# EDGAR Filing Document

**Accession Number:** 0001856156
**File Stem:** 0001398344-25-014074
**Filing Date:** 2025-7
**Character Count:** 608178
**Document Hash:** 698821c08287db8e33a1901b0a8243e9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-014074.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001398344-25-014074

**CONFORMED SUBMISSION TYPE**: N-2

**PUBLIC DOCUMENT COUNT**: 25

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FS MVP Private Markets Fund
- **CENTRAL INDEX KEY:** 0001856156

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

**FILING VALUES:**
- **FORM TYPE:** N-2
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23656
- **FILM NUMBER:** 251163138

**BUSINESS ADDRESS:**
- **STREET 1:** 9 OLD KINGS HIGHWAY
- **CITY:** DARIEN
- **STATE:** CT
- **ZIP:** 06820
- **BUSINESS PHONE:** (203) 662-3456

**MAIL ADDRESS:**
- **STREET 1:** 9 OLD KINGS HIGHWAY
- **CITY:** DARIEN
- **STATE:** CT
- **ZIP:** 06820

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MVP Private Markets Fund
- **DATE OF NAME CHANGE:** 20210409
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FS MVP Private Markets Fund
- **CENTRAL INDEX KEY:** 0001856156

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

**FILING VALUES:**
- **FORM TYPE:** N-2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-289059
- **FILM NUMBER:** 251163137

**BUSINESS ADDRESS:**
- **STREET 1:** 9 OLD KINGS HIGHWAY
- **CITY:** DARIEN
- **STATE:** CT
- **ZIP:** 06820
- **BUSINESS PHONE:** (203) 662-3456

**MAIL ADDRESS:**
- **STREET 1:** 9 OLD KINGS HIGHWAY
- **CITY:** DARIEN
- **STATE:** CT
- **ZIP:** 06820

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MVP Private Markets Fund
- **DATE OF NAME CHANGE:** 20210409

?xml version='1.0' encoding='ASCII'?

As filed with the Securities and Exchange Commission on July 29, 2025

1933 Act File No. 333-[ ]

1940 Act File No. 811-23656

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

FORM N-2

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| | |
|:---|:---|
| **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**<br> **Post-Effective Amendment No.** | [X] |
| <br> **and**<br>**REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940**<br> **Amendment No. 8** | [X] |

---

**FS MVP Private Markets Fund** (Exact Name of Registrant as Specified in Charter)

9 Old Kings Highway South

Darien, Connecticut 06820

(Address of Principal Executive Offices)

(203) 662-3456

(Registrant's Telephone Number)

Daniel Dwyer

Portfolio Advisors, LLC

9 Old Kings Highway South

Darien, Connecticut 06820

(Name and Address of Agent for Service)

Copy to:

Joshua B. Deringer, Esq.

Faegre Drinker Biddle & Reath LLP

One Logan Square, Ste. 2000

Philadelphia, PA 19103-6996

215-988-2700

APPROXIMATE DATE OF PROPOSED PUBLIC OFFERING:

AS SOON AS PRACTICABLE AFTER THE EFFECTIVE DATE OF THIS REGISTRATION STATEMENT

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

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

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

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

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

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

[ ] when declared effective pursuant to Section 8(c) of the Securities Act

*The following boxes should only be included and completed if the registrant is making this filing in accordance with Rule 486 under the Securities Act.*

[X] immediately upon filing pursuant to paragraph (b)

[ ] on (date) pursuant to paragraph (b)

[ ] 60 days after filing pursuant to paragraph (a)

[ ] on (date) pursuant to paragraph (a)

If appropriate, check the following box:

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

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

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

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

Check each box that appropriately characterizes the Registrant:

[X] 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).

**PROSPECTUS**<br> **July 29, 2025**<br>

**FS MVP Private Markets Fund**

**Class A Shares, Class I Shares, Class D Shares**

FS MVP Private Markets Fund (the "Fund") is a Delaware statutory trust that is registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), as a non-diversified, closed-end management investment company. The Fund's investment objective is to generate long-term capital appreciation by investing in a diversified portfolio of private market investments. The Fund will primarily target private equity investments, and to a lesser extent, private credit investments, that focus on mid-sized companies in the United States. The Fund cannot guarantee that it will meet its investment objective. Investing in the Fund involves a high degree of risk. **See "GENERAL RISKS," "INVESTMENT RELATED RISKS," "BUSINESS AND STRUCTURE RELATED RISKS," "MANAGEMENT RELATED RISKS," and "LIMITS OF RISKS DISCLOSURE" beginning on page 20.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I Shares** | **Class D Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Public Offering Price<sup>(1)</sup> | Current Net Asset Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current Net Asset Value | Current Net Asset Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1900000000 |
| Sales Load<sup>(2)</sup> | 3.50% |  | 3.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1900000000 |
| Proceeds to the Fund (Before Expenses)<sup>(3)</sup> | Current Net Asset Value, less applicable Sales Charge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current Net Asset Value | Current Net Asset Value, less applicable Sales Charge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Up to $1,900,000,000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) ALPS Distributors, Inc. acts as the principal underwriter of the Fund's Shares on a best-efforts
basis. Generally, the stated minimum investment by an investor in the Fund is $50,000 with respect to Class A Shares, $1,000,000 with
respect to Class I Shares and $50,000 with respect to Class D Shares, which stated minimums may be reduced for certain investors.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Investments in Class A Shares and Class D Shares of the Fund are sold subject to a sales charge of up
to 3.50% of the investment. For some investors, the sales charge may be waived or reduced (in whole or in part). The full amount of sales
charge may be reallowed to brokers or dealers participating in the offering. Your financial intermediary may impose additional charges
when you purchase shares of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Assumes all shares currently registered are sold in the offering. Shares will be offered in a continuous
offering at the Fund's then current net asset value, plus any applicable sales load, as described herein. The Fund will also bear
certain ongoing offering costs associated with the Fund's continuous offering of Shares. See "FUND EXPENSES."

This prospectus (the "Prospectus") applies to the offering of three separate classes of shares of beneficial interests ("Shares") in the Fund, designated as Class A Shares, Class I Shares and Class D Shares. The Fund's Shares will generally be offered on the first business day of each month at the net asset value per Share on that day. No person who is admitted as a shareholder of the Fund (a "Shareholder") will have the right to require the Fund to redeem its Shares. This Prospectus is not an offer to sell Shares and is not soliciting an offer to buy Shares in any state or jurisdiction where such offer or sale is not permitted. Investments in the Fund may be made only by "Eligible Investors" as defined herein. See "*ELIGIBLE INVESTORS*."

If you purchase Shares of the Fund, you will become bound by the terms and conditions of the agreement and declaration of trust of the Fund (the "Agreement and Declaration of Trust"), a copy of which is filed as an exhibit with this Prospectus.

**Shares are speculative and illiquid securities involving substantial risk of loss.**

● 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 substantial restrictions on transferability and resale and may not be transferred or resold except as permitted under the Agreement and Declaration of Trust. Although the Fund may offer to repurchase Shares from time to time, Shares will not be redeemable at a Shareholder's option nor will they be exchangeable for Shares or shares of any other fund. As a result, an investor may not be able to sell or otherwise liquidate his or her Shares.

● Shares are appropriate only for those investors who can tolerate a high degree of risk and do not require a liquid investment and for whom an investment in the Fund does not constitute a complete investment program.

**There are risks associated with the Fund's distribution sources.**

● The amount of distributions that the Fund may pay, if any, is uncertain.

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

This Prospectus concisely provides information that you should know about the Fund before investing. You are advised to read this Prospectus carefully and to retain it for future reference. Additional information about the Fund, including the Fund's statement of additional information (the "SAI"), dated July 29, 2025, has been filed with the Securities and Exchange Commission (the "SEC"). You can request a copy of the SAI and annual and semi-annual reports of the Fund without charge by writing to the Fund, c/o ALPS Fund Services, Inc. 1290 Broadway, Suite 1000, Denver, CO 80203, or by calling the Fund toll-free at 844-663-0164. The SAI is incorporated by reference into this Prospectus in its entirety. You can obtain the SAI, and other information about the Fund, on the SEC's website (http://www.sec.gov). The address of the SEC's internet site is provided solely for the information of prospective investors and is not intended to be an active link.

You should not construe the contents of this Prospectus as legal, tax or financial advice. You should consult with your own professional advisers as to legal, tax, financial, or other matters relevant to the suitability of an investment in the Fund.

You should rely only on the information contained in this Prospectus and the SAI. The Fund has not authorized anyone to provide you with different information. You should not assume that the information provided by this Prospectus is accurate as of any date other than the date shown below. Neither the SEC nor any state securities commission has approved or disapproved of these securities or determined if this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

THE FUND'S PRINCIPAL UNDERWRITER IS ALPS DISTRIBUTORS, INC.

*As permitted by SEC regulations, paper copies of the Fund's shareholder reports will not be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.*

 

*If you hold shares at the Fund's transfer agent, you may elect to receive shareholder reports and other communications from the Fund electronically by contacting the Fund, c/o ALPS Fund Services, Inc. 1290 Broadway, Suite 1000, Denver, CO 80203, or by calling toll-free at 844-663-0164. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary. You may elect to receive all future reports in paper free of charge.*

 

*You can inform the Fund or your financial intermediary, as applicable, that you wish to receive paper copies of your shareholder reports by contacting them directly. Your election to receive reports in paper will apply to the Fund and all funds held through your financial intermediary, as applicable.*

 

The date of this Prospectus is July 29, 2025.

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** | **PAGE** |
| SUMMARY | 1 |
| SUMMARY OF FUND EXPENSES | 5 |
| FINANCIAL HIGHLIGHTS | 8 |
| USE OF PROCEEDS | 15 |
| INVESTMENT OBJECTIVE AND STRATEGIES | 16 |
| PRIVATE MARKETS OVERVIEW | 17 |
| INVESTMENT PROCESS | 18 |
| INVESTMENT POLICIES | 19 |
| RISK FACTORS | 19 |
| BUSINESS AND STRUCTURE RELATED RISKS | 20 |
| MANAGEMENT RELATED RISKS | 23 |
| INVESTMENT RELATED RISKS | 24 |
| RISKS SPECIFIC TO PORTFOLIO FUNDS | 27 |
| RISKS SPECIFIC TO SECONDARY INVESTMENTS | 30 |
| TAX RELATED RISKS | 30 |
| GENERAL RISKS | 31 |
| LIMITS OF RISKS DISCLOSURE | 34 |
| MANAGEMENT OF THE FUND | 34 |
| INVESTMENT MANAGEMENT FEE | 36 |
| FUND PERFORMANCE | 37 |
| DISTRIBUTOR | 37 |
| DISTRIBUTION AND SERVICE PLAN | 38 |
| ADMINISTRATION | 38 |
| CUSTODIAN | 39 |
| FUND EXPENSES | 40 |
| VOTING | 41 |
| CONFLICTS OF INTEREST | 41 |
| DIVIDENDS AND DISTRIBUTIONS | 42 |
| DIVIDEND REINVESTMENT PLAN | 43 |
| OUTSTANDING SECURITIES | 43 |
| REPURCHASES OF SHARES | 43 |
| TRANSFERS OF SHARES | 46 |
| CALCULATION OF NET ASSET VALUE; VALUATION | 46 |
| CERTAIN TAX CONSIDERATIONS | 47 |
| ERISA CONSIDERATIONS | 53 |
| ELIGIBLE INVESTORS | 53 |
| DESCRIPTION OF SHARES | 54 |
| PURCHASING SHARES | 54 |
| ADDITIONAL INFORMATION | 54 |
| SUMMARY OF THE AGREEMENT AND DECLARATION OF TRUST | 55 |
| REPORTS TO SHAREHOLDERS | 57 |
| FISCAL YEAR | 57 |
| INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM; LEGAL COUNSEL | 57 |
| INQUIRIES | 57 |

---

**SUMMARY**

***This is only a summary and does not contain all of the information that you should consider before investing in the Fund. Before investing in the Fund, you should carefully read the more detailed information appearing elsewhere in this Prospectus, the SAI, and the Agreement and Declaration of Trust.***

**The Fund** 

The Fund is a Delaware statutory trust that is registered under the Investment Company Act as a non-diversified, closed-end management investment company. The Fund was organized as a Delaware statutory trust on April 7, 2021.

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.

The Fund offers three separate classes of shares of beneficial interest ("Shares") designated as Class A Shares, Class I Shares and Class D Shares. Each class of Shares is subject to different fees and expenses. The Fund may offer additional classes of Shares in the future. The Fund has received an exemptive order from the SEC with respect to the Fund's multi-class structure.

**Investment Objective and Strategies**

The Fund's investment objective is to generate long-term capital appreciation by investing in a diversified portfolio of private market investments. The Fund will primarily target private equity investments, and to a lesser extent, private credit investments, that focus on investments in mid-sized companies in the United States.

The Fund seeks to achieve its investment objective through a mix of investments (the "Fund Investments") that is predominantly comprised of private equity, and to a lesser extent, private credit investments. Fund Investments are expected to primarily consist of:

● direct investments in the equity or debt of target companies and other private assets (*i.e.* assets that are not traded on a public securities exchange) ("Direct Investments"), typically together with third-party managers ("Sponsors");

● purchases of existing interests in private equity or private credit funds ("Portfolio Funds") and other private assets managed by Sponsors ("Secondary Investments");

● subscriptions for new interests in Portfolio Funds ("Primary Investments"); and

● short-term and liquid investments, including money market funds, short term treasuries, and/or other liquid investment vehicles.

Subject to applicable law and regulation, the Fund may gain exposure through a direct investment in a targeted investment entity or indirectly through pooled vehicles or special purpose vehicles managed by Portfolio Advisors, LLC (the "Adviser" or "Portfolio Advisors"), any of its affiliates or third parties.

Under normal circumstances, the Fund intends to invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in "Private Market Assets." For purposes of this policy, Private Market Assets include Direct Investments, Portfolio Funds, Secondary Investments, and Primary Investments.

The Fund principally targets Fund Investments within the United States, but may, directly or indirectly, make investments outside of the United States. It is expected that no more than approximately 30% of the Fund's portfolio will be comprised of non-U.S. investments. Depending on market conditions and the views of the Adviser, the Fund may or may not hedge all or a portion of its foreign currency exposures. See "*INVESTMENT PROCESS*."

To enhance the Fund's liquidity, particularly in times of possible net outflows through the tender of Shares by investors, the Adviser may sell certain of the Fund's assets on the Fund's behalf.

The Fund is expected to hold liquid assets to the extent required for purposes of liquidity management and compliance with the Investment Company Act. Over time, during normal market conditions, it is generally not expected that the Fund will hold more than approximately 20% of its net assets in cash or cash equivalents for extended periods of time. To the extent permitted by the Investment Company Act, the Fund may borrow for investment purposes.

There can be no assurance that the investment objective of the Fund will be achieved or that the Fund's portfolio design and risk monitoring strategies will be successful. See "*INVESTMENT POLICIES.*"

**Risk Factors** 

An investment in the Fund involves substantial risks and special considerations including market risks, strategy risks and risks associated with Fund Investments, such as the Adviser's lack of control over Fund Investments and the fact that Fund Investments generally will not be registered as investment companies under the Investment Company Act. There may also be certain conflicts of interest relevant to the management of the Fund, arising out of, among other things, activities of the Adviser, its affiliates and employees with respect to the management of accounts for other clients. For these and other reasons, there can be no assurance that the Fund's investment activities will be successful or that the Shareholders will not suffer losses. Prospective investors should review carefully the "*RISK FACTORS*" section of this Prospectus. An investment in the Fund should only be made by investors who understand the risks involved and who are able to withstand the loss of the entire amount invested. Additional discussion of the risks associated with an investment in the Fund can be found under "*GENERAL RISKS*," "*INVESTMENT RELATED RISKS*," "*BUSINESS AND STRUCTURE RELATED RISKS*," "*MANAGEMENT RELATED RISKS*," and "*LIMITS OF RISKS DISCLOSURE*."

**Management**

The Fund's Board of Trustees (the "Board") has overall responsibility for the management and supervision of the business operations of the Fund. See "*MANAGEMENT OF THE FUND—The Board of Trustees*." To the extent permitted by applicable law, the Board may delegate any of its rights, powers and authority to, among others, the officers of the Fund, any committee of the Board or the Adviser.

**The Adviser** 

Pursuant to an investment management agreement (the "Investment Management Agreement"), Portfolio Advisors, LLC, an investment adviser that is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), serves as the Fund's investment adviser. The Adviser was organized as a limited liability company under the laws of the State of Connecticut on June 19, 1997. Portfolio Advisors is a subsidiary of Franklin Square Holdings, L.P. ("Future Standard"), a national sponsor of alternative investment funds designed for the individual investor.

**The Sub-Adviser** 

Pursuant to an investment sub-advisory agreement (the "Sub-Advisory Agreement"), the Adviser has engaged FS Global Advisor, LLC (the "Sub-Adviser"), as a non-discretionary sub-adviser to manage a portion of the Fund's assets (the "Account") invested in a senior credit strategy, as allocated by the Adviser. The senior credit strategy seeks attractive, risk adjusted returns with current income by primarily making direct investments in U.S. middle market companies and specifically, senior debt investments (typically, first lien, "stretch senior" and "unitranche" investments). The Sub-Adviser is a registered investment adviser under the Advisers Act, and provides investment advisory and administrative services to closed-end management investment companies and other investment funds. Future Standard is the parent company of the Sub-Adviser.

**Fund Administration**

The Fund has retained ALPS Fund Services, Inc. (the "Administrator") to provide it with certain administrative services. The Fund compensates the Administrator for these services.

The Fund has also retained the Adviser to provide administrative services necessary for the operation of the Fund (in such capacity, the "Co-Administrator"). The Fund reimburses the Co-Administrator, as applicable, for its actual costs incurred in providing such administrative services to the Fund, subject to the limitations set forth in the administration agreement between the Fund and the Adviser (the "PA Administration Agreement").

**Fees and Expenses** 

The Fund will bear directly certain ongoing offering costs associated with any periodic offers of Shares, which will be expensed as they are incurred. Offering costs cannot be deducted by the Fund or the Shareholders.

On an ongoing basis, the Fund bears its own operating expenses (including, without limitation, its offering expenses). A more detailed discussion of the Fund's expenses can be found under "*FUND EXPENSES*."

*Investment Management Fee.* The Fund pays the Adviser an investment management fee (the "Investment Management Fee") in consideration of the advisory services provided by the Adviser to the Fund. The Fund pays the Adviser an Investment Management Fee at a quarterly rate of 0.3125% (1.25% on an annualized basis), of the Fund's Managed Investments at the end of each calendar quarter. "Managed Investments" means the total value of the Fund's assets (including any assets attributable to money borrowed for investment purposes) plus any unfunded investment commitments (*i.e.*, amounts committed to Fund Investments that have not yet been drawn for investment), minus the sum of the Fund's accrued liabilities (other than money borrowed for investment purposes), minus cash and cash equivalents. The Investment Management Fee is paid to the Adviser before giving effect to any repurchase of Shares in the Fund effective as of that date and will decrease the net profits or increase the net losses of the Fund that are credited to its Shareholders. See "*INVESTMENT MANAGEMENT FEE*." The Fund also reimburses the Adviser for certain out-of-pocket expenses.

*Incentive Fee.* The Fund also pays to the Adviser an incentive fee (the "Incentive Fee") calculated and payable quarterly in arrears equal to 10% of the excess, if any, of (i) the net profits of the Fund for the relevant period over (ii) the then balance, if any, of the Loss Recovery Account (as defined below). For purposes of the Incentive Fee, the term "net profits" means the amount by which the net asset value ("NAV") of the Fund on the last day of the relevant period exceeds the NAV of the Fund as of the commencement of the same period, including any net change in unrealized appreciation or depreciation of investments and realized income and gains or losses and expenses (which, for this purpose shall not include any distribution and/or shareholder servicing fees, litigation, any extraordinary expenses or Incentive Fee and any amount contributed to or withdrawn from the Fund by Shareholders). The Fund maintains a memorandum account (the "Loss Recovery Account"), which had an initial balance of zero and (i) increases upon the close of each calendar quarter of the Fund by the amount of the net losses of the Fund for the quarter, and (ii) decreases (but not below zero) upon the close of each calendar quarter by the amount of the net profits of the Fund for the quarter. Shareholders will benefit from the Loss Recovery Account in proportion to their holdings of Shares. See "*Incentive Fee*."

*Sub-Advisory Fee.* Pursuant to the Sub-Advisory Agreement, the Adviser shall pay the Sub-Adviser, a sub-advisory fee (the "Sub-Advisory Fee") at a quarterly rate of 0.3125% (1.25% on an annualized basis) of the Account's Managed Investments at the end of each calendar quarter. The Account's "Managed Investments" means the total value of the Account's assets (including any assets attributable to money borrowed for investment purposes), minus the sum of the Fund's accrued liabilities on assets that are invested pursuant to the terms of the Sub-Advisory Agreement (other than money borrowed for investment purposes) . The Sub-Adviser is paid by the Adviser, not the Fund. The Sub-Advisory Fee will be payable on a quarterly basis in arrears promptly following the time that the Investment Management Fee is paid or, if deferred or waived, would have been paid, to the Adviser pursuant to the Investment Management Agreement.

*Administration Fee.* The Administrator provides the Fund certain administration and accounting services. In consideration for these services, the Administrator is paid an annual fee calculated based upon the average NAV of the Fund, subject to a minimum annual fee (the "Administration Fee"). The Administration Fee is paid to the Administrator out of the assets of the Fund and therefore decreases the net profits or increases the net losses of the Fund. The Fund also reimburses the Administrator for certain out-of-pocket expenses and pays the Administrator a fee for transfer agency services. See "ADMINISTRATION."

The Fund has received exemptive relief from the SEC that allows the Fund, subject to certain conditions, to adopt a distribution and service plan ("Distribution and Service Plan") with respect to Class A Shares and Class D Shares in compliance with Rule 12b-1 under the Investment Company Act. Under the Distribution and Service Plan, the Fund is permitted to pay as compensation up to 0.70% on an annualized basis of the aggregate net assets of the Fund attributable to Class A Shares and up to 0.25% on an annualized basis of the aggregate net assets of the Fund attributable to Class D Shares (together, the "Distribution and Servicing Fee") to the Fund's Distributor or other qualified recipients under the Distribution and Service Plan. The Distribution and Servicing Fee is paid out of the Fund's assets and decreases the net profits or increases the net losses of the Fund. For purposes of determining the Distribution and Servicing Fee only, the value of the Fund's assets 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 a Distribution and Servicing Fee. See "*DISTRIBUTION AND SERVICE PLAN.*"

In addition, pursuant to the PA Administration Agreement, the Co-Administrator oversees the day-to-day operations of the Fund, including providing the Fund with general ledger accounting, fund accounting, legal services, investor relations and other administrative services. To the extent that an affiliate of the Co-Administrator performs certain administrative services at the request of or on behalf of the Fund or the Co-Administrator, the Fund reimburses the Co-Administrator and/or such affiliate, as applicable, for their actual costs incurred in providing such administrative services to the Fund, subject to the limitations set forth in the PA Administration Agreement. Reimbursements of administrative expenses to the Co-Administrator are subject to the terms of the PA Administration Agreement and the Expense Limitation Agreement (defined below). See "*ADMINISTRATION*."

**Distributions** 

Because the Fund intends to qualify annually as a regulated investment company (a "RIC") under the Internal Revenue Code of 1986, as amended (the "Code"), the Fund intends to distribute at least 90% of its annual net taxable income and 90% of its annual net-exempt income, if any. to its Shareholders. Nevertheless, there can be no assurance that the Fund will pay distributions to Shareholders at any particular rate. Each year, a statement on IRS Form 1099-DIV identifying the amount and character of the Fund's distributions will be mailed to Shareholders. See "*TAXES*" below. See also, "*DIVIDEND REINVESTMENT PLAN*."

**Eligible Investors** 

Each prospective investor in the Fund will be required to certify that it is a "qualified client" within the meaning of Rule 205-3 under the Advisers Act and an "accredited investor" within the meaning of Rule 501 under the Securities Act of 1933, as amended (the "Securities Act"). The criteria for qualifying as a "qualified client" and an "accredited investor" are set forth in the subscription documents that must be completed by each prospective investor.

In addition, Shares are generally being offered only to investors that are either (i) U.S. persons for U.S. federal income tax purposes or (ii) non-U.S. persons that meet eligibility standards as defined by the Fund pursuant to the applicable laws in the relevant jurisdictions. Investors who meet such qualifications are referred to in this Prospectus as "Eligible Investors." The qualifications required to invest in the Fund will appear in subscription documents that must be completed by each prospective investor. Existing Shareholders who request to purchase additional Shares will be required to qualify as "Eligible Investors" and to complete an additional investor certification prior to any additional purchase.

**To the extent the Fund identifies any Shareholder holding Shares that was not an Eligible Investor at the time of acquiring such Shares, the Fund reserves the right to (i) cause a mandatory repurchase of all or some of the Shares of such Shareholder, or any person acquiring Shares from or through such Shareholder, (ii) retain any unrealized gains or profits associated with Shares held by such Shareholder, and/or (iii) take any other action the Board determines to be appropriate in light of the circumstances.**

**Purchasing Shares** 

The minimum initial investment in the Fund for Class A Shares is $50,000, the minimum initial investment for Class I Shares is $1,000,000 and the minimum initial investment for Class D Shares is $50,000 except for additional purchases pursuant to the dividend reinvestment plan. See "*DIVIDEND REINVESTMENT PLAN.*" However, the Fund, in its sole discretion, may 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 denominations are not less than $50,000 and incremental contributions are not less than $5,000.

Shares are generally offered for purchase as of the first business day of each month, except that Shares may be offered more or less frequently as determined by the Board in its sole discretion.

Investments in Class A Shares and Class D Shares of the Fund are sold subject to a sales charge of up to 3.50% of the investment. For some investors, the sales charge may be waived or reduced (in whole or in part). The full amount of sales charge may be reallowed to brokers or dealers participating in the offering. Your financial intermediary may impose additional charges when you purchase shares of the Fund.

Subscriptions are generally subject to the receipt of cleared funds on or prior to the acceptance date set by the Fund and notified to prospective investors. Pending any closing, funds received from prospective investors will be placed in an account with SS&C GIDS, Inc., the Fund's transfer agent (the "Transfer Agent"). On the date of any closing, the balance in the account with respect to each investor whose investment is accepted will be invested in the Fund on behalf of such investor. Any interest earned with respect to such account will be paid to the Fund.

A prospective investor must submit a completed subscription document on or prior to the acceptance date set by the Fund and notified to prospective investors. The Fund reserves the right to accept or reject (in whole or in part), in its sole discretion, any request to purchase Shares at any time. The Fund also reserves the right to suspend or terminate offerings of Shares at any time. Additional information regarding the subscription process is set forth under "*PURCHASING SHARES*."

**Purchase Price** 

The purchase price for Shares will be based on the NAV per Share as of the date such Shares are purchased. Fractions of Shares will be issued to one one-thousandth of a Share.

**Dividend Reinvestment Plan**

The Fund has adopted an "opt out" dividend reinvestment plan (the "DRIP"). Investors that wish to participate in the DRIP will not be required to take any action. Under the DRIP, a participating investor's distribution amount will purchase Shares at the NAV of the Fund. Investors that wish to instead receive their distributions in cash may do so by making a written election to not participate in the DRIP on the investor's subscription agreement or by notifying the Administrator in writing at FS MVP Private Markets Fund, c/o ALPS Fund Services, Inc. 1290 Broadway, Suite 1000, Denver, CO 80203. Such written notice must be received by the Administrator sixty (60) days prior to the record date of the distribution or the Shareholder will receive such distribution in shares through the DRIP.

**Repurchases of Shares** 

The Fund is not a liquid investment. No Shareholder will have the right to require the Fund to redeem its Shares. The Fund from time to time may offer to repurchase Shares pursuant to written tenders by the Shareholders.

The Adviser may recommend to the Board that, under normal market circumstances, the Fund conduct repurchase offers of no more than 5% of the Fund's net assets generally quarterly on or about each December 31, March 31, June 30 and September 30.

Any repurchases of Shares will be made at such times and on such terms as may be determined by the Board from time to time in its sole discretion. The Fund may also elect to repurchase less than the full amount that a Shareholder requests to be repurchased. If a repurchase offer is oversubscribed by Shareholders, the Fund will repurchase only a pro rata portion of the Shares tendered by each Shareholder. In determining whether the Fund should offer to repurchase Shares from Shareholders of the Fund pursuant to repurchase requests, the Board may consider, among other things, the recommendation of the Adviser as well as a variety of other operational, business and economic factors.

Under certain circumstances, the Board may offer to repurchase Shares at a discount to their prevailing NAV. In addition, the Board may under certain circumstances elect to postpone, suspend or terminate an offer to repurchase Shares. See "*REPURCHASES OF SHARES.*"

A Shareholder who tenders some but not all of its Shares for repurchase will be required to maintain a minimum account balance of $25,000 worth of Shares in the case of Class A Shares, $100,000 worth of Shares in the case of Class I Shares and $25,000 worth of Shares in the case of Class D Shares. Such minimum ownership requirement may be waived by the Board, in its sole discretion. The Fund reserves the right to reduce the amount to be repurchased from a Shareholder so that the required capital balance is maintained.

A 2.00% early repurchase fee will 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 and in a manner as will not discriminate unfairly against any Shareholder. See "*REPURCHASES OF SHARES*."

**Transfer Restrictions**

A Shareholder may assign, transfer, sell, encumber, pledge or otherwise dispose of (each, a "transfer") Shares only (i) by operation of law pursuant to the death, insolvency, bankruptcy, adjudicated incompetence, or dissolution of the Shareholder; or (ii) under other limited circumstances, with the consent of the Board (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 that the proposed transferee, at the time of the transfer, meets any requirements imposed by the Fund with respect to investor eligibility and suitability. See "*ELIGIBLE INVESTORS*." Such notice of a proposed transfer of Shares must also be accompanied by properly completed subscription documents 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.

Each transferring Shareholder and transferee may be charged reasonable expenses, including attorneys' and accountants' fees, incurred by the Fund in connection with the transfer. See "*TRANSFERS OF SHARES*."

**Taxes** 

The Fund has elected to be treated as a RIC for U.S. federal income tax purposes, and it expects to qualify for and maintain its RIC status each year. As a RIC, the Fund generally will not be subject to U.S. federal corporate income tax, provided that it distributes all of its net taxable income and gains each year. It is anticipated that the Fund will principally recognize dividends and capital gains and therefore distributions paid to the Shareholders that are attributed to such income will, in large part, be taxable to Shareholders who are individuals at the reduced rates of U.S. federal income tax that are applicable for "qualified dividends" and long-term capital gains.

For a discussion of certain tax risks and considerations relating to an investment in the Fund see "*Tax Reports*" below and "*CERTAIN TAX CONSIDERATIONS*."

Prospective investors should consult their own tax advisers with respect to the specific U.S. federal, state, local, U.S. and non-U.S. tax consequences, including applicable tax reporting requirements.

**Tax Reports** 

The Fund will distribute to its Shareholders, after the end of each calendar year, IRS Forms 1099-DIV setting forth the amounts includible in such Shareholders' taxable income for such year as ordinary income, qualified dividend income and long-term capital gains. Dividends and other taxable distributions are taxable to the Fund's Shareholders even if they are reinvested in additional Shares pursuant to the DRIP.

**Reports to Shareholders** 

As permitted by SEC regulations, an unaudited semi-annual and an audited annual report, each prepared in accordance with U.S. GAAP will be made available on a website within 70 days after the close of the period for which the report is being made, or as otherwise required by the Investment Company Act. Shareholders will be notified by mail each time a report is posted and provided with a website link to access the report, unless a shareholder specifically requests paper copies of the reports. See "*REPORTS TO SHAREHOLDERS.*"

**Fiscal and Tax Year** 

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 September 30.

**Term** 

The Fund's term is perpetual unless the Fund is otherwise terminated under the terms of the Agreement and Declaration of Trust.

SUMMARY OF FUND EXPENSES

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

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| | | | |
|:---|:---|:---|:---|
| **SHAREHOLDER FEES** | **Class A Shares** | **Class I Shares** | **Class D Shares** |
| &nbsp;&nbsp;&nbsp;Maximum Sales Load Imposed on Purchases (as a percentage of offering price) <sup>(1)</sup> | 3.50% |  | 3.50% |
| &nbsp;&nbsp;&nbsp;Maximum Early Repurchase Fee (as a percentage of repurchased amount) <sup>(2)</sup> | 2.00% | 2.00% | 2.00% |

---

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL EXPENSES (as a percentage of net assets attributable to Shares)** | | | |
| &nbsp;&nbsp;&nbsp;Investment Management Fee <sup>(3)</sup> | 1.25% | 1.25% | 1.25% |
| &nbsp;&nbsp;&nbsp;Incentive Fee<sup>(4)</sup> | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;Distribution and Servicing Fees<sup>(5)</sup> | 0.70% | 0.00% | 0.25% |
| &nbsp;&nbsp;&nbsp;Other Expenses<sup>(6)</sup> | 0.52% | 0.52% | 0.52% |
| &nbsp;&nbsp;&nbsp;Interest Expense on Borrowings<sup>(6)</sup> | 0.05% | 0.05% | 0.05% |
| &nbsp;&nbsp;&nbsp;Acquired Fund Fees and Expenses <sup>(7)</sup> | 0.53% | 0.53% | 0.53% |
| &nbsp;&nbsp;&nbsp;Total Annual Expenses | 4.05% | 3.35% | 3.60% |
| &nbsp;&nbsp;&nbsp;Fee Waivers and/or Expense Reimbursements<sup>(8)</sup> | 0.00% | 0.00% | 0.00% |
| &nbsp;&nbsp;&nbsp;Total Annual Fund Operating Expenses (after Incentive Fee and Fee Waivers and/or Expense Reimbursements) | 4.05% | 3.35% | 3.60% |

---

 

<sup>(1)</sup> Investors in Class A Shares and Class D Shares may be charged a sales charge of up to 3.50% of the subscription amount.

<sup>(2)</sup> A 2.00% early repurchase fee payable to the Fund will be charged with respect to the repurchase of a Shareholder's Class A Shares, Class I Shares or Class D 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 by the Fund, in circumstances where the Board determines that doing so is in the best interests of the Fund and in a manner as will not discriminate unfairly against any Shareholder. In addition, under certain circumstances the Board may offer to repurchase Shares at a discount to their prevailing net asset value. See "REPURCHASES OF SHARES."

<sup>(3)</sup> The Investment Management Fee is equal to a quarterly rate of 0.3125% (1.25% on an annualized basis), of the Fund's Managed Investments at the end of each calendar quarter. "Managed Investments" means the total value of the Fund's assets (including any assets attributable to money borrowed for investment purposes) plus any unfunded investment commitments (i.e., amounts committed to Fund Investments that have not yet been drawn for investment), minus the sum of the Fund's accrued liabilities (other than money borrowed for investment purposes), minus cash and cash equivalents. Because the Investment Management Fee is based on the Fund's Managed Investments, any leverage utilized by the Fund for investment purposes will result in an increase in such fee (as a percentage of net assets attributable to Shares). Borrowed funds that are held in cash, cash equivalents, other short-term securities or money market funds are not considered to be borrowed for investment purposes and are therefore not included in Managed Investments for purposes of calculating the Investment Management Fee. The Investment Management Fee is paid to the Adviser before giving effect to any repurchase of Shares in the Fund effective as of that date and decreases the net profits or increases the net losses of the Fund that are credited to its Shareholders. See "INVESTMENT MANAGEMENT FEE" for additional information.

<sup>(4)</sup> The Adviser (or, to the extent permitted by applicable law, an affiliate of the Adviser) is entitled to receive an Incentive Fee calculated and payable quarterly in arrears equal to 10% of the excess, if any, of (i) the net profits of the Fund for the relevant period over (ii) the then balance, if any, of the Loss Recovery Account. For purposes of the Incentive Fee, the term "net profits" means the amount by which the net asset value ("NAV") of the Fund on the last day of the relevant period exceeds the NAV of the Fund as of the commencement of the same period, including any net change in unrealized appreciation or depreciation of investments and realized income and gains or losses and expenses (which, for this purpose shall not include any distribution and/or shareholder servicing fees, litigation, any extraordinary expenses or Incentive Fee and any amount contributed to or withdrawn from the Fund by shareholders). The incentive fee in the table above is an estimate expressed as an annualized percentage of fund assets based on performance for the prior period. The Fund maintains the Loss Recovery Account, which had an initial balance of zero and (i) increases upon the close of each calendar quarter of the Fund by the amount of the net losses of the Fund for the quarter, and (ii) decreases (but not below zero) upon the close of each calendar quarter by the amount of the net profits of the Fund for the quarter. Shareholders will benefit from the Loss Recovery Account in proportion to their holdings of Shares.

<sup>(5)</sup> The Fund has received exemptive relief from the SEC permitting it to offer multiple classes of Shares and to adopt a distribution and service plan ("Distribution and Service Plan") for Class A Shares and Class D Shares. Under the Distribution and Service Plan, the Fund may charge a distribution and/or shareholder servicing fee up to a maximum of 0.70% per year on Class A Shares and up to a maximum of 0.25% per year on Class D Shares on an annualized basis of the aggregate net assets of the Fund attributable to each class. The Fund may use these fees, in respect of the relevant class, to compensate financial intermediaries or financial institutions for distribution-related expenses, if applicable, and providing ongoing services in respect of clients with whom they have distributed Class A Shares and Class D Shares of the Fund. See "DISTRIBUTION AND SERVICE PLAN."

<sup>(6)</sup> Interest Expense on Borrowings and Other Expenses are estimated for the Fund's current fiscal year. The Other Expenses include, among other things, professional fees and other expenses that the Fund bears, 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 current fiscal year and the fiscal year ending March 31, 2025.

<sup>(7)</sup> Shareholders also indirectly bear a portion of the asset-based fees, performance or incentive fees or allocations and other expenses incurred by the Fund as an investor in the Portfolio Funds. Generally, asset-based fees payable in connection with Portfolio Fund investments will range from 1% to 2% (annualized) of the commitment amount of the Fund's investment, and performance or incentive fees or allocations are typically 10% to 20% of a Portfolio Fund's net profits annually, although it is possible that such amounts may be exceeded for certain Sponsors. The Fund may also indirectly bear asset-based fees, performance or incentive fees or allocations and other expenses as an investor in other Fund Investments. The "Acquired Fund Fees and Expenses" disclosed above, however, do not reflect any performance-based fees or allocations paid by the Portfolio Funds that are calculated solely on the realization and/or distribution of gains, or on the sum of such gains and unrealized appreciation of assets distributed in kind, as such fees and allocations for a particular period may be unrelated to the cost of investing in the Portfolio Funds.

<sup>(8)</sup> 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 (excluding taxes, interest, brokerage commissions, certain transaction-related expenses, extraordinary expenses, the Investment Management Fee, Incentive Fee and any acquired fund fees and expenses) do not exceed 2.00%, 1.00% and 1.25% of the average daily net assets of Class A Shares, Class I Shares and Class D Shares, respectively (the "Expense Limit"). 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 is effective until June 30, 2026. The Expense Limitation Agreement may be terminated by the Board upon thirty days' written notice to the Adviser.

 

The purpose of the table above is to assist prospective investors in understanding the various fees and expenses Shareholders will bear directly or indirectly. "Other Expenses," as shown above, includes, among other things, professional fees and other expenses that the Fund will bear, including ongoing offering costs and fees and expenses of the Adviser, Administrator, Transfer Agent and Custodian. For a more complete description of the various fees and expenses of the Fund, see "*INVESTMENT MANAGEMENT FEE*," "*Incentive Fee*," "*ADMINISTRATION,*" "*CUSTODIAN*," "*FUND EXPENSES*," "*REPURCHASES OF SHARES*" and "*PURCHASING SHARES*."

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 in the years shown. The assumption in the hypothetical example of a 5% annual return is required by regulation of the SEC 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 Shares.

**EXAMPLE**

**Class A Shares**

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| | | | | |
|:---|:---|:---|:---|:---|
| **You Would Pay the Following Expenses Based on the Imposition of the 3.50% Sales Charge, a 0.70% Distribution and Servicing Fee and a $1,000 Investment in the Fund, Assuming a 5% Annual Return:** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| With Redemption | $74 | $154 | $235 | $445 |
| Without Redemption | $74 | $154 | $235 | $445 |

---

 

**Class I Shares**

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| | | | | |
|:---|:---|:---|:---|:---|
| **You Would Pay the Following Expenses Based on a $1,000 Investment in the Fund, Assuming a 5% Annual Return:** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| With Redemption | $34 | $103 | $174 | $364 |
| Without Redemption | $34 | $103 | $174 | $364 |

---

**Class D Shares**

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| | | | | |
|:---|:---|:---|:---|:---|
| **You Would Pay the Following Expenses Based on the Imposition of the 3.50% Sales Charge, a 0.25% Distribution and Servicing Fee and a $1,000 Investment in the Fund, Assuming a 5% Annual Return:** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| With Redemption | $70 | $141 | $215 | $407 |
| Without Redemption | $70 | $141 | $215 | $407 |

---

The example is based on the annual fees and expenses set out on the table above and should not be considered a representation of future expenses. Actual expenses may be greater or less than those shown. Moreover, the rate of return of the Fund may be greater or less than the hypothetical 5% return used 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, as well as the effect of the Incentive Fee.

**FINANCIAL HIGHLIGHTS**

The financial highlights table is intended to help you understand the Fund's financial performance. The table below reflects the financial results for a single Class A Share, Class D Share and Class I Share. The total returns in the tables represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from the Fund's financial statements, which have been audited by Cohen & Company, Ltd., an independent registered public accounting firm, whose report, along with this information and additional Fund performance and portfolio information, appears in the Fund's annual report for the fiscal year ended March 31, 2025. To request the Fund's [annual report](https://www.sec.gov/Archives/edgar/data/1856156/000139834425011525/fp0093135-1_ncsr.htm), please call 844-663-0164.

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| | |
|:---|:---|
| **FS MVP Private Markets Fund - Class A** | **CONSOLIDATED FINANCIAL HIGHLIGHTS** |

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*For a Share Outstanding Throughout the Periods Presented*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the<br> Year Ended <br> March 31,<br> 2025** | **For the<br> Year Ended <br> March 31,<br> 2024** | **For the<br> Year Ended<br> March 31,<br> 2023** | **For the Period<br> January 3, 2022<br> (Commencement<br> of Operations) to<br> March 31, 2022** |
| **PER COMMON SHARE OPERATING PERFORMANCE:** | **PER COMMON SHARE OPERATING PERFORMANCE:** | **PER COMMON SHARE OPERATING PERFORMANCE:** | | |
| Net asset value - beginning of period | $11.42 | $10.66 | $10.49 | $10.00 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.24) | (0.13) | (0.26) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 1.61 | 1.11 | 0.77 | 0.59 |
| **Total Income in net assets from Operations** | 1.37 | 0.98 | 0.51 | 0.49 |
| **DISTRIBUTIONS TO COMMON SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  | (0.08) |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gains | (0.26) | (0.14) | (0.34) | – |
| **Net decrease in net assets from distributions to common shareholders** | (0.26) | (0.22) | (0.34) | – |
| Net asset value per common share - end of period | $12.53 | $11.42 | $10.66 | $10.49 |
| **Total Return <sup>(b)</sup>** | 12.16% | 9.24% | 4.74% | 4.90% |
| **RATIOS AND SUPPLEMENTAL DATA:** |  |  |  |  |
| Net assets attributable to common shares, end of period (000s) | $176062 | $6304 | $37 | $35 |
| Ratio of expenses to average net assets | 4.94 %<sup>(c)(d)</sup> | 5.11 %<sup>(c)(d)</sup> | 3.60 %<sup>(c)(d)</sup> | 3.24 %<sup>(c)</sup> |
| Ratio of expenses to average net assets, excluding interest expense and tax | 4.16 %<sup>(d)</sup> | 4.50% | 3.38% | 3.24% |
| Ratio of net investment loss to average net assets | (2.00 %)<sup>(e)</sup> | (1.14 %)<sup>(e)</sup> | (2.30 %)<sup>(e)</sup> | (1.86 %)<sup>(e)</sup> |
| Portfolio turnover rate | 2% | 8% | 3% | 0 %<sup>(f)</sup> |

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| | |
|:---|:---|
| **FS MVP Private Markets Fund - Class A** | **CONSOLIDATED FINANCIAL HIGHLIGHTS** |

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*For a Share Outstanding Throughout the Periods Presented*

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| | | | | |
|:---|:---|:---|:---|:---|
| |<br>**For the**<br>**Year Ended**<br>**March 31,**<br>**2025** |<br>**For the**<br>**Year Ended**<br>**March 31,**<br>**2024** |<br>**For the**<br>**Year Ended**<br>**March 31,**<br>**2023** | **For the Period**<br>**January 3, 2022**<br>**(Commencement**<br>**of Operations) to**<br>**March 31, 2022** |
| **SENIOR SECURED NOTES:** |  |  |  |  |
| Aggregate principal amount, end of period (000s) | $N/A | $30000 | $25000 | $N/A |
| Asset coverage per $1,000 unit of indebtedness<sup>(g)</sup> | N/A | $23391 | $23446 | N/A |

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*<sup>(a)</sup>* *Calculated using average common shares outstanding.*

*<sup>(b)</sup>* *Total investment return is calculated assuming a purchase of common share at the opening on the first day and a sale at closing on the last day of each period reported. Dividends and distributions are assumed for purposes of this calculation to be reinvested at prices obtained under the Fund's dividend reinvestment plan. Total investment return does not reflect sales load or brokerage commissions, if any, and is not annualized.*

*<sup>(c)</sup>* *If Incentive Fees had been excluded, the expense ratios would have decreased by 1.66% for the year ended March 31, 2025, 1.78% for the year ended March 31, 2024 and 0.14% for the period ended March 31, 2023. Expenses do not include expenses from underlying funds in which the Fund is invested.*

*<sup>(d)</sup>* *Includes Interest expense of 0.43% and 0.60% of average net assets for the year ended March 31, 2025 and March 31, 2024 respectively.*

*<sup>(e)</sup>* *Net investment loss ratio is calculated excluding Incentive Fees. If Incentive Fees were included the ratio would have been lowered by 1.66% for the year ended March 31, 2025, 1.78% for the year ended March 31, 2024 and 0.14% for the period ended March 31, 2023. Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratios do not include net investment income of the funds in which the Fund invests.*

*<sup>(f)</sup>* *Percentage represents the results for the period and is not annualized.*

*<sup>(g)</sup>* *Calculated by subtracting the Fund's total liabilities (not including borrowings) from the Fund's total assets and dividing this by the total number of senior indebtedness units, where one unit equals $1,000 senior indebtedness.*

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| | |
|:---|:---|
| **FS MVP Private Markets Fund - Class D** | **Consolidated Financial Highlights** |

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*For a Share Outstanding Throughout the Periods Presented*

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| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**For the**<br>**Year Ended**<br>**March 31,**<br>**2025** |<br>**For the**<br>**Year Ended**<br>**March 31,**<br>**2024** |<br>**For the**<br>**Year Ended**<br>**March 31,**<br>**2023** | **For the Period**<br>**January 3, 2022**<br>**(Commencement**<br>**of Operations) to**<br>**March 31, 2022** |
| **PER COMMON SHARE OPERATING PERFORMANCE:** | **PER COMMON SHARE OPERATING PERFORMANCE:** | **PER COMMON SHARE OPERATING PERFORMANCE:** |  |  |
| Net asset value - beginning of period | $11.60 | $10.76 | $10.51 | $10.00 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.07) | (0.09) | (0.19) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 1.51 | 1.15 | 0.78 | 0.59 |
| **Total Income in net assets from Operations** | 1.44 | 1.06 | 0.59 | 0.51 |
| **DISTRIBUTIONS TO COMMON SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  | (0.08) |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gains | (0.26) | (0.14) | (0.34) | – |
| **Net decrease in net assets from distributions to common shareholders** | (0.26) | (0.22) | (0.34) | – |
| Net asset value per common share - end of period | $12.78 | $11.60 | $10.76 | $10.51 |
| **Total Return <sup>(b)</sup>** | 12.58% | 9.90% | 5.40% | 5.10% |
| **RATIOS AND SUPPLEMENTAL DATA:** |  |  |  |  |
| Net assets attributable to common shares, end of period (000s) | $4148 | $397 | $37 | $35 |
| Ratio of expenses to average net assets | 4.37 %<sup>(c)(d)</sup> | 4.17 %<sup>(c)(d)</sup> | 2.88 %<sup>(c)(d)</sup> | 2.45 %<sup>(c)</sup> |
| Ratio of expenses to average net assets, excluding interest expense and tax | 3.56 %<sup>(d)</sup> | 3.57% | 2.66% | 2.45% |
| Ratio of net investment loss to average net assets | (0.57 %)<sup>(e)</sup> | (0.80 %)<sup>(e)</sup> | (1.53 %)<sup>(e)</sup> | (1.06 %)<sup>(e)</sup> |
| Portfolio turnover rate | 2% | 8% | 3% | 0 %<sup>(f)</sup> |

---

---

| | |
|:---|:---|
| **FS MVP Private Markets Fund - Class D** | **Consolidated Financial Highlights** |

---

*For a Share Outstanding Throughout the Periods Presented*

---

| | | | | |
|:---|:---|:---|:---|:---|
| |<br>**For the**<br>**Year Ended**<br>**March 31,**<br>**2025** |<br>**For the**<br>**Year Ended**<br>**March 31,**<br>**2024** |<br>**For the**<br>**Year Ended**<br>**March 31,**<br>**2023** | **For the Period**<br>**January 3, 2022**<br>**(Commencement**<br>**of Operations) to**<br>**March 31, 2022** |
| **SENIOR SECURED NOTES:** |  |  |  |  |
| Aggregate principal amount, end of period (000s) | $N/A | $30000 | $25000 | $N/A |
| Asset coverage per $1,000 unit of indebtedness<sup>(g)</sup> | N/A | $23391 | $23446 | $N/A |

---

*<sup>(a)</sup>* *Calculated using average common shares outstanding.*

*<sup>(b)</sup>* *Total investment return is calculated assuming a purchase of common share at the opening on the first day and a sale at closing on the last day of each period reported. Dividends and distributions are assumed for purposes of this calculation to be reinvested at prices obtained under the Fund's dividend reinvestment plan. Total investment return does not reflect sales load or brokerage commissions, if any, and is not annualized.*

*<sup>(c)</sup>* *If Incentive Fees had been excluded, the expense ratios would have decreased by 1.52% for the year ended March 31, 2025, 1.37% for the year ended March 31, 2024 and 0.20% for the period ended March 31, 2023. Expenses do not include expenses from underlying funds in which the Fund is invested.*

*<sup>(d)</sup>* *Includes Interest expense of 0.43% and 0.60% of average net assets for the year ended March 31, 2025 and March 31, 2024 respectively.*

*<sup>(e)</sup>* *Net investment loss ratio is calculated excluding Incentive Fees. If Incentive Fees were included the ratio would have been lowered by 1.52% for the year ended March 31, 2025, 1.37% for the year ended March 31, 2024 and 0.20% for the period ended March 31, 2023. Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratios do not include net investment income of the funds in which the Fund invests.*

*<sup>(f)</sup>* *Percentage represents the results for the period and is not annualized.*

*<sup>(g)</sup>* *Calculated by subtracting the Fund's total liabilities (not including borrowings) from the Fund's total assets and dividing this by the total number of senior indebtedness units, where one unit equals $1,000 senior indebtedness.*

---

| | |
|:---|:---|
| **FS MVP Private Markets Fund - Class I** | **Consolidated Financial Highlights** |

---

*For a Share Outstanding Throughout the Periods Presented*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**For the**<br>**Year Ended**<br>**March 31,**<br>**2025** |<br>**For the**<br>**Year Ended**<br>**March 31,**<br>**2024** |<br>**For the**<br>**Year Ended**<br>**March 31,**<br>**2023** | **For the Period**<br>**January 3, 2022**<br>**(Commencement**<br>**of Operations) to**<br>**March 31, 2022** |
| **PER COMMON SHARE OPERATING PERFORMANCE:** | **PER COMMON SHARE OPERATING PERFORMANCE:** | **PER COMMON SHARE OPERATING PERFORMANCE:** |  |  |
| Net asset value - beginning of period | $11.65 | $10.78 | $10.51 | $10.00 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.04) | (0.08) | (0.16) | (0.07) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 1.52 | 1.17 | 0.77 | 0.58 |
| **Total Income in net assets from Operations** | 1.48 | 1.09 | 0.61 | 0.51 |
| **DISTRIBUTIONS TO COMMON SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  | (0.08) |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gains | (0.26) | (0.14) | (0.34) | – |
| **Net decrease in net assets from distributions to common shareholders** | (0.26) | (0.22) | (0.34) | – |
| Net asset value per common share - end of period | $12.87 | $11.65 | $10.78 | $10.51 |
| **Total Return <sup>(b)</sup>** | 12.87% | 10.16% | 5.69% | 5.10% |
| **RATIOS AND SUPPLEMENTAL DATA:** |  |  |  |  |
| Net assets attributable to common shares, end of period (000s) | $871399 | $665038 | $559754 | $454080 |
| Ratio of expenses to average net assets | 4.07 %<sup>(c)(d)</sup> | 3.53 %<sup>(c)(d)</sup> | 2.72 %<sup>(c)(d)</sup> | 2.23 %<sup>(c)</sup> |
| Ratio of expenses to average net assets, excluding interest expense and tax | 3.22 %<sup>(d)</sup> | 2.93% | 2.49% | 2.23% |
| Ratio of net investment loss to average net assets | (0.30 %)<sup>(e)</sup> | (0.67 %)<sup>(e)</sup> | (1.30 %)<sup>(e)</sup> | (0.81 %)<sup>(e)</sup> |
| Portfolio turnover rate | 2% | 8% | 3% | 0 %<sup>(f)</sup> |

---

---

| | |
|:---|:---|
| **FS MVP Private Markets Fund - Class I** | **Consolidated Financial Highlights** |

---

*For a Share Outstanding Throughout the Periods Presented*

---

| | | | | |
|:---|:---|:---|:---|:---|
| |<br>**For the**<br>**Year Ended**<br>**March 31,**<br>**2025** |<br>**For the**<br>**Year Ended**<br>**March 31,**<br>**2024** |<br>**For the**<br>**Year Ended**<br>**March 31,**<br>**2023** | **For the Period**<br>**January 3, 2022**<br>**(Commencement**<br>**of Operations) to**<br>**March 31, 2022** |
| **SENIOR SECURED NOTES:** |  |  |  |  |
| Aggregate principal amount, end of period (000s) | $N/A | $30000 | $25000 | $N/A |
| Asset coverage per $1,000 unit of indebtedness<sup>(g)</sup> | N/A | $23391 | $23446 | N/A |

---

*<sup>(a)</sup>* *Calculated using average common shares outstanding.*

*<sup>(b)</sup>* *Total investment return is calculated assuming a purchase of common share at the opening on the first day and a sale at closing on the last day of each period reported. Dividends and distributions are assumed for purposes of this calculation to be reinvested at prices obtained under the Fund's dividend reinvestment plan. Total investment return does not reflect sales load or brokerage commissions, if any, and is not annualized.*

*<sup>(c)</sup>* *If Incentive Fees had been excluded, the expense ratios would have decreased by 1.41% for the year ended March 31, 2025, 1.03% for the year ended March 31, 2024 and 0.25% for the period ended March 31, 2023. Expenses do not include expenses from underlying funds in which the Fund is invested.*

*<sup>(d)</sup>* *Includes Interest expense of 0.43% and 0.60% of average net assets for the year ended March 31, 2025 and March 31, 2024 respectively.*

*<sup>(e)</sup>* *Net investment loss ratio is calculated excluding Incentive Fees. If Incentive Fees were included the ratio would have been lowered by 1.41% for the year ended March 31, 2025, 1.03% for the year ended March 31, 2024 and 0.25% for the period ended March 31, 2023. Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratios do not include net investment income of the funds in which the Fund invests.*

*<sup>(f)</sup>* *Percentage represents the results for the period and is not annualized.*

*<sup>(g)</sup>* *Calculated by subtracting the Fund's total liabilities (not including borrowings) from the Fund's total assets and dividing this by the total number of senior indebtedness units, where one unit equals $1,000 senior indebtedness.*

**USE OF PROCEEDS**

The proceeds from the sale of Shares of the Fund, not including the amount of any sales charge and the Fund's fees and expenses (including, without limitation, offering expenses), will be invested by the Fund in accordance with the Fund's investment objective and strategies as soon as practicable and generally not later than six months after receipt, subject to market conditions and the availability of suitable investments; proceeds held in cash may be used to meet operational needs, to provide for anticipated funding requirements with respect to Fund Investments, for temporary defensive purposes, or to maintain liquidity.

