reporting, pursuant to the Exchange Act. The Fund may invest in such securities without limitation. The Fund may invest in equity securities of Portfolio Companies located in both developed and emerging markets, and may invest in ADRs and GDRs and securities listed on local foreign exchanges.

Under normal circumstances, the Fund's Private Investment Sleeve is expected to constitute at least a majority of the Fund's assets and could constitute up to approximately 95% of the Fund's assets, as measured at the time of investment.

The Fund is classified as a "non-diversified" investment company under the 1940 Act, which means that it may invest a high percentage of its assets in a limited number of issuers and may invest a larger proportion of its assets in a single issuer. The Fund will be concentrated (*i.e.*, more than 25% of the value of the Fund's assets) in securities of issuers having their principal business activities in groups of industries in the technology sector.

<u>Liquid Investment Sleeve</u>. The portion of the Fund's assets not invested in the Private Investment Sleeve will be invested by the Investment Subadviser in cash and/or cash equivalents such as high-quality, short-term debt and fixed income securities, money market instruments, affiliated and unaffiliated exchange traded funds ("**ETFs**") and other listed securities. The Fund's investments in the Liquid Investment Sleeve may be used to gain indirect access to venture capital investments or for liquidity purposes, or both.

**General Investment Strategy.**

The Fund may invest in other strategies and implement other investment techniques to achieve its investment goals, which are not considered principal investment strategies. These strategies and techniques, and their attendant risks, are described in the Fund's SAI.

The Fund may pursue its investment objective by investing up to 25% of its total assets in wholly-owned Subsidiaries. The Subsidiaries would hold certain investments or interests in pass-through entities (such as certain Portfolio Funds) and allow the Fund to satisfy certain requirements.

If the Fund uses one or more Subsidiaries to make investments they will bear their respective organizational and operating fees, costs, expenses and liabilities and, as a result, the Fund will indirectly bear these fees, costs, expenses and liabilities. As the Subsidiaries are wholly owned, they have the same investment strategies as the Fund. The Fund and its Subsidiaries will be subject to the same investment restrictions and limitations on a consolidated basis. In addition, the Subsidiaries are consolidated subsidiaries of the Fund and the Fund complies with the provisions of the 1940 Act governing capital structure and leverage on an aggregate basis with the Subsidiaries. The Adviser and Investment Subadviser serve as investment adviser and investment subadviser, respectively, to the Fund and each Subsidiary. The Subsidiaries comply with the provisions relating to affiliated transactions and custody of the 1940 Act. The Bank of New York Mellon serves as the custodian to the Subsidiaries. The Fund does not intend to create or

acquire primary control of any entity which engages in investment activities in securities or other assets other than entities wholly owned by the Fund.

The Fund may, from time to time, take temporary defensive positions that are inconsistent with its principal investment strategies in attempting to respond to adverse market, economic, political or other conditions. For example, during such period, 100% of the Fund's assets may be invested in short-term, high-quality fixed income securities, cash or cash equivalents. Temporary defensive positions may be initiated when the Investment Subadviser and/or the Adviser judges that market conditions make pursuing the Fund's investment strategies inconsistent with the best interests of its Shareholders. When the Fund takes temporary defensive positions, it may not achieve its investment objective.

Except as otherwise stated in this Prospectus or the Fund's Statement of Additional Information, the investment objective, policies and restrictions of the Fund are not fundamental and may be changed by the Board. The Fund generally intends to provide notice to Shareholders of any material change to the investment objective, policies and restrictions of the Fund.

The Fund is an appropriate investment only for those investors who can tolerate a high degree of risk and do not require a liquid investment.

**LEVERAGE**

The Fund may incur entity-level debt, including unsecured and secured credit facilities from certain financial institutions and other forms of borrowing money in connection with its investment activities, to satisfy repurchase requests from Shareholders and to otherwise provide the Fund with liquidity. There is no assurance, however, that the Fund will be able to enter into a credit line or that it will be able to timely repay any borrowings under such credit line, which may result in the Fund incurring leverage on its portfolio investments from time to time. The Fund's use of leverage may increase or decrease from time to time in its discretion and the Fund may, in the future, determine not to use leverage.

Portfolio Companies and investment vehicles invested in Portfolio Companies, in which the Fund invests may also utilize leverage secured against its assets. If an operating entity were to default on a loan, the lender's recourse would be to the assets of the operating entity and the lender would typically not have a claim to other assets of the Fund or its subsidiaries. Borrowings at the individual investment level are not subject to the Asset Coverage Requirement described below. Accordingly, the Fund's portfolio may be exposed to the risk of highly leveraged investment programs of certain assets and the volatility of the value of Shares may be great, especially during times of a "credit crunch" and/or general market turmoil. In general, the use of leverage by the Fund's assets may increase the volatility of their values and of the value of the Shares.

The 1940 Act requires a registered investment company to satisfy an asset coverage requirement of 300% of its indebtedness (less all liabilities and indebtedness not represented by 1940 Act leverage), including amounts borrowed, measured at the time the investment company incurs the indebtedness (the "**Asset Coverage Requirement**"). This requirement means that the value of the investment company's total indebtedness may not exceed one third the value of its total assets (including the indebtedness but excluding all liabilities and indebtedness not represented by 1940 Act leverage). The 1940 Act also requires that dividends may not be declared if this Asset Coverage Requirement is breached. The Fund's borrowings will at all times be subject to the Asset Coverage Requirement.

In addition, the Fund may enter into investment management techniques (including reverse repurchase agreements and derivative transactions) that have similar effects as leverage, but which are not subject to the Asset Coverage Requirement if effected in compliance with applicable SEC rules and guidance. Furthermore, the Fund may add leverage to its portfolio through the issuance of preferred stock ("**Preferred Stock**") in an aggregate amount of up to 50% of the Fund's total assets (less all liabilities and indebtedness not represented by 1940 Act leverage) immediately after such issuance. As of the date of this prospectus, the Fund had no Preferred Stock outstanding.

Borrowings (and any Preferred Stock) would have seniority over Shares. Any borrowings and Preferred Stock (if issued) leverage investments in Shares. Holders of Shares bear the costs associated with any Borrowings, and if the Fund issues Preferred Stock, holders of Shares bear the offering costs of the Preferred Stock issuance. The Board may authorize the use of leverage through Borrowings and Preferred Stock without the approval of the holders of Shares.

The Fund might not use leverage at all times and the amount of leverage may vary depending upon a number of factors, including the Advisers' outlook for the market and the costs that the Fund would incur as a result of such leverage. There is no assurance that the Fund's leveraging strategy will be successful.

**TYPES OF INVESTMENTS AND RELATED RISKS**

**The value of your investment in the Fund, as well as the amount of return you receive on your investment in the Fund, may fluctuate significantly. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. Therefore, you should consider carefully the following risks before investing in the Fund.**

**General Considerations**

**Investors will have no right to participate in management of the Fund.**

Investors will have no right or power to take part in the management or control of the Fund. Investors will not receive the detailed financial information that is available to the Adviser and Investment Subadviser with respect to the Fund's investments. Accordingly, no person should purchase Shares in the Fund unless such person is willing to entrust all aspects of the Fund's management to the Board, the Adviser and the Investment Subadviser.

**There may be changes to the Fund's investment objective, policies, and restrictions.**

The investment objective of the Fund is non-fundamental and may be changed by the Board. Except as otherwise stated in this Prospectus or in the Fund's Statement of Additional Information, the investment policies and restrictions of the Fund are not fundamental and may be changed by the Board. The Fund generally intends to provide notice to Shareholders of any material change to the investment objective, policies and restrictions of the Fund. It is possible that Shareholders will not be able to exit the Fund before changes take effect.

**Investment Risks**

**<u>Principal Risks of Investing in the Fund</u>**

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

There can be no assurance that the Fund will achieve its investment objective. The Adviser's or Investment Subadviser's assessment of the short-term or long-term prospects of various companies may not prove accurate. No assurance can be given that any investment or trading strategy implemented by the Fund will be successful. Consequently, Shareholders may suffer a significant or complete loss of their invested capital in the Fund.

**The success of the Fund's investment program may be affected by general economic and market conditions.**

The success of the Fund's investment program may be affected by general economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws, and national and international political circumstances. These factors may affect the level and volatility of securities prices and the liquidity of investments held by the Fund. Illiquidity of the securities held by the Fund could impair the Fund's profitability or result in losses. There is a risk that policy changes by central governments and governmental agencies, including the U.S. Federal Reserve or the European Central Bank, which could include increasing interest rates, could cause increased volatility in financial markets, and which could have a negative impact on the Fund.

The value of the Fund's assets will fluctuate as the markets in which the Fund invests fluctuate. The value of the Fund's investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, such as inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics.

**Changes in trade negotiations may negatively impact the Fund.**

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. For example, the U.S. government has imposed, and may in the future further 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. Most recently, the current U.S. presidential administration has imposed or sought to impose significant increases to tariffs on goods imported into the U.S., including from China, Canada and Mexico. Tariffs on imported goods could further increase costs, decrease margins, reduce the competitiveness of products and services offered by current and future portfolio companies and adversely affect the revenues and profitability of portfolio companies whose businesses rely on goods imported from such impacted jurisdictions.

**Investments in privately held companies are generally less liquid than investments in publicly held companies, and involve a number of significant risks.**

The Fund invests in privately held companies. Investments in privately held companies are generally less liquid than investments in publicly held companies, and involve a number of significant risks, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· these companies may have limited financial resources and may be unable to meet their obligations,
which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of the Fund realizing
any guarantees it may have obtained in connection with its investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· they typically have shorter operating histories, narrower product lines and smaller market shares
than larger businesses, which tend to render them more vulnerable to competitors' actions and market conditions, as well
as general economic downturns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· they typically depend on the management talents and efforts of a small group of persons; therefore,
the death, disability, resignation or termination of one or more of these persons could have a material adverse effect on the portfolio
company and, in turn, on the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· there is generally little public information about these companies. These companies and their financial
information are not subject to the Exchange Act and other regulations that govern public companies, and the Fund may be unable
to uncover all material information about these companies, which may prevent the Fund from making a fully informed investment decision
and cause the Fund to lose money on its investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· they generally have less predictable operating results and may require substantial additional capital
to support their operations, finance expansion or maintain their competitive position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Fund's executive officers, Trustees and the Adviser may, in the ordinary course of business,
be named as defendants in litigation arising from the Fund's investments in the Fund's Portfolio Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changes in laws and regulations, as well as interpretations of relevant laws and regulations, may
adversely affect their business, financial structure or prospects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· they may have difficulty accessing the capital markets to meet future capital needs.

**Many of the securities that the Fund intends to hold will be subject to legal and other restrictions on resale or will otherwise be less liquid than publicly traded securities.**

Although the Fund expects that some of its equity investments will trade on public or private secondary marketplaces, many of the securities the Fund holds will be subject to legal and other restrictions on resale or will otherwise be less liquid than publicly traded securities. In addition, while some Portfolio Companies may trade on private secondary marketplaces, the Fund can provide no assurance that such a trading market will continue or remain active, or that the Fund will be able to sell its position in any portfolio company at the time it desires to do so and at the price it anticipates. The illiquidity of its investments, including those that are traded on private secondary marketplaces, will make it difficult for the Fund to sell such investments if the need arises. Also, if the Fund is required to liquidate all

or a portion of its portfolio quickly, the Fund may realize significantly less than the value at which it has previously recorded its investments. The Fund has no limitation on the portion of its portfolio that may be invested in illiquid securities, and a substantial portion or all of its portfolio may be invested in such illiquid securities from time-to-time.

**Because the Fund focuses its investments in securities of companies in a particular industry or group of industries, the Fund's performance will be particularly susceptible to adverse events impacting such industry or sector.**

Because the Fund focuses its investments in securities of companies in a particular industry or group of industries, the Fund's performance will be particularly susceptible to adverse events impacting such industry or sector, which may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand; competition for resources; adverse labor relations; political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in a particular industry or sector. As a result, the value of the Fund's investments may rise and fall more than the value of shares of a fund that invests in securities of companies in a broader range of industries or sectors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Risks Related to Investing in the Technology Sector: The fund's assets will be concentrated
in securities of issuers having their principal business activities in groups of industries in the technology sector. Companies
in the technology sector are subject to rapid changes in technology product cycles; rapid product obsolescence; government regulation;
and increased competition, both domestically and internationally, including competition from foreign competitors with lower production
costs. Technology companies tend to be more volatile than the overall market and also are heavily dependent on patent and intellectual
property rights. In addition, technology companies may have limited product lines, markets, financial resources or personnel.

**There are risks related to investing in early-stage companies.**

Early-stage private companies are typically startups in their initial phases of development. They may have a minimal viable product, early market traction, and are primarily focused on refining their business model and scaling operations. Early-stage companies may never obtain necessary financing, may rely on untested business plans, may not be successful in developing markets for their products or services, and may remain an insignificant part of their industry, and as such may never be profitable. Stocks of early-stage companies may be less liquid, privately traded and more volatile and speculative than the securities of larger companies.

**There are risks related to investing in medium- and late-stage companies.**

Medium-stage private companies are more established, often with a proven business model, significant revenue growth, and are focused on expanding their market presence and operational capabilities. Late-stage companies are mature businesses, often nearing profitability or already profitable, with established market positions. They are typically preparing for an exit through an acquisition or an IPO. Medium- and late-stage companies, while typically further along in developing their products and market presence, still encounter significant risks. These companies may require substantial additional financing to scale operations, expand into new markets, or sustain growth, with no guarantee that such financing will be available on favorable terms. Although they may have validated their business models to some extent, they are still subject to the uncertainties of market acceptance and competition, which can impact profitability and growth prospects. Additionally, as they prepare for potential public offerings or acquisition exits, these companies may face increased scrutiny and regulatory challenges that can affect their valuation and strategic flexibility.

**There are risks related to investing in Artificial Intelligence Companies.**

Artificial Intelligence Companies typically face intense competition and potentially rapid product obsolescence. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior t such companies' technology. Artificial Intelligence Companies typically engage in significant amounts of spending on research and development and mergers and acquisitions, and there is no guarantee that the products or services produced by these companies will be successful. Artificial Intelligence Companies are potential targets for cyberattacks, which can have a materially adverse impact on the performance of these companies. In addition, artificial intelligence technology could face increasing regulatory scrutiny in the future, which may limit the development of this technology and impede the growth of companies that develop and/or utilize this technology. Similarly, the collection of data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. Artificial Intelligence Companies may face regulatory fines and penalties, including potential forced break-ups, that could hinder the ability of the companies to operate on an ongoing basis. The customers and/or suppliers of Artificial Intelligence Companies may be concentrated in a particular country, region or industry. Any adverse event affecting one of these countries, regions or industries, or any country, government, and/or region-specific regulations or restrictions, could have a negative impact on Artificial Intelligence Companies.

**There are risks related to investing in Robotics Companies.**

Risks associated with companies in the robotics industry include many of the same risks as companies in the technology sector (see "*Risks Related to Investing in the Technology Sector*"). Securities of Robotics Companies, especially smaller, start-up companies, tend to be more volatile than securities of companies that do not rely heavily on technology. Robotics Companies may rely on a combination of patents, copyrights, trademarks and trade secret laws to establish and protect their proprietary rights in their products and technologies. There can be no assurance that the steps taken by these companies to protect their proprietary rights will be adequate to prevent the misappropriation of their technology or that competitors will not independently develop technologies that are substantially equivalent or superior to such companies' technology.

Additionally, companies in the robotics industry that focus on humanoid robotics face challenges specific to the complex and unproven nature of the technology. Such operations often require a significant allocation of capital to design, test, and scale viable robotic solutions, and may not produce meaningful revenue during the life of the Fund. Even if technical progress is made, broader adoption of humanoid robotics could take longer than expected due to limited demand, workflow integration issues, or operational barriers. There is also the possibility that key technological breakthroughs may not occur during the life of the Fund, or that competing solutions will emerge that render current approaches obsolete before they reach meaningful scale.

Robotics Companies involved in artificial intelligence-driven humanoid robotics in particular may face regulatory scrutiny in the future, which may limit the development of this technology and impede the growth of companies that develop and/or utilize this technology. Similarly, the

collection of data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. There is also the risk of trade agreements between countries that develop these technologies and countries in which customers of these technologies are based.

Lack of resolution or potential imposition of, or an increase in existing trade tariffs, may adversely affect such companies' ability to produce or integrate artificial intelligence-driven hardware and/or software, as applicable. Any adverse event affecting a particular country, region or industry to which a number of these companies are significantly exposed may have a negative impact on their performance, and ultimately on your shares.

**There are risks related to investing in Power & Energy Companies.**

The Fund's assets may include investments in Power & Energy Companies, including investments in certain utilities, infrastructures and technologies, thereby exposing the Fund to risks associated with this sector. The revenues derived from such investments are likely to be affected by the price of electricity derived from other fuel sources, which has been, and is likely to continue to be, volatile and subject to wide fluctuations in response to certain factors. Further, increases or decreases in the commodity supply or demand and resulting changes in pricing related to natural gas, natural gas liquids, crude oil, coal or other energy commodities, may have a significant impact on the assets focused on this sector. Advancements in renewable energy technologies, battery storage solutions, and smart grid infrastructure have the potential to disrupt traditional energy markets and introduce increased volatility in the pricing, supply, and demand of existing energy commodities. Additionally, the sector is highly regulated, both domestically and internationally, which can also have a material impact on the investments in this sector. Other factors that may adversely affect the value of securities of such companies include operational risks, challenges to exploration and production, competition, inability to make accretive acquisitions, significant accident or event that is not fully insured at a company, natural depletion of reserves, and other unforeseen natural disasters.

Power & Energy Companies are affected by worldwide energy prices and costs related to energy production. These investments may have significant operations in areas at risk for natural disasters, social unrest and environmental damage. These investments may also be at risk for increased government regulation and intervention, energy conservation efforts, litigation and negative publicity and perception.

The Fund's investments in Power & Energy Companies may include exposure to utilities sector investments, thereby exposing the Fund to risks associated with this sector. Rates charged by traditional regulated utility companies are generally subject to review and limitation by governmental regulatory commissions, and the timing of rate changes will adversely affect such companies' earnings and dividends when costs are rising. Other factors that may adversely affect the value of securities of companies in the utilities sector include interest rate changes, supply and demand fluctuations, technological developments, natural resources conservation, and changes in commodity prices, which may be caused by supply and demand fluctuations or other market forces.

<u>Renewable Energy</u>. An investment in the Fund is subject to certain risks associated with investing in renewable energy companies and renewable energy related assets in general, including: increasing competitive pressures within the energy industry, primarily as a result of consumer demands, technological advances, privatization and other factors; the burdens of ownership of renewable energy infrastructure; local, national and international economic conditions; the supply

and demand for services from and access to renewable energy and related assets; the financial condition of users and suppliers of renewable energy assets; changes in interest rates and the availability of funds which may render the purchase, sale or refinancing of renewable energy assets difficult or impracticable; changes in laws, including environmental law, and regulations, and planning laws and other governmental rules; environmental claims arising in respect of renewable energy infrastructure acquired with undisclosed or unknown environmental problems or as to which inadequate reserves have been established; changes in energy prices; changes in fiscal and monetary policies; uninsured casualties; underinsured or uninsurable losses, such as force majeure events and terrorist acts; and other factors which are beyond the reasonable control of the Fund. Many of these factors could cause fluctuations in usage, expenses and revenues, causing the value of the investments to decline and negatively affecting returns. Investors in Power & Energy Companies, including renewable energy companies and related assets, may also find it increasingly difficult to negotiate long-term procurement or sales agreements with counterparties, which may affect their profitability and financial stability.

<u>Technology Risks</u>. There are a variety of technology risks in renewable power projects, including the risk of new technology failing to work reliably, as well as the risk that subsequent projects will be more efficient and place existing projects at a competitive disadvantage.

There are a variety of technology risks in offshore wind, especially in relation to floating offshore wind, which is a rapidly growing type of offshore wind technology that is still progressing towards commercialization. There are therefore risks that new technologies fail to work reliably, not being available for the entire forecast period for their intended use or not achieving or maintaining the predicted efficiency, as well as the risk that subsequent projects will be more efficient and place existing projects at a competitive disadvantage.

<u>Pricing Risks</u>. The revenues derived from investments in Power & Energy Companies and, in particular, renewable energy-focused companies are likely to be affected by the price of electricity derived from other fuel sources, which has been, and is likely to continue to be, volatile and subject to wide fluctuations in response to factors such as: (i) relatively minor changes in the supply of and demand for oil, gas or coal; (ii) market uncertainty; (iii) political conditions in international commodity producing regions; (iv) the extent of domestic production and importation of oil, gas or coal in certain relevant markets; (v) the level of consumer demand; (vi) weather conditions; (vii) the competitive position of oil, gas or coal as a source of energy as compared with other energy sources; (viii) the industrywide refining or processing capacity for oil, gas or coal; (ix) the effect of foreign federal, state and local regulations on the production transportation and sale of commodities; and (x) the amount and character of excess electric generating capacity in a market area. Market prices of these energy commodities may fluctuate materially depending on a variety of factors beyond the control of the Advisers or the Fund, including, without limitation, weather conditions, foreign and domestic supply and demand, force majeure events, changes in law, governmental regulations, prices and availability of alternative fuels and energy sources, international political conditions including those in the Middle East, actions of the Organization of Petroleum Exporting Countries (and other oil and natural gas-producing nations) and overall economic conditions.

Following construction, renewable energy investments and economics are principally influenced by the balance between operating and maintenance costs on the one hand and, on the other, the

income from renewables subsidies (if any), power prices and the price of any applicable related green certificates. Power market prices are impacted by the balance of demand and supply, and can turn negative in periods of excess supply. The significant increase in the amount of intermittent renewable power generating capacity that is expected in the future may make power prices more volatile going forwards and may require further changes to the applicable rules and regulations applying to generating projects.

Renewable energy projects are long-term assets with long economic lives often exceeding 20 years. While sales contracts, power purchase agreements ("PPAs") and feed-in tariffs, underpinning the forward sale of electricity and/or environmental credits, often provide for short-term fixing of the price of energy and/or environmental credits, a clean energy project will likely be required to sell electricity or environmental credits at then prevailing market prices and/ or seek new sales contracts with fixed price periods.

In making investment decisions, the Advisers will necessarily rely on market forecasts as to the forward price of electricity and environmental credits or equivalent instruments. There can be no assurance that such forecasts will be accurate and if the revenues are ultimately lower than projected, the returns on the investments will also be lower. In certain markets, electricity is also sold on spot markets which fluctuate constantly.

The Fund may make investments in projects and concessions with revenue exposure to power prices and the returns from renewable energy generation assets may be affected by changes in the market price for power, the costs of managing intermittency risks and changes in the availability and charges for connection to the electricity distribution and transmission systems in any markets in which the Fund has operating assets. The market price of electricity is volatile and is affected by a variety of factors. Whilst some of the Power & Energy Companies that we invest in may benefit from fixed price arrangements for a period of time, others may have revenue which is based on prevailing power prices.

<u>Renewable Resource Assessment Risks.</u> Renewable power technologies, especially wind, solar, hydro and landfill gas, require an assessment of the renewable resource. For example, in the case of wind, solar or hydro, if there is less wind, sun or available water than had been anticipated, a project may have a lower return than originally projected. Actual annual wind speed or solar irradiation may fluctuate resulting in lower-than-expected long-term average rates with a corresponding effect on the amount of electricity generated. Wind speeds that are significantly higher than expected could result in periods where the wind is too strong for the wind turbines to safely produce electricity which could result in reduced generation. There is also risk of weather cycles that are deficient in the type of weather conditions required to produce energy at the relevant renewable energy asset. Energy yield forecasts are to a large extent based on historical climate data and certain computer-based simulations/calculations. There is a risk that such forecasts prove inaccurate due to meteorological measurement errors, the reliability of the forecasting model or errors in the assumptions applied to the forecasting model. In particular, extreme weather conditions may lead to greater fluctuation from historically recorded data. In the case of landfill gas, the production of methane from a landfill site will decline over time. The amount of the decline and the length of the life of the field can be difficult to estimate. In addition to long-term resource levels, renewable resources, especially wind and hydro, and to a lesser extent solar, are subject to annual variations. There is a risk that a renewable power project will not generate sufficient cash

to service its debt and/or achieve a return, and if a decline in resource levels occurs early in a project's life, the impact on projected returns will be greater.

<u>Wind Farms and Wind Power Risks</u>. The availability and operating performance of the equipment used in connection with wind farms within the Fund's portfolio, such as gear boxes, rotor blades, transformers, inter-array cables, transmission cable, foundations and sub-stations (both onshore and offshore), may impact returns therefrom. Some of that equipment is owned / maintained by the project and some is likely to be owned / maintained by third parties. A defect, serial defect or a mechanical failure in the equipment, or an accident which causes a decline in the operating performance of a wind turbine and the availability of such equipment, can directly impact upon the revenues and profitability of that wind farm. Should access to spare or replacement parts be restricted by their discontinued production, the planned operational lifetime of the wind turbines could be reduced. The impact on the Fund of any failure of or defect in the equipment used in the operation of wind farms within its portfolio should be reduced to the extent that the Fund has the benefit of any warranties or guarantees given by an equipment supplier.

Wind power production estimates are based on past wind measurements. Historical wind speeds may not be representative of future wind speeds. Seasonal and annual volatility may also adversely affect returns from wind power assets. Typically, wind farms have relied upon supportive legal and regulatory environments to remain competitive with thermal power suppliers, although this is changing in some markets. Any adverse change to the legal or regulatory environments in countries in which wind farm assets are situated may reduce returns from these assets. Similarly, returns from wind farm assets may be affected by changes in the basis of charging for electricity or the basis on which assets are charged for connection to the electricity distribution system in any markets in which such wind farm assets operate. Systemic faults in technology employed by wind farms may also negatively impact returns from those assets. Where wind farm projects are a more expensive means of electricity production than alternative generating technologies, they are likely to depend on supportive regulatory environments. Wind power assets are subject to risks related to regulatory changes in the countries in which they are situated, which may reduce the returns from these assets.

In particular, offshore wind assets are subject to energy regulation and require governmental licenses and approvals for their development, construction and operation as well as operating in highly regulated power markets, which are subject to periodic regulatory changes. The failure to obtain, maintain or comply with the approvals and permits relating to the investments, and the resulting inability to complete the projects, or be able to general power from them, in addition to the risk of additional costs, fines and penalties, could materially and adversely affect such Power & Energy Companies' return from the assets. Offshore wind projects also require significant expenditure to develop, build and commission the projects before the assets begin to generate income, as well as on-going, long-term expenditure on operating and maintenance to enable projects to reliably generate expected levels of income.

<u>Solar Power Risks</u>. Like wind farms, solar power production estimates are based on past measurements. Historical radiation measurements may not be representative of future solar power production, including due to changes in environmental conditions, including cloud cover and pollution. Seasonal and annual volatility may also affect returns from solar power assets.

Increasingly solar power projects are being developed without significant subsidies, and there is a risk that existing subsidies will be phased out in jurisdictions where they remain.

Further, although solar assets have few moving parts and operate, generally, over long periods with limited maintenance requirement, solar photo-voltaic (PV) power generation employs solar panels composed of a number of solar cells containing PV material. These panels are, over time, subject to degradation since they are exposed to the elements and carry and electric charge, and will age accordingly. In addition, solar radiation which produces solar electricity carries heat with it that may cause the components of a PV solar panel to become altered and less able to capture irradiation effectively. There is a risk of equipment failure due to wear and tear, design error or operator error with respect to each PV facility and this failure, among other things, could adversely affect returns from solar power assets.

Any adverse change to the legal or regulatory environments in countries in which a solar power asset is situated may reduce the returns from such assets.

**There are risks related to investing in Space Technology Companies*.***

Space Technology Companies are subject to a wide range of unique and evolving risks. These businesses often operate in highly regulated markets, where changes in domestic and foreign government policy, defense budgets, procurement cycles, and export controls can materially affect operations and demand. Many such companies are reliant on a limited number of large government or commercial contracts, and the loss, delay, or renegotiation of such contracts may have a significant adverse impact on financial performance.

Space Technology Companies typically engage in complex, capital-intensive research and development with long development cycles, and there is no assurance that such efforts will yield commercially viable or operationally effective products. Rapid technological change, including the adoption of artificial intelligence, autonomous systems, and advanced manufacturing techniques, can render existing offerings obsolete or noncompetitive. Space Technology Companies may also be dependent on a narrow set of suppliers or specialized components, introducing risks related to supply chain disruption, quality control, or geopolitical tensions.

In addition, many Space Technology Companies operate in sensitive areas involving national security, classified information, or dual-use technologies, making them subject to heightened cybersecurity threats, espionage risks, and compliance burdens under national security laws. The failure to adequately protect intellectual property or to comply with export and regulatory requirements may result in severe penalties, contract loss, or reputational harm. Space Technology Companies may also face increased scrutiny from regulators, investors, and the public, particularly in connection with the use of advanced technologies in military or surveillance applications.

Startups and emerging companies may have limited operating histories, constrained financial resources, and heightened reliance on key personnel or proprietary technology. As a result, they may experience significant volatility in valuation and performance, and the Fund's investments in such companies could be subject to a high degree of risk, including the risk of total loss.

**Our investments in Cybersecurity Companies involve significant risks, including highly volatile markets and extensive government regulation, which expose us to the risk of significant loss if any of these industry sectors experiences a downturn.**

Cybersecurity Companies are typically concentrated in the software and technology industries. The software and technology industries are challenged by various factors, including rapidly changing market conditions and/or participants, new competing products, services and/or improvements in existing products, and evolving global trade regulations and restrictions, privacy and other regulations and restrictions. Cybersecurity Companies may be particularly vulnerable to data and data privacy concerns and regulations, system failures, cybersecurity risks, and similar concerns. There can be no assurance that products or services sold by the Cybersecurity Companies will not be rendered obsolete or adversely affected by competing products and services (which risk is heightened when investing in technology or tech-enabled companies) or that the Cybersecurity Companies will not be adversely affected by other challenges including from the global macro environment. Cybersecurity Companies may be particularly vulnerable to market disruption from technological and market innovation and rapid technological innovation. Assessing the risks and opportunities associated with the software or technology industries or companies in these industries requires a high level of expertise. In the event that such Cybersecurity Companies are impacted as a whole or are impacted in similar ways, for example due to generally applicable regulations or restrictions, or market events, Cybersecurity Companies, and their ability to repay borrowings from the Fund, may be adversely impacted.

Cybersecurity Companies are generally subject to more volatile markets than companies in other industries. The technology industry can be significantly affected by intense competitive pricing pressures, changing global demand, research and development costs, the ability to attract and maintain skilled employees, component prices, short product cycles and rapid obsolescence of technology. Thus, the ultimate success of a Cybersecurity Company may depend on its ability to continually innovate in increasingly competitive markets. In addition, some Cybersecurity Companies may also be negatively affected by failure to obtain timely regulatory approvals, and may be subject to large capital expenditures. It is possible that certain Cybersecurity Companies will not be able to raise additional financing to meet capital-expenditure requirements or may be able to do so only at a price or on terms which are unfavorable to us. These risks generate substantial volatility in the fair value of the securities of Cybersecurity Companies that are inherently difficult to predict and, accordingly, investments in the technology industry may lead to substantial losses.

In addition, companies in the software and technology sector may be subject to extensive regulation by foreign and U.S. federal, state and/or local agencies. Changes in existing laws, rules or regulations, or judicial or administrative interpretations thereof, or new laws, rules or regulations could have an adverse impact on the business and industries of Cybersecurity Companies. In addition, changes in government priorities or limitations on government resources could also adversely impact such companies. It is not possible to predict whether any such changes in laws, rules or regulations will occur and, if they do occur, the impact of these changes on Cybersecurity Companies and our related investment returns. Furthermore, if any a Cybersecurity Company were to fail to comply with applicable regulations, it could be subject to significant penalties and claims that could materially and adversely affect its operations. Furthermore, such

companies may be subject to the expense, delay and uncertainty of the regulatory approval process for their products and, even if approved, these products may not be accepted in the marketplace.

**There are risks related to investing in FinTech Companies.**

FinTech Companies may be adversely impacted by government regulations, economic conditions, and deterioration in credit markets. These companies may have significant exposure to consumers and businesses (especially small businesses) in the form of loans and other financial products or services. FinTech Companies typically face intense competition and potentially rapid product obsolescence. In addition, many FinTech Companies store sensitive consumer information and could be the target of cybersecurity attacks and other types of theft, which could have a negative impact on these companies. Many FinTech Companies currently operate under less regulatory scrutiny than traditional financial services companies and banks, but there is significant risk that regulatory oversight could increase in the future. Higher levels of regulation could increase costs and adversely impact the current business models of some FinTech Companies. These companies could be negatively impacted by disruptions in service caused by hardware or software failure, or by interruptions or delays in service by third-party data center hosting facilities and maintenance providers. FinTech Companies involved in alternative currencies may face slow adoption rates and be subject to higher levels of regulatory scrutiny in the future, which could severely impact the viability of these companies. FinTech Companies tend to be more volatile than companies that do not rely heavily on technology, and those with significant alternative currency exposure may also be negatively impacted during high periods of volatility within the crypto markets. The customers and/or suppliers of FinTech Companies may be concentrated in a particular country, region, or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on FinTech Companies.

**There are risks related to investing in Gaming Companies.**

Gaming Companies operate in a highly competitive and rapidly evolving sector, facing risks from technological advancements and changing consumer preferences that could lead to product obsolescence and necessitate continuous investment. These companies are significantly exposed to cybersecurity risks due to their reliance on online platforms and storage of extensive user data, which raises concerns over data breaches and potential financial and reputational damages. Regulatory challenges also pose a risk, with varying international regulations affecting market access and content restrictions. The integration of digital assets and blockchain technologies introduces volatility and regulatory uncertainty, potentially impacting financial stability. Revenue concentration in hit titles and the project-based nature of game development can result in financial volatility, as success is heavily dependent on continuous hit releases and managing development costs. Moreover, expansion into new markets requires navigating cultural differences and intellectual property rights, which can impede growth. The sector's sensitivity to consumer discretionary spending and its inherent volatility underscore the investment risks in Gaming Companies.

**There are risks related to investing in Defense Technology Companies.**

Defense Technology Companies depend heavily on contracts with governments for a substantial portion of their business. Changes in a government's priorities, or delays or reductions in spending could have a material adverse effect on such company's business. Budget uncertainty, the potential for government shutdowns, the use of continuing resolutions, and the federal debt ceiling can adversely affect this industry and the funding for a Defense Technology Company's programs. If appropriations are delayed or a government shutdown were to occur and continue for an extended period, a Defense Technology Company could be at risk of reduced orders, program cancellations and other disruptions and nonpayment. The U.S. Department of Defense's changes in funding priorities also could reduce opportunities in existing programs and in future programs or initiatives where such company intends to compete and where it has made investments. Defense Technology Companies must comply with extensive laws and regulations relating to the award, administration and performance of government contracts. Government contract laws and regulations affect how these companies do business with its customers and impose certain risks and costs on its business. A violation of these laws and regulations could harm their reputation and result in the imposition of fines and penalties, the termination of contracts, suspension or debarment from bidding on or being awarded contracts and civil or criminal investigations or proceedings. Competition and changing procurement policies could adversely affect a Defense Technology Company's business and financial results. This is a highly competitive industry and competitors may have more extensive or more specialized engineering, technical, marketing and servicing capabilities than Defense Technology Companies in which we invest. Competitors may develop new technologies, products or services that could replace such a Defense Technology Company's current offerings. Additionally, if competitors can offer lower cost services and products, or provide services or products more quickly, at equivalent or in some cases even reduced capabilities, a Defense Technology Company may lose new business opportunities or contract recompetes, which could adversely affect its future results and therefore the Fund's investments therein.

**Investment in the securities of foreign issuers involves risks beyond those associated with investments in U.S. securities.**

Investment in the securities of foreign issuers involves risks beyond those associated with investments in U.S. securities. These additional risks include greater market volatility, the availability of less reliable financial information, higher transactional and custody costs, taxation by foreign governments, possible limits on repatriation of income and dividends of foreign issuers, restriction on repatriation of currencies, decreased market liquidity and

political instability. Because many foreign securities markets may be limited in size, the prices of securities that trade in such markets may be influenced by large traders. Certain foreign markets that have historically been considered relatively stable may become volatile in response to changed conditions or new developments. Increased interconnectivity of world economies and financial markets increases the possibility that adverse developments and conditions in one country or region will affect the stability of economies and financial markets in other countries or regions. Foreign issuers are often subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping than are U.S. issuers, and therefore, not all material information may be available or reliable. Securities exchanges or foreign governments may adopt rules or regulations that may negatively impact the Fund's ability to invest in foreign securities or may prevent the Fund from repatriating its investments. In addition, the Fund may not receive shareholder communications or be permitted to vote the securities that it holds, as the issuers may be under no legal obligation to distribute shareholder communications.

Certain issuers located in foreign countries in which the Fund invests may operate in, or have dealings with, countries subject to sanctions and/or embargoes imposed by the U.S. Government, other countries and the United Nations and/or countries identified by the U.S. Government as state sponsors of terrorism. As a result, an issuer may sustain damage to its reputation if it is identified as an issuer which operates in, or has dealings with, such countries. 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 impossible to predict. These types of measures may include, but are not limited to, banning a sanctioned 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, cause 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 or companies located in or economically tied to the sanctioned country, devaluation of the sanctioned country's currency, and increased market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund's liquidity and performance.

Securities registration, custody, and settlement may in some instances be subject to delays and legal and administrative uncertainties. Foreign investment in the securities markets of certain foreign countries is restricted or controlled to varying degrees. These restrictions or controls may at times limit or preclude investment in certain securities and may increase the costs and expenses of the Fund. In addition, the repatriation of investment income, capital or the proceeds of sales of securities from certain of the countries is controlled under regulations, including in some cases the need for certain advance government notification or authority, and if a deterioration occurs in a country's balance of payments, the country could impose temporary restrictions on foreign capital remittances. The Fund also could be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation, as well as by the application to it of other restrictions on investment. "Follow-on" Investment Risk. Following an initial investment in a portfolio company, the Fund may make additional investments in that portfolio company as "follow-on" investments, in order to: (1) increase or maintain in whole or in part the Fund's equity ownership percentage; (2) exercise warrants, options or convertible securities that were acquired in the original or subsequent financing; or (3) attempt to preserve or enhance the value of the Fund's investment.

The Fund may elect not to make follow-on investments or may otherwise lack sufficient funds to make those investments or lack access to desired follow-on investment opportunities. The Fund has the discretion to make any follow-on investments, subject to the availability of capital resources and of the investment opportunity. The failure to make follow-on investments may, in some circumstances, jeopardize the continued viability of a portfolio company and the Fund's initial investment, or may result in a missed opportunity for the Fund to increase the Fund's participation in a successful operation. Even if the Fund has sufficient capital to make a desired follow-on investment, the Fund may elect not to make a follow-on investment because it may not want to increase its concentration of risk, because it prefers other opportunities, or because the Fund is inhibited by compliance with the desire to qualify to maintain the Fund's status as a RIC or lack access to the desired follow-on investment opportunity.

In addition, the Fund may be unable to complete follow-on investments in its Portfolio Companies that have conducted an initial public offering as a result of regulatory or financial restrictions.

**ADRs and GDRs may be subject to some of the same risks as direct investments in foreign companies.**

ADRs and GDRs may be subject to some of the same risks as direct investment in foreign companies, which includes international trade, currency, political, regulatory and diplomatic risks. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the Depository's transaction fees. Under an unsponsored ADR arrangement, the foreign issuer assumes no obligations and the Depository's transaction fees are paid directly by the ADR holders. Because unsponsored ADR arrangements are organized independently and without the cooperation of the issuer of the underlying securities, available information concerning the foreign issuer may not be as current as for sponsored ADRs and voting rights with respect to the deposited securities are not passed through. GDRs can involve additional currency risk since, unlike ADRs, they may not be U.S. Dollar-denominated.

**Investment in developed country issuers may subject the Fund to regulatory, political, currency, security, and economic risk specific to developed countries.**

Investment in developed country issuers may subject the Fund to regulatory, political, currency, security, and economic risk specific to developed countries. Developed countries generally tend to rely on services sectors (e.g., the financial services sector) as the primary means of economic growth. A prolonged slowdown in, among others, services sectors is likely to have a negative impact on economies of certain developed countries, although economies of individual developed countries can be impacted by slowdowns in other sectors. In the past, certain developed countries have been targets of terrorism, and some geographic areas in which the Fund invests have experienced strained international relations due to territorial disputes, historical animosities, defense concerns and other security concerns. These situations may cause uncertainty in the financial markets in these countries or geographic areas and may adversely affect the performance of the issuers to which the Fund has exposure. Heavy regulation of certain markets, including labor and product markets, may have an adverse effect on certain issuers. Such regulations may negatively affect economic growth or cause prolonged periods of recession. Many developed countries are heavily indebted and face rising healthcare and retirement expenses and may be underprepared for global health crises. For example, the rapid and global spread of a highly contagious novel coronavirus respiratory disease, designated COVID-19, resulted in extreme volatility in the financial markets and severe losses; reduced liquidity of many instruments; restrictions on international and, in some cases, local travel; significant disruptions to business operations (including business closures); strained healthcare systems; disruptions to supply chains, consumer demand and employee availability; and widespread uncertainty regarding the duration and long-term effects of this pandemic. In addition, price fluctuations of certain commodities and regulations impacting the import of commodities may negatively affect developed country economies.

**Investments in emerging markets may be subject to a greater risk of loss than investments in developed markets.**

Investments in emerging markets may be subject to a greater risk of loss than investments in developed markets. Securities markets of emerging market countries are less liquid, subject to greater price volatility, have smaller market capitalizations, have less government regulation, and are not subject to as extensive and frequent accounting, financial, and other reporting requirements as the securities markets of more developed countries, and there may be greater risk associated with the custody of securities in emerging markets. It may be difficult or impossible for the Fund to pursue claims against an emerging market issuer in the courts of an emerging market country. There may be significant obstacles to obtaining information necessary for investigations into or litigation against emerging market companies and shareholders of emerging market companies may have limited legal rights and remedies. Emerging markets may be more likely to experience inflation, political turmoil and rapid changes in economic conditions than more developed markets. Emerging market economies' exposure to specific industries, such as tourism, and lack of efficient or sufficient health care systems, could make these economies especially vulnerable to global crises, including but not limited to, pandemics such as the global COVID-19 pandemic. Certain emerging market countries may have privatized, or have begun the process of privatizing, certain entities and industries. Privatized entities may lose money or be re-nationalized.

**Fluctuations in foreign currency exchange rates may affect the value of the Fund's investments in securities traded in foreign markets and held in foreign currencies.**

Fluctuations in foreign currency exchange rates may affect the value of the Fund's investments in securities traded in foreign markets and held in foreign currencies. Foreign currency exchange rates may fluctuate significantly. They are determined by supply and demand in the foreign exchange markets, the relative merits of investments in different countries, actual or perceived changes in interest rates, and other complex factors. Currency exchange rates also can be affected unpredictably by intervention (or the failure to intervene) by U.S. or foreign governments or central banks or by currency controls or political developments.

**Investments in other investment companies, including Portfolio Funds, are subject to market and selection risk.**

As with other investments, investments in other investment companies, including Portfolio Funds, are subject to market and selection risk. If the Fund acquires shares of investment companies, Shareholders bear both their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment companies. Investment companies are exposed to operational risks related to internal processes, systems, and controls. Investment companies may invest in securities that are illiquid or difficult to sell quickly without significantly impacting market prices. The performance of an investment company is heavily influenced by the decisions made by its fund managers or investment advisors. The Fund's investments in Portfolio Funds subject it to the risks associated with direct ownership of the securities in which the underlying funds invest. Portfolio Funds are also subject to operational risks, such as the Portfolio Fund Manager's ability to maintain operations, including back office functions, property management, accounting, administration, risk management, valuation services and reporting. The Fund may be required to indemnify certain of the Portfolio Funds and/or their services providers from liability, damages, costs or expenses. In addition, the Fund, as a holder of securities issued by the Portfolio Funds, will bear its pro rata portion of such Portfolio Fund's expenses. These acquired fund fee expenses are in addition to the direct expenses of the Fund's own operations, thereby increasing costs and/or potentially reducing returns to investors. In addition, the Fund's investments in Portfolio Funds may be subject to investment lock-up periods, during which the Fund may not be able to withdraw its investment. Even if the Fund's investment in a Portfolio Fund is not subject to lock-up, it will take a significant amount of time to redeem or otherwise liquidate such a position. Such withdrawal limitations may also restrict the Adviser's ability to reallocate or terminate investments in Portfolio Funds that are poorly performing or have otherwise had adverse changes.

**Certain types of investments that the Fund makes in the Liquid Investment Sleeve are subject to additional risks.**

Certain types of investments the Fund makes in the Liquid Investment Sleeve are subject to the risks below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **ETF Risk**: Investments in ETFs are subject to market and selection risk. As a result of these
investments, Shareholders bear both their proportionate share of expenses in the Fund (including management and advisory fees)
and, indirectly, the expenses of the ETF. An ETF may represent a portfolio of securities, or may use derivatives in pursuit of
its stated objective. The risks of owning shares in an ETF generally reflect the risks of owning the underlying securities held
by the ETF, although a lack of liquidity in an ETF could result in it being more volatile. Investments in ETFs are subject to the
risk that the listing exchange may halt trading of an ETF's shares, in which case the Fund would be unable to sell its ETF
shares unless and until trading is resumed. Investment companies are subject to regulatory oversight by government agencies such
as the SEC. ETFs are exposed to operational risks related to internal processes, systems, and controls. ETFs may invest in securities
that are illiquid or difficult to sell quickly without significantly impacting market prices. The performance of an ETF is heavily
influenced by the decisions made by its fund managers or investment advisors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Debt Securities Risk**: Investments in debt securities are generally affected by changes in
prevailing interest rates and the creditworthiness of the issuer. Prices of debt securities fall when prevailing interest rates
rise. The longer the average maturity or duration of the debt securities held by the Fund, the more sensitive it will likely be
to interest-rate fluctuations. The Fund's yield on investments in debt securities will fluctuate as the securities in the
Fund are invested in securities with different interest rates. Investments in bonds are also

subject to credit risk. Credit risk is the risk that an issuer of debt securities will be unable to pay principal and interest when due, or that the value of the security will suffer because investors believe the issuer is less able to make required principal and interest payments. This is broadly gauged by the credit ratings of the debt securities in which the Fund invests. However, credit ratings are only the opinions of the rating agencies issuing them, do not purport to reflect the risk of fluctuations in market value and are not absolute guarantees as to the payment of interest and the repayment of principal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **U.S. Treasury Obligations Risk**: U.S. Treasury obligations may differ in their interest rates,
maturities, times of issuance and other characteristics. U.S. Treasury obligations are subject to inflation risk, as the price
of short-term U.S. Treasury obligations tends to fall during inflationary periods as investors seek higher yielding investments.
Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the
Fund's investments in U.S. Treasury obligations to decline. In addition, uncertainty in regard to the U.S. debt ceiling may
increase the volatility in U.S. Treasury obligations and can heighten the potential for a credit rating downgrade, which could
have an adverse effect on the value of the Fund's U.S. Treasury obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Short-Term Debt Instruments/Money Market Instruments Risk**: The Fund may invest in short-term
money market instruments / debt instruments with short maturities, which can result in relatively high turnover rates. The transaction
costs incurred as a result of the purchase or sale of short-term money market instruments / debt instruments may also increase,
which in turn may have a negative impact on the Fund.

**Equity securities are subject to changes in value, and their values may be more volatile than other asset classes.**

Equity securities are subject to changes in value, and their values may be more volatile than other asset classes, as a result of such factors as a company's business performance, investor perceptions and market trends. The value of the equity securities that the Fund holds may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of such securities participate or factors relating to specific companies in which the Fund invests. An unfavorable earnings report or a failure to make anticipated dividend payments by an issuer whose securities are held by the Fund may affect the value of the Fund's investment. Equity investments can experience failures or substantial declines in value at any stage. Equity holders generally have an inferior rank to debt holders, and are thus exposed to higher risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Common Stock Risk**: Common stocks represent an ownership interest in a company. Common stocks
and similar equity securities are more volatile and riskier than some other forms of investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Preferred Securities Risk**: Preferred securities are contractual obligations that entail
rights to distributions declared by the issuer's board of directors but may permit the issuer to defer or suspend distributions
for a certain period of time. Preferred securities may be subject to more fluctuations in market value due to changes in market
perceptions of the issuer's ability to continue to pay dividends. If the Fund owns a preferred security whose issuer has
deferred or suspended distributions, the Fund may be required to account for the distribution that has been deferred or suspended
for tax purposes, even though it may not have received this income. Preferred securities are subordinated to any debt the issuer
has outstanding. Accordingly, preferred stock dividends are not paid until all debt obligations are first met. Preferred securities
may lose substantial value if distributions are deferred, suspended or not declared. Preferred securities may also permit the issuer
to convert preferred securities into the issuer's common stock. Preferred Securities that are convertible into common stock
may decline in value if the common stock to which preferred securities may be converted declines in value. Preferred securities
may be less liquid than equity securities.

**There are risks related to convertible securities.**

The market price of a convertible security generally tends to behave like that of a regular debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and their market value may change based on changes in the issuer's credit rating or the market's perception of the issuer's creditworthiness. Because a convertible security derives a portion of its value from the common stock into which it may be converted,

a convertible security is also subject to the same types of market and issuer risks that apply to the underlying common stock, including the potential for increased volatility in the price of the convertible security. Convertible securities tend to have a lower payout than securities that do not have a conversion feature. Convertible securities may also be issued based on a fixed conversion ratio or market price conversion ratio, and a market price conversion ratio may present risks to the company and holders of its common stock in the event of a price decline. The terms of these securities can be complex and challenging to understand, which can lead to disputes between founders and investors. A company can incur the risk of being over-levered if it issues too many convertible securities. There is risk that if the company is unable to raise additional funding, it may not be able to convert these securities into equity. In situations where the company raises additional funding at a higher valuation, investors may not be able to convert these securities at a discount, which could impact return on their investments.

**As a non-diversified investment company, the Fund is subject to the risk that it will be more volatile than a diversified fund.**

Investment companies are classified as either "diversified" or "non-diversified" under the 1940 Act. The Fund is classified as a "non-diversified" investment company under the 1940 Act, although it is diversified for Code purposes. An investment company classified as "diversified" under the 1940 Act is subject to certain limitations with respect to the value of the company's assets invested in particular issuers. As a non-diversified investment company, the Fund is subject to the risk that it will be more volatile than a diversified fund because the Fund may invest a relatively higher proportion of its assets in a relatively smaller number of issuers and may invest a larger proportion of its assets in a single issuer. As a result, the gains and losses on a single investment may have a greater impact on the Fund's NAV and may make the Fund more volatile than more diversified funds.

**Because the Fund may invest in a limited number of issuers, it is subject to the risk that the value of the Fund's portfolio may decline due to a decline in value of the equity securities of particular issuers.**

Because the Fund may invest in a limited number of issuers, it is subject to the risk that the value of the Fund's portfolio may decline due to a decline in value of the equity securities of particular issuers. The value of an issuer's equity securities may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than that of larger issuers. A change in the financial condition, market perception or credit rating of an issuer of securities included in the Fund's portfolio may cause the value of its securities to decline.

**The Fund is a new fund, with a limited operating history, which may result in additional risks for investors in the Fund.**

The Fund is a new fund, with a limited operating history, which may result in additional risks for investors in the Fund. The Fund commenced investment operations on June 17, 2025. It may take up to a year for the Fund's investments to fully reflect its investment strategy. Additionally, there can be no assurance that the Fund will grow to or maintain an economically viable size, in which case the Board of Trustees may determine to liquidate the Fund. While Shareholder interests will be the paramount consideration, the timing of any liquidation may not be favorable to certain individual Shareholders.

**The Fund is subject to management risk.**

The Fund is subject to management risk. In managing the Fund, the Adviser and the Investment Subadviser apply investment strategies, techniques and analyses in making investment decisions for the Fund, but there can be no guarantee that these actions will produce the intended results. The ability of the Adviser to successfully implement the Fund's investment strategies will significantly influence the Fund's performance. The success of the Fund will depend in part upon the skill and expertise of certain key personnel of the Adviser, and there can be no assurance that any such personnel will continue to be associated with the Fund.

**Although the Fund expects that some of its equity investments may trade on public or private secondary marketplaces, a market value for its direct investments in certain Portfolio Companies will typically not be readily determinable.**

The Fund will invest a significant portion of its assets in non-publicly traded securities. As a result, although the Fund expects that some of its equity investments may trade on public or private secondary marketplaces, a market value for

its direct investments in certain Portfolio Companies will typically not be readily determinable. Under the 1940 Act, for the Fund's investments for which there are no readily available market quotations, including securities that while listed on a private securities exchange, have not actively traded, the Fund will value such securities at fair value as determined in good faith in accordance with the valuation procedures approved by the Board. While the Board retains ultimate authority as to the appropriate valuation of each such investment, the Board has appointed the Adviser as the Fund's valuation designee to make fair value determinations. To assist with those determinations, the Adviser's personnel will prepare portfolio company valuations using, where available, the most recent portfolio company financial statements and forecasts for consideration by the Adviser's pricing committee. The Adviser utilizes the services of an independent pricing service, which prepares valuations for each of the Fund's portfolio investments that are not publicly traded or for which the Fund does not have readily available market quotations, including securities that while listed on a private securities exchange, have not actively traded. The types of factors that the Fund takes into account with respect to the valuation of such non-traded investments include, as relevant and, to the extent available, the valuation of the investment as of the portfolio company's latest funding round, the portfolio company's earnings, the markets in which the portfolio company does business, comparison to valuations of publicly traded companies, comparisons to recent sales of comparable companies, the discounted value of the cash flows of the portfolio company and other relevant factors. This information may not be readily available because it is difficult to obtain financial and other information with respect to private companies, and even where the Fund is able to obtain such information, there can be no assurance that it is complete or accurate. Because such valuations are inherently uncertain and may be based on estimates, the determinations of fair value for certain securities may differ materially from the values that would be assessed if a readily available market quotation for these securities existed. See "Determination of Net Asset Value."

**There are risks related to the Fund's repurchase program.**

As described under "**Share Repurchase Program**," the Fund is an "interval fund" and, to provide some liquidity to Shareholders, makes quarterly offers to repurchase between 5% and 25% of its outstanding Shares at NAV, pursuant to Rule 23c-3 under the 1940 Act. The Fund believes that these repurchase offers are generally beneficial to the Fund's Shareholders, and generally are funded from available cash, including new subscriptions, sales of portfolio securities or borrowings. However, the repurchase of Shares by the Fund decreases the assets of the Fund and, therefore, may have the effect of increasing the Fund's expense ratio. Repurchase offers and the need to fund repurchase obligations may also affect the ability of the Fund to be fully invested or force the Fund to maintain a higher percentage of its assets in liquid investments, which may harm the Fund's investment performance. Moreover, diminution in the size of the Fund through repurchases may result in untimely sales of portfolio securities, and may limit the ability of the Fund to participate in new investment opportunities. If the Fund uses leverage, repurchases of Shares may compound the adverse effects of leverage in a declining market. In addition, if the Fund borrows money to finance repurchases, interest on that borrowing will negatively affect Shareholders who do not tender their Shares by increasing Fund expenses and reducing any net investment income. To the extent the Fund generates gains in excess of losses when liquidating investments to satisfy repurchases, the Fund may need to distribute such gain to avoid incurring entity level tax.

Certain Shareholders, including the Adviser, the Investment Subadviser or their affiliates, may from time to time own or control a significant percentage of the Fund's Shares. Repurchase requests by these Shareholders of their Shares of the Fund may cause repurchases to be oversubscribed, with the result that Shareholders may only be able to have a portion of their Shares repurchased in connection with any repurchase offer. If a repurchase offer is oversubscribed and the Fund determines not to repurchase additional Shares beyond the repurchase offer amount, or if Shareholders tender an amount of Shares greater than that which the Fund is entitled to purchase, the Fund will repurchase the Shares tendered on a pro rata basis, and Shareholders will have to wait until the next repurchase offer to make another repurchase request. Moreover, one or more feeder vehicles may be formed to facilitate indirect investments in the Fund by certain investors. Requests by these investors to withdraw their interests in a feeder vehicle are expected to result in repurchase requests by the feeder vehicle of its Shares in the Fund and could contribute to an over-subscription of a particular repurchase offer. Shareholders will be subject to the risk of NAV fluctuations during that period. Thus, there is also a risk that some Shareholders, in anticipation of proration, may tender more Shares than they wish to have repurchased in a particular quarter, thereby increasing the likelihood that proration will occur. The NAV of Shares tendered in a repurchase offer may fluctuate between the date a Shareholder submits a repurchase request and the Repurchase Request Deadline, and to the extent there is any delay between the Repurchase Request Deadline and the

Repurchase Pricing Date. The NAV on the Repurchase Request Deadline or the Repurchase Pricing Date may be higher or lower than on the date a Shareholder submits a repurchase request. See "Share Repurchase Program."

**Although the Fund may utilize leverage, there can be no assurance that the Fund will do so, or that, if utilized, it will be successful during any period in which it is employed.**

Although the Fund may utilize leverage, there can be no assurance that the Fund will do so, or that, if utilized, it will be successful during any period in which it is employed. Leverage is a speculative technique that exposes the Fund to greater risk and higher costs than if it were not implemented.

The Fund anticipates that any money borrowed from a bank or other financial institution for investment purposes will accrue interest based on shorter-term interest rates that would be periodically reset. So long as the Fund's portfolio provides a higher rate of return, net of expenses, than the interest rate on borrowed money, as reset periodically, the leverage may cause the Fund to receive a higher current rate of return than if the Fund were not leveraged. If, however, short-term rates rise, the interest rate on borrowed money could exceed the rate of return on instruments held by the Fund, reducing returns to the Fund and the level of income available for dividends or distributions made by the Fund. Developments in the credit markets may adversely affect the ability of the Fund to borrow for investment purposes and may increase the costs of such borrowings, which would also reduce returns to the Fund. There is no assurance that a leveraging strategy will be successful.

The use of leverage to purchase additional investments creates an opportunity for increased Shares dividends, but also creates special risks and considerations for Shareholders, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the likelihood of greater volatility of NAV, market price and dividend rate of Common Shares than
a comparable fund without leverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the risk that fluctuations in interest rates on borrowings and short-term debt or in dividend payments
on, principal proceeds distributed to, or redemption of any preferred shares and/or notes or other debt securities that the Fund
has issued will reduce the return to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the effect of leverage in a declining market, which is likely to cause a greater decline in the
NAV of the Shares than if the Fund were not leveraged; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· leverage may increase expenses (which will be borne entirely by Shareholders), which may reduce
the Fund's NAV and the total return to Shareholders.

Leveraging is a speculative technique and there are special risks and costs involved. When leverage is used, the net asset value of the Shares will be more volatile. In addition, interest and other expenses borne by the Fund with respect to its use of leverage are borne by the Shareholders and result in a reduction of the NAV of the Shares.

Leverage creates risks for Shareholders, including the likelihood of greater volatility of net income, distributions and/or NAV in relation to market changes, the risk that fluctuations in interest rates on borrowings and short term debt or in the dividend rates on any preferred shares may affect the return to Shareholders and increased operating costs, which may reduce the Fund's total return. To the extent the income or capital appreciation derived from investments purchased with funds received from leverage exceeds the cost of leverage, the Fund's return will be greater than if leverage had not been used. Conversely, if the income or capital appreciation from the investments purchased with such funds is not sufficient to cover the cost of leverage, the return of the Fund will be less than if leverage had not been used, and therefore the amount available for distribution to shareholders as dividends and other distributions will be reduced. In the latter case, the Adviser and/or the Investment Subadviser in their best judgment nevertheless may determine to maintain the Fund's leveraged position if it expects that the benefits to the Fund of maintaining the leveraged position will outweigh the current reduced return. Capital raised through leverage will be subject to interest costs or dividend payments that may or may not exceed the income and appreciation on the assets purchased. The Fund also may be required to maintain minimum average balances in connection with borrowings or to pay a commitment or other fee to maintain a line of credit; either of these requirements will increase the cost of borrowing over the stated interest rate. The issuance of preferred shares involves offering expenses and other costs and may limit the Fund's ability to pay dividends on Shares or to engage in other activities. Borrowings and the issuance of a class

of preferred shares create an opportunity for greater return per Share, but at the same time such borrowing is a speculative technique in that it will increase the Fund's exposure to capital risk. Unless the income and appreciation, if any, on assets acquired with borrowed funds or offering proceeds exceed the cost of borrowing or issuing additional classes of securities, the use of leverage will diminish the investment performance of the Fund compared with what it would have been without leverage.

**<u>Risks of Investing in Private Assets</u>**

**Less information may be available with respect to private company investments and such investments offer limited liquidity.**

Private companies are generally not subject to SEC reporting requirements, are not required to maintain their accounting records in accordance with generally accepted accounting principles, and are not required to maintain effective internal controls over financial reporting. As a result, the Adviser may not have timely or accurate information about the business, financial condition and results of operations of the private companies in which the Fund invests. There is risk that the Fund may invest on the basis of incomplete or inaccurate information, which may adversely affect the Fund's investment performance. Private companies in which the Fund may invest may have limited financial resources, shorter operating histories, more asset concentration risk, narrower product lines and smaller market shares than larger businesses, which tend to render such private companies more vulnerable to competitors' actions and market conditions, as well as general economic downturns. These companies generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position. These companies may have difficulty accessing the capital markets to meet future capital needs, which may limit their ability to grow or to repay their outstanding indebtedness upon maturity.

Typically, investments in private companies are in restricted securities that are not traded in public markets and subject to substantial holding periods, so that the Fund may not be able to resell some of its holdings for extended periods, which may be several years. There can be no assurance that the Fund will be able to realize the value of private company investments in a timely manner.

**Private equity investments are subject to general market risks.**

The Portfolio Funds, in which the Fund may invest, may invest in Portfolio Companies that involve a high degree of business or financial risk. The Portfolio Companies may be start-ups or in an early stage of development, may be distressed or have operating losses or significant variations in operating results and may be engaged in a rapidly changing business with products subject to a substantial risk of obsolescence. The Portfolio Companies may also include companies that are experiencing, or are expected to experience, financial difficulties which may never be overcome. In addition, they may require substantial additional capital to support their operations, to finance expansion or to maintain their competitive position, or may otherwise have a weak financial condition. Portfolio Companies may face intense competition, including competition from companies with greater financial resources, more extensive development, manufacturing, marketing and other capabilities and a larger number of qualified managerial and technical personnel.

Many Portfolio Companies may be highly leveraged, which may impair these companies' ability to finance their future operations and capital needs and which may result in restrictive financial and operating covenants. As a result, these companies' flexibility to respond to changing business and economic conditions may be limited. In addition, in the event that a company does not perform as anticipated or incurs unanticipated liabilities, high leverage will magnify the adverse effect on the value of the equity of the company and could result in substantial diminution in or the total loss of an equity investment in the company.

**The day-to-day operations of each Portfolio Fund will be the responsibility of the Portfolio Fund Managers.**

The day-to-day operations of each Portfolio Fund will be the responsibility of the Portfolio Fund Managers. Although the Advisers will be responsible for monitoring the performance of each Portfolio Fund, there can be no assurance

that the existing management team, or any successor, will operate the company or fund, as the case may be, in accordance with the Fund's plans or expectations. Additionally, funds and companies need to attract, retain, and develop executives and members of their management teams. The market for executive talent can be, notwithstanding general unemployment levels or developments within a particular industry, extremely competitive. There can be no assurance that the Portfolio Funds will be able to attract, develop, integrate, and retain suitable members of their management teams and, as a result, the Fund may be adversely affected.

**Competition for access to private equity investment opportunities is limited.**

The activity of identifying, completing and realizing attractive secondary private equity investments is highly competitive, and involves a high degree of uncertainty. The availability of investment opportunities generally will be subject to market conditions. In particular, in light of changes in such conditions, including changes in long-term interest rates, certain types of investments may not be available to the Fund on terms that are as attractive as the terms on which opportunities were available to previous investment programs sponsored by the Advisers. The Fund will be competing for investments with many other private equity investors, including, without limitation, other investment partnerships and corporations, business development companies, sovereign wealth funds, domestic and international public pension plans, individuals, financial institutions and other investors investing directly or through affiliates. Some of these competitors may have more relevant experience, greater financial and other resources and more personnel than the Advisers and the Fund. Further, over the past several years, an increasing number of secondary private equity funds have been formed (and many such existing funds have grown substantially in size). Additional funds with similar objectives may be formed in the future by other unrelated parties. Additionally, there continues to be a significant amount of capital available for secondary investments.

Consequently, it is possible that competition for appropriate investment opportunities will increase, thus reducing the number of investment opportunities available to the Fund and adversely affecting the terms upon which portfolio investments can be made. The Fund may incur bid, legal, due diligence and other costs on investments which may not be successful. As a result, the Fund may not recover all of its costs, which would adversely affect returns. Participation in auction transactions will also increase the pressure on the Fund with respect to pricing of the transaction. Investors will be dependent upon the judgment and ability of the Advisers in sourcing transactions and investing and managing the capital of the Fund.

In addition, certain provisions of the 1940 Act prohibit the Fund from engaging in transactions with the Advisers and their affiliates; however, unregistered funds also managed by the Advisers and their affiliates are not prohibited from the same transactions. The 1940 Act also imposes significant limits on aggregated transactions with affiliates of the Fund.

The Advisers will not cause the Fund to engage in investments alongside affiliates in private placement securities that involve the negotiation of certain terms of the private placement securities to be purchased (other than price-related terms) except pursuant to an order granting an exemption from Section 17 of the 1940 Act or unless such investments are not prohibited by Section 17(d) of the 1940 Act or interpretations of Section 17(d) as expressed in SEC no-action letters or other available guidance. The Advisers, the Fund and certain affiliated entities advised by the Advisers have received an exemptive order from the SEC that permits the Fund to, among other things and subject to the conditions of the order, invest in certain privately placed securities in aggregated transactions alongside certain affiliated entities advised by the Advisers, where the Advisers negotiate certain terms of the private placement securities to be purchased (in addition to price-related terms). The conditions contained in the exemptive order limit or restrict the Fund's ability to participate in such negotiated investments or participate in such negotiated investments to a lesser extent. In addition, other conflicts may be present in a particular investment that may limit or restrict the Fund's ability to participate, notwithstanding the exemptive order. The exemptive order does not apply to all investments or to all affiliates of the Advisers. As a result, the Fund may be limited or restricted from participating in certain investment opportunities, notwithstanding the exemptive order, including in investments in which affiliates of the Advisers not covered by the exemptive order participate. An inability to receive the desired allocation to potential investments may affect Fund's ability to achieve the desired investment returns.

Pursuant to the requirements of the exemptive order, the Board, including the "required majority" (as defined in Section 57(o) of the 1940 Act) of the Fund's independent trustees, have approved the policies and procedures of the Fund that are reasonably designed to ensure compliance with the terms of the exemptive order and has reviewed the

allocation policy and other co-investment policies of the Advisers. The exemptive order is subject to certain terms and conditions so there can be no assurance that the Fund will be permitted to invest in aggregated transactions alongside certain of the Fund's affiliates other than in the circumstances currently permitted by regulatory guidance and the exemptive order. For example, in certain instances, the Fund's ability to participate in such negotiated joint transactions alongside affiliated entities will require the "required majority" of the Fund's independent trustees to reach certain conclusions in connection with such investments, including that (1) the terms of the proposed transaction are reasonable and fair to the Fund and its shareholders and do not involve overreaching of the Fund or its shareholders on the part of any person concerned and (2) the transaction is consistent with the interests of the Fund's shareholders. The Advisers' investment allocation policies and procedures can be revised by the Advisers at any time without notice to, or consent from, the shareholders.

**The Fund is subject to the risks of its Portfolio Funds.**

The Fund's investments in Portfolio Funds are subject to a number of risks. Portfolio Fund interests are expected to be illiquid, their marketability may be restricted and the realization of investments from them may take considerable time and/or be costly. Some of the Portfolio Funds in which the Fund invests may have only limited operating histories. Although the Advisers will seek to receive detailed information from each Portfolio Fund regarding its business strategy and any performance history, in most cases the Advisers will have little or no means of independently verifying this information. In addition, Portfolio Funds may have little or no near-term cash flow available to distribute to investors, including the Fund. Due to the pattern of cash flows in Portfolio Funds and the illiquid nature of their investments, investors typically will see negative returns in the early stages of Portfolio Funds. Then as investments are able to realize liquidity events, such as a sale or initial public offering, positive returns will be realized if the Portfolio Fund's investments are successful.

Portfolio Fund interests are ordinarily valued based upon valuations provided by the Portfolio Fund Manager, which may be received on a delayed basis. Certain securities in which the Portfolio Funds invest may not have a readily ascertainable market price and are fair valued by the Portfolio Fund Managers. A Portfolio Fund Manager may face a conflict of interest in valuing such securities because their values may have an impact on the Portfolio Fund Manager's compensation. The Advisers have procedures with respect to the assessment and review of the valuation procedures used by each Portfolio Fund Manager and for reviewing the financial information provided by the Portfolio Funds. However, neither the Advisers nor the Fund are able to confirm the accuracy of valuations provided by Portfolio Fund Managers. Inaccurate valuations provided by Portfolio Funds could materially adversely affect the value of Shares.

The Fund will pay asset-based fees, and, in most cases, will be subject to performance-based fees in respect of its interests in Portfolio Funds. Such fees and performance-based compensation are in addition to the Management Fee. In addition, performance-based fees charged by Portfolio Fund Managers may create incentives for the Portfolio Fund Managers to make risky investments, and may be payable by the Fund to a Portfolio Fund Manager based on a Portfolio Fund's positive returns even if the Fund's overall returns are negative.

Moreover, a Shareholder in the Fund will indirectly bear a proportionate share of the fees and expenses of the Portfolio Funds, in addition to its proportionate share of the expenses of the Fund. Thus, a Shareholder in the Fund may be subject to higher operating expenses than if the Shareholder invested in the Portfolio Funds directly. In addition, because of the deduction of the fees payable by the Fund to the Adviser and other expenses payable directly by the Fund from amounts distributed to the Fund by the Portfolio Funds, the returns to a Shareholder in the Fund will be lower than the returns to a direct investor in the Portfolio Funds. Fees and expenses of the Fund and the Portfolio Funds will generally be paid regardless of whether the Fund or Portfolio Funds produce positive investment returns. Shareholders could avoid the additional level of fees and expenses of the Fund by investing directly with the Portfolio Funds, although access to many Portfolio Funds may be limited or unavailable, and may not be permitted for investors who do not meet the substantial minimum net worth and other criteria for direct investment in Portfolio Funds.

There is a risk that the Fund may be precluded from acquiring an interest in certain Portfolio Funds due to regulatory implications under the 1940 Act or other laws, rules and regulations or may be limited in the amount it can invest in voting securities of Portfolio Funds. The Advisers also may refrain from including a Portfolio Fund in the Fund's portfolio in order to address adverse regulatory implications that would arise under the 1940 Act for the Fund if such an investment was made. In addition, the SEC has adopted Rule 18f-4 under the 1940 Act, which, among other things, may impact the ability of the Fund to enter into unfunded commitment agreements, such as a capital commitment to

a Portfolio Fund. In addition, the Fund's ability to invest may be affected by considerations under other laws, rules or regulations. Such regulatory restrictions, including those arising under the 1940 Act, may cause the Fund to invest in different Portfolio Funds than other clients of the Advisers.

If the Fund fails to satisfy capital calls to a Portfolio Fund in a timely manner then, generally, it will be subject to significant penalties, including the complete forfeiture of the Fund's investment in the Portfolio Fund. Any failure by the Fund to make timely capital contributions may impair the ability of the Fund to pursue its investment program, cause the Fund to be subject to certain penalties from the Portfolio Funds or otherwise impair the value of the Fund's investments.

The governing documents of a Portfolio Fund generally are expected to include provisions that would enable the general partner, the manager, or a majority in interest (or higher percentage) of its limited partners or members, under certain circumstances, to terminate the Portfolio Fund prior to the end of its stated term. Early termination of a Portfolio Fund in which the Fund is invested may result in the Fund having distributed to it a portfolio of immature and illiquid securities, or the Fund's inability to invest all of its capital as anticipated, either of which could have a material adverse effect on the performance of the Fund.

Although the Fund will be an investor in a Portfolio Fund, Shareholders will not themselves be equity holders of that Portfolio Fund and will not be entitled to enforce any rights directly against the Portfolio Fund or the Portfolio Fund Manager or assert claims directly against any Portfolio Funds, the Portfolio Fund Managers or their respective affiliates. Shareholders will have no right to receive the information issued by the Portfolio Funds that may be available to the Fund as an investor in the Portfolio Funds. In addition, Portfolio Funds generally are not registered as investment companies under the 1940 Act; therefore, the Fund, as an investor in Portfolio Funds, will not have the benefit of the protections afforded by the 1940 Act. Portfolio Fund Managers may not be registered as investment advisers under the Advisers Act, in which case the Fund, as an investor in Portfolio Funds managed by such Portfolio Fund Managers, will not have the benefit of certain of the protections afforded by the Advisers Act.

Commitments to Portfolio Funds generally are not immediately invested. Instead, committed amounts are drawn down by Portfolio Funds and invested over time, as underlying investments are identified—a process that may take a period of several years, with limited ability to predict with precision the timing and amount of each Portfolio Fund's drawdowns. During this period, investments made early in a Portfolio Fund's life are often realized (generating distributions) even before the committed capital has been fully drawn. In addition, many Portfolio Funds do not draw down 100% of committed capital, and historic trends and practices can inform the Advisers as to when they can expect to no longer need to fund capital calls for a particular Portfolio Fund. Accordingly, the Fund may make investments and commitments based, in part, on anticipated future capital calls and distributions from Portfolio Funds. This may result in the Fund making commitments to Portfolio Funds in an aggregate amount that exceeds the total amounts invested by Shareholders in the Fund at the time of such commitment (i.e., to "over-commit"). To the extent that the Fund engages in an "over-commitment" strategy, the risk associated with the Fund defaulting on a commitment to a Portfolio Fund will increase. The Fund will maintain cash, cash equivalents, borrowings or other liquid assets in sufficient amounts, in the Advisers' judgment, to satisfy capital calls from Portfolio Funds. These unfunded commitments generally can be drawn at the discretion of the general partner of the Portfolio Fund or other issuer subject to certain conditions (e.g., notice provisions). At times, the Fund expects that a significant portion of its assets will be invested in money market funds or other cash items, pending the calling of these unfunded commitments.

The Fund may seek to invest in a Portfolio Fund's non-voting securities and, together with interests held by other clients of Global X, may be limited in the amount it can invest. Such limitations are intended to ensure that an underlying Portfolio Fund not be deemed an "affiliated person" of the Fund for purposes of the 1940 Act, which may impose limits on the Fund's dealings with the Portfolio Fund and its affiliated persons. As a general matter, however, the Portfolio Funds in which the Fund will invest do not typically provide their shareholders with an ability to vote to appoint, remove or replace the general partner of the Portfolio Fund (except under quite limited circumstances that are not presently exercisable). Notwithstanding these limitations, under certain circumstances the Fund could become an affiliated person of a Portfolio Fund or another issuer. In such circumstances, the Fund may be restricted from transacting with the Portfolio Fund or its portfolio companies absent an applicable exemption (whether by rule or otherwise).

**The Fund is subject to risks associated with Portfolio Funds with less established sponsors.**

The Fund may invest a portion of its assets in Portfolio Funds of less established sponsors. Investments related to such sponsors may involve greater risks than are generally associated with investments with more established sponsors. Less established sponsors tend to have fewer resources, and therefore, are often more vulnerable to failure. Such sponsors also may have shorter operating histories on which to judge future performance and in many cases, if operating, will have negative cash flow. In addition, less mature sponsors could be deemed to be more susceptible to irregular accounting or other fraudulent practices. In the event of fraud by any sponsor related to a Fund investment, the Fund may suffer a partial or total loss of capital invested in such investment. There can be no assurance that any such losses will be offset by gains (if any) realized on the Fund's other assets.

**The Fund is subject to the risks associated with its Portfolio Funds' underlying investments.**

The investments made by the Portfolio Funds will entail a high degree of risk and in most cases be highly illiquid and difficult to value. Unless and until those investments are sold or mature into marketable securities they will remain illiquid. As a general matter, companies in which the Portfolio Fund invests may face intense competition, including competition from companies with far greater financial resources; more extensive research, development, technological, marketing and other capabilities; and a larger number of qualified managerial and technical personnel.

A Portfolio Fund Manager may focus on a particular industry or sector, which may subject the Portfolio Fund, and thus the Fund, to greater risk and volatility than if investments had been made in issuers in a broader range of industries. Likewise, a Portfolio Fund Manager may focus on a particular country or geographic region, which may subject the Portfolio Fund, and thus the Fund, to greater risk and volatility than if investments had been made in issuers in a broader range of geographic regions. In addition, Portfolio Funds may establish positions in different geographic regions or industries that, depending on market conditions, could experience offsetting returns.

The Fund will not obtain or seek to obtain any control over the management of any portfolio company in which any Portfolio Fund may invest. The success of each investment made by a Portfolio Fund will largely depend on the ability and success of the management of the portfolio companies in addition to economic and market factors.

**The Fund is subject to risks associated with non-traditional secondary investments, joint investments and other investments.**

The Fund may acquire equity positions in Portfolio Companies either directly or indirectly, by investing in Portfolio Funds managed by Portfolio Fund Managers, on a secondary basis from existing investors or involving a recapitalization (i.e., in continuation funds that acquire assets of a sponsor's existing private fund) of an equity interest in an existing Portfolio Fund or joint venture. Such secondary investments will be made primarily through privately negotiated transactions with one or more existing investors.

The Fund may invest with third-parties and otherwise through joint ventures, Portfolio Funds, structured transactions and similar arrangements, and may invest in other non-traditional secondary investments such as Portfolio Fund recapitalizations (i.e., continuation funds that acquire assets of the sponsor's existing private fund), as well as other assets. The Fund may also invest in the equity of a Portfolio Company in a secondary transaction. These investments may be designed to share risk in the underlying investments with third-parties or may involve the Fund taking on greater risk generally with an expected greater return or reducing risk with a corresponding reduction in control or in the expected rate of return. These arrangements may expose the Fund to additional risks, including risks associated with counterparties and risks associated with the lack of registered title to the underlying investments, private funds, holding vehicles or other investment vehicles, in addition to the normal risks associated with Portfolio Companies. In addition, such investment vehicles may make other investments with risk and return profiles that the Advisers determines to be similar to those of traditional secondary investments. These investments may be outside the core expertise of the Advisers and may involve different risks to those of traditional secondary investments.

**The Fund is subject to risks associated with restrictions on transfers of secondary interests.**

The secondary interests in which the Fund may invest are highly illiquid, long-term in nature and typically subject to significant restrictions on transfer, including a requirement for approval of the transfer by the general partner or the investment manager of the investment vehicle, and often rights of first refusal in favor of other investors. Completion of the transfer is often time-consuming and relatively difficult as compared to a transfer of other securities. Although the Advisers believe that the Fund will be viewed by the general partners or investment managers as an attractive investor, there can be no assurance that the Fund will be successful in closing on acquisitions of secondary interests, even in situations where it has signed a binding contract to acquire the investments. For example, a general partner or investment manager may expect a secondary buyer to commit on a primary basis to a new fund it is sponsoring as a condition to its consent to the secondary transfer, and the Fund may not be able or willing to close on such a "stapled secondary" transaction as a result of such condition. In addition, as part of the transfer of an interest in an investment vehicle, the Fund may assume the obligations of the seller as owner of the interest, including the obligation to return distributions previously received by the seller in respect of investments made by the vehicle prior to such transfer, including investments that are not owned by the vehicle at the time of such transfer. The Fund may or may not be indemnified by the seller against these obligations, but if the Fund is not so indemnified or if it is unable to recover on the indemnity, the Fund will suffer the economic loss.

