# EDGAR Filing Document

**Accession Number:** 0002066346
**File Stem:** 0001213900-26-045825
**Filing Date:** 2026-4
**Character Count:** 990142
**Document Hash:** fd9b5b9a6fa36581619799c9ce7e53da
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-045825.hdr.sgml**: 20260421

**ACCESSION NUMBER**: 0001213900-26-045825

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

**PUBLIC DOCUMENT COUNT**: 19

**FILED AS OF DATE**: 20260421

**DATE AS OF CHANGE**: 20260420

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tap US Private Equity Fund of Funds
- **CENTRAL INDEX KEY:** 0002066346

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-2/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24081
- **FILM NUMBER:** 26876616

**BUSINESS ADDRESS:**
- **STREET 1:** ONE WORLD TRADE CENTER
- **STREET 2:** 85TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10007
- **BUSINESS PHONE:** 415-302-2481

**MAIL ADDRESS:**
- **STREET 1:** ONE WORLD TRADE CENTER
- **STREET 2:** 85TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10007

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Tap Private Equity Index Fund
- **DATE OF NAME CHANGE:** 20250430
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tap US Private Equity Fund of Funds
- **CENTRAL INDEX KEY:** 0002066346

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-2/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-286914
- **FILM NUMBER:** 26876615

**BUSINESS ADDRESS:**
- **STREET 1:** ONE WORLD TRADE CENTER
- **STREET 2:** 85TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10007
- **BUSINESS PHONE:** 415-302-2481

**MAIL ADDRESS:**
- **STREET 1:** ONE WORLD TRADE CENTER
- **STREET 2:** 85TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10007

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Tap Private Equity Index Fund
- **DATE OF NAME CHANGE:** 20250430

#### As filed with the Securities and Exchange Commission on April 20 , 2026

#### Securities Act File No. 333-286914<br>1940 Act File No. 811-24081

#### SECURITIES AND EXCHANGE COMMISSION<br>Washington, D.C. 20549

#### –––––––––––––––––––––––––––––––––

#### FORM N-2

#### –––––––––––––––––––––––––––––––––

#### REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ☒ <br> Pre-Effective Amendment No. 3<br> Post-Effective Amendment No.

#### and
**REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** ☒**<br>Amendment No. 3**

#### –––––––––––––––––––––––––––––––––
**TAP US PRIVATE EQUITY FUND OF FUNDS**

(Exact Name of Registrant as Specified in Charter)

#### One World Trade Center<br>85 <sup>th</sup> Floor, New York, NY 10007<br> (Address of Principal Executive Offices)
**(212) 229**-6098****<br> (Registrant's Telephone Number, including Area Code)

#### Jeffrey Leathers<br> Tap Technologies Inc.<br>One World Trade Center<br>85 <sup>th</sup> Floor, New York, NY 10007<br> (Name and Address of Agent for Service)

#### –––––––––––––––––––––––––––––––––
Copy to:<br>**Joshua B. Deringer, Esq.<br>Faegre Drinker Biddle & Reath LLP<br>One Logan Square, Ste. 2000<br>Philadelphia, PA 19103**-6996**<br>215**-988-2959

#### David L. Williams<br>Faegre Drinker Biddle & Reath LLP<br>320 South Canal Street, Suite 3300<br>Chicago, Illinois 60606-5707<br> 312-569-1107

#### –––––––––––––––––––––––––––––––––
APPROXIMATE DATE OF PROPOSED PUBLIC OFFERING:<br>AS SOON AS PRACTICABLE AFTER THE EFFECTIVE DATE OF THIS REGISTRATION STATEMENT.

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

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

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

------

[**Table of Contents**](#TOC001)

 ☐ 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):

    <u> ☐ </u>   <u> when declared effective pursuant to section 8(c) of the Securities Act. </u>

If appropriate, check the following box:

 ☐ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

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

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

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

Check each box that appropriately characterizes the Registrant:

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

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

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

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

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

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

 ☐ If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant.

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

**THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT SHALL FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(A) OF THE SECURITIES ACT OF 1933, OR UNTIL THE REGISTRATION STATEMENT SHALL BECOME EFFECTIVE ON SUCH DATE AS THE SECURITIES AND EXCHANGE COMMISSION, ACTING PURSUANT TO SECTION 8(A), MAY DETERMINE.**

------

[**Table of Contents**](#TOC001)

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

Subject to Completion

Dated April 20, 2026

#### PROSPECTUS<br> Tap US Private Equity Fund of Funds

#### [ ] Shares of Common Shares <br>$[ ] per Share

#### –––––––––––––––––––––––––––––––––
Tap US Private Equity Fund of Funds (the "Fund") is a newly organized 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 has applied to list its common shares of beneficial interest ("Common Shares") on the New York Stock Exchange (the "NYSE") and, subject to notice of issuance, expects the Common Shares to be listed under the symbol "USPE." The listing of the Common Shares must be approved by the NYSE prior to any trading of the Common Shares on the NYSE and there is no guarantee that the Fund will be so approved. Tap Capital LLC serves as the investment adviser ("Tap Capital" or the "Adviser") of the Fund. The Adviser is an investment adviser registered with the Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended (the "Advisers Act").

The Fund's investment objective is to achieve maximum total return. Under normal circumstances, the Fund will invest at least 80% of its net assets (defined as net assets plus the amount of borrowings for investment purposes) in limited partnership interests of private equity funds ("Private Equity Funds" or "Underlying Funds") that are domiciled in or primarily investing in the United States. The Fund considers any Underlying Fund that invests the majority of its assets in instruments from issuers domiciled in the United States to be primarily investing in the United States. For purposes of compliance with the Fund's 80% policy, the Fund will, at the time of the Fund's investment, consider the investments of any Underlying Funds. The Fund also intends to count the value of any money market funds, U.S. treasuries, and cash or other cash equivalents that cover unfunded commitments to invest equity in Underlying Funds that the Fund reasonably expects to be called in the future as qualifying for purposes of its 80% policy and as a result, the Fund may hold a significant portion of its assets in cash or cash equivalents that are other than Private Equity Funds. The Fund cannot guarantee that its investment objective will be achieved or that the Fund's portfolio design and risk monitoring strategies will be successful. The Fund's Board of Trustees may change the Fund's investment objective without prior shareholder approval provided that any changes to the Fund's investment objective are communicated to shareholders at least 60 days prior to such change taking place.

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 11.**

---

| | | |
|:---|:---|:---|
|  | **Common <br>Shares** | **Total<sup>(1)</sup>** |
|  Public Offering Price | [ ] | $[ ] |
|  Sales Load<sup>(2)</sup> |  |  |
|  Proceeds, after expenses, to the Fund<sup>(3)</sup> | [ ] | $[ ] |

---

____________

(1) The underwriters are obligated to purchase all the Common Shares sold in the offering, which represent [ ]% of the outstanding voting securities of the Fund. In addition, under the terms of the Underwriting Agreement, the Fund has granted the underwriter an option, exercisable within 30 days after the closing of the offering ("Closing"), to acquire up to an additional [ ]% of the total number of Common Shares to be offered by the Fund in the offering, solely for the purpose of covering over-allotments (the "Over-allotment Option"). If this option is exercised in full, the total Public Offering Price, Sales Load, and Proceeds, After Expenses, to the Fund, will be $[ ], $[0] and $[ ], respectively. See "*UNDERWRITING.*"

------

[**Table of Contents**](#TOC001)

(2) The Adviser will pay the full amount of the sales load of $[ ] per Common Share, which is 3% of the gross proceeds from the sale of the Common Shares in the offering. The Adviser will pay the full amount of the sales load from its own assets and the Fund will not reimburse or otherwise repay these amounts. The Fund is not obligated to repay the sales load paid by the Adviser. The Adviser has agreed to pay any applicable compensation, organizational expenses and offering costs associated with the offering to TCBI Securities, Inc., doing business as Texas Capital Securities ("Texas Capital Securities"), and located at 2000 McKinney Avenue, Suite 700 Dallas, TX 75201. See "*FUND EXPENSES*" and "*UNDERWRITING*."

(3) The Adviser will pay all offering expenses associated with the offering. These expenses include organizational expenses, registration fees, FINRA filing fees, exchange listing fees, printing expenses, legal fees and expenses, and accounting fees and expenses. In addition, the Adviser or its affiliates shall be responsible for reimbursement of reasonable and documented out-of-pocket expenses of the underwriters, including legal fees and expenses of counsel to the representative (subject to a cap), as well as certain marketing and offering-related expenses. In addition to such expenses and expense reimbursement, the Adviser has agreed to pay Texas Capital Securities a structuring fee. The Fund will not reimburse or otherwise repay the Adviser these amounts. See "*SUMMARY OF FUND EXPENSES*" and "*UNDERWRITING*".

The underwriters expect to deliver the Common Shares to purchasers on or about [ ], 2026.

This prospectus (the "Prospectus") applies to the offering of the Fund's common shares of beneficial interest ("Common Shares" or "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. 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").

**Shares are speculative investments and involve a substantial risk of loss. Before buying any Shares, please review the "Risk Factors" section beginning on page 11 of the Prospectus. In addition, please consider the following:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Shares of closed**-end **investment companies frequently trade at a discount to their net asset values. The risk of loss due to this discount may be greater for initial investors expecting to sell their Common Shares in a relatively short period after the completion of this initial public offering. If the Common Shares trade at a discount to net asset value, purchasers in the offering will face increased risk of loss. The Fund's stock price may be volatile and could decline significantly and rapidly. *See* "*Repurchase of Shares*" and "*GENERAL RISKS* — *Market Discount Risk*."**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **An active, liquid and orderly market for the Common Shares may not develop or be sustained. You may be unable to sell the Common Shares at, above, or below the price at which you purchased them.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Shares are speculative and involve a high degree of risk, including the risks associated with leverage. Shares are appropriate only for investors who can tolerate a high degree of risk and potential illiquidity in adverse market conditions. See "*INVESTMENT RELATED RISKS — Leverage*."**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Investing in underlying private funds involves risks associated with less liquidity, reliance on fund managers, market volatility, limited operating histories, limited information regarding underlying investments, and the specific strategies employed by underlying private equity funds. Furthermore, secondary market transactions related to the Fund's investments in Private Equity Funds may involve pricing variability due to limited availability of market data. There can be no assurance that such secondary market investments will be available to the Fund. See "*INVESTMENT RELATED RISKS — Private Equity Fund Risks*" and "*INVESTMENT RELATED RISKS — Limitations on Ability to Invest in Underlying Funds*."**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **The Underlying Funds are not subject to the Investment Company Act and therefore may engage in investment practices not permitted for registered investment companies. For example, they are not limited with respect to how they invest their assets, including with respect to the use of leverage, affiliated transactions, and other investment practices. See "*SPECIAL RISKS PERTAINING TO INVESTMENTS IN UNDERLYING FUNDS*."**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• The Underlying Funds bear various fees and expenses in connection with their operations, pay asset**-based **fees to the managers of Underlying Funds (the "Underlying Fund Managers"), and may pay performance**-based **fees or allocations to the Underlying Fund Managers based on the performance of that Underlying Fund, which effectively reduce the investment returns of the Underlying Funds and could adversely affect the Fund's returns. These expenses, fees, and allocations are in addition to those incurred by the Fund directly. See "*FUND EXPENSES*."**

------

[**Table of Contents**](#TOC001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• While the Fund will publicly disclose information regarding its exposure to the holdings of the Private Equity Funds and will make such information available on the Fund's website (*www.tapprivatemarkets.com*) on at least a quarterly basis, Shareholders may have limited information about the Underlying Funds with respect to liquidity, valuation and Underlying Fund holdings. See "*SPECIAL RISKS PERTAINING TO INVESTMENTS IN UNDERLYING FUNDS*."**

#### There are risks associated with the Fund's distribution sources.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **The amount of distributions that the Fund may pay, if any, is uncertain.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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. There is no guarantee that distributions will be made or that a level of distributions will be maintained over time.**

***Limited Prior History.* The Fund has no operating history, and the Shares have no history of public trading.**

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 [ ], 2026, has been filed with the SEC. You can request a copy of the SAI, annual and semi-annual reports, once available, other information of the Fund, and make shareholder inquiries without charge by writing to the Fund at One World Trade Center, Floor 85, New York NY 10007, or by calling the Fund toll-free at (212) 229-6098, or by accessing the Adviser's website at *www.tapprivatemarkets.com*. The SAI is incorporated by reference into this Prospectus in its entirety. You can obtain the SAI, material incorporated by reference and other information about the Fund, on the SEC's website (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 or incorporated by reference in this Prospectus. Neither the Fund nor the underwriters have authorized any other person to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. Neither the Fund nor the underwriters are making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should not assume that the information provided by this Prospectus is accurate as of any date other than the date on the front of this Prospectus. The Fund's business, financial condition and results of operations may have changed since that date. The Fund will amend this Prospectus if, during the period this Prospectus is required to be delivered, there are any material changes to the facts stated in this Prospectus.**

#### Texas Capital Securities

#### Clear Street

#### SoFi
The date of this Prospectus is [ ], 2026

------

[**Table of Contents**](#TOC001)

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  [SUMMARY](#T35) | 1 |
|  [SUMMARY OF FUND EXPENSES](#T34) | 5 |
|  [INVESTMENT OBJECTIVE AND STRATEGIES](#T33) | 7 |
|  [USE OF LEVERAGE](#T32) | 12 |
|  [GENERAL RISKS](#T31) | 14 |
|  [BUSINESS AND STRUCTURE RELATED RISKS](#T30) | 18 |
|  [MANAGEMENT RELATED RISKS](#T29) | 20 |
|  [INVESTMENT RELATED RISKS](#T28) | 22 |
|  [SPECIAL RISKS PERTAINING TO INVESTMENTS IN UNDERLYING FUNDS](#T27) | 28 |
|  [RISKS SPECIFIC TO SECONDARY INVESTMENTS](#T26) | 37 |
|  [LIMITS OF RISK DISCLOSURE](#T25) | 38 |
|  [NON-PRINCIPAL RISKS](#T24) | 39 |
|  [MANAGEMENT OF THE FUND](#T23) | 42 |
|  [INVESTMENT MANAGEMENT FEE](#T22) | 44 |
|  [UNDERWRITING](#T21) | 45 |
|  [ADMINISTRATION](#T20) | 47 |
|  [CUSTODIAN, TRANSFER AND DIVIDEND DISBURSING PAYING AGENT AND REGISTRAR](#T19) | 48 |
|  [FUND EXPENSES](#T18) | 49 |
|  [CONFLICTS OF INTEREST](#T17) | 51 |
|  [DIVIDENDS AND DISTRIBUTIONS](#T16) | 53 |
|  [DIVIDEND REINVESTMENT PLAN](#T15) | 54 |
|  [OUTSTANDING SECURITIES](#T14) | 56 |
|  [DESCRIPTION OF THE COMMON SHARES](#T13) | 57 |
|  [PREFERRED SHARES](#T12) | 58 |
|  [CONTROL SHARES](#T11) | 59 |
|  [SUMMARY OF THE DECLARATION OF TRUST](#T10) | 60 |
|  [REPURCHASE OF SHARES](#T9) | 62 |
|  [CALCULATION OF NET ASSET VALUE; VALUATION](#T8) | 63 |
|  [CERTAIN TAX CONSIDERATIONS](#T7) | 66 |
|  [ERISA CONSIDERATIONS](#T6) | 72 |
|  [ADDITIONAL INFORMATION](#T5) | 73 |
|  [REPORTS TO SHAREHOLDERS](#T4) | 74 |
|  [FISCAL YEAR](#T3) | 74 |
|  [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM; LEGAL COUNSEL](#T2) | 74 |
|  [ADDITIONAL INFORMATION](#T99001) | 74 |

---

i

[**Table of Contents**](#TOC001)

#### 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
Tap US Private Equity Fund of Funds (the "Fund") is a newly organized 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 9, 2025 and operates under an Agreement and Declaration of Trust dated April 22, 2025 (the "Declaration of Trust"). **The Fund is an appropriate investment only for those investors who can tolerate a high degree of risk.**

#### The Offering
The Fund is offering its Common Shares, $0.001 par value per share, at $[ ] per Common Share (the "Public Offering Price") through the several underwriters named in this Prospectus. The Fund has granted the underwriters an option to purchase up to [ ] additional Common Shares, at the Public Offering Price, within 30 days of the effective date of the Underwriting Agreement. The Adviser will pay the underwriters all offering expenses. See "*UNDERWRITING*."

#### Investment Objective and Strategies
*Investment Objective*

The Fund's investment objective is to achieve maximum total return. There can be no assurance that the Fund's investment objective will be achieved or that the Fund's investment program will be successful. The Fund's Board of Trustees may change the Fund's investment objective without prior Shareholder approval provided that any changes to the Fund's investment objective are communicated to Shareholders at least 60 days prior to such change taking place.

*Investment Strategy*

Under normal circumstances, the Fund will invest at least 80% of its net assets (defined as net assets plus the amount of borrowings for investment purposes) in limited partnership interests of private equity funds ("Private Equity Funds" or "Underlying Funds") that are domiciled in or primarily investing in the United States. The Fund considers any Underlying Fund that invests the majority of its assets in instruments from issuers domiciled in the United States to be primarily investing in the United States. For purposes of compliance with the Fund's 80% policy, the Fund will, at the time of the Fund's investment, consider the investments of any Underlying Funds. The Fund also intends to count the value of any money market funds, U.S. treasuries, and cash or other cash equivalents that cover unfunded commitments to invest equity in Underlying Funds that the Fund reasonably expects to be called in the future as qualifying for purposes of its 80% policy and as a result, the Fund may hold a significant portion of its assets in cash or cash equivalents that are other than Private Equity Funds. The Fund's 80% investment policy is non-fundamental and may be changed by the Fund's Board of Trustees without shareholder approval. However, shareholders will be provided with at least 60 days' prior written notice of any change to the 80% policy in accordance with Rule 35d-1 under the Investment Company Act.

The Fund will take an opportunistic approach to investing by acquiring Private Equity Funds on the primary and secondary markets. While the Fund may invest through both primary and secondary transactions, the Adviser expects that the Fund's investment activities will be focused principally on secondary transactions, with primary commitments representing a smaller portion of the portfolio. In secondary acquisitions, a Private Equity Fund may be acquired at a discount to the net asset value of such Private Equity Fund as reported by the manager of the Private Equity Fund. See "Risks Specific to Secondary Investments." The Fund will attempt to acquire Private Equity Fund interests through primary offerings and on the secondary market at the best prices available as determined by Tap Capital LLC ("Tap Capital" or the "Adviser"). The Fund may also invest on an opportunistic basis in select U.S. publicly traded equities or fixed-income instruments for cash management purposes. The Fund will invest in Private Equity Funds that invest across various industries and strategies. To achieve its investment objective, the Fund will leverage the Adviser's extensive network of relationships with private equity managers and institutional investors to source and evaluate investments.

[**Table of Contents**](#TOC001)

The Fund will publicly disclose information regarding its exposure to the holdings of the Underlying Funds and will make such information available on the Fund's website (*www.tapprivatemarkets.com*) on at least a quarterly basis, but this information may be disclosed on an up to 60-day lag.

*Investment Types*

*<u>Investments in Private Equity Funds through secondary market acquisitions and primary offerings.</u>* The Fund will acquire interests in Private Equity Funds through secondary market acquisitions and primary commitments.

Primary commitments are interests acquired in newly formed Private Equity Funds during their initial fundraising periods, typically made before the fund begins deploying capital into portfolio companies. Capital is called over time and invested by the Private Equity Fund to build a portfolio of underlying companies. Proceeds are returned to the Fund as portfolio companies are exited or as interests are sold on the secondary market. All investments are selected and managed by the Private Equity Fund sponsors.

The Fund will also acquire interests in Private Equity Funds through secondary market transactions. These acquisitions involve purchasing existing limited partner interests in Private Equity Funds, typically through negotiated deals. The Fund expects to benefit from improved visibility into underlying assets and potentially shorter holding periods. Pricing will be based on reported net asset value ("NAV") and anticipated future cash flows. Secondary transactions will follow the same liquidation process as primary investments.

*Co*-investments*.* The Fund may participate in co-investments, which refer to direct investments made alongside a lead sponsor or private equity fund into a specific portfolio company or asset ("Co-Investments"). These investments are expected to be offered when the lead sponsor has exceeded its allocation capacity. Co-Investments may provide access to attractive assets at the same entry valuation as the lead sponsor and may be subject to reduced or no additional fees. These investments are expected to be held for a defined period in line with the underlying asset strategy.

*Non*-Principal *Strategies.* In addition to the above listed principal strategies of the Fund, the Fund may engage in non-principal strategies from time to time, and while such techniques and investments are permissible for the Fund to utilize, the Fund is not required to utilize such non-principal techniques or investments. See "*NON*-PRINCIPAL *RISKS*."

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. A 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*." Additionally, a discussion of risks related to investments in Private Equity Funds can be found under "*SPECIAL RISKS PERTAINING TO INVESTMENTS IN UNDERLYING FUNDS*-RISKS *ASSOCIATED WITH PRIVATE EQUITY INVESTMENTS*" and "*RISKS SPECIFIC TO SECONDARY INVESTMENTS*."

#### 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"), Tap Capital 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 Delaware on October 1, 2025.

[**Table of Contents**](#TOC001)

The Fund pays the Adviser an investment management fee (the "Investment Management Fee") in an amount equal to an annualized rate of 2.00% of the Fund's average daily gross assets up to $100 million, and 1.50% of the Fund's average daily gross assets at or in excess of $100 million, calculated and accrued monthly based on the Fund's average daily gross assets for the applicable month and payable monthly in arrears at the end of each calendar month. For purposes of the Investment Management Fee, the term "gross assets" includes assets purchased with borrowed amounts, if any. Because the management fee is calculated on gross assets, the Investment Management Fee as a percentage of net assets will be higher than the contractual rates, but is estimated for the current fiscal year to be 2.00%. See "SUMMARY OF FUND EXPENSES" and "*INVESTMENT MANAGEMENT FEE*".

#### Listing Of Common Shares
The Fund has applied to list the Common Shares on the New York Stock Exchange (the "NYSE"), subject to notice of issuance. The trading or ticker symbol of the Common Shares is expected to be "USPE." There is no guarantee that the Fund will be approved for listing on the NYSE.

#### Distributions
Because the Fund intends to elect to be treated as a regulated investment company (a "RIC") under the Internal Revenue Code of 1986, as amended (the "Code"), the Fund intends to meet the RIC requirement that it distribute at least 90% of its net taxable income to its Shareholders each year. Nevertheless, there can be no assurance that the Fund will pay distributions to Shareholders at any particular rate. Each year, a statement on Internal Revenue Service ("IRS") Form 1099-DIV identifying the amount and character of the Fund's distributions will be mailed to Shareholders. See *"TAXES"* and "TAX REPORTS" below.

#### Dividend Reinvestment Plan
The Fund has an automatic dividend reinvestment plan (the "Plan") commonly referred to as an "opt-out" plan. Each Common Shareholder who participates in the Plan will have all distributions of dividends and capital gains (net of applicable withholding tax) automatically reinvested in additional Common Shares. The automatic reinvestment of dividends and distributions in Common Shares will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such dividends and distributions, even though such participants have not received any cash with which to pay the resulting tax.

#### Taxes
The Fund intends to elect to be treated as a RIC for U.S. federal income tax purposes and to maintain 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 attributable to such income will, in large part, be taxable to the 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 Plan.

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#### Administrator, Transfer Agent, Dividend Disbursing Agent and Custodian
U.S. Bancorp Fund Services, LLC (d/b/a U.S. Bank Global Fund Services) ("U.S. Bank") serves as the Fund's administrator. Under a Fund Servicing Agreement (the "Fund Servicing Agreement"), U.S. Bank is responsible for calculating NAVs, providing additional fund accounting and tax services, and providing fund administration and compliance-related services. U.S. Bank National Association will act as the Fund's custodian. Computershare Inc., a Delaware corporation ("Computershare"), and its affiliate Computershare Trust Company, N.A., a federally chartered trust company ("Computershare") will act as the Fund's transfer agent, registrar, Plan Administrator and dividend disbursing agent. See "Administrator, Transfer Agent, Dividend Disbursing Agent and Custodian."

#### Reports to Shareholders
Shareholders will receive an unaudited semi-annual and an audited annual report within 60 days after the close of the period for which the report is being made, or as otherwise required by the Investment Company Act. 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.

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#### SUMMARY OF FUND EXPENSES
The following table shows estimated Fund expenses as a percentage of net assets attributable to Common Shares. The purpose of the following table and the example below is to help you understand the fees and expenses that you, as a Common Shareholder, would bear directly or indirectly. Common Shareholders should understand that some of the percentages indicated in the tables below are estimates and may vary. The expenses shown in the table and related footnotes are based on estimated amounts for the Fund's first year of operations and assume that the Fund issues 8,000,000 Common Shares and engages in leverage in an amount equal to 0% of the Fund's total assets. If the Fund issues fewer Common Shares, all other things being equal, these expenses would increase as a percentage of net assets attributable to the Fund's Common Shares, which could adversely impact the investment performance of the Fund. Accordingly, the Fund's net assets for purposes of the tables and example below include estimated net proceeds from the offering of $100,000,000. The following table should not be considered a representation of the Fund's future expenses. Actual expenses may be greater or less than those shown below.

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| | |
|:---|:---|
|  | **As a <br>Percentage of <br>Offering Price** |
|  **ANNUAL EXPENSES (as a percentage of net assets attributable to Shares)** |  |
|  Investment Management Fee<sup>(</sup><sup>1</sup><sup>)</sup> | 2.00% |
|  Interest Payments on Borrowed Funds<sup>(</sup><sup>2</sup><sup>)</sup> | 0.00% |
|  Other Expenses<sup>(</sup><sup>2</sup><sup>)</sup> | 0.75% |
|  Acquired Fund Fees and Expenses<sup>(</sup><sup>3</sup><sup>)</sup> | 0.56% |
|  Total Annual Expenses | 3.31% |

---

____________

(1) The Fund will pay the Adviser an Investment Management Fee in an amount equal to an annualized rate of 2.00% of the Fund's average daily gross assets up to $100 million, and 1.50% of the Fund's average daily gross assets at or in excess of $100 million, calculated and accrued monthly based on the Fund's average daily gross assets for the applicable month and payable monthly in arrears at the end of each calendar month. The amount shown in the table assumes that the Fund has $100 million of average net assets for the current fiscal year. The Fund does not expect to utilize borrowing in the current fiscal year. The Investment Management Fee shown in the table is presented as a percentage of net assets attributable to Common Shareholders, as required by Form N-2. For purposes of the Investment Management Fee, the term "gross assets" includes assets purchased with borrowed amounts, if any. Because the management fee is calculated on gross assets, the Investment Management Fee shown in the table as a percentage of net assets will be higher than the contractual rates. See "*INVESTMENT MANAGEMENT FEE*" for additional information.

(2) Interest Payments on Borrowed Funds 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.

(3) 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 Underlying Funds. Generally, asset-based fees payable in connection with Underlying Fund and Co-Investments investments will range from 0.00% to 2.00% (annualized) of the commitment amount of the Fund's investment, and performance or incentive fees or allocations are typically 0.00% to 20.00% of a private fund's net profits annually, although it is possible that such amounts may be exceeded for certain Underlying Fund Managers (defined below). The "Acquired Fund Fees and Expenses" disclosed above, however, do not reflect any performance-based fees or allocations paid by the Underlying 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 Underlying Funds. "Acquired Fund Fees and Expenses" are estimated for the Fund's current fiscal year.

The purpose of the table above is to assist prospective investors in understanding the various fees and expenses Shareholders will bear directly or indirectly. For a more complete description of the various fees and expenses of the Fund, see "*INVESTMENT MANAGEMENT FEE*," "*ADMINISTRATION*," "*CUSTODIAN*," "*FUND EXPENSES*," "*REPURCHASES OF SHARES*" and "*PURCHASING SHARES.*"

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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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **You Would Pay the Following Expenses Based on a $1,000 <br>Investment in the Fund, Assuming a 5% Annual Return:** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
|  | $33 | $102 | $173 | $360 |

---

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.

#### FINANCIAL HIGHLIGHTS
The Fund is newly organized, and it has not commenced operations as of the date of this Prospectus. Therefore, there is no financial history for the Fund.

#### USE OF PROCEEDS
The net proceeds of this offering are estimated at approximately [$] ([$] if the underwriters exercise the overallotment option in full). The foregoing assumes that the Adviser will pay an aggregate sales load of $[ ] (or $[ ] per share), which is equal to 3% of the aggregate offering price. The Fund will not repay the sales load paid by the Adviser. The Fund intends to invest the proceeds of any sale of shares, not including the amount of any fees and expenses (including, without limitation, those described in the section captioned "Fund Expenses"), in accordance with the investment objectives and strategies set forth in this Prospectus within three months but, in any event, no later than 12 months after close of the offering. Such investments may be delayed if suitable investments are unavailable at the time or for other reasons, such as market volatility and lack of liquidity in the markets of suitable investments. Pending such investment, the Fund anticipates that it will invest the proceeds in short-term money market instruments, securities with remaining maturities of less than one year, cash or cash equivalents. A delay in the anticipated use of proceeds could adversely affect the value of the Common Shares.

A portion of the amount of proceeds of the offering of Shares or any other available funds may be held in cash, cash equivalents, U.S. government securities, money market funds, repurchase agreements or other high-quality debt instruments maturing in one year or less from the time of investment 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, 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.

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#### INVESTMENT OBJECTIVE AND STRATEGIES

#### Investment Objective
The Fund's investment objective is to achieve maximum total return. There can be no assurance that the Fund's investment objective will be achieved or that the Fund's investment program will be successful. The Fund's Board of Trustees may change the Fund's investment objective without prior Shareholder approval provided that any changes to the Fund's investment objective are communicated to Shareholders at least 60 days prior to such change taking place.

#### Investment Strategies
Under normal circumstances, the Fund will invest at least 80% of its net assets (defined as net assets plus the amount of borrowings for investment purposes) in limited partnership interests of Private Equity Funds that are domiciled in or primarily investing in the United States. The Fund considers any Underlying Fund that invests the majority of its assets in instruments from issuers domiciled in the United States to be primarily investing in the United States. For purposes of compliance with the Fund's 80% policy, the Fund will, at the time of the Fund's investment, consider the investments of any Underlying Funds. The Fund also intends to count the value of any money market funds, U.S. treasuries, and cash or other cash equivalents that cover unfunded commitments to invest equity in Underlying Funds that the Fund reasonably expects to be called in the future as qualifying for purposes of its 80% policy and as a result, the Fund may hold a significant portion of its assets in cash or cash equivalents that are other than Private Equity Funds. The Adviser intends to construct a broad-based portfolio that includes interests in a wide variety of Private Equity Funds with differing managers, vintages, and strategies. The Fund anticipates that it will hold between approximately 50 and 250 Underlying Fund investments, and no single Private Equity Fund will represent more than approximately 5 percent of the Fund's net assets at the time of investment. The Fund may invest up to 20% of its net assets in foreign investments, including investments denominated in foreign currencies, to the extent consistent with its overall investment strategy.

The Fund will take an opportunistic approach to investing by acquiring Private Equity Funds on the primary and secondary markets. While the Fund may invest through both primary and secondary transactions, the Adviser expects that the Fund's investment activities will be focused principally on secondary transactions, with primary commitments representing a smaller portion of the portfolio. In secondary acquisitions, a Private Equity Fund may be acquired at a discount to the net asset value of such Private Equity Fund as reported by the manager of the Private Equity Fund. See "Risks Specific to Secondary Investments." The Fund will attempt to acquire Private Equity Fund interests through primary offerings and on the secondary market at the best prices available as determined by the Adviser. The Fund may also invest on an opportunistic basis in select U.S. publicly traded equities or fixed-income instruments for cash management purposes. The Fund will invest in Private Equity Funds that invest across various industries and strategies. To achieve its investment objective, the Fund will leverage the Adviser's extensive network of relationships with private equity managers and institutional investors to source and evaluate investments.

The Fund may also invest in in shares of both registered open- or closed-end investment companies (including business development companies, money market funds, single country funds, and exchange traded funds of any kind) and trusts, limited partnerships, limited liability companies or other forms of business organizations, including other pooled investment vehicles, none of which are intended to specifically provide exposure to private assets.

The Fund will publicly disclose information regarding its exposure to the holdings of the Underlying Funds and will make such information available on the Fund's website (*www.tapprivatemarkets.com*) on at least a quarterly basis, but this information may be disclosed on an up to 60-day lag.

*Investment Types.* The Fund will seek to invest in Private Equity Funds through limited partnership interests as the primary allocation of its portfolio. There is a large and thriving capital market for primary investments into Private Equity Funds, secondary sales of those investments, and selected direct co-investment opportunities alongside those funds. The Fund will be active in these markets making primary commitments, secondary purchases, and direct co-investments alongside private equity sponsors with whom the Adviser has established relationships.

*<u>Investments in Private Equity Funds through secondary market acquisitions and primary offerings.</u>* The Fund will acquire interests in Private Equity Funds through primary commitments or secondary market investments. In connection with its secondary market activities, the Adviser will utilize a technology platform operated by Tap Technologies Inc. ("Tap Tech"), which wholly owns the Adviser and is therefore, an affiliate of the Adviser. The platform provides tools commonly used by secondary market participants, including private fund data

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analysis and transaction workflow functionality to support transaction sourcing, evaluation, and execution. The use of Tap Tech is subject to the Fund's policies and procedures governing transactions with affiliated brokers see "TRANSACTIONS WITH AFFILIATED BROKERS." The Adviser expects to source the majority of its ongoing secondary market investments through non-affiliated brokers and other market participants and does not rely exclusively on Tap Tech for deal flow. The Tap Tech platform includes third-party participants and neither Tap Technologies Inc. nor its affiliated entities (other than the Fund) use the platform to transact for their own account.

Primary commitments are interests acquired in newly formed Private Equity Funds during their initial fundraising periods, typically made before the fund begins deploying capital into portfolio companies. Capital is called over time and invested by the Private Equity Fund to build a portfolio of underlying companies. Proceeds are returned to the Fund as portfolio companies are exited or as interests are sold on the secondary market. All investments are selected and managed by the Private Equity Fund sponsors.

The Fund will also acquire interests in Private Equity Funds through secondary market transactions. These acquisitions involve purchasing existing limited partner interests in Private Equity Funds, typically through negotiated deals. The Fund expects to benefit from improved visibility into underlying assets and potentially shorter holding periods. Pricing will be based on reported NAV and anticipated future cash flows. In this market, acquisition prices are usually, though not always, at a discount to the reported NAV from the Underlying Fund Manager. The Fund may choose to apply a common valuation practice known as the "practical expedient" in which it immediately marks an interest purchased at a discount up to the NAV reported by the Underlying Fund Manager. To the extent the Fund follows this practice it would create an immediate gain that increases the Fund's NAV and may thereby diminish future reported performance. For more information on valuation practices of the Fund see "*CALCULATION OF NET ASSET VALUE; VALUATION*." Secondary transactions will follow the same liquidation process as primary investments.

*<u>Co</u><u>-investments</u><u>.</u>* The Fund may participate in Co-Investments alongside lead sponsors in individual companies or assets. These investments are expected to be offered when the lead sponsor has exceeded its allocation capacity. Co-Investments may provide access to attractive assets at the same entry valuation as the lead sponsor and may be subject to reduced or no additional fees. These investments are expected to be held for a defined period in line with the underlying asset strategy.

The Fund intends to achieve its investment objective by adopting the following investment strategies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Identify high quality Private Equity Funds*. Based on the Adviser's experience in analyzing the private equity market, it has identified private equity funds managed by top-tier fund managers as opportunities where significant value can be created for investors.

The Fund will further rely on the Adviser's collective industry knowledge as well as an understanding of where leading institutional investors are committing capital. The Fund will leverage a combination of the Adviser's relationships in the private equity industry and use independent research to identify Underlying Funds that the Adviser believes are differentiated and best positioned for strong returns. The Adviser will continue to expand its sourcing network in order to evaluate a wide range of investment opportunities in Underlying Funds that demonstrate strong historical performance and alignment with the Fund's investment criteria. The Fund applies similar investment criteria to primary offerings as it does for secondary acquisitions, except that, in the case of primary offerings, the Fund is only able to rely on analyzing prior funds the fund managers have managed in the past, which is the only information available, whereas with secondary acquisitions, the Fund is additionally able to analyze the track record and valuation of the specific fund being acquired in the secondary market. There is no assurance that past performance is indicative of future results. See "*Risks Specific to Secondary Investments*" and "*SPECIAL RISKS PERTAINING TO INVESTMENTS IN UNDERLYING FUNDS*."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Acquire positions in targeted investments*. The Adviser will seek to selectively add to the Fund's portfolio by sourcing investment opportunities at advantageous valuations through the Adviser's disciplined investing strategy. To this end, the Adviser will utilize both primary and secondary market strategies to acquire limited partner interests in a varied set of Private Equity Funds. The Adviser may acquire limited partner interests in secondary market transactions that carry commitments for the Fund to pay future capital calls when the limited partner interest is beneficial for the Fund in the view of the Adviser. As part of the secondary market transaction, the Adviser may also negotiate deferred payments.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Create access to a varied investment portfolio*. The Fund will hold a varied portfolio of non-controlling limited partner investments, with the goal of minimizing the impact on the portfolio of a downturn in any one specific fund or strategy. The Adviser believes that the Fund's relatively varied portfolio will provide a convenient means for accredited and non-accredited individual investors to obtain access to an asset class that has generally been limited to large institutional investors.

To enhance the Fund's liquidity, particularly in times of market fluctuations, the Adviser may sell certain of the Fund's assets on the Fund's behalf.

*Non*-Principal *Strategies.* In addition to the above listed principal strategies of the Fund, the Fund may engage in non-principal strategies from time to time, and while such techniques and investments are permissible for the Fund to utilize, the Fund is not required to utilize such non-principal techniques or investments. For a discussion of the non-principal strategies and risks, see "*NON*-PRINCIPAL *RISKS.*"

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*."

#### Temporary and Defensive Strategies
The Fund may, from time to time in its sole 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, 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, pending investment, in order to fund anticipated expenses of the Fund or other operational needs, or otherwise in the sole discretion of the Adviser. See *"USE OF PROCEEDS."*

#### Investment Process
*Private Equity Focus*

The Adviser believes that the private equity landscape continues to provide extensive opportunities driven by the demand for capital in private equity strategies. Private equity strategies benefit from unique market opportunities, operational value creation, and a vibrant market for exits. The opportunity to acquire secondary interests at discounts and participate in primary offerings at early stages may represent a significant commercial advantage. Thus, the Adviser will actively seek out promising investments across a diverse selection of secondary and primary market opportunities in private equity funds.

*Investment Targeting and Screening*

The Adviser will identify prospective investments by evaluating Private Equity Funds and limited partnership interests available through primary and secondary markets, filtering and weighting by a set of financial health and strategic alignment metrics.

The Adviser will evaluate prospective investments in Underlying Funds based on the following key growth and health metrics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The fund manager should be well-established and demonstrate consistent performance across several prior fund cycles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Audited financials must be provided by a recognized and reputable audit firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A strong emphasis on regulatory compliance must be evident in the fund manager's and fund's operations and practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The management team should exhibit extensive industry experience and demonstrate stability over time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The investment strategy should be clearly defined and exhibit minimal deviation from its stated objectives.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fee structures should align with industry standards and avoid unnecessary complexity or excessive costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Governance structures must be transparent and adhere to widely recognized private equity standards.

The Adviser will further identify prospective investments in Underlying Funds through an extensive network of relationships developed by the Adviser. Investment opportunities that meet the key health criteria will be validated against the observed past performance of leading private equity managers, as well as through the Adviser's own internal and external research.

Based on the key growth and health criteria, the Adviser will identify a select set of funds that it will evaluate in greater depth.

*Research and Due Diligence Process*

For both primary and secondary investments, the Adviser will give each prospective Underlying Fund that passes its initial due diligence review a qualitative ranking to allow the Adviser to evaluate it against others in its pipeline and will review and update these rankings on a regular basis. This ranking reflects the Adviser's holistic assessment of the investment opportunity across all of the due diligence factors described above.

The Adviser's due diligence process will then vary depending on whether the Fund is investing through a private secondary transaction or by a direct primary investment. In primary investments, the Adviser's analysis focuses on the sponsor's historical track record across prior funds, team continuity, and the clarity and discipline of the investment strategy, as there is no existing investment to evaluate. In secondary transactions, the Adviser evaluates these same factors, but places greater emphasis on the performance and composition of the underlying fund. The Adviser will analyze fund-level financials and capital account statements to assess asset quality and determine appropriate pricing.

*Portfolio Construction and Sourcing*

For both primary and secondary transactions, upon completion of the research and due diligence process, the Adviser will select investments for inclusion in the Fund's portfolio based on their value proposition, investment thesis, fundamentals and valuation. The Adviser will seek to create a relatively varied portfolio that it expects will include investments in funds representing a broad range of investment themes. The Adviser generally will choose to pursue specific investments based on the availability of fund interests and valuation expectations. The Adviser will utilize a combination of secondary transactions and primary fund commitments to make investments in the portfolio. Once the Adviser has established an initial position in an underlying fund, the Adviser may choose to increase the Fund's stake through subsequent investments. The Adviser will constantly evaluate the composition of the Fund's investments and pipeline to ensure the Fund is exposed to a diverse set of funds within its target segments.

The Adviser, on behalf of the Fund, has submitted non-binding, conditional letters of interest (the "LOIs") to purchase certain Private Equity Funds in secondary transactions. These indications are preliminary, non-binding, and do not create any enforceable rights or obligations for the Fund or any counterparty. The consummation of any investment under the LOIs is subject to further due diligence and negotiation of definitive agreements, and conditioned on the successful completion of this initial public offering ("IPO") of the Fund's Common Shares, and any necessary regulatory or other approvals of the Adviser, the Underlying Fund Managers (as defined below), and any other counterparties. There is no assurance that any such investment will be completed. For more information about the possible risks associated with investment into Private Equity Funds in secondary transactions, please see "PRINCIPAL RISKS — RISKS SPECIFIC TO SECONDARY INVESTMENTS."

*Transaction Execution*

For primary commitments, the Fund will execute subscription documents with the managers of the Underlying Funds ("Underlying Fund Managers"), outlining the terms of the commitment, including capital call mechanics, fund structure, and governance rights. The term "Underlying Fund Managers" is defined to include the general partners, managing members, investment managers, or other entities responsible for managing the operations and investment activities of the Underlying Funds. Upon acceptance by the Underlying Fund Manager, the Fund becomes a limited partner, subject to the governing documents and capital call schedule of the respective Underlying Fund.

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For secondary transactions, the Fund will enter into purchase agreements for substantially all of its private equity investments in Underlying Funds. These investments generally require transfer approval by the manager and often will have contractual transfer limitations, which may, among other things, permit the fund manager, and/or other limited partners a particular period to exercise options such as a right of first refusal over the transaction. Accordingly, the purchase agreements that the Fund may enter into for secondary transactions typically will require the lapse or satisfaction of these rights as a condition to closing. Under these circumstances, the Fund may be required to deposit the purchase price into escrow upon signing, with the funds released to the seller at closing or returned to us if the closing conditions are not met.

In connection with its secondary market activities, the Adviser will utilize a technology platform operated by Tap Tech, which wholly owns the Adviser and is therefore, an affiliate of the Adviser. The platform provides tools commonly used by secondary market participants, including private fund data analysis and transaction workflow functionality to support transaction sourcing, evaluation, and execution. The Adviser expects to use Tap Technologies in the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transaction Sourcing and Execution: The Adviser may enter indications of interest (IOIs) on the Tap Tech platform to source potential purchase or sale opportunities and may engage with inbound opportunities surfaced through the platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pricing and Valuation Analytics: The Adviser will use Tap Tech's data analytics suite, which extracts and analyzes information from fund documents and performance data, to support transaction pricing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Process Management: The Adviser may use Tap Tech's platform to organize and manage sales processes for Fund investments.

See "*TRANSACTIONS WITH AFFILIATED BROKERS*" and "*CONFLICTS OF INTEREST."*

*Risk Management and Monitoring*

The Adviser will monitor the financial trends of each fund to assess the Fund's exposure to individual fund managers as well as to evaluate overall portfolio quality.

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#### USE OF LEVERAGE
The Fund may use leverage to the extent permitted by the Investment Company Act. The Fund is permitted to obtain leverage using any form of financial leverage instruments, including funds borrowed from banks or other financial institutions, margin facilities, notes or preferred stock and leverage attributable to reverse repurchase agreements or similar transactions. The Fund may further increase its leverage through entry into a credit facility or other leveraging instruments.

The Fund may be subject to certain restrictions on investments imposed by lenders or by one or more rating agencies that may issue ratings for any senior securities issued by the Fund. Borrowing covenants or rating agency guidelines may impose asset coverage or Fund composition requirements that are more stringent than those imposed on the Fund by the Investment Company Act.

As a result of this leverage, a relatively small movement in the spread relationship between the securities and commodities interests the Fund indirectly owns and those which it has indirectly sold short may result in substantial losses.

The Fund reserves the right at any time to use financial leverage to the extent permitted by the Investment Company Act (50% of total assets for preferred stock and 33 1/3% of total assets for senior debt securities) or the Fund may elect to reduce the use of leverage or use no leverage at all. The Fund considers market conditions at the time leverage is incurred and monitors for asset coverage ratios relative to Investment Company Act requirements and the Fund's financial covenants on an ongoing basis. Leverage as a percentage of the Fund's total assets will vary depending on market conditions. The timing and terms of any leverage transactions will be determined by the Board. Additionally, the percentage of the Fund's assets attributable to leverage may vary significantly during periods of extreme market volatility and will increase during periods of declining market prices of the Fund's portfolio holdings. The Fund generally will not use leverage unless the Fund believes that leverage will serve the best interests of the Fund's shareholders. The principal factor used in making this determination is whether the potential return is likely to exceed the cost of leverage. The Fund will not issue additional leverage where the estimated costs of issuing such leverage and the on-going cost of servicing the payment obligations on such leverage exceed the estimated return on the proceeds of such leverage. In making the determination of whether to issue leverage, the Fund must rely on estimates of leverage costs and expected returns. Actual costs of leverage vary over time depending on interest rates and other factors. In addition, the percentage of the Fund's assets attributable to leverage may vary significantly during periods of extreme market volatility and will increase during periods of declining market prices of the Fund's portfolio holdings. Actual returns vary depending on many factors. The Board also will consider other factors, including whether the current investment opportunities will help the Fund achieve its investment objective and strategies.

Under the Investment Company Act, the Fund is not permitted to issue preferred stock unless immediately after such issuance, the value of the Fund's total assets (including the proceeds of such issuance) less all liabilities and indebtedness not represented by senior securities is at least equal to 200% of the total of the aggregate amount of senior securities representing indebtedness plus the aggregate liquidation value of any outstanding preferred stock. Stated another way, the Fund may not issue preferred stock that, together with outstanding preferred stock and debt securities, has a total aggregate liquidation value and outstanding principal amount of more than 50% of the value of the Fund's total assets, including the proceeds of such issuance, less liabilities and indebtedness not represented by senior securities. In addition, the Fund is not permitted to declare any distribution on its Common Shares, or purchase any of the Fund's Common Shares (through repurchase offers or otherwise) unless the Fund would satisfy this 200% asset coverage requirement test after deducting the amount of such distribution or share price, as the case may be. The Fund may, as a result of market conditions or otherwise, be required to purchase or redeem preferred shares, or sell a portion of its investments when it may be disadvantageous to do so, in order to maintain the required asset coverage. Common Shareholders would bear the costs of issuing additional preferred shares, which may include offering expenses and the ongoing payment of distributions. Under the Investment Company Act, the Fund may only issue one class of preferred shares.

Under the Investment Company Act, the Fund is not permitted to incur indebtedness unless immediately after doing so the Fund has an asset coverage of at least 300% of the aggregate outstanding principal balance of indebtedness. Additionally, under the Investment Company Act, the Fund may not declare any dividend or other distribution upon any class of its Shares, or repurchase any such Shares, unless the aggregate indebtedness of the Fund has, at the time of the declaration of any such dividend or distribution or at the time of any such repurchase, asset coverage of at least 300% after deducting the amount of such dividend, distribution, or repurchase price, as the case may be.

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The Fund may enter into one or more credit agreements or other similar agreements negotiated on market terms (each, a "Borrowing Transaction") with one or more banks or other financial institutions that may or may not be affiliated with the Adviser (each, a "Financial Institution") as chosen by the Adviser and approved by the Board. The Fund may borrow under a credit facility for a number of reasons, including without limitation, in connection with its investment activities, to make distributions and to otherwise provide the Fund with liquidity. To facilitate such Borrowing Transactions, the Fund may pledge its assets to a Financial Institution.

<u>**<u>PRINCIPAL RISKS</u>**</u>

The following disclosure is a complete list of all principal risk factors that relate to the operations and terms of the Fund. These considerations 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.**

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#### GENERAL RISKS

#### No Operating History
The Fund has no operating history. The Fund is designed primarily as a long-term investment vehicle and not as a trading tool. An investment in the Fund's securities should not constitute a complete investment program for any investor and involves a high degree of risk. Due to the uncertainty in all investments, there can be no assurance that the Fund will achieve its investment objective. The value of the Fund's shares could decline substantially and cause you to lose some or all of your investment.

#### Market Discount Risk
Shares of closed-end management investment companies frequently trade at a discount from their NAV, which is a risk separate and distinct from the risk that the Fund's NAV could decrease as a result of its investment activities. Although the value of the Fund's net assets is generally considered by market participants in determining whether to purchase or sell Common Shares, whether investors will realize gains or losses upon the sale of Common Shares will depend entirely upon whether the market price of Common Shares at the time of sale is above or below the investor's purchase price for Common Shares. Because the market price of Common Shares will be determined by factors such as NAV, dividend and distribution levels (which are dependent, in part, on expenses), supply of and demand for Common Shares, stability of dividends or distributions, trading volume of Common Shares, general market and economic conditions and other factors beyond the control of the Fund, the Fund cannot predict whether Common Shares will trade at, below or above NAV or at, below or above the initial public offering price. Common Shares of the Fund are designed primarily for long-term investors; investors in Common Shares should not view the Fund as a vehicle for trading purposes.

#### Closed-End Fund Risk
The Fund is a non-diversified, closed-end management investment company and designed primarily for long-term investors. Closed-end funds differ from open-end management investment companies (commonly known as mutual funds) because investors in a listed closed-end fund do not have the right to redeem their shares on a daily basis but may sell their shares on the exchange in the secondary market. Shares of the Fund may trade at a discount to the Fund's NAV. See "*GENERAL RISKS — Market Discount Risk*."

#### Secondary Market for the Common Shares
The issuance of Common Shares through the Plan may have an adverse effect on the secondary market for the Common Shares. The increase in the number of outstanding Common Shares resulting from the issuances pursuant to the Plan and the discount to the market price at which such Common Shares may be issued, may put downward pressure on the market price for the Common Shares. When the Common Shares are trading at a premium, the Fund may also issue Common Shares that may be sold through private transactions effected on the NYSE or through broker-dealers. The increase in the number of outstanding Common Shares resulting from these issuances may put downward pressure on the market price for Common Shares. Additionally, a secondary market may not develop, or if it does develop, it may not provide shareholders with enough liquidity.

#### Shareholder Activism
Shareholder activism, which could take many forms, including making public demands that the Fund consider certain strategic alternatives, engaging in public campaigns to attempt to influence the Fund's corporate governance and/or management, and commencing proxy contests to attempt to elect the activists' representatives or others to the Fund's Board, or arise in a variety of situations, has been increasing in the closed-end fund space recently. While the Fund is currently not subject to any shareholder activism, due to the potential volatility of the Fund's stock price and for a variety of other reasons, the Fund may in the future become the target of shareholder activism. Shareholder activism could result in substantial costs and divert management's and the Fund's Board's attention and resources from its business. Also, the Fund may be required to incur significant legal and other expenses related to any activist shareholder matters. Further, the Fund's stock price could be subject to significant fluctuation or otherwise be adversely affected by the events, risks and uncertainties of any shareholder activism.

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#### Anti-Takeover Provisions
The Fund's Declaration of Trust and Bylaws include provisions that could limit the ability of other entities or persons to acquire control of the Fund or to convert the Fund to open-end status, including the adoption of a staggered Board and the supermajority voting requirements discussed herein. These provisions could deprive the holders of Common Shares of opportunities to sell their Common Shares at a premium over the then current market price of the Common Shares or at NAV. See "*SUMMARY OF THE DECLARATION OF TRUST*."

#### 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. Consequently, if one or more Fund's investments are allocated a relatively large percentage of the Fund's assets, losses suffered by such 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."*

#### Legal, Tax and Regulatory Risks
Legal, tax and regulatory changes could occur, 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.

In addition, it is possible that government regulation of various types of derivative instruments and/or regulation of certain market participants' use of the same, may limit or prevent the Fund from using such instruments as a part of its investment strategy, and could ultimately prevent the Fund from being able to achieve its investment objective. It is impossible to fully predict the effects of past, present or future legislation and regulation by multiple regulators in this area, but the effects could be substantial and adverse. It is possible that legislative and regulatory activity could limit or restrict the ability of the Fund to use certain instruments as a part of its investment strategy.