Such proceeds will be invested together with any interest earned in the Fund's account with the custodian prior to the closing of the applicable offering. See "*PURCHASING SHARES—Purchase Terms*." Delays in investing the Fund's assets may occur (i) because of the time typically required to complete private transactions (which may be considerable), (ii) because certain Portfolio Funds selected by the Adviser may provide infrequent opportunities to purchase their securities, (iii) because of the time required for the Sponsors to invest the amounts committed by the Fund and/or (iv) because a prospective Fund Investment fails to close.

A portion of the amount of proceeds of the offering of Shares or any other available funds may be invested in short-term debt securities or money market funds pending investment pursuant to the Fund's investment objective and strategies. In addition, subject to applicable law, the Fund may maintain a portion of its assets in cash or such short-term securities or money market funds to meet operational needs, to provide for anticipated funding requirements with respect to Fund Investments, for temporary defensive purposes, or to maintain liquidity. The Fund may be prevented from achieving its objective during any period in which the Fund's assets are not substantially invested in accordance with its principal investment strategies.

**INVESTMENT OBJECTIVE AND STRATEGIES**

**Investment Objective**

The Fund's investment objective is to generate long-term capital appreciation by investing in a diversified portfolio of private market investments. The Fund will primarily target private equity investments, and to a lesser extent, private credit investments that focus on mid-sized companies in the United States.

The investment objective of the Fund is not a fundamental policy of the Fund and may be changed by the Board without the vote of a majority (as defined by the Investment Company Act) of the Fund's outstanding Shares. The Fund's fundamental policies, which are listed in the statement of additional information ("SAI"), may only be changed by the affirmative vote of a majority of the outstanding voting securities of the Fund.

**Principal Investment Strategies**

The Fund seeks to achieve its investment objective through a mix of investments (the "Fund Investments") that is predominantly expected to comprise of private equity, and to a lesser extent, private credit investments. Fund Investments are expected to primarily consist of: (i) direct investments in the equity or debt of target companies and other private assets ("Direct Investments"), typically with third-party managers ("Sponsors"); (ii) purchases of existing interests in private equity or private credit funds ("Portfolio Funds") and other private assets managed by Sponsors ("Secondary Investments"); (iii) subscriptions for new interests in Portfolio Funds ("Primary Investments"); and (iv) short-term and liquid investments, including money market funds, short term treasuries, and/or other liquid investment vehicles. In addition, the Fund may invest in other securities or strategies including those that are intended to generate the cash flow, risk and return profiles of traditional private equity and private credit investments. Among these investment types, Direct Investments and Secondary Investments are expected to collectively comprise a majority of the Fund's portfolio.

Direct Investments may include both direct equity and direct credit investments. In a direct equity investment, the Fund typically acquires an interest in the equity of an operating company through a privately negotiated transaction. Infrequently, direct equity investments may also encompass, without limitation, investments in real estate or other real assets, investments structured as debt but with significant equity-like characteristics, or privately negotiated transactions with a listed operating company or acquisition company. In a direct credit investment, the Fund typically invests in debt (including, without limitation, senior, subordinated, second lien, mezzanine or bonds) of an operating company or asset pool. The Sub-Adviser assists the Adviser with managing the investment and reinvestment of the Fund's senior credit strategy. The senior credit strategy seeks attractive, risk adjusted returns with current income by primarily making direct investments in U.S. middle market companies and specifically, senior debt investments (typically, first lien, "stretch senior" and "unitranche" investments).

Secondary Investments may include both LP secondaries and GP secondaries. In an LP secondary, the Fund typically purchases interests in seasoned private equity funds, private credit funds or other private assets, typically in transactions originated by an existing investor in the relevant asset(s). In a GP secondary, the Fund typically purchases interests in seasoned private companies and/or other private assets, typically in transactions originated by the Sponsor of the relevant asset(s). GP secondary investments may be structured in a variety of ways, including but not limited to subscriptions for interests in continuation funds and/or direct purchases of private assets. Such mature investments may return cash more quickly than Primary Investments and may also avoid substantial uncalled commitments. Both characteristics can be attractive given the structure of the Fund.

Primary Investments may include Portfolio Funds that follow a broad range of strategies, including funds that aim to focus their investments within particular industries or geographic regions, or which target companies having particular financing needs. In a Primary Investment, the Fund typically seeks funds following buyout and growth strategies that target mid-sized companies in the United States.

Under normal circumstances, the Fund intends to invest and/or make capital commitments of at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in "Private Market Assets". For purposes of this policy, Private Market Assets include Direct Investments, Portfolio Funds, Secondary Investments, and Primary Investments. This policy is not fundamental and may be changed by the Fund's Board upon 60 days' prior written notice to Shareholders. This test is applied at the time of investment; later percentage changes caused by a change in the value of the Fund's assets, including as a result in the change in the value of the Fund's investments or due to the issuance or redemption of Shares, will not require the Fund to dispose of an investment.

The Fund was granted exemptive relief from the provisions of Sections 17(d) of the Investment Company Act to invest in certain privately negotiated investment transactions alongside other funds managed by the Adviser or certain of its affiliates, subject to the satisfaction of certain conditions. The Adviser will not cause the Fund to engage in certain negotiated investments alongside affiliates unless such investments are not prohibited by Section 17(d) of the Investment Company Act or interpretations of Section 17(d) as expressed in SEC no-action letters or other available guidance.

The Fund principally targets Fund Investments within the United States, but may, directly or indirectly, make investments outside of the United States. It is expected that no more than approximately 30% of the Fund's portfolio will be comprised of non-U.S. investments. Depending on market conditions, hedging costs and the views of the Adviser, the Fund may or may not hedge all or a portion of any foreign currency exposures.

**No guarantee or representation is made that the investment program of the Fund will be successful, that the various Portfolio Funds and other Fund Investments selected will produce positive returns, or that the Fund will achieve its investment objective.**

**PRIVATE MARKETS OVERVIEW**

Private market investments, whether private equity or private credit, are investments that are typically made in non-public companies through privately negotiated transactions. Such investments may be structured using a range of financial instruments, including common and preferred equity, convertible securities, senior debt, subordinated debt and warrants or other derivatives, depending on the strategy of the investor and the financing requirements of the company.

Private investment funds, often organized as limited partnerships, are the most common vehicles for making private market investments. In such funds, investors usually commit to contribute up to a certain amount of capital when requested by the fund's manager or general partner. The general partner then makes investments on behalf of the fund, typically according to a pre-defined investment strategy and time horizon. The fund's investments are usually realized, or "exited" after a two- to six-year holding period through a private sale, an initial public offering (IPO) or a recapitalization, and the proceeds are distributed to the fund's investors. The funds themselves typically have a duration of ten to twelve years.

The private market is diverse and can be divided into several different segments, each of which may exhibit distinct characteristics based on combinations of various factors. These include the type and financing stage of the investment, the geographic region in which the investment is made and the vintage year.

Investments in private markets have increased significantly over the last twenty-five (25) years, driven principally by large institutional investors seeking increased returns and portfolio efficiency. It is now common for large pension funds, endowments and other institutional investors to dedicate several percentage points of their overall portfolios to private market investments.

**Investment Types**

● *Direct Investments.* Direct investments generally involve taking an interest in securities issued by an operating company, whether equity or credit. Direct equity investments generally involve new owners taking a material stake in the target company, frequently a controlling interest, and exercising significant influence on the growth and development of the company through work with the company's management and board of directors. Direct credit investments often represent financing for buyout or growth investments and may have various features and covenants designed to protect the lender's interests; such investments may include both secured and unsecured loans, bonds and/or other forms of debt. Direct investments may vary in duration, but usually are exited within two to six years.

In contrast to private equity fund investments (which require a commitment to a largely unknown portfolio), direct investments involve specific situations and particular companies. Accordingly, this style of investing offers the greatest degree of transparency and control in portfolio construction and most directly reflects the investor's sourcing, underwriting, negotiation and structuring skills. In addition, investing directly is generally the most cost-effective way to make private equity investments, by avoiding some or all of the fees and expenses generally associated with investing indirectly through underlying private equity funds.

● *Secondary Investments.* Secondary investments, or "secondaries," are interests in existing private equity funds, private credit funds or other assets that are acquired in privately negotiated transactions, typically after the end of the relevant fund's fundraising period.

Secondary investments play an important role in a diversified private equity portfolio. Because secondaries allow investors to avoid some of the prior fees charged by private equity fund managers and are often (but not always) purchased at a discount from a private equity fund's net asset value, secondaries may exhibit little or none of the "J-curve" characteristics associated with primary investments. In addition, secondaries typically provide earlier distributions than primary investments, and may also provide valuable arbitrage opportunities for sophisticated investors. The ability to source and value potential investments is crucial for success in secondary investing, and the nature of the process typically requires significant resources and expertise. As a result, generally only very large and experienced investors are active secondary market participants.

● *Primary Investments.* Primary investments (primaries) are interests or investments in newly established private equity or private credit funds. Most private investment firms raise new funds only every two to four years and may not offer funds that pursue a certain strategy in any particular year. Accordingly, many top-performing funds may be closed to new investors or unavailable for a primary investment at any given time. Because of the limited windows of opportunity for making primary investments in particular funds, strong relationships with leading firms are highly important for primary investors.

Primary investors subscribe for interests during an initial fundraising period, and their capital commitments are then used to fund investments in several individual operating companies (typically ten to thirty) during a defined investment period. The investments of the fund are usually unknown at the time of commitment, and investors typically have little or no ability to influence the investments that are made during the fund's life. Because primary investors must rely on the expertise of the fund manager, an accurate assessment of the manager's capabilities is essential for investment success.

Primary investments typically exhibit a value development pattern, commonly known as the "J-curve", in which unrealized net return typically declines moderately during the early years of the fund's life as investment related fees and expenses are incurred before investment gains have been realized. As the fund matures and portfolio companies are sold, the pattern typically reverses with increasing net asset value and distributions.

**Financing Stages**

In the private equity asset class, the term "financing stage" is used to describe investments (or funds that invest) in companies at a certain stage of development. The different financing stages have distinct risk, return and correlation characteristics, and play different roles within a diversified portfolio. Broadly speaking, private equity investments can be broken down into three financing stages: buyout, venture capital and special situations. These categories may be further subdivided based on the investment strategies that are employed.

● *Buyouts.* Control investments in established, cash flow positive companies are usually classified as buyouts. Buyout investments may focus on small-, mid- or large-capitalization companies, and such investments collectively represent the largest portion of the capital deployed in the overall private equity market. The use of debt financing, or leverage, is prevalent in buyout transactions.

● *Venture capital.* Investments in new and emerging companies are usually classified as venture capital. Such investments are often in technology, healthcare, or other high growth industries. Companies financed by venture capital are generally not cash flow positive at the time of investment and may require several rounds of financing before the company can be sold privately or taken public. Venture capital investors may finance companies along the full path of development or focus on certain sub-stages (usually classified as seed, early and late stage) in partnership with other investors.

● *Special situations. I* nvestments that do not fall within the categories above are usually classified as special situations. Such investments encompass a broad range of investment strategies and financial instruments including structured equity, distressed debt, turnarounds and/or other niche strategies. The value drivers and cash flow characteristics of special situations investments are frequently distinct from those of other private investments, complementing a buyout and venture capital portfolio.

**INVESTMENT PROCESS**

The Adviser follows a structured, multi-stage investment process developed over more than two decades of investing in private markets.

**Portfolio Planning**

The investment process begins with asset allocation and portfolio planning. The portfolio plan is designed to provide a long-term framework for diversification across various segments of the private markets and over time. Long-term allocation target ranges are established based on the general characteristics of each investment type, providing a general guideline for capital allocation over time. In addition, the portfolio plan is used to manage exposure to particular companies, industries, Sponsors and/or Portfolio Funds or other sources of idiosyncratic risk. By constructing the portfolio in this way, the Adviser believes that the Fund may be able to achieve more consistent investment returns and lower volatility than would generally be expected if the Fund's portfolio were more concentrated.

**Deal Sourcing**

Over the past 25 years, the Adviser has established a significant presence in the U.S. private equity industry. As of December 31, 2024, the Adviser managed approximately $44.7 billion of assets across various investment programs targeting direct, secondary and primary investments, primarily in private equity and private credit. Since inception, the Adviser has invested in more than 2,300 funds managed by more than 700 Sponsors on behalf of its clients. Through these activities the Adviser has developed, and continually seeks to cultivate, a deep network of relationships across the private markets. This network has historically proven to be a rich source of deal flow. The Adviser believes the broad scope of its investment activities, together with its ability to provide a broad array of capital solutions for Sponsors, will continue to result in access to attractive investment opportunities, from which it expects the Fund will benefit.

**Initial Screening**

As potential investment opportunities are identified, each is subjected to an initial screening. This initial evaluation is typically based on preliminary discussions and/or information received from a Sponsor or intermediary in an investment presentation or a confidential information memorandum. If a prospective investment is judged to be worthy of further consideration, a deal team is formed to investigate the opportunity in detail.

**Due Diligence**

The Adviser's due diligence process requires a detailed quantitative and qualitative evaluation of each prospective investment. The Adviser compiles information from a variety of public and private sources such as management presentations, on-site or virtual visits, personal interviews, reference calls and/or third-party research. Based on this information, the Adviser analyzes numerous factors relating to the prospective investment to better understand both potential sources of value creation and potential sources of risk. The specific analyses performed vary by investment type but typically include factors such as historic performance, management quality, market positioning, competitive strategy, industry dynamics, capital structure, valuation and proposed terms, among others. The overall process begins with a general investigation and analysis (Phase I), with detailed follow-up research and/or modeling as necessary to address key questions, assumptions or concerns (Phase II). In each phase, the investment committee reviews the team's findings and may decline the opportunity, request additional information, or approve subject to defined conditions.

**Execution**

In the final stage of the investment process, the Adviser facilitates a review of the legal terms and tax considerations of the proposed investment, often concurrently with the finalization of commercial due diligence. Based on the findings of both internal professionals and external advisers, the Adviser seeks to negotiate the terms and conditions of the investment. After resolving any open issues and negotiating terms, a final investment recommendation is made to the investment committee, which approves or declines the investment.

**INVESTMENT POLICIES**

**Portfolio and Liquidity Management**

The Adviser uses a range of techniques to help reduce the risk associated with the Fund's investment strategy. These techniques may include, without limitation:

● Diversifying across Portfolio Funds, Sponsors, companies and industries;

● Investing predominantly within the United States, across multiple geographic regions;

● Investing over time to capture multiple vintage years and maturity dates; and

● Actively managing cash and committed borrowing facilities.

The Adviser manages the Fund's portfolio with a view towards managing liquidity and maintaining a high investment level. Accordingly, the Adviser may make investments based, in part, on anticipated future distributions from Fund Investments. The Adviser also takes other anticipated cash flows into account, such as those relating to new subscriptions, the tender of Shares by Shareholders and distributions made to Shareholders. To forecast portfolio cash flows, the Adviser utilizes quantitative and qualitative factors, including quarterly financial statements, portfolio observations and qualitative forecasts by the Adviser's and its affiliates' investment professionals.

The Fund holds liquid assets to the extent required for purposes of liquidity management and compliance with the Investment Company Act. Over time, during normal market conditions, it is generally not expected that the Fund will hold more than approximately 20% of its net assets in cash or cash equivalents that are not committed to future investments for extended periods of time. To enhance the Fund's liquidity, particularly in times of possible net outflows through the tender of Shares by Shareholders, the Adviser may sell certain of the Fund's assets on the Fund's behalf.

There can be no assurance that the objectives of the Fund with respect to liquidity management will be achieved or that the Fund's portfolio design and risk management strategies will be successful. Prospective investors should refer to the discussion of the risks associated with the investment strategy and structure of the Fund found under "*GENERAL RISKS*," *INVESTMENT RELATED RISKS*," and "*LIMITS OF RISKS DISCLOSURE*."

**Borrowing by the Fund**

The Fund may borrow money to pay operating expenses, including, without limitation, investment management fees, or to purchase Fund Investments, to fund repurchase of Shares or for other portfolio management purposes. Such borrowing may be accomplished through credit facilities or derivative instruments or by other means. The use of borrowings for investment purposes involves a high degree of risk. Under the Investment Company Act, the Fund is not permitted to borrow for any purposes if, immediately after such borrowing, the Fund would have asset coverage (as defined in the Investment Company Act) of less than 300% with respect to indebtedness or less than 200% with respect to preferred stock. The Investment Company Act also provides that the Fund may not declare distributions or purchase its Shares (including through repurchase offers) if, immediately after doing so, it will have an asset coverage of less than 300% or 200%, as applicable. The foregoing requirements do not apply to Portfolio Funds or other Fund Investments in which the Fund invests unless such Portfolio Funds or other Fund Investments are registered under the Investment Company Act. The Board may modify the borrowing policies of the Fund, including the purposes for which borrowings may be made, and the length of time that the Fund may hold Fund Investments purchased with borrowed money. The rights of any lenders to the Fund to receive payments of interest or repayments of principal will be senior to those of the Shareholders and the terms of any borrowings may contain provisions that limit certain activities of the Fund.

**Hedging Techniques**

From time to time in its discretion, the Adviser may employ various hedging techniques in an attempt to reduce certain potential risks to which the Fund's portfolio may be exposed. These hedging techniques may involve the use of derivative instruments, including swaps and other arrangements such as exchange-listed and over-the-counter put and call options, rate caps, floors and collars, and futures and forward contracts. The Fund may also purchase and write (sell) options contracts on swaps, commonly referred to as swaptions.

There are certain risks associated with the use of such hedging techniques. See "*INVESTMENT RELATED RISKS—Derivative Instruments*" and "*INVESTMENT RELATED RISKS—Currency Risk*."

**Temporary and Defensive Strategies**

The Fund may, from time to time in the Adviser's discretion, take temporary or defensive positions in cash, cash equivalents, other short-term securities or money market funds to attempt to reduce volatility caused by adverse market, economic, or other conditions. Any such temporary or defensive positions could prevent the Fund from achieving its investment objective. In addition, subject to applicable law, the Fund may, in the Adviser's sole discretion, hold cash, cash equivalents, other short-term securities or investments in money market funds pending investment, in order to fund anticipated repurchases, expenses of the Fund or other operational needs, or otherwise in the sole discretion of the Adviser. See "*USE OF PROCEEDS*."

**RISK FACTORS**

The following are certain risk factors that relate to the operations and terms of the Fund. These considerations, which do not purport to be a complete description of any of the particular risks referred to or a complete list of all risks involved in an investment in the Fund, should be carefully evaluated before determining whether to invest in the Fund.

**The Shares are speculative and illiquid securities involving substantial risk of loss. An investment in the Fund is appropriate only for those investors who do not require a liquid investment, for whom an investment in the Fund does not constitute a complete investment program, and who fully understand and can assume the risks of an investment in the Fund.**

**BUSINESS AND STRUCTURE RELATED RISKS**

**Closed-End Fund; Liquidity Limited to Periodic Repurchases of Shares**

The Fund is a non-diversified, closed-end management investment company designed primarily for long-term investors. The Fund is neither a liquid investment nor a trading vehicle. An investor should not invest in the Fund if the investor needs a liquid investment. Closed-end funds differ from open-end management investment companies (commonly known as mutual funds) in that investors in a closed-end fund do not have the right to redeem their shares on a daily basis.

Unlike most closed-end funds, which typically list their shares on a securities exchange, the Fund does not list the Shares for trading on any securities exchange, and the Fund does not expect any secondary market to develop for the Shares. Although (i) the Board may, in its sole discretion, cause the Fund to offer to repurchase outstanding Shares at their net asset value (after all applicable fees), or, in certain circumstances, at a discount and (ii) the Adviser intends to recommend to the Board that, in normal market circumstances, the Fund conduct repurchase offers of no more than 5% of the Fund's net assets generally quarterly on or about each December 31, March 31, June 30 and September 30, Shares are considerably less liquid than shares of funds that trade on a stock exchange, or shares of open-end registered investment companies. It is possible that the Fund may be unable to repurchase all of the Shares that an investor tenders due to the illiquidity of the Fund Investments or if the Shareholders request the Fund to repurchase more Shares than the Fund is then offering to repurchase. There can be no assurance that the Fund will conduct repurchase offers in any particular period and Shareholders may be unable to tender Shares for repurchase for an indefinite period of time.

There will be a substantial period of time between the date as of which Shareholders must submit a request to have their Shares repurchased and the date they can expect to receive payment for their Shares from the Fund. Shareholders whose Shares are accepted for repurchase bear the risk that the Fund's net asset value may fluctuate significantly between the time that they submit their repurchase requests and the date as of which such Shares are valued for purposes of such repurchase. Shareholders will have to decide whether to request that the Fund repurchase their Shares without the benefit of having current information regarding the value of Shares on a date proximate to the date on which Shares are valued by the Fund for purposes of effecting such repurchases.

In considering whether to repurchase Shares during periods of financial market stress or other substantial uncertainties, the Board may offer to repurchase Shares at a discount to their prevailing net asset value that the Board believes appropriately reflects market conditions, subject to applicable law. Further, repurchases of Shares, if any, may be suspended, postponed or terminated by the Board under certain circumstances. See "*REPURCHASES OF SHARES—Periodic Repurchases*." An investment in the Fund is suitable only for investors who can bear the risks associated with the limited liquidity of Shares and the underlying investments of the Fund. Also, because Shares are not listed on any securities exchange, the Fund is not required, and does not intend, to hold annual meetings of its Shareholders unless called for under the provisions of the Investment Company Act.

**Payment In Kind For Repurchased Shares**

The Fund generally expects to pay cash to satisfy a shareholder's repurchase request. See "*REPURCHASES OF SHARES—Periodic Repurchases*." However, there can be no assurance that the Fund will have sufficient cash to pay for Shares that are being repurchased or that it will be able to liquidate investments at favorable prices to pay for repurchased Shares. The Fund has the right to distribute securities as payment for repurchased Shares in unusual circumstances, including if making a cash payment would result in a material adverse effect on the Fund. For example, it is possible that the Fund may receive securities from a Fund Investment that are illiquid or difficult to value. In such circumstances, the Adviser would seek to dispose of these securities in a manner that is in the best interests of the Fund, which may include a distribution in-kind to the Fund's Shareholders. In the unusual event that the Fund would need to pay all or a portion of the payment for repurchased Shares by an in-kind distribution of securities, the Fund would make such payment on a pro-rata basis to all Shareholders tendering their Shares in a repurchase offer to ensure that such Shareholders have equal rights. An in-kind distribution of securities maybe illiquid or difficult to value and difficult to dispose of. In the event that the Fund makes such a distribution of securities, Shareholders will bear any risks of the distributed securities and may be required to pay a brokerage commission or other costs in order to dispose of such securities.

**Substantial Repurchases**

Substantial requests for the Fund to repurchase Shares could require the Fund to liquidate certain of its investments more rapidly than otherwise desirable in order to raise cash to fund the repurchases and achieve a market position appropriately reflecting a smaller asset base. This could have a material adverse effect on the value of the Shares. Further, substantial repurchases may cause a repurchase offer to be oversubscribed. In an oversubscribed repurchase offer, the Fund will repurchase only a pro rata portion of the Shares tendered by each Shareholder, which would further limit the liquidity available to tendering Shareholders. See "*BUSINESS AND STRUCTURE RELATED RISKS—Closed-End Fund; Liquidity Limited to Periodic Repurchases of Shares*."

**Dilution from Subsequent Offerings of Shares**

The Fund expects to accept additional subscriptions for Shares as determined by the Board, in its sole discretion. Additional purchases will dilute the indirect interests of existing Shareholders in the Fund Investments held prior to such purchases, which could have an adverse impact on the existing Shareholders' interests in the Fund if subsequent Fund Investments underperform the prior investments.

**Uncertain Source and Quantity of Funding**

Proceeds from the sale of Shares will be used for the Fund's investment opportunities, operating expenses and for payment of various fees and expenses such as the Investment Management Fee and other fees. To the extent the Fund develops a need for additional capital in the future (for investments or for any other reason) and cannot obtain such capital on acceptable terms, the ability to acquire investments and to expand operations will be adversely affected. This could negatively impact the Fund's ability to achieve portfolio diversification, its operating results and its ability to make distributions to Shareholders.

**Non-Diversified Status**

The Fund is a "non-diversified" management investment company. Thus, there are no percentage limitations imposed by the Investment Company Act on the Fund's assets that may be invested, directly or indirectly, in the securities of any one issuer. Although the Adviser follows a general policy of seeking to spread the Fund's capital among Portfolio Funds, the Adviser may depart from such policy from time to time and one or more Portfolio Funds may be allocated a relatively large percentage of the Fund's assets. Consequently, if one or more Fund Investments are allocated a relatively large percentage of the Fund's assets, losses suffered by such Fund Investments could result in a higher reduction in the Fund's capital than if such capital had been more proportionately allocated among a larger number of investments. The Fund may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company. However, the Fund will be subject to diversification requirements applicable to RICs under the Code. See "*CERTAIN TAX CONSIDERATIONS*."

**Valuation for Fund Investments Uncertain**

Under the Investment Company Act, the Fund is required to carry Fund Investments at market value or, if there is no readily available market value, at fair value as determined by the Fund's Valuation Designee (described below), in accordance with the Fund's valuation policy, which has been approved by the Board and is consistent with the Adviser's Valuation Policy. There is not a public market or active secondary market for many of the securities of the privately-held companies in which the Fund intends to invest. Rather, many of the Fund Investments may be traded on a privately negotiated over-the-counter secondary market for institutional investors. As a result, the Fund will value these securities at fair value as determined in good faith by the Adviser in accordance with the valuation procedures that have been approved by the Board.

The determination of fair value, and thus the amount of unrealized gains or losses the Fund may incur in any year, is to a degree subjective, and the Adviser has a conflict of interest in making the determination. The Fund values these securities monthly at fair value determined in good faith by the Adviser in accordance with the valuation procedures that have been approved by the Board. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and may be based on estimates or unaudited figures, the Fund's determinations of fair value may differ materially from the values that would have been used if a ready market for these non-traded securities existed. Due to this uncertainty, the Fund's fair value determinations may cause the Fund's net asset value on a given date to understate or overstate materially the value that the Fund may ultimately realize upon the sale of one or more Fund Investments. See "*CALCULATION OF NET ASSET VALUE; VALUATION.*"

**Valuations Subject to Adjustment**

The valuations reported by the Sponsors, based upon which the Fund determines its month-end net asset value and the net asset value per Share may be subject to later adjustment or revision. For example, fiscal year-end net asset value calculations of the Portfolio Funds may be revised as a result of audits by their independent auditors. Other adjustments may occur from time to time. Because such adjustments or revisions, whether increasing or decreasing the net asset value of the Fund at the time they occur, relate to information available only at the time of the adjustment or revision, the adjustment or revision may not affect the amount of the repurchase proceeds of the Fund received by Shareholders who had their Shares repurchased prior to such adjustments and received their repurchase proceeds, subject to the ability of the Fund to adjust or recoup the repurchase proceeds received by Shareholders under certain circumstances as described in "*REPURCHASES OF SHARES— Periodic Repurchases*." As a result, to the extent that such subsequently adjusted valuations from the Sponsors or revisions to the net asset value of a Fund Investment adversely affect the Fund's net asset value, the outstanding Shares may be adversely affected by prior repurchases to the benefit of Shareholders who had their Shares repurchased at a net asset value higher than the adjusted amount. Conversely, any increases in the net asset value resulting from such subsequently adjusted valuations may be entirely for the benefit of the outstanding Shares and to the detriment of Shareholders who previously had their Shares repurchased at a net asset value lower than the adjusted amount. The same principles apply to the purchase of Shares. New Shareholders may be affected in a similar way.

The valuations of Shares may be significantly affected by numerous factors, some of which are beyond the Fund's control and may not be directly related to the Fund's operating performance. These factors include:

● changes in regulatory policies or tax guidelines;

● changes in earnings or variations in operating results;

● changes in the value of the Fund Investments;

● changes in accounting guidelines governing valuation of the Fund Investments;

● any shortfall in revenue or net income or any increase in losses from levels expected by investors;

● departure of the Adviser or certain of its respective key personnel;

● general economic trends and other external factors; and

● loss of a major funding source.

**Access and Competition**

The activity of identifying, completing and realizing attractive investments that fall within the Fund's objective is highly competitive, involves a high degree of uncertainty and will be subject to market conditions. Many of the potential Fund Investments in which the Fund seeks to invest are likely to be oversubscribed, with investor demand exceeding the amounts available. There can be no guarantee that the Fund will be able to secure access to prospective Fund Investments or that the investment amounts offered will be as large as the Fund would desire. The Fund expects to encounter significant competition from other entities regardless of whether their investment objectives are similar or different to those of the Fund. Potential competitors include, without limitation, other investment partnerships and corporations, business development companies, strategic industry acquirers, financial institutions, insurance companies, hedge funds and investment funds affiliated with other financial sponsors or institutional investors (investing directly or through affiliates), private equity and debt investors, and credit vehicles, as well as the Adviser's other funds and accounts, subjecting the Adviser to certain conflicts of interest in evaluating the suitability of investment opportunities and making or recommending acquisitions. Additional funds with similar investment objectives may be formed in the future by other unrelated parties. Some of such competitors may have more relevant experience, greater financial resources and more personnel than the Adviser. In addition, as the number of funds similar to the Fund operating in the marketplace increases, those competing funds may impair the Fund's investment opportunities and/or adversely affect the terms upon which investments can be made. The Fund may incur significant expenses identifying, investigating, and attempting to acquire assets in potential transactions that are ultimately not consummated. For all of these reasons, competition may cause the returns of the Fund to decline.

To the extent permitted by the Investment Company Act and staff interpretations, the Adviser may seek to have the Fund and one or more other investment vehicles managed by the Adviser or any of its affiliates participate in an investment opportunity. The Fund was granted exemptive relief from the SEC to engage in co-investment transactions with the Adviser and/or its affiliates, including current and future investment vehicles managed by the Adviser. Furthermore, even with exemptive relief approval, the Fund could be limited in its ability to invest in certain investments in which the Adviser or any of its affiliates are investing or are invested.

**Amount or Frequency of Distributions Not Guaranteed**

The Fund expects to pay distributions out of assets legally available for distribution from time to time, at the sole discretion of the Board. Nevertheless, the Fund cannot assure you 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. The Fund's ability to pay distributions may be adversely affected by the impact of the risks described in this Prospectus. All distributions will depend on the Fund's earnings, its net investment income, its financial condition, and such other factors as the Board may deem relevant from time to time.

In the event that the Fund encounters delays in locating suitable investment opportunities, the Fund may return all or a substantial portion of the proceeds from the offering of Shares in anticipation of future cash flow, which may constitute a return of your capital and will lower your tax basis in your Shares. A return of capital generally is a return of your investment rather than a return of earnings or gains derived from the Fund's investment activities and will be made after deduction of the fees and expenses payable in connection with the proceeds from the offering of Shares, including any fees payable to the Adviser.

**Fluctuations in Performance**

The Fund could experience fluctuations in its performance due to a number of factors, including, but not limited to, the Fund's ability or inability to make investments in companies that meet the Fund's investment criteria, the interest rate payable on the debt securities the Fund acquires, the level of the Fund's expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Fund encounters competition in its markets and general economic conditions. As a result of these factors, there can be no assurance that the Fund will generate returns or that the Fund's returns will not be volatile. Results for any previous period (whether of the Fund, any Fund Investment, of any other fund or account managed by the Adviser or its affiliates, or of individuals or investment entities associated with any of the foregoing parties) is not necessarily indicative of performance in any subsequent period.

In addition, Portfolio Funds typically exhibit "J-curve" performance, such that a Portfolio Fund's net asset value typically declines moderately or flattens during the early portion of the Portfolio Fund's lifecycle as investment-related fees and expenses accrue prior to the realization of investment gains. As the Portfolio Fund matures and as assets are sold, the Adviser believes that the pattern typically reverses with increasing net asset value and distributions. There can be no assurance, however, that any or all of the Portfolio Funds in which the Fund invests will exhibit this pattern of investment returns.

**Restrictions on Raising Capital and Borrowing**

As a result of the annual distribution requirement to qualify as a RIC under the Code, the Fund may need to periodically access the capital markets to raise cash to fund new investments of the Fund. The Fund may issue "senior securities," as defined in the Investment Company Act (including borrowing money from banks or other financial institutions) only in amounts such that the Fund's asset coverage, as defined in the Investment Company Act, is at least 300% with respect to indebtedness or at least 200% with respect to preferred stock. Compliance with these requirements may unfavorably limit the Fund's investment opportunities and reduce its ability in comparison to other companies to profit from favorable spreads between the rates at which it can borrow and the rates at which it can lend.

The Fund may borrow for investment purposes. If the value of the Fund's assets declines, the Fund may be unable to satisfy the asset coverage test, which would prohibit the Fund from paying distributions and could prevent the Fund from qualifying as a RIC. If the Fund cannot satisfy the asset coverage test, the Fund may be required to sell a portion of its investments and, depending on the nature of the Fund's debt financing, repay a portion of the Fund's indebtedness at a time when such sales may be disadvantageous. In addition, any amounts that the Fund uses to service its indebtedness would not be available for distribution by the Fund to Shareholders.

**Reporting Requirements**

Shareholders who beneficially own Shares that constitute more than 5% or 10% of the Fund's Shares are subject to certain requirements under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the rules promulgated thereunder. These include requirements to file certain reports with the SEC. The Fund has no obligation to file such reports on behalf of such Shareholders or to notify Shareholders that such reports are required to be made. Shareholders who may be subject to such requirements should consult with their legal advisers.

**MANAGEMENT RELATED RISKS**

**Reliance on the Adviser**

The Adviser has full discretionary authority to identify, structure, allocate, execute, administer, monitor and liquidate Fund Investments and, in doing so, has no responsibility to consult with any Shareholder. Shareholders have no rights or powers to take part in the management of the Fund. Shareholders must rely entirely on the Adviser to conduct and manage the affairs of the Fund; the success of the Fund will depend in large part upon the skill and expertise of the Adviser to identify and consummate suitable investments and to dispose of investments of the Fund at a profit. No person should invest in the Fund unless such person is willing to entrust all aspects of the investment decisions of the Fund to the Adviser.

**Reliance on Key Personnel**

The Fund relies on the experience, relationships and expertise of the individuals employed by the Adviser and the Sub-Adviser. There can be no assurance that any of these individuals will remain employed with the Adviser or the Sub-Adviser or otherwise continue to carry on their current duties throughout the term of the Fund. In particular, investment professionals may be replaced or added at any time. The loss of the services of one or more of the Adviser's or the Sub-Adviser's key personnel could have a material adverse impact on the Fund's ability to realize its investment objectives. Similarly, the success of each Portfolio Fund and other Fund Investment depends to a large extent, on the experience, relationships and expertise of its manager and its key personnel. There can be no assurance that these individuals will remain employed or otherwise continue to be able to carry on their current duties throughout the term of such Portfolio Fund or other investment. The loss of any such key person could have a material adverse effect on the Fund.

**Incentive Fee**

Any Incentive Fee payable by the Fund that relates to an increase in value of Fund Investments may be computed and paid on gain or income that is unrealized. If a Fund Investment decreases in value, it is possible that the unrealized gain previously included in the calculation of the Incentive Fee will never be realized. The Adviser is not obligated to reimburse the Fund for any part of the Incentive Fee it received that was based on unrealized gain never realized as a result of a sale or other disposition of a Fund Investment at a lower valuation in the future, and such circumstances would result in the Fund paying an Incentive Fee on income or gain the Fund never received.

In addition, the Incentive Fee payable by the Fund to the Adviser may create an incentive for the Adviser to make investments on the Fund's behalf that are risky or more speculative than would be the case in the absence of such compensation arrangement. The way in which the Incentive Fee payable to the Adviser is determined may encourage the Adviser to use leverage to increase the return on Fund Investments. Under certain circumstances, the use of borrowing may increase the likelihood of default, which would disfavor the Fund and Shareholders. Such a practice could result in the Fund investing in more speculative securities than would otherwise be in the Fund's best interests, which could result in higher investment losses, particularly during cyclical economic downturns.

**Divergence of Resources**

Neither the Adviser nor its affiliates, including individuals employed by the Adviser or its affiliates, are prohibited from raising money for and managing another investment entity that makes the same types of investments as those the Fund will target. As a result, the time and resources that these individuals may devote to the Fund may be diverted. In addition, the Fund may compete with any such investment entity for the same investors and investment opportunities. Affiliates of the Adviser, whose primary businesses include the origination of investments, engage in investment advisory business with accounts that compete with the Fund. Affiliates of the Adviser have no obligation to make their originated investment opportunities available to the Adviser or to the Fund.

**Broad and Wide-Ranging Activities**

The Adviser engages in a broad spectrum of activities. In the ordinary course of its business activities, the Adviser may engage in activities where the interests of the Adviser or the interests of its clients may conflict or compete with the interests of the Fund and the Adviser may provide services to third parties who have economic or other interests that conflict with those of the Fund. Other present and future activities of the Adviser and/or its clients may give rise to additional conflicts of interest. The Adviser will generally have the power to resolve, or consent to the resolution of, conflicts of interest on behalf of, and such resolution will be binding on, the Fund. The Adviser has adopted policies and procedures that it believes have been reasonably designed to mitigate and/or resolve actual or potential conflicts of interest; nevertheless, there can be no assurance that any such conflicts will be resolved in a manner that potentially affected parties would consider satisfactory.

**Firm Policies and Procedures**

Because the Adviser has different areas of its asset management business, it is subject to a number of actual and potential conflicts of interest, regulatory requirements and more legal and contractual restrictions than that to which it would otherwise be subject if it had just one line of business. In addressing these conflicts and regulatory, legal and contractual requirements across its various businesses, the Adviser has implemented certain policies and procedures that risk reducing the positive synergies that the Fund expects to utilize for purposes of finding attractive investments. See "*CONFLICTS OF INTEREST.*"

**Transactions with Affiliates**

The Adviser and its affiliates engage in financial advisory activities that are independent from, and may from time to time conflict with, those of the Fund or Fund Investments. In the future, there might arise instances where the interests of such affiliates conflict with the interests of the Fund or Fund Investments. For example, the Fund may be prohibited from participating in investments in certain portfolio companies that would otherwise be appropriate for the Fund as a result of existing or proposed investments by other investment accounts managed by the Adviser or its affiliates in such portfolio companies. As a result of prohibitions on transactions with affiliates under the Investment Company Act, the Adviser may elect to cause the Fund to dispose of an investment that becomes distressed, or refrain from exercising certain rights it would otherwise pursue, to the extent an affiliated investment account also holds a position in the underlying portfolio company. The Adviser and/or its affiliates may provide services to, invest in, advise, sponsor and/or act as investment manager to investment vehicles and other persons or entities (including prospective investors in the Fund Investments) which (i) may have structures, investment objectives and/or policies that are similar to (or different than) those of the Fund, (ii) may compete with the Fund for investment opportunities, and (iii) may invest alongside the Fund in certain transactions that are in compliance with Section 17 of the Investment Company Act. The Fund was granted exemptive relief from the SEC that permits the Fund to participate in certain negotiated direct equity investments alongside other funds managed by the Adviser or certain of its affiliates outside the parameters of Section 17 of the Investment Company Act, subject to the satisfaction of certain conditions. Furthermore, even though the Fund was granted an order of exemptive relief, the Fund could be limited in its ability to invest in certain investments in which the Adviser or any of its affiliates are investing or are invested. These co-investment transactions may give rise to conflicts of interest or perceived conflicts of interest among the Fund and the other participating accounts.

**Use of Third-Party Service Providers**

The Adviser will delegate certain tasks to third party service providers. For example, certain aspects of fund administration, legal, accounting, audit, valuation and tax reporting services will be provided to the Fund by third party service providers at the Fund's expense. The Fund and the Adviser may not be in a position to verify the reliability of such third parties or the risks associated with delegation of such tasks. The Fund may suffer adverse consequences from actions, errors or failure to act by such third parties, may have obligations, including indemnity obligations, to them and/or limited recourse against them. The Adviser will not be responsible for determining whether underlying Fund Investments and/or underlying companies (or the managers thereof or the service providers thereto) are properly charging fees and expenses or correctly calculating and/or allocating such fees and expenses (or withholdings or other taxes or fee offsets, if applicable); rather, it will be the responsibility of such underlying Fund Investments, underlying companies, the managers thereof and the service providers thereto (including their administrators and auditors) to verify these calculations.

**INVESTMENT RELATED RISKS**

This section discusses the types of investments that may be made, directly or indirectly, by the Fund, and some of the risks associated with such investments. It is possible that the Fund will make an investment that is not described below, and any such investment will be subject to its own particular risks.

**Temporary Investments**

Before making investments, the Fund may invest proceeds of the offering in cash, cash equivalents, U.S. Government securities, money market funds, repurchase agreements, and other high-quality debt instruments maturing in one year or less from the time of investment ("Temporary Investments"). This will produce returns that are significantly lower than the returns which the Fund expects to achieve when the Fund's portfolio is fully invested in securities meeting the Fund's investment objective. As a result, any distributions that the Fund pays while the Fund's portfolio is not fully invested in securities meeting its investment objective may be lower than the distributions that the Fund may be able to pay when the Fund portfolio is fully invested in securities meeting the Fund's investment objective.

**Identification of Investments**

Identification of attractive investment opportunities by the Adviser or the Sub-Adviser involves a high degree of uncertainty. The success of the Fund depends on the availability of appropriate investment opportunities and the ability of the Adviser or the Sub-Adviser to identify, select, gain access to and consummate appropriate investments. The availability of investment opportunities for the Fund generally will be subject to market conditions and the ability of the Adviser or the Sub-Adviser to locate investments that are available for purchase at attractive prices. There can be no assurance that suitable investments will be available, that the Fund will be able to choose, make and realize investments in any particular company, Portfolio Fund or other investment, or that the Fund will be able to fully invest its capital. The Fund may be unable to invest on acceptable terms within the time period that the Fund anticipates or at all. To the extent that any portion of the Fund's capital is not invested, or is subject to delay before being invested, the potential return of the Fund will be diminished.

**Long Term Portfolio Fund Investments; No Assurance of Investment Return**

The Fund Investments will generally be long-term and illiquid in nature. Partial or complete sales, transfers, or other dispositions of investments, whether by the Fund, a Portfolio Fund or other investment, are generally not expected to occur for a number of years after an investment is made. In some cases, the Fund, a Portfolio Fund or other investment may be legally, contractually or otherwise prohibited from selling investments for a period of time or otherwise be restricted from making dispositions. Illiquidity may also result from the absence of an established market. For these and other reasons, certain investments made by the Fund, a Portfolio Fund or other investment may require a substantial length of time to liquidate. Because the realizable value of a highly illiquid investment at any given time may be less than its intrinsic value, particularly if such investment is not realized in an orderly fashion, the Fund, a Portfolio Fund or other investment may be unable to realize its investment objectives by sale or other disposition at attractive prices. Thus, there can be no assurance that the Fund, any Portfolio Fund or other investment will be able to implement its investment strategy, generate positive returns, achieve its investment objective or complete any exit strategy. An investment in the Fund should only be considered by persons who can afford a loss of their entire investment.

**Concentration of Investments**

Except to the extent required by applicable law and the Fund's fundamental policies, there are no limitations imposed by the Adviser as to the amount of Fund assets that may be invested in (i) any one Fund Investment, (ii) in Portfolio Funds or other investments managed by a particular Sponsor or its affiliates, (iii) indirectly in any single industry or (iv) in any issuer. In addition, a Portfolio Fund's investment portfolio may consist of a limited number of companies and may have significant exposure in a particular industry area or group. Accordingly, the Fund's investment portfolio may at times have significant exposure to certain managers, industries and/or individual companies. Such significant exposure could offer a greater potential for capital appreciation as well as increased risk of loss. Such significant exposure may also be expected to increase the volatility of the Fund's investment portfolio. The Fund is, however, subject to the asset diversification requirements applicable to RICs. See "*CERTAIN TAX CONSIDERATIONS*."

**Nature of Portfolio Companies**

The Fund Investments will include direct and indirect investments in various companies, ventures and businesses ("Portfolio Companies"). This may include Portfolio Companies in the early phases of development, which can be highly risky due to the lack of a significant operating history, fully developed product lines, experienced management, or a proven market for their products. The Fund Investments may also include Portfolio Companies that are in a state of distress or which have a poor record, and which are undergoing restructuring or changes in management, and there can be no assurances that such restructuring or changes will be successful. The management of such Portfolio Companies may depend on one or two key individuals, and the loss of the services of any of such individuals may adversely affect the performance of such Portfolio Companies.

**Follow-on Investments**

The Fund may be called upon to provide additional funding and/or have the opportunity to increase its investment in certain of the Fund Investments. There can be no assurance that the Fund will seek such follow-on investments or that it will have sufficient capital to make any such investments that become available. Any decision by the Fund not to make follow-on investments or its inability to make such investments may have a substantial negative impact on a Portfolio Fund or other investment in need of such an investment and may diminish the Fund's ability to influence the Portfolio Fund's or other investment's future development. Furthermore, no assurance can be made that any follow-on investments made by the Fund will be profitable to the Fund.

**Control Positions**

The Fund (in the case of direct investments) and the Portfolio Funds may take control positions in Portfolio Companies. The exercise of control over a company imposes additional risks of liability for environmental damage, product defects, failure to supervise management, violation of governmental regulations and other types of liability in which the limited liability characteristic of a corporation may be ignored, which would increase the Fund's possibility of incurring losses.

**Leverage**

The Sponsors and (subject to applicable law) the Fund may employ leverage through borrowings or derivative instruments and are likely to directly or indirectly acquire interests in companies with highly leveraged capital structures. If income and appreciation on investments made with borrowed funds are less than the cost of the leverage, the value of the relevant portfolio or investment will decrease. Accordingly, any event that adversely affects the value of a Fund Investment will be magnified to the extent leverage is employed. The cumulative effect of the use of leverage by the Fund, other Fund Investments and/or Portfolio Companies in a market that moves adversely to the relevant investments could result in substantial losses, exceeding those that would have been incurred if leverage had not been employed.

**Derivative Instruments**

Some or all of the Sponsors (subject to applicable law) and the Fund may use options, swaps, futures contracts, forward agreements and other derivatives contracts. Transactions in derivative instruments present risks arising from the use of leverage (which increases the magnitude of losses), volatility, the possibility of default by a counterparty, and illiquidity. Use of derivative instruments for hedging or speculative purposes by the Fund or the Sponsors could present significant risks, including the risk of losses in excess of the amounts invested. The use of derivatives is also subject to operational and legal risks. Operational risks generally refer to risks related to potential operational issues, including documentation issues, settlement issues, system failures, inadequate controls, and human error. Legal risks generally refer to risks of loss resulting from insufficient documentation, insufficient capacity or authority of a counterparty, or legality or enforceability of a contract. See "*INVESTMENT RELATED RISKS—Hedging.*"

**Interest Rate Risk**

The Fund and the Fund Investments are subject to financial market risks, including changes in interest rates. General interest rate fluctuations, including in particular rapidly rising interest rates, may have a substantial negative impact on the Fund Investments and the Fund. For example, certain Fund Investments may have exposure to floating rate loans. In the event of a significant rising interest rate environment, borrowers with such loans could see their payments increase, which could lead to a significant increase in defaults. Fund Investments in companies with adjustable-rate loans may also decline in value in response to rising interest rates if the rates at which they pay interest do not rise as much, or as quickly, as market interest rates in general. Similarly, during periods of rising interest rates, Fund Investments with exposure to fixed-rate loans may decline in value because they are locked in at below market yield. In addition, an increase in interest rates would make it more expensive to use debt for the financing needs of the Fund and the Fund Investments, if any. These and other interest rate-related developments, including without limitation the discontinuation of the London Interbank Offered Rate ("LIBOR"), could also have a material adverse impact on the Fund's ability to meet its investment objectives. Furthermore, the risks associated with the transition to replacement rates, such as Secured Overnight Financial Rate ("SOFR"), may be exacerbated if an orderly transition to an alternative reference rate is not completed in a timely manner.

**Other Risks**

The impairment or failure of one or more banks with whom the Fund transacts may inhibit the Fund's ability to access depository accounts. In such cases, the Fund may be forced to delay or forgo investments, resulting in lower Fund performance. In the event of such a failure of a banking institution where the Fund holds depository accounts, access to such accounts could be restricted and U.S. Federal Deposit Insurance Corporation ("FDIC") protection may not be available for balances in excess of amounts insured by the FDIC. In such instances, the Fund may not recover such excess, uninsured amounts.

**Non-U.S. Investments**

The Fund and the Portfolio Funds may invest in securities of companies and other issuers located outside of the United States. Investing outside of the United States involves certain considerations not usually associated with investing in securities of U.S. companies, including political and economic considerations, such as greater risks of expropriation, nationalization, confiscatory taxation, imposition of withholding or other taxes on interest, dividends, capital gains, other income or gross sale or disposition proceeds, limitations on the removal of assets and general social, political and economic instability; the relatively small size of the securities markets in certain countries; differing laws and regulations applicable to the securities and financial services industries of certain countries; fluctuations in the rate of exchange between currencies and costs associated with currency conversion; government policies that may restrict the Fund's investment opportunities; and accounting and financial reporting standards that may not be as high as comparable U.S. standards. The Fund and the Portfolio Funds may be unable to structure any such non-U.S. transactions to achieve the intended results or to sufficiently mitigate risks associated with such markets.

**Currency Risk**

The Fund's portfolio may include direct and indirect investments in a number of different currencies. Any returns on, and the value of such investments may, therefore, be materially affected by exchange rate fluctuations, local exchange control, limited liquidity of the relevant foreign exchange markets, the convertibility of the currencies in question and/or other factors. A decline in the value of the currencies in which the Fund Investments are denominated against the U.S. dollar may result in a decrease the Fund's net asset value. The Adviser may or may not elect to hedge the value of investments made by the Fund against currency fluctuations, and even if the Adviser deems hedging appropriate, it may not be possible, practicable or cost-effective to hedge currency risk exposure. Accordingly, the performance of the Fund could be adversely affected by such currency fluctuations.

**Hedging**

The Fund may seek to hedge against interest rate and currency exchange rate fluctuations and credit risk by using structured financial instruments such as futures, options, swaps and forward contracts, subject to the requirements of the Investment Company Act. Use of structured financial instruments for hedging purposes may present significant risks, including the risk of loss of the amounts invested. Defaults by the other party to a hedging transaction can result in losses in the hedging transaction. Hedging activities also involve the risk of an imperfect correlation between the hedging instrument and the asset being hedged, which could result in losses both on the hedging transaction and on the instrument being hedged. Use of hedging activities may not prevent significant losses and could increase losses. Further, hedging transactions may reduce cash available to pay distributions to Shareholders. See "*INVESTMENT RELATED RISKS—Derivative Instruments*."

**Risks Relating to Accounting, Auditing and Financial Reporting, etc.**

The legal, regulatory, disclosure, accounting, auditing and reporting standards in certain of the countries in which the Fund Investments may be made (whether directly or indirectly) may be less stringent and may not provide the same degree of protection or information to investors as would generally apply in the United States. Although the Fund will be using U.S. GAAP, the assets, liabilities, profits and losses appearing in published financial statements of the Fund Investments may not reflect their financial position or operating results as they would be reflected under U.S. GAAP. Accordingly, the net asset value of the Fund published from time to time may not accurately reflect a realistic value for any or all of the Fund Investments. In addition, privately held companies may not have third-party debt ratings or audited financial statements. As a result, the Fund must rely on the ability of the Adviser to obtain adequate information through due diligence to evaluate the creditworthiness and potential returns from investing in a privately held company. These companies and their financial information will generally not be subject to the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act") and other rules and regulations that govern public companies. If the Fund is unable to uncover all material information about these companies, it may not make a fully informed investment decision, and the Fund may lose money as a result. Finally, certain Fund Investments may be in Portfolio Companies or other investments that do not maintain internal management accounts or adopt financial budgeting, internal audit or internal control procedures to standards normally expected of companies in the United States. Accordingly, information supplied to the Fund and the Portfolio Funds may be incomplete, inaccurate and/or significantly delayed. The Fund and the Portfolio Funds may therefore be unable to take or influence timely actions necessary to rectify management deficiencies in such Portfolio Companies, which may ultimately have an adverse impact on the net asset value of the Fund.

**RISKS SPECIFIC TO PORTFOLIO FUNDS**

**Investments in the Portfolio Funds Generally; Dependence on Sponsors**

Because the Fund invests in Portfolio Funds, a Shareholder's investment in the Fund will be affected by the investment policies and decisions of the Sponsor of each Portfolio Fund in direct proportion to the amount of Fund assets that are invested in each Portfolio Fund. The Fund's net asset value may fluctuate in response to, among other things, various market and economic factors related to the markets in which the Portfolio Funds invest and the financial condition and prospects of issuers in which the Portfolio Funds invest. Certain risks related to the investment strategies and techniques utilized by the Sponsors are described under "*INVESTMENT RELATED RISKS*" above. The success of the Fund depends upon the ability of the Sponsors to develop and implement strategies that achieve their investment objectives. Shareholders will not have an opportunity to evaluate the specific investments made by the Portfolio Funds or the Sponsors, or the terms of any such investments. In addition, the Sponsors could materially alter their investment strategies from time to time without notice to the Fund. There can be no assurance that the Sponsors will be able to select or implement successful strategies or achieve their respective investment objectives.