**The Fund is subject to risks associated with competition for secondary investments.**

The activity of identifying and completing attractive investments for the Fund is highly competitive and involves a high degree of uncertainty. The Fund will be competing for investments with other secondary investment vehicles, as well as financial institutions and other investors. In recent years, an increasing number of secondary investment funds and other capital pools targeted for investment in the secondary sector have been formed, and additional capital may be directed at this sector in the future. Many of the Fund's competitors may have greater resources or different return criteria than the Fund, and may have greater access to investment opportunities or may make greater use of leverage, any of which may afford them a competitive advantage over the Fund in terms of ability to complete investments. In addition, recent years have seen an increase in the sales of secondary portfolios conducted by a limited auction process, which generally increases competition from prospective buyers. There can be no assurance that the Fund will be able to identify and complete an adequate number of investments that satisfy its target return, or that it will be able to invest fully its committed capital.

**The Fund is subject to risks associated with limitations in secondary investments.**

Generally, the Fund will not be acquiring interests directly from the issuers thereof and will not have the opportunity to negotiate the terms of the interests being purchased or any special rights or privileges. The Fund may acquire interests in Portfolio Companies through privately negotiated transactions with existing investors. In some limited cases, the Fund may be presented with investment opportunities on an "all or nothing" basis. Certain of the Portfolio Companies in a prospective portfolio may be less attractive than others. In such cases, it may not be possible for the Fund to exclude from such purchases those investments which the Advisers considers (for commercial, tax, legal or other reasons) less attractive. The investment vehicles that the Advisers may consider for investment may have been formed or organized to meet the specific regulatory, tax or ERISA objectives of the original investors, which may not correspond to the objectives of the Fund. Accordingly, investment by the Fund may not be permitted, may be otherwise restricted or may be inefficient from a tax perspective to one or more categories of investors in the Fund. The Advisers may seek to structure any investment to address any applicable regulatory, tax or ERISA limitations, but may not be successful in doing so. As a result, different investors in the Fund may experience different risk profiles, amounts and timing of contributions and distributions and returns on their investment in the Fund. See also "*CERTAIN ERISA CONSIDERATIONS*."

**The valuations of Portfolio Funds in which the Fund invests may be based on imperfect information and is subject to inherent uncertainties.**

There is no established market for secondary private equity partnership interests or for the privately-held portfolio companies of private equity sponsors, and there are not likely to be any comparable companies for which public market valuations exist. In addition, under limited circumstances, the Advisers may not have access to all material information relevant to a valuation analysis. For example, sponsors are not generally obligated to update any valuations in

connection with a transfer of interests on a secondary basis, and such valuations may not be indicative of current or ultimate realizable values. As a result, the valuation of Portfolio Funds in which the Fund invests may be based on imperfect information and is subject to inherent uncertainties.

**Regulatory Changes may adversely affect Portfolio Funds.**

Legal, tax and regulatory changes could occur that may adversely affect the Fund or its investments, including changes that could make the acquisition of interests in Portfolio Funds in the private secondary market less attractive or make the Portfolio Fund Managers less likely to consent to transfers. New and existing regulations and burdens of regulatory compliance may directly impact the results of, or otherwise have a material adverse effect on, the Portfolio Funds in which the Fund invests.

The regulatory environment for Portfolio Funds is evolving, and changes in the regulation of Portfolio Funds may adversely affect the value of investments held by the Fund and the ability of the Fund to effectively employ its investment and trading strategies. Increased scrutiny and newly proposed legislation applicable to Portfolio Funds and their sponsors may also impose significant administrative burdens on the Advisers and may divert time and attention from portfolio management activities. The effect of any future regulatory change on the Fund (due to its investments in Portfolio Funds) could be substantial and adverse. In addition, the securities and futures markets are subject to comprehensive statutes, regulations and margin requirements. The regulation of derivatives transactions and funds that engage in such transactions is an evolving area of law and is subject to modification by government and judicial action.

**Portfolio Funds are subject to risks regarding regulatory approvals.**

In addition to the risks regarding regulatory approvals, government counterparties or agencies may have the discretion to change or increase regulation of a Portfolio Fund or its Portfolio Companies' operations, or implement laws or regulations affecting such entity's operations, separate from any contractual rights it may have. A Portfolio Fund also could be materially and adversely affected as a result of statutory or regulatory changes or judicial or administrative interpretations of existing laws and regulations that impose more comprehensive or stringent requirements on its Portfolio Company. Governments have considerable discretion in implementing regulations, including, for example, the possible imposition or increase of taxes on income earned by or from a fund or gains recognized by the Fund on its investment in such fund, that could impact a fund's business as well as the Fund's return on investment with respect to such fund.

**In-kind distributions from Portfolio Funds may not be liquid.**

The Fund may receive in-kind distributions of securities from Portfolio Funds. There can be no assurance that securities distributed in kind by Portfolio Funds to the Fund will be readily marketable or saleable. The Fund may be required to, or the Advisers, in their sole investment discretion, may determine to, hold such securities for an indefinite period. Timing of sales is subject to position size considerations, market liquidity, and other factors considered in the sole investment discretion of the Advisers. The Fund may incur additional expense in connection with any disposition of such securities.

**Portfolio Companies may require additional financings.**

Certain of the Fund's Portfolio Companies, either directly through SPVs or indirectly through Portfolio Funds, especially those in a development or "platform" phase, may be expected to require additional financing to satisfy their working capital requirements or acquisition strategies. The amount of such additional financing needed will depend upon the maturity and objectives of the particular company. Each such round of financing (whether from the Fund, Portfolio Fund or other investors) is typically intended to provide the company with enough capital to reach the next major corporate milestone. If the funds provided are not sufficient, the company may have to raise additional capital at a price unfavorable to the existing investors, including the Fund and a Portfolio Fund. In addition, the Fund may make additional debt and equity investments or exercise warrants, options, or convertible securities that were acquired in the initial investment in such company in order to preserve the Fund's proportionate ownership when a subsequent financing is planned, or to protect the Fund's investment when such company's performance does not meet

expectations. The availability of capital is generally a function of capital market conditions that are beyond the control of the Fund, a Portfolio Fund or any Portfolio Company. There can be no assurance that a Portfolio Company will be able to predict accurately the future capital requirements necessary for success or that additional funds will be available from any source.

**The Fund is subject to risks from investing with other parties as part of non-controlling investments.**

Third-party managers or sponsors of the Fund's investments may have interests (including financial interests) which are inconsistent with those of the Fund and may be in a position to take or block actions in a manner adverse to the Fund's interests. The Fund generally will have limited ability to negotiate the terms of an investment or direct the affairs of its investments, and the Fund generally will not have the right to determine the timing or terms of the disposition of investments, but rather will be required to rely on the third-party sponsor or lead investor, as the case may be, to make such determinations, which may or may not be in the best interest of the Fund. The Fund will typically not have an active role in the management of its investments and will likely be relying on third-parties to make significant management decisions. There can be no assurance that such management teams will produce the expected results or that such management teams will remain with the sponsors. Furthermore, a portion of the Fund's investments may consist of debt securities that do not have the control rights generally associated with equity securities. The Fund's ability to withdraw from or transfer its investment in any Portfolio Company or other investment will typically be limited. As a result, the performance of the Fund will depend significantly on the managerial, investment and other decisions made by third-parties, which could have a material adverse effect on the returns achieved by investors in the Fund.

Furthermore, by virtue of its relationship with other investors in a particular investment, the Fund may be deemed to be part of a control group and may be exposed to potential liabilities of a controlling person with respect to such investment, including liabilities for environmental damages, product defects, unfunded pension liabilities, failures to supervise management and violations of governmental regulations.

**The Fund is subject to risks associated with competition for investment opportunities.**

The Fund competes for investments with other investment funds and institutional investors. Some of the Fund's competitors are larger and may have greater financial and other resources than the Fund. For example, some competitors may have a lower cost of capital and access to funding sources that are not available to the Fund. In addition, some of the Fund's competitors may have higher risk tolerances or different risk assessments. These characteristics could allow the Fund's competitors to consider a wider variety of investments, establish more relationships and pay more competitive prices for investments than the Fund is able or willing to do. Furthermore, some of the Fund's competitors may not be subject to the regulatory restrictions that the 1940 Act imposes on the Fund as a closed-end fund. These factors may make it more difficult for the Fund to pursue attractive investment opportunities or achieve its investment objective.

**The Fund is subject to risks associated with co-investment transactions.**

The Fund is prohibited under the 1940 Act from participating in certain transactions with certain of its affiliates (as well as affiliated persons of such affiliated persons) unless SEC relief is available. Among others, affiliated persons of the Fund may include other affiliated entities managed by the Adviser, Investment Subadviser or their affiliates. The 1940 Act prohibits certain "joint" transactions with the Fund's affiliates, which in certain circumstances could include investments in the same portfolio company (whether at the same or different times to the extent the transaction involves jointness), without prior approval from the SEC or reliance on an applicable exemptive rule under the 1940 Act or other regulatory guidance. Even if the Fund were to be able to rely on such rule or guidance that would permit certain "joint" transactions, the conditions imposed by the SEC staff may preclude the Fund from transactions in which it would otherwise wish to engage. There can be no assurance that the 1940 Act prohibition on certain "joint" transactions or the conditions imposed under the SEC staff rules or guidance with respect to such transactions will not adversely affect the Fund's ability to capitalize on attractive investment opportunities. For example, in some instances, the Fund will not be permitted to co-invest in privately negotiated transactions in which a term other than price is negotiated.

In addition, entering into certain transactions that are not deemed "joint" transactions (for purposes of the 1940 Act and relevant guidance from the SEC) may potentially lead to joint transactions within the meaning of the 1940 Act in the future. This may be the case, for example, with issuers who are near default and more likely to enter into restructuring or work-out transactions with their existing debt holders, which may include the Fund and its affiliates. In some cases, to avoid the potential of current or future joint transactions, the Adviser and Investment Subadviser may avoid allocating an investment opportunity to the Fund that it would otherwise allocate.

The Adviser, Investment Subadviser and the Fund have received an exemptive order from the SEC that expands the Fund's ability to co-invest alongside the Investment Subadviser and its affiliated entities in Portfolio Companies. The SEC exemptive order contains certain conditions that may limit or restrict the Fund's ability to participate in such investments, including, without limitation, in the event that the available capacity with respect to an investment is less than the aggregate recommended allocations to the Fund. In such cases, the Fund may participate in an investment to a lesser extent or, under certain circumstances, may not participate in the investment.

Such co-investment transactions may present certain additional risks to the Fund and its Shareholders. Due to conflicts of interest inherent in such arrangements, the Fund may be prohibited from buying or selling certain securities that may otherwise constitute a desirable investment. The Investment Subadviser may face conflicts in allocating investment opportunities among the Fund and other participating accounts, which may not be resolved in the Fund's favor, potentially resulting in the Fund investing in opportunities with a lower return profile or greater risk than those allocated to the co-investors. Additionally, the Fund may be exposed to higher operational and financial risks due to reliance on third parties, including the co-investor's adherence to investment guidelines and the financial solvency of such co-investors. In addition, the Fund's engagement in co-investment transactions may result in additional regulatory, tax, and legal complexities that could adversely affect the Fund's performance and operational flexibility. The Fund's returns may also be reduced by additional costs associated with such transactions. The Investment Subadviser seeks to mitigate these risks through due diligence and the implementation of procedures designed to mitigate the conflicts of interest between the Fund and the co-investors; however, no strategy can completely eliminate the risks associated with co-investment transactions.

**The Fund is subject to operational risk.**

The Fund is exposed to operational risk arising from a number of factors, including but not limited to human error, processing and communication errors, errors of the Fund's service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures.

Like other funds and business enterprises, the Fund is susceptible to potential operational risks through breaches in cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity. Such events could cause the Fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund's digital information systems through "hacking" or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. In addition, cyber security breaches of the Fund's third-party service providers, such as its administrator, transfer agent or custodian, or issuers in which the Fund invests, can also subject the Fund to many of the same risks associated with direct cyber security breaches. The Fund, the Adviser, and the Investment Subadviser have limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers. While the Fund has established business continuity plans and risk management systems designed to reduce the risks associated with cyber security, there are inherent limitations in such plans and systems. New ways to carry out cyber attacks continue to develop. There is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund's ability to plan for or respond to a cyber attack.

**The Fund is subject to risks associated with unlisted shares.**

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 a typical closed-end fund, is not a liquid investment.

**The Fund is subject to key personnel risk.**

The Fund does not and will not have any internal management capacity or employees and depends on the experience, diligence, skill and network of business contacts of the investment professionals the Advisers currently employ, or may subsequently retain, to identify, evaluate, negotiate, structure, close, monitor and manage the Fund's investments. In addition, the Fund cannot assure investors that the Advisers will remain the Fund's investment advisers. The Fund may not be able to find a suitable replacement within that time, resulting in a disruption in its operations that could adversely affect its financial condition, business and results of operations. This could have a material adverse effect on the Fund's financial conditions, results of operations and cash flow.

**The Fund is subject to risks associated with maintaining its status as a RIC.**

The Fund will elect to be treated, and intends to operate in a manner so as to qualify each taxable year thereafter, as a RIC under the Code. As such, the Fund must satisfy, among other requirements, certain ongoing source-of-income, asset diversification, and annual distribution requirements. The Fund may have difficulty complying with these requirements. In particular, to the extent that the Fund holds equity investments in Portfolio Companies that are treated as partnerships or other pass-through entities for U.S. federal income tax purposes, it may not have control over, or receive accurate information about, the underlying income and assets of those entities that are taken into account in determining its compliance with the aforementioned ongoing requirements. If the Fund fails to qualify as a RIC it will become subject to corporate-level U.S. federal income tax on all of its taxable income, and the resulting corporate taxes could substantially reduce the Fund's net assets, the amount of income available for distributions to Shareholders and the amount of funds available for new investments. Such a failure would have a material adverse effect on the Fund and Shareholders. See "Material U.S. Federal Income Tax Considerations—Taxation of the Fund—Failure to Qualify as a RIC."

If, before the end of any quarter of its taxable year, the Fund believes that it may fail to meet the ongoing asset diversification requirements (as further described in "Material U.S. Federal Income Tax Considerations—Taxation of the Fund—Qualification as a RIC"), the Fund may seek to take certain actions to avert such a failure. However, the action frequently taken by RICs to avert such a failure—the disposition of non-diversified assets—may be difficult to pursue because of the limited liquidity of the Fund's investments. While relevant tax provisions afford a RIC 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 the Fund's use of this cure period. In certain cases, the Fund may be afforded a longer cure period under applicable savings provisions, but the Fund may be subject to a penalty tax in connection with its use of those savings provisions.

The Fund may hold investments, either directly or indirectly, that require income to be included in investment company taxable income in a year prior to the year in which the Fund (or an underlying entity) actually receives a corresponding amount of cash in respect of such income. The Fund may be required to make a distribution to Shareholders in order to satisfy the annual distribution requirement, even though it will not have received any corresponding cash amount. As a result, the Fund may have difficulty meeting the annual distribution requirement necessary to qualify for and maintain RIC tax treatment under the Code (see "Material U.S. Federal Income Tax Considerations—Taxation of the Fund—Taxation as a RIC"). The Fund may have to sell some of its investments at times and/or at prices the Adviser would not consider advantageous, raise additional debt or equity capital or forgo new investment opportunities for this purpose. If the Fund is not able to obtain cash from other sources, it may not qualify for or maintain RIC tax treatment and thus become subject to corporate-level U.S. federal income tax on all of its taxable income.

In order to comply with the RIC rules or for other reasons, the Fund may structure its investments in a way that could increase the taxes imposed thereon or in respect thereof. For example, the Fund may be required to hold such investments through a U.S. or non-U.S. corporation (or other entity treated as such for U.S. federal income tax purposes), including a Cayman Subsidiary as described above under "Investment Strategies—General Investment Strategy," and the Fund would indirectly bear any U.S. or non-U.S. taxes imposed on such corporation. The Fund may

also be unable to make investments that it would otherwise determine to make as a result of the desire to qualify as a RIC.

**<u>General Considerations and Other Risks Related to the Fund</u>**

**The Fund is subject to risks associated with having a limited influence over the operations of the companies in which it invests.**

A significant portion of the Fund's investments may represent minority stakes in privately held companies. As is the case with minority holdings in general, such minority stakes that the Fund may hold will have neither the control characteristics of majority stakes nor the valuation premiums accorded majority or controlling stakes. The Fund may also invest in companies for which the Fund has no right to appoint a director or otherwise exert significant influence.

In such cases, the Fund will be reliant on the existing management and board of directors of such companies, which may include representatives of other financial investors with whom the Fund is not affiliated and whose interests may conflict with the Fund's interests.

**The Fund is subject to risks associated with its performance.**

If a significant investment in one or more companies fails to perform as expected, the Fund's financial results could be more negatively affected, and the magnitude of the loss could be more significant, than if the Fund had made smaller investments in more companies. The Fund's financial results could be materially adversely affected if these Portfolio Companies or any of the Fund's other significant Portfolio Companies encounter financial difficulty and fail to repay their obligations or to perform as expected.

**The Fund is subject to risks associated with the regular realization of events.**

The Fund does not expect regular realization events (e.g., mergers, refinancings or public offerings), if any, to occur in the near term with respect to the majority of the Fund's Portfolio Companies. The Fund expects that its holdings of equity securities may require several years to appreciate in value, and it can offer no assurance that such appreciation will occur. Even if such appreciation does occur, it is likely that the Fund and its Shareholders could wait for an extended period of time before any appreciation or sale of the Fund's investments, and any attendant distributions of gains, may be realized.

**The Fund is subject to risks associated with the implementation of temporary defensive strategies.**

When the Fund pursues a temporary defensive strategy inconsistent with its principal investment strategies, it may not achieve its investment objective.

**The Fund is subject to anti-takeover risks.**

The Fund's declaration of trust (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 a controlling interest in the Fund. 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, amend 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.

**The Fund is subject to Cayman subsidiary tax risk.**

The Fund may seek to gain exposure to certain investments and pass-through entities through investments in a Cayman Subsidiary. Applicable Treasury regulations generally treat the Fund's income inclusion with respect to a Cayman Subsidiary as qualifying income for the purposes of the RIC 90% Gross Income Test (as defined under "Material U.S. Federal Income Tax Considerations—Taxation of the Fund—Qualification as a RIC") either if (i) there is a distribution

out of the earnings and profits of a Cayman Subsidiary that is attributable to such income inclusion or (ii) such inclusion is derived with respect to the Fund's business of investing in stock, securities, or currencies (see "Material U.S. Federal Income Tax Considerations—Nature of the Fund's Investments—Non-U.S. Investments, Including PFICs and CFCs"). Under these regulations the Fund expects any required inclusions with respect to an investment in a Cayman Subsidiary to be qualifying income for the purposes of the 90% Gross Income Test; however, no assurances can be provided that the IRS would not be able to successfully assert that the Fund's income from such investments is not qualifying income, in which case the Fund would fail to qualify as a RIC under Subchapter M of the Code if over 10% of its gross income was derived from these investments. The Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on a Cayman Subsidiary. If Cayman Islands law changes such that a Cayman Subsidiary must pay Cayman Islands taxes, Fund Shareholders would likely suffer decreased investment returns.

**The Fund is subject to liquidity and other risks associated with closed-end interval funds.**

The Fund is a non-diversified, closed-end management investment company structured as an "interval fund" and designed primarily for long-term investors. The Fund is not intended to be a typical traded investment. There is no secondary market for the Fund's Shares and the Fund expects that no secondary market will develop. 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 NAV. Although the Fund, as a fundamental policy, will make quarterly offers to repurchase at least 5% and up to 25% of its outstanding Shares at NAV, the number of Shares tendered in connection with a repurchase offer may exceed the number of Shares the Fund has offered to repurchase, in which case not all of your Shares tendered in that offer will be repurchased. In connection with any given repurchase offer, it is expected the Fund will offer to repurchase only the minimum amount of 5% of its outstanding Shares. Hence, you may not be able to sell your Shares when and/or in the amount that you desire.

**The Fund is subject to distribution payment risk.**

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 and may depend on the Fund's earnings, the Fund's net investment income, the Fund's financial condition, maintenance of the Fund's and the Fund's RIC status, compliance with applicable regulations and such other factors as the Board may deem relevant from time to time.

**The Fund is subject to investment dilution risk.**

The Fund's investors do not have preemptive rights to any Shares the Fund may issue in the future. The Declaration of Trust authorizes it to issue an unlimited number of Shares. The Board may amend the Declaration of Trust. After an investor purchases Shares, the Fund may sell additional Shares in the future. To the extent the Fund issues additional equity interests after an investor purchases Shares, such investor's percentage ownership interest in the Fund will be diluted.

**The Fund is subject to risks associated with the Fund Distribution Policy.**

The Fund intends to make annual distributions. The Fund will make a distribution only if authorized by the Board and declared by the Fund out of assets legally available for these distributions. 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 common 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 Fund Shares. When a Shareholder sells Fund Shares, the amount, if any, by which the sales price exceeds the Shareholder's tax basis in Fund Shares may be treated as a gain subject to tax. Because a return of capital reduces a Shareholder's tax basis in Fund 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 Fund Shares. To the extent that the amount of any return of capital distribution exceeds a Shareholder's tax basis in Fund Shares, such excess generally will be treated as gain from a sale or exchange of the shares. As a result from 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 the Shareholder's original investment.

**MANAGEMENT OF THE FUND**

**The Board of Trustees**

Pursuant to the Fund's Declaration of Trust and Bylaws, the Fund's business and affairs are managed by the Adviser and subject to the oversight of the Board, which has overall responsibility for monitoring and overseeing the Fund's management and operations. The Board currently consists of four members, three of whom are considered Independent Trustees. The Trustees are subject to removal or replacement in accordance with Delaware law and the Declaration of Trust and are subject to election by Shareholders if required by the 1940 Act. The Trustees serving on the Board were elected by the initial Shareholder of the Fund. The Statement of Additional Information provides additional information about the Trustees.

The Adviser serves as the Fund's investment adviser pursuant to the terms of the Advisory Agreement and subject to the oversight of, and any Fund policies established by, the Board. Pursuant to the Subadvisory Agreement, the Investment Subadviser manages the Fund's investment portfolio and reports thereon to the Adviser and Fund's officers and Trustees regularly.

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

**The Adviser**

Global X Management Company LLC, located at 605 Third Avenue, 43<sup>rd</sup> Floor, New York, New York 10158, serves as the investment adviser to the Fund, subject to the general oversight of the Board. The Adviser, a Delaware limited liability company, has been a registered investment adviser since 2008. Subject to the supervision of the Board of Trustees, the Adviser has overall supervisory responsibility for the general management and investment of the Fund's portfolio. The Adviser is also responsible for the oversight and evaluation of the Investment Subadviser. As of June 30, 2025, the Adviser provided investment advisory services for assets of approximately $[__] billion.

The Fund has agreed to pay the Adviser as compensation under the Advisory Agreement a fee, calculated and payable monthly, in arrears, at the annual rate of 2.25% of the average daily value of the Fund's net assets.

In addition to the Management Fee, the Fund bears other fees and expenses, which may vary and will affect the total expense ratio of the Fund, such as the Distribution and Servicing Fee, taxes and governmental fees, brokerage fees, commissions and other transaction expenses, certain foreign custodial fees and expenses, costs of borrowing money, including interest expenses and extraordinary expenses and non-routine expenses (such as litigation and indemnification expenses). Those expenses are described below in "Fund Expenses."

The Adviser has entered into an expense limitation agreement (the "**Expense Limitation Agreement**") with the Fund, whereby the Adviser has agreed to waive fees that it would otherwise be paid, and/or to assume expenses of the Fund (a "**Waiver**"), if required to ensure the Total Annual Expenses do not exceed 2.75% of the average daily net assets of Class A Shares and Class S Shares and 2.50% of the average daily net assets of Class I Shares on an annual basis (the "**Expense Limit**"). "Total Annual Expenses" includes all expenses incurred in the business of the Fund, including organizational and offering costs, with the following exceptions: (i) taxes, (ii) interest, (iii) brokerage commissions, (iv) expenses associated with the acquisition and disposition of investments (including interest and structuring costs for borrowings and line(s) of credit), (v) the Management Fee, (vi) distribution and/or servicing fees, (vii) sub-transfer agency, sub-accounting and shareholder servicing fees, (viii) any acquired fund fees and expenses, (ix) dividend and interest expenses relating to short sales, (x) borrowing costs, (xi) merger or reorganization expenses, (xii) Shareholder meetings expenses, (xiii) litigation expenses and (xiv) extraordinary expenses. For a period not to exceed three years from the date on which a Waiver is made, the Adviser may recoup amounts waived or assumed, provided it is able to effect such recoupment without causing the Fund's expense ratio (after recoupment) to exceed the lesser of (a) the expense limit in effect at the time of the waiver, and (b) the expense limit in effect at the time of the recoupment. The Expense Limitation Agreement has a term ending one-year from the effective date of the registration statement, and

will automatically renew thereafter for consecutive twelve-month terms, provided that such continuance is specifically approved at least annually by a majority of the Trustees and the Adviser. The Expense Limitation Agreement may be terminated by the Board upon thirty days' written notice to the Adviser.

**The Investment Subadviser**

Mirae Asset Global Investments (USA) LLC, located at 1212 Avenue of the Americas 10<sup>th</sup> Floor, New York, New York, 10036, will serve as the Investment Subadviser to the Fund and identify investment opportunities for the Fund under the Subadvisory Agreement. Mirae is a Delaware limited liability company and an affiliate of Global X. The Investment Subadviser is responsible for the day-to-day management of the Fund's Private Investment Sleeve and Cash Management Sleeve, subject to the supervision of the Adviser.

The Adviser has entered into the Subadvisory Agreement with the Investment Subadviser. The Subadvisory Agreement provides that, in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard for its obligations and duties thereunder, the Investment Subadviser is not liable for any error of judgment or mistake of law or for any loss the Fund suffers. Pursuant to the Subadvisory Agreement, and in consideration of the subadvisory services provided by the Investment Subadviser to the Fund, the Investment Subadviser is entitled to a Subadvisory Fee paid monthly, in arrears, by the Adviser out of the Management Fee received from the Fund. The subadvisory fee is paid by the Adviser to the Investment Subadviser and not by the Fund.

**Portfolio Manager**

The Portfolio Manager who is currently responsible for the day-to-day management of the Fund's Private Investment Sleeve and Liquid Management Sleeve is Thomas Park. Mr. Park serves as the portfolio manager of the Fund, a member of the Mirae investment committee, and the co-CEO of Mirae. Prior to joining Mirae Global in 2009, Mr. Park worked in the investment banking division of Goldman Sachs. Mr. Park currently sits on the board of several Mirae Global affiliates and Portfolio Companies. Mr. Park received his B.A. from The American University of Paris and an MBA from The University of Chicago Booth School of Business. The SAI provides additional information about the Portfolio Manager's compensation, other accounts managed, and ownership of securities in the Fund.

**Control Persons**

A control person is a person who beneficially owns more than 25% of the voting securities of a company. Global X Management Company, Inc., a Delaware corporation and an affiliate of the Adviser, provided the initial capitalization of the Fund and owns 100% of the value of the outstanding interests in the Fund as of the date of this Prospectus. The address for Global X Management Company, Inc. is 605 Third Avenue, 43<sup>rd</sup> Floor, New York, New York 10158. For so long as Global X Management Company, Inc. has a greater than 25% interest in the Fund, it will be deemed be a "control person" of the Fund for purposes of the 1940 Act. However, it is anticipated that once the Fund commences the public offering of Shares, Global X Management Company, Inc.'s control will be diluted until such time as it is no longer deemed a control person of the Fund. A control person's vote could have a more significant effect on matters presented to shareholders for approval than the vote of other Fund shareholders.

**The Administrator, The Sub-Administrator, The Transfer Agent and The Custodian**

Global X Management Company LLC (the "**Administrator**"), located at 605 Third Avenue, 43<sup>rd</sup> Floor, New York, New York 10158, serves as the Fund's administrator. Pursuant to an Administration Agreement and subject to the general supervision of the Board of Trustees, the Administrator provides, or causes to be furnished, all supervisory, administrative and other services reasonably necessary for the operation of the Fund and also bears the costs of various third-party services required by the Fund, including audit, certain custody, portfolio accounting, legal, transfer agency and printing costs.

SEI Investments Global Funds Services ("**SEI**"), located at One Freedom Valley Drive, Oaks, Pennsylvania 19456, serves as sub-administrator (the "**Sub-Administrator**") to the Fund. As Sub-Administrator, SEI provides the Fund with all required general administrative services, including, without limitation, office space, equipment, and personnel; clerical and general back office services; bookkeeping, internal accounting and secretarial services; the calculation of

NAV; and the preparation and filing of all reports, registration statements, proxy statements and all other materials required to be filed or furnished by the Funds under federal and state securities laws. As compensation for these services, the Sub-Administrator receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees.

The Bank of New York Mellon (the "**Transfer Agent**") located at 240 Greenwich Street, New York, New York 10286. Under its transfer agency agreement with the Fund, the Transfer Agent has undertaken with the Fund to provide the following services: (i) perform and facilitate the performance of purchases and redemptions of aggregated blocks of Shares; (ii) prepare and transmit by means of Depository Trust Company's book-entry system payments for dividends and distributions on or with respect to the Shares declared by the Fund, as applicable; (iii) prepare and deliver reports, information and documents as specified in the transfer agency agreement; (iv) perform the customary services of a transfer agent and dividend disbursing agent; and (v) render certain other miscellaneous services as specified in the transfer agency agreement or as otherwise agreed upon.

The Bank of New York Mellon ("**Custodian**"), located at 240 Greenwich Street, New York, New York 10286, serves as the custodian of the Fund's portfolio securities and cash pursuant to a Custodian Agreement between the Fund and the Custodian. The Custodian may appoint domestic and foreign sub-custodians and use depositories from time to time to hold securities and other instruments purchased by the Fund in foreign countries and to hold cash and currencies on behalf of the Fund.

**CONFLICTS OF INTEREST**

The Fund has received an exemptive order that allows one or more affiliated entities including the Fund, to participate in the same investment opportunities through a proposed co-investment program where such participation would otherwise be prohibited under Section 17(d) or Section 57(a)(4) and the rules under the 1940 Act. The Adviser and Investment Subadviser may, from time to time, be presented with investment opportunities that fall within the investment objective of the Fund and other affiliated entities and/or accounts managed by the Adviser or Investment Subadviser, and in such circumstances the Adviser and/or Investment Subadviser will allocate such opportunities among the Fund and such other affiliated entities and/or accounts under procedures intended to result in allocations that are fair and equitable taking into account the sourcing of the transaction, the nature of the investment focus of each affiliated entity, including the Fund, and/or account, the relative amounts of capital available for investment, and other considerations deemed relevant by the Adviser or Investment Subadviser in good faith.

Where there is an insufficient amount of an investment opportunity to satisfy the Fund and other affiliated entities and/or accounts managed by the Adviser or Investment Subadviser, the allocation policy provides that allocations between the Fund and other affiliated entities and/or accounts will generally be made pro rata based on the amount that each such party would have invested if sufficient amounts of an investment opportunity were available. The Adviser's and Investment Subadviser's allocation policy provides that in circumstances where pro rata allocation is not practicable or possible, investment opportunities will be allocated based on other factors, as deemed appropriate by the Advisers, including, without limitation whether the Fund, affiliated entities, and/or accounts already have sufficient exposure to the securities, issuer or market in question; the different liquidity positions and requirements of the Fund, affiliated entities, or participating accounts; tax considerations; regulatory considerations; the relative capitalization and cash availability of the participating affiliated entities or accounts; the relative risk and value-at-risk profiles of the participating affiliated entities or accounts; differing strategies; portfolio concentration considerations; informal diversification requirements; borrowing considerations; different historical and anticipated subscription and redemption patterns; minimum investment criteria; and/or investment time horizons. In addition, the Investment Subadviser's Investment Committee will review allocations. Not all other affiliated entities and/or accounts managed by Investment Subadviser have the same fees and certain other affiliated entities and/or accounts managed by the Investment Subadviser may have a higher management fee than the Fund or a performance-based fee. If the fee structure of another affiliated entity and/or account is more advantageous to the Investment Subadviser than the fee structure of the Fund, the Investment Subadviser could have an incentive to favor the affiliated entity and/or account over the Fund.

The Adviser's and Investment Subadviser's personnel will devote such time as shall be reasonably necessary to conduct the business affairs of the Fund in an appropriate manner. However, the Adviser's and Investment Subadviser's personnel who work on managing the Fund may also work on other projects, including the Adviser's and Investment Subadviser's other investment funds and accounts discussed herein and other vehicles permitted by the Advisory Agreement and Investment Subadvisory Agreement.

The Adviser and Investment Subadviser and certain of their investment professionals and other principals may also carry on investment activities for their own accounts, for the accounts of family members, and for other accounts (collectively, with the other accounts advised by the Adviser, Investment Subadviser and their affiliates, "**Other Accounts**"). As a result of the foregoing, the Adviser and Investment Subadviser and the investment professionals who, on behalf of the Adviser and Investment Subadviser, will manage the Fund's investment portfolio will be engaged in substantial activities other than on behalf of the Fund, may have differing economic interests in respect of such activities and may have conflicts of interest in allocating their time and activity between the Fund and Other Accounts. There also may be circumstances under which the Adviser or Investment Subadviser will cause one or more Other Accounts to commit a larger percentage of its assets to an investment opportunity than to which the Adviser will commit the Fund's assets. There also may be circumstances under which the Adviser or Investment Subadviser will consider participation by Other Accounts in investment opportunities in which the Adviser or Investment Subadviser do not intend to invest on behalf of the Fund, or vice versa.

The Fund may co-invest with third parties through joint venture entities or other entities, including investment funds sponsored by others. The co-investment commitment may be substantial. Such investments may involve risks not present in investments in which third parties are not involved, including the possibility that a joint venture partner of the Fund may experience financial, legal or regulatory difficulties; at any time have economic or business interests or

goals which are inconsistent with those of the Fund; have a different view than the Fund as to the appropriate strategy for an investment or the disposition of an investment; or take action contrary to the Fund's investment objective. Affiliates of the Adviser or Investment Subadviser may generate origination, commitment, syndication, capital or other structuring fees which will be solely for the benefit of such affiliates and not for the benefit of the Fund.

The Adviser, the Investment Subadviser or their affiliates may pay compensation out of profits derived from the Adviser's Management Fee, the Investment Subadviser's subadvisory fee, or other resources and not as an additional charge to the Fund, to certain financial institutions (which may include banks, securities dealers and other industry professionals) for the sale and/or distribution of Fund Shares or the retention and/or servicing of Fund investors and Fund Shares ("**revenue sharing**"). These payments are in addition to any other fees described in the fee table or elsewhere in the Prospectus or SAI. Examples of "revenue sharing" payments include, but are not limited to, payments to financial institutions for "shelf space" or access to a third party platform or fund offering list or other marketing programs, including, but not limited to, inclusion of the Fund on preferred or recommended sales lists, mutual fund "supermarket" platforms and other formal sales programs; granting the Adviser, the Investment Subadviser or their affiliates access to the financial institution's sales force; granting the Adviser, the Investment Subadviser or their affiliates access to the financial institution's conferences and meetings; assistance in training and educating the financial institution's personnel; and obtaining other forms of marketing support. The level of revenue sharing payments made to financial institutions may be a fixed fee or based upon one or more of the following factors: gross sales, current assets and/or number of accounts of the Fund attributable to the financial institution, or other factors as agreed to by the Adviser or Investment Subadviser and the financial institution or any combination thereof. The amount of these revenue sharing payments is determined at the discretion of the Adviser, the Investment Subadviser or their affiliates, from time to time, may be substantial, and may be different for different financial institutions depending upon the services provided by the financial institution. Such payments may provide an incentive for the financial institution to make Shares of the Fund available to its customers and may allow the Fund greater access to the financial institution's customers.

Financial intermediaries may be subject to certain conflicts of interest with respect to the Fund. For example, the Fund, the Adviser, the Investment Subadviser, other investment funds or Portfolio Companies or investment vehicles managed or sponsored by the Adviser or Investment Subadviser may: (i) purchase securities or other assets directly or indirectly from, (ii) enter into financial or other transactions with or (iii) otherwise convey benefits through commercial activities to a financial intermediary. As such, certain conflicts of interest may exist between such persons and a financial intermediary. Such transactions may occur in the future and generally there is no limit to the amount of such transactions that may occur.

Financial intermediaries may perform investment advisory and other services for other investment entities with investment objectives and policies similar to those of the Fund. Such entities may compete with the Fund for investment opportunities and may invest directly in such investment opportunities. Financial intermediaries that invest in another investment fund or a portfolio company may do so on terms that are more favorable than those of the Fund. Financial intermediaries that act as selling agents for the Fund also may act as distributor for other investment funds in which the Fund invests and may receive compensation in connection with such activities. Such compensation would be in addition to the placement fees described above. Financial intermediaries may pay all or a portion of the fees paid to it to certain of their affiliates, including, without limitation, financial advisors whose clients purchase Shares of the Fund. Such fee arrangements may create an incentive for a financial intermediary to encourage investment in the Fund, independent of a prospective Shareholder's objectives.

A financial intermediary may provide financing, investment banking services or other services to third parties and receive fees therefore in connection with transactions in which such third parties have interests which may conflict with those of the Fund. A financial intermediary may give advice or provide financing to such third parties that may cause them to take actions adverse to the Fund. A financial intermediary may directly or indirectly provide services to, or serve in other roles for compensation for, the Fund. These services and roles may include (either currently or in the future) managing trustee, managing member, general partner, adviser, investment subadviser, distributor, broker, dealer, selling agent and investor servicer, custodian, transfer agent, fund administrator, prime broker, recordkeeper, shareholder servicer, interfund lending servicer, fund accountant, transaction (e.g., a swap) counterparty and/or lender.

In addition, issuers of securities held by the Fund may have publicly or privately traded securities in which a financial intermediary is an investor or makes a market. The trading activities of financial intermediaries generally will be

carried out without reference to positions held by the Fund and may have an effect on the value of the positions so held, or may result in a financial intermediary having an interest in the issuer adverse to the Fund. No financial intermediary is prohibited from purchasing or selling the securities of, otherwise investing in or financing, issuers in which the Fund has an interest.

A financial intermediary may sponsor, organize, promote or otherwise become involved with other opportunities to invest directly or indirectly in the Fund. Such opportunities may be subject to different terms than those applicable to an investment in the Fund through this offering, including with respect to fees and the right to receive information.

**Participation in Investment Opportunities**

Directors, principals, officers, employees and affiliates of the Adviser or Investment Subadviser may buy and sell securities or other investments for their own accounts and may have actual or potential conflicts of interest with respect to investments made on behalf of the Fund or another investment fund in which the Fund invests. As a result of differing trading and investment strategies or constraints, positions may be taken by directors, principals, officers, employees and affiliates of the Adviser or Investment Subadviser, or by the Adviser or Investment Subadviser for the Other Accounts, or any of their respective affiliates on behalf of their own other accounts that are the same as, different from or made at a different time than, positions taken for the Fund.

**Valuation Matters**

The fair value of all Private Investment Sleeve investments or of property received by the Fund in exchange for any of its Private Investment Sleeve investments will be determined by the Adviser. Accordingly, the carrying value of a Private Investment Sleeve investment may not reflect the price at which the Private Investment Sleeve investment could be sold in the market, and the difference between carrying value and the ultimate realized proceeds could be material. The valuation of Private Investment Sleeve investments can be expected to affect the amount of the Management Fee payable by the Fund. There can be situations in which the Adviser is potentially incentivized to influence or adjust the valuation of the Fund's assets. For example, the Adviser could be incentivized to employ valuation methodologies that improve the Fund's track record and increase the adjusted cost of investments used to determine the amount of Management Fees due. The Adviser has adopted valuation policies to address these potential conflicts.

**FUND EXPENSES**

The Adviser and Investment Subadviser bear all of their own costs incurred in providing investment advisory services to the Fund. The services of all investment professionals and staff of the Advisers, when and to the extent engaged in providing investment advisory and management services, and the compensation and routine overhead expenses of such personnel allocable to such services, are provided and paid for by the Advisers. The Fund bears all other costs and expenses of its operations and transactions as set forth in its Advisory Agreement with the Adviser.

**Distribution and Servicing Plan**

The Fund has adopted a Distribution and Servicing Plan with respect to Class A Shares and Class S Shares that allows such shares to pay a Distribution and Servicing Fee in connection with the ongoing servicing of shareholder accounts owning such shares at an annual rate of 0.15% on Class A Shares and Class S Shares based on the aggregate net assets of the Fund attributable to such class. The Distribution and Servicing Plan provides that the Distribution and Servicing Fee on Shares will be paid to the Distributor, which may then be used by the Distributor to compensate financial intermediaries for providing shareholder services with respect to the Shares. Because these fees are paid out of the Fund's assets on an ongoing basis over time they will increase the cost of an investment in the Shares of the Fund.

**PURCHASE OF SHARES**

**Purchasing Shares**

The Fund offers three classes of Shares on a continuous basis at the NAV per Share per applicable class. The Three classes of Shares are designated as "Class A Shares," "Class S Shares" and "Class I Shares." The Fund may offer additional classes of Shares in the future. The Fund and the Adviser has received exemptive relief to, among other things, (i) designate multiple classes of Shares; (ii) impose on certain of the classes an early withdrawal charge and schedule waivers of such; and (iii) impose class specific annual asset-based Distribution and Servicing Fees on the assets of the various classes of Shares to be used to pay for expenses incurred in fostering the distribution of the Shares of the particular class. Under the exemptive relief, the Fund and/or the Adviser is required to comply with certain regulations that would not otherwise apply.

The Fund is offering an unlimited number of Shares on a continuous basis at the NAV per share. The minimum initial investment by a Shareholder for Class A and Class S Shares is $2,000 with minimum subsequent investments of $100. The minimum initial investment by a Shareholder for Class I Shares is $1,000,000 with minimum subsequent investments of $10,000. Subsequent purchases pursuant to the DRIP are not subject to a minimum purchase amount. The Fund reserves the right to waive the investment minimum. Shares are being offered through the Distributor at an offering price equal to the Fund's then current NAV per Share of the applicable class.

The Fund or Adviser may lower or waive the minimum initial investment for the Shares, including, without limitation, for certain categories of investors, at their discretion. For instance, the Fund may permit a financial intermediary to waive the initial minimum per shareholder in the following situations: (i) broker dealers purchasing Shares for clients in broker-sponsored discretionary fee-based advisory programs, and (ii) financial intermediaries with clients of a registered investment advisor (RIA) purchasing Shares in fee-based advisory accounts with an aggregated initial investment across multiple clients which satisfies the required minimums. The Fund reserves the right to repurchase or redeem all of a Shareholder's Shares at any time if, as a result of repurchase or transfer requests by the Shareholder, the aggregate value of such Shareholder's Shares is, at the time of such compulsory repurchase or redemption, less than $2,000, in accordance with applicable federal securities laws, including the 1940 Act and the rules and regulations thereunder.

All Shares are sold at the net asset value per Share of the applicable class.

Initial and additional purchases of the Shares may be made on any Business Day. A "Business Day" means any day on which the New York Stock Exchange is open for business. Authorized financial institutions and intermediaries may purchase the Shares by placing orders with the Transfer Agent or the Fund's authorized agent. Authorized financial institutions and intermediaries may also place orders by calling 1-888-493-8631. Generally, cash investments must be transmitted or delivered in federal funds to the Fund's wire agent by the close of business on the day after the order is placed. However, in certain circumstances, the Fund, at its discretion, may allow purchases to settle (*i.e.*, receive final payment) at a later date in accordance with the Fund's procedures and applicable law. The Fund reserves the right to refuse any purchase requests, particularly those that the Fund reasonably believes may not be in the best interest of the Fund or its Shareholders and could adversely affect the Fund or its operations.

The Fund calculates its NAV per Share once each Business Day as of the close of normal trading on the NYSE (normally, 4:00 p.m. Eastern Time). So, for you to receive the current Business Day's NAV per Share, generally the Fund (or an authorized agent) must receive your purchase order in proper form before 4:00 p.m. Eastern Time. Proper form means that the Fund was provided with a complete and signed account application, as well as sufficient purchase proceeds. The Fund will not accept orders that request a particular day or price for the transaction or any other special conditions.

When you purchase the Shares through certain financial institutions, you may have to transmit your purchase, sale and exchange requests to these financial institutions at an earlier time for your transaction to become effective that day. This allows these financial institutions time to process your requests and transmit them to the Fund.

Certain other intermediaries, including certain broker-dealers and shareholder organizations, are authorized to accept purchase and redemption requests for Fund shares. These requests are executed at the next determined NAV per Share after the intermediary receives the request if transmitted to the Fund in accordance with the Fund's procedures and applicable law. These authorized intermediaries are responsible for transmitting requests and delivering funds on a timely basis.

You will have to follow the procedures of your financial institution or intermediary for transacting with the Fund. You may be charged a fee for purchasing and/or redeeming Fund shares by your financial institution or intermediary.

**Share Class Considerations**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· which Share classes are available to you;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· how much you intend to invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· how long you expect to own the Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· total costs and expenses associated with a particular class of Shares.

Each investor's financial considerations are different. You should speak with your financial adviser to help you decide which class of Shares of the Fund is best for you. Not all financial intermediaries offer all classes of Shares. In addition, financial intermediaries may charge different sales commissions, if applicable, as well as impose additional fees and charges. If your financial intermediary offers more than one class of Shares, you should carefully consider which class of Shares to purchase.

**Class A Shares**

Class A Shares will be sold at the prevailing NAV per Class S Share and are not subject to any upfront sales charge. Class A Shares are subject to a Distribution Servicing Fee at an annual rate of up to 0.15% of the average daily net assets of the Fund attributable to Class A Shares. Class A Shares may only be available through certain financial intermediaries. Because the Class A Shares of the Fund are sold at the prevailing NAV per Class A Share without an upfront sales charge, the entire amount of your purchase is available for investment immediately. However, for all accounts, Class A Shares require a minimum investment of $2,000 while subsequent investments may be made with at least $100. The Fund reserves the right to waive the investment minimum. No upfront sales load will be paid with respect to Class A Shares, however, if you buy Class A Shares through certain financial intermediaries, they may directly charge you transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine.

**Class S Shares**

Class S Shares will be sold at the prevailing NAV per Class S Share and are not subject to any upfront sales charge. Class S Shares are subject to a Distribution Servicing Fee at an annual rate of up to 0.15% of the average daily net assets of the Fund attributable to Class S Shares. Class S Shares may only be available through certain financial intermediaries. Because the Class S Shares of the Fund are sold at the prevailing NAV per Class S Share without an upfront sales charge, the entire amount of your purchase is available for investment immediately. However, for all accounts, Class S Shares require a minimum investment of $2,000 while subsequent investments may be made with at least $100. The Fund reserves the right to waive the investment minimum. No upfront sales load will be paid with respect to Class S Shares.

**Class I Shares**

Class I Shares will be sold at the prevailing NAV per Class I Share and are not subject to any upfront sales charge or Distribution and Servicing Fees. Class I Shares may only be available through certain financial intermediaries.

Because the Class I Shares of the Fund are sold at the prevailing NAV per Class I Share without an upfront sales charge, the entire amount of your purchase is available for investment immediately. However, for all accounts, Class I Shares require an initial minimum investment of $1,000,000 and a subsequent minimum investment of $10,000. The Fund reserves the right to waive the investment minimum. No upfront sales load will be paid with respect to Class I Shares.

**Converting Shares**

Investors eligible to purchase Class I Shares may convert Class A Shares and Class S Shares to Class I Shares. Class A Shares and Class S Shares will automatically convert into Class I Shares if the total sales charge would otherwise exceed the limits of FINRA Rule 2341. Class I Shares are not subject to any upfront sales charge. Class I Shares are not subject to a Distribution and Servicing Fee. For all accounts, Class I Shares require a minimum investment of $1,000,000. Investors subscribing through a given financial intermediary may have Shares aggregated to meet this minimum, so long as denominations are not less than $2,000 and incremental contributions are not less than $100. The Fund reserves the right to waive the investment minimum, as discussed above.

You can process your conversion by contacting your financial intermediary. You may also send conversion requests to the Transfer Agent by mail to Global X Management Company LLC at 240 Greenwich Street, New York, New York 10286 .

**Payments to Financial Intermediaries**

The Fund may also pay fees to financial intermediaries for sub-administration, sub-transfer agency, sub-accounting and other shareholder services associated with shareholders whose Shares are held in, as applicable, omnibus accounts, other group accounts or accounts traded through registered securities clearing agents.

The Adviser, Investment Subadviser or their affiliates, may pay additional compensation out of its own resources (i.e., not Fund assets) to certain selling agents or financial intermediaries in connection with the sale of Shares. In return for the additional compensation, the Fund may receive certain marketing advantages including access to a financial intermediaries' registered representatives, placement on a list of investment options offered by a financial intermediary, or the ability to assist in training and educating the financial intermediaries. The additional compensation may differ among selling agents or financial intermediaries in amount or in the amount of calculation. Payments of additional compensation may be fixed dollar amounts or, based on the aggregate value of outstanding Shares held by common shareholders introduced by the broker or dealer, or determined in some other manner. Payments may be one-time payments or may be ongoing payments. As a result of the various payments that financial intermediaries may receive from the Adviser, Investment Subadviser or their affiliates, the amount of compensation that a financial intermediary may receive in connection with the sale of Shares may be greater than the compensation it may receive for the distribution of other investment products. The receipt of the additional compensation by a selling broker or dealer may create potential conflicts of interest between an investor and its broker or dealer who is recommending the Fund over other potential investments. The Fund may also pay fees to financial intermediaries outside of its Distribution and Servicing Plan for sub-administration, sub-transfer agency, sub-accounting and other shareholder services associated with shareholders whose Shares are held in, as applicable, omnibus accounts, other group accounts or accounts traded through registered securities clearing agents. Additionally, the Fund may pay a Distribution and Servicing Fee to a financial intermediary 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 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 Advisers may reasonably request.

**Transfers of Shares**

No person shall become a substituted Shareholder of the Fund without the consent of the Fund, which consent may be withheld in its sole discretion. Shares held by Shareholders may be transferred only: (i) by operation of law in connection with the death, divorce, bankruptcy, insolvency, or adjudicated incompetence of the Shareholder; or (ii)

under other limited circumstances, with the consent of the Board (or its delegate) (which may be withheld in its sole discretion and is expected to be granted, if at all, only under extenuating circumstances).

Notice to the Fund of any proposed transfer must include evidence satisfactory to the Board (or its delegate) that the proposed transferee, at the time of transfer, meets any requirements imposed by the Fund with respect to investor eligibility and suitability. Notice of a proposed transfer of a Share must also be accompanied by a properly completed investor documentation in respect of the proposed transferee. In connection with any request to transfer Shares, the Fund may require the Shareholder requesting the transfer to obtain, at the Shareholder's expense, an opinion of counsel selected by the Fund as to such matters as the Fund may reasonably request. The Board (or its delegate) generally will not consent to a transfer of Shares by a Shareholder (i) unless such transfer is to a single transferee, or (ii) if, after the transfer of the Shares, the balance of the account of each of the transferee and transferor is less than the Fund's minimum account balance. Each transferring Shareholder and transferee may be charged reasonable expenses, including, but not limited to, attorneys' and accountants' fees, incurred by the Fund in connection with the transfer.

Any transferee acquiring Shares by operation of law in connection with the death, divorce, bankruptcy, insolvency, or adjudicated incompetence of the Shareholder, will be entitled to the distributions allocable to the Shares so acquired, to transfer the Shares in accordance with the terms of the Declaration of Trust and to tender the Shares for repurchase by the Fund, but will not be entitled to the other rights of a Shareholder unless and until the transferee becomes a substituted Shareholder as specified in the Declaration of Trust. If a Shareholder transfers Shares with the approval of the Board (or its delegate), the Fund shall as promptly as practicable take all necessary actions so that each transferee or successor to whom the Shares are transferred is admitted to the Fund as a Shareholder.

**Customer Identification Program**

To help the government fight the funding of terrorism and money laundering activities, federal law requires certain financial institutions to obtain, verify and record information that identifies each person that opens a new account, and to determine whether such person's name appears on government lists of known or suspected terrorists and terrorist organizations. As a result, the Fund may seek to obtain the following information for each person that opens a new account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Date of Birth (for individuals);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Residential or business street address (although post office boxes are still permitted for mailing);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Social Security number, taxpayer identification number, or other identifying information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· U.S. citizenship or residency status.

You may also be asked for a copy of your driver's license, passport or other identifying document in order to verify your identity. In addition, it may be necessary to verify your identity by cross-referencing your identification information with a consumer report or other electronic database. Additional information may be required to open accounts for corporations and other entities. If you are opening the account in the name of a legal entity (e.g., partnership, limited liability company, business trust, corporation, etc.), you may be asked to supply the identity of the beneficial owners.

Federal law prohibits certain financial institutions from opening a new account on behalf of a natural person unless they receive the minimum identifying information listed above. After an account is opened, the Fund may restrict your ability to purchase additional Shares until your identity is verified. The Fund may close your account or take other appropriate action if it is unable to verify your identity within a reasonable time. The Fund and its agents will not be responsible for any loss in an investor's account resulting from the investor's delay in providing any and all requested identifying information or from closing an account and repurchasing an investor's Shares when an investor's identity is not verified.

In addition, the Fund may be required to "freeze" your account if there appears to be suspicious activity or if account information matches information on a government list of known terrorists or other suspicious persons.

**Fund Closings**

The Fund may close at any time to new investments and, during such closings, only the reinvestment of dividends by existing Shareholders will be permitted. The Fund may re-open to new investment and subsequently close again to new investment at any time at the discretion of the Adviser. Any such opening and closing of the Fund will be disclosed to investors via a supplement to this Prospectus.

**DETERMINATION OF NET ASSET VALUE**

The Fund calculates its NAV as of the regularly scheduled close of business of the New York Stock Exchange (the "**Exchange**") (normally 4:00 p.m. Eastern time) on each day that the Exchange is open for business. Any assets or liabilities denominated in currencies other than the U.S. dollar shall be translated into U.S. dollars at the prevailing market rates on the date of valuation as quoted by one or more major banks or dealers that make a two-way market in such currencies (or a data service provider based on quotations received from such banks or dealers). The NAV of the Fund is calculated, on a class specific basis, by dividing the value of the net assets of the Fund (i.e., the value of its total assets less total liabilities) by the total number of outstanding Shares, generally rounded to the nearest cent.

In calculating the Fund's NAV, the Fund's investments for which market quotations are readily available are valued at market value. A market valuation generally means a valuation (i) obtained from an exchange or a major market maker (or dealer), (ii) based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service, or a major market maker (or dealer), or (iii) based on amortized cost, provided the amortized cost is approximately the value on current sale of the security. In the case of shares of funds (i.e., mutual funds, money market funds, and other such funds) that are not traded on an exchange, a market valuation means such fund's published NAV per share. The Fund or Adviser may use various pricing services or discontinue the use of any pricing service.

In the event that current market valuations are not readily available or such valuations do not reflect current market values, investments will be valued by using fair value pricing pursuant to pricing policy and procedures which have been approved by the Board of Trustees. The Board has designated the Adviser as the valuation designee (the "**Valuation Designee**"), subject to the oversight of the Board. As the Valuation Designee, the Adviser has established a valuation committee and adopted procedures and guidelines pursuant to which the Adviser determines the "fair value" of a security for which market quotations are not readily available or are determined to be not reflective of market value. Under these procedures, the "fair value" of a security generally will be the amount, determined by the Adviser in good faith, that the owner of such security might reasonably expect to receive upon its current sale. The valuation committee may also utilize a price obtained from a pricing service based on such pricing service's valuation matrix as the fair value of a security. The valuation committee may also consider inputs from the Sub-Adviser.

Due to the types of securities expected to be held in the Fund's Private Investments Sleeve, such investments will generally not have a readily ascertainable market price. The Fund's investments in the securities of Portfolio Companies may be based on recent transactions or the purchase price of such Portfolio Companies. Portfolio Company investments will be valued at purchase price initially but will be held at that price only so long as the Valuation Designee believes the purchase price would be the sale price of the security in an orderly transaction between market participants as determined in accordance with requirements for valuation set forth in Financial Accounting Standards Board Accounting Standards Codification Topic 820, "Fair Value Measurements and Disclosures" ("**ASC 820**"). The Fund does not typically receive capital account statements with respect to its investments in the equity of Portfolio Companies. Portfolio Companies, however, do provide the Adviser with regular reporting, including financial statements, pro forma budgets and general company updates.

In fair valuing securities of Portfolio Companies, the Adviser may take into account various factors, as relevant, as provided for in the valuation policy, which may include: (i) market comparable statistics and public trading multiples; (ii) transaction activity; (iii) pending sales and potential exit transactions; (iv) discounted cash flow analysis; (v) cost; (vi) valuations provided in connection with recent funding rounds or (vii) any other information, factor or set of factors that may affect the valuation of the Fund's investment as determined by the Adviser. The Adviser may also utilize independent third-party valuations.

Investments in Portfolio Funds are generally valued based on the latest net asset value reported by the associated Portfolio Fund Manager as a practical expedient, in accordance with ASC 820. Generally, the valuation of interests in Portfolio Funds are valued based on the valuation information provided by the Portfolio Fund Manager. Portfolio Fund Managers provide estimated net asset values or other valuation information on a periodic basis (typically, quarterly) and the information will typically be as of a date that is several months old by the time the Fund strikes its net asset value. For this reason, the Fund may apply one or more adjustments to the valuations received, which may include adjustments for cash flows received from or delivered to the Portfolio Fund after the reference date of the most recently reported net asset value. In addition, the Adviser may apply other adjustments to reflect estimated change in the fair value of the Portfolio Fund investments as compared to the date of the last reported net asset value from the

Portfolio Fund Manager, including adjustments to reflect changes to the underlying Portfolio Company, general market changes, changes to the composition of the Portfolio Fund's holdings, and such other adjustments as the Adviser deems appropriate. There can be no assurance that these adjustments will improve the accuracy of these valuations.

Notwithstanding the above, Portfolio Fund Managers may adopt a variety of valuation bases and provide differing levels of information concerning investments and there will generally be no liquid markets for such investments. Consequently, there are inherent difficulties in determining the fair value that cannot be eliminated. None of the Adviser, valuation committee or the Board will be able to independently confirm the accuracy of valuations provided by the Portfolio fund Managers (which are generally unaudited).

In addition, the Adviser may periodically conduct a due diligence review of the valuation methodology used by each Portfolio Fund. In reviewing the underlying financial statements and capital account balances, the Adviser shall consider if the net asset value, as reported by the Portfolio Fund, is calculated in a manner consistent with the measurement principles of ASC and the requirements of generally accepted accounting principles in the United States ("**U.S. GAAP**"), the currency in which the Portfolio Fund is denominated, and other information deemed appropriate. If the Adviser shall in good faith determine that a manager is not reporting fair value consistent with U.S. GAAP, the Adviser shall use best efforts to undertake its own valuation analysis using fair value principles as set forth in ASC 820 in accordance with U.S. GAAP, to determine the appropriate fair value. To the extent the Adviser is either unable to utilize the practical expedient under ASC 820, or where the Adviser determines that use of the practical expedient is not appropriate, the Adviser will make a fair value determination in accordance with the valuation policy.

Due to the inherent uncertainty in determining the fair value of investments for which market values are not readily available, 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.

Prospective investors should be aware that fair value pricing procedures are designed to result in prices for the Fund's securities and its NAV that are reasonable in light of the circumstances which make or have made market quotations unavailable or unreliable. There is no assurance, however, that fair value pricing will accurately reflect the market value of an investment.

**SHARE REPURCHASE PROGRAM**

The Fund is a closed-end investment company, and therefore no Shareholder will have the right to require the Fund to redeem its Shares. The Fund does not currently intend to list its Shares on any securities exchange and does not expect any secondary market for them to develop in the foreseeable future. Therefore, Shareholders should expect that they will be unable to sell their Shares for an indefinite time or at a desired price. No Shareholder will have the right to require the Fund to repurchase such Shareholder's Shares or any portion thereof. Shareholders may not exchange their shares of the Fund for shares of any other registered investment company. Because no public market exists for the Shares, and none is expected to develop in the foreseeable future, Shareholders will not be able to liquidate their investment, other than through the Fund's share repurchase program, or, in limited circumstances, as a result of transfers of Shares to other investors. Thus, the Shares are appropriate only as a long-term investment. In addition, the Fund's repurchase offers may subject the Fund and Shareholders to special risks.

To provide Shareholders with limited liquidity, the Fund is structured as an "interval fund" and intends to conduct quarterly offers to repurchase between 5% and 25% of its outstanding Shares at NAV, pursuant to Rule 23c-3 under the 1940 Act, unless such offer is suspended or postponed in accordance with regulatory requirements (as discussed below). In connection with any given repurchase offer, it is expected that the Fund will offer to repurchase only the minimum amount of 5% of its outstanding Shares.

The timeline below summarizes the key dates in the repurchase process:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(21 to 42 days)** | **(21 to 42 days)** | **(No more than 14 days)** | **(No more than 14 days)** | **(No more than 7 days)** | **(No more than 7 days)** |
| **Shareholder Notification** | **Repurchase Request Deadline** | **Repurchase Request Deadline** | **Repurchase Pricing Date** <br> (determine NAV at which Shares will be repurchased) | **Repurchase Pricing Date** <br> (determine NAV at which Shares will be repurchased) | **Repurchase Payment Deadline** |

---

Quarterly repurchases occur in the months of March, June, September and December, and the Fund expects to make its initial repurchase offer following the second full quarter after the effective date of the Fund's registration statement. The offer to purchase Shares on a quarterly basis is a fundamental policy that may not be changed without the vote of the holders of a majority of the Fund's outstanding voting securities (as defined in the 1940 Act). Written notification of each quarterly repurchase offer ("**Repurchase Offer Notice**") is sent to Shareholders at least 21 calendar days and no more than 42 calendar days before the Repurchase Request Deadline (i.e., the date by which Shareholders can tender their Shares in response to a repurchase offer) (the "**Repurchase Request Deadline**"). The Repurchase Offer Notice sets forth, among other items, information about the procedures by which Shareholders may tender their shares and the right of Shareholders to withdraw or modify their tenders before the Repurchase Request Deadline. The Fund will determine the NAV applicable to repurchases on the Repurchase Pricing Date. The Repurchase Pricing Date will occur no later than the 14<sup>th</sup> day after the Repurchase Request Deadline (or the next business day, if the 14th day is not a business day). The Fund expects to distribute payment to Shareholders between one and three business days after the Repurchase Pricing Date and will distribute such payment no later than seven calendar days after such Date. The Fund's NAV per Share may change materially between the date a repurchase offer is mailed and the Repurchase Request Deadline, and it may also change materially between the Repurchase Request Deadline and Repurchase Pricing Date. During the period an offer to repurchase is open, Shareholders may obtain the current NAV per Share by calling 1-888-493-8631.

Shareholders that hold Shares through a financial intermediary will need to ask their financial intermediary to submit their repurchase requests and tender shares on their behalf. The Repurchase Request Deadline will be strictly observed. If a Shareholder's repurchase request is not submitted to the Fund's transfer agent in properly completed form by the Repurchase Request Deadline, the Shareholder will be unable to sell his or her shares to the Fund until a subsequent repurchase offer, and the Shareholder's request for that offer must be resubmitted. If a Shareholder's financial adviser, broker, dealer or other financial intermediary ("**Authorized Intermediary**") will submit his or her repurchase request, the Shareholder should submit his or her request to the Authorized Intermediary in the form requested by the Authorized Intermediary sufficiently in advance of the Repurchase Request Deadline to allow the Authorized Intermediary to submit the request to the Fund. If a Shareholder's Authorized Intermediary is unable or fails to submit the Shareholder's request to the Fund in a timely manner, or if the Shareholder fails to submit his or her request to the Shareholder's Authorized Intermediary, the Shareholder will be unable to sell his or her Shares to the Fund until a subsequent repurchase offer, and the Shareholder's request for that offer must be resubmitted.

A Shareholder tendering for repurchase only a portion of the Shareholder's Shares will be required to maintain an account balance of at least $2,000 after giving effect to the repurchase. If a Shareholder tenders an amount that would cause the Shareholder's account balance to fall below the required minimum, the Fund reserves the right to repurchase or redeem all of a Shareholder's Shares at any time if the aggregate value of such Shareholder's Shares is, at the time of such compulsory repurchase or redemption, less than the minimum account balance, in accordance with applicable federal securities laws, including the 1940 Act and the rules and regulations thereunder.

The Fund intends to finance repurchase offers with cash on hand, cash from new subscriptions, or the liquidation of portfolio securities and may finance repurchase offers with cash raised through borrowings. If the Fund is required to sell its more liquid, higher quality portfolio securities to purchase Shares that are tendered, remaining common Shareholders will be subject to increased risk and increased Fund expenses as a percentage of net assets.

Shareholders who tender for repurchase Shares such that they will have been held less than one year after purchase, as of the time of repurchase, will be subject to an Early Repurchase Fee of 2.00% of the original purchase price. The Fund or its designee may waive the imposition of the Early Repurchase Fee in the following situations: (i) Shareholder death, (ii) Shareholder disability, (iii) with respect to repurchase requests submitted by discretionary model portfolio management programs (and similar arrangements); (iv) with respect to repurchase requests from feeder funds (or similar vehicles) primarily created to hold Shares, which are offered to non-U.S. persons, where such funds seek to avoid imposing such a deduction because of administrative or systems limitations; (v) pursuant to an asset allocation program, wrap fee program or other investment program offered by a financial institution where investment decisions are made on a discretionary basis by investment professionals; or (vi) pursuant to an automatic non-discretionary rebalancing program. To the extent the Fund determines to waive, impose scheduled variations of, or eliminate an early repurchase fee, it will do so consistently with the requirements of Rule 22d-1 under the 1940 Act, and the Fund's waiver of, scheduled variation in, or elimination of, the early repurchase fee will apply uniformly to all Shareholders regardless of Share class. 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. Shares acquired through the Fund's DRIP, reinvestment of dividends or capital gain distributions are not subject to an Early Repurchase Fee.

A Shareholder who tenders some but not all of its Shares for repurchase will be required to maintain a minimum account balance of $2,000. Such minimum ownership requirement may be waived by the Board, in its sole discretion. If such requirement is not waived by the Board, the Fund may redeem all of the Shareholder's Shares. To the extent a Shareholder seeks to tender all of the Shares they own and the Fund repurchases less than the full amount of Shares that the Shareholder requests to have repurchased, the Shareholder may maintain a balance of Shares of less than $2,000 following such Share repurchase.

In the event that the Adviser or any of its affiliates holds Shares in its capacity as a Shareholder, such Shares may be tendered for repurchase in connection with any repurchase offer made by the Fund, without notice to the other Shareholders.

The repurchase of Shares is subject to regulatory requirements imposed by the SEC. The Fund's repurchase procedures are intended to comply with such requirements. However, in the event that the Board determines that modification of the repurchase procedures described above is required or appropriate, the Board will adopt revised repurchase procedures as necessary to ensure the Fund's compliance with applicable regulations or as the Board in its sole discretion deems appropriate.

**Determination of Repurchase Offer Amount**

The Board, or a committee thereof, in its sole discretion, will determine the number of Shares that the Fund will offer to repurchase (the "**Repurchase Offer Amount**") for a given Repurchase Request Deadline. The Repurchase Offer Amount, however, will be no less than 5% and no more than 25% of the total number of Shares outstanding on the Repurchase Request Deadline.

If Shareholders tender for repurchase more than the Repurchase Offer Amount for a given repurchase offer, the Fund may, but is not required to, determine to increase the amount repurchased by up to 2.00% of the Fund's outstanding Shares as of the date of the Repurchase Request Deadline. In the event that the Fund determines not to repurchase more than the Repurchase Offer Amount, or if Shareholders tender more than the repurchase offer amount plus 2.00%

of the Fund's outstanding Shares as of the date of the Repurchase Request Deadline, the Fund will repurchase the Shares tendered on a pro rata basis, and Shareholders will have to wait until the next repurchase offer to make another repurchase request. However, the Fund may accept all Shares tendered for repurchase by Shareholders who own less than one hundred Shares and who tender all of their Shares, before prorating other amounts tendered.

**Repurchase Price**

The repurchase price of the shares will be the NAV of the share class as of the close of regular trading on the NYSE on the Repurchase Pricing Date. You may call 1-888-493-8631 to learn the NAV. The Repurchase Offer Notice also will provide information concerning the NAV, such as the NAV as of a recent date and information regarding how Shareholders may ascertain the NAV after of the Fund.

**Repurchase Amounts and Payment of Proceeds**

Shares tendered for repurchase by Shareholders prior to any Repurchase Request Deadline will be repurchased subject to the aggregate Repurchase Offer Amount established for that Repurchase Request Deadline. Payment pursuant to the repurchase offer will be made by check to the Shareholder's address of record, or credited directly to a predetermined bank account on the Purchase Payment Date, which will be no more than seven days after the Repurchase Pricing Date. The Board may establish other policies for repurchases of shares that are consistent with the 1940 Act, regulations thereunder and other pertinent laws.

If Shareholders tender for repurchase more than the Repurchase Offer Amount for a given repurchase offer, the Fund may, but is not required to, repurchase an additional amount of Shares not to exceed 2.00% of the outstanding Shares of the Fund on the Repurchase Request Deadline. If the Fund determines not to repurchase more than the Repurchase Offer Amount, or if Shareholders tender shares in an amount exceeding the Repurchase Offer Amount plus 2.00% of the outstanding Shares on the Repurchase Request Deadline, the Fund will repurchase the Shares on a pro rata basis. However, the Fund may accept all Shares tendered for repurchase by Shareholders who own less than one hundred Shares and who tender all of their Shares, before prorating other amounts tendered.

With respect to any required minimum distributions from an IRA or other qualified retirement plan in which Shares are held, it is the obligation of the Shareholder to determine the amount of any such required minimum distribution and to otherwise satisfy the required minimum. In the event that Shareholders tender for repurchase more than the Repurchase Offer Amount for a given repurchase offer, the Fund will repurchase the shares on a pro rata basis, which may result in the Fund not repurchasing the full amount of a required minimum distribution requested by a Shareholder.

**DESCRIPTION OF CAPITAL STRUCTURE**

*The following description is based on relevant portions of the Delaware Statutory Trust Act ("**DSTA**"), as amended, and on the Fund's 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, no par value per share. 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, and therefore generally will not be personally liable for the Fund's debts or obligations.

The Fund was organized as a Delaware statutory trust on September 21, 2023. The Fund currently offers three classes of Shares on a continuous basis: Class A Shares, Class S Shares, and Class I Shares. The Fund has received exemptive relief from the SEC that permits the Fund to issue multiple classes of Shares with different asset-based Distribution and Servicing Fees and early withdrawal fees, as applicable. An investment in any class of Shares of the Fund represents an investment in the same assets of the Fund. However, the minimum investment amounts and ongoing fees and expenses for each class of Shares are expected to be different. The estimated fees and expenses for each class of Shares are set forth in "Summary of Fund Expenses."

Shares of each class of the Fund represent an equal pro rata interest in the Fund and, generally, have identical voting, distribution, liquidation, and other rights, preferences, powers, restrictions, limitations, qualifications and terms and conditions, except that: (a) each class has a different designation; (b) each class of Shares bears any class-specific expenses; and (c) 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, and shall have exclusive voting rights on any matter submitted to shareholders that relates solely to that class.

Any additional offerings of classes of Shares will require approval by the Board. Any additional offering of classes of Shares will also be subject to the requirements of the 1940 Act, which provides that such Shares may not be issued at a price below the then-current net asset value, except in connection with an offering to existing holders of Shares or with the consent of a majority of the Fund's Shareholders.

The following table sets forth information about the Fund's outstanding Shares as of August 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Title of Class** | **Amount**<br> **Authorized** | **Amount Held**<br> **by the Fund or**<br> **for its Account** | **Amount Outstanding**<br> **Exclusive of Amount**<br> **Held by the Fund or for**<br> **its Account** |
| Class A Shares | Unlimited |  | 0 |
| Class S Shares | Unlimited |  | 0 |
| Class I Shares | Unlimited |  | 2500000 |

---

There is currently no market for the Shares, and the Fund does not expect that a market for the Shares will develop in the foreseeable future.

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

Pursuant to the Declaration of Trust, Trustees, officers or employees 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, officer or employees 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, officer or employees 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, officer or employee 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, officers and employees prior to a final determination regarding entitlement to indemnification as described in the Declaration of Trust.

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 there shall initially be one Trustee, and the initial Trustee or the Trustees then in office may from time to time establish the number of Trustees and appoint persons to fill any vacancies; provided that the Trustees shall not reduce the number of Trustees to fewer than the number of Trustees then in office. In the event that less than the majority of the Trustees holding office have been elected by the Shareholders, the Trustees then in office shall call a Shareholders' meeting for the election of Trustees.

As set forth in the Declaration of Trust, a Trustee's term of office shall continue until the earlier of a determination of incompetence by a court of appropriate jurisdiction, the election of his or her successor, or his or her death, resignation or removal. 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. 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) with or without cause at any time by a written instrument signed by at least two-thirds (2/3) of the remaining Trustees or at a meeting by action of at least two-thirds (2/3) of the remaining Trustees. Whenever there are fewer than the designated number of Trustees, until additional Trustees are elected or appointed as provided in the Declaration of Trust to bring the total number of Trustees equal to the designated number, the Trustees in office, regardless of their number, shall have all the powers granted to the Trustees and shall discharge all the duties imposed upon the Trustees by this Declaration of Trust.

**Amendment of Declaration of Trust and Bylaws**

Subject to the provisions of the 1940 Act, pursuant to the Declaration of Trust, the Board may amend 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.

**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.

**MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS**

Set forth below is a discussion of certain material U.S. federal income tax considerations applicable to the Fund and the purchase, ownership and disposition of Shares. This discussion does not purport to be complete or to deal with all aspects of U.S. federal income taxation that may be relevant to the Fund or its Shareholders. This discussion is limited to Shareholders that hold Shares as capital assets (within the meaning of the Code) and does not address certain considerations that may be relevant to certain types of holders subject to special treatment under U.S. federal income tax laws, including without limitation, tax-exempt organizations, banks and other financial institutions, insurance companies, partnerships and other pass-through entities, real estate investment trusts, RICs, dealers in securities, traders in securities that elect to use a mark-to-market method of accounting for securities holdings, pension plans and trusts, U.S. Shareholders (as defined below) whose functional currency is not the U.S. dollar, individuals who have ceased to be U.S. citizens or to be taxed as residents of the United States, controlled foreign corporations, passive foreign investment companies, Shareholders that hold Shares in connection with the conduct of a trade or business in the United States, and Shareholders that hold Shares as part of a straddle, hedging or conversion transaction. This discussion does not discuss any aspects of the U.S. federal estate or gift tax, the U.S. federal alternative minimum tax or any aspects of state, local or non-U.S. tax, nor does it discuss any tax consequences to persons required to accelerate the recognition of any item of gross income with respect to Shares as a result of such income being recognized on an applicable financial statement, and does not address owners of a Shareholder. This discussion is based upon present provisions of the Code, the U.S. Treasury regulations promulgated thereunder, judicial decisions and administrative rulings, all of which are subject to change, or differing interpretations (possibly with retroactive effect). The Fund has not sought, and will not seek, any ruling from the IRS regarding any matter discussed herein, and this discussion is not binding on the IRS. Accordingly, there can be no assurance that the IRS would not assert, and that a court would not sustain, a position contrary to any of the tax consequences discussed herein.

For purposes of this discussion, a "U.S. Shareholder" is a beneficial owner of Shares that is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a corporation, or other entity treated as a corporation for U.S. federal income tax purposes, created
or organized in or under the laws of the United States, any state thereof or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a trust, if (i) it is subject to the primary supervision of a court in the United States and one
or more U.S. persons (as defined in the Code) have the authority to control all substantial decisions of the trust or (ii) it has
made a valid election under applicable U.S. Treasury regulations to be treated as a domestic trust for U.S. federal income tax
purposes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· an estate, the income of which is subject to U.S. federal income taxation regardless of its source.

For the purposes of this discussion, a "Non-U.S. Shareholder" is a beneficial owner of Shares that is not a U.S. Shareholder and not a partnership or other entity or arrangement treated as a partnership for U.S. federal income tax purposes.

If a partnership (including an entity or arrangement treated as a partnership for U.S. federal income tax purposes) holds Shares, the tax treatment of a partner in the partnership generally will depend upon the status of the partner and the activities of the partnership. Prospective investors that are partnerships or partners in such partnerships should consult their own tax advisers with respect to the purchase, ownership and disposition of Shares.

PROSPECTIVE INVESTORS SHOULD CONSULT THEIR OWN TAX ADVISORS WITH REGARD TO THE U.S. FEDERAL TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP, OR DISPOSITION OF COMMON STOCK, AS WELL AS THE TAX CONSEQUENCES ARISING UNDER THE LAWS OF ANY STATE, FOREIGN COUNTRY OR OTHER TAXING JURISDICTION.

**Taxation of the Fund**

 

*Qualification as a RIC*. The Fund will elect to be treated, and intends to operate in a manner so as to qualify each taxable year thereafter, as a RIC under Subchapter M of the Code.

To qualify as a RIC for U.S. federal income tax purposes, the Fund generally must, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Derive in each taxable year at least 90% of its gross income from (a) dividends, interest, payments
with respect to certain securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies
or other income (including but not limited to gains from options, futures or forward contracts) derived with respect to its business
of investing in such stock, securities or currencies, or (b) net income derived from an interest in a qualified publicly traded
partnership ()"**QPTP**") (collectively, the "**90% Gross Income Test** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Diversify its holdings so that at the end of each quarter of the taxable year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· at least 50% of the value of its assets consists of cash, cash equivalents, U.S. government securities,
securities of other RICs and other securities that, with respect to any issuer, do not represent more than 5% of the value of the
Fund's assets or more than 10% of the outstanding voting securities of that issuer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· no more than 25% of the value of its assets is invested in the securities, other than U.S. government
securities or securities of other RICs, of (i) one issuer, (ii) or of two or more issuers that are controlled, as determined under
the Code, by the Fund and that are engaged in the same or similar or related trades or businesses or (iii) securities of one or
more QPTPs (collectively, the "**Diversification Tests** ").

For the purpose of determining whether the Fund satisfies the 90% Gross Income Test, the character of the Fund's distributive share of items of income, gain, losses, deductions and credits derived through any investments in any Portfolio Company that is treated as a partnership (and not as a publicly traded partnership taxable as a corporation) for U.S. federal income tax purposes, or is otherwise disregarded as an entity separate from the Fund for U.S. federal income tax purposes, generally will be determined as if the Fund realized these tax items directly. Similarly, for the purpose of determining whether the Fund satisfies the Diversification Tests, the Fund will be treated as holding a ratable portion of the assets of any such Portfolio Company directly. If the Fund does not receive sufficient information from such Portfolio Companies regarding their underlying investments and income realizations, the Fund risks failing to satisfy the 90% Gross Income Test and the Diversification Tests.

If the Fund fails to satisfy either of the Diversification Tests as of the close of any quarter, it will have 30 days to cure the failure by, for example, selling securities that are the source of the violation. Other cure provisions are available in the Code for a failure to satisfy the asset diversification test, but any such cure provision may involve the payment of a penalty excise tax.