Rule 18f-4 under the Investment Company Act prescribes specific value-at-risk leverage limits for certain derivatives users. In addition, Rule 18f-4 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 reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating the relevant asset coverage ratio, or (ii) treats all reverse repurchase agreements or 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. 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, as a registered closed-end fund, the Fund will incur significant legal, accounting, administrative and other costs and expenses associated with being subject to the reporting requirements of the Securities Act, Exchange Act and the Investment Company Act and listing standards. Compliance with such public company requirements is costly, time-consuming and complex. The Fund expects to devote a substantial amount of time and resources to compliance. In addition, such requirements, including with respect to the information the Fund is obligated to provide about the Fund and the Underlying Funds, may continue to evolve over time, which may further increase compliance costs. As these

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laws, regulations and standards are subject to varying interpretations, their application in practice may evolve over time as new guidance becomes available. This evolution may result in continuing uncertainty regarding compliance matters and additional costs necessitated by ongoing revisions to the Fund's disclosure and compliance practices. If the Fund fails to address and comply with these regulations and any subsequent changes, the Fund may be subject to penalties and may be materially adversely affected.

There is also uncertainty with respect to legislation, regulation and government policy at the federal, state and local levels, notably as respect to 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 Underlying 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."*

#### Temporary Investments
The Fund will seek to invest the proceeds of the offering of Shares in accordance with its investment objective and strategies as soon as practicable after completion of the offering, consistent with market conditions and the availability of suitable investments. The Fund cannot assure you it will be able to identify any investments that meet its investment objective or that any investment that the Fund makes will produce a positive return. The Fund may be unable to invest proceeds on acceptable terms within the time period that the Fund anticipates or at all, which could harm the Fund's financial condition and operating results.

Before making investments, the Fund may hold proceeds 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.

#### Valuations Subject to Adjustment
The valuations reported by the Underlying Fund Managers, based upon which the Fund determines its 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 Underlying Funds may be revised as a result of audits by their independent auditors. Other adjustments may occur from time to time. The outstanding Common Shares may be affected by valuation adjustments, with any changes in net asset value impacting shareholders differently depending on the timing of their purchase or sale of Common Shares in the secondary market. The private equity secondaries market is highly negotiated, illiquid and characterized by infrequent trading. There are no continuous or public bid/ask prices for Private Equity Fund interests. Instead, prices are established through bilateral negotiations and are influenced by factors such as underlying fund performance, vintage, market conditions and supply/demand dynamics. Pricing transparency is limited, and transaction data is typically not broadly disseminated.

The valuations of Common 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in regulatory policies or tax guidelines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in earnings or variations in operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the value of the Fund investments;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in accounting standards or valuation methodologies applicable to publicly traded investment funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any shortfall in revenue or net income or any increase in losses from levels expected by investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• departure of the Adviser or certain of its respective key personnel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic trends and other external factors;

#### Cybersecurity Risk
As part of its business, the Adviser processes, stores and transmits large amounts of electronic information, including information relating to the transactions of the Fund and personally identifiable information of the Shareholders. Similarly, service providers of the Adviser or the Fund, especially the Fund's Administrator, may process, store and transmit such information. 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. However, such measures cannot provide absolute security. 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 networks. The Adviser's systems or facilities may be susceptible to employee error or malfeasance, government surveillance, or other security threats. Online services provided by the Adviser to the Shareholders may also be susceptible to compromise. Breach of the Adviser's information systems 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. There can be no assurance that the Fund, the Underlying Funds or their service providers will not suffer losses relating to cybersecurity breaches in the future. Despite reasonable precautions, the risk remains that such incidents could occur, and that such incidents could cause damage to individual investors due to the risk of exposing confidential personal data about investors to unintended parties.

#### 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, 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.

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#### BUSINESS AND STRUCTURE 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. Accordingly, an investor in the Fund must rely upon the abilities of the Adviser, and 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 the Key Personnel
The Fund will depend on the investment expertise, skill and network of business contacts of the Adviser. The Adviser will evaluate, negotiate, structure, execute, monitor and service Fund investments. The Fund's future success will depend to a significant extent on the continued service and coordination of the Adviser and its investment management team. The departure of certain key personnel of the Adviser or its affiliates could have a material adverse effect on the Fund's ability to achieve its investment objectives.

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

The Adviser depends on the relationships of it and of its affiliates with private equity sponsors, investment banks and commercial banks, and the Fund relies to a significant extent upon these relationships to provide the Fund with potential investment opportunities. If the Adviser or its affiliates fail to maintain their existing relationships or develop new relationships with other sponsors or sources of investment opportunities, the Fund may not be able to grow its investment portfolio. In addition, individuals with whom the Adviser and its affiliates have relationships are not obligated to provide the Fund, the Adviser or any of their affiliates with investment opportunities, and, therefore, there is no assurance that such relationships will generate investment opportunities for the Fund.

#### Competition for Investment Opportunities
A large number of entities compete with the Fund to make the types of Private Equity Fund investments that the Fund targets as part of its strategy. The Fund competes for such investments with a large number of Private Equity Funds, fund of funds, other equity and non-equity based investment funds, investment banks and other sources of financing. Many of the Fund's competitors are substantially larger than the Fund is and have considerably greater financial, technical and marketing resources. The Fund may be at a competitive disadvantage with its competitors in a particular sector or investment, as some of them have greater capital, lower targeted returns, a greater willingness to take on risk, more personnel or greater sector or investment strategy specific expertise. The Fund may be unable to find a sufficient number of attractive opportunities to meet its investment objective and there is no assurance as to the timing of investments. The Adviser expects the Fund to benefit from its relationships and experience making investments; however, there can be no assurance that the Adviser will be able to maintain or draw upon such relationships, which could have an adverse effect on the Fund's ability to find suitable investments and otherwise achieve the Fund's investment objective. Furthermore, the Adviser will emphasize or de-emphasize different aspects of the Fund's investment strategy from time to time to respond to changes in market conditions.

#### 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 Adviser, in accordance with the Fund's valuation policy, which has been approved by the Board. There is not a public market or active secondary market for many of

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the securities in which the Fund intends to invest. Rather, many of the Fund's investments may be traded on a privately negotiated over-the-counter secondary market for institutional investors. As a result, the Fund values 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 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 daily 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, 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."*

#### Amount or Frequency of Distributions Not Guaranteed
The Fund's ability to pay distributions, if any, 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.

#### 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. Any working capital reserves the Fund maintains may not be sufficient for investment purposes, and it may require debt or equity financing to operate. Accordingly, in the event that the Fund develops a need for additional capital in the future for investments or for any other reason, these sources of funding may not be available to the Fund. Consequently, if the Fund cannot obtain debt or equity financing on acceptable terms, the ability to acquire investments and to expand operations will be adversely affected. As a result, the Fund would be less able to achieve the investment objective, which may negatively impact the Fund's results of operations and reduce the Fund's ability to make distributions to Shareholders.

#### 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 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, results for any previous period should not be relied upon as being indicative of performance in future periods.

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#### MANAGEMENT RELATED RISKS

#### Investment Management Fee
The fact that the Investment Management Fee is payable based upon the Fund's average daily gross assets, which would include any borrowings for investment purposes, may encourage the Adviser to borrow to make additional investments. 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 gross assets for purposes of calculating the Investment Management Fee. 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. The Investment Management Fee will be payable even when the Fund has limited invested assets.

#### 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.

#### Transactions with Affiliates
Affiliates of the Adviser may 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 the Fund's investments. Affiliates of the Adviser 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's 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 Investment Company Act prohibits the Fund from making certain co-investments with affiliates unless it receives an order from the SEC permitting it to do so. The Fund and the Adviser intend to seek exemptive relief from the provisions of Sections 17(d) of the Investment Company Act to co-invest in certain privately negotiated investment transactions with current or future business development companies, private funds, separate accounts, or registered closed-end funds that are advised by the Adviser or its affiliated investment advisers, collectively, the Fund's "co-investment affiliates," subject to the satisfaction of certain conditions. There is no assurance that the Fund and/or the Adviser will receive such exemptive relief, and if they are not able to obtain the exemptive relief, the Fund will not be permitted to make certain co-investments. This may reduce the Fund's ability to deploy capital and invest its assets. The Fund may be forced to invest in cash, cash equivalents or other assets that may result in lower returns than otherwise may be available through co-investment opportunities.

#### Transactions With Affiliated Brokers
Affiliated Persons of the Adviser or the Fund, as defined under the Investment Company Act, may act as brokers ("Affiliated Broker") in connection with securities transactions involving the Fund provided such activities comply with Section 17(e) and Rule 17e-1 thereunder. Tap Tech or its affiliates may act as an Affiliated Broker in connection with the execution of secondary market transactions involving private fund interests, including facilitating transaction execution and related brokerage services. In providing these services, Affiliated Brokers will be selected in accordance with procedures that (i) have been approved by a majority of the Fund's independent trustees, (ii) are designed to ensure that the selection of such Affiliated Brokers is in the best interests of the Fund and its shareholders, (iii) are reviewed by the Fund's Board of Trustees at least annually, and (iv) require the maintenance and preservation of certain records related to such transactions. Compensation paid to Affiliated Brokers will be fair, reasonable, and consistent with amounts typically charged by non-affiliated brokers for comparable services, and may be specified in written agreements between the Fund and such Affiliated Brokers. Notwithstanding these safeguards, the use of

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Affiliated Brokers might result in higher transaction costs or less favorable execution terms than might be obtained from non-affiliated brokers, if the Adviser believes that the difference is reasonably justified by other aspects of the portfolio execution services offered. There also might be instances where the Affiliated Broker could prioritize its own financial benefit over the Fund's interests. To address these possibilities, the Fund intends to implement procedures to regularly evaluate the performance and costs associated with Affiliate Brokers against non-affiliated alternatives, subject to periodic review by the Fund's Board of Trustees. There can be no assurance that such measures will fully address the potential impacts on the Fund's performance or its investors.

#### Diligence of Investment Opportunities
When conducting due diligence and investment research, the Adviser may be required to evaluate important and complex business, financial, tax, accounting, environmental, social, governance and legal metrics. Outside consultants, legal advisors, accountants and investment banks may be involved in the due diligence and investment research process in varying degrees depending on the type of investment. When conducting due diligence and investment research and making an assessment regarding an investment, the Adviser may rely on information provided by such persons, or by the management of the target of the investment or their advisors, and Underlying Funds may not provide the information that the Fund requests. To the extent such information is not provided by Underlying Funds, the Adviser will have less information to analyze Underlying Funds for investment and may forgo opportunities that may have otherwise met the Fund's investment criteria, thereby adversely affecting the Fund's performance and operations. The due diligence investigation and investment research that the Adviser carries out with respect to any investment opportunity may not reveal or highlight all relevant facts that may be necessary or helpful in evaluating such investment opportunity, may lead to inaccurate or incomplete conclusions, or may be manipulated by fraud. Moreover, such an investigation will not necessarily result in the investment being successful.

#### Potential Conflicts of Interest
Instances may arise where the interests of the Adviser and its affiliates may potentially or actually conflict with the Fund's interests and the interests of shareholders. The following discussion enumerates certain potential conflicts of interest that should be carefully evaluated before making an investment in the Fund's shares. The discussion below does not seek to exhaustively describe all potential conflicts of interest.

The Adviser's team of investment professionals will have substantial responsibilities in connection with the management of other investment funds, accounts and investment vehicles. Certain members of the Adviser's investment team serve, or may serve, as officers, directors, members, or principals of entities that operate in the same or a related line of business as the Fund, or of investment funds, accounts, or investment vehicles managed by the Adviser. Similarly, the principals of the Adviser, and their respective affiliates may have other funds with similar, different or competing investment objectives, and such funds may not all be affiliated. These activities also may distract them from sourcing or servicing new investment opportunities for the Fund or slow the Fund's rate of investment. Any failure to manage the Fund's business and future growth effectively could have a material adverse effect on the Fund's business, financial condition, results of operations and cash flows.

The principals of the Adviser and other funds sponsored by the Adviser as passive investors in Private Equity Funds or other investment vehicles, may receive opportunities to invest in funds comprised of securities of established private companies, that the Fund may not have access to or which may not be appropriate for the Fund to consider.

The Fund may utilize companies within the Adviser's network to structure acquisitions to the extent consistent with applicable law, including particularly the affiliated transaction restrictions of the Investment Company Act and the Adviser's duty to seek best execution for the Fund's transactions involving the purchase or sale of securities.

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#### 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.

#### Limited Operating History of Fund Investments

#### Failure to Qualify as a RIC
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."*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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. Although 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 are expected to be relatively illiquid, any such dispositions could be made at disadvantageous prices and could result in substantial losses.

If the Fund fails to 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.

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 Underlying Funds in which the Fund is invested. However, Underlying Funds generally are not obligated to disclose the contents of their portfolios. This lack of transparency may

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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 Title A, Chapter 1, of the Code. Ultimately this may limit the universe of Underlying Funds in which the Fund can invest.

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 an Underlying Fund that limit utilization of this cure period.

Underlying 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 an Underlying Fund's income until such income has been earned by the Underlying Fund or until a substantial amount of time thereafter, it may be difficult for the Fund to satisfy the source-of-income requirement.

Because the Fund's allocable portion of an Underlying Fund'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 maintain its RIC tax status and thus become subject to corporate-level income tax. For additional discussion regarding the tax implications of a RIC, see *"CERTAIN TAX CONSIDERATIONS."*

#### 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, equals at least 200% after such incurrence or issuance. 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.

#### Concentration of Investments
Many of the Fund's investments will be private fund interests in private equity funds, and therefore will be particularly exposed to the risks attendant to investments in that investment strategy. Except as otherwise described herein, investors generally have no assurance as to the degree of diversification of the Fund's investments, either by geographic region, asset type or sector. Accordingly, a significant portion of the Fund's investments may be made in relatively few geographic regions, asset types, security types or industry sectors. Any such concentration of risk may increase losses suffered by us, which could have a material adverse effect on the Fund's overall financial condition. The Fund is, however, subject to the asset diversification requirements applicable to RICs. See *"CERTAIN TAX CONSIDERATIONS."* Even when the Adviser attempts to control risks and diversify the portfolio, risks associated with different assets may be correlated

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in unexpected ways, with the result that the Fund may face concentrated exposure to certain risks. Conversely, the Adviser may encounter unexpected changes in the correlation of assets or markets, which confound their attempts to hedge or limit risk and result in investment losses. Many risk management techniques are based on observed historical market behavior, but future market behavior may be entirely different. Although the Adviser attempts to identify, monitor and manage significant risks, these efforts may not necessarily take all risks into account and there can be no assurance that these efforts will be effective. Any inadequacy or failure in the Adviser's risk management efforts could result in material losses for the Fund.

#### Commitment Strategy
The Fund may maintain a sizeable cash position in anticipation of funding capital calls. The overall impact on performance due to holding a portion of the investment portfolio in cash or cash equivalents could be negative.

If the Fund defaults on its unfunded commitments or fails to satisfy capital calls in a timely manner then, generally, it will be subject to significant penalties, including the complete forfeiture of the Fund's investment. Any failure by the Fund to make timely capital contributions in respect of its unfunded commitments may (i) impair the ability of the Fund to pursue its investment program, (ii) force the Fund to borrow, (iii) cause the Fund, and, indirectly, the Shareholders, to be subject to penalties, or (iv) otherwise impair the value of the Fund's investments.

#### Leverage
The Underlying Fund Managers 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 or the Underlying Funds 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.

#### Economic, Political and Legal Risks
The Fund's investments will primarily be in Underlying Funds that are domiciled in or primarily investing in the United States but may also include investments in a number of countries, including less developed countries, exposing investors to a range of potential, economic and legal risks, which could have an adverse effect on the Fund. These may include but are not limited to declines in economic growth, inflation, deflation, currency revaluation, nationalization, expropriation, confiscatory taxation, governmental restrictions, adverse regulation, social or political instability, negative diplomatic developments, military conflicts, the spread of infectious illness (including epidemics and pandemics) and terrorist attacks.

For instance, ongoing conflicts in Europe and the Middle East could result in geopolitical instability and adversely affect the global economy or specific markets. Strategic competition between the U.S. and China and resulting tensions have also contributed to uncertainty in the geopolitical and regulatory landscapes. Similarly, other events, including natural disasters, climate-related events, pandemics or health crises may arise from time to time and be accompanied by governmental actions that may increase international tension. Any such events and responses, including regulatory developments, may cause significant volatility and declines in the global markets, disproportionate impacts to certain industries or sectors, disruptions to commerce (including to economic activity, travel and supply chains), loss of life and property damage, and may adversely affect the global economy or capital markets, as well as Fund investments.

Prospective investors should note that the capital markets in some countries where Fund investments are made may be significantly less developed than those in the United States. Certain investments may be subject to extensive regulation by national governments and/or political subdivisions thereof, which could prevent the Fund or the Underlying Funds from making investments they otherwise would make or cause them to incur substantial additional costs or delays that they otherwise would not suffer. Such countries may have different regulatory standards with respect to insider trading rules, restrictions on market manipulation, shareholder proxy requirements and/or disclosure of information. In addition, the laws of various countries governing business organizations, bankruptcy and insolvency may make legal action difficult and provide little, if any, legal protection for investors, including the Fund and the Underlying Funds. In addition, accounting and auditing standards in many markets are different, and sometimes significantly different from those applicable in the United States. There may be significant differences between financial statements prepared in

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accordance with those accounting standards as compared to financial statements prepared in accordance with generally accepted accounting principles ("GAAP") in the U.S. Any such laws or regulations may change unpredictably based on political, economic, social and/or market developments.

#### Emerging Markets Risk
Emerging market countries may have relatively unstable governments and economies based on only a few industries, which may cause greater instability. The value of emerging market securities will likely be particularly sensitive to changes in the economies of such countries. These countries are also more likely to experience higher levels of inflation, deflation or currency devaluations, which could adversely affect the value of the Fund's investments and hurt those countries' economies and securities markets. Securities issued in these countries may be more volatile and less liquid than securities issued in foreign countries with more developed economies or markets. Loss may also result from the imposition of exchange controls, confiscations and other government restrictions, or from problems in share registration, settlement, custody, or other operational risks.

#### Interest Rate Risk
The Fund is subject to financial market risks, including changes in interest rates. General interest rate fluctuations may have a substantial negative impact on the Fund's investments and the investment opportunities and, accordingly, have a material adverse effect on the Fund's investment objective and its respective rates of return on invested capital. In addition, an increase in interest rates would make it more expensive to use debt for the Fund and the Fund's financing needs, if any.

In addition, in the event of a significant rising interest rate environment, companies in which the Underlying Funds invest in that have floating interest rate loans could see their payments increase and there may be a significant increase in the number of companies who are unable or unwilling to repay their loans. Underlying 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, Underlying Fund investments with fixed rates may decline in value because they are locked in at below market yield.

Interest rates in the United States and many other countries have risen in recent periods and may continue to remain elevated for the foreseeable future. Because longer-term inflationary pressure may result from the U.S. government's fiscal policies, the Fund may experience higher interest rates over its investment horizon. To the extent the Fund borrows money to finance its investments, the Fund's performance will depend, in part, upon the difference between the rate at which it borrows funds and the rate at which it invests those funds. In periods of rising interest rates, the Fund's cost of funds could increase. Adverse developments resulting from changes in interest rates could have a material adverse effect on the Fund's financial condition and results of operations.

In addition, a decline in the prices of the debt the Fund owns could adversely affect the Fund's net asset value. Changes in market interest rates could also affect the ability of operating companies in which the Fund invests to service debt, which could materially impact the Fund.

These techniques may include various interest rate hedging activities and may limit the Fund's ability to participate in the benefits of lower interest rates with respect to the hedged portfolio. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on the Fund's business, financial condition and results of operations.

#### Currency Risk
The Fund may make 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's investments are denominated against the U.S. dollar may result in a decrease of 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 or practicable to hedge currency risk exposure. Accordingly, the performance of the Fund could be adversely affected by such currency fluctuations.

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#### Inflation Risk
Certain portfolio investments in Underlying Funds may be impacted by inflation. If such portfolio entities are unable to pass any increases in their costs along to their customers, it could adversely affect their results, which could in turn adversely impact the Fund's results of operations. In addition, any projected future decreases in portfolio investments in Underlying Funds' operating results due to inflation could adversely impact the fair value of the Fund's investments. Any decreases in the fair value of the Fund's investments could result in future unrealized losses and therefore reduce the Fund's net assets resulting from operations.

#### Non-U .S. Investments Risk
Non-U.S. investments involve certain factors not typically associated with investing in U.S. securities, including risks relating to the following: (i) currency exchange matters, including fluctuations in the rate of exchange between the U.S. dollar and the various foreign currencies in which foreign investments are denominated, and costs associated with conversion of investment principal and income from one currency into another; (ii) inflation matters, including rapid fluctuations in inflation rates; (iii) differences between the U.S. and foreign investment markets, including potential price volatility in and relative liquidity of some foreign markets, the absence of uniform accounting, auditing and financial reporting standards, practices and disclosure requirements and the potential of less government supervision and regulation; (iv) economic, social and political risks, including potential exchange control regulations and restrictions on foreign investment and repatriation of capital, the risks of political, economic or social instability and the possibility of expropriation or confiscatory taxation; (v) the possible imposition of foreign taxes on income and gains recognized with respect to such investments; and (vi) difficulties in enforcing legal judgements in foreign courts. Laws and regulations of foreign countries may impose restrictions that would not exist in the United States and may require financing and structuring alternatives that differ significantly from those customarily used in the United States. There is no assurance that changes in the political or economic climate, legal or regulatory environment, foreign ownership laws, capital repatriation rules, or taxation policies will not adversely impact the Fund's investments.

#### 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, 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.

Recent examples of the above risks include conflict, loss of life and disaster connected to ongoing armed conflict in Europe and in the Middle East. The extent, duration and impact of these conflicts, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional or global economies and the markets for certain securities and commodities. These impacts could negatively affect the Fund's investments in securities and instruments that are economically tied to the applicable region. Additionally, the U.S. government has recently imposed, and may in the future increase, tariffs on specific countries and commodities. In response, certain foreign trading partners, and others in the future, may impose retaliatory tariffs on certain U.S. goods, creating significant uncertainty about the future relationship between the United States and certain other countries with respect to trade policies, treaties and new and increased tariffs.

Epidemics and pandemics may negatively affect the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in general in significant and unforeseen ways. On May 5, 2023, the World Health Organization declared the end of the global emergency status for COVID-19. The United States subsequently ended the federal COVID-19 public health emergency declaration effective May 11, 2023.

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Although vaccines for COVID-19 are widely available, it is unknown how long certain circumstances related to the pandemic will persist, whether they will reoccur in the future, and what additional implications may follow from the pandemic. The impact of these events and other epidemics or pandemics in the future could adversely affect the Fund's or an Underlying Fund's performance.

The impairment or failure of one or more banks with whom the Fund transacts may inhibit the Fund's or an Underlying Fund's ability to access depository accounts. In such cases, the Fund or an Underlying 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 an Underlying 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 an Underlying 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 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 infrastructure to extreme weather events. Climate change risks, if they materialize, can adversely impact financial plans 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 of 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. As artificial intelligence is used more widely, the profitability and growth of Fund holdings may be impacted, which could significantly impact the overall performance of the Fund.

#### Contingent Liabilities
The Fund will invest a substantial portion of its assets in private securities. The Fund may be required to indemnify the purchasers of such investment to the extent that any such representations turn out to be inaccurate or with respect to potential liabilities. These arrangements may result in contingent liabilities that ultimately result in funding obligations that the Fund must satisfy through its return of distributions previously made to it.

#### Equity Investments
Stock markets are volatile, and the prices of equity securities fluctuate based on changes in a company's financial condition and overall market and economic conditions. Equity securities typically have greater price volatility than fixed income securities. The market price of equity securities may go down, sometimes rapidly or unpredictably. Equity securities may decline in value due to factors affecting securities markets generally, particular industries represented by those markets, or factors related to a specific company, such as decisions made by its management.

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#### SPECIAL RISKS PERTAINING TO INVESTMENTS IN UNDERLYING FUNDS
This section discusses certain risks related to the fact that the Fund invests in Underlying Funds.

#### Investments in the Underlying Funds Generally
Investments in the Underlying Funds that the Fund targets involve a number of significant risks, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unlike registered investment companies, the Underlying Funds are not subject to the Investment Company Act and are therefore not limited with respect to how they invest their assets, including with respect to the use of leverage, affiliated transactions, and other investment practices. As a result, the Underlying Funds may engage in investment activities that would not be permitted for registered investment companies, which may increase the risk profile of the Fund's investments. See ***"Risks Associated with Private Equity Investments."***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Underlying Funds often have requirements to contribute capital to the fund or, in rare cases, may clawback capital previously distributed to investors, which increases the Fund's risk of running into issues with liquidity that may require the Fund to sell assets at deep discounts or borrow funds at high rates in order to meet these financial obligations. See "***Underlying Funds' Securities are Generally Illiquid***."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Underlying Funds typically have limited information available, narrower investment strategies, and less liquidity compared to public investments, which renders them more vulnerable to adverse market conditions' strategies. The Fund will publicly disclose information regarding its exposure to the holdings of the Private Equity Funds and will make such information available on the Fund's website (*www.tapprivatemarkets.com*) on at least a quarterly basis; this information may be disclosed on an up to 60-day lag. However, each Private Equity Fund is under no obligation to furnish, or may generally resist providing, such information to the Fund and as a result, the Fund may be required to forgo opportunities that may have otherwise met the Fund's investment criteria, thereby adversely affecting the Fund's performance and operations. The Fund will also provide Shareholders with information regarding the underlying Private Equity Funds in its financial statements and other required periodic filings with the SEC. See "***Underlying Fund Operations Not Transparent***."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Because the Underlying Funds include privately-held assets, there is generally little publicly available information about these investments; therefore, although the Adviser will perform due diligence investigations on these fund limited partners, their operations and their prospects, the Adviser may not learn all of the material information it needs to know regarding these investments and, in the case of investments the Fund acquires on the secondary market, the Adviser may be unable to obtain financial or other information regarding the underlying assets with respect to which the Fund invests. Furthermore, there can be no assurance that the information that the Adviser does obtain with respect to any investment is reliable. See "***Underlying Fund Operations Not Transparent***."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Underlying Funds may be more likely to depend on the management talents and efforts of a small group of managers; therefore, the performance variation among funds can be significant, and the failure of a manager to execute its strategy could have a material adverse impact on the Fund's investment. See "***Reliance on Underlying Fund Managers***"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Private equity returns are influenced by the broader M&A and IPO markets. If these markets experience a downturn, it may become more difficult to execute successful exits or achieve desired valuations. A weak market environment can prolong the holding period of investments and reduce overall returns. See "***Market Events Risk***."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Private equity firms often use leverage as a key component of their strategy to enhance returns. However, this reliance on borrowed capital increases the risk of default, particularly if portfolio companies face operational challenges or economic downturns. Excessive leverage can amplify losses, potentially impacting the overall fund performance. See **"*INVESTMENT RELATED RISKS — Leverage*."**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Private equity assets are not traded on public markets, so their valuations rely on subjective appraisals or infrequent updates. This lack of regular pricing transparency can lead to uncertainty in assessing the actual performance of investments. Valuations may also be influenced by market conditions or assumptions that later prove inaccurate. See "***Valuation of the Fund's Interests in Underlying Funds***."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Private equity investments are subject to evolving regulatory environments that can vary significantly by jurisdiction. Changes in tax laws, reporting requirements, or restrictions on capital flows could impact the operations of funds or portfolio companies. Compliance costs may increase, and regulatory uncertainty could introduce additional risks that may adversely affect returns. See "***Legal, Tax and Regulatory Risks***."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Private Equity Funds frequently have much more complex capital structures than traditional publicly traded companies, and may have multiple classes of interests with differing rights, including with respect to voting and distributions. In addition, it is often difficult to obtain financial and other information with respect to private funds, and even where the Adviser is able to obtain such information, there can be no assurance that it is complete or accurate. Although the Adviser believes that its investment professionals have extensive experience evaluating and investing in Private Equity Funds with such complex capital structures, there can be no assurance that the Adviser will be able to adequately evaluate the relative risks and benefits of investing in a particular class of a fund's interests. Any failure on the Adviser's part to properly evaluate the relative rights and value of an investment in which the Fund participates could cause the Fund to lose part or all of its investment, which in turn could have a material and adverse effect on the Fund's net asset value and results of operations. See "***Underlying Fund Operations Not Transparent***."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A fund's failure to satisfy financial or operating covenants imposed by its agreements could lead to defaults and, potentially, termination of its commitments, which could trigger cross-defaults under other agreements and jeopardize the Fund's investment. The Fund may incur expenses to the extent necessary to seek recovery of its investment or to negotiate new terms with a financially distressed investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's investments in Underlying Funds require the Fund to bear a pro rata share of each Underlying Fund's fees and expenses, including management fees and, in some cases, performance fees or incentive allocations. Performance fees or incentive allocations may be payable to an Underlying Fund Manager based on the performance of that Underlying Fund, regardless of the performance of other Underlying Funds or the overall performance of the Fund, which could adversely affect the Fund's returns. The fees the Fund pays to invest in an Underlying Fund may be higher than if the Underlying Fund Manager managed the Fund's assets directly. The incentive fees charged by certain Underlying Funds may create an incentive for an Underlying Fund Manager to make investments that are riskier and/or more speculative than the investments it might have made in the absence of an incentive fee.

#### See "RISKS SPECIFIC TO SECONDARY INVESTMENTS."
In addition, the Private Equity Fund interests that the Fund acquires may be subject to drag-along rights, which could permit other interest holders, under certain circumstances, to force the Fund to liquidate its position in a subject fund at a specified price, which could be inadequate or undesirable or even below the Fund's cost basis. In this event, the Fund could realize a loss or fail to realize gain in an amount that the Adviser deems appropriate on the investment. Further, capital market volatility and the overall market environment may preclude the funds from realizing liquidity events and impede the Fund's exit from these investments. Accordingly, the Fund may not be able to realize gains from its fund interests, and any gains that the Fund does realize on the disposition of any fund interests may not be sufficient to offset any other losses. The Fund will generally have little, if any, control over the timing of any gains it may realize from its fund investments unless and until the portfolio funds in which the Fund invests realizes liquidity events. In addition, the portfolio funds in which the Fund invests may have substantial leverage. In such cases, the Fund would typically be last in line behind any creditors in a fund wind-up or liquidation and would likely experience a complete loss on its investment.

The lack of liquidity in, and potentially extended holding period of many of the Fund's investments may adversely affect the Fund's business and will delay any distributions of gains, if any.

The Fund's investments will generally not be in publicly traded securities. Certain of the fund interests that the Fund may hold will be subject to legal and other restrictions on resale or will otherwise be less liquid than publicly traded securities. In addition, while some portfolio fund interests may trade on private secondary marketplaces, the Fund can

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provide no assurance that such a trading market will continue or remain active, or that the Fund will be able to sell its position in any portfolio fund at the time it desires to do so and at the price it anticipates. The illiquidity of the Fund's investments, including those that are traded on private secondary marketplaces, will make it difficult for the Fund to sell such investments if the need arises. Also, if the Fund is required to liquidate all or a portion of its portfolio quickly, the Fund may realize significantly less than the value at which it previously recorded its investments.

The Fund's investments in Underlying Funds are subject to additional risks. Underlying Funds are not publicly traded and therefore may not be as liquid as other types of investments. Furthermore, Underlying Funds are subject to specific risks, depending on the nature of the vehicle and also may employ leverage. Underlying Funds do not have the protections that are afforded to registered investment companies, such as the presence of independent boards, shareholder approval of advisory contracts, limitations on leverage and restrictions on transactions with affiliates. These characteristics present additional risks for Shareholders.

No market for the interests in an Underlying Fund exists or is expected to develop, and it may be difficult or impossible to transfer the interests in such Underlying Fund, even in an emergency. In addition, the Fund will not have the right to withdraw or transfer any amount of the Fund's investment in an Underlying Fund without the prior consent of its manager, which consent may be withheld for any or no reason. As a result, the Fund may need to hold the Underlying Fund interest indefinitely.

#### Risks Associated with Private Equity Investments
Because the Fund intends to invest in Private Equity Fund interests, the Fund expects the operations of such investments to be subject to risks associated with the private equity market.

The Fund intends to invest in Private Equity Funds through secondary market acquisitions and primary offerings. Investments in these funds involve special risks, including the following risks, among others, any of which could be detrimental to the value of funds in which the Fund invests and consequently the value of the Fund's shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Private equity investments are inherently illiquid, and there may be delays in realizing the value from such investments, which can impact the Fund's liquidity position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The performance of the Private Equity Fund managers in which the Fund invests is critical to achieving the Fund's objective, and there is no assurance that past performance is indicative of future results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Secondary market transactions may involve pricing variability and limited information on fund valuations at the time of purchase, which could lead to mispricing and overvaluation risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The private equity industry may be subject to regulatory changes, which could affect the operations of the funds and companies in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Future developments regarding the treatment of private equity for U.S. federal income and/or foreign tax purposes could adversely impact the business of funds in which the Fund may invest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The funds in which the Fund may invest may be subject to complex financial accounting rules, and there is limited guidance from accounting standard setting bodies. If financial accounting standards undergo significant changes, the operating results of funds in which the Fund may invest could be adversely affected.

Recent developments in the private equity market may lead to volatility and disruption in investment valuations and a loss of confidence in certain market segments. Private equity valuations can fluctuate based on economic conditions, interest rates, and market supply and demand dynamics. These factors can lead to volatility and disruption in the private equity sector and financial difficulties for some market participants. Historical examples have shown that during economic downturns, private equity funds can face challenging fundraising environments and pressure on valuations. Just as previous financial crises affected traditional investment markets, similar dynamics could impact confidence and valuation within the private equity sector. Within recent memory, the COVID-19 pandemic severely disrupted global financial markets, including private equity. The broad economic shutdowns and uncertainty impacted fundraising timelines and led to revised valuations and exit strategies. As a result, fund managers had to reassess financial projections and potentially delay exits, impacting overall fund returns. Regulatory and governmental policies responding to such disruptions could also alter landscape and investor sentiment in private equity investments.

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To the extent that the Fund invest in other funds, such as SEC-registered exchange-traded funds, that hold private equity interests, the value of such investments will relate directly to the value of the private equity interests in their portfolio, and the value of such interests may be highly volatile and subject to fluctuations due to a number of factors.

The market price of private equity interests may be highly volatile, and subject to a number of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an increase or decrease in global capital markets activity and liquidity generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• manipulative trading activity in private equity markets, which may be less regulated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the regulatory environment affecting private equity transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investors' expectations with respect to interest rates, the rates of inflation, and private equity funding costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investor preferences and perceptions of Private Equity Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fund creation and liquidation policies in private equity markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the liquidity of private equity markets and any increase or decrease in trading volume in these markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investment and trading activities of large investors that invest directly or indirectly in private equity interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• influence of large investors on the private equity market, possibly leading to artificially high demand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the status of private equity interests under the federal securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• monetary policies of governments, trade restrictions, currency devaluations and revaluations, and regulatory measures impacting private equity markets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• global or regional political, economic or financial conditions, events, and situations.

In addition, there is no assurance that private equity interests will maintain their value in the long or intermediate term. In the event that the price of private equity interests decline, the value of funds in which the Fund may invest will likely decline. The value of private equity interests may also be subject to momentum pricing due to speculation regarding future appreciation in value, leading to greater volatility that could adversely affect the value of the Fund's shares. Momentum pricing typically is associated with growth assets whose valuation, as determined by the investing public, accounts for future appreciation in value, if any. The Adviser believes that momentum pricing of private equity has increased the volatility of the price of such interests. As a result, private equity interests may be more likely to fluctuate in value due to changing investor confidence, which could impact future appreciation or depreciation of the Private Equity Funds in which the Fund may invest and consequently the value of the Fund's shares and your investment.

Due to the variable nature and lack of transparency in some private equity investments, the Fund's portfolio may experience fraud, market manipulation, business failures, security failures, or operational problems, which may adversely affect the value of the Fund's investments.

The Fund may invest in Private Equity Funds that provide services to, or rely on, or integrate with private markets. The largest Private Equity Funds typically trade based on periodic valuations and provide limited transparency regarding transaction price and volume data. While many prominent funds provide the public with significant information regarding their ownership structure, management teams, corporate practices, and regulatory compliance, many other private equity funds do not provide this information. Furthermore, while private equity funds are subject to federal and state regulations in the United States, they do not currently appear to be subject to regulation in a similar manner as other regulated trading platforms, such as national securities exchanges or designated contract markets. As a result, the marketplace may lose confidence in private equity markets.

Many private equity funds operate with limited transparency regarding their ownership structure, management team, corporate practices, cybersecurity, and regulatory compliance. In addition, private equity funds located outside the United States may be subject to significantly less stringent regulatory and compliance requirements in their local jurisdictions and may take the position that they are not subject to U.S. laws and regulations applicable to a national securities exchange or designated contract market, or may, as a practical matter, be beyond the ambit of U.S. regulators. As a result, activity on private equity markets is generally significantly less regulated than trading activity on regulated

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U.S. securities and commodities markets, and may reflect behavior that would be prohibited in regulated U.S. trading venues. Any actual or perceived market manipulation, fraud, and any other fraudulent or manipulative acts and practices, could adversely affect the market perception and value of private equity, which could in turn adversely impact the value of the Fund's shares.

Investing in Private Equity Funds involves several risks, including market, liquidity, and valuation risks. Market conditions and forces can significantly influence the value of investments in Private Equity Funds, and these investments typically have long lock-up periods with limited opportunities for liquidity. Additionally, Private Equity Fund valuations are inherently subjective, with valuations set by fund managers often based on their assessments which could vary from actual market realizations. See "*SPECIAL RISKS PERTAINING TO INVESTMENTS IN UNDERLYING FUNDS*-Valuation *of the Fund's Interests in Underlying Funds*."

The performance of the Fund can be significantly impacted by the underlying Private Equity Funds' operational and financial risks, which may include leverage, transparency, and governance issues. Private equity investments tend to utilize leverage to enhance investment returns, which amplifies both gains and losses, potentially increasing the Fund's volatility and risk of principal loss.

In addition to market and liquidity risks, the Fund could face risks related to co-investments in private equity deals which can involve less diversification and a concentration in certain investments, sectors, or geographies. This exposure could lead to greater volatility and potential losses than a more diversified approach.

The Fund may invest in managers with diverse strategies and sectors, potentially impacting portfolio performance based on macroeconomic factors and sector-specific risks. While the Fund seeks to achieve diversification across Private Equity Funds, varying strategies and market conditions may impact the returns of specific sector-focused investments. Factors such as economic downturns, regulatory changes, or shifts in consumer behavior can disproportionately affect certain sectors, impacting the performance of specific funds in the portfolio.

The Fund's investments in Private Equity Funds may also be subject to various regulatory risks, with significant changes in regulations potentially affecting fund operations and valuations. The regulatory landscape for private equity investments is complex and evolving, which might introduce unforeseen risks to fund holdings and their overall performance.

The liquidity and exit opportunities of private equity investments are typically limited, requiring long-term commitments and patience to realize returns. This characteristic necessitates a strategic approach to portfolio construction and risk management.

The future development and success of private equity investments hinge on numerous factors that can be challenging to forecast and assess. Should the private equity market not expand as anticipated, the value of the Fund's investments, and thus the value of your shares, could be adversely affected.

The Fund's portfolio investments in Underlying Funds will be subject to an extensive, highly evolving and uncertain regulatory landscape and any adverse changes to, or their failure to comply with, any laws and regulations could adversely affect their operations, performance, financial condition, and the value of the Fund's investments. The private equity entities in which the Fund will invest are subject to extensive laws, rules, regulations, policies, orders, and legal interpretations in the markets in which they operate, which may include those governing financial services, securities, mergers and acquisitions, corporate governance, antitrust and competition, labor, taxation, bankruptcy, and environmental compliance. Many existing legal and regulatory regimes do not contemplate or address the complex and varied structures of private equity investments, which involve different levels of regulatory scrutiny depending on jurisdiction. These legal and regulatory regimes often evolve and may be modified, interpreted, and applied in inconsistent ways from one jurisdiction to another. The Private Equity Funds may face compliance challenges in such an evolving landscape, and any failure to adhere to regulations may result in penalties that could adversely affect their performance and indirectly impact the value of the Fund's investments.

The Fund may invest in portfolio entities that manage significant amounts of capital for investment purposes. Effective capital management is integral to building trust with stakeholders. To the extent any of the Fund's portfolio investments in Underlying Funds fail to effectively manage their capital and financial structures, such failure could adversely impact such investment's business, results, and financial condition.

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The Fund may invest in funds that engage in complex or high-risk strategies, and the Fund's portfolio may suffer if these investment strategies do not perform as expected. The Fund's investments may involve Private Equity Funds employing complex and high-risk investment strategies, including leveraged buyouts, distressed asset investments, or sector-specific concentrations. These approaches may yield significant upside potential; however, they also carry the inherent risk of significant losses. Factors such as economic downturns, shifts in regulatory environments, and unforeseen market events could disproportionately harm these funds, possibly resulting in substantial losses for the Fund.

The Fund may invest in private equity funds with a focus on acquiring fund interests via secondary market transactions. Private equity is a mature market, but transactions in private equity funds, especially on the secondary market, can be complex and not without risk. Consequently, changes in market dynamics or negative press may impact confidence in the private equity sector.

Negative perception, a lack of transparency in private equity transactions, or adverse market changes can reduce confidence or interest in the private equity market, potentially increasing the volatility of fund valuations. Any such occurrences could affect the value of the Fund's portfolio.

Any of the foregoing factors could have an adverse impact on the operations, and the value of the Fund's shares, and could cause you to lose all or substantially all of the value of your investment.

#### Exchange-Traded Funds and Other Investment Companies
The Fund may invest in shares of both open- or closed-end investment companies (including business development companies, money market funds, single country funds, and exchange traded funds of any kind) and trusts, limited partnerships, limited liability companies or other forms of business organizations, including other pooled investment vehicles. Investing in another pooled vehicle exposes the Fund to all the risks of that pooled vehicle.

As the shareholder of another investment company, the Fund would bear, along with other shareholders, its pro rata portion of the other investment company's expenses, including advisory fees. Such expenses are in addition to the expenses the Fund pays in connection with its own operations. The Fund's investments in other investment companies may be limited by applicable law. It is possible that, under certain circumstances, the Fund may be prevented by applicable law from investing in other investment companies when doing so may otherwise be the most efficient way for the Fund to obtain exposure to a portfolio of debt securities.

Despite the possibility of greater fees and expenses, investments in other investment companies may nonetheless be attractive for several reasons, especially in connection with foreign investments. Because of restrictions on direct investment by U.S. entities in certain countries, investing indirectly in such countries (by purchasing shares of another fund that is permitted to invest in such countries) may be the most practical and efficient way for the Fund to invest in such countries. In other cases, when a portfolio manager desires to make only a relatively small investment in a particular country, investing through another fund that holds a diversified portfolio in that country may be more effective than investing directly in issuers in that country.

Among the types of investment companies in which the Fund may invest are Exchange Traded Fund ("ETFs"). Index ETFs are open-end management investment companies that seek to provide investment results that correspond generally to the price and yield performance of a specified index (Index Fund). Individual investments in ETFs generally are not redeemable. However, large quantities of ETF shares known as "Creation Units" are redeemable from the ETF. The liquidity of smaller holdings of ETF shares will depend upon the existence of a secondary market.

Disruptions in the markets for the securities held by ETFs or other investment companies purchased or sold by the Fund could result in losses on investments in ETFs or other investment companies. ETFs also carry the risk that the price the Fund pays or receives may be higher or lower than the ETF's NAV. ETFs are also subject to certain additional risks, including the risks of illiquidity and of possible trading halts due to market conditions or other reasons, based on the policies of the relevant exchange. ETFs and other investment companies in which the Fund may invest may be leveraged, which would increase the volatility of the value of the Fund's Common Shares ("Common Shares").

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#### Possession of Material Non-Public Information
The investment team of the Adviser may have access to material nonpublic information of Private Equity Funds in which the Fund may invest. In the event that the Fund becomes subject to trading restrictions under the internal trading policies of those funds or as a result of applicable law or regulations, the Fund could be prohibited for a period of time from purchasing or selling interests of such funds, and this prohibition may have an adverse effect on the Fund's ability to achieve its investment objective.

#### Reliance on Underlying Fund Managers
The management of the Private Equity Fund interests in which the Fund will invest will be the responsibility of the respective fund managers. The Fund does not intend to seek representation on a fund's investment committee or otherwise provide management or strategic planning assistance, and will not have an active role in the day-to-day management of the funds in which it invests. Although the Adviser will be responsible for monitoring the performance of each investment, there can be no assurance that a fund manager will be able to operate successfully, or in a way that is consistent with the Fund's investment objective. To the extent that a fund manager performs poorly, or if a key manager of a fund terminates employment, the Fund's investment in such fund could be adversely affected. The Fund's returns will depend in large part on the performance of these unrelated individuals and could be substantially adversely affected by the unfavorable performance of a small number of such individuals. In addition, Underlying Fund Managers are compensated based on the performance of their portfolios. Accordingly, there often may be times when a particular Underlying Fund Manager 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.

In addition, the Fund will generally invest in private funds based on the investment projections provided by such funds. Projected returns will normally be based in part on the judgment of the respective fund managers. In all cases, projections are only estimates of future results that are based upon assumptions made at the time that the projections are developed. There can be no assurance that the projected results will be obtained, and actual results may vary significantly from the projections. In circumstances in which the Adviser relies on information from fund management, the Fund may be subject to the risk of dysfunctional or fraudulent management and/or accounting irregularities.

#### Environmental Liability
The Fund may be exposed to substantial risk of loss from environmental claims arising from investments made in funds with undisclosed or unknown environmental problems or with inadequate reserves, as well as from occupational safety issues and concerns. Under various laws, ordinances and regulations, an owner of assets may be liable for the costs of removal or remediation of certain hazardous or toxic substances on or in such property. Such laws often impose such liability without regard to whether the owner knew of, or was responsible for, the presence of such hazardous or toxic substances. The cost of any required remediation and the owner's liability, therefore, as to any property are generally not limited under such laws and could exceed the value of the property and/or the aggregate assets of the owner. The presence of such substances, or the failure to properly remediate contamination from such substances, may adversely affect the owner's ability to sell the assets or to borrow funds using such assets as collateral, which could have an adverse effect on the Fund's return from such investments. Environmental claims with respect to a specific investment may exceed the value of such investment, and under certain circumstances, subject the Fund's other assets to such liabilities.

#### Underlying Funds' Securities are Generally Illiquid
The securities of the Underlying Funds in which the Fund invests or plans to invest will generally be illiquid. Subscriptions to purchase the securities of Underlying Funds are generally subject to restrictions or delays. Similarly, the Fund may not be able to dispose of Underlying Fund interests that it has purchased in a timely manner and, if adverse market conditions were to develop during any period in which the Fund is unable to sell Underlying Fund interests, the Fund might obtain a less favorable price than that which prevailed when it acquired or subscribed for such interests, and this may negatively impact the net asset values of the Fund.

#### Underlying Fund Operations Not Transparent
The Adviser does not control the investments or operations of the Underlying Funds. An Underlying Fund Manager 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 Underlying Fund Managers may have a limited operating

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history, and some may have limited experience in executing one or more investment strategies to be employed for an Underlying Fund. Furthermore, there is no guarantee that the information given to the Administrator and reports given to the Adviser with respect to the Fund investments will not be fraudulent, inaccurate or incomplete.

#### Valuation of the Fund's Interests in Underlying Funds
The valuation of the Fund's investments in Underlying Funds may be determined based upon valuations provided by the Underlying Fund Managers of such Underlying Funds, which valuations may not be audited. A majority of the securities in which the Underlying Funds invest will not have a readily ascertainable market price and will be valued by the Underlying Fund Managers. In this regard, an Underlying Fund Manager may face a conflict of interest in valuing the securities, as their value may affect the Underlying Fund Manager'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 Underlying Fund, the accuracy of the valuations provided by the Underlying Funds, that the Underlying Funds will comply with their own internal policies or procedures for keeping records or making valuations, or that the Underlying 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 approved valuation procedures for the Fund and has approved the delegation of the day-to-day valuation and pricing responsibility for the Fund to the Adviser as valuation designee (the "Valuation Designee"), subject to the oversight of the Board. The Adviser will periodically review Underlying Fund Managers' valuation methods and inputs, including at initial purchase, but no assurance can be given regarding the valuation methods or the sufficiency of inputs utilized by Underlying Fund Managers.

An Underlying Fund Manager's information could be inaccurate due to fraudulent activity, misvaluation or inadvertent error. In any case, the Fund may not uncover errors for a significant period of time. Even if the Adviser elects to cause the Fund to sell its interests in such an Underlying Fund, the Fund may be unable to sell such interests quickly, if at all, and could therefore be obligated to continue to hold such interests for an extended period of time. In such a case, the Underlying Fund Manager's valuations of such interests could remain subject to such fraud or error, and the Valuation Designee may 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 Underlying Fund Managers could have a material adverse effect on the Fund if the Underlying Fund Manager's, the Adviser's or the Fund's judgments regarding valuations should prove incorrect. Prospective investors who are unwilling to assume such risks should not make an investment in the Fund.

#### Inability to Vote
To the extent that the Fund owns less than 5% of the voting securities of each Underlying Fund, it may be able to avoid that any such Underlying 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 Underlying Funds, both by the Fund and other clients of the Adviser). To limit its voting interest in certain Underlying Funds, the Fund may enter into contractual arrangements under which the Fund irrevocably waives its rights (if any) to vote its interests in an Underlying Fund. These voting waiver arrangements may increase the ability of the Fund and other clients of the Adviser to invest in certain Underlying Funds. However, to the extent the Fund contractually forgoes the right to vote the securities of an Underlying Fund, the Fund will not be able to vote on matters that require the approval of such Underlying Fund's investors, including matters which may be adverse to the Fund's interests. There are, however, other statutory tests of affiliation (such as on the basis of control), and, therefore, 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 an Underlying Fund. If the Fund is considered to be affiliated with an Underlying Fund, transactions between the Fund and such Underlying 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 Underlying Fund Managers may work with other Underlying Fund Managers to invest collectively in the same underlying company, which could result in increased concentration risk where multiple Underlying Funds in the Fund's portfolio each invest in a particular underlying company. In other situations, Underlying Funds may hold

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economically offsetting positions. To the extent that the Underlying Fund Managers 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. Furthermore, it is possible that from time to time, various Underlying Fund Managers selected by the Adviser may be competing with each other for investments in one or more markets.

#### Limitations on Ability to Invest in Underlying Funds
Certain Underlying Fund Managers' investment approaches can accommodate only a certain amount of capital. Underlying Fund Managers typically endeavor not to undertake to manage more capital than such Underlying Fund Manager's approach can accommodate without risking a potential deterioration in returns. Accordingly, each Underlying Fund Manager has the right to refuse to manage some or all of the Fund's assets that the Adviser may wish to allocate to such Underlying Fund Manager. Further, continued sales of Shares would dilute the indirect participation of existing Shareholders with such Underlying Fund Manager.

In addition, it is expected that the Fund will be able to make investments in particular Underlying Funds only at certain times, and commitments to Underlying 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 Underlying Funds in cash equivalents, short-term securities or money market securities pending investment in Underlying Funds. To the extent that the Fund's assets are not invested in Underlying Funds, the Fund may be unable to meet its investment objective.

#### Indemnification of Underlying Funds and Underlying Fund Managers
The Fund may agree to indemnify certain of the Underlying Funds and the Underlying Fund Managers 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 Underlying Funds or co-investment. If the Fund were required to make payments (or return distributions received from such Underlying Funds or co-investment) in respect of any such indemnity, the Fund could be materially adversely affected.

#### Termination of the Fund's Interest in an Underlying Fund
An Underlying Fund may, among other things, terminate the Fund's interest in that Underlying Fund (causing a forfeiture of all or a portion of such interest) if the Fund fails to satisfy any capital call by that Underlying Fund or if the continued participation of the Fund in the Underlying Fund would have a material adverse effect on the Underlying Fund or its assets.

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#### RISKS SPECIFIC TO SECONDARY INVESTMENTS

#### General Risks of Secondary Investments
The overall performance of the Fund's secondary investments depends 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. Where the Fund acquires an Underlying Fund interest as a secondary investment, the Fund will generally not have the ability to modify or amend such Underlying 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.