**Portfolio Funds Not Registered**

The Fund is registered as an investment company under the Investment Company Act. The Investment Company Act is designed to afford various protections to investors in pooled investment vehicles. For example, the Investment Company Act imposes limits on the amount of leverage that a registered investment company can assume, restricts layering of costs and fees, restricts transactions with affiliated persons and requires that the investment company's operations be supervised by a board of managers, a majority of whose members are independent of management. However, most of the Portfolio Funds in which the Fund invests are not subject to the provisions of the Investment Company Act. Many Sponsors may not be registered as investment advisers under the Advisers Act. As an indirect investor in the Portfolio Funds managed by Sponsors that are not registered as investment advisers, the Fund will not have the benefit of certain of the protections of the Advisers Act.

The Portfolio Funds generally are exempted from regulation under the Investment Company Act because they permit investment only by investors who meet very high thresholds of investment experience and sophistication, as measured by net worth. The Fund's investment qualification thresholds are generally lower. As a result, the Fund provides an avenue for investing in Portfolio Funds that would not otherwise be available to certain investors. This means that investors who would not otherwise qualify to invest in largely unregulated vehicles will have the opportunity to make such an investment through the Fund.

In addition, the Portfolio Funds typically do not maintain their securities and other assets in the custody of a bank or a member of a securities exchange, as generally required of registered investment companies, in accordance with certain SEC rules. A registered investment company which places its securities in the custody of a member of a securities exchange is required to have a written custodian agreement, which provides that securities held in custody will be at all times individually segregated from the securities of any other person and marked to clearly identify such securities as the property of such investment company and which contains other provisions designed to protect the assets of such investment company. The Portfolio Funds in which the Fund invests may maintain custody of their assets with brokerage firms which do not separately segregate such customer assets as would be required in the case of registered investment companies, or may not use a custodian to hold their assets. Under the provisions of the Securities Investor Protection Act of 1970, as amended, the bankruptcy of any brokerage firm used to hold Portfolio Fund assets could have a greater adverse effect on the Fund than would be the case if custody of assets were maintained in accordance with the requirements applicable to registered investment companies. There is also a risk that a Sponsor could convert assets committed to it by the Fund to its own use or that a custodian could convert assets committed to it by a Sponsor to its own use. There can be no assurance that the Sponsors or the entities they manage will comply with all applicable laws and that assets entrusted to the Sponsors will be protected.

Prospective investors should understand that the Fund is an appropriate investment only for investors who can tolerate a high degree of risk, including lesser regulatory protections in connection with the Fund's investments in Portfolio Funds than might normally be available through investments in registered investment company vehicles.

**Portfolio Funds are Generally Non-Diversified**

While there are no regulatory requirements that the investments of the Portfolio Funds be diversified, some Portfolio Funds may undertake to comply with certain investment concentration limits. Portfolio Funds may at certain times hold large positions in a relatively limited number of investments. Portfolio Funds may target or concentrate their investments in particular markets, sectors or industries. Those Portfolio Funds that concentrate in a specific industry or target a specific sector will also be subject to the risks of that industry or sector, which may include, but are not limited to, rapid obsolescence of technology, sensitivity to regulatory changes, minimal barriers to entry and sensitivity to overall market swings. As a result, the net asset values of such Portfolio Funds may be subject to greater volatility than those of investment companies that are subject to diversification requirements and this may negatively impact the net asset value of the Fund.

**Illiquidity of Portfolio Fund Interests**

Interests in Portfolio Funds are typically restricted as to their transferability under U.S. federal or state or non-U.S. securities laws or under the terms and conditions of their respective governing documents and are highly illiquid. The sale of any such investments by the Fund may be possible only at substantial discounts, if at all. In addition, generally the consent of the Sponsor of such Portfolio Fund is required to facilitate any transfer or sale of an interest in the Portfolio Fund, which consent may be withheld in the discretion of such Sponsor, whether reasonable or not. The underlying investments of Portfolio Funds are also generally illiquid and subject to similar limitations. All such investments may be extremely difficult to value with any degree of certainty.

**Portfolio Fund Operations Not Transparent**

The Adviser does not control the investments or operations of the Portfolio Funds. A Sponsor may employ investment strategies that differ from its past practices and are not fully disclosed to the Adviser and that involve risks that are not anticipated by the Adviser. Some Sponsors may have a limited operating history, and some may have limited experience in executing one or more investment strategies to be employed for a Portfolio Fund. Furthermore, there is no guarantee that the information and/or reports given to the Administrator, the Adviser and/or the Fund with respect to the Fund Investments will not be fraudulent, inaccurate, misleading or incomplete.

**Valuation of the Fund's Interests in Portfolio Funds**

The valuation of the Fund's investments in Portfolio Funds is ordinarily determined based upon valuations provided by the Sponsors of such Portfolio Funds which, generally are not audited. A majority of the securities in which the Portfolio Funds invest will not have a readily ascertainable market price and will be valued by the Sponsors. In this regard, a Sponsor may face a conflict of interest in valuing the securities, as their value may affect the Sponsor's compensation or its ability to raise additional funds. No assurances can be given regarding the valuation methodology or the sufficiency of systems utilized by any Portfolio Fund, the accuracy of the valuations provided by the Portfolio Funds, that the Portfolio Funds will comply with their own internal policies or procedures for keeping records or making valuations, or that the Portfolio Funds' policies and procedures and systems will not change without notice to the Fund. As a result, valuations of the securities may be subjective and could prove in hindsight to have been wrong, potentially by significant amounts. The Board has delegated responsibility for the day-to-day valuation and pricing responsibility for the Fund to the Adviser, Portfolio Advisors, LLC (the "Valuation Designee"), subject to the oversight of the Board. The valuation of the Fund's investments will be performed in accordance with Financial Accounting Standards Board's Accounting Standards Codification 820 — Fair Value Measurements and Disclosures; but the Adviser may face conflicts of interest in overseeing the valuation of the Fund Investments, as the value of the Fund Investments will affect the Adviser's compensation. Moreover, no assurance can be given regarding the valuation methods or the sufficiency of inputs utilized by Sponsors. The Fund has engaged the services of a third-party valuation services vendor to assist its valuations of certain Fund Investments.

A Sponsor's information could be inaccurate due to fraudulent activity, misvaluation or inadvertent error. In any case, the Fund may not uncover errors for a significant period of time. Even if the Adviser elects to cause the Fund to sell its interests in such a Portfolio Fund, the Fund may be unable to sell such interests quickly, if at all, and could therefore be obligated to continue to hold such interests for an extended period of time. In such a case, the Sponsor's valuations of such interests could remain subject to such fraud or error, and the Adviser may, in its discretion, determine to discount the value of the interests or value them at zero.

Shareholders should be aware that situations involving uncertainties as to the valuations by Sponsors could have a material adverse effect on the Fund if a Sponsor's, the Adviser's or the Fund's judgments regarding valuations should prove incorrect. Prospective investors who are unwilling to assume such risks should not invest in the Fund.

**Multiple Levels of Fees and Expenses**

Although in many cases investor access to the Portfolio Funds may be limited or unavailable, an investor who meets the conditions imposed by a Portfolio Fund may be able to invest directly with the Portfolio Fund. By investing in Portfolio Funds indirectly through the Fund, the investor bears asset-based and performance-based fees charged by the Fund, in addition to any asset-based fees and performance-based fees and allocations at the Portfolio Fund level. Moreover, an investor in the Fund bears a proportionate share of the fees and expenses of the Fund (including, among other things and as applicable, offering expenses, operating costs, sales charges, brokerage transaction expenses, management fees, distribution fees, administrative and custody fees, and tender offer expenses) and, indirectly, similar expenses of the Portfolio Funds. Thus, an investor in the Fund may be subject to higher operating expenses than if he or she invested in a Portfolio Fund directly or in a closed-end fund which did not invest through Portfolio Funds.

Each Portfolio Fund generally will be subject to a performance-based fee or allocation irrespective of the performance of other Portfolio Funds and the Fund generally. Accordingly, the Sponsor of a Portfolio Fund with positive performance may receive performance-based compensation from the Portfolio Fund, and thus indirectly from the Fund and its Shareholders, even if the overall performance of the Fund is negative. Generally, asset-based fees payable to Sponsors of the Portfolio Funds will range from 1% to 2.5% (annualized) of the commitment amount of the Fund's investment, and performance-based fees or allocations are typically 10% to 20%, although it is possible that such amounts may be exceeded for certain Sponsors. The performance-based compensation received by a Sponsor also may create an incentive for that Sponsor to make investments that are riskier or more speculative than those that it might have made in the absence of such performance-based compensation.

Investors that invest in the Fund through financial advisers or intermediaries may also be subject to account fees or charges levied by such parties. Prospective investors should consult with their respective financial advisers or intermediaries for information regarding any fees or charges that may be associated with the services provided by such parties.

**Inability to Vote**

To the extent that the Fund owns less than 5% of the voting securities of each Portfolio Fund, it may be able to avoid that any such Portfolio Fund is deemed an "affiliated person" of the Fund for purposes of the Investment Company Act (which designation could, among other things, potentially impose limits on transactions with the Portfolio Funds, both by the Fund and other clients of the Adviser). To limit its voting interest in certain Portfolio Funds, the Fund may enter into contractual arrangements under which the Fund irrevocably waives its rights (if any) to vote its interests in a Portfolio Fund. These voting waiver arrangements may increase the ability of the Fund and other clients of the Adviser to invest in certain Portfolio Funds. However, to the extent the Fund contractually forgoes the right to vote the securities of a Portfolio Fund, the Fund will not be able to vote on matters that require the approval of such Portfolio Fund's investors, including matters which may be adverse to the Fund's interests. Under other statutory tests of affiliation (such as on the basis of control), the prohibitions of the Investment Company Act with respect to affiliated transactions could apply in certain situations where the Fund owns less than 5% of the voting securities of a Portfolio Fund. If the Fund is considered to be affiliated with a Portfolio Fund, transactions between the Fund and such Portfolio Fund may, among other things, potentially be subject to the prohibitions of Section 17 of the Investment Company Act notwithstanding that the Fund has entered into a voting waiver arrangement.

**Consortium or Offsetting Investments**

The Sponsors may work with other Portfolio Fund Sponsors to invest collectively in the same underlying company, which could result in increased concentration risk where the Fund and one or more Portfolio Funds in the Fund's portfolio each invest in a particular underlying company. In other situations, Portfolio Funds may hold economically offsetting positions. To the extent that the Sponsors do, in fact, hold such offsetting positions, the Fund's portfolio, considered as a whole, may not achieve any gain or loss despite incurring fees and expenses in connection with such positions. In addition, Sponsors are compensated based on the performance of their portfolios. Accordingly, there often may be times when a particular Sponsor may receive incentive compensation in respect of its portfolio for a period even though the Fund's net asset values may have decreased during such period. Furthermore, it is possible that from time to time, various Sponsors selected by the Adviser may be competing with each other for investments in one or more markets.

**Limitations on Ability to Invest in Portfolio Funds**

Certain Sponsors' investment approaches can accommodate only a certain amount of capital. Sponsors typically endeavor not to undertake to manage more capital than their approach can accommodate without risking a potential deterioration in returns. Accordingly, each Sponsor has the right to refuse to accept some or all of the assets that the Adviser may wish to allocate to such Sponsor. Further, continued sales of Shares would dilute the indirect participation of existing Shareholders in investments managed by such Sponsor.

In addition, it is expected that the Fund will be able to make investments in particular Portfolio Funds only at certain times, and commitments to Portfolio Funds may not be accepted (in part or in their entirety). As a result, the Fund may hold cash or invest any portion of its assets that is not invested in Portfolio Funds, in cash equivalents, short-term securities or money market securities pending investment in Portfolio Funds. To the extent that the Fund's assets are not invested in Portfolio Funds, the Fund may be unable to meet its investment objective.

**Indemnification of Portfolio Funds and Sponsors**

Subject to the Board's approval, the Fund may agree to indemnify certain of the Portfolio Funds and Sponsors and their respective officers, directors, and affiliates from any liability, damage, cost, or expense arising out of, among other things, acts or omissions undertaken in connection with the management of Portfolio Funds or direct investments. If the Fund were required to make payments (or return distributions received from such Portfolio Funds or direct investments) in respect of any such indemnity, the Fund could be materially adversely affected.

**Termination of the Fund's Interest in a Portfolio Fund**

In certain circumstances, a Portfolio Fund may, among other things, terminate the Fund's interest therein (causing a forfeiture of all or a portion of such interest) if the Fund fails to satisfy any capital call by that Portfolio Fund or if the continued participation of the Fund in the Portfolio Fund would have a material adverse effect on the Portfolio Fund or its assets.

**Portfolio Funds' Tax Risk**

Certain tax risks associated with investing in the Portfolio Funds are discussed below in "*TAX RELATED RISKS.*"

**Risks Applicable to Other Fund Investments**

Certain of the risks described above in the section may also apply to other types of Fund Investments.

**RISKS SPECIFIC TO SECONDARY INVESTMENTS**

**General Risks of Secondary Investments**

The overall performance of the Fund's Secondary Investments will depend in large part on the acquisition price paid, which may be negotiated based on incomplete or imperfect information. Certain Secondary Investments may be purchased as a portfolio, and in such cases the Fund may not be able to exclude from such purchases those investments that the Adviser considers (for commercial, tax, legal or other reasons) less attractive. Similarly, certain Secondary Investments may require the Fund to make a concurrent primary commitment to a new Portfolio Fund, which commitment the Adviser may consider to be less attractive than the other assets to be acquired. Where the Fund acquires a Portfolio Fund interest as a secondary investment, the Fund will generally not have the ability to modify or amend such Portfolio Fund's constituent documents (*e.g.*, limited partnership agreements) or otherwise negotiate the economic terms of the interests being acquired. In addition, the costs and resources required to investigate the commercial, tax and legal issues relating to Secondary Investments may be greater than those relating to Primary Investments.

**Contingent Liabilities Associated with Secondary Investments**

Where the Fund acquires a Portfolio Fund interest as a secondary investment, the Fund may acquire contingent liabilities of the seller of such interest. More specifically, where the seller has received distributions from the relevant private equity fund and, subsequently, that private equity fund recalls one or more of these distributions, the Fund (as the purchaser of the interest to which such distributions are attributable and not the seller) may be obligated to return monies equivalent to such distributions to such private equity fund. While the Fund may, in turn, make a claim against the seller for any such monies so paid to the private equity fund, there can be no assurances that the Fund would prevail on such claim.

**Risks Relating to Secondary Investments Involving Syndicates**

The Fund may acquire Secondary Investments as a member of a purchasing syndicate, in which case the Fund may be exposed to additional risks including (among other things): (i) counterparty risk, (ii) reputation risk, (iii) breach of confidentiality by a syndicate member and (iv) execution risk.

**TAX RELATED RISKS**

**Failure to Qualify as a RIC or Satisfy Distribution Requirement**

To qualify for and maintain RIC qualification under the Code, the Fund must meet the following annual distribution, source-of-income and asset diversification requirements. See "*CERTAIN TAX CONSIDERATIONS*."

● The annual distribution requirement for a RIC will be satisfied if the Fund distributes to Shareholders on an annual basis at least 90% of the Fund's net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, and 90% of the Fund's net tax-exempt income, if any. Because the Fund may borrow, it is subject to an asset coverage ratio requirement under the Investment Company Act and may in the future become subject to certain financial covenants under loan and credit agreements that could, under certain circumstances, restrict the Fund from making distributions necessary to satisfy the distribution requirement. If the Fund is unable to obtain cash from other sources, it could fail to qualify for RIC tax treatment and thus become subject to corporate-level income tax.

● The source-of-income requirement will be satisfied if the Fund obtains at least 90% of its income for each year from dividends, interest, gains from the sale of stock or securities or similar passive sources. If the source-of-income requirement is not met the Fund may fail to qualify for RIC tax treatment and be subject to corporate income tax.

● The asset diversification requirement will be satisfied if the Fund meets certain asset diversification requirements at the end of each quarter of the Fund's tax year. To satisfy this requirement, (i) at least 50% of the value of the Fund's assets must consist of cash, cash equivalents, U.S. Government securities, securities of other RICs and other securities if such other securities of any one 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 such issuer, and (ii) no more than 25% of the value of the Fund's assets can be invested in the securities, other than U.S. Government securities or securities of other RICs, of one issuer, of two or more issuers that are controlled, as determined under the Code and its applicable regulations, by the Fund and that are engaged in the same or similar or related trades or businesses or of certain "qualified publicly traded partnerships." Failure to meet these requirements may result in the Fund having to dispose of certain investments quickly in order to prevent the loss of its qualification as a RIC. Because most of the Fund's investments will be in private companies, and therefore will be relatively illiquid, any such dispositions could be made at disadvantageous prices and could result in substantial losses.

If the Fund fails to qualify for or maintain its RIC status for any reason and is subject to corporate income tax, the resulting corporate taxes could substantially reduce the Fund's net assets, the amount of income available for distribution and the amount of the Fund's distributions.

**Difficulty Meeting RIC Requirements**

Each of the above ongoing requirements for qualification for the favorable tax treatment available to RICs requires that the Adviser obtain information from or about the Portfolio Funds in which the Fund is invested. However, Portfolio Funds generally are not obligated to disclose the contents of their portfolios. This lack of transparency may make it difficult for the Adviser to monitor the sources of the Fund's income and the diversification of its assets, and otherwise to comply with Subchapter M of the Code. Ultimately, this may limit the universe of Portfolio Funds in which the Fund can invest.

Portfolio Funds classified as partnerships for U.S. federal income tax purposes may generate income allocable to the Fund that is not qualifying income for purposes of the source-of-income requirement, described above. In order to meet the source-of-income requirement, the Fund may structure its investments in a way potentially increasing the taxes imposed thereon or in respect thereof. Because the Fund may not have timely or complete information concerning the amount and sources of such a Portfolio Fund's income until such income has been earned by the Portfolio Fund or until a substantial amount of time thereafter, it may be difficult for the Fund to satisfy source-of-income requirement. Additionally, an IRS challenge to allocations of income from Portfolio Funds classified as partnerships for U.S. federal income tax purposes could result in the Fund failing to meet the source-of-income requirement, could increase the income from such investments that is subject to U.S. federal income tax, or both.

In the event that the Fund believes that it is possible that it will fail the asset diversification requirement at the end of any quarter of a taxable year, it may seek to take certain actions to avert such failure, including by acquiring additional investments to come into compliance with the asset diversification tests or by disposing of non-diversified assets. Although the Code affords the Fund the opportunity, in certain circumstances, to cure a failure to meet the asset diversification test, including by disposing of non-diversified assets within six months, the Fund will be required to pay taxes in order to take advantage of the cure if the failure is not de minimis (which taxes may be substantial), and there may be constraints on the Fund's ability to dispose of its interest in a Fund Investment that limit utilization of this cure period. Because the Fund's allocable portion of a Fund Investment's taxable income will be included in the Fund's investment company taxable income for the year of the accrual, the Fund may be required to make a distribution to Shareholders in order to satisfy the annual distribution requirement, even though the Fund 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 its qualification as a RIC under the Code. The Fund may have to sell some of its investments at times and/or at prices the Fund 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, the Fund may fail to qualify or maintain its RIC status and thus become subject to corporate-level income tax. For additional discussion regarding the tax implications of a RIC, see "*CERTAIN TAX CONSIDERATIONS*."

**GENERAL RISKS**

**Legal, Tax and Regulatory Changes**

Legal, tax and regulatory changes could occur during the term of the Fund which may materially adversely affect the Fund. For example, the regulatory and tax environment for leveraged investors and for private markets funds generally is evolving, and changes in the direct or indirect regulation or taxation of leveraged investors or private markets funds may materially adversely affect the ability of the Fund to pursue its investment strategies or achieve its investment objective. The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") was signed into law on July 21, 2010 and significantly revises and expands the rulemaking, supervisory and enforcement authority of U.S. federal bank, securities and commodities regulators. The implementation of the Dodd-Frank Act requires the adoption of various regulations and the preparation of reports by various agencies over a period of time. It is unclear how these regulators will exercise these revised and expanded powers and whether they will undertake rulemaking, supervisory or enforcement actions that would adversely affect the Fund or investments made by the Fund. There can be no assurance that future regulatory actions authorized by the Dodd-Frank Act will not significantly reduce the profitability of the Fund. The implementation of the Dodd-Frank Act could adversely affect the Fund by increasing transaction and/or regulatory compliance costs.

The current presidential administration has called for and is seeking to quickly enact significant changes to U.S. fiscal, tax, trade, healthcare, immigration, foreign, and government regulatory policy. Significant uncertainty exists with respect to legislation, regulation and government policy at the federal level, as well as the state and local levels. Recent events have created a climate of heightened uncertainty and introduced new and difficult-to-quantify macroeconomic and political risks with potentially far-reaching implications. There has been a corresponding meaningful increase in the uncertainty surrounding interest rates, inflation, foreign exchange rates, trade volumes and fiscal and monetary policy. To the extent the U.S. Congress or the current presidential administration implements changes to U.S. policy, those changes may impact, among other things, the U.S. and global economy, international trade and relations, unemployment, immigration, corporate taxes, healthcare, the U.S. regulatory environment, inflation and other areas. Although the Fund cannot predict the impact, if any, of these changes to the Fund's business, they could adversely affect the Fund's business, financial condition, operating results and cash flows. Until the Fund knows what policy changes are made and how those changes impact the Fund's business and the business of the Fund's competitors over the long term, the Fund will not know if, overall, the Fund will benefit from them or be negatively affected by them.

Rule 18f-4 under the Investment Company Act regulates a registered investment company's use of derivatives and related instruments. Rule 18f-4 prescribes specific value-at-risk leverage limits for certain derivatives users and requires certain derivatives users to adopt and implement a derivatives risk management program (including the appointment of a derivatives risk manager and the implementation of certain testing requirements), and prescribes reporting requirements in respect of derivatives. Subject to certain conditions, if a fund qualifies as a "limited derivatives user," as defined in Rule 18f-4, it is not subject to the full requirements of Rule 18f-4. In connection with the adoption of Rule 18f-4, the SEC rescinded certain of its prior guidance regarding asset segregation and coverage requirements in respect of derivatives transactions and related instruments. With respect to reverse repurchase agreements or other similar financing transactions in particular, Rule 18f-4 permits a fund to enter into such transactions if the fund either (i) complies with the asset coverage requirements of Section 18 of the Investment Company Act, and combines the aggregate amount of indebtedness associated with all similar financing with the aggregate amount of any other senior securities representing indebtedness when calculating the relevant asset coverage ratio, or (ii) treats similar financing transactions as derivatives transactions for all purposes under Rule 18f-4. The Fund has adopted procedures for investing in derivatives and other transactions in compliance with Rule 18f-4. The Fund intends to be a limited derivatives user under Rule 18f-4 of the Investment Company Act. As a limited derivatives user, the Fund's derivatives exposure, excluding certain currency and interest rate hedging transactions, may not exceed 10% of its net assets. This restriction is not fundamental and may be changed by the Fund without a shareholder vote. Rule 18f-4 under the Investment Company Act may require the Fund to observe more stringent asset coverage and related requirements than were previously imposed by the Investment Company Act, which could adversely affect the value or performance of the Fund. Limits or restrictions applicable to the counterparties or issuers, as applicable, with which the Fund may engage in derivative transactions could also limit or prevent the Fund from using certain instruments.

In addition, there is uncertainty with respect to legislation, regulation and government policy at the federal, state and local levels, notably as respects U.S. trade, tax, healthcare, immigration, foreign and government regulatory policy. To the extent the U.S. Congress or presidential administration implements additional changes to U.S. policy, those changes may impact, among other things, the U.S. and global economy, international trade and relations, unemployment, immigration, healthcare, tax rates, the U.S. regulatory environment and inflation, among other areas. Until any additional policy changes are finalized, it cannot be known whether the Fund and its investments or future investments may be positively or negatively affected, or the impact of continuing uncertainty. Each prospective investor should also be aware that developments in the tax laws of the United States or other jurisdictions where the Fund or its Portfolio Funds invest could have a material effect on the tax consequences to the shareholders. In the event of any such change in law, each shareholder is urged to consult its own tax advisers.

Certain tax risks associated with an investment in the Fund are discussed in "*CERTAIN TAX CONSIDERATIONS*."

**Non-Qualification as a Regulated Investment Company**

If for any taxable year the Fund were to fail to qualify as a RIC, all of its taxable income would be subject to tax at regular corporate rates without any deduction for distributions. To qualify as a RIC, the Fund must meet three numerical requirements each year regarding (i) the diversification of the assets it holds, (ii) the income it earns, and (iii) the amount of taxable income that it distributes to shareholders.

**Systemic Risk**

Systemic risk is the risk of broad financial system stress or collapse triggered by the default of one or more financial institutions, which results in a series of defaults by other interdependent financial institutions. Financial intermediaries, such as clearing houses, banks, securities firms and exchanges with which the Fund interacts, as well as the Fund, are all subject to systemic risk. A systemic failure could have material adverse consequences on the Fund and on the markets for the Securities in which the Fund seeks to invest.

**Business, Terrorism and Catastrophe Risks**

The Fund may be subject to the risk of loss arising from exposure that it may incur, indirectly, due to the occurrence of various events, including hurricanes, earthquakes, and other natural disasters, war, military conflict, terrorism, pandemic and/or other catastrophic events. These risks of loss can be substantial and could have a material adverse effect on the Fund and the Shareholders' investments therein. It is not possible to predict any such events or the severity of the effect that any such activity and/or governmental or military response would have on the economic situation in the United States or in other jurisdictions.

**Cybersecurity Risk**

The Adviser and other service providers of the Fund process, store and transmit large amounts of electronic information, including information relating to the transactions of the Fund and personally identifiable information of Shareholders. The Adviser has procedures and systems in place that it believes are reasonably designed to protect such information and prevent data loss and security breaches, but such measures cannot provide absolute security. The use of artificial intelligence and machine learning could exacerbate these risks or result in cybersecurity incidents that implicate personal data. The techniques used to obtain unauthorized access to data, disable or degrade service, or sabotage systems change frequently and may be difficult to detect for long periods of time. Hardware or software acquired from third parties may contain defects in design or manufacture or other problems that could unexpectedly compromise information security. Network connected services provided by third parties to the Adviser may be susceptible to compromise, leading to a breach of the Adviser's network. The Adviser's systems or facilities, on-line services and/or the Fund's accounts may be susceptible to employee error or malfeasance, government surveillance, or other security threats. Breach of the Adviser's information systems or the Fund's accounts may cause information relating to the transactions of the Fund and personally identifiable information of the Shareholders to be lost or improperly accessed, used or disclosed. The service providers of the Adviser and the Fund are subject to the same electronic information security threats as the Adviser. If a service provider fails to adopt or adhere to adequate data security policies, or in the event of a breach of its networks, information relating to the transactions of the Fund and personally identifiable information of the Shareholders may be lost or improperly accessed, used or disclosed. The loss or improper access, use or disclosure of the Adviser's or the Fund's proprietary information may cause the Adviser or the Fund to suffer, among other things, financial loss, the disruption of its business, liability to third parties, regulatory intervention or reputational damage. Any of the foregoing events could have a material adverse effect on the Fund and/or the Shareholders. While the Fund's service providers have established business continuity plans in the event of, and risk management systems to prevent, such cyber incidents, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by its service providers or any other third parties whose operations may affect a Fund or its shareholders.

**Market Events Risk**

The value of the Fund's investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, threatened or actual imposition of tariffs, lack of liquidity in the bond or equity markets, volatility in the equity markets, market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment or other political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt ceiling could impact the creditworthiness of the U.S. and could impact the liquidity of the U.S. Government securities markets and ultimately the Fund. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide due to increasingly interconnected global economies and financial markets.

Recently, the United States enacted or proposed to enact significant new tariffs, and various federal agencies were directed to further evaluate key aspects of U.S. trade policy, which could potentially lead to significant changes to current policies, treaties, and tariffs. Significant uncertainty about the future relationship between the U.S. and other countries with respect to such trade policies, treaties and tariffs continues to exist. These developments, or the perception that any of them could occur, may have a material adverse effect on global trade, in particular, trade between the impacted nations and the U.S.; global financial markets' stability; and global economic conditions.

Armed conflicts between Russia and Ukraine in Europe and Hamas and Israel in the Middle East could adversely affect global energy and financial markets and, therefore, could affect the value of Fund Investments, including beyond the Fund's direct exposure to issuers operating in the applicable geographic regions. The extent and duration of these conflicts, related sanctions and resulting market disruptions are impossible to predict and could be substantial. These events as well as other changes in non-U.S. and domestic economic and political conditions also could adversely affect individual issuers or related groups of issuers, global energy and financial markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the Fund's investments. The price and liquidity of investments may fluctuate widely as a result of these conflicts and related events. Any such disruptions caused by these conflicts or resulting sanctions may magnify the impact of other risks described in this Prospectus.

The impairment or failure of one or more banks with whom the Fund transacts may inhibit the Fund's or a Portfolio Fund's ability to access depository accounts. In such cases, the Fund or a Portfolio Fund may be forced to delay or forgo investments, resulting in lower Fund performance. In the event of such a failure of a banking institution where the Fund or a Portfolio Fund or other Fund Investment holds depository accounts, access to such accounts could be restricted and U.S. Federal Deposit Insurance Corporation ("FDIC") protection may not be available for balances in excess of amounts insured by the FDIC. In such instances, the Fund or a Portfolio Fund or other Fund Investment may not recover such excess, uninsured amounts.

Additionally, climate change poses long-term threats to physical and biological systems. Potential hazards and risks related to climate change for a State or municipality include, among other things, wildfires, rising sea levels, more severe coastal flooding and erosion hazards, and more intense storms. Storms in recent years have demonstrated vulnerabilities in a State's or municipality's infrastructure to extreme weather events. Climate change risks, if they materialize, can adversely impact a State's or municipality's financial plan in current or future years. In addition, economists and others have expressed increasing concern about the potential effects of global climate change on property and security values. A rise in sea levels, an increase in powerful windstorms and/or a climate-driven increase in sea levels or flooding could cause coastal properties to lose value or become unmarketable altogether. Economists warn that, unlike previous declines in the real estate market, properties in affected coastal zones may not ever recover their value. Large wildfires driven by high winds and prolonged drought may devastate businesses and entire communities and may be very costly to any business found to be responsible for the fire. Regulatory changes and divestment movements tied to concerns about climate change could adversely affect the value of certain land and the viability of industries whose activities or products are seen as accelerating climate change. The Fund cannot predict the effects of or likelihood of such events on the U.S. and world economies. The Fund could be materially impacted by such events which may, in turn, negatively affect the value and performance the Fund.

Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. As the use of technology grows, liquidity and market movements may be affected. Recent technological developments in, and the increasingly widespread use of, artificial intelligence technologies may pose risks to the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence technologies. As artificial intelligence technologies are used more widely, the profitability and growth of Fund holdings may be impacted, which could significantly impact the overall performance of the Fund. The legal and regulatory frameworks within which artificial intelligence technologies operate continue to rapidly evolve, and it is not possible to predict the full extent of current or future risks related thereto.

**Economic Recession or Downturn Risk**

Many of the Fund's investments may be issued by companies susceptible to economic slowdowns or recessions. Therefore, the Fund's non-performing assets are likely to increase, and the value of its portfolio is likely to decrease, during these periods. A prolonged recession may result in losses of value in the Fund's portfolio and a decrease in the Fund's revenues, net income and net asset value. Unfavorable economic conditions also could increase the Fund's funding costs, limit the Fund's access to the capital markets or result in a decision by lenders not to extend credit to it on terms it deems acceptable. These events could prevent the Fund from increasing investments and harm the Fund's operating results.

**LIMITS OF RISKS DISCLOSURE**

The above discussions and the discussions in the SAI relate to the various known risks associated with the Fund, Fund Investments, and Shares. Prospective investors should read this entire Prospectus, the SAI, and the Agreement and Declaration of Trust, and should consult the Adviser's ADV for additional information, as well as consult with their own advisers before deciding whether to invest in the Fund. In addition, as the Fund's investment program or market conditions change or develop over time, an investment in the Fund may be subject to risk factors not currently contemplated or described in this Prospectus.

**In view of the risks noted above, the Fund should be considered a speculative investment and prospective investors should invest in the Fund only if they can sustain a complete loss of their investment.**

**No guarantee or representation is made that the investment program of the Fund will be successful, that the various Portfolio Funds or Fund Investments selected will produce positive returns, or that the Fund will achieve its investment objective.**

**MANAGEMENT OF THE FUND**

**The Board of Trustees**

The Board has overall responsibility for the management and supervision of the business operations of the Fund on behalf of the Shareholders. A majority of Trustees of the Board are and will be persons who are not "interested persons," as defined in Section 2(a)(19) of the Investment Company Act (the "Independent Trustees"). To the extent permitted by the Investment Company Act and other applicable law, the Board may delegate any of its rights, powers and authority to, among others, the officers of the Fund, any committee of the Board, service providers or the Adviser. See "BOARD OF TRUSTEES AND OFFICERS" in the Fund's SAI for the identities of the Trustees and executive officers of the Fund, brief biographical information regarding each of them, and other information regarding the election and membership of the Board.

**The Adviser and the Sub-Adviser**

Portfolio Advisors, LLC (the "Adviser" or "Portfolio Advisors"), an investment adviser registered with the SEC under the Advisers Act, serves as the Adviser of the Fund pursuant to an investment management agreement (the "Investment Management Agreement") and is responsible for determining and implementing the Fund's overall investment strategy. The Adviser's principal address is 9 Old Kings Highway South, Darien, Connecticut 06820.

Portfolio Advisors is an investment firm specializing in private equity, private credit and private real estate investments. Since its founding in 1994, Portfolio Advisors has invested and committed more than $65 billion across private markets through various investment programs on behalf of both institutional and private clients worldwide. As of December 31, 2024, Portfolio Advisors managed approximately $44.7 billion in assets across direct, secondary and primary investments for more than 4,500 clients. With investments in more than 2,100 funds managed by more than 1,100 Sponsors, Portfolio Advisors has developed deep relationships, experience, insight and deal flow across the private markets, all of which it believes will benefit the Fund. Portfolio Advisors is a subsidiary of Future Standard, a national sponsor of alternative investment funds designed for the individual investor.

FS Global Advisor, LLC (the "Sub-Adviser"), an investment adviser registered with the SEC under the Advisers Act, serves as a non-discretionary sub-adviser for the Fund pursuant to an investment sub-advisory agreement with the Adviser (the "Sub-Advisory Agreement"). Pursuant the Sub-Advisory Agreement, the Sub-Adviser manages a portion of the Fund's assets (the "Account") subject to a senior credit strategy, as allocated by the Adviser. The senior credit strategy seeks attractive, risk adjusted returns with current income by primarily making direct investments in U.S. middle market companies and specifically, senior debt investments (typically, first lien, "stretch senior" and "unitranche" investments). The Sub-Adviser has no involvement in investment decisions, any related negotiations or the finalization of any investment. All investment decisions for the Fund are made exclusively by the Adviser. The Sub-Adviser is located at 201 Rouse Boulevard Philadelphia, Pennsylvania 19112.

The Sub-Adviser provides investment advisory and administrative services to closed-end management investment companies and other investment funds. As of December 31, 2024, the Sub-Adviser had $3.03 billion in assets under management, and Future Standard is the parent company of the Sub-Adviser.

The Adviser, Sub-Adviser and their affiliates may serve as investment managers to other funds that have investment programs that are similar to the investment program of the Fund, and the Adviser and/or Sub-Adviser or one of their affiliates may in the future serve as the investment manager or otherwise manage or direct the investment activities of other registered and/or private investment companies with investment programs similar to the investment program of the Fund. See "CONFLICTS OF INTEREST."

**Adviser Management Team**

The personnel of the Adviser who currently have primary responsibility for management of the Fund are:

**Dustin Ackerman,** *Senior Vice President, Primary Investments.* Dustin Ackerman is a Senior Vice President on the firm's primary investments team. Dustin joined Portfolio Advisors in 2016, prior to Portfolio Advisors becoming a wholly-owned subsidiary of Future Standard. Prior to joining Portfolio Advisors, he spent three years at Royal Bank of Scotland supporting the U.S. derivatives trading business. Dustin holds a B.S. from Brigham Young University - Idaho and an M.B.A. from Columbia University.

**Mike Chen**, Managing Director Co-investments. Mike Chen is a Managing Director on the firm's co-investment team. Mike joined Portfolio Advisors in 2013, prior to Portfolio Advisors becoming a wholly-owned subsidiary of Future Standard. Prior to joining Portfolio Advisors, he was an Investment Banking Analyst at UBS in the M&A group and subsequently the leveraged finance group, where he worked on various M&A and financing transactions. Mike holds a B.S. from the Wharton School of the University of Pennsylvania.

**Gregory J. Garrett,** C*o-Head Primary Investments*. Greg Garrett is a Managing Director and Co-Head of the firm's primary investments team. Greg joined Portfolio Advisors in 2010, prior to Portfolio Advisors becoming a wholly-owned subsidiary of Future Standard, and has been working in the private markets since 2001. Prior to joining Portfolio Advisors, Greg worked at Adams Street Partners as a Partner and member of its primary partnership investment subcommittee. Before that, Greg was a Manager at the Boston Consulting Group and a Captain in the United States Air Force commanding aircraft in support of international military operations. Greg holds a B.S. from Rensselaer Polytechnic Institute and an M.B.A. from the Wharton School of the University of Pennsylvania.

**Chuck Harper**, Co-Head Junior Debt. Chuck Harper is a Managing Director and Co-Head of the firm's Junior Debt team. Prior to joining Portfolio Advisors in 2013, before Portfolio Advisors became a wholly-owned subsidiary of Future Standard, he was Co-Head of DLJ Investment Partners at Credit Suisse. Prior to the DLJ and Credit Suisse merger, Chuck was a Vice President in the Merchant Banking division at Donaldson, Lufkin and Jenrette from 1997-1999. Prior to DLJ, Chuck worked in the Leveraged Finance Group of First Chicago (dba JP Morgan). Chuck has served or currently serves as a board observer of sixteen portfolio companies including Caribbean Restaurants, CB Richard Ellis, Deffenbaugh Industries, Driven Brands, Harlan Labs, Neff Corp, PSSI, The SI Org, USS Corp, Wastequip, Rough Country, Nutraceutical, L.B. White, Denali, HK Solutions, and HemaSource. He has been working in the private markets since 1990. Chuck holds an M.B.A. from the University of Chicago Booth School of Business and a B.S. in Finance from the University of Illinois.

**Ben Hur**, *Co-Head Equity Co-Investments*. Ben Hur is a Managing Director and Co-Head of the firm's co-investment team. Ben joined Portfolio Advisors in 2010, prior to Portfolio Advisors becoming a wholly-owned subsidiary of Future Standard, marking the beginning of his career in the private markets. Prior to joining Portfolio Advisors, he was an Investment Banking Analyst at Citigroup in the global consumer group where he worked on various financing and M&A transactions. Ben holds a B.A. from Columbia University.

**Geoff Kelleman**, Co-Head Primary Investments. Geoff Kelleman is a Managing Director and Co-Head of the firm's primary investments team. Geoff joined Portfolio Advisors in 2011, prior to Portfolio Advisors becoming a wholly-owned subsidiary of Future Standard, and has been working in the private markets since 2009. Prior to joining Portfolio Advisors, he worked at PNC Bank as a Credit Analyst. Geoff holds a B.A. from Muhlenberg College and an M.B.A from Columbia University.

**John M. Kyles,** *Head of Credit Strategies.* John Kyles is a Managing Director and Head of the credit strategies team. John joined Portfolio Advisors in 2009, prior to Portfolio Advisors becoming a wholly-owned subsidiary of Future Standard, and has been working in the private markets since 1997. Prior to joining Portfolio Advisors, he was a Director at Citigroup in the private equity placements group. In this role, he structured and executed private placements totaling over $6 billion for public and private companies in a variety of industries. While in business school, John was a Park Fellow and a co-founder of BR Ventures, a student-managed venture capital fund. John holds a B.A. from Bucknell University, a J.D. from DePaul University College of Law, and an M.B.A. from Cornell University.

**Brooks Lindberg,** *Head of Registered Products, Management Committee*. Brooks Lindberg is a Managing Director and member of the firm's Management Committee. Brooks joined Portfolio Advisors in 2020, prior to Portfolio Advisors becoming a wholly-owned subsidiary of Future Standard, and has been working in the private markets since 2000. Prior to joining Portfolio Advisors, he spent five years as an investor, operating partner, and board member at several private companies. Before that, Brooks was a Partner at Partners Group, heading the firm's global private client business. In that capacity, he led structuring, marketing, and operations for an SEC-registered evergreen private equity fund, the first of its kind, from inception to ~$2 billion in assets. Prior to that, he served as the Head of Structuring Services, leading a global team in creating private investment vehicles designed to address both market opportunities and individual client needs. Brooks began his tenure at Partners Group in 2002 as a member of the Structuring Services team in Zug, Switzerland. Brooks holds a B.S.B.A. from the University of Florida and an M.B.A. from The Marriott School of Business at Brigham Young University.

**Justin Lux,** *Co-Head LP Secondary Investments*. Justin Lux is a Managing Director and Co-Head of LP secondaries. Justin joined Portfolio Advisors in 2011, prior to Portfolio Advisors becoming a wholly-owned subsidiary of Future Standard. Previously, he was an Investment Banking Analyst at Lazard where he focused on various restructuring and distressed M&A transactions across a wide range of industries. Justin holds a B.A. from the University of Virginia.

**Brian Mooney,** *CFA, Co-Head GP Secondary Investments*. Brian Mooney, CFA is a Managing Director and Co-Head of the firm's GP-led secondaries team. Brian joined Portfolio Advisors in 2021, prior to Portfolio Advisors becoming a wholly-owned subsidiary of Future Standard, and has been working in the private markets since 1999. Prior to joining Portfolio Advisors, he was a Managing Director in Greenhill's Capital advisory group and Global Head of GP-led secondary advisory. Prior to Greenhill, Brian co-founded Cogent Partners in 2002, where he was a Managing Director and member of the General Partner until the firm's sale to Greenhill in 2015. At Cogent, Brian was responsible for leading the day-to-day management of the firm, sourcing and executing large GP-led and LP secondary transactions, and running the firm's portfolio research business. Before founding Cogent, Brian was responsible for sourcing and executing secondary, primary, direct, and co-investments at a firm that is now part of the Neuberger Berman alternative investments platform. Brian holds a B.B.A. from the University of Texas, a joint-M.B.A. from Columbia University and London Business School, and is a Chartered Financial Analyst.

**Stephen Sloan,** *Global Head Secondary Investments, Management Committee*. Stephen Sloan is a member of the firm's Management Committee and Global Head of Secondaries. Stephen joined Portfolio Advusors in 2020, prior to Portfolio Advisors becoming a wholly-owned subsidiary of Future Standard, and has been working in the private markets since 2000. Prior to joining Portfolio Advisors, he was the Global Head of Greenhill's capital advisory group and a member of Greenhill's management committee, where he oversaw strategic direction, deal execution, business operations, and client relationships across the Asia-Pacific region. Prior to Greenhill, Stephen co-founded Cogent Partners in 2002 where he served as the Managing Partner until the firm's sale to Greenhill in 2015. Before founding Cogent, Stephen worked at Goldman Sachs in their New York office in the structured products and international finance groups. Stephen holds a B.S. from The Marriott School of Business at Brigham Young University, and both an M.A. and M.B.A. from the Wharton School of the University of Pennsylvania.

Additional information regarding these individuals' compensation, other accounts for which they share responsibility and their holdings in the Fund (if any) can be found in the SAI.

**Investment Management Agreement and Sub-Advisory Agreement**

The Investment Management Agreement became effective on June 30, 2023, and continued in effect for an initial two-year period. Thereafter, the Investment Management Agreement continues in effect from year to year provided such continuance is specifically approved at least annually by (i) the vote of a majority of the outstanding voting securities of the Fund, or a majority of the Board, and (ii) the vote of a majority of the Independent Trustees of the Fund, cast in person at a meeting called for the purpose of voting on such approval. See "VOTING." The Investment Management Agreement will terminate automatically if assigned (as defined in the Investment Company Act) and is terminable at any time without penalty upon 60 days' written notice to the Fund by either the Board, shareholders of the Fund, or the Adviser. A discussion regarding the basis for the Board's approval of the Investment Management Agreement is available in the Fund's annual report to Shareholders for the fiscal year ended March 31, 2023. In the event of termination, the investment management fee and performance allocation are payable to the Adviser through the date of termination.

The Investment Management Agreement provides that, in the absence of willful misfeasance or gross negligence of its obligations to the Fund, the Adviser and any partner, director, officer or employee of the Adviser, or any of their affiliates, executors, heirs, assigns, successors or other legal representatives, will not be liable for any error of judgment, for any mistake of law or for any act or omission by the person in connection with the performance of services to the Fund. The Investment Management Agreement also provides for indemnification, to the fullest extent permitted by law, by the Fund, of the Adviser, or any partner, director, officer or employee of the Adviser, and any of their affiliates, executors, heirs, assigns, successors or other legal representatives, against any liability or expense to which the person may be liable that arises in connection with the performance of services to the Fund, so long as the liability or expense is not incurred by reason of the person's willful misfeasance or gross negligence of its obligations to the Fund. Such indemnification includes losses sustained by the Adviser or its affiliates as an indemnitor under any servicing or other agreement entered into by the Adviser for the benefit of the Fund to the extent that such losses relate to the Fund and the indemnity giving rise to the losses is not broader than that granted by the Fund to the Adviser or its affiliates pursuant to the Investment Management Agreement. The Fund has the right to consent before the Adviser settles or consents to the settlement of a claim involving such indemnitor losses (but such consent right will not affect the Adviser's entitlement to indemnification).

The Sub-Advisory Agreement became effective as of July 23, 2024. The Sub-Advisory Agreement will continue in effect for an initial two-year term. Thereafter, the Sub-Advisory Agreement will continue in effect from year to year provided such continuance is specifically approved at least annually by (i) the vote of a majority of the outstanding voting securities of the Fund, or a majority of the Board, and (ii) the vote of a majority of the Independent Trustees of the Fund, cast in person at a meeting called for the purpose of voting on such approval. See "VOTING." The Sub-Advisory Agreement will terminate automatically if assigned (as defined in the Investment Company Act) or at the termination of the Investment Management Agreement. The Sub-Advisory Agreement is terminable at any time without penalty upon 60 days' written notice to the Fund by either the Board, a majority of the Fund's outstanding voting securities, the Adviser or the Sub-Adviser. A discussion regarding the basis for the Board's approval of the Sub-Advisory Agreement will be available in the Fund's next semi-annual report to Shareholders. Under the Sub-Advisory Agreement, the Sub-Adviser (and its officers, managers, partners, members (and their members, including the owners of their members), agents, employees, controlling persons and any other person or entity affiliated with the Sub-Adviser) will not be liable for any action taken or omitted to be taken by the Sub-Adviser or such other person in connection with the performance of any of its duties or obligations under the Sub-Advisory Agreement, except to the extent resulting from willful misfeasance, bad faith or gross negligence in the performance of its duties, or by reason of reckless disregard of its obligations and duties under the Sub-Advisory Agreement, except as may otherwise be provided under provisions of applicable state law which cannot be waived or modified.

**INVESTMENT MANAGEMENT FEE**

The Fund pays the Adviser an investment management fee (the "Investment Management Fee") in consideration of the advisory services provided by the Adviser to the Fund. Pursuant to the Investment Management Agreement, the Fund will pay an Investment Management Fee at a quarterly rate of 0.3125% (1.25% on an annualized basis), of the Fund's Managed Investments at the end of each calendar quarter. "Managed Investments" means the total value of the Fund's assets (including any assets attributable to money borrowed for investment purposes) plus any unfunded investment commitments (*i.e.*, amounts committed to Fund Investments that have not yet been drawn for investment), minus the sum of the Fund's accrued liabilities (other than money borrowed for investment purposes), minus cash and cash equivalents. The Investment Management Fee is paid to the Adviser out of the Fund's assets and decreases the net profits or increases the net losses of the Fund. The Investment Management Fee is computed as of the last day of each calendar quarter and will be due and payable in arrears within fifteen business days after the end of such calendar quarter. The Adviser is also reimbursed by the Fund for out-of-pocket expenses relating to services provided to the Fund.

The Investment Management Fee is paid to the Adviser before giving effect to any repurchase of Shares in the Fund effective as of that date and decreases the net profits or increases the net losses of the Fund that are credited to its Shareholders. The basis for the Investment Management Fee could be larger than the Fund's net asset value due to unfunded commitments to invest in Fund Investments. Investors are advised that the actual amount of unfunded commitments will be disclosed in the Fund's published financial statements.

In addition, the Adviser (or, to the extent permitted by applicable law, an affiliate of the Adviser) is entitled to receive an Incentive Fee calculated and payable quarterly in arrears equal to 10% of the excess, if any, of (i) the net profits (as defined below) of the Fund for the relevant period over (ii) the then balance, if any, of the Loss Recovery Account (as defined below). For purposes of the Incentive Fee, the term "net profits" means the amount by which the net asset value ("NAV") of the Fund on the last day of the relevant period exceeds the NAV of the Fund as of the commencement of the same period, including any net change in unrealized appreciation or depreciation of investments and realized income and gains or losses and expenses (which, for this purpose shall not include any distribution and/or shareholder servicing fees, litigation, any extraordinary expenses or Incentive Fee and any amount contributed to or withdrawn from the Fund by shareholders). The incentive fee in the table above is an estimate expressed as an annualized percentage of fund assets based on performance for the prior period. The Fund maintains a memorandum account (the "Loss Recovery Account"), which had an initial balance of zero and (i) increases upon the close of each calendar quarter of the Fund by the amount of the net losses of the Fund for the quarter, and (ii) decreases (but not below zero) upon the close of each calendar quarter by the amount of the net profits of the Fund for the quarter. Shareholders will benefit from the Loss Recovery Account in proportion to their holdings of Shares.

Any Incentive Fee payable by the Fund that relates to an increase in value of Fund Investments may be computed and paid on gain or income that is unrealized. If a Fund Investment decreases in value, it is possible that the unrealized gain previously included in the calculation of the Incentive Fee will never be realized. The Adviser is not obligated to reimburse the Fund for any part of the Incentive Fee it received that was based on unrealized gain never realized as a result of a sale or other disposition of a Fund Investment at a lower valuation in the future, and such circumstances would result in the Fund paying an Incentive Fee on income or gain the Fund never received.

Pursuant to the Sub-Advisory Agreement, the Adviser shall pay the Sub-Adviser a sub-advisory fee (the "Sub-Advisory Fee") at a quarterly rate of 0.3125% (1.25% on an annualized basis) of the Account's Managed Investments at the end of each calendar quarter. The Account's "Managed Investments" means the total value of the Account's assets (including any assets attributable to money borrowed for investment purposes), minus the sum of the Fund's accrued liabilities on assets that are invested pursuant to the terms of the Sub-Advisory Agreement (other than money borrowed for investment purposes). The Sub-Adviser is paid by the Adviser, not the Fund. The Sub-Advisory Fee will be payable on a quarterly basis in arrears promptly following the time that the Investment Management Fee is paid or, if deferred or waived, would have been paid, to the Adviser pursuant to the Investment Management Agreement.

FUND PERFORMANCE

Past performance is no indication of future returns.

**Average Annual Total Returns as of March 31, 2025\***

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| | | |
|:---|:---|:---|
|  | **1-Year** | **Since<br> Inception\*\*** |
| FS MVP Private Markets Fund – Class I | 12.87% | 10.23% |
| MSCI World Index | 7.04%% | 3.80% |

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\* The Fund's performance does not reflect the performance of the Sub-Adviser. The Sub-Advisory Agreement became effective as of July 23, 2024.

\*\* Commencement of operations for the FS MVP Private Markets Fund was January 3, 2022, following the reorganization of MVP Private Markets Fund L.P. with and into the Fund, which was effective as of close of business on December 31, 2021.

**DISTRIBUTOR**

ALPS Distributors, Inc. (the "Distributor"), whose principal business address is 1290 Broadway, Suite 1000, Denver, Colorado 80203, acts as Distributor to the Fund on a best-efforts basis, subject to various conditions, pursuant to a Distribution Agreement (the "Distribution Agreement") between the Fund and the Distributor.

Neither the Distributor nor any other party is obligated to purchase any Shares from the Fund. There is no minimum aggregate number of Shares required to be purchased.

The Distributor may enter into agreements with selected broker-dealers, banks or other financial intermediaries for distribution of shares of the Fund. The Adviser and/or its affiliates may make payments to selected affiliated or unaffiliated third parties (including the parties who have entered into sub-distribution agreements with the Distributor) from time to time in connection with the sale of Shares and/or the services provided to Shareholders. These payments will be made out of the Adviser's and/or its affiliates' own assets and will not represent an additional charge to the Fund. The amount of such payments may be significant in amount and the prospect of receiving any such payments may provide such third parties or their employees with an incentive to favor sales of Shares over other investment options.

Investors who purchase shares through financial intermediaries will be subject to the procedures of those intermediaries through which they purchase shares, which may include charges, investment minimums, cutoff times and other restrictions in addition to, or different from, those listed herein. Information concerning any charges or services will be provided to customers by the financial intermediary through which they purchase shares. Investors purchasing shares of the Fund through financial intermediaries should acquaint themselves with their financial intermediary's procedures and should read the Prospectus in conjunction with any materials and information provided by their financial intermediary. The Distributor does not receive compensation from the Fund for its distribution services, but may receive compensation for its distribution services from the Adviser. The Distribution and Service Plan will allow the Fund to pay distribution and servicing fees for the sale and servicing of its Class A Shares and Class D Shares to the Fund's Distributor and/or other qualified recipients. The Distributor does not retain any of the distribution and servicing fees for profit.

Pursuant to the Distribution Agreement, the Distributor is solely responsible for the costs and expenses incurred in connection with its qualification as a broker-dealer under state or federal laws. The Distribution Agreement also provides that the Fund will indemnify the Distributor and its affiliates and certain other persons against certain liabilities. The indemnification will not apply to actions of the Distributor, its officers, or employees in cases of their willful misconduct, gross negligence, or fraud in the performance of their duties.

Class A Shares and Class D Shares in the Fund are offered at their current net asset value plus a maximum sales charge of 3.50% of the subscription amount. The Fund or Adviser may elect to reduce, otherwise modify or waive (in whole or in part) the sales charge with respect to any Shareholder. No sales charge is expected to be charged with respect to investments by the Adviser and its affiliates, directors, principals, officers, employees, and others in the Fund's sole discretion.