*Taxation as a RIC*. If the Fund (i) qualifies as a RIC and (ii) distributes at least 90% of its "investment company taxable income" (as such term is defined in the Code, which generally is the Fund's net ordinary taxable income and recognized net short-term capital gain in excess of recognized net long-term capital loss, determined without regard to the dividends paid deduction) (the "**Annual Distribution Requirement**"), then the Fund will not be subject to U.S. federal income tax on the portion of its investment company taxable income and net capital gain (recognized net long-term capital gain in excess of recognized net short-term capital loss) that the Fund timely distributes (or is deemed to timely distribute) to Shareholders. The Fund will be subject to U.S. federal income tax at the regular rate applicable to corporations on any of its investment company taxable income or net capital gain not distributed (or deemed distributed) to Shareholders.

Amounts not distributed on a timely basis in accordance with a calendar year distribution requirement are subject to a nondeductible 4% U.S. federal excise tax. To avoid imposition of the excise tax, the Fund must distribute during each calendar year an amount at least equal to the sum of (i) 98% of its ordinary income (not taking into account any capital gains or losses) for the calendar year, (ii) 98.2% of its capital gains in excess of its capital losses (adjusted for

certain ordinary losses) for the one-year period ending October 31 of the calendar year, and (iii) any ordinary income and capital gains for previous years that were not distributed during those years (the "**Excise Tax Distribution Requirement**"). For these purposes, the Fund will be deemed to have distributed any income or gains on which it paid U.S. federal income tax.

Although dividends generally will be treated as distributed when paid, dividends declared in October, November or December, payable to Shareholders of record on a specified date in one of those months, and paid during the following January, will be treated as having been distributed by the Fund (and received by Shareholders) on December 31 of the year in which declared.

The Fund's use of cash to repurchase shares could adversely affect its ability to satisfy the Annual Distribution Requirement and/or the Excise Tax Distribution Requirement. The Fund could also recognize income in connection with its liquidation of portfolio securities to fund Share repurchases. Any such income would be taken into account in determining whether the Annual Distribution Requirement and the Excise Tax Distribution Requirement have been satisfied and, to the extent that additional distributions are required, could generate additional taxable income for those Shareholders receiving such additional distributions.

*Failure to Qualify as a RIC*. If the Fund, otherwise qualifying as a RIC, fails to satisfy the 90% Gross Income Test for any taxable year or the Diversification Tests for any quarter of a taxable year, the Fund may continue to be taxed as a RIC for the relevant taxable year if certain relief provisions of the Code apply (which might, among other things, require the Fund to pay certain corporate-level U.S. federal taxes or to dispose of certain assets).

If the Fund fails to qualify for treatment as a RIC in any taxable year and is not eligible for the above-mentioned relief provisions, the Fund will be subject to U.S. federal income tax on all of its taxable income at the regular U.S. federal income tax rate applicable to corporations, regardless of whether the Fund makes any distributions to Shareholders. Additionally, the Fund will not be able to deduct distributions to Shareholders, nor will distributions to Shareholders be required to be made for U.S. federal income tax purposes. Any distributions the Fund makes generally would be taxable to Shareholders as ordinary dividend income and, subject to certain limitations under the Code, would be eligible for the preferential rates applicable to qualified dividend income of individual and other non-corporate U.S. Shareholders, to the extent of the Fund's current or accumulated earnings and profits. Subject to certain limitations under the Code, U.S. Shareholders that are corporations for U.S. federal income tax purposes would be eligible for the dividends received deduction. Distributions in excess of the Fund's current and accumulated earnings and profits would be treated first as a return of capital to the extent of the Shareholder's adjusted tax basis in its Shares, and any remaining distributions would be treated as capital gain.

If the Fund fails to qualify as a RIC in any taxable year and then seeks to re-qualify as a RIC, the Fund would be required to distribute to Shareholders all earnings and profits attributable to non-RIC years, reduced by an interest charge on 50% of such earnings and profits payable by the Fund to the IRS. In addition, if the Fund fails to qualify as a RIC for more than two consecutive taxable years and then seeks to re-qualify as a RIC, the Fund would generally be required to recognize gain to the extent of any unrealized appreciation in its assets unless the Fund elects to pay U.S. corporate income tax on any such unrealized appreciation during the succeeding five-year period.

The remainder of this discussion assumes that the Fund will continuously qualify as a RIC for each taxable year.

**Nature of the Fund's Investments.**

Certain of the Fund's investment practices may be subject to special and complex U.S. federal income tax provisions that may, among other things, (i) treat dividends that would otherwise constitute qualified dividend income as ordinary dividend income, (ii) disallow, suspend or otherwise limit the allowance of certain losses or deductions, (iii) convert lower-taxed long-term capital gain into higher-taxed short-term capital gain or ordinary income, (iv) convert an ordinary loss or a deduction into a capital loss (the deductibility of which is subject to additional limitations), (v) cause the Fund to recognize income or gain without receipt of a corresponding cash payment, (vi) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur, (vii) adversely alter the characterization of certain complex financial transactions and (viii) produce income that will not be qualifying income for purposes of the 90% Gross Income Test. The Fund intends to monitor its transactions and may make certain tax elections in order

to mitigate the effects of these provisions; however, no assurance can be given that the Fund will be eligible for any such tax elections or that any elections it makes will fully mitigate the effects of these provisions.

*Investments in Pass-Through Entities*. Unless otherwise indicated, references in this discussion to the Fund's investments, activities, income, gain and loss, include both the activities, income, gain and loss of the Fund, as well as those indirectly attributable to the Fund as a result of the Fund's investment in any entity (including any Portfolio Fund) that is properly classified as a partnership or disregarded entity for U.S. federal income tax purposes (and not as an association or publicly traded partnership taxable as a corporation).

An entity treated as a partnership for U.S. federal income tax purposes in which the Fund invests may face financial difficulties that require the Fund to work out, modify or otherwise restructure its investment in such entity. Any such transaction could, depending upon the specific terms of the transaction, cause the Fund to recognize taxable income without a corresponding receipt of cash, which could affect its ability to satisfy the Annual Distribution Requirement or the Excise Tax Distribution Requirement or result in unusable capital losses and future non-cash income. Any such transaction could also result in the Fund receiving assets that give rise to non-qualifying income for purposes of the 90% Gross Income Test.

*Non-U.S. Investments, Including PFICs and CFCs*. The Fund may invest in non-U.S. securities, including shares of a Cayman Subsidiary (as defined in "—Investment Strategies— General Investment Strategy"). The Cayman Subsidiary is expected to be treated as a "controlled foreign corporation" ("**CFC**") under the Code, and the Fund as a "United States shareholder" thereof. If the Fund holds more than 10% of the shares in any foreign corporation that is treated as a CFC, including the Cayman Subsidiary the Fund will be required to include in gross income for U.S. federal income tax purposes for each taxable year of the Fund certain underlying income realizations of the CFC during the CFC's taxable year ending within the Fund's taxable year whether or not such income is actually distributed by the CFC. For the purposes of the 90% Gross Income Test, applicable Treasury regulations generally would treat the Fund's income inclusion with respect to a CFC, including the Cayman Subsidiary, as qualifying income if (i) there is a distribution out of earnings and profits of the CFC that are attributable to such income inclusion or (B) such inclusion is derived with respect to the Fund's business of investing in stock, securities, or currencies. Under these regulations the Fund expects any required inclusions with respect to an investment in a CFC to be qualifying income for the purposes of the 90% Gross Income Test; however, no assurances can be provided that the IRS would not be able to successfully assert that the Fund's income from such investments is not qualifying income, in which case the Fund would fail to qualify as a RIC under Subchapter M of the Code if over 10% of its gross income was derived from these investments.

To the extent the Fund invests in a CFC, including a Cayman Subsidiary, and is required to include income in excess of actual cash distributions from the CFC, if any, it may be required to sell assets (including when it is not advantageous to do so) to generate the cash necessary to make distributions to Shareholders in order to satisfy the Annual Distribution Requirement and/or the Excise Tax Distribution Requirement and thereby eliminate the U.S. federal income or excise tax liability at the Fund level. Required inclusions with respect to a CFC are treated as ordinary income, regardless of the character of the CFC's underlying income. The Fund's investment in a CFC will therefore potentially have the effect of accelerating the Fund's recognition of income and/or recharacterizing income otherwise eligible for preferential rates of taxation as ordinary income. If a net loss is realized by a CFC, such loss generally would not be available to offset the income earned by the Fund. In addition, the net losses incurred during a taxable year by a CFC cannot be carried forward by such CFC to offset gains realized by it in subsequent taxable years.

The Fund may invest in shares of non-U.S. corporations treated as "passive foreign investment companies" ("**PFICs**") under the Code. In general, a non-U.S. corporation is a PFIC in any taxable year in which either (i) at least 75% of its gross income is "passive income" or (ii) 50% or more of the value (generally determined on the basis of a quarterly average) of its assets is attributable to assets that produce, or are held for the production of, passive income. For this purpose, passive income generally includes dividends, interest, royalties and rents (other than rents and royalties derived in the active conduct of a trade or business and not derived from a related person).

If the Fund holds shares of a PFIC, it generally will be subject to one of the following special tax regimes: (i) the Fund may be liable for U.S. federal income tax, and an additional interest charge, on a portion of any "excess distribution" from such PFIC or any gain from the disposition of such shares, even if the entire distribution or gain is paid out by

the Fund as a dividend to its Shareholders; (ii) if the Fund were able and elected to treat a PFIC as a "qualified electing fund" or "QEF," the Fund would be required each year to include in income, and distribute to Shareholders in accordance with the Annual Distribution Requirement and Excise Tax Distribution Requirement, the Fund's pro rata share of the ordinary earnings and net capital gain of the PFIC, whether or not such earnings or gain are distributed to the Fund; or (iii) the Fund may be entitled to elect to mark-to-market annually shares of the PFIC, and in such event would be required to distribute to Shareholders any such mark-to-market gains in accordance with the Annual Distribution Requirement and the Excise Tax Distribution Requirement. The Fund intends to make the appropriate tax elections, if possible, and take any additional steps that are necessary to mitigate the effect of these rules. Under the applicable Treasury regulations discussed above in respect of CFCs, amounts included in income each taxable year by the Fund arising from a QEF election are expected to be qualifying income for the purposes of the 90% Gross Income Test if the Fund derives such income from its business of investing in stock, securities or currencies. Transactions by the Fund in foreign currencies, certain foreign currency contracts and other foreign currency-denominated securities may be subject to special provisions of the Code that, among other things, may affect the character of gains and losses realized by the Fund (i.e., may affect whether gains or losses are ordinary or capital), accelerate recognition of income to the Fund and/or defer losses. These rules could therefore affect the character, amount and timing of distributions to Shareholders. These provisions also may require the Fund to mark-to-market certain types of positions in its portfolio (i.e., treat them as if they were closed out) which may cause the Fund to recognize income without receiving cash with which to make distributions in amounts necessary to satisfy the Annual Distribution Requirement and the Excise Tax Distribution Requirement. The Fund will monitor its transactions and intends, if eligible, to make the appropriate tax elections in order to mitigate the effect of these rules so as to prevent disqualification of the Fund as a RIC and minimize the imposition of income and excise taxes. Accordingly, the Fund may be required to liquidate its investments at a time when the Adviser might not otherwise have chosen to do so.

Dividends and interest paid to the Fund in respect of its investment non-U.S. stock or securities may be subject to income, withholding or other taxes imposed by foreign countries that reduce the Fund's yield on such non-U.S. stock or securities. Tax conventions between certain countries and the U.S. may reduce or eliminate these taxes. U.S. Shareholders generally will not be eligible to claim any foreign taxes paid by the Fund as a foreign tax credit or deduction for U.S. federal income tax purposes.

**Taxation of U.S. Shareholders**

 

*Distributions*. A distribution from the Fund to U.S. Shareholders in respect of their Shares may be treated as, in whole or in part, a taxable dividend, a tax-free return of capital or a capital gain, depending on (i) whether the Fund has sufficient earnings and profits to support a dividend and (ii) the U.S. Shareholder's tax basis in the relevant Shares. A distribution paid out of the Fund's current or accumulated earnings and profits (as determined for U.S. federal income tax purposes), if any, generally will be treated as a dividend for U.S. federal income tax purposes. The amount of any distribution in excess of the Fund's current and accumulated earnings and profits, would be treated as a non-taxable return of capital to the extent, generally, of the U.S. Shareholder's basis in the Shares remaining. If the portion not treated as a dividend exceeds the U.S. Shareholder's remaining basis in the Shares, any such excess will be treated as capital gain from the sale or exchange of the Shares and subject to tax in the manner described in "—Sales and Other Dispositions of Shares" below.

Distributions by the Fund that are treated as dividends for U.S. federal income tax purposes generally are taxable to U.S. Shareholders as ordinary income or capital gains. Dividends paid in respect of the Fund's investment company taxable income generally will be taxable as ordinary income to U.S. Shareholders, whether paid in cash or reinvested in additional Shares. However, to the extent that a portion of the Fund's investment company taxable income is attributable to dividends paid by U.S. domestic corporations or certain qualified foreign corporations, U.S. Shareholders that satisfy certain holding period requirements of the Code generally may treat a ratable portion of dividends from the Fund as qualifying for, in the case of a corporate U.S. Shareholder, a 20% dividends received deduction or, in the case of a non-corporate U.S. Shareholder, the preferential rates applicable to qualified dividend income. Dividends paid in respect of the Fund's net capital gain that are properly reported by the Fund as "capital gain dividends" will be taxable to a U.S. Shareholder as long-term capital gain, regardless of the U.S. Shareholder's holding period in its Shares and regardless of whether paid in cash or reinvested in additional Shares. In the case of an individual or other non-corporate U.S. Shareholder, such capital gain dividends will be eligible for the preferential rates that apply to long-term capital gains.

The Fund may retain some or all of its net capital gain and designate the retained amount as a "deemed distribution." In that case, among other consequences, the Fund will pay tax on the retained amount and each U.S. Shareholder will be required to include its share of the deemed distribution in income as if it had been actually distributed to the U.S. Shareholder, and such U.S. Shareholder will be entitled to claim a credit equal to its allocable share of the tax paid thereon by the Fund for U.S. federal income tax purposes. The amount of the deemed distribution net of such tax will be added to the U.S. Shareholder's adjusted basis in its Shares. The amount of tax that each U.S. Shareholder will be treated as having paid, and for which it will receive a credit, may exceed the tax such U.S. Shareholder owes on the retained net capital gain. Such excess generally may be claimed as a credit against the U.S. Shareholder's other U.S. federal income tax obligations or may be refunded to the extent it exceeds the U.S. Shareholder's liability for U.S. federal income tax. A U.S. Shareholder that is not subject to U.S. federal income tax or otherwise required to file a U.S. federal income tax return would be required to file a U.S. federal income tax return on the appropriate form to claim a refund with respect to the allocable share of the taxes that the Fund has paid. For U.S. federal income tax purposes, the tax basis of Shares owned by a U.S. Shareholder will be increased by an amount equal to the excess of the amount of undistributed net capital gain included in the U.S. Shareholder's gross income over the tax deemed paid by the U.S. Shareholder as described in this paragraph. To utilize the deemed distribution approach, the Fund must provide written notice to U.S. Shareholders prior to the expiration of 60 days after the close of the relevant taxable year. The Fund cannot treat any of its investment company taxable income as a "deemed distribution." The Fund may also make actual distributions to U.S. Shareholders of some or all of its net capital gain.

If the Fund receives an allocation of certain business income from a Portfolio Company that is a partnership or other pass-through entity for U.S. federal income tax purposes, then dividends to individual and other non-corporate U.S. Shareholders attributable to such business income (as reduced by certain expenses) may be reported by the Fund as eligible for taxable years beginning before January 1, 2026 for the 20% deduction for "qualified business income" generally available to individual and other non-corporate U.S. Shareholders under the Code. In order to qualify for this deduction, non-corporate U.S. Shareholders must meet certain holding period requirements with respect to their investment in the Fund.

U.S. Shareholders who have not made an election to withdraw from the Fund's DRIP will have their cash dividends and distributions net of any applicable U.S. federal withholding tax (including any amounts withheld for which a refund is available by filing a U.S. federal income tax return) automatically reinvested in additional Shares, rather than receiving cash dividends and distributions. Any dividends or distributions reinvested under the plan will nevertheless remain taxable to U.S. Shareholders. A U.S. Shareholder will have an initial cost basis in the additional Shares purchased through the DRIP equal to the dollar amount that would have been received if the U.S. Shareholder had received the dividend or distribution in cash, unless the Fund were to issue new Shares that are trading at or above net asset value, in which case, the U.S. Shareholder's basis in the new Shares would generally be equal to their fair market value. The additional Shares will have a new holding period commencing on the day following the day on which the Shares are credited to the U.S. Shareholder's account.

For purposes of determining (i) whether the Annual Distribution Requirement is satisfied for any year and (ii) the amount of capital gains dividends paid for that year, the Fund may, under certain circumstances, elect to treat a dividend that is paid during the following taxable year as if it had been paid during the taxable year in question. If the Fund makes such an election, a U.S. Shareholder will still be treated as receiving the dividend in the taxable year in which the distribution is made. However, any dividend 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 year, will be treated as if it had been received by the Fund's Shareholders on December 31 of the year in which the dividend was declared.

If a U.S. Shareholder receives Shares in the Fund shortly before the record date of a distribution, the value of the Shares will include the value of the distribution and such U.S. Shareholder will be subject to tax on the distribution even though it economically represents a return of its investment.

Shortly after the close of each calendar year, the Fund (or its administrative agent) will provide a statement, identifying the amount and character (e.g., as ordinary dividend income, qualified dividend income or long-term capital gain) of the distributions includable in U.S. Shareholders' taxable income for such year.

*Sales and Other Dispositions of Shares*. Upon the sale, exchange or other disposition of Shares, a U.S. Shareholder will generally realize a capital gain or loss in an amount equal to the difference between the amount realized and the U.S. Shareholder's adjusted tax basis in the Shares. Such gain or loss will generally be treated as long-term capital gain or loss if the U.S. Shareholder held the Shares for more than twelve months and otherwise will be treated as short-term capital gain or loss. However, if Shares in respect of which a U.S. Shareholder has received a capital gain dividend are subsequently sold, exchanged or repurchased and the U.S. Shareholder held such Shares for six months or less, any loss realized will be treated as long-term capital loss to the extent of the capital gain dividend. In addition, the loss realized on a sale or other disposition of Shares will be disallowed to the extent a U.S. Shareholder repurchases (or enters into a contract or option to repurchase) Shares (or substantially identical property) within a period of 61 days beginning 30 days before and ending 30 days after the disposition of the Shares. This loss disallowance rule will apply to Shares received through the reinvestment of dividends pursuant to the DRIP during the 61-day period. If disallowed, the loss will be reflected in an upward adjustment to the basis of the Shares (or substantially identical property) acquired.

In general, individual and other non-corporate U.S. Shareholders are taxed at preferential rates on their net capital gain (which generally is recognized net long-term capital gain in excess of recognized net short-term capital loss). Such rates are lower than the maximum rate on ordinary income currently payable by individuals. The deductibility of capital losses is subject to limitations.

*Income from Repurchases of Shares*. A U.S. Shareholder that participates in a repurchase of Shares will, depending on such U.S. Shareholder's particular circumstances, be treated either as realizing gain or loss from the disposition of its Shares or as receiving a distribution from the Fund with respect to its Shares. Under each of these approaches, a U.S. Shareholder's realized gain or income (if any) is calculated differently. Under the "sale or exchange" approach, a U.S. Shareholder generally is allowed to recognize a taxable loss to the extent that the repurchase proceeds are less than the U.S. Shareholder's adjusted tax basis in the Shares tendered and repurchased.

In general, the tender and repurchase of Shares in the Fund should be treated as a sale or exchange of the Shares by a U.S. Shareholder if the receipt of cash:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· results in a "complete termination" of such U.S. Shareholder's ownership of Shares
in the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· results in a "substantially disproportionate" redemption with respect to such U.S.
Shareholder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· is "not essentially equivalent to a dividend" with respect to the U.S. Shareholder.

In applying each of the tests described above, a U.S. Shareholder must take into account Shares that such U.S. Shareholder constructively owns under detailed attribution rules set forth in the Code, which generally treat the U.S. Shareholder as owning Shares owned by certain related individuals and entities, and Shares that the U.S. Shareholder has the right to acquire by exercise of an option, warrant or right of conversion. U.S. Shareholders should consult their tax advisers regarding the application of the constructive ownership rules to their particular circumstances.

A sale of Shares pursuant to a repurchase of Shares by the Fund generally will result in a "complete termination" if either (i) the U.S. Shareholder owns no Shares in the Fund, either actually or constructively, after the Shares are sold pursuant to a repurchase, or (ii) the U.S. Shareholder does not actually own any Shares in the Fund immediately after the sale of Shares pursuant to a repurchase and, with respect to Shares constructively owned, is eligible to waive, and effectively waives, constructive ownership of all such Shares. U.S. Shareholders wishing to satisfy the "complete termination" test through waiver of attribution should consult their tax advisers.

A sale of Shares pursuant to a repurchase of Shares by the Fund will result in a "substantially disproportionate" redemption with respect to a U.S. Shareholder if the percentage of the then outstanding Shares actually and constructively owned by such U.S. Shareholder immediately after the sale is less than 80% of the percentage of the Shares actually and constructively owned by such U.S. Shareholder immediately before the sale and such U.S. Shareholder actually and constructively owns less than 50% of the Fund after such sale. If a sale of Shares pursuant to a repurchase fails to satisfy the "substantially disproportionate" test, the U.S. Shareholder may nonetheless satisfy the "not essentially equivalent to a dividend" test.

A sale of Shares pursuant to a repurchase of Shares by the Fund will satisfy the "not essentially equivalent to a dividend" test if it results in a "meaningful reduction" of the U.S. Shareholder's proportionate interest in the Fund. A sale of Shares that actually reduces the percentage of the Fund's outstanding Shares owned, including constructively, by such U.S. Shareholder would likely be treated as a "meaningful reduction" even if the percentage reduction is relatively minor, provided that the U.S. Shareholder's relative interest in Shares of the Fund is minimal (e.g., less than 1%) and the U.S. Shareholder does not exercise any control over or participate in the management of the Fund's corporate affairs. Any U.S. Shareholder that has an ownership position that allows some exercise of control over or participation in the management of corporate affairs will not satisfy the meaningful reduction test unless that U.S. Shareholder's ability to exercise control over or participate in management of corporate affairs is materially reduced or eliminated.

Substantially contemporaneous dispositions or acquisitions of Shares by a U.S. Shareholder or a related person that are part of a plan viewed as an integrated transaction with a repurchase of Shares may be taken into account in determining whether any of the tests described above are satisfied.

If a U.S. Shareholder satisfies any of the tests described above, the Shareholder will be treated as having engaged in a sale or exchange of the Shares and will be subject to U.S. federal income tax in the manner described in "—Sales and Other Dispositions of Shares" above.

If a U.S. Shareholder does not satisfy any of the tests described above, and therefore does not qualify for sale or exchange treatment, the U.S. Shareholder will be treated as having received a distribution from the Fund in an amount equal to the proceeds of the sale, which deemed distribution will be subject to U.S. federal income tax in the manner described in "—Distributions" above.

If the sale of Shares pursuant to a repurchase of Shares by the Fund is treated as a dividend to a U.S. Shareholder rather than as an exchange, the other Shareholders, including any non-tendering Shareholders, could be deemed to have received a taxable stock distribution if such Shareholder's interest in the Fund increases as a result of the repurchase. This deemed distribution would be treated as a dividend to the extent of current or accumulated earnings and profits allocable to it. A proportionate increase in a U.S. Shareholder's interest in the Fund will not be treated as a taxable distribution of Shares if the distribution qualifies as an isolated redemption of Shares as described in Treasury regulations. All Shareholders are urged to consult their tax advisers about the possibility of deemed distributions resulting from a repurchase of Shares by the Fund.

*Net Investment Income Tax*. Individual and other non-corporate U.S. Shareholders (other than certain trusts) are subject to an additional 3.8% surtax on the lesser of (i) the U.S. Shareholder's "net investment income" for a taxable year and (ii) the excess of the U.S. Shareholder's modified adjusted gross income for the taxable year over an applicable dollar threshold. In the case of an individual, this threshold is $200,000 (or $250,000 in the case of married individuals filing a joint U.S. federal income tax return). In the case of a trust or estate, this threshold is the dollar amount at which the highest U.S. federal income tax bracket applicable to trusts and estates begins for such taxable year. For these purposes, "net investment income" generally includes taxable distributions and deemed distributions paid with respect to Shares, and net gain attributable to the disposition of Shares (in each case, unless the Shares are held in connection with certain trades or businesses), but will be reduced by any deductions properly allocable to these distributions or this net gain.

*Backup Withholding*. The Fund may be required to withhold from all distributions and redemption proceeds payable to U.S. Shareholders who fail to provide the Fund with their correct taxpayer identification numbers or to make required certifications, or who have been notified by the IRS that they are subject to backup withholding. Certain U.S. Shareholders specified in the Code generally are exempt from such backup withholding. This backup withholding is not an additional tax. Any amounts withheld may be refunded or credited against the U.S. Shareholder's U.S. federal income tax liability, provided the required information is timely furnished to the IRS.

*Tax Shelter Reporting Regulations*. Under U.S. Treasury regulations, if a U.S. Shareholder recognizes a loss with respect to Shares in the Fund in excess of $2 million or more (in the case of an individual or other non-corporate U.S. Shareholder) or $10 million or more (in the case of a corporate U.S. Shareholder) in any single taxable year, such U.S. Shareholder must file with the IRS a disclosure statement on Form 8886. Direct shareholders of "portfolio securities" in many cases are excepted from this reporting requirement, but, under current guidance, equity owners of a RIC are

not excepted. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Significant monetary penalties apply to a failure to comply with this reporting requirement. States may also have a similar reporting requirement. U.S. Shareholders should consult their tax advisers to determine the applicability of these regulations in light of their individual circumstances.

**Taxation of Tax-Exempt Shareholders.**

As a RIC, the Fund will be classified as a corporation for U.S. federal income tax purposes. Under current law, amounts of income realized by the Fund that would be treated as unrelated business taxable income ("**UBTI**") if realized by a tax-exempt Shareholder directly generally will not be attributed to the Fund's tax-exempt Shareholders (including, among others, 401(k) accounts, Keogh plans, pension plans and certain charitable entities). Notwithstanding the foregoing, a tax-exempt Shareholder could realize UBTI by virtue of its investment in Shares if such tax-exempt Shareholder borrows to acquire its Shares.

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

Distributions of investment company taxable income to Non-U.S. Shareholders (other than U.S.-source interest income and recognized net short-term capital gains in excess of recognized long-term capital losses, which generally will be free of withholding as discussed in the following paragraph) generally will be subject to U.S. federal withholding tax at a 30% rate (or lower rate provided by an applicable treaty) to the extent if they are treated as dividends paid from the Fund's current or accumulated earnings and profits (as discussed above under "—Taxation of U.S. Shareholders—Distributions"), unless the distributions are effectively connected with the conduct of a trade or business by a Non-U.S. Shareholder in the United States. If the distributions are effectively connected with a U.S. trade or business of a Non-U.S. Shareholder, and, if required by an applicable income tax treaty, attributable to a permanent establishment in the United States, the distributions will be subject to U.S. federal income tax at the rates applicable to U.S. Shareholders, and the Fund will not be required to withhold U.S. federal income tax if the Non-U.S. Shareholder complies with applicable certification and disclosure requirements.

Properly-designated dividends received by a Non-U.S. Shareholder generally are exempt from U.S. federal withholding tax when they are paid in respect of (i) the Fund's "qualified net interest income" (generally, the Fund's U.S.-source interest income, other than certain contingent interest and interest from obligations of a corporation or partnership in which the Fund is at least a 10% shareholder, reduced by expenses that are allocable to such income), or (ii) the Fund's "qualified short-term capital gains" (generally, the excess of the Fund's net short-term capital gain over its long-term capital loss for such taxable year). In order to qualify for these exemptions from withholding, a Non-U.S. Shareholder must comply with applicable certification requirements relating to its non-U.S. status (including, in general, furnishing an applicable IRS Form W-8 or an acceptable substitute or successor form). In certain circumstances, it may not be possible to determine whether withholding is required on a particular distribution at the time the distribution is made, in which case the Fund may withhold from the distribution, and the Non-U.S. Shareholder may be required to file a U.S. federal income tax return in order to obtain a refund of any excess withholding (and the amount of any withholding would not be treated as reinvested pursuant to the DRIP). In the case of Shares held through an intermediary, the intermediary may withhold even if the Fund designates the payment as qualified net interest income or qualified short-term capital gain. Non-U.S. Shareholders should contact their tax advisers and intermediaries with respect to the application of these rules to their accounts.

Actual or deemed distributions of the Fund's net capital gain to a Non-U.S. Shareholder, and gains recognized by a Non-U.S. Shareholder upon the sale or other disposition of Shares, generally will not be subject to U.S. federal income tax unless the distributions or gains, as the case may be, are effectively connected with a U.S. trade or business of the Non-U.S. Shareholder (and, if an income tax treaty applies, are attributable to a permanent establishment maintained by the Non-U.S. Shareholder in the United States,) or, in the case of an individual Non-U.S. Shareholder, such individual was present in the United States for 183 days or more during the taxable year and certain other conditions are met. In the case of a redemption of Shares by the Fund, a Non-U.S. Shareholder generally will not be subject to U.S. federal income tax on the proceeds if such redemption qualifies for sale or exchange treatment as discussed above under "—Taxation of U.S. Shareholders—Income from Repurchases of Shares."

If the Fund distributes its net capital gain 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 Non-U.S. Shareholder's

allocable share of the corporate-level tax the Fund pays on the amount of net capital gain deemed to have been distributed. However, in order to obtain the refund, the Non-U.S. Shareholder must obtain a U.S. taxpayer identification number and file a U.S. federal income tax return even if the Non-U.S. Shareholder would not otherwise be required to obtain a U.S. taxpayer identification number or file a U.S. federal income tax return.

For corporate Non-U.S. Shareholders, distributions and gains recognized upon the sale or other disposition of Shares that are effectively connected to a U.S. trade or business may, under certain circumstances, be subject to an additional branch profits tax at a 30% rate (or lower rate if provided for by an applicable treaty).

A Non-U.S. Shareholder may be subject to information reporting and backup withholding of U.S. federal income tax on dividends unless the Non-U.S. Shareholder provides the Fund (or its administrative agent) with an applicable IRS Form W-8 (or an acceptable substitute or successor form) or otherwise meets documentary evidence requirements for establishing that it is a Non-U.S. Shareholder or otherwise establishes an exemption from backup withholding.

The tax consequences to a Non-U.S. Shareholder entitled to claim the benefits of an applicable income tax treaty may differ from those described herein. An investment in Shares may have adverse tax consequences as compared to a direct investment in the assets in which the Fund will invest. Non-U.S. Shareholders should consult their tax advisers with respect to the U.S. federal income and withholding tax, and state, local and non-U.S. tax consequences of an investment in Shares, including applicable tax reporting requirements.

*Additional Withholding Requirements*. Under Sections 1471 through 1474 of the Code (such Sections commonly referred to as "**FATCA**"), a 30% U.S. federal withholding tax may apply to any dividends that the Fund pays to (i) a "foreign financial institution" (as specifically defined in the Code), whether such foreign financial institution is the beneficial owner or an intermediary, unless such foreign financial institution agrees to verify, report and disclose its "United States account" holders (as specifically defined in the Code) and meets certain other specified requirements or (ii) a non-financial foreign entity, whether such non-financial foreign entity is the beneficial owner or an intermediary, unless such entity provides a certification that the beneficial owner of the payment does not have any substantial U.S. owners or provides the name, address and taxpayer identification number of each such substantial U.S. owner and certain other specified requirements are met. In certain cases, the relevant foreign financial institution or non-financial foreign entity may qualify for an exemption from, or be deemed to be in compliance with, these rules. In addition, foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may be subject to different rules. Prospective investors should consult their own tax advisers regarding FATCA and whether it may be relevant to their ownership and disposition of Shares.

**CERTAIN ERISA CONSIDERATIONS**

Each prospective investor that is, or is acting on behalf of, any (i) "employee benefit plan" (within the meaning of Section 3(3) of the U.S. Employee Retirement Income Security Act of 1974, as amended ("**ERISA**") which is subject to Title I of ERISA, (ii) "plan" described in Section 4975(e)(1) of the U.S. Internal Revenue Code of 1986, as amended (the "**Code**"), which is subject to Section 4975 of the Code (including, without limitation, "Keogh" plan), (iii) plan, account or other arrangement that is subject to provisions under any other U.S. or non-U.S. federal, state, local or other laws or regulations that are similar to the fiduciary responsibility and/or prohibited transaction provisions of Title I of ERISA or Section 4975 of the Code (collectively, "**Other Plan Laws**"), or (iv) entity whose underlying assets are considered to include the assets of any of the foregoing described in clauses (i), (ii) or (iii), pursuant to ERISA or other applicable law (each of the foregoing described in clauses (i), (ii), (iii) and (iv) referred to herein as a "**Plan**"), must independently determine that our Shares are an appropriate investment, taking into account its obligations under ERISA, the Code and applicable Other Plan Laws.

**General Fiduciary Matters**

ERISA and the Code impose certain duties on persons who are fiduciaries of a Plan which is a "benefit plan investor" (defined below) (a "**Benefit Plan Investor**") and prohibit certain transactions involving the assets of a Benefit Plan Investor and its fiduciaries or other interested parties. Under ERISA and the Code, any person who exercises any discretionary authority or control over the administration of a Benefit Plan Investor or the management or disposition of the assets of a Benefit Plan Investor, or who renders investment advice for a fee or other compensation to a Benefit Plan Investor, is generally considered to be a fiduciary of the Benefit Plan Investor. The term Benefit Plan Investor is defined under ERISA to include any (a) "employee benefit plan" (as defined in section 3(3) of ERISA) subject to the fiduciary responsibility and prohibited transaction provisions of Title I of ERISA, (b) "plan" as defined in section 4975(e)(1) of the Code subject to Section 4975 of the Code, and (c) entity whose underlying assets include plan assets by reason of such an employee benefit plan's or plan's investment in the entity (e.g., an entity of which 25% or more of the total value of any class of equity interests is held by Benefit Plan Investors and which does not satisfy another exception under ERISA).

In contemplating an investment in the Fund, each fiduciary of a Plan who is responsible for making such an investment should carefully consider, taking into account the facts and circumstances of the Plan, whether such investment is consistent with the applicable provisions of ERISA, the Code and any Other Plan Law relating to a fiduciary's duties to the Plan including, without limitation, the prudence, diversification, delegation of control and prohibited transaction provisions of ERISA, the Code and any other applicable Other Plan Laws. Furthermore, absent an exemption, the fiduciaries of a Plan should not invest in the Fund with the assets of any Plan if the Fund, the Adviser or any of their respective affiliates is a fiduciary with respect to such assets of the Plan.

**Prohibited Transaction Issues**

Section 406 of ERISA and Section 4975 of the Code prohibit Benefit Plan Investors from engaging in specified transactions involving plan assets with persons or entities who are "parties in interest," within the meaning of ERISA, or "disqualified persons," within the meaning of Section 4975 of the Code, unless an exemption is available. A party in interest or disqualified person who engaged in a non-exempt prohibited transaction may be subject to excise taxes and other penalties and liabilities under ERISA and the Code. In addition, the fiduciary of the Benefit Plan Investor that engaged in such a non-exempt prohibited transaction may be subject to penalties and liabilities under ERISA and the Code. The fiduciary of a Benefit Plan Investor that proposes to purchase or hold any Shares should consider, among other things, whether such purchase and holding may involve the sale or exchange of any property between a Benefit Plan Investor and a party in interest or disqualified person, or the transfer to, or use by or for the benefit of, a party in interest or disqualified person, of any plan assets. Depending on the satisfaction of certain conditions which may include the identity of the Benefit Plan Investor fiduciary making the decision to acquire or hold the Shares on behalf of a Benefit Plan Investor, Prohibited Transaction Class Exemption ("**PTCE**") 91-38 (relating to investments by bank collective investment funds), PTCE 84-14 (relating to transactions effected by a "**qualified professional asset manager**"), PTCE 95-60 (relating to investments by an insurance company general account), PTCE 96-23 (relating to transactions directed by an in-house asset manager) or PTCE 90-1 (relating to investments by insurance company pooled separate accounts), could provide an exemption from the prohibited transaction provisions of ERISA and Section 4975 of the Code. However, there can be no assurance that any of the foregoing exemptions or any other class,

administrative or statutory exemption will be available with respect to any particular transaction involving the Shares. It is also possible that one of these exemptions could apply to some aspect of the acquisition or holding of such Shares, but not apply to some other aspect of such acquisition or holding. Each of the above-noted exemptions contains conditions and limitations on its application. Fiduciaries of a Benefit Plan Investor considering acquiring and/or holding our Shares in reliance on these or any other exemption should carefully review the exemption in consultation with their legal advisors to assure it is applicable. There can be no assurance that all of the conditions of any such exemptions will be satisfied.

**Plan Asset Issues**

An additional issue concerns the extent to which the Fund or all or a could themselves be treated as subject to the fiduciary responsibility and prohibited transaction provisions of Title I of ERISA and Section 4975 of the Code. Under ERISA and the regulations promulgated thereunder by the U.S. Department of Labor (the "**DOL**"), as modified by Section 3(42) of ERISA (the "**Plan Asset Regulations**"), when a Benefit Plan Investor acquires an equity interest of an entity that is neither a "publicly-offered security" (within the meaning of the Plan Asset Regulations) nor a security issued by an investment company registered under the 1940 Act, the Benefit Plan Investor's assets include both the equity interest and an undivided interest in each of the entity's underlying assets, unless it is established that the entity is an "operating company" or that equity participation in the entity by Benefit Plan Investors is not "significant" (each within the meaning of the Plan Asset Regulations). 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 Benefit Plan Investor 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, the Adviser will not be considered a "fiduciary" (within the meaning of ERISA or the Code) subject to the fiduciary responsibility or prohibited transactions of Title I of ERISA or the Code by reason of the Adviser's authority with respect to the Fund.

**Other Plans**

Plans that are governmental plans (as defined in Section 3(32) of ERISA), certain church plans (as defined in Section 3(33) of ERISA) and non-U.S. plans (as described in Section 4(b)(4) of ERISA) may not be subject to the fiduciary responsibility or prohibited transaction rules of ERISA or Section 4975 of the Code, but may be subject to Other Plan Laws which may affect their investment in our Shares. Fiduciaries of any such Plans should consult with their legal advisors in connection with an investment in any class of our Shares.

**Representation**

By acquiring Shares, each Shareholder will be deemed to have represented and warranted that (a) either (i) the Shareholder is not, and is not investing on behalf of, any Plan or (ii) the purchase and holding of the Shares by such Shareholder will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation under any applicable Other Plan Laws and (b) and each person causing such Benefit Plan to invest in the Fund) the Shareholder and each fiduciary responsible for such Plan's investment in the Fund (including in its individual or corporate capacity, as may be applicable), are aware of and understand the Fund's investment objective, policies and strategies, that the decision to invest Plan assets in the Fund was made with appropriate consideration of relevant investment factors with regard to the Plan and is consistent with the duties and responsibilities imposed upon fiduciaries with regard to their investment decisions under ERISA, the Code and Other Plan Laws, as applicable to the Plan.

In addition, by acquiring Shares of the Fund, each Shareholder acknowledges and agrees that: (i) any information provided by the Fund, the Adviser or any of their respective affiliates (including information set forth in the Prospectus and this SAI) is not a recommendation to invest in the Fund and that none of the Fund, the Adviser or any of their respective affiliates is undertaking to provide any investment advice to the Shareholder (impartial or otherwise), or to give advice to the Shareholder in a fiduciary capacity in connection with an investment in the Fund and, accordingly, no part of any compensation received by the Adviser or any of its affiliates is for the provision of investment advice to the Shareholder; and (ii) the Adviser and its affiliates have a financial interest in the Shareholder's investment in the Fund on account of the fees and other compensation they expect to receive from the Fund as disclosed in this SAI, the Prospectus, the Declaration of Trust and the other documents governing the Fund.

**Reporting of Indirect Compensation**

Under ERISA's general reporting and disclosure rules, certain Benefit Plan Investors subject to Title I of ERISA are required to file annual reports (Form 5500) with the DOL regarding their assets, liabilities and expenses. To facilitate compliance with these requirements it is noted that the descriptions contained in this SAI and in the Prospectus of fees and compensation to the extent they constitute reportable indirect compensation, such descriptions are intended to satisfy the disclosure requirements for the alternative reporting option for "eligible indirect compensation," as defined for purposes of Schedule C to Form 5500.

**Each Plan investor is advised to contact its own legal and financial advisors and other fiduciaries unrelated to the Adviser, the Fund and any of their respective affiliates about whether an investment in our Shares, or any decision to continue to hold, transfer or provide any consent with respect to any such Shares, may be appropriate for the Plan's circumstances. Prospective investors should not construe the contents of this this SAI, the Prospectus or any communications from the Advisor, the Fund, or any of our or their respective affiliates as a recommendation with respect to our Shares that is based on any prospective investor's particular needs or individual circumstances, and neither this SAI or the Prospectus nor any such communications should be relied upon by any prospective investor as intended to advance such prospective investor's best interest.**

**ANTI-TAKEOVER PROVISIONS AND CERTAIN OTHER PROVISIONS IN THE DECLARATION OF TRUST**

**Anti-Takeover Provisions**. The Declaration of Trust includes provisions that could have the effect of limiting the ability of other entities or persons to acquire control of the 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. Subject to the provisions of Section 16 of the 1940 Act, the Trustees are elected for indefinite terms and do not stand for reelection. A Trustee may be removed from office with or without cause at any meeting of Shareholders by a vote of two-thirds of the outstanding shares of the Trust, or with or without cause at any time by written instrument signed by at least two-thirds of the remaining Trustees, specifying the date when such removal shall become effective. 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 asset, or liquidation. Reference should be made to the Declaration of Trust on file with the SEC for the full text of these provisions.

**Jurisdiction and Waiver of Jury Trial**. The Declaration of Trust provides that each Shareholder agrees that any action commenced (i) directly against (x) the Trust or a Class thereof, (y) its Trustees, officers, or employees, related to, arising out of or concerning the Trust, is business or operations, and/or (z) otherwise related to, arising out of or concerning the Trust, its business or operations or (ii) derivatively in the right or name of, or on behalf of the Trust or a Class thereof, shall be brought only in the U.S. District Court for the District of Delaware, or if such action may not be brought in that court, then such action shall be brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other court in the State of Delaware with subject matter jurisdiction. The exclusive jurisdiction provision limits a shareholder's ability to litigate a claim in a jurisdiction that may be more favorable and convenient to the shareholder. It may also make it more expensive for a shareholder to bring a suit. Notwithstanding the foregoing, however, such provision shall not apply to any claims arising under U.S. federal securities law. Each shareholder irrevocably waives any and all rights to trial by jury in any such claim, suit, action or proceeding.

Notwithstanding anything to the contrary in the Declaration of Trust or Bylaws, the Fund 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 Fund.

**Derivative Actions and Direct Actions**

The Declaration of Trust provides that a Shareholder may bring a derivative or similar action on behalf of the Fund only if the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Shareholder was a Shareholder of the Fund or of the affected class on behalf of or in the
right or name of which the action is proposed to be brought, at the time of the action or failure to act complained of, or acquired
the Shares afterwards by operation of law from a person who was a Shareholder at that time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Shareholder was a Shareholder of the Fund or the affected class at the time the demand required
by paragraph (iii) below was made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Prior to the commencement of the derivative action, the Shareholders have made a written demand
on the Board requesting that the Board cause the Fund to file the action itself on behalf of the Fund or the affected class, which
demand (A) shall be executed by or on behalf of no fewer than three Shareholders, each of which shall be unaffiliated and unrelated
(by blood or by marriage) to any other Shareholder executing such written demand; and (B) shall include at least the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. a detailed description of the action or failure to act complained of, the facts upon which each
such allegation is made and the reasonably estimated damages or other relief sought;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. a statement to the effect that the Shareholders believe in good faith that they will fairly and
adequately represent the interests of similarly situated Shareholders in enforcing the right of the Fund or the affected class
and an explanation of why the Shareholders believe that to be the case;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. a certification that the requirements of subparagraphs (a) and (b) of this paragraph (iii) have
been met, as well as information and documentation reasonably designed to allow the Board to verify that certification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. a list of all other derivative or class actions in which any of the Shareholders is or was a named
plaintiff, the court in which such action was filed, the date of filing, the name of all counsel to any plaintiffs and the outcome
or current status of such actions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. a certification by each Shareholder of the number of Shares of the Fund or the affected class owned
beneficially or of record by such Shareholder at the time set forth in paragraphs (i) and (ii) above and an undertaking by each
Shareholder that such Shareholder will be a Shareholder of the Fund or the affected class as of the commencement of and throughout
the derivative action, and that during such period each Shareholder will notify the Fund in writing of any sale, transfer or other
disposition by the Shareholders of any such Shares within three business days thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. an acknowledgment of that the Shareholder will be responsible for a rejected demand and that the
Fund will be responsible for attorneys' fees and legal expenses only if required by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Shareholders who held (or subsequently acquired in accordance with paragraph (i) above) Shares
of the affected classes at the times specified in paragraphs (i) and (ii) above and who own, at the commencement of the derivative
action, Shares representing at least ten percent (10%) of the outstanding Shares of the Fund or the affected class must join in
initiating the derivative action; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) A copy of the proposed derivative complaint must be served on the Fund, assuming the requirements
of paragraphs (i) through (iv) above have already been met and the derivative action has not been barred in accordance with the
provisions below.

The Board has a 90-day review period, subject to extension in certain circumstances, to evaluate the Shareholder's demand. If the Fund does not notify the requesting Shareholder of the rejection of the demand within the applicable review period, the Shareholder may commence a derivative action.

A Trustee otherwise independent for purposes of considering the demand shall not be considered not to be independent solely by virtue of (i) the fact that such Trustee receives remuneration for his service as a Trustee of the Fund or as a trustee or director of one or more investment companies with the same or an affiliated investment adviser or underwriter, (ii) the amount of such remuneration, (iii) the fact that such Trustee was identified in the demand as a potential defendant or witness, or (iv) the fact that the Trustee approved the act being challenged in the demand if the act resulted in no material personal benefit to the Trustee or, if the Trustee is also a Shareholder, no material personal benefit that is not shared pro rata with other Shareholders.

The Declaration of Trust provides that if the Trustees who are independent for purposes of considering a Shareholder demand determine in good faith within the applicable review period that the maintenance of a derivative action is not in the best interest of the Fund, the Shareholder may not maintain a derivative action unless the Shareholder first sustains the burden of proof to the court that the decision of the Trustees not to pursue the requested action was not a good faith exercise of their business judgment on behalf of the Fund.

These procedures may be more restrictive than procedures for bringing derivative suits applicable to other investment companies. Notwithstanding the foregoing, however, such provision shall not apply to any claims arising under U.S. federal securities law.

**DISSOLUTION AND LIQUIDATION**

The Fund may be dissolved upon approval of three-quarters the Trustees. Upon the liquidation of the Fund, its assets will be distributed first to satisfy (whether by payment or the making of a reasonable provision for payment) all charges, taxes, expenses and liabilities, whether due or anticipated, the Fund will reduce its remaining assets to distributable form in cash or other securities, and distribute the proceeds to Shareholders proportionately in accordance with the amount of Shares that they own.

**FISCAL YEAR; REPORTS**

For accounting purposes, the Fund's fiscal year and tax year 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.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

[ ], located at [ ], serves as the independent registered public accounting firm for the Fund and in such capacity audits the Fund's annual financial statements and provides other audit, tax and related services.

**LEGAL COUNSEL**

The Fund has engaged Simpson Thacher & Bartlett LLP, located at 900 G Street, N.W., Washington, D.C. 20001 to serve as the Fund's legal counsel. Morris, Nichols, Arsht & Tunnell LLP, Wilmington, Delaware, acts as special Delaware counsel to the Fund.

**INQUIRIES**

Inquiries concerning the Fund and the Shares (including procedures for purchasing Shares) should be directed to: +1 (888) 493-8631.

**The information in this Statement of Additional Information is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. The 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.**

**PRELIMINARY STATEMENT OF ADDITIONAL INFORMATION**

**SUBJECT TO COMPLETION, DATED NOVEMBER 20, 2025**

**STATEMENT OF ADDITIONAL INFORMATION**

**_____ __, 2025**

**GLOBAL X VENTURE FUND**

**CLASS A SHARES (GXVAX)**

**CLASS S SHARES (GXVSX)**

**CLASS I SHARES (GXVIX)**

The Global X Venture 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 that operates as an interval fund. The Fund currently offers three classes of shares of beneficial interest (the "**Shares**") to investors eligible to invest in the Fund. The Fund has a limited operating history and commenced investment operations on June 17, 2025. The Fund's investment objective is to seek long-term capital appreciation. There can be no assurance that the Fund will achieve its investment objective.

This Statement of Additional Information (this "**Statement of Additional Information**") is not a prospectus and is authorized for distribution to prospective investors only if preceded or accompanied by the Prospectus. This Statement of Additional Information should be read in conjunction with the Prospectus which is dated [______ __], 2025. Copies of the Prospectus may be obtained upon request and without charge by writing to the Fund at Global X Management Company LLC, 605 Third Avenue, 43<sup>rd</sup> Floor, New York, New York 10158, or by calling toll-free 1-888-493-8631 or by accessing the Fund's website at [www.__________]. 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, is also available on the U.S. Securities and Exchange Commission's (the "**SEC**") website at http://www.sec.gov.

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

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **<u>Page</u>** |
| [GENERAL DESCRIPTION OF THE FUND](#x1_c113905b001) | 1 |
| [INVESTMENT OBJECTIVE, PRACTICES AND RISKS](#x1_c113905b002) | 2 |
| [INVESTMENT RESTRICTIONS](#x1_c113905b003) | 10 |
| [TRUSTEES AND OFFICERS OF THE FUND](#x1_c113905b004) | 14 |
| [MANAGEMENT](#x1_c113905b005) | 18 |
| [CODE OF ETHICS](#x1_c113905b006) | 22 |
| [BROKERAGE ALLOCATION AND OTHER PRACTICES](#x1_c113905b007) | 23 |
| [REPURCHASE OFFERS](#x1_c113905b008) | 24 |
| [PROXY VOTING POLICY AND PROXY VOTING RECORD](#x1_c113905b009) | 25 |
| [CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES](#x1_c113905b010) | 26 |
| [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#x1_c113905b011) | 27 |
| [LEGAL COUNSEL](#x1_c113905b012) | 28 |
| [FINANCIAL STATEMENTS](#x1_c113905b013) | 29 |

---

i

**GENERAL DESCRIPTION OF THE FUND**

The Fund is a continuously offered, non-diversified, closed-end management investment company which operates as an "interval fund." 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 many closed-end funds, which typically list their shares on a securities exchange, the Fund does not currently intend to list its 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. To provide some liquidity to holders of Shares (the "**Shareholders**"), the Fund will be structured as an "interval fund" and conduct quarterly repurchase offers for a limited amount of the Fund's Shares (expected to be 5% of the Fund's Shares outstanding). The Fund is classified as a non-diversified management investment company under the Investment Company Act of 1940, as amended ("**1940 Act**"), and, as a result, is not required to meet certain diversification requirements under the 1940 Act. The Fund was organized as a Delaware statutory trust on September 21, 2023.

The Fund has received an exemptive order from the SEC that permits the Fund to offer multiple classes of Shares. The Fund is offering three classes of Shares designated as Class A, Class S and Class I Shares. Each class of Shares is subject to different fees and expenses. The Fund may also offer Shares to certain feeder vehicles created to hold the Fund's Shares. The Fund may offer additional classes of Shares in the future.

The investment adviser to the Fund is Global X Management Company LLC ("**Global X**" or the "**Adviser**"), an investment adviser registered with the U.S. Securities and Exchange Commission (the "**SEC**") under the Investment Advisers Act of 1940, as amended (the "**Advisers Act**"). Global X is a Delaware limited liability company and a wholly-owned subsidiary of Mirae Asset Global Investments Co., Ltd. ("**Mirae Global**"). The Adviser has engaged Mirae Asset Global Investments (USA) LLC ("**Mirae**" or the "**Investment Subadviser**" and, together with the Adviser, the "**Advisers**"), an investment adviser registered with the SEC under the Advisers Act, to serve as investment subadviser to the Fund and identify investment opportunities for the Fund. The Fund's assets will primarily be invested in the Fund's Private Investments Sleeve with the remainder of the Fund's assets invested in the Fund's Liquid Investment Sleeve. The Investment Subadviser will be responsible for the day-to-day management of the Private Investments Sleeve and Liquid Investment Sleeve, subject to the supervision of the Adviser. Within the "**Private Investments Sleeve**," the Fund will invest, under normal circumstances, primarily in domestic and foreign equity securities including common stocks, preferred stocks, partnership interests, securities convertible into any of the foregoing, other equity investments or ownership interests in early-, medium- and late-stage private companies across multiple emerging sectors that the Advisers believe are poised to experience high growth (collectively, "**Portfolio Companies**"). The Fund generally seeks to invest in primary offerings (direct investments in newly issued securities of Portfolio Companies) and secondary offerings (acquisitions of existing securities from current shareholders) of Portfolio Companies. The Fund may gain indirect exposure to Portfolio Companies by investing in private funds, including private equity funds, hedge funds and venture capital funds, holding vehicles or other investment vehicles, including single-asset special purpose vehicles ("**SPVs**"), managed by third-party managers (collectively, "**Portfolio Funds**"). The "**Liquid Investment Sleeve**" consists of investments in cash and/or cash equivalents such as high-quality, short-term debt and fixed income securities, money market instruments, affiliated and unaffiliated exchange traded funds ("**ETFs**") and other listed securities.

**INVESTMENT OBJECTIVE, PRACTICES AND RISKS**

**Investment Objective**

The Fund's investment objective is described in the Prospectus. The Fund's investment objective is non-fundamental and may be changed by the Board without shareholder approval.

The investment objective and principal investment strategies of the Fund, as well as the principal risks associated with the Fund's principal investment strategies, are set forth in the Prospectus. Certain additional non-principal investment strategies and techniques which the Fund may use, as well as their attendant risks, are set forth below.

**Non-Principal Investment Strategies and Techniques and Related Risks**

**Futures Contracts and Options on Futures Contracts**

The Fund may invest in U.S. or foreign futures contracts and may purchase and sell call and put options on futures contracts.

 

*Futures Contracts.* The Fund may enter into certain equity, index and currency futures transactions, as well as other futures transactions that become available in the markets. By using such futures contracts, the Fund may obtain exposure to certain equities, indexes and currencies without actually investing in such instruments. Index futures may be based on broad indices, such as the S&P 500 Index, or narrower indices. A futures contract on foreign currency creates a binding obligation on one party to deliver, and a corresponding obligation on another party to accept delivery of, a stated quantity of foreign currency for an amount fixed in U.S. dollars.

Some futures contracts are traded on organized exchanges regulated by the SEC or Commodity Futures Trading Commission ("**CFTC**"), and transactions on them are cleared through a clearing corporation, which guarantees the performance of the parties to the contract. If regulated by the CFTC, such exchanges may be designated contract markets or swap execution facilities.

The Fund may also engage in transactions in foreign stock index futures, which may be traded on foreign exchanges. Participation in foreign futures and foreign options transactions involves the execution and clearing of trades on or subject to the rules of a foreign board of trade. Neither the National Futures Association ("**NFA**") nor any domestic exchange regulates activities of any such organization, even if it is formally linked to a domestic market. Moreover, foreign laws and regulations and transactions executed under such laws and regulations may not be afforded certain of the protective measures provided domestically. In addition, the price of foreign futures or foreign options contracts may be affected by any variance in the foreign exchange rate between the time an order is placed and the time it is liquidated, offset or exercised.

Unlike purchases or sales of portfolio securities, no price is paid or received by the Fund upon the purchase or sale of a futures contract. Initially, the Fund will be required to deposit with the broker or in a segregated account with a custodian or sub-custodian an amount of liquid assets, known as initial margin, based on the value of the contract. The nature of initial margin in futures transactions is different from that of margin in security transactions in that futures contract margin does not involve the borrowing of funds by the customer to finance the transactions. Rather, the initial margin is in the nature of a performance bond or good faith deposit on the contract, which is returned to the Fund upon termination of the futures contract, assuming all contractual obligations have been satisfied. Subsequent payments, called variation margin, to and from the broker, will be made on a daily basis as the price of the underlying instruments fluctuates, making the long and short positions in the futures contract more or less valuable, a process known as "marking-to-market." For example, when the Fund has purchased a futures contract and the price of the contract has risen in response to a rise in the underlying instruments, that position will have increased in value and the Fund will be entitled to receive from the broker a variation margin payment equal to that increase in value. Conversely, where the Fund has purchased a futures contract and the price of the future contract has declined in response to a decrease in the underlying instruments, the position would be less valuable, and the Fund would be required to make a variation margin payment to the broker. Prior to expiration of the futures contract, the Adviser or the Investment Subadviser, as applicable, may elect to close the position by taking an opposite position, subject to the availability of a secondary

market, which will operate to terminate the Fund's position in the futures contract. A final determination of variation margin is then made, additional cash is required to be paid by or released to the Fund, and the Fund realizes a loss or gain.

There are several risks in connection with the use of futures by the Fund. One risk arises because of the imperfect correlation between movements in the price of the futures and movements in the price of the instruments which are the subject of the hedge. The price of the future may move more than or less than the price of the instruments being hedged. If the price of the futures moves less than the price of the instruments which are the subject of the hedge, the hedge will not be fully effective but, if the price of the instruments being hedged has moved in an unfavorable direction, the Fund would be in a better position than if it had not hedged at all. If the price of the instruments being hedged has moved in a favorable direction, this advantage will be partially offset by the loss on the futures. If the price of the futures moves more than the price of the hedged instruments, the Fund will experience either a loss or gain on the futures, which will not be completely offset by movements in the price of the instruments that are the subject of the hedge. To compensate for the imperfect correlation of movements in the price of instruments being hedged and movements in the price of futures contracts, the Fund may buy or sell futures contracts in a greater dollar amount than the dollar amount of instruments being hedged if the volatility over a particular time period of the prices of such instruments has been greater than the volatility over such time period of the futures, or if otherwise deemed to be appropriate by the Adviser or the Investment Subadviser. Conversely, the Fund may buy or sell fewer futures contracts if the volatility over a particular time period of the prices of the instruments being hedged is less than the volatility over such time period of the futures contract being used, or if otherwise deemed to be appropriate by the Adviser or Investment Subadviser.

In addition to the possibility that there may be an imperfect correlation, or no correlation at all, between movements in futures and the instruments being hedged, the price of futures may not correlate perfectly with movement in the cash market due to certain market distortions. Rather than meeting additional margin deposit requirements, investors may close futures contracts through off-setting transactions, which could distort the normal relationship between the cash and futures markets. Second, with respect to financial futures contracts, the liquidity of the futures market depends on participants entering into off-setting transactions rather than making or taking delivery. To the extent participants decide to make or take delivery, liquidity in the futures market could be reduced, thus producing distortions. Third, from the point of view of speculators, the deposit requirements in the futures market are less onerous than margin requirements in the securities market. Therefore, increased participation by speculators in the futures market may also cause temporary price distortions. Due to the possibility of price distortion in the futures market, and because of the imperfect correlation between the movements in the cash market and movements in the price of futures, a correct forecast of general market trends or interest rate movements by the Adviser or Investment Subadviser may still not result in a successful hedging transaction over a short time frame.

In general, positions in futures may be closed out only on an exchange, board of trade or other trading facility that provides a secondary market for such futures. Although the Fund intends to purchase or sell futures only on trading facilities where there appear to be active secondary markets, there is no assurance that a liquid secondary market on any trading facility will exist for any particular contract or at any particular time. In such an event, it may not be possible to close a futures contract position, and in the event of adverse price movements, the Fund would continue to be required to make daily cash payments of variation margin. However, in the event futures contracts have been used to hedge portfolio securities, such securities may not be sold until the futures contract can be terminated. In such circumstances, an increase in the price of the securities, if any, may partially or completely offset losses on the futures contract. However, as described above, there is no guarantee that the price of the securities will in fact correlate with the price movements in the futures contract and thus provide an offset on a futures contract.

Further, it should be noted that the liquidity of a secondary market in a futures contract may be adversely affected by "daily price fluctuation limits" established by commodity exchanges, which limit the amount of fluctuation in a futures contract price during a single trading day. Once the daily limit has been reached in the contract, no trades may be entered into at a price beyond the limit, thus preventing the liquidation of open futures positions. The trading of futures contracts is also subject to the risk of trading halts, suspensions, exchange or clearing house equipment failures, government intervention, insolvency of a brokerage firm or clearing house or other disruptions of normal trading activity, which could at times make it difficult or impossible to liquidate existing positions or to recover excess variation margin payments.

Successful use of futures by the Fund is subject to the portfolio managers' ability to predict correctly movements in the direction of the market. In addition, in such situations, if the Fund has insufficient cash, it may have to sell securities to meet daily variation margin requirements. Such sales of securities may be, but will not necessarily be, at increased prices which reflect the rising market. The Fund may have to sell securities at a time when it may be disadvantageous to do so.

 

*Options on Futures Contracts.* The Fund may purchase and write options on the futures contracts described above. A futures option gives the holder, in return for the premium paid, the right to receive and execute a long futures contract (if the option is a call) or a short futures contract (if the option is a put) at a specified price at any time during the period of the option. Like the buyer or seller of a futures contract, the holder, or writer, of an option has the right to terminate its position prior to the scheduled expiration of the option by selling, or purchasing an option of the same series, at which time the person entering into the closing transaction will realize a gain or loss. The Fund will be required to deposit initial margin and variation margin with respect to put and call options on futures contracts written by it pursuant to brokers' requirements similar to those described above. Net option premiums received will be included as initial margin deposits.

Investments in options on futures contracts involve some of the same considerations that are involved in connection with investments in futures contracts (for example, the existence of a liquid secondary market). In addition, the purchase or sale of an option also entails the risk that changes in the value of the underlying futures contract will not correspond to changes in the value of the option purchased. Depending on the pricing of the option compared to either the futures contract upon which it is based, or upon the price of the securities being hedged, an option may or may not be less risky than ownership of the futures contract or such securities. In general, the market prices of options can be expected to be more volatile than the market prices on the underlying futures contract. The writing of an option on a futures contract involves risks similar to those risks relating to the purchase or sale of futures contracts.

 

*CFTC Regulation.* The Adviser has claimed an exclusion from the definition of commodity pool operator ("**CPO**") under the Commodity Exchange Act ("**CEA**"), and the Adviser has claimed an exemption from registration as a commodity trading advisor ("**CTA**") under the CEA. Therefore, the Adviser is not subject to registration as a CPO or CTA. To rely on the exclusion from the definition of a CPO, the Fund may only use a de minimis amount of commodity interests (such as futures contracts, options on futures contracts and swaps) other than for bona fide hedging purposes (as defined by the CFTC). A "de minimis" amount is defined as an amount such that the aggregate initial margin and premiums required to establish these positions (after taking into account unrealized profits and unrealized losses on any such positions and excluding the amount by which options are "in-the-money" at the time of purchase) may not exceed 5% of the Fund's net asset value or, alternatively, the aggregate net notional value of those positions, determined at the time the most recent position was established, may not exceed 100% of the Fund's net asset value (after taking into account unrealized profits and unrealized losses on any such positions). The Fund, the Adviser and the Investment Subadviser currently are engaged only in a de minimis amount of such transactions, and therefore, neither the Fund, the Adviser or the Investment Subadviser are currently subject to the registration and most regulatory requirements applicable to CPOs and CTAs, respectively. There can be no certainty that the Fund, the Adviser or the Investment Subadviser will continue to qualify under the applicable exclusion or exemption, as the Fund's investments may change over time. If the Fund, the Adviser or the Investment Subadviser is subject to additional CFTC regulation, it may incur additional costs or be subject to additional regulatory requirements.

**Government Intervention in the Financial Markets**

The value of the Fund's holdings is generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Fund invests. In the event of such a disturbance, issuers of securities held by the Fund may experience significant declines in the value of their assets and even cease operations or may receive government assistance accompanied by increased restrictions on their business operations or other government intervention. Governments or their agencies may acquire distressed assets from financial institutions and acquire ownership interests in those institutions. The implications of government ownership and disposition of these assets are unclear, and such a program may have positive or negative effects on the liquidity, valuation and performance of the Fund's portfolio holdings. Past instability during the 2008-2009 financial downturn as well as during the COVID-19 pandemic led the U.S. Government, other governments and financial and prudential regulators to take a number of unprecedented actions designed to support certain financial institutions and segments of the financial markets that experienced extreme volatility, and in some cases, a lack of liquidity. It is not certain that

the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

**Illiquid Investments and Restricted Securities**

The Fund will invest in investments that lack an established secondary trading market or otherwise are considered illiquid. The liquidity of an investment relates to the ability to dispose easily of the investment and the price to be obtained upon disposition of the investment, which may be less than would be obtained for a comparable more liquid investment. Illiquid investments may not trade at all or may trade at a discount from comparable, more liquid investments. Investment of the Fund's assets in illiquid investments may restrict the ability of the Fund to dispose of its investments in a timely fashion and for a fair price as well as its ability to take advantage of market opportunities. The risks associated with illiquidity will be particularly acute where the Fund's operations require cash, such as if the Fund elects to repurchase Shares, and could result in the Fund borrowing to meet short-term cash requirements or incurring capital losses on the sale of illiquid investments.

The Fund will invest in securities that are not registered under the Securities Act of 1933, as amended (the "**Securities Act**"), often referred to as "restricted securities". Restricted securities may be sold in private placement transactions between issuers and their purchasers and may be neither listed on an exchange nor traded in other established markets.

In many cases, privately placed securities may not be freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. As a result of the absence of a public trading market, privately placed securities may be less liquid and more difficult to value than publicly traded securities. To the extent that privately placed securities may be resold in privately negotiated transactions, the prices realized from the sales, due to illiquidity, could be less than those originally paid by the Fund or less than their fair market value. In addition, issuers whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that may be applicable if their securities were publicly traded. If any privately placed securities held by the Fund are required to be registered under the securities laws of one or more jurisdictions before being resold, the Fund may be required to bear the expenses of registration. Where registration is required for restricted securities, a considerable time period may elapse between the time the Fund decides to sell the security and the time it is actually permitted to sell the security under an effective registration statement. If during such period, adverse market conditions were to develop, the Fund might obtain less favorable pricing terms than when it decided to sell the security. Transactions in restricted securities may entail other transaction costs that are higher than those for transactions in unrestricted securities. The Fund's investments in private placements include investments in smaller, less seasoned issuers, which may involve greater risks. These issuers may have limited product lines, markets or financial resources, or they may be dependent on a limited management group. In making investments in such securities, the Fund may obtain access to material nonpublic information, which may restrict the Fund's ability to conduct portfolio transactions in such securities.

**Investment Companies, Pooled Investment Vehicles and Structured Products.**

 

*Investment Companies.* Subject to applicable statutory and regulatory limitations described below, the Fund may invest in shares of other investment companies, including open-end and closed-end investment companies, business development companies and other ETFs. These other investment companies and exchange-traded funds may be managed by the Adviser or its affiliates. An investment in an investment company is subject to the risks associated with that investment company's portfolio securities. The Adviser or Investment Subadviser may not be able to liquidate the Fund's holdings in those shares at the most optimal time, adversely affecting the Fund's performance. In addition, closed-end investment company and ETF shares potentially may trade at a discount or a premium and are subject to brokerage and other trading costs, which could result in greater expenses to the Fund. Investments in closed-end funds may entail the risk that the market value of such investments may be substantially less than their net asset value. To the extent the Fund invests in shares of another investment company, the Fund will indirectly bear a proportionate share of that investment company's advisory fees and other operating expenses. These fees are in addition to the management fees and other operational expenses incurred directly by the Fund. In addition, the Fund could incur a sales charge in connection with purchasing an investment company security or a redemption fee upon the redemption of such security.

Section 12(d)(1)(A) of the 1940 Act provides that a fund may not purchase or otherwise acquire the securities of other investment companies if, as a result of such purchase or acquisition, it would own: (i) more than 3% of the total outstanding voting stock of the acquired investment company; (ii) securities issued by any one investment company having a value in excess of 5% of the fund's total assets; or (iii) securities issued by all investment companies having an aggregate value in excess of 10% of the fund's total assets.

These limitations are subject to certain statutory and regulatory exemptions including rule 12d1-4 under the 1940 Act ("**Rule 12d1-4**"). Rule 12d1-4 permits the Fund to invest in other investment companies beyond the statutory limits, subject to certain conditions. Among other conditions, Rule 12d1-4 prohibits a fund from acquiring control of another investment company (other than an investment company in the same group of investment companies), including by acquiring more than 25% of its voting securities. In addition, Rule 12d1-4 imposes certain voting requirements when a fund's ownership of another investment company exceeds particular thresholds. If shares of a fund are acquired by another investment company, the "acquired" fund may not purchase or otherwise acquire the securities of an investment company or private fund if immediately after such purchase or acquisition, the securities of investment companies and private funds owned by that acquired fund have an aggregate value in excess of 10% of the value of the total assets of the fund, subject to certain exceptions. These restrictions may limit the Fund's ability to invest in other investment companies to the extent desired. In addition, other unaffiliated investment companies may impose other investment limitations or redemption restrictions which may also limit the Fund's flexibility with respect to making investments in those unaffiliated investment companies. The Fund may also rely on Section 12(d)(1)(F) and Rule 12d1-3 of the 1940 Act, which provide an exemption from Section 12(d)(1) that allows the Fund to invest its assets in other registered investment companies, including ETFs, if, among other conditions: (a) the Fund, together with its affiliates, acquires no more than three percent of the outstanding voting stock of any acquired fund, and (b) the sales load or service fee charged on the Fund's shares is no greater than the limits set forth by the Conduct Rules of the Financial Industry Regulatory Authority, Inc. If required by the 1940 Act, the Fund expects to vote the shares of other investment companies that are held by the Fund in the same proportion as the vote of all other holders of such securities.

 

*Pooled Investment Vehicles.* The Fund may invest in the securities of pooled vehicles that are not investment companies and, thus, are not required to comply with the provisions of the 1940 Act. As a shareholder of such pooled vehicles, the Fund will not have all of the investor protections afforded by the 1940 Act. Such pooled vehicles may, however, be required to comply with the provisions of other federal securities laws, such as the Securities Act. These pooled vehicles may hold currency or commodities, such as gold or oil, or other property that is itself not a security. These pooled investment vehicles may also include "hedge funds," which pursue alternative investment strategies. Certain investment instruments and techniques that a hedge fund may use are speculative and involve a high degree of risk. Because of the speculative nature of a hedge fund's investments and trading strategies, the Fund may suffer a significant or complete loss of its invested capital in one or more hedge funds. In addition to the Fund's direct fees and expenses, shareholders will also bear, indirectly, fees and expenses charged by the underlying hedge funds, which are often greater than the Fund's fees and expenses. If the Fund invests in, and thus, is a shareholder of, a pooled vehicle, the Fund's shareholders will indirectly bear the Fund's proportionate share of the fees and expenses paid by the pooled vehicle, including any applicable management fees, in addition to both the management fees payable directly by the Fund to the Adviser and the other expenses that the Fund bears directly in connection with its own operations. In addition, the Fund's investment in pooled investment vehicles may be considered illiquid.

 

*Structured Products.* The Fund may invest in structured products, including exchange traded notes ("**ETNs**") and equity-linked instruments. These types of structured products are senior, unsecured unsubordinated debt securities issued by an underwriting bank that are designed to provide returns that are linked to a particular benchmark, less investor fees. Structured products have a maturity date and, generally, are backed only by the creditworthiness of the issuer. As a result, the value of a structured product may be influenced by time to maturity, volatility and lack of liquidity in the underlying market (e.g., the commodities market), changes in the applicable interest rates, changes in the issuer's credit rating and economic, legal, political or geographic events that affect the referenced market. Structured products also may be subject to credit risk. The value of an ETN may also be subject to the level of supply and demand for the ETN.

**Leverage**

The Fund may use leverage to the extent permitted by the 1940 Act. The Fund is permitted to obtain leverage using any form or combination of financial leverage instruments, including through funds borrowed from banks or other financial institutions (i.e., a credit facility), margin facilities, or the issuance of notes in an aggregate amount up to 33 1/3% of the Fund's total assets (or in the case of the issuance of preferred shares, 50% of total assets), including any assets purchased with borrowed money, immediately after giving effect to the leverage. The Fund may also use leverage generated by reverse repurchase agreements and similar transactions. The Fund may use leverage opportunistically and may use different types, combinations or amounts of leverage over time, based on the Adviser's views concerning market conditions and investment opportunities. The Fund's strategies relating to its use of leverage may not be successful, and the Fund's use of leverage will cause the Fund's NAV to be more volatile than it would otherwise be. There can be no guarantee that the Fund will leverage its assets or, to the extent the Fund does use leverage, what percentage of its assets such leverage will represent.

**Recent Market Conditions**

The performance of the Fund is subject to general market conditions. Disease outbreaks, public health emergencies (e.g. the coronavirus outbreak, epidemics and other pandemics), the European sovereign debt crisis, instability in the Middle East, terrorist attacks in the U.S. and around the world, the impact of natural disasters, growing social and political discord in the various counties, including the U.S., and other similar events may result in market volatility, may have long-term adverse effects on the U.S. and worldwide financial markets and may cause further economic uncertainties in the U.S. and worldwide. U.S. recession risk has increased as the Federal Reserve (Fed) increased interest rates at the fastest trajectory on record in an attempt to bring inflation back to target levels. The tight labor market has helped the U.S. consumer remain resilient through this inflationary period. However, the personal savings rate has decreased to its lowest level since 2005. The feedback loop between employment and consumption remains a focus for tracking recession risk. While job layoffs have increased in tech related fields, the overall labor market has remained tight. But operating efficiency is likely to become a focus as consumers push back on price increases. Currency markets reflect expected interest rate and economic growth differentials. While the language of the Fed remains hawkish, their shift to a slower rate raising trajectory as they approach their terminal rate changed the dynamics for the U.S. dollar and for international equity markets. Wars and occupation, terrorism and related geopolitical risks have led, and may in the future lead, to increased short-term market volatility and may have adverse long-term effects on U.S. and global economies and markets generally. These events could also impact interest rates, secondary trading, ratings, credit risk, inflation and other factors relating to an investment in the Shares. It is impossible to predict the effects of these or similar events in the future on the Fund, although it is possible that these or similar events could have a significant adverse impact on the NAV and/or risk profile of the Fund, including by affecting the Fund's ability to borrow from financial institutions on favorable terms.

**Tariffs and Trade Restrictions**

Trade negotiations and related government actions may create regulatory uncertainty for our portfolio companies and our investment strategies and adversely affect the profitability of our portfolio companies. 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. For example, the U.S. government has imposed, and may in the future further 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. Most recently, the current U.S. presidential administration has imposed or sought to impose significant increases to tariffs on goods imported into the U.S., including from China, Canada and Mexico, amongst others. Tariffs on imported goods could further increase costs, decrease margins, reduce the competitiveness of products and services offered by current and future portfolio companies and adversely affect the revenues and profitability of portfolio companies whose businesses rely on goods imported from such impacted jurisdictions. There is uncertainty as to further actions that may be taken under the current U.S. presidential administration with respect to U.S. trade policy. Further governmental actions related to the imposition of tariffs or other trade barriers, or changes to international trade agreements or policies, could further increase costs, decrease margins, reduce the competitiveness of products and services offered by current and future portfolio companies and adversely affect the revenues and profitability of companies whose businesses rely on goods imported from outside of the United States. These developments, or the perception that any of them could

occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the U.S. Any of these factors could result in increased economic uncertainty that may depress economic activity and restrict our portfolio companies' access to suppliers or customers and have a material adverse effect on their business, financial condition and results of operations, which in turn would negatively impact us.

**Repurchase Agreements**

The Fund may agree to purchase portfolio securities from financial institutions subject to the seller's agreement to repurchase them at a mutually agreed upon date and price ("**repurchase agreements**"). Although the securities subject to a repurchase agreement may bear maturities exceeding one year, settlement for the repurchase agreement will never be more than one year after the Fund's acquisition of the securities and normally will be within a shorter period of time. Securities subject to repurchase agreements normally are held either by the Fund's custodian or sub-custodian, or in the Federal Reserve/Treasury Book-Entry System. The seller under a repurchase agreement will be required to maintain the value of the securities subject to the agreement in an amount exceeding the repurchase price (including accrued interest). Default by the seller would, however, expose the Fund to possible loss because of adverse market action or delay in connection with the disposition of the underlying obligations. In the event of a bankruptcy or other default of a seller of a repurchase agreement, the Fund could experience both delays in liquidating the underlying security and losses, including: (a) possible decline in the value of the underlying security during the period while the Fund seeks to enforce its rights thereto; (b) possible subnormal levels of income and lack of access to income during this period; and (c) expenses of enforcing its rights.

**Reverse Repurchase Agreements**

The Fund may borrow funds by selling portfolio securities to financial institutions such as banks and broker-dealers and agreeing to repurchase them at a mutually specified date and price ("**reverse repurchase agreements**"). The Fund may use the proceeds of reverse repurchase agreements to purchase other securities either maturing, or under an agreement to resell, on a date simultaneous with or prior to the expiration of the reverse repurchase agreement. Reverse repurchase agreements involve the risk that the market value of the securities sold by the Fund may decline below the repurchase price. The Fund will pay interest on amounts obtained pursuant to a reverse repurchase agreement.

**U.S. Government Securities**

The Fund may invest in securities issued or guaranteed by the U.S. government or its agencies or instrumentalities in pursuit of its investment objective, in order to deposit such securities as initial or variation margin, as "cover" for the investment techniques it employs, or as part of a cash reserve or for liquidity purposes. U.S. government securities, such as Treasury bills, notes and bonds and mortgage-backed securities guaranteed by the Government National Mortgage Association ("**Ginnie Mae**"), are supported by the full faith and credit of the United States; others are supported by the right of the issuer to borrow from the U.S. Treasury; others are supported by the discretionary authority of the U.S. government to purchase an agency's obligations; and still others are supported only by the credit of the issuing agency, instrumentality, or enterprise.

Although U.S. government-sponsored enterprises, such as the Federal Home Loan Mortgage Corporation ("**Freddie Mac**") and the Federal National Mortgage Association ("**Fannie Mae**") may be chartered or sponsored by Congress, they are not funded by Congressional appropriations, and their securities are not issued by the U.S. Treasury nor supported by the full faith and credit of the U.S. government. The maximum potential liability of the issuers of some U.S. government securities held by the Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future. There is no assurance that the U.S. government would provide financial support to its agencies and instrumentalities in the future if not required to do so, even though the U.S. government has provided financial support to certain U.S. government-sponsored enterprises in the past during periods of extremity. Fannie Mae and Freddie Mac have been operating under conservatorship, with the Federal Housing Finance Administration ("**FHFA**") acting as their conservator, since September 2008. The entities are dependent upon the continued support of the U.S. Treasury and FHFA in order to continue their business operations. These factors, among others, could affect the future status and role of Fannie Mae and Freddie Mac and the value of their securities and the securities which they guarantee. Additionally, the U.S. government and its agencies and instrumentalities do not

guarantee the market values of their securities, which may fluctuate. U.S. government agencies and instrumentalities that issue or guarantee securities include the FHFA, Fannie Mae, the Farmers Home Administration, the Export-Import Bank of the United States, the Small Business Administration, Ginnie Mae, the General Services Administration, the Central Bank for Cooperatives, the Federal Home Loan Banks, Freddie Mac, the Farm Credit Banks, the Maritime Administration, the Tennessee Valley Authority, the Resolution Funding Corporation and the Student Loan Marketing Association.