#### Risks of Secondary Market Markups and the Practical Expedient
Secondary market investments acquired at a discount involve unique valuation risks that may impact the Fund's reported performance. If the Fund utilizes the "practical expedient" to immediately mark an interest purchased at a discount up to the NAV reported by the Underlying Fund Manager, it results in an immediate unrealized gain that increases the Fund's NAV. Shareholders should understand that this markup does not represent a cash profit, and there is no guarantee that the Fund will actually realize this value or be able to resell the asset at the new valuation. Furthermore, because this gain is recognized at the time of purchase, it may cause the Fund's future investment performance to appear lower in subsequent periods compared to what it would have been if the gain were recognized only upon a later exit. While the Fund's Valuation Policy attempts to adjust for these factors, to the extent the practical expedient is used, the Fund may face these risks. For more information on the Fund's valuation practices, see "*CALCULATION OF NET ASSET VALUE; VALUATION.*"

#### Contingent Liabilities Associated with Secondary Investments
Where the Fund acquires an Underlying Fund interest as a secondary investment, the Fund may acquire contingent liabilities associated with such interest. Specifically, where the seller has received distributions from the relevant Underlying Fund and, subsequently, that Underlying Fund recalls any portion of such distributions, the Fund (as the purchaser of the interest to which such distributions are attributable) may be obligated to pay an amount equivalent to such distributions to such Underlying Fund. While the Fund may be able, in turn, to make a claim against the seller of the interest for any monies so paid to the Underlying Fund, there can be no assurance that the Fund would have such right or prevail in any such claim.

#### Commitment to Capital Calls with Secondary Investments
Where the Fund acquires an interest in an Underlying Fund as a secondary investment, the Fund may acquire obligations to make future capital contributions when due. If the Fund fails to pay installments of its capital contributions when due, the Fund may be subject to significant consequences that could materially adversely affect the returns to the Fund, including, among other things, the Fund's interests may be terminated or reduced, the Fund may be assessed penalties or other fees, the Fund may lose its voting and other rights that it has with respect to an Underlying Fund and the Fund may be precluded from making further investments in an Underlying Fund.

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#### LIMITS OF RISK DISCLOSURE
The above discussions relate to the various principal risks associated with the Fund, Fund investments and Shares and are not intended to be a complete enumeration or explanation of the risks involved in an investment in the Fund. Prospective investors should read this entire Prospectus, the SAI, and the Agreement and Declaration of Trust and should 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.

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#### NON-PRINCIPAL RISKS

#### Preferred Securities
The Fund may invest in preferred securities. There are various risks associated with investing in preferred securities, including credit risk, interest rate risk, deferral and omission of distributions, subordination to bonds and other debt securities in a company's capital structure, limited liquidity, limited voting rights and special redemption rights. Interest rate risk is, in general, the risk that the price of a debt security falls when interest rates rise. Securities with longer maturities tend to be more sensitive to interest rate changes. Credit risk is the risk that an issuer of a security may not be able to make principal and interest or dividend payments on the security as they become due. Holders of preferred securities may not receive dividends, or the payment can be deferred for some period of time. In bankruptcy, creditors are generally paid before the holders of preferred securities.

#### Debt Securities
The Fund may invest directly or indirectly in debt and debt-related securities as part of its non-principal investment strategies. One of the fundamental risks associated with such investments is credit risk, which is the risk that an issuer will be unable to make principal and interest payments on its outstanding debt obligations when due. Adverse changes in the financial condition of an issuer or in general economic conditions (or both) may impair the ability of such issuer to make such payments and result in defaults on, and declines in, the value of its debt. The Fund's return to Shareholders would be adversely impacted if an issuer of debt securities in which the Fund invests becomes unable to make such payments when due. Other risk factors include interest rate risk (a rise in interest rates causes a decline in the value of debt securities) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment, possibly causing the Fund's share price and total return to be reduced and fluctuate more than other types of investments.

#### 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 or the risk that a syndicate member will not perform its contractual obligations, (ii) reputation risk or the risk that the Fund may suffer damage to its reputation), (iii) breach of confidentiality by a syndicate member and (iv) execution risk or the risk of financial loss if a transaction is not executed appropriately.

#### 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 or swaps, 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."*

#### Warrants and Rights Risk
Warrants and rights are types of securities that give a holder a right to purchase shares of common stock. Warrants usually are issued together with a bond or preferred stock and entitle a holder to purchase a specified amount of common stock at a specified price typically for a period of years. Rights usually have a specified purchase price that is lower than the current market price and entitle a holder to purchase a specified amount of common stock typically for a period of only weeks. Warrants may be used to enhance the marketability of a bond or preferred stock. Warrants do not carry with them the right to dividends or voting rights and they do not represent any rights in the assets of the issuer. Warrants may be considered to have more speculative characteristics than certain other types of investments. In addition, the value of a warrant does not necessarily change with the value of the underlying securities, and a warrant ceases to have value if it is not exercised prior to its expiration date, if any.

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The potential exercise price of warrants or rights may exceed their market price, such as when there is no movement in the market price or the market price of the common stock declines.

The risks typically associated with warrants and rights include convertible securities risk, counterparty risk, credit risk and market risk.

#### Derivative Instruments
Some or all of the Underlying Fund Managers (subject to applicable law) and the Fund may use options, swaps, 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 Underlying Fund Managers 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."*

*Swaps*

The Fund does not expect swaps to be a significant part of its investment strategy. However, to a limited extent, the Fund may invest in swap agreements. These agreements carry the risk that the counterparty may default on its obligation to pay the Fund, as well as the risk that the Fund may be unable to meet its own payment obligations under the agreement. The Fund may enter into swaps, including interest rate swaps, total return swaps (sometimes referred to as "contracts for difference"), and credit default swaps, either to hedge against risks — potentially increasing the costs of interest payments on outstanding borrowings — or to seek enhanced returns.

In interest rate swap transactions, the risk exists that yields may move in the opposite direction of the Fund's expectations, requiring the Fund to make payments to the counterparty, which could negatively impact performance. In addition to general swap-related risks — including counterparty risk, high volatility, illiquidity, and credit risk — credit default swap transactions present unique challenges, as they are difficult to value, highly sensitive to liquidity and credit risk, and generally only provide a return to the premium-paying party in the event of an actual default by the issuer of the underlying obligation, rather than a credit downgrade or other financial distress indicators.

Historically, swap transactions were individually negotiated, non-standardized agreements executed in over-the-counter (OTC) markets and were not subject to the same level of government regulation as exchange-traded instruments. However, following the global financial crisis, OTC derivatives markets became subject to extensive regulatory oversight. In the United States, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the "Dodd-Frank Act") introduced regulations requiring that certain derivatives transactions involving U.S. persons be executed on regulated markets and that a substantial portion of OTC derivatives be cleared through regulated clearinghouses. Consequently, swap transactions entered into by the Fund may be subject to various requirements under the Dodd-Frank Act, including clearing, exchange-execution, reporting, and recordkeeping obligations. These requirements may increase the difficulty and cost of entering into swap transactions and could render certain investment strategies impractical or economically unfeasible. Additionally, the number of counterparties willing to engage in swap transactions with the Fund may be limited due to these regulatory requirements.

Credit default and total return swap agreements may introduce leverage to the Fund's portfolio, as they expose the Fund to investment risks beyond its direct holdings based on the notional amount of the swap. Total return swap agreements also carry the risk that a counterparty may default on its payment obligations to the Fund. The Fund is not obligated to engage in swap transactions for hedging, income enhancement, or any other purpose and may choose not to do so. Furthermore, the swaps market is subject to an evolving regulatory environment, and future regulatory developments could negatively impact the Fund's ability to utilize swaps effectively.

To the extent the Fund invests in forward contracts and swaps, it intends to rely on the "limited derivatives user" exception under Rule 18f-4 of the Investment Company Act. This exception allows the Fund to engage in derivatives transactions despite the restrictions on issuing "senior securities" under Section 18 of the Act. To maintain its qualification as a "limited derivatives user," the Fund will limit its "derivatives exposure" to no more than 10% of the

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value of its net assets, subject to exclusions for certain currency or interest rate hedging transactions, as calculated under Rule 18f-4. If the Fund fails to maintain this qualification and seeks to engage in derivatives transactions, it will be required to implement a comprehensive derivatives risk management program, comply with value-at-risk-based leverage limits, appoint a derivatives risk manager, and provide additional public and regulatory disclosures regarding its derivatives positions.

#### SOFR Risk
The Secured Overnight Financing Rate Data ("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.

**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 Underlying Funds or Fund investments selected will produce positive returns, or that the Fund will achieve its investment objective.**

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#### 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
Tap Capital LLC, located at One World Trade Center, 85<sup>th</sup> Floor, New York, New York, serves as the Adviser of the Fund and is responsible for determining and implementing the Fund's overall investment strategy. The Adviser, first established in 2025, is a limited liability company. The Adviser is an investment adviser registered with the SEC under the Advisers Act.

The Adviser is an asset management firm and wholly-owned subsidiary of Tap Technologies Inc., a Delaware C-Corp founded in 2021 with a vision of bringing liquidity, efficiency, and transparency to private fund investing. Today, Tap Tech is the leading provider of transaction infrastructure in the LP secondaries markets, combining an in-depth fundamental data analytics platform, proprietary valuation expertise, institutional index construction capabilities, and extensive transaction experience across thousands of LP secondary deals with a robust ecosystem of LPs, GPs, brokers, and service providers. As of the date of this Prospectus, the Adviser did not manage any capital on a discretionary basis or non-discretionary basis.

The Adviser and its 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 or one of its 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. Further, in connection with the Fund's secondary market activities, the Adviser may utilize the platform of Tap Tech, an affiliate of the Adviser. The use of Tap Tech's platform is not expected to give rise to material conflicts of interest. To the extent Tap Tech or its affiliates act as an affiliated broker in connection with private fund transactions, however, such arrangements may present potential conflicts of interest. See *"CONFLICTS OF INTEREST."*

#### Investment Committees
The personnel of the Adviser who currently have primary responsibility for management of the Fund (the "Portfolio Managers") are composed of:

**Jeff Leathers (Portfolio Manager):** Mr. Leathers serves as Chief Executive Officer of the Adviser. He is the Co Founder and Chief Executive Officer of Tap Technologies Inc., the parent company of the Adviser, where he has lead company strategy, operations, product development, capital formation, and partnership development since 2021. As a member of the Investment Committee, Mr. Leathers provides strategic oversight and chairs committee meetings. His role focuses on governance, oversight of investment policy, and alignment of the Fund's strategy with the Adviser's broader platform capabilities.

Prior to founding Tap Technologies Inc., Mr. Leathers started and led the SPV and Fund Formations businesses at Carta, an equity management and private fund administration platform. He previously held product roles at financial technology companies, including Quovo, which was acquired by Plaid, and Bloomberg.

Mr. Leathers received a Bachelor of Science from the University of Southern California and an MBA from the Wharton School of the University of Pennsylvania.

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**Hamed Alam (Portfolio Manager):** Mr. Alam is a Director and Portfolio Manager at Tap Capital, where he leads investment management for the firm. As a voting member of the investment committee, Mr. Alam has primary responsibility for day to day portfolio management of the Fund, including sourcing, due diligence, underwriting, portfolio construction, monitoring, and implementation of investment decisions.

Prior to Tap, Mr. Alam was an investment professional at Third Wave Capital from 2024 to 2025, where he advised the CIO and founder and helped build out the firm's private investments strategy. He previously served as an investment professional at Coller Capital from 2021 to 2024, a global secondaries firm with more than $45 billion in assets under management. At Coller, he deployed more than $500 million into LP-led, GP-led, and direct secondaries and raised capital for Coller's registered fund vehicles. Mr. Alam also held roles at JP Morgan in Leveraged Finance from 2018 to 2021 and at Pantheon Ventures from 2014 to 2016 where he executed private equity fund and co-investment transactions. He began his career in debt capital markets at HSBC.

He earned an MBA from the Kellogg School of Management at Northwestern University and holds a BSc with Honors in Economics from the University of Warwick.

#### Investment Management Agreement
The Investment Management Agreement became effective as of the commencement of operations and will continue in effect for an initial two-year term. 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 or the Adviser. A discussion regarding the basis for the Board's most recent approval of the Investment Management Agreement will be available in the Fund's first annual or semi-annual report to Shareholders.

The Investment Management Agreement provides that, in the absence of willful misfeasance, bad faith, reckless disregard or gross negligence of its obligations to the Fund, the Adviser and any partner, member, manager, director, officer or employee of the of the Adviser, or any of their affiliates, executors, heirs, assigns, successors or other legal representatives, will not be liable for any error of judgment, mistake of law or act or omission by the person in connection with the performance of services to the Fund, except as may otherwise be provided under provisions of applicable state law or Federal securities law, which cannot be waived or modified hereby. The Investment Management Agreement also provides that the Adviser will indemnify, to the fullest extent permitted by law, the Fund and all controlling persons of the Fund against any Liability to which the person may be liable that results from the Adviser's willful misfeasance, bad faith, or gross negligence in connection with the performance of the Adviser's obligations under this Agreement, or from the Adviser's reckless disregard of its obligations and duties under this Agreement. The rights of indemnification do not provide for indemnification of any losses (including any liability under Federal securities laws which, under certain circumstances, impose liability even on persons that act in good faith) to the extent (but only to the extent) that such indemnification would be in violation of applicable law.

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#### INVESTMENT MANAGEMENT FEE
The Fund pays the Adviser an Investment Management Fee in an amount equal to an annualized rate of 2.00% of the Fund's average daily gross assets up to $100 million, and 1.50% of the Fund's average daily gross assets at or in excess of $100 million, calculated and accrued monthly based on the Fund's average daily gross assets for the applicable month and payable monthly in arrears at the end of each calendar month. For purposes of the Investment Management Fee, the term "gross assets" includes assets purchased with borrowed amounts. Because the management fee is calculated on gross assets, the Investment Management Fee as a percentage of net assets will be higher than the contractual rates but is estimated for the current fiscal year to be 2.00%.

A portion of the Investment Management Fee may be paid to brokers or dealers that assist in the distribution of Shares, including brokers or dealers that may be affiliated with the Adviser.

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#### UNDERWRITING
The Fund is offering [ ] Common Shares through the underwriters named below. Subject to the terms and conditions of an underwriting agreement among the Fund, the Adviser, and the underwriters dated [ ], 2026 (the "Underwriting Agreement") and the related structuring fee agreement (the "Structuring Fee Agreement"), the underwriters named below have agreed to purchase, and the Fund has agreed to sell to the underwriters, the number of Common Shares set forth opposite the name of each underwriter.

---

| | |
|:---|:---|
|  **UNDERWRITERS** | **NUMBER OF <br>SHARES** |
|  TCBI Securities, Inc., doing business as Texas Capital Securities | [ ] |
|  Clear Street LLC | [ ] |
|  SoFi Securities LLC | [ ] |

---

The Underwriting Agreement provides that the obligation of the underwriters to purchase the shares included in this offering is subject to the approval of certain legal matters by counsel and satisfaction of certain other conditions. The underwriters are obligated to purchase all the Common Shares sold in the offering, which represent [ ]% of the outstanding voting securities of the Fund. Investors purchasing Common Shares in this offering will not be charged a sales load. The Adviser (and not the Fund) has agreed to pay, from its own assets, compensation of up to the full amount of the sales load of $[ ] per Common Share, which is 3% of the gross proceeds from the sale of the Common Shares in the offering to the underwriters. The Adviser will pay the full amount of the sales load from its own assets and the Fund will not reimburse or otherwise repay these amounts. In addition, under the terms of the Underwriting Agreement, the Fund has granted the underwriters an option, exercisable within 30 days after the closing of the offering ("Closing"), to acquire up to an additional 15% of the total number of Common Shares to be offered by the Fund in the offering, solely for the purpose of covering over-allotments (the "Over-allotment Option"). The Fund and the Adviser have each agreed to indemnify the several underwriters for or to contribute to the losses arising out of certain liabilities, including liabilities under the Securities Act, or to contribute to payments the underwriters may be required to make in respect of those liabilities, except in the cases of willful misfeasance, bad faith, gross negligence or reckless disregard of applicable obligations and duties.

There will be no brokerage charges with respect to Common Shares issued directly by the Fund under the dividend reinvestment plan. You will pay brokerage charges in connection with open market purchases or if you direct the plan agent to sell your Common Shares held in a dividend reinvestment account. See "*DIVIDEND REINVESTMENT PLAN*."

Subject to the terms of the Structuring Fee Agreement, the Adviser has agreed to pay Texas Capital Securities a structuring fee for advice relating to the structure, design and organization of the Fund and/or for services related to the sale and distribution of the Fund's Common Shares. The structuring fee will be equal to 1.25% of the total public offering price of the Common Shares sold in this offering, which is estimated to be $[ ], and is in addition to any underwriting compensation received by Texas Capital Securities. No structuring fee will be payable if this offering is not completed. Further, the Fund will not reimburse or otherwise repay the Adviser these amounts.

The Underwriting Agreement provides that the Adviser is responsible for all reasonable, necessary and accountable out-of-pocket expenses relating to the offering, including, (a) all filing fees and communication expenses associated with the review of this offering by FINRA, (b) the fees, expenses and disbursements relating to the registration, qualification or exemption of securities offered under the securities laws of foreign jurisdictions designated by Texas Capital Securities; (c) the fees and expenses incurred in connection with the listing of the shares on the NYSE, (d) the fees and expenses of the underwriters' legal counsel up to $250,000 in the aggregate, (e) "road show" expenses for the offering and (f) the out-of-pocket expenses of the underwriters. The Adviser (and not the Fund) will pay all organizational expenses of the Fund and all offering costs associated with this offering. The Fund will not repay any such organizational expenses or offering costs paid by the Adviser.

The following table shows the sales load to be paid to the underwriters solely by the Adviser in connection with this offering. These amounts are shown assuming both no exercise and full exercise of the underwriters' over-allotment option. The Fund will not reimburse or otherwise repay the Adviser these amounts.

---

| | | |
|:---|:---|:---|
|  | **No Exercise** | **Full Exercise** |
|  Per share | $[ ] | $[ ] |
|  Total | $[ ] | $[ ] |

---

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The sum total of all compensation and expense reimbursement paid to the Underwriters in connection with this offering of the Common Shares will not exceed in the aggregate 6% of the total price to the public of the Common Shares sold in this offering.

In connection with this offering, the underwriters may purchase and sell Common Shares in the open market. These transactions may include over-allotment and stabilizing transactions and purchases to cover syndicate short positions created in connection with this offering in each case in accordance with Regulation M under the Exchange Act. "Covered" short sales are sales of Common Shares made in an amount up to the number of Common Shares represented by the underwriters' over-allotment option. In determining the source of Common Shares to close out the covered syndicate short position, the underwriters will consider, among other things, the price of the Common Shares available for purchase in the open market as compared to the price at which they may purchase Common Shares through the over-allotment option. Transactions to close out the covered syndicate short position involve either purchases of Common Shares in the open market after the distribution has been completed or the exercise of the over-allotment option. The underwriters may also make "naked" short sales of the Common Shares in excess of the over-allotment option. The underwriters must close out any naked short position by purchasing Common Shares in the open market. A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of the Common Shares in the open market after pricing that could adversely affect investors who purchase in the offering.

Stabilizing transactions consist of certain bids or purchases of Common Shares in the open market while the offering is in progress. The underwriters also may impose a penalty bid, whereby selling concessions allowed to syndicate members or other broker-dealers in respect of the Common Shares sold in this offering for their account may be reclaimed by the syndicate if such Common Shares are repurchased by the syndicate in stabilizing or covering transactions and have therefore not been effectively placed by such syndicate member.

Any of these activities may have the effect of preventing or retarding a decline in the market price of the Common Shares. These activities may stabilize, maintain or otherwise affect the market price of the Common Shares, which may be higher than the price that might otherwise prevail in the open market; and these activities, if commenced, may be discontinued at any time without notice. These transactions may be effected on the NYSE or otherwise.

The Fund has agreed not to offer or sell any additional Common Shares for a period of 180 days after the date of this Prospectus without the prior written consent of Texas Capital Securities on behalf of the Underwriters, except: (a) for the sale of the Common Shares to the underwriters pursuant to the underwriting agreement; (b) for shares purchased in the open market pursuant to the dividend reinvestment plan; and (c) for share repurchases in accordance with applicable law (collectively, the "Lock-Up"), except that, if, on or after the 60<sup>th</sup> day following the date of the final prospectus, the reported closing price of the Common Shares exceeds the initial public offering price per share set forth on the cover page of such prospectus, then, upon the occurrence of such event, the Lock-Up shall automatically expire beginning at the opening of trading on the NYSE on the first trading day thereafter. Further, any share repurchases, if undertaken in the future, will not be tied to or based on the IPO price and will be implemented only after a period of at least 60 days following the completion of the over-allotment option period.

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#### ADMINISTRATION
*Fund Servicing Agreement*

The Fund has retained U.S. Bancorp Fund Services, LLC (d/b/a U.S. Bank Global Fund Services) (the "Administrator"), whose principal business address is 777 E. Wisconsin Ave., Milwaukee, WI 53202, to provide administrative services and to assist with operational needs. The Administrator provides such services to the Fund pursuant to a fund servicing agreement between the Fund and the Administrator (the "Fund Servicing Agreement"). The Administrator is responsible directly or through its agents for, among other things, providing the following services to the Fund, as applicable: (1) providing administration services, including (i) general fund administration, (ii) compliance support, including assisting in the preparation of semi-annual and annual financial statements of the Fund in accordance with U.S. GAAP, (iii) financial reporting, and (iv) tax reporting; (2) providing accounting services, including (i) portfolio accounting services, (ii) expense accrual and payment services, (iii) NAV calculation and financial reporting services, (iv) tax accounting services, and (v) audit support services; and (3) performing additional services, as agreed upon, in connection with the administration of the Fund.

In consideration for these services, the Administrator is paid a monthly fee calculated based upon the average net assets of the Fund, subject to a minimum monthly 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 miscellaneous out-of-pocket expenses relating to services provided to the Fund. The Administration Fee and the other terms of the Fund Servicing Agreement may change from time to time as may be agreed to by the Fund and the Administrator.

The Fund Servicing 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, mistake of law, fraud or misconduct by the Fund or the Adviser, except a loss arising out of or relating to the Administrator's material breach of the Fund Servicing Agreement or from its bad faith, gross negligence, or willful misconduct in the performance of its duties under the Fund Servicing Agreement. In addition, the Administrator will not be liable for any special, indirect, or consequential damages, including lost profits, of any kind whatsoever under any provision of the Fund Servicing Agreement.

The Fund Servicing Agreement also provides that the Fund shall indemnify and hold the Administrator, its affiliates, and its and their directors, officers, managers, suppliers, and employees ("Indemnified Parties") harmless from any and all claims, demands, losses, expenses, and liabilities of any and every nature, including reasonable attorneys' fees, incurred by the Administrator resulting from any claim, demand, action or suit in connection with the Administrator's acceptance of the Fund Servicing 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 written or oral instructions provided by a duly authorized officer of the Fund. The indemnification will not apply to actions of the Administrator or its Indemnified Parties in cases of their bad faith, gross negligence, or willful misconduct in the performance of its and their duties under the Fund Servicing 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.

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#### CUSTODIAN, TRANSFER AND DIVIDEND DISBURSING PAYING AGENT AND REGISTRAR
The Fund's securities are held by U.S. Bank National Association (the "Custodian"), pursuant to a Custody Agreement between the Fund and the Custodian. The principal business address of the Custodian is 1555 N. Rivercenter Drive, Milwaukee, Wisconsin 53212. Computershare Inc. and its affiliate Computershare Trust Company, N.A. (the "Transfer Agent") serves as the Fund's transfer agent, distribution paying agent and registrar. The principal business address of the Transfer Agent is 150 Royall Street, Canton, MA 02021.

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#### FUND EXPENSES
The Fund pays all of its expenses; provided, however, that the Adviser will bear the organizational and offering expenses of the Fund, including those associated with the Fund's initial public offering, and the Fund will not reimburse the Adviser for such amounts. The expenses of the Fund include, but are not limited to, any fees and expenses in connection with forming the Fund, fees and expenses in connection with preparing the Fund for and conducting its any offerings it may undertake subsequent to its initial public offering, including (a) legal and other expenses incurred in connection with the registration of the Fund as an investment company under the Investment Company Act and the registration of the Fund's shares under the Securities Act, in connection with the initial public offering of these shares, (b) accounting fees incurred in connection with Fund audits, including the initial audit of the Fund in connection with the initial public offering of the Fund's shares, (c) paying filing fees and other fees associated with the filing of a registration statement for the registration of shares, including notice filing fees paid to state officials, and (d) paying exchange listing fees; all costs, fees and expenses reasonably incurred in connection with the operation of the Fund such as direct and indirect expenses related to the purchasing, monitoring, identifying, evaluating, investigating, negotiating, acquiring, holding, operating and selling of investments (whether or not such investments are consummated), investment structuring (including forming and maintaining subsidiary investment vehicles) whether or not such investments are consummated, corporate actions, round-trip travel, lodging, meals and other incidentals associated with the 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 and the Administration Fee; brokerage commissions; 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 (including, without limitation, expenses of consultants, experts and specialists); research 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), including foreign counsel; accounting, auditing and tax preparation expenses; fees and expenses in connection with 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; 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, that are distinguished by their unusual nature and by the infrequency of their occurrence, 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.

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The Adviser bears all of its own routine overhead expenses, including rent, utilities, salaries, office equipment and communications expenses. 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 Underlying Funds bear various fees and expenses in connection with their operations. These fees and expenses are similar to those incurred by the Fund. In addition, the Underlying Funds pay asset-based fees to their Underlying Fund Managers and generally may pay performance-based fees or allocations to their Underlying Fund Managers, which effectively reduce the investment returns of the Underlying Funds. These expenses, fees, and allocations are in addition to those incurred by the Fund directly. As an investor in the Underlying Funds, the Fund bears a portion of the expenses and fees of the Underlying Funds. Such indirect fees and expenses are borne by the Fund.

The Fund bears 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 decrease the net profits or increase the net losses of the Fund.

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#### 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 and its affiliates engage in financial advisory activities that are independent from, and may from time to time conflict with, those of the Fund. In the future, there might arise instances where the interests of such affiliates conflict with the interests of the Fund. The Adviser and 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) which may have structures, investment objectives and/or policies that are similar to (or different than) those of the Fund; and which may compete with the Fund for investment opportunities. In addition, the Adviser, its affiliates and their respective clients may themselves invest in securities that would be appropriate for the Fund or the Underlying Funds and may compete with the Underlying Funds for investment opportunities. 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 which cannot be waived or modified.

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 which 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 and their affiliates may buy and sell securities or other investments for their own accounts (including through funds managed by the Adviser or its affiliates). As a result of differing trading and 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 and the Adviser have 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 can be reviewed and may be obtained by calling the SEC at 1-202-942-8090. The Codes of Ethics are also available on the EDGAR Database on the SEC's Internet site at sec.gov, and copies may be obtained, after paying a duplicating fee, by email at publicinfo@sec.gov.

Affiliates of the Adviser may in the future have other clients with investment objectives that are similar to or compete with the Fund's investment objectives, including private funds and managed accounts. The Fund will not engage in 17(d) investments alongside affiliates unless the Fund has received an order granting exemption from Section 17 of the Investment Company Act or 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. However, there is no guarantee that the Fund will receive exemptive relief to engage in co-investment transactions as described in this section.

In addition, conflicts may arise from time to time where the Fund, on the one hand, and other clients of the Adviser or funds managed by the Adviser, on the other hand, invest in different securities of the same Underlying Fund. The Adviser maintains a conflicts policy that contains procedures governing investments made in multiple classes of securities of the same Underlying Fund that covers identifying and mitigating such conflicts, which conflicts policy may be updated from time to time. The Adviser will be authorized to resolve such conflicts on a case-by-case basis in its good faith discretion in accordance with its conflicts policy, taking into account the interests of the Fund and its other respective clients and the Adviser's obligations under ERISA and other applicable laws. In certain circumstances, the Adviser may, in accordance with its conflicts policy, refrain from making a discretionary decision on how to exercise the Fund's voting rights or consent rights by abstaining or by aligning with the majority of other investors or with the sponsor's or agent's recommendation, including in circumstances where the Adviser's clients whose assets are

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"plan assets" subject to Title I of ERISA are invested in a junior class of securities in a Underlying Fund relative to the Fund. There can be no assurance that the Adviser will be permitted to exercise voting discretion in such circumstances or that such conflicts will be resolved in favor of the Fund.

Affiliated Persons of the Adviser or the Fund (*i.e.,* Tap Tech), as defined under the Investment Company Act, may act as brokers ("Affiliated Broker") in connection with securities transactions involving the Fund provided such activities comply with Section 17(e) and Rule 17e-1 thereunder. In providing these services, Affiliated Brokers will be selected in accordance with procedures that (i) have been approved by a majority of the Fund's independent trustees, (ii) are designed to ensure that the selection of such Affiliated Brokers is in the best interests of the Fund and its shareholders, (iii) are reviewed by the Fund's Board of Trustees at least annually, and (iv) require the maintenance and preservation of certain records related to such transactions. Compensation paid to Affiliated Brokers will be fair, reasonable, and consistent with amounts typically charged by non-affiliated brokers for comparable services, and may be specified in written agreements between the Fund and such Affiliated Brokers. Notwithstanding these safeguards, the use of Affiliated Brokers might result in higher transaction costs or less favorable execution terms than might be obtained from non-affiliated brokers, and there might be instances where the Affiliated broker could prioritize its own financial benefit over the Fund's interests. To address these possibilities, the Fund intends to implement procedures to regularly evaluate the performance and costs associated with Affiliate Brokers against non-affiliated alternatives, subject to periodic review by the Fund's Board of Trustees. There can be no assurance that such measures will fully address the potential impacts on the Fund's performance or its investors.

#### Allocation of the Adviser's and its Affiliates' Time
The Fund substantially relies on the Adviser to manage the day-to-day activities of the Fund and to implement the Fund's investment strategy. The Adviser and certain of its 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 and its 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. These activities could be viewed as creating a conflict of interest in that the time and effort of the Adviser, its 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 and its affiliates. The Adviser and its employees will devote only as much of their time to the Fund's business as the Adviser and its employees, in their judgment, determine is reasonably required, which may be substantially less than their full time. Therefore, the Adviser, its 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 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.

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#### DIVIDENDS AND DISTRIBUTIONS
The Fund intends to qualify annually as a RIC under the Code and to distribute at least 90% of its net taxable income to its Shareholders each year. For any distribution, the Fund will calculate 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 intends to make its ordinary distributions in the form of additional Shares under the Plan. Any distributions reinvested under the Plan will nevertheless remain 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 gains proceeds from the sale of assets (including Fund investments), non-capital gains proceeds from the sale of assets (including Fund investments), dividends or other distributions paid to the Fund on account of preferred and common equity investments by 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 intends to qualify each year as a RIC under the Code. To maintain RIC tax status, 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. 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."*

The Fund has adopted an "opt out" dividend reinvestment plan for Shareholders. As a result, if the Fund makes a distribution, then Shareholders have their distributions reinvested in additional Shares unless they specifically "opt out" of the Plan so as to have their distributions paid in cash. See *"CERTAIN TAX CONSIDERATIONS."*

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#### DIVIDEND REINVESTMENT PLAN
Unless the registered owner of the Fund's Common Shares elects to receive cash by contacting Computershare Trust Company. N.A. (the "Plan Administrator"), all dividends, capital gain distributions and returns of capital, if any, declared on the Fund's shares will be automatically reinvested (net of applicable withholding tax) by the Plan Administrator for Shareholders in the Fund's Dividend Reinvestment Plan (the "Plan"), in additional Common Shares. Shareholders who elect not to participate in the Plan will receive all dividends and other distributions payable in cash paid by check mailed directly to the shareholder of record (or, if the shares are held in street or other nominee name, then to such nominee) by the Plan Administrator as dividend disbursing agent or by other methods as determined by the Plan Administrator. **Some brokers may make the default election to receive cash on behalf of Shareholders and may reinvest that cash in additional Common Shares. Brokers may charge additional brokerage fees in such instances. Beneficial owners of the Fund's Common Shares who hold their shares in the name of a broker or nominee should contact the broker or nominee to determine whether and how they may participate in the Plan.** Participation in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by providing notice as indicated below to the Plan Administrator prior to the dividend/distribution record date; otherwise such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution.

Whenever we declare a dividend payable either in shares or cash, non-participants in the Plan will receive cash and participants in the Plan will receive a number of the Common Shares, determined in accordance with the following provisions. The shares will be acquired by the Plan Administrator for the participants' accounts, depending upon the circumstances described below, either (i) through receipt of additional unissued but authorized Common Shares ("Newly Issued Common Shares"), or (ii) by purchase of outstanding Common Shares on the open market ("Open-Market Purchases") on the NYSE or elsewhere. If, on the payment date for any dividend, the market price per share plus estimated per share fees is equal to or greater than the NAV per share (such condition is referred to here as "market premium"), the Plan Administrator shall receive Newly Issued Common Shares, including fractions of shares from the Fund for each Plan participant's account. The number of Newly Issued Common Shares to be credited to each participant's account will be determined by dividing the dollar amount of the dividend by the NAV per share on the date of issuance; provided that, if the NAV per share is less than or equal to 95% of the current market price on the date of issuance, the dollar amount of the dividend will be divided by 95% of the market price per share on the date of issuance for purposes of determining the number of shares issuable under the Plan. If, on the payment date for any dividend, the NAV per share is greater than the market value plus estimated per share fees (such condition being referred to here as a "market discount"), the Plan Administrator will seek to invest the dividend amount in the Fund's shares of common stock acquired on behalf of the Plan participants in Open-Market Purchases. Per share fees include any applicable brokerage commissions the Plan Administrator is required to pay.

In the event of a market discount on the payment date for any dividend, the Plan Administrator will have until the last business day before the next date on which the Fund's shares trade on an "ex-dividend" basis or in no event more than 30 days after the record date for such dividend, whichever is sooner (the "Last Purchase Date"), to invest the dividend amount in Open-Market Purchases. If, before the Plan Administrator has completed its Open-Market Purchases, the market price per share exceeds the NAV per share, the average per share purchase price paid by the Plan Administrator may exceed the NAV of the shares, resulting in the acquisition of fewer shares than if the dividend had been paid in Newly Issued Common Shares on the dividend payment date. The Plan provides that if the Plan Administrator is unable to invest the full dividend amount in Open-Market Purchases during the purchase period or if the market discount shifts to a market premium during the purchase period, the Plan Administrator may cease making Open-Market Purchases and may instead receive the Newly Issued Common Shares from the Fund for each participant's account, in respect of the uninvested portion of the dividend, at the NAV per share at the close of business on the Last Purchase Date provided that, if the NAV is less than or equal to 95% of the then current market price per share, the dollar amount of the dividend will be divided by 95% of the market price on the date of issuance for purposes of determining the number of shares issuable under the Plan.

The Plan Administrator maintains all registered Shareholders' accounts in the Plan and furnishes written confirmation of all transactions in the accounts, including information needed by Shareholders for tax records. Common Shares in the account of each Plan participant will be held by the Plan Administrator in non-certificated form in the name of the Plan participant, and each Shareholder proxy will include those shares purchased or received pursuant to the Plan. The Plan Administrator will forward all proxy solicitation materials to participants and vote proxies for shares held under the Plan in accordance with the instructions of the participants.

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In the case of the Common Shares owned by a beneficial owner but registered with the Plan Administrator in the name of a nominee, such as a bank, a broker or other financial intermediary (each, a "Nominee"), the Plan Administrator will administer the Plan on the basis of the number of the Fund's shares certified from time to time by the Nominee as participating in the Plan. The Plan Administrator will not take instructions or elections from a beneficial owner whose shares are registered with the Plan Administrator in the name of a Nominee. If a beneficial owner's shares are held through a Nominee and are not registered with the Plan Administrator as participating in the Plan, neither the beneficial owner nor the Nominee will be participants in or have distributions reinvested under the Plan with respect to those shares. If a beneficial owner of the Fund's shares of common stock held in the name of a Nominee wishes to participate in the Plan, and the Shareholder's Nominee is unable or unwilling to become a registered Shareholder and a Plan participant with respect to those shares on the beneficial owner's behalf, the beneficial owner may request that the Nominee arrange to have all or a portion of his or her shares registered with the Plan Administrator in the beneficial owner's name so that the beneficial owner may be enrolled as a participant in the Plan with respect to those shares. **Please contact your Nominee for details or for other possible alternatives. Participants whose shares are registered with the Plan Administrator in the name of one Nominee may not be able to transfer the shares to another firm or Nominee and continue to participate in the Plan.**

To opt out of the Plan, or opt back in, a Shareholder must provide notice to the Plan Administrator prior to any dividend/distribution record date as indicated below. If the Plan Administrator receives your request to opt-out on or after the record date for a dividend, the Plan Administrator may either pay the dividend in cash or reinvest it under the Plan on the next investment date on your behalf. If reinvested, the Plan Administrator may sell the shares purchased and send the proceeds to you, less any applicable fees.

Participants may request to sell a portion of Common Shares in their accounts by notifying the Plan Administrator as indicated above. The Plan Administrator will sell such shares through a broker-dealer selected by the Plan Administrator within 5 business days of receipt of the request. The sale price will equal the weighted average price of all Common Shares sold through the Plan on the day of the sale, less applicable fees which are currently $25.00 per sale and a per share fee of $0.12. Per share fees include any applicable brokerage commission the Plan Administrator is required to pay. Participants should note that the Plan Administrator is unable to accept instructions to sell on a specific date or at a specific price or the selection of a specific broker-dealer.

There will be no fees with respect to the Fund's shares of common stock issued directly by us as a result of dividends payable either in shares or in cash. However, each participant will pay a per share fee (currently $0.05 per share) incurred in connection with Open-Market Purchases. The automatic reinvestment of dividends will not relieve Plan participants of any federal, state or local income tax that may be payable (or required to be withheld) on such dividends. For additional discussion regarding the tax implications of participation in the Plan, see "*CERTAIN TAX CONSIDERATIONS*."

The Fund reserves the right to amend or terminate the Plan. There is no direct service charge to participants with regard to purchases in the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the participants by written notice provided directly or in the next report to Shareholders.

The Fund and Plan Administrator, and any agent of either of them, are not liable for any act done in good faith or for any omission to act in good faith, including, without limitation, (i) any claim of liability arising out of failure to terminate a participant's account upon a participant's death prior to receipt of notice in writing of such death from a qualified representative of the deceased, (ii) any claim of liability arising out of the inability to purchase shares of the Fund's common stock, (iii) the prices at which shares of the Fund's common stock are purchased for a Participant's account, (iv) the times when such purchases are made, or (v) any fluctuations in the market value of the shares of the Fund's common stock. You should recognize that neither the Fund nor the Plan Administrator can assure you of a profit or protect you against a loss on any shares of the Fund's common stock purchased for your account under the Plan. An investment in shares of the Fund's common stock under the Plan is, like any equity investment, subject to investment risk and possible loss of some or all of the principal amount invested.

All correspondence, questions, or requests for additional information concerning the Plan should be directed to the Plan Administrator at *www.computershare.com/invetsor*, by calling toll-free 1-800- 426-5523 (outside the U.S. and Canada use 1-781-575-2879 or by writing to Computershare Trust Company, N.A., P.O. Box 43006, Providence RI, 02940-3006. Be sure to include your name, address, daytime phone number, account number and a reference to Tap US Private Equity Fund of Funds on all correspondence.

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#### OUTSTANDING SECURITIES
As of the date of this Prospectus, the Adviser owns 100% of the Fund's outstanding Common Shares. The Adviser may be deemed to control the Fund until such time as it owns less than 25% of the outstanding Common Shares, which is expected to occur as of the completion of this offering of Common Shares.

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#### DESCRIPTION OF THE COMMON SHARES
The following disclosure is a summary of the material terms of the Fund's Declaration of Trust and By-Laws, copies of which are filed as exhibits to the Registration Statement.

The Fund's authorized capital consists of an unlimited number of common shares of beneficial interest, $0.001 par value per share, all of which is initially classified as Common Shares. The Board, with the approval of a majority of the entire Board (including a majority of the Independent Trustees, if required by the Investment Company Act), but without any action by the shareholders of the Fund, may amend the Fund's Declaration of Trust from time to time to increase or decrease the aggregate number of shares of the Fund or the number of shares of any class or series that the Fund has authority to issue.

In general, shareholders 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).

The Common Shares to be issued in the offering will be, upon payment as described in this Prospectus, fully paid and non-assessable. The Common Shares have no preemptive, conversion, exchange, appraisal or redemption rights, and each share has equal voting, dividend, distribution and liquidation rights.

Common Shareholders are entitled to receive dividends if and when the Board declares dividends from funds legally available. Whenever Fund Preferred Shares or borrowings are outstanding, Common Shareholders will not be entitled to receive any distributions from the Fund unless all accrued dividends on the Preferred Shares and interest and principal payments on borrowings have been paid, and unless the applicable asset coverage requirements under the Investment Company Act would be satisfied after giving effect to the distribution as described above.

In the event of the Fund's liquidation, dissolution or winding up, Common Shares would be entitled to share ratably in all of the Fund's assets that are legally available for distribution after the Fund pays all debts and other liabilities and subject to any preferential rights of holders of Preferred Shares, if any Preferred Shares are outstanding at such time.

Common Shareholders are entitled to one vote per share. All voting rights for the election of Trustees are noncumulative, which means that, assuming there are no Preferred Shares are outstanding, the holders of more than 50% of the Common Shares will elect 100% of the Trustees then nominated for election if they choose to do so and, in such event, the holders of the remaining Common Shares will not be able to elect any Trustees.

The Fund's Declaration of Trust authorizes the Board to classify and reclassify any unissued shares of beneficial interest into other classes or series. Prior to issuance of shares of each class or series, the Board is required by Delaware law and by the Fund's Declaration of Trust to set the terms, preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms or conditions of redemption for each class or series. Thus, the Board could authorize the issuance of common shares with terms and conditions that could have the effect of delaying, deferring or preventing a transaction or a change in control that might involve a premium price for holders of the Fund's Common Shares or otherwise be in their best interest. As of the date of this Prospectus, the Fund has no plans to classify or reclassify any unissued shares of common stock.

The Fund has applied to list the Common Shares on the NYSE and, subject to notice of issuance, expects the Common Shares to be listed under the symbol "USPE." The listing of the Common Shares must be approved by the NYSE prior to any trading of the Common Shares on the NYSE and there is no guarantee that the Fund will be so approved. Under the rules of the NYSE applicable to listed companies, the Fund will be required to hold an annual meeting of shareholders in each year.

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#### PREFERRED SHARES
The Fund's Declaration of Trust authorizes the Board to classify and reclassify any unissued shares into other classes or series, including Preferred Shares, without the approval of the holders of the Common Shares. Prior to issuance of any shares of Preferred Shares, the Board is required by Delaware law and by the Fund's Declaration of Trust to set the terms, preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms or conditions of redemption for such shares. Thus, the Board could authorize the issuance of Preferred Shares with terms and conditions that could have the effect of delaying, deferring or preventing a transaction or a change of control that might involve a premium price for holders of the Fund's Common Shares or otherwise be in their best interest. No Preferred Shares are currently outstanding.

Any issuance of Preferred Shares must comply with the requirements of the Investment Company Act. Specifically, the Fund is not permitted under the Investment Company Act to issue Preferred Shares unless immediately after such issuance the total asset value of the Fund's portfolio is at least 200% of the liquidation value of the outstanding Preferred Shares. Among other requirements, including other voting rights, the Investment Company Act requires that the holders of any Preferred Shares, voting separately as a single class, have the right to elect at least two Trustees at all times. In addition, subject to the prior rights, if any, of the holders of any other class of senior securities outstanding, the holders of any Preferred Shares would have the right to elect a majority of the Fund's Trustees at any time two full years' dividends on any Preferred Shares remain unpaid.

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#### CONTROL SHARES
The Fund is subject to the control share acquisition statute (the "Control Share Statute") contained in Subchapter III of the Delaware Statutory Trust Act (the "DSTA"), which became automatically applicable to listed closed-end funds, such as the Fund.

The Control Share Statute provides for a series of voting power thresholds above which shares are considered "control beneficial interests" (referred to here as "control shares"). Once a threshold is reached, an acquirer has no voting rights under the DSTA with respect to shares acquired in excess of that threshold (i.e., the "control shares") unless approved by shareholders of the Fund or exempted by the Board. The Control Share Statute provides procedures for an acquirer to request a shareholder meeting for the purpose of considering whether voting rights shall be accorded to control shares.

The foregoing is only a summary of certain aspects of the Control Share Statute. Some uncertainty around the application under the Investment Company Act of state control share statutes exists as a result of recent federal and state court decisions that have found that certain control share acquisition provisions violate the Investment Company Act.

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#### SUMMARY OF THE 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 Declaration of Trust that is filed with the Registration Statement as an exhibit. A prospective investor and his or her adviser should carefully review the Declaration of Trust as each Shareholder will agree to be bound by its terms and conditions. The following disclosure is a summary of the material terms of the Fund's Declaration of Trust and By-Laws.

#### Shareholders
Persons who purchase Shares will be Shareholders of the Fund.

#### Liability of Shareholders
Under Delaware law and the Declaration of Trust, no shareholder will be personally liable for the debts, liabilities, obligations and expenses incurred by, contracted for, or otherwise existing with respect to, the Fund except by reason of their own acts or conduct. Neither the Fund nor the Trustees, nor any officer, employee, or agent of the Fund has any power to bind personally any Shareholders, nor to call upon any Shareholder for the payment of any sum of money or assessment other than as the Shareholder may at any time personally agree to pay. Shareholders have the same limitation of personal liability as is extended to shareholders of a private corporation for profit incorporated in the State of Delaware, to the extent that such limitation of liability is greater than the limitation of liability specifically provided in the Declaration of Trust.

#### 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, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of their office or as otherwise required by applicable law. The 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. The rights of indemnification and exculpation provided under the 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 Declaration of Trust to the fullest extent permitted by law.

#### Derivative Actions
The Agreement and Declaration of Trust sets forth certain requirements around Shareholders' ability to maintain a derivative action on behalf of the Trust. Specifically, (1) no Shareholder may maintain a derivative action on behalf of the Trust unless holders of at least ten percent (10%) of the outstanding Shares of the Trust, or ten percent (10%) of the outstanding Shares of a class to which such action relates, join in the bringing of such action, and; (2) a Shareholder may bring a derivative action on behalf of the Trust only if the following conditions are met: (a) the Shareholder or Shareholders must make a pre-suit demand upon the Trustees to bring the subject action unless an effort to cause the Trustees to bring such an action is not likely to succeed (as described therein); (b) Trustees must be afforded a reasonable amount of time to consider such Shareholder request and to investigate the basis of such claim; and (c) Trustees shall be entitled to retain counsel or other advisors in considering the merits of the request and may require an undertaking by the Shareholders making such request to reimburse the Trust for the expense of any such advisors in the event that the Trustees determine not to bring such action. However, these provisions do not apply to claims arising under the federal securities laws.

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#### Exclusive Delaware Jurisdiction
The Agreement and Declaration of Trust requires all claims related to the Trust, the Declaration of Trust, or the By-Laws, including claims related to the Trustees' fiduciary duties, be brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other court in the State of Delaware with subject matter jurisdiction. These provisions might require shareholders to bring suit in an inconvenient and less favorable forum. With respect to any claim commenced outside of the Court of Chancery of the State of Delaware, all reasonable and documented out of pocket fees, costs and expenses, including reasonable attorneys' fees and court costs, incurred by the prevailing party in such Proceeding must be reimbursed by the non-prevailing party. However, these requirements do not apply to claims arising under the federal securities laws.

#### Amendment to the Declaration of Trust
The Declaration of Trust may generally be amended, in whole or in part, with the approval of a majority of the Board (including a majority of the Independent Trustees, if required by the Investment Company Act) and without the approval of the Shareholders unless the approval of Shareholders is required under the Investment Company Act. However, certain amendments to the Declaration of Trust involving Shareholder's right to vote may not be made without the affirmative vote of at least a majority of Shareholders.

#### Classified Board of Trustees
The Board is divided into three classes of trustees serving staggered three-year terms. The initial terms of the first, second and third classes will expire at the first, second and third annual meetings of shareholders, respectively, and, in each case, until their successors are duly elected and qualify. Upon expiration of their terms, trustees of each class will be elected to serve for three-year terms and until their successors are duly elected and qualify and at each annual meeting one class of trustees will be elected by the shareholders. A classified Board promotes continuity and stability of management but makes it more difficult for shareholders to change a majority of the trustees because it generally takes at least two annual elections of trustees for this to occur. The Fund believes that classification of the Board will help to assure the continuity and stability of the Fund's strategy and policies as determined by the Board.

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#### REPURCHASE OF SHARES
Shares of closed-end funds often trade at a discount to NAV, and the Fund's shares may also trade at a discount to their NAV, although it is possible that they may trade at a premium above NAV. The market price of the Common Shares will be determined by such factors as relative demand for and supply of shares in the market, the Fund's NAV, general market and economic conditions and other factors beyond the control of the Fund. Because the Fund invests in Private Equity Funds, for which there is limited public information, the market may find the Fund difficult to value and therefore, the Fund may trade at a discount more often than it may if information was more readily available.

Although Common Shareholders will not have the right to redeem their shares, the Fund may (but is not obligated to) take action to repurchase shares in the open market or make tender offers for its shares at or near NAV. During the pendency of any tender offer, the Fund will publish how Common Shareholders may readily ascertain the NAV. Repurchase of the Common Shares may have the effect of reducing any market discount to NAV.

There is no assurance that, if action is undertaken to repurchase or tender for shares, such action will result in the shares trading at a price that approximates their NAV. Although share repurchases and tenders could have a favorable effect on the market price of the shares, you should be aware that the acquisition of shares by the Fund will decrease the total assets of the Fund and, therefore, have the effect of increasing the Fund's expense ratio and may adversely affect the ability of the Fund to pursue its investment objective. To the extent the Fund may need to liquidate investments to fund repurchases of shares, this may result in portfolio turnover, which will result in additional expenses being borne by the Fund and its shareholders. The Board currently considers the following factors to be relevant to a potential decision to repurchase shares: the extent and duration of the discount, the liquidity of the Fund's portfolio, and the impact of any action on the Fund and market considerations. Such a decision is a matter on which the Board would exercise its fiduciary judgment, and the Board will consider other factors that may be relevant at the time it considers the matter. Any share repurchases or tender offers will be made in accordance with the requirements of the Exchange Act and the Investment Company Act.

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#### CALCULATION OF NET ASSET VALUE; VALUATION
The Fund determines its NAV per share on a daily basis by calculating the value of its portfolio investments, cash, and other assets (including interest and income accrued but not yet received), and subtracting all of its liabilities (including accrued expenses and other payables). The resulting amount is then divided by the total number of outstanding shares of the Fund as of the close of business each business day (each, a "Determination Date").

The Fund's net asset value will be published on the SEC's EDGAR system and on the Fund's website at *www.tapprivatemarkets.com*, and will be updated as soon as a new NAV calculation becomes available.

The Board has approved valuation procedures for the Fund (the "Valuation Policy") and has approved the delegation of the day-to-day valuation 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.

Securities traded on one or more of the U.S. national securities exchanges, the NYSE or any foreign stock exchange will be valued based on their respective market price.

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 in order to determine whether the quotation represents fair value.

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 these investments, the Valuation Designee will apply generally accepted valuation approaches and methods for fair value measurement. In order to determine a fair value, these methods are applied to the latest information provided by the underlying portfolio companies, investment sponsors or other business counterparties.

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

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.

Primary and secondary investments in private markets funds are generally valued based on the latest net asset value reported by the third-party fund manager. Typically, the Fund expects to receive unaudited values from Private Equity Funds on a quarterly basis and audited values on an annual basis. In general, it is anticipated that such valuation information from these Private Equity Funds will generally be available 60 days or more after each quarter-end and/or 120 or more days after each year-end. Therefore, the most recently provided valuation information from these Private Equity Funds for purposes of calculating the Fund's NAV will typically be adjusted by the Adviser pursuant to the Fund's Valuation Procedures to estimate the fair value of the interests in such Private Equity Funds, as described below. Between the periodic valuation periods of the Private Equity Funds, the NAVs of such Private Equity Funds are adjusted based on the total return that each Private Equity Fund is estimated by the Adviser to generate during the period. The Adviser's Valuation Committee monitors these estimates and updates them as necessary if macro or individual fund changes warrant any adjustments. Following procedures adopted by the Board, the Adviser will consider whether it is appropriate, in light of all relevant circumstances, to value such interests at the Private Equity Fund's NAV as reported by the manager of the Private Equity Fund at the time of the Fund's valuation, or whether to adjust such value to reflect a premium or discount to the Private Equity Fund's NAV. In accordance with U.S. generally accepted accounting principles and industry practice, the Fund may not always apply a discount in cases where there is no contemporaneous redemption activity in a particular Private Equity Fund. In other cases, as when a Private Equity Fund imposes extraordinary restrictions on redemptions, when other extraordinary circumstances exist, or when there have been no recent transactions in Private Equity Fund interests, the Fund may determine that it is appropriate to apply a discount to the Private Equity Fund's NAV. Any such decision will be made in good faith by the Adviser as the Fund's Valuation Designee. Information that may be considered includes: (i) information provided to the Fund or to the Adviser by a Private Equity Fund, or the failure to provide such information as agreed to in such Private Equity

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Fund's offering materials or other agreements with the Fund; (ii) relevant news and other public sources; (iii) known secondary market transactions in the Private Equity Fund's interests (to the extent deemed a credible indication of value); (iv) changes in relevant asset values; and (v) significant market events that may not otherwise be captured by changes in valuation of relevant assets.