DISTRIBUTION AND SERVICE PLAN

The Fund has adopted a Distribution and Service Plan with respect to Class A Shares and Class D Shares in compliance with Rule 12b-1 under the Investment Company Act. The Distribution and Service Plan allows the Fund to pay distribution and servicing fees for the sale and servicing of its Class A Shares and Class D Shares. Under the Distribution and Service Plan, the Fund is permitted to pay as compensation up to a maximum of 0.70% per year on Class A Shares and up to a maximum of 0.25% per year on Class D Shares on an annualized basis of the aggregate net assets of the Fund attributable to each class (the "Distribution and Servicing Fee") to the Fund's Distributor and/or other qualified recipients. Because these fees are paid out of the Fund's assets on an ongoing basis, over time these fees will increase the cost of an investment and may cost more than paying other types of sales charges. 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 Service Plan is as follows:

---

| | |
|:---|:---|
| **Class** | **Distribution and Service Fee** |
| Class A Shares | 0.70% |
| Class D Shares | 0.25% |
| Class I Shares |  |

---

**ADMINISTRATION**

The Fund has retained the Administrator, ALPS Fund Services, Inc., whose principal business address is 1290 Broadway, Suite 1000, Denver, CO 80203, to provide administrative services, and to assist with operational needs. The Administrator provides such services to the Fund pursuant to an administration agreement between the Fund and the Administrator (the "Administration Agreement"). The Administrator is responsible directly or through its agents for, among other things, providing the following services to the Fund, as applicable; (1) maintaining a list of Shareholders and generally performing all actions related to the issuance and repurchase of Shares, if any, including delivery of trade confirmations and capital statements; (2) providing certain administrative, clerical and bookkeeping services; (3) providing transfer agency services, services related to the payment of distributions, and accounting services; (4) computing the net asset value of the Fund on a monthly basis and at such other times as requested by the Adviser and/or the Fund in accordance with U.S. GAAP and the procedures defined in consultation with the Adviser; (5) assisting in the preparation of semi-annual and annual financial statements of the Fund in accordance with U.S. GAAP, quarterly reports of the operations of the Fund and information required for U.S. federal and applicable state and local income tax returns; (6) supervising regulatory compliance matters and preparing certain regulatory filings; and (7) performing additional services, as agreed upon, in connection with the administration of the Fund. The Administrator may from time to time delegate its responsibilities under the Administration Agreement to one or more parties selected by the Administrator, including its affiliates or affiliates of the Adviser with the Adviser's consent.

In consideration for these services, the Administrator is paid a monthly fee calculated based upon the average net asset value of the Fund, subject to a minimum annual fee (the "Administration Fee"). The Administration Fee is paid to the Administrator out of the assets of the Fund and therefore decreases the net profits or increases the net losses of the Fund. The Administrator is also reimbursed by the Fund for out-of-pocket expenses relating to services provided to the Fund and receives a fee for transfer agency services. The Administration Fee and the other terms of the Administration Agreement may change from time to time as may be agreed to by the Fund and the Administrator.

The Administration Agreement provides that the Administrator's cumulative liability to the Fund for a calendar year will be limited in relation to the fees and expenses charged by the Administrator in the relevant calendar year. In addition, the Administrator shall have no liability for any error of judgment or mistake of law or for any loss or damage resulting from the performance or nonperformance of its duties unless solely caused by or resulting from the willful misconduct or gross negligence of the Administrator, its officers or employees. In addition, the Administrator will not be liable for any special, indirect, incidental, punitive or consequential damages, including lost profits, of any kind whatsoever (including, without limitation, attorneys' fees) under any provision of the Administration Agreement or for any such damages arising out of any act or failure to act thereunder.

The Administration Agreement also provides that the Fund shall indemnify and hold the Administrator and its directors, officers, agents, and employees harmless from all loss, cost, damage and expense, including reasonable fees and expenses for counsel, incurred by the Administrator resulting from any claim, demand, action or suit in connection with the Administrator's acceptance of the Administration Agreement, any action or omission by the Administrator in the performance of its duties as administrator of the Fund, or as a result of acting upon instructions reasonably believed by it to have been duly authorized by the Fund or upon reasonable reliance on information or records given or made by the Fund or the Adviser. The indemnification will not apply to actions of the Administrator, its officers, or employees in cases of their own willful misconduct bad faith, reckless disregard or gross negligence in the performance of their duties.

In addition, under the PA Administration Agreement, the Co-Administrator oversees the day-to-day operations of the Fund, including the provision of general ledger accounting, fund accounting, legal services, investor relations and other administrative services. An affiliate of the Co-Administrator may also perform certain administrative services at the request of or on behalf of the Fund or the Co-Administrator. The Co-Administrator also performs, or oversees the performance of, the Fund's corporate operations and required administrative services, which includes being responsible for the financial records which the Fund is required to maintain and preparing reports to Shareholders and reports filed with the SEC, if and as necessary. In addition, the Co-Administrator assists the Fund in calculating its NAV, overseeing the preparation and filing of its tax returns and the printing and dissemination of reports to Shareholders, and generally overseeing the payment of the Fund's expenses and the performance of administrative and professional services rendered to the Fund by others.

The Fund reimburses the Co-Administrator and/or affiliates of the Co-Administrator, as applicable, for their actual costs incurred in providing these administrative services, including the pro rata allocation of the portion of the compensation and related expenses of certain personnel of the Co-Administrator providing administrative services to the Fund on behalf of the Adviser, subject to the limitations set forth in the PA Administration Agreement and the Expense Limitation Agreement. The Co-Administrator is required to allocate the cost of such services to the Fund based on factors such as assets, revenues, time allocations and/or other methods. At least annually, the Board reviews the methodology employed in determining how the expenses are allocated to the Fund and the proposed allocation of administrative expenses among the Fund and certain affiliates of the Co-Administrator. The Board then assesses the reasonableness of such reimbursements for expenses allocated to the Fund based on the breadth, depth and quality of such services as compared to the estimated cost to the Fund of obtaining similar services from third-party service providers known to be available. In addition, the Board considers whether any single third-party service provider would be capable of providing all such services at comparable cost and quality. Finally, the Board, among other things, compares the total amount paid to the Co-Administrator for such services as a percentage of the Fund's net assets to the same ratios reported by other comparable investment companies. The Fund will not reimburse the Co-Administrator for any services for which it receives a separate fee.

Reimbursements of administrative expenses to the Co-Administrator are subject to the terms of the PA Administration Agreement and the Expense Limitation Agreement.

The Fund, the Distributor and the Transfer Agent, may enter into arrangements with one or more financial intermediaries to provide sub-transfer agency, or sub-administration, and other services associated with Shareholders whose Shares are held of record in omnibus accounts, including platforms that facilitate trading and recordkeeping by financial intermediaries. In return for these services, the Fund, the Distributor or the Transfer Agent may pay sub-transfer agency fees to such financial intermediaries. If paid by the Fund, these expenses will be included in "Other Expenses" under "Summary of Fund Expenses" in this Prospectus and will not be used for distribution purposes.

**CUSTODIAN**

UMB Bank, n.a. (the "Custodian") serves as the primary custodian of the assets of the Fund and may maintain custody of such assets with U.S. and non-U.S. sub-custodians (which may be banks and trust companies), securities depositories and clearing agencies in accordance with the requirements of Section 17(f) of the Investment Company Act and the rules thereunder. Assets of the Fund are not held by the Adviser or commingled with the assets of other accounts other than to the extent that securities are held in the name of the Custodian or U.S. or non-U.S. sub-custodians in a securities depository, clearing agency or omnibus customer account of such custodian. The Custodian's principal business address is 1010 Grand Blvd., Kansas City, MO 64106.

**FUND EXPENSES**

The Fund will pay all of its expenses and/or reimburse the Adviser or its affiliates to the extent they have previously paid such expenses on behalf of the Fund or have incurred expenses in connection with their management of the Fund. The expenses of the Fund include, but are not limited to, any fees and expenses incurred in connection with the offering and issuance of Shares; all costs, fees and expenses reasonably incurred in connection with the operation of the Fund such as direct and indirect expenses related to the due diligence, purchasing, monitoring, identifying, evaluating, investigating, negotiating, acquiring, holding, operating, selling and reporting upon Fund Investments (whether or not such investments are consummated), expenses of transactions not completed; break-up fees, expenses incurred by the Fund as a result of a default, a transfer, withdrawal or removal, legal expenses and recording fees and expenses (including, but not limited to, amendments, consents and modifications, jurisdictional filings, regulatory fees and related expenses incurred by the Fund, the Adviser, or any affiliates thereof, investment structuring (including fees, expenses and costs incurred in connection with forming and maintaining subsidiary investment vehicles), corporate actions, round-trip travel, lodging, meals and other incidentals associated with due diligence and monitoring activities and enforcing the Fund's rights in respect of the Fund Investments; quotation or valuation expenses; investment banking and appraisal costs, expenses related to other third-party service providers, the Investment Management Fee, the Incentive Fee and the Administration Fee; brokerage commissions; escrow agent fees and expenses, all principal, interest, fees, expenses and any other amounts incurred in connection with borrowings, financings, guarantees, hedging or derivative transactions, or the provision of security interests or other collateral (including, if applicable, fees and expenses of lender's counsel associated with such transactions, including for review of side letters); professional fees, costs and expenses for services rendered on behalf of the Fund (including, without limitation, expenses of consultants, experts and specialists, all research, market analysis, data (including Bloomberg fees, research and software expenses (including without limitation, software licensing fees) and other expenses incurred in connection with data services providing price feeds, news feeds, securities and company information and company fundamental data) and related expenses; fees and expenses of outside tax or legal counsel (including fees and expenses associated with the review of documentation for prospective investments by the Fund and compliance, operations and/or management matters relating to the Fund), including foreign counsel and secondees of third-party law firms and temporary legal staffing firms (any of which may be short-term and/or long-term arrangements); accounting, auditing and tax preparation fees and expenses; fees and expenses incurred in connection with repurchase offers and any repurchases or redemptions of Shares; taxes and governmental fees (including tax preparation fees); fees and expenses of any custodian, sub-custodian, transfer agent, and registrar, and any other agent of the Fund; all costs and charges for equipment or services used in communicating information regarding the Fund's transactions with any custodian or other agent engaged by the Fund, as applicable; bank service fees; all unreimbursed expenses incurred in connection with the collection of amounts due to the Fund from any person or entity; expenses relating to the use of third-party vendors and service providers for establishing, developing, improving, populating or maintaining information technology, infrastructure or other similar or related systems (including software, databases and cloud-based services or products) to be used by or for the benefit of the Fund; any costs and expenses to ensure ongoing compliance with the laws of various jurisdictions or applicable regulations (including, but not limited to, costs and expenses to obtain exemptions, maintain qualifications, satisfy any regulatory or other jurisdiction fees, such as filing, notice and registration fees, as well as costs and expenses relating to the preparation and filing of regulatory filings, including any costs and expenses relating to any registrations of the Adviser and its affiliates relating to the Fund's activities, including any costs and expenses relating to any registrations (or maintenance thereof); costs and expenses relating to any amendment of the Agreement and Declaration of Trust or other organizational documents of the Fund; expenses of preparing, amending, printing, and distributing the Prospectus, SAI, and any other sales material (and any supplements or amendments thereto), reports, notices, websites, other communications to Shareholders, and proxy materials; expenses of preparing, printing, and filing reports and other documents with government agencies; expenses of Shareholders' meetings, including the solicitation of proxies in connection therewith; expenses of corporate data processing and related services; Shareholder recordkeeping and account services, fees, and disbursements; expenses relating to investor and public relations; fees and expenses of the members of the Board who are not employees of the Adviser or its affiliates; insurance premiums; Extraordinary Expenses (as defined below); and all costs and expenses incurred as a result of dissolution, winding-up and termination of the Fund. The Fund may need to sell Fund Investments to pay fees and expenses, which could cause the Fund to realize taxable gains.

"Extraordinary Expenses" means all expenses incurred by the Fund, as applicable, outside of the ordinary course of its business, including, without limitation, costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or dispute and the amount of any judgment or settlement paid in connection therewith, or the enforcement of the rights against any person or entity; costs and expenses for indemnification or contribution payable to any person or entity (including, without limitation, pursuant to the indemnification obligations described under "SUMMARY OF THE AGREEMENT AND DECLARATION OF TRUST —Limitation of Liability; Indemnification;" expenses of a reorganization, restructuring or merger, as applicable; expenses of holding, or soliciting proxies for, a meeting of Shareholders (except to the extent relating to items customarily addressed at an annual meeting of a registered closed-end management investment company); and the expenses of engaging a new administrator, custodian, transfer agent or escrow agent.

The Adviser bears all of its own routine overhead expenses, including rent, utilities, salaries and office equipment. In addition, the Adviser is responsible for the payment of the compensation and expenses of those members of the Board and officers of the Fund affiliated with the Adviser, and making available, without expense to the Fund, the services of such individuals, subject to their individual consent to serve and to any limitations imposed by law.

The Adviser and its affiliates may be entitled to receive topping, break-up, monitoring, directors' organizational, set-up, Advisory, investment banking, syndication and other similar fees in connection with the purchase, monitoring or disposition of Fund Investments or from unconsummated transactions. Any such fees earned in respect of the Fund Investments shall be for the benefit of the Fund.

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 (excluding taxes, interest, brokerage commissions, certain transaction-related expenses, extraordinary expenses, the Investment Management Fee, Incentive Fee and any acquired fund fees and expenses) do not exceed 2.00%, 1.00% and 1.25% of the average daily net assets of Class A Shares, Class I Shares and Class D Shares, respectively (the "Expense Limit"). 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 is effective until June 30, 2026. The Expense Limitation Agreement may be terminated by the Board upon thirty days' written notice to the Adviser.

The Portfolio Funds and certain other investments bear various fees and expenses in connection with their operations; these fees and expenses are similar to those incurred by the Fund. For example, the Portfolio Funds pay asset-based fees to their Sponsors and generally may pay performance-based fees or allocations to their Sponsors, which effectively reduce the investment returns of the Portfolio Funds. These expenses, fees, and allocations are in addition to those incurred by the Fund directly. As an investor in the Portfolio Funds and other investments, the Fund bears a portion of the expenses and fees of the Portfolio Funds and other investments. Such indirect fees and expenses are borne by the Fund.

The Fund will bear directly certain ongoing offering costs associated with any periodic offers of Shares, which will be expensed as they are incurred. Offering costs cannot be deducted by the Fund or the Shareholders for U.S. federal income tax purposes.

The Fund's fees and expenses will decrease the net profits or increase the net losses of the Fund.

**VOTING**

Each Shareholder will have the right to cast a number of votes, based on the value of such Shareholder's Shares, at any meeting of Shareholders called by the (i) Board or (ii) Shareholders holding at least a majority of the total number of votes eligible to be cast by all Shareholders. Except for the exercise of such voting privileges, Shareholders will not be entitled to participate in the management or control of the Fund's business and may not act for or bind the Fund.

**CONFLICTS OF INTEREST**

The Fund may be subject to a number of actual and potential conflicts of interest, including, but not limited to, those set forth in further detail below.

**Affiliates**

The Adviser, Sub-Adviser and their affiliates engage in financial advisory and investment management activities that are independent from, and may from time to time conflict with, those of the Fund. For example, the Adviser, Sub-Adviser and their affiliates may provide services to, invest in, advise, sponsor and/or act as investment manager to investment vehicles and other persons or entities (including prospective investors in the Fund) which may have structures, investment objectives and/or policies that are similar to (or different than) those of the Fund; which may compete with the Fund for investment opportunities; and which may, subject to applicable law, co-invest with the Fund in certain transactions. In addition, the Adviser, Sub-Adviser, their affiliates and their respective clients may themselves invest in securities that would be appropriate for the Fund or the Portfolio Funds and may compete with the Portfolio Funds for investment opportunities. All of these activities, both currently and in the future, may give rise to instances in which the interests of the Adviser, Sub-Adviser, their affiliates and/or their respective clients conflict with the interests of the Fund. By acquiring Shares of the Fund, each Shareholder will be deemed to have acknowledged the existence of any such actual and potential conflicts of interest and to have waived any claim with respect to any liability arising from the existence of any such conflict of interest, except as may otherwise be provided under the provisions of applicable state law or Federal securities law that cannot be waived or modified.

The Fund has been granted an order of exemptive relief from the SEC that permits the Fund to participate in certain negotiated direct equity investments alongside other funds managed by the Adviser or certain of its affiliates outside the parameters of Section 17 of the Investment Company Act, subject to the satisfaction of certain conditions. The Fund will not engage in 17(d) investments alongside affiliates unless such investments are not prohibited by Section 17(d) of the Investment Company Act or interpretations of Section 17(d) as expressed in SEC no-action letters or other available guidance.

Although the Adviser and its affiliates seek to allocate investment opportunities among the Fund and their other clients in a fair and reasonable manner, there can be no assurance that an investment opportunity that comes to the attention of the Adviser or its affiliates will be appropriate for the Fund or will be referred to the Fund. The Adviser and its affiliates are not obligated to refer any investment opportunity to the Fund.

The directors, partners, trustees, managers, members, officers and employees of the Adviser, Sub-Adviser and their affiliates may buy and sell securities or other investments for their own accounts (including through funds managed by the Adviser, Sub-Adviser or their affiliates). As a result of differing investment strategies or constraints, investments may be made by directors, partners, trustees, managers, members, officers and employees that are the same, different from or made at different times than investments made for the Fund. To reduce the possibility that the Fund will be materially adversely affected by the personal trading described above, each of the Fund, Adviser and Sub-Adviser has individually adopted codes of ethics (collectively, the "Codes of Ethics") in compliance with Section 17(j) of the Investment Company Act that restricts securities trading in the personal accounts of investment professionals and others who normally come into possession of information regarding the portfolio transactions of the Fund. The Codes of Ethics are available on the EDGAR Database on the SEC's internet site at http://www.sec.gov, and may be obtained, after paying a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.

Expenses incurred with respect to the Fund Investments are generally allocated among the Fund and the Adviser's and its affiliates' other clients participating in such investments. With respect to each Fund Investment in which any co-investor of the Adviser or its affiliates co-invests with one or more funds (including the Fund) or separate accounts managed by the Adviser or its affiliates, investment expenses or indemnification obligations related to such investments are generally borne by such funds (including the Fund) or separate accounts and such co-investor(s) in proportion to the capital committed by each to such investment. Except in accordance with applicable law, the Adviser and its affiliates are not permitted to buy securities or other property from, or sell securities or other property to, the Fund. However, subject to certain conditions imposed by applicable rules under the Investment Company Act, the Fund may effect certain principal transactions in securities with one or more accounts managed by the Adviser, except for accounts as to which the Adviser or any of its affiliates serves as a general partner or as to which they may be deemed to be an affiliated person (or an affiliated person of such a person), other than an affiliation that results solely from the Adviser or one of its affiliates serving as an investment adviser to the account. These transactions would be made in circumstances where the Adviser has determined it would be appropriate for both the Fund to purchase (or sell), and for another account to sell (or purchase), the same security or instrument on the same day.

**Allocation of the Adviser's, the Sub-Adviser's and their Affiliates' Time**

The Fund substantially relies on the Adviser and the Sub-Adviser to manage the day-to-day activities of the Fund and to implement the Fund's investment strategy. The Adviser, the Sub-Adviser, and certain of their affiliates are presently, and plan in the future to continue to be, involved with activities which are unrelated to the Fund. For example, the Adviser, the Sub-Adviser and certain of their affiliates are not restricted from forming additional investment funds, from entering into other investment advisory relationships or from engaging in other business activities, even though such activities may be in competition with the Fund and/or may involve substantial time and resources of the Adviser or the Sub-Adviser. These activities could be viewed as creating a conflict of interest in that the time and effort of the Adviser, the Sub-Adviser and certain of their affiliates and each of their officers and employees will not be devoted exclusively to the Fund's business but will be allocated between the Fund and the management of the assets of other advisees of the Adviser, the Sub-Adviser and certain of their affiliates. The Adviser, the Sub-Adviser and their employees will devote only as much of their time to the Fund's business as the Adviser, the Sub-Adviser and their employees, in their judgment, determine is reasonably required, which may be substantially less than their full time. Therefore, the Adviser, the Sub-Adviser, their employees and certain affiliates may experience conflicts of interest in allocating management time, services and functions among the Fund and any other business ventures in which they or any of their key personnel, as applicable, are or may become involved. This could result in actions that are more favorable to other affiliated entities than to the Fund.

Nevertheless, the Fund believes that the members of the Adviser's and the Sub-Adviser's senior management and the other key professionals have sufficient time to fully discharge their responsibilities to the Fund and to the other businesses in which they are involved. The Fund believes that its affiliates and executive officers will devote the time required to manage the business and expect that the amount of time a particular executive officer or affiliate devotes to the Fund will vary during the course of the year and depend on the Fund's business activities at the given time.

**Compensation Arrangements**

The Adviser may receive substantial fees from the Fund in return for its services, and these fees could influence the advice provided by the Adviser. Among other matters, the compensation arrangements could affect the Adviser's judgment with respect to offerings of equity by the Fund, which allow the Adviser to earn increased Investment Management Fees.

**DIVIDENDS AND DISTRIBUTIONS**

The Fund intends to qualify annually as a RIC under the Code and intends to distribute at least 90% of its net taxable income to its Shareholders each year. For any distribution, the Fund calculates each Shareholder's specific distribution amount for the period using record and declaration dates. From time to time, the Fund may also pay special interim distributions in the form of cash or Shares at the discretion of the Board. Unless Shareholders elect to receive distributions in the form of cash, the Fund makes its ordinary distributions in the form of additional Shares under the DRIP. Any distributions reinvested under the DRIP remain nevertheless subject to U.S. federal (and applicable state and local) taxation to Shareholders. The Fund may finance its cash distributions to Shareholders from any sources of funds available to the Fund, including offering proceeds, borrowings, net investment income from operations, capital gain proceeds from the sale of Fund Investments, non-capital gain proceeds from the sale of Fund Investments, dividends or other distributions paid to the Fund and expense reimbursements from the Adviser. The Fund has not established limits on the amount of funds the Fund may use from available sources to make distributions.

Each year a statement on IRS Form 1099-DIV (or successor form), identifying the character (*e.g.*, as ordinary income, qualified dividend income or long-term capital gain) of the distributions, will be mailed to Shareholders. The Fund's distributions may exceed the Fund's earnings, especially during the period before the Fund has substantially invested the proceeds from this offering. As a result, a portion of the distributions the Fund makes may represent a return of capital for U.S. federal tax purposes. A return of capital generally is a return of your investment rather than a return of earnings or gains derived from the Fund's investment activities and will be made after deduction of the fees and expenses payable in connection with the offering, including any fees payable to the Adviser. See "*CERTAIN TAX CONSIDERATIONS*." **There can be no assurance that the Fund will be able to pay distributions at a specific rate or at all.**

The Fund has elected to be treated as a RIC under the Code. To qualify for and maintain its RIC tax treatment, the Fund must, among other things, distribute at least 90% of its net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, and 90% of its net tax-exempt income, if any. A RIC may satisfy the 90% distribution requirement by distributing dividends (other than capital gain dividends) during the taxable year (including dividends declared in October, November or December of a taxable year that, if paid in the following January, are treated as paid by a RIC and received by its shareholders in the prior taxable year). In addition, a RIC may, in certain cases, satisfy the 90% distribution requirement by distributing dividends relating to a taxable year after the close of such taxable year under the "spillover dividend" provisions of the Code. If a RIC makes a spillover dividend the amounts will be included in IRS Form 1099-DIV for the year in which the spillover dividend is paid.

The Fund can offer no assurance that it will achieve results that will permit the Fund to pay any cash distributions. If the Fund issues senior securities, the Fund will be prohibited from making distributions if doing so causes the Fund to fail to maintain the asset coverage ratios stipulated by the Investment Company Act or if distributions are limited by the terms of any of the Fund's borrowings. See "*CERTAIN TAX CONSIDERATIONS*."

**DIVIDEND REINVESTMENT PLAN**

The Fund has adopted an "opt-out" dividend reinvestment plan pursuant to which all Shareholders will have the full amount of their cash distributions reinvested in additional Shares unless a Shareholder elects otherwise. Any distributions of the Fund's Shares pursuant to the DRIP are dependent on the continued registration of the Fund's securities or the availability of an exemption from registration in the recipient's home state. Participants in the DRIP are free to elect to participate or terminate participation in the DRIP within a reasonable time as specified below.

If you elect not to participate in the DRIP, you will receive any distributions the Fund declares in cash. For example, if the Board authorizes, and the Fund declares, a distribution, then unless you have "opted-out" of the DRIP, you will have your cash distributions reinvested in additional Shares, rather than receiving the cash distributions. The Fund expects to coordinate distribution payment dates so that the same net asset value that is used for the monthly closing date immediately preceding such distribution payment date will be used to calculate the purchase net asset value for purchasers under the DRIP. Shares issued pursuant to the DRIP will have the same voting rights as the Fund's Shares acquired by subscription to the Fund.

If you wish to participate in the DRIP and receive your distribution in additional Shares, no action will be required on your part to do so. Investors that wish to receive their distributions in cash may do so by making a written election to not participate in the DRIP on the investor's application or by notifying the Administrator in writing at ALPS Fund Services, Inc. 1290 Broadway, Suite 1000, Denver, CO 80203. Such written notice must be received by the Administrator sixty (60) days prior to the record date of the distribution or the Shareholder will receive such distribution in shares through the DRIP. If Shares are held by a broker or other financial intermediary, in some circumstances a Shareholder may "opt out" of the DRIP by notifying its broker or other financial intermediary of such election. Please check with your broker or other financial intermediary for more details.

There are no selling commissions, dealer manager fees or other sales charges to you as a result of your participation in the DRIP. The Fund pays the Administrator's fees under the DRIP. If you receive your ordinary cash distributions in the form of Shares as part of the DRIP, you generally are subject to the same U.S. federal, state and local tax consequences as you would be had you elected to receive your distributions in cash.

Your basis for determining gain or loss upon the sale of Shares received in a distribution from the Fund will be equal to the total dollar amount of the distribution payable in cash. Any Shares received in a distribution will have a holding period for tax purposes commencing on the day following the day on which the Shares are credited to your account. The Fund reserves the right to amend, suspend or terminate the DRIP. You may terminate your account under the DRIP by notifying the Administrator at ALPS Fund Services, Inc. 1290 Broadway, Suite 1000, Denver, CO 80203, or by calling the Administrator at 844-663-0164.

All correspondence concerning the DRIP should be directed to the Administrator by mail at FS MVP Private Markets Fund, c/o ALPS Fund Services, Inc. 1290 Broadway, Suite 1000, Denver, CO 80203, or by calling the Administrator at 844-663-0164.

**OUTSTANDING SECURITIES**

As of July 1, 2025, the outstanding Shares of the Fund are as follows:

<u>Class A</u> <u>20,753,633.41</u> <br> <u>Class D</u> <u>374,750.215</u> <br> <u>Class I</u> <u>73,761,062.632</u>

**REPURCHASES OF SHARES**

**No Right of Repurchase**

The Fund is not a liquid investment. No Shareholder (or other person holding Shares acquired from a Shareholder) will have the right to require the Fund to redeem or repurchase its Shares. No public market exists for Shares, and none is expected to develop. Consequently, Shareholders may not be able to liquidate their investment other than as a result of repurchases of Shares by the Fund, as described below.

**Periodic Repurchases**

The Board, from time to time and in its sole discretion, may determine to cause the Fund to offer to repurchase Shares from Shareholders, including the Adviser and its affiliates, pursuant to written tenders by Shareholders.

The Adviser may recommend to the Board that, under normal market circumstances, the Fund conduct repurchase offers of no more than 5% of the Fund's net assets generally quarterly on or about each December 31, March 31, June 30 and September 30.

The Fund will make repurchase offers, if any, to all holders of Shares. A Shareholder who tenders some but not all of its Shares for repurchase will be required to maintain a minimum account balance of $25,000 worth of Shares in the case of Class A Shares, $100,000 worth of Shares in the case of Class I Shares or $25,000 worth of Shares in the case of Class D Shares. Such minimum ownership requirement may be waived by the Board, in its sole discretion. The Fund reserves the right to reduce the amount to be repurchased from a Shareholder so that the required capital balance is maintained.

A 2.00% early repurchase fee will 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 and in a manner as will not discriminate unfairly against any Shareholder.

Subject to the considerations described above, the aggregate value of Shares to be repurchased at any time will be determined by the Board in its sole discretion, and such amount may be stated as a percentage of the value of the Fund's outstanding Shares. The Fund may also elect to repurchase less than the full amount that a Shareholder requests to be repurchased. If a repurchase offer is oversubscribed by Shareholders, the Fund will repurchase only a pro rata portion of the Shares tendered by each Shareholder.

In determining whether the Fund should offer to repurchase Shares thereof from its Shareholders pursuant to written requests, the Board will consider the recommendation of the Adviser. The Board also may consider the following factors, among others, in determining whether to repurchase Shares and the number of Shares to be repurchased:

● whether any Shareholders of the Fund have requested to tender Shares to the Fund;

● the working capital and liquidity requirements of the Fund;

● the relative sizes of the repurchase requests and the Fund;

● the past practice of the Fund in repurchasing Shares in the Fund;

● the condition of the securities markets and the economy generally, as well as political, national or international developments or current affairs;

● the anticipated U.S. federal income tax consequences of any proposed repurchases of Shares in the Fund; and

● the Fund's investment plans, the liquidity of its assets (including fees and costs associated with liquidating Fund Investments), and the availability of information as to the value of its interests in underlying Portfolio Companies, Portfolio Funds and other Fund Investments.

As described above, in certain circumstances the Board may determine not to conduct a repurchase offer, or to conduct a repurchase offer of less than 5% of the Fund's net assets. In particular, during periods of financial market stress, the Board may determine that some or all of the Fund Investments cannot be liquidated at their fair value, making a determination not to conduct repurchase offers more likely.

As an alternative, during such periods the Board may offer to repurchase Shares at a discount to their prevailing net asset value that appropriately reflects market conditions, subject to applicable law (a "Discount Repurchase Offer"). The benefit of any Shares repurchased at a discount will be for the benefit of the Fund.

**Procedures for Repurchase of Shares**

The following is a summary of the procedures employed by the Fund in connection with the repurchase of Shares.

The Board will determine that the Fund will offer to repurchase Shares pursuant to written tenders only on terms that the Board determines to be fair to the Fund and Shareholders. The amount due to any Shareholder whose Shares are repurchased will be equal to the value of the Shareholder's Shares being repurchased, based on the Fund's net asset value, as of the Valuation Date (as defined below), after reduction for all fees and expenses of the Fund for all periods through the Valuation Date (including, without limitation, the Investment Management Fee, Administration Fee, any Incentive Fee and any Early Repurchase Fee (as defined below), any required U.S. federal tax withholding and other liabilities of the Fund to the extent accrued or otherwise attributable to the Shares being repurchased (including pursuant to a Discount Repurchase Offer, if applicable). If the Board determines that the Fund will offer to repurchase Shares, written notice will be provided to Shareholders that describes the commencement date of the repurchase offer, specifies the date on which repurchase requests must be received by the Fund, and contains other terms and information Shareholders should consider in deciding whether and how to participate in such repurchase opportunity. The expiration date of the repurchase offer (the "Expiration Date") will be a date set by the Board occurring no sooner than 20 business days after the commencement date of the repurchase offer, provided that such Expiration Date may be extended by the Board in its sole discretion. The Fund generally will not accept any repurchase request received by it or its designated agent after the Expiration Date. Each repurchase offer will be offered pursuant to the tender offer rules of the Exchange Act.

Payment by the Fund upon a repurchase of Shares is expected to be made in cash. The Fund does not generally expect to distribute securities as payment for repurchased Shares except in unusual circumstances, including if making a cash payment would result in a material adverse effect on the Fund or the Shareholders, or if the Fund has received distributions from Portfolio Companies in the form of securities that are transferable to the Fund's Shareholders. Securities which are distributed in-kind in connection with a repurchase of Shares may be illiquid. Any in-kind distribution of securities will be valued in accordance with the Agreement and Declaration of Trust and will be distributed to all tendering Shareholders on a proportional basis. See "*CALCULATION OF NET ASSET VALUE; VALUATION*."

In light of liquidity constraints associated with many of the Fund Investments and the fact that the Fund may have to liquidate interests in such investments to fund the repurchase of Shares and due to other considerations applicable to the Fund, the Fund expects to employ the following additional repurchase procedures:

● The value of Shares being repurchased will be determined as of a date, determined by the Board, in its sole discretion (the "Valuation Date"), and any such repurchase will be effected as of the Valuation Date (the "Repurchase Date"). As discussed above, and subject to the considerations described above, it is expected that there will be a Repurchase Date quarterly on or about each December 31, March 31, June 30 and September 30. The determination of the value of Shares as of the Valuation Date is subject to adjustment based upon the results of the annual audit of the financial statements of the Fund for the fiscal year in which such Valuation Date occurred.

● The initial payment (the "Initial Payment") will be in an amount equal to at least 90% of the estimated aggregate value of the repurchased Shares, determined as of the Valuation Date in the manner specified above. The Initial Payment will be made on or before the 65th day after the Expiration Date.

● The second and final payment (the "Final Payment") is expected to be in an amount equal to the excess, if any, of (i) the aggregate value of the repurchased Shares, determined as of the Valuation Date in the manner specified above based upon the results of the annual audit of the financial statements of the Fund for the fiscal year in which the Valuation Date of such repurchase occurred, over (ii) the Initial Payment. It is anticipated that the annual audit of the financial statements of the Fund will be completed within 60 days after the end of each fiscal year of the Fund and that the Final Payment will be made no later than five (5) business days after the completion of such audit.

● Notwithstanding anything in the foregoing to the contrary, if a Shareholder, after giving effect to the repurchase, would continue to hold at least 5% of the aggregate value of its Shares as of the Valuation Date, the Final Payment in respect of such repurchase shall be made on or before the 60th day after the Repurchase Date. Such payment shall be in an amount equal to the excess, if any, of (i) the aggregate value of the repurchased Shares, determined as of the Valuation Date in the manner specified above, based upon information known to the Fund as of the date of the Final Payment, over (ii) the Initial Payment. If, based upon the results of the annual audit of the financial statements of the Fund for the fiscal year in which the Valuation Date of such repurchase occurred, it is determined that the value at which the Shares were repurchased was incorrect, the Fund shall decrease such Shareholder's account balance by the amount of any overpayment and redeem for no additional consideration a number of Shares having a value equal to such amount, or increase such Shareholder's account balance by the amount of any underpayment and issue for no additional consideration a number of Shares having an aggregate value equal to such amount, as applicable, in each case as promptly as practicable following the completion of such audits.

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. Following the commencement of an offer to repurchase Shares, the Fund may suspend, postpone or terminate such offer in certain circumstances upon the determination of a majority of the Board, including a majority of the Independent Trustees, that such suspension, postponement or termination is advisable for the Fund and its Shareholders, including, without limitation, circumstances as a result of which it is not reasonably practicable for the Fund to dispose of its investments or to determine its net asset value, and other unusual circumstances.

Each Shareholder whose Shares have been accepted for repurchase will continue to be a Shareholder of the Fund until the Repurchase Date (and thereafter if the Shareholder retains Shares following such repurchase) and may exercise its voting rights with respect to the repurchased Shares until the Repurchase Date. Moreover, the account maintained in respect of a Shareholder whose Shares have been accepted for repurchase will be adjusted for the net profits or net losses of the Fund through the Valuation Date, and such Shareholder's account shall not be adjusted for the amount withdrawn, as a result of the repurchase, prior to the Repurchase Date. Shareholders whose written tenders are not accepted by the Fund for payment prior to the expiration of forty business days from the commencement of the offer, have the right to withdraw their tender requests.

Payments for repurchased Shares may require the Fund to liquidate Fund Investments earlier than the Adviser otherwise would liquidate such holdings, potentially resulting in losses, and may increase the Fund's portfolio turnover; provided, however, that where the Board determines to make Discount Repurchase Offers as described above, the consequences of such premature liquidation may be wholly or partially mitigated. The Fund may, but need not, maintain cash or borrow money to meet repurchase requests. Such a practice could increase the Fund's operating expenses and impact the ability of the Fund to achieve its investment objective.

A 2.00% early repurchase fee (the "Early Repurchase Fee") will 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. Therefore, Shares repurchased will be deemed to have been taken from the earliest purchase of Shares by such Shareholder (adjusted for subsequent net profits and net losses) until all such Shares have been repurchased, and then from each subsequent purchase of Shares by such Shareholder (adjusted for subsequent net profits and net losses) until such Shares are repurchased. An Early Repurchase Fee payable by a Shareholder may be waived by the Fund in circumstances where the Board determines that doing so is in the best interests of the Fund and in a manner as will not discriminate unfairly against any Shareholder. 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 Investment Company 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.

Other than the Early Repurchase Fee, the Fund does not presently intend to impose any charges on the repurchase of Shares. However, the Fund is permitted to allocate Shareholders, whose Shares are repurchased, costs and charges imposed by the Fund Investments, if the Adviser determines to liquidate such interests as a result of repurchase tenders by Shareholders and such charges are imposed on the Fund. In the event that any such charges are allocated to the Fund, and subject to applicable law, the Fund may allocate such charges to the Shareholders whose repurchase tenders resulted in the repurchase of a portion of the Shares that resulted in such charges. Additionally, as described above, the Board may offer to repurchase at a discount to net asset value under certain circumstances.

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.

**Mandatory Repurchase by the Fund**

In accordance with the terms and conditions of the Agreement and Declaration of Trust, the Fund may cause a mandatory repurchase of all or some of the Shares of a Shareholder, or any person acquiring Shares from or through a Shareholder, in the event that the Board determines or has reason to believe, in its sole discretion, that: (i) that Shareholder or person's Shares have been transferred to, or has vested in, any person, by operation of law in connection with the death, divorce, bankruptcy, insolvency, or adjudicated incompetence of a Shareholder; (ii) ownership of the Shares by such Shareholder or other person will cause the Fund to be in violation of, or subject the Fund or the Adviser to additional registration or regulation under the securities, commodities, or other laws of the United States or any other jurisdiction; (iii) continued ownership of the Shares by such Shareholder may be harmful or injurious to the business or reputation of the Fund or the Adviser, or may subject the Fund or any Shareholders or to an undue risk of adverse tax or other fiscal consequences; (iv) any representation or warranty made by a Shareholder in connection with the acquisition of Shares was not true when made or has ceased to be true, or the Shareholder has breached any covenant made by it in connection with the acquisition of Shares; or (v) it would be in the best interests of the Fund for the Fund to cause a mandatory repurchase of such Shares in circumstances where the Board determines that doing so is in the best interests of the Fund in a manner as will not discriminate unfairly against any Shareholder.

**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 the Adviser's discretion. Shares held by Shareholders may be transferred only: (i) by operation of law in connection with the death, bankruptcy, insolvency, adjudicated incompetence, or dissolution of the Shareholder; or (ii) under other limited circumstances, with the consent of the Board or Adviser (which may be withheld in its 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 Fund that the proposed transferee, at the time of transfer, meets any requirements imposed by the Fund with respect to investor eligibility and suitability. See "*ELIGIBLE INVESTORS*." Notice of a proposed transfer of Shares must also be accompanied by a properly completed subscription document 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 Fund 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, each of the transferee and transferor own less than $25,000 worth of Shares in the case of Class A Shares, $100,000 worth of Shares in the case of Class I Shares or $25,000 worth of Shares in the case of Class D Shares. Each transferring Shareholder and transferee may be charged reasonable expenses (which may be offset against the transferor or transferee's shares), 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, bankruptcy, insolvency, adjudicated incompetence, or dissolution of the Shareholder, will be entitled to the allocations and distributions allocable to the Shares so acquired, to transfer the Shares in accordance with the terms of the Agreement and 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 Agreement and Declaration of Trust. If a Shareholder transfers Shares with the approval of the Fund, 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.

By subscribing for Shares, each Shareholder agrees to indemnify and hold harmless the Fund, the Board, the Adviser, and each other Shareholder, and any affiliate of the foregoing and any of their employees, officers or directors against all losses, claims, damages, liabilities, costs, and expenses (including legal or other expenses incurred in investigating or defending against any losses, claims, damages, liabilities, costs, and expenses or any judgments, fines, and amounts paid in settlement), joint or several, to which such persons may become subject by reason of or arising from any transfer made by that Shareholder in violation of the Agreement and Declaration of Trust or any misrepresentation made by that Shareholder in connection with any such transfer.

**CALCULATION OF NET ASSET VALUE; VALUATION**

The Fund calculates its net asset value as of the close of business on the last business day of each month, each date that a Share is offered or repurchased, as of the date of any distribution and at such other times as the Board shall determine (each, a "Determination Date"). In determining its net asset value, the Fund values its investments as of the relevant Determination Date. The net asset value of the Fund equals, unless otherwise noted, the value of the total assets of the Fund, less all of its liabilities, including accrued fees and expenses, each determined as of the relevant Determination Date. The net asset value of Class A Shares, Class I Shares and Class D Shares will be calculated separately based on the fees and expenses applicable to each class. It is expected that the net asset value of Class A Shares, Class I Shares and Class D Shares will vary over time due to the different fees and expenses applicable to each class.

The Board has approved valuation procedures for the Fund (the "Valuation Policy"), and has approved the delegation of the day-to-day work of determining fair values and pricing responsibility for the Fund to the Valuation Designee, subject to the oversight of the Board. The valuation of the Fund's investments is performed in accordance with Financial Accounting Standards Board's Accounting Standards Codification 820 — Fair Value Measurements and Disclosures.

The Valuation Policy provides that the Fund will value its Fund Investments at fair value.

Assets and liabilities initially expressed in foreign currencies will be converted into U.S. Dollars using foreign exchange rates provided by a recognized pricing service.

Securities traded on one or more of the U.S. national securities exchanges, the Nasdaq Stock Market or any foreign stock exchange will be valued based on their respective market price, subject to adjustment based on potential restrictions on the transfer or sale of such securities.

Debt instruments for which market quotations are readily available are typically valued based on such market quotations. In validating market quotations, the Valuation Designee considers different factors such as the source and the nature of the quotation and trading volume in order to determine whether the quotation represents fair value. The Adviser makes use of reputable financial information providers in order to obtain the relevant quotations.

For debt and equity securities which are not publicly traded or for which market prices are not readily available (unquoted investments) the fair value is determined in good faith. In determining the fair values of Direct Investments, the Valuation Designee will typically apply widely recognized market and income valuation methodologies including, but not limited to, earnings and multiple analysis, discounted cash flow method and third-party valuations. In order to determine a fair value, these methods are applied to the latest information provided by the relevant Portfolio Companies or other business counterparties.

Secondary Investments and Primary Investments in Portfolio Funds are generally valued based on the latest net asset value reported by the associated Sponsor taking into account the subsequent cash flow activity with respect thereto as set forth below, provided that if the Valuation Designee concludes in good faith that the latest net asset value reported by a Sponsor does not represent fair value, the Valuation Designee will make a corresponding adjustment to reflect the current fair value of such Portfolio Fund. In determining the fair value of assets held by Portfolio Funds, the Valuation Designee applies valuation methodologies as outlined above. Any cash flows since the reference date of the last net asset value for a Portfolio Fund received by the Fund from a Sponsor until the Determination Date are recognized by (i) adding the nominal amount of the investment related capital calls and (ii) deducting the nominal amount of investment related distributions from the net asset value as reported by the Sponsor.

Notwithstanding the above, Sponsors may adopt a variety of valuation bases and provide differing levels of information concerning Portfolio Funds and other 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. The Valuation Designee will not be able to confirm independently the accuracy of valuations provided by the Sponsors (which are generally unaudited).

Determining the fair value of investments for which market values are not readily available is necessarily subject to incomplete information, reporting delays and many subjective judgments; accordingly, fair value determinations made by the Valuation Designee should be considered as estimates. Due to the inherent uncertainty involved in such determinations, the reported fair value of these investments may fluctuate from period to period. In addition, such fair value may differ materially from the values that may have been used had a ready market existed for such investments and may significantly differ from the value ultimately realized by the Fund.

The Adviser and its affiliates act as investment advisers to other clients that invest in securities for which no public market price exists. Valuation determinations by the Adviser or its affiliates for other clients may result in different values than those ascribed to the same security owned by the Fund. Consequently, the fees charged to the Fund may be different than those charged to other clients, since the method of calculating the fees takes the value of all assets, including assets carried at different valuations, into consideration.

Expenses of the Fund, including the Investment Management Fee, are accrued on a monthly basis on the Determination Date and taken into account for the purpose of determining the Fund's NAV.

Prospective investors should be aware that situations involving uncertainties as to the value of portfolio positions could have an adverse effect on the Fund's net asset value and the Fund if the judgments of the Valuation Designee regarding appropriate valuations should prove incorrect.

**CERTAIN TAX CONSIDERATIONS**

The following is a summary of certain material U.S. federal income tax consequences applicable to the Fund and to an investment in Shares by a Shareholder. This summary does not discuss all of the tax consequences that may be relevant to a particular investor, including an investor who holds Shares as part of a hedging, straddle, conversion, constructive sale or other integrated transaction, or to certain investors (*e.g.*, investors subject to the alternative minimum tax, tax-exempt organizations, dealers in securities, pension plans and trusts, financial institutions, certain foreign investors and insurance companies) subject to special treatment under U.S. federal income tax laws. In addition, this summary does not specifically address the special tax consequences that may be applicable to persons who hold interests in partnerships, grantor trusts and other pass-through entities that hold Shares. This summary assumes that investors hold Shares as capital assets (generally, property held for investment).

THIS SUMMARY IS NECESSARILY GENERAL, AND EACH PROSPECTIVE INVESTOR IS URGED TO CONSULT ITS TAX ADVISER WITH RESPECT TO THE U.S. FEDERAL, STATE AND LOCAL, AND FOREIGN INCOME AND OTHER TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND DISPOSAL OF SHARES, INCLUDING APPLICABLE TAX REPORTING REQUIREMENTS.

This summary is based on the Code as in effect on the date of this Prospectus, the Treasury Regulations, rulings of the IRS, and court decisions in existence on the date hereof, all of which are subject to change, possibly with retroactive effect. The Fund has not sought a ruling from the Internal Revenue Service ("IRS") or any other federal, state or local agency with respect to any of the tax issues affecting the Fund. This summary does not discuss any aspects of the U.S. federal estate or gift tax or any state or local or non-U.S. tax. It does not discuss the special treatment under U.S. federal income tax laws that could result if the Fund invested in tax-exempt securities or certain other investment assets.

If a partnership (including an entity treated as a partnership for U.S. federal income tax purposes) holds Shares, the tax treatment of a partner in the partnership with respect to the Shares generally will depend upon the status of the partner and the activities of the partnership. Partners in partnerships considering an acquisition of Shares should consult their tax advisers with respect to the partnership's purchase, ownership and disposition of Shares.

**Taxation as a RIC**

As a RIC, in any taxable year with respect to which the Fund distributes at least 90% of the sum of the Fund's: (i) "investment company taxable income," which includes, among other items, dividends, interest, the excess of any net realized short-term capital gains over net realized long-term capital losses, and other taxable income (other than any net capital gain), reduced by deductible expenses, determined without regard to the deduction for dividends and distributions paid and (ii) net tax-exempt interest income (which is the excess of the Fund's gross tax-exempt interest income over certain disallowed deductions), the Fund generally will not be subject to U.S. federal income tax on investment company taxable income and net capital gains that the Fund distributes to its Shareholders (the "Annual Distribution Requirement"). The Fund intends to distribute, in its Shares and/or cash, annually, all or substantially all of such income. To the extent that the Fund retains its net capital gains for investment or some of its investment company taxable income, the Fund will be subject to U.S. federal income tax. The Fund may choose to retain its net capital gains for investment or any investment company taxable income, and pay the associated U.S. federal corporate income tax, including the U.S. federal excise tax (described below).

The Fund may retain some or all of its realized net long-term capital gains in excess of realized net short-term capital losses and designate the retained net capital gains as a "deemed distribution." In that case, among other consequences, the Fund will pay tax on the retained amount and each Shareholder will be required to include its share of the deemed distribution in income as if it had been actually distributed to the Shareholder, and such 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 Shareholder's cost basis for its Shares. A 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 Shareholder will be increased by an amount equal to the excess of the amount of undistributed capital gains included in the Shareholder's gross income over the tax deemed paid by the Shareholder as described in this paragraph. To utilize the deemed distribution approach, the Fund must provide written notice to Shareholders prior to the expiration of sixty (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 its Shareholders of some or all of realized net long-term capital gains in excess of realized net short-term capital losses.

The Fund will be subject to a 4% nondeductible U.S. federal excise tax (the "Excise Tax") on certain undistributed income unless the Fund distributes in a timely manner an amount at least equal to the sum of (i) 98% of the Fund's net ordinary income for each calendar year, (ii) 98.2% of the Fund's capital gain net income for the one-year period ending October 31 in that calendar year and (iii) any income recognized, but not distributed, in preceding years and on which the Fund paid no U.S. federal income tax (the "Excise Tax Avoidance Requirement"). For purposes of the required Excise Tax distribution, the income and gains of Portfolio Funds are expected to be treated as arising in the hands of the Fund at the time realized and recognized by the Portfolio Funds. While the Fund intends to distribute any income and capital gains in the manner necessary to minimize imposition of the Excise Tax, sufficient amounts of the Fund's taxable income and capital gains may not be distributed to avoid entirely the imposition of the Excise Tax. In that event, the Fund will be liable for the Excise Tax only on the amount by which the Fund does not meet the Excise Tax Avoidance Requirement.

Given the difficulty of estimating Fund income and gains in a timely fashion and the illiquidity of certain of the Fund's investments, each year the Fund is likely to be liable for a 4% excise tax on some portion of its income and gains.

In addition to the distribution requirements, in order to qualify as a RIC for U.S. federal income tax purposes, the Fund must, among other things:

● derive in each taxable year at least 90% of the Fund's gross income from dividends, interest, payments with respect to certain securities, loans, gains from the sale of stock or other securities, net income from certain "qualified publicly traded partnerships," or other income derived with respect to the Fund's business of investing in such stock or securities (the "Source of Income Test"); and

● diversify the Fund's holdings so that at the end of each quarter of the taxable year:

● at least 50% of the value of the Fund's assets consists of cash, cash equivalents, U.S. Government securities, securities of other RICs, and other securities if such other securities of any one 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 such issuer; and

● no more than 25% of the value of the Fund's assets are invested in the securities, other than U.S. Government securities or securities of other RICs, of one issuer, of two or more issuers that are controlled, as determined under applicable Code rules, by the Fund and that are engaged in the same or similar or related trades or businesses or of certain "qualified publicly traded partnerships" (the "Diversification Tests").

The Fund is authorized to borrow funds and to sell assets in order to satisfy distribution requirements. However, under the Investment Company Act, the Fund is not permitted to make distributions to its Shareholders while its debt obligations and other senior securities are outstanding unless certain "asset coverage" tests are met. Moreover, the Fund's ability to dispose of assets to meet the Fund's distribution requirements may be limited by (i) the illiquid nature of the Fund's portfolio and/or (ii) other requirements relating to the Fund's qualification as a RIC, including the Diversification Tests. If the Fund disposes of assets in order to meet the Annual Distribution Requirement or the Excise Tax Avoidance Requirement, the Fund may make such dispositions at times that, from an investment standpoint, are not advantageous.

**Fund Investments**

The Fund may invest a portion of its assets in Fund Investments that are classified as partnerships for U.S. federal income tax purposes.

An entity that is properly classified as a partnership, rather than an association or publicly traded partnership taxable as a corporation, is not itself subject to federal income tax. Instead, each partner of the partnership must take into account its allocable share of the partnership's income, gains, losses, deductions and credits (including all such items allocable to that partnership from investments in other partnerships) for each taxable year of the partnership ending with or within the partner's taxable year, without regard to whether such partner has received or will receive corresponding cash distributions from the partnership. Accordingly, the Fund may be required to recognize items of taxable income and gain prior to the time that the Fund receives corresponding cash distributions from a Fund Investment. In such case, the Fund might have to borrow money or dispose of investments, including interests in Fund Investments, and the Fund might have to sell shares of the Fund, in each case including when it is disadvantageous to do so, in order to make the distributions required in order to maintain its status as a RIC and to avoid the imposition of a federal income or excise tax.

In addition, the character of a partner's allocable share of items of partnership income, gain and loss generally will be determined as if the partner had realized such items directly. Fund Investments classified as partnerships for federal income tax purposes may generate income allocable to the Fund that is not qualifying income for purposes of the Source of Income Test. To meet the Source of Income Test, the Fund may structure some of its investments in a way potentially increasing the taxes imposed thereon or in respect thereof, such as through a subsidiary corporation. Moreover, because the Fund may not have timely or complete information concerning the amount and sources of a Fund Investment's income until such income has been earned by such Fund Investment or until a substantial amount of time thereafter, it may be difficult for the Fund to satisfy the Source of Income Test. An IRS challenge to allocations of income from investments held in pass-through form could result in the Fund failing to meet the Source of Income Test (the consequences of which are discussed below), could increase the income of a corporate Subsidiary of the Fund that is subject to U.S. federal income tax, or both.

Furthermore, it may not always be entirely clear how the asset diversification rules for RIC qualification will apply to the Fund's investments in Fund Investments that are classified as partnerships for federal income tax purposes. The Fund has engaged the services of a third-party service provider to collect, aggregate and analyze data on the Fund's direct and indirect investments in order to ensure that the Fund meets the asset diversification test. In the event that the Fund believes that it is possible that it will fail the asset diversification requirement at the end of any quarter of a taxable year, it may seek to take certain actions to avert such failure, including by acquiring additional investments to come into compliance with the asset diversification test or by disposing of non-diversified assets. Although the Code affords the Fund the opportunity, in certain circumstances, to cure a failure to meet the asset diversification test, including by disposing of non-diversified assets within six months, the Fund will be required to pay taxes in order to take advantage of the cure if the failure is not de minimis (which taxes may be substantial), and there may be constraints on the Fund's ability to dispose of its interest in an Investment Fund that limit utilization of this cure period.

As a result of the considerations described in the preceding paragraphs, the Fund's intention to qualify and be eligible for treatment as a RIC can limit its ability to acquire or continue to hold positions in Fund Investments that would otherwise be consistent with their investment strategy or can require the Fund to engage in transactions in which it would otherwise not engage, resulting in additional transaction costs and reducing the Fund's return to investors.

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

Certain of the Fund's investment practices are subject to special and complex U.S. federal income tax provisions that may: (i) disallow, suspend, or otherwise limit the allowance of certain losses or deductions, including the dividends received deduction, (ii) convert lower taxed long-term capital gains and qualified dividend income into higher taxed short-term capital gains or ordinary income, (iii) convert ordinary loss or a deduction into capital loss (the deductibility of which is more limited), (iv) cause the Fund to recognize income or gain without a corresponding receipt of cash, (v) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur, (vi) adversely alter the characterization of certain complex financial transactions and (vii) produce income that will not qualify as good income for purposes of the 90% annual gross income requirement described above. The Fund will monitor its transactions and may decide to make certain tax elections, may be required to borrow money, or may be required to dispose of securities to mitigate the effect of these rules and prevent disqualification of the Fund as a RIC.