**Warrants**

The Fund may purchase warrants and similar rights, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified number of shares of the corporation at a specified price during a specified period of time. The prices of warrants do not necessarily correlate with the prices of the underlying shares. The purchase of warrants involves the risk that the Fund could lose the purchase value of a warrant if the right to subscribe to additional shares is not exercised prior to the warrant's expiration. Also, the purchase of warrants involves the risk that the effective price paid for the warrant added to the subscription price of the related security may exceed the value of the subscribed security's market price such as when there is no movement in the level of the underlying security.

**INVESTMENT RESTRICTIONS**

**Fundamental Investment Restrictions**

The following restrictions are the Fund's only fundamental policies—that is, policies that cannot be changed without the approval of the holders of a majority of the Fund's outstanding voting securities. For the purposes of the foregoing, a "majority of the Fund's outstanding voting securities" means the lesser of (i) 67% of the shares represented at a meeting at which more than 50% of the outstanding shares are represented or (ii) more than 50% of the outstanding shares. The other policies and investment restrictions are not fundamental polices of the Fund and may be changed by the Board of Trustees of the Fund (the "**Board**") without shareholder approval and on prior notice to shareholders of the Fund. If a percentage restriction set forth below is adhered to at the time a transaction is effected, later changes in percentage resulting from any cause other than actions by the Fund will not be considered a violation. Under its fundamental restrictions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Fund may borrow money or issue senior securities (as defined under the 1940 Act), except as prohibited under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Fund may make loans, except as prohibited under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Fund may purchase or sell commodities or real estate, except as prohibited under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Fund may underwrite securities issued by other persons, except as prohibited under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Fund will concentrate its investments (*i.e.*, invest more than 25% of its total assets) in securities of issuers having their principal business activities in groups of industries in the technology sector. Except as stated in the prior sentence, the Fund may not concentrate investments in a particular industry or group of industries, as concentration is defined under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time; provided that, consistent with the foregoing: (a) this limitation will not apply to the Fund's investments in: (i) securities of other investment companies; (ii) securities issued or guaranteed as to principal and/or interest by the U.S. government, its agencies or instrumentalities; (iii) repurchase agreements (collateralized by the instruments described in clause (ii)) or (iv) securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry; (b) wholly-owned finance companies will be considered to be in the industries of their parents if their activities are primarily related to the financing activities of the parents; and (c) utilities will be divided according to their services, for example, gas, gas transmission, electric and gas, electric and telephone will each be considered a separate industry. The Fund will, however, consider the investments held by Portfolio Funds, to the extent known, in determining whether its investments are concentrated in any particular industry or groups of industries.

In addition, the Fund has adopted a fundamental policy that it will make quarterly repurchase offers pursuant to Rule 23c-3 of the 1940 Act, as such rule may be amended from time to time, for between 5% and 25% of the Shares outstanding at NAV, unless suspended or postponed in accordance with regulatory requirements, and each repurchase pricing shall occur no later than the 14th day after the Repurchase Request Deadline (as defined in the Prospectus), or the next business day if the 14th day is not a business day.

Any investment restriction which involves a maximum percentage (other than the borrowing restriction) will not be considered violated unless an excess over the percentage occurs immediately after, and is caused by, an acquisition or encumbrance of securities or assets of the Fund. The 1940 Act requires that if the asset coverage for borrowings at any time falls below the limits under the 1940 Act, the Fund will, within three days thereafter (not

including Sundays and holidays), reduce the amount of its borrowings to an extent that the net asset coverage of such borrowings shall conform to such limits.

 

*The following notations are not considered to be part of the Fund's fundamental restrictions and are subject to change without shareholder approval.*

With respect to the fundamental policy relating to borrowing money set forth above, the 1940 Act requires the Fund to maintain at all times an asset coverage of at least 300% of the amount of its borrowings. For the purpose of borrowing money, "asset coverage" means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Certain trading practices and investments may be considered to be borrowings and thus subject to the 1940 Act restrictions. On the other hand, certain practices and investments may involve leverage but are not considered to be borrowings under the 1940 Act, such as the purchasing of securities on a when-issued or delayed delivery basis, entering into reverse repurchase agreements, credit default swaps or futures contracts, engaging in short sales and writing options on portfolio securities, so long as the Fund complies with an applicable exemption in Rule 18f-4. Borrowing money to increase portfolio holdings is known as "leveraging." Borrowing, especially when used for leverage, may cause the value of the Fund's shares to be more volatile than if the Fund did not borrow. This is because borrowing tends to magnify the effect of any increase or decrease in the value of the Fund's portfolio holdings. Borrowed money thus creates an opportunity for greater gains, but also greater losses. To repay borrowings, the Fund may have to sell securities at a time and at a price that is unfavorable to the Fund. There also are costs associated with borrowing money, and these costs would offset and could eliminate the Fund's net investment income in any given period. The policy above will be interpreted to permit the Fund to engage in trading practices and investments that may be considered to be borrowing to the extent permitted by the 1940 Act. Short-term credits necessary for the settlement of securities transactions and arrangements with respect to securities lending will not be considered to be borrowings under the policy. Practices and investments that may involve leverage but are not considered to be borrowings are not subject to the policy.

With respect to the fundamental policy relating to issuing senior securities set forth above, "senior securities" are defined as any bond, debenture, note, or similar obligation or instrument constituting a security and evidencing indebtedness, and any stock of a class having priority over any other class as to distribution of assets or payment of dividends. Under the 1940 Act, a "senior security" does not include any promissory note or evidence of indebtedness where such loan is for temporary purposes only and in an amount not exceeding 5% of the value of the total assets of the issuer at the time the loan is made. A loan is presumed to be for temporary purposes if it is repaid within sixty days and is not extended or renewed.

With respect to the fundamental policy relating to lending set forth above, the 1940 Act does not prohibit a fund from making loans; however, SEC staff interpretations currently prohibit funds from lending more than one-third of their total assets, except through the purchase of debt obligations or the use of repurchase agreements. (A repurchase agreement is an agreement to purchase a security, coupled with an agreement to sell that security back to the original seller on an agreed-upon date at a price that reflects current interest rates. The SEC frequently treats repurchase agreements as loans.) The Fund also will be permitted by this policy to make loans of money, including to other funds. The policy above will be interpreted not to prevent the Fund from purchasing or investing in debt obligations and loans. In addition, collateral arrangements with respect to options, forward currency and futures transactions and other derivative instruments, as well as delays in the settlement of securities transactions, will not be considered loans.

With respect to the fundamental policy relating to commodities set forth above, the 1940 Act does not prohibit a fund from owning commodities, whether physical commodities and contracts related to physical commodities (such as oil or grains and related futures contracts), or financial commodities and contracts related to financial commodities (such as currencies and, possibly, currency futures). If the Fund were to invest in a physical commodity or a physical commodity-related instrument, the Fund would be subject to the additional risks of the particular physical commodity and its related market. The value of commodities and commodity-related instruments may be extremely volatile and may be affected either directly or indirectly by a variety of factors. There also may be storage charges and risks of loss associated with physical commodities. The policy above will be interpreted to permit investments in exchange traded funds that invest in physical and/or financial commodities.

With respect to the fundamental policy relating to real estate set forth above, the 1940 Act does not prohibit a fund from owning real estate. Investing in real estate may involve risks, including that real estate is generally

considered illiquid and may be difficult to value and sell. Owners of real estate may be subject to various liabilities, including environmental liabilities. The policy above will be interpreted not to prevent the Fund from investing in real estate-related companies, companies whose businesses consist in whole or in part of investing in real estate, instruments (like mortgages) that are secured by real estate or interests therein, or real estate investment trust securities.

With respect to the fundamental policy relating to underwriting set forth above, the 1940 Act does not prohibit a fund from engaging in the underwriting business or from underwriting the securities of other issuers. A fund engaging in transactions involving the acquisition or disposition of portfolio securities may be considered to be an underwriter under the Securities Act. Under the Securities Act, an underwriter may be liable for material omissions or misstatements in an issuer's registration statement or prospectus. Securities purchased from an issuer and not registered for sale under the Securities Act are considered restricted securities. There may be a limited market for these securities. If these securities are registered under the Securities Act, they may then be eligible for sale but participating in the sale may subject the seller to underwriter liability. These risks could apply to a fund investing in restricted securities. Although it is not believed that the application of the Securities Act provisions described above would cause the Fund to be engaged in the business of underwriting, the policy above will be interpreted not to prevent the Fund from engaging in transactions involving the acquisition or disposition of portfolio securities, regardless of whether the Fund may be considered to be an underwriter under the Securities Act.

With respect to the fundamental policy relating to concentration set forth above, the 1940 Act does not define what constitutes "concentration" in an industry or groups of industries. The SEC staff has taken the position that investment of more than 25% of a fund's total assets in one or more issuers conducting their principal activities in the same industry or group of industries constitutes concentration. It is possible that interpretations of concentration could change in the future. A fund that invests a significant percentage of its total assets in a single industry may be particularly susceptible to adverse events affecting that industry and may be more risky than a fund that does not concentrate in an industry. The policy above will be interpreted to refer to concentration as that term may be interpreted by the SEC or its Staff. The policy also will be interpreted to permit investment without limit in the following: securities of the U.S. government and its agencies or instrumentalities (including, for the avoidance of doubt, U.S. agency mortgage-backed securities); securities of state, territory, possession or municipal governments and their authorities, agencies, instrumentalities or political subdivisions; securities of foreign governments; and repurchase agreements collateralized by any such obligations. Accordingly, issuers of the foregoing securities will not be considered to be members of any industry. There also will be no limit on investment in issuers domiciled in a single jurisdiction or country. Finance companies will be considered to be in the industries of their parents if their activities are primarily related to financing the activities of the parents. Each foreign government will be considered to be a member of a separate industry. With respect to the Fund's industry classifications, the Fund currently utilizes any one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the Adviser. In the absence of such classification or if the Adviser determines in good faith based on its own information that the economic characteristics affecting a particular issuer make it more appropriate to be considered engaged in a different industry, the Adviser may classify an issuer accordingly. Accordingly, the composition of an industry or group of industries may change from time to time. The policy also will be interpreted to give broad authority to the Fund as to how to classify issuers within or among industries. The investment restrictions and other policies described herein do not apply to Portfolio Funds. The Fund will, however, consider the investments held by Portfolio Funds, to the extent known, in determining whether its investments are concentrated in any particular industry or groups of industries. For purposes of concentration, investments in the sovereign debt of any single country are considered investments in a single industry.

The Fund's fundamental policies are written and will be interpreted broadly. For example, the policies will be interpreted to refer to the 1940 Act and the related rules as they are in effect, and to interpretations and modifications of or relating to the 1940 Act by the SEC and others as they are given from time to time. When a policy provides that an investment practice may be conducted as permitted by the 1940 Act, the policy will be interpreted to mean either that the 1940 Act expressly permits the practice or that the 1940 Act does not prohibit the practice.

The Fund's investment objective is non-fundamental and may be changed with the approval of the Fund's Board and prior notice to Shareholders.

The Fund's compliance with its investment limitations and requirements described in the Prospectus and this Statement of Additional Information is determined at the time of investment unless otherwise stated therein. If such a percentage limitation is complied with at the time of an investment, any subsequent change in percentage resulting from a change in asset values or characteristics or a sale of securities will not constitute a violation of that limitation.

**TRUSTEES AND OFFICERS OF THE FUND**

**Members of the Board**

The business and affairs of the Fund are overseen by the Board. Subject to the provisions of the Fund's amended and restated Declaration of Trust and By-Laws and Delaware law, the Board has all powers necessary and convenient to carry out this general oversight responsibility, including the power to elect and remove the Fund's officers. The focus of the Board's oversight of the business and affairs of the Fund (and the Fund, as well as other funds) is to protect the interests of the shareholders in the Fund and other relevant funds. The Board appoints and oversees the Fund's officers and service providers. The Adviser is responsible for the day-to-day investment management of the Fund and the overall supervision of the management and operations of the Fund, based on the Fund's investment objective, strategies, policies, and restrictions and agreements entered into by the Fund and/or the Adviser on behalf of the Fund. The Adviser has engaged the Investment Subadviser to provide day-to-day management of the Fund's portfolio, subject to the supervision of the Adviser. In carrying out its general oversight responsibility, the Board regularly interacts with and receives reports from the senior personnel of the Fund's service providers (including, in particular, the Adviser and Investment Subadviser) and the Fund's Chief Compliance Officer. The Board is assisted by the Fund's independent registered public accounting firm (who reports directly to the Fund's Audit Committee), counsel to the Fund, and other experts selected and approved by the Board.

Board members who are not "interested persons" of the Fund, as defined in Section 2(a)(19) of the 1940 Act ("**Independent Trustees**"), constitute 75 percent of the Board. Angela Brock-Kyle, an Independent Trustee, serves as the Chair of the Board. Thomas Park is the sole Board member who is an "interested person" of the Trust ("**Interested Trustee**"). Thomas Park is an Interested Trustee due to his affiliation with the Investment Subadviser. The Board believes that having an interested person on the Board facilitates the ability of the Independent Trustees to fully understand (i) the Adviser's commitment to providing and/or arranging for the provision of quality services to the Fund and (ii) corporate and financial matters of the Adviser that may be of importance in the Board's decision-making process. The Trustees discharge their responsibilities collectively as a Board, as well as through Board committees, each of which operates pursuant to a charter that delineates the specific responsibilities of that committee. The Board has established two standing committees: an Audit Committee and a Nominating and Governance Committee. Currently, each of the Independent Trustees serves on each of these committees, which are comprised solely of Independent Trustees.

The Board periodically evaluates its structure and composition as well as various aspects of its operations. On an annual basis, the Board conducts a self-evaluation process that, among other things, considers (i) whether the Board and its committees are functioning effectively, (ii) given the size and composition of the Board and each of its committees, whether the Trustees are able to effectively oversee the number of funds in the complex and (iii) whether the mix of skills, perspectives, qualifications, attributes, education, and relevant experience of the Trustees helps to enhance the Board's effectiveness.

There are no specific required qualifications for Board membership. The Board believes that the different skills, perspectives, qualifications, attributes, education, and relevant experience of each of the Trustees provide the Board with a variety of complementary skills. Please note that (i) none of the Trustees is an "expert" within the meaning of the federal securities laws and (ii) the Board is not responsible for the day-to-day operations of the Trust and the Fund.

The Trustees are identified in the table below, which provides information as to their principal business occupations held during the last five years and certain other information. Each Trustee serves until his or her death, resignation or removal and replacement. The address for all Trustees is c/o Global X Management Company LLC, 605 Third Avenue, 43<sup>rd</sup> Floor, New York, New York 10158.

**Independent Trustees**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Year<br> of Birth** | **Position/Term<br> of Office** | **Principal Occupation**<br> **During the Past Five Years** | **Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> Trustee<sup>1</sup>** | **Other Directorships<br> held by Trustee<br> During Last Five<br> Years** |
| Angela Brock-Kyle (1959) | Trustee since inception | Director, Mutual Fund Directors Forum (2022-present); Founder and Chief Executive Officer, B.O.A.R.D.S. (consulting firm) (2013-2023); Senior Leader, TIAA (financial services firm) (1987-2012). | 1 | Bowhead Insurance GP, LLC (2020-present); Hunt Companies, Inc. (2019-present); Guggenheim Funds (2019-present); Infinity Property & Casualty Corp. (2014-2018) |
| Edward Ramos (1967) | Trustee since inception | Private investor (2022-present). Formerly, Head of External Advisors/Diversity Portfolio Management at the New Jersey Division of Investment (2020-2022). Formerly, Chief Investment Officer and Lead Portfolio Manager – Global Fundamental Equities at Cornerstone Capital Management (asset management firm) (2011-2017). | 1 | Independent Director of Calvert Funds (since 2023); Independent Director of Macquarie Optimum Funds (2022-2023). |
| William Yun (1959) | Trustee since inception | Co-Founder and President, HighMark Trust, LLC (since 2025); Senior Advisor and Consultant at Fiduciary Trust Company International (2022-2025); Executive Vice President of Franklin Templeton Investments (1992-2022). | 1 | Independent Director of Carillon Funds (since 2025). |
| **Interested Trustee** |  |  |  |  |
| Thomas Park (1978) | President and Principal Executive Officer, since inception | Co-Chief Executive Officer of the Investment Subadviser (since 2022); Chief Executive Officer of the Adviser (2023-2024); President of the Investment Subadviser (2020-2022); Executive Managing Director of the Investment Subadviser (2011-2022). | 1 | None. |

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<sup>1</sup> "Fund Complex" comprises registered investment companies for which the Adviser or an affiliate of the Adviser serves as investment adviser.

**Individual Trustee Qualifications.** The Fund has concluded that each of the Trustees should serve on the Board because of their ability to review and understand information about the Fund provided to them by management, to identify and request other information they may deem relevant to the performance of their duties, to question management and other service providers regarding material factors bearing on the management and administration of the Fund and to exercise their business judgment in a manner that serves

the best interests of the Fund's shareholders. In addition, the following specific experience, qualifications, attributes and/or skills apply as to each Trustee: Ms. Brock-Kyle's prior employment experience, including at an asset manager where she spent 25 years in leadership roles, including as Chief of Staff for Asset Management; Mr. Ramos's experience as a former Chief Investment Officer of an asset manager; Mr. Yun's experience as an investment management professional at an asset manager where he performed executive and management responsibilities for various equity, fixed income, multi-asset and alternative investments and research teams; and Mr. Park's experience as a senior investment management executive.

The Fund has concluded that each of the Trustees should serve as a Trustee based on their own experience, qualifications, attributes and skills.

In its periodic assessment of the effectiveness of the Board, the Board considers the complementary individual skills and experience of the individual Trustees primarily in the broader context of the Board's overall composition so that the Board, as a body, possesses the appropriate (and appropriately diverse) skills and experience to oversee the business of the Fund.

**Board Standing Committees.** The Board of Trustees currently has two standing committees: an Audit Committee and a Nominating and Governance Committee. Currently, each committee is comprised of the Independent Trustees.

**Audit Committee.** The purposes of the Audit Committee are to assist the Board in (1) its oversight of the Fund's accounting and financial reporting principles and policies and related controls and procedures maintained by or on behalf of the Fund; (2) its oversight of the Trust's financial statements and the independent audit thereof; (3) selecting, evaluating and, where deemed appropriate, replacing the independent registered public accounting firm (or nominating the independent registered public accounting firm to be proposed for shareholder approval in any proxy statement); and (4) evaluating the independence of the independent registered public accounting firm. Because the Fund is newly organized, the Audit Committee did not meet during the prior fiscal year.

**Nominating and Governance Committee.** The purposes of the Nominating and Governance Committee are, among other things, to assist the Board in (1) its assessment of the adequacy of the Board's adherence to industry corporate governance best practices; (2) periodic evaluation of the operation of the Trust and meetings with management of the Trust concerning the Trust's operations and the application of policies and procedures to the Fund; (3) review, consideration and recommendation to the full Board regarding Independent Trustee compensation; (4) identification and evaluation of potential candidates to fill a vacancy on the Board; and (5) selection from among potential candidates of a nominee to be presented to the full Board for its consideration. The Nominating and Governance Committee will not consider shareholders' nominees. Because the Fund is newly organized, the Nominating and Governance Committee did not meet during the prior fiscal year.

**Fund Shares Owned by Board Members.** The Fund is required to show the dollar amount range of each Trustee's "beneficial ownership" of shares of the Fund as of the end of the most recently completed calendar year. Dollar amount ranges disclosed are established by the SEC. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (the "**1934 Act**").

Because the Fund is new, as of the date of this SAI, the Trustees did not beneficially own shares of the Fund. The Trustees and officers of the Fund own less than 1% of the outstanding shares of the Fund.

**Board Compensation.** The following table sets forth information regarding the estimated total compensation payable by the Fund during its fiscal year ending March 31, 2026 to the persons who serve as Trustees of the Fund. None of the officers receives compensation from the Fund for his or her services.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Person, Position** | **Estimated<br> Aggregate <br> Compensation** | **Pension or <br> Retirement<br> Benefits Accrued <br> as Part of Fund <br> Expenses** | **Estimated <br> Annual Benefits <br> Upon <br> Retirement** | **Estimated Total**<br> **Compensation**<br> **From the Fund**<br> **Complex<sup>1</sup>** |
| **Interested** |  |  |  |  |
| Thomas Park | $0 | $0 | $0 | $0 |
| **Independent** |  |  |  |  |
| Angela Brock-Kyle | $65000 | $0 | $0 | $65000 |
| Edward Ramos | $60000 | $0 | $0 | $60000 |
| William Yun | $60000 | $0 | $0 | $60000 |

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<sup>1</sup> "Fund Complex" comprises registered investment companies for which the Adviser or an affiliate of the Adviser serves as investment adviser.

**Fund Officers.** Set forth below are the names, dates of birth, position with the Fund, length of term of office and the principal occupations for the last five years of each of the persons currently serving as officers of the Fund. Unless otherwise noted, the business address of each officer is c/o Global X Management Company LLC, 605 Third Avenue, 43<sup>rd</sup> Floor, New York, New York 10158. None of the officers receives compensation from the Fund for his or her services.

---

| | | |
|:---|:---|:---|
| **Name and Year of Birth** | **Position/Term of <br> Office** | **Principal Occupation**<br> **During the Past Five Years** |
| Joe Costello (Born 1974) | Chief Compliance Officer, since inception | Chief Compliance Officer of the Adviser (since 2016). |
| Alex Ashby (Born 1986) | Chief Operating Officer, since inception | Chief Operating Officer of the Adviser (since 2023); Head of Product Development of the Adviser (2019-2024); Vice President, Director of Product Development (2015-2018). |
| Eric Olsen (Born 1970) | Treasurer, Chief Financial Officer, and Principal Accounting Officer, since inception | Head of Finance of the Adviser (since 2024); Director of Accounting, SEI Investment Manager Services (2021 to 2024); Deputy Head of Fund Operations, Traditional Assets, Aberdeen Standard Investments (2013-2021). |
| Jasmin Ali (Born 1983) | Vice President and Secretary, since inception | General Counsel of the Adviser (since 2024); Associate, Simpson Thacher & Bartlett LLP (2021-2024); Associate, Ropes & Gray LLP (2016-2021); Associate, Morgan Lewis & Bockius LLP (2014-2016). |
| Margaret Mo (Born 1984) | Assistant Secretary of the Fund, since inception | Associate General Counsel of the Adviser (since 2024); Vice President and Senior Counsel, Cohen & Steers Capital Management, Inc. (2018-2024). |

---

Certain officers of the Fund also serve as officers to one or more mutual funds and exchange-traded funds to which Global X, the Investment Subadviser, the Administrator or their affiliates act as investment adviser, administrator or distributor.

The officers of the Fund have been elected by the Board. Each officer shall hold office until the election and qualification of his or her successor or until earlier resignation or removal.

**MANAGEMENT**

**Adviser**

Global X Management Company LLC serves as the investment adviser for the Fund, subject to the general oversight of the Fund's Board. The Adviser has engaged the Investment Subadviser to provide day-to-day management of the Fund's portfolio, subject to the supervision of the Adviser. Global X is a Delaware limited liability company and a wholly-owned subsidiary of Mirae Global. The principal business address of Global X is 605 Third Avenue, 43<sup>rd</sup> Floor, New York, New York 10158. As of June 30, 2025, the Adviser provided investment advisory services for assets of approximately $60.35 billion.

**Advisory Agreement**

The Fund and Global X have entered into an investment advisory agreement (the "**Advisory Agreement**"). Pursuant to the Advisory Agreement, the Adviser provides the investment advisory services to the Fund.

Pursuant to the Advisory Agreement between the Fund and the Adviser, the Adviser is responsible for providing management and administrative services to the Fund. In consideration for the management services provided under the Advisory Agreement, the Fund pays the Adviser a management fee (the "**Management Fee**"). The Management Fee is calculated and payable monthly, in arrears, at the annual rate of 2.25% of the average daily value of the Fund's net assets. In consideration for the administrative services provided under the Advisory Agreement, the Fund is obligated to reimburse the Adviser, at cost, based upon the Fund's allocable portion of the Adviser's overhead and other expenses (including travel expenses) incurred by the Adviser in performing its obligations under the Advisory Agreement, including the Fund's allocable portion of the compensation of certain of its officers (including but not limited to the chief compliance officer, chief financial officer, chief accounting officer, general counsel, treasurer and assistant treasurer) and their respective staffs.

The Advisory Agreement provides that the Adviser shall not be liable for any error of judgment or for any loss suffered by the Fund in connection with the matters to which the Advisory Agreement relates, except a loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services (in which case any award of damages shall be limited to the period and the amount set forth in Section 36(b)(3) of the 1940 Act) or a loss resulting from willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard by it of its obligations and duties under the Advisory Agreement.

The continuance of the Investment Advisory Agreement after the first two (2) years must be specifically approved at least annually: (i) by the vote of a majority of the outstanding shares of that Fund or by the Trustees; and (ii) by the vote of a majority of the Trustees who are not parties to such Investment Advisory Agreement or "interested persons" of any party thereto, cast in-person at a meeting called for the purpose of voting on such approval. The Investment Advisory Agreement will terminate automatically in the event of its assignment and is terminable at any time without penalty by the Trustees of the Fund or by a majority of the outstanding shares of the Fund, on not less than 30 days' nor more than 60 days' written notice to the Adviser.

Because the Fund is new and has not yet commenced operations, it has not paid any management fees to the Adviser under the Advisory Agreement.

**Investment Subadviser**

Global X has engaged Mirae Asset Global Investments (USA) LLC, located at 1212 Avenue of the Americas, 10<sup>th</sup> Floor, New York, New York, 10036, to provide day-to-day management of the Fund's portfolio, subject to the supervision of the Adviser. Mirae is a Delaware limited liability company and an affiliate of Global X. As of June 30, 2025, the Investment Subadviser provided investment advisory services for assets of approximately $4.7 billion, including $1.2 billion in venture capital investments. Its parent, Mirae Asset Global Investments Co., Ltd., manages $306 billion across 15 countries as of June 30, 2025.

**Subadvisory Agreement**

Global X has entered into the Subadvisory Agreement with the Investment Subadviser. The Subadvisory Agreement provides that the Investment Subadviser shall not be liable for any error of judgment or for any loss suffered by the Fund or the Adviser in connection with the matters to which the Subadvisory Agreement relates, except a loss resulting from willful misfeasance, bad faith or gross negligence on the Investment Subadviser's part in the performance of its duties or from its reckless disregard of its obligations and duties under the Subadvisory Agreement, provided, however, that nothing in the Subadvisory Agreement shall be deemed to waive any rights the Adviser or the Fund may have against the Investment Subadviser under federal or state securities laws.

The continuance of the Subadvisory Agreement after the first two (2) years must be specifically approved at least annually: (i) by the vote of a majority of the outstanding shares of that Fund or by the Trustees; and (ii) by the vote of a majority of the Trustees who are not parties to such Subadvisory Agreement or "interested persons" of any party thereto, cast in-person at a meeting called for the purpose of voting on such approval. The Subadvisory Agreement will terminate automatically in the event of its assignment and is terminable at any time without penalty by the Trustees of the Fund or by the Adviser, on not less than 30 days' nor more than 60 days' written notice to the Investment Subadviser.

Pursuant to the Subadvisory Agreement, and in consideration of the subadvisory services provided by the Investment Subadviser to the Fund, the Investment Subadviser is entitled to a subadvisory fee paid monthly in arrears by the Adviser out of the Management Fee received from the Fund. The subadvisory fee is paid by the Adviser to the Investment Subadviser and not by the Fund.

**Portfolio Management**

The portfolio manager is an employee of the Investment Subadviser, as identified below.

**Compensation.** The Investment Subadviser believes that the compensation program is competitively positioned to attract and retain high-caliber investment professionals. The portfolio manager receives a salary and is eligible to receive an annual bonus. The portfolio manager's salary compensation is designed to be competitive with the marketplace and reflect the portfolio manager's relative experience and contribution to the Fund. Base salary compensation is reviewed and adjusted annually to reflect increases in the cost of living and market rates. The annual incentive bonus opportunity provides cash bonuses based upon (a) individual performance in the functional aspects of the portfolio manager role, (b) achievement of strategic goals related to process and technology improvement, and (c) overall company performance.

**Ownership of Fund Shares.** As of the date of this SAI, the portfolio manager does not beneficially own any shares of the Fund.

**Other Accounts.** As of June 30, 2025, in addition to the Fund, the portfolio manager is responsible for the day-to-day management of certain other accounts, as listed below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Registered Investment<br> Companies** | **Registered Investment<br> Companies** | **Other Pooled Investment<br> Vehicles** | **Other Pooled Investment<br> Vehicles** | **Other Accounts** | **Other Accounts** |
| <br>**Portfolio Manager** | **Number of<br> Accounts** | **Total Assets<br> (in millions)** | **Number of<br> Accounts** | **Total Assets<br> (in millions)** | **Number of<br> Accounts** | **Total Assets<br> (in millions)** |
| Thomas Park | 0 | $0 | 16 | $1213 | 0 | $0 |

---

**Conflicts of Interests.** The portfolio manager's management of "other accounts" may give rise to potential conflicts of interest in connection with his management of the Fund's investments, on the one hand, and the investments of the other accounts, on the other. The other accounts include other registered investment companies and pooled investment vehicles (collectively, the "**Other Accounts**"). The Other Accounts might have a similar

investment objective as the Fund or hold, purchase, or sell securities that are eligible to be held, purchased, or sold by the Fund. While the portfolio manager's management of the Other Accounts may give rise to the following potential conflicts of interest, the Adviser and Investment Subadviser do not believe that the conflicts, if any, are material or, to the extent any such conflicts are material, the Adviser and Investment Subadviser believe that they have designed policies and procedures that are reasonably designed to manage those conflicts in an appropriate way.

**Knowledge of the Timing and Size of Fund Trades.** A potential conflict of interest may arise as a result of a portfolio manager's day-to-day management of the Fund. Because of the portfolio manager's position with the Fund, the portfolio manager knows the size, timing, and possible market impact of Fund trades. It is theoretically possible that the portfolio manager could use this information to the advantage of the Other Accounts and to the possible detriment of the Fund. However, each of the Adviser and Investment Subadviser has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time.

**Investment Opportunities.** A potential conflict of interest may arise as a result of a portfolio manager's management of the Fund and the Other Accounts which, in theory, may allow the portfolio manager to allocate investment opportunities in a way that favors the Other Accounts over the Fund. This conflict of interest may be exacerbated to the extent that the Adviser or the portfolio manager receive, or expect to receive, greater compensation from the management of the Other Accounts than the Fund. Notwithstanding this theoretical conflict of interest, it is the policy of each of the Adviser and the Investment Subadviser to manage each account based on its investment objective and related restrictions and, as discussed above, each of the Adviser and Investment Subadviser has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time and in a manner consistent with each account's investment objectives and related restrictions. For example, while a portfolio manager may buy for an Other Account securities that differ in identity or quantity from securities bought for the Fund, such an approach might not be suitable for the Fund given its investment objective and related restrictions.

**Administrator, Sub-Administrator, Custodian, Transfer Agent and Distributor**

**Administrator.** Global X Management Company LLC, the Administrator to the Fund ("**Global X**" or the "**Administrator**"), has its principal business offices at 605 Third Avenue, 43rd Floor, New York, New York 10158. The Administrator and its affiliates also serve as administrator or sub-administrator to other funds.

**Administration Agreement with the Fund.** The Fund and the Administrator have entered into an administration agreement (the "**Administration Agreement**"). Under the Administration Agreement, the Administrator provides the Fund with certain services, among other responsibilities, administrative, tax, accounting services, portfolio compliance monitoring, and financial reporting for the maintenance and operations of the Fund. In addition, the Administrator makes available certain space, equipment, personnel and facilities to provide the services to the Fund.

For its administrative services, the Administrator receives a fee, which is calculated based upon the average daily net assets of the Fund and paid monthly by the Fund. As of the date of this SAI, the Fund had not commenced operations and, therefore, had not paid any administration fees to the Administrator.

**Sub-Administrator.** SEI Investments Global Funds Services ("**SEI**"), located at One Freedom Valley Drive, Oaks, Pennsylvania 19456, serves as sub-administrator (the "**Sub-Administrator**") to the Fund. As Sub-Administrator, SEI provides the Fund with all required general administrative services, including, without limitation, office space, equipment, and personnel; clerical and general back office services; bookkeeping, internal accounting and secretarial services; the calculation of NAV; and the preparation and filing of all reports, registration statements, proxy statements and all other materials required to be filed or furnished by the Funds under federal and state securities laws. As compensation for these services, the Sub-Administrator receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees.

**Custodian.** The Bank of New York Mellon, located at 240 Greenwich Street, New York, New York 10286, serves as custodian (the "**Custodian**") for the Fund. The Custodian maintains in separate accounts cash, securities and other assets of the Fund, keeps all necessary accounts and records, and provides other services. The Custodian is

required, upon the order of the Fund, to deliver securities held by it, in its capacity as custodian, and to make payments for securities purchased by the Fund.

**Transfer Agent.** The Bank of New York Mellon serves as the transfer agent for the Fund (the "**Transfer Agent**").

**Distributor.** The Fund and SEI Investments Distribution Co. (the "**Distributor**") are parties to a distribution agreement (the "**Distribution Agreement**"), whereby the Distributor acts as principal underwriter for the Fund's shares. The principal business address of the Distributor is One Freedom Valley Drive, Oaks, Pennsylvania 19456. The offering of the Fund's Shares is continuous on a daily basis and the Distributor distributes the Fund Shares on a best efforts and agency basis (not as principal).

The continuance of the Distribution Agreement must be specifically approved at least annually (i) by the vote of the Trustees or by a vote of the majority of the outstanding voting securities of the Fund and (ii) by the vote of a majority of the Trustees who are not "interested persons" of the Fund and have no direct or indirect financial interest in the operations of the Distribution Agreement or any related agreement, cast in person at a meeting called for the purpose of voting on such approval. The Distribution Agreement will terminate automatically in the event of its assignment (as such term is defined in the 1940 Act), and is terminable at any time without penalty by the Board or, by the holders of a majority of the outstanding voting securities of the Fund, upon not less than sixty (60) days' written notice by either party.

**Distribution and Servicing Plan**

The Fund has adopted a shareholder distribution and servicing plan (the "**Distribution and Servicing Plan**") with respect to Class A Shares and Class S Shares that allows such shares to pay service providers a fee in connection with the ongoing servicing of shareholder accounts owning such shares at an annual rate of up to 0.15% of average daily net assets of the Shares. The Distribution and Servicing Plan provides that shareholder distribution and servicing fees on Class A Shares and Class S Shares will be paid to the Distributor, which may then be used by the Distributor to compensate financial intermediaries for providing shareholder services with respect to Class A Shares and Class S Shares. Class I Shares are not subject to a Distribution and Servicing Fee.

**CODE OF ETHICS**

The Fund, the Adviser, the Investment Subadviser and the Distributor each have adopted a code of ethics, as required by applicable law, which is designed to prevent affiliated persons of the Fund, the Adviser, the Investment Subadviser and the Distributor from engaging in deceptive, manipulative or fraudulent activities in connection with securities held or to be acquired by the Fund (which may also be held by persons subject to a code of ethics). There can be no assurance that the codes of ethics will be effective in preventing such activities. The codes of ethics permit personnel subject to them to invest in securities, including securities that may be held or purchased by the Fund. The codes of ethics are on file with the SEC and are available to the public.

**BROKERAGE ALLOCATION AND OTHER PRACTICES**

Since the Fund will generally acquire and dispose of investments in privately negotiated transactions, the Fund will infrequently use brokers in the normal course of business.

Subject to policies established by our Board of Trustees, if any, the Adviser and the Investment Subadviser will be responsible for the execution of any publicly-traded securities portfolio transactions and the allocation of brokerage commissions. The policy of the Fund regarding purchases and sales of securities is that primary consideration will be given to obtaining the most favorable prices and efficient executions of transactions. Consistent with this policy, when securities transactions are effected on a stock exchange, the Fund's policy is to pay commissions that are considered fair and reasonable without necessarily determining that the lowest possible commissions are paid in all circumstances. In seeking to determine the reasonableness of brokerage commissions paid in any transaction, the Adviser or Investment Subadviser relies upon its experience and knowledge regarding commissions generally charged by various brokers and in various jurisdictions. The Adviser or Investment Subadviser effects transactions for the Fund with those brokers and dealers that it believes provide the most favorable prices and are capable of providing the most efficient and best execution of trades. The primary consideration of the Adviser and Investment Subadviser is to seek prompt execution of orders at the most favorable net price. The sale of Shares by a broker-dealer is not a factor in the selection of broker-dealers. The Adviser, the Investment Subadviser and their affiliates do not currently participate in any soft dollar transactions, although the Adviser and the Investment Subadviser rely on Section 28(e) of the 1934 Act in effecting or executing transactions for the Fund. Accordingly, in selecting broker-dealers to execute a particular transaction, the Adviser or Investment Subadviser may consider the brokerage and research services (as those terms are defined in Section 28(e) of the 1934 Act) provided to the Fund and/or other accounts over which the Adviser, the Investment Subadviser or their affiliates exercise investment discretion. The Adviser or Investment Subadviser may cause the Fund to pay a broker-dealer that furnishes brokerage and research services a higher commission than that which might be charged by another broker-dealer for effecting the same transaction, provided that the Adviser or Investment Subadviser determines in good faith that such commission is reasonable in relation to the value of the brokerage and research services provided by such broker-dealer, viewed in terms of either the particular transaction or the overall responsibilities of the Adviser or Investment Subadviser to the Fund. Such brokerage and research services might consist of reports and statistics on specific companies or industries or broad overviews of the securities markets and the economy. Shareholders of the Fund should understand that the services provided by such brokers may be useful to the Adviser or the Investment Subadviser in connection with their services to other clients.

The Adviser and the Investment Subadviser assume general supervision over placing orders on behalf of the Fund for the purchase or sale of portfolio securities. If purchases or sales of portfolio securities by the Fund are considered at or about the same time, transactions in such securities are allocated among the Fund in a manner deemed equitable to the Fund by the Adviser or the Investment Subadviser. Bundling or bunching transactions for the Fund is intended to result in better prices for portfolio securities and lower brokerage commissions, which should be beneficial to the Fund.

While the Fund generally does not expect to engage in trading for short-term gains, it will effect portfolio transactions without regard to any holding period if, in the Adviser's or Investment Subadviser's judgment, such transactions are advisable in light of a change in circumstances of a particular company or within a particular industry or in general market, economic or financial conditions. The portfolio turnover rate is calculated by dividing the lesser of the Fund's annual sales or purchases of portfolio securities (exclusive of purchases or sales of U.S. Government Securities and all other securities whose maturities at the time of acquisition were one year or less) by the monthly average value of the securities in the portfolio during the year. A high rate of portfolio turnover results in certain tax consequences, such as increased capital gain dividends and/or ordinary income dividends, and in correspondingly greater transaction costs in the form of dealer spreads and brokerage commissions, which are borne directly by the Fund.

**REPURCHASE OFFERS**

The Fund may suspend or postpone a repurchase offer only: (a) if making or effecting the repurchase offer would cause the Fund to lose its status as a regulated investment company under the Code; (b) for any period during which the NYSE or any market on which the securities owned by the Fund are principally traded is closed, other than customary weekend and holiday closings, or during which trading in such market is restricted; (c) for any period during which an emergency exists as a result of which disposal by the Fund of securities owned by it is not reasonably practicable, or during which it is not reasonably practicable for the Fund fairly to determine the value of its net assets; or (d) for such other periods as the SEC may by order permit for the protection of Shareholders of the Fund.

The Fund must maintain liquid assets equal to the repurchase offer amount from the time that the shareholder notification is sent to Shareholders until the repurchase pricing date. The Fund will ensure that a percentage of its net assets equal to at least 100% of the repurchase offer amount consists of assets that can be sold or disposed of in the ordinary course of business at approximately the price at which the Fund has valued the investment within the time period between the repurchase request deadline and the repurchase payment deadline. The Fund has adopted procedures that are reasonably designed to ensure that the Fund's assets are sufficiently liquid so that the Fund can comply with these repurchase offer and the liquidity requirements. If, at any time, the Fund falls out of compliance with these liquidity requirements, the Fund will take whatever action it deems appropriate to ensure compliance.

The Fund may cause a mandatory repurchase or redemption of all or some of the Shares of a Shareholder, or any person acquiring Shares from or through a Shareholder, at NAV in accordance with the Declaration of Trust and Section 23 of the 1940 Act and Rule 23c-2 thereunder.

**PROXY VOTING POLICY AND PROXY VOTING RECORD**

The Fund has delegated proxy voting responsibilities to the Adviser, subject to the Board of Trustees' oversight. In delegating proxy responsibilities, the Board of Trustees has directed that proxies be voted consistent with the Fund's and its shareholders' best interests and in compliance with all applicable proxy voting rules and regulations. The Adviser has adopted proxy voting policies and guidelines for this purpose ("**Proxy Voting Policies**") and the Adviser has engaged a third party proxy solicitation firm, Glass Lewis & Co. ("**Glass Lewis**"), an independent third party proxy service that is responsible for the actual voting of all proxies in a timely manner, while the CCO is responsible for monitoring the effectiveness of the Proxy Voting Policies. The Proxy Voting Policies have been adopted by the Trust as the policies and procedures that the Adviser will use when voting proxies on behalf of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **General Guidelines.** Except in instances where the Adviser has provided Glass Lewis with
different direction, Glass Lewis has agreed to vote proxies in accordance with recommendations developed by Glass Lewis and overseen
by the Adviser. The Glass Lewis guidelines address a wide variety of individual topics, including, among other matters, shareholder
voting rights, anti-takeover defenses, board structures, the election of directors, executive and director compensation, reorganizations,
mergers, and various shareholder proposals. The Glass Lewis guidelines encourage the maximization of return for shareholders through
identifying and avoiding financial, audit and corporate governance risks. Detailed information on Glass Lewis's proxy voting
guidelines is available under "Proxy Paper Guidelines<sup>TM</sup>" from Glass Lewis at www.glasslewis.com/guidelines.The
Proxy Voting Policies are designed to ensure that all issues brought to shareholders are analyzed in light of the Adviser's
fiduciary responsibilities. The Proxy Voting Policies address the Adviser's oversight of Glass Lewis, as well as when securities
on loan are recalled to participate in proxy votes, if applicable. Additionally, the Proxy Voting Policies address material conflicts
of interest that may arise between the interests of the Fund and the interests of the Adviser. In situations in which there is
a conflict of interest between the interests of the Adviser or its affiliates and the interests of the Fund's shareholders,
the Adviser will take necessary actions to resolve the conflict and to protect the interests of shareholders.

**II.** **Oversight of Third Party Solicitation Firm.** The Adviser has reviewed the principles and
procedures employed by Glass Lewis in making recommendations on voting proxies on each issue presented, and has satisfied itself
that Glass Lewis's recommendations are (i) based upon an appropriate level of diligence and research, and (ii) designed to
further the interests of shareholders, and not serve other unrelated or improper interests. The Adviser shall review its determinations
as to Glass Lewis at least annually.

**III.** **Record of Proxy Voting.** Information on how the Fund voted proxies relating to portfolio
securities during the most recent 12 month period ended June 30 will be available (1) without charge, upon request, by calling
1-888-843-7824 and (2) on the SEC's website at <u>www.sec.gov</u>.

**CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES**

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 is presumed to "control" the company. To the knowledge of the Fund and except as noted below, as of August 31, 2025, no persons were deemed to control the Fund.

A control person is a person who beneficially owns more than 25% of the voting securities of a company. Global X Management Company, Inc., a Delaware corporation and an affiliate of the Adviser, provided the initial capitalization of the Fund and owns 100% of the value of the outstanding interests in the Fund as of the date of this Prospectus. The address for Global X Management Company, Inc. is 605 Third Avenue, 43<sup>rd</sup> Floor, New York, New York 10158. For so long as Global X Management Company, Inc. has a greater than 25% interest in the Fund, it will be deemed be a "control person" of the Fund for purposes of the 1940 Act. However, it is anticipated that once the Fund commences the public offering of Shares, Global X Management Company, Inc.'s control will be diluted until such time as it is no longer deemed a control person of the Fund.

As of ____ __, 2025, the Fund had not commenced its public offering and the officers and trustees of the Fund as a group beneficially owned no shares of the Fund.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

[ ], located at [ ], is the Fund's independent registered public accounting firm and audits the Fund's financial statements and performs other audit related services.

**LEGAL COUNSEL**

Simpson Thacher & Bartlett LLP, New York, New York, acts as counsel to the Fund. Certain legal matters in connection with the Common Shares will be passed upon for the Fund by Morris, Nichols, Arsht & Tunnell LLP, Wilmington, Delaware.

**FINANCIAL STATEMENTS**

[INSERT SEED FINANCIAL STATEMENTS]

**PART C: OTHER INFORMATION**

**Item 25. Financial Statements and Exhibits**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Financial Statements:

Part A: None.

Part B: The Registrant's audited consolidated financial highlights for the operating performance of the Registrant from as of [ ], are included in Part B of this Registration Statement in the section entitled "Financial Statements."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Exhibits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) [Certificate of Trust](https://www.sec.gov/Archives/edgar/data/1997641/000093041324002016/c109226_ex-99a1.htm) <sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Amended and Restated Agreement and Declaration of Trust](https://www.sec.gov/Archives/edgar/data/1997641/000093041325001912/c112778_ex99a2.htm) <sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [By-laws](https://www.sec.gov/Archives/edgar/data/1997641/000093041325001912/c112778_ex99b.htm) <sup>(1)</sup>

(c) Not applicable.

(d) [Multiple Class Plan Pursuant to Rule 18f-3](https://www.sec.gov/Archives/edgar/data/1997641/000093041325001912/c112778_ex99d.htm) <sup>(1)</sup>

(e) [Dividend Reinvestment Plan](https://www.sec.gov/Archives/edgar/data/1997641/000093041325001912/c112778_ex99e.htm) <sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(g) (1) [Form of Investment Management Agreement<sup>(2)</sup>](c113905_ex99-g1.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) [Form of Investment Sub-Advisory Agreement<sup>(2)</sup>](c113905_ex99-g2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (1) [Form of Distribution Agreement<sup>(2)</sup>](c113905_ex99-h1.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 Service Plan](https://www.sec.gov/Archives/edgar/data/1997641/000093041325001912/c112778_ex99h2.htm) <sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(j) [Form of Custody Agreement<sup>(2)</sup>](c113905_ex99-j.htm)

(k) (1) [Form of Transfer Agency and Shareholder Services Agreement<sup>(2)</sup>](c113905_ex99-k1.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) [Form of Administration Agreement<sup>(2)</sup>](c113905_ex99-k2.htm)

(3) [Form of Sub-Administration Agreement<sup>(2)</sup>](c113905_ex99-k3.htm)

(4) [Form of Expense Limitation and Reimbursement Agreement<sup>(2)</sup>](c113905_ex99-k4.htm)

(5) [Form of Affiliate Fund Waiver Agreement<sup>(2)</sup>](c113905_ex99-k5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Opinion of Counsel<sup>(3)</sup>

(m) Not applicable.

(n) Consent of Independent Registered Public Accounting Firm<sup>(3)</sup>

(o) Not applicable.

(p) Not applicable.

(q) Not applicable.

(r) (1) [Code of Ethics of the Registrant](https://www.sec.gov/Archives/edgar/data/1997641/000093041325001912/c112778_ex99r1.htm) <sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Code of Ethics of the Adviser](https://www.sec.gov/Archives/edgar/data/1997641/000093041325001912/c112778_ex99r2.htm) <sup>(1)</sup>

(3) [Code of Ethics of the Sub-Adviser](https://www.sec.gov/Archives/edgar/data/1997641/000093041325001912/c112778_ex99r3.htm) <sup>(1)</sup>

(4) [Code of Ethics of the Distributor](https://www.sec.gov/Archives/edgar/data/1997641/000093041325001912/c112778_ex99r4.htm) <sup>(1)</sup>

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

(t) [Powers of Attorney](https://www.sec.gov/Archives/edgar/data/1997641/000093041325001912/c112778_ex99t.htm) <sup>(1)</sup>

(1) Previously filed.

(2) Filed herewith.

(3) To be filed by amendment.

**Item 26. Marketing Arrangements**

The information contained under the heading "Plan of Distribution" in the prospectus that forms a part of this Registration Statement is incorporated herein by reference.

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

Not applicable.

**Item 28. Persons Controlled by or Under Common Control with the Registrant**

The information in the Statement of Additional Information under the headings "Control Persons and Principal Shareholders" and "Trustees and Officers of the Fund" is incorporated by reference.

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

Set forth below is the number of record holders as of August 31, 2025 of each class of securities of the Registrant:

---

| | |
|:---|:---|
| **Title of Class** | **Number of Record Holders** |
| Class I Shares | 1 |

---

**Item 30. Indemnification**

Reference is made to Article IX of the Registrant's Amended and Restated Declaration of Trust. The Registrant, its Trustees and officers are insured against certain expenses in connection with the defense of claims, demands, actions, suits, or proceedings, and certain liabilities that might be imposed as a result of such actions, suits or proceedings.

Insofar as indemnification for liabilities arising under the Securities Act, may be permitted to directors, trustees, officers and controlling persons of the Registrant and the principal underwriter pursuant to the foregoing provisions or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred

or paid by a director, trustee, officer, or controlling person of the Registrant and the principal underwriter in connection with the successful defense of any action, suite or proceeding) is asserted against the Registrant by such director, trustee, officer or controlling person or principal underwriter in connection with the shares being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**Item 31. Business and Other Connections of Investment Advisor**

Global X Management Company LLC serves as investment adviser for the Registrant. The principal address of the Adviser is 605 Third Avenue, 43rd Floor, New York, NY 10158. The Adviser is an investment adviser registered under the Investment Advisers Act of 1940, as amended. Set forth below is a list of officers and directors of Global X Management Company LLC, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by such officers and directors during the past two years. The information below is provided as of March 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name and Position** | &nbsp;&nbsp;**Principal Business(es) During the Last Two Fiscal Years** |
| &nbsp;&nbsp;Ryan O'Connor, Chief Executive Officer | &nbsp;&nbsp;Chief Executive Officer, GXMC (since 4/2024); Global Head of ETF Product, Goldman Sachs Asset Management (2021-2024) |
| &nbsp;&nbsp;Joseph Costello, Chief Compliance Officer | &nbsp;&nbsp;Chief Compliance Officer, GXMC (since 9/2016) |
| &nbsp;&nbsp;Alex Ashby, Chief Operating Officer | &nbsp;&nbsp;Chief Operating Officer, GXMC (since 11/2023); Interim Chief Financial Officer, GXMC (3/2024-4/2024); Head of Product Development, GXMC (2019-2024) |
| &nbsp;&nbsp;Eric Olsen, Treasurer and Head of Finance & Business Management | &nbsp;&nbsp;Treasurer and Head of Finance & Business Management, GXMC (since 4/2024); Director of Accounting, SEI Investment Manager Services (2021 to 4/2024) |
| &nbsp;&nbsp;Jasmin Ali, General Counsel | &nbsp;&nbsp;General Counsel, GXMC (since 06/2024); Associate, Simpson Thacher & Bartlett LLP (2021 to 06/2024); |

---

Mirae Asset Global Investments (USA) LLC serves as investment sub-adviser for the Registrant. The principal address of the Sub-Adviser is 1212 Avenue of the Americas, 10th Floor, New York, NY 10036. The Sub-Adviser is an investment adviser registered under the Investment Advisers Act of 1940, as amended. Information as to the directors and officers of Mirae Asset Global Investments (USA) LLC is included in its Form ADV filed with the SEC and is incorporated herein by reference thereto.

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

The books, accounts and other documents required by Section 31(a) under the Investment Company Act of 1940, as amended, and the rules promulgated thereunder are maintained in the physical possession of Global X Management Company LLC, 605 Third Avenue, 43rd Floor, New York, NY 10158, Mirae Asset Global Investments (USA) LLC, 1212 Avenue of the Americas, 10th Floor, New York, NY 10036, BNY Mellon Investment Servicing (US) Inc., 301 Bellevue Parkway, Wilmington, Delaware 19809.

**Item 33. Management Services**

Not applicable.

**Item 34. Undertakings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Not applicable.

(2) Not applicable.

(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;(1) to include any prospectus required by Section 10(a)(3) of the Securities Act of 1933 ()"**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;(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; 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) 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 herein, 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;(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;(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

(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 <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 other than 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;

---

| | |
|:---|:---|
| (f) | that, for the purpose of determining liability of the Registrant 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;(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;

&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) any 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;(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;(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) The Registrant undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for the purpose of determining any liability under the Securities Act, the information omitted
from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of
prospectus filed by the Registrant under Rule 424(b)(1) under the Securities Act shall be deemed to be part of this registration
statement as of the time it was declared effective; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for the purpose of determining any liability under the Securities Act, each post-effective amendment
that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein,
and the offering of the securities at that time shall be deemed to be the initial bona fide offering thereof.

&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 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 SEC such indemnification is against public policy as expressed in the Securities Act
and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment
by the Registrant of expenses incurred or paid by a director, officer or controlling person 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 and will be governed by the final adjudication of such issue.

(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, as amended, and the 1940 Act, as amended, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, and State of New York, on the 20th day of November 2025.

---

| | |
|:---|:---|
| **Global X Venture Fund** | **Global X Venture Fund** |
| By: | /s/ Thomas Park |
| Name: | Thomas Park |
| Title: | Trustee and President |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| /s/ Thomas Park | Trustee and President | November 20, 2025 |
| Thomas Park |  |  |
| /s/ Eric Olsen | Treasurer, Chief Financial Officer and Principal Accounting Officer | November 20, 2025 |
| Eric Olsen | Treasurer, Chief Financial Officer and Principal Accounting Officer |  |
| /s/ Angela Brock-Kyle\* | Trustee | November 20, 2025 |
| Angela Brock-Kyle |  |  |
| /s/ Edward Ramos\* | Trustee | November 20, 2025 |
| Edward Ramos |  |  |
| /s/ William Yun\* | Trustee | November 20, 2025 |
| William Yun |  |  |

---

---

| | |
|:---|:---|
| \*By: | /s/ Thomas Park |
|  | Thomas Park |
|  | As Attorney-in-Fact |

---

The original Power of Attorney authorizing Thomas Park, Jasmin Ali, Joe Costello, Alex Ashby and Eric Olsen to execute the Registration Statement, and any amendments thereto, for the Trustees and officers of the Registrant on whose behalf this Registration Statement is filed, has been executed and is incorporated by reference herein to Item 25, Exhibit (t).

**<u>EXHIBIT INDEX</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;(g)(1) | &nbsp;&nbsp;[Form of Investment Management Agreement](c113905_ex99-g1.htm) |
| &nbsp;&nbsp;(g)(2) | &nbsp;&nbsp;[Form of Investment Sub-Advisory Agreement](c113905_ex99-g2.htm) |
| &nbsp;&nbsp;(h)(1) | &nbsp;&nbsp;[Form of Distribution Agreement](c113905_ex99-h1.htm) |
| &nbsp;&nbsp;(j) | &nbsp;&nbsp;[Form of Custody Agreement](c113905_ex99-j.htm) |
| &nbsp;&nbsp;(k)(1) | &nbsp;&nbsp;[Form of Transfer Agency and Shareholder Services Agreement](c113905_ex99-k1.htm) |
| &nbsp;&nbsp;(k)(2) | &nbsp;&nbsp;[Form of Administration Agreement](c113905_ex99-k2.htm) |
| &nbsp;&nbsp;(k)(3) | &nbsp;&nbsp;[Form of Sub-Administration Agreement](c113905_ex99-k3.htm) |
| &nbsp;&nbsp;(k)(4) | &nbsp;&nbsp;[Form of Expense Limitation and Reimbursement Agreement](c113905_ex99-k4.htm) |
| &nbsp;&nbsp;(k)(5) | &nbsp;&nbsp;[Form of Affiliate Fund Waiver Agreement](c113905_ex99-k5.htm) |

---

## Ex-99.(G)(1)

**Exhibit (g)(1)**

**FORM OF INVESTMENT MANAGEMENT AGREEMENT**

This INVESTMENT MANAGEMENT AGREEMENT ("**Agreemen**t") is made this [ ] day of [ ], by and between Global X Venture Fund (the "**Fund**") and Global X Management Company LLC, a Delaware limited liability company (the "**Adviser**").

WHEREAS, the Fund is a Delaware statutory trust registered as a closed-end management investment company under the Investment Company Act of 1940, as amended (the "**1940 Act**") that is an operating as an interval fund;

WHEREAS, the Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended;

WHEREAS, the Fund wishes to retain the Adviser to provide investment advisory and management services to the Fund; and

WHEREAS, the Adviser is willing to furnish such services on the terms and conditions hereinafter set forth.

NOW THEREFORE, in consideration of the premises and mutual covenants herein contained, it is agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Fund hereby appoints the Adviser to act as investment adviser of the Fund for the period and on the terms set forth in this Agreement. The Adviser accepts such appointment and agrees to render the services herein set forth, for the compensation herein provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Fund shall at all times keep the Adviser fully informed with regard to the securities owned by it, its funds available, or to become available, for investment, and generally as to the condition of its affairs. It shall furnish the Adviser with such other documents and information with regard to its affairs as the Adviser may from time to time reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. (a) Subject to the supervision of the Fund's Board of Trustees (the "**Board**"), the Adviser shall regularly provide the Fund with investment research, advice, management and supervision and shall furnish a continuous investment program for the Fund's portfolio of securities and other investments consistent with the Fund's investment objectives, policies and restrictions, as stated in the Fund's current Prospectus and Statement of Additional Information, and in accordance with any exemptive orders issued by the Securities and Exchange Commission ("**SEC**") applicable to the Fund and any SEC staff no-action letters applicable to the Fund. The Adviser shall determine from time to time what securities and other investments will be purchased (including, as permitted in accordance with this paragraph, unregistered investment funds, holding vehicles or other investment vehicles ("**Portfolio Funds**"), and direct or indirect (through special purpose vehicles or other entities) equity or debt securities of portfolio companies, swap agreements, options, forwards, futures or other derivatives), retained, sold or exchanged by the Fund and what portion of the assets of the Fund's portfolio will be held in the various securities and other investments in which the Fund invests, and shall implement those decisions (including the execution of investment documentation), all subject to the provisions of the Fund's Agreement and Declaration of Trust and Bylaws (collectively, the "**Governing Documents**"), the 1940 Act, and the applicable rules and regulations promulgated thereunder by the SEC and interpretive guidance issued thereunder by the SEC staff and any other applicable federal and state law, as well as the investment objectives, policies and restrictions of the Fund and any exemptive orders and SEC staff no-action letters applicable to the Fund referred to above, and any other specific policies

adopted by the Board and disclosed to the Adviser. The Adviser is authorized as the agent of the Fund to give instructions to the custodian of the Fund and any sub-custodian or prime broker or other intermediary as to deliveries of securities and other investments and payments of cash in respect of transactions or cash margin calls or unfunded commitments for the account of the Fund. The Adviser will place orders pursuant to its investment determinations for the Fund either directly with the issuer, seller or with any broker or dealer, foreign currency dealer, futures commission merchant, counterparty or others selected by it. In connection with the selection of such brokers or dealers and the placing of such orders, subject to applicable law, brokers or dealers may be selected who also provide brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**")) to the Fund and/or the other accounts over which the Adviser or its affiliates exercise investment discretion. The Adviser is authorized to pay a broker or dealer who provides such brokerage and research services a commission for executing a portfolio transaction for the Fund, which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Adviser determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage and research services provided by such broker or dealer. This determination may be viewed in terms of either that particular transaction or the overall responsibilities that the Adviser and its affiliates have with respect to accounts over which they exercise investment discretion. The Board may adopt policies and procedures that modify and restrict the Adviser's authority regarding the execution of the Fund's portfolio transactions provided herein. The Adviser shall also provide advice and recommendations with respect to other aspects of the business and affairs of the Fund, shall exercise voting rights, rights to consent to corporate action and any other rights pertaining to the Fund's portfolio securities subject to such direction as the Board may provide, and shall perform such other functions of investment management and supervision as may be directed by the Board and agreed to by the Adviser. The Adviser may execute on behalf of the Fund certain agreements, instruments and documents in connection with the services performed by it under this Agreement. These may include, without limitation, purchase and sale agreements for Portfolio Fund interests and other assets, transfer agreements, brokerage agreements, clearing agreements, account documentation, futures and option agreements, swap agreements, other investment related agreements, and any other agreements, documents or instruments the Adviser believes are appropriate or desirable in performing its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the direction and control of the Board, the Adviser shall perform or cause to be performed such investment management services as may from time to time be reasonably requested by the Fund as necessary for the operation of the Fund. The Adviser will act as the Fund's liaison with administrators, subadministrators, custodians, depositories, transfer agents, pricing agents, dividend disbursing agents, financial intermediaries, other shareholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons as may reasonably be requested by the Trustees of the Fund. Notwithstanding the foregoing, the Adviser shall not be deemed to have assumed any duties with respect to, and shall not be responsible for, the distribution of the shares of any Fund, nor shall the Adviser be deemed to have assumed or have any responsibility with respect to functions specifically assumed by any transfer agent, fund accounting agent, custodian, shareholder servicing agent or other agent, in each case employed by the Fund to perform such functions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund hereby authorizes any entity or person associated with the Adviser, which is a member of a national securities exchange, to effect any transaction on the exchange for the account of the Fund which is permitted by Section 11(a) of the Exchange Act and Rule 11a2-2(T) thereunder, and the Fund hereby consents to the retention of compensation for such transactions in accordance with Rule 11a2-2(T)(a)(2)(iv).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Subject to the Board's approval, at the expense of the Adviser and to the extent permitted by any exemptive orders or SEC staff no-action letters applicable to the Fund, the Adviser or the Fund may enter into contracts with one or more investment subadvisers or subadministrators, including without limitation, affiliates of the Adviser, in which the Adviser delegates to such investment subadvisers or subadministrators any or all its duties specified hereunder, on such terms as the Adviser will determine to be necessary, desirable or appropriate, provided that in each case the Adviser shall supervise the activities of each such subadviser or subadministrator and further provided that such contracts impose on any investment subadviser or subadministrator bound thereby all the conditions to which the Adviser is subject hereunder and that such contracts are entered into in accordance with and meet all applicable requirements of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. (a) The Adviser shall oversee the maintenance of all books and records with respect to the Fund's securities transactions and the keeping of the Fund's books of account in accordance with all applicable federal and state laws and regulations. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Adviser hereby agrees that any records that it maintains for the Fund are the property of the Fund, and further agrees to surrender promptly to the Fund any of such records upon the Fund's request. The Adviser further agrees to arrange for the preservation of the records required to be maintained by Rule 31a-1 under the 1940 Act for the periods prescribed by Rule 31a-2 under the 1940 Act. The Adviser shall authorize and permit any of its directors, officers and employees, who may be elected as Board members or officers of the Fund, to serve in the capacities in which they are elected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All investment professionals of the Adviser and its staff, when and to the extent engaged in providing investment advisory services hereunder, and the compensation and routine overhead expenses of such personnel allocable to such services, will be provided and paid for by the Adviser and not by the Fund, except as otherwise permitted within the Prospectus or herein. The Fund will bear all other expenses to be incurred in its operation (including to the extent such operations are performed by the Adviser or its affiliates), including, without limitation, those fees and expenses as set forth in Schedule A annexed hereto (the "Fund Expenses").

It also is understood that if the Adviser or any of its affiliates provide accounting services to the Fund, the Fund will reimburse the Adviser and its affiliates for their costs in providing such accounting services to the Fund.

For the avoidance of doubt, it also is understood and agreed that if persons associated with the Adviser or any of its affiliates, including persons who are officers of the Fund, provide accounting, legal, clerical, compliance or administrative services to the Fund at the request of the Fund, the Fund may reimburse the Adviser and its affiliates for their costs in providing such accounting, legal, clerical, compliance or administrative services to the Fund (which costs may include an allocation of overhead including rent and the allocable portion of the salaries and benefits of the relevant persons and their respective staffs, including travel expenses). Nothing

contained herein shall be construed to restrict the Fund's right to hire its own employees or to contract for services to be performed by third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. No member of the Board, officer or employee of the Fund shall receive from the Fund any salary or other compensation as such member of the Board, officer or employee while he is at the same time a director, officer, or employee of the Adviser or any affiliated company of the Adviser, except as the Board may decide. This paragraph shall not apply to Board members, executive committee members, consultants and other persons who are not regular members of the Adviser's or any affiliated company's staff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. (a) In consideration of the services provided by the Adviser under this Agreement, the Fund will pay the Adviser a management fee (the "**Management Fee**") as indicated on Schedule B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Management Fee shall be paid as described on Schedule B. For purposes of determining the Management Fee payable to the Adviser, the Fund's net asset value will be calculated prior to the inclusion of any amounts of the Management Fee payable to the Adviser or to any purchases or repurchases of shares of the Fund or any distributions by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the purpose of determining fees payable to the Adviser under this Section 7, the value of the Fund's assets will be computed at the times and in the manner specified in the Registration Statement, and on days on which the value of Fund assets are not so determined, the asset value computation to be used will be as determined on the immediately preceding day on which the assets were determined. Furthermore, fees payable to the Adviser under this Section 7 will be earned and attributed to each class of the Fund's shares based on the net asset value and net profits of the Fund attributable to each such class of shares and in accordance with U.S. Generally Accepted Accounting Principles applicable to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund shall make any payments due hereunder to the Adviser or, if the Adviser directs, to an entity the Adviser controls, is controlled by the Adviser or with which the Adviser is under common control (including any subadviser of the Fund). Subject to the requirements of the 1940 Act and any applicable exemptive relief from the SEC, the Adviser may elect to receive all or a portion of the Management Fee in common shares of the Fund (the "**Shares**") in lieu of cash 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) At the beginning of each fee calculation period, the Adviser will notify the Fund of its election to receive any Management Fees for such payment period in cash, Shares or a combination of cash and Shares.

&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 number of Shares that the Adviser will receive will be equal to the quotient of (x) the sum of the cash value of Management Fees elected by the Adviser for payment in Shares and (y) the greater of (i) the then-current net asset value per Share of the applicable Share class when such fees become due and (ii) the then-current offering price of the applicable class of Shares when such fees become due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. (a) The Adviser shall not be liable for any error of judgment or for any loss suffered by the Fund in connection with the matters to which this Agreement relates, except a loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services (in which case any award of damages shall be limited to the period and the amount set forth in Section 36(b)(3) of the 1940 Act) or a loss resulting from willful misfeasance, bad faith or gross negligence on its

part in the performance of its duties or from reckless disregard by it of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund shall indemnify the Adviser and hold it harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlements) incurred by the Adviser in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Fund or its security holders) arising out of or otherwise based upon any action actually or allegedly taken or omitted to be taken by the Adviser in connection with the performance of any of its duties or obligations under this Agreement; provided, however, that nothing contained herein shall protect or be deemed to protect the Adviser against or entitle or be deemed to entitle the Adviser to indemnification in respect of any liability to the Fund or its security holders to which the Adviser would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties, or by reason of its reckless disregard of its duties and obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Nothing in this Agreement shall limit or restrict the right of any director, officer, or employee of the Adviser who may also be a Board member, officer, or employee of the Fund, to engage in any other business or to devote his time and attention in part to the management or other aspects of any other business, whether of a similar nature or a dissimilar nature, nor to limit or restrict the right of the Adviser to engage in any other business or to render services of any kind, including investment advisory and management services, to any other fund, firm, individual or association. If the purchase or sale of securities or other assets consistent with the investment policies of the Fund or one or more other accounts of the Manager is considered at or about the same time, transactions in such securities or other assets will be allocated among the accounts in accordance with the Adviser's allocation policy. Such transactions may be combined, in accordance with applicable laws and regulations, and consistent with the Adviser's policies and procedures as presented to the Board from time to time.

On occasions when the Adviser deems the purchase or sale of a security or other financial instrument to be in the best interest of the Fund, as well as other funds or accounts managed by the Adviser or its affiliates ("**GX-advised funds**"), the Adviser is authorized, but not required, to aggregate purchase and sale orders for securities or other financial instruments held (or to be held) by the Fund with similar orders being made on the same day for other GX-advised funds to the extent permitted by the 1940 Act. When an order is so aggregated, the Adviser may allocate the recommendations or transactions among all accounts and portfolios for whom the recommendation is made or transaction is effected. The Adviser will endeavor to allocate investment opportunities in a manner that, over a period of time, in accordance with its allocation policy and taking into account all relevant facts and circumstances as reasonably determined by the Adviser, including (without limitation): (i) differences with respect to available capital, (ii) differences with respect to investment objectives or current investment strategies, (iii) differences in risk profile at the time the opportunity becomes available, (iv) the potential transaction and other costs of allocating an opportunity among the GX-advised funds, (v) potential conflicts of interests, (vi) the nature of the investment or transaction, (vii) current and anticipated market and general economic conditions and (viii) existing and prior positions in such investment opportunity. The Adviser and the Fund recognize that in some cases this procedure may adversely affect the size of the position obtainable for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. For the purposes of this Agreement, the Fund's "net assets" shall be determined as provided in the Fund's then-current Prospectus and Statement of Additional Information and the terms "assignment," "interested person," and "majority of the outstanding voting securities" shall have the meanings given to them by Section 2(a) of the 1940 Act, subject to such exemptions as may be granted by the SEC by any rule, regulation or order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. This Agreement will become effective with respect to the Fund on the date set forth below the Fund's name on Schedule B annexed hereto, provided that it shall have been approved in accordance with the requirements of the 1940 Act (as modified by any applicable exemptive relief or as interpreted by the SEC or its staff) and, unless sooner terminated as provided herein, will continue in effect until the second anniversary of the date of effectiveness. Thereafter, if not terminated, this Agreement shall continue in effect with respect to the Fund, so long as such continuance is specifically approved at least annually in the manner required by the 1940 Act (as modified by any applicable exemptive relief or as interpreted by the SEC or its staff).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. This Agreement is terminable with respect to the Fund without penalty by the Board or by vote of a majority of the outstanding voting securities of the Fund, in each case on not more than 60 days' nor less than 30 days' written notice to the Adviser, or by the Adviser upon not less than 90 days' written notice to the Fund, and will be terminated upon the mutual written consent of the Adviser and the Fund. This Agreement shall terminate automatically in the event of its assignment, as such term is defined or interpreted by the SEC or its staff under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. The Adviser agrees that for services rendered to the Fund, or for any claim by it in connection with services rendered to the Fund, it shall look only to assets of the Fund for satisfaction. The undersigned officer of the Fund has executed this Agreement not individually, but as an officer under the Fund's Agreement and Declaration of Trust and the obligations of this Agreement are not binding upon any of the Trustees, officers or shareholders of the Fund individually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. The parties agree that the name of the Adviser, the names of any affiliates of the Adviser and any derivative or logo or trademark or service mark or trade name are the valuable property of the Adviser and its affiliates. The Adviser hereby agrees to grant a license to the Fund for use of its name in the name of the Fund for the term of this Agreement and such license shall terminate upon termination of this Agreement. If the Fund makes any unauthorized use of the Adviser's names, derivatives, logos, trademarks, or service marks or trade names, the parties acknowledge that the Adviser shall suffer irreparable harm for which monetary damages may be inadequate and thus, the Adviser shall be entitled to injunctive relief, as well as any other remedy available under law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Trustees, agents and interest holders of the Fund are or may be interested in the Adviser (or any successor thereof) as members, managers, officers, or interest holders, or otherwise; members, managers, officers, agents, and interest holders of the Adviser are or may be interested in the Fund as Trustees, interest holders or otherwise; and the Adviser (or any successor) is or may be interested in the Fund as an interest holder or otherwise. In addition, brokerage transactions for the Fund may be effected through affiliates of the Adviser if approved by the Fund's Board, subject to the rules and regulations of the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. The services of the Adviser to the Fund are not to be deemed exclusive, and the Adviser shall be free to render similar services to others so long as its services to the Fund are not impaired thereby. The Adviser shall be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Fund in any way or otherwise be deemed an agent of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought, and no material amendment of the Agreement shall be effective until approved in the manner required by the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. This Agreement embodies the entire agreement and understanding between the parties hereto, and supersedes all prior agreements and understandings relating to the subject matter hereof. No provision of this Agreement is intended to conflict with any applicable law. Should any part of this Agreement be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding on and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. This Agreement does not, and is not intended to, create any third-party beneficiary or otherwise confer any rights, privileges, claims or remedies upon any shareholder or other person other than the parties and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. 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 conflicts of laws principles. Any legal suit, action or proceeding related to, arising out of or concerning this Agreement shall be brought only in the U.S. District Court for the Southern District of New York, or if such action may not be brought in that court, then such action shall be brought in the Supreme Court of the State of New York sitting in New York County (including its appellate division) (the "Designated Courts"). Each party (a) consents to jurisdiction in the Designated Courts; (b) waives any objection to venue in either Designated Court and (c) waives any objection that either Designated Court is an inconvenient forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. Subject to the proviso of the first sentence of Section 8 of this Agreement, the Adviser shall not be liable for any losses caused directly or indirectly by circumstances beyond the Adviser's reasonable control, including, without limitation, government restrictions, exchange or market rulings, suspensions of trading, acts of civil or military authority, national emergencies, riots, terrorism, war, or such other event of similar nature, labor difficulties, non-performance by a third party not hired or otherwise selected by the Adviser to provide services in connection with this Agreement, natural disaster, casualty, elements of nature, fires, earthquakes, floods, or other catastrophes, acts of God, mechanical breakdowns, or malfunctions, failure or disruption of utilities, communications, computer or information technology (including, without limitation, hardware or software), internet, firewalls, encryptions systems, security devices, or power supply.

[signature page to follow]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers thereunto duly authorized.

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| GLOBAL X VENTURE FUND |
| By: |
| Name: |
| Title: |
| GLOBAL X MANAGEMENT COMPANY LLC |
| By: |
| Name: |
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## Ex-99.(G)(2)

**Exhibit (g)(2)**

**FORM OF INVESTMENT SUBADVISORY AGREEMENT**

This INVESTMENT SUBADVISORY AGREEMENT ("**Agreemen**t") is made this [ ] day of [ ], by and between Global X Management Company LLC, a Delaware limited liability company (the "**Adviser**"), and Mirae Asset Global Investments (USA) LLC, a Delaware limited liability company (the "**Subadviser**").

WHEREAS, the Adviser has been retained by Global X Venture Fund (the "**Fund**"), a Delaware statutory trust registered as a closed-end management investment company under the Investment Company Act of 1940, as amended (the "**1940 Act**") that is operating as an interval fund to provide investment advisory and management services to the Fund;

WHEREAS, the Subadviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended; and

WHEREAS, the Adviser wishes to engage the Subadviser to provide certain investment advisory services to the Fund and the Subadviser is willing to furnish such services on the terms and conditions hereinafter set forth.