Where the investment being valued was made recently or where there was a recent investment in the Underlying Funds by another limited partner, the price of that investment (i.e. cost), may provide an indication of fair value, if resulting from an orderly transaction (*i.e.,* a sale conducted with customary marketing and adequate exposure to the market, and not a forced liquidation or distressed sale). Cost will be used only when cost is determined to best approximate the fair value of the particular security under consideration. For example, cost may not be appropriate when the Fund is aware of sales of similar securities to third parties at materially different prices or in other circumstances where cost may not approximate fair value (which could include situations where there are no sales to third parties). In such a situation, the Fund's investment will be revalued in a manner that the Adviser, in accordance with the Fund's Valuation Procedures, determines in good faith best reflects approximate market value.

The valuations reported by the managers of the Private Equity Funds, upon which the Fund calculates its NAV may be subject to later adjustment or revision, based on information reasonably available at that time. For example, any "estimated" values from Private Equity Funds may be revised and fiscal year-end NAV calculations of the Private Equity Funds may be audited by their independent auditors and may be revised as a result of such audits. Other adjustments may occur from time to time. Information that becomes known to the Fund or its agents after the Fund's NAV has been calculated for a particular day will not be used to retroactively adjust the price of a security or the Fund's NAV determined earlier. Prospective investors should be aware that situations involving uncertainties as to the value of investments could have an adverse effect on the Fund's NAV if the judgments of the Adviser's Valuation Committee regarding appropriate valuations should prove incorrect.

If the net asset value of an investment in a private markets fund is not available at the time the Fund is calculating its net asset value, the Fund will review any cash flows since the reference date of the last net asset value for a private markets fund received by the Fund from a third-party manager 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 Underlying Fund Manager.

In addition to tracking the net asset value plus related cash flows of such Underlying Funds, the Valuation Designee also intends to track relevant broad-based and issuer (or fund) specific valuation information relating to the assets held by each private markets fund which is reasonably available at the time the Fund values its investments. The Valuation Designee will consider such information and may conclude in certain circumstances, where there are discrepancies between the Underlying Fund's valuation of its assets and the Adviser's tracking of specific valuation information relating to the Underlying Funds' assets, that the information provided by the Underlying Fund Manager does not represent the fair value of a particular asset held by an Underlying Fund. If the Valuation Designee concludes in good faith that the latest net asset value reported by an Underlying Fund Manager does not represent fair value (e.g., there is more current information regarding a portfolio asset which significantly changes its fair value) the Valuation Designee will make a corresponding adjustment to reflect the current fair value of such asset within such Underlying Fund. In determining the fair value of assets held by Underlying Funds, the Valuation Designee applies valuation methodologies as outlined above.

In determining the fair value of an investment for which there are no readily available market quotations, the Valuation Designee may consider pre-acquisition and periodic financial reporting summaries from an Underlying Fund, comparable company valuations, including fundamental analytical data relating to the investment, the nature and duration of any restriction on the disposition of the investment, the cost of the investment at the date of purchase, the liquidity of the market for the investment, the price of such investment in a meaningful private or public investment or merger or acquisition of the issuer subsequent to the Fund's investment therein, or the price of the investment to be valued in recent verifiable transactions. Fair value prices are estimates, and there is no assurance that such a price will be at or close to the price at which the investment is next quoted or next trades. The Adviser may also engage a qualified and independent third-party valuation expert to assist the Valuation Committee in its determination of an investment's fair value.

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

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

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 daily basis on the Determination Date and taken into account for the purpose of determining the Fund's net asset value.

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 Board or the Valuation Designee regarding appropriate valuations should prove incorrect.

Prior to investing in any Private Equity Fund, the Adviser will conduct a systematic and rigorous bottom-up due diligence review of the valuation methodologies utilized by the Private Equity Fund, which generally shall be based upon readily observable market values when available, and otherwise utilize principles of fair value that are reasonably consistent with those used by the Fund for valuing its own investments. Subsequent to investment in a Private Equity Fund, the Adviser will monitor the valuation methodologies used by each Private Equity Fund for appropriateness and perform back-testing analysis on a periodic basis in light of the Fund's obligation to fair value its assets under the Investment Company Act and pursuant to U.S. generally accepted accounting practices (as applicable) for investment companies and will assess the overall reasonableness of the information provided by such Private Equity Fund. See "*SPECIAL RISKS PERTAINING TO INVESTMENTS IN UNDERLYING FUNDS*-Valuation *of the Fund's Interests in Underlying Funds*."

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#### 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 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.

The Fund intends to elect to be, and intends to qualify each year for treatment as, a RIC under Subchapter M of Subtitle A, Chapter 1, of the Code.

#### 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a citizen or individual resident of the United States;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

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

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% in the case of individuals, trusts or estates, regardless of the U.S. Shareholder's holding period for its Shares and regardless of

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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. 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.

Shareholders will generally be treated as receiving distributions in the taxable year in which the distributions are made, with one exception. 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.

At the time of an investor's purchase of Shares, a portion of the purchase price may be attributable to realized or unrealized appreciation in the Fund's portfolio or undistributed taxable income of the Fund. Consequently, subsequent distributions by the Fund with respect to these Shares from such appreciation or income may be taxable to such investor even if the distributions economically represent a return of a portion of the investment. This adverse result is known as "buying into a dividend." Investors should consider the tax implications of purchasing Common Shares just prior to a distribution.

A U.S. Shareholder participating in the Plan will be taxed on the amount of such distribution in the same manner as if such Shareholder had received such distribution in cash, unless the Shares are trading at or above net asset value, in which case the Shareholder will be treated as receiving a distribution equal to the fair market value of the Shares the Shareholder receives. Any stock received in a purchase under the Plan 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.

If the Fund were to fail to qualify for treatment as a RIC, it 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, provided certain holding period and other requirements are met by both the Shareholder and the Fund, would be eligible for the 20% maximum U.S. federal income tax rate applicable to individuals and other non-corporate U.S. Shareholders for qualified dividend income, to the extent of the Fund's current or accumulated earnings and profits.

A dividend will not be treated as qualified dividend income (at either the Fund or shareholder level) (i) if the dividend is received with respect to any share of stock held for fewer than 61 days during the 121-day period beginning on the date which is 60 days before the date on which such share becomes ex-dividend with respect to such dividend (or, in the case of certain preferred stock, 91 days during the 181-day period beginning 90 days before such date), (ii) to the extent that the recipient is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property, (iii) if the recipient elects to have the dividend income treated as investment income for purposes of the limitation on deductibility of investment interest, or (iv) if the dividend is received from a foreign corporation that is (a) not eligible for the benefits of a comprehensive income tax treaty with the U.S. which the IRS has approved for these purposes (with the exception of dividends paid on stock of such a foreign corporation that is readily tradable on an established securities market in the U.S.) or (b) treated as a passive foreign investment company. If the Fund receives dividends from another investment company that qualifies as a regulated investment company, and the other investment company designates such dividends as qualified dividend income, then the Fund is permitted in turn to designate a portion of its distributions as qualified dividend income, provided the Fund meets holding period and other requirements with respect to shares of the other

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investment company. Qualified dividend income does not include interest from fixed income securities and generally does not include income from REITs. If the Fund lends portfolio securities, amounts received by the Fund that is the equivalent of the dividends paid by the issuer on the securities loaned will not be eligible for qualified dividend income treatment. The Fund can provide no assurance regarding the portion of its dividends that will qualify for qualified dividend income treatment.

Certain distributions by the Fund may qualify for the dividends received deduction available to corporate Common Shareholders under Section 243 of the Code, subject to certain holding period and other requirements, but generally only to the extent the Fund earned dividend income from stock investments in U.S. domestic corporations (but not including real estate investment Funds). Additionally, if the Fund receives dividends from another investment company that qualifies as a regulated investment company, and the other investment company designates such dividends as eligible for the dividends received deduction, then the Fund is permitted in turn to designate a portion of its distributions as eligible for the dividends received deduction, provided the Fund meets holding period and other requirements with respect to shares of the other investment company. As long as the Fund qualifies as a RIC under the Code, it is not expected that any significant part of its distributions to Common Shareholders from its investments will qualify for the dividends-received deduction available to corporate Common Shareholders.

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

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. For the purposes of calculating the six-month period, the holding period is suspended for any periods during which the Shareholder's risk of loss is diminished as a result of holding one or more other positions in substantially similar or related property or through certain options, short sales or contractual obligations to sell.

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.

In addition, losses on sales or other dispositions of Shares may be disallowed under the "wash sale" rules in the event a Shareholder acquires substantially identical stock or securities (including those made pursuant to reinvestment of dividends) within a period of 61 days beginning 30 days before and ending 30 days after a sale or other disposition of Shares. In such a case, the disallowed portion of any loss generally would be included in the U.S. federal income tax basis of the Shares acquired.

From time to time, the Fund may repurchase its Common Shares. Common Shareholders who tender all Common Shares held, and those considered to be held (through attribution rules contained in the Code), by them will be treated as having sold their Common Shares and generally will realize a capital gain or loss. If a Common Shareholder

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tenders fewer than all of his, her or its Common Shares (including those considered held through attribution), such Common Shareholder may be treated as having received a taxable dividend upon the tender of its Common Shares. If a tender offer is made, there is a risk that non-tendering Common Shareholders will be treated as having received taxable distributions from the Fund. To the extent that the Fund recognizes net gains on the liquidation of portfolio securities to meet such tenders of Common Shares, the Fund will be required to make additional distributions to its Common Shareholders. If the Board determines that a tender offer will be made by the Fund, the federal income tax consequences of such offer will be discussed in materials that will be available at such time in connection with the specific tender offer, if any.

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 Plan, 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. 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" or for the impact of certain transactions that may require you to adjust your basis, such as inter-account wash sales transactions. If you hold your Shares through a broker, your broker may use a different default tax lot identification method. Shareholders holding Shares through a broker should contact their broker with respect to report of cost basis and available elections for their account. 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 a 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.

Under Treasury regulations, if a Shareholder recognizes a loss with respect to Shares of $2 million or more in a single taxable year (or $4 million or more in any combination of taxable years) for an individual Shareholder, S corporation or Fund or $10 million or more in a single taxable year (or $20 million or more in any combination of years) for a Shareholder who is a C corporation, such Shareholder will generally be required to file with the IRS a disclosure statement on Form 8886. Direct shareholders of portfolio securities are generally excepted from this reporting requirement, but under current guidance, shareholders of a regulated investment company are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all regulated investment companies. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

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**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 its 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 graduated 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. In addition, if the non-U.S. Shareholder is a non-U.S. corporation, it will be subject to a branch profits tax equal to 30% of its "effectively connected earnings and profits" within the meaning of the Code for the taxable year, as adjusted for certain items, unless it qualifies for a lower rate or an exemption under an applicable tax treaty. 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 reported 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 redemption 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.

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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.

Any capital gain realized on the sale, redemption, retirement or other taxable disposition of Shares by a non-U.S. Shareholder will be exempt from U.S. federal income and withholding tax, provided that (i) the gain is not effectively connected with the conduct of a trade or business in the United States by the non-U.S. Shareholder and (ii) in the case of an individual non-U.S. Shareholder, the non-U.S. Shareholder is not present in the United States for 183 days or more in the taxable year and does not otherwise have a "tax home" within the United States.

For corporate Non-U.S. Shareholders, distributions (both cash and in Shares), and gains realized upon the sale or redemption 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 adviser 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).

To claim a reduction of or exemption from withholding (including an exclusion from the FATCA tax and backup withholding), a Shareholder must provide the Fund or the institution through which the Shareholder has purchased its shares with a U.S. IRS Form W-8BEN, W-8BEN-E, W-8IMY, W-8ECI, or W-8EXP.

#### \* \* \* \* \*
**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.**

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#### 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.**

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#### ADDITIONAL INFORMATION

#### Futures Transactions
The Adviser with respect to the Fund has filed a notice of exclusion from the definition of the term "commodity pool operator" under the Commodity Exchange Act of 1974, as amended (the "CEA"), and, therefore, the Fund is not subject to registration or regulation as a commodity pool under the CEA. Pursuant to Commodity Futures Trading Commission (the "CFTC") regulations, the adviser of an investment company may be required to register 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 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 prescribes specific value-at-risk leverage limits for certain derivatives users. In addition, Rule 18f-4 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. 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 reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating the relevant asset coverage ratio, or (ii) treats all reverse repurchase agreements or similar financing transactions as derivatives transactions for all purposes under Rule 18f-4. The Fund has adopted written policies and 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. 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.

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#### 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. The Fund anticipates sending Shareholders an unaudited semi-annual and an audited annual report within 60 days after the close of the period for which the report is being made, or as otherwise required by the Investment Company Act.

#### FISCAL YEAR
The Fund's fiscal year-end is March 31. The Fund's tax year-end is September 30.

#### INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM; LEGAL COUNSEL
Cohen & Company, Ltd., ("Cohen & Co") located at 1835 Market St., Suite 310, Philadelphia, PA 19103, serves as the independent registered public accounting firm for the Fund. Its services include auditing the Fund's financial statements. Cohen & Co Advisory, LLC, an affiliate of Cohen & Co, provides tax services.

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

Dechert LLP, located at 1095 Avenue of the Americas, New York, New York 10036, serves as legal counsel to the underwriters.

#### Additional INFORMATION
The Fund will be subject to the informational requirements of the Exchange Act and the Investment Company Act and in accordance therewith files reports and other information with the SEC. The SEC maintains a website at sec.gov containing reports, proxy and information statements and other information regarding registrants, including the Fund (when available), that file electronically with the SEC.

This Prospectus constitutes part of a Registration Statement filed by the Fund with the SEC under the Securities Act and the Investment Company Act. This Prospectus omits certain of the information contained in the Registration Statement, and reference is hereby made to the Registration Statement and related exhibits for further information with respect to the Fund and the Common Shares offered hereby. The complete Registration Statement may be obtained from the SEC upon payment of the fee prescribed by its rules and regulations or free of charge through the SEC's website (sec.gov).

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#### [ ] Shares

#### Tap US Private Equity Fund of Funds

#### $[ ] per Share
_________________________

#### PROSPECTUS

#### [ ], 2026
_________________________

#### Texas Capital Securities

#### Clear Street

#### SoFi
**Until [ ], 2026 (25 days after the date of this Prospectus), all dealers that buy, sell or trade the Common Shares, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.**

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#### Subject to Completion, April 20 , 2026
**The information in this statement of additional information is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This statement of additional information is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.**

#### STATEMENT OF ADDITIONAL INFORMATION

#### Tap US Private Equity Fund of Funds
Dated [ ], 2026

c/o Tap Capital LLC

One World Trade Center, 85<sup>th</sup> Floor

New York, NY 10007

Tel: (212) 229-6098

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 Tap US Private Equity Fund of Funds (the "Fund") dated [ ], 2026 as it may be further amended or supplemented from time to time. This SAI is incorporated by reference in its entirety into the Prospectus. 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.

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#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
|  [INVESTMENT POLICIES AND PRACTICES](#T200) | 1 |
|  [FUNDAMENTAL POLICIES](#T201) | 1 |
|  [ADDITIONAL INFORMATION ON INVESTMENT TECHNIQUES OF THE FUND AND THE RELATED RISKS](#T202) | 3 |
|  [MANAGEMENT OF THE FUND](#T203) | 5 |
|  [CODES OF ETHICS](#T204) | 10 |
|  [INVESTMENT MANAGEMENT AND OTHER SERVICES](#T205) | 11 |
|  [U.S. FEDERAL INCOME TAX MATTERS](#T206) | 13 |
|  [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM; LEGAL COUNSEL](#T207) | 20 |
|  [ADMINISTRATOR](#T208) | 20 |
|  [CUSTODIAN](#T209) | 21 |
|  [PROXY VOTING POLICIES AND PROCEDURES](#T210) | 21 |
|  [CALCULATION OF NET ASSET VALUE](#T211) | 21 |
|  [CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS](#T212) | 21 |
|  [FINANCIAL STATEMENTS](#T213) | 21 |

---

i

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#### 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Borrow money and issue senior securities (as defined under the Investment Company Act), except as prohibited under the Investment Company Act, the rules and regulations thereunder (except as permitted by an exemption therefrom), as such statute, rules or regulations may be amended or interpreted by the SEC from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Underwrite securities of other issuers, except as prohibited under the Investment Company Act, the rules and regulations thereunder (except as permitted by an exemption therefrom), as such statute, rules or regulations may be amended or interpreted by the SEC from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Make loans, except as prohibited under the Investment Company Act, the rules and regulations thereunder (except as permitted by an exemption therefrom), as such statute, rules or regulations may be amended or interpreted by the SEC from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Purchase, hold or deal in real estate and real estate mortgage loans, except as prohibited under the Investment Company Act, the rules and regulations thereunder (except as permitted by an exemption therefrom), as such statute, rules or regulations may be amended or interpreted by the SEC from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Not 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, and as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction, from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Not concentrate investments in a particular industry or group of industries, as concentration is defined under the Investment Company Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time, except that the Fund may invest without limitation in securities issued or guaranteed by the U.S. government, its agencies or instrumentalities and repurchase agreements involving such securities or tax-exempt obligations of state or municipal governments and their political subdivisions. This investment restriction does not apply to investments by the Fund in private equity funds ("Private Equity Funds" or "Underlying Funds") (or in another comparable investment pool).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Engage in short sales, purchases on margin and the writing of put and call options to the fullest extent permitted by applicable law, including the Investment Company Act, the rules or regulations thereunder or applicable orders of the SEC, as such statute, rules, regulations or orders may be amended from time to time.

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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 or limit the activities or investments of the Private Equity Funds but will apply to direct and indirect investments made by the Fund.

#### THE FUND MAY CHANGE ITS INVESTMENT OBJECTIVE, POLICIES, RESTRICTIONS, STRATEGIES, AND TECHNIQUES.
Except as otherwise indicated, the Fund may change its investment objective and any of its policies, restrictions, strategies, and techniques without Shareholder approval. The Fund's investment objective and investment strategies are not fundamental policies 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 provided that any changes to the Fund's investment objective are communicated to shareholders at least 60 days prior to such change taking place.

The following descriptions of the Investment Company Act may assist investors in understanding the above policies and restrictions.

**<u>Borrowing</u>.** The Investment Company Act restricts an investment company from borrowing in excess of 33 1/3% of its total assets (including the amount borrowed, but excluding temporary borrowings not in excess of 5% of its total assets). Transactions that are fully collateralized in a manner that does not involve the prohibited issuance of a "senior security" within the meaning of Section 18(f) of the Investment Company Act shall not be regarded as borrowings for the purposes of the Fund's investment restriction.

**<u>Commodities</u>.** The Investment Company Act does not directly restrict an investment company's ability to invest in commodities or contracts related to commodities, but does require that every investment company have a fundamental investment policy governing such investments. The extent to which the Fund can invest in commodities or contracts related to commodities is set out in the investment strategies and policies described in the Prospectus and this SAI.

**<u>Concentration</u>.** The SEC staff has defined concentration as investing 25% or more of an investment company's total assets in any particular industry or group of industries, with certain exceptions such as with respect to investments in obligations issued or guaranteed by the U.S. Government or its agencies and instrumentalities. For purposes of the Fund's concentration policy, the Fund may classify and re-classify companies in a particular industry and define and re-define industries in any reasonable manner, consistent with SEC guidance. The Adviser may, but need not, consider industry classifications provided by third parties. The Fund does not consider Private Equity Funds to be an industry for purposes of this policy. The Fund will not invest 25% or more of its assets in a Private Equity Fund or Funds, in aggregate, that it knows or should reasonably know concentrates its assets in a single industry. The Fund will consider the investments of its underlying funds and underlying investment companies, to the extent they are known or reasonably should be known by the Fund, when determining the Fund's compliance with its concentration policies.

**<u>Real Estate</u>.** The Investment Company Act does not directly restrict an investment company's ability to invest in real estate or interests in real estate, but does require that every investment company have a fundamental investment policy governing such investments. The Fund can invest in real estate or interest in real estate to the extent set out in the investment strategies and policies described in the Prospectus and this SAI.

**<u>Senior Securities</u>.** Senior securities may include any obligation or instrument issued by a fund evidencing indebtedness. The Investment Company Act generally prohibits funds from issuing senior securities, although it does not treat certain transactions as senior securities, such as certain borrowings, short sales, reverse repurchase agreements, firm commitment agreements and standby commitments, with appropriate earmarking or segregation of assets to cover such obligation. Further, under the Investment Company Act, the Fund is not permitted to issue preferred stock unless immediately after such issuance the value of the Fund's total assets is at least 200% of the liquidation value of the outstanding preferred stock (i.e., the liquidation value may not exceed 50% of the Fund's total assets). In addition, Rule 18f-4 under the Investment Company Act permits the Fund to enter into derivatives transactions, notwithstanding the prohibitions and restrictions on the issuance of senior securities under the Investment Company Act, provided that the Fund complies with the conditions of Rule 18f-4.

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**<u>Underwriting</u>.** Under the Investment Company Act, underwriting securities involves an investment company purchasing securities directly from an issuer for the purpose of selling (distributing) them or participating in any such activity either directly or indirectly.

**<u>Lending</u>.** Under the Investment Company Act, an investment company may only make loans if expressly permitted by its investment policies.

**<u>Portfolio Turnover</u>.** The Fund may sell securities without regard to the length of time they have been held to take advantage of new investment opportunities, when the Adviser feels either the securities no longer meet its investment criteria or the potential for capital appreciation has lessened, or for other reasons. The Fund's annual portfolio turnover rate may vary greatly from year to year, as well as within a given year. However, portfolio turnover rate is not considered a limiting factor in the execution of investment decisions for the Fund.

#### ADDITIONAL INFORMATION ON INVESTMENT TECHNIQUES OF THE FUND <br>AND THE RELATED RISKS
As discussed in the Prospectus, the Fund's investment objective is to achieve maximum total return. Under normal circumstances, the Fund will invest at least 80% of its net assets (defined as net assets plus the amount of borrowings for investment purposes) in limited partnership interests of Private Equity Funds that are domiciled in or primarily investing in the United States. This section provides additional information about various types of investments and investment techniques that may be employed by the Fund or by Private Equity Funds in which the Fund invests.

#### Transitional or Restructuring Situations
The Fund may invest in private equity interests involved in transitional or restructuring situations, such as fund recapitalizations or secondary transactions involving existing limited partners. In any investment opportunity involving such situations, there exists the risk that the contemplated transaction will be unsuccessful, take considerable time, or result in a distribution of cash or securities the value of which is less than the purchase price of the original investment. Similarly, if an anticipated transaction or reorganization does not occur, the Fund may be required to sell its investment at a loss.

#### Exchange-Traded Funds and Other Investment Companies
The Fund may invest in shares of both open- or closed-end investment companies (including business development companies, money market funds, single country funds, and exchange traded funds of any kind) and trusts, limited partnerships, limited liability companies or other forms of business organizations, including other pooled investment. Investing in another pooled vehicle exposes the Fund to all the risks of that pooled vehicle.

As the shareholder of another investment company, the Fund would bear, along with other shareholders, its pro rata portion of the other investment company's expenses, including advisory fees. Such expenses are in addition to the expenses the Fund pays in connection with its own operations. The Fund's investments in other investment companies may be limited by applicable law. It is possible that, under certain circumstances, the Fund may be prevented by applicable law from investing in other investment companies when doing so may otherwise be the most efficient way for the Fund to obtain exposure to a portfolio of debt securities.

Despite the possibility of greater fees and expenses, investments in other investment companies may nonetheless be attractive for several reasons, especially in connection with foreign investments. Because of restrictions on direct investment by U.S. entities in certain countries, investing indirectly in such countries (by purchasing shares of another fund that is permitted to invest in such countries) may be the most practical and efficient way for the Fund to invest in such countries. In other cases, when a portfolio manager desires to make only a relatively small investment in a particular country, investing through another fund that holds a diversified portfolio in that country may be more effective than investing directly in issuers in that country.

Among the types of investment companies in which the Fund may invest are Exchange Traded Fund ("ETFs"). Index ETFs are open-end management investment companies that seek to provide investment results that correspond generally to the price and yield performance of a specified index (Index Fund). Individual investments in ETFs generally are not redeemable. However, large quantities of ETF shares known as "Creation Units" are redeemable from the ETF. The liquidity of smaller holdings of ETF shares will depend upon the existence of a secondary market.

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Disruptions in the markets for the securities held by ETFs or other investment companies purchased or sold by the Fund could result in losses on investments in ETFs or other investment companies. ETFs also carry the risk that the price the Fund pays or receives may be higher or lower than the ETF's NAV. ETFs are also subject to certain additional risks, including the risks of illiquidity and of possible trading halts due to market conditions or other reasons, based on the policies of the relevant exchange. ETFs and other investment companies in which the Fund may invest may be leveraged, which would increase the volatility of the value of the Fund's Common Shares ("Common Shares").

**Temporary Investments and Defensive Position***.*

During the period where the net proceeds of this offering of Common Shares are being invested or during periods in which the Adviser determines that it is temporarily unable to follow the Fund's investment strategy or that it is impractical to do so, the Fund may deviate from its investment strategy and invest all or any portion of its net assets in cash, cash equivalents or other securities. The Adviser's determination that it is temporarily unable to follow the Fund's investment strategy or that it is impracticable to do so generally will occur only in situations in which a market disruption event has occurred and where trading in the securities selected through application of the Fund's investment strategy is extremely limited or absent. In such a case, the Fund may not pursue or achieve its investment objective.

Cash and cash equivalents are defined to include, without limitation, the following:

1) U.S. government securities, including bills, notes and bonds differing as to maturity and rates of interest that are either issued or guaranteed by the U.S. Treasury ("Treasury") or by U.S. government agencies or instrumentalities. U.S. government agency securities include securities issued by: (a) the Federal Housing Administration, Farmers Home Administration, Export-Import Bank of the United States, Small Business Administration, and the Government National Mortgage Association, whose securities are supported by the full faith and credit of the United States; (b) the Federal Home Loan Banks, Federal Intermediate Credit Banks, and the Tennessee Valley Authority, whose securities are supported by the right of the agency to borrow from the U.S. Treasury; (c) the Federal National Mortgage Association; and (d) the Student Loan Marketing Association. While the U.S. government typically provides financial support to such U.S. government-sponsored agencies or instrumentalities, no assurance can be given that it always will do so since it is not so obligated by law. The U.S. government, its agencies, and instrumentalities do not guarantee the market value of their securities. Consequently, the value of such securities may fluctuate.

2) Certificates of deposit issued against funds deposited in a bank or a savings and loan association. Such certificates are for a definite period of time, earn a specified rate of return, and are normally negotiable. The issuer of a certificate of deposit agrees to pay the amount deposited plus interest to the bearer of the certificate on the date specified thereon. Under current Federal Deposit Insurance Corporation ("FDIC") regulations, the maximum insurance payable as to any one certificate of deposit is $250,000, therefore, certificates of deposit purchased by the Fund may not be fully insured.

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

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4) Commercial paper, which consists of short-term unsecured promissory notes, including variable rate master demand notes issued by corporations to finance their current operations. Master demand notes are direct lending arrangements between the Fund and a corporation. There is no secondary market for such notes. However, they are redeemable by the Fund at any time. The Adviser will consider the financial condition of the corporation (*e.g.,* earning power, cash flow, and other liquidity measures) and will continuously monitor the corporation's ability to meet all its financial obligations, because the Fund's liquidity might be impaired if the corporation were unable to pay principal and interest on demand. Investments in commercial paper will be limited to commercial paper rated in the highest categories by a nationally recognized statistical rating organization and which mature within one year of the date of purchase or carry a variable or floating rate of interest.

5) The Fund may invest in bankers' acceptances which are short-term credit instruments used to finance commercial transactions. Generally, an acceptance is a time draft drawn on a bank by an exporter or an importer to obtain a stated amount of funds to pay for specific merchandise. The draft is then "accepted" by a bank that, in effect, unconditionally guarantees to pay the face value of the instrument on its maturity date. The acceptance may then be held by the accepting bank as an asset or it may be sold in the secondary market at the going rate of interest for a specific maturity.

6) The Fund may invest in bank time deposits, which are monies kept on deposit with banks or savings and loan associations for a stated period of time at a fixed rate of interest. There may be penalties for the early withdrawal of such time deposits, in which case the yields of these investments will be reduced.

7) The Fund may invest in shares of money market funds in accordance with the provisions of the Investment Company Act.

#### MANAGEMENT OF THE FUND

#### 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 ("RIC") 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 Board is divided into three classes of Trustees serving staggered three-year terms. The initial terms of the first, second and third classes will expire at the first, second and third annual meetings of shareholders, respectively, and, in each case, until their successors are duly elected and qualify. Upon expiration of their terms, Trustees of each class will be elected to serve for three-year terms and until their successors are duly elected and qualify and at each annual meeting one class of Trustees will be elected by the shareholders. A classified Board promotes continuity and stability of management but makes it more difficult for shareholders to change a majority of the Trustees because it generally takes at least two annual elections of Trustees for this to occur. The Fund believes that classification of the Board will help to assure the continuity and stability of the Fund's strategy and policies as determined by 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,

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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
**Michael McLaughlin.** Mr. McLaughlin is a financial services executive. For nearly 30 years, he served at the forefront of structured finance and credit markets, establishing and maintaining robust governance and risk management frameworks at large institutions. Mr. McLaughlin served as the Global Head, Credit Markets for Macquarie Credit Investment Management, Inc. for over 15 years, where he was responsible for the global credit markets business, including structured finance, private credit, and capital markets activities. He also oversaw large scale P&L, risk management frameworks, regulatory engagement, and strategic growth initiatives. He received his Bachelor of Science in Accountancy, Accounting and Finance from Villanova University and received his MBA in Finance from Penn State University.

**Michael Fields.** Mr. Fields has more than 20 years of experience in the financial services industry, including experience serving as a consultant and executive officer of financial services companies. Mr. Fields also serves on multiple registered investment company boards as an independent director. Mr. Fields currently serves as an independent consultant. Prior to this, from 2017 to 2023, Mr. Fields was the Chief Operating Officer at the Strategic Group, a holding company for private real estate assets. Mr. Fields' extensive experience in the financial services sector, and as a member of various investment company boards make him qualified to serve as a director of the Fund. He received his Bachelor of Science from the University of Florida and his MBA from the University of Central Florida.

**Edmund Moore Jr.** Mr. Moore is an entrepreneur and active board member with more than 20 years of experience building and advising private companies. He is Co Founder and Executive Chairman of Clutch Holdings LLC and previously served as its Chairman and Chief Executive Officer. In addition to his operating roles, Mr. Moore serves as a board member, investor, or advisor to numerous private companies, including Ethos Treatment, FinPay, OnBalance, villaNOVA Insurance Partners, Cecilian Partners, FIRST Delivery, Coral Life, Core Solutions, SocialLadder, Lifeguard Health Networks, Gravatate, and Kognition. He is also a member of the Advisory Council for the Villanova University ICE Center and serves as a Board Director of the Philadelphia Boys Choir & Chorale. Mr. Moore received his Bachelor of Science from Villanova University.

#### Interested Trustees
**Jeffrey Leathers.** Mr. Leathers serves as the Chair of the Fund. He is the Chief Executive Officer and Co-Founder of Tap Technologies Inc., the parent company of the Adviser, where he leads company strategy, operations, and product development and engages in team building, capital raising, and partnership development to build efficient, transparent, and data-driven secondary markets for alternative investments, including guiding clients through secondary liquidity solutions. Mr. Leathers is also the Chief Executive Officer of the Adviser. Before Tap Technologies Inc., Mr. Leathers started and led the SPV and Fund Formations businesses at Carta, an equity management and private fund administration platform. He previously held product roles at financial technology companies, including Quovo (acquired by Plaid) and Bloomberg. He received his Bachelor of Science of the University of Southern California and his MBA from Wharton.

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#### INDEPENDENT TRUSTEES

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Name, Address and <br>Year of Birth**  | **Position(s)<br>Held<br>with the <br>Fund** | **Length of<br>Time<br>Served**  | **Principal<br>Occupation(s)<br>During Past <br>5 Years**  | **Number of<br>Portfolios in<br>Fund <br>Complex<br>Overseen**  | **Other<br>Directorships<br>Held by Trustees**  |
|  Michael McLaughlin<br> c/o Tap Capital LLC<br> One World Trade Center, 85<sup>th</sup> Floor<br> New York, NY 10007<br> Year of Birth: 1966 | Trustee | Since Inception  | Global Head, Credit Markets, Macquarie Credit Investment Management, Inc. (2008 – 2023)  | 1  |  |
|  J. Michael Fields<br> c/o Tap Capital LLC<br> One World Trade Center, 85<sup>th</sup> Floor<br> New York, NY 10007<br> Year of Birth: 1973 | Trustee | Since Inception  | Independent Consultant, (June 2023 – present); Chief Operating Officer, The Strategic Group (2017 – May 2023).  | 1  | Constitution Capital Access Fund, LLC (2022 – Present); RoboStrategy Inc. (2025 – Present); Redwood Private Real Estate Debt Fund (2022 – Present); Aether Infrastructure & Natural Resources Fund (2025 – present); Callodine Specialty Income Fund (2024 – Present); Pursuit Asset Based Income Fund (2025 – Present); Megacorn Fund (2025 – Present).  |
|  Edmund Moore Jr.<br> c/o Tap Capital LLC<br> One World Trade Center, 85<sup>th</sup> Floor<br> New York, NY 10007<br> Year of Birth: 1968 | Trustee | Since Inception  | Chief Executive Officer, Clutch Holdings LLC (2020 – 2025); Executive Chairman, Clutch Holdings LLC (2025 – present).  | 1  | Clutch Holdings LLC (2020 – present); Ethos Treatment, LLC (2020 – present); FinPay, LLC (2020 – present); villaNOVA Insurance Partners (2020 – present); Cecilian Partners (2019 – present); FIRST Delivery (2018 – present); OnBalance (2023 – present).  |

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#### INTERESTED TRUSTEE AND OFFICERS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Name, Address and <br>Year of Birth**  | **Position(s)<br>Held<br>with the <br>Fund** | **Length of<br>Time<br>Served**  | **Principal<br>Occupation(s)<br>During Past <br>5 Years**  | **Number of<br>Portfolios in<br>Fund <br>Complex\*<br>Overseen**  | **Other<br>Directorships<br>Held by Trustees**  |
|  Jeffrey Leathers\*<br> One World Trade Center, Floor 85<br> New York, NY 94957<br> Year of Birth: 1991 | Initial Trustee, Chair of the Board, Chief Executive Officer, President and Secretary | Since Inception | Chief Executive Officer and Co-Founder of Tap Technologies Inc. (since January 2021). | 1 | Ultra AI Opportunities (2025 – Present); Ultra Aerospace Opportunities (2025 – Present).  |
|  Daniel Hess<br> 501 S. Cherry St. Suite 610<br> Denver, CO 80246<br> Year of Birth: 1974 | Principal Financial Officer and Treasurer | Since Inception | Director at PINE Advisor Solutions (2025 – present); Senior Vice President at U.S. Bancorp Asset Management (2021 – 2025); Managing Director at PFM Asset Management (2001 – 2021); Treasurer of PFM Mulit-Manager Series Trust (2019 – 2025) | N/A | N/A  |
|  Michelle Marcano-Johnson<br> 501 S. Cherry St. Suite 610<br> Denver, CO 80246<br> Year of Birth:1968 | Chief Compliance Officer | Since Inception | Director of Fund CCO Services at PINE (since 2025); Vice President, Corporate Compliance, Empower (2022 – 2024); Head of Corporate Compliance, Janus Henderson Investors (2019 – 2022). | N/A | N/A  |

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____________

\* Jeffrey Leathers is deemed an Interested Trustee as defined by Section 2(a)(19) of the Investment Company Act by virtue of his position of Chief Executive Officer with the Adviser

#### Board Leadership Structure and Role in Risk Oversight
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 4 members, 3 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 will meet with their independent legal counsel prior to and during each quarterly board meeting. As described below, the Board has established an audit committee (the "Audit Committee") and a nominating and corporate governance committee (the "Nominating and Corporate Governance Committee") and may establish ad hoc committees or working groups from time to time to assist the Board in fulfilling its oversight responsibilities.

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The Board has appointed Mr. Leathers to serve in the role of Chairman. The Chairman is an interested trustee as defined by Section 2(a)(19) of the Investment Company Act. 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 will require 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 Board and the Audit Committee will also receive regular reports from the Fund's independent registered public accounting firm on internal control and financial reporting matters. The Board will also receive reports from certain of the Fund's other primary service providers on a periodic or regular basis, including the Fund's custodian. 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 Audit Committee is comprised of each of the trustees whom are "independent" as defined in the listing standard of the NYSE. Mr. Fields is the Chair of the Audit Committee and has been determined to qualify as an "audit committee financial expert" as such term is defined in Form N-CSR. The Audit Committee 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 certified public accountants to audit the books and records of the Fund for the ensuing year, and will review with the firm the scope and results of each audit. As the Fund is recently organized, the Audit Committee did not hold any meetings during the last fiscal year.

*Nominating and Corporate Governance Committee*

The Nominating and Corporate Governance Committee is comprised of each of the Independent Trustees. Mr. McLaughlin is the Chair of the Nominating and Corporate Governance Committee. The Nominating and Corporate Governance Committee is responsible for selecting and nominating persons to serve as Trustees of the Fund. The Nominating and Corporate Governance 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 and Corporate Governance 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 and Corporate Governance Committee in evaluating the recommended nominee's qualifications to serve as a trustee, as required under Article IV, Section 1

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of the Declaration of Trust. The Nominating and Corporate Governance Committee may solicit candidates to serve as trustees from any source it deems appropriate. With the Board's prior approval, the Nominating and Corporate Governance Committee may employ and compensate counsel, consultants or advisers to assist it in discharging its responsibilities. As the Fund is recently organized, the Nominating and Corporate Governance Committee did not hold any meetings during the last fiscal year.

#### Trustee Ownership of Securities
The following table indicates the dollar range of equity securities that each Trustee beneficially owned in the Fund as of the date of this SAI.

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| | | |
|:---|:---|:---|
|  **Name of Trustee** | **Dollar Range of Equity <br>Securities in the Fund** | **Aggregate Dollar <br>Range of Equity <br>Securities in All <br>Registered Investment <br>Companies Overseen <br>by Director in <br>Family of Investment <br>Companies** |
|  Michael McLaughlin |  |  |
|  J. Michael Fields |  |  |
|  Edmund Moore Jr. |  |  |
|  Jeffrey Leathers | $50,001 – $100, 0001\* | $50,001 – $100, 0001\* |

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____________

\* Includes shares owned by the Adviser, the Fund's sole shareholder as of the date of this registration statement.

#### Independent Trustee Ownership of Securities of the Adviser
As of the date of this SAI, 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
The Trust pays no salaries or compensation to any of its interested trustees or its officers. For their services, the Independent Trustees of the Trust receive an annual retainer in the amount of $50,000. In addition, the Chair of the Audit Committee receives $10,000 annually and the Chair of the Nominating and Corporate Governance Committee receives $10,000 annually. The Independent Trustees are also reimbursed for all reasonable out-of-pocket expenses relating to attendance at meetings of the Board. The following tables show compensation with respect to the Trust and the Fund Complex.

#### CODES OF ETHICS
The Fund and the Adviser have each adopted a code of ethics pursuant to Rule 17j-1 under the Investment Company Act that establishes procedures for personal investments and restricts certain personal securities transactions. Personnel subject to each code may invest in securities for their personal investment accounts, including securities that may be purchased or held by us, so long as such investments are made in accordance with the code's requirements. The Fund's and Adviser's code of ethics is available, free of charge, on their website at *www.usetap.com* and *www.tapprivatemarkets.com* respectively. The codes of ethics are also 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 sec.gov, and may be obtained after paying a duplicating fee, by electronic request at the following E-mail address: publicinfo@sec.gov.

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#### INVESTMENT MANAGEMENT AND OTHER SERVICES

#### The Adviser
Tap Capital LLC (the "Adviser"), a Delaware limited liability company, serves as the investment adviser to the Fund. The Adviser is registered as an investment adviser with the SEC under the Advisers Act. 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 the management and operation of the Fund and the investment of the Fund's assets pursuant to the Investment Advisory Agreement (the "Investment Advisory Agreement"). The Adviser is wholly-owned by Tap Technologies Inc.

The Investment Advisory Agreement became effective as of April 2, 2026 and will continue in effect for an initial two-year term. Thereafter, the Investment 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 (as defined in the Investment Company Act) 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. The Investment Advisory 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 Advisory Agreement, or any other investment advisory contracts, will be available in the Fund's first annual or semi-annual report to Shareholders. Under the terms of the Investment Advisory Agreement, the Adviser is responsible for managing the Fund's business and activities, including sourcing investment opportunities, conducting research, performing diligence on potential investments, and structuring its investments. The Adviser's services under the Investment Advisory Agreement are not exclusive, and it is free to furnish similar services to other entities so long as its services to the Fund are not impaired.

The Fund pays the Adviser an investment management fee (the "Investment Management Fee") in an amount equal to an annualized rate of 2.00% of the Fund's average daily gross assets up to $100 million, and 1.50% of the Fund's average daily gross assets at or in excess of $100 million, calculated and accrued monthly based on the Fund's average daily gross assets for the applicable month and payable monthly in arrears at the end of each calendar month. For purposes of the Investment Management Fee, the term "gross assets" includes assets purchased with borrowed amounts, if any. Because the management fee is calculated on gross assets, the Investment Management Fee as a percentage of net assets will be higher than the contractual rates but is estimated for the current fiscal year to be 2.00%. The Investment Management Fee will decrease the net profits or increase the net losses of the Fund that are credited to its Shareholders.

#### Investment Committees
The personnel of the Adviser who currently have primary responsibility for management of the Fund (the "Portfolio Managers") are composed of:

**Jeff Leathers (Portfolio Manager):** Mr. Leathers serves as Chief Executive Officer of the Adviser. He is the Co Founder and Chief Executive Officer of Tap Technologies Inc., the parent company of the Adviser, where he has lead company strategy, operations, product development, capital formation, and partnership development since 2021. As a member of the Investment Committee, Mr. Leathers provides strategic oversight and chairs committee meetings. His role focuses on governance, oversight of investment policy, and alignment of the Fund's strategy with the Adviser's broader platform capabilities.

Prior to founding Tap Technologies Inc., Mr. Leathers started and led the SPV and Fund Formations businesses at Carta, an equity management and private fund administration platform. He previously held product roles at financial technology companies, including Quovo, which was acquired by Plaid, and Bloomberg.

Mr. Leathers received a Bachelor of Science from the University of Southern California and an MBA from the Wharton School of the University of Pennsylvania.

**Hamed Alam (Portfolio Manager):** Mr. Alam is a Director and Portfolio Manager at Tap Capital, where he leads investment management for the firm. As a voting member of the investment committee, Mr. Alam has primary responsibility for day to day portfolio management of the Fund, including sourcing, due diligence, underwriting, portfolio construction, monitoring, and implementation of investment decisions.

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Prior to Tap, Mr. Alam was an investment professional at Third Wave Capital, where he advised the CIO and founder and helped build out the firm's private investments strategy. He previously served as an investment professional at Coller Capital, a global secondaries firm with more than $45 billion in assets under management. At Coller, he deployed more than $500 million into LP-led, GP-led, and direct secondaries and raised capital for Coller's registered fund vehicles. Mr. Alam also held roles at JP Morgan in Leveraged Finance and at Pantheon Ventures where he executed private equity fund and co-investment transactions. He began his career in debt capital markets at HSBC.

He earned an MBA from the Kellogg School of Management at Northwestern University and holds a BSc with Honors in Economics from the University of Warwick.

#### Other Accounts Managed by the Portfolio Manager(s) <sup>(1)</sup>
The following table sets forth information about funds and accounts other than the Fund for which the portfolio managers are primarily responsible for the day-to-day portfolio:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of Other Accounts Managed and <br>Total Value of Assets by Account Type for <br>Which There is No Performance-Based Fee:** | **Number of Other Accounts Managed and <br>Total Value of Assets by Account Type for <br>Which There is No Performance-Based Fee:** | **Number of Other Accounts Managed and <br>Total Value of Assets by Account Type for <br>Which There is No Performance-Based Fee:** | **Number of Other Accounts and Total Value of <br>Assets for Which Advisory Fee is <br>Performance-Based:** | **Number of Other Accounts and Total Value of <br>Assets for Which Advisory Fee is <br>Performance-Based:** | **Number of Other Accounts and Total Value of <br>Assets for Which Advisory Fee is <br>Performance-Based:** |
|  **Name** | **Registered <br>investment <br>companies** | **Other pooled <br>investment <br>vehicles** | **Other <br>accounts** | **Registered <br>investment <br>companies** | **Other pooled <br>investment <br>vehicles** | **Other <br>accounts** |
|  Jeff Leathers |  |  |  |  |  |  |
|  Hamed Alam |  |  |  |  |  |  |

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____________

(1) As of February 28, 2026. Investing amounts are determined based upon accounts of currently investing capital overseen by the investment committees that the above referenced portfolio managers are a member of. Other Pooled Investments include Commingled Funds and Fund of One accounts. Other Accounts include separately managed accounts.

#### 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 has 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. To this end, the 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
The Adviser's financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by the Adviser.

#### Securities Ownership of Portfolio Managers
The table below shows the dollar range of shares of the Fund's Common Shares beneficially owned by the members of the Investment Committee within one of the following dollar ranges as of the date of this registration statement: None; $1 — $10,000; $10,001 — $50,000; $50,001 — $100,000; or Over $100,000.

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| | |
|:---|:---|
|  **Name** | **Dollar Range of <br>Shares Owned** |
|  Jeff Leathers | $50001 – $100000<sup>(1)</sup> |
|  Hamed Alam |  |

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____________

(1) Indirectly held through the Adviser, the Fund's sole shareholder as of the date of this registration statement.

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#### BROKERAGE ALLOCATION AND OTHER PRACTICES
The Fund expects to effect transactions in private investment funds primarily through negotiated processes with counterparties or through intermediaries such as investment banks and placement agents. The Adviser selects intermediaries with a view toward obtaining favorable terms, considering factors such as price, certainty of execution, timing, transfer restrictions, and overall reasonableness of costs. The Fund may incur transaction-related fees or commissions in connection with such activities. The Fund has not commenced operations and has not paid brokerage commissions to any broker.

In selecting brokers, intermediaries, or counterparties to effect transactions, the Adviser evaluates the overall reasonableness of fees or commissions relative to prevailing market practice, the scope of services provided, and the likelihood of successful execution. Factors considered include price, timing, certainty of settlement, and the terms and conditions associated with the transaction. The Fund may effect transactions through brokers that are affiliated persons of the Fund or its Adviser.

#### U.S. FEDERAL INCOME TAX MATTERS
The following is a summary discussion of certain U.S. federal income tax consequences that may be relevant to a Common Shareholder ("Common Shareholder" or collectively, "Common Shareholders") that acquires, holds and/or disposes of Common Shares of the Fund. This discussion only addresses U.S. federal income tax consequences to U.S. Common Shareholders who hold their Common Shares as capital assets and does not address all of the U.S. federal income tax consequences that may be relevant to particular Common Shareholders in light of their individual circumstances. This discussion also does not address the tax consequences to Common Shareholders who are subject to special rules, including, without limitation, banks and other financial institutions, insurance companies, dealers in securities or foreign currencies, traders in securities that have elected to mark-to-market their securities holdings, foreign holders, persons who hold their Common Shares as or in a hedge against currency risk, or as part of a constructive sale, straddle or conversion transaction, or tax-exempt or tax-deferred plans, accounts, or entities. In addition, the discussion does not address any state, local, or foreign tax consequences. The discussion reflects applicable income tax laws of the United States as of the date hereof, which tax laws may be changed or subject to new interpretations by the courts or the Internal Revenue Service ("IRS") retroactively or prospectively, which could affect the continued validity of this summary. No attempt is made to present a detailed explanation of all U.S. federal income tax concerns affecting the Fund and its Common Shareholders, and the discussion set forth herein does not constitute tax advice. **Investors are urged to consult their own tax advisors before making an investment in the Fund to determine the specific tax consequences to them of investing in the Fund, including the applicable federal, state, local and foreign tax consequences as well as the effect of possible changes in tax laws.**

#### Fund Taxation
The Fund intends to elect to be treated, and to qualify each year, as a "regulated investment company" under Subchapter M of the Code, so that it will generally not pay U.S. federal income tax on income and capital gains timely distributed (or treated as being distributed, as described below) to Common Shareholders. If the Fund qualifies as a regulated investment company and distributes to its Common Shareholders at least 90% of the sum of (i) its "investment company taxable income" as that term is defined in the Code (which includes, among other things, dividends, taxable interest, the excess of any net short-term capital gains over net long-term capital losses and certain net foreign exchange gains as reduced by certain deductible expenses) without regard to the deduction for dividends paid, and (ii) the excess of its gross tax-exempt interest, if any, over certain disallowed deductions, the Fund will be relieved of U.S. federal income tax on any income of the Fund, including long-term capital gains, distributed to Common Shareholders. However, if the Fund retains any investment company taxable income or "net capital gain" (*i.e.*, the excess of net long-term capital gain over net short-term capital loss), it will be subject to U.S. federal income tax at regular corporate federal income tax rates (currently at a rate of 21%) on the amount retained. The Fund intends to distribute at least annually all or substantially all of its investment company taxable income (determined without regard to the deduction for dividends paid), net tax-exempt interest, if any, and net capital gain. Under the Code, the Fund will generally be subject to a nondeductible 4% federal excise tax on the portion of its undistributed ordinary income and capital gains if it fails to meet certain distribution requirements with respect to each calendar year. In order to avoid the 4% federal excise tax, the required minimum distribution is generally equal to the sum of 98% of the Fund's ordinary income (computed on a calendar year basis, and taking into account certain deferrals and elections), plus 98.2% of the Fund's capital gain net income (generally computed for the one-year period ending on October 31) plus undistributed amounts from

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prior years on which the Fund paid no federal income tax. The Fund generally intends to make distributions in a timely manner in an amount at least equal to the required minimum distribution and therefore, under normal circumstances, does not expect to be subject to this excise tax. However, the Fund may also decide to distribute less and pay the federal excise taxes.

If for any taxable year the Fund does not qualify as a regulated investment company for U.S. federal income tax purposes, it would be treated as a U.S. corporation subject to U.S. federal income tax, and possibly state and local income tax, and distributions to its Common Shareholders would not be deductible by the Fund in computing its taxable income. In such event, the Fund's distributions, to the extent derived from the Fund's current or accumulated earnings and profits, would generally constitute ordinary dividends, which generally would be eligible for the dividends received deduction available to corporate Common Shareholders under Section 243 of the Code, discussed below, and non-corporate Common Shareholders of the Fund generally would be able to treat such distributions as qualified dividend income eligible for reduced rates of U.S. federal income taxation, as discussed below, provided in each case that certain holding period and other requirements are satisfied.

The Fund will make investments through Underlying Funds, some of which may be taxable as partnerships. An entity that is properly treated as a partnership for tax purposes (rather than a corporation or other entity 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, as a partner, 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 an Underlying Fund. In such case, the Fund might have to borrow money or dispose of investments, including interests in Underlying Funds 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. Underlying Funds 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 an Underlying Fund's income until such income has been earned by the Underlying Fund or until a substantial amount of time thereafter, it may be difficult for the Fund to ensure that it satisfies the Source of Income Test.

If the Fund invests in certain positions such as pay-in-kind securities, zero coupon securities, deferred interest securities or, in general, any other securities with original issue discount (or with market discount if the Fund elects to include market discount in income currently), the Fund must accrue income on such investments for each taxable year, which generally will be prior to the receipt of the corresponding cash payments. However, the Fund must distribute, at least annually, all or substantially all of its net investment income, including such accrued income, to Common Shareholders to avoid U.S. federal income and excise taxes. Therefore, the Fund may have to dispose of its portfolio securities under disadvantageous circumstances to generate cash, or may have to leverage itself by borrowing the cash, to satisfy distribution requirements.

The Fund may also acquire market discount bonds. A market discount bond is a security acquired in the secondary market at a price below its stated redemption price at maturity (or its adjusted issue price if it is also an original issue discount bond). If the Fund invests in a market discount bond, it will be required for federal income tax purposes to treat any gain recognized on the disposition of such market discount bond as ordinary income (instead of capital gain) to the extent of the accrued market discount unless the Fund elects to include the market discount in income as it accrues.

The Fund may invest in debt obligations that are in the lowest rating categories or are unrated, including debt obligations of issuers not currently paying interest or who are in default. Investments in debt obligations that are at risk of or in default present special tax issues. Tax rules are not entirely clear about issues such as when the Fund may cease to accrue interest, original issue discount or market discount, when and to what extent deductions may be taken for bad debts or worthless securities, how payments received on obligations in default should be allocated between principal and income and whether exchanges of debt obligations in a bankruptcy or workout context are taxable. These and other

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related issues will be addressed by the Fund when, as and if it invests in such securities, in order to seek to ensure that it distributes sufficient income to preserve its status as a regulated investment company and does not become subject to U.S. federal income or excise taxes.