Investments the Fund makes in securities issued at a discount or providing for deferred interest or paid-in-kind interest are subject to special tax rules that will affect the amount, timing, and character of distributions to the Fund's Shareholders. For example, with respect to securities issued at a discount, the Fund will generally be required to accrue daily, as income, a portion of the discount and to distribute such income each year to maintain the Fund's qualification as a RIC and to avoid U.S. federal income and the Excise Tax. Since in certain circumstances the Fund may recognize income before or without receiving cash representing such income, the Fund may have difficulty making distributions in the amounts necessary to satisfy the Annual Distribution Requirement and for avoiding U.S. federal corporate income tax and the Excise Tax. Accordingly, the Fund may have to sell some of its investments at times the Fund would not consider advantageous, raise additional debt or equity capital, or reduce new investment originations to meet these distribution requirements. If the Fund is not able to obtain cash from other sources, the Fund may fail to qualify as a RIC and thereby be subject to corporate-level U.S. federal income tax.

In the event the Fund invests in foreign securities, the Fund may be subject to withholding and other foreign taxes with respect to those securities. The Fund does not expect to satisfy the requirement to pass through to the Fund's Shareholders their share of the foreign taxes paid by the Fund.

The Fund may invest in non-U.S. corporations (or other non-U.S. entities treated as corporations for U.S. federal income tax purposes). It is possible that one or more such entities in which the Fund invests could be treated under the Code and Treasury Regulations as a "passive foreign investment company" or a "controlled foreign corporation." The rules relating to investments in these types of non-U.S. entities are designed to ensure that U.S. taxpayers are either, in effect, taxed currently (or on an accelerated basis with respect to corporate level events) or taxed at increased tax rates at distribution or disposition. In certain circumstances this could require the Fund to recognize income when the Fund does not receive a corresponding payment in cash and to make distributions with respect to such income in order to maintain the Fund's qualification as a RIC. Under such circumstances, the Fund may have difficulty meeting the Annual Distribution Requirement necessary to maintain its RIC tax status under the Code. Under certain circumstances an investment in a passive foreign investment company could result in a tax to the Fund and/or an increase in the amount of taxable distributions by the Fund.

**Failure to Qualify as a RIC**

If the Fund failed to satisfy the annual Source of Income Test or the Diversification Tests for any quarter of a taxable year, the Fund might nevertheless continue to qualify as a RIC for such year if certain relief provisions of the Code applied (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 failed to qualify for treatment as a RIC and such relief provisions did not apply, the Fund would be subject to U.S. federal income tax on all of its net taxable income at regular corporate U.S. federal income tax rates (and the Fund also would be subject to any applicable state and local taxes), regardless of whether the Fund made any distributions to Shareholders. The Fund would not be able to deduct distributions to its Shareholders, nor would the Fund be required to make distributions to its Shareholders for U.S. federal income tax purposes. Any distributions the Fund made generally would be taxable to its U.S. Shareholders as ordinary dividend income and, subject to certain limitations under the Code, would be eligible for the 20% maximum U.S. federal income tax rate applicable to individuals 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, and any remaining distributions would be treated as a capital gain.

Subject to a limited exception applicable to RICs that qualified as such under Subchapter M of Title A, Chapter 1 of the Code for at least one year prior to disqualification and that re-qualify as a RIC no later than the second year following the non-qualifying year, the Fund could be subject to U.S. federal income tax on any unrealized net built-in gains in the assets held by it during the period in which it failed to qualify as a RIC that are recognized during the 10-year period after its requalification as a RIC, unless it made a special election to pay corporate-level U.S. federal income tax on such net built-in gains at the time of its requalification as a RIC. The Fund may decide to be taxed as a regular corporation (thereby becoming subject to U.S. federal income and other taxes as set forth above) even if it would otherwise qualify as a RIC if it determines that treatment as a corporation for a particular year would be in its best interests.

**Taxation of U.S. Shareholders**

A "U.S. Shareholder" for purposes of this discussion is a beneficial owner of Shares that is for U.S. federal income tax purposes:

● a citizen or individual resident of the United States;

● 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 or the District of Columbia;

● a trust, if a court in the United States has primary supervision over its administration and one or more U.S. persons have the authority to control all decisions of the trust, or the trust has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person; or

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

Distributions by the Fund generally are taxable to U.S. Shareholders as ordinary income or capital gains. Distributions of the Fund's "investment company taxable income" (which is, generally, the Fund's net ordinary income plus realized net short-term capital gains in excess of realized net long-term capital losses) will be taxable as ordinary income to U.S. Shareholders to the extent of the Fund's current or accumulated earnings and profits, whether paid in cash or reinvested in additional Shares. To the extent such distributions paid by the Fund to non-corporate U.S. Shareholders (including individuals) are attributable to dividends from U.S. corporations and certain qualified foreign corporations, such "qualifying dividends" may be eligible for a reduced rate of U.S. federal income tax. Distributions of the Fund's net capital gains (which is generally the Fund's realized net long-term capital gains in excess of realized net short-term capital losses) properly designated by the Fund as "capital gain dividends" will be taxable to a U.S. Shareholder as long-term capital gains that are currently taxable at a maximum U.S. federal income tax rate of 20% (plus a 3.8% net investment income tax) in the case of individuals, trusts or estates, regardless of the U.S. Shareholder's holding period for its Shares and regardless of whether paid in cash or reinvested in additional Shares. Distributions in excess of the Fund's earnings and profits first will reduce a U.S. Shareholder's adjusted tax basis in such Shareholder's common stock and, after the adjusted basis is reduced to zero, will constitute capital gains to such U.S. Shareholder.

In the event that the Fund retains any net capital gains, the Fund may designate the retained amounts as undistributed capital gains in a notice to the Fund's Shareholders. If a designation is made, Shareholders would include in income, as long-term capital gains, their proportionate share of the undistributed amounts, but would be allowed a credit or refund, as the case may be, for their proportionate share of the corporate U.S. federal income tax paid by the Fund. In addition, the tax basis of Shares owned by a U.S. Shareholder would be increased by an amount equal to the difference between (i) the amount included in the U.S. Shareholder's income as long-term capital gains and (ii) the U.S. Shareholder's proportionate share of the corporate U.S. federal income tax paid by the Fund.

For purposes of determining (i) whether the Annual Distribution Requirement is satisfied for any year and (ii) the amount of distributions paid for that year, the Fund may, under certain circumstances, elect to treat a distribution 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, the U.S. Shareholder will still be treated as receiving the distribution in the taxable year in which the distribution is made. However, any distribution declared by the Fund in October, November or December of any calendar year, payable to Shareholders of record on a specified date in such a month and actually paid during January of the following year, will be treated as if it had been paid by the Fund and received by the Fund's U.S. Shareholders on December 31 of the year in which the distribution was declared.

A U.S. Shareholder participating in the DRIP will be taxed on the amount of such distribution in the same manner as if such Shareholder had received such distribution in cash. Any stock received in a purchase under the DRIP will have a holding period for tax purposes commencing on the day following the day on which Shares are credited to a U.S. Shareholder's account.

A U.S. Shareholder generally will recognize taxable gain or loss if the U.S. Shareholder sells or otherwise disposes of its Shares. The amount of gain or loss will be measured by the difference between such U.S. Shareholder's adjusted tax basis in the Shares sold and the amount of the proceeds received in exchange. Any gain arising from such sale or disposition generally will be treated as long-term capital gain or loss if the U.S. Shareholder has held its Shares for more than twelve months. Otherwise, the gain will be classified as short-term capital gain or loss. However, any capital loss arising from the sale or disposition of Shares held for six months or less will be treated as long-term capital loss to the extent of the amount of capital gain dividends received, or undistributed capital gain deemed received, with respect to such Shares. In addition, all or a portion of any loss recognized upon a disposition of Shares may be disallowed if other Shares are purchased (whether through reinvestment of distributions or otherwise) within 30 days before or after the disposition.

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

The Code requires the Fund to report U.S. Shareholders' cost basis, gain/loss, and holding period on IRS Forms 1099 when "covered" securities are sold. For purposes of these reporting requirements, all of the Fund's Shares acquired by non-tax exempt Shareholders, including those acquired through the DRIP, will be considered "covered" securities. The Fund has chosen FIFO ("first-in, first-out") as the Fund's default tax lot identification method for all Shareholders, although if your shares are held through a broker, the broker may choose an alternative default tax lot identification method. A tax lot identification method is the way the Fund will determine which specific Shares are deemed to be sold when there are multiple purchases on different dates at differing transaction prices, and the entire position is not sold at one time. The Fund's default tax lot identification method is the method "covered" securities will be reported on your IRS Form 1099 if you do not select a specific tax lot identification method. You may choose a method different from the Fund's standing method and will be able to do so from the time you are admitted as a Shareholder up through and until the sale of the "covered" securities. For those securities defined as "covered" under current IRS cost basis tax reporting regulations, the Fund is responsible for maintaining accurate cost basis and tax lot information for tax reporting purposes. The Fund is not responsible for the reliability or accuracy of the information for those securities that are not "covered." You are encouraged to refer to the appropriate Treasury Regulations or consult your tax adviser with regard to your personal circumstances and any decisions you may make with respect to choosing a tax lot identification method.

The Fund may be required to withhold U.S. federal income tax, or backup withholding, currently at a rate of 24%, from all distributions to any non-corporate U.S. Shareholder (i) who fails to furnish the Fund with a correct taxpayer identification number or a certificate that such Shareholder is exempt from backup withholding or (ii) with respect to whom the IRS notifies the Fund that such Shareholder has failed to properly report certain interest and dividend income to the IRS and to respond to notices to that effect. An individual's taxpayer identification number is his or her social security number. Any amount withheld under backup withholding is allowed as a credit against the U.S. Shareholder's U.S. federal income tax liability, provided that proper information is provided to the IRS.

A U.S. Shareholder that is an individual or estate, or a trust that does not fall into a special class of trusts that is exempt from such tax, will generally be subject to an additional 3.8% tax 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 such taxable year over $200,000 ($250,000 in the case of joint filers). For these purposes, "net investment income" will generally include taxable distributions and deemed distributions paid with respect to the Shares, and net gain attributable to the disposition of Shares (in each case, unless such Shares are held in connection with certain trades or businesses) but will be reduced by any deductions properly allocable to such distributions or net gain.

**U.S. Shareholders should consult their tax advisers with respect to the U.S. federal, state, local and non-U.S. tax consequences of the purchase, ownership and disposition of Shares, including applicable tax reporting obligations.**

**Taxation of Tax-Exempt Investors**

Under current law, the Fund serves to prevent the attribution to Shareholders of unrelated business taxable income ("UBTI") from being realized by most tax-exempt Shareholders (including, among others, individual retirement accounts, 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**

A "Non-U.S. Shareholder" generally is a beneficial owner of Shares that is not a U.S. Shareholder or an entity treated as a partnership for U.S. federal income tax purposes. This includes nonresident alien individuals, foreign trusts or estates and foreign corporations. Whether an investment in Shares is appropriate for a Non-U.S. Shareholder will depend upon that person's particular circumstances. 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 tax and withholding tax, and state, local and foreign tax consequences of an investment in Shares, including applicable tax reporting requirements.**

Distributions of "investment company taxable income" to Non-U.S. Shareholders (other than U.S.-source interest income and realized net short-term capital gains in excess of realized long-term capital losses, which generally will be free of withholding as discussed in the following paragraph) will be subject to withholding of U.S. federal tax at a 30% rate (or lower rate provided by an applicable treaty) to the extent of the Fund's current and accumulated earnings and profits unless the distributions are effectively connected with a U.S. trade or business of a Non-U.S. Shareholder. 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 tax if the Non-U.S. Shareholder complies with applicable certification and disclosure requirements. Special certification requirements apply to a Non-U.S. Shareholder that is a foreign partnership or a foreign trust, and such entities are urged to consult their tax advisers.

Properly designated dividends received by a Non-U.S. Shareholder are generally exempt from U.S. federal withholding tax when they (i) are paid in respect of 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) are paid in connection with 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 this exemption 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 IRS Form W-8BEN (for individuals), IRS Form W-8BEN-E (for entities) or an acceptable substitute or successor form). 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 intermediaries with respect to the application of these rules to their accounts.

Actual or deemed distributions of the Fund's net capital gains to a Non-U.S. Shareholder, and gains realized by a Non-U.S. Shareholder upon the sale or repurchase of Shares, 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, the Non-U.S. Shareholder was present in the United States for 183 days or more during the taxable year and certain other conditions are met.

If the Fund distributes its net capital gains in the form of deemed rather than actual distributions, a Non-U.S. Shareholder will be entitled to a U.S. federal income tax credit or tax refund equal to the non-U.S. Shareholder's allocable share of the corporate-level tax the Fund pays on the capital gains 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 (both cash and in Shares), and gains realized upon the sale or repurchase 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 at a lower rate if provided for by an applicable treaty).

A Non-U.S. Shareholder who is a non-resident alien individual 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 the Administrator with an IRS Form W-8BEN or an acceptable substitute 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.

Pursuant to U.S. withholding provisions commonly referred to as the Foreign Account Tax Compliance Act ("FATCA"), payments of most types of income from sources within the United States (as determined under applicable U.S. federal income tax principles), such as interest and dividends, to a foreign financial institution, investment funds and other non-U.S. persons generally will be subject to a 30% U.S. federal withholding tax, unless certain information reporting and other applicable requirements are satisfied. Any Non-U.S. Shareholder that either does not provide the relevant information or is otherwise not compliant with FATCA may be subject to this withholding tax on certain distributions from the Fund. Any taxes required to be withheld under these rules must be withheld even if the relevant income is otherwise exempt (in whole or in part) from withholding of U.S. federal income tax, including under an income tax treaty between the United States and the beneficial owner's country of tax residence. Each Non-U.S. Shareholder should consult its tax advisers regarding the possible implications of this withholding tax (and the reporting obligations that will apply to such Non-U.S. Shareholder, which may include providing certain information in respect of such Non-U.S. Shareholder's beneficial owners).

\* \* \* \* \*

**THE TAX AND OTHER MATTERS DESCRIBED IN THIS PROSPECTUS DO NOT CONSTITUTE, AND SHOULD NOT BE CONSIDERED AS, LEGAL OR TAX ADVICE TO PROSPECTIVE INVESTORS. EACH INVESTOR SHOULD CONSULT ITS TAX ADVISER AS TO THE U.S. FEDERAL, STATE, LOCAL AND NON-U.S. TAX CONSEQUENCES OF THE ACQUISITION, OWNERSHIP AND DISPOSITION OF SHARES, INCLUDING APPLICABLE TAX REPORTING OBLIGATIONS.**

**ERISA CONSIDERATIONS**

The Employee Retirement Income Security Act of 1974, as amended ("ERISA") and the Code impose certain requirements on employee benefit plans to which ERISA applies, and on those persons who are fiduciaries with respect to such plans. The Code imposes certain requirements on certain other plans (such as individual retirement accounts and Keogh plans (and their fiduciaries)) that, although not subject to ERISA, are subject to certain similar rules of the Code (such employee benefit plans subject to ERISA and such other plans, collectively, "Plans.") In accordance with ERISA's general fiduciary standards, before investing in the Fund, a Plan fiduciary should determine whether such an investment is permitted under the governing Plan instruments and is appropriate for the Plan in view of its overall investment policy and the composition and diversification of its portfolio. Moreover, ERISA and the Code require that certain reporting and disclosure be made with respect to Plan assets, that Plan assets generally be held in trust, and that the indicia of ownership of Plan assets be maintained within the jurisdiction of district courts of the United States. Thus, a Plan fiduciary considering an investment in the Fund should consult with its legal counsel concerning all the legal implications of investing in the Fund, especially the issues discussed in the following paragraphs.

Unless statutory or administrative exemptions are available, Section 406 of ERISA and Section 4975 of the Code prohibit a broad range of transactions involving Plan assets and persons who have certain specified relationships to a Plan ("parties in interest" within the meaning of ERISA and "disqualified persons" within the meaning of the Code) and impose additional prohibitions on parties in interest and disqualified persons who are Plan fiduciaries. These prohibitions also apply with respect to any entity whose assets consist of Plan assets by reason of Plans' investment in the entity. Certain prospective Plan investors may currently maintain relationships with the Adviser and/or entities that are affiliated with the Fund, and, as a result, one or more of such entities may be deemed to be a "party in interest" or "disqualified person" with respect to (including a fiduciary of) any such prospective Plan investor.

Because the Fund is registered as an investment company under the Investment Company Act, the assets of the Fund will not be deemed to constitute Plan assets.

Employee benefit plans that are governmental plans (as defined in Section 3(32) of ERISA) are not subject to requirements of ERISA and the Code discussed above but may be subject to materially similar provisions of other applicable federal or state law or may be subject to other legal restrictions on their ability to invest in the Fund. Accordingly, any such governmental plans and the fiduciaries of such plans should consult with their legal counsel concerning all the legal implications of investing in the Fund.

**THE FUND'S SALE OF SHARES TO PLANS IS IN NO RESPECT A REPRESENTATION OR WARRANTY BY THE FUND, THE ADVISER OR ANY OF THEIR AFFILIATES, OR BY ANY OTHER PERSON ASSOCIATED WITH THE SALE OF THE SHARES, THAT SUCH INVESTMENT BY PLANS MEETS ALL RELEVANT LEGAL REQUIREMENTS APPLICABLE TO PLANS GENERALLY OR TO ANY PARTICULAR PLAN, OR THAT SUCH INVESTMENT IS OTHERWISE APPROPRIATE FOR PLANS GENERALLY OR FOR ANY PARTICULAR PLAN.**

**ELIGIBLE INVESTORS**

Each prospective investor in the Fund will be required to certify that it is an "accredited investor" within the meaning of Rule 501 under the Securities Act and a "qualified client" within the meaning of Rule 205-3 under the Advisers Act. The criteria for qualifying as a "qualified client" and "accredited investor" are set forth in the subscription document that must be completed by each prospective investor.

Shares are being offered only to investors that meet the criteria for qualifying as "qualified clients" and "accredited investors" who are either (i) U.S. persons for U.S. federal income tax purposes or (ii) non-U.S. persons that meet additional eligibility standards as defined by the Fund in its sole discretion. Investors who meet such qualifications are referred to in this Prospectus as "Eligible Investors." The qualifications required to invest in the Fund will appear in subscription documents that must be completed by each prospective investor. Existing Shareholders who request to purchase additional Shares will be required to qualify as "Eligible Investors" and to complete an additional investor certification prior to any additional purchase.

**Prospective investors that are non-U.S. persons under the Securities Act or for U.S. federal income tax purposes must request a copy of supplemental offering materials without charge by writing to FS MVP Private Markets Fund, c/o ALPS Fund Services, Inc. 1290 Broadway, Suite 1000, Denver, CO 80203, or by calling the Fund toll-free at 844-663-0164. See *"CERTAIN TAX CONSIDERATIONS—Taxation of Non-U.S. Shareholders."***

**DESCRIPTION OF SHARES**

The Fund is authorized to offer three separate classes of Shares designated as Class A Shares, Class I Shares and Class D Shares. While the Fund expects to offer three classes of Shares, it may offer other classes of Shares as well in the future.

From time to time, the Board may create and offer additional classes of Shares, or may vary the characteristics of the Class A Shares, Class I Shares and Class D Shares described herein, including without limitation, in the following respects: (1) the amount of fees permitted by a distribution and/or service plan as to such class; (2) voting rights with respect to a distribution and/or service plan as to such class; (3) different class designations; (4) the impact of any class expenses directly attributable to a particular class of Shares; (5) differences in any dividends and net asset values resulting from differences in fees under a distribution and/or service plan or in class expenses; (6) the addition of sales loads; and (7) any conversion features, as permitted under the Investment Company Act.

**PURCHASING SHARES**

**Purchase Terms**

The minimum initial investment in the Fund by any investor in Class A Shares is $50,000, the minimum initial investment for Class I Shares is $1,000,000 and the minimum initial investment for Class D Shares is $50,000. However, the Fund, in its sole discretion, may 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 denominations are not less than $50,000 and incremental contributions are not less than $5,000. The purchase price of Shares is based on the net asset value per Share as of the date such Shares are purchased. Fractions of Shares will be issued to one one-thousandth of a Share.

Class A Shares and Class D Shares are sold at the public offering price, which is the net asset value plus an initial maximum 3.50% sales charge, which may vary with the amount you invest. This means that part of your investment in the Fund will be used to pay the sales charge. Some distributors may offer breakpoints, so investors should consult with their financial intermediary.

Class I Shares are not subject to any initial sales charge.

Shares are generally offered for purchase as of the first business day of each month, except that Shares may be offered more or less frequently as determined by the Board in its sole discretion. The Board may also suspend or terminate offerings of Shares at any time.

The Fund has authorized one or more brokers to receive on its behalf purchase orders. Such brokers are authorized to designate other intermediaries to receive purchase orders on the Fund's behalf. The Fund will be deemed to have received a purchase order when an authorized broker, or if applicable, a broker's authorized designee, receives the order. Customer orders will be priced at the Fund's NAV next computed after they are received by an authorized broker or the broker's authorized designee.

Except as otherwise permitted by the Board, initial and subsequent purchases of Shares will be payable in cash. Each initial or subsequent purchase of Shares will be payable in one installment which will generally be due (i) five business days prior to the date of the proposed acceptance of the purchase set by the Fund, which is expected to be the last day of each calendar month (the "Acceptance Date"), where funds are remitted by wire transfer, or (ii) five business days prior to the Acceptance Date, where funds are remitted by check. A prospective investor must also submit a completed subscription document (including investor certifications) at least five business days before the Acceptance Date. The Fund reserves the right, in its sole discretion, to accept or reject any subscription to purchase Shares in the Fund at any time. Although the Fund may, in its sole discretion, elect to accept a subscription prior to receipt of cleared funds, an investor will not become a Shareholder until cleared funds have been received. In the event that cleared funds and/or a properly completed subscription document (including investor certifications) are not received from a prospective investor prior to the cut-off dates pertaining to a particular offering, the Fund may hold the relevant funds and subscription document for processing in the next offering.

Pending any offering, funds received from prospective investors will be placed in an account with the Transfer Agent. On the date of any closing, the balance in the account with respect to each investor whose investment is accepted will be invested in the Fund on behalf of such investor. Any interest earned with respect to such account will be paid to the Fund and allocated pro rata among Shareholders.

**ADDITIONAL INFORMATION**

**Futures Transactions**

The Fund does not currently expect to make investments in futures and claims an exclusion from the definition of the term "commodity pool operator" under the Commodity Exchange Act of 1974, as amended (the "CEA"). Therefore, the Fund is not subject to registration or regulation as a commodity pool operator under the CEA. In February 2012, the Commodity Futures Trading Commission (the "CFTC") adopted certain regulatory changes that subject the adviser of an investment company to registration as a Commodity Pool Operator ("CPO") if the investment company is unable to comply with certain trading and marketing limitations.

With respect to investments in swap transactions, commodity futures, commodity options or certain other derivatives used for purposes other than bona fide hedging purposes, an investment company must meet one of the following tests under the amended regulations in order to claim an exemption from being considered a "commodity pool" or a CPO. First, the aggregate initial margin and premiums required to establish an investment company's position in such investments may not exceed 5% of the liquidation value of the investment company's portfolio (after accounting for unrealized profits and unrealized losses on any such investments). Alternatively, the aggregate net notional value of those positions, as determined at the time the most recent position was established, may not exceed 100% of the net asset value of the investment company's portfolio (after accounting for unrealized profits and unrealized losses on any such positions). In addition to meeting one of the foregoing trading limitations, the investment company may not market itself as a commodity pool or otherwise as a vehicle for trading in the commodity futures, commodity options or swaps and derivatives markets. In the event that the Adviser was required to register as a CPO, the disclosure and operations of the Fund would need to comply with all applicable CFTC regulations. Compliance with these additional registration and regulatory requirements would increase the Fund's operational expenses. Other potentially adverse regulatory initiatives could also develop. A related CFTC proposal to harmonize applicable CFTC and SEC regulations could, if adopted, mitigate certain disclosure and operational burdens if CPO registration were required.

Rule 18f-4 under the Investment Company Act regulates a registered investment company's use of derivatives and related instruments. Rule 18f-4 prescribes specific value-at-risk leverage limits for certain derivatives users and requires certain derivatives users to adopt and implement a derivatives risk management program (including the appointment of a derivatives risk manager and the implementation of certain testing requirements), and prescribes reporting requirements in respect of derivatives. Subject to certain conditions, if a fund qualifies as a "limited derivatives user," as defined in Rule 18f-4, it is not subject to the full requirements of Rule 18f-4. In connection with the adoption of Rule 18f-4, the SEC rescinded certain of its prior guidance regarding asset segregation and coverage requirements in respect of derivatives transactions and related instruments. With respect to reverse repurchase agreements or other similar financing transactions in particular, Rule 18f-4 permits a fund to enter into such transactions if the fund either (i) complies with the asset coverage requirements of Section 18 of the Investment Company Act, and combines the aggregate amount of indebtedness associated with all similar financing with the aggregate amount of any other senior securities representing indebtedness when calculating the relevant asset coverage ratio, or (ii) treats similar financing transactions as derivatives transactions for all purposes under Rule 18f-4. The Fund has adopted procedures for investing in derivatives and other transactions in compliance with Rule 18f-4. The Fund intends to be a limited derivatives user under Rule 18f-4 of the Investment Company Act. As a limited derivatives user, the Fund's derivatives exposure, excluding certain currency and interest rate hedging transactions, may not exceed 10% of its net assets. This restriction is not fundamental and may be changed by the Fund without a shareholder vote. Rule 18f-4 under the Investment Company Act may require the Fund to observe more stringent asset coverage and related requirements than were previously imposed by the Investment Company Act, which could adversely affect the value or performance of the Fund. Limits or restrictions applicable to the counterparties or issuers, as applicable, with which the Fund may engage in derivative transactions could also limit or prevent the Fund from using certain instruments.

**Subsidiaries**

The Fund may make investments through wholly-owned subsidiaries ("Subsidiaries") for tax or risk management purposes. Such Subsidiaries will not be registered under the Investment Company Act. However, the Fund will wholly own and control any Subsidiaries. The Board has oversight responsibility for the investment activities of the Fund, including its investment in any Subsidiary, and the Fund's role as sole member or shareholder of any Subsidiary. To the extent applicable to the investment activities of a Subsidiary, the Subsidiary will follow the same compliance policies and procedures as the Fund. The Fund would "look through" any such Subsidiary to determine compliance with its investment policies. Each investment adviser to any such foreign subsidiary will comply with Section 15 of the Investment Company Act with respect to advisory contract approval, including that (i) material amendments to any such subsidiary's advisory contract must be approved by the Fund's shareholders or the Fund's Board of Trustees in the manner and to the extent that the Fund's advisory agreement must be approved by the Fund's shareholders or the Fund's Board of Trustees; and (ii) the Fund's shareholders will have the ability to vote to terminate the subsidiary's advisory agreements to the extent that they can vote to terminate the Fund's advisory agreement.

**SUMMARY OF THE AGREEMENT AND DECLARATION OF TRUST**

An investor in the Fund will be a Shareholder of the Fund and his or her rights in the Fund will be established and governed by the Agreement and Declaration of Trust. A prospective investor and his or her adviser should carefully review the Agreement and Declaration of Trust as each Shareholder will agree to be bound by its terms and conditions. The following is a summary description of additional items and of select provisions of the Agreement and Declaration of Trust that may not be described elsewhere in this Prospectus. The description of such items and provisions is not definitive and reference should be made to the complete text of the Agreement and Declaration of Trust.

**Shareholders; Additional Classes of Shares**

Persons who purchase Shares will be Shareholders of the Fund. The Adviser may invest in the Fund as a Shareholder.

In addition, to the extent permitted by the Investment Company Act and subject to the Fund's exemptive relief from the SEC, the Fund reserves the right to issue additional classes of Shares in the future subject to fees, charges, repurchase rights, and other characteristics different from those of the Shares offered in this Prospectus.

**Liability of Shareholders**

Under Delaware law and the Agreement and Declaration of Trust, each Shareholder will be liable for the debts and obligations of the Fund only to the extent of any contributions to the capital of the Fund (plus any accretions in value thereto prior to withdrawal) and a Shareholder, in the sole discretion of the Board, may be obligated to return to the Fund amounts distributed to the Shareholder, or the Board may reduce any amount payable by the Fund to a Shareholder in respect of a repurchase of Shares, in accordance with the Agreement and Declaration of Trust in certain circumstances. See "*REPURCHASES OF SHARES—Periodic Repurchases*."

**Legal Proceedings**

The Agreement and Declaration of Trust provides that by virtue of becoming a shareholder of the Fund, each shareholder shall be held expressly to have agreed to be bound by the provisions of the Agreement and Declaration of Trust. However, shareholders should be aware that they cannot waive their rights under the federal securities laws. The Agreement and Declaration of Trust provides a detailed process for the bringing of derivative actions by shareholders for claims other than federal securities law claims beyond the process otherwise required by law. This derivative actions process is intended to permit legitimate inquiries and claims while avoiding the time, expense, distraction, and other harm that can be caused to a Fund or its shareholders as a result of spurious shareholder demands and derivative actions. Prior to bringing a derivative action, a demand by the complaining shareholder must first be made on the Trustees. The Agreement and Declaration of Trust details conditions that must be met with respect to the demand. Following receipt of the demand, the Trustees must be afforded a reasonable amount of time to investigate and consider the demand. The Trustees will be entitled to retain counsel or other advisors in considering the merits of the request and shall require an undertaking by the shareholders making such request to reimburse the Fund for the expense of any such advisors in the event that the Trustees determine not to bring such action. The Fund's process for bringing derivative suits may be more restrictive than other investment companies. The process for derivative actions for the Fund also may make it more expensive for a shareholder to bring a suit than if the shareholder was not required to follow such a process.

**Limitation of Liability; Indemnification**

The Agreement and Declaration of Trust provides that the Trustees and former Trustees of the Board and officers and former officers of the Fund shall not be liable to the Fund or any of the Shareholders for any loss or damage occasioned by any act or omission in the performance of their services as such in the absence of willful misfeasance or gross negligence of the duties involved in the conduct of their office or as otherwise required by applicable law. The Agreement and Declaration of Trust also contains provisions for the indemnification, to the extent permitted by law, of the Trustees and former Trustees of the Board and officers and former officers of the Fund (as well as certain other related parties) by the Fund (but not by the Shareholders individually) against any liability and expense to which any of them may be liable that arise in connection with the performance of their activities on behalf of the Fund. None of these persons shall be personally liable to any Shareholder for the repayment of any positive balance in the Shareholder's capital account or for contributions by the Shareholder to the capital of the Fund or by reason of any change in the federal or state income tax laws applicable to the Fund or its investors. The rights of indemnification and exculpation provided under the Agreement and Declaration of Trust shall not be construed so as to limit liability or provide for indemnification of the Trustees and former Trustees of the Board, officers and former officers of the Fund, and the other persons entitled to such indemnification for any liability (including liability under applicable federal or state securities laws which, under certain circumstances, impose liability even on persons that act in good faith), to the extent (but only to the extent) that such indemnification or limitation on liability would be in violation of applicable law, but shall be construed so as to effectuate the applicable provisions of the Agreement and Declaration of Trust to the fullest extent permitted by law.

**Amendment of the Agreement and Declaration of Trust**

The Agreement and Declaration of Trust may generally be amended, in whole or in part, with the approval of a majority of the Board (including a majority of the Independent Trustees, if required by the Investment Company Act) and without the approval of the Shareholders unless the approval of Shareholders is required under the Investment Company Act.

**Term, Dissolution, and Liquidation**

The Fund shall be dissolved:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) upon the affirmative vote to dissolve the Fund by a majority of the Trustees of the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) as required by operation of law.

Upon the occurrence of any event of dissolution, one or more Trustees of the Board or the Adviser, acting as liquidator under appointment by the Board (or another liquidator, if the Board does not appoint one or more Trustees of the Board or the Adviser to act as liquidator or is unable to perform this function) is charged with winding up the affairs of the Fund and liquidating its assets. Upon the liquidation of the Fund, after establishment of appropriate reserves for contingencies in such amounts as the Board or the liquidator, as applicable, deems appropriate in its sole discretion, the Fund's assets will be distributed: (i) first to satisfy the debts, liabilities, and obligations of the Fund (other than debts to Shareholders) including actual or anticipated liquidation expenses; (ii) next to repay debts, liabilities and obligations owing to the Shareholders; and (iii) finally to the Shareholders proportionately in accordance with the balances in their respective capital accounts. Assets may be distributed in kind on a pro rata basis if the Board or liquidator determines that such a distribution would be in the interests of the Shareholders in facilitating an orderly liquidation.

The Board may, in its sole discretion, and if determined to be in the best interests of the Shareholders, distribute the assets of the Fund into and through a liquidating trust to effect the liquidation of the Fund. The use of a liquidating trust would be subject to the regulatory requirements of the Investment Company Act and applicable Delaware law, and could result in additional expenses to the Shareholders.

**REPORTS TO SHAREHOLDERS**

The Fund will furnish to Shareholders as soon as practicable after the end of each of its taxable years such information as is necessary for them to complete U.S. federal and state income tax or information returns, along with any other tax information required by law.

As permitted by SEC regulations, an unaudited semi-annual and an audited annual report, each prepared in accordance with U.S. GAAP will be made available on a website within seventy (70) days after the close of the period for which the report is being made, or as otherwise required by the Investment Company Act. Shareholders will be notified by mail each time a report is posted and provided with a website link to access the report, unless a shareholder specifically requests paper copies of the reports.

**FISCAL YEAR**

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 September 30.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM; LEGAL COUNSEL**

The Board has selected Cohen & Company, Ltd., located at 1835 Market St., Suite 310, Philadelphia, PA 19103 as independent registered public accountants for the Fund.

The Board has selected Faegre Drinker Biddle & Reath LLP, located at One Logan Square, Suite 2000, Philadelphia, PA 19103-6996, as counsel to the Fund.

**INQUIRIES**

Inquiries concerning the Fund and the Shares (including procedures for purchasing Shares) should be directed to the Fund's Administrator at 844-663-0164.

![](fp0094493-2_01.jpg)

**FS MVP Private Markets Fund**

**Class A Shares**

**Class I Shares**

**Class D Shares**

**PROSPECTUS**

**July 29, 2025**

**STATEMENT OF ADDITIONAL INFORMATION**

**FS MVP Private Markets Fund**

Dated July 29, 2025

c/o Portfolio Advisors, LLC

9 Old Kings Highway South

Darien, Connecticut

(203) 662-3456

This Statement of Additional Information ("SAI") is not a prospectus. This SAI relates to and should be read in conjunction with the prospectus (the "Prospectus") of FS MVP Private Markets Fund (the "Fund") dated July 29, 2025, as it may be further amended or supplemented from time to time. This SAI is incorporated by reference in its entirety into the Prospectus. The Fund's consolidated financial statements and consolidated financial highlights appearing in the [Annual Report](https://www.sec.gov/Archives/edgar/data/1856156/000139834425011525/fp0093135-1_ncsr.htm) to Shareholders for the fiscal year ended March 31, 2025 (the "Annual Report") are incorporated by reference into this SAI. No other part of the Annual Report is incorporated by reference herein. A copy of the Prospectus may be obtained without charge by contacting the Fund at the telephone number or address set forth above.

This SAI is not an offer to sell shares of the Fund ("Shares") and is not soliciting an offer to buy the Shares in any state where the offer or sale is not permitted.

Capitalized terms not otherwise defined herein have the same meaning set forth in the Prospectus.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| INVESTMENT POLICIES AND PRACTICES | 1 |
| FUNDAMENTAL POLICIES | 1 |
| ADDITIONAL INFORMATION ON INVESTMENT TECHNIQUES OF THE FUND AND THE RELATED RISKS | 2 |
| BOARD OF TRUSTEES AND OFFICERS | 13 |
| CODES OF ETHICS | 18 |
| INVESTMENT MANAGEMENT AND OTHER SERVICES | 19 |
| PORTFOLIO TRANSACTIONS AND BROKERAGE ALLOCATION | 24 |
| INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM; LEGAL COUNSEL | 25 |
| CUSTODIAN | 25 |
| CALCULATION OF NET ASSET VALUE | 25 |
| PROXY VOTING POLICIES AND PROCEDURES | 26 |
| SHAREHOLDER RIGHTS | 26 |
| CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS | 27 |
| FINANCIAL STATEMENTS | 27 |
| ADDITIONAL INFORMATION | 27 |
| Appendix A | A-1 |

---

**INVESTMENT POLICIES AND PRACTICES**

The investment objective and the principal investment strategies of the Fund, as well as the principal risks associated with such investment strategies, are set forth in the Prospectus. Certain additional information regarding the investment program of the Fund is set forth below.

**FUNDAMENTAL POLICIES**

The Fund's fundamental policies, which are listed below, may only be changed by the affirmative vote of a majority of the outstanding voting securities of the Fund. At the present time the Shares are the only outstanding voting securities of the Fund. As defined by the Investment Company Act of 1940, as amended (the "Investment Company Act"), the vote of a "majority of the outstanding voting securities of the Fund" means the vote, at an annual or special meeting of the shareholders of the Fund (the "Shareholders"), duly called, (i) of 67% or more of the Shares represented at such meeting, if the holders of more than 50% of the outstanding Shares are present in person or represented by proxy or (ii) of more than 50% of the outstanding Shares, whichever is less. No other policy is a fundamental policy of the Fund, except as expressly stated. Within the limits of the fundamental policies of the Fund, the management of the Fund has reserved freedom of action. The Fund may not:

1) Issue any senior security, except to the extent permitted by Section 18 of the Investment Company Act, as interpreted, modified, or otherwise permitted by the Securities and Exchange Commission (the "SEC") or any other applicable authority.

2) Borrow money, except to the extent permitted by Section 18 of the Investment Company Act, as interpreted, modified, or otherwise permitted by the SEC or any other applicable authority.

3) Underwrite securities of other issuers, except insofar as the Fund may be deemed to be an underwriter under the Securities Act of 1933, as amended (the "Securities Act"), in connection with the disposition of its portfolio securities.

4) Make loans, except through purchasing fixed-income securities (including whole loans, whether senior or subordinated, "Payment-In-Kind" or "PIK" securities, other mezzanine securities or participations in any of the foregoing), lending portfolio securities, or entering into repurchase agreements in a manner consistent with the investment policies of the Fund, or as otherwise permitted under the Investment Company Act. This investment restriction does not apply to loans to affiliated investment companies or other affiliated persons of the Fund to the extent permitted by the Investment Company Act, the SEC or any other applicable authority.

5) Purchase, hold or deal in real estate, except that the Fund may invest in securities that are secured by real estate, including, without limitation, mortgage-related securities, or that are issued by companies or partnerships that invest or deal in real estate or real estate investment trusts, and may hold and dispose of real estate acquired by the Fund as a result of the ownership of securities or other permitted investments.

6) Invest in commodities and commodity contracts, except that the Fund (i) may purchase and sell non-U.S. currencies, options, swaps, futures and forward contracts, including those related to indexes, options and options on indexes, as well as other financial instruments and contracts that are commodities or commodity contracts, (ii) may also purchase or sell commodities if acquired as a result of ownership of securities or other instruments, (iii) may invest in commodity pools and other entities that purchase and sell commodities and commodity contracts, and (iv) may make such investments as otherwise permitted by the Investment Company Act.

7) Invest 25% or more of the value of its total assets in the securities of issuers that the Adviser determines are engaged in any single industry, except that U.S. Government securities and repurchase agreements collateralized by U.S. Government securities may be purchased without limitation. This investment restriction does not apply to investments by the Fund in Portfolio Funds (or in another comparable investment pool). The Fund may invest in Portfolio Funds that may concentrate their assets in one or more industries. The Fund will not invest 25% or more of its assets in a Portfolio Fund or Funds, in aggregate, that it knows concentrates its assets in a single industry.

With respect to these investment restrictions and other policies described in this SAI or the Prospectus, if a percentage restriction is adhered to at the time of an investment or transaction, a later change in percentage resulting from a change in the values of investments or the value of the Fund's total assets, unless otherwise stated, will not constitute a violation of such restriction or policy. The Fund's investment policies and restrictions do not apply to the activities and the transactions of the Portfolio Funds, but will apply to investments made by the Fund directly (or any account consisting solely of the Fund's assets).

The investment objective of the Fund is not a fundamental policy of the Fund and may be changed by the Board of Trustees of the Fund (the "Board") without the vote of a majority (as defined by the Investment Company Act) of the Fund's outstanding Shares.

**ADDITIONAL INFORMATION ON INVESTMENT TECHNIQUES OF THE FUND AND THE RELATED RISKS**

As discussed in the Prospectus, the Fund's investments consist primarily of: (i) direct investments in the equity or debt of target companies and other private assets (*i.e.* assets that are not traded on a public securities exchange) ("Direct Investments"), typically in conjunction with third-party managers ("Sponsors"); (ii) purchases of existing interests in private equity or private credit funds ("Portfolio Funds") and other private assets managed by Sponsors ("Secondary Investments"); (iii) subscriptions for new interests in Portfolio Funds ("Primary Investments"); and (iv) short-term and liquid investments, including money market funds, short term treasuries, and/or other liquid investment vehicles. This section provides additional information about various types of investments and investment techniques that may be employed by the Fund, by Portfolio Funds or by other investments in which the Fund invests. Many of the investments and techniques described in this section may be based in part on the existence of a public market for the relevant securities. To that extent, such investments and techniques are not expected to represent the principal investments or techniques of the majority of the Fund, of the Portfolio Funds or of other investments; however, there is no limit on the types of investments the Portfolio Funds and other investments may make and certain Portfolio Funds and other investments may use such investments or techniques extensively. Similarly, there are few limits on the types of investments the Fund may make. Accordingly, the descriptions in this section cannot be comprehensive. Any decision to invest in the Fund should take into account (i) the possibility that the Portfolio Funds and other investments may make virtually any kind of investment, (ii) that the Fund has similarly broad latitude in the kinds of investments it may make (subject to the fundamental policies described above) and (iii) that all such investments will be subject to related risks, which can be substantial.

**Equity Securities**

The portfolio of the Fund, a Portfolio Fund and/or certain other investments may include investments in common stocks, preferred stocks, and convertible securities of U.S. and foreign issuers. Such portfolios also may include depositary receipts relating to foreign securities. Equity securities fluctuate in value, often based on factors unrelated to the value of the issuer of the securities. Given the private markets focus of the Fund, there is expected to be no liquid market for a majority of such investments.

*Common Stock*

Common stock or other common equity issued by a corporation or other entity generally entitles the holder to a pro rata share of the profits, if any, of the entity without preference over any other shareholder or claims of shareholders, after making required payments to holders of the entity's preferred stock and other senior equity. Common stock usually carries with it the right to vote and frequently an exclusive right to do so.

*Preferred Stock*

Preferred stock or other preferred equity generally has a preference as to dividends and, in the event of liquidation, to an issuer's assets, over the issuer's common stock or other common equity, but it ranks junior to debt securities in an issuer's capital structure. Preferred stock generally pays dividends in cash or additional shares of preferred stock at a defined rate but, unlike interest payments on debt securities, preferred stock dividends are generally payable only if declared by the issuer's board of directors. Dividends on preferred stock may be cumulative, meaning that, in the event the issuer fails to make one or more dividend payments on the preferred stock, no dividends may be paid on the issuer's common stock until all unpaid preferred stock dividends have been paid. Preferred stock may also be subject to optional or mandatory redemption provisions.

*Convertible Securities*

Convertible securities are bonds, debentures, notes, preferred stock, or other securities that may be converted into or exchanged for a specified amount of common equity of the same or different issuer within a specified period of time at a specified price or based on a specified formula. In many cases, a convertible security entitles the holder to receive interest or a dividend that is generally paid or accrued until the convertible security matures or is redeemed, converted or exchanged. Convertible securities have unique investment characteristics in that they generally (i) have higher yields (i.e., rates of interest or dividends) than common stocks, but lower yields than comparable non-convertible securities, (ii) are less subject to fluctuation in value than the underlying common stock into which they are convertible due to their fixed-income characteristics and (iii) provide the potential for capital appreciation if the market price of the underlying common stock increases. Investments in convertible securities by the Fund, the Portfolio Funds or other investments are expected to primarily be in private convertible securities, but may be in public convertible securities.

The value of a convertible security is primarily a function of its "investment value" (determined by its yield in comparison with the yields of other securities of comparable maturity and quality that do not have a conversion privilege) and its "conversion value" (determined by reference to the security's anticipated worth, at market value, if converted into the underlying common stock). The investment value of a convertible security is influenced by changes in interest rates, with investment value typically declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors may also increase or decrease the convertible security's value. If the conversion value is low relative to the investment value, the convertible security is valued principally by reference to its investment value. To the extent the value of the underlying common stock approaches or exceeds the conversion value, the convertible security will be valued increasingly by reference to its conversion value. Generally, the conversion value decreases as the convertible security approaches maturity. Where no market exists for a convertible security and/or the underlying common stock, such investments may be difficult to value. A public convertible security generally will sell at a premium over its conversion value by the extent to which investors place value on the right to acquire the underlying common stock while holding a fixed-income security.

A convertible security may in some cases be subject to redemption at the option of the issuer at a price established in the convertible security's governing instrument. If a convertible security is called for redemption, the holder will generally have a choice of tendering the security for redemption, converting it into common stock prior to redemption, or selling it to a third party. Any of these actions could have a material adverse effect and result in losses to the Fund.

**Derivative Instruments**

Although not a principal investment strategy, the Fund, the Portfolio Funds or other investments may use financial instruments known as derivatives. A derivative is generally defined as an instrument whose value is derived from, or based upon, some underlying index, reference rate (such as interest rates or currency exchange rates), security, commodity or other asset. Following are descriptions of certain derivatives that the Portfolio Funds and other investments may use. The same descriptions apply to the Fund, mutatis mutandis, to the extent that it engages in derivatives transactions. The use of derivatives is also subject to operational and legal risks. Operational risks generally refer to risks related to potential operational issues, including documentation issues, settlement issues, system failures, inadequate controls, and human error. Legal risks generally refer to risks of loss resulting from insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract. Certain risks associated with derivatives are described under "*INVESTMENT RELATED RISKS—Derivative Instruments*" in the Prospectus.

*Options and Futures*

A Portfolio Fund and certain other investments may utilize options contracts, futures contracts, and options on futures contracts. Each also may use so-called "synthetic" options or other derivative instruments written by broker-dealers or other financial intermediaries. Options transactions may be effected on securities exchanges or in the over-the-counter market. When options are purchased over-the-counter, the purchaser of the option bears the risk that the counterparty that wrote the option will be unable or unwilling to perform its obligations under the option contract. Such options may also be illiquid, and, in such cases, a Portfolio Fund or other investment may have difficulty closing out its position. Over-the-counter options purchased and sold by the Portfolio Fund or other investment also may include options on baskets of specific securities.

A Portfolio Fund and certain other investments may purchase call and put options on specific securities or currencies and may write and sell covered or uncovered call and put options for hedging purposes and non-hedging purposes to pursue an investment objective. A put option gives the purchaser of the option the right to sell, and obligates the writer to buy, the underlying security at a stated exercise price at any time prior to the expiration of the option. A call option gives the purchaser of the option the right to buy, and obligates the writer to sell, the underlying security at a stated exercise price at any time prior to the expiration of the option.

A covered call option is a call option with respect to which a Portfolio Fund or other investment owns the underlying security. The sale of such an option exposes the Portfolio Fund or other investment, during the term of the option, to possible loss of opportunity to realize appreciation in the market price of the underlying security and to the possibility that it might hold the underlying security in order to protect against depreciation in the market price of the security during a period when it might have otherwise sold the security. The seller of a covered call option assumes the risk of a decline in the market price of the underlying security below the purchase price of the underlying security less the premium received and gives up the opportunity for gain on the underlying security above the exercise price of the option. The seller of an uncovered call option assumes the risk of a theoretically unlimited increase in the market price of the underlying security above the exercise price of the option.

A covered put option is a put option with respect to which the seller has a short position in the underlying security. The seller of a covered put option assumes the risk of an increase in the market price of the underlying security above the sales price (in establishing the short position) of the underlying security plus the premium received and gives up the opportunity for gain on the underlying security below the exercise price of the option. If the seller of the put option owns a put option covering an equivalent number of shares with an exercise price equal to or greater than the exercise price of the put written, the position is "fully hedged" if the option owned expires at the same time or later than the option written. The seller of an uncovered put option assumes the risk of a decline in the market price of the underlying security below the exercise price of the option. The seller of a put option may also be required to place cash or liquid securities in a segregated account to ensure compliance with its obligation to purchase the underlying security. The sale of such an option exposes the Portfolio Fund or other investment during the term of the option to a decline in price of the underlying security while depriving the Portfolio Fund or other investment of the opportunity to invest the segregated assets.

A Portfolio Fund or other investment may close out a position when writing options by purchasing an option on the same security with the same exercise price and expiration date as the option that it has previously written on the security. The Portfolio Fund or other investment will realize a profit or loss if the amount paid to purchase an option is less or more, as the case may be, than the amount received from the sale thereof. To close out a position as a purchaser of an option, the Portfolio Fund or other investment would generally make a similar "closing sale transaction," which involves liquidating its position by selling the option previously purchased. However, if deemed advantageous, the Portfolio Fund or other investment would be entitled to exercise the option.

A Portfolio Fund and certain other investments may enter into stock futures contracts, interest rate futures contracts, and currency futures contracts in U.S. domestic markets or on exchanges located outside the United States. Foreign markets may offer advantages such as trading opportunities or arbitrage possibilities not available in the United States. Foreign markets, however, may have greater risk potential than domestic markets. For example, some foreign exchanges are principal markets so that no common clearing facility exists, and an investor may look only to the broker for performance of the contract. Transactions on foreign exchanges may include both commodities that are traded on domestic exchanges and those that are not. Unlike trading on domestic commodity exchanges, trading on foreign commodity exchanges is not regulated by the U.S. Commodity Futures Trading Commission (the "CFTC"). Therefore, the CFTC does not have the power to compel enforcement of the rules of the foreign exchange or the laws of the foreign country. Moreover, such laws or regulations will vary depending on the foreign country in which the transaction occurs. For these reasons, the Portfolio Funds and other investments may not be afforded certain of the protections that apply to domestic transactions, including the right to use domestic alternative dispute resolution procedures. In particular, funds received from customers to margin foreign futures transactions may not be provided the same protections as funds received to margin futures transactions on domestic exchanges. In addition, the price of any foreign futures or option contract and, therefore, the potential profit and loss resulting from that contract, may be affected by any fluctuation in the foreign exchange rate between the time the order is placed and the foreign futures contract is liquidated or the foreign option contract is liquidated or exercised.

In addition to futures contracts traded on U.S. domestic markets or exchanges that are regulated by the CFTC or on foreign exchanges, Portfolio Funds and certain other investments may also trade certain futures either over-the-counter or on trading facilities such as derivatives transaction execution facilities, exempt boards of trade or electronic trading facilities that are licensed and/or regulated to varying degrees by the CFTC. In addition, certain single stock futures and narrow-based security index futures may be traded over-the-counter or on trading facilities such as contract markets, derivatives transaction execution facilities and electronic trading facilities that are licensed and/or regulated to varying degrees by both the CFTC and the SEC or on foreign exchanges.

Trading in futures involves risk of loss to a Portfolio Fund or other investment that could materially adversely affect the net asset value of the Fund. No assurance can be given that a liquid market will exist for any particular futures contract at any particular time. Many futures exchanges and boards of trade limit the amount of fluctuation permitted in futures contract prices during a single trading day by regulations referred to as "daily price fluctuation limits" or "daily limits." Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit or trading may be suspended for specified periods during the trading day. Futures contract prices could move to the limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and potentially subjecting the Portfolio Fund or other investment to substantial losses, which may result in losses to the Fund. In addition, the CFTC and various exchanges impose speculative position limits on the number of positions that each Portfolio Fund or other investment may indirectly hold or control in certain particular futures or options contracts. Many of the major U.S. exchanges have eliminated speculative position limits and have substituted position accountability rules that would permit the Portfolio Funds or other investments to trade without restriction as long as such Portfolio Funds and other investments can demonstrate the positions acquired were not acquired for the purpose of manipulating the market.

Successful use of futures by a Portfolio Fund or other investment depends on the ability to correctly predict movements in the direction of the relevant market, and, to the extent the transaction is entered into for hedging purposes, to ascertain the appropriate correlation between the transaction being hedged and the price movements of the futures contract.

The prices of all derivative instruments, including futures and options prices, are highly volatile. Price movements of forward contracts, futures contracts, and other derivative contracts in which a Portfolio Fund or other investment may invest are influenced by, among other things: interest rates; changing supply and demand relationships; trade, fiscal, monetary, and exchange control programs and policies of governments; and national and international political and economic events and policies. In addition, governments from time to time intervene, directly and by regulation, in certain markets, particularly those currencies and interest rate-related futures and options. Such intervention often is intended directly to influence prices and may, together with other factors, cause all of such markets to move rapidly in the same direction because of, among other things, interest rate fluctuations. Portfolio Funds and other investments are also subject to the risk of the failure of any of the exchanges on which their positions trade or of their clearinghouses.

A stock index future obligates a Portfolio Fund or other investment to pay, or entitles it to receive, an amount of cash equal to a fixed dollar amount specified in the futures contract multiplied by the difference between the settlement price of the contract on the contract's last trading day and the value of the index based on the stock prices of the securities that comprise it at the opening of trading in such securities on the next business day. An interest rate future obligates a Portfolio Fund or other investment to purchase or sell an amount of a specific debt security at a future date at a specific price. A currency future obligates a Portfolio Fund or other investment to purchase or sell an amount of a specific currency at a future date at a specific price.

*Call and Put Options on Securities Indexes*

A Portfolio Fund and certain other investments may purchase and sell call and put options on stock indexes listed on national securities exchanges or traded in the over-the-counter market for hedging and non-hedging purposes to pursue its investment objectives. A stock index fluctuates with changes in the market values of the stocks included in the index. Accordingly, successful use of options on stock indexes will be subject to the ability to correctly predict movements in the direction of the stock market generally or of a particular industry or market segment. This requires different skills and techniques than predicting changes in the price of individual stocks.

*Yield Curve Options*

A Portfolio Fund and certain other investments may enter into options on the yield "spread" or differential between two securities. Such transactions are referred to as "yield curve" options. In contrast to other types of options, a yield curve option is based on the difference between the yields of designated securities, rather than the prices of the individual securities, and is settled through cash payments. Accordingly, a yield curve option is profitable to the holder if this differential widens (in the case of a call) or narrows (in the case of a put), regardless of whether the yields of the underlying securities increase or decrease. The trading of yield curve options is subject to all of the risks associated with the trading of other types of options. In addition, such options present a risk of loss even if the yield of one of the underlying securities remains constant, or if the spread moves in a direction or to an extent which was not anticipated.