NOW THEREFORE, in consideration of the premises and mutual covenants herein contained, it is agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. In accordance with and subject to the Investment Management Agreement between the Fund and the Adviser (the "**Advisory Agreement**"), the Adviser hereby appoints the Subadviser to act as Subadviser with respect to the Fund for the period and on the terms set forth in this Agreement. The Subadviser accepts such appointment and agrees to render the services herein set forth, for the compensation herein provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Adviser shall cause the Subadviser to be kept fully informed at all times with regard to the assets owned by the Fund, its funds available, or to become available, for investment, and generally as to the condition of the Fund's affairs. The Adviser shall furnish the Subadviser with such other documents and information with regard to the Fund's affairs as the Subadviser may from time to time reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. (a) Subject to the supervision of the Fund's Board of Trustees (the "**Board**") and the Adviser, the Subadviser shall regularly provide the Fund with respect to such portion of the Fund's assets as shall be allocated to the Subadviser by the Adviser (or an affiliate of the Adviser that serves as an investment adviser or subadviser to the Fund) from time to time (the "**Allocated Assets**") with investment research, advice, management and supervision and shall furnish a continuous investment program for the Allocated Assets consistent with the Fund's investment objectives, policies and restrictions, as stated in the Fund's current Prospectus and Statement of Additional Information and in accordance with any exemptive orders issued by the Securities and Exchange Commission ("**SEC**") applicable to the Fund and any SEC staff no-action letters applicable to the Fund. The Subadviser shall, with respect to the Allocated Assets, determine in its discretion from time to time what securities and other investments will be purchased, including, as permitted in accordance with this paragraph, unregistered investment funds, holding vehicles or other investment vehicles ("**Portfolio Funds**"), and direct or indirect (through special purpose vehicles or other entities) equity or debt securities of portfolio companies, swap agreements,

options, forwards, futures or other derivatives), retained, reinvested, sold or exchanged by the Fund and what portion of the assets of the Fund's portfolio will be held in the various securities and other investments in which the Fund invests or held uninvested as cash, and shall implement those decisions (including the execution of investment documentation), all subject to the provisions of the Fund's Agreement and Declaration of Trust and Bylaws (collectively, the "**Governing Documents**"), the 1940 Act, and the applicable rules and regulations promulgated thereunder by the SEC and interpretive guidance issued thereunder by the SEC staff and any other applicable federal and state law, as well as the investment objectives, policies and restrictions of the Fund and any exemptive orders and SEC staff no-action letters applicable to the Fund referred to above, and any other specific policies adopted by the Board and disclosed to the Subadviser. The Adviser shall furnish the Subadviser with copies of all amendments of, modifications or supplements to the Fund's Prospectus, Statement of Additional Information and Governing Documents that will impact the services provided by the Subadviser under this Agreement within a reasonable time before they become effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Subadviser is authorized as the agent of the Fund to give instructions with respect to the Allocated Assets to the custodian of the Fund and any sub-custodian or prime broker as to deliveries of securities and other investments and payments of cash in respect of transactions or cash margin calls for the account of the Fund. Notwithstanding the above, the Subadviser shall have no authority, responsibility or obligation with respect to the custody of securities or other assets of the Fund (including the Allocated Assets) and, except as otherwise provided in this Agreement, shall not be responsible or liable for any act or omission of any custodian, sub-custodian or prime broker of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Subadviser will place orders pursuant to its investment determinations in its discretion for the Fund either directly with the issuer, seller or with any investment bank, broker or dealer, foreign currency dealer, futures commission merchant, counterparty or others selected by it. In connection with the selection of such brokers or dealers and the placing of such orders, subject to applicable law, brokers or dealers may be selected who also provide brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**")) to the Fund and/or the other accounts over which the Subadviser or its affiliates exercise investment discretion. The Subadviser is authorized to pay a broker or dealer who provides such brokerage and research services a commission for executing a portfolio transaction for the Fund, which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Subadviser determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage and research services provided by such broker or dealer. This determination may be viewed in terms of either that particular transaction or the overall responsibilities which the Subadviser and its affiliates have with respect to accounts over which they exercise investment discretion. The Board may adopt policies and procedures that modify and restrict the Subadviser's authority regarding the execution of the Fund's portfolio transactions provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Subadviser shall exercise voting rights, rights to consent to corporate action and any other rights pertaining to the Allocated Assets subject to such direction as the Board may provide, and shall perform such other functions of investment management and supervision as may be directed by the Board. Notwithstanding the above, the Subadviser will not file class action

claims or otherwise exercise any rights the Fund may have with respect to participating in, commencing or defending suits or legal proceedings involving securities or issuers of securities held in, or formerly held in, the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Subadviser may execute on behalf of the Fund certain agreements, instruments and documents in connection with the services performed by it under this Agreement. These may include, without limitation, purchase and sale agreements for Portfolio Fund interests or direct or indirect (through special purpose vehicles or other entities) equity or debt securities of portfolio companies and other assets; transfer agreements; brokerage agreements, clearing agreements, account documentation, futures and options agreements, swap agreements, other investment related agreements, and any other agreements, documents or instruments the Subadviser believes are appropriate or desirable in performing its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund hereby authorizes any entity or person associated with the Subadviser which is a member of a national securities exchange to effect any transaction on the exchange for the account of the Fund which is permitted by Section 11(a) of the Exchange Act and Rule 11a2-2(T) thereunder, and the Fund hereby consents to the retention of compensation for such transactions in accordance with Rule 11a2-2(T)(a)(2)(iv). Notwithstanding the foregoing, the Subadviser agrees that it will not deal with itself, or with members of the Board or any principal underwriter of the Fund, as principals or agents in making purchases or sales of securities or other property for the account of the Fund, nor will it purchase any securities from an underwriting or selling group in which the Subadviser or its affiliates is participating, or arrange for purchases and sales of securities or other assets between the Fund and another account advised by the Subadviser or its affiliates, except in each case as permitted by the 1940 Act or by any exemptive orders or SEC staff no-action letters applicable to the Fund and in accordance with such policies and procedures as may be adopted by the Fund from time to time, and will comply with all other provisions of the Governing Documents and the Fund's then-current Prospectus and Statement of Additional Information relative to the Subadviser and its directors and officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. To the extent permitted by any exemptive orders or SEC staff no-action letters applicable to the Fund or pursuant to an investment sub-subadvisory agreement approved by the Fund's Board, the Subadviser may delegate to any other one or more companies that the Subadviser controls, is controlled by, or is under common control with, or to specified employees of any such companies (a "**Sub-Subadviser**"), certain of the Subadviser's duties under this Agreement, provided that in each case the Subadviser will supervise the activities of each such entity or employees thereof, and such delegation will not relieve the Subadviser of any of its duties or obligations under this Agreement, and provided further that any such arrangements are entered into in accordance with and meet all applicable requirements of the 1940 Act. The Adviser shall pay the Sub-Subadviser's fees out of the Subadviser's fees as described in Schedule A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Subadviser agrees that it will keep records relating to its services hereunder in accordance with all applicable federal and state laws and regulations. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Subadviser hereby agrees that any records that it maintains for the Fund are the property of the Fund, and further agrees to surrender promptly to the Fund any of such records upon the Fund's request. The Subadviser further agrees to arrange

for the preservation of the records required to be maintained by Rule 31a-1 under the 1940 Act for the periods prescribed by Rule 31a-2 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. (a) The Subadviser, at its expense, shall supply the Board, the officers of the Fund, and the Adviser with all information and reports reasonably required by them and reasonably available to the Subadviser relating to the services provided by the Subadviser hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Subadviser shall bear all expenses, and shall furnish all necessary services, facilities and personnel, in connection with its responsibilities under this Agreement. Other than as herein specifically indicated and as described in the last sentence of Section 4 above, the Subadviser shall not be responsible for the Fund's or Adviser's expenses, including, without limitation those fees and expenses as set forth in Schedule B annexed hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. No member of the Board, officer or employee of the Fund shall receive from the Fund any salary or other compensation as such member of the Board, officer or employee while he is at the same time a director, officer, or employee of the Subadviser or any affiliated company of the Subadviser, except as the Board may decide. This paragraph shall not apply to Board members, executive committee members, consultants and other persons who are not regular members of the Subadviser's or any affiliated company's staff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. As compensation for the services performed by the Subadviser, including the services of any consultants retained by the Subadviser, the Adviser shall pay the Subadviser out of the management fee it receives with respect to the Fund a subadvisory fee ("**Subadvisory Fee**") as set forth on Schedule A annexed hereto. The first payment of the Subadvisory Fee shall be made as promptly as possible at the end of the month succeeding the effective date of this Agreement, and shall constitute a full payment of the Subadvisory Fee due the Subadviser for all services prior to that date. If this Agreement is terminated as of any date not the last day of a month, the Subadviser shall be entitled to receive all fees accrued or incurred under this Agreement up to the date of termination and such Subadvisory Fee shall be paid as promptly as possible after such date of termination. Subject to the requirements of the 1940 Act and any applicable exemptive relief from the SEC, the Subadviser may elect to receive all or a portion of its advisory fee in common shares of the Fund (the "**Shares**") in lieu of cash. Upon the Subadviser's request, in accordance with the provisions of the Advisory Agreement, the Adviser will notify the Fund at the beginning of each fee calculation period of the Adviser's election to receive any advisory fee for such payment period in cash, Shares or a combination of cash and Shares, as directed by the Subadviser and subject to the Adviser's ultimate reasonable discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The Subadviser assumes no responsibility under this Agreement other than to render the services called for hereunder, in good faith, and shall not be liable for any error of judgment or for any loss suffered by the Fund or the Adviser in connection with the matters to which this Agreement relates, except a loss resulting from willful misfeasance, bad faith or gross negligence on the Subadviser's part in the performance of its duties or from its reckless disregard of its obligations and duties under this Agreement, provided, however, that nothing in this Agreement shall be deemed to waive any rights the Adviser or the Fund may have against the Subadviser under federal or state securities laws. The Subadviser shall not be deemed to have breached this Agreement in connection with fluctuations arising from market movements. The Adviser shall indemnify the Subadviser, its officers, directors and employees or any of its affiliates,

executors, heirs, assigns, successors or other legal representatives for any liability and expenses, including attorneys' fees, which may be sustained as a result of the Adviser's willful misfeasance, bad faith, gross negligence, reckless disregard of its duties hereunder or violation of applicable law, including, without limitation, the 1940 Act and federal and state securities laws. The Subadviser shall indemnify the Adviser, its officers, directors and employees or any of its affiliates, executors, heirs, assigns, successors or other legal representatives, for any liability and expenses, including attorneys' fees, which may be sustained as a result of the Subadviser's willful misfeasance, bad faith, gross negligence, or reckless disregard of its duties hereunder or violation of applicable law, including, without limitation, the 1940 Act and federal and state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Nothing in this Agreement shall limit or restrict the right of any director, officer, or employee of the Subadviser who may also be a Board member, officer, or employee of the Fund, to engage in any other business or to devote his time and attention in part to the management or other aspects of any other business, whether of a similar nature or a dissimilar nature, nor to limit or restrict the right of the Subadviser to engage in any other business or to render services of any kind, including investment advisory and management services, to any other fund, firm, individual or association. If the purchase or sale of securities or other assets consistent with the investment policies of the Fund or one or more other accounts of the Subadviser is considered at or about the same time, transactions in such securities or other assets will be allocated among the accounts in a manner deemed equitable by the Subadviser. Such transactions may be combined, in accordance with applicable laws and regulations, and consistent with the Subadviser's policies and procedures as presented to the Board from time to time. The Adviser acknowledges that Subadviser, its affiliates, its other clients, and its employees, may at any time, subject to applicable law, have, acquire, increase, decrease or dispose of positions in (i) the same investments which are at the same time being held, acquired for or disposed of under this Agreement for the Fund and (ii) shares of the Fund. Subject to the Subadviser's related policies and procedures, the Subadviser shall have no obligation to acquire or dispose of a position in any investment pursuant to this Agreement solely because Subadviser or its affiliates invest in such a position for its or their own accounts or for the accounts of another client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. For the purposes of this Agreement, the Fund's "net assets" shall be determined as provided in the Fund's then-current Prospectus and Statement of Additional Information and the terms "assignment," "interested person," and "majority of the outstanding voting securities" shall have the meanings given to them by Section 2(a) of the 1940 Act, subject to such exemptions as may be granted by the SEC by any rule, regulation or order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. This Agreement will become effective with respect to the Fund on the date set forth below the Fund's name on Schedule A annexed hereto, provided that it shall have been approved in accordance with the requirements of the 1940 Act (as modified by any applicable exemptive relief or as interpreted by the SEC or its staff) and, unless sooner terminated as provided herein, will continue in effect until the second anniversary of the date of effectiveness. Thereafter, if not terminated, this Agreement shall continue in effect with respect to the Fund, so long as such continuance is specifically approved at least annually in the manner required by the 1940 Act (as modified by any applicable exemptive relief or as interpreted by the SEC or its staff).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. This Agreement is terminable with respect to the Fund without penalty by the Board or by vote of a majority of the outstanding voting securities of the Fund, in each case on not more than 60 days' nor less than 30 days' written notice to the Subadviser, or by the Subadviser upon not less than 90 days' written notice to the Fund and the Adviser, and will be terminated upon the mutual written consent of the Adviser and the Subadviser. This Agreement shall terminate automatically in the event of its assignment, as such term is defined or interpreted by the SEC or its staff under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. The Subadviser agrees that for any claim by it against the Fund in connection with this Agreement or the services rendered under this Agreement, it shall look only to assets of the Fund for satisfaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by both parties and no material amendment of the Agreement shall be effective until approved in the manner required by the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. This Agreement embodies the entire agreement and understanding between the parties hereto, and supersedes all prior agreements and understandings relating to the subject matter hereof. No provision of this Agreement is intended to conflict with any applicable law. Should any part of this Agreement be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding on and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. This Agreement does not, and is not intended to, create any third-party beneficiary or otherwise confer any rights, privileges, claims or remedies upon any shareholder or other person other than the parties (including the Fund) and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. 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 conflicts of laws principles. Any legal suit, action or proceeding related to, arising out of or concerning this Agreement shall be brought only in the U.S. District Court for the Southern District of New York, or if such action may not be brought in that court, then such action shall be brought in the Supreme Court of the State of New York sitting in New York County (including its appellate division) (the "**Designated Courts**"). Each party (a) consents to jurisdiction in the Designated Courts; (b) waives any objection to venue in either Designated Court and (c) waives any objection that either Designated Court is an inconvenient forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. Subject to the proviso of the first sentence of Section 9 of this Agreement, the Subadviser shall not be liable for any losses caused directly or indirectly by circumstances beyond the Subadviser's reasonable control, including, without limitation, government restrictions, exchange or market rulings, suspensions of trading, acts of civil or military authority, national emergencies, riots, terrorism, war, or such other event of similar nature, labor difficulties, non-performance by a third party not hired or otherwise selected by the Subadviser to provide services in connection with this Agreement, natural disaster, casualty, elements of nature, fires, earthquakes, floods, or other catastrophes, acts of God, mechanical breakdowns, or malfunctions,

failure or disruption of utilities, communications, computer or information technology (including, without limitation, hardware or software), internet, firewalls, encryptions systems, security devices, or power supply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, all of which shall together constitute one and the same instrument.

[signature page to follow]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers thereunto duly authorized.

GLOBAL X MANAGEMENT COMPANY LLC <br> <br> By:  

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| MIRAE ASSET GLOBAL INVESTMENTS (USA) LLC |
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The foregoing is acknowledged:

The undersigned officer of the Fund has executed this Agreement not individually but in his/her capacity as an officer of the Fund. The Fund does not hereby undertake any obligation to the Subadviser.

GLOBAL X VENTURE FUND <br> <br> By:  

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## Ex-99.(H)(1)

**Exhibit (h)(1)**

**Form Of DISTRIBUTION AGREEMENT**

**THIS DISTRIBUTION AGREEMENT** (this "<u>Agreement'</u>) is made as of this __ day of _______, 2025, by and between <u>Global X Venture Fund</u> (the "<u>Trust</u>"), a statutory trust formed under the laws of Delaware, and <u>SEI Investments Distribution Co.</u> (the "<u>Distributor</u>"), a Pennsylvania corporation.

**WHEREAS,** the Trust is registered under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"), as a closed-end, investment company;

**WHEREAS,** the Trust is authorized to issue shares of beneficial interest in the Trust ("<u>Shares</u>") pursuant to the Trust's registration statement on Form N-2, as it may be amended or supplemented from time to time ("<u>Registration Statement</u>") to investors in accordance with the fund's Registration Statement; and

**WHEREAS,** the Distributor is registered as a broker-dealer with the SEC under the Securities Exchange Act of 1934, as amended (the "<u>1934 Act</u>") and is a member of Financial Industry Regulatory Authority, Inc. ("<u>FINRA</u>"); and

**WHEREAS,** the Trust wishes to retain the Distributor to serve as distributor of each class of shares that the Trust may issue (each, a "<u>Class</u>" or collectively, the "<u>Classes</u>"), all in accordance with the terms and conditions set forth below.

**NOW, THEREFORE**, in consideration of the mutual covenants hereinafter contained and intending to be legally bound, the parties hereby agree as follows:

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|:---|:---|
| **SECTION 1** | **Appointment** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Principal Underwriter</u>. The Trust hereby appoints Distributor as its principal underwriter and non-exclusive distributor of Shares and to provide such other services in accordance with the terms set forth in this Agreement. Distributor accepts such appointment and agrees to furnish certain related services as set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Direct Sales</u>. Notwithstanding Distributor's appointment as principal underwriter and distributor of Shares, the Trust reserves the right to make direct sales of Shares without sales charges consistent with the terms of the then current prospectus, and to engage in other legally authorized transactions in its Shares which do not involve the sale of Shares to the general public. Such other transactions may include, without limitation, transactions between the Trust or any Class of Shares and its Shareholders only; transactions involving the reorganization of the Trust; and transactions involving the merger or combination of the Trust with another corporation or trust.

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|:---|:---|
| **SECTION 2** | **Solicitation of Sales and Other Services** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Solicitation of Sales</u>. The Trust grants to Distributor the right to sell its Shares authorized for issue, at the net asset value per Share, plus any applicable sales charges, in accordance with the Registration Statement, as agent and on behalf of the Trust, during the term of this Agreement and subject to the registration requirements of the Securities Act of 1933 (the "<u>1933 Act</u>"), the rules and regulations of the SEC and the laws governing the sale of securities in the various states ("<u>Blue Sky Laws</u>"). Distributor will have the right, as agent, to sell Shares indirectly to the public through broker-dealers which are members of FINRA and which are acting as introducing brokers pursuant to clearing agreements with Distributor; to broker-dealers which are members of FINRA and which have entered into selling agreements with Distributor; or through other financial intermediaries, in each case against orders therefor. In consideration of these rights granted to the Distributor, the Distributor agrees to use all reasonable efforts to secure purchasers for Shares of the Trust; <u>provided</u>, <u>however</u>, that the Distributor will not be prevented from entering into like arrangements (including arrangements involving the payment of underwriting commissions) with other issuers. The provisions of this paragraph do not obligate the Distributor to register as a broker or dealer under the Blue Sky Laws of any jurisdiction or laws of any foreign jurisdiction in which it is not now registered or to maintain its registration in any jurisdiction in which it is now registered or obligate the Distributor to sell any particular number of Shares. The Distributor will not direct remuneration from commissions paid by the Trust for portfolio securities transactions to a broker or dealer for promoting or selling Shares. The Trust reserves the right to refuse at any time or times to sell any of its Shares for any reason deemed adequate by it. All orders through the Distributor will be subject

**Exhibit (h)(1)**

to acceptance and confirmation by the Trust. Nothing herein is intended to limit secondary market transactions outside of the fund that may be conducted by or through NASDAQ Private Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Other Services</u>. Without limiting the foregoing, the Distributor will perform or supervise the performance by others of the additional services set forth herein, including those set forth in <u>Schedule A</u>, attached hereto. If the Distributor delegates any obligations hereunder, it shall be solely responsible for ensuring all such delegates comply with the terms of this Agreement and the Distributor shall, subject to the terms of this Agreement, remain responsible and liable for any non-compliance by such delegates such that any non-compliance by delegates shall constitute non-compliance by the Distributor.

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|:---|:---|
| **SECTION 3** | **Representations, warranties and covenants** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Representations, Warranties and Covenants of the Trust. The Trust represents, warrants and covenants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it is duly organized, validly existing and in good standing under the laws of the state of its formation, and has all requisite power under the laws of such state and applicable federal law to conduct its business as now being conducted and to perform its obligations as contemplated by 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;(b) this Agreement has been duly authorized by the board of trustees of the Trust (the "<u>Board</u>"), including by unanimous affirmative vote of all of the independent trustees of the Trust; and when executed and delivered by the Trust, will constitute a legal, valid and binding obligation of the Trust, enforceable against the Trust in accordance with its terms, except insofar as enforcement may be limited by bankruptcy, insolvency or other laws relating to or affecting enforcement of creditors' rights or general principles of equity;

&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) it shall timely perform all obligations identified in this Agreement as obligations of the Trust, including, without limitation, providing the Distributor with all due diligence and marketing materials reasonably requested by the Distributor and giving all necessary consents or approvals as the Board considers appropriate and consistent with its fiduciary duties acting in good faith and within a timely manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to the best of its knowledge, it is not a party to any, and there are no, pending or, to its knowledge, threatened legal, administrative, arbitral or other proceedings, claims, actions or governmental or regulatory investigations or inquiries (collectively, "<u>Actions</u>") of any nature against it, its advisor or its properties or assets which are reasonably likely to, individually or in the aggregate, have a material effect upon its business or financial condition, and there is no injunction, order, judgment, decree, or regulatory restriction imposed upon it or any of its properties or assets that are reasonably likely to have a material effect upon its business or financial condition;

&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) it is an investment company that is duly registered under all applicable laws and regulations, including without limitation, the 1933 Act and the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) it is and will continue to be in compliance with all applicable laws and regulations aimed at the prevention and detection of money laundering and/or the financing of terrorism activities including Bank Secrecy Act, as amended by USA PATRIOT Act, U.S. Treasury Department, including the Office of Foreign Asset Control ("<u>OFAC</u>"), Financial Crimes and Enforcement Network ("<u>FinCEN</u>") and the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) it has an anti-money laundering program ("<u>AML Program</u>"), that at minimum includes, (i) an AML compliance officer designated to administer and oversee the AML Program, (ii) ongoing training for appropriate personnel, (iii) internal controls and procedures reasonably designed to prevent and detect suspicious activity monitoring and terrorist financing activities; (iv) procedures to comply with know your customer requirements and to verify the identity of all customers; and (v) appropriate record keeping procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Trust's Registration Statement, proxy solicitation and repurchase offer materials, annual or other periodic report of the Trust or any advertising, marketing, shareholder communication, or promotional material generated by the Trust from time to time, as appropriate, including all amendments or supplements thereto

**Exhibit (h)(1)**

have been prepared in accordance with all applicable laws and regulations and, at the time such Registration Statement was filed and became effective, none of the documents listed above included an untrue statement of a material fact or omitted to state a material fact that was required to be stated therein so as to make the statements contained in such prospectus not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it will notify the Distributor as soon as reasonably practical after becoming aware of any matter that it believes is reasonably likely to materially affect the Distributor's performance of its duties and obligations under this Agreement, including any proposed 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;(j) it will provide Distributor with a copy of the Trust's current prospectus as soon as reasonably possible prior to or contemporaneously with filing the same with an applicable regulatory body;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) it shall fully cooperate with requests from government regulators and the Distributor for information relating to customers and/or transactions involving the Shares, as permitted by law and in accordance with the Trust's confidentiality obligations, in order for the Distributor to comply with its regulatory obligations; 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;(l) in the event it determines that it is in the interest of the Trust to suspend or terminate the sale of any Shares, the Trust shall promptly notify the Distributor of such fact in advance and in writing prior to the date on which the Trust desires to cease offering the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Representations, Warranties and Covenants of Distributor</u>. Distributor hereby represents, warrants and covenants 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;(a) it has full power, right and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby; the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly and validly approved by all requisite actions on its part, and no other proceedings on its part are necessary to approve this Agreement or to consummate the transactions contemplated hereby; this Agreement has been duly executed and delivered by it; this Agreement constitutes a legal, valid and binding obligation of the Distributor, enforceable against it in accordance with its terms, except insofar as enforcement may be limited by bankruptcy, insolvency or other laws relating to or affecting enforcement of creditors' rights or general principles of equity;

&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) it is not a party to any, and there are no, pending or threatened actions of any nature against it or its properties or assets which are reasonably likely to, individually or in the aggregate, have a material effect upon its business or financial condition, and there is no injunction, order, judgment, decree, or regulatory restriction imposed specifically upon it or any of its properties or assets which is reasonably likely to have a material effect on the Distributor's ability to perform the services hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it is registered as a broker-dealer with the SEC under the 1934 Act and a member of FINRA, and agrees to comply with all applicable rules and regulations of FINRA;

&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) it shall not provide any information about the Trust or make any representations other than those contained in the current Registration Statement of the Trust filed with the SEC or contained in shareholder reports or other material that may be prepared by or on behalf of the Trust for the Distributor's use; 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;(e) it may prepare and distribute sales literature and other material as it may deem appropriate, provided that such literature and materials have been prepared in accordance with applicable rules and regulations.

**Exhibit (h)(1)**

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|:---|:---|
| **SECTION 4** | **Registration of Shares** |

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The Trust agrees that it will take all action necessary to register or qualify Shares under the federal and applicable state securities laws so that there will be available for sale the number of Shares the Distributor (and each financial intermediary, as applicable) may reasonably be expected to sell and to pay all fees associated with said registration. The Trust will make available to the Distributor such number of copies of its prospectus as the Distributor may reasonably request. The Trust will furnish to the Distributor copies of all information, financial statements and other papers which the Distributor may reasonably request for use in connection with the distribution of Shares of the Trust. Notwithstanding the foregoing, the Trust may terminate, suspend or withdraw the offering of Shares whenever, in its sole discretion, it deems such action to be desirable.

The Trust or the Trust's investment adviser(s) shall advise the Distributor from time to time concerning the states and other jurisdictions in which solicitations of eligible investors by or on behalf of the Trust may be made under the applicable Blue Sky Laws.

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|:---|:---|
| **SECTION 5** | **Agreements with Financial Intermediaries** |

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The Distributor will have the right to enter into agreements with financial intermediaries of its choice for the sale of Shares and to fix therein the portion of the sales charge, if any, that may be allocated to the financial intermediaries on such terms and conditions as the Distributor will deem necessary or appropriate. Shares sold to financial intermediaries will be for resale by such intermediaries only at the public offering price set forth in the applicable Registration Statement or as otherwise permissible under the federal and state securities laws. With respect to financial intermediaries who are acting as brokers or dealers within the United States, the Distributor will offer and sell Shares, as agent for the Trust, only to such financial intermediaries who are members in good standing of FINRA. The Trust acknowledges that Distributor may act as the Trust's agent for transmitting, or arranging for transmission of, distribution and/or shareholder servicing fees to be paid to financial intermediaries in accordance with arrangements between the Trust and such financial intermediaries.

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|:---|:---|
| **SECTION 6** | **Expenses** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Trust Expenses</u>. The Trust will pay all fees and expenses (i) in connection with the preparation, setting in type and filing of any Registration Statement under the 1933 Act and amendments for the issue of its Shares; (ii) in connection with the registration and qualification of Shares for sale in the various states in which the Board (or its agent) will determine advisable to qualify such Shares for sale; (iii) of preparing, setting in type, printing and mailing any report or other communication to shareholders of the Trust in their capacity as such; and (iv) of preparing, setting in type, printing and mailing any prospectus sent to existing shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Distributor Expenses</u>. Distributor will pay all of its costs and expenses (other than expenses and costs agreed to be payable by the Trust and other than expenses which one or more dealers may bear pursuant to any agreement with Distributor) incurred by it in connection with the performance of its distribution duties hereunder.

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|:---|:---|
| **SECTION 7** | **Compensation** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Compensation to Distributor</u>. As compensation for providing the services under this Agreement, the Distributor will receive from 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;(a) all distribution and service fees, as applicable, at the rate and under the terms and conditions established pursuant to Rule 12b-1 under the 1940 Act (each, a "<u>Distribution Plan</u>") and/or shareholder services and similar plans applicable to the appropriate class of shares of the Trust, as such plans may be amended from time to time, and subject to any further limitations on such fees as the Board may impose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all front-end sales charges, if any, on purchases of Shares of the Trust sold subject to such charges as described in the Trust's Registration Statement, as amended from time to time. The Distributor, or brokers, dealers and other financial institutions and intermediaries that have entered into sub-distribution agreements with the

**Exhibit (h)(1)**

Distributor, may collect the gross proceeds derived from the sale of such Shares, remit the net asset value thereof to the Trust upon receipt of the proceeds and retain the applicable sales charge; 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;(c) all contingent deferred sales charges ("<u>CDSC</u>"), if any, applied on redemptions of Shares subject to such charges on the terms and subject to such waivers as are described in the Trust's Registration Statement, or as otherwise required pursuant to applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Payments to Financial Intermediaries</u>. The Distributor may re-allow any or all of the distribution or service fees, front-end sales charges and CDSCs that it is paid by the Trust to such brokers, dealers and other financial institutions and intermediaries as the Distributor may from time to time determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Commissions</u>. Distributor may participate directly or indirectly in brokerage commissions or "spreads" for transactions in portfolio securities of the Trust that are bought or sold through Distributor.

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|:---|:---|
| **SECTION 8** | **indemnification; Contribution; Limitation of Liability** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Indemnification of Distributor</u>. The Trust agrees to indemnify, defend and hold harmless, the Distributor, each of its directors, officers, employees and each person, if any, who controls, is controlled by or is under common control with, the Distributor within the meaning of Section 15 of the 1933 Act (collectively, the "<u>Distributor Indemnified Parties</u>") from and against any and all losses, claims, damages or liabilities, joint or several, whatsoever (including any investigation, legal or other commercially reasonable expenses incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding or any claim asserted) to which the Distributor Indemnified Parties may become subject, arising out of or based upon (i) any untrue statement or alleged untrue statement of a material fact contained in any prospectus or any document incorporated by reference therein or filed as an exhibit thereto, or any marketing literature or materials distributed on behalf of the Trust with respect to the securities covered by the prospectus (the "<u>Covered Documents</u>") or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse the Distributor for any legal or other commercially reasonable expenses incurred by the Distributor in connection with investigating or defending any such action or claim as such expenses are incurred; (ii) any claims of infringement or misappropriation of the intellectual property rights of a third party against the Distributor arising out of or based on the use by the Distributor of any intellectual property of such third party, including, without limitation, indexes, strategies or trademarks that serve as the basis for the Trust or are used by the Trust (the "<u>Intellectual Property</u>") in connection with its duties as Distributor pursuant to this Agreement, regardless of whether such third party's rights or claims of rights to such Intellectual Property were disclosed to Distributor and (iii) any breach of any representation, warranty or covenant made by the Trust in this Agreement; except to the extent that any such loss, claim, damage or liability pursuant to sub clauses (i), (ii) and (iii) of this <u>Section 8.1</u> is caused by Distributor Indemnified Parties' gross negligence, bad faith, fraud, reckless disregard, willful misconduct or criminal misconduct in the performance of the services hereunder; provided, however, that the Trust shall not be liable in any case to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in the Covered Documents about the Distributor or any Distributor Indemnified Party in reliance upon and in conformity with written information furnished to the Trust by the Distributor for use therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Indemnification of the Trust</u>. Distributor will indemnify, defend and hold harmless the Trust, each of its directors, officers, employees and each person, if any, who controls, is controlled by or is under common control with, the Trust within the meaning of Section 15 of the 1933 Act (collectively, the "<u>Trust Indemnified Parties</u>") from and against any and all losses, claims, damages or liabilities, joint or several, whatsoever (including any investigation, legal or other reasonable expenses incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding or any claim asserted) to which the Trust Indemnified Parties may become subject to the extent, but only to the extent, arising out of or based upon (i) any untrue statement or alleged untrue statement or omission or alleged omission in a Covered Document, made in reliance upon and in conformity with written information furnished to the Trust by the Distributor about the Distributor for use therein, and (ii) any breach of any representation, warranty or covenant made by the Distributor in this Agreement, except to the extent that any such loss, claim, damage or liability pursuant to sub clauses (i) and (ii) of this <u>Section 8.2</u> is caused by Trust Indemnified Parties' gross negligence, bad faith, fraud, reckless disregard, willful misconduct or criminal misconduct in connection therewith.

**Exhibit (h)(1)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 Indemnification Procedures.

&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) If any action or claim shall be brought against any Distributor Indemnified Party or Trust Indemnified Party (any such party, an "<u>Indemnified Party</u>" and collectively, the "<u>Indemnified Parties</u>"), in respect of which indemnity may be sought against the other party hereto (the "<u>Indemnifying Party</u>"), such Indemnified Party shall promptly notify the Indemnifying Party in writing, and the Indemnifying Party shall assume the defense thereof, including the employment of counsel and payment of all fees and expenses; but the omission to so notify the Indemnifying Party shall not relieve it from any liability which it may have to any indemnified party except to the extent such Indemnifying Party has been materially prejudiced by such failure.

&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) Any Indemnified Party shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless (i) the Indemnifying Party has agreed in writing to pay such fees and expenses, (ii) the Indemnifying Party has failed to assume the defense and employ counsel, or (iii) the named parties to any such action (including any impleaded party) included such Indemnified Party and the Indemnifying Party and such Indemnified Party shall have been advised by counsel that there may be one or more legal defenses available to it which are different from or additional to those available to the Indemnifying Party or which may also result in a conflict of interest (in which case if such Indemnified Party notifies the Indemnifying Party, the Indemnifying Party shall not have the right to assume the defense of such action on behalf of such Indemnified Party, it being understood, however, that the Indemnifying Party shall not, in connection with any one such action or separate but substantially similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm of attorneys for all such Indemnified Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Indemnifying Party shall not, without the written consent of the Indemnified Party, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the Indemnified Party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (i) includes an unconditional release of the Indemnified Party from all liability arising out of such action or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any Indemnified 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;(d) The Indemnifying Party shall not be liable for any settlement of any such action effected without its written consent, but if such action is settled with the written consent of the Indemnifying Party, or if there shall be a final judgment for the plaintiff in any such action and the time for filing all appeals has expired, the Indemnifying Party agrees to indemnify and hold harmless any Indemnified Party from and against any loss or liability by reason of such settlement or judgment.

&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) The obligations of the Indemnifying Party under this <u>Section 8</u> shall be in addition to any liability that the Indemnifying Party may otherwise have.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 <u>Contribution</u>. If the indemnification provided for in this <u>Section 8</u> is insufficient or unavailable to any Indemnified Party under this <u>Section 8</u> in respect of any losses, claims, damages, liabilities or expenses referred to therein, then the Indemnifying Party, in lieu of indemnifying such Indemnified Party hereunder, shall contribute to the amount paid or payable by damages, liabilities or expenses in such proportion as is appropriate to reflect the relative benefits received by the Trust on the one hand and the Distributor on the other from the offering of the Shares. If, however, the allocation provided by the immediately preceding sentence is not permitted by applicable law or if the Indemnified Party failed to give the notice required under <u>Section 8.3(a)</u>, above, then each Indemnifying Party shall contribute to such amount paid or payable by such Indemnified Party in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the Trust on the one hand and the Distributor on the other in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other relevant equitable considerations. The relative benefits received by the Trust on the one hand and the Distributor on the other shall be deemed to be in the same proportion as the amount of net asset values received by the Trust from the offering of the Shares under this Agreement (expressed in dollars) bears to the gross proceeds received by the Distributor under this Agreement. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Trust on the one hand or the Distributor on the other and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Trust and the Distributor agree that it would not be just and equitable if

**Exhibit (h)(1)**

contributions pursuant to this <u>Section 8.4</u> were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to herein. The amount paid or payable by an Indemnified Party as a result of the losses, claims, damages or liabilities (or actions in respect thereof) referred to above shall be deemed to include any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending any such action or claim. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 <u>Cons equential Damages</u>. Notwithstanding anything in this Agreement to the contrary, neither party shall be liable under this Agreement to the other party hereto for any punitive, consequential, special or indirect losses or damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 <u>Limitation of Liability</u>. Notice is hereby given that this Agreement is executed on behalf of the Trustees of the Trust as Trustees and not individually and that the obligations of this instrument are not binding upon any of the Trustees, officers or shareholders of the Trust individually but binding only upon the assets and property of the Trust.

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|:---|:---|
| **SECTION 9** | **Term and Termination** |

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This Agreement will be effective upon the later of its execution or approval by the Board of Trustees in accordance with Section 15(c) of the 1940 Act, and, unless terminated as provided, will continue in force for two years and thereafter from year to year, provided that such annual continuance is approved by either (i) the vote of a majority of the Trustees of the Trust, or the vote of a majority of the outstanding voting securities of the Trust and (ii) the vote of a majority of those Trustees of the Trust who are not parties to this Agreement or the Trust's distribution plan(s) or interested persons of any such party, cast at a meeting called for the purpose of voting on the approval. This Agreement may be terminated at any time without penalty by a vote of the Trustees; by vote of a majority of the outstanding voting securities of the Trust; or by the Distributor upon not less than sixty days prior written notice to the other party; and shall automatically terminate upon its assignment. As used in this paragraph the terms, "vote of a majority of the outstanding voting securities," "assignment" and "interested person" will have the respective meanings specified in the 1940 Act. In the event the Trust gives notice of termination, all reasonable, documented expenses associated with the movement (or duplication) of records and materials and conversion thereof to a successor service provider, and all reasonable, documented trailing expenses incurred by Distributor, will be reimbursed by the Trust.

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|:---|:---|
| **SECTION 10** | **miscellaneous** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 <u>Records</u>. The books and records pertaining to the Trust, which are in the possession or under the control of Distributor, will be the property of the Trust. Such books and records will be prepared and maintained as required under the 1940 Act and other applicable securities laws, rules and regulations. The Trust and its authorized persons will have access to such books and records at all times during the Distributor's normal business hours. Upon the reasonable request of the Trust, the Distributor will make available or provide copies of such books and records to the Trust or its authorized persons, as requested, at the Trust's expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 <u>Independent Contractor.</u> The Distributor will undertake and discharge its obligations hereunder as an independent contractor. Neither Distributor nor any of its officers, directors, employees or representatives is or will be an employee of the Trust in connection with the performance of Distributor's duties hereunder. Distributor will be responsible for its own conduct and the employment, control, compensation and conduct of its agents and employees, and for any injury to such agents or employees or to others through its agents and employees. Any obligations of Distributor hereunder may be performed by one or more third parties or affiliates of Distributor and subject to Section 8 herein, Distributor accepts responsibility and liability for their performance as if the obligations were performed by the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 <u>Notices</u>. All notices provided for or permitted under this Agreement will be deemed effective upon receipt, and will be in writing and (a) delivered personally, (b) sent by commercial overnight courier with written verification of receipt, or (c) sent by certified or registered U.S. mail, postage prepaid and return receipt requested, to the party to be notified, at the address for such party set forth below. Notices to the Distributor will be sent to the

**Exhibit (h)(1)**

attention of: General Counsel, SEI Investments Distribution Co., 1 Freedom Valley Drive, Oaks, Pennsylvania 19456. Notices to the Trust will be sent to the attention of, Global X Venture Fund, 605 3rd Avenue, 43<sup>rd</sup> Floor, New York, New York 10158.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 <u>Dispute Resolution</u>. Whenever either party desires to institute legal proceedings against the other party concerning this Agreement, it will provide written notice to that effect to such other party. The party providing such notice will refrain from instituting said legal proceedings for a period of thirty (30) days following the date of provision of such notice. During such period, the parties will attempt in good faith to amicably resolve their dispute by negotiation among their executive officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 <u>Entire Agreement; Amendments</u>. This Agreement constitutes the entire agreement between the parties hereto and supersedes any prior agreement, draft or agreement or proposal with respect to the subject matter hereof. This Agreement or any part hereof may be amended or waived only by an instrument in writing signed by the party against which enforcement of such amendment or waiver is sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 <u>Non-Solicitation</u>. During the term of this Agreement and for a period of one (1) year afterward, the Trust will not recruit, solicit, employ or engage, for the Trust or any other person, any of the Distributor's employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 <u>Governing Law</u>. This Agreement will be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania without giving effect to any conflict of laws or choice of laws rules or principles thereof. To the extent that the applicable laws of the Commonwealth of Pennsylvania, or any of the provisions of this Agreement, conflict with the applicable provisions of the 1940 Act, the latter will control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 <u>Counterparts</u>. This Agreement may be executed in two or more counterparts, all of which will constitute one and the same instrument. Each such counterpart will be deemed an original, and it will not be necessary in making proof of this Agreement to produce or account for more than one such counterpart. This Agreement will be deemed executed by both parties when any one or more counterparts hereof or thereof, individually or taken together, bears the original, scanned or facsimile signatures of each of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 <u>Force Majeure</u>. No breach of any obligation of a party to this Agreement (other than obligations to pay amounts owed) will constitute an event of default or breach to the extent it arises out of a cause, existing or future, that is beyond the control and without negligence of the party otherwise chargeable with breach or default, including without limitation: work action or strike; lockout or other labor dispute; flood; war; riot; theft; act of terrorism, earthquake, natural disaster, an epidemic, pandemic or similar biological or infectious outbreak or event, or any other cause, event, circumstance or situation that is similar to any of the foregoing events. Either party desiring to rely upon any of the foregoing as an excuse for default or breach will, when the cause arises, give to the other party prompt notice of the facts which constitute such cause; and, when the cause ceases to exist, give prompt notice thereof to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10 <u>Severability.</u> Any provision of this Agreement that is determined to be invalid or unenforceable in any jurisdiction will be ineffective to the extent of such invalidity or unenforceability in such jurisdiction, without rendering invalid or unenforceable the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. If a court of competent jurisdiction declares any provision of this Agreement to be invalid or unenforceable, the parties agree that the court making such determination will have the power to reduce the scope, duration, or area of the provision, to delete specific words or phrases, or to replace the provision with a provision that is valid and enforceable and that comes closest to expressing the original intention of the parties, and this Agreement will be enforceable as so modified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11 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;(a) The Distributor and the Trust (in such capacity, the "<u>Receiving Party</u>") acknowledge and agree to maintain the confidentiality of Confidential Information (as hereinafter defined) provided by the Distributor and the Trust (in such capacity, the "<u>Disclosing Party</u>") in connection with this Agreement. The Receiving Party will not disclose or disseminate the Disclosing Party's Confidential Information to any Person other than (a) those employees, agents, contractors, subcontractors and licensees of the Receiving Party, or (b) with respect to the

**Exhibit (h)(1)**

Distributor as a Receiving Party, to those employees, agents, contractors, subcontractors and licensees of any agent or affiliate, who have a need to know it in order to assist the Receiving Party in performing its obligations, or to permit the Receiving Party to exercise its rights under this Agreement. In addition, the Receiving Party (a) will take all reasonable steps to prevent unauthorized access to the Disclosing Party's Confidential Information, and (b) will not use the Disclosing Party's Confidential Information, or authorize other Persons to use the Disclosing Party's Confidential Information, for any purposes other than in connection with performing its obligations or exercising its rights hereunder. As used herein, "reasonable steps" means steps that a party takes to protect its own, similarly confidential or proprietary information of a similar nature, which steps will in no event be less than a reasonable standard of care.

&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) The term "<u>Confidential Information</u>," as used herein, will mean all business strategies, plans and procedures, proprietary information, methodologies, data and trade secrets, and other confidential information and materials (including, without limitation, any non-public personal information as defined in Regulation S-P) , markets software, processes, formulas, technology, designs, drawings, and marketing or distribution or sales methods or systems, sales or profit figures, or other financial information of the Disclosing Party, its affiliates, their respective clients or suppliers, or other Persons with whom they do business, that may be obtained by the Receiving Party from any source or that may be developed as a result of this Agreement , whether or not such information is marked as 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;(c) Notwithstanding anything to the contrary herein, the provisions of this <u>Section 10.11</u> respecting Confidential Information will not apply to the extent, but only to the extent, that such Confidential Information is: (a) already known to the Receiving Party free of any restriction at the time it is obtained from the Disclosing Party, (b) subsequently learned from an independent third party free of any restriction and without breach of this Agreement; (c) is or becomes publicly available through no wrongful act of the Receiving Party or any third party; (d) independently developed by or for the Receiving Party without reference to or use of any Confidential Information of the Disclosing Party; or (e) required to be disclosed pursuant to an applicable law, rule, regulation, government requirement or court order, or the rules of any stock exchange (provided, however, that the Receiving Party will advise the Disclosing Party of such required disclosure promptly upon learning thereof in order to afford the Disclosing Party a reasonable opportunity to contest, limit and/or assist the Receiving Party in crafting such disclosure).

&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 Receiving Party will advise its employees, agents, contractors, subcontractors and licensees, and will require its agents and affiliates to advise their employees, agents, contractors, subcontractors and licensees, of the Receiving Party's obligations of confidentiality and non-use under this <u>Section 10.11</u>, and will be responsible for ensuring compliance by its and its affiliates' employees, agents, contractors, subcontractors and licensees with such obligations. In addition, the Receiving Party will require all persons that are provided access to the Disclosing Party's Confidential Information, other than the Receiving Party's accountants and legal counsel, to execute confidentiality or non-disclosure agreements containing provisions substantially similar to those set forth in this <u>Section 10.11</u>. The Receiving Party will promptly notify the Disclosing Party in writing upon learning of any unauthorized disclosure or use of the Disclosing Party's Confidential Information by such persons.

&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) Upon the Disclosing Party's written request following the termination of this Agreement, the Receiving Party promptly will return to the Disclosing Party, or destroy, all Confidential Information of the Disclosing Party provided under or in connection with this Agreement, including all copies, portions and summaries thereof. Notwithstanding the foregoing sentence, (a) the Receiving Party may retain one copy of each item of the Disclosing Party's Confidential Information for purposes of identifying and establishing its rights and obligations under this Agreement, for archival or audit purposes and/or to the extent required by applicable law, and (b) the Distributor will have no obligation to return or destroy Confidential Information of the Trust that resides in save tapes of Distributor; provided, however, that in either case all such Confidential Information retained by the Receiving Party will remain subject to the provisions of <u>Section 10.11</u> for so long as it is so retained. If requested by the Disclosing Party, the Receiving Party will certify in writing its compliance with the provisions of this paragraph.

**Exhibit (h)(1)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.12 Use of Name.

&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 will not use the name of the Distributor, or any of its affiliates, in any Registration Statement, sales literature, and other material relating to the Trust in any manner without the prior written consent of the Distributor (which will not be unreasonably withheld); <u>provided</u>, <u>however</u>, that the Distributor hereby approves all lawful uses of the names of the Distributor and its affiliates in the Registration Statement of the Trust and in all other materials which merely refer in accurate terms to their appointment hereunder or which are required by applicable law, regulations or otherwise by the SEC, FINRA, or any state or federal securities 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;(b) Neither the Distributor nor any of its affiliates will use the name of the Trust in any publicly disseminated materials, including sales literature, in any manner without the prior written consent of the Trust (which will not be unreasonably withheld); <u>provided</u>, <u>however</u>, that the Trust hereby approves all lawful uses of its name in any required regulatory filings of the Distributor which merely refer in accurate terms to the appointment of the Distributor hereunder, or which are required by applicable law, regulations or otherwise by the SEC, FINRA, or any state or federal securities authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13 <u>Insurance</u>. Distributor agrees to maintain liability insurance coverage which is, in scope and amount, consistent with coverage customary in the industry for distribution activities similar to the distribution activities provided to the Trust hereunder. Distributor will notify the Trust upon receipt of any notice of material, adverse change in the terms or provisions of its insurance coverage that may materially and adversely affect the Trust's rights hereunder. Such notification will include the date of change and the reason or reasons therefor. Distributor will notify the Trust of any material claims against it, whether or not covered by insurance that may materially and adversely affect the Trust's rights hereunder.

10.14 Anti-Money Laundering. The Distributor represents that it has in place anti-money laundering procedures which comply with applicable law in jurisdictions in which Shares are distributed by Distributor. For avoidance of doubt, this Agreement is only for the US public offering of Shares. The Distributor agrees to notify the Trust of any suspicious activity of which it becomes aware relating to transactions involving Shares. Upon reasonable request, the Distributor agrees to provide the Trust with documentation relating to its anti-money laundering policies and procedures.

\*\*\*\*\*

**IN WITNESS WHEREOF,** the Trust and Distributor have each duly executed this Agreement, as of the day and year above written.

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| | | |
|:---|:---|:---|
| GLOBAL X VENTURE FUND | GLOBAL X VENTURE FUND | SEI INVESTMENTS DISTRIBUTION CO. |
| By: | Global X Management Company LLC. |  |
|  |  | By: |
| By: |  | Name: |
| Name: | Name: | Title: |
| Title: | Title: |  |

---

## Ex-99.(J)

**Exhibit (j)**

![](x1_c113905x175x1.jpg)

**FORM OF**

**CUSTODY AGREEMENT**

**By and Between**

**THE BANK OF NEW YORK MELLON**

**And**

**GLOBAL X VENTURE FUND**

**BNY MELLON AND CUSTOMER CONFIDENTIAL** 

**TABLE OF CONTENTS**

**1.** **DEFINITIONS** **1** 

**2.** **APPOINTMENT OF CUSTODIAN; ACCOUNTS** **4** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Appointment of Custodian 4

2.2 Establishment of Accounts 5

**3.** **AUTHORIZED PERSONS AND INSTRUCTIONS; ELECTRONIC ACCESS** **6** 

3.1 Authorized Persons 6

3.2 Instructions 6

3.3 BNY Mellon Actions Without Instructions 7

3.4 Funds Transfers 8

3.5 Electronic Access 8

**4.** **SUBCUSTODIANS, DEPOSITORIES AND AGENTS** **8** 

4.1 Use of Subcustodians and Depositories 8

4.2 Liability for Subcustodians 9

4.3 Liability for Depositories 10

4.4 Use of Agents 10

**5.** **CORPORATE ACTIONS** **10** 

5.1 Notification 10

5.2 Exercise of Rights 10

5.3 Partial Redemptions, Payments, Etc. 10

**6.** **SETTLEMENT** **11** 

6.1 Settlement Instructions 11

6.2 Settlement Funds 11

6.3 Settlement Practices 11

**7.** **TAX MATTERS** **11** 

7.1 Tax Obligations 11

7.2 Payments 12

**8.** **PRIVATE INVESTMENTS; INVESTMENT FILES AND POSSESSED SECURITIES** **13** 

8.1 Acceptance and Safekeeping of Investment Files and Possessed Securities 13

8.2 Responsibility for Private Investments and Possessed Securities 14

**9.** **CREDITS AND ADVANCES** **15** 

9.1 Contractual Settlement and Income 15

9.2 Advances 16

9.3 Payment 16

9.4 Securing Payment 16

9.5 Setoff 16

9.6 Currency Conversion 17

**10.** **STATEMENTS; BOOKS AND RECORDS; THIRD PARTY DATA** **17** 

10.1 Statements 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 Books and Records 17

10.3 Third Party Data 18

**11.** **DISCLOSURES** **18** 

11.1 Required Disclosure 18

11.2 Foreign Exchange Transactions 19

11.3 Investment of Cash 19

**12.** **REGULATORY MATTERS** **19** 

12.1 USA PATRIOT Act 19

12.2 Sanctions; Anti-Money Laundering 20

**13.** **COMPENSATION** **21** 

13.1 Fees and Expenses 21

13.2 Other Compensation 21

**14.** **REPRESENTATIONS, WARRANTIES AND COVENANTS** **21** 

14.1 BNY Mellon 21

14.2 Customer 22

**15.** **LIABILITY** **22** 

15.1 Standard of Care 22

15.2 Limitation of Liability 23

15.3 Force Majeure 24

15.4 Indemnification 24

**16.** **CONFIDENTIALITY** **25** 

16.1 Confidentiality Obligations 25

16.2 Exceptions 26

**17.** **TERM AND TERMINATION** **26** 

17.1 Term 26

17.2 Termination 26

17.3 Effect of Termination 27

17.4 Survival 27

**18.** **GENERAL** **27** 

18.1 Non-Custody Assets 27

18.2 Assignment 28

18.3 Amendment 28

18.4 Governing Law/Forum 28

18.5 Business Continuity/Disaster Recovery 29

18.6 Non-Fiduciary Status 29

18.7 Notices 29

18.8 Entire Agreement 29

18.9 No Third Party Beneficiaries 29

18.10 Counterparts 29

18.11 Interpretation 30

18.12 No Waiver 30

18.13 Headings 30

18.14 Severability 30

18.15 Limitation of Liability of the Trustees and Shareholders 30

18.16 [Reserved.] 31

18.17 Information Security and Other Matters 31

**CUSTODY AGREEMENT**

This Custody Agreement (the "**Agreement**") is made and entered into as of the latest date set forth on the signature page hereto (the "**Effective Date**") by and between **THE BANK OF NEW YORK MELLON**, a New York state chartered bank ("**BNY Mellon**"), and **GLOBAL X VENTURE FUND**, a Delaware statutory trust ("**Customer**") on behalf of itself and each Subsidiary (as defined below). BNY Mellon and Customer are collectively referred to as the "**Parties**" and individually as a "**Party**".

**RECITALS**

WHEREAS, Customer is registered under the 1940 Act (as defined below) as a closed-end management investment company;

WHEREAS, Customer may own or operate through one or more wholly-owned subsidiaries of the Customer identified to BNY Mellon by the Customer on Appendix I hereto (each, a "**Subsidiary**") and, subject to the terms of this Agreement, BNY Mellon agrees to perform such tasks and provide such services with respect to each such Subsidiary as may be necessary in providing any services or fulfilling such responsibilities set forth in this Agreement as if such Subsidiary were itself a Customer; and

WHEREAS, Customer wishes to appoint BNY Mellon as the custodian of certain of its assets for the Customer and each Subsidiary hereafter identified to BNY Mellon on Appendix I, and BNY Mellon is willing to provide such services on the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and intending to be legally bound, the Parties agree as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. DEFINITIONS

Whenever used in this Agreement, the following words have the meanings set forth below:

"**1940 Act**" means the U.S. Investment Company Act of 1940, as amended and the rules and regulations thereunder.

"**Account**" or "**Accounts**" has the meaning set forth in Section 2.2.

"**Act**" has the meaning set forth in Section 10.1(a).

"**Affiliate**" means, with respect to any entity, any other entity that directly or indirectly controls, is controlled by or under common control with such entity.

"**Affiliate Securities**" has the meaning set forth in Section 9.4.

"**Agreement**" means, collectively, this Custody Agreement, any Appendices hereto and any other documents incorporated herein by reference.

"**Anti-Money Laundering Laws**" means all anti-money laundering and counter-terrorist financing laws, rules, regulations, executive orders and requirements administered by any governmental authority of the United States (including the U.S. Bank Secrecy Act, the U.S.A. PATRIOT Act, the Money Laundering Control Act, and regulations of the U.S.

Treasury Department which implement such acts) or any other applicable domestic or foreign authority with jurisdiction over Customer.

"**Assets**" has the meaning set forth in Section 2.1(a).

"**Authorized Person**" has the meaning set forth in Section 3.1.

"**BNY Mellon**" has the meaning set forth in the introductory paragraph.

"**Cash**" means the money and currency of any jurisdiction which BNY Mellon accepts for deposit in an Account.

"**Confidential Information**" means, with respect to a Party, the terms of this Agreement and all non-public business and financial information of such Party (including, with respect to Customer, information regarding the Accounts, the Assets and its practices and procedures related to the services provide hereunder and including, with respect to BNY Mellon, information regarding its practices and procedures related to the services provided hereunder) disclosed to the other Party in connection with this Agreement.

"**Customer**" has the meaning set forth in the introductory paragraph.

"**Data Terms Website**" means *http://www.bnymellon.com/products/assetservicing/vendoragreement.pdf* or any successor website the address of which is provided by BNY Mellon to Customer.

"**Depository**" means the Depository Trust Company, Euroclear, Clearstream Banking S.A., the Canadian Depository System, CLS Bank and any other securities depository, book-entry system or clearing agency authorized to act as a system for the central handling of securities pursuant to the laws of the applicable jurisdiction, and any successors to, and/or nominees of, any of the foregoing.

"**Documentation**" shall mean, for each Private Investment (as defined below) for which Customer physically delivers an Investment File (as defined below) to BNY Mellon, all documents and instruments that may include the related Private Investments (but excluding any physical certificates evidencing ownership of a Security (as defined below)), including any subscription agreements, loan documents (including each loan agreement, promissory note, participation certificate, collateral security agreement, guarantee or supporting obligation), partnership certificates, membership agreements or such other agreements or documents as may be mutually agreed between the parties from time to time.

"**Effective Date**" has the meaning set forth in the introductory paragraph.

"**Electronic Access Services**" means such services made available by BNY Mellon or a BNY Mellon Affiliate to Customer to electronically access information relating to the Accounts and/or transmit Instructions.

"**Electronic Signature**" means an image, representation or symbol inserted into an electronic copy of the Agreement by electronic, digital or other technological methods.

"**Foreign Depository**" means an "Eligible Securities Depository" (as defined in Rule 17f-7 under the 1940 Act) identified by BNY Mellon to Customer from time to time.

"**Hedge Fund Investments**" shall mean investments by Customer in hedge funds and other privately-placed securities issued by investment or collective investment vehicles, in each case, that satisfy the conditions set forth in Regulation D of the Securities Act of 1933 and where such investments are registered on the books and records of such investment vehicle in the name of BNY Mellon or its Affiliates.

"**Instructions**" means, with respect to this Agreement, instructions issued to BNY Mellon by way of (a) one of the following methods (each as and to the extent specified by BNY Mellon as available for use in connection with the services hereunder): (i) the Electronic Access Services; (ii) third-party electronic communication services containing, where applicable, appropriate authorization codes, passwords or authentication keys, or otherwise appearing on their face to have been transmitted by an Authorized Person or (iii) third-party institutional trade matching utilities used to effect transactions in accordance with such utility's customary procedures or (b) such other method as may be agreed upon by the Parties and that appear on their face to have been transmitted by an Authorized Person.

**"Investment File"** shall mean an unsealed hard copy file, which the applicable Customer represents contains Documentation (as defined above), physically delivered to and actually received and accepted by BNY Mellon, a Subcustodian or a Depository, as applicable.

"**Market Data**" means pricing, valuations or other commercially sourced data applicable to any Security. Market Data also includes security identifiers, bond ratings and classification data.

"**Market Data Providers**" means vendors and analytics providers and any other Person providing Market Data to BNY Mellon.

"**Non-Custody Assets**" has the meaning set forth in Section 18.1.

"**Oral Instructions**" means, with respect to this Agreement, spoken instructions issued to BNY Mellon and reasonably believed by BNY Mellon to be from an Authorized Person.

"**Party**" or "**Parties**" has the meaning set forth in the introductory paragraph.

"**Person**" or "**Persons**" means any entity or individual.

**"Possessed Securities"** those securities or other assets which (x) are evidenced by physical certificates, (y) are certificated securities as defined in the UCC (as defined below) registered in the name of Customer or a third-party agent of Customer but in all cases such assets are not registered in the name of Custodian or its nominee and (z) are possessed by Custodian directly or indirectly through a Depository or Subcustodian and reflected in the Account.

"**Private Investments**" means, collectively, (i) private equity investments, including investments in partnership and limited liability companies (excluding, for the avoidance of doubt, Hedge Fund Investments), acquired by Customer and physically delivered to BNY Mellon, a Subcustodian or a Depository, as applicable, by Customer from time to time during the term of, and pursuant to the terms of, this Agreement; (ii) all dividends in kind (e.g., non-cash dividends) from the investments described in clause (i); and (iii) loans or loan commitments originated by or otherwise obtained by Customer and delivered to BNY

Mellon, Subcustodian or Depository, as applicable, by Customer from time to time during the term of, and pursuant to the terms of, this Agreement.

"**Sanctions**" means all economic sanctions laws, rules, regulations, executive orders and requirements administered by any governmental authority of the United States (including the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury) or any other applicable domestic or foreign authority with jurisdiction over Customer.

"**Securities**" means all (a) debt and equity securities and (b) instruments representing rights or interests therein, including rights to receive, subscribe to or purchase the foregoing or evidencing or representing any other rights or interests therein; in each case as may be agreed upon from time to time by BNY Mellon and Customer and which are from time to time delivered to or received by BNY Mellon and/or any Subcustodian for deposit in an Account. For the avoidance of doubt, Private Investments and Possessed Securities shall not be considered Securities for purposes of this Agreement.

"**Standard of Care**" has the meaning set forth in Section 15.1.

"**Subcustodian**" means a bank or other financial institution (other than a Depository) that is selected and used by BNY Mellon or a BNY Mellon Affiliate (acting as subcustodian) in connection with the settlement of transactions and/or custody of Assets, Investment Files or Possessed Securities hereunder, and any successors to, and/or nominees of, any of the foregoing.

**"Subsidiary"** has the meaning given such term in the recitals.

"**Tax Information**" means all accurate, relevant and necessary information with respect to the Accounts or with respect to Customer's identification or classification for purposes of Tax Obligations, in each case as may be required by applicable tax laws or by a tax authority inquiry, or as may be requested by BNY Mellon in connection with the matters in Section 7.

"**Tax Obligations**" means taxes, withholding, certification and reporting requirements, claims for exemptions or refund, interest, penalties, additions to tax and other related expenses.

"**Third Party Data**" has the meaning set forth in Section 10.3(a).

**"UCC"** shall mean the Uniform Commercial Code, as amended or restated from time to time and as in effect in the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. APPOINTMENT OF CUSTODIAN; ACCOUNTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Appointment of Custodian

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer hereby appoints BNY Mellon as custodian of all Securities and Cash (collectively, "Assets"),
Investment Files and Possessed Securities, in each case to be held under, and in accordance with the terms of, this Agreement ""and
BNY Mellon hereby accepts such appointment. BNY Mellon shall keep safely all Assets of the Customer delivered to and actually received
by BNY Mellon pursuant to this Agreement, in accordance with the provisions of this Agreement and applicable statutes, laws, rules
and regulations applicable to BNY Mellon in its performance

of the services hereunder. The Parties acknowledge and agree that BNY Mellon's duties pursuant to such appointment will be limited solely to those duties expressly undertaken pursuant to this Agreement. <br>(b) Notwithstanding the foregoing, BNY Mellon has no obligation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) With respect to any Assets, Investment Files and Possessed Securities until they are actually received
by BNY Mellon and credited to or held in an Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To inquire into, make recommendations, supervise or determine the suitability of any transactions
affecting any Account or to question any Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To monitor the Securities, Investment Files or Possessed Securities in the Accounts or to determine
whether Customer complies with limitations on ownership or any restrictions on investors provided for by local law, regulations
or market practice, or provisions in the issuer's articles of incorporation or by-laws or with respect to Customer's
own limitations described in its prospectus, statement of additional information, any exemptive relief received by Customer, or
other similar documents or orders;

&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) To determine the adequacy of title to, or the validity or genuineness of, any Assets, Investment
Files or Possessed Securities received by it or delivered by it pursuant to 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;(v) With respect to any matters related to: the establishment, maintenance operation or termination
of Customer; or the offer, sale or distribution of the shares of, or interests in, Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Operational terms, procedures and processes supporting the services described herein are set out
in a separate service level description, a current version of which will be available upon request at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Cash held hereunder may be subject to additional deposit terms and conditions issued by BNY Mellon
or the applicable Subcustodian from time to time, including rates of interest and deposit account access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If Customer engages in securities lending activities, such activities will be subject to certain
additional and/or modified terms to be set forth in a separate written agreement between Customer and BNY Mellon or a BNY Mellon
Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Establishment of Accounts

BNY Mellon will establish and maintain one or more separate account for the Customer in which BNY Mellon will hold or reflect, as applicable, Assets, Investment Files and Possessed Securities relating to the Customer as provided herein (each, an "**Account**," and collectively, the "**Accounts**"). The Account so established shall be in the name of the Customer. Furthermore, BNY Mellon shall hold and segregate on its books and records all Assets separate from other securities and investments in the possession of BNY Mellon, and all such Assets shall be marked on BNY Mellon's books and records so as to

clearly identify them as property of Customer. Except as otherwise contemplated in this Agreement, the Securities shall be and remain the sole property of Customer and BNY Mellon only shall have custody thereof. Except as otherwise contemplated in this Agreement, BNY Mellon shall have no power or authority to assign, hypothecate, pledge or otherwise dispose of any such Securities except pursuant to the terms of this Agreement or as provided by applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. AUTHORIZED PERSONS AND INSTRUCTIONS; ELECTRONIC ACCESS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Authorized Persons

Promptly following the Effective Date, Customer and/or its designee (including any of Customer's investment managers) will furnish BNY Mellon with one or more written lists or other documentation acceptable to BNY Mellon specifying the names and titles of, or otherwise identifying, all Persons authorized to act on behalf of Customer with respect to this Agreement (each, an "**Authorized Person**"). Customer will be responsible for keeping such lists and/or other documentation current, and will update such lists and/or other documentation, as necessary from time to time, pursuant to Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Instructions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise expressly provided in this Agreement, BNY Mellon will have no obligation to
take any action hereunder unless and until it receives Instructions issued in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customer will be responsible for ensuring that (i) only Authorized Persons issue Instructions to
BNY Mellon and (ii) all Authorized Persons safeguard and treat with extreme care any user and authorization codes, passwords and
authentication keys used in connection with the issuance of Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Where Customer may or is required to issue Instructions, such Instructions will be issued by an
Authorized Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) BNY Mellon will be entitled to deal with any Authorized Person until notified otherwise pursuant
to Instructions, and will be entitled to act and rely upon any Instruction received by BNY Mellon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All Instructions must include all information necessary, and must be delivered using such methods
and in such format as BNY Mellon may reasonably require and be received within BNY Mellon's established cut-off times and
otherwise in sufficient time, to enable BNY Mellon to act upon such Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) BNY Mellon may in its sole discretion decline to act upon any Instructions that do not comply with
requirements set forth in Section 3.2(e) or that conflict with applicable law or regulations or BNY Mellon's operating policies
and practices, in which event BNY Mellon will promptly notify Customer unless prevented from doing so by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Customer acknowledges that while it is not part of BNY Mellon's normal practices and procedures
to accept Oral Instructions, BNY Mellon may in certain limited circumstances accept Oral Instructions. In such event, such Oral
Instructions will be deemed to be Instructions for purposes of this Agreement. An Authorized

Person issuing such an Oral Instruction will promptly confirm such Oral Instruction to BNY Mellon in writing. Notwithstanding the foregoing, Customer agrees that the fact that such written confirmation is not received by BNY Mellon, or that such written confirmation contradicts the Oral Instruction, will in no way affect (i) BNY Mellon's reliance on such Oral Instruction or (ii) the validity or enforceability of transactions authorized by such Oral Instruction and effected by BNY Mellon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Customer acknowledges and agrees that it is fully informed of the protections and risks associated
with the various methods of transmitting Instructions to BNY Mellon and that there may be more secure methods of transmitting Instructions
than the method selected by the sender. Customer agrees that the security procedures, if any, to be followed by Customer and BNY
Mellon with respect to the transmission and authentication of Instructions provide to Customer a commercially reasonable degree
of protection in light of its particular needs and circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 BNY Mellon Actions Without Instructions

Notwithstanding anything to the contrary set forth in this Agreement, Customer hereby authorizes BNY Mellon, without Instructions, to take any administrative or ministerial actions with respect to the Accounts that it deems reasonably necessary or appropriate to perform its obligations under this Agreement, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Receive income and other payments due to the Accounts and make available information to the Customer
promptly to enable Customer to identify any such amounts due but not paid; provided, however, that BNY Mellon will have no duty
to pursue collection of any amount due to an Account, including for Securities in default, if such amount is not paid when due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Carry out any exchanges of Securities or other corporate actions not requiring discretionary decisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Facilitate access by Customer or its designee to ballots or online systems to assist it in the
voting of proxies received by BNY Mellon in its capacity as custodian for eligible positions of Securities held in the Accounts
(excluding bankruptcy matters), all of which will be exercised by Customer or its designee and not by BNY Mellon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Forward to Customer or its designee information (or summaries of information) that BNY Mellon receives
in its capacity as custodian from issuers of Securities which, in the opinion of BNY Mellon, are intended for beneficial owners
of Securities and from Depositories or Subcustodians concerning Securities in the Accounts (excluding bankruptcy matters);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Forward to Customer or its designee an initial notice of bankruptcy cases relating to Securities
held in the Accounts and a notice of any required action related to such bankruptcy cases as may be received by BNY Mellon in its
capacity as custodian. BNY Mellon will take no further action nor provide further notification related to the bankruptcy case;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Unless otherwise elected by Customer, and in accordance with BNY Mellon's standard terms
and conditions, provide class action filing services for settled claims related to Securities with industry recognized identifiers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Endorse for collection checks, drafts or other negotiable instruments received for the Accounts;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Execute and deliver, solely in its capacity as custodian, certificates, documents or instruments
incidental to BNY Mellon's performance under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Funds Transfers

With respect to each Instruction for a Cash transfer, when the Instruction is to credit or pay a party by both a name and a unique numeric or alpha-numeric identifier (e.g., IBAN or ABA or account number), BNY Mellon and any other bank participating in the Cash transfer will be entitled to rely solely on such numeric or alpha-numeric identifier, even if it identifies a party different from the party named. Such reliance on an identifier will apply to beneficiaries named in the Instruction, as well as any financial institution that is designated in the Instruction to act as an intermediary in such Cash transfer. To the extent permitted by applicable law, the Parties will be bound by the rules of any transfer system used to effect a Cash transfer under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 Electronic Access

If Customer elects to use the Electronic Access Services in connection with this Agreement, the use thereof will be subject to any terms and conditions contained in a separate written agreement between the Parties or their Affiliates. If an Authorized Person elects, with BNY Mellon's prior consent, to transmit Instructions through a third-party electronic communications service, BNY Mellon will not be responsible or liable for the reliability or availability of any such service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. SUBCUSTODIANS, DEPOSITORIES AND AGENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Use of Subcustodians and Depositories

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY Mellon will be entitled to utilize Subcustodians and Depositories in connection with its performance
hereunder; provided that BNY Mellon will not utilize a Subcustodian that is an "Eligible Foreign Custodian" (as defined
in Rule 17f-5 under the 1940 Act) to hold "Foreign Assets" (as defined in such Rule 17f-5) until after BNY Mellon is
informed, pursuant to such means as determined by BNY Mellon, that Customer's board of directors or similar governing body
or Customer's "Foreign Custody Manager" (as defined in such Rule 17f-5) has determined that utilization of such
Subcustodian satisfies the applicable requirements of such Rule 17f-5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BNY Mellon will only utilize Subcustodians that have entered into an agreement with BNY Mellon
or a BNY Mellon Affiliate and such agreement satisfies the conditions set forth in Rule 17f-5 as determined by Customer's
board of directors or similar governing body or Customer's "Foreign Custody Manager" (as defined in such Rule
17f-5), and Assets held through a Subcustodian will be held subject to the terms and conditions of such Subcustodian's respective
agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assets deposited in a Depository will be held subject to the rules, procedures, terms and conditions
of such Depository. Subcustodians may hold Assets in Depositories in which such Subcustodians participate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In connection with each Depository utilized by BNY Mellon that is a "securities depository"
(as defined in Rule 17f-4 under the 1940 Act), BNY Mellon (a) will exercise due care in accordance with reasonable commercial standards
in discharging its duties as a securities intermediary to obtain and thereafter maintain Securities or financial assets deposited
or held in such Depository and (b) will provide, promptly upon request by Customer, such reports as are available concerning the
internal accounting controls and financial strength of BNY Mellon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) With respect to each Foreign Depository, BNY Mellon will exercise reasonable care, prudence and
diligence (a) to provide Customer with an analysis of the custody risks associated with maintaining assets with the Foreign Depository
and (b) to monitor such custody risks on a continuing basis and promptly notify Customer of any material change in such risks.
Customer acknowledges and agrees that such analysis and monitoring will be made on the basis of, and limited by, information gathered
from certain Subcustodians, or through publicly available information otherwise obtained by BNY Mellon, and will not include any
evaluation of the matters referenced in Section 15.2(b)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Unless otherwise required by local law or practice or a particular Subcustodian agreement, Assets
deposited with Subcustodians or Depositories may be held in a commingled account in the name of, as applicable, BNY Mellon, a BNY
Mellon Affiliate or the applicable Subcustodian, for its clients. BNY Mellon shall identify on its books and records the Securities
and Cash belonging to Customer, whether held directly, through Depositories, Foreign Depositories or Subcustodians.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) BNY Mellon shall, directly or indirectly through Subcustodians, Depositories, or Foreign Depositories,
endeavor, to the extent feasible, to hold Securities in the country or other jurisdiction in which the principal trading market
for such Securities is located, where such Securities are to be presented for cancellation and/or payment and/or registration,
or where such Securities are acquired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Liability for Subcustodians

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY Mellon will exercise the Standard of Care in selecting, retaining and monitoring Subcustodians.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to Assets held by a Subcustodian, BNY Mellon will be liable to Customer for the activities
of such Subcustodian under this Agreement to the extent that BNY Mellon would have been liable to Customer under this Agreement
if BNY Mellon had performed such activities itself in the relevant market in which such Subcustodian is located; provided, however,
that with respect to Securities held by a Subcustodian that is not a BNY Mellon Affiliate:

&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) BNY Mellon's liability will be limited solely to the extent resulting directly from BNY Mellon's
failure to exercise the Standard of Care in selecting, retaining, and monitoring such Subcustodian; 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;(ii) To the extent that BNY Mellon is not liable pursuant to Section 4.2(b)(i), BNY Mellon's sole
responsibility to Customer will be to: (A) take reasonable and appropriate action to recover from such Subcustodian, and (B) forward
to Customer any amounts so recovered (exclusive of costs and expenses incurred by BNY Mellon in connection therewith).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 Liability for Depositories

BNY Mellon will have no responsibility or liability for the activities of any Depository arising out of or relating to this Agreement or any cost or burden imposed on the transfer or holding of Assets held with such Depository; *provided* that, for clarity, BNY Mellon remains responsible for its own acts and omissions pursuant to the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 Use of Agents

BNY Mellon may appoint agents, including BNY Mellon Affiliates, on such terms and conditions as it reasonably deems appropriate to perform its obligations hereunder, and BNY Mellon shall be liable to Customer for the acts of omissions of a BNY Mellon Affiliate under this Agreement to the same extent that BNY Mellon would have been liable under this Agreement if BNY Mellon had performed such act or omission itself. Except as otherwise specifically provided herein, no such appointment will discharge BNY Mellon from its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. CORPORATE ACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Notification

BNY Mellon will notify Customer or its designee of rights or discretionary corporate actions and of the date or dates when such rights must be exercised or such action must be taken as promptly as practicable under the circumstances, provided that BNY Mellon has actually received, in its capacity as custodian, (i) notice of such right or discretionary corporate action from the relevant issuer, or from a Subcustodian, Depository or third party vendor and (ii) such notification includes the date or dates by which such rights must be exercised or such action must be taken. Without actual receipt of such notice by BNY Mellon, BNY Mellon will have no responsibility or liability for failing to so notify Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Exercise of Rights

Whenever there are voluntary rights that may be exercised or alternate courses of action that may be taken with respect to Securities in an Account, Customer or its designee will be responsible for making any decisions relating thereto and for instructing BNY Mellon to act. In order for BNY Mellon to act, Customer must issue Instructions using, or directly referencing, the BNY Mellon issued corporate actions instruction form, and include all the required information fields therein. Such Instructions must be addressed as BNY Mellon may request, by the deadline specified by BNY Mellon in its sole discretion from time to time, together with any amount which is required to be paid in carrying out any such action. In the event BNY Mellon does not receive such Instructions together with any required amount prior to its specified deadlines, BNY Mellon will not be liable for failure to take any action relating to, or to exercise any rights conferred by, such Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 Partial Redemptions, Payments, Etc.