The Fund may engage in various transactions utilizing options, futures contracts, forward contracts, hedge instruments, straddles, and other similar transactions. Such transactions may be subject to special provisions of the Code that, among other things, affect the character of any income realized by the Fund from such investments, accelerate recognition of income to the Fund, defer Fund losses and affect the determination of whether capital gain or loss is characterized as long-term or short-term capital gain or loss. These rules could therefore affect the character, amount and timing of distributions to Common Shareholders. These provisions may also require the Fund to mark-to-market certain positions in its portfolio (*i.e.*, treat them as if they were closed out), which may cause the Fund to recognize income without receiving cash with which to make distributions in amounts necessary to satisfy the distribution requirements for avoiding U.S. federal income and excise taxes. In addition, certain Fund investments may produce income that will not be qualifying income for purposes of the 90% income test. The Fund will monitor its investments and transactions, will make the appropriate tax elections, and will make the appropriate entries in its books and records when it acquires an option, futures contract, forward contract, hedge instrument or other similar investment in order to mitigate the effect of these rules, prevent disqualification of the Fund as a regulated investment company and minimize the imposition of U.S. federal income and excise taxes, if possible.

The Fund's transactions in broad based equity index futures contracts, exchange-traded options on such indices and certain other futures contracts (if any) are generally considered "Section 1256 contracts" for federal income tax purposes. Any unrealized gains or losses on such Section 1256 contracts are treated as though they were realized at the end of each taxable year. The resulting gain or loss is treated as sixty percent long-term capital gain or loss and forty percent short-term capital gain or loss. Gain or loss recognized on actual sales of Section 1256 contracts is treated in the same manner. As noted below, distributions of net short-term capital gain are taxable to Common Shareholders as ordinary income while distributions of net long-term capital gain are generally taxable to Common Shareholders as long-term capital gain, regardless of how long the Common Shareholder has held Common Shares of the Fund.

The Fund's entry into an option or certain other contracts (if any) could be treated as the constructive sale of an appreciated financial position, causing the Fund to realize gain, but not loss, on the position.

The Fund may acquire equity interests (generally including not only stock but also an option to acquire stock such as is inherent in a convertible bond) in certain foreign corporations that receive at least 75% of their annual gross income from passive sources (such as interest, dividends, certain rents and royalties, or capital gains) or that hold at least 50% of their assets in investments producing such passive income ("passive foreign investment companies"), the Fund could be subject to U.S. federal income tax and additional interest charges on "excess distributions" received from such companies or on gain from the sale of equity interests in such companies, even if all income or gain actually received by the Fund is timely distributed to its shareholders. The Fund would not be able to pass through to its shareholders any credit or deduction for such tax. Any gain on the sale of these investments will generally be treated as ordinary income. Elections may be available that would ameliorate some or all of these adverse federal income tax consequences, but any such election could require the Fund to recognize taxable income or gain (which would be subject to the distribution requirements described above) without the concurrent receipt of cash. The Fund may limit and/or manage its holdings in passive foreign investment companies to limit its tax liability or maximize its return from these investments.

The Fund may be subject to withholding and other taxes imposed by foreign countries, including taxes on interest, dividends and capital gains with respect to its investments in those countries (if any), which would, if imposed, reduce the yield on or return from those investments. Tax treaties between certain countries and the U.S. may reduce or eliminate such taxes in some cases. The Fund does not expect to meet these requirements to make the election described above in respect of the treatment of foreign taxes.

If the Fund utilizes leverage through borrowing, asset coverage limitations imposed by the Investment Company Act as well as additional restrictions that may be imposed by certain lenders on the payment of dividends or distributions could potentially limit or eliminate the Fund's ability to make distributions on its common stock until the asset coverage is restored. These limitations could prevent the Fund from distributing at least 90% of its investment company taxable income as is required under the Code and therefore might jeopardize the Fund's qualification as a regulated investment company and/or might subject the Fund to the nondeductible 4% federal excise tax discussed above. Upon any failure to meet the asset coverage requirements imposed by the Investment Company Act, the Fund may, in its sole discretion and to the extent permitted under the Investment Company Act, purchase or redeem shares of preferred stock, if any,

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in order to maintain or restore the requisite asset coverage and avoid the adverse consequences to the Fund and its Common Shareholders of failing to meet the distribution requirements. There can be no assurance, however, that any such action would achieve these objectives. The Fund generally will endeavor to avoid restrictions on its ability to distribute dividends.

A RIC is limited in its ability to deduct expenses in excess of its investment company taxable income. If the Fund's deductible expenses in a given taxable year exceed the Fund's investment company taxable income, the Fund may incur a net operating loss for that taxable year. However, a RIC is not permitted to carry forward net operating losses to subsequent taxable years and such net operating losses do not pass through to its shareholders. In addition, deductible expenses can be used only to offset investment company taxable income, not net capital gain. A RIC may not use any net capital losses (that is, the excess of realized capital losses over realized capital gains) to offset its investment company taxable income, but may carry forward such net capital losses, and use them to offset future capital gains, indefinitely. In the event that the Fund were to experience an ownership change as defined under the Code, the capital loss carryforwards and other favorable tax attributes of the Fund, if any, may be subject to limitation. If the Fund invests in other investment companies that qualify as RICs, distributions of short-term capital gains by such investment companies will be treated as ordinary income to the Fund and would not be offset by the Fund's capital loss carryforwards, if any. Additionally, capital loss carryforwards of such underlying RICs would be unavailable to offset capital gains of the Fund.

#### Shareholder Taxation
Distributions of investment company taxable income are generally taxable as ordinary income to the extent of the Fund's current and accumulated earnings and profits. Distributions of net investment income designated by the Fund as derived from qualified dividend income will be taxed in the hands of individuals and other non-corporate taxpayers at the rates applicable to long-term capital gain, provided certain holding period and other requirements are met at both the shareholder and Fund levels. A dividend will not be treated as qualified dividend income (at either the Fund or shareholder level) (i) if the dividend is received with respect to any share of stock held for fewer than 61 days during the 121-day period beginning on the date which is 60 days before the date on which such share becomes ex-dividend with respect to such dividend (or, in the case of certain preferred stock, 91 days during the 181-day period beginning 90 days before such date), (ii) to the extent that the recipient is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property, (iii) if the recipient elects to have the dividend income treated as investment income for purposes of the limitation on deductibility of investment interest, or (iv) if the dividend is received from a foreign corporation that is (a) not eligible for the benefits of a comprehensive income tax treaty with the U.S. which the IRS has approved for these purposes (with the exception of dividends paid on stock of such a foreign corporation that is readily tradable on an established securities market in the U.S.) or (b) treated as a passive foreign investment company. If the Fund receives dividends from another investment company that qualifies as a regulated investment company, and the other investment company designates such dividends as qualified dividend income, then the Fund is permitted in turn to designate a portion of its distributions as qualified dividend income, provided the Fund meets holding period and other requirements with respect to shares of the other investment company. Qualified dividend income does not include interest from fixed income securities and generally does not include income from REITs. If the Fund lends portfolio securities, amounts received by the Fund that is the equivalent of the dividends paid by the issuer on the securities loaned will not be eligible for qualified dividend income treatment. The Fund can provide no assurance regarding the portion of its dividends that will qualify for qualified dividend income treatment.

The Fund may make distributions to Common Shareholders of "section 199A dividends" with respect to qualified dividends that it receives with respect to investments in REITs. A section 199A dividend is any dividend or part of such dividend that the Fund pays to Common Shareholders and reports as a section 199A dividend in written statements furnished to Common Shareholders. Distributions paid by a Fund that are eligible to be treated as section 199A dividends for a taxable year may not exceed the "qualified REIT dividends" received by the Fund from REITs reduced by the Fund's allocable expenses. Section 199A dividends may be taxed to individuals and other non-corporate shareholders at a reduced effective federal income tax rate, provided that the shareholder receiving the dividends has satisfied a holding period requirement for the Fund's shares and satisfied certain other conditions. For the lower rates to apply, a Common Shareholder must have owned its Fund shares for at least 46 days during the 91-day period beginning on the date that is 45 days before the Fund's ex-dividend date, but only to the extent that the Common Shareholder is not under an obligation (under a short-sale or otherwise) to make related payments with respect to positions in substantially similar or related property.

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

Distributions to Common Shareholders of net investment income received by the Fund from taxable investments, if any, including temporary taxable investments, and of net short-term capital gains realized by the Fund, if any, will be taxable to Common Shareholders as ordinary income. Distributions by the Fund of net capital gain (i.e., the excess of net long-term capital gain over net short-term capital loss), if any, are taxable as long-term capital gain, regardless of the length of time the Common Shareholder has owned the shares with respect to which such distributions are made. The amount of taxable income allocable to the Fund's shares will depend upon the amount of such income realized by the Fund. Distributions, if any, in excess of the Fund's earnings and profits will first reduce the adjusted tax basis of a Common Shareholder's shares and, after that basis has been reduced to zero, will constitute capital gain to the Common Shareholder (assuming the shares are held as a capital asset). The U.S. federal income tax status of all distributions will be designated by the Fund and reported to Common Shareholders annually.

Certain distributions by the Fund may qualify for the dividends received deduction available to corporate Common Shareholders under Section 243 of the Code, subject to certain holding period and other requirements, but generally only to the extent the Fund earned dividend income from stock investments in U.S. domestic corporations (but not including real estate investment Funds). Additionally, if the Fund receives dividends from another investment company that qualifies as a regulated investment company, and the other investment company designates such dividends as eligible for the dividends received deduction, then the Fund is permitted in turn to designate a portion of its distributions as eligible for the dividends received deduction, provided the Fund meets holding period and other requirements with respect to shares of the other investment company. As long as the Fund qualifies as a RIC under the Code, it is not expected that any significant part of its distributions to Common Shareholders from its investments will qualify for the dividends-received deduction available to corporate Common Shareholders.

A Common Shareholder may elect to have all dividends and distributions automatically reinvested in Common Shares of the Fund. For U.S. federal income tax purposes, all dividends are generally taxable regardless of whether a Common Shareholder takes them in cash or they are reinvested in additional Common Shares of the Fund.

If a Common Shareholder's distributions are automatically reinvested in additional Common Shares, for U.S. federal income tax purposes, the Common Shareholder will be treated as having received a distribution in the amount of the cash dividend that the Common Shareholder would have received if the Common Shareholder had elected to receive cash, unless the distribution is in newly issued Common Shares of the Fund that are trading at or above net asset value, in which case the Common Shareholder will be treated as receiving a distribution equal to the fair market value of the stock the Common Shareholder receives.

The Fund intends to distribute all realized net capital gains, if any, at least annually. If, however, the Fund were to retain any net capital gain, the Fund may designate the retained amount as undistributed capital gains in a notice to Common Shareholders who, if subject to U.S. federal income tax on long-term capital gains, (i) will be required to include in income, as long-term capital gain, their proportionate share of such undistributed amount, and (ii) will be entitled to credit their proportionate share of the federal income tax paid by the Fund on the undistributed amount against their U.S. federal income tax liabilities, if any, and to claim refunds to the extent the credit exceeds such liabilities. For U.S. federal income tax purposes, the tax basis of Common Shares owned by a Common Shareholder will be increased by the difference between the amount of undistributed net capital gain included in the Common Shareholder's gross income and the federal income tax deemed paid by the Common Shareholder.

Any dividend declared by the Fund in October, November or December with a record date in such a month and paid during the following January will be treated for U.S. federal income tax purposes as paid by the Fund and received by Common Shareholders on December 31 of the calendar year in which it is declared.

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At the time of an investor's purchase of the Fund's Common Shares, a portion of the purchase price may be attributable to realized or unrealized appreciation in the Fund's portfolio or undistributed taxable income of the Fund. Consequently, subsequent distributions by the Fund with respect to these Common Shares from such appreciation or income may be taxable to such investor even if the net asset value of the investor's Common Shares is, as a result of the distributions, reduced below the investor's cost for such Common Shares and the distributions economically represent a return of a portion of the investment. Investors should consider the tax implications of purchasing Common Shares just prior to a distribution.

The IRS has taken the position that if a regulated investment company has two or more classes of shares, it must designate distributions made to each class in any year as consisting of no more than such class' proportionate share of particular types of income (*e.g.*, ordinary income and net capital gains). Consequently, if both common stock and preferred stock are outstanding, the Fund intends to designate distributions made to each class of particular types of income in accordance with each class' proportionate share of such income. Thus, the Fund will designate to the extent applicable, dividends qualifying for the corporate dividends received deduction (if any), income not qualifying for the dividends received deduction, qualified dividend income, section 199A dividends, ordinary income, exempt interest and net capital gain in a manner that allocates such income between the holders of common stock and preferred stock in proportion to the total dividends paid to each class during or for the taxable year, or otherwise as required by applicable law. However, for purposes of determining whether distributions are out of the Fund's current or accumulated earnings and profits, the Fund's earnings and profits will be allocated first to the Fund's preferred stock, if any, and then to the Fund's common stock. In such a case, since the Fund's current and accumulated earnings and profits will first be used to pay dividends on the preferred stock, distributions in excess of such earnings and profits, if any, will be made disproportionately to holders of common stock.

In addition, solely for the purpose of satisfying the 90% distribution requirement and the distribution requirement for avoiding federal excise taxes, certain distributions made after the close of a taxable year of the Fund may be "spilled back" and treated as paid during such taxable year. In such case, Common Shareholders will be treated as having received such dividends in the taxable year in which the distribution was actually made.

Sales, exchanges and other dispositions of the Fund's Common Shares generally are taxable events for Common Shareholders that are subject to federal income tax. Common Shareholders should consult their own tax advisors regarding their individual circumstances to determine whether any particular transaction in the Fund's Common Shares is properly treated as a sale or exchange for federal income tax purposes (as the following discussion assumes) and the tax treatment of any gains or losses recognized in such transactions. Generally, gain or loss will be equal to the difference between the amount of cash and the fair market value of other property received (including securities distributed by the Fund) and the Common Shareholder's adjusted tax basis in the Common Shares sold or exchanged. In general, any gain or loss realized upon a taxable disposition of Common Shares will be treated as long-term capital gain or loss if the Common Shares have been held for more than one year. Otherwise, the gain or loss on the taxable disposition of the Fund's Common Shares will be treated as short-term capital gain or loss. However, any loss realized by a Common Shareholder upon the sale or other disposition of Common Shares with a tax holding period of six months or less will be treated as a long-term capital loss to the extent of any amounts treated as distributions of long-term capital gain with respect to such Common Shares. For the purposes of calculating the six-month period, the holding period is suspended for any periods during which the Common Shareholder's risk of loss is diminished as a result of holding one or more other positions in substantially similar or related property or through certain options, short sales or contractual obligations to sell. The maximum individual rate applicable to long-term capital gains is generally either 15% or 20%, depending on whether the individual's income exceeds certain threshold amounts. The ability to deduct capital losses may be subject to limitations. In addition, losses on sales or other dispositions of Common Shares may be disallowed under the "wash sale" rules in the event a Common Shareholder acquires substantially identical stock or securities (including those made pursuant to reinvestment of dividends) within a period of 61 days beginning 30 days before and ending 30 days after a sale or other disposition of Common Shares. In such a case, the disallowed portion of any loss generally would be included in the U.S. federal income tax basis of the Common Shares acquired.

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

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From time to time, the Fund may repurchase its Common Shares. Common Shareholders who tender all Common Shares held, and those considered to be held (through attribution rules contained in the Code), by them will be treated as having sold their Common Shares and generally will realize a capital gain or loss. If a Common Shareholder tenders fewer than all of his, her or its Common Shares (including those considered held through attribution), such Common Shareholder may be treated as having received a taxable dividend upon the tender of its Common Shares. If a tender offer is made, there is a risk that non-tendering Common Shareholders will be treated as having received taxable distributions from the Fund. To the extent that the Fund recognizes net gains on the liquidation of portfolio securities to meet such tenders of Common Shares, the Fund will be required to make additional distributions to its Common Shareholders. If the Board determines that a tender offer will be made by the Fund, the federal income tax consequences of such offer will be discussed in materials that will be available at such time in connection with the specific tender offer, if any.

The Code requires that the Fund withhold, as "backup withholding," 24% of reportable payments, including dividends, capital gain distributions and the proceeds of sales or other dispositions of the Fund's stock paid to Common Shareholders who have not complied with IRS regulations. In order to avoid this withholding requirement, Common Shareholders must certify on their account applications, or on a separate IRS Form W-9, that the social security number or other taxpayer identification number they provide is their correct number and that they are not currently subject to backup withholding, or that they are exempt from backup withholding. The Fund may nevertheless be required to withhold if it receives notice from the IRS or a broker that the number provided is incorrect or backup withholding is applicable. Backup withholding is not an additional tax. Any amount withheld may be allowed as a refund or a credit against the Common Shareholder's U.S. federal income tax liability if the appropriate information (such as the timely filing of the appropriate federal income tax return) is provided to the IRS.

Under Treasury regulations, if a Common Shareholder recognizes a loss with respect to Common Shares of $2 million or more in a single taxable year (or $4 million or more in any combination of taxable years) for an individual Common Shareholder, S corporation or Fund or $10 million or more in a single taxable year (or $20 million or more in any combination of years) for a Common Shareholder who is a C corporation, such Common Shareholder will generally be required to file with the IRS a disclosure statement on Form 8886. Direct shareholders of portfolio securities are generally excepted from this reporting requirement, but under current guidance, shareholders of a regulated investment company are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all regulated investment companies. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Common Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

#### Non-U .S. Common Shareholders
If you are a non-U.S. Common Shareholder (i.e., a Common Shareholder other than a U.S. citizen or resident or a U.S. corporation, partnership, estate or Fund), you should be aware that, generally, distributions from the Fund will be characterized as dividends for U.S. federal income tax purposes (other than dividends which the Fund properly reports as capital gain dividends) and will be subject to U.S. federal income taxes, including withholding taxes, subject to certain exceptions described below. Dividends will generally be subject to a U.S. withholding tax of 30% of the distribution.

However, distributions received by a non-U.S. Common Shareholder from the Fund that are properly reported by the Fund as capital gain dividends may not be subject to U.S. federal income taxes, including withholding taxes. Distributions from the Fund that are properly reported by the Fund as an interest-related dividend attributable to certain interest income received by the Fund or as a short-term capital gain dividend attributable to certain net short-term capital gain income received by the Fund may not be subject to U.S. federal income taxes, including withholding taxes when received by certain non-U.S. Common Shareholders.

In addition, some non-U.S. Common Shareholders may be eligible for a reduction or elimination of U.S. withholding taxes under a treaty.

Any capital gain realized on the sale, redemption, retirement or other taxable disposition of Common Shares by a non-U.S. Common Shareholder will be exempt from U.S. federal income and withholding tax, *provided* that (i) the gain is not effectively connected with the conduct of a trade or business in the United States by the non-U.S. Common

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Shareholder and (ii) in the case of an individual non-U.S. Common Shareholder, the non-U.S. Common Shareholder is not present in the United States for 183 days or more in the taxable year and does not otherwise have a "tax home" within the United States.

Separately, the United States, pursuant to the Foreign Account Tax Compliance Act ("FATCA") imposes a 30% tax on certain non-U.S. entities that receive U.S. source interest or dividends if the non-U.S. entity does not comply with certain U.S. disclosure and reporting requirements.

The Code requires that the Fund withhold, as "backup withholding," 24% of reportable payments, including dividends, capital gain distributions and the proceeds of sales or other dispositions of the Fund's stock paid to Common Shareholders who have not complied with IRS regulations. In order to avoid this withholding requirement, non-U.S. Common Shareholders must provide one of the U.S. IRS forms described below. The Fund may nevertheless be required to withhold if it receives notice from the IRS or a broker that the information provided is incorrect or backup withholding is applicable. Backup withholding is not an additional tax. Any amount withheld may be allowed as a refund or a credit against the Common Shareholder's U.S. federal income tax liability if the appropriate information (such as the timely filing of the appropriate federal income tax return) is provided to the IRS.

To claim a reduction of withholding (including an exclusion from the FATCA tax and backup withholding), a Common Shareholder must provide the institution through which the Common Shareholder has purchased its shares with a U.S. IRS Form W-8BEN, W-8BEN-E, W-8IMY, W-8ECI, or W-8EXP.

If income from the Fund is effectively connected with a U.S. trade or business of the non-U.S. Common Shareholder, the income, although exempt from the withholding tax discussed above, the income will be subject to U.S. federal income tax on that interest at graduated rates. In addition, if the non-U.S. Common Shareholder is a non-U.S. corporation, it will be subject to a branch profits tax equal to 30% of its "effectively connected earnings and profits" within the meaning of the Code for the taxable year, as adjusted for certain items, unless it qualifies for a lower rate or an exemption under an applicable tax treaty. A non-U.S. Common Shareholder other than an individual or corporation (or an entity treated as such for U.S. federal income tax purposes) holding the Common Shares on its own behalf may have substantially increased reporting requirements. In particular, in the case of Common Shares held by a non-U.S. partnership or non-U.S. Fund, the partners or beneficiaries, as the case may be, may be required to provide certain additional information.

#### INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM; LEGAL COUNSEL
Cohen & Company, Ltd., ("Cohen & Co") located at 1835 Market St., Suite 310, Philadelphia, PA 19103, serves as the independent registered public accounting firm for the Fund. Its services include auditing the Fund's financial statements. Cohen & Co Advisory, LLC, an affiliate of Cohen & Co, provides tax services.

Faegre Drinker Biddle & Reath LLP, One Logan Square, Suite 2000, Philadelphia, PA 19103-6996, serves as legal counsel to the Fund in connection with the offering of Common Shares contemplated by the Prospectus.

#### ADMINISTRATOR
The Fund has contracted with U.S. Bancorp Fund Services, LLC (d/b/a U.S. Bank Global Fund Services) (the "Administrator") to provide it with certain administrative and accounting services. Under the Fund Servicing Agreement (the "Fund Servicing Agreement"), subject to the supervision of the Board, the Administrator is also responsible for providing additional fund accounting and tax services, fund administration services, and compliance-related services. In consideration for these services, the Administrator is paid a monthly fee calculated based upon the average net assets of the Fund, subject to a minimum monthly 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 miscellaneous out-of-pocket expenses relating to services provided to the Fund.

[**Table of Contents**](#TOC001)

#### CUSTODIAN
U.S. Bank National Association, which has its principal office at 1555 N. Rivercenter Drive, Milwaukee, Wisconsin 53212 (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, Fund 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.

#### 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 voting 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 will be 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, once available, will be available: (i) without charge, upon request, by calling the Fund at (212) 229-6098 or (ii) by visiting the SEC's website at *www.sec.gov*.

#### CALCULATION OF NET ASSET VALUE
The Fund calculates its net asset value as of the close of business on each business day that a Share is offered (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.

#### CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS
A control person generally is a person who beneficially owns more than 25% of the voting securities of a company or has the power to exercise control over the management or policies of such company. As of the date of this SAI, the Fund does not have any control persons other than the Adviser and its affiliates, which provided the initial seed capital for the Fund. However, it is anticipated that the Adviser will no longer be a control person of the Fund by virtue of share ownership once this offering of Common Shares is completed. Also as of the date of this SAI, the trustees and officers as a group own less than one percent of the Fund's outstanding equity securities.

#### FINANCIAL STATEMENTS
Appendix B to this SAI provides financial information regarding the Fund. The Fund's financial statements have been audited by Cohen & Company, Ltd.

[**Table of Contents**](#TOC001)

#### APPENDIX A — Proxy Voting Policies and Procedures

#### TAP CAPITAL LLC

#### PROXY VOTING POLICY
December 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. PROXY VOTING POLICY**

In accordance with its fiduciary duty to clients and Rule 206(4)-6 of the Investment Advisers Act, Tap has adopted and implemented written policies and procedures governing the voting of client securities. All proxies that Tap receives will be treated in accordance with these policies and procedures.

Tap considers the reputation, experience, and competence of a company's management and board of directors when it evaluates a prospective investment. In general, Tap votes in favor of routine corporate matters, such as the re-approval of an auditor or a change of a legal entity's name. Tap also generally votes in favor of compensation practices and other measures that are in-line with industry norms, that allow companies to attract and retain key Supervised Persons and directors, that reward long-term performance, and that align the interests of management and shareholders.

Tap has not identified any material conflicts of interest in connection with past proxy votes. Such a conflict could arise if, for example, a client was a senior executive with a publicly traded company and other clients held securities issued by that company. Absent specific client instructions, if Tap identifies a material conflict of interest it will follow the voting recommendation of the independent corporate governance consulting firm that it has retained. Given the nature of its business, it is unlikely Tap will vote proxies. However, should the occasion arise, it is Tap's policy to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• stay apprised of developments that affect the securities in which the Funds invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• carefully review matters submitted to a Fund for a vote as a holder of fund interests or operating company securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• vote on those matters on a case-by-case basis in a manner that the Investment Manager believes is in the best interests of the applicable Fund.

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#### APPENDIX B — FINANCIAL STATEMENTS

#### Tap US Private Equity Fund of Funds

#### Report of Independent Registered Public Accounting Firm and Financial Statement

#### March 31, 2026

[**Table of Contents**](#TOC001)

#### Tap US Private Equity Fund of Funds

#### **Table of Contents**

#### Financial Statement

---

| | |
|:---|:---|
|  [Statement of Assets and Liabilities](#T300) | B-3 |
|  [Notes to Financial Statement](#T301) | B-4 |
|  [Report of Independent Registered Public Accounting Firm](#T302) | B-7 |

---

[**Table of Contents**](#TOC001)

#### Statement of Assets and Liabilities

---

| | |
|:---|:---|
|  | **Tap US <br>Private Equity <br>Fund of Funds** |
|  | **March 31, 2026** |
|  **Assets** |  |
|  Cash | $100000 |
|  Total Assets | 100000 |
|  **Liabilities** |  |
|  Total Liabilities | $— |
|  Net Assets applicable to Common Stockholders | 100000 |
|  **Net Assets applicable to Common Stockholders consist of:** |  |
|  Paid-in capital – common stock | $100000 |
|  Net Assets applicable to Common Stockholders | $100000 |
|  **Shares of Common Stock Outstanding ($0.001 par value; unlimited shares authorized)** | 8000 |
|  **Net Asset Value Per Share of Common Stock Outstanding** | $12.50 |

---

See Notes to Financial Statement

[**Table of Contents**](#TOC001)

#### Tap US Private Equity Fund of Funds

#### NOTES TO FINANCIAL STATEMENT

#### March 31, 2026
1. Organization

Tap US Private Equity Fund of Funds (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") and organized as a Delaware statutory trust on April 9, 2025. The Fund intends to apply to list its common stock ("Common Shares") on the New York Stock Exchange ("NYSE") and, subject to notice of issuance, expect the Common Shares to be listed under the symbol "USPE." The listing of the Common Shares must be approved by the NYSE prior to any trading of the Common Shares on the NYSE. The Fund's investment adviser is Tap Capital LLC ("Tap Capital" or the "Adviser"). The Adviser is an investment adviser registered with the Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended.

The Fund's authorized capital stock consists of an unlimited number of shares of common stock, $0.001 par value per share, all of which is initially classified as Common Shares. The Fund has been inactive since the date it was organized except for matters relating to the Fund's establishment, designation, registration and issuance of 8,000 Common Shares to the Adviser as of March 31, 2026 for $100,000 at a net asset value ("NAV") of $12.50 per share, which represents the Adviser's seed investment.

The Fund's investment objective is to achieve maximum total return. Under normal circumstances, the Fund will invest at least 80% of its net assets (defined as net assets plus the amount of borrowings for investment purposes) in limited partnership interests of private equity funds ("Underlying Funds") that are domiciled in or primarily investing in the United States. The Fund considers any Underlying Fund that invests the majority of its assets in instruments from issuers domiciled in the United States to be primarily investing in the United States. For purposes of compliance with the Fund's 80% policy, the Fund will, at the time of the Fund's investment, consider the investments of any Underlying Funds. The Fund cannot guarantee that its investment objective will be achieved or that the Fund's portfolio design and risk monitoring strategies will be successful. The Fund's Board of Trustees ("Board") may change the Fund's investment objective without prior shareholder approval provided that any changes to the Fund's investment objective are communicated to shareholders of the Fund ("Shareholders") at least 60 days prior to such change taking place.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statement. The accompanying financial statement has been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") and is stated in U.S. Dollars. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, *Financial Services — Investment Companies.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Share Valuation

The Fund determines its NAV per share on a daily basis by calculating the value of its portfolio investments, cash, and other assets (including interest and income accrued but not yet received), and subtracting all of its liabilities (including accrued expenses and other payables). The resulting amount is then divided by the total number of outstanding shares of the Fund as of the close of business on the last business day of the period. As of March 31, 2026, the Fund did not hold any investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Use of Estimates

The preparation of the financial statement in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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#### Tap US Private Equity Fund of Funds

#### NOTES TO FINANCIAL STATEMENT

#### March 31, 2026
2. Summary of Significant Accounting Policies (cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Cash

Cash includes U.S. dollar deposits at bank accounts at amounts which may exceed insured limits. The Fund is subject to risk to the extent that the institutions may be unable to fulfill their obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Federal Income Taxes

The Fund intends to qualify as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended. If so qualified, the Fund will not be subject to U.S. federal corporate income tax to the extent it distributes substantially all of its net investment income and capital gains to Shareholders. Therefore, no federal income tax provision is required. Management of the Fund has reviewed the Fund's tax positions to determine whether a tax position taken by the Fund is more likely than not to be sustained upon examination by the applicable taxing authority. No tax positions were identified by management which did not meet the "more likely than not" standard as of March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Operating Segments

The Fund operates as a single segment entity. The Fund's income, expenses, assets, and performance are regularly monitored and assessed by the President of the Fund, who serves as the chief operating decision maker, using the information presented in the financial statement.

3. Agreements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Investment Advisory Agreement

Under the terms of the investment advisory agreement between the Fund and the Adviser (the "Agreement"), the Adviser, subject to the supervision of the Board, provides or arranges to be provided to the Fund such investment advice as its deems advisable and will furnish or arrange to be furnished a continuous investment program for the Fund consistent with the Fund's investment objective and policies. The compensation paid to the Adviser is calculated at an annual rate of 2.00% on the first $100,000,000 of the Fund's average gross assets and 1.50% thereafter, accrued daily and payable monthly in arrears based on the Fund's average gross assets for the applicable month.

The Adviser has agreed to pay the organizational and offering expenses of the Fund. Such expenses are not subject to repayment by the Fund to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Service Providers

U.S. Bancorp Fund Services, LLC will serve as Administrator and Accounting Agent. U.S. Bank, N.A. will serve as custodian for the securities and cash of the Fund's portfolio.

Computershare Inc. and its affiliate Computershare Trust Company, N.A. will serve as the Transfer Agent.

Employees of PINE Advisors LLC ("PINE") serve as officers of the Fund.

4. Indemnification

The Fund indemnifies its officers and Board members through its Agreement and Declaration of Trust for certain liabilities that might arise from the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that provide generally indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not occurred. However, the Fund expects the risk of loss to be remote.

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#### Tap US Private Equity Fund of Funds

#### NOTES TO FINANCIAL STATEMENT

#### March 31, 2026
4. Indemnification (cont.)

The Fund may also agree to indemnify certain of the Underlying Funds and the managers of the Underlying Fund Managers 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 Underlying Funds or co-investment. If the Fund were required to make payments (or return distributions received from such Underlying Funds or co-investment) in respect of any such indemnity, the Fund could be materially adversely affected.

5. Organization and Offering Costs

Organizational costs consist of costs incurred to establish the Fund and enable it legally to do business. Offering costs include registration fees and legal fees regarding the preparation of the initial registration statement, Financial Industry Regulatory Authority filing fees, exchange listing fees, printing expenses, and accounting fees and expenses. These organizational and offering expenses that are incurred on or before the effective date of the Fund's registration statement will be fully paid by the Adviser. The organization costs and offering costs paid by the Adviser are not subject to reimbursement by the Fund.

6. Subsequent Events

Management has evaluated subsequent events through April 3, 2026, the date the financial statement was available for issuance. Based on this evaluation, no adjustments to the financial statement were required.

[**Table of Contents**](#TOC001)

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholder and Board of Trustees of <br>Tap US Private Equity Fund of Funds

<u><u>Opinion on the Financial Statement</u></u>

We have audited the accompanying statement of assets and liabilities of Tap US Private Equity Fund of Funds (the "Fund") as of March 31, 2026, and the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Fund as of March 31, 2026, in conformity with accounting principles generally accepted in the United States of America.

<u><u>Basis for Opinion</u></u>

This financial statement is the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement and confirmation of cash owned as of March 31, 2026, by correspondence with the custodian. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

We have served as the Fund's auditor since 2025.

![](tcohen_sig.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

April 3, 2026

![](tcohen_footer.jpg)

[**Table of Contents**](#TOC001)

#### PART C — OTHER INFORMATION
**Item 25: Financial Statements and Exhibits**

**1. Financial Statements:**

Registrant has not conducted any business as of the date of this filing, other than in connection with its organization. Financial Statements indicating that the Registrant has met the net worth requirements of Section 14(a) of the Investment Company Act of 1940 is being filed in this Pre-effective Amendment to the Registration Statement.

**2. Exhibits:**

---

| | |
|:---|:---|
|  a.1 | [Agreement and Declaration of Trust is incorporated by reference to Exhibit (a)(1) to the Registrant's Registration Statement on Form N-2 (File No. 333-286914) as previously filed on May 1, 2025.](http://www.sec.gov/Archives/edgar/data/2066346/000121390025038544/ea0238256-02_ex99a1.htm) |
|  a.2 | [Certificate of Trust — is incorporated by reference to Exhibit (a)(2) to the Registrant's Registration Statement on Form N-2 (File No. 333-286914) as previously filed on May 1, 2025.](http://www.sec.gov/Archives/edgar/data/2066346/000121390025038544/ea0238256-02_ex99a2.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 (File No. 333-286914) as previously filed on August 8, 2025.](http://www.sec.gov/Archives/edgar/data/2066346/000121390025073758/ea0252287-01_ex99a3.htm) |
|  b. | [By-Laws of Fund — is incorporated by reference to Exhibit (b) to the Registrant's Registration Statement on Form N-2 (File No. 333-286914) as previously filed on May 1, 2025.](http://www.sec.gov/Archives/edgar/data/2066346/000121390025038544/ea0238256-02_ex99b.htm) |
|  c. | None. |
|  d. | None. |
|  e. | [Dividend Reinvestment Plan — filed herewith.](ea0284747-01_ex99e.htm) |
|  f. | None. |
|  g. | [Investment Management Agreement between Registrant and Tap Capital LLC — filed herewith.](ea0284747-01_ex99g.htm) |
|  h. | [Form of Underwriting Agreement — filed herewith.](ea0284747-01_ex99h.htm) |
|  i. | None. |
|  j. | [Custody Agreement — filed herewith.](ea0284747-01_ex99j.htm) |
|  k.1 | [Transfer Agency and Service Agreement — filed herewith.](ea0284747-01_ex99k1.htm) |
|  k.2 | [Fund Servicing Agreement — filed herewith.](ea0284747-01_ex99k2.htm) |
|  k.3 | [Form of Structuring Fee Agreement with Underwriter — filed herewith.](ea0284747-01_ex99k3.htm) |
|  l. | Opinion and Consent of Faegre Drinker Biddle & Reath LLP\* |
|  m. | None. |
|  n. | [Consent of Independent Registered Public Accounting Firm — filed herewith.](ea0284747-01_ex99n.htm) |
|  o. | None. |
|  p.1 | [Subscription Agreement — filed herewith.](ea0284747-01_ex99p1.htm) |
|  p.2 | [Amendment to Subscription Agreement — filed herewith.](ea0284747-01_ex99p2.htm) |
|  q. | None. |
|  r.1 | [Code of Ethics of Registrant — filed herewith.](ea0284747-01_ex99r1.htm) |
|  r.2 | [Code of Ethics of Tap Capital LLC — filed herewith.](ea0284747-01_ex99r2.htm) |
|  s. | Calculation of Filing Fee Table\* |
|  t. | [Powers of Attorney — filed herewith.](ea0284747-01_ex99t.htm) |

---

____________

\* To be filed by amendment.

**Item 26: Marketing Arrangements**

[To be updated].

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

---

| | |
|:---|:---|
|  **Securities and Exchange Commission Fees** | $**\*** |
|  **Financial Industry Regulatory Authority, Inc. Fees** | $\* |
|  **Printing and Engraving Expenses** | $\* |
|  **Legal Fees** | $\* |
|  **Listing Fees** | $\* |
|  **Accounting Expenses** | $\* |
|  **Blue Sky Filing Fees and Expenses** | $\* |
|  **Miscellaneous Expenses** | $\* |
|  **Total** | $\* |

---

____________

\* To be completed by amendment.

**Item 28: Persons Controlled by or under Common Control with Registrant**

Not applicable.

**Item 29: Number of Holders of Securities**

At [__________], 2026

---

| | |
|:---|:---|
|  **Title of Class** | **Number of <br>Record Holders** |
|  **Common Shares, $0.001 par value** | 1 |

---

**Item 30: Indemnification**

Delaware law permits a Delaware statutory trust to include in its declaration of trust a provision to indemnify and hold harmless any trustee, beneficial owner or other person from and against any and all claims and demands whatsoever. The Trust will indemnify and hold harmless to the fullest extent permitted by law any current or former Trustee, officer or agent of the Trust against any and all liabilities and expenses reasonably incurred or paid by them in connection with any proceeding in which they become involved by virtue of their being or having been such a trustee, agent or officer, and against amounts paid by them in the settlement thereof. However, in accordance with the 1940 Act, and the Trust's declaration of trust the Trust will not indemnify any Trustee, agent or officer for any liability to which such person would be subject by reason of his or her willful misfeasance, willful misconduct, bad faith, gross negligence or reckless disregard of the duties of his or her position, or if such trustee, agent or officer did not act in good faith in the reasonable belief that the action was in the best interest of the Trust. Expenses of a person entitled to indemnification may be advanced from time to time, subject to certain conditions outlined in the declaration of trust, by the Trust prior to final disposition upon receipt of an undertaking by such person that such amount will be paid to the Trust if it is ultimately determined that he or she is not entitled to indemnification.

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

**Item 31: Business and Other Connections of Investment Advisers**

The information in the Statement of Additional Information under the captions "Board of Trustees and Officers" is hereby incorporated by reference.

[**Table of Contents**](#TOC001)

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

Tap Capital LLC maintains the Declaration of Trust, By-Laws, minutes of trustees and shareholders meetings and contracts of the Registrant, all advisory material of the investment adviser, all general and subsidiary ledgers, journals, trial balances, records of all portfolio purchases and sales, and all other required records, as required by Section 31(a) of the Investment Company Act and the rules thereunder.

**Item 33: Management Services**

Not applicable.

**Item 34: Undertakings**

1. Registrant undertakes to suspend the offering of its shares until it amends its prospectus if (1) subsequent to the effective date of its Registration Statement, the net asset value declines more than 10 percent from its net asset value as of the effective date of the Registration Statement, or (2) the net asset value increases to an amount greater than its net proceeds as stated in the prospectus.

2. Not applicable.

3. Not applicable.

4. The Registrant undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. For purposes of determining any liability under the Securities Act of 1933 ("Securities Act"), the information omitted from the form of prospectus filed as part of a registration statement in reliance upon Rule 430A and contained in the form of prospectus filed by the Registrant pursuant to Rule 424(b)(1) under the Securities Act shall be deemed to be part of the Registration Statement as of the time it was declared effective; and

&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.

5. Not applicable.

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

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

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#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in this City of Ross, and State of California, on the 20<sup>th</sup> day of April, 2026.

---

| | | |
|:---|:---|:---|
|  **Tap US Private Equity Fund of Funds** | **Tap US Private Equity Fund of Funds** | **Tap US Private Equity Fund of Funds** |
|  By: | /s/ Jeffrey Leathers | /s/ Jeffrey Leathers |
|  | Name:  | Jeffrey Leathers |
|  | Title: | President (Principal Executive Officer) |

---

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated.

---

| | | |
|:---|:---|:---|
|  **Signature** | **Title** | **Date** |
|  /s/ Jeffrey Leathers | Trustee, President (Principal Executive Officer) | April 20, 2026 |
|  Jeffrey Leathers |  |  |
|  /s/ Daniel Hess | Treasurer (Principal Financial Officer) | April 20, 2026 |
|  Daniel Hess |  |  |
|  \*J. Michael Fields | Trustee | April 20, 2026 |
|  J. Michael Fields |  |  |
|  \*Michael McLaughlin | Trustee | April 20, 2026 |
|  Michael McLaughlin |  |  |
|  \*Edmund Moore Jr. | Trustee | April 20, 2026 |
|  Edmund Moore Jr. |  |  |
|  /s/ Jeffrey Leathers |  | April 20, 2026 |
|  \*Jeffrey Leathers Attorney-In-Fact (pursuant to a power of attorney filed herewith  |  |  |

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[**Table of Contents**](#TOC001)

#### EXHIBIT INDEX

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| | |
|:---|:---|
|  (e) | [Dividend Reinvestment Plan](ea0284747-01_ex99e.htm) |
|  (g) | [Investment Management Agreement between Registrant and Tap Capital LLC](ea0284747-01_ex99g.htm) |
|  (h) | [Form of Underwriting Agreement](ea0284747-01_ex99h.htm) |
|  (j) | [Custody Agreement](ea0284747-01_ex99j.htm) |
|  (k)(1) | [Transfer Agency and Service Agreement](ea0284747-01_ex99k1.htm) |
|  (k)(2) | [Fund Servicing Agreement](ea0284747-01_ex99k2.htm) |
|  (k)(3) | [Form of Structuring Fee Agreement with Underwriter](ea0284747-01_ex99k3.htm) |
|  (n) | [Consent of Independent Registered Public Accounting Firm](ea0284747-01_ex99n.htm) |
|  (p)(1) | [Subscription Agreement](ea0284747-01_ex99p1.htm) |
|  (p)(2) | [Amendment to Subscription Agreement](ea0284747-01_ex99p2.htm) |
|  (r)(1) | [Code of Ethics of Registrant](ea0284747-01_ex99r1.htm) |
|  (r)(2) | [Code of Ethics of Tap Capital LLC](ea0284747-01_ex99r2.htm) |
|  (t) | [Powers of Attorney](ea0284747-01_ex99t.htm) |

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## Ex-99.(E)

**Exhibit (e)**

**Tap US Private Equity Fund of Funds**

**DIVIDEND REINVESTMENT PLAN**

Tap US Private Equity Fund of Funds (the "Trust") has a dividend reinvestment plan commonly referred to as an "opt-out" plan. Unless the registered owner of the Trust's common stock (the "Common Shares") elects to receive cash by contacting Computershare Trust Company. N.A. (the "Plan Administrator"), all dividends declared on Common Shares will be automatically reinvested by the Plan Administrator for shareholders in the Trust's Automatic Dividend Reinvestment Plan (the "Plan"), in additional Common Shares. Common Shareholders who elect not to participate in the Plan will receive all dividends and other distributions in cash paid by check mailed directly to the shareholder of record (or, if the Common Shares are held in street or other nominee name, then to such nominee) by the Plan Administrator as dividend disbursing agent. Participation in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Plan Administrator as indicated below; otherwise such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution. Such notice will be effective with respect to a particular dividend or other distribution (together, a "Dividend"). Some brokers may automatically elect to receive cash on behalf of Common Shareholders and may re-invest that cash in additional Common Shares.

Whenever the Trust declares a Dividend payable in cash, non-participants in the Plan will receive cash and participants in the Plan will receive the equivalent in Common Shares. The Common Shares will be acquired by the Plan Administrator for the participants' accounts, depending upon the circumstances described below, either (i) through receipt of additional unissued but authorized Common Shares from the Trust ("Newly Issued Common Shares") or (ii) by purchase of outstanding Common Shares on the open market ("Open-Market Purchases") on the New York Stock Exchange ("NYSE") or elsewhere. If, on the payment date for any Dividend, the closing market price plus estimated fees per Common Share is equal to or greater than the net asset value per Common Share, the Plan Administrator will invest the Dividend amount in Newly Issued Common Shares on behalf of the participants. The number of Newly Issued Common Shares to be credited to each participant's account will be determined by dividing the dollar amount of the Dividend by the Trust's net asset value per Common Share on the payment date. If, on the payment date for any Dividend, the net asset value per Common Share is greater than the closing market value plus estimated per share fees (i.e., the Trust's Common Shares are trading at a discount), the Plan Administrator will invest the Dividend amount in Common Shares acquired on behalf of the participants in Open-Market Purchases. Per share fees include any applicable brokerage commissions the Plan Administrator is required to pay.

In the event of a market discount on the payment date for any Dividend, the Plan Administrator will have until the last business day before the next date on which the Common Shares trade on an "ex-dividend" basis or 30 days after the payment date for such Dividend, whichever is sooner (the "Last Purchase Date"), to invest the Dividend amount in Common Shares acquired in Open-Market Purchases. It is contemplated that the Trust will pay monthly income Dividends. If, before the Plan Administrator has completed its Open-Market Purchases, the market price per Common Share exceeds the net asset value per Common Share, the average per Common Share purchase price paid by the Plan Administrator may exceed the net asset value of the Common Shares, resulting in the acquisition of fewer Common Shares than if the Dividend had been paid in Newly Issued Common Shares on the Dividend payment date. Because of the foregoing difficulty with respect to Open-Market Purchases, the Plan provides that if the Plan Administrator is unable to invest the full Dividend amount in Open-Market Purchases during the purchase period or if the market discount shifts to a market premium during the purchase period, the Plan Administrator may cease making Open-Market Purchases and may invest the uninvested portion of the Dividend amount in Newly Issued Common Shares at the net asset value per Common Share at the close of business on the Last Purchase Date.

The Plan Administrator maintains all shareholders' accounts in the Plan and furnishes written confirmation of all transactions in the accounts, including information needed by shareholders for tax records. Common Shares in the account of each Plan participant will be held by the Plan Administrator on behalf of the Plan participant, and each shareholder proxy will include those shares purchased or received pursuant to the Plan. The Plan Administrator will forward all proxy solicitation materials to participants and vote proxies for shares held under the Plan in accordance with the instructions of the participants.

Beneficial owners of Common Shares who hold their Common Shares in the name of a broker or nominee should contact the broker or nominee to determine whether and how they may participate in the Plan. In the case of Common Shareholders such as banks, brokers or nominees which hold shares for others who are the beneficial owners, the Plan Administrator will administer the Plan on the basis of the number of Common Shares certified from time to time by the record shareholder's name and held for the account of beneficial owners who participate in the Plan.

To opt out of the Plan, or opt back in, a Shareholder must provide notice to the Plan Administrator prior to any dividend/distribution record date as indicated below; If the Plan Administrator receives your request to opt-out on or after the record date for a dividend, the Plan Administrator may either pay the dividend in cash or reinvest it under the Plan on the next investment date on your behalf. If reinvested, the Plan Administrator may sell the shares purchased and send the proceeds to you, less any applicable fees.

Participants may request to sell a portion of shares of our common stock in their accounts by notifying the Plan Administrator as indicated above. The Plan Administrator will sell such shares through a broker-dealer selected by the Plan Administrator within 5 business days of receipt of the request. The sale price will equal the weighted average price of all shares of our common stock sold through the Plan on the day of the sale, less applicable fees which are currently $25.00 per sale and a per share fee of $0.12. Per share fees include any applicable brokerage commission the Plan Administrator is required to pay. Participants should note that the Plan Administrator is unable to accept instructions to sell on a specific date or at a specific price or the selection of a specific broker-dealer.

There will be no fees with respect to Common Shares issued directly by the Trust. However, each participant will pay a per share fee (currently $0.05 per share) incurred in connection with Open-Market Purchases. The automatic reinvestment of Dividends will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such Dividends.

The Trust reserves the right to amend or terminate the Plan. There is no direct service charge to participants with regard to purchases in the Plan; however, the Trust reserves the right to amend the Plan to include a service charge payable by the participants.

The Company and Plan Administrator, and any agent of either of them, are not liable for any act done in good faith or for any omission to act in good faith, including, without limitation, (i) any claim of liability arising out of failure to terminate a participant's account upon a participant's death prior to receipt of notice in writing of such death from a qualified representative of the deceased, (ii) any claim of liability arising out of the inability to purchase shares of our common stock, (iii) the prices at which shares of our common stock are purchased for a Participant's account, (iv) the times when such purchases are made, or (v) any fluctuations in the market value of the shares of our common stock. You should recognize that neither the Company nor the Plan Administrator can assure you of a profit or protect you against a loss on any shares of our common stock purchased for your account under the Plan. An investment in shares of our common stock under the Plan is, like any equity investment, subject to investment risk and possible loss of some or all of the principal amount invested.

All correspondence or questions concerning the Plan should be directed to the Plan Administrator at www.computershare.com/investor, by calling toll-free 1-800- 426-5523 (outside the U.S. and Canada use 1-781-575-2879 or by writing to Computershare Trust Company, N.A., P.O. Box 43006, Providence RI, 02940-3006. Be sure to include your name, address, daytime phone number, account number and a reference to Tap US Private Equity Fund of Funds on all correspondence.

## Ex-99.(G)

**Exhibit (g)**

INVESTMENT MANAGEMENT AGREEMENT

TAP US PRIVATE EQUITY FUND OF FUNDS

AGREEMENT made this 2nd day of April, 2026, by and between Tap US Private Equity Fund of Funds, a Delaware statutory trust (the "Fund"), and Tap Capital LLC, a Delaware limited liability company (the "Investment Manager").

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

WHEREAS, the Investment Manager is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and is engaged in the business of supplying investment advice as an independent contractor; and

WHEREAS, the Fund desires to retain the Investment Manager to render investment management services with respect to the Fund and the Investment Manager is willing to render such services.

NOW, THEREFORE, in consideration of mutual covenants herein contained, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. APPOINTMENT AND ACCEPTANCE. The Fund hereby appoints the Investment Manager to act as Investment Manager to the Fund for the period and on the terms set forth in this Agreement. The Investment Manager accepts such appointment and agrees to furnish the services herein set forth for the compensation herein provided. The Investment Manager may provide such other additional services to the Fund as reasonably requested by the Fund and agreed to by the Investment Manager, including preparing and reviewing the Fund's registration statements and any amendments and supplements thereto, preparation and review of materials for the Board of Trustees (the "Board") and Board committee meetings, preparation and review of Fund shareholder reports, proxy statements, and other applicable regulatory reports and communications, and the provision of the Investment Manager's employees to act as officers of the Fund as agreed with the Board from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. DUTIES AND AUTHORITIES OF INVESTMENT MANAGER. The Fund employs the Investment Manager to furnish and manage a continuous investment program for the Fund. The Investment Manager will continuously review, supervise and (where appropriate) administer the investment program of the Fund, to determine in its discretion (where appropriate) the securities to be purchased, held, sold or exchanged, to provide the Fund with records concerning the Investment Manager's activities which the Fund is required to maintain and to render regular reports to the Fund's officers and Trustees concerning the Investment Manager's discharge of the foregoing responsibilities.

The Investment Manager shall discharge the foregoing responsibilities subject to the control of the Fund's Board and in compliance with the objectives, policies, and limitations for the Fund set forth in the Fund's current registration statement and applicable laws and regulations. The Investment Manager also agrees to comply with (a) any policies, guidelines, instructions and procedures approved by the Board, and (b) any future amendments or supplements to the Fund's registration statement that, in each case, are provided, in writing, to the Investment Manager with reasonable notice prior to implementation.

The Investment Manager shall have the power to carry out any and all of the objectives and purposes of the Fund, as described in the Fund's Prospectus and Statement of Additional Information, and to perform all acts and enter into and perform all contracts and other undertakings on behalf of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. FUND TRANSACTIONS. The Investment Manager is authorized to select the brokers or dealers that will execute the purchases and sales of portfolio securities for the Fund and is directed to use its best efforts to obtain "best execution" under the particular circumstances of each transaction taking into account such factors as the Investment Manager deems relevant and considering the Fund's investment objectives, policies, and restrictions as stated in the Fund's Prospectus and Statement of Additional Information, as the same may be amended, supplemented or restated from time to time, and resolutions of the Fund's Board. The Investment Manager will promptly communicate to the officers and the Board such information relating to portfolio transactions as they may reasonably request. In connection with the investment and reinvestment of the assets of the Fund, the Investment Manager is authorized to execute for the Fund as its agent and attorney-in-fact standard customer agreements and other documentation in connection with opening trading accounts with brokers, dealers or futures commission merchants and other trading counterparties, including, but not limited to, ISDA agreements, and in connection with the rights and powers granted to the Investment Manager under Section 2 of this Agreement, as well as, subject to the approval of the Board to the extent required by the 1940 Act and/or the Fund's policies and procedures, to do such other things necessary or incidental to the furtherance or conduct of the Fund's purchases, sales or other transactions.