 

*Rights and Warrants*

A Portfolio Fund and certain other investments may invest in rights and warrants. Rights (sometimes referred to as "subscription rights") and warrants may be purchased separately or may be received as part of a distribution in respect of, or may be attached to, other securities that a Portfolio Fund or other investment has purchased. Rights and warrants are securities that give the holder the right, but not the obligation, to purchase equity securities of the company issuing the rights or warrants, or a related company, at a fixed price either on a date certain or during a set period. Typically, rights have a relatively short term (e.g., two to four weeks), whereas warrants can have much longer terms. At the time of issue, the cost of a right or warrant is substantially less than the cost of the underlying security itself.

Particularly in the case of warrants, price movements in the underlying security are generally magnified in the price movements of the warrant. This effect would enable a Portfolio Fund or other investment to gain exposure to the underlying security with a relatively low capital investment but increases the risk in the event of a decline in the value of the underlying security and can result in a complete loss of the amount invested in the warrant. In addition, the price of a warrant tends to be more volatile than, and may not correlate exactly to, the price of the underlying security. If the market price of the underlying security is below the exercise price of the warrant on its expiration date, the warrant will generally expire without value. The equity security underlying a warrant is authorized at the time the warrant is issued or is issued together with the warrant, which may result in losses to the Fund. Investing in warrants can provide a greater potential for profit or loss than an equivalent investment in the underlying security, and, thus, can be a speculative investment. The value of a warrant may decline because of a decline in the value of the underlying security, the passage of time, changes in interest rates or in the dividend or other policies of the company whose equity underlies the warrant or a change in the perception as to the future price of the underlying security, or any combination thereof. Warrants and rights do not carry with them the right to dividends or voting rights with respect to the securities that they entitle the holder to purchase, and they do not represent any rights in the assets of the issuer.

**Swaps**

A Portfolio Fund and certain other investments may enter into equity, interest rate, index, currency rate, total return and/or other types of swap agreements. These transactions are entered into in an attempt to obtain a particular return when it is considered desirable to do so, possibly at a lower cost than if a Portfolio Fund or other investment had invested directly in the asset that yielded the desired return. Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than a year. In a standard swap transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, which may be adjusted for an interest factor. The gross returns to be exchanged or "swapped" between the parties are generally calculated with respect to a "notional amount" (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a "basket" of securities representing a particular index).

*Interest Rate, Mortgage and Credit Swaps*

A Portfolio Fund and certain other investments may enter into interest rate swaps. Forms of swap agreements include interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent interest rates exceed a specified rate or "cap"; interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent interest rates fall below a specified level or "floor"; and interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. Mortgage swaps are similar to interest rate swaps in that they represent commitments to pay and receive interest. The notional principal amount, however, is tied to a reference pool or pools of mortgages. Credit swaps involve the receipt of floating or fixed note payments in exchange for assuming potential credit losses on an underlying security. Credit swaps give one party to a transaction the right to dispose of or acquire an asset (or group of assets), or the right to receive a payment from the other party, upon the occurrence of specified credit events.

*Equity Index Swaps*

A Portfolio Fund and certain other investments may enter into equity index swaps. Equity index swaps involve the exchange by a Portfolio Fund or other investment with another party of cash flows based upon the performance of an index or a portion of an index of securities that usually includes dividends. A Portfolio Fund or other investment may purchase cash-settled options on equity index swaps. A cash-settled option on a swap gives the purchaser the right, but not the obligation, in return for the premium paid, to receive an amount of cash equal to the value of the underlying swap as of the exercise date. These options typically are purchased in privately negotiated transactions from financial institutions, including securities brokerage firms.

*Currency Swaps*

A Portfolio Fund and certain other investments may enter into currency swaps for both hedging and non-hedging purposes. Currency swaps involve the exchange of rights to make or receive payments in specified foreign currencies. Currency swaps usually involve the delivery of the entire principal value of one designated currency in exchange for another designated currency. Therefore, the entire principal value of a currency swap is subject to the risk that the other party to the swap will default on its contractual delivery obligations. The use of currency swaps is a highly specialized activity that involves special investment techniques and risks. Incorrect forecasts of market values and currency exchange rates can materially adversely affect the performance of a Portfolio Fund or other investment. If there is a default by the other party to such a transaction, the Portfolio Fund and other investment will have contractual remedies pursuant to the agreements related to the transaction.

*Total Return Swaps*

A Portfolio Fund and certain other investments may enter into total return swaps. In a total return swap, one party pays a rate of interest in exchange for the total rate of return on another investment. For example, if a Portfolio Fund or other investment wished to invest in a senior loan, it could instead enter into a total return swap and receive the total return of the senior loan, less the "funding cost," which would be a floating interest rate payment to the counterparty.

*Swaptions*

A Portfolio Fund and certain other investments may also purchase and write (sell) options contracts on swaps, commonly referred to as "swaptions." A swaption is an option to enter into a swap agreement. Like other types of options, the buyer of a swaption pays a non-refundable premium for the option and obtains the right, but not the obligation, to enter into an underlying swap on agreed-upon terms. The seller of a swaption, in exchange for the premium, becomes obligated (if the option is exercised) to enter into an underlying swap on agreed-upon terms.

Certain swap agreements into which a Portfolio Fund or other investment enters may require the calculation of the obligations of the parties to the agreements on a "net basis." Consequently, the current obligations (or rights) of a Portfolio Fund or other investment under such swap agreements generally will be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the "net amount"). The risk of loss with respect to swaps consists of the net amount of the payments that the Portfolio Fund or other investment is contractually obligated to make. If the other party to a swap defaults, the Portfolio Fund's or other investments' risk of loss consists of the net amount of the payments that they contractually are entitled to receive.

**Defaulted Debt Securities**

The Fund Investments may include low grade or unrated debt securities ("high yield" or "junk" bonds or leveraged loans) or investments in securities of distressed companies. Such investments involve substantial, highly significant risks. For example, high yield bonds are regarded as being predominantly speculative as to the issuer's ability to make payments of principal and interest. Issuers of high yield debt may be highly leveraged and may not have available to them more traditional methods of financing. Therefore, the risks associated with acquiring the securities of such issuers generally are greater than is the case with higher rated securities. In addition, the risk of loss due to default by the issuer is significantly greater for the holders of high yield bonds because such securities may be unsecured and may be subordinated to other creditors of the issuer.

**Distressed Securities**

The Fund, a Portfolio Fund and certain other investments may invest in debt or equity securities of domestic and foreign issuers in weak financial condition, experiencing poor operating results, having substantial capital needs or negative net worth, facing special competitive or product obsolescence problems, or that are involved in bankruptcy or reorganization proceedings. Investments of this type may involve substantial financial and business risks that can result in substantial or at times even total losses. Among the risks inherent in investments in troubled entities is the fact that it frequently may be difficult to obtain information as to the true condition of such issuers. Such investments also may be adversely affected by state and federal laws relating to, among other things, fraudulent transfers and other voidable transfers or payments, lender liability, and a bankruptcy court's power to disallow, reduce, subordinate, or disenfranchise particular claims. The market prices of such securities are also subject to abrupt and erratic market movements and above-average price volatility, and the spread between the bid and ask prices of such securities may be greater than those prevailing in other securities markets. It may take a number of years for the market price of such securities to reflect their intrinsic value. In liquidation (both in and out of bankruptcy) and other forms of corporate reorganization, there exists the risk that the reorganization either will be unsuccessful (due to, for example, failure to obtain requisite approvals), will be delayed (for example, until various liabilities, actual or contingent, have been satisfied), or will result in a distribution of cash or a new security the value of which will be less than the purchase price to the Portfolio Fund or other investment of the security in respect to which such distribution was made.

**Bankruptcy in Non-U.S. Jurisdictions**

Investments by the Fund and/or the Fund Investments in non-U.S. jurisdictions may be involved in restructurings, bankruptcy proceedings and/or reorganizations that are not subject to laws and regulations that are similar to the U.S. Bankruptcy Code and the rights of creditors afforded in U.S. jurisdictions. To the extent such non-U.S. laws and regulations do not provide U.S.-equivalent rights and privileges necessary to promote and protect its interest in any such proceeding, the Fund and/or the Fund Investments may be adversely affected. For example, bankruptcy law and process in a non-U.S. jurisdiction may differ substantially from that in the United States, resulting in greater uncertainty as to the rights of creditors, the enforceability of such rights, reorganization timing and the classification, seniority and treatment of claims. In certain developing countries, although bankruptcy laws have been enacted, the process for reorganization remains highly uncertain. There can be no assurance that adverse developments with respect to such risks will not adversely affect the assets of the Fund or any of the Fund Investments that are held in certain countries. In addition, certain of the aforementioned risks may be increased with respect to any investments in developing and emerging markets.

**Mezzanine Investments**

The Fund may invest in mezzanine debt instruments, which are expected to be unsecured and made in companies with capital structures having significant indebtedness ranking ahead of the investments, all or a significant portion of which may be secured. While the investments may benefit from the same or similar financial and other covenants as those applicable to the indebtedness ranking ahead of the investments and may benefit from cross-default provisions and security over the company's assets, some or all of such terms may not be part of particular investments and the mezzanine debt will be subordinated in recovery to senior classes of debt in the event of a default. Mezzanine investments generally are subject to various risks, including: (i) a subsequent characterization of an investment as a "fraudulent conveyance;" (ii) the recovery as a "preference" of liens perfected or payments made on account of a debt in the 90 days before a bankruptcy filing; (iii) equitable subordination claims by other creditors; (iv) so-called "lender liability" claims by the issuer of the obligations; and (v) environmental liabilities that may arise with respect to any collateral securing the obligations.

**Prepayment**

The Fund is subject to the risk that the investments it makes in Portfolio Companies and in other investments may be repaid prior to maturity (e.g., "prepayment risk"). When this occurs, the Fund will generally reinvest these proceeds in Temporary Investments, pending its future investment in new Portfolio Companies or other investments. These Temporary Investments will typically have substantially lower yields than the debt being prepaid and the Fund could experience significant delays in reinvesting these amounts. Any future investment in a new Portfolio Company or other investment may also be at lower yields than the debt that was repaid. As a result, the Fund's results of operations could be materially adversely affected if one or more of the Fund's Portfolio Companies or other investments elect to prepay amounts owed to the Fund. Additionally, prepayments, net of prepayment fees, could negatively impact the Fund's return on equity.

**Money Market Funds**

The Fund may invest in underlying money market funds that either seek to maintain a stable $1 NAV ("stable NAV money market funds") or that have a share price that fluctuates ("variable NAV money market funds"). Although an underlying stable NAV money market fund seeks to maintain a stable $1 NAV, it is possible for the Fund to lose money by investing in such a money market fund. Because the share price of an underlying variable NAV money market fund will fluctuate, when the Fund sells the shares it owns they may be worth more or less than what the Fund originally paid for them. In addition, neither type of money market fund is designed to offer capital appreciation. Certain underlying money market funds may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares if such fund's liquidity falls below required minimums.

**U.S. Government Securities** 

U.S. Government debt securities historically have not involved the level of credit risks associated with investments in other types of debt securities, although, as a result, the yields available from U.S. Government debt securities are generally lower than the yields available from other securities. However, in 2011 S&P downgraded its rating of U.S. Government debt, suggesting an increased credit risk. Shortly thereafter, S&P also downgraded the long-term credit ratings of U.S. Government-sponsored enterprises. Further downgrades could have an adverse impact on the price and volatility of U.S. Government debt instruments. Like other debt securities, the values of U.S. Government debt securities change as interest rates fluctuate. Fluctuations in the value of portfolio securities will not affect interest income on existing portfolio securities but will be reflected in the Fund's NAV. Since the magnitude of these fluctuations will generally be greater at times when the Fund's average maturity is longer, under certain market conditions the Fund may, for temporary defensive purposes, accept lower current income from short-term investments rather than investing in higher yielding long-term securities. In addition, economic events within and outside of the United States may negatively affect the value of U.S. Government debt securities.

**SOFR RISK**

SOFR is intended to be a broad measure of the cost of borrowing funds overnight in transactions that are collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level repo data collected from various sources. For each trading day, SOFR is calculated as a volume-weighted median rate derived from such data. SOFR is calculated and published by the Federal Reserve Bank of New York ("FRBNY"). If data from a given source required by the FRBNY to calculate SOFR is unavailable for any day, then the most recently available data for that segment will be used, with certain adjustments. If errors are discovered in the transaction data or the calculations underlying SOFR after its initial publication on a given day, SOFR may be republished at a later time that day. Rate revisions will be effected only on the day of initial publication and will be republished only if the change in the rate exceeds one basis point.

Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from LIBOR. LIBOR is intended to be an unsecured rate that represents interbank funding costs for different short-term maturities or tenors. It is a forward-looking rate reflecting expectations regarding interest rates for the applicable tenor. Thus, LIBOR is intended to be sensitive, in certain respects, to bank credit risk and to term interest rate risk. In contrast, SOFR is a secured overnight rate reflecting the credit of U.S. Treasury securities as collateral. Thus, it is largely insensitive to credit-risk considerations and to short-term interest rate risks. SOFR is a transaction-based rate, and it has been more volatile than other benchmark or market rates, such as three-month LIBOR, during certain periods. For these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR, will perform in the same or similar way as LIBOR would have performed at any time, and there is no assurance that SOFR-based rates will be a suitable substitute for LIBOR. SOFR has a limited history, having been first published in April 2018. The future performance of SOFR, and SOFR-based reference rates, cannot be predicted based on SOFR's history or otherwise. Levels of SOFR in the future, including following the discontinuation of LIBOR, may bear little or no relation to historical levels of SOFR, LIBOR or other rates.

**Additional Method of Investing in a Portfolio Fund**

The Fund will typically invest directly in a Portfolio Fund by purchasing an interest in such Portfolio Fund. There may be situations, however, where a Portfolio Fund is not open or available for direct investment by the Fund or where the Adviser elects for other reasons to invest indirectly in a Portfolio Fund (including, without limitation, restrictions of the Investment Company Act). On occasions where the Adviser determines that an indirect investment is the most effective or efficient means of gaining exposure to a Portfolio Fund, the Fund may invest in a Portfolio Fund indirectly, such as by purchasing a structured note or entering into a swap or other contract paying a return tied to the return of a Portfolio Fund. In the case of a structured note or a swap, a counterparty would agree to pay to the Fund a return based on the return of the Portfolio Fund, in exchange for consideration paid by the Fund equivalent to the cost of purchasing an ownership interest in the Portfolio Fund. Indirect investment through a swap or similar contract in a Portfolio Fund carries with it the credit risk associated with the counterparty. Indirect investments will generally be subject to transaction and other fees, which will reduce the value of the Fund's investment. There can be no assurance that the Fund's indirect investment in a Portfolio Fund will have the same or similar results as a direct investment in the Portfolio Fund, and the Fund's value may decrease as a result of such indirect investment. When the Fund makes an indirect investment in a Portfolio Fund by investing in a structured note, swap, or other contract intended to pay a return equal to the total return of such Portfolio Fund, such investment by the Fund may be subject to additional regulations.

**Cybersecurity Risk**

The Fund and its service providers may be prone to operational and information security risks resulting from breaches in cybersecurity. A breach in cybersecurity refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption, or lose operational capacity. Breaches in cybersecurity include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized release of confidential information or various other forms of cyber-attacks. The use of artificial intelligence and machine learning could exacerbate these risks or result in cybersecurity incidents that implicate personal data. Cybersecurity breaches affecting the Fund, the Adviser, financial intermediaries and other third-party service providers may adversely impact the Fund. For instance, cybersecurity breaches may interfere with the processing of Shareholder transactions, impact the Fund's ability to calculate its net asset value, cause the release of private Shareholder information or confidential business information, impede investment activities, subject the Fund to regulatory fines or financial losses and/or cause reputational damage. The Fund may also incur additional costs for cybersecurity risk management purposes. Similar types of cybersecurity risks are also present for the issuers of securities in which the Fund may invest, which could result in material adverse consequences for such issuers and may cause the Fund to lose value. The Fund and the Adviser have limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. While a Fund's service providers have established business continuity plans in the event of, and risk management systems to prevent, such cyber incidents, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. Furthermore, a Fund cannot control the cybersecurity plans and systems put in place by its service providers or any other third parties whose operations may affect a Fund or its shareholders.

**BOARD OF TRUSTEES AND OFFICERS**

The business operations of the Fund are managed and supervised under the direction of the Board, subject to the laws of the State of Delaware and the Fund's agreement and declaration of trust ("Declaration of Trust"). The Board has overall responsibility for the management and supervision of the business affairs of the Fund on behalf of its Shareholders, including the authority to establish policies regarding the management, conduct and operation of its business. The Board exercises the same powers, authority and responsibilities on behalf of the Fund as are customarily exercised by the board of directors of a registered investment company organized as a corporation. The officers of the Fund conduct and supervise the daily business operations of the Fund.

The trustees of the Board (each, a "Trustee") are not required to contribute to the capital of the Fund or to hold interests therein. A majority of Trustees of the Board are not "interested persons" (as defined in the Investment Company Act) of the Fund (collectively, the "Independent Trustees").

The identity of Trustees of the Board and officers of the Fund, and their brief biographical information, including their addresses, their year of birth and descriptions of their principal occupations during the past five years is set forth below.

The Trustees serve an indefinite term, until his successor is elected. A Trustee's position in that capacity will terminate if the Trustee is removed or resigns or, among other events, upon the Trustee's death, incapacity, retirement or bankruptcy. A Trustee may resign upon written notice to the other Trustees of the Fund, and may be removed either by (i) the vote of at least two-thirds of the Trustees of the Fund not subject to the removal vote or (ii) the vote of Shareholders holding not less than two-thirds of the total number of votes eligible to be cast by all Shareholders of the Fund. In the event of any vacancy in the position of a Trustee, the remaining Trustees of the Fund may appoint an individual to serve as a Trustee so long as immediately after the appointment at least two-thirds of the Trustees of the Fund then serving have been elected by the Shareholders of the Fund. The Board may call a meeting of the Shareholders to fill any vacancy in the position of a Trustee of the Fund, and must do so if the Trustees who were elected by the Shareholders cease to constitute a majority of the Trustees then serving on the Board.

The Board believes that each of the Trustees' experience, qualifications, attributes and skills on an individual basis and in combination with those of the other Trustees lead to the conclusion that each Trustee should serve in such capacity. Among the attributes common to all Trustees is the ability to review critically, evaluate, question and discuss information provided to them, to interact effectively with the other Trustees, the Adviser, other service providers, counsel and the independent registered public accounting firm, and to exercise effective business judgment in the performance of their duties as Trustees. A Trustee's ability to perform his or her duties effectively may have been attained through the Trustee's business, consulting, and public service work; experience as a board member of non-profit entities or other organizations; education or professional training; and/or other life experiences. In addition to these shared characteristics, set forth below is a brief discussion of the specific experience, qualifications, attributes or skills of each Trustee. Specific details regarding each Trustee's principal occupations during the past five years are included in the tables below. See "Board of Trustees and Officers—Independent Trustees" and "Board of Trustees and Officers—Interested Trustees and Officers."

**INDEPENDENT TRUSTEES**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME,** <br> **ADDRESS**<br> **AND**<br> **YEAR OF**<br> **BIRTH\*\*\*** | **POSITION(S)**<br> **WITH THE**<br> **FUND** | **LENGTH**<br> **OF TIME**<br> **SERVED\*** | **PRINCIPAL** <br> **OCCUPATION(S)**<br> **DURING PAST 5**<br> **YEARS** | **PORTFOLIOS** <br> **IN FUND**<br> **COMPLEX**<br> **OVERSEEN**<br> **BY TRUSTEE** | **OTHER** <br> **DIRECTORSHIPS\*\***<br> **HELD BY**<br> **TRUSTEE** |
| Kent Misener,<br> 1952 | Trustee | Since Inception | Chief Portfolio Manager (since 2015) at Able and Strong Advisors, Inc. (investment advisory firm). | 1 | Longleaf Partners Funds Trust (4 portfolios) (registered investment company); Director, Thunder Biotech, Inc.; Trustee Keystone Private Income Fund (registered investment company) |
| Taylor Nadauld,<br> 1978 | Chairman and Trustee | Since Inception | Professor of Finance (since 2009) at Brigham Young University. | 1 |  |
| Bruce Cundick,<br> 1949 | Trustee | Since May 2022 | Senior Advisor (since 2023) at PEO Partners (private equity liquid alternatives firm); Chief Investment Officer (since 2003-2022) at Utah Retirement Systems. | 1 | Non-voting Trustee, Emeritus Standards Board for Alternative Investments |

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\* Each Trustee serves an indefinite term, until his successor is elected.

\*\* Includes any company with a class of securities registered pursuant to Section 12 of the Exchange Act of 1934, as amended (the "Exchange Act"), or subject to the requirements of Section 15(d) of the Exchange Act or any company registered under the Investment Company Act.

\*\*\* The business address for each Trustee is 9 Old Kings Highway South, Darien, Connecticut 06820.

\*\*\*\* The complex consists of the Fund.

**INTERESTED TRUSTEE** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS** <br> **AND YEAR**<br> **OF BIRTH\*\*\*\*** | **POSITION(S)** <br> **WITH THE**<br> **FUND** | **LENGTH**<br> **OF TIME SERVED\*** | **PRINCIPAL** <br> **OCCUPATION(S)**<br> **DURING PAST 5**<br> **YEARS**  | **PORTFOLIOS**<br> **IN FUND**<br> **COMPLEX**<br> **OVERSEEN**<br> **BY TRUSTEE\*\*\*\*\***  | **OTHER**<br> **DIRECTORSHIPS\*\***<br> **HELD BY**<br> **TRUSTEE**  |
| Brooks<br> Lindberg\*\*\*,<br> 1972<br>| Trustee | Since Inception | Managing Director (since 2020) at Portfolio Advisors, LLC; Private investor (2016-2020). | 1 | N/A |

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\* Mr. Lindberg serves an indefinite term, until his successor is elected.

\*\* Includes any company with a class of securities registered pursuant to Section 12 of the Exchange Act or subject to the requirements of Section 15(d) of the Exchange Act or any company registered under the Investment Company Act.

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| | |
|:---|:---|
| \*\*\* | Mr. Lindberg is an "interested person" (as that term is defined in the Investment Company Act) because of his affiliations with the Adviser. |
| \*\*\*\* | The business address for Mr. Lindberg is 9 Old Kings Highway South, Darien, Connecticut 06820. |
| \*\*\*\*\* | The complex consists of the Fund. |

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**OFFICERS**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS** <br> **AND YEAR**<br> **OF BIRTH\*\*\*** | **POSITION(S)** <br> **WITH THE**<br> **FUND** | **LENGTH**<br> **OF TIME SERVED\*** | **PRINCIPAL** <br> **OCCUPATION(S)**<br> **DURING PAST 5**<br> **YEARS**  | **PORTFOLIOS**<br> **IN FUND**<br> **COMPLEX**<br> **OVERSEEN**<br> **BY TRUSTEE\*\*\*\*** | **OTHER**<br> **DIRECTORSHIPS\*\***<br> **HELD BY**<br> **TRUSTEE**  |
| Scott Higbee,<br> 1973 | President | Since Inception | Managing Director (since 2020) at Portfolio Advisors, LLC; Senior Managing Director (2015-2020) at Goldpoint Partners (private equity firm). | N/A | N/A |
| Daniel Iamiceli,<br> 1970 | Treasurer | Since Inception | Chief Financial Officer-Funds (since 2017) at Portfolio Advisors, LLC | N/A | N/A |
| Daniel Dwyer,<br> 1970 | Secretary | Since Inception | Chief Compliance Officer (since 2013) at Portfolio Advisors, LLC. | N/A | N/A |
| Theodore J. Uhl<br> 1974 | Chief Compliance Officer | Since October 2023 | Vice President/Fund Chief Compliance Officer at SS&C Registered Fund Services (since 2010) | N/A | N/A |

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\* Each Trustee serves an indefinite term, until his successor is elected.

\*\* Includes any company with a class of securities registered pursuant to Section 12 of the Exchange Act or subject to the requirements of Section 15(d) of the Exchange Act or any company registered under the Investment Company Act.

\*\*\* The business address for each Trustee and officer is 9 Old Kings Highway South, Darien, Connecticut 06820.

\*\*\*\* The complex consists of the Fund.

**Leadership Structure and Oversight Responsibilities**

Overall responsibility for oversight of the Fund rests with the Board. The Fund has engaged the Adviser to manage the Fund on a day-to-day basis. The Board is responsible for overseeing the Adviser and other service providers in the operations of the Fund in accordance with the provisions of the Investment Company Act, applicable provisions of state and other laws and the Declaration of Trust. The Board is currently composed of four members, three of whom are Independent Trustees. The Board will meet at regularly scheduled meetings four times each year. In addition, the Board may hold special in-person or telephonic meetings or informal conference calls to discuss specific matters that may arise or require action between regular meetings. The Independent Trustees have also engaged independent legal counsel to assist them in performing their oversight responsibility. The Independent Trustees meet with their independent legal counsel in-person prior to and during each quarterly in-person board meeting. As described below, the Board has established an audit committee (the "Audit Committee"), and a nominating committee (the "Nominating Committee"), and may establish ad hoc committees or working groups from time to time to assist the Board in fulfilling its oversight responsibilities.

The Board has appointed Taylor Nadauld, an Independent Trustee, to serve in the role of Chairman. The Chairman's role is to preside at all meetings of the Board and to act as liaison with the Adviser, other service providers, counsel and other Trustees generally between meetings. The Chairman serves as a key point person for dealings between management and the Trustees. The Chairman may also perform such other functions as may be delegated by the Board from time to time. The Board has determined that the Board's leadership structure is appropriate because it allows the Board to exercise informed and independent judgment over matters under its purview and it allocates areas of responsibility among committees of Trustees and the full Board in a manner that enhances effective oversight.

The Fund is subject to a number of risks, including investment, compliance, operational and valuation risks, among others. Risk oversight forms part of the Board's general oversight of the Fund and will be addressed as part of various Board and committee activities. Day-to-day risk management functions are subsumed within the responsibilities of the Adviser and other service providers (depending on the nature of the risk), which carry out the Fund's investment management and business affairs. The Adviser and other service providers employ a variety of processes, procedures and controls to identify various events or circumstances that give rise to risks, to lessen the probability of their occurrence and/or to mitigate the effects of such events or circumstances if they do occur. Each of the Adviser and other service providers has their own independent interests in risk management, and their policies and methods of risk management will depend on their functions and business models. The Board recognizes that it is not possible to identify all of the risks that may affect the Fund or to develop processes and controls to eliminate or mitigate their occurrence or effects. The Board requires senior officers of the Fund, including the President, Chief Financial Officer and Chief Compliance Officer, and the Adviser, to report to the full Board on a variety of matters at regular and special meetings of the Board, including matters relating to risk management. The Audit Committee receives regular reports from the Fund's independent registered public accounting firm on internal control and financial reporting matters. The Board also receives quarterly reports from the Adviser that enable the Board to oversee the Adviser as the Fund's Valuation Designee. The Board receives reports from certain of the Fund's other primary service providers on a periodic or regular basis, including the Fund's custodian and distributor. The Board may, at any time and in its discretion, change the manner in which it conducts risk oversight.

**Committees of the Board of Trustees**

*Audit Committee*

The Board has formed an Audit Committee that is responsible for overseeing the Fund's accounting and financial reporting policies and practices, its internal controls, and, as appropriate, the internal controls of certain service providers; overseeing the quality and objectivity of the Fund's financial statements and the independent audit of those financial statements; and acting as a liaison between the Fund's independent auditors and the full Board. In performing its responsibilities, the Audit Committee will select and recommend annually to the entire Board a firm of independent registered public accountants to audit the financial statements of the Fund for the ensuing year, and will review with the firm the scope and results of each audit. The Audit Committee currently consists of each of the Fund's Independent Trustees. The Audit Committee met three times during the fiscal year ended March 31, 2025.

*Nominating Committee*

The Board has formed a Nominating Committee that is responsible for selecting and nominating persons to serve as Trustees of the Fund. The Nominating Committee is responsible for both nominating candidates to be appointed by the Board to fill vacancies and for nominating candidates to be presented to Shareholders for election. In performing its responsibilities, the Nominating Committee will consider candidates recommended by management of the Fund and by Shareholders and evaluate them both in a similar manner, as long as the recommendation submitted by a Shareholder includes at a minimum: the name, address and telephone number of the recommending Shareholder and information concerning the Shareholder's interests in the Fund in sufficient detail to establish that the Shareholder held Shares on the relevant record date; and the name, address and telephone number of the recommended nominee and information concerning the recommended nominee's education, professional experience, and other information that might assist the Nominating Committee in evaluating the recommended nominee's qualifications to serve as a trustee. The Nominating Committee may solicit candidates to serve as trustees from any source it deems appropriate. With the Board's prior approval, the Nominating Committee may employ and compensate counsel, consultants or advisers to assist it in discharging its responsibilities. The Nominating Committee currently consists of each of the Fund's Independent Trustees. The Nominating Committee met twice during the fiscal year ended March 31, 2025.

**Trustee Ownership of Securities**

---

| | | |
|:---|:---|:---|
| **NAME OF TRUSTEE\*** | **DOLLAR RANGE** <br> **OF EQUITY SECURITIES IN** <br> **THE FUND** | **AGGREGATE**<br> **DOLLAR RANGE**<br> **OF EQUITY**<br> **SECURITIES IN**<br> **ALL REGISTERED**<br> **INVESTMENT**<br> **COMPANIES**<br> **OVERSEEN BY**<br> **TRUSTEE IN**<br> **FAMILY OF**<br> **INVESTMENT**<br> **COMPANIES** |
| **Independent** |  |  |
| Kent Misener |  |  |
| Taylor Nadauld |  |  |
| Bruce Cundick |  |  |
| **Interested** |  |  |
| Brooks Lindberg | Over $100,000 | Over $100,000 |

---

\* As of March 31, 2025

As of July 1, 2025, the Fund's trustees and officers as a group owned beneficially less than 1% of the outstanding shares of the Fund.

**Independent Trustee Ownership of Securities of the Adviser**

As of July 1, 2025, none of the Independent Trustees (or their immediate family members) owned securities of the Adviser, or of an entity (other than a registered investment company) controlling, controlled by or under common control with the Adviser.

**Trustee Compensation**

In consideration of the services rendered by the Independent Trustees, the Fund pays each Independent Trustee a retainer of $45,000 per year and an additional retainer of $5,000 per year for the Chair, Audit Committee Chair, and Nominating Committee Chair. Trustees that are interested persons will not be compensated by the Fund. The Trustees do not receive any pension or retirement benefits. The following table sets forth the compensation received by the Independent Trustees from the Fund for the fiscal period ended March 31, 2025:

---

| | |
|:---|:---|
| INDEPENDENT TRUSTEES | AGGREGATE COMPENSATION FROM THE FUND |
| Kent Misener | $50000 |
| Taylor Nadauld | $50000 |
| Bruce Cundkick | $50000 |

---

**CODES OF ETHICS**

The Fund and the Adviser have each adopted a code of ethics pursuant to Rule 17j-1 of the Investment Company Act, which is designed to prevent affiliated persons of the Fund and the Adviser from engaging in deceptive, manipulative, or fraudulent activities in connection with securities held or to be acquired by the Fund. The codes of ethics permit persons subject to them to invest in securities, including securities that may be held or purchased by the Fund, subject to a number of restrictions and controls. Compliance with the codes of ethics is carefully monitored and enforced.

The codes of ethics are included as exhibits to the Fund's registration statement filed with the SEC. The codes of ethics are available on the EDGAR database on the SEC's Internet site at http://www.sec.gov, and may be obtained after paying a duplicating fee, by electronic request at the following E-mail address: publicinfo@sec.gov.

**INVESTMENT MANAGEMENT AND OTHER SERVICES**

**The Adviser**

Portfolio Advisors, LLC (the "Adviser" or "Portfolio Advisors"), an investment adviser registered with the SEC under the Advisers Act, serves as the investment adviser to the Fund. Subject to the general supervision of the Board, and in accordance with the investment objective, policies, and restrictions of the Fund, the Adviser is responsible for determining and implementing the Fund's overall investment strategy. Portfolio Advisors is a subsidiary of Franklin Square Holdings, L.P. ("Future Standard"), a national sponsor of alternative investment funds designed for the individual investors. The Adviser provides such services to the Fund pursuant to the investment management agreement (the "Investment Management Agreement").

The Investment Management Agreement became effective on June 30, 2023, and continued in effect for an initial two-year period. Thereafter, the Investment Management Agreement will continue in effect from year to year provided such continuance is specifically approved at least annually by (i) the vote of a majority of the outstanding voting securities of the Fund, or a majority of the Board, and (ii) the vote of a majority of the Independent Trustees of the Fund, cast in person at a meeting called for the purpose of voting on such approval. See "*VOTING*" in the Prospectus. The Investment Management Agreement will terminate automatically if assigned (as defined in the Investment Company Act) and is terminable at any time without penalty upon 60 days' written notice to the Fund by either the Board or the Adviser. A discussion regarding the basis for the Board's approval of the Investment Management Agreement is available in the Fund's Annual Report to Shareholders, for the fiscal year ended March 31, 2023.

The Fund pays the Adviser an investment management fee (the "Investment Management Fee") in consideration of the advisory services provided by the Adviser to the Fund. Pursuant to the Investment Management Agreement, the Fund will pay an Investment Management Fee at a quarterly rate of 0.3125% (1.25% on an annualized basis), of the Fund's Managed Investments at the end of each calendar quarter. "Managed Investments" means the total value of the Fund's assets (including any assets attributable to money borrowed for investment purposes) plus any unfunded investment commitments (*i.e*., amounts committed to Fund Investments that have not yet been drawn for investment), minus the sum of the Fund's accrued liabilities (other than money borrowed for investment purposes), minus cash and cash equivalents. The Investment Management Fee is paid to the Adviser out of the Fund's assets and decreases the net profits or increases the net losses of the Fund. The Investment Management Fee is computed as of the last day of each calendar quarter and is due and payable in arrears within fifteen business days after the end of such calendar quarter. The Adviser is also reimbursed by the Fund for out-of-pocket expenses relating to services provided to the Fund.

The Investment Management Fee is paid to the Adviser before giving effect to any repurchase of Shares in the Fund effective as of that date and will decrease the net profits or increase the net losses of the Fund that are credited to its Shareholders. The basis for the Investment Management Fee could be larger than the Fund's net asset value due to unfunded commitments to invest in Fund Investments. Investors are advised that the actual amount of unfunded commitments will be disclosed in the Fund's published financial statements.

During the fiscal years ended March 31, 2025, March 31, 2024, and March 31, 2023, the Investment Management Fee paid by the Fund to the Adviser was $11,692,776, $8,652,317, and $6,431,615, respectively.

In addition, the Adviser (or, to the extent permitted by applicable law, an affiliate of the Adviser) is entitled to receive an incentive fee (the "Incentive Fee") calculated and payable quarterly in arrears equal to 10% of the excess, if any, of (i) the net profits (as defined below) of the Fund for the relevant period over (ii) the then balance, if any, of the Loss Recovery Account (as defined below). For purposes of the Incentive Fee, the term "net profits" means the amount by which the net asset value ("NAV") of the Fund on the last day of the relevant period exceeds the NAV of the Fund as of the commencement of the same period, including any net change in unrealized appreciation or depreciation of investments and realized income and gains or losses and expenses (which, for this purpose shall not include any distribution and/or Shareholder servicing fees, litigation, any extraordinary expenses or Incentive Fee and any amount contributed to or withdrawn from the Fund by Shareholders). The Fund maintains a memorandum account (the "Loss Recovery Account"), which has an initial balance of zero and (i) increases upon the close of each calendar quarter of the Fund by the amount of the net losses of the Fund for the quarter, and (ii) decreases (but not below zero) upon the close of each calendar quarter by the amount of the net profits of the Fund for the quarter. Shareholders will benefit from the Loss Recovery Account in proportion to their holdings of Shares.

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 (excluding taxes, interest, brokerage commissions, certain transaction-related expenses, extraordinary expenses, the Investment Management Fee, Incentive Fee and any acquired fund fees and expenses) do not exceed 2.00%, 1.00% and 1.25% of the average daily net assets of Class A Shares, Class I Shares and Class D Shares, respectively (the "Expense Limit"). 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 is effective until June 30, 2026. The Expense Limitation Agreement may be terminated by the Board upon thirty days' written notice to the Adviser.

During the fiscal years ended March 31, 2025, March 31, 2024, and March 31, 2023, there were no fees waived or expenses reimbursed by the Adviser.

**The Sub-Adviser** 

FS Global Advisor, LLC (the "Sub-Adviser"), an investment adviser registered with the SEC under the Advisers Act, serves as a non-discretionary sub-adviser for the Fund pursuant to an investment sub-advisory agreement with the Adviser (the "Sub-Advisory Agreement"). The Sub-Adviser has no involvement in investment decisions, any related negotiations or the finalization of any investment. All investment decisions for the Fund are made exclusively by the Adviser.

The Sub-Advisory Agreement became effective as of July 23, 2024. The Sub-Advisory Agreement will continue in effect for an initial two-year term. Thereafter, the Sub-Advisory Agreement will continue in effect from year to year provided such continuance is specifically approved at least annually by (i) the vote of a majority of the outstanding voting securities of the Fund, or a majority of the Board, and (ii) the vote of a majority of the Independent Trustees of the Fund, cast in person at a meeting called for the purpose of voting on such approval. See "*VOTING*" in the Prospectus. The Sub-Advisory Agreement will terminate automatically if assigned (as defined in the Investment Company Act) or at the termination of the Investment Management Agreement. The Sub-Advisory Agreement is terminable at any time without penalty upon 60 days' written notice to the Fund by either the Board, a majority of the Fund's outstanding voting securities, the Adviser or the Sub-Adviser.

Under the Investment Sub-Advisory Agreement, the Adviser has engaged the Sub-Adviser to assist in managing the investment and reinvestment of a portion of the assets of the Fund (the "Account") subject to a senior credit strategy, subject to the terms set forth in the Sub-Advisory Agreement and subject to the supervision of the Adviser and the Board. With respect to the Account, the Sub-Adviser will, during the term and subject to the provisions of the Sub-Advisory Agreement and the supervision of the Adviser: (i) within the parameters of the Fund's investment guidelines, advise the Adviser on the composition and allocation of the Account, the nature and timing of the changes therein and the manner of implementing such changes; (ii) advise the Adviser on the specific securities and other assets to be purchased, retained, or sold by the Fund; (iii) advise the Adviser on placing orders and arranging for any investment including identifying, evaluating and, if applicable, negotiating the structure of the investments made by the Fund; (iv) assist the Adviser in monitoring and servicing the Fund's investments; (v) perform due diligence on prospective portfolio companies for investment recommendations to the Adviser; (vi) Reserved; (vii) provide such information to the Fund and the Adviser as the Fund or the Adviser deems reasonably necessary for the Fund and the Adviser to (A) comply with the Investment Company Act of 1940, as amended (the "1940 Act") and the rules and regulations thereunder (including, but not limited to, quarterly certifications pursuant to Rule 17j-1 under the 1940 Act), and (B) maintain a current and/or effective private placement memorandum, prospectus and/or registration statement under the Securities Act and the 1940 Act that complies with the requirements of the Securities Act, the 1940 Act and/or the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated under each; (viii) assist the Adviser in maintaining books and records with respect to the Fund's securities transactions and render to the Adviser and the Board such periodic and special reports with respect thereto as they may reasonably request; (ix) report to the Adviser and to the Board and provide such information, and make appropriate persons available for the purpose of reviewing with representatives of the Adviser and the Board on a regular basis at reasonable times its activities, including without limitation, review of the investment strategies of the Account, the performance of the Account in relation to standard industry indices, stock market and interest rate considerations and general conditions affecting the marketplace, and the placement and execution of portfolio transactions and provide various other reports and information from time to time as reasonably requested by the Adviser or the Board; (x) act upon reasonable instructions from the Adviser or the Board which, in the reasonable determination of the Sub-Adviser, are not inconsistent with the Sub-Adviser's fiduciary duties under this Agreement or the Fund's investment guidelines; and (xi) provide the Adviser with such other research and related services as the Adviser may, from time to time, reasonably require for the Adviser to manage the Fund. Under the terms of Sub-Advisory Agreement, the agreement can be terminated by the Adviser, the Board, or the Sub-Adviser, provided that the conditions of such termination are met.

As compensation, the Sub-Adviser is paid a sub-advisory fee at a quarterly rate of 0.3125% (1.25% on an annualized basis) of the Account's Managed Investments at the end of each calendar quarter ("Sub-Advisory Fee"). The Sub-Advisory Fee will be payable on a quarterly basis in arrears promptly following the time that the Investment Management Fee is paid or, if deferred or waived, would have been paid, to the Adviser pursuant to the Investment Management Agreement. The Sub-Adviser is paid by the Adviser, not the Fund.

A discussion regarding the considerations of the Board for approving the Sub-Advisory Agreement is available in the Fund's Annual Report to Shareholders, for the fiscal year ended March 31, 2025.

***Other Accounts Managed by the Portfolio Managers***

The following information is as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of Other Accounts Managed and Total**<br> **Value of Assets by Account Type for Which There**<br> **is No Performance-Based Fee:** | **Number of Other Accounts Managed and Total**<br> **Value of Assets by Account Type for Which There**<br> **is No Performance-Based Fee:** | **Number of Other Accounts Managed and Total**<br> **Value of Assets by Account Type for Which There**<br> **is No Performance-Based Fee:** | **Number of Other Accounts and Total Value of Assets**<br> **for Which Advisory Fee is Performance-Based:** | **Number of Other Accounts and Total Value of Assets**<br> **for Which Advisory Fee is Performance-Based:** | **Number of Other Accounts and Total Value of Assets**<br> **for Which Advisory Fee is Performance-Based:** |
|  | **Registered<br> investment<br> companies**<br> **(in millions)** | **Other pooled<br> investment<br> vehicles**<br> **(in millions)** | **Other<br> accounts**<br> **(in millions)** | **Registered**<br> **investment**<br> **companies** | **Other pooled**<br> **investment**<br> **vehicles** | **Other**<br> **accounts** |
| Dustin Ackerman | 0 | 0 | 0 accounts, investing $0 | 0 | 0 | 0 |
| Mike Chen | 0 | 1 pooled investment <br> vehicle, investing $141 | 17 accounts, investing $22,499 | 0 | 0 | 0 |
| Gregory J. Garrett | 0 | 4 pooled investment vehicles, investing $2,956 | 17 accounts, investing $22,499 | 0 | 0 | 0 |
| Chuck Harper | 0 | 4 pooled investment vehicles, investing $1,833 | 17 accounts, investing $22,499 | 0 | 0 | 0 |
| Benjamin Hur | 0 | 2 pooled investment vehicles, investing $363 | 17 accounts, investing $22,499 | 0 | 0 | 0 |
| Geoff Kelleman | 0 | 3 pooled investment vehicles, investing $617 | 17 accounts, investing $22,499 | 0 | 0 | 0 |
| John M. Kyles | 0 | 8 pooled investment vehicles, investing $5,553 | 17 accounts, investing $22,499 | 0 | 0 | 0 |
| Brooks Lindberg | 0 | 4 pooled investment vehicles, investing $1,483 | 17 accounts, investing $22,499 | 0 | 0 | 0 |
| Justin Lux | 0 | 7 pooled investment vehicles, investing $4,443 | 17 accounts, investing $22,499 | 0 | 0 | 0 |
| Brian Mooney | 0 | 6 pooled investment vehicles, investing $4,065 | 17 accounts, investing $22,499 | 0 | 0 | 0 |
| Stephen Sloan | 0 | 8 pooled investment vehicles, investing $4,449 | 17 accounts, investing $22,499 | 0 | 0 | 0 |

---

**Conflicts of Interest**

The Portfolio Managers may manage separate accounts or other pooled investment vehicles that may have materially higher or different fee arrangements than the Fund and may also be subject to performance-based fees. The side-by-side management of these separate accounts and pooled investment vehicles may raise potential conflicts of interest relating to cross-trading and the allocation of investment opportunities. The Adviser and the Sub-Adviser have a fiduciary responsibility to manage all client accounts in a fair and equitable manner. The Adviser seeks to provide best execution of all securities transactions and to allocate investments to client accounts in a fair and reasonable manner. Each of the Adviser and the Sub-Adviser has developed policies and procedures designed to mitigate and manage the potential conflicts of interest that may arise from side-by-side management.

**Compensation of the Portfolio Managers**

As of March 31, 2025, a competitive base salary and a performance-based bonus structure are in place for all team members. Portfolio Managers, analysts, and other associates are paid a competitive base salary and discretionary bonus based on their fiduciary investment responsibilities, performance of the individual, and performance of the firm. The discretionary bonus structure gives the Adviser the ability to remain competitive under current market conditions affecting compensation across the industry. The discretionary bonus may be payable in both cash and equity. In addition, certain employees of the Adviser also receive carried interest from certain of the Adviser's clients.

**Portfolio Manager Ownership of Securities in the Fund**

The following table sets forth the dollar range of equity securities beneficially owned by each Portfolio Manager in the Fund as of March 31, 2025:

---

| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Fund Shares Beneficially Owned** |
| **Dustin Ackerman** |  |
| **Mike Chen** |  |
| **Gregory J. Garrett** |  |
| **Chuck Harper** |  |
| **Ben Hur** |  |
| **Geoff Kelleman** |  |
| **John M. Kyles** |  |
| **Brooks Lindberg** | $500001-$1000000 |
| **Brian Mooney, CFA** |  |
| **Justin Lux** |  |
| **Stephen Sloan** | Over $1,000,000 |

---

**Fund Administration**

The Fund has retained ALPS Fund Services, Inc. (the "Administrator") to provide it with certain administrative services. The Fund compensates the Administrator for these services.

The Fund has also retained the Adviser to provide administrative services necessary for the operation of the Fund (in such capacity, the "Co-Administrator") pursuant to an administration agreement between the Fund and the Adviser (the "PA Administration Agreement"). Subject to the limitations on reimbursement of the Co-Administrator as set forth in the PA Administration Agreement, the Fund, either directly or through reimbursement to the Co-Administrator and/or its affiliates, shall bear all costs and expenses of its operations and transactions, including (without limitation): expenses deemed to be "organization and offering expenses" of the Fund, which consists of costs incurred by the Co-Administrator and/or its affiliates, on behalf of the Fund for legal, accounting, printing and other offering expenses, including costs associated with technology integration between the Co-Administrator's systems and those of its distributing partners; a pro rata allocation of the portion of the salaries and direct expenses of the personnel of the Co-Administrator and/or its affiliates, employees of its affiliates and others while engaged in registering the Fund's Shares (for purposes of the PA Administration Agreement, such expenses, exclusive of commissions, the dealer manager fee, any discounts and any distribution and/or shareholder servicing fees, if any; corporate and organizational expenses relating to offerings of the Fund's Shares, subject to limitations included in the PA Administration Agreement; the cost of calculating the Fund's net asset value, including the cost of any third-party pricing or valuation services; the cost of effecting sales and repurchases of the Shares and other securities; investment advisory fees; distribution and/or shareholder servicing fees; investment-related expenses (e.g., expenses that, in the Co-Administrator's reasonable discretion, are related to the investment of the Fund's assets, whether or not such investments are consummated), including (as applicable) brokerage commissions, borrowing charges on securities sold short, clearing and settlement charges, recordkeeping, interest expenses, dividends on securities sold but not yet purchased, margin fees, investment-related travel and lodging expenses and research-related expenses and other due diligence expenses; investment-related professional fees, including expenses of consultants, investment bankers, attorneys, accountants and other experts; fees and expenses relating to software tools, programs or other technology (including risk management software, fees to risk management services providers, third-party software licensing, implementation, data management and recovery services and custom development costs) utilized by the Co-Administrator in support of the Fund; research and market data (including news and quotation equipment and services, and any computer hardware and connectivity hardware (e.g., telephone and fiber optic lines) incorporated into the cost of obtaining such research and market data; all costs and charges for equipment or services used in communicating information regarding the Fund's transactions among the Co-Administrator and any custodian or other agent engaged by the Fund; transfer agent and custodial fees; federal and any state registration or notification fees; federal, state and local taxes; the costs of preparing, printing and mailing reports and other communications, including proxy (as agreed to by the parties), repurchase offer correspondence or similar materials, to Fund shareholders; fidelity bond, trustees and officers/errors and omissions liability insurance and other insurance premiums; direct costs such as printing, mailing, long distance telephone and staff costs; legal expenses (including those expenses associated with preparing the Fund's public filings, attending and preparing for Board meetings, as applicable, and generally providing legal services to the Fund); external accounting expenses (including fees and disbursements and expenses related to the annual audit of the Fund and the preparation of the Fund's tax information); costs associated with reporting and compliance obligations under the Investment Company Act and applicable federal and state securities laws, including compliance with the Sarbanes-Oxley Act of 2002, as amended; all other expenses incurred by the Co-Administrator, the Fund, and/or their respective affiliates in connection with administering the Fund's business, including expenses incurred by the Co-Administrator and/or its affiliates in performing administrative services for the Fund and administrative personnel paid by the Co-Administrator, subject to the limitations included in the PA Administration Agreement; and any expenses incurred outside of the ordinary course of business, including, without limitation, costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or similar proceeding and indemnification expenses, including as provided for in the Fund's organizational documents.

**PORTFOLIO TRANSACTIONS AND BROKERAGE ALLOCATION**

The Adviser generally selects brokers and dealers to effect transactions on behalf of the Fund in substantially the following manner. When the Adviser is aware that portfolio securities it intends to purchase for the Fund are available from multiple sources, such as multiple alternative trading systems or placement agents, the Adviser will undertake best efforts to obtain and retain two or more, as it deems appropriate, alternative quotes for such portfolio securities and document why the Adviser selected a source for any resulting purchase.

In selecting brokers and dealers to effect transactions on behalf of the Fund, the Adviser seeks to obtain the best price and execution for the transactions, taking into account factors such as price, size of order, difficulty of execution and operational facilities of a brokerage firm and the firm's risk in positioning a block of securities. As described below, the Adviser may place orders with brokers that provide research services. Such transactions shall comply with the safe harbor (the "Safe Harbor") under Section 28(e) of the Exchange Act, with respect to the receipt of such services.

Consistent with the principle of seeking best price and execution, the Adviser may place brokerage orders with brokers that provide the Fund and the Adviser with supplemental research, market and statistical information, including advice as to the value of securities, the advisability of investing in, purchasing or selling securities, and the availability of securities or purchasers or sellers of securities, and furnishing analyses and reports concerning issuers, industries, securities, economic factors and trends, portfolio strategy and the performance of accounts.

In most instances, the Fund will purchase interests in a Portfolio Fund directly from the Portfolio Fund, and such purchases by the Fund may be, but are generally not, subject to transaction expenses. Nevertheless, the Fund anticipates that some of its portfolio transactions (including investments in Portfolio Funds by the Fund) may be subject to expenses. Given the private markets focus of a majority of the Portfolio Funds, significant brokerage commissions are not anticipated to be paid by such funds. During the fiscal years ended March 31, 2025, March 31, 2024, and March 31, 2023, brokerage commissions paid by the Fund were $868, $1,620 and $544, respectively.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM; LEGAL COUNSEL**

Cohen & Company, Ltd., located at 1835 Market St., Suite 310, Philadelphia, PA 19103, has been selected as the independent registered public accounting firm for the Fund and in such capacity will audit the Fund's annual financial statements.

Faegre Drinker Biddle & Reath LLP, One Logan Square, Suite 2000, Philadelphia, PA 19103-6996, has been selected as counsel to the Fund.

**CUSTODIAN**

UMB Bank, n.a., which has its principal office at 1010 Grand Blvd., Kansas City, MO 64106 (the "Custodian") serves as the primary custodian of the assets of the Fund, and may maintain custody of such assets with U.S. and non-U.S. sub-custodians (which may be banks, trust companies, securities depositories and clearing agencies) in accordance with the requirements of Section 17(f) of the Investment Company Act. Assets of the Fund are not held by the Adviser or commingled with the assets of other accounts other than to the extent that securities are held in the name of the Custodian or U.S. or non-U.S. sub-custodians in a securities depository, clearing agency or omnibus customer account of such custodian.

**CALCULATION OF NET ASSET VALUE**

The Fund calculates its net asset value as of the close of business on the last business day of each calendar month, each date that a Share is offered or repurchased, as of the date of any distribution and at such other times as the Board shall determine (each, a "Determination Date"). In determining its net asset value, the Fund values its investments as of the relevant Determination Date. The net asset value of the Fund equals, unless otherwise noted, the value of the total assets of the Fund, less all of its liabilities, including accrued fees and expenses, each determined as of the relevant Determination Date. The net asset values of Class A Shares, Class I Shares and Class D Shares are calculated separately based on the fees and expenses applicable to each class. It is expected that the net asset values of Class A Shares, Class I Shares and Class D Shares will vary over time due to the different fees and expenses applicable to each class.

**PROXY VOTING POLICIES AND PROCEDURES**

The Board has delegated responsibility for decisions regarding proxy voting for securities held by the Fund to the Adviser. The Adviser will vote such proxies in accordance with its proxy policies and procedures. Copies of the Adviser's proxy policies and procedures are included as Appendix A to this SAI. The Board will periodically review the Fund's proxy voting record.

The Fund is required to file Form N-PX, with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. The Fund's Form N-PX filing will be available: (i) without charge, upon request, by calling the Fund at 844-663-0164 or (ii) by visiting the SEC's website at <u>www.sec.gov</u>.

**SHAREHOLDER RIGHTS**

The Declaration of Trust provides that by virtue of becoming a Shareholder of the Fund, each Shareholder shall be held expressly to have agreed to be bound by the provisions of the Declaration of Trust. However, Shareholders should be aware that they cannot waive their rights under the federal securities laws. The Declaration of Trust provides a detailed process for bringing of derivative actions by Shareholders for claims other than federal securities law claims. This derivative actions process is intended to permit legitimate inquiries and claims while avoiding the time, expense, distraction, and other harm that can be caused to the Fund or its Shareholders as a result of spurious Shareholder demands and derivative actions. Therefore, the Declaration of Trust details conditions that must be met with respect to the demand. Prior to bringing a derivative action, a demand by the complaining Shareholder must first be made on the Trustees. Following receipt of the demand, the Trustees must be afforded a reasonable amount of time to investigate and consider the demand. The Trustees will be entitled to retain counsel or other advisors in considering the merits of the request and shall require an undertaking by the Shareholders making such request to reimburse the Fund for the expense of any such advisors in the event that the Trustees determine not to bring such action. The Fund's process for bringing derivative suits may be more restrictive than other investment companies. The process for derivative actions for the Fund also may make it more expensive for a Shareholder to bring a suit than if the Shareholder was not required to follow such a process.

**CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS** 

As of July 1, 2025, no shareholder owned of record or beneficially 5% or more of the outstanding Class A Shares of the Fund.