BNY Mellon will advise Customer or its designee upon its notification, in its capacity as custodian, of a partial redemption, partial payment or other action with respect to a Security affecting fewer than all such Securities held within an Account. If BNY Mellon or any Subcustodian or Depository holds any Securities affected by one of the events described, BNY Mellon or such Subcustodian or Depository may select the Securities to

participate in such partial redemption, partial payment or other action in any non-discriminatory manner that it customarily uses to make such selection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. SETTLEMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Settlement Instructions

Promptly after the execution of each Securities transaction, Customer will issue to BNY Mellon Instructions to settle such transaction. Unless otherwise agreed by BNY Mellon and subject to Section 9.1, Assets will be credited to the relevant Account only when actually received by BNY Mellon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 Settlement Funds

For the purpose of settling a Securities transaction, Customer will provide BNY Mellon with sufficient immediately available funds or Securities, as applicable, in the relevant Account by such time and date as is required to enable BNY Mellon to settle such transaction in the country of settlement and in the currency to be used to settle such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 Settlement Practices

Securities transactions will be settled using practices customary in the jurisdiction or market where the transaction occurs. Customer understands that when BNY Mellon is instructed to deliver Securities against payment, delivery of such Securities and receipt of payment related to such Securities may not be completed simultaneously and can also be made without payment. Customer assumes full responsibility for all risks involved in connection with BNY Mellon's delivery of Securities or Cash in accordance with such practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. TAX MATTERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 Tax Obligations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the extent that BNY Mellon has received the Tax Information within the time stipulated, BNY
Mellon will perform the following services with respect to Tax Obligations:

&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) Unless prohibited by law or regulation, at the reasonable request of Customer, BNY Mellon will
provide to Customer such information received by BNY Mellon in its capacity as custodian that could, in Customer's reasonable
belief, assist Customer or its designee in the submission of any reports or returns with respect to Tax Obligations. An Authorized
Person will inform BNY Mellon in writing as to which party or parties will receive information from BNY Mellon;

&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) BNY Mellon will, upon receipt of sufficient Tax Information from Customer (as reasonably determined
by BNY Mellon), file claims for exemptions or refunds with respect to withheld taxes in those markets where it provides such services
and subject to BNY Mellon's service level description (in each case as made available to Customer from time to time). Where
Customer (for whatever reason) fails or neglects to provide BNY Mellon

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| | |
|:---|:---|
|  | with or to review and confirm the Tax Information within the time stipulated by BNY Mellon, then such failure or neglect may result in the disapplication of withholding tax relief or the obligation on Customer to immediately return amounts already refunded by a tax authority. Customer may, however, elect to appoint its own tax agent to file claims for exemptions or refunds in any or all markets, with advance notice to BNY Mellon of such appointment and subject to such terms as separately agreed in writing between Customer and BNY Mellon; and |
| (iii) | BNY Mellon or the applicable Subcustodian will withhold appropriate amounts, as required by applicable tax laws, with respect to amounts received and is authorized to debit the relevant Account in the amount of a Tax Obligation and to pay such amount to the appropriate taxing authority. |

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Customer's receipt of the foregoing services is dependent upon its subscription to BNY Mellon's information reporting system, and Customer will be responsible for enrolling its designated Authorized Persons in such system. Customer acknowledges that BNY Mellon may, at any time, amend the scope of its tax service offering and notice of such changes will be made available to BNY Mellon's customers through its information reporting system. Such changes may require additional documentation, attestations or declarations to be entered into by Customer in order to continue receiving the relevant tax service in a particular market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customer acknowledges that BNY Mellon is a service provider and not an economic beneficiary of
any transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Customer will be responsible for understanding its Tax Obligations, and will be solely responsible
and liable for all Tax Obligations with respect to any Assets held on behalf of Customer and any transaction related thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Customer will provide BNY Mellon with Tax Information to enable BNY Mellon to comply with BNY Mellon's
obligations under any applicable tax laws or with any tax authority enquiry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Customer acknowledges and agrees that none of BNY Mellon nor any BNY Mellon Affiliate is a tax
adviser and none of BNY Mellon nor any BNY Mellon Affiliate will, under any circumstances, provide tax advice to Customer. Customer
will obtain its own independent tax advice for any tax-related matters or Tax Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 Payments

Where BNY Mellon receives Instructions to make distributions or transfers out of an Account in order to pay Customer's third party service providers, Customer acknowledges that in making such payments BNY Mellon is acting in an administrative capacity, and not as the payor, for tax information reporting and withholding purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. PRIVATE INVESTMENTS; INVESTMENT FILES AND POSSESSED SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 Acceptance and Safekeeping of Investment Files and Possessed Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to all Private Investments and Possessed Securities, Customer will arrange for the
physical and not, for the avoidance of doubt, electronic, delivery of Possessed Securities and Investment Files to BNY Mellon,
Subcustodian or Depository, as applicable, accompanied by an Instruction which clearly identifies the contents of such Investment
File or key identifiers associated with a Possessed Security; provided that BNY Mellon, Subcustodian or Depository may, in its
reasonable discretion, reject any Investment File and/or any Documentation contained therein as well as any Possessed Security,
which, in each case, BNY Mellon, a Subcustodian or a Depository has determined to be ineligible for deposit or which otherwise
cannot be held in custody by BNY Mellon, Subcustodian or Depository. BNY Mellon shall endeavor to provide reasonable notice to
Customer of a rejection of any Investment File or related Documentation or any Possessed Security; provided that BNY Mellon makes
no representation as to its ability to provide such notice and shall not incur any liability arising out of its failure to provide
such notice. If an Investment File or Possessed Security is accepted, BNY Mellon will generate an asset identifying number to track
the Investment File or Possessed Security and safekeep such Investment File or Possessed Security. Under no circumstances will
BNY Mellon be required to issue a trust receipt (or similar instrument) with respect to any Investment File or its contents or
any Possessed Security. Notwithstanding the foregoing, and solely with respect to Possessed Securities, BNY Mellon agrees to hold
Possessed Securities as bailee for Customer. BNY Mellon shall maintain continuous possession of the certificated securities evidencing
Possessed Securities; provided, however, that BNY Mellon expressly disclaims any ability to "control" (within the meaning
of the UCC) the Possessed Securities or otherwise exercise any rights in respect thereof or at the direction of Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BNY Mellon shall not be under an obligation to review, verify, validate or otherwise inspect any
Possessed Security or the contents of an Investment File. BNY Mellon will include such Possessed Security and Investment File in
its regular security count audits and deliver such Investment File or Possessed Security, as applicable, to such person or entity
as Customer may instruct via Instructions. Acceptance of Investment Files by the BNY Mellon is based solely on Customer's
description and representations regarding the contents thereof and any other documentation that BNY Mellon requests to obtain reasonable
comfort that such Investment File is what Customer purports such Investment File to be, it being understood that none of the BNY
Mellon, nor any Subcustodian or Depository, as applicable, shall have any duty to Customer to so verify. Further, BNY Mellon shall
be entitled to fully rely, without independent verification, on Customer's representations regarding the Investment Files.
BNY Mellon's safekeeping of an Investment File shall in no way be construed as custody of the Private Investments or any
other underlying assets which the Investment File is said to constitute or represent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the avoidance of doubt, BNY Mellon shall have no duty or obligation whatsoever to determine,
or liability for the failure to determine, (i) the contents of an Investment File; (ii) that any Investment File is or is not what
Customer purports it to be, or (iii) the value or price of any asset represented by the Investment File

or Possessed Security. BNY Mellon makes no representations or warranties, nor does it give any other assurances, regarding any Investment File, Possessed Security or, as applicable, the contents thereof. Any Account statements will only reflect an inventory of the Investment Files and Possessed Securities that BNY Mellon holds in custody hereunder without any representation as to the contents or value thereof. BNY Mellon shall be under no obligation hereunder for providing any Account statements directly to any clients or investors of Customer, if applicable, or any third parties. With respect to the subject matter hereof, BNY Mellon will only provide those services set forth herein and BNY Mellon shall be under no obligation to accept delivery of any Investment File or Possessed Security unless such Investment File or Possessed Security is delivered in accordance with the foregoing requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 Responsibility for Private Investments and Possessed Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No director, officer, employee or agent of Customer shall have physical access to any Investment
Files or Possessed Securities or be authorized or permitted to withdraw any Documentation nor shall BNY Mellon any Subcustodian
or Depository, as applicable, deliver any Documentation to any such person, unless such access or withdrawal has been duly authorized
pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customer shall be solely responsible for the servicing of all Private Investments and Possessed
Securities. Customer shall cause all payments by or on behalf of issuers to be remitted to BNY Mellon for credit to the Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Customer shall be solely responsible for maintaining all records of account activity relating to
each Private Investment and Possessed Securities, including without limitation, any modification, termination or other changes
in the Private Investment or Possessed Security. Upon modification or other change in any Private Investment, Customer shall promptly
deliver or cause to be delivered to BNY Mellon, Subcustodian or Depository, as applicable, all relevant Documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Customer shall be solely responsible for the settlement of each purchase or sale of Private Investments
and Possessed Securities. Subject to Section 8.2(e) below, Customer shall deliver to BNY Mellon Instructions specifying all Investment
Files and Possessed Securities to be received or released in connection with such purchase or sale and any other relevant information
concerning the custody of the Investment Files and Possessed Securities relating to the affected Private Investments. Customer
assumes full responsibility for all credit risks associated with any such sale or purchase or any loss, damage or destruction of
any Documentation, Investment Files or Possessed Securities in transit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything in this Agreement to the contrary, unless otherwise agreed in writing
to the parties, Customer shall, with respect to Private Investments Possessed Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Cause the issuer of the applicable Private Investment or Possessed Security to deposit with BNY
Mellon (by means of a check or draft payable to BNY Mellon or its nominee or by wire transfer) all income and other payments or
distributions on or with respect to such Private Investment or Possessed Security and, with respect to Private

Investments, advise BNY Mellon in an Instruction of the amount to be received and if such amount relates to a particular Investment File and the identity of such Investment File;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Direct BNY Mellon in a detailed Instruction to present for payment on the date and at the address
specified therein the Private Investment or Possessed Security specified therein whether at maturity or for repurchase or redemption,
and to hold hereunder such amounts paid on or with respect to such particular Private Investments or Possessed Securities as BNY
Mellon may receive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Obtain and execute any certificates of ownership, affidavits, declarations or other certificates
under any tax laws now or hereafter in effect in connection with the collection of bond and note coupons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Cause the issuer to deposit with BNY Mellon any Subcustodian or Depository, as applicable, such
additional Private Investment or Possessed Security and any rights as may be issued with respect to any such Private Investments
or Possessed Security and, with respect to Private Investments, advise BNY Mellon in a detailed Instruction if the Private Investments
are to be added or credited to a particular Investment File;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Be solely responsible for the exercise of rights or discretionary actions with respect to Private
Investments and Possessed Securities covered by this Agreement; 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;(6) Exercise all voting rights with respect to Private Investments and Possessed Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. CREDITS AND ADVANCES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 Contractual Settlement and Income

BNY Mellon may, in its sole discretion, as a matter of bookkeeping convenience, credit the relevant Account with the proceeds resulting from the purchase, sale, redemption or other delivery or receipt of Securities, Investment Files or Possessed Securities, or interest, dividends or other distributions payable on Securities, Investment Files and Possessed Securities, prior to its actual receipt thereof. All such credits will be conditional until BNY Mellon's actual receipt of such proceeds and may be reversed by BNY Mellon to the extent that such proceeds are not received. Actual receipt of proceeds with respect to a transaction will not be deemed to have occurred, and the transaction will not be considered final, until BNY Mellon has received sufficient immediately available funds or Securities specifically applicable to such transaction that, under applicable local law, rule or practice, are irreversible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 Advances

If BNY Mellon receives an Instruction that, if processed, would result in an overdraft in an Account, BNY Mellon may, in its sole discretion, advance funds in any currency hereunder; however, BNY Mellon will have no obligation to advance its own funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 Payment

If: (a) BNY Mellon has advanced funds to an Account; (b) an overdraft has occurred in an Account (including overdrafts incurred in connection with the settlement of securities transactions, funds transfers or foreign exchange transactions) or (c) Customer is for any other reason indebted to BNY Mellon, Customer agrees to pay BNY Mellon (on demand or upon becoming aware thereof) the amount of such advance, overdraft or indebtedness, plus accrued interest at a rate then charged by BNY Mellon to its institutional custody clients in the relevant currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 Securing Payment

In order to secure repayment of Customer's obligations and liabilities (whether or not matured) to BNY Mellon or any BNY Mellon Affiliate, relating to or arising under this Agreement, and without limiting BNY Mellon's or such BNY Mellon Affiliate's rights under applicable law or any other agreement, Customer hereby pledges and grants to BNY Mellon and such BNY Mellon Affiliate, and agrees BNY Mellon and such BNY Mellon Affiliate will have to the maximum extent permitted by law, a continuing first lien and security interest in: (a) all of Customer's right, title and interest in and to the Account and the Assets, Investment Files and Possessed Securities now or hereafter held in such Account (including proceeds thereof) and (b) any other property at any time held by BNY Mellon or any BNY Mellon Affiliate relating to the Customer; provided that Customer does not hereby grant a security interest in any Securities issued by an affiliate (as defined in Section 23A of the U.S. Federal Reserve Act and related implementing regulations (Regulation W, 12 C.F.R. part 223) (such securities, "**Affiliate Securities**")) with the exception of Affiliate Securities that (i) constitute "eligible affiliated mutual fund securities" as defined in Section 223.24(c) of Regulation W (12 C.F.R. 223.24(c)) and (ii) meet the requirements in Section 223.24(c) of Regulation W (12 C.F.R. 223.24(c)). Customer represents, warrants and covenants that it owns the Assets in the Accounts, and such other property at any time held by BNY Mellon or any BNY Mellon Affiliate relating to Customer, free and clear of all liens, claims and security interests (except as otherwise acknowledged in writing by BNY Mellon), and that the first lien and security interest granted herein will be subject to no setoffs, counterclaims or other liens prior to or on a parity with it in favor of any third party (other than specific liens granted preferred status by statute). Customer will take any additional steps required to assure BNY Mellon of such priority security interest, including notifying third parties or obtaining their consent. BNY Mellon will be entitled to collect from the relevant Account sufficient Cash for reimbursement, and if such Cash is insufficient, to sell Securities in such Account to the extent necessary to obtain reimbursement. In this regard, BNY Mellon will be entitled to all the rights and remedies of a pledgee, secured creditor and/or securities intermediary under applicable laws, rules and regulations as then in effect as if Customer is in default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 Setoff

BNY Mellon has the right to debit any Cash for any amount payable by Customer in connection with any and all obligations and liabilities (whether or not matured) of Customer

to BNY Mellon or any BNY Mellon Affiliate relating to or arising under this Agreement. In addition to the rights of BNY Mellon or such BNY Mellon Affiliate under applicable law or any other agreement, at any time when Customer has not honored any of its obligations to BNY Mellon or such BNY Mellon Affiliate, BNY Mellon will have the right without notice to Customer to retain or set-off against any such obligations of Customer any cash BNY Mellon or any BNY Mellon Affiliate may directly or indirectly hold for Customer and any obligations (whether or not matured) that BNY Mellon or any BNY Mellon Affiliate may have with respect to Customer in any currency. Any such cash or obligation relating to Customer may be transferred to BNY Mellon and any BNY Mellon Affiliate in order to effect the above rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 Currency Conversion

BNY Mellon is hereby authorized to effect any necessary currency conversions in order to exercise its rights under this Section 9 at BNY Mellon's own rate of exchange then prevailing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. STATEMENTS; BOOKS AND RECORDS; THIRD PARTY DATA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 Statements

BNY Mellon will make available to Customer, through the Electronic Access Services, a monthly statement (or report for such other time period as the Parties may agree upon from time to time) reflecting all transfers to or from the Accounts during such month and all holdings in the Accounts as of the last business day of such month (or as of such other date(s) as the Parties may agree upon from time to time). Customer will promptly review each such statement and, within ninety (90) days of when such statement is made available by BNY Mellon, notify BNY Mellon of any exception or objection thereto. Notwithstanding the foregoing, Customer may notify BNY Mellon of any such exceptions or objections at any time; provided, however, that BNY Mellon will not be responsible or liable for any losses that could have been mitigated had such notice been provided during such ninety (90) day period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 Books and Records

BNY Mellon will maintain accurate books and records associated with its services under this Agreement. BNY Mellon agrees that it will store all records on media designed to protect their usability, reliability, authenticity and preservation consistent with the 1940 Act. The books and records, directly pertaining to the Accounts, which are in the possession of BNY Mellon will be the property of Customer. Such books and records will be prepared and maintained as required by the 1940 Act and the rules thereunder. BNY Mellon will identify on its books and records the Assets belonging to Customer whether held directly or indirectly through Subcustodians or Depositories. Securities held in the Accounts will be held in registered form in the name of BNY Mellon or one of its nominees and will be segregated on BNY Mellon's books and records from BNY Mellon's own property. Customer and its authorized representatives (including the Customer's independent public accountants) will have the right, at Customer's own expense and with reasonable prior written notice to BNY Mellon, to have reasonable access to those books and records directly pertaining to the Accounts. Any such access will occur during BNY Mellon's normal business hours and will be subject to BNY Mellon's applicable security policies and procedures.

Upon the reasonable request of the Customer, on behalf of a Series, and payment of a fee to be mutually agreed upon by the Parties, BNY Mellon shall provide in a format to be mutually agreed upon by the Parties any records which are maintained by BNY Mellon on a computer disc, or are similarly maintained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 Third Party Data

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer acknowledges that BNY Mellon will be receiving, utilizing and relying on Market Data and
other data provided by Customer and/or by third parties in connection with its performance of the services hereunder (collectively,
" **Third Party Data** "). BNY Mellon is entitled to rely without inquiry on all Third Party Data provided to BNY
Mellon hereunder (and all Instructions related to Third Party Data), and BNY Mellon makes no assurances or warranties in relation
to the accuracy or completeness of Third Party Data and will not be responsible or liable for any losses or damages incurred as
a result of any Third Party Data that is inaccurate or incomplete. BNY Mellon shall use reasonable care in the selection and retention
of third parties who provide Third Party Data. BNY Mellon may follow Instructions with respect to Third Party Data, even if such
Instructions direct BNY Mellon to override its usual procedures and data sources or if BNY Mellon, in performing services for itself
or others (including services similar to those performed for Customer), receives different Third Party Data for the same or similar
Securities, Investment Files or Possessed Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Although statements and reports provided by BNY Mellon hereunder with respect to the Accounts may
contain values of, and pricing information in relation to, Securities, Investment Files or Possessed Securities held pursuant to
this Agreement, BNY Mellon does not undertake any duty or responsibility under this Agreement to report such values or pricing
information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Certain Market Data may be the intellectual property of Market Data Providers, which impose additional
terms and conditions upon Customer's use of such Market Data. Such additional terms and conditions can be found on the Data
Terms Website. Customer agrees to those terms and conditions as they are posted on the Data Terms Website from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. DISCLOSURES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 Required Disclosure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to Securities that are registered under the U.S. Securities Exchange Act of 1934,
as amended, or that are issued by an issuer registered under the 1940 Act, the U.S. Shareholder Communications Act of 1985 (the
" **Act**") requires BNY Mellon to disclose to issuers of such Securities, upon their request, the name, address
and securities position of BNY Mellon's clients who are "beneficial owners" (as defined in the Act) of the issuer's
Securities, unless the beneficial owner objects to such disclosure. The Act defines a "beneficial owner" as any person
who has or shares the power to vote a security (pursuant to an agreement or otherwise) or who directs the voting of a security.
Customer has designated on the signature page hereof whether (i) as beneficial owner, it objects to the disclosure of its name,
address and securities position to any U.S. issuer that requests such information pursuant to the Act for the specific purpose
of direct communications between such issuer and Customer or (ii) it requires BNY Mellon

to contact the relevant investment manager with respect to relevant Securities to make the decision as to whether it objects to the disclosure of the beneficial owner's name, address and securities position to any U.S. issuer that requests such information pursuant to the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to certain Securities issued outside the United States, BNY Mellon may disclose information
to issuers of Securities as required by the organizational documents of the relevant issuer or in accordance with local market
practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In connection with any disclosure contemplated by this Section 11, Customer agrees to supply BNY
Mellon with any required information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 Foreign Exchange Transactions

In connection with this Agreement, Customer may enter into foreign exchange transactions (including foreign exchange hedging transactions) with BNY Mellon or a BNY Mellon Affiliate acting as a principal or otherwise through customary channels. Customer may issue standing Instructions with respect to any such foreign exchange transactions, subject to any terms, rules or limitations that may apply to any foreign exchange facility made available to Customer. With respect to any such foreign exchange transactions, BNY Mellon or such BNY Mellon Affiliate is acting as a principal counterparty on its own behalf which may retain any profits from such foreign exchange transactions, and is not acting as a fiduciary or agent for, or on behalf of, Customer, an investment manager or any Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 Investment of Cash

In connection with this Agreement, Customer may issue standing Instructions to invest Cash in one or more sweep investment vehicles. Such investment vehicles may be offered by a BNY Mellon Affiliate or by a client of BNY Mellon, and BNY Mellon may receive compensation therefrom. By making investment vehicles available, BNY Mellon and its Affiliates will not be deemed to have recommended, endorsed or guaranteed any such investment vehicle in any way or otherwise to have acted as a fiduciary or agent for, or on behalf of, Customer, its investment manager or any Account. BNY Mellon will have no liability for any loss incurred on any such investments. Customer understands that Cash may be uninvested if it is received or reconciled to an Account after the applicable deadline to be swept into Customer's selected investment vehicle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. REGULATORY MATTERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 USA PATRIOT Act

Section 326 of the U.S. Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (including its implementing regulations) requires BNY Mellon to implement a customer identification program pursuant to which BNY Mellon must obtain certain information from Customer in order to verify Customer's identity prior to establishing an Account. Accordingly, prior to establishing an Account, Customer will be required to provide BNY Mellon with certain information, including Customer's name, physical address, tax identification number and other pertinent identifying information, to enable BNY Mellon to verify Customer's identity. Customer acknowledges that BNY Mellon cannot establish an Account unless and until BNY Mellon has successfully performed such verification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 Sanctions; Anti-Money Laundering

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Throughout the term of this Agreement, Customer: (i) will have in place and will implement policies
and procedures designed to prevent violations of Sanctions, including measures to accomplish effective and timely scanning of all
relevant data with respect to its clients (to the extent the Assets are client assets) and with respect to incoming or outgoing
assets or transactions relating to this Agreement; (ii) will ensure that neither Customer nor any of its Affiliates, directors,
officers, employees or clients (to the extent the Assets are client assets) is an individual or entity that is, or is owned or
controlled by an individual or entity that is: (A) the target of Sanctions or (B) located, organized or resident in a country or
territory that is, or whose government is, the target of Sanctions and (iii) will not, directly or indirectly, use the Accounts
in any manner that would result in a violation by Customer or BNY Mellon of Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customer acknowledges and agrees that, in connection with the services provided by BNY Mellon under
this Agreement, each of Customer's investors is not a customer or joint customer with BNY Mellon. Customer (and not BNY Mellon)
has the responsibility to, and will, fulfill any compliance requirement or obligation with respect to each of its investors under
all Anti-Money Laundering Laws applicable to Customer. Without limiting any obligation imposed on Customer by Anti-Money Laundering
Laws, throughout the term of this Agreement, Customer will maintain a compliance program with respect to its investors that includes
the following: (i) a know-your-customer program in order to understand and verify the identity of each investor, in accordance
with the requirements of the Bank Secrecy Act and the relevant regulations thereunder applicable to Customer, (ii) a transaction
surveillance and monitoring program, and (iii) a policy for identifying and reporting any suspicious transactions and/or activities
with respect to each investor to the appropriate law enforcement and regulatory authorities and to BNY Mellon where related to
the services provided by BNY Mellon hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Customer will promptly provide to BNY Mellon such information in Customer's possession and
as BNY Mellon reasonably requests in connection with the matters referenced in this Section 13.2, including information regarding
(i) the Accounts, (ii) the Assets and the source thereof, (iii) the identity of any individual or entity having or claiming an
interest therein, including any investor, and (iv) Customer's anti-money laundering and Sanctions compliance programs and
any related records and/or transaction information, including with respect to any investor, regardless of whether such request
is made under USA PATRIOT Act Section 314(b) (where applicable). Customer will cooperate with BNY Mellon and provide assistance
reasonably requested by BNY Mellon in connection with any anti-money laundering and terrorist financing or Sanctions inquiries.
Prior to delivering to BNY Mellon the assets of any investor, Customer will obtain from each such investor, and will continue to
maintain in effect throughout the term of this Agreement, any consents or waivers that may be required under applicable law in
order to comply with the foregoing obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) BNY Mellon may decline to act or provide services in respect of any Account, and take such other
actions as it, in its reasonable discretion, deems necessary or advisable, in connection with the matters referenced in this Section
12.2. If BNY Mellon declines to act or provide services as provided in the preceding sentence,

except as otherwise prohibited by applicable law or official request, BNY Mellon will inform Customer as soon as reasonably practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. COMPENSATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 Fees and Expenses

In consideration of BNY Mellon's services provided hereunder, Customer will (a) pay to BNY Mellon the fees set forth in the agreed upon fee schedule (as such fee schedule may be amended by BNY Mellon from time to time upon thirty (30) days' prior written notice to Customer) and (b) reimburse BNY Mellon for reasonable out-of-pocket and incidental expenses incurred by BNY Mellon in connection therewith. Unless otherwise agreed by the Parties, such amounts will be payable to BNY Mellon within thirty (30) days of Customer's receipt of the relevant invoice. Without limiting BNY Mellon's other rights set forth in this Agreement, BNY Mellon may charge interest on overdue amounts at a rate then charged by BNY Mellon to its institutional custody clients in the relevant currency. The Parties agree that any new fees and/or expenses to be charged to the Customer that are related to any changes to the services required by any new applicable law, rule or regulation shall be agreed upon in advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 Other Compensation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer acknowledges that, as part of BNY Mellon's compensation, BNY Mellon will earn interest
on Cash balances held by BNY Mellon (including disbursement balances, balances arising from purchase and sale transactions and
when Cash otherwise remains uninvested) as provided in BNY Mellon's compensation disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Where an error or omission has occurred under this Agreement that results in an unintended gain,
provided that Customer is put in the same or equivalent position as it would have been in had such error or omission not occurred,
any such gain will be solely for the account of BNY Mellon without any duty to report such gain to Customer.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. REPRESENTATIONS, WARRANTIES AND COVENANTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 BNY Mellon

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY Mellon represents and warrants that: (a) it is duly organized, validly existing and in good
standing in its jurisdiction of organization; (b) it has the requisite corporate power and authority to enter into and to carry
out the transactions contemplated by this Agreement; (c) the individual executing this Agreement on its behalf has the requisite
authority to bind BNY Mellon to this Agreement including by Electronic Signature, and any such Electronic Signature represents
an intent to enter into this Agreement and an agreement with its terms; (d) all actions taken, or to be taken, by or on behalf
of BNY Mellon in connection with maintaining or operating BNY Mellon shall be done in compliance with all applicable U.S. state
and federal banking laws and regulations applicable to BNY Mellon by virtue of the custody services provided hereunder; (e) no
legal or administrative proceedings have been instituted or threatened which would materially impair BNY Mellon's ability
to perform its duties and obligations under this Agreement; (f) its entrance into this Agreement shall not cause a material
breach or be in material conflict with

any other agreement or obligation of BNY Mellon or any law or regulation applicable to it; and (g) it has and will continue to have access to the necessary facilities, equipment and personnel to perform its duties and obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BNY Mellon represents and warrants that it is qualified to act as a custodian pursuant to Section
17(f)(1) of the 1940 Act as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) BNY Mellon represents and warrants that it is conducting its business in compliance with all applicable
statutes, laws, rules and regulations applicable to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 Customer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer represents and warrants that: (i) it is duly organized, validly existing and in good standing
in its jurisdiction of organization; (ii) it has the requisite corporate power and authority to enter into and to carry out the
transactions contemplated by this Agreement; and (iii) the individual executing this Agreement on its behalf has the requisite
authority to bind Customer to this Agreement including by Electronic Signature, and any such Electronic Signature represents an
intent to enter into this Agreement and an agreement with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customer represents, warrants and covenants that (i) it or the relevant investment manager has
determined that the custody arrangements of each Depository maintaining "Foreign Assets" (as defined in Rule 17f-5
under the 1940 Act) provide reasonable safeguards against the custody risks associated with maintaining assets with such Depository
within the meaning of Rule 17f-7 under the 1940 Act and (ii) it shall manage its borrowings, including without limitation any advance
or overdraft (including any daylight overdraft) in an Account, so that the aggregate of its total borrowings for Customer do not
exceed the amount Customer is permitted to borrow under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Customer represents and warrants that all actions taken, or to be taken, by or on behalf of Customer
in connection with establishing, maintaining, operating or terminating Customer (including, any offer, sale or distribution of
the shares of, or interest in, Customer) shall be done in compliance with all applicable U.S. state and federal securities laws
and regulations and all other applicable laws and regulations of all applicable jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. LIABILITY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 Standard of Care

In performing its duties under this Agreement, BNY Mellon will exercise the standard of reasonable care, prudence and diligence that a professional custodian would observe in these affairs taking into account the laws applicable to it, prevailing rules, practices, procedures and circumstances in the relevant market and shall perform its duties and obligations without negligence, fraud, bad faith, willful misconduct or reckless disregard in the performance of its obligations under this Agreement, in each case, in light of prevailing custody and settlement practices in the relevant market ("**Standard of Care**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 Limitation of Liability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY Mellon's liability arising out of or relating to this Agreement will be limited solely
to those direct damages that are caused by BNY Mellon's failure to perform its obligations under this Agreement in accordance
with the Standard of Care. In no event will BNY Mellon be liable for any indirect, incidental, consequential, exemplary, punitive
or special losses or damages, or for any loss of revenues, profits or business opportunity, arising out of or relating to this
Agreement (whether or not foreseeable and even if BNY Mellon has been advised of the possibility of such losses or damages).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary set forth in this Agreement, in no event will BNY Mellon
or any BNY Affiliate be liable for any losses or damages arising out of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Customer's or an Authorized Person's decision to invest in or hold Assets, Investment
Files or Possessed Securities in any particular country, including any losses or damages arising out of or relating to: (A) the
financial infrastructure of a country; (B) a country's prevailing custody and settlement practices; (C) nationalization,
expropriation or other governmental actions; (D) a country's regulation of the banking or securities industry; (E) currency
and exchange controls, restrictions, devaluations, redenominations, fluctuations or asset freezes; (F) laws, rules, regulations
or orders that at any time prohibit or impose burdens or costs on the transfer of Assets, Investment Files or Possessed Securities
to, by or for the account of Customer or (G) market conditions which affect the orderly execution of securities transactions or
affect the value of 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) BNY Mellon's reliance on Instructions;

&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) BNY Mellon's receipt or acceptance of fraudulent, forged or invalid Securities, Investment
Files or Possessed Securities (or Securities, Investment Files or Possessed Securities which are otherwise not freely transferable
or deliverable without encumbrance in any relevant market);

&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) For any matter with respect to which BNY Mellon is required to act only upon the receipt of Instructions,
(A) BNY Mellon's failure to act in the absence of such Instructions or (B) Instructions that are late or incomplete or do
not otherwise satisfy the requirements of Section 3.2(e), whether or not BNY Mellon acted upon such Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) BNY Mellon receiving or transmitting any data to or from Customer or any Authorized Person via
any non-secure method of transmission or communication selected by Customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Customer's or an Authorized Person's decision to invest in Securities, Investment Files
or Possessed Securities or to hold Cash in any currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The insolvency of any Person, including a Subcustodian that is not a BNY Mellon Affiliate, Depository,
broker, bank or a counterparty to the

settlement of a transaction or to a foreign exchange transaction, except as provided in Section 4.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Any inability of BNY Mellon, a Subcustodian or any of their respective agents to file claims for
exemptions or refunds or otherwise obtain relief from Tax Obligations due to (A) Customer's failure to provide, or delay
in providing, Tax Information to BNY Mellon, (B) any failure of Customer to comply with applicable tax laws, or (C) any failure
or refusal of any taxing authority to provide such relief; 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;(ix) The use of any third party appointed or selected by Customer, or by BNY Mellon at the express request
of Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If BNY Mellon is in doubt as to any action it should or should not take, either pursuant to, or
in the absence of, Instructions, BNY Mellon may, at its own expense, obtain the advice of either reputable counsel of its own choosing
or counsel to Customer, and BNY Mellon will not be liable for acting in accordance with such advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3 Force Majeure

BNY Mellon will not be responsible or liable for any failure or delay in the performance of its obligations under this Agreement to the extent caused, directly or indirectly, by natural disasters, fire, acts of God, strikes or other labor disputes, work stoppages, acts of war or terrorism, general civil unrest, actual or threatened epidemics, disease, act of any government, governmental authority or police or military authority, declared or threatened state of emergency, legal constraint, the interruption, loss or malfunction of utilities or transportation, communications or computer systems, or any other similar events beyond its reasonable control; provided that BNY Mellon shall be liable for any losses to Customer to the extent that BNY Mellon fails to maintain or keep updated the disaster recovery/business continuity plans contemplated in Section 18.5 of this Agreement and such failure is the sole and direct cause of a loss to Customer; provided further, BNY Mellon will use commercially reasonable efforts to promptly notify Customer upon the occurrence of any such event and shall use its commercially reasonable efforts to resume performance and to mitigate the effects of any such events.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4 Indemnification

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer will indemnify and hold harmless BNY Mellon from and against all losses, costs, expenses,
damages and liabilities (including reasonable counsel fees and expenses) incurred by BNY Mellon arising out of or relating to BNY
Mellon's performance under this Agreement, except to the extent resulting from BNY Mellon's failure to perform its
obligations under this Agreement in accordance with the Standard of Care. The Parties agree that the foregoing will include reasonable
counsel fees and expenses incurred by BNY Mellon in its successful defense of claims that are asserted by Customer against BNY
Mellon arising out of or relating to BNY Mellon's performance under this Agreement. In no event will Customer be liable for
any indirect, incidental, consequential, exemplary, punitive or special losses or damages, or for any loss of revenues, profits
or business opportunity, arising out of or relating to this Agreement (whether or not foreseeable and even if the Customer has
been advised of the possibility of such losses or damages).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject always to this Section 15 and Section 15.4(d) below, BNY Mellon will indemnify and hold
harmless the Customer from and against all losses, costs, expenses, damages and liabilities (including reasonable counsel fees
and expenses) incurred by the Customer arising out of or relating to BNY Mellon's performance under this Agreement that did
not meet the Standard of Care, except to the extent resulting from the Customer's negligence, fraud, bad faith or willful
misconduct. The Parties agree that the foregoing will include reasonable counsel fees and expenses incurred by the Customer in
its successful defense of claims that are asserted by BNY Mellon against the Customer arising out of or relating to BNY Mellon's
performance under this Agreement. In no event will BNY Mellon be liable for any indirect, incidental, consequential, exemplary,
punitive or special losses or damages, or for any loss of revenues, profits or business opportunity, arising out of or relating
to this Agreement (whether or not foreseeable and even if BNY Mellon has been advised of the possibility of such losses or damages).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event of any demand, or any civil, criminal, administrative, or investigative claim, action,
or proceeding (including arbitration) asserted, commenced or threatened against an entity or person (a "Claim"), upon
the assertion of such Claim for which either Party may be required to indemnify the other Party, the indemnified Party seeking
indemnification shall promptly notify the indemnifying Party of such assertion, and shall keep the indemnifying Party advised with
respect to all developments concerning such claim; provided, however, that any failure by the indemnified Party to provide such
notice shall not relieve the indemnifying Party of its obligations to indemnify and hold harmless the indemnified Party under this
Agreement except to the extent the indemnifying Party can demonstrate actual prejudice as a result of such failure. The indemnifying
Party shall have the option to participate with the indemnified Party in the defense of such claim or to defend against said claim
in its own name or in the name of the indemnified Party. The indemnified Party shall in no case confess any claim or make any compromise
in any case in which the indemnifying Party may be required to indemnify the indemnified Party except with the indemnifying Party's
prior written consent. In no event will the Customer be liable for any settlement of any action or claim effected without its prior
written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the foregoing or any other provision in this Agreement or applicable law to the
contrary, BNY Mellon and Customer agree that to the extent that BNY Mellon or any BNY Mellon Affiliate would otherwise be liable
hereunder for any indemnity, in no event shall BNY Mellon's and such BNY Mellon Affiliate's total maximum aggregate
liability under this Agreement, whether based on a claim in contract or in tort, law or equity, for any reason and upon any cause
of action whatsoever, exceed one (1) year's fees (based on the fees paid by the applicable Customer for the services provided
pursuant to this Agreement during the preceding 12 month period).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. CONFIDENTIALITY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 Confidentiality Obligations

Each Party agrees to use the Confidential Information of the other Party solely to accomplish the purposes of this Agreement and, except in connection with such purposes or as otherwise permitted herein, not to disclose such information to any other Person without the prior written consent of the other Party. Notwithstanding the foregoing, BNY

Mellon may: (a) use Customer's Confidential Information in connection with certain functions performed on a centralized basis by BNY Mellon, its Affiliates and joint ventures and their service providers (including audit, accounting, risk, legal, compliance, sales, administration, product communication, relationship management, compilation and analysis of customer-related data and storage); (b) disclose such information to its Affiliates and joint ventures and to its and their service providers who are subject to confidentiality obligations, provided however that unless such Customer Confidential Information is aggregated and anonymized, no such consent is provided for disclosure of Confidential Information to Affiliates or joint ventures operating as a registered investment adviser or investment adviser to mutual funds, exchange traded funds, other collective investment vehicle, separate accounts or other investment management products and (c) store the names and business contact information of Customer's employees and representatives relating to this Agreement on the systems or in the records of its Affiliates and joint ventures and its and their service providers. In addition, BNY Mellon may aggregate information regarding Customer and the Accounts on an anonymized basis with other similar client data for BNY Mellon's and its Affiliates' reporting, research, product development and distribution, and marketing purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 Exceptions

The Parties' respective obligations under Section 16.1 will not apply to any such information: (a) that is, as of the time of its disclosure or thereafter becomes, part of the public domain through a source other than the receiving Party; (b) that was known to the receiving Party as of the time of its disclosure and was not otherwise subject to confidentiality obligations; (c) that is independently developed by the receiving Party without reference to such information; (d) that is subsequently learned from a third party not known to be under a confidentiality obligation to the disclosing Party or (e) that is required to be disclosed pursuant to applicable law, rule, regulation, requirement of any law enforcement agency, court order or other legal process or at the request of a regulatory authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. TERM AND TERMINATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 Term

The term of this Agreement will commence on the Effective Date and will continue in effect until terminated in accordance with the provisions herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 Termination

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Party may terminate this Agreement by giving to the counter-Party a notice in writing specifying
the date of such termination, which will be not less than one hundred and twenty (120) days after the date of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any other provision of this Agreement, BNY Mellon or Customer may terminate this
Agreement immediately by sending notice thereof to the other Party upon the happening of any of the following: (i) the other Party
commences as debtor any case or proceeding under any bankruptcy, insolvency or similar law, or there is commenced against such
other Party any such case or proceeding, (ii) the other Party commences as debtor any case or proceeding seeking the appointment
of a receiver, conservator, trustee, custodian or similar official for such Party or any substantial part of its property or there
is commenced against

such other Party any such case or proceeding, (iii) the other Party makes a general assignment for the benefit of creditors, or (iv) the other Party admits in any recorded medium, written, electronic or otherwise, its inability to pay its debts as they come due. BNY Mellon or Customer may exercise its termination right under this Section 17.2(b) at any time after the occurrence of any of the foregoing events notwithstanding that such event may cease to be continuing prior to such exercise, and any delay in exercising this right shall not be construed as a waiver or other extinguishment of that right. Any exercise by BNY Mellon or Customer of its termination right under this Section 17.2(b) shall be without any prejudice to any other remedies or rights available to BNY Mellon or Customer. Notice of termination under this Section 17.2(b) shall be considered given and effective when given, not when received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3 Effect of Termination

Upon termination hereof, Customer will pay to BNY Mellon such compensation as may be due to BNY Mellon, and will reimburse BNY Mellon for other amounts payable or reimbursable to BNY Mellon hereunder, through the date of termination. BNY Mellon will follow such reasonable Instructions as Customer issues concerning the transfer of custody of records, Assets, Investment Files, Possessed Securities and other items; provided that (a) BNY Mellon will have no responsibility or liability for shipping and insurance costs associated therewith and (b) full payment has been made to BNY Mellon of its compensation, costs, expenses and other amounts to which it is entitled hereunder. If any Assets, Investment Files or Possessed Securities remain in any Account after termination, BNY Mellon may deliver to Customer such Assets, Investment Files or Possessed Securities. The terms of this Agreement (including the terms relating to fees payable to BNY Mellon) will continue to apply from day to day until any transferable Asset is transferred in accordance with this Section, except that no additional Cash, Investment Files, Possessed Securities or Securities may be deposited with BNY Mellon or any Subcustodian after such date other than with BNY Mellon's express prior consent, and Customer will have a continuing obligation to provide BNY Mellon as soon as possible with the details of the Person or Persons to whom the remaining Assets, Investment Files or Possessed Securities are to be transferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4 Survival

Any and all provisions of this Agreement which by their nature or effect are required or intended to be observed, kept or performed after the expiration or termination of this Agreement will survive the expiration or any termination of this Agreement and remain binding upon and for the Parties' benefit, including Section 14 (Representations, Warranties and Covenants); Section 15 (Liability); Section 16 (Confidentiality); Section 17.3 (Effect of Termination); Section 17.4 (Survival) and Section 18.4 (Governing Law/Forum).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. GENERAL

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1 Non-Custody Assets

At Customer's request pursuant to Instructions, subject to BNY Mellon's approval and as an accommodation to Customer, BNY Mellon will provide consolidated recordkeeping services reflecting on statements provided to Customer securities and other assets not held by BNY Mellon ("**Non-Custody Assets**"). Non-Custody Assets will be designated

on BNY Mellon's books as "assets not held in custody" or by other similar designation and will not constitute Assets, Investment Files or Possessed Securities for purposes of this Agreement. Customer acknowledges and agrees that, notwithstanding anything contained elsewhere in this Agreement, (a) Customer will have no security entitlement against BNY Mellon with respect to Non-Custody Assets; (b) BNY Mellon will rely, without independent verification, on information provided by Customer or its designee regarding Non-Custody Assets (including positions and market valuations) and (c) BNY Mellon will have no responsibility whatsoever with respect to Non-Custody Assets or the accuracy of any information maintained on BNY Mellon's books or set forth on account statements concerning Non-Custody Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2 Assignment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither Party may, without the other Party's prior written consent, assign any of its rights
or delegate any of its duties under this Agreement (whether by change of control, operation of law or otherwise); provided, however
that BNY Mellon may, without the prior written consent of Customer, assign this Agreement or any of its rights, or delegate any
of its duties hereunder: (a) to any BNY Mellon Affiliate or to any successor to the business of BNY Mellon to which this Agreement
relates, provided, that (i) BNY Mellon provides notice of such successor to Customer or (b) as otherwise permitted in this Agreement;
provided further that any entity to which this Agreement is assigned by BNY Mellon without the prior written consent of Customer
pursuant to a foregoing item (a) or (b) will satisfy the requirements for serving as a custodian for a registered investment company
and shall not impair the provision of services under this Agreement in any material respect. Any purported assignment or delegation
by a Party in violation of this provision will be voidable at the option of the other Party. This Agreement will be binding upon,
and inure to the benefit of, the Parties and their respective permitted successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3 Amendment

This Agreement may be amended or modified only in a written agreement signed by an authorized representative of each Party. For purposes of the foregoing, email exchanges between the Parties will not be deemed to constitute a written agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.4 Governing Law/Forum

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The substantive laws of the state of New York (without regard to its conflicts of law provisions)
will govern all matters arising out of or relating to this Agreement, including the establishment and maintenance of the Accounts
and for purposes of the Uniform Commercial Code and all issues specified in Article 2(1) of the Hague Securities Convention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Party irrevocably agrees that all legal actions or proceedings brought by it against the other
Party arising out of or relating to this Agreement will be brought solely and exclusively before the state or federal courts situated
in New York City, New York. Each Party irrevocably submits to personal jurisdiction in such courts and waives any objection which
it may now or hereafter have based on improper venue or *forum non conveniens*. The Parties hereby unconditionally waive,
to the fullest extent permitted by applicable law, any right to a jury trial with respect to any such actions or proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.5 Business Continuity/Disaster Recovery

BNY Mellon shall maintain at all times during the term of this Agreement business continuity and disaster recovery plans designed to minimize interruptions of service and ensure recovery of systems and applications used to provide the services under this Agreement. Such plans will cover the facilities, systems, applications and employees that are critical to the provision of the services hereunder, and will be tested at least annually to validate whether the recovery strategies, requirements, and protocols are viable and sustainable. BNY Mellon shall make reasonable provisions for emergency use of electronic data processing equipment to the extent appropriate equipment is reasonably available and, in the event of equipment failures, BNY Mellon shall, at no additional expense to the Customer, take reasonable steps to minimize service interruption. BNY Mellon represents that its business continuity plan is appropriate for its business as a provider of custodian services to investment companies registered under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.6 Non-Fiduciary Status

Customer hereby acknowledges and agrees that BNY Mellon is not a fiduciary by virtue of accepting and carrying out its obligations under this Agreement and has not accepted any fiduciary duties, responsibilities or liabilities with respect to its services hereunder, including with respect to the management, investment advisory or sub-advisory functions of Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.7 Notices

Other than routine communications in the ordinary course of providing or receiving services hereunder (including Instructions), notices given hereunder will be: (a) addressed to BNY Mellon or Customer at the address set forth on the signature page (or such other address as either Party may designate in writing to the other Party) and (b) sent by hand delivery, by certified mail, return receipt requested, or by overnight delivery service, in each case with postage or charges prepaid. All notices given in accordance with this Section will be effective upon receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.8 Entire Agreement

This Agreement constitutes the sole and entire agreement among the Parties with respect to the matters dealt with herein, and merges, integrates and supersedes all prior and contemporaneous discussions, agreements and understandings between the Parties, whether oral or written, with respect to such matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.9 No Third Party Beneficiaries

This Agreement is entered into solely between, and may be enforced only by, the Parties. Each Party intends that this Agreement will not, and no provision of this Agreement will be interpreted to, benefit, or create any right or cause of action in or on behalf of, any party or entity other than the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.10 Counterparts

This Agreement may be executed in any number of counterparts, either manually or by Electronic Signature, each of which will be deemed an original, and said counterparts when taken together will constitute one and the same instrument and may be sufficiently

evidenced by one set of counterparts. Executed counterparts may be delivered by facsimile or email.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.11 Interpretation

The terms and conditions of this Agreement are the result of negotiations between the Parties. The Parties intend that this Agreement will not be construed in favor of or against a Party by reason of the extent to which such Party or its professional advisors participated in the preparation or drafting of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.12 No Waiver

No failure or delay by a Party to exercise any right, remedy or power it has under this Agreement will impair or be construed as a waiver of such right, remedy or power. A waiver by a Party of any provision or any breach of any provision will not be construed to be a waiver by such Party of such provision in any other instance or any succeeding breach of such provision or a breach of any other provision. All waivers will be in writing and signed by an authorized representative of the waiving Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.13 Headings

All section and subsection headings in this Agreement are included for convenience of reference only and will not be considered in the interpretation of the scope or intent of any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.14 Severability

If at any time any provision of this Agreement becomes, or is deemed by an authority of competent jurisdiction to be, invalid, unenforceable or contrary to applicable law, neither the legality, validity or enforceability of the remaining provisions of the Agreement nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired by such provision. In such case, the Parties will negotiate in good faith to replace each illegal, invalid or unenforceable provision with a valid, legal and enforceable provision that fulfills as closely as possible the original intent of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.15 Limitation of Liability of the Trustees and Shareholders

It is expressly acknowledged and agreed that the obligations of Customer hereunder shall not be binding upon any of the shareholders, trustees, officers, employees or agents of the Customer, personally, but shall bind only the property of the Customer, as provided in the Customer's Declaration of Trust. The execution and delivery of this Agreement have been authorized by the trustees of the Customer and signed by an officer of the Customer, acting as such, and neither such authorization by such trustees nor such execution and delivery by such officer shall be deemed to have been made by any of them individually or to impose any liability on any of them personally, but shall bind only the property of the Customer as provided in its Declaration of Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.16 [Reserved.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.17 Information Security and Other Matters

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY Mellon will implement and maintain an information security program with written policies and
procedures reasonably designed to protect the confidentiality and integrity of the Customer's Confidential Information provided
to BNY Mellon in accordance with this Agreement and when in BNY Mellon's possession or under BNY Mellon's control.
The information security program will contain administrative, technical and physical safeguards, appropriate to the type of information
concerned, reasonably designed to: (i) maintain the security and confidentiality of such information; (ii) protect against any
reasonably foreseeable threats or hazards to the security or integrity of such information; (iii) reasonably protect against unauthorized
access to or use of such information that could result in substantial harm or inconvenience to the Customer; and (iv) ensure secure
disposal of such information. BNY Mellon will monitor and review its information security program and revise it, as necessary and
in its sole discretion, to address as it deems necessary any reasonably foreseeable and applicable legal and regulatory requirements.
BNY Mellon shall periodically test and audit its information security program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BNY Mellon shall: (i) promptly notify the Customer in the event of a declared Security Incident;
(ii) provide updates to the Customer regarding BNY Mellon's response to the extent any such updates may be available and
not privileged information or otherwise part of an investigation; (iii) use reasonable efforts to resolve the Security Incident,
mitigate any harm resulting from the Security Incident and implement measures designed to prevent a recurrence of Security Incidents
of a similar nature. "**Security Incident**" means any known (i) breach of nonpublic personal information as defined
in the Gramm-Leach-Bliley Act of 1999 ("NPPI") that is notifiable under state law or a personal data breach as defined
under the EU General Data Protection Regulation 2016/679 ("GDPR") or (ii) loss or unauthorized access, disclosure,
use, alteration or destruction of Customer's Confidential Information (other than NPPI and or personal data as defined under
the GDPR) or (iii) successful attempt to gain unauthorized access to, or disrupt or misuse a component of BNY Mellon's network
that directly impacts its provision of the services or unsuccessful attempt to do the same that in BNY Mellon's reasonable
determination is sufficiently serious enough to notify Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) BNY Mellon shall, upon request, furnish to the Customer, at least annually, a report in accordance
with Statements on Standards for Attestation Engagements No. 16 (the "SSAE Report") as well as such other reports and
information relating to the BNY Mellon's policies and procedures and its compliance with such policies and procedures and
with the laws applicable to its business and its services, as the parties may mutually agree upon. In addition, and no more than
annually, BNY Mellon will participate in the Customer's reasonable information security questionnaire processes.

[Signature page follows]

**IN WITNESS WHEREOF**, the Parties have executed this Agreement as of the Effective Date.

---

| | |
|:---|:---|
| **THE BANK OF NEW YORK MELLON** | **GLOBAL X VENTURE FUND** |
| By: | By: |
| Name: | Name: |
| Title: | Title: |
| Date: | Date: |

---

---

| | |
|:---|:---|
| **Address for Notice:** | **Address for Notice:** |
| The Bank of New York Mellon | Global X Venture Fund |
| | 605 3rd Avenue, 43rd Floor |
| | New York, NY 10158 |
| Attention: | Attention: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to Section 11.1(a):<br>[ ] as beneficial owner, Customer OBJECTS to disclosure<br>[ ] as beneficial owner, Customer DOES NOT OBJECT to disclosure<br>[ ] BNY Mellon will CONTACT THE RELEVANT INVESTMENT MANAGER with respect to relevant Securities to make the decision whether it objects to disclosure<br>IF NO BOX IS CHECKED, BNY MELLON <u>WILL RELEASE</u> SUCH INFORMATION UNTIL IT RECEIVES A CONTRARY INSTRUCTION FROM CUSTOMER.<br>

## Ex-99.(K)(1)

**Exhibit (k)(1)**

**<u>FORM OF TRANSFER AGENCY AND</u>**<br> **<u>SHAREHOLDER SERVICES AGREEMENT</u>**

This Transfer Agency And Shareholder Services Agreement is made as of [ ] ("**Effective Date**") by and between BNY Mellon Investment Servicing (US) Inc. ("**BNYM**"), an SEC registered transfer agent and Massachusetts corporation, and Global X Venture Fund, a Delaware statutory trust (the "**Fund**"), registered with the SEC under the 1940 Act as a closed-end management investment company operating as an interval fund pursuant to Rule 23c-3 under the 1940 Act. BNYM and the Fund may be referred to herein collectively as the "**Parties**" or individually as a "**Party**." Capitalized terms, and certain noncapitalized terms, not otherwise defined shall have the meanings set forth in <u>Schedule A</u> (<u>Schedule A</u> also contains an index of defined terms providing the location of all defined terms). The term "**Agreement**" shall mean this Transfer Agency And Shareholder Services Agreement as constituted on the Effective Date, and thereafter as it may be amended from time to time as provided for herein.

**<u>Terms</u>**

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Fund and BNYM, intending to be legally bound, hereby agree to the statements made in the preceding paragraphs and as follows:

**1. <u>Appointment</u>.** The Fund hereby appoints BNYM to serve as transfer agent, registrar, dividend disbursing agent and shareholder servicing agent to the Fund and BNYM accepts such appointments and agrees in connection with such appointments to furnish the services expressly set forth in Section 3. BNYM shall be under no duty to provide any service to or on behalf of the Fund except as specifically set forth in Section 3 or as BNYM and the Fund may specifically agree in a written amendment hereto. BNYM shall not bear, or otherwise be responsible for, any fees, costs or expenses charged by any third-party service providers engaged by the Fund or by any other third-party service provider not engaged by BNYM.

**2. <u>Records</u>.** Data, books and records pertaining to the Fund which the Fund is obligated to keep as its books and records pursuant to Section 31(a) of the 1940 Act and which is held in the BNYM System due to the services performed hereunder by BNYM pursuant to Section 3 ("**Fund Data**") shall be the property of the Fund. Upon the reasonable request of the Fund, BNYM shall provide Authorized Persons with access to Fund Data at BNYM's facilities during BNYM's normal business hours in the format and on the equipment normally utilized by BNYM and if reasonably requested, provide output of the Fund Data (either in printed format or in an electronic form that is supported by the BNYM system) at the Fund's expense. BNYM shall make available reports and data in accordance with its Standard Procedures and such other reports and data as BNYM and the Fund shall mutually agree.

**3. <u>Services</u>.** BNYM shall provide the services specified in subsections (a) through (d) below commencing on the Service Effective Date, the services specified in subsection (e) below commencing on the Effective Date, and the services specified in subsection (f) as of the dates specified therein:

 **(a) <u>General Services</u>**:

(1) Services to be provided on an ongoing basis to the extent applicable to the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Establish new shareholder accounts
 and Share ownership registrations in accordance with new Share ownership and account
 applications received in good order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If new share ownership and account
 applications are not received in good order, correspond to a commercially reasonable
 extent with the submitting persons to remediate such documentation into good order status;

(iii) Make changes to Shareholder account information and Share ownership registrations
 in accordance with Shareholder instructions received in good order;

(iv) Purchase Shares (subject to Section 3(a)(2) below), repurchase Shares (subject
 to Section 3(a)(3) below), exchange Shares (subject to Section 3(a)(5) below and transfer shares in accordance
 with the Fund's Prospectus and instructions received in good order);

(v) Direct payment processing of ACH transfers, checks and wire transfers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Provide shareholders and potential
 investors with toll free telephone access to a shareholder liaison staff having on-line
 access to Fund Data for telephone inquiries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Respond in a commercially reasonable
 manner and within a commercially reasonable period to written correspondence from shareholders
 to the extent reasonably permitted by Fund Data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Make available via a portal
 confirmations for non-NSCC trades to broker-dealers of their clients' activity, whether
 executed through the broker-dealer or directly with BNYM;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) As reasonably requested by the
 Fund: provide periodic shareholder lists and statistics to the Fund in standard BNYM
 System reports and certify shareholder lists;

(x) Provide industry-appropriate detailed data for broker confirmations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Notify on a timely basis the Fund's
 investment adviser, accounting agent, and custodian ()"**Fund Custodian** ")
 of Share activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Perform other participating broker-dealer
 shareholder services as may be agreed upon from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) Calculate any applicable 12b-1
 payments and such other fees, commissions, concessions and intermediary payables as the
 Fund and BNYM shall reasonably agree;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) Record the issuance of Shares
 of the Fund and maintain a record of the total number of Shares of the Fund that are
 authorized, issued and outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) Remediation Services, as required
 and subject to additional fees as mutually agreed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) Perform certain administrative
 and ministerial transfer agency duties relating to opening, maintaining and processing
 transactions for shareholders or financial intermediaries that report transactions to
 the Fund through the NSCC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) Prepare, print and mail (a)
 confirmations of purchase and repurchase transactions, and (b) monthly or quarterly statements
 of account and annual statements of accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) Where a shareholder conducts
 Fund transactions through a financial intermediary, mail duplicate statements to the
 financial intermediary or otherwise at the reasonable request of the shareholder or receipt
 of authorization from such shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) Prepare, print and mail year-end
 federal tax and statement information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) Record Share purchases and
 repurchases in the record keeping system; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) Provide data for financial intermediary
 confirmations.

(2) <u>Purchase of Shares</u>. Subject to Schedule D, BNYM shall issue and credit an account of an investor, in accordance with the Fund's Prospectus, once it receives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A purchase order in good order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Proper information to establish
 a shareholder account, if such account has not previously been established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Confirmation of the receipt of
 funds by BNYM or the crediting of funds for such order to the Fund Custodian.

(3) <u>Repurchase of Shares</u>. Subject to Schedule D, BNYM shall process instructions to repurchase, redeem or transfer Shares in accordance with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All instructions given to BNYM
 regarding the transfer of Shares, the repurchase or redemption of Shares or the disposition
 of repurchase proceeds (excluding instructions from broker-controlled accounts) must
 conform to the Fund's Prospectus be accompanied by such documents as BNYM reasonably
 determines to be appropriate to the particular transaction and to the extent the Shares
 are certificated the Shares must be tendered in proper form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) BNYM is authorized to delay or
 reject a transfer, repurchase or redemption of Shares until it determines that the endorsement
 on the instructions is valid and genuine, that the requested transfer or repurchase is
 legally authorized and otherwise complies with all applicable requirements in the Written
 Procedures, and that there is no basis to any adverse claims that may have been made
 regarding the Shares or the particular transfer, repurchase, or redemption and, absent
 Liable Conduct, BNYM shall incur no liability for delaying or rejecting transfers or
 repurchases in accordance with the foregoing authorization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) When Shares are redeemed or repurchased,
 BNYM shall deliver to the Fund Custodian and the Fund or its designee a notification
 setting forth the number of Shares redeemed or repurchased. Such redeemed or repurchased
 Shares shall be reflected on appropriate accounts maintained by BNYM reflecting outstanding
 Shares of the Fund and Shares attributed to individual accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) BNYM
 shall, upon receipt of the monies provided to it by the Fund Custodian for the redemption
 or repurchase of Shares, pay such monies as are received from the Fund Custodian, all
 in accordance with the Written Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Except with respect to redemption
 or repurchase requests received from broker-controlled accounts, BNYM shall not process
 or effect any redemption or repurchase requests with respect to Shares of the Fund after
 receipt by BNYM or its agent of notification of the suspension of the determination of
 the net asset value of the Fund.

(4) <u>Dividends and Distributions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In its role as the Fund's transfer agent, BNYM agrees to serve as the recordkeeper for the Fund's dividend reinvestment plan described in the Fund's Prospectus and BNYM shall provide services in respect of the dividend reinvestment plan as may be mutually agreed upon from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Upon receipt by BNYM of Written Instructions containing all requisite information that may be reasonably requested by BNYM, including payment directions and authorization, BNYM shall issue Shares in payment of the dividend or distribution pursuant to the Fund's dividend reinvestment plan,

or, upon shareholder election, pay such dividend or distribution in cash. BNYM will maintain shareholder accounts pursuant to the terms of the Fund's dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) BNYM shall issue Shares or pay dividends or distributions as provided for in Section 3(a)(4)(A), and pay proceeds of Share redemption or repurchase transactions as provided for in Section 3(a)(3), after it deducts and withholds all amounts required to be withheld in accordance with any applicable tax laws, rules or regulations or other laws, rules or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) BNYM shall (i) make available via a portal to the Fund's shareholders such tax forms and other information, or permissible substitute forms or notices, relating to dividends and distributions paid by the Fund as are required to be filed and mailed by applicable law, rule or regulation; and (ii) prepare, maintain and file with the IRS and other appropriate taxing authorities reports relating to all dividends and distributions by the Fund paid to its shareholders (above threshold amounts stipulated by applicable law) as required by tax or other laws, rules or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding any other provision of this Section 3(a)(4) or this Agreement, and for clarification: (i) BNYM's exclusive obligations with respect to any written statement that Section 19(a) of the 1940 Act may require to be issued with respect to the Fund ("**19(a) Statement**") shall be, upon receipt of specific Written Instructions to such effect, to receive from the Fund the text which is to be printed on the 19(a) Statement, to print such text on appropriate paper stock and to mail such document to shareholders, and (ii) BNYM's sole obligation with respect to any dividend or distribution that Section 19(a) of the 1940 Act may require be accompanied by a 19(a) Statement shall be to perform only the conduct expressly directed by Sections 3(a)(4)(A) through (C) and shall expressly exclude any duty associated with any determination of the appropriateness of, or the drafting or other preparation of the text to be printed on, a 19(a) Statement.

(5) <u>Shareholder Account Services</u>. BNYM may arrange, in accordance with the Fund's Prospectus:

(i) for issuance of Shares obtained through:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Any pre-authorized check plan;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Direct purchases through broker
 wire orders and applications.

(6) <u>Communications to Shareholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) BNYM shall make available digitally via a portal to Fund shareholders, the documents listed below and any other communications and documents that are reasonably related in the ordinary course of business to the other services performed by BNYM hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Confirmations of purchases and
 repurchases of Fund Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Monthly or quarterly statements
 of account, as directed by the Fund, and annual statements of account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Dividend and distribution notices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notifications of repurchase offers
 and related materials; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Year-end information necessary
 for federal tax filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) BNYM shall make available digitally via a portal to Fund shareholders such other documents or instruments as the Fund may reasonably request in Written Instructions, such as Prospectuses, periodic reports and other shareholder materials.

(7) <u>Records</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) BNYM shall maintain records of the accounts for each shareholder in accordance with regulatory data retention requirements showing the following information to the extent received by BNYM:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Name, address and United States
 Tax Identification or Social Security number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Number and class of Shares held;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Historical information regarding
 the account of each shareholder, including dividends and distributions paid and the date
 and price for all transactions on a shareholder's account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any stop or restraining order
 placed against a shareholder's account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Any correspondence relating to
 the current maintenance of a shareholder's account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Information with respect to tax
 withholdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) BNYM shall maintain the records required by Section 31(a) of the 1940 Act to be kept by the Fund with respect to the Services performed hereunder by BNYM on behalf of the Fund, and shall keep such other records in connection with performing the Services as may be specified in the Written Procedures.

(8) [Reserved.]

(9) <u>Shareholder Inspection of Stock Records</u>. Upon a request from any Fund shareholder to inspect stock records, BNYM will notify the Fund within a reasonable period and the Fund will within a reasonable period issue instructions authorizing or denying such inspection access. Absent authorizing instructions from the Fund or legal process compelling access, BNYM will deny access to Fund stock records upon such a request. Unless BNYM has acted contrary to the Fund's instructions, other than when such contrary action occurs pursuant to legal process, the Fund agrees to and does hereby release and indemnify BNYM in accordance with Section 12 from any liability for refusal of permission for a particular shareholder to inspect the Fund's records.

(10) [Reserved.]

(11) <u>SEC Rule 17Ad-17</u>.

(A) BNYM shall perform such services as are required in order to comply with Rule 17Ad-17 of the 1934 Act (the "**Rule 17Ad-17**"), including but not limited to the following:

(i) execution
 of required database searches for "lost securityholders", as that term is defined
 in Rule 17Ad-17;

(ii) sending
 the required written notification to each "unresponsive payee", as that term
 is defined in Rule 17Ad-17;

(iii) maintain
 records to demonstrate compliance with the requirements of Rule 17Ad-17, including written
 procedures that describe BNYM's methodology for complying with Rule 17Ad-17 and records
 of the results of the database searches for lost securityholders; and

(iv) retain
 the records required by Rule 17Ad-17 in accordance with applicable SEC regulations.

(B) For purposes of clarification: Section 3(a)(11)(A) does not obligate BNYM to perform the services described therein for broker-controlled accounts, omnibus accounts and similar accounts with respect to which BNYM does not receive or maintain information which would permit it to determine whether the account owner is a lost securityholder or an unresponsive payee.

(12) <u>Tax Advantaged Accounts</u>.

(A) Certain definitions:

(i) "**Eligible Assets** "
 means shares of the Fund and such other assets as the Fund and BNYM may mutually agree.

(ii) "**Participant**" means
 a beneficial owner of a Custodied Account.

(iii) "**Custodied Account** "
 means a Tax Advantaged Account with respect to which the Custodian serves as the custodian.

(iv) "**Tax Advantaged Account** "
 means (A) any of the following accounts: (i) a Traditional, SEP, Roth, or SIMPLE individual
 retirement account within the meaning of Section 408 of the Code, and (ii) a Coverdell
 educational savings account within the meaning of Section 530 of the Code; (B) which
 is facilitated or sponsored by the Fund (or Affiliates of the Fund's investment advisor
 or management company and approved by the Fund) and with respect to which the contributions
 of Participants are used to purchase or invest solely in Eligible Assets.

(B) In addition to appropriate services provided to a Custodied Account and Participants in accordance with other provisions of Section 3(a), BNYM shall provide the following administrative services to the extent the particular administrative service is appropriate under the Code, subject to applicable terms and conditions of the Code, this Agreement, Written Procedures, Account Documentation and the Fund's Prospectus:

(i) Upon receipt of a properly completed
 application for a Custodied Account, establish a Custodied Account in the Fund and maintain
 the Custodied Account thereafter in accordance with this Agreement;

(ii) Process instructions received in good
 order regarding contributions, including using contribution payments actually received
 to purchase appropriate Eligible Assets, and keep appropriate records of contributions
 for tax reporting purposes;

(iii) Effect instructions for distributions
 received in good order and establish and maintain a record of the types and reasons for
 distributions (*<u>e.g.</u>* , attainment of age 59-1/2, disability, death, return
 of excess contributions);

(iv) Send blank designation of beneficiary
 forms to Participants and process designation of beneficiary forms completed and received
 from Participants in good order;

(v) Process instructions received in good
 order for exchanges of shares, rollovers, direct rollovers, conversions, reconversions,
 recharacterizations, return of excess contributions and transfers of assets (or the proceeds
 of liquidated assets) to a successor custodian or successor trustee;

(vi) Upon receipt in good order of a notification
 of the death of a Participant, process transfers and distributions in accordance with
 instructions received in good order;

(vii) Prepare any annual reports or returns
 required to be prepared and/or filed by a custodian of Tax Advantaged Accounts, including,
 but not limited to, an annual fair market value report, Forms 1099R and 5498; and file
 same with the Internal Revenue Service and provide same to the Participant or Participant's
 beneficiary, as applicable;

(viii) Perform applicable federal withholding
 and send to the Participant or Participant's beneficiary, as applicable, an annual TEFRA
 notice regarding required federal tax withholding;

(ix) Upon the receipt after the Service
 Effective Date of a request to open a Custodied Account, BNYM shall provide appropriate
 Account Documentation (as defined below) to open the Custodied Account and thereafter
 as necessary to maintain the Custodied Account in compliance with the Code; and

(x) BNYM shall maintain the Account Documentation
 in compliance with applicable provisions of the Code.

(C) BNYM shall arrange for BNYM Trust, BNY Mellon Bank or other qualified institution (which may be an Affiliate of BNYM) to serve as custodian for the Tax Advantaged Accounts. The institution serving as custodian pursuant to the foregoing authorization is referred to herein as the "**Custodian**". In consideration for such service and the services of the Custodian, the Fund agrees as follows:

(i) The Fund will provide at least thirty
 (30) days' advance written notice to Participants in connection with a Fund liquidation
 or any other event or circumstance or act or course of conduct involving the Fund or
 assets held in a Custodied Account that would result in an involuntary liquidation of
 any asset held in a Custodied Account or would otherwise materially affect the Custodied
 Account, its operation, the rights or obligations of a Participant, any asset in a Custodied
 Account or the terms or provisions of a Custodied Account ()"**Material Event** "),
 regardless of whether the Material Event was or was not described in an amendment to
 the Fund's Prospectus or statement of additional information, and reimburse BNYM and
 the Custodian for all reasonable costs, including costs of legal counsel, incurred in
 determining, in consideration of the Material Event, an appropriate course of conduct
 under the law, including the Code, and under agreements with Participants and in implementing
 the course of conduct determined to be appropriate. The Fund shall, in addition, provide
 at least sixty (60) days' advance written notice of the Material Event to BNYM, or if
 such notice is impractical due to circumstances beyond the Fund's control, advance written
 notice that in time and detail permits BNYM a reasonable opportunity to review the circumstances
 of the Material Event, consult with legal counsel, and at the Fund's cost and expense,
 with the Fund's full authorization and consent hereby given, prepare, print and mail
 materials it determines in view of its duties as Custodian under the Code and Account
 Documentation to be appropriate to seek to give Participants not less than 30 days' advance
 notice of any consequences of the Material Event on the Custodied Accounts, but in no
 event shall such advance written notice be given to BNYM less than 45 days in advance.

(ii) In the event this Agreement is terminated
 or if any other event or circumstance occurs which constitutes commercially reasonable
 cause for the Custodian to resign as custodian of the Custodied Accounts or seek appointment
 of a successor custodian, the Fund, at its cost and expense, at the request of BNYM or
 the Custodian and in accordance with all applicable provisions of the Code, will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) appoint and provide for a qualified
 successor custodian for all Custodied Accounts,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) provide for any interim custodial
 or transfer arrangements made appropriate by any of the circumstances governed by clause
 (aa),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) cause all Custodied Accounts and
 all assets in the Custodied Accounts to transfer to such successor or interim custodians;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) notify appropriate parties of
 custodial resignations and appointments.

(D) In the event of changes to the BNYM Account Documentation or other need to communicate in writing with Participants or "**Related Parties"** (which is hereby defined to mean all employers, advisors or other parties involved in any manner in the creation, sponsorship or administration of Custodied Accounts or their relevant plans or involved in any other capacity with Custodied Accounts or their relevant plans): (aa) the Custodian may directly furnish new or revised BNYM Account Documentation and any other written notifications, materials and communications which it reasonably determines to be appropriate to its

role as custodian ("**Related Custodian Materials**") to Participants and Related Parties at the Fund's cost and expense, payable upon being invoiced for same, or (bb) in lieu of the distribution method provided for in clause (aa) with respect to particular BNYM Account Documentation or Related Custodian Materials, the Fund will, at its cost and expense, upon the reasonable request of BNYM or the Custodian include such items in a Fund mailing of Fund materials.

(E) In consideration for BNYM or the Custodian furnishing any one or more of the services provided for in this Section 3(a)(12), the Fund shall pay to BNYM the related Fees and Reimbursable Expenses as set forth in the Fee Agreement. The Fund may direct BNYM to collect such Fees and Reimbursable Expenses from the assets in relevant Tax Advantaged Accounts upon appropriate disclosure to Participants, but shall remain responsible for such Fees and Reimbursable Expenses to the extent it does not so direct BNYM or such amounts are not collectable from the Tax Advantaged Accounts.

(13) [Reserved.]

(14) <u>Legal Process</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) In the event (i) BNYM directly receives a US Legal Process Item (defined immediately below) that has been properly served, (ii) the Fund receives a US Legal Process Item that has been properly served and delivers the US Legal Process Item to BNYM, or (iii) the Fund accepts service of a US Legal Process Item that has not been properly served and delivers the US Legal Process Item to BNYM and requests that it be serviced by BNYM, BNYM will act in accordance with the applicable Written Instructions or Written Procedures in effect between the Fund and BNYM. "**US Legal Process Item**" means a Legal Process Item (defined immediately below) which originates from and requires a response to a jurisdiction in the "**United States**", which is hereby defined to mean the states of the United States and the District of Columbia. "**Legal Process Item**" means civil and criminal subpoenas, court orders, civil or criminal seizure or restraining orders, writs of execution, IRS and state tax authority civil or criminal notices including notices of lien or levy, and other functionally equivalent legal process instruments directing the Fund, or BNYM in its capacity as transfer agent for the Fund, to take an "**Administrative Action**", which is hereby defined to mean the furnishing of information about a shareholder or a shareholder account, the production of documents within BNYM's possession or control relating to a shareholder or a shareholder account, and such other ministerial, transactional, recording, processing or administrative actions with respect to a shareholder or a shareholder account that is within the scope of services provided for in another subsection of this Section 3 or is a service ancillary to those services. For clarification: This Section 3(a)(14) requires BNYM only to perform Administrative Actions with respect to a Legal Process Item and does not require BNYM to take any other action with respect to a Legal Process Item, including without limitations, the filing of an objection, answer, claim, defense or other pleading, communication with a court, attorney or other person, involvement of any nature in a legal proceeding and actions that by law or common practice are performed by attorneys ("**Legal Response**"). Legal Responses shall be the responsibility of the Fund, including with respect to a Legal Process Item that may require both an Administrative Action and a Legal Response. Notwithstanding the foregoing sentence, BNYM may in its reasonable discretion seek to limit or reduce by any reasonable means the scope and coverage of a Legal Process Item and seek extensions of the period to respond without incurring any duty to perform any other conduct that may constitute a Legal Response.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) BNYM's only obligations with respect to a Legal Process Item originating from or requiring a response to a jurisdiction other than within the United States, notwithstanding that such legal process item may be directed at BNYM as agent of the Fund, shall be (i) if received by BNYM, to forward it to the Fund, and (ii) to act in accordance with Written Instructions received from the Fund but solely to the extent the Written Instructions direct BNYM to take an Administrative Action.

(15) <u>Unclaimed Property Services</u>.

(A) Subject to the further provisions of this Section 3(a)(15) and to Sections 9(f) and 19(c), BNYM shall implement procedures on behalf of the Fund that are reasonably designed for the Fund to comply on a substantial basis with the unclaimed property laws and regulations of the States and Territories of the United States (as defined below) ("**Unclaimed Property Laws**") with respect to Eligible Property (as defined below). In connection with its performance of the foregoing services ("**Unclaimed Property Services**"), BNYM shall be entitled to implement procedures consistent with practices adopted by investment companies and other investment company service providers, procedures it determines represent reasonable risk based on the reasoned analysis of counsel, procedures based on communications with the agencies enforcing and administering the Unclaimed Property Laws, the administrative practices of such agencies and interpretations of the Unclaimed Property Laws by such agencies and BNYM shall not be liable for reasonable conduct undertaken in accordance with any of the foregoing. For purposes of the foregoing:

(i) "**States and Territories of the United States**" means the states of the United States of America, the District
 of Columbia, Guam, Puerto Rico, U.S. Virgin Islands and any territory or commonwealth
 of the United States of America with a formal local government substantially equivalent
 to a state government which subsequent to the Effective Date adopts a statute substantially
 similar to the Uniform Unclaimed Property Act of 1995 (or its then current successor).

(ii) "**Eligible Property** "
 means property beneficially owned by a person or entity other than the Fund and held
 in a bank account maintained by BNYM for or on behalf of the Fund, or property held in
 a Fund shareholder account, which is (x) subject to reporting or escheat under an Unclaimed
 Property Law, (y) of a nature or type or classification reasonably related to the services
 performed by BNYM under this Agreement (such as cash amounts representing non-negotiated
 dividend checks and shares in abandoned shareholder accounts), and (z) under the control
 of BNYM.

(B) BNYM shall have no liability for any Loss arising (i) with respect to Eligible Property deemed abandoned or unclaimed under an Unclaimed Property Law before the UPS Commencement Date (as defined immediately below) but which was not reported or delivered to the applicable jurisdiction as required by an Unclaimed Property Law; (ii) from any inaccuracy in, or from the absence of any data or information from, any records of the Fund relating to any period prior to the UPS Commencement Date that adversely impacts BNYM's ability to perform the Unclaimed Property Services or BNYM's ability to comply with an Unclaimed Property Law on behalf of the Fund, including without limitation absences due to the failure to record the occurrence or non-occurrence of events relevant to an Unclaimed Property Law; (iii) from any other failure of any Party to comply with an Unclaimed Property Law or to perform a service required for accurate, timely and complete future compliance with an Unclaimed Property Law, other than a failure by BNYM to perform in accordance with this Section 3(a)(15) (collectively, "**Compliance Failures**"). At its election, BNYM may in good faith seek to respond to Compliance Failures of which it becomes aware or respond to a Compliance Failure only upon the request of the Fund and in accordance with a written agreement reached with the Fund regarding the response, but BNYM shall have no liability for any course of conduct undertaken in good faith in accordance with the foregoing. The Fund alone shall be exclusively liable for and shall directly pay any fines, penalties, interest or other monetary liability, payment obligations or remediation requirements that arise due to a Compliance Failure. Notwithstanding any other provision of the Agreement, the Fund shall indemnify BNYM for all Loss BNYM suffers or incurs as a result of or in connection with any Compliance Failure, including without limitation all Loss suffered or incurred as a result of seeking in good faith to respond to the Compliance Failure. In addition to any fees and reimbursement of expenses that BNYM may be entitled to under Section 3(a)(15), in the event BNYM performs any services in connection with Compliance Failures BNYM shall be entitled to be paid fees for such services at the rate set forth in the Fee Agreement, or if no applicable fee is set forth

therein, at commercially reasonable rates, and to a reimbursement of all reasonable expenses incurred in connection with such services, and the Fund shall pay BNYM such fees and reimburse BNYM for such expenses upon being invoiced. "**UPS Commencement Date**" means the date the Fund was converted to the BNYM System or, if applicable, the date that individual accounts within the Fund were converted to the BNYM System, or, if later than either of the foregoing, the date BNYM commenced providing Unclaimed Property Services to the Fund or, if applicable, to an individual account within the Fund.

(C) (i) The Fund shall be the "holder" under all Unclaimed Property Laws, as that term or its equivalent is used and defined in the Unclaimed Property Laws, and BNYM acts solely as agent of the Fund in performing the Unclaimed Property Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Fund hereby authorizes BNYM to sign reports, to sign letters, to communicate with government representatives, current and former shareholders and other appropriate third parties and otherwise to act in all manners on behalf of and in the name of the Fund and to utilize all tax identification numbers or other appropriate identifying numbers or data of the Fund ("**Identification Data**") in the scope and manner BNYM reasonably determines to be appropriate to perform the Unclaimed Property Services, including for clarification utilizing the Identification Data associated with each specific portfolio of the Fund (including each class, series, tier or other subdivision of a portfolio, if any) for reporting purposes if such is determined to be appropriate based on an Unclaimed Property Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In signing the abandoned property reports and other written instruments and communications appropriate to compliance with the Unclaimed Property Laws ("**Unclaimed Property Documentation**") pursuant to the authorization granted by subsection (ii) above, BNYM does so as an agent of the Fund as holder under the Unclaimed Property Laws. In the event any law, regulation, rule, regulatory order or legal process requires the Fund to sign the Unclaimed Property Documentation or prohibits BNYM from signing the Unclaimed Property Documentation as agent, or The Bank of New York Mellon Corporation adopts a formal policy applicable to all unclaimed property clients of BNYM prohibiting BNYM from signing the Unclaimed Property Documentation as agent, the Fund shall thereafter be responsible for signing the Unclaimed Property Documentation and BNYM and the Fund shall reasonably cooperate to develop and implement procedures enabling the Fund to perform the signing function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Fund agrees to execute and deliver to BNYM all documentation or instruments that may be reasonably requested by BNYM to evidence the authorization of subsection (ii) above but agrees that the authority of BNYM to act on behalf of and in the name of the Fund as described above and to use the Identification Data shall not be diminished or revoked by the absence of such documentation or instruments, and the Fund irrevocably releases BNYM from any and all Claims against BNYM on the grounds of absence of the authority granted by subsection (ii) above. This Section 3(a)(15)(C) shall survive any termination of the Agreement.

(D) The Fund agrees, upon the reasonable request of BNYM, to:

(i) execute and deliver to BNYM in a timely
 manner any reports, forms, documents and instruments reasonably determined by BNYM to
 be appropriate in connection with its performance the Unclaimed Property Services;

(ii) respond in a timely manner to requests
 from BNYM for information and requests to review information or reports related to the
 Unclaimed Property Services; and

(iii) Provide sufficient letterhead paper
 of the Fund or its electronic letterhead template for use by BNYM in communications related
 to the Unclaimed Property Services.

(E) The Fund agrees that upon any termination of the Agreement it will cause all property held in bank accounts maintained by BNYM for or on behalf of the Fund, and all property held in Fund shareholder accounts maintained by BNYM on the Fund's behalf, to be transferred to the Fund or to a successor service provider and BNYM may condition completion of Deconversion Services on the completion of arrangements reasonably satisfactory to BNYM for such transfers.

(F) BNYM agrees that in performing the Unclaimed Property Services: it will reasonably communicate with the Fund on matters that arise in the course of performing the Unclaimed Property Services that BNYM reasonably determines require the involvement of the Fund; it will act as liaison between the Fund and governmental agencies responsible for administering the Unclaimed Property Laws; and it will advise the Fund of any significant matters that arise with such governmental agencies in the course of performing the Unclaimed Property Services. BNYM also agrees it will provide such assistance to the Fund as the Fund shall reasonably request in responding to inquiries pursuant to Unclaimed Property Laws; provided, however, to the extent the assistance requires the production of files, documents, reports or other materials in physical or electronic form other than that which is produced in the ordinary course of business of performing the Unclaimed Property Services or requires a modification to the BNYM System, BNYM shall notify the Fund of such and provide such assistance solely as provided for in a written agreement between the Parties.

(16) <u>Cost Basis Reporting</u>. In accordance with IRS Regulations, utilizing relevant information provided to BNYM in the ordinary course of performing the services provided for in the Agreement, report cost basis information to shareholders on an average cost basis by tax year and Shares, except when the Shareholder requests such reporting to occur on another basis permitted by the Written Procedures.

(17) <u>FATCA Services</u>. BNYM shall implement on behalf of the Fund the "**FATCA Services**," which is hereby defined to mean processes and procedures reasonably designed for the Fund to comply on a commercially reasonable, material basis, to the extent applicable, with: (i) Chapter 4 of Subtitle A, Sections 1471 through 1474, of the Code (as defined in clause (ii) of the definition of Code in Schedule A) (the foregoing being commonly referred to as the Foreign Account Tax Compliance Act) ("**FATCA**"), all as in effect as of the Effective Date, and (ii) subject to Sections 9(f) and 19(c) of the Agreement, modifications to FATCA and new Code provisions related to FATCA that become effective after the Effective Date, as agreed to by BNYM, pursuant to said Sections.

(18) <u>Interval Fund Services</u>. BNYM will perform the additional services specified in <u>Schedule D</u>, Interval Fund Services, the "**Interval Fund**", which is hereby defined to mean the Fund. The services described in Section 3 of this Agreement, in particular those terms relating to Purchase and Repurchase of Shares, will be provided subject to and as modified by the terms of Schedule D for the Interval Fund.

**(b) <u>Anti-Money Laundering Program Services.</u>** BNYM will perform one or more of the services described in subsections (1) through (7) of this Section 3(b) if requested by the Fund and the Fund agrees to pay the fees applicable to the service as set forth in the Fee Agreement ("**AML Services**").

(1) <u>Anti-Money Laundering</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) BNYM will perform actions reasonably designed to assist the Fund in complying with Section 352 of the USA PATRIOT Act, as amended, as follows: BNYM will: (i) establish and implement written internal policies, procedures and controls reasonably designed to prevent the Fund from being used for money laundering or the financing of terrorist activities and to achieve compliance with applicable provisions of the Bank Secrecy Act (31 U.S.C. 5311, *et seq*.) ("**Bank Secrecy Act**") and implementing regulations thereunder; (ii) provide for independent testing, by an employee who is not responsible for the

operation of BNYM's anti-money laundering ("**AML**") program or by a qualified outside party, for compliance with BNYM's written AML policies and procedures; (iii) designate a person or persons responsible for implementing and monitoring the operation and internal controls of BNYM's AML program; (iv) provide ongoing training for appropriate persons, and (v) implement appropriate risk-based procedures for conducting ongoing shareholder due diligence to include but not be limited to (aa) understanding the nature and purpose of shareholder relationships for the purposes of developing a shareholder risk profile, and (bb) conducting ongoing monitoring to identify and report suspicious transactions and, on a risk basis, to maintain and update shareholder information, including information regarding the beneficial owners of legal entity shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) BNYM will provide to the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a copy of BNYM's written AML policies
 and procedures, or, alternatively, access to such policies and procedures at a BNYM website;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a copy of the report prepared
 by independent accountants covering the independent accountants' examination of BNYM's
 AML controls and control objectives; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a summary of the training provided
 pursuant to clause (iv) of subsection (A) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Without limiting or expanding subsections (A) or (B) above, the Parties agree this Section 3(b)(1) relates solely to Fund compliance with Section 352 of the USA PATRIOT Act and does not relate to any other obligation the Fund may have under the USA PATRIOT Act, including without limitation Section 326 thereof.

(2) <u>Foreign Account Due Diligence</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) To assist the Fund in complying with requirements regarding a due diligence program for "foreign financial institution" accounts in accordance with applicable regulations promulgated by U.S. Department of Treasury under Section 312 of the USA PATRIOT Act, as amended ("**FFI Regulations**"), BNYM will do the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Implement and operate a due diligence
 program that includes appropriate, specific, risk-based policies, procedures and controls
 that are reasonably designed to enable the Fund to detect and report, on an ongoing basis,
 any known or suspected money laundering activity conducted through or involving any correspondent
 account established, maintained, administered or managed by the Fund for a "foreign
 financial institution" (as defined in 31 CFR 1010.605(f))(" **Foreign Financial Institution** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Conduct due diligence to identify
 and detect any Foreign Financial Institution accounts in connection with new accounts
 and account maintenance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Assess the money laundering risk
 presented by each such Foreign Financial Institution account, based on a consideration
 of all appropriate relevant factors (as generally outlined in 31 CFR 1010.610), and assign
 a risk category to each such Foreign Financial Institution account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Apply risk-based procedures and
 controls to each such Foreign Financial Institution account reasonably designed to detect
 and report known or suspected money laundering activity, including a periodic review
 of the Foreign Financial Institution account activity sufficient to determine consistency
 with information obtained about the type, purpose and anticipated activity of the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Include procedures to be followed
 in circumstances in which the appropriate due diligence cannot be performed with respect
 to a Foreign Financial Institution account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Adopt and operate enhanced due
 diligence policies for certain Foreign Financial Institution accounts in compliance with
 31 CFR 1010.610(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Record due diligence program
 and maintain due diligence records relating to Foreign Financial Institution accounts;
 and

(viii) Report to the Fund about measures taken under (i)-(vii) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Nothing in Section 3(b)(2) shall be construed to require BNYM to perform any course of conduct that is not required for Fund compliance with the FFI Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Without limiting or expanding subsections (A) or (B) above, the Parties agree this Section 3(b)(2) relates solely to Fund compliance with Section 312 of the USA PATRIOT Act and does not relate to any other obligation the Fund may have under the USA PATRIOT Act, including without limitation Section 326 thereof.