It is understood that the Investment Manager will not be deemed to have acted unlawfully, or to have breached a fiduciary duty to the Fund or be in breach of any obligation owing to the Fund under this Agreement, or otherwise, by reason of its having directed a securities transaction on behalf of the Fund to a broker-dealer in compliance with the provisions of Section 28(e) of the Securities Exchange Act of 1934, as amended, or as described from time to time by the Fund's Prospectus and Statement of Additional Information.

On occasions when the Investment Manager deems the purchase or sale of an investment, security or futures contract or options thereon to be in the best interest of the Fund as well as other clients of the Investment Manager, the Investment Manager may, to the extent permitted by applicable law and regulations, aggregate the order to be sold or purchased. In such event, the Investment Manager will allocate investments, securities or futures contracts or options thereon so purchased or sold, as well as the expenses incurred in the transaction, in the manner the Investment Manager reasonably considers to be equitable and consistent with its fiduciary obligations to the Fund and to such other clients under the circumstances.

The Investment Manager or any of its affiliates may act as broker in connection with the purchase or sale of securities or other investments for the Fund, subject to: (a) the requirement that the Investment Manager seek to obtain best execution under the circumstances for the transaction; (b) the provisions of the 1940 Act; (c) the provisions of the Advisers Act; and (d) other provisions of applicable law. These brokerage services are not within the scope of the duties of the Investment Manager under this Agreement. Subject to the requirements of applicable law and any procedures adopted by the Board, the Investment Manager or its affiliates may receive brokerage commissions, fees or other remuneration from the Fund for these services in addition to the Investment Manager's fees for services under this Agreement.

All securities and other property of the Fund shall remain in the direct or indirect custody of the Fund's custodian except as otherwise authorized by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. EXPENSES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to the operation of the Fund, the Investment Manager shall be responsible for (i) providing the personnel, office space and equipment reasonably necessary to perform its obligations hereunder; (ii) the expenses of printing and distributing extra copies of the Fund's Prospectus, Statement of Additional Information, and sales and advertising materials (but not the legal, auditing or accounting fees attendant thereto) to investors ; (iii) the costs of any special Board meetings or shareholder meetings convened for the primary benefit of the Investment Manager and attendance at required annual Board meeting; (iv) the costs associated with any supplements to the Fund's registration statement created at the Investment Manager's request; and (v) any costs of liquidating or reorganizing the Fund (unless such cost is otherwise allocated by the Board).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund is responsible for and has assumed the obligation for payment of all of its expenses, other than as stated in Subparagraph 4(a) above, including but not limited to: any fees and expenses in connection with forming the Fund, fees and expenses in connection with preparing the Fund for and conducting its initial public offering as well as any subsequent offerings it may undertake, including (a) legal and other expenses incurred in connection with the registration of the Fund as an investment company under the 1940 Act and the registration of the Fund's shares under the Securities Act of 1933, as amended (the "Securities Act"), in connection with the initial public offering of these shares, (b) accounting fees incurred in connection with Fund audits, including the initial audit of the Fund in connection with the initial public offering of the Fund's shares, (c) paying filing fees and other fees associated with the filing of a registration statement for the registration of shares, including notice filing fees paid to state officials, and (d) paying exchange listing fees; all costs, fees and expenses reasonably incurred in connection with the operation of the Fund such as direct and indirect expenses related to the purchasing, monitoring, identifying, evaluating, investigating, negotiating, acquiring, holding, operating and selling of investments (whether or not such investments are consummated), investment structuring (including forming and maintaining subsidiary investment vehicles) whether or not such investments are consummated, corporate actions, round-trip travel, lodging, meals and other incidentals associated with the 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 and the administration fee; brokerage commissions; 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 (including, without limitation, expenses of consultants, experts and specialists); research 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), including foreign counsel; accounting, auditing and tax preparation expenses; fees and expenses in connection with 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; 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, statement of additional information, 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 Investment Manager 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, that are distinguished by their unusual nature and by the infrequency of their occurrence, 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; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Investment Manager may voluntarily or contractually absorb certain Fund expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent the Investment Manager incurs any costs by assuming expenses which are an obligation of the Fund as set forth herein, the Fund shall promptly reimburse the Investment Manager for such costs and expenses, except to the extent the Investment Manager has otherwise agreed to bear such expenses. To the extent the services for which the Fund is obligated to pay are performed by the Investment Manager, the Investment Manager shall be entitled to recover costs from the Fund to the extent of the Investment Manager's actual costs for providing such services. In determining the Investment Manager's actual costs, the Investment Manager may take into account an allocated portion of the salaries and overhead of personnel performing such services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. COMPENSATION OF THE INVESTMENT MANAGER. For the services provided and the expenses assumed pursuant to this Agreement, the Fund shall pay to the Investment Manager a fee in an amount equal to an annualized rate of 2.00% of the Fund's average daily gross assets up to $100 million, and 1.50% of the Fund's average daily gross assets at or in excess of $100 million, calculated and accrued monthly based on the Fund's average daily gross assets for the applicable month and payable monthly in arrears at the end of each calendar month. "Gross assets" includes assets purchased with borrowed amounts. In the case of a partial month, compensation will be based on the number of days during the quarter in which the Investment Manager provided services to the Fund. The Investment Manager may, in its discretion and from time to time, reduce any portion of the compensation due to it pursuant to this Agreement and may agree to make payments to limit the expenses which are the responsibility of the Fund under this Agreement. Any such reduction or payment shall be applicable only to such specific reduction or payment and shall not constitute an agreement to reduce any future compensation or reimbursement due to the Investment Manager hereunder or to continue future payments. All rights of compensation under this Agreement for services performed as of the termination date shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. BOOKS AND RECORDS. The Investment Manager shall not be responsible for the provision of administrative, bookkeeping or accounting services to the Fund, except as otherwise provided herein, required by applicable law or regulation or as may be necessary for the Investment Manager to supply to the Fund or its Board the information required to be supplied under this Agreement. The Investment Manager will maintain all books and records with respect to the securities transactions of the Fund and will furnish to the Fund's Board such periodic and special reports as the Board may reasonably request. The Fund and the Investment Manager agree to furnish to each other, if applicable, current registration statements, proxy statements, reports to shareholders, certified copies of their financial statements, and such other information with regard to their affairs as each may reasonably request.

Any records required to be maintained and preserved pursuant to the provisions of Rule 31a-1 and Rule 31a-2 promulgated under the 1940 Act which are prepared or maintained by the Investment Manager on behalf of the Fund are the property of the Fund and will be surrendered promptly to the Fund on request; provided that the Investment Manager may make and retain copies of such records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. STATUS OF INVESTMENT MANAGER. The services of the Investment Manager to the Fund are not to be deemed exclusive, and the Investment Manager shall be free to render similar services to others so long as its services to the Fund are not impaired thereby. The Investment Manager shall be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Fund in any way or otherwise be deemed an agent of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. LIMITATION OF LIABILITY AND INDEMNIFICATION OF INVESTMENT MANAGER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations to the Fund, the Investment Manager and any partner, member, manager, director, officer or employee of the Investment Manager, or any of their affiliates, executors, heirs, assigns, successors or other legal representatives, shall not be subject to liability to the Fund or otherwise under this Agreement for any act or omission in the course of, or connected with, rendering services hereunder or for any losses that may be sustained in the purchase, holding or sale of any security by the Fund, including, without limitation, for any error of judgment, for any mistake of law, for any act or omission by the Investment Manager or any affiliate of the Investment Manager, except as may otherwise be provided under provisions of applicable state law or Federal securities law which cannot be waived or modified hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund shall indemnify, to the fullest extent permitted by law, the Investment Manager, or any partner, member, manager, officer or employee of the Investment Manager, and any of their affiliates, executors, heirs, assigns, successors or other legal representatives (each such person being an "Indemnitee"), against any claim, loss, damage, liability, reasonable cost, or reasonable expense (including reasonable attorney's fees, judgments, and other related expenses in connection therewith and amounts paid in defense and settlement thereof) (individually, the "Liability," and collectively, the "Liabilities") to which the person may be liable that arises or results from this Agreement or the performance of any services under this Agreement, so long as such Liabilities did not arise primarily from such person's willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations and duties under this Agreement. The rights of indemnification provided under this Section shall not be construed so as to provide for indemnification of any aforementioned persons for any losses (including any liability under Federal securities laws which, under certain circumstances, impose liability even on persons that act in good faith) to the extent (but only to the extent) that such indemnification would be in violation of applicable law, but shall be construed so as to effectuate the applicable provisions of this Section to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Investment Manager shall indemnify, to the fullest extent permitted by law, the Fund and all controlling persons of the Fund (as described in Section 15 of the Securities Act of 1933, as amended), against any Liability to which the person may be liable that results from the Investment Manager's willful misfeasance, bad faith, or gross negligence in connection with the performance of the Investment Manager's obligations under this Agreement, or from the Investment Manager's reckless disregard of its obligations and duties under this Agreement. The rights of indemnification provided under this Section shall not be construed so as to provide for indemnification of any aforementioned persons for any losses (including any liability under Federal securities laws which, under certain circumstances, impose liability even on persons that act in good faith) to the extent (but only to the extent) that such indemnification would be in violation of applicable law, but shall be construed so as to effectuate the applicable provisions of this Section to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. PERMISSIBLE INTERESTS. Trustees, agents, and interest holders of the Fund are or may be interested in the Investment Manager (or any successor thereof) as members, managers, officers, or interest holders, or otherwise; members, managers, officers, agents, and interest holders of the Investment Manager are or may be interested in the Fund as Trustees, interest holders or otherwise; and the Investment Manager (or any successor) is or may be interested in the Fund as an interest holder or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. AUTHORITY; NO CONFLICT. The Investment Manager represents, warrants and agrees that: it has the authority to enter into and perform the services contemplated by this Agreement; and the execution, delivery and performance of this Agreement do not, and will not, conflict with, or result in any violation or default under, any agreement to which Investment Manager or any of its affiliates are a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. FUND REPRESENTATIONS: The Fund represents, warrants and agrees that it: (a) has all requisite power and authority to enter into and perform its obligations under this Agreement; (b) has taken all necessary actions to authorize its execution, delivery and performance of this Agreement; and has furnished to the Investment Manager copies of each of the following documents: (i) the governing documents of the Fund; (ii) the resolutions of the Board approving the engagement of the Investment Manager as investment adviser of the Fund and approving this Agreement; and (iii) current copies of the Fund's Prospectus and Statement of Additional Information. The Fund shall furnish the Investment Manager from time to time with copies of all material amendments of or material supplements to each of the foregoing, if any, with reasonable notice prior to implementation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. LICENSE OF INVESTMENT MANAGER'S NAME. The Investment Manager grants to the Fund a license to use the name "Tap" (the "Name") as part of the name of the Fund. The foregoing authorization by the Investment Manager to the Fund to use the Name as part of the name of the Fund is not exclusive of the right of the Investment Manager itself to use, or to authorize others to use, the Name. The Fund acknowledges and agrees that, as between the Fund and the Investment Manager, the Investment Manager has the right to use, or authorize others to use, the Name. The Fund shall (1) only use the Name in a manner consistent with uses approved by the Investment Manager; (2) adhere to such specific quality control standards as the Investment Manager may from time to time promulgate; and (3) protect the reputation and goodwill of the Name. The Fund acknowledges that the Name and the trademark associated therewith are the valuable property of the Investment Manager or its affiliates. The Fund will (a) submit to the Investment Manager for review and preapproval prior to use any promotional materials using the Name if and when the Investment Manager notifies the Fund in writing that such review and preapproval is required; and (b) change the name of the Fund within one month of its receipt of the Investment Manager's request, or such other shorter time period as may be required under the terms of a settlement agreement or court order, so as to eliminate all reference to the Name and will not thereafter transact any business using the Name in the name of the Fund; provided, however, that to the extent required by law, regulation or regulatory guidance, the Fund may continue to make reference to the prior name of the Fund in its prospectuses, regulatory filings, marketing materials and similar documents and the Fund may continue to use beyond such date any supplies of prospectuses, marketing materials and similar documents that the Fund had on the date of such name change in quantities not exceeding those historically produced and used in connection with such Fund. If the Fund makes any unauthorized use of the Name or the Investment Manager's derivatives, logos, trademarks, or service marks or trade names, the Fund acknowledges that the Investment Manager shall suffer irreparable harm for which monetary damages may be inadequate and thus, the Investment Manager shall be entitled to injunctive relief, as well as any other remedy available under law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. DURATION AND TERMINATION. This Agreement, unless sooner terminated as provided herein, shall remain in effect until April 2, 2028 and thereafter, may continue in effect only if such continuance is specifically approved at least annually (a) by the vote of a majority of those Trustees of the Board who are not parties to this Agreement or interested persons of any party to this Agreement, cast in person at a meeting called for the purpose of voting on such approval, and (b) by a vote of a majority of the Fund's Board or by vote of a majority of the outstanding voting securities of the Fund; provided, however, that if the shareholders of the Fund fail to approve the Agreement as provided herein, the Investment Manager may continue to serve hereunder in the manner and to the extent permitted by the 1940 Act and rules and regulations thereunder. The foregoing requirement that continuance of this Agreement be "specifically approved at least annually" shall be construed in a manner consistent with the 1940 Act and the rules and regulations thereunder.

Notwithstanding the foregoing, this Agreement may be terminated as to the Fund at any time, without the payment of any penalty, by vote of a majority of members of the Fund's Board or by vote of a majority of the outstanding voting securities of the Fund on 60 days' written notice to the Investment Manager, or by the Investment Manager at any time, without the payment of any penalty, on 60 days' written notice to the Fund. This Agreement will automatically and immediately terminate in the event of its assignment. Any notice under this Agreement shall be given in writing, addressed and delivered, or mailed postpaid, to the other party at any office of such party.

As used in this Section 13, the terms "assignment", "interested persons", and a "vote of a majority of the outstanding voting securities" shall have the respective meanings set forth in the 1940 Act and the rules and regulations thereunder; subject to such exemptions as may be granted by the Securities and Exchange Commission under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. NOTICE. Any notice required or permitted to be given by either party to the other shall be deemed sufficient if sent by delivery service or registered or certified mail, postage prepaid, addressed by the party giving notice to the other party at the last address furnished by the other party to the party giving notice:

If to the Investment Manager:

Tap Capital LLC

Attn: Jeff Leathers

One World Trade Center, 85th Floor

Telephone: (212) 229-6098

If to the Fund:

Tap US Private Equity Fund of Funds

c/o Jeff Leathers

One World Trade Center, 85th Floor

New York, NY 10007

Telephone: (212) 229-6098

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. SEVERABILITY. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. GOVERNING LAW. This Agreement shall be construed in accordance with the laws of the State of Delaware, without reference to conflict of law or choice of law doctrines, and the applicable provisions of the 1940 Act. To the extent that the applicable laws of the State of Delaware, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. AMENDMENT. No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by all parties and only in accordance with the provisions of the 1940 Act and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. COUNTERPARTS. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. TRACK RECORD. Notwithstanding anything else to the contrary herein, the Investment Manager shall retain a right to use the investment performance and track record of the Fund (including in marketing materials) to the extent permitted by law. Further, for the avoidance of doubt, the Investment Manager shall be entitled to retain a copy and use records of each of its transactions and other records pertaining to the Fund as are necessary to support any such uses of the investment performance and track record.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. MISCELLANEOUS**.** Where the effect of a requirement of the 1940 Act or the Advisers reflected in any provision of this Agreement is altered by a rule, regulation or order of the SEC, whether of special or general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. NO THIRD PARTY BENEFICIARIES. The parties hereto acknowledge and agree that this Agreement is intended solely for the benefit of the parties hereto and any natural person or entity obtaining rights hereunder as an Indemnitee and that there shall be no third party beneficiaries to this Agreement, either express or implied.

IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed and effective as of the day and year first written above.

---

| | |
|:---|:---|
| TAP US PRIVATE EQUITY FUND OF FUNDS | TAP US PRIVATE EQUITY FUND OF FUNDS |
| By: | /s/ Jeff Leathers |
| Title: | President |
| Tap Capital LLC | Tap Capital LLC |
| By: | /s/ Jeff Leathers |
| Title: | CEO |

---

## Ex-99.(H)

**Exhibit (h)**

Tap US Private Equity Fund of Funds

[ ] Common Shares of Beneficial Interest<br>Par Value $0.001 Per Share<br>UNDERWRITING AGREEMENT

[ ], 2026

UNDERWRITING AGREEMENT

[ ], 2026

TCBI Securities, Inc., doing business as Texas Capital Securities<br> 2000 McKinney Avenue

Suite 700<br> Dallas, TX 75201

as Representative of the several Underwriters

Ladies and Gentlemen:

Tap US Private Equity Fund of Funds, a statutory trust duly formed under the laws of the State of Delaware (the "<u>Fund</u>"), and the Fund's adviser, Tap Capital LLC, a Delaware limited liability company (the "<u>Adviser</u>"), each confirms its agreement with TCBI Securities, Inc., doing business as Texas Capital Securities ("TCS"), and each of the other underwriters named in Appendix A hereto (the "<u>Underwriters</u>"), for whom TCS is acting as representative (in such capacity, the "<u>Representative</u>") with respect to (i) the issue and sale by the Fund and the purchase by the Underwriters, acting severally and not jointly, of the respective number of common shares of beneficial interest, par value $0.001 per share, of the Fund ("<u>Common Shares</u>") set forth opposite such respective Underwriter's name in Appendix A hereto, and (ii) with respect to the grant by the Fund to the Underwriters, acting severally and not jointly, of the option described in [ ] hereof to purchase all or any part of [ ] additional Common Shares for the sole purpose of covering overallotments, if any (the "<u>Underwriting Agreement</u>"). The aforesaid [ ] Common Shares (the "<u>Initial Shares</u>") to be purchased by the Underwriters and all or any part of the [ ] Common Shares subject to the option described in Section 1 hereof (the "<u>Additional Shares</u>") are hereinafter called, collectively, the "<u>Shares</u>." The Shares are described in the Prospectus, which is defined below.

The Fund has filed with the Securities and Exchange Commission (the "<u>Commission</u>") a registration statement on Form N-2 (File Nos. 333-286914 and 811-24081) covering the registration of the Shares under the Securities Act of 1933, as amended (the "<u>1933 Act</u>"), including the related preliminary prospectus or prospectuses and a notification on Form N-8A (the "<u>Notification</u>") of registration of the Fund as an investment company under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"), and the rules and regulations of the Commission under the 1933 Act and the 1940 Act (collectively, the "<u>Rules and Regulations</u>").

Promptly after execution and delivery of this Agreement, the Fund will prepare and file a prospectus in accordance with the provisions of Rule 430A under the 1933 Act ("<u>Rule 430A</u>") and Rule 424(b) ("<u>Rule 424(b)</u>") of the 1933 Act. The information included in such prospectus that was omitted from such registration statement at the time it became effective but that is deemed to be part of such registration statement at the time it became effective pursuant to paragraph (b) of Rule 430A is referred to as "<u>Rule 430A Information</u>." The registration statement, including the exhibits thereto and schedules thereto at the time it became effective and including the Rule 430A Information is herein called the "<u>Registration Statement</u>." Any registration statement filed pursuant to Rule 462(b) of the Rules and Regulations is herein referred to as the "<u>Rule 462(b) Registration Statement</u>," and after such filing the term "<u>Registration Statement</u>" shall include the Rule 462(b) Registration Statement. Each prospectus used prior to the effectiveness of the Registration Statement (which, for the avoidance of doubt, includes only the Statutory Prospectus (as defined below)), and each prospectus that omitted the Rule 430A Information that was used after such effectiveness and prior to the execution and delivery of this Agreement, including in each case any statement of additional information incorporated therein by reference, is herein called a "<u>Preliminary Prospectus</u>." The final prospectus in the form first filed under Rule 424(b) and furnished to the Underwriters for use in connection with the offering of the Shares, including the statement of additional information incorporated therein by reference, is herein called the "<u>Prospectus</u>." For purposes of this Agreement, all references to the Registration Statement, any preliminary prospectus, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the copy filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval system or any successor system ("<u>EDGAR</u>").

"<u>Pricing Prospectus</u>" means the Preliminary Prospectus, dated [ ], 2026, including the statement of additional information incorporated therein by reference.

"<u>Pricing Information</u>" means the information relating to (i) the number of Shares issued and (ii) the offering price of the Shares included on the cover page of the Prospectus.

"<u>General Disclosure Package</u>" means any Issuer Free Writing Prospectus and the Pricing Prospectus taken together with the Pricing Information.

"<u>Issuer Free Writing Prospectus</u>" means any "written communication" (as defined in Rule 405 under the 1933 Act) that constitutes an offer to sell or solicitation of an offer to buy the Shares.

"<u>Sales Materials</u>" means those advertising materials, sales literature, press releases or other promotional materials or documents, if any, constituting an advertisement pursuant to Rule 482 under the 1933 Act authorized or prepared by the Fund or authorized or prepared on behalf of the Fund by the Adviser (as defined below) or any representative thereof for use in connection with the public offering or sale of the Shares, each of which is listed in Appendix D hereto; provided, however, that Sales Materials do not include any slides, tapes or other materials or documents that constitute a "written communication" (as defined in Rule 405 under the 1933 Act) used in connection with a "road show" or a "bona fide electronic road show" (each as defined in Rule 433 under the 1933 Act) related to the offering of Shares contemplated hereby (collectively, "<u>Road Show Materials</u>").

"<u>Applicable Time</u>" means the time as of which this Underwriting Agreement was entered into, which shall be [ ] p.m. (New York City time) on the date of this Underwriting Agreement (or such other time as is agreed to by the Fund and the Representative on behalf of the Underwriters).

The Adviser will act as the Fund's adviser pursuant to an Investment Advisory Agreement by and between the Fund and the Adviser, dated as of [ ], 2026 (the "<u>Investment Advisory Agreement</u>"). U.S. Bank National Association will act as the custodian (the "<u>Custodian</u>") of the Fund's cash and portfolio assets pursuant to the Custody Agreement, as amended, dated as of [ ], 2026 (the "<u>Custody Agreement</u>"). U.S. Bancorp Fund Services, LLC (the "<u>Administrator</u>") will provide administrative and accounting services pursuant to the Fund Servicing Agreement dated [ ], 2026 (the "<u>Fund Servicing Agreement</u>"). Computershare Inc. and its affiliate Computershare Trust Company, N.A. will act as the transfer agent ("<u>Transfer Agent</u>") pursuant to the Transfer Agency and Service Agreement dated [ ], 2026 (the "<u>Transfer Agency and Service Agreement</u>"). The Fund and the Adviser have entered into a Subscription Agreement dated as of [ ], 2026 (the "<u>Subscription Agreement</u>"). In addition, the Fund has adopted a dividend reinvestment plan (the "<u>Dividend Reinvestment Plan</u>") pursuant to which holders of Shares may have their dividends automatically reinvested in additional Common Shares of the Fund unless they elect to receive such dividends in cash.

The Adviser and TCS have entered into a Structuring Fee Agreement to be dated [ ], 2026 (the "<u>TCS Structuring Agreement</u>" or the "<u>Fee Agreement</u>").

As used in this Underwriting Agreement, "<u>Business Day</u>" shall mean a day on which the New York Stock Exchange (the "<u>NYSE</u>") is open for trading. The terms "herein," "hereof," "hereto," "hereinafter" and similar terms, as used in this Underwriting Agreement, shall in each case refer to this Underwriting Agreement as a whole and not to any particular section, paragraph, sentence or other subdivision of this Underwriting Agreement. The term "<u>or</u>," as used herein, is not exclusive.

The Fund, the Adviser and the Underwriters agree as follows:

1. **Sale and Purchase**. Upon the basis of the warranties and representations and subject to the terms
and conditions herein set forth, the Fund agrees to sell to the respective Underwriters, and each of the Underwriters, severally and not
jointly, agrees to purchase from the Fund, the aggregate number of Initial Shares set forth opposite the name of such Underwriter in Appendix
A attached hereto in each case at a purchase price of $[ ] per Share (less the underwriting discount) (the " <u>Purchase Price</u> ").
The Fund is advised that the Underwriters intend (i) to make a public offering of their respective portions of the Initial Shares as soon
after the Effective Time as is advisable and (ii) initially to offer the Initial Shares upon the terms set forth in the Prospectus. The
Underwriters may from time to time increase or decrease the public offering price prior to the Applicable Time (as defined above) to such
an extent as they may determine.

In addition, the Fund hereby grants to the several Underwriters the option to purchase, and upon the basis of the warranties and representations and subject to the terms and conditions set forth herein, the Underwriters shall have the right to purchase, severally and not jointly, from the Fund, ratably in accordance with the number of Initial Shares to be purchased by each of them, all or a portion of the Additional Shares as may be necessary solely to cover over-allotments made in connection with the offering of the Initial Shares and prior to the Applicable Time, at the Purchase Price less an amount per Share equal to any dividends or distributions declared by the Fund and paid or payable on the Initial Shares, but not payable on the Additional Shares. This option may be exercised by the Representative on behalf of the several Underwriters at any time and from time to time on or before the 30th day following the date hereof, by written notice to the Fund. Such notice shall set forth the aggregate number of Additional Shares as to which the option is being exercised, and the date and time when the Additional Shares are to be paid for and delivered (such date and time being herein referred to as the "<u>Additional Shares Closing Time</u>"); <u>provided</u>, <u>however</u>, that the Additional Shares Closing Time shall not be earlier than the Initial Shares Closing Time (as defined below) nor earlier than the second business day after the date on which the option shall have been exercised and no later than the tenth business day after the date of such notice. The number of Additional Shares to be sold to each Underwriter at each Additional Shares Closing Time shall be the number that bears the same proportion to the aggregate number of Additional Shares being purchased by the Underwriters at such Additional Shares Closing Time as the number of Initial Shares set forth opposite the name of such Underwriter on Appendix A hereto bears to the total number of Initial Shares (subject, in each case, to such adjustment to eliminate fractional shares as the Representative may determine).

In consideration for its services hereunder, the Underwriters shall deduct from the gross proceeds, with respect to any Shares sold to the Underwriters in this Offering, an underwriting discount of 3% of the public offering price per share.

2. **Payment and Delivery.** Payment of the Purchase Price for, and delivery of certificates, if any,
for the Initial Shares shall be made by Federal or other funds immediately available in New York City against delivery of such Shares
for the respective accounts of the several Underwriters at [ ] A.M. (New York City time), on [ ], 2026, or at such other time on the same
or such other date, not later than 10 business days after the Initial Shares Closing Time, as shall be designated in writing by the Representative.
The time and date of such payment are hereinafter referred to as the " <u>Initial Shares Closing Time</u>." It is understood
that each Underwriter has authorized the Representative(s), for its account, to accept delivery of, receipt for, and make payment of the
purchase price for, the Initial Shares and the Additional Shares, if any, which it has agreed to purchase. Certificates, if any,
for the Initial Shares shall be delivered to the Representative in definitive form in such names and in such denominations as the Representative
shall specify on the second business day preceding the Initial Shares Closing Time. If the Initial Shares are to be certificated, for
the purpose of expediting the checking of the certificates, if any, for the Initial Shares by the Representative, the Fund agrees to make
such certificates, if any, available to the Representative for such purpose at least one full business day preceding the Initial Shares
Closing Time. Payment of the purchase price for the Additional Shares shall be made at the Additional Shares Closing Time in the same
manner as the payment for the Initial Shares. Certificates, if any, for Additional Shares shall be delivered to the Representative in
definitive form in such names and in such denominations as the Representative shall specify no later than the second business day preceding
the Additional Shares Closing Time. If the Additional Shares, if any, are to be certificated, for the purpose of expediting the checking
of the certificates, if any, for the Additional Shares by the Representative, the Fund agrees to make such certificates, if any, available
to the Representative for such purpose at least one full business day preceding the Additional Shares Closing Time. The Initial Shares
Closing Time and the Additional Shares Closing Time are referred to herein as the " <u>Closing Times</u>."

3. **Payment of Expenses**. The Adviser will pay or cause to be paid all expenses incident to the performance
of the Adviser's and the Fund's obligations under this Agreement, including (i) the preparation, printing and filing of the
Registration Statement (including financial statements and exhibits) as originally filed and each amendment thereto, (ii) the preparation,
printing and delivery to the Underwriters of copies of each preliminary prospectus, Sales Materials, if any, Issuer Free Writing Prospectus,
if any, and the Prospectus and any amendments or supplements thereto and any costs associated with electronic delivery of any of the foregoing
by the Underwriters to investors, (iii) the preparation, issuance and delivery of the certificates or evidence of book entry notation,
if any, for the Shares to the Underwriters, including any stock or other transfer taxes and any stamp or other duties payable upon the
sale, issuance or delivery of the Shares to the Underwriters, (iv) the fees and disbursements of the Fund's counsel, accountants
and other advisers, (v) the qualification of the Shares, if required, under securities laws in accordance with the provisions of Section
6(e) hereof, including filing fees, (vi) the preparation, printing and delivery to the Underwriters of copies of the Blue Sky Survey,
if any, and any supplement thereto, (vii) the FINRA filing fees incurred by the Fund under FINRA Rule 5110 in connection with the offering
of the Shares, (viii) all reasonable and documented expenses associated with travel, the production of road show slides and graphics,
fees and expenses of any consultants engaged in connection with the road show presentations, (ix) costs and expenses of counsel of the
Underwriters, (x) all out-of-pocket expenses of the Underwriters and (xi) fees of counsel to the Representative up to $250,000 in the
aggregate (excluding any indemnity obligations of the Fund and Adviser to the Representative pursuant to Section 10 hereto) in connection
with the offering of the Shares, (xi) the fees and expenses incurred in connection with the listing of the Shares on the NYSE and (xii)
the printing of any sales material. The Fund and the Adviser agree that the Adviser will pay (a) all organizational expenses of the Fund
and all of the foregoing costs and expenses incident to the performance of the obligations of the Fund under this Agreement and (b) the
foregoing costs and expenses incident to the performance of the obligations of the Adviser under this Agreement. In addition, the Adviser
agrees to pay an amount equal to $[ ] per Common Share to TCS, on behalf of the Underwriters, at the Closing Time and Date of Delivery,
if applicable. The sum total of all compensation received by the Underwriters in connection with this offering, including all forms of
compensation to and reimbursement of Underwriters, will not exceed 6% of the total price to the public of the Common Shares sold in this
offering.

4. **Representations and Warranties of the Fund and the Adviser**. Each of the Fund and the Adviser jointly
and severally represents and warrants to each Underwriter as of the date of this Underwriting Agreement, as of the Applicable Time, as
of the Initial Shares Closing Times, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i)(A) The Shares have been duly registered under the 1933 Act, pursuant to the Registration Statement.
Each of the Registration Statement, and any amendment thereto and any Rule 462(b) Registration Statement has become effective under the
1933 Act or, with respect to any registration statement to be filed to register the offer and sale of Shares pursuant to Rule 462(b) under
the 1933 Act, will be filed with the Commission and become effective under the 1933 Act no later than 10:00 p.m., New York City time,
on the date of determination of the public offering price for the Shares; (B) no stop order of the Commission preventing or suspending
the use of any Preliminary Prospectus or Sales Materials or of the Prospectus or the effectiveness of the Registration Statement has been
issued, no revocation of registration has been issued pursuant to Section 8(e) of the 1940 Act, and no proceedings for such purpose have
been instituted or, to the Fund's or the Adviser's knowledge, are contemplated by the Commission;

(ii)(A) The Registration Statement complied at the Effective Time, complies as of the date hereof and will comply, as amended or supplemented, at the Initial Shares Closing Time, at each Additional Shares Closing Time, if any, and at each and any time of a sale of Shares by an Underwriter during the period in which a prospectus is required by the 1933 Act to be delivered in connection with any sale of Shares, in each case in all material respects, with the requirements of the 1933 Act and the 1940 Act; (B) each of the Pricing Prospectus, Issuer Free Writing Prospectus and the Prospectus complied or will comply, at the time it was or is filed with the Commission, and the Prospectus complies as of its date and will comply, as amended or supplemented, at the Initial Shares Closing Time, at each Additional Shares Closing Time, if any, and at each and any time of a sale of Shares by an Underwriter during the period in which a prospectus is required by the 1933 Act to be delivered in connection with any sale of Shares, in each case in all material respects, with the requirements of the 1933 Act (including, without limitation, Section 10(a) of the 1933 Act) and the 1940 Act; and (C) there are no material differences between each Preliminary Prospectus and Prospectus delivered to the Underwriters for use in connection with the public offering of the Shares and the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR except to the extent permitted by Regulation S-T; (D) each of the Sales Materials complied, at the time it was first used in connection with the public offering of the Shares, and complies as of the date hereof, in each case in all material respects, with the applicable requirements of the 1933 Act (including, without limitation, Rule 482 thereunder), the 1940 Act and the applicable rules and interpretations of the Financial Industry Regulatory Authority, Inc. ("<u>FINRA</u>"); (E) each Issuer Free Writing Prospectus has been or will be (within the time period specified by the 1933 Act) filed in accordance with the 1933 Act; and (F) no Issuer Free Writing Prospectus includes or will include an untrue statement of a material fact or omitted, omits or will omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading nor will any information contained therein conflict with the information contained in the Registration Statement, any Preliminary Prospectus or the Prospectus in any material respect.

&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) (A)(1) The Registration Statement as of the Effective Time did not, (2) the Registration Statement (including any post-effective amendment thereto declared or deemed to be effective by the Commission) as of the date hereof does not, and (3) the Registration Statement (including any post-effective amendment thereto declared or deemed to be effective by the Commission), as of the Initial Shares Closing Time and each Additional Shares Closing Time, if any, will not, in each case, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; (B) at no time during the period that begins as of the Applicable Time and ends at the Initial Shares Closing Time did or will the General Disclosure Package, as then amended or supplemented, contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; (C) at no time during the period that begins at the time each of the Sales Materials was first used in connection with the public offering of the Shares and ends at the Applicable Time did any of the Sales Materials (as materials deemed to be a prospectus under Section 10(b) of the 1933 Act pursuant to Rule 482 under the 1933 Act), as then amended or supplemented, contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; and (D) at no time during the period that begins on the earlier of the date of the Prospectus and the date the Prospectus is filed with the Commission and ends at the latest of the Initial Shares Closing Time, the latest Additional Shares Closing Time, if any, and the end of the period during which a prospectus is required by the 1933 Act to be delivered in connection with any sale of Shares did or will the Prospectus, as then amended or supplemented, contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; <u>provided</u>, <u>however</u>, that each of the Fund and the Adviser makes no representation or warranty with respect to any statement contained in the Registration Statement, the General Disclosure Package, the Prospectus or the Sales Material in reliance upon and in conformity with information concerning an Underwriter furnished in writing by or on behalf of such Underwriter through the Representative to the Fund or to the Adviser on behalf of the Fund expressly for use in the Registration Statement, the General Disclosure Package, the Prospectus or the Sales Material; and provided, further that if any event occurs during any of the periods referred to in clauses (B), (C) or (D) of this Section 4(a)(iii) as a result of which it is necessary to amend or supplement the Prospectus, the General Disclosure Package or the Sales Materials, as applicable, in order to make the statements therein, in light of the circumstances under which they were made, not misleading, and the General Disclosure Package, the Sales Materials or the Prospectus, as applicable, is amended or supplemented in connection therewith in accordance with Section 6(c) of this Underwriting Agreement, such amendment or supplement shall be deemed, for purposes of this Section 4(a)(iii), to have been made contemporaneously with the occurrence of such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund (i) has been duly formed, has a legal existence and is in good standing as a statutory trust
under the laws of the State of Delaware; (ii) has the statutory trust power and authority to own, lease and operate its properties and
to conduct its business as described in the Registration Statement, the Pricing Prospectus, General Disclosure Package and the Prospectus
and to enter into and perform its obligations under this Agreement; (iii) is duly qualified to transact business and is in good standing
in each other jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct
of business, except where the failure to be so qualified or in good standing does not or would not have a material adverse effect on the
condition (financial or otherwise), business affairs, business prospects, management, properties, net assets or results of operations
of the Fund, whether or not arising in the ordinary course of business (a " <u>Material Adverse Effect</u> "); (iv) owns, possesses
or has obtained and currently maintains all governmental licenses, permits, consents, orders, approvals and other authorizations (collectively,
the " <u>Licenses and Permits</u> ") necessary to carry on its business as contemplated in the Registration Statement,
Pricing Prospectus and the Prospectus, except where the failure to obtain or maintain such Licenses and Permits does not or would not
have a Material Adverse Effect; (v) currently has no subsidiaries and has no current intention to form any subsidiaries; and (vi) has
made all necessary filings required of it under any applicable federal, state or local law, regulation or rule, except where the failure
to make such filings does not or would not result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The capitalization of the Fund is as set forth in the Registration Statement, the Pricing Prospectus and
the Prospectus. The Common Shares conform to the description of them in the Pricing Prospectus and the Prospectus. All the issued and
outstanding Common Shares have been duly authorized and are validly issued, fully paid and nonassessable and conform to the description
thereof in the Registration Statement, Pricing Prospectus and the Prospectus. The Shares to be issued and delivered to and paid for by
the Underwriters in accordance with this Underwriting Agreement against payment therefor as provided by this Underwriting Agreement have
been duly authorized and when issued and delivered to the Underwriters as contemplated herein will have been validly issued and will be
fully paid and nonassessable (except as described or referred to in the Registration Statement, the Pricing Prospectus and the Prospectus).
The certificates, if any, for the Shares will be in due and proper form. The issuance of the Shares has been done in compliance with all
applicable federal and state securities laws and is not subject to any preemptive rights or similar rights to subscribe for or purchase
securities. No person or entity is entitled to any preemptive or other similar rights with respect to the issuance of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund is duly registered with the Commission under the 1940 Act as a non-diversified, closed-end management
investment company and no order of suspension or revocation of such registration has been issued or proceedings thereof initiated or,
to the knowledge of the Fund or the Adviser, threatened by the Commission and, subject to the filing of any final amendment to the Registration
Statement (a " <u>Final Amendment</u> "), if not already filed, all action under the 1933 Act and the 1940 Act, as the case
may be, necessary to make the public offering and consummate the sale of the Shares as provided in this Underwriting Agreement has or
will have been taken by the Fund; the provisions of the Fund's Agreement and Declaration of Trust (as amended or restated through
the date hereof, the " <u>Declaration of Trust</u> ") and Bylaws (as amended or restated through the date hereof, the " <u>Bylaws</u> ")
comply in all material respects with the requirements of the 1940 Act. No person is serving or acting as an officer or director or investment
adviser of the Fund except in accordance with the provisions of the 1940 Act. The Fund is, and at all times through the completion of
the transactions contemplated hereby, will be, in compliance in all material respects with the provisions of the 1933 Act and the 1940
Act and the Rules and Regulations, and Notification of the Fund as an investment company under the 1940 Act has been duly filed with the
Commission. The Fund has not received any notice from the Commission pursuant to Section 8(e) of the 1940 Act with respect to the Notification
or the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund has full power and authority to enter into each of this Underwriting Agreement, the Investment
Advisory Agreement, the Custody Agreement, the Subscription Agreement, the Transfer Agency and Service Agreement, and the Fund Servicing
Agreement (collectively, the " <u>Fund Agreements</u> ") and the Dividend Reinvestment Plan and to perform all of the terms
and provisions hereof and thereof to be carried out by it and (i) each Fund Agreement has been duly and validly authorized, executed and
delivered by or on behalf of the Fund and the Dividend Reinvestment Plan has been duly and validly authorized by the Fund, (ii) each Fund Agreement and
the Dividend Reinvestment Plan complies in all material respects with all applicable provisions of the 1940 Act and the Investment Advisers
Act of 1940, as amended, and the rules and regulations thereunder (collectively called the " <u>Advisers Act</u> "), as the
case may be, and (iii) assuming due authorization, execution and delivery by the other parties thereto, each of the Fund Agreements constitutes
a legal, valid and binding obligation of the Fund enforceable in accordance with their terms, (A) subject
to the qualification that the enforceability of the Fund's obligations thereunder may be limited by bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance and similar laws relating to or affecting the rights and remedies of creditors generally, whether statutory
or decisional, and by general equitable principles (regardless of whether enforcement is sought in a proceeding in equity or at law) and
implied covenant of good faith and fair dealing, (B) subject, in the case of the Investment Advisory Agreement, to termination under the
1940 Act or the reasonableness or fairness of compensation payable thereunder and (C) except as rights to indemnification and contribution
hereunder may be limited by federal or state law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) None of (i) the execution, delivery and performance by the Fund of the Fund Agreements, (ii) the issuance
and sale by the Fund of the Shares as contemplated by this Underwriting Agreement, the Registration Statement, the Pricing Prospectus,
the Prospectus or any of the Fund Agreements and (iii) the performance by the Fund of its obligations under any of the Fund Agreements
or the Dividend Reinvestment Plan or consummation by the Fund of the other transactions contemplated by the Fund Agreements or the Dividend
Reinvestment Plan (A) conflicts with or will conflict with, or results in or will result in a breach or violation of the Declaration of
Trust or Bylaws, (B) conflicts with or will conflict with, results in or will result in a breach or violation of, or constitutes or will
constitute a default or an event of default under, or results in or will result in the creation or imposition of any lien, charge or encumbrance
upon any properties or assets of the Fund under the Declaration of Trust or Bylaws, or under the terms and provisions of any agreement,
indenture, mortgage, loan agreement, note, insurance or surety agreement, lease or other instrument to which the Fund is a party or by
which it may be bound or to which any of the property or assets of the Fund is subject or (C) results in or will result in any violation
of any law, rule or regulation, ordinance, judgment, order, writ or decree of any arbitrator, court, governmental body, regulatory body,
administrative agency or other authority, body or agency having jurisdiction over the Fund or any of its properties, assets or operations
(each, a "Governmental Entity"), other than state securities or "blue sky" laws applicable in connection with
the purchase and distribution of the Shares by the Underwriters pursuant to this Underwriting Agreement, except in the case of clauses
(B) or (C), where such conflict, breach, default, creation, imposition or violation, either individually or in the aggregate, does not
or would not result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Fund is not currently in breach of, or in default under, any written agreement, indenture, mortgage,
deed of trust, loan or credit agreement, note, lease or other agreement or instrument to which it is a party or by which it may be bound,
or to which any of the properties or assets of the Fund is subject, except where such breach or default, individually or in the aggregate,
does not or would not result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) There are no material restrictions, limitations or regulations with respect to the ability of the Fund
to invest its assets as described in the Registration Statement, the Pricing Prospectus and the Prospectus, other than as described therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No person has any registration rights or other similar right to have any securities registered for sale
pursuant to the Registration Statement or otherwise registered for sale or sold by the Fund under the 1933 Act or the 1940 Act. No person
has tag along rights or other similar rights to have any securities included in the offering contemplated by this Underwriting Agreement
or sold in connection with the sale of Shares by the Fund pursuant to this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) No consent, approval, authorization, notification or order of, or filing with, or the issuance of any
license or permit by, any Governmental Entity, commission, board, authority or body or with any self-regulatory organization, whether
foreign or domestic, is required by the Fund for the consummation by the Fund of the transactions to be performed by the Fund or the performance
by the Fund of all the terms and provisions to be performed by or on behalf of it in each case as contemplated in the Fund Agreements,
the Dividend Reinvestment Plan, the Registration Statement, the Pricing Prospectus or the Prospectus, except (i) such as have been obtained
and such as may be required (and shall be obtained prior to commencement of the transactions contemplated by this Underwriting Agreement)
under the 1933 Act, the Securities Exchange Act of 1934 (the " <u>1934 Act</u> "), the 1940 Act or the Advisers Act, (ii) such
as may be required by the NYSE, FINRA or under state securities laws, in connection with the purchase and distribution of the Shares by
the Underwriters pursuant to this Underwriting Agreement, or (iii) where the failure to obtain such consent, approval, authorization,
notification or order, filing, permit or license does not or would not result in a Material Adverse Effect or have a material adverse
effect on the consummation by the Fund of the transactions to be performed by the Fund pursuant to this Underwriting Agreement or the
performance by the Fund of all the terms and provisions to be performed by or on behalf of it in each case as contemplated in the Fund
Agreements, the Dividend Reinvestment Plan, the Registration Statement, the Pricing Prospectus or the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Cohen & Co. ("Cohen") was engaged by the Fund to act as its independent registered public
accounting firm in accordance with the 1940 Act. Cohen, whose report appears in the Prospectus, is an independent registered public accounting
firm with respect to the Fund in accordance with the 1940 Act, the 1933 Act and the rules of the Public Company Accounting Oversight Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The statement of assets and liabilities, together with any related notes or schedules thereto, included
or incorporated by reference in the Registration Statement, the Pricing Prospectus and the Prospectus presents fairly in all material
respects the financial condition of the Fund as of the dates or for the periods indicated in accordance with generally accepted accounting
principles ("GAAP") in the United States applied on a consistent basis, and complies in all material respects with all applicable
requirements under the 1933 Act and the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) No transaction has occurred between or among the Fund and any of its officers or trustees, shareholders
or affiliates or any affiliate or affiliates of any such officer or trustee or shareholder or affiliate that is required to be described
in and is not described in the Registration Statement, the Pricing Prospectus and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Except as otherwise set forth in the Registration Statement, the Pricing Prospectus or the
 Prospectus, there is no pending or, to the knowledge of the Fund or the Adviser, threatened action, suit, claim, inquiry,
 investigation or proceeding affecting the Fund or to which the Fund is a party before or by any Governmental Entity, which, (i) if
 determined adversely, would result in a Material Adverse Effect,
or (ii) might materially and adversely affect the consummation of the transactions contemplated hereby or the performance by the Fund
of its obligations hereunder or under the Fund Agreements and the Dividend Reinvestment Plan, or (iii) is of a character required to be
described in the Registration Statement or the Prospectus that is not so described, including ordinary routine litigation incidental to
the business which could result in Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Since the date as of which information is given in the Registration Statement, the Pricing Prospectus
and the Prospectus, except as otherwise stated therein, (i) there has been no Material Adverse Effect or to Fund's or the Adviser's
knowledge, any development reasonably expected to result in a Material Adverse Effect; (ii) the Fund has not incurred any material liabilities
or obligations, direct or contingent, nor entered into any material transactions, other than in the ordinary course of business or incident
to its organization; (iii) there has been no dividend or distribution of any kind declared, paid or made on any class of the Fund's
shares of beneficial interest (other than, in the event this representation and warranty is made after the Initial Shares Closing Time,
ordinary and customary dividends declared and payable after the Initial Shares Closing Time); and (iv) the Fund has not incurred any long-term
debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Neither the Fund nor any employee or agent of the Fund has made any payment of funds of the Fund, or received
or retained any funds, which payment, receipt or retention of funds is of a character required to be described in the Registration Statement,
the Pricing Prospectus or the Prospectus, and which has not been so described.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The Shares are duly authorized for listing, subject to official notice of issuance, on the NYSE and the
Fund's registration on Form 8-A under the 1934 Act has become effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) There are no contracts, franchises or other documents which are required to be described in the Registration
Statement or the Prospectus or to be filed or incorporated by reference as exhibits to the Registration Statement by the 1933 Act or the
1940 Act, as applicable, which are not described, filed or incorporated by reference therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Except for stabilization transactions conducted by the Underwriters, and except for tender offers, Share
repurchases and the issuance or purchase of Shares pursuant to the Dividend Reinvestment Plan effected following the date on which the
distribution of the Shares is completed in accordance with the policies of the Fund as set forth in the Pricing Prospectus or the Prospectus,
the Fund or any affiliate has not taken and will not take, directly or indirectly, any action designed or which might be reasonably expected
to cause or result in, or which will constitute, stabilization or manipulation of the price of the Shares in violation of applicable federal
securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) The Fund has (i) appointed a Chief Compliance Officer and (ii) adopted and implemented written policies
and procedures reasonably designed to prevent violation of the federal securities laws (as that term is defined in Rule 38a-1 under the
1940 Act) by the Fund, including policies and procedures that provide oversight of compliance by the Adviser and transfer agent of the
Fund, in a manner required by and consistent with Rule 38a-1 under the 1940 Act and is in compliance in all material respects with such
Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) The Fund maintains a system of internal accounting controls sufficient to provide reasonable assurances
that (i) transactions are executed in accordance with management's general or specific authorization; (ii) transactions are recorded
as necessary to permit preparation of financial statements in
conformity with GAAP to calculate net asset value, and to maintain accountability for assets and to maintain compliance with the books
and records requirements under the 1940 Act and the Rules and Regulations; (iii) access to assets is permitted only in accordance with
management's general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets
through an asset reconciliation procedure or otherwise at reasonable intervals and appropriate action is taken with respect to any differences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Fund has established and will maintain "disclosure controls and procedures" (as such term
is defined in Rule 30a-3 under the 1940 Act); such disclosure controls and procedures will be effective as required by the 1940 Act and
the Rules and Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) The Fund will direct the proceeds of the offering of the Shares in such a manner as to comply with the
asset coverage requirements of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) The Fund intends to direct the investment of the proceeds of the offering of the Shares in such a manner
as to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the " <u>Code</u> "), and
is eligible to qualify as a regulated investment company under Subchapter M of the Code and intends to elect to be treated as a registered
investment company under Subchapter M of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) The Fund has not distributed and, prior to the later to occur of the (i) date of the last Closing Time
and (ii) completion of the distribution of the Shares, will not distribute any offering materials in connection with the public offering
or sale of the Shares other than the Registration Statement, the General Disclosure Package, the Sales Materials, the Prospectus or any
other materials the distribution of which has been approved in writing (including via e-mail or other written forms of communication)
by the Representative or their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) There are no Sales Materials other than as set forth on Appendix D; and no Sales Materials or Road Show
Materials authorized or prepared by the Fund or authorized or prepared on behalf of the Fund by the Adviser or any affiliate or representative
thereof for use in connection with the public offering or sale of the Shares contained or contain an untrue statement of a material fact
or omitted or omits to state a material fact required to be stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) No person is serving or acting as an officer, trustee or Adviser of the Fund except in accordance with
the provisions of the 1940 Act and the Advisers Act. Except as described in the Registration Statement, the Pricing Prospectus and the
Prospectus (or any amendment or supplement to any of them), no trustee of the Fund is (i) an "interested person" (as defined
in the 1940 Act) of the Fund or (ii) an "affiliated person" (as defined in the 1940 Act) of any Underwriter listed in Appendix
A hereto. For purposes of this Section 4(aa), the Fund and the Adviser shall be entitled to rely on the representations from such officers
and trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) Other than any transfer taxes paid by the Adviser pursuant to Section 3, there are no transfer taxes or
other similar fees or charges under federal law or the laws of any state, or any political subdivision thereof, required to be paid in
connection with the execution and delivery of this Underwriting Agreement or the issuance by the Fund or sale by the Fund of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) Except for matters that would not, individually or in the aggregate, have or reasonably be expected to
result in a Material Adverse Effect, the Fund (i) has made or filed all United States federal, state and local income and all foreign
income and franchise tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has paid all taxes
and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns, reports and
declarations and (iii) has set aside on its books provision reasonably adequate for the payment of all material taxes for periods subsequent
to the periods to which such returns, reports or declarations apply. There are no unpaid taxes in any material amount claimed to be due
by the taxing authority of any jurisdiction, and the officers of the Fund know of no basis for any such claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Any statistical, demographic or market-related data included in the Registration Statement, the Pricing
Prospectus, any Issuer Free Writing Prospectus, the Prospectus, the Sales Materials or the Road Show Materials are based on and derived
from sources that the Fund believes, after reasonable inquiry, to be reliable and accurate in all material respects and, to the extent
required, the Fund or the Adviser, on behalf of the Fund, have obtained the written consent to the use of such data from such sources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) The Fund is insured by insurers of recognized financial responsibility against such losses and risks and
in such amounts as is generally maintained by companies of established repute engaged in the same or similar business, and all such insurance
insuring the Fund or its business, assets, employees, officers and trustees, including the Fund's trustees and officers errors and
omissions insurance policy and its fidelity bond required by Rule 17g-1 of the Rules and Regulations, are in full force and effect. The
Fund is in compliance with the terms of such policy and fidelity bond and there are no claims by the Fund under any such policy or fidelity
bond as to which any insurance company is denying liability or defending under a reservation of rights clause. The Fund has no reason
to believe that it will not be able (A) to renew its existing insurance coverage as and when such policies expire or (B) to obtain comparable
coverage from similar institutions as may be necessary or appropriate to conduct its business as now conducted. The Fund has not been
denied any insurance coverage which it has sought or for which it has applied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) The Fund owns or possesses, or can acquire on reasonable terms, adequate patents, patent rights, licenses,
inventions, copyrights, know-how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information,
systems, or procedures), trademarks, service marks, trade names or other intellectual property (collectively, " <u>Intellectual Property</u> ")
necessary to carry on the business operated by the Fund, provided that the Fund's right to use the name "Tap" or any
derivation thereof, or any logo associated with those names, is limited as set forth in Section 12 of the Investment Advisory Agreement,
and the Fund has not received any notice or is not otherwise aware of any infringement of or conflict with asserted rights of others with
respect to any Intellectual Property or of any facts or circumstances which would render any Intellectual Property invalid or inadequate
to protect the interest of the Fund and which, individually or in the aggregate, if the subject of an unfavorable decision, ruling or
finding, would result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) The Fund and its officers and trustees, in their capacities as such, have taken all necessary actions
to ensure that, upon effectiveness of the Registration Statement, the Fund is in compliance in all material respects with the applicable
provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations
promulgated thereunder (the " <u>Sarbanes-Oxley Act</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) The Fund's Board of Trustees has validly appointed an audit committee whose composition satisfies
the applicable requirements of Rules 303A.06 and 303A.07(a) of the NYSE Listed Company Manual and the Board of Trustees and/or the audit
committee has adopted a charter that satisfies the applicable requirements of Rule 303A.07(c) of the NYSE Listed Company Manual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Pursuant to Rule 2a-5 of the 1940 Act, the Fund has adopted policies and procedures for the valuation
of the Fund's investments reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4 under the 1940
Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) None of the Fund, the Adviser, their respective directors, trustees (including any trustee who is an "interested
person" (as defined in the 1940 Act) of the Fund (an " <u>Interested Trustee</u> ") and any trustee who is not an "interested
person" (as defined in the 1940 Act) of the Fund (an "Independent Trustee")), officers or employees, or, to the knowledge
of the Fund or the Adviser, any agent, affiliate, representative or other person acting on their behalf, has taken or will take any action
in furtherance of an offer, payment, promise to pay, or authorization or approval of the payment or giving of anything of value, directly
or indirectly, to any "government official" (including any officer or employee of a government or government-owned or controlled
entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing,
or any political party or party official or candidate for political office) to influence official action or secure an improper advantage;
and the Fund and the Adviser have policies and procedures reasonably designed to ensure compliance with applicable anti-corruption laws
including, without limitation, the Foreign Corrupt Practices Act of 1977, as amended (the " <u>FCPA</u> ") and any other applicable
anti-corruption laws, and will continue to maintain these policies and procedures reasonably designed to ensure compliance with such laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) The Fund and Adviser have policies and procedures reasonably designed to ensure compliance with all applicable
financial recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title III of the Uniting and
Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), the rules
and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any Governmental
Entity (collectively, the " <u>Money Laundering Laws</u> "), and no action, suit or proceeding by or before any court or governmental
agency, authority or body or any arbitrator involving the Fund with respect to any applicable Money Laundering Laws is pending or, to
the knowledge of the Fund, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) None of the Fund, the Adviser, their respective directors, trustees (including any Independent Trustees
and any Interested Trustees), officers or employees, or, to the knowledge of the Fund or the Adviser, any agent, affiliate or other person
acting on their behalf, is (i) a person that is the subject or target of sanctions administered or enforced by the U.S. Department of
the Treasury's Office of Foreign Assets Control ("OFAC"), including any person identified on the Specially Designated
Nationals and Blocked Persons List, the Sectoral Sanctions Identifications List or any other sanctions list maintained by OFAC; (ii) a
person identified on any sanctions list maintained by the U.S. Department of State or the U.S. Department of Commerce; (iii) located,
organized or resident in a country or territory that is the subject of U.S.
sanctions ("Sanctioned Country"); or (iv) directly or indirectly owned or controlled (individually or in the aggregate, 50
percent or more) by one or more persons described in clauses (i), (ii) or (iii) (collectively (i) – (iv), a "Sanctioned Person").
The Fund and the Adviser will not directly or indirectly use the proceeds of the offering, or knowingly lend, contribute or otherwise
make such proceeds available, to fund or facilitate any activities or business of or with any Sanctioned Person or Sanctioned Country,
or in any manner that would result in a violation by any person (including any Underwriter) of U.S. sanctions laws. Since April 24, 2019,
none of the Fund, the Adviser, their respective directors, trustees (including any Independent Trustees and any Interested Trustees),
officers or employees, or, to the knowledge of the Fund or the Adviser, any agent, affiliate or other person acting on their behalf, has
knowingly engaged in any dealings or transactions with any person who is a Sanctioned Person or located in any Sanctioned Country. The
Fund and the Adviser maintain policies and procedures reasonably designed to ensure compliance with applicable U.S. sanctions laws and
regulations and will continue to maintain such policies and procedures. All of the information provided to the Underwriters or to counsel
for the Underwriters by the Fund, its officers and trustees in connection with letters, filings or other supplemental information provided
to FINRA pursuant to FINRA's conduct rules (and applicable legacy National Association of Securities Dealers rules) is true, complete
and correct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) (A) To the knowledge of the Fund and the Adviser, there has been no security breach or incident, unauthorized
access or disclosure, or other compromise of or relating to the Fund's information technology and computer systems, networks, hardware,
software, data and databases (including the data and information of its customers, employees, suppliers, vendors and any third party data
maintained, processed or stored by the Fund, and any such data processed or stored by third parties on behalf of the Fund), equipment
or technology (collectively, " <u>IT Systems and Data</u> "), (B) the Fund has not been notified of, and has no knowledge of
any event or condition that could result in, any security breach or incident, unauthorized access or disclosure or other compromise to
its IT Systems and Data and (C) the Fund has implemented appropriate controls, policies, procedures, and technological safeguards to maintain
and protect the integrity, continuous operation, redundancy and security of its IT Systems and Data reasonably consistent with industry
standards and practices, or as required by applicable regulatory standards. The Fund is presently in material compliance with all applicable
laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority,
internal policies and contractual obligations relating to the privacy and security of IT Systems and Data and to the protection of such
IT Systems and Data from unauthorized use, access, misappropriation or modification.