As of July 1, 2025, the name, address and percentage of ownership of each entity or person that owned of record or beneficially 5% or more of the outstanding Shares of the Fund were as follows:

---

| | |
|:---|:---|
| **Class D Shares** | **Class D Shares** |
| **Name & Address** | **Percentage of Fund** |
| Michael Kenefic and Bronwyn Kenefic JTWROS<br> 404 Brice Lane<br> Plymouth Meeting, Pennsylvania 19462 | 8.38% |
| Leona Shanks<br> 115 Indian Springs Dr.<br> Media, Pennsylvania 19063 | 8.16% |
| James L. Nungesser IRA<br> 1317 Vineyard HVN<br> State College, Pennsylvania 16803 | 5.69% |
| Roberta A. Parise Trust<br> 128 Turkey Run Rd., Trout, Virginia | 5.36% |

---

---

| | |
|:---|:---|
| **Class I Shares** | **Class I Shares** |
| **Name & Address** | **Percentage of Fund** |
| Utah State Retirement Investment Fund <br> 540 E. 200 South <br> Salt Lake City, UT 84102 | 45.43% |

---

**FINANCIAL STATEMENTS**

The financial statements and independent registered public accounting firm's report contained in the Fund's [Annual Report](https://www.sec.gov/Archives/edgar/data/1856156/000139834425011525/fp0093135-1_ncsr.htm) for the fiscal year ended March 31, 2025, are incorporated by reference in this SAI. No other parts of the Annual Report are incorporated by reference herein. The Fund's financial statements have been audited by Cohen & Company, Ltd., the Fund's independent registered public accounting firm. The Fund's Annual Report is available upon request, without charge, by writing to the Fund, c/o ALPS Fund Services, Inc. 1290 Broadway, Suite 1000, Denver, CO 80203, or by calling the Fund toll-free at 844-663-0164.

**ADDITIONAL INFORMATION**

A registration statement on Form N-2, including amendments thereto, relating to the Shares offered hereby, has been filed by the Fund with the SEC. The Prospectus and this SAI do not contain all of the information set forth in the registration statement, including any exhibits and schedules thereto. For further information with respect to the Fund and the Shares offered hereby, reference is made to the registration statement. A copy of the registration statement may be reviewed and copied on the EDGAR database on the SEC's website at *http://www.sec.gov*. Prospective investors can also request copies of these materials, upon payment of a duplicating fee, by electronic request at the SEC's e-mail address (<u>publicinfo@sec.gov</u>).

**APPENDIX A**

**PROXY POLICY AND PROCEDURES** 

**FS MVP Private Markets Fund (the "Fund")**

**Proxy Voting Policy and Procedures**

The Fund has adopted a Proxy Voting Policy (the "**Proxy Voting Policy**") used to determine how the Fund votes proxies relating to its portfolio securities. Under the Fund's Proxy Voting Policy, the Fund has, subject to the oversight of the Fund's Board, delegated to the Investment Adviser the following duties: (1) to make the proxy voting decisions for the Fund, subject to the exceptions described below; and (2) to assist the Fund in disclosing their respective proxy voting record as required by Rule 30b1-4 under the Investment Company Act of 1940, as amended (the "1940 Act") (the "Proxy Duties").

The Fund's CCO shall ensure that the Investment Adviser has adopted a proxy voting policy, which it uses to vote proxies for its clients, including the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **General** 

The Fund believes that the voting of proxies is an important part of portfolio management as it represents an opportunity for shareholders to make their voices heard and to influence the direction of a company. The Fund is committed to voting corporate proxies in the manner that best serves the interests of the Fund's shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Delegation to the Investment Advisers** 

The Fund believes that the Investment Adviser is in the best position to make individual voting decisions for the Fund consistent with this Policy Voting Policy. Therefore, subject to the oversight of the Board, the Investment Adviser is hereby delegated the following duties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to
make the proxy voting decisions for the Fund, in accordance with the Proxy Voting Policy of the Investment Adviser except as provided
herein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to
assist the Fund in disclosing their respective proxy voting record as required by Rule 30b1-4 under the 1940 Act, including providing
the following information for each matter with respect to which the Fund is entitled to vote: (a) information identifying the matter
voted on; (b) whether the matter was proposed by the issuer or by a security holder; (c) whether and how the Fund cast its vote; and
(d) whether the Fund cast its vote for or against management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Annually
the Investment Adviser will provide to the Board a proxy voting report showing all proxies for the year.

The Board, including a majority of the Independent Trustees of the Board, must approve each Proxy Voting and Disclosure Policy of the Investment Adviser, (the "**Investment Adviser Voting Policy**") as it relates to the Fund. The Board must also approve any material changes to the Investment Adviser Voting Policy no later than six (6) months after adoption by the Investment Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Conflicts** 

In cases where a matter with respect to which the Fund was entitled to vote presents a conflict between the interest of the Fund's shareholders, on the one hand, and those of the Investment Adviser or an affiliated person of the Fund, or its Investment Adviser, on the other hand, the Fund shall always vote in the best interest of the Fund's shareholders. For purposes of this Proxy Voting Policy a vote shall be considered in the best interest of the Fund's shareholders when a vote is cast consistent with the specific voting policy as set forth in the Investment Adviser Voting Policy, provided such specific voting policy was approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Preparation and Filing of Proxy Voting Record on Form N-PX** 

The Fund will annually file its complete proxy voting record with the SEC on Form N-PX.

The Fund's Administrator is responsible for oversight and completion of the filing of the Fund's reports on Form N-PX with the SEC. The Fund's Administrator will file Form N-PX for each twelve-month period ended June 30 and the filing for each year will be made with the SEC on or before August 31 of that year.

Adopted: 10/27/2021

**PART C:**

**OTHER INFORMATION**

**FS MVP Private Markets Fund (the "<u>Registrant</u>")**

**Item 25. Financial Statements and Exhibits**

&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) [Financial Statements: The audited financial statements of the Registrant for the fiscal year ended March 31, 2025, including the report of the Registrant's independent public accounting firm, are incorporated by reference to N-CSR (Reg. No. 811-23656) as previously filed on June 6, 2025.](https://www.sec.gov/Archives/edgar/data/1856156/000139834424011419/fp0088065-1_ncsr.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) Exhibits

---

| | |
|:---|:---|
| (a)(1) | [Declaration of Trust is incorporated by reference to Exhibit (a)(1) to the Registrant's Registration Statement on Form N-2 (Reg. 811-23656) as previously filed on April 21, 2021.](http://www.sec.gov/Archives/edgar/data/1856156/000139834421008366/fp0064722_ex9925a1.htm) |

---

---

| | |
|:---|:---|
| (a)(2) | [Certificate of Trust is incorporated by reference to Exhibit (a)(2) to the Registrant's Registration Statement on Form N-2 (Reg. 811-23656) as previously filed on April 21, 2021.](http://www.sec.gov/Archives/edgar/data/1856156/000139834421008366/fp0064722_ex9925a2.htm) |
| (a)(3) | [Amendment to Certificate of Trust is incorporated by reference to Exhibit (a)(3) to the Registrant's Registration Statement on Form N-2 (Reg. 811-23656) as previously filed on July 28, 2023.](https://www.sec.gov/Archives/edgar/data/1856156/000139834423013769/fp0084084-2_ex99252a3.htm) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Amended and Restated By-Laws of the Registrant are incorporated by reference to Exhibit (b) to the Registrant's Registration Statement on Form N-2 (Reg. 811-23656) as previously filed on July 29, 2024.](https://www.sec.gov/Archives/edgar/data/1856156/000139834424013229/fp0088931-3_ex99252b.htm)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Refer
 to Exhibit (a)(1), (b)

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

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

---

| | |
|:---|:---|
| (g)(1) | [Investment Management Agreement is incorporated by reference to Exhibit (g)(1) to the Registrant's Registration Statement on Form N-2 (Reg. 811-23656) as previously filed on July 28, 2023.](https://www.sec.gov/Archives/edgar/data/1856156/000139834423013769/fp0084084-2_ex99252g.htm) |
| (g)(2) | [Investment Sub-Advisory Agreement dated July 23, 2024 between Portfolio Advisors, LLC and FS Global Advisor, LLC is incorporated by reference to Exhibit (g)(2) to the Registrant's Registration Statement on Form N-2 (Reg. 811-23656) as previously filed on July 29, 2024.](https://www.sec.gov/Archives/edgar/data/1856156/000139834424013229/fp0088931-3_ex99252g2.htm) |

---

---

| | |
|:---|:---|
| (h)(1) | [Distribution Agreement is incorporated by reference to Exhibit (h)(1) to the Registrant's Registration Statement on Form N-2 (Reg. 811-23656) as previously filed on July 28, 2023.](https://www.sec.gov/Archives/edgar/data/1856156/000139834423013769/fp0084084-2_ex99252h1.htm) |

---

---

| | |
|:---|:---|
| (h)(1)(a) | [Amendment One to the Distribution Agreement is incorporated by reference to Exhibit (h)(1)(a) to the Registrant's Registration Statement on Form N-2 (Reg. 811-23656) as previously filed on September 27, 2023.](https://www.sec.gov/Archives/edgar/data/1856156/000139834423018494/fp0085246-1_ex99252h1a.htm) |

---

(h)(2) Amended and Restated [Distribution and Service Plan is filed herewith.](fp0094493-2_ex99252h2.htm)

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

---

| | |
|:---|:---|
| (j)(1) | [Custody Agreement is incorporated by reference to Exhibit (j)(1) to the Registrant's Registration Statement on Form N-2 (Reg. 811-23656) as previously filed on July 28, 2023.](https://www.sec.gov/Archives/edgar/data/1856156/000139834423013769/fp0084084-2_ex99252j1.htm) |

---

---

| | |
|:---|:---|
| (j)(2) | [Amended and Restated Custody Agreement is incorporated by reference to Exhibit (j)(2) to the Registrant's Registration Statement on Form N-2 (Reg. 811-23656) as previously filed on July 28, 2023.](https://www.sec.gov/Archives/edgar/data/1856156/000139834423013769/fp0084084-2_ex99252j2.htm) |

---

---

| | |
|:---|:---|
| (k)(1) | [Administration, Fund Accounting and Recordkeeping Agreement is incorporated by reference to Exhibit (k)(1) to the Registrant's Registration Statement on Form N-2 (Reg. 811-23656) as previously filed on July 28, 2023.](https://www.sec.gov/Archives/edgar/data/1856156/000139834423013769/fp0084084-2_ex99252k1.htm) |
| (k)(1)(a) | [Amendment One to the Administration, Fund Accounting and Recordkeeping Agreement is incorporated by reference to Exhibit (k)(1)(a) to the Registrant's Registration Statement on Form N-2 (Reg. 811-23656) as previously filed on September 27, 2023.](https://www.sec.gov/Archives/edgar/data/1856156/000139834423018494/fp0085246-1_ex99252k1a.htm) |
| (k)(1)(b) | [Amendment Two to the Administration, Fund Accounting and Recordkeeping Agreement is incorporated by reference to Exhibit (k)(1)(b) to the Registrant's Registration Statement on Form N-2 (Reg. 811-23656) as previously filed on September 27, 2023.](https://www.sec.gov/Archives/edgar/data/1856156/000139834423018494/fp0085246-1_ex99252k1b.htm) |
| (k)(1)(c) | [Amendment Three to the - Administration, Fund Accounting and Recordkeeping Agreement is incorporated by reference to Exhibit (k)(1)(c) to the Registrant's Registration Statement on Form N-2 (Reg. 811-23656) as previously filed on July 29, 2024.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001856156/000139834424013229/fp0088931-3_486bposixbrl.htm) |

---

---

| | |
|:---|:---|
| (k)(1)(d) | [Amendment Four to the Administration, Fund Accounting and Recordkeeping Agreement is filed herewith.](fp0094493-2_ex99252k1d.htm) |
| (k)(2) | [Expense Limitation and Reimbursement Agreement is incorporated by reference to Exhibit (k)(2) to the Registrant's Registration Statement on Form N-2 (Reg. 811-23656) as previously filed on July 28, 2023.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001856156/000139834424013229/fp0088931-3_486bposixbrl.htm) |
| (k)(3) | [Administration Agreement dated February 4, 2025 between FS MVP Private Markets Fund and Portfolio Advisors, LLC is filed herewith.](fp0094493-2_ex99252k3.htm) |
| (l) | [Opinion and Consent of Faegre Drinker Biddle & Reath LLP is filed herewith.](fp0094493-2_ex99252l.htm) |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) [Consent of Cohen & Company, Ltd. is filed herewith.](fp0094493-2_ex99252n.htm)

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

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

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

---

| | |
|:---|:---|
| (r)(1) | [Code of Ethics of Registrant is incorporated by reference to Exhibit (r)(1) to the Registrant's Registration Statement on Form N-2 (Reg. 811-23656) as previously filed on November 12, 2021.](http://www.sec.gov/Archives/edgar/data/1856156/000139834421021400/fp0070224_ex99252r1.htm) |

---

---

| | |
|:---|:---|
| (r)(2) | [Code of Ethics of Portfolio Advisors, LLC is incorporated by reference to Exhibit (r)(2) to the Registrant's Registration Statement on Form N-2 (Reg. 811-23656) as previously filed on November 12, 2021.](http://www.sec.gov/Archives/edgar/data/1856156/000139834421021400/fp0070224_ex99252r2.htm) |
| (r)(3) | [Code of Ethics of FS Global Advisor, LLC is incorporated by reference to Exhibit (r)(3) to the Registrant's Registration Statement on Form N-2 (Reg. 811-23656) as previously filed on July 29, 2024.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001856156/000139834424013229/fp0088931-3_486bposixbrl.htm) |
| (s) | [Calculation of Filing Fee Tables is filed herewith.](fp0094493-2_ex99252s.htm) |
| (t)(1) | [Powers of Attorney are incorporated by reference to Exhibit (s) to the Registrant's Registration Statement on Form N-2 (Reg. 811-23656) as previously filed on November 12, 2021.](http://www.sec.gov/Archives/edgar/data/1856156/000139834421021400/fp0070224_ex99252s.htm) |
| (t)(2) | [Power of Attorney for Bruce Cundick is incorporated by reference to Exhibit (t)(2) to the Registrant's Registration Statement on Form N-2 (Reg. 811-23656) as previously filed on July 29, 2022.](http://www.sec.gov/Archives/edgar/data/1856156/000139834422014330/fp0077983_ex99252t2.htm) |

---

**Item 26. Marketing Arrangements**

Not applicable.

**Item 27. Other Expenses of Issuance and Distribution of Securities Being Registered**

Not Applicable.

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

Not applicable.

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

---

| | |
|:---|:---|
| **Title of Class** | **Number of Shareholders<sup>\*</sup>** |
| Class A | 1744 |
| Class D | 42 |
| Class I | 1383 |

---

\* As of July 1, 2025

**Item 30. Indemnification**

Sections 8.1-8.4 of Article VIII of the Registrant's Agreement and Declaration of Trust states:

Section 8.1 <u>Limitation of Liability</u>. Neither a Trustee nor an officer of the Trust, when acting in such capacity, shall be personally liable to any person other than the Trust or a beneficial owner for any act, omission or obligation of the Trust, any Trustee or any officer of the Trust. Neither a Trustee nor an officer of the Trust shall be liable for any act or omission in his capacity as Trustee or as an officer of the Trust, or for any act or omission of any other officer or any employee of the Trust or of any other person or party, provided that nothing contained herein or in the Act shall protect any Trustee or officer against any liability to the Trust or to Shareholders to which he would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee or the duties of such officer hereunder.

Section 8.2 <u>Indemnification</u>. The Trust shall indemnify each of its Trustees, officers and persons who serve at the Trust's request as directors, officers or trustees of another organization in which the Trust has any interest as a shareholder, creditor, or otherwise, and may indemnify any trustee, director or officer of a predecessor organization (each a "Covered Person"), against all liabilities and expenses (including amounts paid in satisfaction of judgments, in compromise, as fines and penalties, and expenses including reasonable accountants' and counsel fees) reasonably incurred in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative, regulatory, or legislative body, in which he may be involved or with which he may be threatened, while as a Covered Person or thereafter, by reason of being or having been such a Covered Person, except that no Covered Person shall be indemnified against any liability to the Trust or its Shareholders to which such Covered Person would otherwise be subject by reason of bad faith, willful misfeasance, gross negligence or reckless disregard of his duties involved in the conduct of such Covered Person's office (such willful misfeasance, bad faith, gross negligence or reckless disregard being referred to herein as "Disabling Conduct"). Expenses, including accountants' and counsel fees so incurred by any such Covered Person (but excluding amounts paid in satisfaction of judgments, in compromise or as fines or penalties), may be paid from time to time by the Trust in advance of the final disposition of any such action, suit or proceeding upon receipt of (a) an undertaking by or on behalf of such Covered Person to repay amounts so paid to the Trust if it is ultimately determined that indemnification of such expenses is not authorized under this Article VIII and (b) any of (i) such Covered Person provides security for such undertaking, (ii) the Trust is insured against losses arising by reason of such payment, or (iii) a majority of a quorum of disinterested, non-party Trustees, or independent legal counsel in a written opinion, determines, based on a review of readily available facts, that there is reason to believe that such Covered Person ultimately will be found entitled to indemnification.

Section 8.3 <u>Indemnification Determinations</u>. Indemnification of a Covered Person pursuant to Section 8.2 shall be made if (a) the court or body before whom the proceeding is brought determines, in a final decision on the merits, that such Covered Person was not liable by reason of Disabling Conduct or (b) in the absence of such a determination, a majority of a quorum of disinterested, non-party Trustees or independent legal counsel in a written opinion make a reasonable determination, based upon a review of the facts, that such Covered Person was not liable by reason of Disabling Conduct.

Section 8.4 <u>Indemnification Not Exclusive</u>. The right of indemnification provided by this Article VIII shall not be exclusive of or affect any other rights to which any such Covered Person may be entitled. As used in this Article VIII, "Covered Person" shall include such person's heirs, executors and administrators, and a "disinterested, non-party Trustee" is a Trustee who is neither an Interested Person of the Trust nor a party to the proceeding in question.

Additionally, the Registrant's various agreements with its service providers contain indemnification provisions.

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

Information as to the directors and officers of the Registrant's investment adviser, Portfolio Advisors, LLC (the "Adviser"), together with information as to any other business, profession, vocation, or employment of a substantial nature in which the Adviser, and each director, executive officer, managing member or partner of the Adviser, is or has been, at any time during the past two fiscal years, engaged in for his or her own account or in the capacity of director, officer, employee, managing member, partner or trustee, is included in its Form ADV as filed with the Securities and Exchange Commission, and is incorporated herein by reference.

Information as to the directors and officers of the Registrant's investment sub-adviser, FS Global Advisor, LLC (the "Sub-Adviser"), together with information as to any other business, profession, vocation, or employment of a substantial nature in which the Sub-Adviser, and each director, executive officer, managing member or partner of the Sub-Adviser, is or has been, at any time during the past two fiscal years, engaged in for his or her own account or in the capacity of director, officer, employee, managing member, partner or trustee, is included in its Form ADV as filed with the Securities and Exchange Commission, and is incorporated herein by reference.

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

All accounts, books, and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 and the rules promulgated thereunder are maintained at:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Portfolio
 Advisors, LLC 9
 Old Kings Highway South Darien,
 Connecticut 06820

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. FS
 Global Advisor, LLC 201
 Rouse Boulevard Philadelphia,
 Pennsylvania 19112

3. Faegre
 Drinker Biddle & Reath LLP One Logan Square, Ste. 2000 Philadelphia, PA 19103-6996

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. ALPS
 Fund Services, Inc. 1290
 Broadway, Suite 1000 Denver,
 CO 80203

**Item 33. Management Services**

Not applicable.

**Item 34. Undertakings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Not
 applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Not
 applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 Registrant undertakes (a) to file, during any period in which offers or sales are being made, a post-effective amendment to
 this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, as amended ("Securities Act");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&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;(b) that for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of those securities at that time shall be deemed to be the initial bona fide offering thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;(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;(1) if the Registrant is relying on Rule 430B [17 CFR 230.430B]:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Each prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (x), or (xi) for the purpose of providing the information required by Section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if the Registrant is subject to Rule 430C [17 CFR 230.430C]: 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) 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;(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;(2) free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrants;

&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;(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;&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;5. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Registrant undertakes to send by first class mail or other means designed to ensure equally prompt delivery, within two business days of receipt of a written or oral request, any Statement of Additional Information.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all the requirements for effectiveness pursuant to Rule 486(b) under the Securities Act of 1933, as amended, and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Darien in the State of Connecticut on the 29<sup>th</sup> day of July, 2025.

---

| | |
|:---|:---|
| FS MVP Private Markets Fund | FS MVP Private Markets Fund |
| By: | /s/ Scott Higbee |
|  | Name: Scott Higbee |
|  | Title: President and Principal Executive Officer |

---

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/ Scott Higbee | President and Principal Executive Officer | &nbsp;&nbsp;&nbsp;&nbsp; July 29, 2025 |
| Scott Higbee |  |  |
| /s/ Daniel Iamiceli | Treasurer and Principal Financial Officer | &nbsp;&nbsp;&nbsp;&nbsp; July 29, 2025 |
| Daniel Iamiceli |  |  |
| /s/ Brooks Lindberg | Trustee | &nbsp;&nbsp;&nbsp;&nbsp; July 29, 2025 |
| Brooks Lindberg |  |  |

---

---

| | | |
|:---|:---|:---|
| /s/ Kent Misener\* | Trustee | &nbsp;&nbsp;&nbsp;&nbsp; July 29, 2025 |
| Kent Misener |  |  |
| /s/ Taylor Nadauld\* | Trustee | &nbsp;&nbsp;&nbsp;&nbsp; July 29, 2025 |
| Taylor Nadauld |  |  |
| /s/ Bruce Cundick\* | Trustee | &nbsp;&nbsp;&nbsp;&nbsp; July 29, 2025 |
| Bruce Cundick |  |  |

---

---

| | |
|:---|:---|
| \*By: | /s/ Scott Higbee |
|  | Scott Higbee |
|  | Attorney-in-Fact |
|  | (pursuant to power of attorney) |

---

**Exhibit Index**

---

| | |
|:---|:---|
| &nbsp;&nbsp;[(h)(2)](fp0094493-2_ex99252h2.htm) | &nbsp;&nbsp;[Amended and Restated Distribution and Service Plan](fp0094493-2_ex99252h2.htm) |
| &nbsp;&nbsp;[(k)(1)(d)](fp0094493-2_ex99252k1d.htm) | &nbsp;&nbsp;[Amendment Four to the Administration, Fund Accounting and Recordkeeping Agreement](fp0094493-2_ex99252k1d.htm) |
| &nbsp;&nbsp;[(k)(3)](fp0094493-2_ex99252k3.htm) | &nbsp;&nbsp;[Administration Agreement between FS MVP Private Markets Fund and Portfolio Advisors, LLC.](fp0094493-2_ex99252k3.htm) |
| &nbsp;&nbsp;[(l)](fp0094493-2_ex99252l.htm) | &nbsp;&nbsp;[Opinion and Consent of Faegre Drinker Biddle & Reath LLP.](fp0094493-2_ex99252l.htm) |
| &nbsp;&nbsp;[(n)](fp0094493-2_ex99252n.htm) | &nbsp;&nbsp;[Consent of Cohen & Company, Ltd.](fp0094493-2_ex99252n.htm) |
| &nbsp;&nbsp;[(s)](fp0094493-2_ex99252s.htm) | &nbsp;&nbsp;[Calculation of Filing Fee Tables](fp0094493-2_ex99252s.htm) |

---

## Exhibit 99.25

Exhibit (h)(2)

**FS MVP PRIVATE MARKETS FUND**

**AMENDED AND RESTATED DISTRIBUTION AND SERVICE PLAN**

**for Class A Shares and Class D Shares** 

WHEREAS, FS MVP Private Markets Fund (the "Fund") is engaged in business as a closed-end investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, the Fund has issued three separate classes of shares of beneficial interests (the "Shares") in the Fund known as Class A Shares, Class I Shares and Class D Shares;

WHEREAS, the board of trustees of the Fund (the "Trustees") have determined that there is a reasonable likelihood that this Amended and Restated Distribution and Service Plan (the "Plan") will benefit the Fund and the holders of Shares of Class A Shares and Class D Shares;

WHEREAS, the Plan, together with any related agreements, has been approved by votes of the majority of both (i) the Trustees and (ii) the Independent Trustees (as defined herein), cast in person at a meeting of the Trustees called for the purpose of voting on this Plan and related agreements;

NOW, THEREFORE, the Fund hereby adopts this Plan in compliance with the terms of the exemptive application filed by the Fund with the Securities and Exchange Commission ("SEC") on June 30, 2021 and approved by the SEC on August 18, 2021.

SECTION 1. The Fund has adopted this Plan to enable Class A Shares and Class D Shares to directly or indirectly bear the respective expenses relating to the distribution of Class A Shares and Class D Shares.

SECTION 2. The Fund will pay the distributor of the Fund and/or any Recipient (as defined below) a distribution and service fee of up to 0.70 % on an annualized basis of the Fund's net asset value attributable to Class A Shares in connection with the promotion and distribution of Class A Shares and the provision of personal services to holders of Class A Shares, including, but not limited to, advertising, compensation to agents, dealers and selling personnel, the printing and mailing of the prospectus to other than current holders of the Fund, and the printing and mailing of sales literature. The Fund or the distributor may pay all or a portion of these fees to any registered securities dealer, financial institution or any other person (each, a "Recipient") who renders assistance in distributing or promoting the sale of Class A Shares, or who provides certain shareholder services, pursuant to a written agreement. The actual fee to be paid by the Fund to broker/dealers and financial institutions and intermediaries will be negotiated based on the extent and quality of services provided.

SECTION 3. The Fund will pay the distributor of the Fund and/or any Recipient a distribution and service fee of up to 0.25% on an annualized basis of the Fund's net asset value attributable to Class D Shares in connection with the promotion and distribution of Class D Shares and the provision of personal services to holders of Class D Shares, including, but not limited to, advertising, compensation to agents, dealers and selling personnel, the printing and mailing of the prospectus to other than current holders of the Fund, and the printing and mailing of sales literature. The Fund or the distributor may pay all or a portion of these fees to any Recipient who renders assistance in distributing or promoting the sale of Class D Shares, or who provides certain shareholder services, pursuant to a written agreement. The actual fee to be paid by the Fund to broker/dealers and financial institutions and intermediaries will be negotiated based on the extent and quality of services provided.

Exhibit (h)(2)

SECTION 4. This Plan shall not take effect as it relates to Class A Shares and Class D Shares, respectively, until it has been approved by a vote of at least a majority of the outstanding holders of the respective class of Shares of the Fund; except to the extent it is adopted with respect to such Class A Shares or Class D Shares before any public offering of such Class A Shares or Class D Shares or the sale of such Class A Shares or Class D Shares to persons who are not affiliated persons of the Fund, affiliated persons of such persons, promoters of the Fund, or affiliated persons of such promoters..

SECTION 5. This Plan shall continue in effect for a period of more than one year after it takes effect only for so long as such continuance is specifically approved at least annually by votes of the majority of both (i) the Trustees and (ii) the Independent Trustees, cast in person at a meeting of the Trustees called for the purpose of voting on this Plan.

SECTION 6. Any person authorized to direct the disposition of monies paid or payable by the Fund pursuant to this Plan or any related agreement shall provide to the Trustees, at least quarterly, a written report of the amounts so expended and the purposes for which such expenditures were made.

SECTION 7. This Plan may be terminated at any time, individually with respect to Class A Shares and Class D Shares, by the vote of a majority of the Independent Trustees or by vote of a majority of the respective outstanding Shares of such Class of the Fund.

SECTION 8. All agreements with any person relating to implementation of this Plan shall be in writing, and any agreement related to this Plan shall provide (a) that such agreement may be terminated at any time, without payment of any penalty, by the vote of a majority of the Independent Trustees or by vote of a majority of the outstanding related Shares of the Fund, on not more than 60 days written notice to any other party to the agreement; and (b) that such agreement shall terminate automatically in the event of its assignment.

SECTION 9. This Plan may be amended, individually with respect to each Class of Shares by votes of a majority of both (i) the Trustees and (ii) the Independent Trustees, cast in person at a meeting of the Trustees called for the purpose of voting on such amendment; provided, however, that the Plan may not be amended to increase materially the amount of distribution expenses permitted pursuant to Section 2 and Section 3 hereof, respectively, without the approval of the majority of the respective outstanding Shares of such Class of the Fund.

SECTION 10. While this Plan is in effect, the selection and nomination of those Trustees who are not interested persons of the Fund shall be committed to the discretion of the Trustees then in office who are not interested persons of the Fund.

SECTION 11. As used in this Plan, (a) the term "Independent Trustees" shall mean those Trustees who are not interested persons, and have no direct or indirect financial interest in the operation of this Plan or any agreements related to it, and (b) the terms "assignment" and "interested person" shall have the respective meanings specified in the 1940 Act and the rules and regulations thereunder, subject to such exemptions as may be granted by the SEC.

SECTION 12. This Plan shall not obligate the Fund or any other party to enter into an agreement with any particular person.

Adopted Effective: February 8, 2024

## Exhibit 99.25

**Exhibit (k)(1)(d)**

**AMENDMENT FOUR**

This amendment (the "<u>Amendment</u>") between the parties signing below ("<u>Parties</u>") amends the Existing Agreement as of April 24, 2024 (the "<u>Effective Date</u>"):

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Term** | &nbsp;&nbsp;**Means** |
| &nbsp;&nbsp;"Existing Agreement" | &nbsp;&nbsp;The Services Agreement between SS&C and the Fund dated December 3, 2021, as amended |
| &nbsp;&nbsp;"SS&C" | &nbsp;&nbsp;ALPS Fund Services, Inc. ("SS&C ALPS")<br>SS&C GIDS, Inc. ("SS&C GIDS") <br> SS&C Technologies, Inc. ("SS&C Tech")<br>|
| &nbsp;&nbsp;"Fund" | &nbsp;&nbsp;FS MVP Private Markets Fund |

---

Except as amended hereby, all terms of the Existing Agreement remain in full force and effect. This Amendment includes the amendments in Schedule A and general terms in Schedule B.

**IN WITNESS WHEREOF,** the Parties have caused this Amendment to be executed by their duly authorized representatives.

---

| | | | |
|:---|:---|:---|:---|
| **FS MVP PRIVATE MARKETS FUND** | **FS MVP PRIVATE MARKETS FUND** | **ALPS FUND SERVICES, INC.**<br>**SS&C GIDS, INC.** <br> **SS&C TECHNOLOGIES, INC.** | **ALPS FUND SERVICES, INC.**<br>**SS&C GIDS, INC.** <br> **SS&C TECHNOLOGIES, INC.** |
| By:<br>| /s/ Scott Higbee | By:<br>| /s/ Bhagesh Malde |
| Name:  | Scott Higbee | Name:<br>| Bhagesh Malde |
| Title:<br>| President | Title:<br>| Authorized Signatory |

---

**Exhibit (k)(1)(d)**

**Schedule A to this Amendment**

**Amendments**

As of April 1, 2024, the Existing Agreement is amended as follows:

1. Schedule
 A Services is deleted in its entirety and replaced with new Schedule A Services attached
 hereto.

**Schedule B to this Amendment**

**General Terms**

1. Capitalized
 terms not defined herein shall have the meanings given to them in the Existing Agreement.

2. The
 Parties' duties and obligations are governed by and limited to the express terms
 and conditions of this Amendment, and shall not be modified, supplemented, amended or
 interpreted in accordance with, any industry custom or practice, or any internal policies
 or procedures of any Party. This Amendment (including any attachments, schedules and
 addenda hereto), along with the Existing Agreement, as amended, contains the entire agreement
 of the Parties with respect to the subject matter hereof and supersedes all previous
 communications, representations, understandings and agreements, either oral or written,
 between the Parties with respect thereto.

3. This
 Amendment may be executed in counterparts, each of which when so executed will be deemed
 to be an original. Such counterparts together will constitute one agreement. Signatures
 may be exchanged via facsimile or electronic mail and signatures so exchanged shall be
 binding to the same extent as if original signatures were exchanged.

4. This
 Amendment and any dispute or claim arising out of or in connection with it, its subject
 matter or its formation (including non-contractual disputes or claims) shall be governed
 by and construed in accordance with the laws of the same jurisdiction as the Existing
 Agreement.

Page 2 of 19

**Exhibit (k)(1)(d)**

**Schedule A**

**Services**

**A.**  **<u>General</u>** 

1. Any
 references to Law shall be construed to the Law as amended to the date of the effectiveness
 of the applicable provision referencing the Law.

2. As
 used in this <u>Schedule A</u>, the following terms have the meanings ascribed to them
 below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) " <u>ACH</u> "
 shall mean the Automated Clearing House;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) " <u>AML</u> "
 means anti-money laundering and countering the financing of terrorism.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) " <u>Bank</u> "
 shall mean a nationally or regionally known banking institution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) " <u>Code</u> "
 shall mean the Internal Revenue Code of 1986, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) " <u>DTCC</u> "
 shall mean the Depository Trust Clearing Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) " <u>investor</u> "
 or " <u>securityholder</u> " means an equity owner in Fund, whether a shareholder
 in a company, a partner in a partnership, a unitholder in a trust or otherwise. A " <u>prospective investor</u> " means an applicant to become an investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) " <u>IRA</u> "
 shall mean Individual Retirement Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) " <u>NAV</u> "
 means net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) " <u>Procedures</u> "
 shall collectively mean SS&C GIDS's transfer agency procedures manual, third
 party check procedures, checkwriting draft procedures, Compliance + and identity theft
 programs and signature guarantee procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) " <u>Program</u> "
 shall mean Networking, Fund Serv or other DTCC program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) " <u>Sales Feed</u> " shall mean a data file in industry standard format sent by a third party;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) " <u>TA2000 System</u> " shall mean SS&C GIDS's TA2000<sup>TM</sup> computerized data
 processing system for shareholder accounting.

3. Any
 references to Law shall be construed to the Law as amended to the date of the effectiveness
 of the applicable provision referencing the Law.

4. Fund
 acknowledges that SS&C's ability to perform the Services is subject to the
 following dependencies (in addition to any others described in the Agreement):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Fund,
 Management and other Persons that are not employees or agents of SS&C whose cooperation
 is reasonably required for the SS&C to provide the Services providing cooperation,
 information and, as applicable, instructions to SS&C promptly, in agreed formats,
 by agreed media and within agreed timeframes as required to provide the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 communications systems operated by Fund and other Persons that are not employees or agents
 of SS&C remaining fully operational.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 accuracy and completeness of any Client Data or other information provided to SS&C
 Associates in connection with the Services by any Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Fund
 and Management informing SS&C on a timely basis of any modification to, or replacement
 of, any agreement to which it is a party that is relevant to the provision of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Any
 warranty, representation, covenant or undertaking expressly made by Fund or Management
 under or in connection with this Agreement being and remaining true, correct and discharged
 at all relevant times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) SS&C's
 timely receipt of the then most current version of Fund Governing Documents and required
 implementation documentation, including authority certificate, profile questionnaire
 and accounting preferences, and SS&C Web Portal and other application User information.

Page 3 of 19

**Exhibit (k)(1)(d)**

5. Notwithstanding
 anything in this Agreement to the contrary, SS&C ALPS is responsible for providing
 the services listed under Section B "Fund Administration and Accounting Services
 and Terms," Section C "CCO Services and Terms," and Section I "Report
 Modernization Terms and Conditions," while SS&C GIDS is responsible for providing
 the services listed under Section D "Shareholder Recordkeeping, Transfer Agency
 and Investor Relations Services and Terms," Section E "AML," and Section
 F "Blue Sky Services," and SS&C Tech is responsible for providing all
 other Services.

6. The
 following Services will be performed by SS&C and, as applicable, are contingent on
 the performance by Fund and Management of the duties and obligations listed.

**B.**  **<u>Fund Administration and Accounting Services and Terms</u>** 

1.  ***Fund Administration*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Prepare
 annual and semi-annual financial statements, utilizing templates for standard layout
 and printing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Prepare
 Forms N-CEN and N-CSR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) File
 Form N-CEN

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Host
 annual audits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Prepare
 required reports for quarterly Board meetings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Monitor
 expense ratios

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Maintain
 budget vs. actual expenses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Manage
 fund invoice approval and bill payment process

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Assist
 with placement of Fidelity Bond and E&O insurance

2.  ***Fund Accounting*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Calculate
 NAVs as required by the Trust and in conformance with generally accepted accounting principles
 ("GAAP"), SEC Regulation S-X (or any successor regulation) and the Internal
 Revenue Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Transmit
 net asset values to the advisor, NASDAQ, Transfer Agent & other third parties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Reconcile
 cash & investment balances with the custodian

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Provide
 data and reports to support preparation of financial statements and filings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Prepare
 required Fund Accounting records in accordance with the 1940 Act

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Obtain
 and apply security valuations as directed and determined by the Fund consistent with
 the Fund's pricing and valuation policies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Participate,
 when requested, in Fair Value Committee meetings as a non-voting member

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Calculate
 and report monthly SEC standardized total return performance figures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Coordinate
 reporting to outside agencies including Morningstar, etc

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Prepare
 Form N-PORT and file with the SEC

3.  ***Legal Administration*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Coordinate
 the preparation and filing of quarterly tender offers, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prepare
 preliminary draft of Schedule TO tender offer notices and forms

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Circulate
 drafts of documents to Fund, Management and counsel for revisions, comments and final
 sign off

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon
 completion of each tender offer, prepare the initial amendment to Schedule TO; circulate
 drafts of documents to Fund, Management and counsel for revisions, comments and final
 sign off

Page 4 of 19

**Exhibit (k)(1)(d)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Coordinate
 the filing process for each item referenced above, as required

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Coordinate
 annual updates to prospectus and statement of additional information ("SAI")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Coordinate
 standard layout and printing of the prospectus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) File
 Forms N-CSR and N-PX

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Coordinate
 EDGARization and filing of SEC documents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Assist
 in preparation, compile and distribute quarterly board meeting materials (electronically)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Attend
 quarterly board meetings telephonically and prepare first drafts of quarterly meeting
 minutes

4.  ***Compliance Administration*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Perform
 monthly prospectus & SAI, SEC investment restriction monitoring

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Provide
 warning/alert notification with supporting documentation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Provide
 quarterly compliance testing certification to Board of Trustees

***<u>Subsidiary Services – controlled foreign corporation ("CFC")</u>***

<u>Fund Accounting and Administration</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Calculate
 NAVs daily for the CFC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Apply
 daily NAVs and distributions to the CFC from Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Apply
 daily capital stock transactions and/or cash flows as directed by the adviser

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Account
 for investments in Fund as directed by the adviser

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Accrue
 CFC expenses as directed by the adviser

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Account
 for estimated or actual tax liability (if applicable) as directed by the adviser and/or
 tax agent (Fund's tax agent responsible for preparation any CFC tax returns)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Reconcile
 cash, investment balances and shares outstanding with the custodian

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Transmit
 NAVs to the adviser

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Provide
 data, reports and trial balance to support preparation of financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Auditor
 coordination

***<u>Splitter Entity Services</u>***

<u>Fund Accounting and Administration</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Review
 splitter entity's Governing Documents to obtain information regarding accounting
 and other matters required to perform the Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Create
 and maintain 2 separate accounting entities for splitter entity to track pool A and pool
 B securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Record
 investment related transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Reconcile
 roll forward to pool A and B securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Reconcile
 bank account and incorporate into the budget process

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Prepare
 trial balance to support consolidation of financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Prepare
 disclosures to include in financial statements

Page 5 of 19

**Exhibit (k)(1)(d)**

**C.**  **<u>CCO Services and Terms</u>** 

1. Within
 this Section C, the following definitions will apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) " <u>Federal Securities Laws</u> " shall mean the definition as put forth in Rule 38a-1, specifically
 the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act
 of 2002, the Investment Company Act of 1940, the Investment Advisers Act of 1940, Title
 V of the Gramm-Leach-Bliley Act, any SEC rules adopted under any of the foregoing laws,
 the Bank Secrecy Act as it applies to registered investment companies, and any rules
 adopted thereunder by the SEC or the Department of Treasury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) " <u>Material Compliance Matter</u> " shall mean "any compliance matter about which the
 Fund's board would reasonably need to know to oversee fund compliance," which
 involves any of the following (without limitation): (i) a violation of Federal Securities
 Laws by the Fund or its service providers (or officers, directors, employees or agents
 thereof) (ii) a violation of the Compliance Program of the Fund, or the written compliance
 policies and procedures of its service providers; or (iii) a weakness in the design or
 implementation of the Compliance Program policies and procedures of the Fund, or the
 written compliance policies and procedures of the service providers to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) " <u>Rule 38a-1</u> " shall mean Rule 38a-1 under the 1940 Act

2. All
 Services described in this Section C (the "CCO Services") are optional and
 only apply upon the request of Fund that SS&C ALPS provide such CCO Services and
 the written acceptance of such request by SS&C ALPS. SS&C ALPS requires 120 days'
 notice prior to commencement of provision of such CCO Services, which time period may
 be reduced upon mutual agreement. The Board of Trustees of the Fund may terminate the
 provision of CCO Services on 120 days written notice to SS&C ALPS. All CCO Services
 fees described in <u>Fee Letter</u> will continue until the later of 120 days from the
 receipt of such termination notice or the date that the SS&C ALPS employee no longer
 serves as the Fund's Chief Compliance Officer.

3. SS&C
 ALPS shall designate, subject to the approval of the Fund's Board of Trustees,
 one of its own employees to serve as Chief Compliance Officer of the Fund within the
 meaning of Rule 38a-1 (such individual, the "CCO"). The CCO shall render
 to the Fund such advice and services as are required to be performed by a CCO under Rule
 38a-1 and as are set forth as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Review of Compliance Program</u>. The CCO shall, with the assistance of the Fund, review and
 revise, where necessary, the written compliance policies and procedures (the "Compliance
 Program") of the Fund, which shall address compliance with, and be reasonably designed
 to prevent violation of, "Federal Securities Laws." In addition to provisions
 of Federal Securities Laws that apply to the Fund, the Compliance Program will be revised,
 where necessary, to address compliance with, and ensure that it is reasonably designed
 to prevent violation of, the Fund's charter and by-laws and all exemptive orders,
 no-action letters and other regulatory relief received by the Fund from the Securities
 and Exchange Commission (the "SEC") and Financial Industry Regulatory Association,
 Inc. (the "FINRA") (all such items collectively, "Regulatory Relief");
 provided, however, that the Compliance Program shall address only that Regulatory Relief
 afforded the Service Providers or the Fund or relevant to compliance by the Service Providers
 or the Fund, and shall not address the terms by which other parties may receive the benefits
 of any Regulatory Relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Administration of Compliance Program</u>. The CCO shall administer and enforce the Fund's Compliance
 Program. The CCO shall consult with the Board of Trustees and the Fund's officers
 as necessary to amend, update and revise the Compliance Program as necessary, but no
 less frequently than annually (if required).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Oversight of Service Providers</u>. The CCO is responsible for overseeing, on behalf of the Fund,
 adherence to the written compliance policies and procedures of the Fund's service
 providers, including the Fund, its investment adviser (and sub-adviser, if applicable),
 the distributor, the administrator, and the transfer agent (the "Service Providers").
 In furtherance of this duty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 CCO shall obtain and review the written compliance policies and procedures of the Service
 Providers or summaries of such policies that have been drafted by someone familiar with
 them.

Page 6 of 19

**Exhibit (k)(1)(d)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 CCO shall monitor the Service Providers' compliance with their own written compliance
 policies and procedures, Federal Securities Laws and the Fund's Indenture and Regulatory
 Relief. In so doing, the CCO shall interact with representatives of the Service Providers
 as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 CCO shall attempt to obtain the following representations from each Service Provider
 and, if it fails to obtain such representations, shall report this fact to the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. In
 connection with the documentation of its written policies and procedures governing the
 provision of its services to the relevant Fund, the Service Provider has prepared and
 delivered to the Fund a summary of core services that it provides to the Fund or, if
 no such summary is available, that it has delivered to the Fund copies of the relevant
 policies and 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;b. The
 Service Provider will provide to the Fund and the CCO any revisions to its written compliance
 policies and procedures on at least an annual basis, or more frequently in the event
 of a material revision.

&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
 Service Provider's written compliance policies and procedures have been reasonably
 designed to prevent, detect and correct violations of the applicable Federal Securities
 Laws and critical functions related to the services performed by Service Provider pursuant
 to the applicable agreement between the Service Provider and the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The
 Service Provider has established monitoring procedures, and shall review, no less frequently
 than annually, the adequacy and effectiveness of its written compliance policies and
 procedures to check that they are reasonably designed to prevent, detect and correct
 violations of those applicable Federal Securities Laws and critical functions related
 to the services performed by the Service Provider pursuant to the applicable agreement
 between the Service Provider and the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Annual Review.</u> Rule 38a-1 requires that, at least annually, the Fund review its Compliance
 Program and that of its Service Providers and the effectiveness of their respective implementations
 (the "Annual Review"). The CCO shall perform the Annual Review for the Fund.
 The first Annual Review shall be completed no later than the regularly scheduled Board
 meeting following one year after the commencement of the CCO Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Attendance of Board Meetings; Reports to the Fund's Board; Escalation</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 CCO shall attend up to four board meetings per year, including one in person or as agreed
 upon by the Board of Trustees and CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 CCO shall make regular reports to the Board of Trustees of the Fund regarding its administration
 and enforcement of the Compliance Program. These regular reports shall address compliance
 by the Fund and the Service Providers and such other matters as the Board of Trustees
 of the Fund may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In
 addition, at least annually, the CCO shall submit a written report to the Board of Trustees
 of the Fund addressing the following issues:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the
 operation of the Compliance Program, and the written compliance policies and procedures
 of the Service Providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. any
 material changes made to the Compliance Program since the date of the last report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. any
 material changes to the Compliance Program recommended as a result of the Annual Review;
 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;d. each
 "Material Compliance Matter" that occurred since the date of the last report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 written report shall be based on the Annual Review. The first written report shall be
 presented to the Board of Trustees of the Fund no later than 90 days after the date of
 the first Annual Review.

Page 7 of 19

**Exhibit (k)(1)(d)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 CCO shall report any Material Compliance Matters to the Board of Trustees at least quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Recordkeeping</u>.
 The CCO expects to rely on the Fund or its Service Providers, as applicable, to maintain
 and preserve records. The CCO will determine that the Service Provider has policies and
 procedures that are reasonably designed to ensure that the Fund records will be maintained
 in accordance with the Fund's recordkeeping policy and applicable law, including
 provisions requiring that any material violation of the Fund's recordkeeping policy
 and/or applicable law by the service provider be promptly reported to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Meeting with Regulators.</u> The CCO shall meet with, and reply to inquiries from, the SEC, the
 Fund and other legal and regulatory authorities with responsibility for administering
 Federal Securities Laws as necessary or as reasonably requested by Fund or the Board.

4. The
 parties agree that only employees of SS&C ALPS and its Affiliates shall act as CCO
 or otherwise perform services to the Fund under this Agreement unless otherwise agreed
 to by the Fund. Notwithstanding his/her other duties for SS&C ALPS or any other investment
 company, the CCO shall perform the Services in a professional manner and shall devote
 appropriate time, energies and skill to the Services. Fund acknowledges that other employees
 of SS&C ALPS and its Affiliates will assist the CCO in the performance of his/her
 duties hereunder.

5. For
 clarity, the Fund shall reimburse, or shall cause the Fund to reimburse, SS&C ALPS
 for all reasonable expenses (including travel expenses for attendance at in-person board
 meetings) and other out-of-pocket disbursements incurred by SS&C ALPS in connection
 with the performance of SS&C ALPS' or the CCO's duties hereunder.

6. Fund
 shall cooperate in good faith with SS&C ALPS and the CCO in order to assist in the
 performance of the Services. In furtherance of this agreement to cooperate, Fund shall
 make those of its and its Affiliates' and Service Providers', officers, employees,
 outside counsel and others as may be reasonable related to the Services available for
 consultation with SS&C ALPS and the CCO, in each case as SS&C ALPS or the CCO
 may reasonably request. Fund shall provide SS&C ALPS and the CCO with the names of
 appropriate contact people at the Service Providers and shall otherwise assist SS&C
 ALPS and the CCO in obtaining the cooperation of the Service Providers. Fund shall provide
 SS&C ALPS and the CCO with such books and records regarding the Fund as SS&C
 ALPS and the CCO may reasonably request.

**Notes and Terms**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. SS&C
 ALPS agrees to maintain at all times a program reasonably designed to prevent violations
 of the federal securities laws (as defined in Rule 38a-1 under the 1940 Act) with respect
 to the services provided hereunder, and shall provide to the Fund a certification to
 such effect no less frequently than annually or as otherwise reasonably requested by
 the Fund. SS&C ALPS shall make available its compliance personnel and shall provide
 at its own expense summaries and other relevant materials relating to such program as
 reasonably requested by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Portfolio
 compliance with: (i) the investment objective and certain policies and restrictions as
 disclosed in the Fund's prospectus and SAI, as applicable; and (ii) certain SEC
 rules and regulations (collectively, "Portfolio Compliance") is required
 daily and is the responsibility of the Fund or its Management, as applicable. SS&C
 ALPS will perform Portfolio Compliance testing (post-trade, daily on a T+2 basis) to
 test the Fund's Portfolio Compliance (the "Portfolio Compliance Testing").
 The frequency and nature of the Portfolio Compliance Testing and the methodology and
 process in accordance with which the Portfolio Compliance Testing are conducted, are
 mutually agreed to between SS&C ALPS and Management. SS&C ALPS will report violations,
 if any, to Management and as promptly as practicable following discovery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. SS&C
 ALPS independently tests Portfolio Compliance based upon information contained in the
 source reports received by SS&C ALPS' fund accounting department and supplemental
 data from certain third-party sources. As such, Portfolio Compliance Testing performed
 by SS&C ALPS is limited by the information contained in the fund accounting source
 reports and supplemental data from third-party sources. Management agrees and acknowledges
 that SS&C ALPS' performance of the Portfolio Compliance Testing shall not relieve
 the Fund or its Management of their primary day-to-day responsibility for assuring such
 Portfolio Compliance, including on a pre-trade basis, and SS&C ALPS shall not be
 held liable for any act or omission of the Fund or its Management (or any other Party)
 as applicable, with respect to Portfolio Compliance.

Page 8 of 19

**Exhibit (k)(1)(d)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The
 Fund acknowledges that SS&C ALPS may rely on and shall have no responsibility to
 validate the existence of assets reported by the Fund, its Management, the Fund's
 custodian or other Fund service provider, other than SS&C ALPS' completion
 of a reconciliation of the assets reported by the Partiers or as otherwise provided for
 under this Agreement. Except as otherwise provided for herein, the Fund acknowledges
 that it is the sole responsibility of the Fund to validate the existence of assets reported
 to SS&C ALPS. SS&C ALPS may rely, and has no duty to investigate the representations
 of the Fund, its Management, the Fund's custodian or other Fund service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. SS&C
 ALPS shall utilize one or more pricing services, as directed by the Fund. The Fund shall
 identify in writing to SS&C ALPS the pricing service(s) to be utilized on behalf
 of the Fund. For those securities where prices are not provided by the pricing service(s),
 the Fund shall approve the method for determining the fair value of such securities and
 shall determine or obtain the valuation of the securities in accordance with such method
 and shall deliver to SS&C ALPS the resulting price(s). In the event the Fund desires
 to provide a price that varies from the price provided by the pricing service(s), the
 Fund shall promptly notify and supply SS&C ALPS with the valuation of any such security
 on each valuation date. All pricing changes made by the Fund will be provided to SS&C
 ALPS in writing or e-mail and must specifically identify the securities to be changed
 by security identifier, name of security, new price or rate to be applied, and, if applicable,
 the time period for which the new price(s) is/are effective.

**D.**  **<u>Shareholder Recordkeeping, Transfer Agency and Investor Relations Services and Terms</u>** 

1. SS&C
 GIDS utilizing the TA2000 System will perform the following services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) issue,
 transfer and redeem book entry shares or cancelling share certificates as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) maintain
 shareholder accounts on the records of the Fund on the TA2000 System in accordance with
 the instructions and information received by SS&C GIDS from the Fund, the Fund's
 distributor, manager or managing dealer, the Fund's investment adviser, the Fund's
 sponsor, the Fund's custodian, or the Fund's administrator and any other
 person whom the Fund names on <u>Schedule B</u> (each an "Authorized Person"),
 broker-dealers or shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) when
 and if the Fund participates in the DTCC, and to the extent SS&C GIDS supports the
 functionality of the applicable DTCC program:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) accept and effectuate the registration and maintenance of accounts through the Program and the purchase, redemption, exchange and transfer of shares in such accounts through systems or applications offered via the Program in accordance with instructions transmitted to and received by SS&C GIDS by transmission from DTCC on behalf of broker-dealers and banks which have been established by, or in accordance with the instructions of, an Authorized Person, on the Dealer File maintained by SS&C GIDS,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) issue instructions to the Funds' banks for the settlement of transactions between the Funds and DTCC (acting on behalf of its broker-dealer and bank participants),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) provide account and transaction information from the Fund's records on TA2000 in accordance with the applicable Program's rules, 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;(iv) maintain shareholder accounts on TA2000 through the Programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) provide
 transaction journals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) once
 annually prepare shareholder meeting lists for use in connection with the annual meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Withhold,
 as required by federal law, taxes on securityholder accounts, perform and pay backup
 withholding as required for all securityholders, and prepare, file and provide, in electronic
 format, the applicable U.S. Treasury Department information returns or K-1 data file,
 as applicable, to Fund's vendor of choice.