(3) <u>Customer Identification Program</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) To assist the Fund in complying with requirements regarding a customer identification program in accordance with applicable regulations promulgated by U.S. Department of Treasury under Section 326 of the USA PATRIOT Act ("**CIP Regulations**"), BNYM will do the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Implement procedures which require
 that prior to establishing a new account in the Fund BNYM obtain the name, date of birth
 (for natural persons only), address and government-issued identification number (collectively,
 the "**Data Elements**") for the "**Customer**" (defined for
 purposes of this Agreement as provided in 31 CFR 1024.100(c)) associated with the new
 account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Use collected Data Elements to
 attempt to reasonably verify the identity of each new Customer promptly before or after
 each corresponding new account is opened. Methods of verification may consist of non-documentary
 methods (for which BNYM may use unaffiliated information vendors to assist with such
 verifications) and documentary methods (as permitted by 31 CFR 1024.220), and may include
 procedures under which BNYM personnel perform enhanced due diligence to verify the identities
 of Customers the identities of whom were not successfully verified through the first-level
 (which will typically be reliance on results obtained from an information vendor) verification
 process(es).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Record the Data Elements and
 maintain records relating to verification of new Customers consistent with 31 CFR 1024.220(a)(3).

(iv) Regularly report to the Fund about measures taken under (i)-(iii)
 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) If BNYM provides services by which
 prospective Customers may subscribe for shares in the Fund via the Internet or telephone,
 BNYM will work with the Fund to notify prospective Customers, consistent with 31 CFR
 1024.220(a)(5), about the program conducted by the Fund in accordance with the CIP Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) To assist the Fund in complying with the Customer Due Diligence Requirements for Financial Institutions promulgated by FinCEN (31 CFR § 1020.230) pursuant to the Bank Secrecy Act ("**CDD Rule**"), BNYM will maintain and implement written procedures that are reasonably designed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Obtain information of a nature
 and in a manner permitted or required by the CCD Rule in order to identify each natural
 person who is a "beneficial owner" (as that term is defined in the CDD Rule)
 of a legal entity at the time that such legal entity seeks to open an account

as a shareholder of the Fund, unless that legal entity is excluded from the CDD Rule or an exemption provided for in the CDD Rule applies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Verify the identity of each beneficial
 owner so identified according to risk based procedures to the extent reasonable and practicable,
 in accordance with the minimum requirements of the CDD Rule.

(C) Nothing in Section 3(b)(3) shall be construed to require BNYM to perform any course of conduct that is not required for Fund compliance with the CIP Regulations or CDD Rule, including by way of illustration not limitation the collection of Data Elements or verification of identity for individuals opening Fund accounts through financial intermediaries which use the facilities of the NSCC.

(4) <u>FinCEN Requests Under USA PATRIOT Act Section 314(a)</u>. BNYM will provide the services set forth in this Section 3(b)(4) with respect to FinCEN Section 314(a) information requests ("**Information Requests**") received by the Fund. Upon receipt by BNYM of an Information Request delivered by the Fund in full compliance with all 314(a) Procedures (as defined below), BNYM will compare appropriate information contained in the Information Request against relevant information contained in account records maintained for the Fund. Information relating to potential matches resulting from these comparisons, after review by BNYM for quality assurance purposes ("**Comparison Results**"), will be made available to the Fund in a timely manner. In addition, a potential match will be analyzed by BNYM in conjunction with other relevant activity contained in records for the particular relevant account, and if, after such analysis, BNYM determines that further investigation is warranted because the activity might constitute "suspicious activity", as that term is used in the Bank Secrecy Act and the suspicious activity reporting requirements thereunder, then BNYM will deliver a suspicious activity referral to the Fund in a timely manner, with "timely" for all purposes of Section 3(b) meaning within a commercially reasonable period following BNYM's detection of the events and circumstances reasonably suspected to be suspicious activity and BNYM's investigation of such events and circumstances, utilizing reasonably designed detection and investigative procedures which may include consultation with the Fund. BNYM shall have no responsibility for filing reports with FinCEN that may be appropriate based on the Comparison Results or a referral. Such responsibility, as between the Fund and BNYM, shall remain with the Fund exclusively. "**314(a) Procedures**" means the procedures adopted from time to time by BNYM governing the delivery and processing of Information Requests transmitted by BNYM's clients to BNYM, including without limitation requirements governing the timeliness, content, completeness, format and mode of transmissions to BNYM.

(5) <u>U.S. Government List Matching Services</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) BNYM will compare Appropriate List Matching Data (as defined in subsection (C) below) contained in BNYM databases which are maintained for the Fund pursuant to this Agreement ("**Fund List Data**") to "**U.S. Government Lists**", which is hereby defined to mean the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) data promulgated in connection
 with the list of Specially Designated Nationals published by the Office of Foreign Asset
 Control of the U.S. Department of the Treasury ()"**OFAC**") and any other
 sanctions lists or programs administered by OFAC to the extent such lists or programs
 remain operative and applicable to the Fund ()"**OFAC Lists** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) data promulgated in connection
 with the published Financial Action Task Force lists ()"**FATF Lists** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) data promulgated in connection
 with determinations by the Director (the "**Director**") of the Financial
 Crimes Enforcement Network of the U.S. Department of the Treasury that a

foreign jurisdiction, institution, class of transactions, type of account or other matter is a primary money laundering concern ("**PMLC Determination**"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) data promulgated in connection
 with any other lists, programs or determinations (A) which BNYM determines to be substantially
 similar in purpose to any of the foregoing lists, programs or determinations, or (B)
 which BNYM and the Fund agree in writing to add to the service described in this Section
 3(b)(5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) In the event that following a comparison of Fund List Data to a U.S. Government List as described in subsection (A) BNYM determines that any Fund List Data constitutes a "match" with the U.S. Government List in accordance with the criteria applicable to the particular U.S. Government List, BNYM:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) will notify the Fund of such match;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) will send any other notifications
 required by applicable law or regulation by virtue of the match;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if a match to an OFAC List, will
 to the extent required by applicable law or regulation assist the Fund in taking appropriate
 steps to block any transactions or attempted transactions to the extent such action may
 be required by applicable law or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if a match to the FATF Lists or
 a PMLC Determination, will to the extent required by applicable law or regulation conduct
 a suspicious activity review of accounts related to the match and if suspicious activity
 is detected will deliver a suspicious activity referral to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if a match to a PMLC Determination,
 will assist the Fund in taking the appropriate special measures imposed by the Director;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) will assist the Fund in taking
 any other appropriate actions required by applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) "**Appropriate List Matching Data**" means (A) account registration and alternate payee data, to the extent made appropriate by statutes, rules or regulations governing the U.S. Government Lists, (ii) data determined by BNYM in light of statutes, rules or regulations governing the U.S. Government Lists to be necessary to provide the services described in this Section 3(b)(5), and (iii) data the Parties agree in writing to be necessary to provide the services described in this Section 3(b)(5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) BNYM may fulfill its obligations under this Section 3(b)(5) by utilizing commercially available lists that contain the data promulgated as the U.S. Government Lists, whether such lists consist of data exclusive to one U.S. Government List or of data representing a combination of several watch lists, including several U.S. Government Lists.

(6) <u>Legal Process SAR Referral</u>. Upon the conclusion of the legal process service described in Section 3(a)(14), BNYM will review the Legal Process Item and other pertinent account records to determine whether such information reasonably indicates "suspicious activity" has occurred, and if it determines suspicious activity has occurred deliver a suspicious activity referral to the Fund in a timely manner.

(7) <u>Suspicious Activity Monitoring</u>. BNYM will maintain and implement procedures reasonably designed to assist the Fund in complying with rules promulgated by FinCEN under the Bank Secrecy Act (31. C.F.R § 1024.320) with respect to the monitoring for suspicious activity that may occur in connection with the Fund and its shareholders during BNYM's performance of transaction processing and recordkeeping services hereunder and if in the course of such monitoring it determines that any of such activities could indicate the existence of suspicious activity and that an investigation of the potential suspicious activity is warranted, then BNYM will deliver a suspicious activity referral to the Fund in a timely manner.

(8) BNYM agrees to permit governmental authorities with jurisdiction over the Fund to conduct examinations of the operations and records relating to the services performed by BNYM under this Section 3(b) upon reasonable advance request and during normal business hours and to furnish copies at the Fund's cost and expense of information reasonably requested by the Fund or such authorities and relevant to the services. BNYM will notify the Fund in the event BNYM receives notice from any such authority of such an examination of the Fund's records, unless such notice is prohibited by law, regulation or court or regulatory order.

(9) For purposes of clarification: All Written Procedures relating to the services performed by BNYM pursuant to this Section 3(b) and any information, written matters or other recorded materials relating to such services and maintained by BNYM shall constitute Confidential Information of BNYM, except to the extent, if any, such materials constitute Fund records under the Securities Laws.

(10) Notwithstanding any other term of this Section 3(b), application of specific AML Services to particular applying persons, accounts and account owners shall occur in accordance with BNYM's Written Procedures. Without limiting the generality of the foregoing, BNYM will have no obligation to provide AML Services with respect to shareholder accounts opened by financial intermediaries on behalf of their customers, or with respect to the owners of such accounts, whether opened through public or private electronic communication channels with BNYM, Internet portals or applications hosted by BNYM, the NSCC or otherwise, where such accounts do not contain sufficient information to provide the AML Services, unless expressly provided for in the Written Procedures.

(11) The Fund is solely and exclusively responsible for determining the applicability to the Fund of the Bank Secrecy Act, the USA PATRIOT Act, regulations of FinCEN, and all other laws and regulations of similar subject matter, as they may be constituted from time to time ("**Fund AML Laws**"), for complying with the Fund AML Laws, for determining the extent to which the AML Services assist the Fund in complying with the Fund AML Laws, and for furnishing any supplementation or augmentation to the AML Services it determines to be appropriate. Section 3(b) of the Agreement shall not be construed to impose on BNYM any obligation other than to engage in the specific course of conduct specified by the provisions therein, and in particular shall not be construed to impose any other obligation on BNYM to design, develop, implement, administer, or otherwise manage compliance activities of the Fund. The services provided pursuant to this Section 3(b) may be changed at any time and from time to time by BNYM in its reasonable sole discretion to include commercially reasonable provisions appropriate to the relevant requirements of the Fund AML Laws and the description of services contained in Section 3(b) shall be deemed revised accordingly without written amendment pursuant to Section 16(a). BNYM shall provide to the Fund for its review notice of the nature or content of any such changes that BNYM reasonably believes the Fund should be informed about and consult with the Fund to the extent requested by the Fund due to any responsibilities of the nature described in the first sentence of this Section 3(b)(11).

**(c) <u>Red Flags Services</u>**.

(1) The provisions of this Section 3(c) (the "**Red Flags Section**") shall apply in the event the Fund elects to receive the "**Red Flags Services**", which are hereby defined to mean the following services:

(i) BNYM will maintain written controls
 reasonably designed to detect the occurrence of Red Flags (as defined below) in connection
 with (i) account opening and other account activities and transactions conducted directly
 through BNYM with respect to Direct Accounts (as defined below), and (ii) transactions
 effected directly through BNYM by Covered Persons (as defined below) in Covered Accounts
 (as defined below). Such controls, as they may be revised from time to time hereunder,
 are referred to herein as the "**Controls** ". Solely for purposes of the
 Red Flags Section, the capitalized terms below will have the respective meaning ascribed
 to each:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) "**Red Flag**" means
 a pattern, practice, or specific activity or a combination of patterns, practices or
 specific activities which may indicate the possible existence of Identity Theft (as defined
 below) affecting a Registered Owner (as defined below) or a Covered Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) "**Identity Theft** "
 means a fraud committed or attempted using the identifying information of another person
 without authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) "**Registered Owner** "
 means the owner of record of a Direct Account on the books and records of the Fund maintained
 by BNYM as registrar of the Fund (the "**Fund Registry** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) "**Covered Person** "
 means the owner of record of a Covered Account on the Fund Registry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) "**Direct Account** "
 means an Account established directly with and through BNYM as a registered account on
 the Fund Registry and through which the owner of record has the ability to directly conduct
 account and transactional activity with and through BNYM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) "**Covered Account** "
 means an Account established by a financial intermediary for another as the owner of
 record on the Fund Registry and through which such owner of record has the ability to
 conduct transactions in Fund shares directly with and through BNYM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) "**Account**" means
 (1) an account holding Fund Shares with respect to which a natural person is the owner
 of record, and (2) any other account holding Fund Shares with respect to which there
 is a reasonably foreseeable risk to the particular account owner's customers from identity
 theft, including financial, operational, compliance, reputation, or litigation risks.

(ii) BNYM will provide the Fund with Internet
 viewing access to the Controls.

(iii) BNYM will notify the Fund of Red
 Flags which it detects and reasonably determines to indicate a significant risk of Identity
 Theft to a Registered Owner or Covered Person ()"**Possible Identity Theft** ")
 and assist the Fund in determining the appropriate response of the Fund to the Possible
 Identity Theft.

(iv) BNYM will (A) annually at its sole
 expense engage an independent auditing firm or other similar firm of independent examiners
 to conduct an examination of BNYM management's assertion pertaining to the Controls and
 issue a report on the results of the examination (the "**Examination Report** "),
 and (B) furnish a copy of the Examination Report to the Fund; and

(v) Upon the Fund's reasonable request
 on not more than a quarterly basis, issue a certification in a form determined to be
 appropriate by BNYM in its reasonable discretion, certifying to BNYM's continuing compliance
 with the Controls after the date of the most recent Examination Report.

(2) The Fund agrees it is responsible for complying with and determining the applicability to the Fund of Section 615(e) of the Fair Credit Reporting Act of 1970, as amended, and regulations promulgated thereunder by the SEC or other applicable federal agency (the "**Red Flags Requirements**"), for determining the extent to which the Red Flags Services assist the Fund in complying with the Red Flags Requirements, and for furnishing any supplementation or augmentation to the Red Flags Services it determines to be appropriate, and that BNYM has given no advice and makes no representations with respect to such matters. This Red Flags Section shall not be interpreted in any manner which imposes a duty on BNYM to act on behalf of the Fund or otherwise, including any duty to take any action upon the occurrence of a Red Flag, other than as expressly provided for in this Red Flags Section. The Controls and the Red Flags Services may be changed at any time and from time to time by BNYM in its reasonable sole discretion to include commercially reasonable provisions appropriate to the Red Flags Requirements, as they may be constituted from time to time. BNYM shall provide to the Fund for its review notice of the nature or content of any such change that it reasonably believes the Fund should be informed about and consult with the Fund to the extent requested by the Fund due to any responsibilities of the nature described in the first sentence of this Section 3(c)(2).

**(d) <u>Access To And Use Of The BNYM System</u>.** The terms of Schedule B to this Agreement shall apply to the Fund's access to and use of any component of the BNYM System (as defined in Schedule B). Commencing on the Service Effective Date, BNYM shall provide the Fund with access to and use of those components of the BNYM System for which the Fund pays a fee in accordance with the Fee Agreement or with respect to which the Fee Agreement indicates the fee is included in the Account Fees (as such term is used in the Fee Agreement).

**4. <u>Confidentiality</u>.**

(a) Each Party shall implement, maintain and comply with procedures reasonably designed to keep the Confidential Information (as defined immediately below) of the other Party in confidence and to allow use and disclosure of and access to Confidential Information solely in connection with the activities contemplated by this Agreement or as otherwise expressly agreed in writing. Each Party acknowledges that the Confidential Information of the disclosing Party will remain the sole property of such Party. In complying with the first sentence of this subsection (a), each Party will use the same degree of care it uses to protect its own confidential information, but in no event less than a commercially reasonable degree of care.

(b) Subject to subsections (c) below, "**Confidential Information**" means:

(i) this Agreement and its contents, all
 compensation agreements, arrangements and understandings (including waivers) respecting
 this Agreement, disputes pertaining to the Agreement, and information about a Party's
 exercise of rights hereunder, performance of obligations hereunder or other conduct of
 a Party in connection with the Agreement,

(ii) information and data of, owned by
 or about a disclosing Party or its Affiliates, customers, or subcontractors that may
 be provided to the other Party or become known to the other Party in the course of the
 relationship established by this Agreement, regardless of form or content, and regardless
 of whether in original or derivative form, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) competitively sensitive material not generally known to the
 public, including, but not limited to, studies, plans, reports, surveys, summaries, documentation
 and analyses, regardless of form, information about product plans, marketing strategies,
 finances, operations, customer relationships, customer profiles, customer lists, sales
 estimates, business plans, and internal performance results relating to the past, present
 or future business activities of the Fund or BNYM, their respective subsidiaries and
 Affiliates and the customers, clients and suppliers of any of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) scientific, technical or technological information, designs,
 processes, procedures, formulas, or improvements that are commercially valuable and secret
 in the sense that its confidentiality affords the Fund or BNYM a competitive advantage
 over its competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) a confidential or proprietary concept,
 documentation, report, data, specification, computer software, source code, object code,
 flow chart, database, invention, know how, trade secret, whether or not patentable or
 copyrightable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) information related to privacy
 measures, compliance, physical security, information security, disaster recovery, business
 continuity and any other operational plans, procedures, practices and protocols;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) information described elsewhere
 in Section 4(b) that is exchanged between the Parties in connection with the possible
 expansion of the business relationship between the Parties and/or their Affiliates, including
 without limitation information relating to the possible execution of service agreements
 between the Parties or Affiliates of the Parties relating to services other than those
 provided for in this Agreement, the possible addition of services to this Agreement and
 the possible addition of Parties to this Agreement, including by way of illustration
 and not excluding management investment companies, closed-end management investment companies
 not traded and not intended to trade in a secondary market, other collective investment
 legal entities, Portfolios, and state savings programs such as "529 plans",
 "ABLE plans" and "Secure Choice" plans (such Confidential Information
 described in this subsection (E) collectively being the "**Transactional Information** ");
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) anything designated as confidential,
 and

(iii) to any extent not included within
 clause (i) or clause (ii) above: (i) with respect to BNYM, any information within the
 BNYM System accessed by the Fund that is not Company Data (as defined in Schedule B)
 or any information provided by BNYM from within the BNYM System that is not Company Data;
 and (ii) with respect to the Fund, Company Data and personal information (as defined
 in Section 5).

(c) Information or data that would otherwise constitute Confidential Information under subsection (b) above, except for personal information which shall always remain Confidential Information, shall not constitute Confidential Information to the extent it:

(i) is already known to the receiving Party at the time it is obtained;

(ii) is or becomes publicly known or available through no wrongful act of the receiving
 Party;

(iii) is rightfully received from a third-party who, to the receiving
 Party's knowledge, is not under a duty of confidentiality;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) is released by the protected Party to a third-party without restriction; or

(v) has been or is independently developed
 or obtained by the receiving Party without reference to the Confidential Information
 provided by the protected Party.

(d) Confidential Information of a disclosing Party may be used or disclosed by the receiving Party in the circumstances set forth below but except for such permitted use or disclosure shall remain Confidential Information subject to all applicable terms of this Agreement:

(i) in connection with activities contemplated
 by this Agreement;

(ii) as required by law or regulation (including
 without limitation filings required by the Federal Securities Laws) or pursuant to a
 court order, subpoena, order or request of a governmental or regulatory or self-regulatory
 authority or agency, or binding discovery request in pending litigation (provided the
 receiving Party will provide the other Party written notice of such requirement or request,
 to the extent such notice is permitted, and subject to proper jurisdiction, if applicable);

(iii) in connection with inquiries, examinations,
 audits or other reviews by a governmental, regulatory or self-regulatory authority or
 agency, audits by independent auditors or accountants or requests for advice or opinions
 from counsel; or

(iv) the information or data is relevant
 and material to any claim or cause of action between the Parties or the defense of any
 claim or cause of action asserted against the receiving Party and is disclosed in formal
 pleadings, confidential judicial conferences, discovery or dispute resolution proceedings.

(e) Each Party agrees not to publicly disseminate, broadcast or release Confidential Information of the other Party or mutual Confidential Information even if such action otherwise could be construed to be permitted by other provisions of this Section 4; <u>provided</u>, <u>however</u>, a use in strict compliance with subsection (d)(ii) through (d)(iv) shall not constitute a breach of this subsection (e). The Parties acknowledge that the existence and the terms of this Agreement are required to be publicly disclosed by the Fund pursuant to applicable law.

(f) Each of BNYM and the Fund shall restrict disclosure of, access to and use of Transactional Information solely to those persons necessary to evaluate the relevant transaction and who are bound by a written or professional obligation of confidentiality with respect to the Transactional Information. Each of BNYM and the Fund shall be responsible and liable for any conduct of a person provided with Transactional Information by them that constitutes a breach of confidentiality under this Section 4 or Section 6.10 of Schedule B.

(g) Sections 4(a) through 4(e) shall survive termination of this Agreement for a period of three (3) years after such termination.

(h) To the extent any Confidential Information (including for avoidance of doubt Transactional Information) provided by BNYM constitutes Proprietary Items, or is of a nature that would constitute a Proprietary Item if part of the BNYM System, then notwithstanding and in lieu of subsections (a), (c) and (d) of Section 4, the terms of Sections 6.6 and 6.10 of Schedule B shall govern such Confidential Information, except that the return and destroy provisions of Section 6.6 shall apply upon the request of BNYM or upon a determination by the Fund or its Affiliates not to engage in the proposed transaction.

**5. Information Security.**

(a) Each Party hereto acknowledges and agrees that, subject to the reuse and re-disclosure provisions of Regulation S-P, 17 CFR Part 248.11, it shall implement procedures reasonably designed to limit

disclosure of the non-public personal information of shareholders and former shareholders of the Fund obtained under this Agreement to disclosures appropriate to carrying out the activities contemplated by this Agreement or as otherwise agreed in writing or permitted by law or regulation. BNYM will not collect, retain, use, sell, or disclose personal information obtained under this Agreement except as necessary to carry out the activities contemplated by this Agreement or as otherwise agreed in writing or permitted by law or regulation. BNYM will not disclose personal information to any third-party for monetary or other valuable consideration. BNYM will comply with provisions of the Gramm-Leach Bliley Act of 1999 ("**GLB Act**") with respect to the personal information of shareholders and former shareholders of the Fund. Except as expressly provided otherwise in this Agreement, "personal information" for purposes of this Agreement has the meaning ascribed to that term in the GLB Act. BNYM also agrees to implement procedures reasonably designed to protect "personal information" as that term is defined in 201 CMR 17.00: Standards For The Protection Of Personal Information Of Residents Of The Commonwealth ("**Massachusetts Privacy Regulation**"), consistent with the Massachusetts Privacy Regulation as amended from time to time and any other applicable federal and state laws and regulations applicable to privacy and security of personal information.

(b) BNYM and any subsidiary or affiliate engaged to perform the duties assigned to BNYM by this Agreement, shall implement and maintain a comprehensive, written information security program with written policies and procedures reasonably designed to protect the confidentiality, security and integrity of Company Data, including the non-public personal information of the Fund's current and former shareholders. The information security program will contain administrative, technical and physical safeguards reasonably designed to: (i) protect the security, confidentiality and integrity of such data and information; (ii) protect against any anticipated threats or hazards to the security or integrity of such data and information; (iii) protect against unauthorized access to or use of such data and information that could result in substantial harm or inconvenience to the Fund or individuals, and (iv) provide for appropriate disposal of such data and information. BNYM shall exercise oversight of each such subsidiary or affiliate to ensure ongoing compliance with the objectives of this section.

(c) Commencing as of the Service Effective Date, upon request by the Fund, BNYM shall no more than once per contract year: (i) upon payment of, or an agreement to pay, any applicable fee, provide the Fund with a copy of its current SOC 1, Type 2 audit report, or substantially equivalent external audit report, prepared in accordance with audit standards then prevalent in the financial industry (such as SSAE 18), for the system utilized by BNYM to provide the services hereunder, and (ii) participate in the Fund's reasonable information security due diligence questionnaire process.

(d) In the event of a declared Security Incident, BNYM will (i) notify the Fund within three (3) business days of the occurrence of the Security Incident, (ii) provide updates to the Fund regarding BNYM's response and (iii) use reasonable efforts to implement measures reasonably designed to prevent a reoccurrence of Security Incidents of a similar nature. "Security Incident" means (i) breach of nonpublic personal information as defined in the Gramm-Leach-Bliley Act of 1999 ("NPPI") that is notifiable under state law or (ii) loss or unauthorized access, disclosure, use, alteration or destruction of Fund data (other than NPPI).

**6. <u>Cooperation with Accountants</u>.** BNYM shall cooperate with the independent public accountants for the Fund and shall take commercially reasonable measures to furnish or to make available to such accountants information relating to this Agreement and BNYM's performance of the obligations hereunder as requested by such accountants and necessary for the expression of their opinion.

**7. <u>Ownership Rights</u>.** Ownership rights with respect to property utilized in connection with the Parties' use of the BNYM System shall be governed by applicable provisions of Schedule B.

**8. <u>Disaster Recovery and Business Continuity</u>.** BNYM shall establish, maintain and periodically test and update, and implement as needed, disaster recovery and business continuity policies and procedures in accordance with the Standard of Care. Without limiting the foregoing, BNYM shall maintain or arrange with third parties for back-up facilities ("**Back-Up Facilities**") to the primary operations and data centers used by BNYM to provide the services ("**Primary Facilities**"). The Back-Up Facilities will be capable of providing the material services in the event an incident to the Primary Facilities significantly interrupts the delivery of a material service from that facility. BNYM shall maintain (i) a written disaster recovery plan providing for continued operation of critical components of the BNYM System in the event of an significant interruption in the performance or use of the BNYM System, and (ii) a written business continuity plan providing for the continued provision of critical services pursuant Section 3 of this Agreement in the event of a significant disruption to such services, which such plans shall provide, where appropriate to the particular plan, for BNYM (a) to maintain the Backup Facilities, (b) perform periodic, but at least annual, disaster recovery and business continuity testing, and (c) maintain disaster recovery and business continuity capabilities and procedures that are commercially reasonable for a financial institution. In the event of an equipment failure or service disruption, BNYM shall, at no additional expense to the Fund, notify the Fund as soon as practicable under the circumstances and take reasonable steps to minimize the impact of the equipment failure or service interruptions, including implement the disaster recovery plan or business continuity plan, or both, in accordance with their terms, including using the Back-Up Facilities to the extent appropriate under such plans.

**9. <u>Compensation; Service Accounts, Fund Custodian Matters</u>.**

(a) As compensation for services rendered by BNYM during the term of this Agreement, the Fund will pay to BNYM such fees and charges (the "**Fees**") as may be agreed to from time to time and set forth in writing by the Fund and BNYM (the "**Fee Agreement**"). In addition, the Fund agrees to pay, and will be billed separately in arrears for, reasonable expenses incurred by BNYM in the performance of its duties hereunder ("**Reimbursable Expenses**").

(b) BNYM may establish demand deposit accounts or other accounts in its own name for the benefit of the Fund at third-party financial institutions ("**Third Party Institution**"), including without limitation Third Party Institutions that may be an affiliate of BNYM ("**Affiliated Third Party Institutions**") or a client of BNYM, for the purpose of administering funds received by BNYM in the course of performing its services hereunder ("**Service Accounts**"). BNYM will issue instructions to the Fund Custodian as appropriate to administer the Service Accounts. BNYM may establish Service Accounts primarily or exclusively with Affiliated Third Party Institutions and retain funds primarily or exclusively in the Service Accounts at Affiliated Third Party Institutions. BNYM and its Affiliated Third Party Institutions may derive a benefit from the funds placed on deposit with the Affiliated Third Party Institutions in Service Accounts due to the availability of the funds for use by the Affiliated Third Party Institutions in their business operations and BNYM takes that possibility of deriving benefit from such funds into consideration when determining the Fees and other terms set forth in the Fee Agreement. As of the Effective Date, BNYM does not receive any balance credits, interest income, dividend income or other money or money-equivalent benefits ("**Monetary Benefits**") with respect to Service Accounts but reserves the right, upon notice to the Fund, to retain any Monetary Benefits related to Service Accounts that may accrue to it or be paid to it in the future as well as the right to transfer amounts between Service Accounts for cash administration purposes.

(c) In connection with BNYM's performance of transfer agency services, the Fund acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) BNYM in its role as transfer agent may
 be notified of a Fund payment obligation that BNYM as transfer agent is expected to satisfy,
 such as a same-day settlement obligation with the NSCC, by forwarding payment to the
 NSCC or other obligee but the amount required to satisfy the particular payment obligation
 of the Fund may exceed the amount of funds then available for transfer in the relevant
 Service Accounts (such excess amount if transferred by BNYM being hereinafter referred
 to as an "**Overdraft Amount** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) BNYM is not obligated to transfer any
 funds representing Overdraft Amounts and may in its sole discretion decline or delay
 settlement without liability hereunder to transfer funds representing Overdraft Amounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding the absence of an
 obligation to do so, BNYM may, subject to overdraft fees, elect to transfer funds representing
 Overdraft Amounts (from sources other than the Service Accounts) as a courtesy to the
 Fund and to maintain BNYM's good standing with the NSCC and other participants in the
 financial services industry and that by electing to transfer funds representing Overdraft
 Amounts BNYM does not, even if it has transferred such funds as part of a regular pattern
 of conduct, waive any rights under this Section 9(c) or assume the obligation it has
 expressly disclaimed in clause (ii) above and BNYM may at any time in its sole discretion
 and without notice decline to continue to make such transfers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Fund is at all times obligated
 to pay to BNYM an amount of money equal to the Overdraft Amounts that have not been offset
 by credits posted to the relevant Service Account subsequent to the transfer of the Overdraft
 Amount and such amounts are payable, and shall be paid, together with such accrued interest
 as may be charged by BNY Mellon Bank in accordance with the Custody Agreement (as defined
 in Schedule C), by the Fund immediately upon demand by BNYM, except that to the extent
 the Fund repays outstanding Overdraft Amounts and any accrued interest plus fees to BNY
 Mellon Bank pursuant to the eighth paragraph of Schedule C, the Fund's obligation to
 repay that amount to BNYM pursuant to this Section 9(c)(iv) shall be deemed satisfied;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Simultaneously with the execution of
 this Agreement the Fund will execute the Letter Agreement attached hereto as Schedule
 C with BNY Mellon Bank as an Affiliated Third Party Institution in which one or more
 Service Accounts will be established and as the Fund Custodian.

(d) The undersigned hereby represents and warrants to BNYM that (i) the terms of this Agreement, (ii) the fees and expenses associated with this Agreement, and (iii) any benefits accruing to BNYM or to the adviser or sponsor to the Fund in connection with this Agreement, including but not limited to any fee waivers, conversion cost reimbursements, up-front payments, signing payments or periodic payments made or to be made by BNYM to such adviser or sponsor or any affiliate of the Fund relating to the Agreement have been fully disclosed to the Board and that, if required by applicable law, such Board has approved or will approve the terms of this Agreement, any such fees and expenses, and any such benefits.

(e) No termination of this Agreement shall cause, and no provision of this Agreement shall be interpreted in any manner that would cause, BNYM's right to receive payment of its fees and charges for services actually performed hereunder, and the Fund's obligation to pay such fees and charges, to be barred, limited, abridged, conditioned, reduced, abrogated, or subject to a cap or other limitation or exclusion of any nature.

(f) Provisions of this Agreement providing for BNYM to receive commercially reasonable compensation or fees and reimbursement of expenses from the Fund for services or a course of conduct it

might perform supplemental to the services expressly provided for herein or in circumstances outside the ordinary course of business shall not be diminished to any degree solely due to such compensation, fees and reimbursable expenses not being expressly provided for in the Fee Agreement.

(g) In the event the Fund or any class, tier or other subdivision of the Fund is liquidated, ceases operations, dissolves or otherwise winds down operations ("**Dissolution Event**") or effects a final distribution to shareholders (a "**Final Distribution**"), the Fund shall be responsible for paying to BNYM all fees and reimbursing BNYM for all reasonable expenses associated with services to be provided by BNYM in connection with the Dissolution Event or Final Distribution, whether provided pursuant to a specific request of the Fund or provided by BNYM due to industry standards or due to obligations under applicable law or regulation by virtue of the services previously performed for Fund ("**Final Expenses**"). The Fund shall (i) as promptly as practicable notify BNYM in reasonable detail of actions taken by its Board with respect to any Dissolution Event or Final Distribution or any significant aspect of a Dissolution Event or Final Distribution, and furnish BNYM with copies of materials filed with the SEC or other applicable regulatory authority or distributed to shareholders with respect to a Dissolution Event or Final Distribution, (ii) calculate, set aside, reserve and withhold from the Final Distribution or from any distribution subsequent to Board approval of the Dissolution Event or Final Distribution all amounts necessary to pay the Final Expenses and shall notify BNYM as far in advance as practicable of any deadline for submitting materials appropriate or necessary for the determination of such amounts, and (iii) provide sufficient staff or make other accommodations to ensure timely payment of Final Expenses as they come due.

**10. <u>Instructions</u>.**

(a) BNYM will engage in conduct when so directed by a Written Instruction or an Implementing Communication if the Written Instruction or an Implementing Communication, as appropriate, complies with applicable requirements set forth in this Section 10.

(i) *<u>Written Instructions</u>* .
 Notwithstanding any other provision of this Agreement: (A) unless the terms of this Agreement,
 Written Procedures or other written agreement between the Fund and BNYM expressly provide,
 in the reasonable discretion of BNYM, all requisite details and directions for it to
 take a specific course of conduct, BNYM may, prior to engaging in a course of conduct
 on a particular matter, whether the course of conduct is proposed by or otherwise originates
 with BNYM or is directed by the Fund in a Fund Communication, require the Fund to provide
 it with Written Instructions with respect to the particular conduct, and (B) BNYM may
 also require Written Instructions with respect to conduct specified in a Fund Communication
 if it reasonably determines that the Agreement, Written Procedures or other written agreement
 between the Fund and BNYM provides for the Fund to furnish a Written Instruction in connection
 with the specified conduct.

(ii) *<u>Implementing Communications</u>* .
 "**Implementing Communication**" means Fund Communications that are not
 a Written Instruction and that BNYM has determined in accordance with clause (i) above
 are not required in whole or in part to be the subject of a Written Instruction.

(b) Subject to the right of BNYM to require in accordance with Section 10(a)(i) that conduct directed by a Fund Communication be provided in a Written Instruction, BNYM reserves the right to decline to act in accordance with a Fund Communication:

(i) for a Bona Fide Reason; or

(ii) if the Fund Communication (or contents
 thereof) does not constitute in all material respects, in the sole judgment of BNYM exercised
 reasonably, a "**Standard Instruction** ", which is hereby defined

to mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) an instruction received by BNYM
 directing a course of conduct substantially similar in all material respects to a course
 of conduct provided for in a Written Procedure, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if a Written Procedure provides
 for a particular form of instruction to be used in connection with a matter (a "**Standard Form** "), an instruction received by BNYM (I) on the specified Standard Form which
 responds appropriately to all requirements of the specified Standard Form, or (II) in
 a format other than the specified Standard Form but conforming in all material respects
 to, and responding appropriately to all requirements of, the specified Standard Form
 in BNYM's sole judgment exercised reasonably.

(c) (1) Notwithstanding the right reserved by BNYM in Section 10(b) to decline to engage in conduct directed by a Fund Communication that is not a Standard Instruction (such instruction being a "**Non-Standard Instruction**"), if BNYM determines in its sole judgment exercised reasonably that sufficient time exists under the circumstances to evaluate fully and implement the requested conduct it will engage in a Reasoned Consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) BNYM will act in accordance with a Non-Standard Instruction solely pursuant to the terms of a mutually agreeable written instrument executed by the Fund and BNYM with respect to the conduct constituting the Non-Standard Instruction (such written instrument is referred to herein as an "**Accepted Non-Standard Instruction**"). For the avoidance of doubt, such conduct is included within the conduct described in clause (b) of Section 12. Upon not less than thirty (30) days advance written notice, BNYM may for a Bona Fide Reason terminate an Accepted Non-Standard Instruction with respect to its future conduct.

(d) (1) The Fund shall implement reasonable measures to ensure that Fund Communications received by BNYM are authorized, accurate and complete and shall have sole and exclusive responsibility for the authorization, accuracy and completeness of such Fund Communications. BNYM is not obligated to act, and may refrain from acting, on any Illegible Communication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) BNYM will as promptly as reasonable in consideration of the subject matter of the Fund Communication notify the Fund in a timely manner of its discovery that a Fund Communication is an Illegible Communication; <u>provided</u>, <u>however</u>, BNYM shall have no duty to discover an Illegible Communication. BNYM may act in reliance on Fund Communications in good faith as received by it and shall have no duty to inquire into any matter regarding the Fund Communication, including without limitation the validity, authority, truthfulness, accuracy or genuineness of the Fund Communication, or to verify the identity of an individual giving the Fund Communication; <u>provided</u>, <u>however</u>, BNYM shall be obligated to verify that the name of any person executing a Written Instruction is listed as an Authorized Person. BNYM may assume and rely on the assumption that any Fund Communication is not in any way inconsistent with the provisions of the Fund's Prospectus or organizational documents, this Agreement or any vote, resolution or proceeding of the Fund's Board or shareholders. BNYM may also rely on and is authorized by the Fund to act in reliance on communications from shareholders of the Fund and from persons reasonably believed to be representatives of shareholders of the Fund with respect to all matters reasonably related to the services provided for herein other than those BNYM determine to be not in good order or which it reasonably rejects on other grounds ("**Shareholder Communications**", and together with Fund Communications (excluding Fund Communications identified to the Fund as Illegible Communications), "**Service Communications**"). BNYM shall notify the Fund of any such rejections in accordance with Written Procedures.

(e) Absent Liable Conduct on the part of BNYM, BNYM shall not be liable to the Fund for any Loss

of the Fund, and the Fund shall indemnify and defend BNYM in accordance with Section 12 against all Loss, directly or indirectly arising from or incurred due to or in connection with:

(i) BNYM's reasonable good faith interpretation
 of a Service Communication;

(ii) BNYM's reasonable reliance on, or
 conduct it reasonably engages in pursuant to, a Service Communication;

(iii) a delay in BNYM's implementing a course
 of conduct contained in an Illegible Communication;

(iv) BNYM's failure to engage in conduct
 requested by a Service Communication with respect to which it has no duty to act;

(v) any error, omission, inaccuracy, inconsistency,
 misrepresentation, fraud, forgery or other defect connected to a Service Communication;

(vi) any failure to receive an item intended
 to be a Service Communication or the delay of its actual receipt or its receipt in a
 form, configuration or with contents other than as transmitted;

(vii) any interception of or unauthorized
 access to or use of a Service Communication or item intended to be a Service Communication
 prior to receipt by BNYM (with "receipt by BNYM" to include electronic receipt
 at an electronic address within the BNYM information system specifically designated by
 BNYM under the terms applicable to that address, as well as physical receipt by BNYM
 at an authorized address specifically designated by BNYM); or

(viii) the invalidity or lack of truthfulness,
 accuracy, authority or genuineness of a Service Communication.

(f) In addition to any other provision of this Agreement that may be applicable to a particular Instruction, BNYM may include in the writing constituting a Standard Instruction, or in a Standard Form, appropriate operational, procedural and functional terms and provisions, provisions appropriate to its agency role, and provisions appropriate in light of or imposed by applicable law or regulations, rules of the DTCC, NSCC or similar service providers or governmental, regulatory or self-regulatory authority, or Industry Standards. In addition, in the absence of provisions in this Agreement that in the sole judgment of BNYM exercised reasonably provide sufficient authority, indemnification, limitations on liability or confidentiality and privacy protections, BNYM may require third parties purportedly authorized to act on behalf of or for the benefit of the Fund in connection with activities contemplated by this Agreement, or the Fund, to execute a document containing such terms and conditions as BNYM may reasonably require prior to engaging in any course of conduct with such third parties.

(g) BNYM may conclusively presume that a Fund Communication has been properly authorized (i) if received by BNYM via an electronic transmission method authorized by BNYM requiring use of user IDs, passwords, authorization codes, authentication keys or other security mnemonics ("**Security Codes**"), or (ii) if received by facsimile, email, or other electronic method not requiring Security Codes at a number or address that has been authorized by BNYM.

(h) While reserving its right under this Section 10 to decline to act in accordance with instructions not constituting Written Instructions, BNYM may agree to act in accordance with Oral Instructions on a particular matter, and, with respect to each acceptance of Oral Instructions, the Fund agrees that it will deliver to BNYM, for receipt by 5:00 PM (Eastern Time) on the same business day as the day the Oral Instructions were given, Written Instructions which confirm the course of conduct contained in the Oral Instructions. Under all circumstances and for all purposes of the Agreement: BNYM's written memorialization of the Oral Instructions shall constitute the Written Instructions applicable to the particular matter; and the validity and authorization of such Written Instructions and of the conduct undertaken by BNYM and BNYM's right to rely on such Written Instructions shall not be abridged, abrogated or adversely impacted in any manner.

(i) In the event facts, circumstances, or conditions exist or events occur, including without limitation

situations contemplated by Section 10(d), and BNYM reasonably determines that it must take a course of conduct in response to such situation (including a course of action that constitutes taking no action) and must receive an Instruction from the Fund to direct its conduct, and BNYM so notifies two Authorized Persons of the Fund, and the Fund fails to furnish Instructions ("**Response Failure**"), BNYM will in good faith seek to determine the appropriate course of conduct in response to the circumstances and will have all rights with respect the conduct taken in good faith in such circumstances (including a course of action that constitutes taking no action) that it would have if the conduct were specified in Written Instructions.

(j) Any form furnished by the Fund to third parties for use in connection with the activities or services of BNYM contemplated by this Agreement that does not constitute a Standard Form or a form that is substantially equivalent in all material respects to a Standard Form ("**Non-Standard Form**") shall constitute a Non-Standard Instruction subject to all terms of this Section 10 applicable to Non-Standard Instructions . BNYM may without liability hereunder decline to accept or act upon a Non-Standard Form and the Fund indemnifies and releases BNYM for and from all Loss incurred in connection with reasonable conduct BNYM engages in connection with the Non-Standard Form, absent Liable Conduct, including accepting or declining to accept or acting or declining to act upon a Non-Standard Form.

**11. <u>Terms Relating to Liability</u>.** 

(a) BNYM's sole and exclusive monetary liability to the Fund (and all persons or entities claiming through or for the Fund) under this Agreement shall be for the direct money damages (i) that result from BNYM's intentional misconduct, reckless disregard, fraud or negligence in the performance of an obligation under this Agreement ("**Liable Conduct**"), and (ii) that are not excluded by another provision of this Agreement.

(b) BNYM's maximum aggregate cumulative monetary liability to the Fund and all persons or entities claiming through the Fund, considered as a whole, for all loss, cost, expense, damages, liabilities and obligations under or related to this Agreement or the services hereunder, the recovery of which is not excluded by another provision of this Agreement, shall not exceed (i) the Fees actually paid to BNYM by the Fund for services provided hereunder during the twenty-four (24) calendar months immediately preceding the last Loss Date; or (ii) if the last Loss Date occurs prior to the completion of twenty-four (24) full calendar months following the Service Effective Date, the greater of (A) all Fees paid with respect services rendered during the full calendar months that have elapsed subsequent to the Service Effective Date ("**Elapsed Months**"), or (B) the average monthly amount of Fees paid during the Elapsed Months multiplied by 24, provided, however, that such limitation of liability shall not be applicable to any act of BNYM or any BNYM Affiliate constituting intentional misconduct, reckless disregard, fraud or gross negligence in the performance of this Agreement. The maximum aggregate cumulative liability of BNYM as specified by this Section 11(b) is referred to herein as the "**General Damage Cap**".

(c) Notwithstanding any other provision, and for all purposes, of this Agreement:

Neither Party nor its Affiliates shall be liable for any Loss (including Loss caused by delays, failure, errors, interruption or loss of data) or breach hereunder occurring directly or indirectly by reason of any event or circumstance, whether foreseeable or unforeseeable, which despite the taking of commercially reasonable measures is beyond its reasonable control, including without limitation: extraordinary forces of nature and natural disasters, such as floods, hurricanes, severe storms (storms with one or more severely destructive forces comparable to hurricane but not meeting technical hurricane criteria), tornados, earthquakes and wildfires; national or local states of emergencies; epidemics; action or inaction of civil or military authority; war, terrorism, riots or insurrection; criminal acts; job action by organized labor; building or area evacuations ordered by lawful authority; interruption, loss or malfunction of utilities, transportation, computer or communications capabilities; denial of service attacks; non-performance by third parties (other

than subcontractors of BNYM for causes other than those described herein); or functions or malfunctions of the internet, firewalls, encryption systems or security devices caused by any of the foregoing (all and any of the foregoing being an "**Event Beyond Reasonable Control**"). Upon the occurrence of an Event Beyond Reasonable Control, the affected Party shall be excused from any non-performance caused by the Event Beyond Reasonable Control for so long as the Event Beyond Reasonable Control or damages caused by it prevail and such Party continues to use commercially reasonable efforts to attempt to perform the obligation so impacted, including invoking disaster recovery or business continuity plans when applicable.

(d) BNYM shall not be liable for any Loss arising out of any action, omission or conduct of any prior service provider of the Fund (other than BNYM or its Affiliates) or for any failure to discover any action, omission or conduct of any prior service provider of the Fund that caused or could cause Loss; provided such Loss is not caused by the Liable Conduct of BNYM.

(e) Notwithstanding any other provision of this Agreement, except to the extent a provision may expressly provide for indemnification of all Loss, in which case indemnification for all Loss shall be permitted, in no event shall the Fund or BNYM, its Affiliates or any of its or their directors, officers, employees, agents or subcontractors be liable under the Agreement under any theory of tort, contract, strict liability or other legal or equitable theory for lost profits, for exemplary, punitive, special, incidental, indirect or consequential damages, or for any other losses which are not direct damages regardless of whether such losses or damages were or should have been foreseeable and regardless of whether any entity or person has been advised of the possibility of such losses or damages, all and each of which such loss is hereby excluded by agreement of the Parties.

(f) No Party may assert a claim or cause of action (or, if applicable, commence an arbitration or other alternate dispute resolution proceeding) against the other Party or any of its Affiliates more than 18 months after such Party first becomes aware, or should reasonably have become aware, of the events or occurrences comprising the conduct or alleged conduct upon which the claim, cause of action or dispute resolution proceeding is based.

(g) Each Party shall have a duty to mitigate damages for which the other Party may become responsible. BNYM shall be permitted to pursue recovery of amounts paid by BNYM to persons not entitled to such amounts or payments, including through all available legal remedies, and the Fund agrees to cooperate with BNYM (at BNYM's expense and request).

(h) With respect to securities data, files, reports, information and research furnished to BNYM by third parties (not delegated duties, subcontracted or otherwise engaged by BNYM to perform the services hereunder on its behalf) and included in the BNYM System ("**Securities Data**"), the Fund acknowledges that BNYM makes no warranty concerning the Securities Data and BNYM disclaims all responsibility for the Securities Data, including its content, accuracy, completeness, availability or timeliness of delivery, and BNYM shall not be liable for Loss caused by Errant Securities Data (as defined below); <u>provided</u>, <u>however</u>, with respect to transaction activity communicated to BNYM by the DTCC or NSCC, BNYM will maintain commercially reasonable processes and procedures to detect and attempt to resolve rejected transactions. "**Errant Securities Data**" means Securities Data not being provided to BNYM with the content and at the time which is standard for the industry or which is required for or used in the performance of any service provided for in the Agreement.

(i) If BNYM becomes aware of a matter that involves a signature guarantee, signature validation, or any other guarantee or certification regarding a signature, document or instrument, a fraudulent signature, document or instrument, a document or instrument that is alleged to be fraudulently procured, tendered or negotiated, any other matter involving a payment instrument, a payment or funds transfer system, or a payment clearance system, and any other matter that may give rise to a claim for recovery under applicable

law or regulation or the rules of an industry utility (such as the NSCC or NACHA), BNYM will take commercially reasonable measures to investigate the facts of the matter and upon the conclusion of the investigation provide to the Fund with access to all materials and information gathered during the investigation not subject to a confidentiality obligation to third parties and thereafter, as between the Fund and BNYM, any further action on behalf of the Fund or a shareholder in connection with the matter investigated shall be the sole and exclusive responsibility of the Fund. BNYM shall cooperate reasonably to provide information in its possession at the time in any ongoing investigation conducted by the Fund into such matters.

(j) BNYM shall be entitled to rely on, and engage in conduct based upon, its reasonable and good faith interpretation of "**Legal Authority**" (which is hereby defined to mean all laws and all regulations, rules, legal process and other acts and communications of an official nature of governmental, quasi-governmental bodies, regulatory and self-regulatory bodies) and the analysis and advice of legal counsel, including such reliance and conduct in circumstances when available Legal Authority is in conflict or does not provide unambiguous precedent or guidance. BNYM may rely and act in accordance with the analysis and advice of legal counsel that is reasoned notwithstanding the existence or availability of a differing legal analysis or advice or of different interpretations. For the avoidance of doubt, such conduct is included within the conduct described in clause (b) of Section 12 and the rights described in Section 12 apply in the event the Fund requests that BNYM engage in conduct other than in accordance with BNYM's reasonable interpretation of Legal Authority or reasoned legal analysis or legal advice and BNYM engages in such conduct.

(k) In connection with any dispute or action between the Parties to this Agreement, unless recovery of legal fees or expenses is expressly provided for by a particular provision: no Party to this Agreement shall be liable to any other Party to this Agreement for any costs or expenses of any nature related to legal counsel, legal representation or legal action, including without limitation costs and expenses associated with litigation, threatened litigation and dispute resolution, court costs and costs of arbitration, discovery, experts, settlement and investigation that arise in connection with any claim, indemnification right, action or demand made or sought under this Agreement; each Party shall bear its own such costs and expenses.

(k) (1) Any Loss incurred by any Party to the Agreement or its Affiliates or any other Party, including a current or former Fund shareholder, as a result of fraud by a Shareholder or other person, including without limitation Loss incurred in connection with any one or more of the events or circumstances described immediately below ("**Fraud Loss**"), shall, as between BNYM and the Fund, be the responsibility and liability of the Fund, if in connection with all related purchase repurchase and/or redemption transactions BNYM complied in all material respects with the Written Procedures applicable to such transactions and acted in good faith ("**Applicable Procedures**"):

(i) The acceptance, processing, negotiation
 or crediting to an account of a payment for the purchase of Shares (whether a check,
 permissible cash equivalent, ACH transfer, wire transfer or other permissible payment
 instrument or method) that is (A) subsequently determined or claimed to be fraudulent,
 unauthorized or otherwise invalid, (B) an electronic funds transfer that is returned,
 reversed, reclaimed or otherwise withdrawn, or (C) an instrument that is dishonored,
 rejected or returned after the Fund's hold period on new purchases expires;

(ii) Multiple deposit, negotiation or other
 taking possession of the proceeds of a distribution, such as (A) the remote deposit of
 a check through a "smart phone" or other mobile check-depositing application
 combined with the cashing of the same check at a check cashing agency, or (B) a shareholder
 reporting a distribution check as lost, stolen or missing combined with a request for
 a replacement payment by electronic funds transfer followed by the cashing at a check
 cashing agency of the check reported lost, stolen or missing; or

(iii) The receipt in good order and the
 processing of instructions, whether oral, written, electronic, sent via Internet, automated
 voice or by other permissible means, regarding the redemption or repurchase of shares
 in an account and the distribution of the proceeds of that redemption or repurchase or
 any other financial or maintenance transaction, including without limitation changing
 the bank account of record, that are subsequently claimed to have been given by someone
 not authorized to issue instructions for that account (including, for avoidance of doubt,
 instructions given by persons misrepresenting themselves as an account owner or other
 authorized person who accurately presents required security data elements or otherwise
 satisfies or complies with security and identity verification protocols);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) To the extent BNYM does not follow the Applicable Procedures in all material respects BNYM shall be liable for that portion of the Fraud Loss not otherwise excluded by this Agreement directly arising from such conduct. In the event Fraud Loss is incurred by BNYM or its Affiliates and not excludable pursuant to the immediately preceding sentence, the Fund agrees to reimburse BNYM within a reasonable period following its receipt of a request from BNYM and reasonable evidence of the Fraud Loss.

(m) This Section 11 shall survive termination of this Agreement.

**12. <u>Standard of Care and Indemnification</u>.**

(a) BNYM shall be obligated to exercise in the performance of its duties hereunder reasonable care, prudence and diligence, to act in good faith and to use commercially reasonable efforts in performing services provided for under this Agreement.

(b) The Fund agrees to indemnify, defend and hold harmless BNYM and its Affiliates, and to indemnify, defend and hold harmless the Custodian and its Affiliates in connection with services it provides pursuant to Section 3(a)(12), and the respective directors, trustees, officers, agents and employees of each, from all Loss arising directly or indirectly from: (i) third party Claims based on conduct of the Fund or an agent, contractor, subcontractor or prior or current service provider; (ii) BNYM's response to legal process from third parties compelling testimony or evidence production in connection with a Claim asserted against the Fund or its agents but not BNYM, (iii) Administrative Actions taken in connection with Legal Process Items, (iv) conduct of BNYM as agent of the Fund not involving Liable Conduct in the execution of the conduct, including without limitation conduct required or permitted by the Agreement and conduct taken pursuant to Fund Communications, Written Procedures, Legal Authority, Section 10(h) (Response Failure), or Non-Standard Forms, and (v) a Fund Error or Errant Securities Data. For the avoidance of doubt, except as otherwise provided herein, BNYM shall have no liability to the Fund or any person claiming through or for the Fund except to the extent that such loss constitutes BNYM's Liable Conduct. The Fund shall have no obligation to indemnify BNYM for any of the foregoing to the extent arising out of BNYM's Liable Conduct. Each Party shall notify the other Party as promptly as practicable of all material facts of which it becomes aware regarding events or circumstances with respect to which the Party could seek indemnification under this Agreement. BNYM shall promptly use reasonable efforts to consult with the Fund and its legal counsel prior to settling or making any compromise in any case in which the Fund will or has been asked to provide indemnification. No failure to so notify and no late notification shall disqualify BNYM from indemnification hereunder except to the extent the Fund is materially adversely affected by the failure to notify or delay in notification. This Section 12 shall survive termination of this Agreement.

(c) BNYM shall indemnify, defend and hold harmless the Fund and its Affiliates, and the respective directors, trustees, officers, agents and employees of each, and shall hold the foregoing harmless, for and from those damages with respect to BNYM's Liable Conduct. BNYM shall have no obligation to indemnify the Fund for any such damages arising out of the Fund's intentional misconduct, reckless disregard, fraud or negligence in the performance of an obligation under this Agreement.

(d) In the event that a claim of indemnification under this Section 12 will be made based on a formal complaint filed in a court of competent jurisdiction by a third-party ("**Third Party Claim**"), and solely in such event:

In order that the indemnification provisions contained in this Section 12 shall apply in the event of a Third Party Claim, upon the receipt of a copy of the relevant complaint the Party seeking indemnification shall promptly notify the other Party of such assertion, and shall keep the other party advised with respect to all material developments concerning the Third Party Claim. Any failure to notify promptly shall not diminish a Party's right to receive indemnification except to the extent such failure has materially adversely impacted the indemnifying Party's rights or increased its liability. The Party who may be required to indemnify shall have the right to control the defense of the claim, and the Party seeking indemnification shall have the option to participate in the defense of such claim, at its own cost and expense. The Party seeking indemnification will cooperate reasonably, at the indemnifying Party's expense, with the indemnifying Party in the defense of such claim; provided, however, that the Party seeking indemnification shall not be required to take any action that would impair any claim it may have against the indemnifying Party. The Party seeking indemnification shall in no case confess any claim or make any compromise in any case in which the other Party may be required to indemnify it except with the other Party's prior written consent. The indemnifying Party shall not settle or compromise any claim or consent to the entry of any judgment with respect to which indemnification is being sought hereunder without the prior written consent of the Party seeking indemnification, which consent shall not be unreasonably withheld, delayed or conditioned.

**13. <u>Duration and Termination</u>.**

(a) This Agreement shall be effective on the Effective Date and continue, unless validly terminated pursuant to this Section 13 prior thereto, until the date which is the third (3rd) anniversary of the Service Effective Date (the "**Initial Term**").

(b) (1) This Agreement shall automatically renew on the final day of the Initial Term and the final day of each Renewal Term for an additional term which will continue until the second (2<sup>nd</sup>) anniversary of such renewal date (each such additional term being a "**Renewal Term**"), unless the Fund, gives written notice to BNYM of its intent not to renew and such notice is received by BNYM not less than ninety (90) days prior to the expiration of the Initial Term or the then-current Renewal Term (a "Fund **Non-Renewal Notice**") or BNYM gives written notice to the Fund of its intent not to renew and such notice is received by the Fund not less than one hundred eighty (180) days prior to the expiration of the Initial Term or the then-current Renewal Term ("**BNYM Non-Renewal Notice**", and together with Fund Non-Renewal Notice, each is a "**Non-Renewal Notice**"). In the event a Party provides a Non-Renewal Notice, this Agreement shall terminate on the last day of the Initial Term or Renewal Term, as applicable, or, if later and applicable, the later of the day substantially all Services cease to be provided (for avoidance of doubt, other than Trailing Services) or the date the Deconversion (or final Deconversion if more than one) is completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In connection with a termination occurring pursuant to a Non-Renewal Notice or pursuant to a termination notice received under Section 13(c) or 13(d), if Deconversion Services are requested by the Fund BNYM shall make commercially reasonable efforts to perform the requested Deconversion Services as of the dates reasonably requested by the Fund, subject to BNYM's existing work and project schedules and the availability of personnel with requisite expertise, and subject to the condition precedent that all parties reasonably expected to receive confidential or proprietary information or intellectual property of BNYM in connection with the Deconversion execute a non-disclosure agreement with respect to such information and property satisfactory to BNYM. BNYM shall not be obligated to perform Trailing

Services or Deconversion Services in connection with a termination occurring pursuant to Section 13(f) or a termination pursuant to Section 13(c) due to a failure to pay Fees or Reimbursable Expenses.

(c) If a Party materially breaches this Agreement (a "**Defaulting Party**") the other Party (the "**Non-Defaulting Party**") may give written notice thereof to the Defaulting Party (BNYM or the Fund) ("**Breach Notice**"), and if such material breach shall not have been remedied within thirty (30) days after the Breach Notice is given, then the Non-Defaulting Party may terminate this Agreement by giving written notice of termination to the Defaulting Party ("**Breach Termination Notice**"), in which case this Agreement shall terminate on the 30th day following the date the Breach Termination Notice is given, or such later date as may be specified in the Breach Termination Notice (but not later than the last day of the Initial Term or then-current Renewal Term, as appropriate), or, if later and applicable, the later of the day substantially all Services cease to be provided (for avoidance of doubt, other than Trailing Services) or the date the Deconversion (or final Deconversion if more than one) is completed. In all cases, termination by the Non-Defaulting Party shall not constitute a waiver by the Non-Defaulting Party of any other rights it might have under this Agreement or otherwise against the Defaulting Party.

(d) (1) Notwithstanding any other provision of this Agreement, if for any reason prior to the expiration of, as appropriate, the Initial Term or the then-current Renewal Term, the Fund gives notice to BNYM terminating this Agreement other than pursuant to Section 13(b)(1), 13(c), or 13(f), or gives notice to BNYM terminating BNYM as the provider of any Service, or a Constructive Termination occurs (individually and collectively, an "**Early Termination**"), the following terms shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Before the earlier to occur of
 the effective date of the Early Termination or the commencement date of any significant
 Deconversion Services, the Fund shall pay to BNYM an amount equal to all fees and other
 charges and amounts that would be due under the Fee Agreement (excluding Reimbursable
 Expenses if not to be incurred) from such payment date through the expiration of, as
 appropriate, the Initial Term or the then-current Renewal Term as if services had been
 performed by BNYM and accepted by the Fund during such period in accordance with the
 Agreement ()"**Early Termination Fee** "). The Early Termination Fee shall
 be calculated using the average of the monthly fees and other charges and amounts due
 to BNYM under this Agreement during the last three full calendar months immediately preceding,
 as applicable, the date BNYM receives the notice of Early Termination or the date the
 Constructive Termination occurs, multiplied by the mixed number consisting of the whole
 and fractional months between, as applicable, the effective date of the Early Termination
 or date the Constructive Termination occurs, and the expiration date of, as applicable,
 the Initial Term or the then-current Renewal Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Fund gives notice of Early
 Termination, or a Constructive Termination occurs, after expiration of the notice period
 specified in Section 13(b)(1), all preceding references in this Section 13(d) to "expiration
 of, as appropriate, the Initial Term or the then-current Renewal Term" shall be
 deemed to mean "expiration of the Renewal Term immediately following, as appropriate,
 the Initial Term or the then-current Renewal Term."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Fund expressly acknowledges
 and agrees that the Early Termination Fee is not a penalty but is reasonable compensation
 to BNYM for a termination of the Agreement before the expiration of, as appropriate,
 the Initial Term or the then-current Renewal Term and prior to receipt by BNYM of the
 compensation upon which the fees and other terms of this Agreement were based.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) In the event of an Early Termination,
 this Agreement will terminate on the last to occur of the date contained in a notice
 of Early Termination, the day substantially all Services cease

to be provided (for avoidance of doubt, other than Trailing Services) or the date the Deconversion (or final Deconversion if more than one) is completed.

(2) Notwithstanding any other provision of this Agreement, if all Fund Shares in a Shareholder account, or a substantial portion of Fund Shares in a Shareholder account, are redeemed or repurchased by the Fund for cash or in-kind assets by or at the direction, coordination or inducement of the investment advisor to the Fund, the Fund distributor, the Fund sponsor, or an Affiliate of any of the foregoing (each a "**Related Person**"), and the proceeds of the redemption or repurchase are subsequently used to purchase interests, shares or units in a collective investment vehicle with investment goals or investment holdings substantially similar to the Fund serviced by another transfer agency service provider (including without limitation a Related Person or the Fund acting on its own behalf) (a "**Removed Account**"), the Fund will be deemed to have caused an Early Termination with respect to the Removed Accounts as of the day immediately preceding the first such redemption or repurchase and the Fund shall pay BNYM within 30 days of such date an Early Termination Fee calculated as if the Removed Accounts constituted a "Fund" ("**Removed Account Fee**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In the event Section 13(d)(1) becomes applicable due to a termination of this Agreement by the Fund, or in the event Section 13(d)(1) becomes applicable due to a termination of Services and less than all Services are terminated with respect to the Fund, or in the event Section 13(d)(2) becomes applicable due to Removed Accounts, then this Agreement will remain in full force and effect with respect to the Fund and services not terminated and all non-Removed Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) For clarification with respect to Section 13(d): the consolidation or merger of the Fund into another fund shall not constitute a termination (or Constructive Termination) of this Agreement by the Fund consolidated or merged into another fund; the liquidation of the Fund and the merger or consolidation of the Fund into a fund or other collective investment vehicle not serviced by BNYM under this Agreement or not serviced by BNYM under an agreement substantially similar in all material respects to this Agreement shall constitute a termination (or Constructive Termination) of this Agreement by the Fund so liquidated, consolidated or merged; and the transfer of the Fund to another transfer agency service provider shall constitute a termination (or Constructive Termination) of this Agreement by the Fund transferred.

(e) (1) In connection with any termination of this Agreement, the Fund shall pay to BNYM the amounts described in clauses (A) and (B) below not later than the "**Payment Date**", which is hereby defined to mean (i) the effective date of the termination of the Agreement or Service (whether such date is determined by the sending of a Non-Renewal Notice, by designation of a date in a notice of termination or due to the occurrence of a Constructive Termination), or, (ii) if either of the following, or both, should occur before such effective date of termination, the date that either of the following first occurs: (aa) the date of cessation of a substantial portion of the Services, or (bb) the date that a Deconversion is scheduled to commence:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any Fees and Reimbursable Expenses
 that may be owed by the Fund pursuant to Section 9(a) for services performed by BNYM
 pursuant to the Agreement through and including the Payment Date (whether already invoiced,
 pending invoice or estimated in good faith);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the amount estimated in good faith
 by BNYM ()"**Good Faith Estimate**") for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) any services to be provided by BNYM
 following the Payment Date that may relate to a cessation of operations or the winding
 up of the affairs of the Fund or a termination of the Agreement, including by way of
 example and not limitation, answering general shareholder inquiries, furnishing historical
 shareholder account information to authorized parties, providing tax services with respect
 to

transactions occurring before the termination such as the filing of final tax forms, maintaining a Service Account for checks not yet cleared, and compliance with record retention requirements ("**Trailing Services**"), at the fees set forth in the Fee Agreement or, if applicable fees are not provided for therein, at commercially reasonable rates, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) the reasonable out-of-pocket expenses
 expected to be incurred in performing the Trailing Services ()"**Reimbursable Trailing Expenses** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(III) if BNYM is requested to perform
 any Deconversion Services (as defined below): (I) fees and charges of BNYM for such Deconversion
 Services at the rates set forth in the Fee Agreement or, if applicable fees are not provided
 for therein, fees at commercially reasonable rates, and (II) amounts to reimburse BNYM
 for any reasonable out-of-pocket expenses reasonably expected to be incurred in performing
 the Deconversion Services. "**Deconversion Services**" means a Deconversion
 and any and all other measures taken and conduct engaged in by BNYM associated with any
 transfer or movement of files, records, materials or information or a conversion thereof,
 including but not limited to the transfer, movement or duplication of any files, records,
 materials or information and any conversion of such from the formats and specifications
 of the BNYM System to the formats and specifications of a successor service provider
 or as otherwise specified by the Fund. BNYM's obligation to perform any Deconversion
 Services is expressly conditioned on the prior performance by the Fund, to BNYM's reasonable
 satisfaction, of their obligations under Section 3(a)(12)(C)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For avoidance of doubt: to the extent BNYM performs any services pursuant to Section 3 or Schedule B of the Agreement subsequent to the Payment Date, the Fund shall pay for such services upon being invoiced for such services in accordance with the terms of the invoice. In addition, to the extent Services are performed during a period for which an Early Termination Fee has been paid, the amount of Early Termination Fee paid for that period shall be applied as credit against the fees and other charges and amounts owed by the Fund for such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Within 120 days following the Deconversion (or final Deconversion if more than one):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) BNYM shall determine any (i) amounts
 payable by the Fund for services provided pursuant to Section 3 or Schedule B of the
 Agreement that have not been paid, (ii) amounts payable by the Fund for Trailing Services,
 for reimbursement of reasonable out-of-pocket expenses incurred in performing the Trailing
 Services, for Deconversion Services and for reimbursement of reasonable out-of-pocket
 expenses incurred in performing the Deconversion Services that have not been paid by
 the Fund, whether or not included in whole or in part in the Good Faith Estimate, and
 (iii) amounts paid by the Fund pursuant to Sections 13(e)(1)(B) and 13(e)(2) in excess
 of amounts actually owed by the Fund to BNYM for the services indicated therein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) BNYM shall net the amounts determined
 in accordance with clause (A) above and notify the Fund whether BNYM owes money to the
 Fund or the Fund owes money to BNYM and the amount owed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Within thirty (30) days following the invoice provided Section 13(e)(3)(B), BNYM will pay the Fund any amount it owes the Fund and the Fund shall pay BNYM any amount it owes BNYM.

(f) Subject to applicable law:

A Party hereunder is an "**Insolvent Party"** if it: (i) commences as debtor any case or proceeding under any bankruptcy, insolvency or similar law, or if there is commenced against it any such case or proceeding; (ii) commences as debtor any case or proceeding seeking the appointment of a receiver, conservator, trustee, custodian or similar official for itself or for any substantial part of its property or if there is commenced against it any such case or proceeding; (iii) makes a general assignment for the benefit of creditors; or (iv) states in any medium, written, electronic or otherwise, any public communication or in any other public manner its inability to pay debts as they come due. Notwithstanding any other provision of this Agreement, upon the happening of any event or circumstance making a Party an Insolvent Party (an "**Insolvency Event**"), the other Party hereunder (the "**Solvent Party"**) may in its sole discretion terminate this Agreement immediately (and, for clarification, in the event of a termination hereunder effected by BNYM, immediately cease providing all services) by sending notice of termination to the Insolvent Party. The Solvent Party may exercise its termination right under this Section 13(f) at any time following the occurrence of the Insolvency Event notwithstanding that the Insolvency Event may cease to be continuing prior to such exercise, and any delay in exercising this right shall not be construed as a waiver or other extinguishment of that right. Any exercise by the Solvent Party of its termination right under this Section 13(f) shall be without any prejudice to any other remedies or rights available to the Solvent Party and shall not be subject to any fee or penalty, whether monetary or equitable. Notwithstanding clause (iii) of Section 15, notice of termination under this Section 13(f) shall be considered effective when sent.

(g) References in this Agreement to a termination of the Agreement on or as of a particular day or date, unless specifically stated to be otherwise, means that termination occurs at 11:59 PM on the particular day or date.

(h) Any termination of this Agreement or Services must occur in accordance with the provisions of this Section 13.

**14. <u>Policies and Procedures</u>.**

(a) BNYM shall perform the services provided for in this Agreement in accordance with the written policies, processes, procedures, manuals, documentation and other operational guidelines of BNYM governing the performance of the services in effect at the time the services are performed ("**Standard Procedures**"). BNYM may embody in its Standard Procedures, including Standard Procedures for determining whether an instruction it receives is "in good order" ("**IGO**") or is "not in good order" ("**NIGO**"), and act in reliance on: a reasoned course of conduct, conduct it reasonably determines to be commercially reasonable or conduct consistent with generally accepted industry practices, principles or standards ("**Industry Standard**"). Likewise, when in connection with a providing a service, including IGO and NIGO determinations, BNYM is required to engage in conduct for which it does not have a Standard Procedure or Standard Procedures only partially address the facts and circumstances of a particular issue, BNYM may engage in and act in reliance on: a reasoned course of conduct, conduct it reasonably determines to be commercially reasonable or conduct consistent with Industry Standards. In making the decisions described in the foregoing sentences BNYM may rely on such information, data, research, analysis and advice, including legal analysis and advice, as it reasonably determines appropriate under the circumstances. For clarification: the published guidelines of the Securities Transfer Association shall constitute an Industry Standard on the subject matter addressed therein. BNYM may revise the Standard Procedures in accordance with the provisions of this Section 14(a).

(b) (1) Notwithstanding any other provision of this Agreement, in the event facts, circumstances or conditions exist or events occur which would require a service to be provided hereunder other than in accordance with BNYM's Standard Procedures, or if BNYM is requested by the Fund, or a third-party

authorized to act for the Fund, to deviate from a Standard Procedure in connection with the performance of a service hereunder or institute a service or procedure with respect to which there is no Standard Procedure (collectively, a "**Non-Standard Procedure**"), then BNYM will engage in a Reasoned Consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A Non-Standard Procedure that BNYM agrees to implement in a written instrument executed by the Fund and BNYM is referred to herein as an "**Exception Procedure**" and BNYM shall obligated to perform a Non-Standard Procedure only to the extent expressly provided for in an Exception Procedure. For the avoidance of doubt, conduct engaged in pursuant to an Exception Procedure is included within the conduct described in clause (b) of Section 12. Upon not less than thirty (30) days advance written notice BNYM may terminate an Exception Procedure for a Bona Fide Reason.

(c) In the event that Fund requests documentation, analysis or verification in whatsoever form regarding the commercial reasonableness or industry acceptance of conduct provided for in a Standard Procedure, BNYM will cooperate to furnish such materials as it may have in its possession at the time of the request without cost to the Fund, but the Fund agrees to reimburse BNYM for reasonable out of pocket costs and expenses incurred, including the costs of legal or expert advice or analysis, in obtaining additional materials in connection with the request.

(d) If in the course of acting in accordance with an Exception Procedure, BNYM encounters questions, issues or uncertainty of a legal or other nature as to the appropriate course of conduct under the Non-Standard Procedure, the Fund agrees that any reasonable expenses incurred by BNYM in consulting with third parties, such as, without limitation, attorneys, auditors or accountants, to resolve the questions, issues or uncertainty shall be the responsibility of the Fund to be paid upon being invoiced by BNYM. Prior to engaging any such third-party BNYM shall advise the Fund it is doing so and the Fund shall have the option of obtaining such consulting services on its own from consultants reasonably satisfactory to BNYM and providing the results to BNYM. For the avoidance of doubt, conduct engaged in pursuant to this Section 14(d) is included within the conduct described in clause (b) of Section 12.

**15. <u>Notices</u>.** Notices permitted or required by this Agreement shall be in writing and:

(i) addressed as follows, unless a notice
 provided in accordance with this Section 15 shall specify a different address or individual:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) if to BNYM, to BNY Mellon Investment
 Servicing (US) Inc., c/o The Bank of New York Mellon, New York, New York 10286, Attention:
 President, Transfer Agency; with a copy to The Bank of New York Mellon, 500 Ross Street,
 Pittsburgh, Pennsylvania, Attention: Legal Department; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if to the Fund, to Global X Venture
 Fund, 605 Third Ave, 43<sup>rd</sup> Floor, New York, NY 10158, Attention: Legal;

(ii) delivered: by hand (personal delivery by an Authorized Person
 to addressee); private messenger, with signature of recipient; U.S. Postal Service (with
 return receipt or other delivery verification provided); overnight national courier service,
 with signature of recipient, ; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) deemed given on the day received by the receiving Party.

**16. <u>Amendments</u>.**

This Agreement, or any term thereof, including without limitation the Schedules hereto, may not be amended, changed, modified, supplemented, rescinded, terminated, cancelled, or discharged orally or in

any other manner except by an agreement signed by the Parties set out in writing, excluding emails, specifically referencing that it is, as applicable, an amendment, change, modification, or supplement to or rescission, termination, cancellation, or discharge of this Agreement.

**17. <u>Assignment; Subcontracting</u>.** Except as expressly provided in this Section 17, no {arty may assign, transfer or delegate this Agreement, or assign or transfer any right hereunder or assign, transfer or delegate any obligation hereunder, without the written consent of the other Party and any purported assignment, transfer or delegation in violation of this Section 17 by a Party shall be voidable at the option of the other Party. For clarification: "assign," "transfer" and "delegate" as used in the foregoing sentence are intended to mean conveyances, whether voluntary or involuntary, whether by contract, a sale of a majority or more of the assets, equity interests or voting control of a Party, merger, consolidation, dissolution, insolvency proceedings, court order, operation of law or otherwise, which fully and irrevocably vest in the assignee, transferee or delegatee, as applicable, some or all rights and/or obligations under the Agreement and fully and irrevocably divest the assignor, transferor or delegator, as applicable, of some or all rights and/or obligations under the Agreement. Notwithstanding the foregoing, and without the prior written consent of any Party: To the extent appropriate under rules and regulations of the NSCC, BNYM may satisfy its obligations with respect to services involving the NSCC through an Affiliate that is a member of the NSCC by delegation or subcontracting; BNYM may assign, transfer and delegate this Agreement to an Affiliate and assign, transfer and delegate this Agreement in connection with a sale or transfer of a majority or more of its assets, equity interests or voting control, provided that BNYM gives the Fund ninety (90) days' prior written notice of such assignment, transfer or delegation, such assignment, transfer or delegation does not impair the Fund's receipt of services under this Agreement in any material respect, and the assignee, transferee or delegatee agrees to be bound by all terms of this Agreement in place of BNYM; and BNYM may subcontract with, hire, engage or otherwise outsource to any third-party with respect to the performance of any one or more of the functions, services, duties or obligations of BNYM under this Agreement but any such subcontracting, hiring, engaging or outsourcing shall not relieve BNYM of any of its liabilities hereunder.

**18. <u>Signatures; Counterparts</u>.** This Agreement may be executed in one or more counterparts and such execution may occur by manual signature on a copy of the Agreement physically delivered, on a copy of the Agreement transmitted by facsimile transmission or on a copy of the Agreement transmitted as an imaged document attached to an email, or by "**Electronic Signature**", which is hereby defined to mean inserting an image, representation or symbol of a signature into an electronic copy of the Agreement by electronic, digital or other technological methods. Each counterpart executed in accordance with the foregoing shall be deemed an original, with all such counterparts together constituting one and the same instrument. The exchange of executed counterparts of this Agreement or of executed signature pages to counterparts of this Agreement, in either case by facsimile transmission or as an imaged document attached to an email transmission, shall constitute effective execution and delivery of this Agreement and may be used for all purposes in lieu of a manually executed and physically delivered copy of this Agreement.

**19. <u>Miscellaneous</u>.** 

(a) <u>Entire Agreement</u>. This Agreement, and the related Fee Agreement, embody the final, complete, exclusive and fully integrated record of the agreement of the Parties on the subject matter herein and therein and supersedes all prior agreements, including all amendments and schedules relating or attached thereto, understandings, proposals, responses to requests for proposal, memoranda of understanding or memoranda of any other nature, terms sheets, letters of intent and communications of any other nature relating to such subject matter.

(b) <u>Non-Solicitation</u>. During the effectiveness of this Agreement and for one year thereafter, a Party

shall not, directly or indirectly, knowingly solicit or recruit for employment or hire, or make a recommendation, or referral or otherwise knowingly assist or facilitate the solicitation or recruitment of any employee of the other Party or an Affiliate of the Fund, for employment by any other entity. To "knowingly" solicit, recruit, hire, assist or facilitate, within the meaning of this provision, does not include, and therefore does not prohibit, solicitation, recruitment or hiring of an employee by another entity if the employee was identified solely as a result of the employee's response to a general advertisement in a publication of trade or industry interest or other similar general solicitation.

(c) <u>Changes That Materially Affect Obligations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fund agrees to provide BNYM with at least 30 days advance written notice of any new or modified Company Standard (as defined below) that could reasonably require revised or new Conduct, including without limitation revisions or additions to, or new, Shareholder Materials; <u>provided</u>, <u>however</u>, in the event 30 days' advance notice is not reasonably practicable under particular circumstances, the Fund shall provide as much advance notice as is reasonably practicable under those circumstances ("**Available Notice**"), but acknowledges and agrees that less than 30 days' notice may adversely impact BNYM's ability to perform an obligation hereunder or to respond to the Company Standard Change in a manner contemplated by Section 19(c)(2) and that BNYM shall have no liability and shall not be in breach of this Agreement or any performance standard if due in whole or in part to the Available Notice it is unable to perform an obligation in accordance with this Agreement. "**Company Standards**" means, collectively, as of a point in time that Company Standards is being determined, each feature, policy, procedure, service, operation, parameter or other aspect of whatsoever nature of the Fund that impacts or influences in any manner BNYM's provision of the Services or performance of an obligation, including without limitation all contents of the Fund's Shareholder Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notwithstanding any other provision of the Agreement, including without limitation the description of services in Section 3:

&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) To the extent that any obligation, Service or course of conduct of BNYM provided for hereunder is configured or performed as it is at a particular time in whole or in part due to Company Standards, standards imposed by clearing corporations or other industry-wide service bureaus or organizations, or laws, rules, regulations, orders or legal process in effect at such time ("**Service Requirements**") and BNYM's performance of that obligation, Service or course of conduct in compliance with any new or modified Service Requirement requires that BNYM develop, implement or provide a new or modified service, process, procedure, resource, functionality or conduct ("**New Service**"), or a new or modified Service Requirement requires that BNYM develop, implement or provide a New Service to remain in compliance with the Agreement, or the Fund requests that BNYM develop, implement or provide a New Service, BNYM shall be obligated to develop, implement or provide the New Service only in accordance with a written amendment to this Agreement entered into in its discretion.

&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 in order to perform an obligation under this Agreement BNYM develops, implements or provides a New Service that it may not be obligated to develop, implement or provide pursuant to subsection (A) above but that it develops, implements and provides for clients generally due to a new or revised Service Requirement, BNYM it shall entitled to commercially reasonable fees and reimbursement of reasonable expenses for such development, implementation and performance if it elects to invoice Company for such, or to such other fees, charges or expense reimbursement as may be mutually agreed by the Parties.

(d) <u>Captions</u>. 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.

(e) <u>Requested Information and Documentation</u>. The Fund will provide in a timely manner such information and documentation as BNYM may reasonably request in connection with providing services under this Agreement and BNYM will not be liable for any Loss incurred by the Fund due to a failure or delay in providing such information or documentation.