For the avoidance of doubt, no Underwriter is an agent, affiliate or representative of the Fund or the Adviser for purposes of the above representations and warranties. In addition, any certificate signed by any officer of the Fund or the Adviser and delivered to the Underwriters or counsel for the Underwriters in connection with the offering of the Shares shall be deemed to be a representation and warranty by the Fund or the Adviser as to matters covered thereby, to each Underwriter. For the avoidance of doubt, to the extent a representation includes a statement regarding a party's knowledge, belief, intention, awareness, or words of similar intent, such party is the only party making any representation regarding that statement.

5. **Representations and Warranties of the Adviser**. The Adviser represents and warrants to each Underwriter,
as of the date of this Underwriting Agreement, as of the Applicable Time, as of the Initial Shares Closing Time and as of each Additional
Shares Closing Time, if any, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser (i) has been duly organized and is validly existing and in good standing as a limited liability
company under the laws of the State of Delaware; (ii) has full power and authority to own, lease and operate its properties and assets,
and conduct its business and other activities conducted by it as described in the Registration Statement, the Pricing Prospectus and the
Prospectus; (iii) is duly licensed and qualified to do business and is in good standing in each jurisdiction in which its ownership or
lease of property or the conduct of its business or other activity requires such qualification, except to the extent that such failure
to be so qualified or to be in good standing does not or would not have a material adverse effect on the Adviser's ability to perform
its obligations under this Underwriting Agreement and the Investment Advisory Agreement (as defined herein) (an " <u>Adviser Material Adverse Effect</u> "); (iv) owns, possesses or has obtained and currently maintains all Licenses and Permits, whether foreign or
domestic, necessary to carry on its business as contemplated in the Registration Statement, the Pricing Prospectus and the Prospectus,
except those the absence of which, either individually or in the aggregate, does not or would not have an Adviser Material Adverse Effect;
and (v) has made all necessary filings required of it under any applicable federal, state or local law, regulation or rule, except where
the failure to make such a filing does not or would not result in an Adviser Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser is duly registered and in good standing with the Commission as an Adviser under the Advisers
Act and not prohibited by the Advisers Act or the 1940 Act, or rules or regulations thereunder, from acting as an Adviser for the Fund
as contemplated by the Investment Advisory Agreement, the Registration Statement, the Pricing Prospectus and the Prospectus and no order
or suspension or revocation of such registration has been issued or proceedings thereof initiated, or to the knowledge of the Adviser,
threatened by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Adviser has full power and authority to enter into, as applicable, each of this Underwriting Agreement,
the Investment Advisory Agreement, the Subscription Agreement, and the Fee Agreement (collectively, the " <u>Adviser Agreements</u> "),
and carry out all the terms and provisions hereof and thereof to be carried out by it; and (i) each Adviser Agreement has been or will
be duly and validly authorized, executed and delivered by the Adviser, (ii) the Adviser Agreements do not violate in any material respects
any of the applicable provisions of the 1940 Act or the Advisers Act, and (iii) assuming due authorization, execution and delivery by
the other parties thereto, each of the Adviser Agreements constitutes a legal, valid and binding obligation of the Adviser enforceable
in accordance with its terms, (A) subject to the qualification that the enforceability of the Adviser's obligations thereunder may
be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and similar laws relating to or affecting the
rights and remedies of creditors generally, whether statutory or decisional, and by general equitable principles (regardless of whether
enforcement is sought in a proceeding in equity or at law), (B) subject, in the case of the Investment Advisory Agreement, to termination
under the 1940 Act or the reasonableness or fairness of compensation payable thereunder and (C) except as rights to indemnity or contribution,
broadly worded waivers, waivers of rights to damages or defenses, waivers of unknown or future claims, and waivers of statutory, regulatory
or constitutional rights may be limited on statutory or public policy grounds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) None of (i) the execution, delivery and performance by the Adviser of the Adviser Agreements, (ii) the
issuance and sale by the Fund of the Shares as contemplated by this Underwriting Agreement, the Registration Statement, the Pricing Prospectus,
the Prospectus or any of the Adviser Agreements and (iii) the performance by the Adviser of its obligations under any of the Adviser Agreements
or performance and consummation by the Adviser of the other transactions contemplated by the Adviser Agreements (A) conflicts with or
will conflict with, or results in or will result in a breach or violation of the limited liability company agreement, bylaws or similar
organizational documents of the Adviser, (B) conflicts with or will conflict with, results in or will result in a breach or violation
of, or constitutes or will constitute a default or an event of default under, any agreement or instrument to which the Adviser is a party
or by which it is bound or to which any of the property or assets of the Adviser is subject or (C) results in or will result in any violation
of any law, rule or regulation, or order of any court, governmental instrumentality, securities exchange or association or arbitrator,
whether foreign or domestic, applicable to the Adviser or having jurisdiction over the Adviser's properties, except in the case
of clauses (B) or (C), where such conflict, breach, default or violation, either individually or in the aggregate, does not or would not
result in an Adviser Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Investment Advisory Agreement and the Fee Agreement comply in all material respects with the 1940
Act, the Rules and Regulations, the Advisers Act and the Investment Advisory Agreement is in full force and effect and neither the Fund
nor the Adviser are in default thereunder, and no event has occurred which with the passage of time or the giving of notice or both would
constitute a default under such agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No consent, approval, authorization, notification or order of, or qualification with, or the issuance
of any license or permit by, any Governmental Entity or regulatory agency, commission, board, authority or body or with any self-regulatory
organization, whether foreign or domestic, is required by the Adviser for the consummation by the Adviser of the transactions to be performed
by the Adviser or the performance by the Adviser of all the terms and provisions to be performed by or on behalf of it in each case as
contemplated in the Adviser Agreements, the Registration Statement, the Pricing Prospectus or the Prospectus, except (i) such as have
been obtained and such as may be required (and shall be obtained prior to commencement of the transaction contemplated by this Underwriting
Agreement) under the 1933 Act, the 1934 Act, the 1940 Act or the Advisers Act, (ii) such as may be required by the NYSE, FINRA or under
state securities laws, in connection with the purchase and distribution of the Shares by the Underwriters pursuant to this Underwriting
Agreement, or (iii) where the failure to obtain such consent, approval, authorization, notification or order does not or would not result
in an Adviser Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The description of the Adviser and its business and the statements attributed to the Adviser in the Registration
Statement, the Pricing Prospectus and the Prospectus (and any amendment or supplement thereto) comply with the requirements of the 1933
Act, the 1940 Act, the Advisers Act and the Rules and Regulations, is true and correct, and does not contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case
of the Pricing Prospectus and the Prospectus in light of the circumstances under which they were made) not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Except as set forth in the Registration Statement, the Pricing Prospectus or the Prospectus, there is
no action, suit, claim, inquiry, investigation or proceeding before or by any court, commission, regulatory body, administrative agency
or other governmental agency or body, whether foreign or domestic, now pending or, to the Adviser's knowledge, threatened against
the Adviser which (i) if determined adversely would result in an Adviser Material Adverse Effect, or (ii) is of a character required to
be described in the Registration Statement, the Pricing Prospectus or the Prospectus that is not so described.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Adviser has adopted and implemented written policies and procedures under Rule 206(4)-7 of the Advisers
Act reasonably designed to prevent violations of the Advisers Act by the Adviser and its supervised persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Adviser has adopted and implemented proxy voting policies and procedures for decisions regarding proxy
voting for securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Adviser maintains a system of internal controls sufficient to provide reasonable assurance that (i)
transactions effectuated by it under the Investment Advisory Agreement are executed in accordance with its management's general
or specific authorization; and (ii) access to the Fund's assets is permitted only in accordance with its management's general
or specific authorization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Except for stabilization transactions conducted by the Underwriters, and except for tender offers, Share
repurchases and the issuance or purchase of Shares pursuant to the Dividend Reinvestment Plan effected following the date on which the
distribution of the Shares is completed in accordance with the policies of the Fund as set forth in the Pricing Prospectus or the Prospectus,
the Adviser (i) has not taken and will not take, directly or indirectly, any action designed or which might be reasonably expected to
cause or result in, or which will constitute, stabilization or manipulation of the price of the Shares in violation of applicable federal
securities laws, (ii) has not since the filing of the Registration Statement sold, bid for or purchased, or paid anyone any compensation
for soliciting purchases of, Shares of the Fund (except as described in the Registration Statement) and (iii) will not, until the completion
of the distribution (within the meaning of the anti-manipulation rules under the 1934 Act) of the Shares, sell, bid for or purchase, pay
or agree to pay any person any compensation for soliciting another to purchase any other securities of the Fund (except pursuant to this
Agreement); <u>provided that</u> any action in connection with the Fund's Dividend Reinvestment Plan will not be deemed to be within
the terms of this Section 5(l).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) In the event that the Fund or the Adviser has made available any Road Show Materials or promotional materials
(other than the Sales Materials) by means of an Internet web site or similar electronic means such as to constitute a bona fide electronic
road show, the Adviser has installed and maintained pre-qualification and password-protection or similar procedures which are reasonably
designed and expected to effectively prohibit access to such Road Show Materials or promotional materials by persons other than qualified
broker-dealers and registered representatives thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Adviser will direct the proceeds of the offering of the Shares in such a manner as to cause the Fund
to comply with the requirements of Subchapter M of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Adviser possesses the necessary Licenses and Permits to own its property and to conduct the business
now operated by it, except where the failure to so possess does not or would not have an Adviser Material Adverse Effect. The Adviser
has not received any notice of proceedings relating to the
revocation or modification of any such Licenses and Permits which, singly or in the aggregate, if the subject of an unfavorable decision,
ruling or finding, would result in an Adviser Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Neither the Adviser, nor, to the Adviser's knowledge, any director, officer, employee or affiliate
of the Adviser is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of the FCPA
or any other applicable anti-corruption laws, including, without limitation, making use of the mails or any means or instrumentality of
interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other
property, gift, promise to give, or authorization of the giving of anything of value to any "foreign official" (as such term
is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, and the Adviser
and its affiliates have conducted their businesses in compliance with the FCPA and any other applicable anti-corruption laws, and have
instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued
compliance therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The Adviser has filed, or will timely file, with the National Futures Association, a notice of eligibility
for relief from inclusion within the definition of a commodity pool operator pursuant to Section 4.5 of the general regulations under
the Commodity Exchange Act of 1974, as amended, with respect to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) The Adviser and its subsidiaries have policies and procedures reasonably designed to ensure compliance
with all applicable Money Laundering Laws, and no action, suit or proceeding by or before any court or governmental agency, authority
or body or any arbitrator involving the Adviser or any of its subsidiaries with respect to any applicable Money Laundering Laws is pending
or, to the knowledge of the Adviser, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) None of the Adviser, its directors, officers or employees, and, to the knowledge of the Adviser, any agent,
affiliate, representative or other person acting on its behalf, is a Sanctioned Person or located, organized or resident in a Sanctioned
Country. The Adviser will not directly or indirectly direct the proceeds of the offering, or knowingly lend, contribute or otherwise make
such proceeds available, to fund or facilitate any activities or business of or with any Sanctioned Person or Sanctioned Country, or in
any manner that would result in a violation by any person (including any Underwriter) of U.S. sanctions laws. The Adviser maintains policies
and procedures reasonably designed to ensure compliance with applicable U.S. sanctions laws and regulations and will continue to maintain
such policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) The Adviser maintains a system of internal controls sufficient to provide reasonable assurance that (i) transactions
effected by it under the Investment Advisory Agreement are executed in accordance with its management's general or specific authorization;
and (ii) access to the Fund's assets is permitted only in accordance with its management's general or specific authorization.

For the avoidance of doubt, no Underwriter is an agent, affiliate or representative of the Adviser for purposes of the above representations and warranties. In addition, any certificate signed by any officer of the Adviser and delivered to the Underwriters or counsel for the Underwriters in connection with the offering of the Shares shall be deemed to be a representation and warranty by the Adviser, as to matters covered thereby, to each Underwriter. For the avoidance of doubt, to the extent a representation includes a statement regarding a party's knowledge, belief, intention, awareness, or words of similar intent, such party is the only party making any representation regarding that statement.

6. **Covenants**. In further consideration of the agreements of the Underwriters herein contained, the
Fund and the Adviser, jointly and severally, covenant and agree with each Underwriter as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the registration statement relating to the Shares has not yet become effective, the Fund will promptly
file a Final Amendment, if not previously filed, with the Commission, and will use its commercially reasonable best efforts to cause such
registration statement to become effective and will promptly advise the Representative when the Registration Statement or any amendment
thereto has become effective. If it is necessary for a post-effective amendment to the Registration Statement, or a Registration Statement
under Rule 462(b) under the 1933 Act, to be filed with the Commission and become effective before the Shares may be sold, the Fund will
use its reasonable best efforts to cause such post-effective amendment or such Registration Statement to be filed and become effective
as soon as possible, and the Fund will advise the Representative promptly and, if requested by the Representative, will confirm such advice
in writing (email being sufficient), when such post-effective amendment or such Registration Statement has become effective. If the Registration
Statement has become effective and the Prospectus contained therein omits certain information at the time of effectiveness pursuant to
Rule 430A under the 1933 Act, the Fund will file a 430A Prospectus pursuant to Rule 424(b) under the 1933 Act as promptly as practicable,
but no later than the second business day following the earlier of the date of the determination of the offering price of the Shares or
the date the Prospectus is first used after the Effective Time. If the Registration Statement has become effective and the Prospectus
contained therein does not so omit such information, the Fund will file a Prospectus pursuant to Rule 424(b) under the 1933 Act as promptly
as practicable, but no later than the fifth business day following the date of the later of the Effective Time or the commencement of
the public offering of the Shares after the Effective Time. In either case, the Fund will provide the Representative with satisfactory
evidence of the filing (email being sufficient). The Fund will not file with the Commission any Prospectus or any other amendment (except
any post-effective amendment which is filed with the Commission after the later of (i) one year from the date of this Underwriting Agreement
or (ii) the date on which distribution of the Shares is completed) or supplement to the Registration Statement or the Prospectus unless
a copy has first been submitted to the Representative a reasonable time before its filing and the Representative has not objected to it
in writing within a reasonable time after receiving the copy. For the period of three years from the date hereof, the Fund will advise
the Representative promptly (i) of the issuance by the Commission of any order in respect of the Fund, or in respect of the Adviser, which
relates to the Fund and could materially affect the ability of the Adviser to perform its obligations to the Fund, (ii) of the initiation
or threatening in writing of any proceedings for, or receipt by the Fund of any written notice with respect to, any suspension of the
qualification of the Shares for sale in any jurisdiction or the issuance of any order by the Commission suspending the effectiveness of
the Registration Statement, (iii) of receipt by the Fund, or any representative or attorney of the Fund, of any other communication from
the Commission relating in any material way to the Fund (other than communications with respect to an offering of preferred shares of
beneficial interest), the Registration Statement, the Notification, any Preliminary Prospectus, the Sales Materials, the Prospectus or
to the transactions contemplated by this Underwriting Agreement and (iv) the issuance by any federal, state, local or foreign court or
governmental agency, commission, board, authority or body or with any self-regulatory organization, whether foreign or domestic, of any order, ruling
or decree, or the threat in writing to initiate any proceedings with respect thereto, regarding the Fund, which relates in any material
way to the Fund or any material arrangements or proposed material arrangements involving the Fund. The Fund will use its reasonable
best efforts to prevent the issuance of any order suspending the effectiveness of the Registration Statement and, if any such order is
issued, to obtain its lifting as soon as practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If not delivered prior to the date of this Underwriting Agreement, the Fund will deliver to the Representative
and counsel for the Underwriters, upon request and without charge, a signed copy of the Registration Statement as originally filed, the
Fund's Form 8-A filing, and the Notification and of any amendments (except any post-effective amendment which is filed with the
Commission after the later of (i) one year from the date of this Underwriting Agreement or (ii) the date on which the distribution of
the Shares is completed) to either the Registration Statement, the Fund's Form 8-A filing or the Notification (including all exhibits
filed with any such document) and as many conformed copies of the Registration Statement and any amendments thereto (except any post-effective
amendment which is filed with the Commission after the later of (i) one year from the date of this Underwriting Agreement or (ii) the
date on which the distribution of the Shares is completed) (excluding exhibits) as the Representative may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During such period as a prospectus is required by law to be delivered by an underwriter or a dealer, the
Fund will deliver, without charge, to the Representative, the Underwriters and any dealers, at such office or offices as the Representative
may designate, as many copies of the Prospectus and each Issuer Free Writing Prospectus as the Representative may reasonably request,
and, if any event occurs during such period as a result of which it is necessary to amend or supplement the Prospectus or an Issuer Free
Writing Prospectus, in order to make the statements therein, in light of the circumstances under which they were made, not misleading
in any material respect, or if during such period it is necessary to amend or supplement the Prospectus or an Issuer Free Writing Prospectus
to comply with the 1933 Act or the 1940 Act, the Fund promptly will prepare, submit to the Representative, file with the Commission and
deliver, without charge, to the Underwriters and to dealers (whose names and addresses the Representative will furnish to the Fund) to
whom Shares may have been sold by the Underwriters, and to other dealers on request, amendments or supplements to the Prospectus or an
Issuer Free Writing Prospectus so that the statements in such Prospectus or such Issuer Free Writing Prospectus, as so amended or supplemented,
will not, in light of the circumstances under which they were made, contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statement therein not misleading in any material respect and will
comply with the 1933 Act and the 1940 Act in all material respects; provided that if the amendment or supplement is required exclusively
as a result of a misstatement in or omission from the information provided to the Fund or the Adviser on behalf of the Fund in writing
by an Underwriter expressly for use in the Prospectus, the Fund may deliver such amendment or supplement to the Underwriters and dealers
at a reasonable charge not to exceed the annual actual cost thereof to the Fund. Delivery by the Underwriters of any such amendments or
supplements to the Prospectus or an Issuer Free Writing Prospectus will not constitute a waiver of any of the conditions in Section 7
hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund will (i) use its reasonable best efforts to cause the Shares to be listed on the NYSE prior to
the date the Shares are issued, subject to official notice of the issuance thereof, and (ii) comply with the rules
and regulations of the NYSE, except where such non-compliance does not or would not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund will use its best efforts, in cooperation with the Representatives, to qualify the Common Shares for offering and sale under
the applicable federal or state securities laws and other jurisdictions (domestic or foreign) as the Representative(s) may designate and
to maintain such qualifications in effect so long as required to complete the distribution of the Common Shares; provided, however, that
the Fund shall not be obligated to file any general consent to service of process or to qualify as a foreign entity or as a dealer in
securities in any jurisdiction in which it is not so qualified or to subject itself to taxation in respect of doing business in any jurisdiction
in which it is not otherwise so subject. In each jurisdiction in which the Common Shares have been so qualified, the Fund will file such
statements and reports as may be required by the laws of such jurisdiction to continue such qualification in effect so long as such filings
are required to compile the distribution of the Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund will direct the investment of the net proceeds of the offering of the Shares in such a manner
as to comply with the investment objective and policies of the Fund as described in the Prospectus and within the time period prescribed
in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Fund will make generally available to its securityholders as soon as practicable an earnings statement
for the purposes of, and to provide to the Underwriters the benefits contemplated by, the last paragraph of Section 11(a) of the 1933
Act, including Rule 158, of the Commission thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) If the transactions contemplated by this Underwriting Agreement are not consummated, except as otherwise
provided herein, no party will be under any liability to any other party, except that (i) if this Underwriting Agreement is terminated
by (A) the Fund or the Adviser pursuant to any of the provisions hereof (otherwise than pursuant to Section 9 hereof) or (B) by the Representative
or the Underwriters because of any inability, failure or refusal on the part of the Fund or the Adviser to comply with any terms of this
Underwriting Agreement or because any of the conditions in Section 7 are not satisfied, the Adviser or its affiliated companies and the
Fund, jointly and severally, will reimburse the Underwriters for all out-of-pocket expenses (including the reasonable fees, disbursements
and other charges of their counsel) reasonably incurred by them in connection with the proposed purchase and sale of the Shares (<u>provided</u>, <u>however</u>, that the Fund and the Adviser shall not be liable for any loss of anticipated profits or speculative or consequential
or similar damages for such termination) and (ii) no Underwriter who has failed or refused to purchase the Shares agreed to be purchased
by it under this Underwriting Agreement, in breach of its obligations pursuant to this Underwriting Agreement, will be relieved of liability
to the Fund, the Adviser and the other Underwriters for damages occasioned by its default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) During a period of 180 days from the date of the Prospectus, the Fund will not, without the prior written
consent of the Representative, (i) directly or indirectly, offer, pledge, sell, contract to sell, sell any option or contract to purchase,
purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of any Common
Shares or any securities convertible into or exercisable or exchangeable for Common Shares; or file any registration statement under the
1933 Act with respect to any of the foregoing, except for Form N-2, or (ii) enter into any swap or any other agreement or any transaction
that transfers, in whole or in part, directly or indirectly, the economic consequence of ownership of the Common
Shares, whether any such swap or transaction described in clause (i) or (ii) above is to be settled by delivery of Common Shares or such
other securities, in cash or otherwise (collectively, the " <u>Lock-Up</u> "). The foregoing sentence shall not apply to (A)
the Shares to be sold hereunder; (B) Common Shares issued or, for avoidance of doubt, purchased in the open market pursuant to the Plan;
or (C) Share repurchases in accordance with applicable law . Notwithstanding the foregoing, the Lock-Up restrictions
described herein shall automatically terminate in their entirety if, on or after the 60th day following the date of the Prospectus, the
reported closing price of the Common Shares exceeds the initial public offering price per share set forth on the cover page of the Prospectus.
Upon the occurrence of such event, the Lock-Up shall automatically expire beginning at the opening of trading on the NYSE on the next
trading day thereafter (or, if such day is not a trading day, the first trading day thereafter).

7. **Conditions of the Underwriters' Obligations**. The obligations of the Underwriters to purchase
the Shares are subject to the accuracy on the date of this Underwriting Agreement, as of the Applicable Time and as of each of the Closing
Times, of the representations of the Fund and the Adviser in this Underwriting Agreement, to the accuracy and completeness of all statements
made by the Fund, the Adviser or any of their respective officers in any certificate delivered to the Representative or their counsel
pursuant to this Underwriting Agreement, to performance by the Fund and the Adviser of their respective obligations under this Underwriting
Agreement and to the satisfaction (or waiver in writing by the Representative on behalf of the Underwriters) of each of the following
additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registration Statement, including any Rule 462(b) Registration Statement, has become effective and
at the Closing Time, no stop order suspending the effectiveness of the Registration Statement, any post-effective amendment thereto or
any Rule 462(b) Registration Statement has been issued under the 1933 Act, no order preventing or suspending the use of any preliminary
prospectus or the Prospectus has been issued, and no revocation of registration has been issued pursuant to Section 8(e) of the 1940 Act,
and no proceedings for any of those purposes shall have been instituted or are pending or, to the Fund's knowledge contemplated;
and the Fund has complied with each request (if any) from the Commission for additional information. A prospectus containing the Rule
430A Information shall have been filed with the Commission in the manner and within the time frame required by Rule 424(b) (or a post-effective
amendment providing such information shall have been filed with, and declared effective by the Commission in accordance with the requirements
of Rule 430A).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Since the dates as of which information is given in the Registration Statement, the Pricing Prospectus
and the Prospectus, as of the date of this Underwriting Agreement, (i) there must not have been any change in the Common Shares or any
adverse change in the liabilities of the Fund except as set forth in or contemplated by the Pricing Prospectus or the Prospectus; (ii)
there must not have been any material adverse change in the condition (financial or otherwise), earnings, business affairs, business prospects,
management, properties, net assets or results of operations, whether or not arising from transactions in the ordinary course of business,
of the Fund or the Adviser as set forth in or contemplated by the Pricing Prospectus or the Prospectus; (iii) the Fund must not have sustained
any loss or interference with its business from any court or from any legislative or other governmental action, order or decree, whether
foreign or domestic, or from any other occurrence not described in the Registration Statement, the Pricing Prospectus and the Prospectus;
and (iv) there must not have occurred any event that makes untrue or incorrect in any respect any statement or information contained in
the Registration Statement, the Pricing Prospectus or the Prospectus or
any statement or information omitted in the Registration Statement, the Pricing Prospectus or the Prospectus that should be reflected
therein in order to make the statements or information therein (in the case of the Pricing Prospectus and the Prospectus, in light of
the circumstances under which they were made), not misleading in any material respect; if, in the judgment of the Representative, any
such development referred to in clause (i), (ii), (iii), or (iv) of this paragraph (b) is material and adverse so as to make it impracticable
or inadvisable to consummate the sale and delivery of the Shares to the public on the terms and in the manner contemplated by the Pricing
Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Representative must have received as of each Closing Time a certificate, dated such date, of the Chief
Executive Officer, President, an Executive or a Vice-President and the Controller, Treasurer, Assistant Treasurer, Chief Financial Officer
or Chief Accounting Officer of each of the Fund and the Adviser certifying (in their capacity as such officers) that (i) the signers have
carefully examined the Registration Statement, the Pricing Prospectus, the Prospectus and this Underwriting Agreement, (ii) the representations
of the Fund (with respect to the certificates from such Fund officers) and the representations of the Adviser (with respect to the certificates
from such officers of the Adviser) in this Underwriting Agreement are accurate on and as of the date of the certificate, (iii) there has
not been any adverse change resulting in a Material Adverse Effect (with respect to the certificates from such Fund officers) or Adviser
Material Adverse Effect (with respect to the certificates from such officers of the Adviser), which change would materially and adversely
affect the ability of the Fund or the Adviser, as the case may be, to fulfill its obligations under this Underwriting Agreement, the Investment
Advisory Agreement (with respect to the certificates from such officers of the Adviser), whether or not arising from transactions in the
ordinary course of business, or the Fee Agreement, (iv) with respect to the certificates from such officers of the Fund only, no order
suspending the effectiveness of the Registration Statement, prohibiting the sale of any of the Shares or otherwise having a Material Adverse
Effect on the Fund has been issued and, to the knowledge of such officers after reasonable investigation, no proceedings for any such
purpose are pending before or threatened by the Commission or any other regulatory body, whether foreign or domestic, (v) with respect
to the certificates from such officers of the Adviser, no order having an Adviser Material Adverse Effect has been issued, and, to the
knowledge of such officers after reasonable investigation, no proceedings for any such purpose are pending before or threatened by the
Commission or any other regulatory body, whether foreign or domestic, and (vi) each of the Fund (with respect to the certificates from
such Fund officers) and the Adviser (with respect to the certificates from such officers of the Adviser) has performed all of its respective
agreements that this Underwriting Agreement requires it to perform by such Closing Time (to the extent not waived in writing by the Representative).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Representative must have received as of each Closing Time the opinions dated as of the date thereof
substantially in the form of Appendix B and C to this Underwriting Agreement from the counsel identified in each such Appendix.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Representative must have received as of each Closing Time from Dechert LLP an opinion dated as of
the date thereof with respect to the Fund, the Shares, the Registration Statement and the Prospectus and this Underwriting Agreement in
a form reasonably satisfactory in all respects to the Representative. The Fund and the Adviser must have furnished to such counsel such documents
as counsel may reasonably request for the purpose of enabling them to render such opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Representative must have received on the date this Underwriting Agreement a signed report from Cohen,
dated such date, and in form and substance reasonably satisfactory to the Representative containing statements and information of the
type ordinarily included in accountants' reports with respect to the financial information of the Fund contained in the Registration
Statement, the Pricing Prospectus or the Prospectus. The Representative also must have received from Cohen a report, as of each Closing
Time, dated as of the date thereof, in form and substance satisfactory to the Representative, to the effect that they reaffirm the statements
made in the earlier report, except that the specified date referred to shall be a date not more than three business days prior to such
Closing Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) At the time of the execution of this Agreement, the Representative shall have received from Cohen a letter
dated such date, in form and substance reasonably satisfactory to the Representative, together with signed or reproduced copies of such
letter for each of the other Underwriters containing statements and information of the type ordinarily included in accountant's
"comfort letters" to underwriters with respect to the financial statements and certain financial information contained in
the Registration Statement, the General Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) At the Closing Time, the Representative shall have received from Cohen a letter, dated as of the Closing
Time, to the effect that they reaffirm the statements made in the letter furnished pursuant to subsection (g) of this Section 7,
except that the specified date referred to shall be a date not more than three business days prior to the Closing Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) At the Closing Time, the Shares shall have been approved for listing on the NYSE, subject only to official
notice of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) FINRA has confirmed that it has not raised any objection with respect to the fairness and reasonableness
of the underwriting terms and arrangements relating to the offering of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) At the Closing Time, TCS shall have received the Fee Agreement, dated as of the Closing Time, as executed
by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) At the Closing Time and at each Date of Delivery (if any), counsel for the Underwriters shall have been
furnished with such documents and opinions as they may reasonably require for the purpose of enabling them to pass upon the issuance and
sale of the Shares as herein contemplated, or in order to evidence the accuracy of any of the representations or warranties, or the fulfillment
of any of the conditions, herein contained; and all proceedings taken by the Fund and the Adviser in connection with the organization
and registration of the Fund under the 1940 Act and the issuance and sale of the Shares as herein contemplated shall be satisfactory in
form and substance to the Representative(s) and counsel for the Underwriters.

All opinions, letters, reports, evidence and certificates mentioned above or elsewhere in this Underwriting Agreement will comply only if they are in form and scope reasonably satisfactory to counsel for the Underwriters, provided that any such documents, forms of which are annexed hereto, shall be deemed satisfactory to such counsel if substantially in such form.

8. **Termination**. The Underwriters may terminate this Agreement by notice given by the Representative
to the Fund, if after the execution and delivery of this Agreement and prior to the Closing Times, as the case may be, (i) trading generally
shall have been suspended or materially limited on, or by, as the case may be, any of the New York Stock Exchange, the NYSE American or
the NASDAQ Stock Market, (ii) trading of any securities of the Fund shall have been suspended on any exchange or in any over-the-counter
market, (iii) a material disruption in securities settlement, payment or clearance services in the United States shall have occurred,
(iv) any moratorium on commercial banking activities shall have been declared by Federal or New York State authorities, (v) there has
been any material adverse change in the condition, financial or otherwise, or in the earnings, business affairs or prospects of the Fund
or the Adviser, whether or not arising in the ordinary course of business, or (vi) there shall have occurred any outbreak or escalation
of hostilities, or any change in financial markets, currency exchange rates or controls or any calamity or crisis that, in the Representative's
judgment, is material and adverse and which, singly or together with any other event specified in this Section 8, makes it, in the Representative's
reasonable judgment, impracticable or inadvisable to proceed with the offer, sale or delivery of the Shares on the terms and in the manner
contemplated in the Registration Statement, the Pricing Prospectus or the Prospectus.

9. **Effectiveness; Defaulting Underwriters**. This Agreement shall become effective upon the execution
and delivery hereof by the parties hereto.

If, at the Closing Times, any one or more of the Underwriters shall fail or refuse to purchase Shares that it has or they have agreed to purchase hereunder on such date, and the aggregate number of Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase is not more than one-tenth of the aggregate number of the Shares to be purchased on such date, the other Underwriters shall be obligated severally in the proportions that the number of Initial Shares set forth opposite their respective names in Appendix A bears to the aggregate number of Initial Shares set forth opposite the names of all such non-defaulting Underwriters, or in such other proportions as the Representative may specify, to purchase the Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date; provided that in no event shall the number of Shares that any Underwriter has agreed to purchase pursuant to this Agreement be increased pursuant to this Section 9 by an amount in excess of one-ninth of such number of Shares without the written consent of such Underwriter. If, at the Initial Shares Closing Time, any Underwriter or Underwriters shall fail or refuse to purchase Initial Shares and the aggregate number of Initial Shares with respect to which such default occurs is more than one-tenth of the aggregate number of Initial Shares to be purchased on such date, and arrangements satisfactory to the Representative and the Fund for the purchase of such Shares are not made within 36 hours after such default, this Agreement shall terminate without liability on the part of any non-defaulting Underwriter or the Fund or the Adviser. In any such case either the Representative or the Fund shall have the right to postpone the Initial Shares Closing Time, but in no event for longer than seven days, in order that the required changes, if any, in the Registration Statement, in the Pricing Prospectus, in the Prospectus or in any other documents or arrangements may be effected. If, at an Additional Shares Closing Time, any Underwriter or Underwriters shall fail or refuse to purchase Additional Shares and the aggregate number of Additional Shares with respect to which such default occurs is more than one-tenth of the aggregate number of Additional Shares to be purchased on such Additional Shares Closing Time, the non-defaulting Underwriters shall have the option to (i) terminate their obligation hereunder to purchase the Additional Shares to be sold at such Additional Shares Closing Time or (ii) purchase not less than the number of Additional Shares that such non-defaulting Underwriters would have been obligated to purchase in the absence of such default. Any action taken under this paragraph shall not relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement.

If this Agreement shall be terminated by the Underwriters, or any of them, because of any failure or refusal on the part of the Fund or the Adviser to comply with the terms or to fulfill any of the conditions of this Agreement, or if for any reason the Fund or the Adviser shall be unable to perform its obligations under this Agreement, the Fund and the Adviser, jointly and severally, will reimburse the Underwriters or such Underwriters as have so terminated this Agreement with respect to themselves, severally, for all documented and reasonable out of pocket expenses (including the reasonable fees and disbursements of their counsel) reasonably incurred by such Underwriters in connection with this Agreement or the offering contemplated hereunder.

10. **Indemnity and Contribution**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Fund and the Adviser, jointly and severally, agrees to indemnify and hold harmless each Underwriter,
each person, if any, who controls any Underwriter within the meaning of either Section 15 of the 1933 Act or Section 20 of the 1934 Act,
each agent of any Underwriter and each director, officer or affiliate of any Underwriter within the meaning of Rule 405 under the 1933
Act, and the successors and assigns of all the foregoing persons from and against any and all losses, claims, damages and liabilities
(including, without limitation, any legal or other expenses reasonably incurred in connection with defending or investigating any such
action or claim) which, jointly or severally, any such Underwriter or any such person may incur under the 1933 Act, the 1934 Act, the
1940 Act, the Advisers Act, the common law or otherwise that arise out of, or are based upon, any untrue statement or alleged untrue statement
of a material fact contained in the Registration Statement or any amendment thereof, any Preliminary Prospectus (including any statement
of additional information incorporated therein by reference), the Pricing Prospectus, the Prospectus, any Sales Material, or any amendment
or supplement thereto, or any Testing-the-Waters Communication, or that arise out of, or are based upon, any omission or alleged omission
to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar
as such losses, claims, damages or liabilities that arise out of, or are based upon, any such untrue statement or omission or alleged
untrue statement or omission made in reliance upon and in conformity with any information relating to any Underwriter furnished to the
Fund or the Adviser in writing by such Underwriter through the Representative expressly for use therein, it being understood and agreed
that the only such information furnished by the Underwriters through the Representative consists of the information described as such
in Section 10(b) below. " <u>Testing-the-Waters Communication</u> " means any communication with potential investors undertaken
in reliance on Section 5(d) or Rule 163B of the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Underwriter agrees, severally and not jointly, to indemnify and hold harmless each of the Fund and
the Adviser, its members, managers, directors or trustees (as the case may be), and each officer of the Fund who signs the Registration
Statement and each person, if any, who controls the Fund or any Adviser within the meaning of either Section 15 of the 1933 Act or Section
20 of the 1934 Act to the same extent as the foregoing indemnity from the Fund and the Adviser to such Underwriter, but only with reference
to information relating to such Underwriter furnished to the Fund or the Adviser in writing by such Underwriter through the Representative
expressly for use in the Registration Statement, any Preliminary Prospectus (including any statement of additional information incorporated
therein by reference), the Pricing Prospectus, any Issuer Free Writing Prospectus, any Prospectus or any amendments or supplements thereto
or any Testing-the-Waters-Communication, it being understood and agreed that the only such information furnished by the Underwriters through
the Representative consists only of the names of the Underwriters on the cover page of the Prospectus, the information contained in the
chart containing the names of the various underwriters,
and the [final] paragraph on page [40] of the Registration Statement under the heading "Underwriters" contained in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In case any proceeding (including any governmental investigation) shall be instituted involving any person
in respect of which indemnity may be sought pursuant to Section (a) or (b), such person (the " <u>indemnified party</u> ") shall
promptly notify the person against whom such indemnity may be sought (the " <u>indemnifying party</u> ") in writing and the
indemnifying party, upon request of the indemnified party, shall retain counsel reasonably satisfactory to the indemnified party to represent
the indemnified party and any others the indemnifying party may designate in such proceeding and shall pay the reasonably incurred fees
and disbursements of such counsel related to such proceeding. In any such proceeding, any indemnified party shall have the right to retain
its own counsel, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying
party and the indemnified party shall have mutually agreed to the retention of such counsel or (ii) the named parties to any such proceeding
(including any impleaded parties) include both the indemnifying party and the indemnified party and representation of both parties by
the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood that the indemnifying
party shall not, in respect of the legal expenses of any indemnified party in connection with any proceeding or related proceedings in
the same jurisdiction, be liable for (i) the fees and expenses of more than one separate firm (in addition to any local counsel) for all
Underwriters and all persons, if any, who control any Underwriter within the meaning of either Section 15 of the 1933 Act or Section 20
of the 1934 Act, all persons who are agents of any Underwriter or all persons who are directors, officers and affiliates of any Underwriters
within the meaning of Rule 405, (ii) the fees and expenses of more than one separate firm (in addition to any local counsel) for the Fund,
its trustees, its officers who sign the Registration Statement and each person, if any, who controls the Fund within the meaning of either
such Section, and (iii) the fees and expenses of more than one separate firm (in addition to any local counsel) for the Adviser, their
members or managers, their directors or trustees, as the case may be, and each person, if any, who controls the Adviser within the meaning
of either such Section, and that all such fees and expenses shall be reimbursed as they are incurred. In the case of any such separate
firm for the Underwriters and such control persons, agents, directors, officers and affiliates of any Underwriters, such firm shall be
designated in writing by the Representative. In the case of any such separate firm for the Fund, and such trustees, officers and control
persons of the Fund, such firm shall be designated in writing by the Fund. In the case of any such separate firm for the Adviser, and
such members, managers, directors and control persons of the Adviser, such firm shall be designated in writing by the Adviser. The indemnifying
party shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent
or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party from and against any
loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an indemnified party
shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated by the
second and third sentences of this paragraph, the indemnifying party agrees that it shall be liable for any settlement of any proceeding
effected without its written consent if (i) such settlement is entered into more than 30 days after receipt by such indemnifying party
of the aforesaid request and (ii) such indemnifying party shall not have reimbursed the indemnified party in accordance with such request
prior to the date of such settlement. No indemnifying party shall, without the prior written consent of the indemnified party, effect
any settlement of any pending or threatened proceeding in respect of which
any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such
settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such
proceeding and does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified
party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent the indemnification provided for in Section (a) or (b) is unavailable to an indemnified
party or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each indemnifying party under
such paragraph, in lieu of indemnifying such indemnified party thereunder, shall contribute to the amount paid or payable by such indemnified
party as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits
received by the Fund and the Adviser on the one hand and the Underwriters on the other hand from the offering of the Shares or (ii) if
the allocation provided by clause 10(d)(i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not
only the relative benefits referred to in clause 10(d)(i) above but also the relative fault of the Fund and the Adviser on the one hand
and of the Underwriters on the other hand in connection with the statements or omissions that resulted in such losses, claims, damages
or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Fund and the Adviser on
the one hand and the Underwriters on the other hand in connection with the offering of the Shares shall be deemed to be in the same respective
proportions as the net proceeds from the offering of the Shares (before deducting expenses) received by the Fund and the total underwriting
discounts and commissions received by the Underwriters, in each case as set forth in the table on the cover of the Prospectus, bear to
the aggregate public offering price of the Shares. The relative fault of the Fund and the Adviser on the one hand and the Underwriters
on the other hand shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material
fact or the omission or alleged omission to state a material fact relates to information supplied by the Fund or the Adviser or by the
Underwriters and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement
or omission. The Underwriters' respective obligations to contribute pursuant to this Section 10 are several in proportion to the
respective number of Shares they have purchased hereunder, and not joint. The Adviser agrees to pay any amounts that are payable by the
Fund pursuant to this paragraph to the extent that the Fund fails to make all contributions required to be made by the Fund pursuant to
this Section 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund, the Adviser and the Underwriters agree that it would not be just or equitable if contribution
pursuant to this Section 10 were determined by *pro rata* allocation (even if the Underwriters were treated as one entity for such
purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in Section 10(d).
The amount paid or payable by an indemnified party as a result of the losses, claims, damages and liabilities referred to in Section 10(d)
shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified
party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 10, no Underwriter
shall be required to contribute any amount in excess of the amount by which the total price at which the Shares underwritten by it and
distributed to the public were offered to the public exceeds the amount of any damages that such Underwriter has otherwise been required
to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. The remedies provided for in this Section 10 are not exclusive and shall not limit any rights or remedies which may
otherwise be available to any indemnified party at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The indemnity and contribution provisions contained in this Section 10 and the covenants, representations,
warranties and other statements of the Fund and the Adviser contained in this Agreement shall remain operative and in full force and effect
regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of any Underwriter, any person controlling
any Underwriter or any agent of any Underwriter or any director, officer and affiliate of any Underwriter or by or on behalf of the Adviser,
their officers or directors or any person controlling the Adviser or by or on behalf of the Fund, its officers or trustees or any person
controlling the Fund and (iii) acceptance of and payment for any of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding any other provisions in this Section 10, no party shall
be entitled to indemnification or contribution under this Agreement in violation of Section 17(i) of the 1940 Act.

11. **No Fiduciary Relationship**. The Fund and the Adviser hereby acknowledge and agree that the Underwriters
are acting solely as underwriters in connection with the purchase and sale of the Fund's securities contemplated hereby. The Fund
and the Adviser further acknowledge and agree that (a) the purchase and sale of the Shares pursuant to this Agreement, including the determination
of the initial public offering price of the Shares and any related discounts and commissions, is an arm's-length commercial transaction
between the Fund, on the one hand, and the Underwriters, on the other hand, and does not constitute a recommendation, investment advice,
or solicitation of any action by the Underwriters, (b) in connection with the offering of the Shares and the process leading thereto,
each Underwriter is and has been acting solely as a principal and is not the agent or fiduciary of the Fund or its respective stockholders,
creditors, employees or any other party, (c) no Underwriter has assumed or will assume an advisory or fiduciary responsibility in favor
of the Fund with respect to the offering of the Shares or the process leading thereto (irrespective of whether such Underwriter has advised
or is currently advising the Fund on other matters) and no Underwriter has any obligation to the Fund with respect to the offering of
the Shares except the obligations expressly set forth in this Agreement, (d) the Underwriters and their respective affiliates may be engaged
in a broad range of transactions that involve interests that differ from those of the Fund, (e) the Underwriters have not provided any
legal, accounting, regulatory, investment or tax advice with respect to the offering of the Shares and the Fund has consulted its own
respective legal, accounting, financial, regulatory and tax advisors to the extent it deemed appropriate, and (f) none of the activities
of the Underwriters in connection with the transactions contemplated herein constitutes a recommendation, investment advice or solicitation
of any action by the Underwriters with respect to any entity or natural person.

12. **Notices**. All notices and other communications hereunder shall be in writing and shall be deemed
to have been duly given if mailed or transmitted by any standard form of telecommunication.

Notices to the Underwriters shall be directed to the Representative:

Texas Capital Securities

Attn: [ ]

2000 McKinney Avenue, Suite 700

Dallas, TX 75201

[ ]

*With a Copy to:* Texas Capital Legal Department

2000 McKinney Avenue, Suite 700

Dallas, TX 75201

Attn: Chief Legal Officer

[ ]

Notices to the Fund shall be directed to Tap US Private Equity Fund of Funds, One World Trade Center, 85<sup>th</sup> Floor, New York, NY 10007, Attention: Jeff Leathers, and notices to the Adviser shall be directed to Tap Capital LLC, One World Trade Center, 85<sup>th</sup> Floor, New York, NY 10007, Attention: Jeff Leathers.

13. **Governing Law; Construction**. This Underwriting Agreement and any claim, counterclaim or dispute
of any kind or nature whatsoever arising out of or in any way relating to this Underwriting Agreement (" <u>Claim</u> "), directly
or indirectly, shall be governed by, and construed in accordance with, the laws of the State of New York.

14. **Headings**. The headings of the sections of this Agreement have been inserted for convenience of
reference only and shall not be deemed a part of this Agreement.

15. **Submission to Jurisdiction**. Except as set forth below, no Claim may be commenced, prosecuted or
continued in any court other than a state or federal court of competent jurisdiction located in the State of New York, which courts shall
have jurisdiction over the adjudication of such matters, and the Fund and the Underwriters each consent to the jurisdiction of such courts
and personal service with respect thereto. Each of the Underwriters, the Fund (on its behalf and, to the extent permitted by applicable
law, on behalf of its shareholders and affiliates) and the Adviser (on its behalf and, to the extent permitted by applicable law, on behalf
of its shareholders and affiliates) waives all right to trial by jury in any action, proceeding or counterclaim (whether based upon contract,
tort or otherwise) in any way arising out of or relating to this Underwriting Agreement. Each of the Fund and the Adviser agrees that
a final judgment in any such action, proceeding or counterclaim brought in any such court shall be conclusive and binding upon the Fund
and the Adviser, as the case may be, and may be enforced in any other courts in the jurisdiction of which the Fund or the Adviser, as
the case may be, is or may be subject, by suit upon such judgment.

16. **Parties at Interest**. The Agreement herein set forth has been and is made solely for the benefit
of the Underwriters, the Fund and the Adviser and to the extent provided in Section 10 hereof the controlling persons, shareholders, partners,
advisers, members, trustees, directors, officers, employees, agents and affiliates and any person who controls the Fund or the Adviser
within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act, referred to in such section, and their respective successors,
assigns, heirs, personal representatives and executors and administrators. No other person, partnership, association or corporation (including
a purchaser, as such purchaser, from any of the Underwriters) shall acquire or have any right under or by virtue of this Underwriting
Agreement.

17. **Counterparts**. This Agreement may be signed in two or more counterparts, each of which shall be
an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. Counterparts may be delivered
via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions
Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart
so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

18. **Successors and Assigns**. This Underwriting Agreement shall be binding upon the Underwriters, the
Fund and the Adviser and any successor or assign of any substantial portion of the Fund's, the Adviser's or any of the Underwriters'
respective businesses and/or assets, as the case may be.

19. **Disclaimer of Liability of Trustees and Beneficiaries.** A copy of the Agreement and Declaration
of Trust of the Fund is on file with the Secretary of the State of Delaware, and notice hereby is given that this Underwriting Agreement
is executed on behalf of the Fund by an officer or Trustee of the Fund in his or her capacity as an officer or Trustee of the Fund and
not individually and that the obligations under or arising out of this Underwriting Agreement are not binding upon any of the Trustees,
officers or shareholders individually but are binding only upon the assets and properties of the Fund.

20. **Recognition of the U.S. Special Resolution Regimes**.

(a) In the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S.
Special Resolution Regime, the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement,
will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and
any such interest and obligation, were governed by the laws of the United States or a state of the United States.

(b) In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter
becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against
such Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special
Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.