Page 9 of 19

**Exhibit (k)(1)(d)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) disburse
 income dividends and capital gains distributions to shareholders and record reinvestment
 of dividends and distributions in shares of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) prepare
 and provide, in electronic format, to Fund's print vendor of choice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) confirmation forms for shareholders for all purchases and liquidations of shares of the Fund and other confirmable transactions in shareholders' accounts,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) copies of shareholder statements, 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;(iii) shareholder reports and prospectuses provided by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) provide
 or make available on-line daily and monthly reports as provided by the TA2000 System
 and as requested by the Fund or Management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) maintain
 those records necessary to carry out SS&C GIDS's duties hereunder, including all
 information reasonably required by the Fund to account for all transactions on TA2000
 in the Fund shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) calculate
 the appropriate sales charge, if applicable and supported by TA2000, with respect to
 each purchase of the Fund shares as instructed by an Authorized Person, determining the
 portion of each sales charge payable to the dealer participating in a sale in accordance
 with schedules and instructions delivered to SS&C GIDS by the Fund's managing dealer
 or distributor or any other Authorized Person from time to time, disbursing dealer commissions
 collected to such dealers, determining the portion of each sales charge payable to such
 managing dealer and disbursing such commissions to the managing dealer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) receive
 correspondence pertaining to any former, existing or new shareholder account, processing
 such correspondence for proper recordkeeping, and responding to shareholder correspondence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) arrange
 the mailing to dealers of confirmations of wire order trades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) process,
 generally on the date of receipt, purchases, redemptions, , or instructions, as applicable,
 to settle any mail or wire order purchases, redemptions received in proper order as set
 forth in the prospectus, and reject any requests not received in proper order (as defined
 by an Authorized Person or the Procedures as hereinafter defined);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) if
 the Fund is a registered product, provide to the person designated by an Authorized Person
 the daily Blue Sky reports generated by the Blue Sky module of TA2000 with respect to
 purchases of shares of the Fund on TA2000. For clarification, with respect to obligations,
 the Fund is responsible for any registration or filing with a federal or state government
 body or obtaining approval from such body required for the sale of shares of the Fund
 in each jurisdiction in which it is sold. SS&C GIDS's sole obligation
 is to provide the Fund access to the Blue Sky module of TA2000 with respect to purchases
 of shares of the Fund on TA2000. It is the Fund's responsibility to validate
 that the Blue Sky module settings are accurate and complete and to validate the output
 produced thereby and other applicable reports provided by SS&C GIDS, to ensure accuracy. 
 SS&C GIDS is not responsible in any way for claims that the sale of shares of the
 Fund violated any such requirement (unless such violation results from a failure of the
 SS&C GIDS Blue Sky module to notify the Fund that such sales do not comply with the
 parameters set by the Fund for sales to residents of a given state);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) provide
 to the Fund escheatment reports as requested by an Authorized Person with respect to
 the status of accounts and outstanding checks on TA2000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) as
 mutually agreed upon by the parties as to the service scope and fees, answer telephone
 inquiries during mutually agreed upon times, each day on which the New York Stock Exchange
 is open for trading. SS&C GIDS shall answer and respond to inquiries from existing
 shareholders, prospective shareholders of the Fund and broker-dealers on behalf of such
 shareholders in accordance with the telephone scripts provided by the Fund to SS&C
 GIDS, such inquiries may include requests for information on account set-up and maintenance,
 general questions regarding the operation of the Fund, general account information including
 dates of purchases, redemptions, exchanges and account balances, requests for account
 access instructions and literature requests;

Page 10 of 19

**Exhibit (k)(1)(d)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) support
 Fund repurchase offers, including but not limited to: assistance with shareholder communication
 plan; coordination of repurchase offer materials; establishment of informational website;
 receipt, review and reconciliation of letters of transmittal; daily tracking, reconciliation
 and reporting of shares tendered; and issuing tax forms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) in
 order to assist the Fund with the Fund's anti-money laundering responsibilities
 under applicable anti-money laundering laws, SS&C GIDS offers certain risk-based
 shareholder activity monitoring tools and procedures that are reasonably designed to:
 (i) promote the detection and reporting of potential money laundering activities; and
 (ii) assist in the verification of persons opening accounts with the Fund. If the Fund
 elects to have SS&C GIDS implement the anti-money laundering procedures and delegate
 the day-to-day operation of such anti-money laundering procedures to SS&C GIDS, the
 parties will agree upon the applicable fees and the service scope and execute the attached
 appendix (" <u>Appendix I</u> " entitled "AML Delegation") which
 may be changed from time to time subject to mutual written agreement between the parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) as
 mutually agreed upon by the Parties as to the service scope and fees, provide any additional
 related services (i.e., pertaining to escheatments, abandoned property, garnishment orders,
 bankruptcy and divorce proceedings, Internal Revenue Service or state tax authority tax
 levies and summonses and all matters relating to the foregoing); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) upon
 request of the Fund and mutual agreement between the Parties as to the scope and any
 applicable fees, SS&C GIDS may provide additional services to the Fund under the
 terms of this Schedule and the Agreement. Such services and fees shall be set forth in
 writing and may be added by an amendment to, or as a statement of work under, this Schedule
 or the Agreement.

2. At
 the request of an Authorized Person, SS&C GIDS shall use reasonable efforts to provide
 the services set forth in this Schedule A in connection with transactions (i) the processing
 of which transactions require SS&C GIDS to use methods and procedures other than
 those usually employed by SS&C GIDS to perform shareholder servicing agent services,
 (ii) involving the provision of information to SS&C GIDS after the commencement of
 the nightly processing cycle of the TA2000 System or (iii) which require more manual
 intervention by SS&C GIDS, either in the entry of data or in the modification or
 amendment of reports generated by the TA2000 System than is usually required by normal
 transactions.

3. SS&C
 GIDS shall use reasonable efforts to provide the same services with respect to any new,
 additional functions or features or any changes or improvements to existing functions
 or features as provided for in the Fund's instructions, prospectus or application as
 amended from time to time, for the Fund, provided SS&C GIDS is advised in advance
 by the Fund of any changes therein and the TA2000 System and the mode of operations utilized
 by SS&C GIDS as then constituted supports such additional functions and features.
 If any new, additional function or feature or change or improvement to existing functions
 or features or new service or mode of operation measurably increases SS&C GIDS's
 cost of performing the services required hereunder at the current level of service, SS&C
 GIDS shall advise the Fund of the amount of such increase and if the Fund elects to utilize
 such function, feature or service, SS&C GIDS shall be entitled to increase its fees
 by the amount of the increase in costs.

4. The
 Fund acknowledges that SS&C GIDS is currently using, and will continue to use, SS&C
 Affiliates to assist with software development and support projects for SS&C GIDS
 and/or for the Fund. As part of such support, the Fund acknowledges that such SS&C
 Affiliates may access the Fund Confidential Information including, but not limited to,
 personally identifiable shareholder information (shareholder name, address, social security
 number, account number, etc.).

5. The
 Fund shall add all new funds to the TA2000 System upon at least 60 days' prior
 written notice to SS&C GIDS provided that the requirements of the new funds are generally
 consistent with services then being provided by SS&C GIDS under the Agreement. If
 less than 60 days' prior notice is provided by the Fund, additional 'rush'
 fees may be applied by SS&C GIDS. Rates or charges for additional funds shall be
 as set forth in Fee Letter for the remainder of the contract term except as such funds
 use functions, features or characteristics for which SS&C GIDS has imposed an additional
 charge as part of its standard pricing schedule. In the latter event, rates and charges
 shall be in accordance with SS&C GIDS's then-standard pricing schedule.

Page 11 of 19

**Exhibit (k)(1)(d)**

6. The
 parties agree that to the extent that SS&C GIDS provides any services under the Agreement
 that relate to compliance by the Fund with the Code (or any other applicable tax law),
 it is the parties' mutual intent that SS&C GIDS will provide only printing,
 reproducing, and other mechanical assistance to the Fund and that SS&C GIDS will
 not make any judgments or exercise any discretion of any kind. The Fund agrees that it
 will provide express and comprehensive instructions to SS&C GIDS in connection with
 all of the services that are to be provided by SS&C GIDS under the Agreement that
 relate to compliance by the Fund with the Code (or any other applicable tax law), including
 providing responses to requests for direction that may be made from time to time by SS&C
 GIDS of the Fund in this regard.

7. The
 Fund instructs and authorizes SS&C GIDS to provide the services as set forth in the
 Agreement in connection with transactions on behalf of certain IRAs featuring the funds
 made available by the Fund. The Fund acknowledges and agrees that as part of such services,
 SS&C GIDS will act as service provider to the custodian for such IRAs.

8. Upon
 receipt of the Fund's written request, SS&C GIDS shall provide transmissions
 of shareholder activity to the print vendor selected by the Fund.

9. Shares
 of stock will be transferred in accordance with the instructions of the shareholders
 and, upon receipt of the Fund's instructions that shares of stock be redeemed and
 funds remitted therefor, such redemptions will be accomplished and payments dispatched
 provided the shareholder instructions are deemed by SS&C GIDS to be duly authorized.
 SS&C GIDS reserves the right to refuse to transfer, exchange, sell or redeem shares
 as applicable, until it is satisfied that the request is authorized, or instructed by
 the Fund.

10. <u>Changes and Modifications.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) SS&C
 GIDS shall have the right, at any time, to modify any systems, programs, procedures or
 facilities used in performing its obligations hereunder; provided that the Fund will
 be notified as promptly as possible prior to implementation of such modifications and
 that no such modification or deletion shall materially adversely change or affect the
 operations and procedures of the Fund in using the TA2000 System hereunder, the Services
 or the quality thereof, or the reports to be generated by such system and facilities
 hereunder, unless the Fund is given thirty (30) days' prior notice to allow the
 Fund to change its procedures and SS&C GIDS provides the Fund with revised operating
 procedures and controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All
 enhancements, improvements, changes, modifications or new features added to the TA2000
 System however developed or paid for, including, without limitation, Client Requested
 Software (collectively, "Deliverables"), shall be, and shall remain, the
 confidential and exclusive property of, and proprietary to, SS&C GIDS. The parties
 recognize that during the Term of this Agreement the Fund will disclose to SS&C GIDS
 Confidential Information and SS&C GIDS may partly rely on such Confidential Information
 to design, structure or develop one or more Deliverables. Provided that, as developed,
 such Deliverable(s) contain no Confidential Information that identifies the Fund or any
 of its investors or which could reasonably be expected to be used to readily determine
 such identity, (i) the Fund hereby consents to SS&C GIDS's use of such Confidential
 Information to design, to structure or to determine the scope of such Deliverable(s)
 or to incorporate into such Deliverable(s) and that any such Deliverable(s), regardless
 of who paid for it, shall be, and shall remain, the sole and exclusive property of SS&C
 GIDS and (ii) the Fund hereby grants SS&C GIDS a perpetual, nonexclusive license
 to incorporate and retain in such Deliverable(s) Confidential Information of the Fund.
 All Confidential Information of the Fund shall be and shall remain the property of the
 Fund.

11. <u>Fund Obligations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Fund agrees to use its reasonable efforts to deliver to SS&C GIDS in Kansas City,
 Missouri, as soon as they are available, all of its shareholder account records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 Fund will provide SS&C GIDS written notice of any change in Authorized Personnel
 as set forth on <u>Schedule B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 Fund will notify SS&C GIDS of material changes to its Articles of Incorporation,
 Declaration of Trust, Bylaws or similar governing document (e.g. in the case of recapitalization)
 that impacts the services provided by SS&C GIDS under the Agreement.

Page 12 of 19

**Exhibit (k)(1)(d)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If
 at any time the Fund receives notice or becomes aware of any stop order or other proceeding
 in any such state affecting such registration or the sale of the Fund's shares, or of
 any stop order or other proceeding under the federal securities laws affecting the sale
 of the Fund's shares, the Fund or Sponsor will give prompt notice thereof to SS&C
 GIDS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The
 Fund shall not enter into one or more omnibus, third-party sub-agency or sub accounting
 agreements with (i) unaffiliated third-party broker/dealers or other financial intermediaries
 who have a distribution agreement with the Fund or (ii) third party administrators of
 group retirement or annuity plans, unless the Fund either (1) provides SS&C GIDS
 with a minimum of 12 months' notice before the accounts are deconverted from SS&C
 GIDS, or (2), if 12 months' notice is not possible, Fund shall compensate SS&C
 GIDS by paying a one-time termination fee equal to $0.10 per deconverted account per
 month for every month short of the 12 months' notice in connection with each such
 deconversion.

12. <u>Compliance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) SS&C
 GIDS shall perform the services under this Schedule A in conformance with SS&C GIDS's
 present procedures as set forth in its Procedures with such changes or deviations therefrom
 as may be from time to time required or approved by the Fund, its investment adviser
 or managing dealer, or its or SS&C GIDS's counsel and the rejection of orders or
 instructions not in good order in accordance with the applicable prospectus or the Procedures.
 Notwithstanding the foregoing, SS&C GIDS's obligations shall be solely as are
 set forth in this Schedule and any of other obligations of the Fund under applicable
 law that SS&C GIDS has not agreed to perform on the Fund's behalf under this
 Schedule or the Agreement shall remain the Fund's sole obligation.

13. <u>Bank Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) SS&C
 GIDS, acting as agent for the Fund, is authorized (1) to establish in the name of, and
 to maintain on behalf of, the Fund, on the usual terms and conditions prevalent in the
 industry, including limits or caps (based on fees paid over some period of time or a
 flat amount, as required by the affected Bank on the maximum liability of such Banks
 into which SS&C GIDS shall deposit the funds SS&C GIDS receives for payment of
 dividends, distributions, purchases of Fund shares, redemptions of Fund shares, commissions,
 corporate re-organizations (including recapitalizations or liquidations) or any other
 disbursements made by SS&C GIDS on behalf of the Fund provided for in this Schedule
 A, (2) to draw checks upon such accounts, to issue orders or instructions to the Bank
 for the payment out of such accounts as necessary or appropriate to accomplish the purposes
 for which such funds were provided to SS&C GIDS, and (3) to establish, to implement
 and to transact Fund business through ACH, draft processing, wire transfer and any other
 banking relationships, arrangements and agreements with such Bank as are necessary or
 appropriate to fulfill SS&C GIDS's obligations under the Agreement. SS&C
 GIDS, acting as agent for the Fund, is also hereby authorized to execute on behalf and
 in the name of the Fund, on the usual terms and conditions prevalent in the industry,
 including limits or caps (based on fees paid over some period of time or a flat amount,
 as required by the affected Bank) on the maximum liability of such Banks, agreements
 with banks for ACH, wire transfer, draft processing services, as well as any other services
 which are necessary or appropriate for SS&C GIDS to utilize to accomplish the purposes
 of this Schedule. In each of the foregoing situations the Fund shall be liable on such
 agreements with the Bank as if it itself had executed the agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) SS&C
 GIDS is authorized and directed to stop payment of checks theretofore issued hereunder,
 but not presented for payment, when the payees thereof allege either that they have not
 received the checks or that such checks have been mislaid, lost, stolen, destroyed or
 through no fault of theirs, are otherwise beyond their control, and cannot be produced
 by them for presentation and collection, and, to issue and deliver duplicate checks in
 replacement thereof.

Page 13 of 19

**Exhibit (k)(1)(d)**

14. <u>Records.</u> SS&C GIDS will maintain customary transfer agent records in connection with its
 agency in accordance with the transfer agent recordkeeping requirements under the 1934
 Act, and particularly will maintain those records required to be maintained pursuant
 to subparagraph (2) (iv) of paragraph (b) of Rule 31a-1 under the 1940 Act, if any. Notwithstanding
 anything in the Agreement to the contrary, the records to be maintained and preserved
 by SS&C GIDS on the TA2000 System under the Agreement shall be maintained and preserved
 in accordance with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Annual
 purges by August 31: SS&C GIDS and the Fund shall mutually agree upon a date for
 the annual purge of the appropriate history transactions from the Transaction History
 (A88) file for accounts (both regular and tax advantaged accounts) that were open as
 of January 1 of the current year, such purge to be complete no later than August 31.
 Purges completed after this date will subject the Fund to the Aged History Retention
 fees set forth in the Fee Schedule attached hereto as <u>Fee Letter</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Purge
 criteria: In order to avoid the Aged History Retention fees, history data for regular
 or ordinary accounts (that is, non-tax advantaged accounts) must be purged if the confirmation
 date of the history transaction is prior to January 1 of the current year and history
 data for tax advantaged accounts (retirement and educational savings accounts) must be
 purged if the confirmation date of the history transaction is prior to January 1 of the
 prior year. All purged history information shall be retained on magnetic tape for seven
 (7) years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Purged
 history retention options (entail an additional fee): For the additional fees set forth
 on the Fee Schedule attached hereto as <u>Fee Letter</u>, or as otherwise mutually agreed,
 then Fund may choose (i) to place purged history information on the Purged Transaction
 History (A19) table or (ii) to retain history information on the Transaction History
 (A88) file beyond the timeframes defined above. Retaining information on the A19 table
 allows for viewing of this data through online facilities and E-Commerce applications.
 This database does not support those histories being printed on statements and reports
 and is not available for on request job executions.

15. <u>Disposition of Books, Records and Canceled Certificates.</u> SS&C GIDS may send periodically
 to the Fund, or to where designated by the Fund, all books, documents, and all records
 no longer deemed needed for current purposes, upon the understanding that such books,
 documents, and records will be maintained by the Fund under and in accordance with the
 requirements of applicable federal securities laws. Such materials will not be destroyed
 by the Fund without the consent of SS&C GIDS (which consent will not be unreasonably
 withheld), but will be safely stored for possible future reference.

**E.**  **<u>Blue Sky Services</u>** 

1. <u>Management Responsibilities</u>. In connection with the provision of the Services by SS&C GIDS,
 Management shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Identify
 the states and territories where the Fund's shares will be offered for sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Determine
 the availability of any exemptions under a jurisdiction's Blue Sky laws with the
 assistance of SS&C GIDS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Work
 with SS&C GIDS to identify what systematic exemptions will be taken by the Fund and
 coded on the Fund's Transfer Agent's system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Provide
 written instructions in SS&C GIDS' standard format to implement systematic
 exemptions and exclusions from reporting where practicable on the Fund's Transfer
 Agent system or the SS&C GIDS Blue Sky software system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Provide
 written instructions to SS&C GIDS to remove current permit period sales from SS&C
 GIDS' Blue Sky software database upon determination that such sales qualify for
 exemptions or exclusion from reporting to the applicable states where registration fees
 are based on sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Facilitate
 the issuance of a limited power of attorney in favor of SS&C GIDS in order that SS&C
 GIDS may submit Notice Filings and other filings required by the states and territories
 and payments with respect thereto on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) To
 the extent Management is notified by an intermediary of new sales data feeds, notify
 SS&C GIDS in writing of any changes to or additions of Blue Sky sales data feeds
 and work with SS&C GIDS to facilitate the necessary updates;

Page 14 of 19

**Exhibit (k)(1)(d)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Serve
 as liaison with the Fund to facilitate the transmission of wire transfers for payment
 by the Fund for invoiced state fees as needed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Provide
 written instruction detailing action to be taken upon receipt of written notification
 from SS&C GIDS that a direct broker Blue Sky sales feed is available for activation.

2. <u>SS&C GIDS Responsibilities</u>. Upon request and with at least 60 days' prior written notice by Management, with respect to a
particular Fund, SS&C GIDS will provide Management with Blue Sky services, which will include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) File
 Initial Notice Filings, as applicable, in all states and territories in which the Fund's
 shares will be offered, in the form of and as required by the applicable laws of the
 states and territories;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) File
 the Fund's renewals and amendments to reflect name changes, terminations, domicile
 changes, issuer address changes, fiscal year end changes, distributor changes, as applicable,
 in all states and territories in which the Fund's shares will be offered, in the
 form of and as required by the applicable laws of the states and territories;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) File
 the Fund's sales reports to the extent required by applicable law, in the form
 of and as required by the applicable laws of the states and territories;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Invoice
 the Fund for fees owed to each state in accordance with procedures agreed upon in writing
 by Fund and SS&C GIDS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) At
 the direction of Management, make payments, at the expense of the Fund, of Notice Filing
 fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) File
 the Prospectuses and Statements of Additional Information and any amendments and supplements
 thereto to the extent required by the applicable laws of the states and territories;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) File
 annual reports to the extent required by the applicable laws of the states and territories;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) File
 all necessary notices to permit the Fund (or class of the Fund, as applicable) that is
 eligible for reduced fees applicable to money market funds or otherwise to qualify for
 reduced fees in a state or territory;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) File
 all correspondence and related documentation so as to provide notice of the Fund's
 intent to take exemptions if such notice is required by the state or territory in order
 to permit the Fund to utilize such exemptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Advise
 Management prior to communicating with the states and territories regarding any sales
 in excess of the registered amount for a permit so the Fund can advise in writing the
 action to be taken;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Provide
 Management information regarding the Sales to Existing Shareholders Exemptions and the
 Institutional Investor Exemptions available in the states and territories;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Include
 in sales report filings, all sales reported to SS&C GIDS via (i) transfer agency
 Blue Sky sales feed and; (ii) broker Blue Sky sales feeds, including, without limitation,
 feeds that (a) were transferred as part of the conversion from the Fund's prior
 Blue Sky vendor, or (b) confirmed in writing by Management to be activated, less any
 exempt sales that the Fund has directed SS&C GIDS in writing to remove prior to such
 filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) At
 the direction of the Fund, serve as liaison between the Fund and the applicable Blue
 Sky jurisdiction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) Provide
 information concerning Blue Sky reporting requirements and mutual fund industry Blue
 Sky reporting practices including utilization of exemptions and intermediary data feeds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) Conduct
 annual due diligence reviews;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) In
 the event that SS&C GIDS becomes aware of the sale of the Fund's shares in
 a jurisdiction in which no Notice Filing has been made, SS&C GIDS shall report such
 information to Management and Management shall instruct SS&C GIDS with respect to
 the corrective action to be taken;

Page 15 of 19

**Exhibit (k)(1)(d)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) File
 all additional amendments to increase registered amounts in accordance with agreed upon
 procedures in all states and territories in which the Fund's shares will be offered,
 in the form of and as required by the applicable laws of the states and territories;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) Perform
 such additional services as SS&C GIDS and Management may agree upon in writing and
 added to this Agreement by amendment.

**G.** <u>Bank Loan Servicing</u> 

1. Provide
 trade processing support for loan transactions including recording trade settlements,
 reconciliation of settlements and tracking associated loan documentation.

2. Provide
 asset servicing support related to loan positions including liaising with the loan agent
 on various aspects of loan maintenance and reconciliation.

3. Provide
 payment information to Fund for review through SS&C's wire payment application
 with respect to loan payments, drawdowns and other loan life cycle events.

4. Obtain
 and maintain static data on loan facilities subject to receipt from the applicable agent
 bank

5. Provide
 loan information reporting (e.g., trade blotter, market value position report and loan
 contract position report) to Fund.

6. Store
 agent bank notices received with respect to loan positions and make available to Fund
 in a format as agreed in writing with Fund.

**H.**  **<u>Private Equity Accounting and Administration</u>** 

1. Underlying
 fund investment data and document management:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Maintain
 and monitor SS&C email inbox to receive notices and capital account statements from
 underlying funds; monitor and retrieve documents from underlying funds' web portals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Actively
 track document receipt dates and proactively follow up on past-due documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Track
 static data: commitment amount, strategy, asset class, etc., as agreed in writing between
 the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Track
 dynamic data: unfunded balance and cost basis, etc., as agreed in writing between the
 Parties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Track
 other user defined fields as required, and as agreed in writing between the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Manage
 and store investment related documents.

2. Underlying
 fund investment transaction processing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Record
 and reconcile (i) capital contributions to (ii) distributions from, and (iii) remaining
 commitments to underlying fund investments, in keeping with the classifications provided
 by the respective notices, and in keeping with the accounting policies of Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For
 stock distributions, track distributed value, reconcile to securities delivered in-kind
 to brokerage account, and record and reconcile settlements/sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Perform
 adjustments to market value (for stale valuations), as agreed in writing, between SS&C,
 Fund and Management and in keeping with Fund's valuation policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Fund
 and/or Management shall provide SS&C with transaction activity, accounting attributes
 and valuations for Fund investments, on a monthly basis. Timing and data elements shall
 be determined, as agreed in writing between the Parties.

3. After
 each capital call and distribution, SS&C shall monitor and reconcile the applicable
 Fund's bank and custodial account on an agreed upon basis and verify that cash
 has moved appropriately. SS&C shall escalate any unresolved issues to the appropriate
 point of escalation.

Page 16 of 19

**Exhibit (k)(1)(d)**

4. Splitter
 Entity Services – Portfolio Administration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Create
 and maintain 2 separate deals for splitter entity to track pool A and pool B securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Record
 investment related transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Reconcile
 cash notices and PCAPs to pool A and B securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Reconcile
 splitter bank account to cash notices

**I.**  **<u>Report Modernization Terms and Conditions</u>** 

In addition to the terms and conditions of the Agreement, the below terms and conditions apply to the provision of the following Services (the listed Services known as "Modern Data Services"):

● Preparation and Filing of Form N-PORT and Form N-CEN

1. In
 connection with completion of the Modern Data Services, Market Data may be supplied to
 the Fund through an SS&C ALPS Associate(s) or directly by a Data Supplier (for the
 purposes of this appendix, Data Supplier shall include the Data Supplier's third
 party suppliers). Any Market Data being provided to the Fund by SS&C ALPS or a Data
 Supplier is being supplied for the sole purpose of assisting the completion of the Modern
 Data Services. Accordingly, the Fund acknowledges that Market Data is proprietary to
 SS&C ALPS Associates and/or the Data Suppliers and is provided on a limited internal-use
 license basis. Market Data may not be disseminated by the Fund to any other affiliated
 or non-affiliated entity, used to populate internal systems or to create a historical
 database, or for any other purpose in lieu of Fund obtaining a data license from SS&C
 ALPS Associates or Data Supplier, as applicable. The Fund accepts responsibility
 for, and acknowledges it exercises its own independent judgment in, the selection of
 the Data Supplier(s) to provide the Market Data, its selection of the use or intended
 use of such, and any results obtained. Access to and delivery of Market Data is dependent
 on the Data Suppliers and may be interrupted or discontinued with or without notice to
 Fund.

2. The
 Fund acknowledges that (i) the Market Data is intended for use as an aid to institutional
 investors, registered brokers or professionals of similar sophistication in making informed
 judgments concerning characteristics of certain securities; and (ii) the Data Supplier
 and/or SS&C ALPS Associate(s), as applicable, holds all title, license, copyright
 or similar intellectual property rights in the Market Data.

3. No
 SS&C ALPS Associate or Data Supplier will have any liability for errors, omissions
 or malfunctions in the Market Data, except that ALPS will endeavor, upon receipt of notice
 from the Fund, to correct a malfunction, error, or omission in the Market Data utilized
 in the Modern Data Services that is identified by Fund.

4. Notwithstanding
 anything in this Agreement to the contrary, no SS&C ALPS Associate nor Data Supplier
 shall be liable to Fund or any other Person for any Losses related, directly or indirectly,
 to the Market Data, the provision of (or failure to provide) the Market Data, and/or
 the reliance by an SS&C ALPS Associate, Fund or any other Person on such Market Data. 
 Further, the Fund shall indemnify all SS&C ALPS Associates and applicable Data Suppliers
 against, and hold such SS&C ALPS Associates and Data Suppliers harmless from, any
 and all Losses (including legal fees and costs to enforce this provision), that any SS&C
 ALPS Associate(s) or Data Provider suffer, incur, or pay as a result of any Third Party
 Claim or Claim among the Parties arising out of or related to the Market Data or any
 data, information, service, report, analysis or publication derived therefrom.

5. Notwithstanding
 anything in this Agreement to the contrary, as it relates to the provision of the Modern
 Data Services, no SS&C ALPS Associate nor Data Supplier shall be liable for (i) any
 special, indirect or consequential damages (even if advised of the possibility of such),
 (ii) any delay by reason of circumstances beyond its control, including acts of civil
 or military authority, national emergencies, labor difficulties, fire, mechanical breakdown,
 flood or catastrophe, acts of God, insurrection, war, riots, or failure beyond its control
 of transportation or power supply, or (iii) any claim that arose more than one year prior
 to the institution of suit therefor.

6. THE
 FUND ACCEPTS THE MARKET DATA AS IS AND NO SS&C ALPS ASSOCIATE OR ANY DATA SUPPLIER
 MAKE ANY WARRANTIES, EXPRESS OR IMPLIED, AS TO MERCHANTABILITY, FITNESS OR ANY OTHER
 MATTER RELATED TO THE MARKET DATA.

Page 17 of 19

**Exhibit (k)(1)(d)**

**J.**  **<u>Miscellaneous</u>** 

16. Notwithstanding
 anything to the contrary in this Agreement, SS&C:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Does
 not maintain custody of any cash or securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Does
 not have the ability to authorize transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Does
 not have the authority to enter into contracts on behalf of Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Is
 not responsible for determining the valuation of Fund's assets and liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Does
 not perform any management functions or make any management decisions with regard to
 the operation of Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Is
 not Fund's tax advisor and does not provide any tax advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Is
 not obligated to perform any additional or materially different services due to changes
 in law or audit guidance.

2. If
 SS&C allows Fund, Management, investors or their respective agents and representatives
 (" <u>Users</u> ") to (i) receive information and reports from SS&C and/or
 (ii) issue instructions to SS&C via web portals or other similar electronic mechanisms
 hosted or maintained by SS&C or its agents (" <u>Web Portals</u> "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Access
 to and use of Web Portals by Users shall be subject to the proper use by Users of usernames,
 passwords and other credentials issued by SS&C (" <u>User Credentials</u> ")
 and to the additional terms of use that are noticed to Users on such Web Portals. Fund
 shall be solely responsible for the results of any unauthorized use, misuse or loss of
 User Credentials by their authorized Users and for compliance by such Users with the
 terms of use noticed to Users with respect to Web Portals, and shall notify SS&C
 promptly upon discovering any such unauthorized use, misuse or loss of User Credentials
 or breach by Fund or their authorized Users of such terms of use. Any change in the status
 or authority of an authorized User communicated by Fund shall not be effective until
 SS&C has confirmed receipt and execution of such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) SS&C
 grants to the Fund a limited, non-exclusive, non-transferable, non-sublicenseable right
 during the term of this Agreement to access Web Portals solely for the purpose of accessing
 Client Data and, if applicable, issue instructions. Fund will ensure that any use of
 access to any Web Portal is in accordance with SS&C's terms of use, as noticed
 to the Users from time to time. This license does not include: (i) any right to access
 any data other than Client Data; or (ii) any license to any software.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Fund
 will not (A) permit any third party to access or use the Web Portals through any time-sharing
 service, service bureau, network, consortium, or other means; (B) rent, lease, sell,
 sublicense, assign, or otherwise transfer its rights under the limited license granted
 above to any third party, whether by operation of law or otherwise; (C) decompile, disassemble,
 reverse engineer, or attempt to reconstruct or discover any source code or underlying
 ideas or algorithms associated with the Web Portals by any means; (D) attempt to modify
 or alter the Web Portal in any manner; or (E) create derivative works based on the web
 portal. Neither Fund nor Management will remove (or allow to be removed) any proprietary
 rights notices or disclaimers from the Web Portal or any reports derived therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) SS&C
 reserves all rights in SS&C systems and in the software that are not expressly granted
 to Fund hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) SS&C
 may discontinue or suspend the availability of any Web Portals at any time without prior
 notice; SS&C will endeavor to notify Fund as soon as reasonably practicable of such
 action.

3. Notwithstanding
 anything in this Agreement to the contrary, Fund has ultimate authority over and responsibility
 for its tax matters and financial statement tax disclosures. All memoranda, schedules,
 tax forms and other work product produced by SS&C are the responsibility of Fund
 and are subject to review and approval by Fund and Fund's auditors, or tax preparers,
 as applicable and SS&C bears no responsibility for reliance on tax calculations and
 memoranda prepared by SS&C.

Page 18 of 19

**Exhibit (k)(1)(d)**

4. SS&C
 shall provide reasonable assistance to responding to due diligence and analogous requests
 for information from investors and prospective investors (or others representing them);
 provided, that SS&C may elect to provide these services only upon Fund agreement
 in writing to separate fees in the event responding to such requests becomes, in SS&C's
 sole discretion, excessive.

5. Reports
 and information shall be deemed provided to Fund if they are made available to Fund online
 through SS&C's portal.

Page 19 of 19

## Exhibit 99.25

Exhibit (k)(3)

**ADMINISTRATION AGREEMENT** 

**BETWEEN** 

**FS MVP Private Markets FUND** 

**AND** 

**Portfolio Advisors, LLC** 

This Administration Agreement (the "***Agreement***") is made this 4th day of February, 2025, by and between FS MVP Private Markets FUND, a Delaware statutory trust (the "***Fund***"), and Portfolio Advisors, LLC, a Connecticut limited liability company (the "***Co-Administrator***").

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

WHEREAS, the Fund desires to retain the Co-Administrator to provide certain administrative services necessary for the operation of the Fund on the terms and conditions hereinafter set forth, and the Co-Administrator wishes to be retained to provide such services.

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the parties hereby agree as follows:

**1. <u>Duties of the Co-Administrator</u>.** 

(a) <u>Retention of Co-Administrator</u>. The Fund hereby engages the Co-Administrator to furnish, or, as permitted below, arrange for others to furnish, the administrative services, personnel and facilities described below, subject to the supervision, direction and control of the board of trustees of the Fund (the "***Board***"), the provisions of the Fund's declaration of trust (as may be amended from time to time, the "***Declaration***") and bylaws (as may be amended from time to time, the "***Bylaws***"), and applicable federal and state law. Affiliates of the Co-Administrator may perform certain administrative services at the request or on behalf of the Fund or the Co-Administrator.

(b) <u>Responsibilities of Co-Administrator</u>. The Co-Administrator shall perform (or oversee, or arrange for, the performance of) the administrative services necessary for the day-to-day operations of the Fund, including providing the Fund with general ledger accounting, fund accounting, legal services, investor relations and other administrative services. Without limiting the generality of the foregoing, the Co-Administrator shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) provide the Fund with: (A) office facilities and equipment, (B) clerical, bookkeeping, accounting and recordkeeping services, (C) legal services, and (D) all such other administrative services as the Co-Administrator shall from time to time determine to be necessary or appropriate to perform its obligations under this Agreement;

Exhibit (k)(3)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on behalf of the Fund, enter into agreements (subject to the approval of the Fund's Board of Trustees as may be necessary or appropriate) and/or interact with custodians, depositories, transfer agents, distribution disbursing agents, the distribution reinvestment plan administrator, shareholder servicing agents, accountants, auditors, tax consultants, advisers and experts, investment advisers, escrow agents, attorneys, dealer managers, underwriters, brokers and dealers, investor custody and share transaction clearing platforms, marketing, sales and advertising materials contractors, public relations firms, investor communication agents, printers, insurers, banks, third-party pricing or valuation services, regulatory bodies, and such other persons in any such other capacity deemed to be necessary or desirable by the Co-Administrator and the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) have the authority to enter into one or more sub-administration agreements with other service providers (each, a "***Sub-Administrator***") pursuant to which the Co-Administrator may obtain the services of the service providers in fulfilling its responsibilities hereunder. Any such sub-administration agreements shall be in accordance with the requirements of the Investment Company Act, and other applicable federal and state law, and shall contain a provision requiring the Sub-Administrator to comply with Sections 1(b)(iv),1(b)(x), 1(d) and 1(e), below as if it were the Co-Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) as may be requested, make, or cause a Sub-Administrator to make, reports to the Board of its performance of its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) furnish advice and recommendations with respect to such other aspects of the business and affairs of the Fund as the Co-Administrator reasonably shall determine to be desirable; provided that nothing herein shall be construed to require the Co-Administrator to, and the Co-Administrator shall not pursuant to this Agreement, provide any advice or recommendation relating to the securities or other assets that the Fund should purchase, retain or sell or any other investment advisory services to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) assist the Fund in the preparation of and maintaining the financial and other records that the Fund is required to maintain and the preparation, printing and dissemination of reports that the Fund is required to furnish to shareholders, and reports and other materials filed with the Securities and Exchange Commission (the "***SEC***"), and states and jurisdictions, if any, where any offering of the Fund's common shares of beneficial interest ("***Shares***") is registered or otherwise reported and there is a duty to file information with one or more states on a one-time or ongoing basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) assist the Fund in determining and publishing the Fund's net asset value, oversee the preparation and filing of the Fund's tax returns, and generally oversee and monitor the payment of the Fund's expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) oversee the performance of administrative and other professional services rendered to the Fund by others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) coordinate services in connection with any repurchase of Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) exercise reasonable care in discharging its duties hereunder.

(c) <u>Acceptance of Engagement</u>. The Co-Administrator hereby accepts such engagement and agrees during the term hereof to render the services described herein, subject to the reimbursement of costs and expenses provided for below, and subject to the limitations contained herein.

Exhibit (k)(3)

(d) <u>Independent Contractor Status</u>. The Co-Administrator, and any others with whom the Co-Administrator subcontracts to provide the services set forth herein, shall, for all purposes herein provided, be deemed to be independent contractors and, except as expressly provided or authorized herein or by other written agreement of the Fund and the Co-Administrator, shall have no authority to act for or represent the Fund in any way or otherwise be deemed agents of the Fund.

(e) <u>Record Retention</u>. Subject to review by, and the overall control of, the Board, the Co-Administrator shall maintain and keep all books, accounts and other records of the Fund that relate to activities performed by the Co-Administrator hereunder as required under the Investment Company Act. The Co-Administrator shall render to the Board such periodic and special reports as the Board may reasonably request or as may be required under applicable federal and state law, and shall make such records available for inspection by the Board and its authorized agents, at any time and from time to time during normal business hours. The Co-Administrator agrees that all records that it maintains for the Fund are the property of the Fund and shall surrender promptly to the Fund any such records upon the Fund's request and upon termination of this Agreement pursuant to Section 7, provided that the Co-Administrator may retain a copy of such records. The Co-Administrator further agrees that the records which it maintains for the Fund will be preserved in the manner and for the periods prescribed by the Investment Company Act, unless any such records are earlier surrendered as provided above.

**2. <u>The Fund's Responsibilities and Expenses Payable by the Fund</u>.** 

Subject to the limitations on reimbursement of the Co-Administrator as set forth in Section 3 below, the Fund, either directly or through reimbursement to the Co-Administrator and/or its affiliates, shall bear all costs and expenses of its operations and transactions, including (without limitation): expenses deemed to be "organization and offering expenses" of the Fund, which consists of costs incurred by the Co-Administrator and/or its affiliates, on behalf of the Fund for legal, accounting, printing and other offering expenses, including costs associated with technology integration between the Co-Administrator's systems and those of its distributing partners; a pro rata allocation of the portion of the salaries and direct expenses of the personnel of the Co-Administrator and/or its affiliates, employees of its affiliates and others while engaged in registering the Fund's Shares (for purposes of this Agreement, such expenses, exclusive of commissions, the dealer manager fee, any discounts and any distribution and/or shareholder servicing fees, if any, are hereinafter referred to as "***Organization and Offering Expenses***"); corporate and organizational expenses relating to offerings of the Fund's Shares, subject to limitations included in this Agreement; the cost of calculating the Fund's net asset value, including the cost of any third-party pricing or valuation services; the cost of effecting sales and repurchases of the Shares and other securities; investment advisory fees; distribution and/or shareholder servicing fees; investment-related expenses (e.g., expenses that, in the Co-Administrator's reasonable discretion, are related to the investment of the Fund's assets, whether or not such investments are consummated), including (as applicable) brokerage commissions, borrowing charges on securities sold short, clearing and settlement charges, recordkeeping, interest expenses, dividends on securities sold but not yet purchased, margin fees, investment-related travel and lodging expenses and research-related expenses and other due diligence expenses; investment-related professional fees, including expenses of consultants, investment bankers, attorneys, accountants and other experts; fees and expenses relating to software tools, programs or other technology (including risk management software, fees to risk management services providers, third-party software licensing, implementation, data management and recovery services and custom development costs) utilized by the Co-Administrator in support of the Fund; research and market data (including news and quotation equipment and services, and any computer hardware and connectivity hardware (e.g., telephone and fiber optic lines) incorporated into the cost of obtaining such research and market data; all costs and charges for equipment or services used in communicating information regarding the Fund's transactions among the Co-Administrator and any custodian or other agent engaged by the Fund; transfer agent and custodial fees; federal and any state registration or notification fees; federal, state and local taxes; the costs of preparing, printing and mailing reports and other communications, including proxy (as agreed to by the parties), repurchase offer correspondence or similar materials, to Fund shareholders; fidelity bond, trustees and officers/errors and omissions liability insurance and other insurance premiums; direct costs such as printing, mailing, long distance telephone and staff costs; legal expenses (including those expenses associated with preparing the Fund's public filings, attending and preparing for Board meetings, as applicable, and generally providing legal services to the Fund); external accounting expenses (including fees and disbursements and expenses related to the annual audit of the Fund and the preparation of the Fund's tax information); costs associated with reporting and compliance obligations under the Investment Company Act and applicable federal and state securities laws, including compliance with the Sarbanes-Oxley Act of 2002, as amended; all other expenses incurred by the Co-Administrator, the Fund, and/or their respective affiliates in connection with administering the Fund's business, including expenses incurred by the Co-Administrator and/or its affiliates in performing administrative services for the Fund and administrative personnel paid by the Co-Administrator, subject to the limitations included in this Agreement; and any expenses incurred outside of the ordinary course of business, including, without limitation, costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or similar proceeding and indemnification expenses, including as provided for in the Fund's organizational documents.

Exhibit (k)(3)

**3. <u>No Fee; Reimbursement of Expenses; Limitations on Reimbursement of Expenses</u>.** 

In full consideration for the provision of the services provided by the Co-Administrator under this Agreement, the parties acknowledge that there shall be no separate fee paid in connection with the services provided, notwithstanding that the Fund shall reimburse the Co-Administrator and/or its affiliates no less than quarterly, for all necessary and appropriate expenses of the Fund reasonably incurred by the Co-Administrator, as well as the actual cost of goods and services used for or by the Fund and paid by the Co-Administrator to third party entities not affiliated with the Co-Administrator.

The Co-Administrator shall be reimbursed for the administrative services performed by it on behalf of the Fund; provided, however, that (1) such costs are reasonably allocated by the Co-Administrator to the Fund on the basis of assets, revenues, time allocations and/or other method conforming with generally accepted accounting principles; and (2) such reimbursement shall be subject to any expense limitation of the Fund in effect at the time at which such reimbursement is otherwise payable.

Exhibit (k)(3)

**4. <u>Other Activities of the Co-Administrator</u>.**

The services provided by the Co-Administrator and/or its affiliates to the Fund are not exclusive, and the Co-Administrator may engage in any other business or render similar or different services to others, so long as its services to the Fund hereunder are not impaired thereby, and nothing in this Agreement shall limit or restrict the right of any manager, partner, member (including its members and the owners of its members), officer or employee of the Co-Administrator to engage in any other business or to devote his or her time and attention in part to any other business, whether of a similar or dissimilar nature, or to receive any fees or compensation in connection therewith (including fees for serving as a director or trustee of, or providing consulting services to, one or more of the Fund's portfolio companies, subject to applicable law). The Co-Administrator assumes no responsibility under this Agreement other than to render the services called for hereunder. It is understood that trustees, officers, employees and shareholders of the Fund are or may become interested in the Co-Administrator and its affiliates, as directors, officers, employees, partners, interestholders, members, managers or otherwise, and that the Co-Administrator and directors, officers, employees, partners, interestholders, members and managers of the Co-Administrator and its affiliates are or may become similarly interested in the Fund as shareholders or otherwise.

**5. <u>Confidentiality</u>.** The Co-Administrator (and its officers, managers, partners, members (and their members, including the owners of their members), agents, employees, controlling persons and any other person or entity affiliated with the Co-Administrator) 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 (regulated 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 or legal authority, or legal counsel of the parties hereto, by judicial or administrative process or otherwise by applicable law or regulation.

 

**6. <u>Indemnification</u>.**

The Co-Administrator (and its officers, managers, partners, members (and their members, including the owners of their members), agents, employees, controlling persons and any other person or entity affiliated with the Co-Administrator) shall not be liable to the Fund for any action taken or omitted to be taken by the Co-Administrator or such other person in connection with the performance of any of its duties or obligations under this Agreement or otherwise as the administrator of the Fund with respect to the receipt of compensation for services, and the Fund shall indemnify, defend and protect the Co-Administrator (and its officers, managers, partners, members (and their members, including the owners of their members), agents, employees, controlling persons and any other person or entity affiliated with the Co-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 Fund or its security holders) arising out of or otherwise based upon the performance of any of the Co-Administrator's duties or obligations under this Agreement or otherwise as an administrator of the Fund, to the extent such damages, liabilities, costs and expenses are not fully reimbursed by insurance, and to the extent that such indemnification would not be inconsistent with the laws of the State of Delaware or the Declaration. Notwithstanding the preceding sentence of this Section 6 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 Fund or its shareholders to which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of the Co-Administrator's duties or by reason of the reckless disregard of the Co-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) (hereinafter referred to as "***disabling conduct***").

Exhibit (k)(3)

The Fund may make advance payments in connection with the expenses of defending any action with respect to which indemnification might be sought hereunder if the Fund receives a written affirmation of the Indemnified Party's good faith belief that the standard of conduct necessary for indemnification has been met and a written undertaking to reimburse the Fund unless it is subsequently determined that such Indemnified Party is entitled to such indemnification and if the Trustees of the Fund determine that the facts then known to them would not preclude indemnification. In addition, at least one of the following conditions must be met: (A) the Indemnified Party shall provide security for such Indemnified Party's undertaking, (B) the Fund shall be insured against losses arising by reason of any unlawful advance, or (C) a majority of a quorum consisting of Trustees of the Fund who are neither "interested persons" of the Fund (as such term is defined in Section 2(a)(19) of the Investment Company Act) nor parties to the proceeding ("***Disinterested Non-Party Trustees***") or an independent legal counsel in a written opinion, shall determine, based on a review of readily available facts (as opposed to a full trial-type inquiry), that there is reason to believe that the Indemnified Party ultimately will be found entitled to indemnification.

All determinations with respect to the standards for indemnification hereunder shall be made (1) by a final decision on the merits by a court or other body before whom the proceeding was brought that such Indemnified Party is not liable or is not liable by reason of disabling conduct, or (2) by (i) a majority vote of a quorum of the Disinterested Non-Party Trustees of the Fund, or (ii) if such a quorum is not obtainable or, even if obtainable, if a majority vote of such quorum so directs, independent legal counsel in a written opinion. All determinations that advance payments in connection with the expense of defending any proceeding shall be authorized and shall be made in accordance with the immediately preceding paragraph.

The rights accruing to any Indemnified Party under these provisions shall not exclude any other right to which such Indemnified Party may be lawfully entitled.

**7. <u>Effectiveness, Duration and Termination of Agreement</u>.** 

(a) <u>Term and Effectiveness</u>. This Agreement shall become effective as of the date first written above. This Agreement shall remain in effect with respect to the Fund for two years, and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by: (a) the vote of the Board; and (b) the vote of a majority of the Fund's trustees who are not parties to this Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the Investment Company Act) of any such party.

Exhibit (k)(3)

(b) <u>Termination</u>. This Agreement may be terminated at any time, without the payment of any penalty, upon 60 days' written notice to the other party. This Agreement and the rights and duties of a party hereunder may not be assigned, including by operation of law, by a party without the prior consent of the other party. The provisions of Section 6 of this Agreement shall remain in full force and effect, and the Co-Administrator shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement.

(c) <u>Payments to and Duties of Co-Administrator Upon Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) After the termination of this Agreement, the Co-Administrator shall not be entitled to compensation for further services provided hereunder, except that it shall be entitled to receive from the Fund within 30 days after the effective date of such termination all unpaid reimbursements due and payable to the Co-Administrator prior to termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Co-Administrator shall promptly upon termination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Deliver to the Board all assets and documents of the Fund then in custody of the Co-Administrator; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Cooperate with the Fund to provide an orderly administrative transition.

**8. <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.

**9. <u>Amendments</u>.** 

This Agreement may be amended in writing by mutual consent of the parties hereto, subject to the provisions of the Investment Company Act.

**10. <u>Entire Agreement; Governing Law</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. Notwithstanding the place where this Agreement may be executed by any of the parties hereto, this Agreement shall be construed in accordance with the laws of the State of Delaware. For so long as the Fund is regulated as a closed-end management investment company registered under the Investment Company Act, this Agreement shall also be construed in accordance with the applicable provisions of the Investment Company Act. In such case, to the extent the applicable laws of the State of Delaware, or any of the provisions herein, conflict with the provisions of the Investment Company Act, the latter shall control. This Agreement may be executed in counterparts by the parties hereto, each of which shall constitute an original counterpart, and all of which, together, shall constitute one Agreement.

Exhibit (k)(3)

**11. <u>Severability</u>.** 

If any provision of this Agreement shall be declared illegal, invalid, or unenforceable in any jurisdiction, then such provision shall be deemed to be severable from this Agreement (to the extent permitted by law) and in any event such illegality, invalidity or unenforceability shall not affect the remainder hereof, and the remaining provisions of this Agreement shall be interpreted to give maximum effect to the intent of the parties manifested thereby.

**12. <u>Miscellaneous</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. This Agreement shall be binding on, and shall inure to the benefit of the parties hereto and their respective successors.

*[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]* 

Exhibit (k)(3)

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement on the date written above.

---

| | |
|:---|:---|
| FS MVP Private MARKETS FUND | FS MVP Private MARKETS FUND |
| By: | /s/ Scott Higbee |
| Name: | Scott Higbee |
| Title: | President |

---

---

| | |
|:---|:---|
| Portfolio Advisors, LLC | Portfolio Advisors, LLC |
| By: | /s/ Brooks Lindberg |
| Name: | Brooks Lindberg |
| Title: | Managing Director |

---

## Exhibit 99.25

---

| | |
|:---|:---|
| ![](fp0094493-2_03.jpg) | **Faegre Drinker Biddle & Reath LLP**<br> One Logan Square, Suite 2000<br> Philadelphia, Pennsylvania 19103<br> +1 215 988 2700 main<br> +1 215 988 2757 fax |

---

![](fp0094493-2_02.jpg)

July 29, 2025

FS MVP Private Markets Fund

c/o ALPS Fund Services, Inc.

1290 Broadway, Suite 1000

Denver, CO 80203

RE: FS MVP Private Markets Fund

Ladies and Gentlemen:

We have acted as counsel to FS MVP Private Markets Fund (the "Fund"), a Delaware Statutory Trust, in connection with the filing of the Fund's registration statement on Form N-2, including any amendment thereto (the "Registration Statement") (File No. 811-23656), to register under the Securities Act of 1933, as amended (the "1933 Act"), shares of beneficial interest representing interests in the Fund. The Fund is authorized to issue an unlimited number of Shares.

We have examined the originals or copies, certified or otherwise identified to our satisfaction, of the Fund's Agreement and Declaration of Trust and By-Laws (collectively, the "Governing Documents") and the resolutions adopted by the Board of Trustees of the Fund (the "Resolutions") relating to the authorization of the sale and issuance of the Shares in a continuous public offering, and have considered such other legal and factual matters as we have deemed appropriate.

In all cases, we have assumed the legal capacity of each natural person signing the Registration Statement, the genuineness of signatures, the authenticity of documents submitted to us as originals, the conformity to authentic original documents of documents submitted to us as copies and the accuracy and completeness of all corporate records and other information made available to us by the Fund. We have assumed that the Resolutions will still be in effect at the time the Shares are issued and have not been amended or rescinded. As to questions of fact material to this opinion, we have relied upon the accuracy of any certificates and other comparable documents of officers and representatives of the Fund, upon statements made to us in discussions with the Fund's management and upon statements and certificates of public officials.

This opinion is based exclusively on the laws of the State of Delaware.

We have assumed the following for this opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Shares will be issued in accordance with the Governing Documents and the Resolutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Shares will be issued against consideration therefor as described in the Registration Statement, and that such consideration will have been at least equal to the applicable net asset value.

Based on the foregoing, it is our opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Shares to be issued pursuant to the Registration Statement have been duly authorized for issuance by the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. When issued and paid for upon the terms provided in the Registration Statement, the Shares to be issued pursuant to the Registration Statement will be validly issued, fully paid and non-assessable by the Fund and that the holders of the Shares will be entitled to the same limitation of personal liability extended to shareholders of private corporations for profit organized under the general corporation law of the State of Delaware (except that we express no opinion as to such holders who are also Trustees of the Fund).

We hereby consent to the filing of this opinion with the Securities and Exchange Commission as an exhibit to the Registration Statement of the Fund.

We hereby consent to the use of our name and to the references to our firm under the caption "Independent Registered Public Accounting Firm; Legal Counsel" in the Prospectus and Statement of Additional Information included in the Registration Statement. In giving such consent, however, we do not admit that we are within the category of persons whose consent is required under Section 7 of the 1933 Act or the rules and regulations of the Securities and Exchange Commission thereunder.

---

| |
|:---|
| Very truly yours, |
| /s/ FAEGRE DRINKER BIDDLE & REATH LLP |
| FAEGRE DRINKER BIDDLE & REATH LLP |

---

## Exhibit 99.25

![](image_001.jpg)

Exhibit (n)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in this Registration Statement on Form N-2 of our report dated May 30, 2025, relating to the consolidated financial statements and consolidated financial highlights of FS MVP Private Markets Fund, which are included in Form N-CSR for the year ended March 31, 2025, and to the references to our firm under the headings "Financial Highlights" and "Independent Registered Public Accounting Firm; Legal Counsel" in the Prospectus and "Independent Registered Public Accounting Firm; Legal Counsel" and "Financial Statements" in the Statement of Additional Information.

/s/ Cohen & Company, Ltd.

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

July 29, 2025

![](image_002.jpg)

## Ex-Filing

**<br> Exhibit (s)**

**Calculation of Filing Fee Tables**

**Form N-2**

(Form Type)

**FS MVP PRIVATE MARKETS FUND**

(Exact Name of Registrant as Specified in its Charter)

**Table 1: Newly Registered and Carry Forward Securities**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Security<br> Type** | **Security<br> Class<br> Title** | **Fee<br> Calculation<br> or Carry<br> Forward<br> Rule** | **Amount<br> Registered** | **Proposed<br> Maximum<br> Offering<br> Price Per<br> Unit** | **Maximum<br> Aggregate**<br> **Offering Price** | **Fee Rate** | **Amount of<br> Registration<br> Fee** | **Carry<br> Forward<br> Form<br> Type** | **Carry<br> Forward<br> File<br> Number** | **Carry<br> Forward<br> Initial<br> effective<br> date** | **Filing Fee<br> Previously<br> Paid In<br> Connection<br> with Unsold<br> Securities to<br> be Carried<br> Forward** |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to Be Paid | Equity | Common Shares | 457(o) |  |  | $400000000 | 0. 0001531 | $61240<sup>(1)</sup> |  |  |  |  |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities | Equity | Common Shares | 415(a)(6) |  |  | $883279469.69<sup>2</sup> | $0.0001102 | $97337.39 | N-2 | 333-274725 | September 27, 2023 | $97337.39 |
|  | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** |  | $1283279469.69<sup>3</sup> |  | $158577.39 |  |  |  |  |
|  | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** |  |  |  | $97337.39 |  |  |  |  |
|  | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** |  |  |  |  |  |  |  |  |
|  | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** |  |  |  | $61240 |  |  |  |  |

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<sup>(1)</sup> Estimated solely for purposes of calculating the registration fee pursuant to Rule 457(o) under the Securities Act of 1933.

<sup>(2)</sup> Pursuant to Rule 415(a)(6) under the Securities Act of 1933, as amended, the Registrant is carrying forward to this Registration Statement unsold securities in the estimated amount of $883,279,469.69 that the Registrant previously registered on its Registration Statement on Form N-2 (File Nos. 333-274725 and 811-23656), initially effective on September 27, 2023 (the "Prior Registration Statement"). Pursuant to Rule 415(a)(6), the registration fees in the amount of $97,337.39 previously paid with respect to such unsold securities will continue to be applied to such unsold securities. Pursuant to Rule 415(a)(6), the offering of unsold securities under the Prior Registration Statement will be deemed terminated as of the date of effectiveness of this Registration.

<sup>(3)</sup> Amount represents $883,279,469.69 of unsold Shares, as of July 1, 2025, plus newly registered securities of $400,000,000 of common shares of beneficial interest registered hereby.