(f) <u>Governing Law</u>. This Agreement shall be deemed to be a contract made in Delaware and governed by Delaware law, without regard to its principles of conflicts of law that would apply the law of another jurisdiction. This Agreement will not be governed by the United Nations Convention on Contracts for the International Sale of Goods. The Uniform Computer Information Transaction Act drafted by the National Conference Of Commissioners On Uniform State Laws, or a version thereof, or any law based on or similar to such Act ("**UCITA**"), if and as adopted by the jurisdiction whose laws govern with respect to this Agreement in any form, shall not apply to this Agreement or the activities contemplated hereby. To the extent UCITA is applicable notwithstanding the foregoing, the Parties agree to opt out of the applicability of UCITA pursuant to the "opt out" provisions contained therein. The Parties hereby waive any right they may have to trial by jury in any action or proceeding involving, directly or indirectly, any matter in any way arising out of, related to, or connected with, this Agreement.

(g) <u>Severability</u>. The Parties intend every provision of this Agreement to be severable. If a court of competent jurisdiction determines that any term or provision is illegal or invalid for any reason, the illegality or invalidity shall not affect the validity of the remainder of this Agreement. In such case, the Parties shall in good faith modify or substitute such provision consistent with the original intent of the Parties. Without limiting the generality of this paragraph, if a court determines that any remedy stated in this Agreement has failed of its essential purpose, then all other provisions of this Agreement, including the limitations on liability and exclusion of damages, shall remain fully effective.

(h) <u>Parties in Interest</u>. This Agreement shall be binding upon and shall inure to the benefit of the Parties hereto and their respective successors and permitted assigns. Except with respect to those certain provisions providing for rights of the Custodian or obligations of the Fund with respect to the Custodian, and those certain provisions benefitting Affiliates of the Parties, this Agreement is not for the benefit of any other person or entity and there shall be no third-party beneficiaries hereof. Unless expressly provided to the contrary herein: the Parties to the Agreement alone shall have the right to enforce its provisions and any action to enforce the Agreement by a person not a Party shall be void.

(i) <u>No Representations or Warranties</u>. Except as expressly provided in this Agreement, BNYM hereby disclaims all representations and warranties, express or implied, made to the Fund or any other person, including, without limitation, any warranties regarding quality, suitability, merchantability, fitness for a particular purpose or otherwise (irrespective of any course of dealing, custom or usage of trade), of any services or any goods provided incidental to services provided under this Agreement. BNYM disclaims any warranty of title or non-infringement.

(j) <u>Customer Identification Program Notice</u>. To help the U.S. government fight the funding of terrorism and money laundering activities, U.S. Federal law requires each financial institution to obtain, verify, and record certain information that identifies each person who initially opens an account with that financial institution on or after October 1, 2003. Certain of BNYM's Affiliates are financial institutions, and BNYM may, as a matter of policy, request (or may have already requested) the name, address and taxpayer identification number or other government-issued identification number of the Fund or others, and, if such other is a natural person, that person's date of birth. BNYM may also ask (and may have already asked) for additional identifying information, and BNYM may take steps (and may have already taken steps) to verify the authenticity and accuracy of these data elements.

(k) [Reserved.]

(l) [Reserved.]

(m) <u>Requests to Transfer Information to Third Parties</u>. In the event that the Fund, other than pursuant to a Standard Procedure, whether by Written Instructions, Fund Communications or otherwise, requests or instructs BNYM to send, deliver, mail, transmit or otherwise transfer to a third-party which is not a subcontractor of BNYM and which is not the DTCC, NSCC or other SEC-registered clearing corporation, or to make available to such a third-party for retrieval from within the BNYM System, any information in the BNYM System: BNYM may decline to provide the information requested on the terms contained in the request due to legal or regulatory concerns, transmission specifications not supported by BNYM, or other good faith or bona fide business reasons, but will in good faith discuss the request and attempt to accommodate the Fund with respect to the request, and BNYM will not be obligated to act on any such request unless it agrees in writing to the terms of the information transfer. In the event BNYM so agrees in writing to transfer information or make it available within the BNYM System: the Fund shall pay a reasonable fee for such activities upon being invoiced for same by BNYM; BNYM shall have no liability or duty with respect to such information after it releases the information or makes it available within the BNYM System, as the case may be, provided BNYM does not commit Liable Conduct when executing the express instructions of the written information transfer request; BNYM shall be entitled to the indemnification provided for at Section 12 pursuant to clause (b) in connection with the activities contemplated by any such written information transfer request, including for the avoidance of doubt third-party claims; and BNYM may conclusively presume without a duty of independent verification that the Fund has received all applicable third-party authorizations.

(n) <u>Service Indemnifications; Survival</u>. Any indemnification provided to BNYM by the Fund in connection with any service provided under the Agreement, including by way of illustration and not limitation, indemnifications provided in connection with an Accepted Non-Standard Instruction and indemnifications contained in any agreements regarding an Exception Procedure ("**Service Indemnifications**"), shall survive any termination of this Agreement, and in addition shall apply to the provision of Trailing Services by BNYM following a termination. Likewise, any indemnification provided to the Fund or its Affiliates, or the respective directors, trustees, officers, agents and employees of each, under this Agreement, shall survive any termination of this Agreement. In addition, Sections 4, 5, 7, 10(d), (e), (g) - (i), 11, 12, 13(e), 19(e), (i), (m), (n) and (s) and provisions necessary to the interpretation of such Sections and any Service Indemnifications and the enforcement of rights conferred by any of the foregoing shall survive any termination of this Agreement. In the event the Board of the Fund authorizes a liquidation of the Fund or termination of the Agreement, BNYM may require as a condition of any services provided in connection with such liquidation or termination that the Fund make provisions reasonably satisfactory to BNYM for the satisfaction of contingent liabilities outstanding at the time of the liquidation or termination.

(o) <u>Compliance with Law</u>. Each of BNYM and the Fund agrees to comply in all material respects with the respective laws, rules, regulations and legal process applicable to the operation of its business. For clarification: With respect to BNYM, the foregoing requires compliance with laws, rules, regulations and legal process applicable to BNYM directly, not derivatively by virtue of providing services to the Fund. The Fund agrees that BNYM is not obligated to assist the Fund with, or bring the Fund into, compliance with laws, rules, regulations and legal process applicable to the Fund, except where BNYM has expressly agreed to assume such an obligation hereunder and then it is obligated only to perform strictly in accordance with the express terms of the assumed obligation.

(p) <u>Enterprise Nature of Services</u>. Notwithstanding any other provision of this Agreement, in furnishing the services provided for in this Agreement or any component or segment of such services BNYM may utilize any combination of its own employees, facilities, equipment, systems and other resources and the employees, facilities, equipment, systems and other resources of its Affiliates, including

employees, facilities, equipment, systems and other resources shared by BNYM and its Affiliates, and BNYM may satisfy its obligations under this Agreement directly or through Affiliates. References to employees, facilities, equipment, systems or other resources of BNYM in this Agreement shall mean employees, facilities, equipment, systems or other resources of BNYM and its Affiliates considered collectively. Notwithstanding the foregoing, nothing in this Section 19(q) shall have the effect of transferring any obligation of BNYM to any other entity, including Affiliates.

(q) <u>Centralized Functions</u>. The Bank of New York Mellon Corporation is a global financial organization that includes BNYM and provides services to clients through its Affiliates and subsidiaries in multiple jurisdictions (the "**BNY Mellon Group**"). The BNY Mellon Group may centralize functions including audit, accounting, risk, legal, compliance, regulatory reporting, sales, administration, operations, technology services, product, client and client-customer communications, relationship management, storage and record retention, compilation and analysis of customer-related data, and other functions (the "**Centralized Functions**") in one or more Affiliates and subsidiaries of the BNY Mellon Group, joint ventures and third-party service providers (the "**Centralized Providers**"). Notwithstanding any other provision of the Agreement and subject to the confidentiality obligations herein, the Fund consents to the foregoing centralization of functions, the receipt of services hereunder through the Centralized Functions, BNYM's disclosure of Fund information, including Fund Confidential Information, to the Centralized Providers, BNYM's use of such information in connection with the Centralized Functions, and BNYM's storage of names and business addresses of Fund employees and employees of its Affiliates and sponsors with the Centralized Providers; provided, however, that unless such customer-related data is aggregated and anonymized, no such consent is provided for disclosure of customer-related data to Affiliates and subsidiaries of the BNY Mellon Group operating as a registered investment manager or adviser to mutual funds, exchange traded funds, other collective investment vehicles, separate accounts or other investment management products. In addition, the Fund consents to BNYM's use of Fund Confidential Information to analyze and improve product and service performance and for internal research and development activities, and to the BNY Mellon Group's aggregation of Fund Confidential Information on an fully anonymized basis with other similar client data for product and service development and distribution, for general marketing purposes and for producing market or similar analyses for its clients, provided that in any such case Fund Confidential Information cannot be identified or derived from any such aggregated and anonymized data. The BNY Mellon Group shall possess all ownership rights with respect to such aggregated anonymized data, provided that the BNY Mellon Group shall not distribute the aggregated data in a format that identifies data with the Fund or any shareholder(s) of the Fund. Use of Centralized Providers pursuant to this Section 19(r) shall not relieve BNYM of any of its obligations or liabilities hereunder and BNYM shall remain responsible for the conduct of the Centralized Providers.

(r) <u>No Interpretation Against A Party</u>. All Parties to the Agreement have had access to and use of legal counsel to the extent each has deemed sufficient and hereby irrevocably and unconditionally waive any claim or defense that this Agreement, or any provision of this Agreement, should be interpreted or construed against a Party solely on the basis that the particular Party drafted or was responsible for the drafting of the Agreement or a particular provision.

(s) [Reserved.]

(u) <u>Insurance</u>. BNYM shall maintain insurance coverage, including without limitation cyber insurance, with reputable and financially responsible insurance companies or associations in such amounts and covering such risks as BNYM believes required in its sole discretion; provided, however, BNYM shall have the right to self-insure in lieu of such coverage with insurance companies or associations.

(v) <u>BNYM Representation and Warranties</u>. BNYM represents and warrants to the Fund, which representations and warranties shall be deemed to be continuing, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) BNYM's business is in material
 compliance with applicable law and regulations the failure to comply with which would
 reasonably be expected to have a material adverse effect on BNYM's performance of its
 obligations under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) BNYM
 has all requisite corporate power and authority to enter into this Agreement and to carry
 out the transactions contemplated hereby, and the execution, delivery and performance
 of this Agreement and the consummation of the transactions contemplated hereby have been
 duly authorized by all requisite corporation action on the part of BNYM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) BNYM
 is duly registered with the SEC as a transfer agent under the 1934 Act and that it will
 remain so registered during the effectiveness of this Agreement.

***[Remainder Of Page Intentionally Blank - Signatures Appear On Following Page]***

IN WITNESS WHEREOF, each of the Parties hereto has caused this Transfer Agency And Shareholder Services Agreement to be executed as of the Effective Date by its duly authorized representative designated below. An authorized representative, if executing this Agreement by Electronic Signature, affirms authorization to execute this Agreement by Electronic Signature and that the Electronic Signature represents an intent to enter into this Agreement and an agreement with its terms.

---

| | |
|:---|:---|
| **BNY Mellon Investment Servicing (US) Inc.** | **Global X Venture Fund** |
| By: | By: |
| Name: | Name: |
| Title: | Title: |

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## Ex-99.(K)(2)

**Exhibit (k)(2)**

**FORM OF ADMINISTRATION AGREEMENT**

ADMINISTRATION AGREEMENT (this "**Agreement**") made as of [__], 2025 by and between Global X Venture Fund, a Delaware statutory trust (hereinafter referred to as the "**Company**" or the "**Fund**"), and Global X Management Company LLC, a Delaware limited liability company, (hereinafter referred to as the "**Administrator**").

W I T N E S S E T H:

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

WHEREAS, the Company desires to retain the Administrator to provide administrative services to the Company in the manner and on the terms hereinafter set forth;

WHEREAS, the Administrator currently serves as the investment adviser (in its capacity as the investment adviser, the "**Adviser**") to the Company; and

WHEREAS, the Administrator is willing to provide administrative services to the Company on the terms and conditions hereafter set forth.

NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Company and the Administrator hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Duties of the Administrator</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Employment of Administrator</u>. The Company hereby employs the Administrator to act as administrator of the Company, and to furnish, or arrange for others to furnish, the administrative services, personnel and facilities described below, subject to review by and the overall control of the Board of Trustees of the Company (the "**Board**"), for the period and on the terms and

conditions set forth in this Agreement. The Administrator hereby accepts such employment and agrees during such period to render, or arrange for the rendering of, such services and to assume the obligations herein set forth subject to the reimbursement of costs and expenses provided for below. The Administrator and such others shall for all purposes herein be deemed to be independent contractors and shall, unless otherwise expressly provided or authorized herein, have no authority to act for or represent the Company in any way or otherwise be deemed agents of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Services</u>. The Administrator shall perform (or oversee, or arrange for, the performance of) the administrative services necessary for the operation of the Company. Without limiting the generality of the foregoing, the Administrator shall provide the Company with office facilities, equipment, clerical, bookkeeping and record keeping services at such facilities and such other services as the Administrator, subject to review by the Board, shall from time to time determine to be necessary or useful to perform its obligations under this Agreement. The Administrator shall also, on behalf of the Company, conduct relations with custodians, depositories, transfer agents, dividend disbursing agents, other shareholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable. The Administrator shall make reports to the Trustees of its performance of obligations hereunder and furnish advice and recommendations with respect to such other aspects of the business and affairs of the Company as it shall determine to be desirable; provided that nothing herein shall be construed to require the Administrator to, and the Administrator shall not, provide any advice or recommendation relating to the securities and other assets that the Company should purchase, retain or sell or any other investment advisory services to the Company pursuant to this Agreement. The Administrator shall

be responsible for the financial and other records that the Company is required to maintain and shall prepare reports to shareholders, and reports and other materials filed with the Securities and Exchange Commission (the "**SEC**"). In addition, the Administrator will assist the Company in determining and publishing the Company's net asset value, overseeing the preparation and filing of the Company's tax returns, and the printing and dissemination of reports to shareholders of the Company, and generally overseeing the payment of the Company's expenses and the performance of administrative and professional services rendered to the Company by others. For the avoidance of any doubt, the parties agree that the Administrator is authorized to enter into sub-administration agreements as the Administrator determines necessary in order to carry out the services set forth in this paragraph, subject to the prior approval of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Records</u> 

The Administrator agrees to maintain and keep all books, accounts and other records of the Company that relate to activities performed by the Administrator hereunder and, if required by the Investment Company Act, will maintain and keep such books, accounts and records in accordance with that Act. In compliance with the requirements of Rule 31a-3 under the Investment Company Act, the Administrator agrees that all records which it maintains for the Company shall at all times remain the property of the Company, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination of the Agreement or otherwise on written request. The Administrator further agrees that all records which it maintains for the Company pursuant to Rule 31a-1 under the Investment Company Act will be preserved for the periods prescribed by Rule 31a-2 under the Investment Company Act unless any such records are earlier surrendered as provided above. Records shall be surrendered in usable machine-readable form. The Administrator shall have the right to retain copies of such records subject to observance of its confidentiality obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Confidentiality</u> 

The parties hereto agree that each shall treat confidentially the terms and conditions of this Agreement and all information provided by each party to the other regarding its business and operations. All confidential information provided by a party hereto, including nonpublic personal information pursuant to Regulation S-P of the SEC, shall be used by any other party hereto solely for the purpose of rendering services pursuant to this Agreement and, except as may be required in carrying out this Agreement, shall not be disclosed to any third party, without the prior consent of such providing party. The foregoing shall not be applicable to any information that is publicly available when provided or thereafter becomes publicly available other than through a breach of this Agreement, or that is required to be disclosed by any regulatory authority, any authority or legal counsel of the parties hereto, by judicial or administrative process or otherwise by applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Compensation; Allocation of Costs and Expenses</u> 

In full consideration of the provision of the services of the Administrator, the Company shall reimburse the Administrator for the costs and expenses incurred by the Administrator in performing its obligations including the Company's allocable portion of the costs and expenses of providing personnel and facilities hereunder except as otherwise provided herein and in that certain Investment Management Agreement, by and between the Company and the Adviser, as amended from time to time (the "**Management Agreement**"). Except as specifically provided herein or otherwise in the Management Agreement, the Company anticipates that all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory services to the Company, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and paid for by

the Adviser. The Company will bear all other costs and expenses of the Company's operations, administration and transactions, including, but not limited to those fees and expenses as set forth in <u>Schedule A</u> annexed hereto.

From time to time, the Adviser, the Administrator or their affiliates may pay third-party providers of goods or services. The Company will reimburse the Adviser, the Administrator or such affiliates thereof for any such amounts paid on the Company's behalf. From time to time, the Adviser or the Administrator may defer or waive fees and/or rights to be reimbursed for expenses.

All of the Company's expenses will ultimately be borne by the Company's shareholders.

Costs and expenses of the Administrator and the Adviser that are eligible for reimbursement by the Company will be reasonably allocated to the Company on the basis of time spent, assets under management, usage rates, proportionate holdings, a combination thereof or other reasonable methods determined by the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Limitation of Liability of the Administrator; Indemnification</u> 

The Administrator (and its officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with the Administrator) shall not be liable to the Company for any action taken or omitted to be taken by the Administrator in connection with the performance of any of its duties or obligations under this Agreement or otherwise as administrator for the Company, and the Company shall indemnify, defend and protect the Administrator (and its officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with the Administrator, each of whom shall be deemed a third party beneficiary hereof) (collectively, the "**Indemnified Parties**") and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in

or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Company or its security holders) arising out of or otherwise based upon the performance of any of the Administrator's duties or obligations under this Agreement or otherwise as administrator for the Company. Notwithstanding the preceding sentence of this Paragraph 5 to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Company or its security holders to which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of the Administrator's duties or by reason of the reckless disregard of the Administrator's duties and obligations under this Agreement (to the extent applicable, as the same shall be determined in accordance with the Investment Company Act and any interpretations or guidance by the SEC or its staff thereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Activities of the Administrator</u> 

The services of the Administrator to the Company are not to be deemed to be exclusive, and the Administrator and each affiliate is free to render services to others. It is understood that trustees, officers, employees and shareholders of the Company are or may become interested in the Administrator and its affiliates, as directors, officers, members, managers, employees, partners, shareholders or otherwise, and that the Administrator and directors, officers, members, managers, employees, partners and shareholders of the Administrator and its affiliates are or may become similarly interested in the Company as shareholders or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Duration and Termination of this Agreement</u> 

This Agreement will become effective as of [__], 2025. This Agreement shall remain in force with respect to the Company for two years from the date of effectiveness, and thereafter shall

automatically renew for successive one-year terms unless otherwise terminated as permitted herein.

This Agreement may be terminated at any time, without the payment of any penalty, by vote of the Trustees of the Company, or by the Administrator, upon 60 days' written notice to the other party. This Agreement may not be assigned by a party without the consent of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Amendments of this Agreement</u> 

This Agreement may be amended pursuant to a written instrument by mutual consent of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Governing Law</u> 

This Agreement shall be construed in accordance with laws of the State of New York and the applicable provisions of the Investment Company Act, if any. To the extent that the applicable laws of the State of New York, or any of the provisions herein, conflict with the applicable provisions of the Investment Company Act, if any, the latter shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Notices</u> 

Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the date first above written.

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| | |
|:---|:---|
| **GLOBAL X VENTURE FUND** | **GLOBAL X VENTURE FUND** |
| By: | [ ] |
| Name: | [__] |
| Title: | [__] |
| **GLOBAL X MANAGEMENT COMPANY LLC** | **GLOBAL X MANAGEMENT COMPANY LLC** |
| By: | [ ] |
| Name: | [__] |
| Title: | [__] |

---

## Ex-99.(K)(3)

**Exhibit (k)(3)**

**Form of SUB-ADMINISTRATION AGREEMENT**

THIS SUB-ADMINISTRATION AGREEMENT (this "<u>Agreement</u>") is made as of the [__] day of [__], 2025 (the "<u>Effective Date</u>"), by and between Global X Management Company LLC, a Delaware limited liability company ("<u>GXMC</u>") and SEI Investments Global Funds Services, a statutory trust formed under the laws of the State of Delaware (the "<u>Sub-Administrator</u>").

WHEREAS, the Global X Interval Fund (the "<u>Trust</u>") is a continuously offered closed-end investment company registered under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"); and

WHEREAS, GXMC serves as investment adviser and administrator to the Trust, and in such capacity has been authorized to engage third parties to provide certain services to the Trust;

WHEREAS, GXMC desires that the Sub-Administrator assist GXMC in its capacity as administrator in regard to certain administrative, accounting and compliance services listed on <u>Schedule I (Services)</u> attached hereto with respect to the Trust, and

WHEREAS, the Sub-Administrator is willing to provide such services on the terms and conditions set forth herein;

NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, GXMC and the Sub-Administrator hereby agree as follows:

SECTION 1 DEFINITIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 " <u>1933 Act</u> " means the
 Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 " <u>1940 Act</u> " shall have
 the meaning given to such term in the preamble of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 " <u>Adviser</u> " means GXMC,
 acting in its capacity as such, or any other Person acting as the Trusts' "investment
 adviser" within the meaning of the Investment Advisers Act of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 " <u>Aggregated Data</u> " refers
 to aggregated, de-identified and statistical data captured by the Administrator from the
 performance and operation of the Services, including, without limitation, the number of records
 or accounts in a system, the number and types of transactions processed, the number and types
 of reports run, the length of time needed for the system to process requests, and system
 configurations such as hardware, operating systems, internet service providers and mobile
 networks used by customers to access the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 " <u>Board</u> " means any board
 of directors, board of trustees, board of managers, managing members, general partners or
 other Persons having similar responsibilities to any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 " <u>Confidential Information</u> "
 shall have the meaning given to such term in <u>Section 11.01</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 " <u>Disclosing Party</u> " shall
 have the meaning given to such term in <u>Section 11.01</u> of this Agreement.

1.08 "Exchange Act" means the Securities Exchange Act of 1934, as
 amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 " <u>Initial Term</u> " shall
 have the meaning given to such term in <u>Section 9.01</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 " <u>Interested Party</u> " or
 " <u>Interested Parties</u> " means the Sub-Administrator, its subsidiaries and
 its affiliates and each of their respective officers, directors, employees, agents, delegates
 and associates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 " <u>Investments</u> " shall
 mean such cash, securities and all other assets and property of whatsoever nature now owned
 or subsequently acquired by or for the account of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 " <u>Live Date</u> " means the
 date on which the Trust is converted onto the Sub-Administrator's system and the Sub-Administrator
 begins calculating the Trust's official net asset values (" <u>NAV</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 " <u>Organizational Documents</u> "
 means, as applicable, the articles of incorporation, declaration of trust, certificate of
 formation, memorandum of association, partnership agreement, bylaws or other similar documentation
 setting forth the respective rights and obligations of directors, and managers in the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 " <u>Person</u> " shall mean
 any natural person, partnership, estate, association, custodian, nominee, limited liability
 company, corporation, trust or other legal entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 " <u>Receiving Party</u> " shall
 have the meaning given to such term in <u>Section 11.01</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 " <u>Renewal Term</u> " shall
 have the meaning given to such term in <u>Section 9.01</u> of this Agreement.

1.17 " <u>Services</u> " shall have the meaning given to such term in <u>Section 2.01</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 Unless the context otherwise requires and
 except as otherwise specified in this Agreement, the term the " <u>Trust</u> "
 shall include, as applicable, a sponsor, general partner, trustee or other Person having
 similar status or performing similar functions, as the case may be, acting on behalf of the
 Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 " <u>Trust Data</u> " shall have
 the meaning given to such term in <u>Section 2.04</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 " <u>Trust Materials</u> " means
 any prospectus, registration statement, statement of additional information, proxy solicitation
 and tender offer materials, annual or other periodic report of the Trust or any advertising,
 marketing, shareholder communication, or promotional material generated by the Trust or its
 Adviser from time to time, as appropriate, including all amendments or supplements thereto.

SECTION 2 APPOINTMENT AND CONTROL

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01 <u>Services</u>. GXMC hereby appoints the
 Sub-Administrator to provide certain administrative, accounting and compliance services with
 respect to the Trust, including the services set forth in <u>Schedule I (Services)</u>, which
 may be amended from time to time in writing by the parties (" <u>Services</u> ").
 The Sub-Administrator accepts such appointment and agrees to furnish such Services. In performing
 its duties under this Agreement, the Sub-Administrator will act in all material respects
 in accordance with the Organizational Documents and Trust Materials as they may be amended
 (to the extent that copies of such documents are delivered to the Sub-Administrator).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 <u>Authority</u>. Each of the activities
 engaged in under the provisions of this Agreement by the Sub-Administrator shall be subject
 to the overall direction and control of GXMC or any Person authorized to act on GXMC's
 behalf; provided, however, that the Sub-Administrator shall have the general authority to
 do all acts deemed in the Sub-Administrator's good faith belief to be necessary and
 proper to perform its obligations under this Agreement. In performing its duties hereunder,
 the Sub-Administrator shall observe and generally comply with the Trust Materials, all applicable
 resolutions and/or directives of the Board of which it has notice, and applicable laws which
 may from time to time apply to the Services rendered by the Sub-Administrator. The Sub-Administrator
 (i) shall not have or be required to have any authority to supervise the investment or reinvestment
 of the underlying securities or other properties which comprise the assets of the Trust and
 (ii) shall not provide any investment advisory services to the Trust, and shall have no liability
 related to the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 <u>Third Parties; Affiliates</u>. The Sub-Administrator
 may delegate to, or sub-contract with, third parties or affiliates administrative or other
 functions it deems necessary to perform its obligations under

this Agreement; provided, however, all fees and expenses incurred in any delegation or sub-contract shall be paid by the Sub-Administrator and the Sub-Administrator shall remain responsible to GXMC for the acts and omissions of such other entities as if such acts or omissions were the acts or omissions of the Sub-Administrator. GXMC acknowledges that during the term of this Agreement, the services to be performed by the Sub-Administrator may be completed by one or more of the Sub-Administrator's affiliates or third parties located in or outside of the United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 <u>Trust Data</u>. GXMC shall be solely
 responsible for the accuracy, completeness, and timeliness of all data and other information
 provided to the Sub-Administrator pursuant to this Agreement (including, without limitation,
 (i) prices, (ii) sufficient transaction supporting documentation, (iii) detailed accounting
 methodologies with respect to the Trust's Investments as approved by the Trust's
 auditors, (iv) the terms of any agreement between the Trust and GXMC or an investor regarding
 any special fee or specific fee arrangement or access to portfolio information that may impact
 or affect the Services, and (v) trade and settlement information from prime brokers and custodians)
 (collectively, " <u>Data</u> "). All Data shall be provided to the Sub-Administrator
 on a timely basis and in a format and medium reasonably requested by the Sub-Administrator
 from time to time. GXMC shall have an ongoing obligation to promptly update all Data so that
 such information remains complete and accurate. All Data shall be prepared and maintained
 in accordance with applicable law, Trust Materials and generally acceptable accounting principles.
 The Sub-Administrator shall be entitled to rely on all the Data and shall have no liability
 for any loss, damage or expense incurred by the Trust or any other Person to the extent that
 such loss, damage or expense arises out of or is related to the Data that is not timely,
 current, complete and accurate.

SECTION 3 REPRESENTATIONS, WARRANTIES AND COVENANTS OF GXMC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01 GXMC represents and warrants for itself
 and on behalf of the Trust, as applicable, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01.01. it has full power, right and authority
 to execute and deliver this Agreement and to consummate the transactions contemplated hereby;
 the execution and delivery of this Agreement and the consummation of the transactions contemplated
 hereby have been duly and validly approved by all requisite actions on its part, and no other
 proceedings on its part are necessary to approve this Agreement or to consummate the transactions
 contemplated hereby; this Agreement has been duly executed and delivered by it; this Agreement
 constitutes a legal, valid and binding obligation, enforceable against it in accordance with
 its 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;&nbsp;&nbsp;&nbsp;&nbsp;3.01.02. it is not a party to any, and there
 are no, pending or threatened legal, administrative, arbitral or other proceedings, claims,
 actions or governmental or regulatory investigations or inquiries (collectively, " <u>Actions</u> ")
 of any nature against it or its properties or assets which could, individually or in the
 aggregate, have a material effect upon its business or financial condition. There is no injunction,
 order, judgment, decree, or regulatory restriction imposed specifically upon it or any of
 its properties or assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01.03. it is not in default under any statutory
 obligations whatsoever (including the payment of any tax) which materially and adversely
 affects, or is likely to materially and adversely affect, its business or financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01.04. it has obtained, on behalf of the Trust,
 all consents and given all notices (regulatory or otherwise), made all required regulatory
 filings and is in compliance with all applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01.05. it has secured, on behalf of the Trust,
 a custodian and principal underwriter and will provide additional information regarding such
 service providers upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01.06. it has not hired any prior sub-administrator
 to provide services on behalf of the Trust and the Trust has not hired any sub-administrator
 other than the Sub-Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02 GXMC covenants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02.01. it will furnish the Sub-Administrator
 from time to time with complete copies, authenticated or certified, of each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Copies of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Copies of the Trust's current Organizational Documents and of
 any amendments thereto, certified by the proper official of the state in which such document
 has been filed; 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;(2) Copies of resolutions of the Board covering the approval of this Agreement,
 authorization of a specified officer of the Trust to execute and deliver this Agreement and
 authorization for specified officers of the Trust to instruct the Sub-Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) A list of all the officers of the Trust, together with specimen signatures
 of those officers who are authorized to instruct the Sub-Administrator in all 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Copies of all Trust Materials, including the current prospectus and
 statement of additional information for 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;(d) A list of all issuers the Trust is restricted from purchasing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) A list of all affiliated persons (as such term is defined in the 1940
 Act) of the Trust that are broker-dealers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The identity of the Trust's auditors along with contact 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The expense budget for the Trust for the current fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) A list of contact persons (primary, backup and secondary backup) of
 the Trust's Adviser and, if applicable, sub-adviser, who can be reached until 6:30
 p.m. ET with respect to valuation 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Copies of all the Trust Data reasonably
 requested by the Sub-Administrator or necessary for the Sub-Administrator to perform its
 obligations pursuant 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) GXMC shall promptly provide the Sub-Administrator
 with written notice of any updates of or changes to any of the foregoing documents or information,
 including an updated written copy of such document or information. Until the Sub-Administrator
 receives such updated information or document, the Sub-Administrator shall have no obligation
 to implement or rely upon such updated information or document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02.02. it shall timely perform or oversee
 the performance of all obligations identified in this Agreement, including, without limitation,
 providing the Sub-Administrator with all

the Data and Organizational Documents reasonably requested by the Sub-Administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02.03. it will promptly notify the Sub-Administrator
 of any matter which could materially affect the Sub-Administrator's performance of
 its duties and obligations under this Agreement, including any amendment to the documents
 referenced in <u>Section 3.02.01</u> above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02.04. it will comply in all material respects
 with all applicable requirements of and will use best efforts to ensure the Trust complies
 in all material respects with all applicable requirements of the Investment Advisers Act
 of 1940, the 1933 Act, the Exchange Act, the 1940 Act, and any laws, rules and regulations
 of governmental authorities having jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02.05. it shall be solely responsible for
 the Trust's compliance with applicable investment policies, Trust Materials, and any
 laws and regulations governing the manner in which the Trust's assets may be invested,
 and shall be solely responsible for any losses attributable to non-compliance with Trust
 Materials, and applicable policies, laws and regulations governing the Trust, its activities
 or its own duties, actions or omissions; 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;3.02.06. it will promptly notify the Sub-Administrator
 of updates to its representations and warranties hereunder.

SECTION 4 REPRESENTATIONS and WARRANTIES OF THE SUB-ADMINISTRATOR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01 The Sub-Administrator represents and warrants
 that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01.01. it has full power, right and authority
 to execute and deliver this Agreement and to consummate the transactions contemplated hereby;
 the execution and delivery of this Agreement and the consummation of the transactions contemplated
 hereby have been duly and validly approved by all requisite action on its part, and no other
 proceedings on its part are necessary to approve this Agreement or to consummate the transactions
 contemplated hereby; this Agreement has been duly executed and delivered by it; this Agreement
 constitutes a legal, valid and binding obligation, enforceable against it in accordance with
 its 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;&nbsp;&nbsp;&nbsp;&nbsp;4.01.02. it is not a party to any, and there
 are no, pending or threatened Actions of any nature against it or its properties or assets
 which could, individually or in the aggregate, have a material effect upon its business or
 financial condition. There is no injunction, order, judgment, decree, or regulatory restriction
 imposed specifically upon it or any of its properties or assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01.03. it is not in default under any statutory
 obligations whatsoever (including the payment of any tax) which materially and adversely
 affects, or is likely to materially and adversely affect, its business or financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02 <u>Cybersecurity</u>. The Sub-Administrator represents, warrants, covenants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02.01 for so long as this Agreement is in effect, (i) it has access to and shall maintain the facilities, computers,
equipment, and personnel reasonably necessary to perform its duties and obligations under this Agreement and (ii) it has implemented a
written information security program that includes commercially reasonable administrative, technical and physical safeguards designed
to protect the safety, security and confidentiality of information of its 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;4.02.02 the Sub-Administrator's use and
 dissemination of personal information in connection with the Sub-Administrator's business
 shall be conducted in accordance in all material respects with applicable privacy policies
 published or otherwise adopted by the Sub-Administrator and laws applicable to the Sub-Administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02.03 it shall: (i) take Reasonable Steps
 to ensure that information of and about the Trust or any of the Trust's investors is
 reasonably protected against loss and against unauthorized access, use, modification, disclosure
 or other misuse; (ii) take Reasonable Steps to protect the confidentiality, integrity and
 security of its software, databases, systems, networks and Internet sites and all information
 stored or contained therein or transmitted thereby from potential unauthorized use, access,
 interruption or modification by third parties; (iii) encrypt all such information while in
 transit outside of the Sub-Administrator's computing systems or networks; and (iv)
 maintain business continuity controls and plans that are reviewed not less than annually.
 Without limiting the foregoing, the Sub-Administrator shall provide in writing to GXMC upon
 reasonable request: (w) a summary of its then current written information security program;
 (x) confirmation that, to the Sub-Administrator's knowledge, no unauthorized access,
 interruption or modification to, loss, or destruction of Confidential Information of the
 Trust or non-public personal information provided by or on behalf of the Trust (each, a " <u>Data Breach</u> ") has occurred; (y) a current summary of its business continuity / disaster
 recovery plan and the results of the most recent test of such business continuity / disaster
 recovery plan; and (z) a written privacy policy governing the manner by which the Sub-Administrator
 collects, uses and transfers "nonpublic personal information" (as defined in
 such published privacy policy) and other Confidential Information. As used herein, " <u>Reasonable Steps</u> " means steps that a party takes to protect its own, similarly confidential
 or proprietary information of a similar nature, which steps shall in no event be less than
 a reasonable standard of care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02.04 it shall notify GXMC as soon as reasonably practicable after: (i) the Sub-Administrator becomes aware
of any Data Breach, and shall provide information about such Data Breach as reasonably requested by the Trust.

SECTION 5 LIMITATION OF LIABILITY AND INDEMNIFICATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.01 THE DUTIES OF THE SUB-ADMINISTRATOR SHALL
 BE CONFINED TO THOSE EXPRESSLY SET FORTH IN THIS AGREEMENT, AND NO IMPLIED DUTIES ARE ASSUMED
 BY OR MAY BE ASSERTED AGAINST THE SUB-ADMINISTRATOR. EXCEPT TO THE EXTENT ARISING OUT OF
 THE SUB-ADMINISTRATOR'S BAD FAITH, FRAUD, WILLFUL MISCONDUCT OR CRIMINAL MISCONDUCT
 WHEN PROVIDING THE SERVICES, THE SUB-ADMINISTRATOR'S LIABILITY TO THE TRUST FOR DIRECT
 DAMAGES WILL BE LIMITED TO MONETARY DAMAGES NOT TO EXCEED THE AMOUNT OF FEES PAID HEREUNDER
 DURING THE TWELVE MONTHS IMMEDIATELY PRECEDING THE EVENT GIVING RISE TO THE FIRST SUCH CLAIM
 TO OCCUR. For the avoidance of doubt, the Sub-Administrator shall not be responsible for
 any breach in the performance of its obligations under this Agreement due to (i) the failure
 or delay of GXMC to perform its obligations under this Agreement or (ii) the Sub-Administrator's
 reliance on the Data. Each party shall have the duty to mitigate its damages for which another
 party may become responsible. As used in this <u>Section 5</u>, the term " <u>Sub-Administrator</u> "
 shall include the officers, directors, employees, affiliates and agents of the Sub-Administrator
 as well as that entity itself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02 NOTWITHSTANDING ANY OTHER PROVISION OF
 THIS AGREEMENT TO THE CONTRARY, IN NO EVENT SHALL A PARTY TO THIS AGREEMENT BE LIABLE TO
 ANOTHER PARTY OR A THIRD PARTY FOR LOST PROFITS OR REVENUES OR FOR ANY INCIDENTAL, INDIRECT,
 SPECIAL, PUNITIVE, CONSEQUENTIAL, OR OTHER NON-

DIRECT DAMAGES OF ANY KIND WHETHER SUCH LIABILITY IS PREDICATED ON CONTRACT, STRICT LIABILITY, OR ANY OTHER THEORY AND REGARDLESS OF WHETHER THE OTHER PARTY IS ADVISED OF THE POSSIBILITY OF ANY SUCH DAMAGES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03 The Sub-Administrator may, from time to
 time, provide to GXMC services and products (" <u>Special Third Party Services</u> ")
 from external third party sources that are telecommunication carriers, Pricing Sources, data
 feed providers or other similar service providers (" <u>Special Third Party Vendors</u> ").
 GXMC acknowledges and agrees that the Special Third Party Services are confidential and proprietary
 trade secrets of the Special Third Party Vendors. Accordingly, GXMC shall honor requests
 by the Sub-Administrator and the Special Third Party Vendors to protect their proprietary
 rights in their data, information and property including requests that GXMC place copyright
 notices or other proprietary legends on printed matter, print outs, tapes, disks, film or
 any other medium of dissemination. GXMC further acknowledges and agrees that all Special
 Third Party Services are provided on an "AS IS WITH ALL FAULTS" basis solely
 for GXMC's internal use in connection with the receipt of the Services. GXMC may use
 Special Third Party Services as normally required on view-only screens and hard copy statements,
 reports and other documents necessary to support such the Trust's investors, however
 GXMC shall not distribute any Special Third Party Services to other third parties. THE SPECIAL
 THIRD PARTY VENDORS AND THE SUB-ADMINISTRATOR MAKE NO WARRANTIES, EXPRESS OR IMPLIED, AS
 TO MERCHANTABILITY, FITNESS FOR A PARTICULAR USE, OR ANY OTHER MATTER WITH RESPECT TO ANY
 OF THE SPECIAL THIRD PARTY SERVICES. NEITHER THE SUB-ADMINISTRATOR NOR THE SPECIAL THIRD
 PARTY VENDORS SHALL BE LIABLE FOR ANY DAMAGES SUFFERED BY GXMC IN THE USE OF ANY OF THE SPECIAL
 THIRD PARTY SERVICES, INCLUDING, WITHOUT LIMITATION, LIABILITY FOR ANY INCIDENTAL, CONSEQUENTIAL
 OR SIMILAR DAMAGES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.04 GXMC shall indemnify, defend, and hold
 harmless the Sub-Administrator from and against and the Sub-Administrator shall have no liability
 in connection with any and all actions, suits and claims, whether groundless or otherwise,
 and from and against any and all losses, damages, costs, charges, reasonable counsel fees
 and disbursements, payments, expenses and liabilities (including reasonable investigation
 expenses) arising directly or indirectly out of: (i) any act or omission of the Sub-Administrator
 in carrying out its duties hereunder or as a result of the Sub-Administrator's reliance
 upon any instructions, notice or instrument that the Sub-Administrator reasonably believes
 is genuine and signed or presented by an authorized Person; provided that this indemnification
 shall not apply if any such loss, damage or expense is caused by or arises from the Sub-Administrator's
 bad faith, willful misconduct, criminal misconduct, or fraud in the performance of the Services;
 (ii) any breach by GXMC of any representation, warranty or agreement contained in this Agreement;
 (iii) any act or omission of GXMC, a Special Third Party Vendor, the Trust's other
 service providers (such as custodians, prime brokers, transfer agents and sub-advisers);
 (iv) any pricing error caused by the failure of GXMC to provide a trade ticket or for incorrect
 information included in any trade ticket; or (v) any act or omission of the Sub-Administrator
 as a result of the Sub-Administrator's compliance with any applicable regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05 The Sub-Administrator may apply to GXMC
 or, upon notice to GXMC, to the Trust or any Person acting on the Trust's behalf at
 any time for instructions and may consult counsel for the Trust or GXMC or with accountants,
 counsel and other experts with respect to any matter arising in connection with the Sub-Administrator's
 duties hereunder, and the Sub-Administrator shall not be liable or accountable for any action
 taken or omitted by it in good faith in accordance with such instruction or with the advice
 of counsel, accountants or other experts. The Sub-Administrator shall not be liable for actions
 taken pursuant to any document which it reasonably believes to be genuine and to have been
 signed by the proper Person or Persons. The Sub-Administrator shall not be held to have notice
 of any change of authority of any officer, employee or agent of the Trust until receipt of
 written notice thereof. To the extent that the Sub-Administrator consults with GXMC or the
 Trust's counsel pursuant to this provision, any such expense shall be paid by GXMC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.06 The Sub-Administrator shall have no liability
 for its reliance on the Data or the performance or omissions of unaffiliated third parties
 such as, by way of example and not limitation, transfer agents, sub-transfer agents, custodians,
 prime brokers, placement agents, third party marketers, asset data service providers, Advisers
 (including, without limitation, the sponsor) or sub-advisers, current or former third party
 service providers, Pricing Sources (as defined herein), software providers, printers, postal
 or delivery services, telecommunications providers and processing and settlement services.
 The Sub-Administrator may rely on and shall have no duty to investigate or confirm the accuracy
 or adequacy of any information provided by any of the foregoing third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.07 The Sub-Administrator shall have no obligations
 with respect to any laws relating to the distribution, purchase or sale of underlying securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.08 The indemnification rights hereunder shall
 include the right to reasonable advances of defense expenses in the event of any pending
 or threatened litigation or Action with respect to which indemnification hereunder may ultimately
 be merited, provided however, that the Sub-Administrator shall promptly reimburse GXMC for
 any such advanced expenses to the extent it is determined by a court of competent jurisdiction
 that the Sub-Administrator is not entitled to indemnity hereunder. If in any case GXMC is
 asked to indemnify or hold the Sub-Administrator harmless, the Sub-Administrator shall promptly
 advise GXMC of the pertinent facts concerning the situation in question, and the Sub-Administrator
 will use all reasonable care to identify and notify GXMC promptly concerning any situation
 which presents or appears likely to present the probability of such a claim for indemnification,
 but failure to do so shall not affect the rights hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09 GXMC shall be entitled to participate at
 its own expense or, if it so elects, to assume the defense of any suit brought to enforce
 any claims subject to this indemnity provision. If GXMC elects to assume the defense of any
 such claim, the defense shall be conducted by counsel chosen by GXMC and satisfactory to
 the Sub-Administrator, whose approval shall not be unreasonably withheld. In the event that
 GXMC elects to assume the defense of any suit and retain counsel, the Sub-Administrator shall
 bear the fees and expenses of any additional counsel retained by it. If GXMC does not elect
 to assume the defense of a suit, it will reimburse the Sub-Administrator for the fees and
 expenses of any counsel retained by the Sub-Administrator. None of the parties hereto shall
 settle or compromise any action, suit, proceeding or claim if such settlement or compromise
 provides for an admission of liability on the part of the indemnified party without such
 indemnified party's written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 PARTIES HAVE FREELY AND OPENLY NEGOTIATED
 THIS AGREEMENT, INCLUDING THE PRICING, WITH THE KNOWLEDGE THAT THE LIABILITY OF THE PARTIES
 IS TO BE LIMITED IN ACCORDANCE WITH THE PROVISIONS OF THIS AGREEMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 The provisions of this <u>Section 5</u> shall survive the termination of this Agreement.

SECTION 6 VALUATION

Pursuant to <u>Schedule I</u> to this Agreement, the Sub-Administrator will calculate the Trust's NAV. The Sub-Administrator is entitled to rely on the price and value information (hereinafter "<u>Valuation Information</u>") provided by brokers and custodians, investment advisers (including, without limitation, the sponsor) to an underlying fund in which the Trust invests, if applicable, or any third-party pricing services selected by the Sub-Administrator, or GXMC (collectively hereinafter referred to as the "<u>Pricing Sources</u>") as reasonably necessary to perform the Services. The Sub-Administrator shall have no obligation to obtain Valuation Information from any sources other than the Pricing Sources and may rely on estimates provided by GXMC or the Trust. In the event that a Pricing Source does not provide a timely value for the Trust, the Sub-Administrator shall have no liability and shall be indemnified by GXMC in connection with such action. The Sub-Administrator shall have no liability or responsibility for the accuracy of the Valuation Information provided by a Pricing Source or the delegate of a Pricing Source and GXMC shall indemnify and defend the Sub-Administrator against any loss, damages, costs,

charges or reasonable counsel fees and expenses in connection with any inaccuracy of such Valuation Information. GXMC shall not use Valuation Information for any purpose other than in connection with the Services and in accordance with the provisions of this Agreement.

SECTION 7 Allocation of Charges and Expenses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.01 <u>The Sub-Administrator</u>. The Sub-Administrator
 shall furnish at its own expense the personnel necessary to perform its obligations under
 this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.02 <u>Trust Expenses</u>. GXMC assumes and
 shall pay or cause to be paid all expenses of the Trust not otherwise allocated in this Agreement,
 including, without limitation, organizational costs; taxes; expenses for legal and auditing
 services; the expenses of preparing (including typesetting), printing and mailing reports,
 Trust Materials, proxy solicitation and tender offer materials and notices to existing shareholders;
 all expenses incurred in connection with issuing and redeeming Shares; the costs of Pricing
 Sources; the costs of loan credit activity data; the costs of escrow and custodial services;
 the cost of document retention and archival services, the costs of responding to document
 production requests; the cost of initial and ongoing registration of the Shares under Federal
 and state securities laws; costs associated with attempting to locate lost shareholders;
 all expenses incurred in connection with any custom programming or systems modifications
 required to provide any reports or services requested by the Trust; costs associated with
 DST FanMail or similar reporting service; bank service charges; NSCC trading charges; fees
 and out-of-pocket expenses of trustees; the costs of trustees' meetings; insurance;
 interest; brokerage costs; litigation and other extraordinary or nonrecurring expenses; and
 all fees and charges of service providers to the Trust. GXMC shall reimburse the Sub-Administrator
 for its reasonable costs and out-of-pocket expenses incurred in the performance of the Services,
 including all reasonable charges for independent third party audit charges, printing, copying,
 postage, telephone, and fax charges incurred by the Sub-Administrator in the performance
 of its duties.

SECTION 8 COMPENSATION

GXMC shall pay to the Sub-Administrator compensation for the services performed and the facilities and personnel provided by the Sub-Administrator pursuant to this Agreement, the fees set forth in the written fee schedule annexed hereto as <u>Schedule II (Fees)</u> and incorporated herein. GXMC shall have no right of set-off. The fees set forth herein are determined based on the investment strategy of the Trust as of the Effective Date. Any change to the investment strategy to the Trust may give rise to an adjustment to the fees set forth in this Agreement. In the event of a change in the investment strategy of the Trust, the parties shall negotiate any adjustment to the fees payable hereunder in good faith. GXMC shall pay the Sub-Administrator's fees monthly in U.S. Dollars, unless otherwise agreed to by the parties. The Sub-Administrator is hereby authorized to, and may, at its option, automatically debit its fees due from GXMC account(s) for which it is an authorized party. GXMC shall pay the foregoing fees despite the existence of any dispute among the parties. If this Agreement becomes effective subsequent to the first day of any calendar month or terminates before the last day of any calendar month, the Sub-Administrator's compensation for that part of the month in which this Agreement is in effect shall be prorated in a manner consistent with the calculation of the fees as set forth in <u>Schedule II (Fees)</u>. GXMC agrees to pay interest on all amounts past due in an amount equal to the lesser of the maximum amount permitted by applicable law or one and one-half percent (1 ½ %) times the amount past due multiplied by the number of whole or partial months from the date on which such amount was first due up to and including the day on which payment is received by the Sub-Administrator.

SECTION 9 DURATION AND TERMINATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.01 <u>Term and Renewal</u>. This Agreement
 shall become effective as of the Effective Date and shall remain in effect for a period of
 three years from and after the Live Date (the " <u>Initial Term</u> "), and thereafter
 shall automatically renew for successive one year terms (each such period, a " <u>Renewal</u> 

<u>Term</u>") unless terminated by any party giving written notice of non-renewal at least one hundred eighty (180) days prior to the last day of the then current term to each other party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.02 <u>Termination for Cause</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.02.01. This Agreement may be terminated by
 any party giving prior notice in writing to the other parties if at anytime the other party
 or parties have been first (i) notified in writing that such party shall have materially
 failed to perform its duties and obligations under this Agreement (such notice shall be of
 the specific asserted material breach) (" <u>Breach Notice</u> ") and (ii) the
 party receiving the Breach Notice shall not have remedied the noticed failure within sixty
 (60) days after receipt of the Breach Notice requiring it to be remedied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.02.02. This Agreement may be terminated by
 any party giving one hundred eighty (180) days prior notice in writing to the other parties
 prior to the "liquidation" of the Trust. For purposes of this paragraph, the
 term "liquidation" shall mean a transaction in which all the assets of the Trust
 are sold or otherwise disposed of and proceeds there from are distributed in cash or in kind
 to the shareholders in complete liquidation of the interests of such shareholders in the
 Trust. A termination pursuant to this <u>Section 9.02.02</u> shall be effective as of the
 date of such liquidation. Notwithstanding the foregoing, the right to terminate set forth
 in this <u>Section 9.02.02</u> shall not relieve GXMC of its obligation to pay the fees set
 forth on <u>Schedule II (Fees)</u> for the remainder of the given one hundred eighty (180)
 day period set forth in this <u>Section 9.02.02</u>, which amount shall be payable prior
 to the effective date of such liquidation. In the case of a liquidation of the Trust, the
 Sub-Administrator agrees to negotiate in good faith a separate agreement pursuant to which
 the Sub-Administrator shall perform certain agreed upon administrative services, consistent
 with the services provided under this Agreement, that are necessary or appropriate for the
 winding up of the Trust's affairs notwithstanding the termination of this Agreement
 with respect to 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;9.02.03. If the Sub-Administrator is unable
 to successfully convert the Trust to its operational environment within a reasonable period
 of time following the Effective Date due to untimely, inaccurate or incomplete the Trust
 Data, the Sub-Administrator shall have the right to terminate this Agreement upon written
 notice and such termination shall be effective upon the date set forth in such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.02.04. Notwithstanding anything contained
 in this Agreement to the contrary, in the event of a merger, acquisition, change in control,
 re-structuring or re-organization involving the Trust or any affiliate (as defined in the
 1940 Act) that causes the Trust to cease to use the Sub-Administrator as a provider of the
 Services in favor of another service provider prior to the expiration of the then current
 term of this Agreement (a "Change of Control Event"), the Sub-Administrator shall
 use reasonable efforts to facilitate the deconversion of the Trust to such successor service
 provider; provided, however that the Sub-Administrator makes no guaranty that such deconversion
 shall happen as of any particular date. In connection with the foregoing and prior to the
 effective date of such Change of Control Event, the Trust shall (1) provide the Sub-Administrator
 at least one hundred eighty (180) days' written notice of the Change of Control Event
 (a "Change of Control Notice"); (2) pay all fees and other costs as set forth
 in <u>Schedule II</u> for a period equal to the lesser of: (i) the remainder of the then
 current term of the Agreement; (ii) or eighteen months from the effective date of the Change
 of Control Event, in each case calculated based on the assets of the Trust on the date notice
 of termination in accordance with this Section was given; and (3) all fees and expenses previously
 waived by the Sub-Administrator at any time during the then current term of the Agreement.
 Subject to the foregoing, this Agreement shall terminate effective

as of the Change of Control Event. For the avoidance of doubt, failure to provide the notice prescribed by this Section shall not relieve the Trust of its obligation to pay the fees set forth on <u>Schedule II</u> as if proper notice had been provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.03 <u>Effect of 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;&nbsp;&nbsp;&nbsp;&nbsp;9.03.01. The termination of this Agreement shall
 be without prejudice to any rights that may have accrued hereunder to any party hereto prior
 to such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.03.02. After termination of this Agreement
 and upon payment of all accrued fees, reimbursable expenses and other moneys owed to the
 Sub-Administrator, the Sub-Administrator shall deliver to GXMC, or as GXMC shall direct,
 all books of account, records, registers, correspondence, documents and assets relating to
 the affairs of or belonging to the Trust in the possession of or under the control of the
 Sub-Administrator or any of its agents or delegates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.03.03. In the event any and all accrued fees,
 reasonable reimbursable expenses and other moneys owed to the Sub-Administrator hereunder
 remain unpaid in whole or in part for more than thirty days past due, the Sub-Administrator,
 without further notice, may take any and all actions it deems necessary to collect such amounts
 due, and any and all of its collection expenses, reasonable costs and fees shall be paid
 by GXMC, including, without limitation, administrative costs, reasonable attorneys'
 fees, court costs, collection agencies or agents and interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.03.04. Notwithstanding the foregoing, in the
 event this Agreement is terminated and for any reason the Sub-Administrator, with the written
 consent of GXMC, in fact continues to perform any one or more of the services contemplated
 by this Agreement, the pertinent provisions of this Agreement, including without limitation,
 the provisions dealing with payment of fees and indemnification shall continue in full force
 and effect. The Sub-Administrator shall be entitled to collect from GXMC, in addition to
 the compensation described in <u>Schedule II (Fees)</u>, the amount of all of the Sub-Administrator's
 expenses in connection with the Sub-Administrator's activities following such termination,
 including without limitation, the delivery to GXMC and/or its designees of the Trust's property,
 records, instruments and documents.

SECTION 10 CONFLICTS OF INTEREST

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.01 <u>Non-Exclusive</u>.
 The services of the Sub-Administrator rendered to GXMC are not deemed to be exclusive. The
 Sub-Administrator is free to render such services to others. The Sub-Administrator shall
 not be deemed to be affected by notice of, or to be under any duty to disclose to GXMC or
 Person acting on GXMC's behalf, information which has come into its possession or the
 possession of an Interested Party in the course of or in connection with providing administrative
 or other services to any other person or in any manner whatsoever other than in the course
 of carrying out its duties pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.02 <u>Rights of Interested Parties</u>. Subject
 to applicable law, nothing herein contained shall prevent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.02.01. an Interested Party from buying, holding,
 disposing of or otherwise dealing in any shares for its own account or the account of any
 of its customers or from receiving remuneration in connection therewith, with the same rights
 which it would have had if the Sub-Administrator were not a party to this Agreement; provided,
 however, that

the prices quoted by the Sub-Administrator are no more favorable to the Interested Party than to a similarly situated investor in or redeeming holder of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.02.02. an Interested Party from buying, holding,
 disposing of or otherwise dealing in any securities or other investments for its own account
 or for the account of any of its customers and receiving remuneration in connection therewith,
 notwithstanding that the same or similar securities or other investments may be held by or
 for the account 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;10.02.03. an Interested Party from receiving
 any commission or other remuneration which it may negotiate in connection with any sale or
 purchase of shares or Investments effected by it for the account of the Trust; provided,
 however, that the amount of such commission or other remuneration is negotiated at arm's
 length; 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;10.02.04. an Interested Party from contracting
 or entering into any financial, banking or other transaction with the Trust or from being
 interested in any such contract or transaction; provided, however, that the terms of such
 transaction are negotiated at arm's length.

SECTION 11 Confidentiality

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.01 <u>Confidential Information</u>. The Sub-Administrator
 and GXMC (in such capacity, the " <u>Receiving Party</u> ") acknowledge and agree
 to maintain the confidentiality of Confidential Information (as hereinafter defined) provided
 by the Sub-Administrator and GXMC (in such capacity, the " <u>Disclosing Party</u> ")
 in connection with this Agreement. The Receiving Party shall not disclose or disseminate
 the Disclosing Party's Confidential Information to any Person other than those employees,
 agents, technology service providers, contractors, subcontractors, licensors, and licensees
 of the Receiving Party, or with respect to the Sub-Administrator as a Receiving Party, to
 those employees, agents, contractors, subcontractors and licensees of any agent or affiliate,
 who have a need to know it in order to assist the Receiving Party in performing its obligations,
 or to permit the Receiving Party to exercise its rights under this Agreement. In addition,
 the Receiving Party (a) shall take all reasonable steps to prevent unauthorized access to
 the Disclosing Party's Confidential Information, and (b) shall not use the Disclosing
 Party's Confidential Information, or authorize other Persons to use the Disclosing
 Party's Confidential Information, for any purposes other than in connection with performing
 its obligations or exercising its rights hereunder; provided, however, that nothing herein
 shall limit the Sub-Administrator's ability to collect and use Aggregated Data for
 the purpose of monitoring the performance, operation or security of the Sub-Administrator's
 systems or monitoring, enhancing and creating new services. For the avoidance of doubt, such
 Aggregated Data will not reveal or be capable of revealing the identity of the Trust or any
 investor in the Trust to any third party, other than to the Sub-Administrator's permitted
 third party contractors who are involved in the compilation of the Aggregated Data. As used
 herein, "Reasonable Steps" means steps that a party takes to protect its own,
 similarly confidential or proprietary information of a similar nature, which steps shall
 in no event be less than a reasonable standard of care.

The term "<u>Confidential Information</u>," as used herein, means any of the Disclosing Party's proprietary or confidential information including, without limitation, any non-public personal information (as defined in Regulation S-P) of the Disclosing Party, its affiliates, their respective clients or suppliers, or other Persons with whom they do business, that may be obtained by the Receiving Party from any source or that may be developed as a result of this Agreement, the Trust's portfolio, trading or position information, the terms of (or any exercise of rights granted by) this Agreement, technical data; trade secrets ; know-how; business processes; product plans; product designs; service plans; services; customer lists and customers; markets; software; developments; inventions; processes; formulas; technology; designs; drawings; and marketing, distribution or sales methods and systems; sales and profit figures or other financial information that is disclosed, directly or indirectly, to the Receiving

Party by or on behalf of the Disclosing Party, whether in writing, orally or by other means and whether or not such information is marked as confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.02 <u>Exclusions</u>. The provisions of this <u>Section 11</u> respecting Confidential Information shall not apply to the extent, but
 only to the extent, that such Confidential Information: (a) is already known to the Receiving
 Party free of any restriction at the time it is obtained from the Disclosing Party; (b) is
 subsequently learned from an independent third party free of any restriction and without
 breach of this Agreement; (c) is or becomes publicly available through no wrongful act of
 the Receiving Party or any third party; (d) is independently developed by or for the Receiving
 Party without reference to or use of any Confidential Information of the Disclosing Party;
 or (e) is required to be disclosed pursuant to an applicable law, rule, regulation, government
 requirement or court order, or the rules of any stock exchange (provided, however, that the
 Receiving Party shall advise the Disclosing Party of such required disclosure promptly upon
 learning thereof in order to afford the Disclosing Party a reasonable opportunity to contest,
 limit and/or assist the Receiving Party in crafting such disclosure).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.03 <u>Permitted Disclosure</u>. The Receiving
 Party shall advise its employees, agents, contractors, subcontractors and licensees, and
 shall require its affiliates to advise their employees, agents, contractors, subcontractors
 and licensees, of the Receiving Party's obligations of confidentiality and non-use
 under this <u>Section 11</u>, and shall be responsible for ensuring compliance by its and
 its affiliates' employees, agents, contractors, subcontractors and licensees with such
 obligations. In addition, the Receiving Party shall require all Persons that are provided
 access to the Disclosing Party's Confidential Information, other than the Receiving
 Party's accountants and legal counsel, to execute confidentiality or non-disclosure
 agreements containing provisions substantially similar to those set forth in this <u>Section 11</u>. The Receiving Party shall promptly notify the Disclosing Party in writing upon learning
 of any unauthorized disclosure or use of the Disclosing Party's Confidential Information
 by such Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.04 <u>Effect of Termination</u>. Upon the
 Disclosing Party's written request following the termination of this Agreement, the
 Receiving Party promptly shall return to the Disclosing Party, or destroy, all Confidential
 Information of the Disclosing Party provided under or in connection with this Agreement,
 including all copies, portions and summaries thereof. Notwithstanding the foregoing sentence,
 (a) the Receiving Party may retain one copy of each item of the Disclosing Party's
 Confidential Information for purposes of identifying and establishing its rights and obligations
 under this Agreement, for archival or audit purposes and/or to the extent required by applicable
 law, and (b) the Sub-Administrator shall have no obligation to return or destroy Confidential
 Information of the Trust that resides in save tapes of Sub-Administrator; provided, however,
 that in either case all such Confidential Information retained by the Receiving Party shall
 remain subject to the provisions of <u>Section 11</u> for so long as it is so retained. If
 requested by the Disclosing Party, the Receiving Party shall certify in writing its compliance
 with the provisions of this paragraph.

SECTION 12 Miscellaneous provisions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.01 <u>Internet Access</u>. Data and information
 may be made electronically accessible to the Trust, GXMC, the Adviser and/or sub-adviser(s)
 and its investors through Internet access to one or more web sites provided by the Sub-Administrator
 (" <u>Web Access</u> "). As between the Trust, GXMC and Sub-Administrator, the
 Sub-Administrator shall own all right, title and interest to such Web Access, including,
 without limitation, all content, software, interfaces, documentation, data, trade secrets,
 design concepts, "look and feel" attributes, enhancements, improvements, ideas
 and inventions and all intellectual property rights inherent in any of the foregoing or appurtenant
 thereto including all patent rights, copyrights, trademarks, know-how and trade secrets (collectively,
 the "Proprietary Information"). Each of the Trust and GXMC recognizes that the
 Proprietary Information is of substantial value to the Sub-Administrator and shall not use
 or disclose the Proprietary Information except as specifically authorized in writing by the
 Sub-Administrator. Use of the Web Access by each of the Trust and GXMC or their agents or
 investors will be subject to any additional terms of

use set forth on the web site. All Web Access and the information (including text, graphics and functionality) on the web sites related to such Web Access is presented "As Is" and "As Available" without express or implied warranties including, but not limited to, implied warranties of non-infringement, merchantability and fitness for a particular purpose. The Sub-Administrator neither warrants that the Web Access will be uninterrupted or error free, nor guarantees the accessibility, reliability, performance, timeliness, sequence, or completeness of information provided on the Web Access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.02 <u>Independent Contractor</u>. In making,
 and performing under, this Agreement, the Sub-Administrator shall be deemed to be acting
 as an independent contractor of GXMC and neither the Sub-Administrator nor its employees
 shall be deemed an agent, affiliate, legal representative, joint venture or partner of GXMC.
 No party is authorized to bind any other party to any obligation, affirmation or commitment
 with respect to any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.03 <u>Assignment; Binding Effect</u>. This
 Agreement may not be assigned by either party without the prior written consent of the other
 party; provided, however, that either party may assign, delegate or transfer, by operation
 of law or otherwise, all or any portion of its rights under this Agreement to an affiliate,
 provided that such affiliate agrees in advance and in writing to be bound by the terms, conditions
 and provisions of this Agreement. Subject to the foregoing, all of the terms, conditions
 and provisions of this Agreement shall be binding upon and shall inure to the benefit of
 each party's successors and permitted assigns. Any assignment, delegation, or transfer
 in violation of this provision shall be void and without legal effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.04 <u>Agreement for Sole Benefit of the Sub-Administrator and GXMC</u>. This Agreement is for the sole and exclusive benefit of the Sub-Administrator
 and GXMC and will not be deemed to be for the direct or indirect benefit of the clients or
 customers of the Sub-Administrator or GXMC. The clients or customers of the Sub-Administrator
 or GXMC will not be deemed to be third party beneficiaries of this Agreement nor to have
 any other contractual relationship with the Sub-Administrator by reason of this Agreement
 and each party hereto agrees to indemnify and hold harmless the other party from any claims
 of its clients or customers against the other party including any attendant expenses and
 attorneys' fees, based on this Agreement or the services provided hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.05 <u>Governing Law</u>. This Agreement shall
 be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania
 without giving effect to any conflict of laws or choice of laws rules or principles thereof.
 To the extent that the applicable laws of the Commonwealth of Pennsylvania, or any of the
 provisions of this Agreement, conflict with the applicable provisions of the 1940 Act, the
 1933 Act or the Exchange Act, the latter shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.06 <u>Equitable Relief</u>. Each party agrees
 that any other party's violation of the provisions of <u>Section 11 (Confidentiality)</u> may cause immediate and irreparable harm to the other party for which money damages may
 not constitute an adequate remedy at law. Therefore, the parties agree that, in the event
 either party breaches or threatens to breach said provision or covenant, the other party
 shall have the right to seek, in any court of competent jurisdiction, an injunction to restrain
 said breach or threatened breach, without posting any bond or other security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.07 <u>Dispute Resolution</u>. Whenever either
 party desires to institute legal proceedings against the other concerning this Agreement,
 it shall provide written notice to that effect to such other party. The party providing such
 notice shall refrain from instituting said legal proceedings for a period of thirty days
 following the date of provision of such notice. During such period, the parties shall attempt
 in good faith to amicably resolve their dispute by negotiation among their executive officers.
 This <u>Section 12.07</u> shall not prohibit either party from seeking, at any time, equitable
 relief as permitted under <u>Section 12.06</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.08 <u>Notice</u>. All notices provided for
 or permitted under this Agreement (except for correspondence between the parties related
 to operations in the ordinary course) shall be deemed effective upon

receipt, and shall be in writing and (a) delivered personally, (b) sent by commercial overnight courier with written verification of receipt, or (c) sent by certified or registered U.S. mail, postage prepaid and return receipt requested, to the party to be notified, at the address for such party set forth below, or at such other address of such party specified in the opening paragraph of this Agreement. Notices to the Sub-Administrator shall be sent to the attention of: General Counsel, SEI Investments Global Funds Services, One Freedom Valley Drive, Oaks, Pennsylvania 19456, with a copy, given in the manner prescribed above, to the Trust's current relationship manager. Notices to the Trust and GXMC shall be sent to the persons specified in <u>Schedule III (Notice Instruction Form)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.09 <u>Entire Agreement; Amendments</u>. This
 Agreement (including all of the Schedules attached hereto) sets forth the entire understanding
 of the parties with respect to the subject matter hereof. This Agreement supersedes all prior
 or contemporaneous representations, discussions, negotiations, letters, proposals, agreements
 and understandings between the parties hereto with respect to the subject matter hereof,
 whether written or oral. Except as otherwise permitted herein, this Agreement (including
 each of the Schedules attached hereto) may be amended, modified or supplemented only by a
 written instrument duly executed by an authorized representative of each of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10 <u>Severability</u>. Any provision of
 this Agreement that is determined to be invalid or unenforceable in any jurisdiction shall
 be ineffective to the extent of such invalidity or unenforceability in such jurisdiction,
 without rendering invalid or unenforceable the remaining provisions of this Agreement or
 affecting the validity or enforceability of such provision in any other jurisdiction. If
 a court of competent jurisdiction declares any provision of this Agreement to be invalid
 or unenforceable, the parties agree that the court making such determination shall have the
 power to reduce the scope, duration, or area of the provision, to delete specific words or
 phrases, or to replace the provision with a provision that is valid and enforceable and that
 comes closest to expressing the original intention of the parties, and this Agreement shall
 be enforceable as so modified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11 <u>Waiver</u>. Any term or provision of
 this Agreement may be waived at any time by the party entitled to the benefit thereof by
 written instrument executed by such party. No failure of either party hereto to exercise
 any power or right granted hereunder, or to insist upon strict compliance with any obligation
 hereunder, and no custom or practice of the parties with regard to the terms of performance
 hereof, will constitute a waiver of the rights of such party to demand full and exact compliance
 with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.12 <u>Anti-Money Laundering Laws</u>. In
 connection with performing the Services set forth herein, the Sub-Administrator may provide
 information that GXMC may rely upon in connection with the Trust's compliance with
 applicable laws, policies and regulations aimed at the prevention and detection of money
 laundering and/or terrorism activities (hereinafter, the " <u>Regulations</u> ").
 GXMC and the Sub-Administrator agree that GXMC shall be responsible for its compliance with
 all such Regulations. It shall be a condition precedent to providing Services to GXMC under
 this Agreement and the Sub-Administrator shall have no liability for non-performance of its
 obligations under this Agreement unless it is satisfied, in its absolute discretion, that
 it has sufficient and appropriate information and material to discharge its obligations under
 the Regulations, and that the performance of such obligations will not violate any Regulations
 applicable to it. Without in any way limiting the foregoing, GXMC acknowledges that the Sub-Administrator
 is authorized to return an Investment in the Trust and take any action necessary to restrict
 repayment of redemption proceeds to the extent necessary to comply with its obligations pursuant
 to the Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.13 <u>Force Majeure</u>. No breach of any
 obligation of a party to this Agreement (other than obligations to pay amounts owed) will
 constitute an event of default or breach to the extent it arises out of a cause, existing
 or future, that is beyond the control and without negligence of the party otherwise chargeable
 with breach or default, including without limitation: work action or strike; lockout or other
 labor dispute; flood; war; riot; theft; act of terrorism, earthquake or natural disaster.
 Either party desiring to rely upon any of the foregoing as an excuse for default or breach
 will, when the

cause arises, give to the other party prompt notice of the facts which constitute such cause; and, when the cause ceases to exist, give prompt notice thereof to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.14 <u>Equipment Failures</u>. In the event
 of equipment failures beyond the Sub-Administrator's control, the Sub-Administrator
 shall take reasonable and prompt steps to minimize service interruptions but shall have no
 liability with respect thereto. The Sub-Administrator shall develop and maintain a plan for
 recovery from equipment failures which may include contractual arrangements with appropriate
 parties making reasonable provision for emergency use of electronic data processing equipment
 to the extent appropriate equipment is available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.15 <u>Non-Solicitation.</u> During the term
 of this Agreement and for a period of one year thereafter, GXMC shall not solicit, make an
 offer of employment to, or enter into a consulting relationship with, any person who was
 an employee of the Sub-Administrator during the term of this Agreement. If GXMC breaches
 this provision, GXMC shall pay to the Sub-Administrator liquidated damages equal to 100%
 of the most recent twelve month salary of the Sub-Administrator's former employee together
 with all legal fees reasonably incurred by the Sub-Administrator in enforcing this provision.
 The foregoing restriction on solicitation does not apply to unsolicited applications for
 jobs, responses to public advertisements or candidates submitted by recruiting firms, provided
 that such firms have not been contacted to circumvent the spirit and intention of this <u>Section 12.15</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.16 <u>Headings</u>. All Section headings
 contained in this Agreement are for convenience of reference only, do not form a part of
 this Agreement and will not affect in any way the meaning or interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.17 <u>Counterparts</u>. This Agreement may
 be executed in two or more counterparts, all of which shall constitute one and the same instrument.
 Each such counterpart shall be deemed an original, and it shall not be necessary in making
 proof of this Agreement to produce or account for more than one such counterpart. This Agreement
 shall be deemed executed by both parties when any one or more counterparts hereof or thereof,
 individually or taken together, bears the original facsimile or scanned signatures of each
 of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.18 <u>Publicity</u>. Except to the extent
 required by applicable Law, neither the Sub-Administrator nor GXMC shall issue or initiate
 any press release arising out of or in connection with this Agreement or the Services rendered
 hereunder; *provided*, *however*, that if no special prominence is given or particular
 reference made to GXMC over other clients, nothing herein shall prevent the Sub-Administrator
 from (i) placing GXMC on the Sub-Administrator's client list(s) (and sharing such list(s)
 with current or potential clients of the Sub-Administrator); (ii) using GXMC as reference;
 or (iii) otherwise orally disclosing that GXMC is a client of the Sub-Administrator at presentations,
 conferences or other similar meetings. If the Sub-Administrator desires to engage in any
 type of publicity other than as set forth in subsections (i) through (iii) above or if GXMC
 desires to engage in any type of publicity, the party desiring to engage in such publicity
 shall obtain the prior written consent of the other party hereto, such consent not to be
 unreasonably withheld, delayed or conditioned.

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the Effective Date.

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| | |
|:---|:---|
| SEI INVESTMENTS GLOBAL FUNDS SERVICES | GLOBAL X MANAGEMENT COMPANY LLC |
| By: | By: |
| Name: | Name: |
| Title: | Title: |

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## Ex-99.(K)(4)

**Exhibit (k)(4)**

**FORM OF EXPENSE LIMITATION AND REIMBURSEMENT AGREEMENT**

**Global X Venture Fund** 

AGREEMENT made as of the [ ]th day of [ ], by and between Global X Venture Fund, a Delaware statutory trust (the "<u>Fund</u>"), and Global X Management Company LLC (the "<u>Adviser</u>"), an investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended.

WITNESSETH:

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

WHEREAS, the Adviser acts as investment adviser to the Fund pursuant to an Investment Management Agreement with the Fund dated as of March 12, 2025 (the "<u>Investment Management Agreement</u>"), pursuant to which it is paid a Management Fee (as defined below);

NOW, THEREFORE, in consideration of the Fund engaging the Adviser pursuant to the Investment Management Agreement and other good and valuable consideration, the parties to this Agreement agree as follows:

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| | |
|:---|:---|
| 1. | Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Fund's Prospectus as currently in effect. |
| 2. | The Adviser agrees to waive the Management Fee and other fees payable to it by the Fund, and to pay, absorb or reimburse expenses of the Fund (a "<u>Waiver</u>") so that the Total Annual Expenses of the Fund (as defined below) will not exceed 2.75% of the average daily net assets of the Fund's Class A Shares and Class S Shares and 2.50% of the Fund's Class I Shares, respectively, on an annualized basis (the "<u>Expense Limitation</u>"). |
|  | "<u>Total Annual Expenses</u>" includes all expenses incurred in the business of the Fund, including organizational and offering costs, with the following exceptions: (i) taxes, (ii) interest, (iii) brokerage commissions, (iv) expenses associated with the acquisition and disposition of investments (including interest and structuring costs for borrowings and line(s) of credit), (v) the Management Fee, (vi) distribution and/or servicing fees, (vii) sub-transfer agency, sub-accounting and shareholder servicing fees, (viii) any acquired fund fees and expenses, (ix) dividend and interest expenses relating to short sales, (x) borrowing costs, (xi) merger or reorganization expenses, (xii) shareholder meetings expenses, (xiii) litigation expenses and (xiv) extraordinary expenses. |
| 3. | Unless sooner terminated by the Board of Trustees of the Fund (the "<u>Trustees</u>") as provided in Paragraph 5 of this Agreement, this Agreement will have a term |

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---

| | |
|:---|:---|
|  | ending one (1) year from effectiveness of the Fund's registration statement. This Agreement will automatically renew for consecutive one-year terms thereafter, provided that such continuance is specifically approved at least annually by a majority of the Trustees and the Adviser. |
| 4. | This Agreement may be terminated at any time, and without payment of any penalty, by the Trustees, on behalf of the Fund, upon thirty (30) days' written notice to the Adviser. This Agreement may not be terminated by the Adviser without the consent of the Trustees. |
| 5. | For a period not to exceed three (3) years from the date on which a Waiver is made by the Adviser, the Adviser may recoup amounts waived or assumed, provided it is able to effect such recoupment without causing the Fund's expense ratio (after recoupment) to exceed the lesser of (a) the expense limit in effect at the time of the waiver, and (b) the expense limit in effect at the time of the recoupment. To the extent that such repayment is due, it shall be made as promptly as possible, in conjunction with the next succeeding payment of the Management Fee to the Adviser. To the extent that the full amount of such waived amount or expense paid cannot be repaid as provided in the previous sentence within such applicable three-year period, such repayment obligation shall be extinguished. |
| 6. | If this Agreement is terminated by the Fund, the Fund agrees to repay to the Adviser any amounts payable pursuant to paragraph 5 that have not been previously repaid and, subject to the 1940 Act, such repayment will be made to the Adviser not later than three (3) years from the date on which a Waiver was made by the Adviser (regardless of the date of termination of this Agreement), so long as the Fund is able to effect such reimbursement and remain in compliance with the Expense Limitation as if such Expense Limitation was still in effect. If this Agreement is terminated by the Adviser, the Fund agrees to repay to the Adviser any amounts payable pursuant to paragraph 5 that have not been previously repaid and, subject to the 1940 Act, such repayment will be made to the Adviser not later than thirty (30) days after the termination of this Agreement, so long as the Fund is able to effect such reimbursement and remain in compliance with the Expense Limitation as if such Expense Limitation was still in effect. |
| 7. | This Agreement will be construed in accordance with the laws of the state of New York and the applicable provisions of the 1940 Act. To the extent the applicable law of the State of New York, or any of the provisions in this Agreement, conflict with the applicable provisions of the 1940 Act, the applicable provisions of the 1940 Act will control. |
| 8. | This Agreement constitutes the entire agreement between the parties to this Agreement with respect to the matters described in this Agreement. |

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[Signature page follows]

IN WITNESS WHEREOF, the parties to this Agreement have executed this Agreement as of the date first written above.

**GLOBAL X VENTURE FUND**

By:

Title:

**GLOBAL X MANAGEMENT COMPANY LLC**

By:

Title:

## Ex-99.(K)(5)

**Exhibit (k)(5)**

**FORM OF AFFILIATE FUND WAIVER AGREEMENT**

**Global X Venture Fund** 

AGREEMENT made as of the [ ] day of [ ], by and between Global X Venture Fund, a Delaware statutory trust (the "<u>Fund</u>"), and Global X Management Company LLC (the "<u>Adviser</u>"), an investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended.

WITNESSETH:

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

WHEREAS, the Adviser acts as investment adviser to the Fund pursuant to an Investment Management Agreement with the Fund dated as of March 12, 2025 (the "<u>Investment Management Agreement</u>");

NOW, THEREFORE, in consideration of the Fund engaging the Adviser pursuant to the Investment Management Agreement and other good and valuable consideration, the parties to this Agreement agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Capitalized terms not otherwise defined herein
shall have the meanings ascribed to them in the Investment Management Agreement.

2. During the term of the Investment Management
Agreement, the Adviser hereby contractually agrees to waive fees and/or reimburse expenses in an amount sufficient to offset the
respective net advisory fees it collects from any affiliated mutual funds and/or exchange-traded funds on the Fund's investment
in such affiliated funds.

3. This Agreement shall remain in effect so long
as the Investment Management Agreement remains in effect, provided that this Agreement will automatically terminate upon the termination
of the Investment Management Agreement, with such termination effective upon the effective date of the Investment Management Agreement's
termination.

4. This Agreement will be construed in accordance
with the laws of the state of New York and the applicable provisions of the 1940 Act. To the extent the applicable law of the State
of New York, or any of the provisions in this Agreement, conflict with the applicable provisions of the 1940 Act, the applicable
provisions of the 1940 Act will control.

5. This Agreement constitutes the entire agreement
between the parties to this Agreement with respect to the matters described in this Agreement.

[Signature page follows]

IN WITNESS WHEREOF, the parties to this Agreement have executed this Agreement as of the date first written above.

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| |
|:---|
| **GLOBAL X VENTURE FUND** |
| By: |
| Title: |
| **GLOBAL X MANAGEMENT COMPANY LLC** |
| By: |
| Title: |

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