For purposes of this Section 20, a "<u>BHC Act Affiliate</u>" has the meaning assigned to the term "affiliate" in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k). "<u>Covered Entity</u>" means any of the following: (i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b). "<u>Default Right</u>" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. "<u>U.S. Special Resolution Regime</u>" means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

[Remainder of page left intentionally blank]

If the foregoing correctly sets forth the understanding among the Fund, the Adviser and the Underwriters, please so indicate in the space provided below, whereupon this letter and your acceptance shall constitute a binding agreement among the Fund, the Adviser and the Underwriters, severally.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **Tap US Private Equity Fund of Funds** | **Tap US Private Equity Fund of Funds** |
| By: | [·] |
| Title: | [·] |

---

---

| | |
|:---|:---|
| **TAP CAPITAL LLC** | **TAP CAPITAL LLC** |
| By: | [·] |
| Title: | [·] |

---

Accepted and agreed to as of the date first above written, on behalf of themselves and the other several Underwriters named in Appendix A

---

| | |
|:---|:---|
| **TCBI SECURITIES, INC.** | **TCBI SECURITIES, INC.** |
| By: | [·] |
| Title: | [·] |

---

**Appendix A**

---

| | |
|:---|:---|
| Underwriters | Number<br> of Shares |
| TCBI Securities, Inc., doing business as Texas Capital Securities | [ ] |
| Clear Street LLC |  |
| SoFi Securities LLC |  |
| Total | [ ] |

---

**Appendix B**

OPINION OF COUNSEL TO FUND REGARDING THE FUND

**Appendix C**

OPINION OF COUNSEL TO UNDERWRITER

**Appendix D**

Sales Materials

## Ex-99.(J)

**Exhibit (j)**

**CUSTODY AGREEMENT**

THIS AGREEMENT is made and entered into as of the last date on the signature page, by and between **TAP US PRIVATE EQUITY FUND OF FUNDS,** a Delaware statutory Trust, (the "Fund"), and **U.S. BANK NATIONAL ASSOCIATION**, a national banking association organized and existing under the laws of the United States of America with its principal place of business at Minneapolis, Minnesota (the "Custodian").

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

WHEREAS, the Custodian is a bank having the qualifications prescribed in Section 26(a)(1) of the 1940 Act; and

WHEREAS, the Fund desires to retain the Custodian to act as custodian of its cash and securities; and

WHEREAS, the Board of Trustees (as defined below) has delegated to the Custodian the responsibilities set forth in Rule 17f-5(c) under the 1940 Act and the Custodian is willing to undertake the responsibilities and serve as the foreign custody manager for the Fund.

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

**ARTICLE I**

**CERTAIN DEFINITIONS**

Whenever used in this Agreement, the following words and phrases shall have the meanings set forth below unless the context otherwise requires:

1.01 <u>"Authorized Person"</u> means any Officer or person (including an investment advisor or other agent) who has been designated by written notice as such from the Fund or the Fund's investment advisor or other agent. Such officer or person shall continue to be an Authorized Person until such time as the Custodian receives Written Instructions from the Fund or the Fund's investment advisor or other agent that any such person is no longer an Authorized Person.

1.02 <u>"Board of Trustees"</u> shall mean the Trustees from time to time serving under the Fund's Declaration of Trust, as amended from time to time.

1.03 <u>"Book-Entry System"</u> shall mean a federal book-entry system as provided in Subpart O of Treasury Circular No. 300, 31 CFR 306, in Subpart B of 31 CFR Part 350, or in such book-entry regulations of federal agencies as are substantially in the form of such Subpart O.

1.04 <u>"Business Day"</u> shall mean any day recognized as a settlement day by The New York Stock Exchange, Inc., and any other day for which the Fund computes the net asset value of Shares of the Fund.

1.05 <u>"Eligible Foreign Custodian"</u> has the meaning set forth in Rule 17f-5(a)(1), including a majority-owned or indirect subsidiary of a U.S. Bank (as defined in Rule 17f-5), a bank holding company meeting the requirements of an Eligible Foreign Custodian (as set forth in Rule 17f-5 or by other appropriate action of the SEC), or a foreign branch of a Bank (as defined in Section 2(a)(5) of the 1940 Act) meeting the requirements of a custodian under Section 17(f) of the 1940 Act; the term does not include any Eligible Securities Depository.

1.06 <u>"Eligible Securities Depository"</u> shall mean a system for the central handling of securities as that term is defined in Rule 17f-4 and 17f-7 under the 1940 Act.

1.07 <u>"FINRA"</u> shall mean the Financial Industry Regulatory Authority, Inc.

1.08 <u>"Foreign Securities"</u> means any of the Fund's investments (including foreign currencies) for which the primary market is outside the United States and such cash and cash equivalents as are reasonably necessary to effect the Fund's transactions in such investments.

1.09 <u>"Fund Custody Account"</u> shall mean any of the accounts in the name of the Fund, which is provided for in Section 3.2 below.

1.10 <u>"IRS"</u> shall mean the Internal Revenue Service.

1.11 <u>"Officer"</u> shall mean the Chairman, President, any Vice President, any Assistant Vice President, the Secretary, any Assistant Secretary, the Treasurer, or any Assistant Treasurer of the Fund.

1.12 <u>"SEC"</u> shall mean the U.S. Securities and Exchange Commission.

1.13 <u>"Securities"</u> shall include, without limitation, common and preferred stocks, bonds, call options, put options, debentures, notes, bank certificates of deposit, bankers' acceptances, mortgage-backed securities or other obligations, and any certificates, receipts, warrants or other instruments or documents representing rights to receive, purchase or subscribe for the same, or evidencing or representing any other rights or interests therein, or any similar property or assets that the Custodian or its agents have the facilities to clear and service.

1.14 <u>"Securities Depository"</u> shall mean The Depository Trust Company and any other clearing agency registered with the SEC under Section 17A of the Securities Exchange Act of 1934, as amended (the "1934 Act"), which acts as a system for the central handling of Securities where all Securities of any particular class or series of an issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of the Securities.

1.15 <u>"Shares"</u> shall mean, with respect to a Fund, the shares of common stock issued by the Fund on account of the Fund.

1.16 <u>"Straight Through Processing"</u> shall have the meaning assigned to it in Section 4.07 of this Agreement.

1.17 <u>"Sub-Custodian"</u> shall mean and include (i) any branch of a "U.S. bank," as that term is defined in Rule 17f-5 under the 1940 Act, and (ii) any "Eligible Foreign Custodian", as that term is defined in Rule 17f-5 under the 1940 Act, having a contract with the Custodian which the Custodian has determined will provide reasonable care of assets of the Fund based on the standards specified in Section 3.3 below. Such contract shall be in writing and shall include provisions that provide: (i) for indemnification or insurance arrangements (or any combination of the foregoing) such that the Fund will be adequately protected against the risk of loss of assets held in accordance with such contract; (ii) that the Foreign Securities will not be subject to any right, charge, security interest, lien or claim of any kind in favor of the Sub-Custodian or its creditors except a claim of payment for their safe custody or administration, in the case of cash deposits, liens or rights in favor of creditors of the Sub-Custodian arising under bankruptcy, insolvency, or similar laws; (iii) that beneficial ownership for the Foreign Securities will be freely transferable without the payment of money or value other than for safe custody or administration; (iv) that adequate records will be maintained identifying the assets as belonging to the Fund or as being held by a third party for the benefit of the Fund; (v) that the Fund's independent public accountants will be given access to those records or confirmation of the contents of those records; and (vi) that the Fund will receive periodic reports with respect to the safekeeping of the Fund's assets, including, but not limited to, notification of any transfer to or from a Fund's account or a third party account containing assets held for the benefit of the Fund. Such contract may contain, in lieu of any or all of the provisions specified in (i)-(vi) above, such other provisions that the Custodian determines will provide, in their entirety, the same or a greater level of care and protection for Fund assets as the specified provisions.

1.18 <u>"Written Instructions"</u> shall mean (i) written communications received by the Custodian and signed by an Authorized Person (ii) communications by facsimile or e-mail or any other such system from one or more persons reasonably believed by the Custodian to be an Authorized Person, or (iii) communications between electronic devices.

**ARTICLE II.** 

**APPOINTMENT OF CUSTODIAN**

2.01 <u>Appointment</u>. The Fund hereby appoints the Custodian as custodian of all Securities and cash owned by or in the possession of the Fund at any time during the period of this Agreement, on the terms and conditions set forth in this Agreement, and the Custodian hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement. The Fund hereby delegates to the Custodian, subject to Rule 17f-5(b), the responsibilities with respect to the Fund's Foreign Securities, and the Custodian hereby accepts such delegation as foreign custody manager with respect to the Fund. The services and duties of the Custodian shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against the Custodian hereunder.

2.02 <u>Documents to be Furnished</u>. The following documents, including any amendments thereto, will be provided contemporaneously with the execution of the Agreement to the Custodian by the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A copy of the Fund's Declaration of Trust, certified by the Secretary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A copy of the Fund's bylaws, certified by the Secretary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A copy of the resolution of the Board of Trustees of the Fund appointing the Custodian, certified by the Secretary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A copy of the current prospectus of the Fund (the "Prospectus");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A certification of the Chairman or the President and the Secretary of the Fund setting forth the names and signatures of the current
Officers of the Fund and other Authorized Persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) An executed authorization required by the Shareholder Communications Act of 1985, attached hereto as <u>Exhibit B</u>.

2.03 <u>Notice of Appointment of Transfer Agent</u>. The Fund agrees to notify the Custodian in writing of the appointment, termination or change in appointment of any transfer agent of the Fund, except if the Fund appoints an affiliate of the Custodian to serve as transfer agent of the Fund, the Custodian hereby waives the Fund's obligation to provide such written notice.

**ARTICLE III.**

**CUSTODY OF CASH AND SECURITIES**

3.01 <u>Segregation</u>. All Securities and non-cash property held by the Custodian for the account of the Fund (other than Securities maintained in a Securities Depository, Eligible Securities Depository or Book-Entry System) shall be physically segregated from other Securities and non-cash property in the possession of the Custodian (including the Securities and non-cash property of the other series of the Fund, if applicable) and shall be identified as subject to this Agreement.

3.02 <u>Fund Custody Accounts</u>. The Custodian shall open and maintain in its Fund department a custody account in the name of the Fund coupled with the name of the Fund, subject only to draft or order of the Custodian, in which the Custodian shall enter and carry all Securities, cash and other assets of the Fund which are delivered to it. The Custodian shall be authorized to open such additional accounts as may be necessary or convenient for administration of its duties hereunder.

3.03 <u>Appointment of Agents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In its discretion, the Custodian may appoint one or more Sub-Custodians to establish and maintain arrangements with (i) Eligible Securities
Depositories or (ii) Eligible Foreign Custodians that are members of the Sub-Custodian's network to hold Securities and cash of the Fund and to carry out such
other provisions of this Agreement as it may determine; provided, however, that the appointment of any such agents and maintenance of
any Securities and cash of the Fund shall be at the Custodian's expense and shall not relieve the Custodian of any of its obligations
or liabilities under this Agreement. The Custodian shall be liable for the actions of any Sub-Custodians (regardless of whether assets
are maintained in the custody of a Sub-Custodian, a member of its network or an Eligible Securities Depository) appointed by it as if
such actions had been done by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, after the initial appointment of Sub-Custodians by the Board of Trustees in connection with this Agreement, the Custodian wishes
to appoint other Sub-Custodians to hold property of the Fund, it will so notify the Fund and make the necessary determinations as to any
such new Sub-Custodian's eligibility under Rule 17f-5 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In performing its delegated responsibilities as foreign custody manager to place or maintain the Fund's assets with a Sub-Custodian,
the Custodian will determine that the Fund's assets will be subject to reasonable care, based on the standards applicable to custodians
in the country in which the Fund's assets will be held by that Sub-Custodian, after considering all factors relevant to safekeeping
of such assets, including, without limitation the factors specified in Rule 17f-5(c)(1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The agreement between the Custodian and each Sub-Custodian acting hereunder shall contain the required provisions set forth in Rule
17f-5(c)(2) under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At the end of each calendar quarter, the Custodian shall provide written reports notifying the Board of Trustees of the withdrawal
or placement of the Securities and cash of the Fund with a Sub-Custodian and of any material changes in the Fund's arrangements.
Such reports shall include an analysis of the custody risks associated with maintaining assets with any Eligible Securities Depositories.
The Custodian shall promptly take such steps as may be required to withdraw assets of the Fund from any Sub-Custodian arrangement that
has ceased to meet the requirements of Rule 17f-5 or Rule 17f-7 under the 1940 Act, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) With respect to its responsibilities under this Section 3.3, the Custodian hereby warrants to the Fund that it agrees to exercise
reasonable care, prudence and diligence such as a person having responsibility for the safekeeping of property of the Fund. The Custodian
further warrants that the Fund's assets will be subject to reasonable care if maintained with a Sub-Custodian, after considering all factors
relevant to the safekeeping of such assets, including, without limitation: (i) the Sub-Custodian's practices, procedures, and internal
controls for certificated securities (if applicable), its method of keeping custodial records, and its security and data protection practices;
(ii) whether the Sub-Custodian has the requisite financial strength to provide reasonable care for Fund assets; (iii) the Sub-Custodian's
general reputation and standing and, in the case of a Securities Depository, the Securities Depository's operating history and number
of participants; and (iv) whether the Fund will have jurisdiction
over and be able to enforce judgments against the Sub-Custodian, such as by virtue of the existence of any offices of the Sub-Custodian
in the United States or the Sub-Custodian's consent to service of process in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Custodian shall establish a system or ensure that its Sub-Custodian has established a system to monitor on a continuing basis
(i) the appropriateness of maintaining the Fund's assets with a Sub-Custodian or Eligible Foreign Custodians who are members of
a Sub-Custodian's network; (ii) the performance of the contract governing the Fund's arrangements with such Sub-Custodian
or Eligible Foreign Custodian's members of a Sub-Custodian's network; and (iii) the custody risks of maintaining assets with
an Eligible Securities Depository. The Custodian must promptly notify the Fund or its investment adviser of any material change in these
risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Custodian shall use commercially reasonable efforts to collect all income and other payments with respect to Foreign Securities
to which the Fund shall be entitled and shall credit such income, as collected, to the Fund. In the event that extraordinary measures
are required to collect such income, the Fund and Custodian shall consult as to the measurers and as to the compensation and expenses
of the Custodian relating to such measures.

3.04 <u>Delivery of Assets to Custodian</u>. The Fund shall deliver, or cause to be delivered, to the Custodian all of the Fund's Securities, cash and other investment assets, including (i) all payments of income, payments of principal and capital distributions received by the Fund with respect to such Securities, cash or other assets owned by the Fund at any time during the period of this Agreement, and (ii) all cash received by the Fund for the issuance of Shares. The Custodian shall not be responsible for such Securities, cash or other assets until actually received by it.

3.05 <u>Securities Depositories and Book-Entry Systems</u>. The Custodian may deposit and/or maintain Securities of the Fund in a Securities Depository or in a Book-Entry System, subject to the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Custodian, on an on-going basis, shall deposit in a Securities Depository or Book-Entry System all Securities eligible for deposit
therein and shall make use of such Securities Depository or Book-Entry System to the extent possible and practical in connection with
its performance hereunder, including, without limitation, in connection with settlements of purchases and sales of Securities, loans of
Securities, and deliveries and returns of collateral consisting of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities of the Fund kept in a Book-Entry System or Securities Depository shall be kept in an account ("Depository Account")
of the Custodian in such Book-Entry System or Securities Depository which includes only assets held by the Custodian as a fiduciary, custodian
or otherwise for customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The records of the Custodian with respect to Securities of the Fund maintained in a Book-Entry System or Securities Depository shall,
by book-entry, identify such Securities as belonging to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If Securities purchased by the Fund are to be held in a Book-Entry System or Securities Depository, the Custodian shall pay for such
Securities upon: (i) receipt of advice from the Book-Entry System or Securities Depository that such Securities have been transferred
to the Depository Account; and (ii) the making of an entry on the records of the Custodian to reflect such payment and transfer for the
account of the Fund. If Securities sold by the Fund are held in a Book-Entry System or Securities Depository, the Custodian shall transfer
such Securities upon (i) receipt of advice from the Book-Entry System or Securities Depository that payment for such Securities has been
transferred to the Depository Account; and (ii) the making of an entry on the records of the Custodian to reflect such transfer and payment
for the account of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Custodian shall provide the Fund with copies of any report (obtained by the Custodian from a Book-Entry System or Securities Depository
in which Securities of the Fund are kept) on the internal accounting controls and procedures for safeguarding Securities deposited in
such Book-Entry System or Securities Depository.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything to the contrary in this Agreement, the Custodian shall be liable to the Fund for any loss or damage to the
Fund resulting from: (i) the use of a Book-Entry System or Securities Depository by reason of any gross negligence or willful misconduct
on the part of the Custodian or any Sub-Custodian; or (ii) failure of the Custodian or any Sub-Custodian to enforce effectively such rights
as it may have against a Book-Entry System or Securities Depository. At its election, the Fund shall be subrogated to the rights of the
Custodian with respect to any claim against a Book-Entry System or Securities Depository or any other person from any loss or damage to
the Fund arising from the use of such Book-Entry System or Securities Depository, if and to the extent that the Fund has not been made
whole for any such loss or damage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) With respect to its responsibilities under this Section 3.05 and pursuant to Rule 17f-4 under the 1940 Act, the Custodian
hereby warrants to the Fund that it agrees to (i) exercise due care in accordance with reasonable commercial standards in discharging
its duty as a securities intermediary to obtain and thereafter maintain such assets, (ii) provide, promptly upon request by the Fund,
such reports as are available concerning the Custodian's internal accounting controls and financial strength, and (iii) require
any Sub-Custodian to exercise due care in accordance with reasonable commercial standards in discharging its duty as a securities intermediary
to obtain and thereafter maintain assets corresponding to the security entitlements of its entitlement holders.

3.06 <u>Disbursement of Moneys from Fund Custody Account</u>. Upon receipt of Written Instructions, the Custodian shall disburse moneys from the Fund Custody Account but only in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the purchase of Securities for the Fund but only in accordance with Section 4.01 of this Agreement and only (i) in the case of
Securities (other than options on Securities, futures contracts and options on futures contracts), against the delivery to the Custodian
(or any Sub-Custodian) of such Securities registered as provided in Section 3.09 below or in proper form for transfer, or if the purchase
of such Securities is effected through a Book-Entry System or Securities Depository, in accordance with the conditions set forth in Section
3.05 above; (ii) in the case of options on Securities, against delivery to the Custodian (or any Sub-Custodian) of such receipts as are
required by the customs prevailing among dealers in such options; (iii) in the case of futures contracts and options on futures contracts,
against delivery to the Custodian (or any Sub-Custodian) of evidence of title thereto in favor of the Fund or any nominee referred to
in Section 3.09 below; and (iv) in the case of repurchase or reverse repurchase agreements entered into between the Fund and a bank that
is a member of the Federal Reserve System or between the Fund and a primary dealer in U.S. Government securities, against delivery of
the purchased Securities either in certificate form or through an entry crediting the Custodian's account at a Book-Entry System or Securities
Depository with such Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with the conversion, exchange or surrender, as set forth in Section 3.07(f) below, of Securities owned by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the payment of any dividends or capital gain distributions declared by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In payment of the repurchase price of Shares as provided in Section 5.01 below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For the payment of any expense or liability incurred by the Fund, including, but not limited to, the following payments for the account
of the Fund: interest; taxes; administration, investment advisory, accounting, auditing, transfer agent, custodian, Trustee and legal
fees; and other operating expenses of the Fund; in all cases, whether or not such expenses are to be in whole or in part capitalized or
treated as deferred expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For transfer in accordance with the provisions of any agreement among the Fund, the Custodian and a broker-dealer registered under
the 1934 Act and a member of FINRA, relating to compliance with rules of the Options Clearing Corporation and of any registered national
securities exchange (or of any similar organization or organizations) regarding escrow or other arrangements in connection with transactions
by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) For transfer in accordance with the provisions of any agreement among the Fund, the Custodian and a futures commission merchant registered
under the Commodity Exchange Act, relating to compliance with the rules
of the Commodity Futures Trading Commission and/or any contract market (or any similar organization or organizations) regarding account
deposits in connection with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) For the funding of any uncertificated time deposit or other interest-bearing account with any banking institution (including the Custodian),
which deposit or account has a term of one year or less; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For any other proper purpose, but only upon receipt, in addition to Written Instructions, declaring such purpose to be a proper Fund
purpose, and naming the person or persons to whom such payment is to be made.

3.07 <u>Delivery of Securities from Fund Custody Account</u>. Upon receipt of Written Instructions, the Custodian shall release and deliver, or cause the Sub-Custodian to release and deliver, Securities from the Fund Custody Account but only in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the sale of Securities for the account of the Fund but only against receipt of payment therefor in cash, by certified or cashiers
check or bank credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the case of a sale effected through a Book-Entry System or Securities Depository, in accordance with the provisions of Section
3.05 above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To an offeror's depository agent in connection with tender or other similar offers for Securities of the Fund; provided that,
in any such case, the cash or other consideration is to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the issuer thereof or its agent (i) for transfer into the name of the Fund, the Custodian or any Sub-Custodian, or any nominee
or nominees of any of the foregoing, or (ii) for exchange for a different number of certificates or other evidence representing the same
aggregate face amount or number of units; provided that, in any such case, the new Securities are to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the broker selling the Securities, for examination in accordance with the "street delivery" custom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the
issuer of such Securities, or pursuant to provisions for conversion contained in such Securities, or pursuant to any deposit agreement,
including surrender or receipt of underlying Securities in connection with the issuance or cancellation of depository receipts; provided
that, in any such case, the new Securities and cash, if any, are to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Upon receipt of payment therefor pursuant to any repurchase or reverse repurchase agreement entered into by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In the case of warrants, rights or similar Securities, upon the exercise thereof, provided that, in any such case, the new Securities
and cash, if any, are to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For delivery in connection with any loans of Securities of the Fund, but only against receipt of such collateral as the Fund shall
have specified to the Custodian in Written Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) For delivery as security in connection with any borrowings by the Fund requiring a pledge of assets by the Fund, but only against
receipt by the Custodian of the amounts borrowed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Pursuant to any authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) For delivery in accordance with the provisions of any agreement among the Fund, the Custodian and a broker-dealer registered under
the 1934 Act and a member of FINRA, relating to compliance with the rules of the Options Clearing Corporation and of any registered national
securities exchange (or of any similar organization or organizations) regarding escrow or other arrangements in connection with transactions
by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) For delivery in accordance with the provisions of any agreement among the Fund, the Custodian and a futures commission merchant registered
under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any contract
market (or any similar organization or organizations) regarding account deposits in connection with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) For any other proper Fund purpose, but only upon receipt, in addition to Written Instructions, specifying the Securities to be delivered,
declaring such purpose to be a proper Fund purpose, and naming the person or persons to whom delivery of such Securities shall be made;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) To brokers, clearing banks or other clearing agents for examination or trade execution in accordance with market custom; provided
that in any such case the Custodian shall have no responsibility or liability for any loss arising from the delivery of such securities
prior to receiving payment for such securities except as may arise from the Custodian's own gross negligence or willful misconduct.

3.08 <u>Actions Not Requiring Written Instructions</u>. Unless otherwise instructed by the Fund, the Custodian shall with respect to all Securities held for the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 9.04 below, collect on a timely basis all income and other payments to which the Fund is entitled either by law
or pursuant to custom in the securities business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Present for payment and, subject to Section 9.04 below, collect on a timely basis the amount payable upon all Securities that may
mature or be called, redeemed, or retired, or otherwise become payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Endorse for collection, in the name of the Fund, checks, drafts and other negotiable instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Surrender interim receipts or Securities in temporary form for Securities in definitive form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Execute, as custodian, any necessary declarations or certificates of ownership under the federal income tax laws or the laws or regulations
of any other taxing authority now or hereafter in effect, and prepare and submit reports to the IRS and the Fund at such time, in such
manner and containing such information as is prescribed by the IRS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Hold for the Fund, either directly or, with respect to Securities held therein, through a Book-Entry System or Securities Depository,
all rights and similar Securities issued with respect to Securities of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In general, and except as otherwise directed in Written Instructions, attend to all non-discretionary details in connection with the
sale, exchange, substitution, purchase, transfer and other dealings with Securities and other assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Important information related to ADR's and Preferential Tax Treatment:</u> With respect to any ADRs the Fund may purchase
and own and which the Custodian custodies on the Fund's behalf, the Fund understands that the holding of American Depository Receipts
(" <u>ADRs</u> ") may require the disclosure of the beneficial ownership information (Name, Address, TIN/SSN, Share amount)
by the Custodian to vendors, sub-custodians, or local tax authorities in foreign jurisdictions to avoid tax penalties and to obtain the
most preferential tax treatment for the Fund. The Fund acknowledges and consents to any and all disclosures or releases of beneficial
information, described above, by the Custodian to any third parties relating to ADRs and release, hold harmless, and indemnify the Custodian
from any liability for doing so.

3.09 <u>Registration and Transfer of Securities</u>. All Securities held for the Fund that are issued or issuable only in bearer form shall be held by the Custodian in that form, provided that any such Securities shall be held in a Book-Entry System if eligible therefor. All other Securities held for the Fund may be registered in the name of the Fund, the Custodian, a Sub-Custodian or any nominee thereof, or in the name of a Book-Entry System, Securities Depository or any nominee of either thereof. The records of the Custodian with respect to the Fund's Foreign Securities that are maintained with a Sub-Custodian in an account that is identified as belonging to the Custodian for the benefit of its customers shall identify those securities as belonging to the Fund. The Fund shall furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of any of the nominees referred to above or in the name of a Book-Entry System or Securities Depository, any Securities registered in the name of the Fund.

3.10 <u>Records</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Custodian shall maintain complete and accurate records with respect to Securities, cash or other property held for the Fund, including
(i) journals or other records of original entry containing an itemized daily record in detail of all receipts and deliveries of Securities
and all receipts and disbursements of cash; (ii) ledgers (or other records) reflecting (A) Securities in transfer, (B) Securities in physical
possession, (C) monies and Securities borrowed and monies and Securities loaned (together with a record of the collateral therefor and
substitutions of such collateral), (D) dividends and interest received, and (E) dividends receivable and interest receivable; (iii) canceled
checks and bank records related thereto; and (iv) all records relating to its activities and obligations under this Agreement. The Custodian
shall keep such other books and records of the Fund as the Fund shall reasonably request, or as may be required by the 1940 Act, including,
but not limited to, Section 31 of the 1940 Act and Rule 31a-2 promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All such books and records maintained by the Custodian shall (i) be maintained in a form acceptable to the Fund and in compliance
with the rules and regulations of the SEC, (ii) be the property of the Fund and at all times during the regular business hours of the
Custodian be made available upon request for inspection by duly authorized officers, employees or agents of the Fund and employees or
agents of the SEC, and (iii) if required to be maintained by Rule 31a-1 under the 1940 Act, be preserved for the periods prescribed in
Rules 31a-1 and 31a-2 under the 1940 Act.

3.11 <u>Fund Reports by Custodian</u>. The Custodian shall furnish the Fund with a daily activity statement and a summary of all transfers to or from each Fund Custody Account on the day following such transfers. At least monthly, the Custodian shall furnish the Fund with a detailed statement of the Securities and moneys held by the Custodian and the Sub-Custodians for the Fund under this Agreement.

3.12 <u>Other Reports by Custodian</u>. As the Fund may reasonably request from time to time, the Custodian shall provide the Fund with reports on the internal accounting controls and procedures for safeguarding Securities which are employed by the Custodian or any Sub-Custodian.

3.13 <u>Proxies and Other Materials</u>. The Custodian shall cause all proxies relating to Securities that are not registered in the name of the Fund to be promptly executed by the registered holder of such Securities, without indication of the manner in which such proxies are to be voted, and shall promptly deliver to the Fund such proxies, all proxy soliciting materials and all notices relating to such Securities. With respect to the foreign Securities, the Custodian will use reasonable commercial efforts to facilitate the exercise of voting and other shareholder rights, subject to the laws, regulations and practical constraints that may exist in the country where such securities are issued. The Fund acknowledges that local conditions, including lack of regulation, onerous procedural obligations, lack of notice and other factors may have the effect of severely limiting the ability of the Fund to exercise shareholder rights.

3.14 <u>Information on Corporate Actions</u>. The Custodian shall promptly deliver to the Fund all information received by the Custodian and pertaining to Securities being held by the Fund with respect to optional tender or exchange offers, calls for redemption or purchase or expiration of rights. If the Fund desires to take action with respect to any tender offer, exchange offer or other similar transaction, the Fund shall notify the Custodian at least three Business Days prior to the date on which the Custodian is to take such action. The Fund will provide or cause to be provided to the Custodian all relevant information for any Security which has unique put/option provisions at least three Business Days prior to the beginning date of the tender period.

**ARTICLE IV.**

**PURCHASE AND SALE OF INVESTMENTS OF THE FUND**

4.01 <u>Purchase of Securities</u>. Promptly upon each purchase of Securities for the Fund, Written Instructions shall be delivered to the Custodian, specifying (i) the name of the issuer or writer of such Securities, and the title or other description thereof, (ii) the number of shares, principal amount (and accrued interest, if any) or other units purchased, (iii) the date of purchase and settlement, (iv) the purchase price per unit, (v) the total amount payable upon such purchase, and (vi) the name of the person to whom such amount is payable. The Custodian shall upon receipt of such Securities purchased by the Fund pay out of the moneys held for the account of the Fund the total amount specified in such Written Instructions to the person named therein. The Custodian shall not be under any obligation to pay out moneys to cover the cost of a purchase of Securities for the Fund, if in the Fund Custody Account there is insufficient cash available to the Fund for which such purchase was made.

4.02 <u>Liability for Payment in Advance of Receipt of Securities Purchased</u>. In any and every case where payment for the purchase of Securities for the Fund is made by the Custodian in advance of receipt of the Securities purchased and in the absence of specified Written Instructions to so pay in advance, the Custodian shall be liable to the Fund for such payment.

4.03 <u>Sale of Securities</u>. Promptly upon each sale of Securities by the Fund, Written Instructions shall be delivered to the Custodian, specifying: (i) the name of the issuer or writer of such Securities, and the title or other description thereof; (ii) the number of shares, principal amount (and accrued interest, if any), or other units sold; (iii) the date of sale and settlement, (iv) the sale price per unit; (v) the total amount payable upon such sale; and (vi) the person to whom such Securities are to be delivered. Upon receipt of the total amount payable to the Fund as specified in such Written Instructions, the Custodian shall deliver such Securities to the person specified in such Written Instructions. Subject to the foregoing, the Custodian may accept payment in such form as shall be satisfactory to it, and may deliver Securities and arrange for payment in accordance with the customs prevailing among dealers in Securities.

4.04 <u>Delivery of Securities Sold</u>. Notwithstanding Section 4.03 above or any other provision of this Agreement, the Custodian, when instructed to deliver Securities against payment, shall be entitled, if in accordance with generally accepted market practice, to deliver such Securities prior to actual receipt of final payment therefor. In any such case, the Fund shall bear the risk that final payment for such Securities may not be made or that such Securities may be returned or otherwise held or disposed of by or through the person to whom they were delivered, and the Custodian shall have no liability for any for the foregoing.

4.05 <u>Payment for Securities Sold</u>. In its sole discretion and from time to time, the Custodian may credit the Fund Custody Account, prior to actual receipt of final payment thereof, with: (i) proceeds from the sale of Securities which it has been instructed to deliver against payment; (ii) proceeds from the redemption of Securities or other assets of the Fund; and (iii) income from cash, Securities or other assets of the Fund. Any such credit shall be conditional upon actual receipt by Custodian of final payment and may be reversed if final payment is not actually received in full. The Custodian may, in its sole discretion and from time to time, permit the Fund to use funds so credited to the Fund Custody Account in anticipation of actual receipt of final payment. Any such funds shall be repayable immediately upon demand made by the Custodian at any time prior to the actual receipt of all final payments in anticipation of which funds were credited to the Fund Custody Account.

4.06 <u>Advances by Custodian for Settlement</u>. The Custodian may, in its sole discretion and from time to time, advance funds to the Fund to facilitate the settlement of a Fund's transactions in the Fund Custody Account. Any such advance shall be repayable immediately upon demand made by Custodian.

4.07 <u>Straight Through Processing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund directs Custodian to process Fund-initiated cash and security instructions received by Custodian via online portal, SWIFT,
secure file transfer protocol, or equivalent method in an automated, electronic process without manual review by Custodian ("Straight
Through Processing").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund (1) acknowledges and agrees that it is solely responsible for and assumes all risks and liabilities associated with instructions
given to Custodian regarding any transactions eligible for Straight Through Processing and (2) understands that any non-repetitive wire
instructions concerning cash or securities to be transferred out of Custodian or to a different entity will be deemed not eligible for
Straight Through Processing. Such non-repetitive wire instructions may be subject to a call back process in order to obtain further verification
and/or additional authorized direction or other documentation as reasonably requested for verification purposes by Custodian.

4.08 <u>Foreign Exchange.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon receipt of instructions, which may include those related to the purchase or sale of Securities under
this Agreement, Custodian, its affiliate or Sub-Custodian may facilitate the processing and settlement of foreign exchange transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Fund (or its authorized investment advisor acting on its behalf) may elect to enter into foreign exchange
transactions with third parties that are not affiliated with the Custodian, with Custodian (acting in the
capacity of foreign exchange provider), an affiliate of Custodian, or with a Sub-Custodian. Where Fund (or its investment advisor)
makes a request with respect to a foreign exchange transaction that does not direct execution away to an unaffiliated third-party provider,
the Fund (or its investment advisor) is deemed to instruct Custodian, on Fund's behalf, to direct the execution of such foreign
exchange transaction to Custodian. In its role as foreign exchange provider, Custodian does not serve as agent, trustee or fiduciary
in handling or executing foreign exchange transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event Fund (or its investment advisor) and Custodian establish a foreign exchange relationship,
additional documentation may be required. Any disclosures and agreements provided or made available by and/or executed with Custodian
as foreign exchange provider from time to time, including, without limitation, any ISDA Master Agreement, including without limitation,
termination rights and procedures set forth therein, shall prevail with respect to any foreign exchange transaction in the event of a
conflict with the terms and provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Custodian has no responsibility under this Agreement for the selection of counterparty, the channel or
method of execution or the application of the execution rate with respect to any foreign exchange transaction. Foreign exchange markets
are decentralized, and Custodian does not offer "best execution" with respect to any foreign exchange transaction. Fund likewise
assumes market risk in the event it elects not to enter into foreign exchange contracts in order to hedge its foreign exchange risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Fund represents with respect to any foreign exchange transaction that it (and its investment advisor,
as applicable) possesses the requisite power and authority to enter into foreign exchange transactions and to take all related action
in connection with the handling thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Fund acknowledges in connection with any foreign exchange transaction entered into between the Fund (or
its investment advisor) and Custodian, affiliate or Sub-Custodian as the case may be, unless otherwise expressly agreed in writing, that
such foreign exchange provider will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) act in a principal capacity and not as broker, agent or fiduciary to Fund or to its investment advisor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) price such foreign exchange transaction in a manner that reflects internal and proprietary pricing policies,
which may include amounts that reflect services provided, risks taken and costs incurred, including a reasonable return or profit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) endeavor in good faith to act in accordance with Fund (or its investment advisor's) written instructions. If dealing or settlement
instructions are incomplete, inaccurate or are not provided in a timely manner, the Fund, and not the Custodian, affiliate or Sub-Custodian, is responsible
for any resulting risk of loss related to delay or failure to perform.

**ARTICLE V.**

**REPURCHASE OF FUND SHARES**

5.01 <u>Transfer of Funds</u>. From such Funds as may be available for the purpose in the relevant Fund Custody Account, and upon receipt of Written Instructions specifying that the Funds are required to repurchase Shares of the Fund, the Custodian shall wire each amount specified in such Written Instructions to or through such bank or broker-dealer as the Fund may designate.

5.02 <u>No Duty Regarding Paying Banks</u>. Once the Custodian has wired amounts to a bank or broker-dealer pursuant to Section 5.01 above, the Custodian shall not be under any obligation to effect any further payment or distribution by such bank or broker-dealer.

**ARTICLE VI.**

**SEGREGATED ACCOUNTS**

Upon receipt of Written Instructions, the Custodian shall establish and maintain a segregated account or accounts for and on behalf of the Fund, into which account or accounts may be transferred cash and/or Securities, including Securities maintained in a Depository Account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in accordance with the provisions of any agreement among the Fund, the Custodian and a broker-dealer registered under the 1934 Act
and a member of FINRA (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the
rules of the Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission
or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection
with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for purposes of segregating cash or Securities in connection with securities options purchased or written by the Fund or in connection
with financial futures contracts (or options thereon) purchased or sold by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) which constitute collateral for loans of Securities made by the Fund and other Fund obligations set forth in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for purposes of compliance by the Fund with requirements under the 1940 Act for the maintenance of segregated accounts by registered
investment companies in connection with reverse repurchase agreements and when-issued, delayed delivery and firm commitment transactions;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) for other proper Fund purposes, but only upon receipt of Written Instructions, setting forth the purpose or purposes of such segregated
account and declaring such purposes to be proper Fund purposes.

Each segregated account established under this Article VI shall be established and maintained for the Fund only. All Written Instructions relating to a segregated account shall specify the Fund.

**ARTICLE VII.**

**COMPENSATION OF CUSTODIAN**

7.01 <u>Compensation</u>. The Custodian shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth on <u>Exhibit A</u> hereto (as amended from time to time). The Custodian shall also be compensated for such miscellaneous expenses (e.g., telecommunication charges, postage and delivery charges, and reproduction charges) as are reasonably incurred by the Custodian in performing its duties hereunder. The Fund shall pay all such fees and reimbursable expenses within 30 calendar days following receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Fund shall notify the Custodian in writing within 30 calendar days following receipt of each invoice if the Fund is disputing any amounts in good faith. The Fund shall pay such disputed amounts within 10 calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense the Fund is disputing in good faith as set forth above, unpaid invoices shall accrue a finance change of 1½ % per month after the due date. Notwithstanding anything to the contrary, amounts owed by the Fund to the Custodian shall only be paid out of the assets and property of the particular Fund involved.

7.02 <u>Overdrafts</u>. The Fund is responsible for maintaining an appropriate level of short term cash investments to accommodate cash outflows. The Fund may obtain a formal line of credit for potential overdrafts of its custody account. In the event of an overdraft or in the event the line of credit is insufficient to cover an overdraft, the overdraft amount or the overdraft amount that exceeds the line of credit will be charged in accordance with the fee schedule set forth on <u>Exhibit A</u> hereto (as amended from time to time)

**ARTICLE VIII.**

**REPRESENTATIONS AND WARRANTIES**

8.01 <u>Representations and Warranties of the Fund</u>. The Fund hereby represents and warrants to the Custodian, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business
as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement has been duly authorized, executed and delivered by the Fund in accordance with all requisite action and constitutes
a valid and legally binding obligation of the Fund, enforceable in accordance with its
terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies
of creditors and secured parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal,
and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation,
order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would
prohibit its execution or performance of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It, on behalf of itself and any of its agents and/or intermediaries who may initiate and deliver Straight Through Processing instruction(s)
to Custodian and its operations group, has been granted the authority to provide the direction as required hereunder, and that such instruction
meets all applicable requirements hereunder.

8.02 <u>Representations and Warranties of the Custodian</u>. The Custodian hereby represents and warrants to the Fund, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business
as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is a "U.S. Bank" as defined in section (a)(7) of Rule 17f-5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement has been duly authorized, executed and delivered by the Custodian in accordance with all requisite action and constitutes
a valid and legally binding obligation of the Custodian, enforceable in accordance with its terms, subject to bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal,
and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation,
order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would
prohibit its execution or performance of this Agreement.

**ARTICLE IX.**

**CONCERNING THE CUSTODIAN**

9.01 <u>Standard of Care</u>. The Custodian shall exercise reasonable care in the performance of its duties under this Agreement. The Custodian shall not be liable for any error of judgment, mistake of law, shareholder fraud or for any loss suffered by the Fund in connection with its duties under this Agreement, except a loss arising out of or relating to the Custodian's (or a Sub-Custodian's) refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement) or from its (or a Sub-Custodian's) bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). The Custodian shall be entitled to rely on and may act upon advice of counsel on all matters, and shall be without liability for any action reasonably taken or omitted pursuant to such advice. The Custodian shall promptly notify the Fund of any action taken or omitted by the Custodian pursuant to advice of counsel.

9.02 <u>Actual Collection Required</u>. The Custodian shall not be liable for, or considered to be the custodian of, any cash belonging to the Fund or any money represented by a check, draft or other instrument for the payment of money, until the Custodian or its agents actually receive such cash or collect on such instrument.

9.03 <u>No Responsibility for Title, etc.</u> So long as and to the extent that it is in the exercise of reasonable care, the Custodian shall not be responsible for the title, validity or genuineness of any property or evidence of title thereto received or delivered by it pursuant to this Agreement.

9.04 <u>Limitation on Duty to Collect</u>. Custodian shall not be required to enforce collection, by legal means or otherwise, of any money or property due and payable with respect to Securities held for the Fund if such Securities are in default or payment is not made after due demand or presentation.

9.05 <u>Reliance Upon Documents and Instructions</u>. The Custodian shall be entitled to rely upon any certificate, notice or other instrument in writing received by it and reasonably believed by it to be genuine. The Custodian shall be entitled to rely upon any Written Instructions actually received by it pursuant to this Agreement.

9.06 <u>Cooperation</u>. The Custodian shall cooperate with and supply necessary information to the entity or entities appointed by the Fund to keep the books of account of the Fund and/or compute the value of the assets of the Fund. The Custodian shall take all such reasonable actions as the Fund may from time to time request to enable the Fund to obtain, from year to year, favorable opinions from the Fund's independent accountants with respect to the Custodian's activities hereunder in connection with (i) the preparation of the Fund's reports on Form N-PORT, Form N-CEN, Form N-CSR and any other reports required by the SEC or any future registration statement on Form N-2, and (ii) the fulfillment by the Fund of any other requirements of the SEC.

**ARTICLE X.** 

**INDEMNIFICATION**

10.01 <u>Indemnification by Fund</u>. The Fund shall indemnify and hold harmless the Custodian, any Sub-Custodian and any of their respective directors, officers, employees or nominee thereof (each, a "Fund Indemnified Party" and collectively, the "Fund Indemnified Parties") from and against any and all claims, demands, losses, reasonable expenses and liabilities of any and every nature (including reasonable attorneys' fees) that a Fund Indemnified Party may sustain or incur or that may be asserted against a Fund Indemnified Party by any person arising directly or indirectly (i) from the fact that Securities are registered in the name of any such nominee, (ii) from any action taken or omitted to be taken by a Fund Indemnified Party (a) at the request or direction of or in reliance on the advice of the Fund, or (b) upon Written Instructions, (c) for processing any transaction using Straight Through Processing, or (d) processing any transaction subsequently determined to be fraudulent by the Fund as a result of Straight Through Processing, or (iii) from the performance of its obligations under this Agreement or any sub-custody agreement, provided that neither the Custodian nor any such Sub-Custodian shall be indemnified and held harmless from and against any such claim, demand, loss, expense or liability arising out of or relating to its refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement), or from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). This indemnity shall be a continuing obligation of the Fund, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the terms "Custodian" and "Sub-Custodian" shall include their respective directors, officers and employees. If requested by a Fund Indemnified Party, the Fund shall advance (within thirty (30) days of such request) any and all reasonable costs and expenses of such Fund Indemnified Party incurred in connection with any losses or investigating or defending any matter to which such Fund Indemnified Party may be entitled to indemnification including, without limitation, attorneys' and experts' fees. The Fund Indemnified Party shall, in connection with any such advancement, agree to an undertaking to repay such advancement if and to the extent that it is ultimately determined by a court of competent jurisdiction in a final non-appealable judgement that the Fund Indemnified Party is not entitled to be indemnified by the Fund.

10.02 <u>Indemnification by Custodian</u>. The Custodian shall indemnify and hold harmless the Fund, including its trustees, officers, and employees (the "Custodian Indemnified Party"), from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees) that the Custodian Indemnified Party may sustain or incur or that may be asserted against the Custodian Indemnified Party by any person arising directly or indirectly out of any action taken or omitted to be taken by Custodian as a result of the Custodian's refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement), or from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). This indemnity shall be a continuing obligation of the Custodian, its successors and assigns, notwithstanding the termination of this Agreement.

10.03 <u>Security</u>. The Fund hereby grants to the Custodian, in order to secure payment and performance of the Fund's obligations under this Agreement, whether contingent or otherwise and to the maximum extent permitted by law, a security interest in and right of recoupment and setoff against all cash, Securities and other assets at any time held for the account of a Fund by or through the Custodian. For such purposes, secured obligations and liabilities include, without limitation, the Fund's obligation to reimburse the Custodian if the Custodian (or Sub-Custodian) or an affiliate thereof advances cash, Securities or other assets of the Fund for any purpose, either at the Fund's request or its investment advisor's request, and including, but not limited to, amounts paid by Custodian but not yet received in the course of Fund's liquidation, settlements of Securities or other assets, extensions of credit and obligations related to foreign exchange transactions or an amount owed in connection with the early termination of such transactions, or in the event that the Custodian or its nominee shall incur or be assessed any taxes, charges, expenses, costs, assessments, claims or liabilities in connection with the performance of this Agreement, as well as the Fund's obligation to pay fees (including reasonable attorneys' fees) or to indemnify the Custodian pursuant to the terms of this Agreement. Should the Fund fail to promptly reimburse or otherwise pay the Custodian any such obligation, or in the event that the assets of Fund are insufficient to repay or indemnify the Custodian, without limiting other remedies available to it, the Custodian shall have the rights and remedies of a secured party under this Agreement under applicable law, including the right to utilize available cash and to sell or otherwise dispose of Securities or other assets to the extent necessary to obtain payment or reimbursement. The Custodian may at any time reject a request by Fund or its investment manager to deliver cash, Securities or other assets if the Custodian determines in its reasonable discretion that those remaining will not have sufficient value to fully secure the Fund's payment or reimbursement obligations specified herein. In the event that the assets of Fund are insufficient to repay or indemnify the Custodian, the Fund shall indemnify the Custodian for any remaining liabilities advanced or incurred by the Custodian as contemplated hereunder.

10.04 <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither party to this Agreement shall be liable to the other party for consequential, special or punitive
damages under any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The indemnity provisions of this Article shall indefinitely survive the termination and/or assignment of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In order that the indemnification provisions contained in this Article shall apply, it is understood that
if in any case the indemnitor may be asked to indemnify or hold the indemnitee harmless, the indemnitor shall be fully and promptly advised
of all pertinent facts concerning the situation in question, and it is further understood that the indemnitee will use all reasonable
care to notify the indemnitor promptly concerning any situation that presents or appears likely to present the probability of a claim
for indemnification. The indemnitor shall have the option to defend the indemnitee against any claim that may be the subject of this indemnification.
In the event that the indemnitor so elects, it will so notify the indemnitee and thereupon the indemnitor shall take over complete defense
of the claim, and the indemnitee shall in such situation initiate no further legal or other expenses for which it shall seek indemnification
under this Article X. The indemnitee shall in no case confess any claim or make any compromise in any case in which the indemnitor will
be asked to indemnify the indemnitee except with the indemnitor's prior written consent.

**ARTICLE XI.**

**FORCE MAJEURE**

Neither the Custodian nor the Fund shall be liable for any failure or delay in performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; acts of terrorism; sabotage; strikes; epidemics; riots; power failures; computer failure and any such circumstances beyond its reasonable control as may cause interruption, loss or malfunction of utility, transportation, computer (hardware or software) or telephone communication service; accidents; labor disputes; acts of civil or military authority; governmental actions; or inability to obtain labor, material, equipment or transportation; provided, however, that in the event of a failure or delay, the Custodian: (i) shall not discriminate against the Fund in favor of any other customer of the Custodian in making computer time and personnel available to input or process the transactions contemplated by this Agreement; and (ii) shall use its best efforts to ameliorate the effects of any such failure or delay.

**ARTICLE XII.**

**PROPRIETARY AND CONFIDENTIAL INFORMATION**

12.01 The Custodian agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Fund, all non-public records and other information relative to the Fund and prior, present, or potential shareholders of the Fund (and clients of said shareholders), and not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, except: (i) after prior notification to and approval in writing by the Fund, which approval shall not be unreasonably withheld and may not be withheld where the Custodian may be exposed to civil or criminal contempt proceedings for failure to comply; (ii) when requested to divulge such information by duly constituted governmental or regulatory authorities with jurisdiction over the Custodian, provided that the Custodian will promptly report such disclosure to the Fund if disclosure is permitted by applicable law, rule or regulation; or (iii) when so requested in writing by the Fund. Records and other information which have become known to the public through no wrongful act of the Custodian or any of its employees, agents or representatives, and information that was already in the possession of the Custodian prior to receipt thereof from the Fund or its agent, shall not be subject to this paragraph.

12.02 Further, the Custodian will adhere to the privacy policies adopted by the Fund pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time. In this regard, the Custodian shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Fund and its shareholders.

12.03 The Fund agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Custodian, all non-public information relative to the Custodian (including, without limitation, information regarding the Custodian's pricing, products, services, customers, suppliers, financial statements, processes, know-how, trade secrets, market opportunities, past, present or future research, development or business plans, affairs, operations, systems, computer software in source code and object code form, documentation, techniques, procedures, designs, drawings, specifications, schematics, processes and/or intellectual property), and not to use such information for any purpose other than in connection with the services provided under this Agreement, except (i) after prior notification to and approval in writing by the Custodian, which approval shall not be unreasonably withheld and may not be withheld where the Fund may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted governmental or regulatory authorities with jurisdiction over the Fund, provided that the Fund will promptly report such disclosure to the Custodian if disclosure is permitted by applicable law, rule or regulation, or (iii) when so requested in writing by the Custodian. Information which has become known to the public through no wrongful act of the Fund or any of its employees, agents or representatives, and information that was already in the possession of the Fund prior to receipt thereof from the Custodian, shall not be subject to this paragraph.

12.04 Notwithstanding anything herein to the contrary, (i) the Fund shall be permitted to disclose the identity of the Custodian as a service provider, redacted copies of this Agreement, and such other information as may be required in the Fund's registration or offering documents, or as may otherwise be required by applicable law, rule, or regulation, and (ii) the Custodian shall be permitted to include the name of the Fund in lists of representative clients in due diligence questionnaires, RFP responses, presentations, and other marketing and promotional purposes, (iii) each party agrees that it will not use such confidential or proprietary information other than as described in this Agreement, and (iv) each party agrees that it will not disclose such confidential or proprietary information to any other person, other than those persons agreed to in this Agreement who reasonably have a need to know such confidential or proprietary information and who are under an obligation of confidentiality consistent with the terms of this Agreement.

12.05 This Article shall survive the termination of this Agreement.

**ARTICLE XIII.**

**EFFECTIVE PERIOD; TERMINATION**

13.01 <u>Effective Period</u>. This Agreement shall become effective as of the date last written below and will continue in effect for a period of three (3) years.

13.02 <u>Termination</u>. This Agreement may be terminated by either party upon giving 90 days prior written notice to the other party or such shorter period as is mutually agreed upon by the parties. Subsequent to the end of the three (3) year period, this Agreement continues until one party gives 90 days prior written notice to the other party or such shorter notice period as is mutually agreed upon by the parties. Notwithstanding the foregoing, this Agreement may be terminated by either party upon the breach of the other party of any material term of this Agreement if such breach is not cured within 15 days of notice of such breach to the breaching party. In addition, the Fund may, at any time, immediately terminate this Agreement in the event of the appointment of a conservator or receiver for the Custodian by regulatory authorities or upon the happening of a like event at the direction of an appropriate regulatory agency or court of competent jurisdiction.

13.03 <u>Early Termination</u>. In the absence of any material breach of this agreement or the liquidation of the Fund, should the Fund elect to terminate this agreement prior to the end of the three (3) year term, the Fund agrees to pay the following fees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All monthly fees through the life of the Agreement including the repayment of any negotiated discounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) All miscellaneous fees associated with converting services to a successor service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) All fees associated with any record retention and/or tax reporting

obligations that may not be eliminated due to the conversion to a

successor service provider, as agreed upon by both parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) All miscellaneous costs associated with a) thru c) above.

13.04 <u>Appointment of Successor Custodian</u>. If a successor custodian shall have been appointed by the Board of Trustees, the Custodian shall, upon receipt of a notice from the Fund, on such specified date of termination (i) deliver directly to the successor custodian all Securities (other than Securities held in a Book-Entry System or Securities Depository) and cash then owned by the Fund and held by the Custodian as custodian, and (ii) transfer any Securities held in a Book-Entry System or Securities Depository to an account of or for the benefit of the Fund at the successor custodian, provided that the Fund shall have paid to the Custodian all fees, expenses and other amounts to the payment or reimbursement of which it shall then be entitled. In addition, the Custodian shall, at the expense of the Fund, transfer to such successor all relevant books, records, correspondence, and other data established or maintained by the Custodian under this Agreement in a form reasonably acceptable to the Fund (if such form differs from the form in which the Custodian has maintained the same, the Fund shall pay any expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from the Custodian's personnel in the establishment of books, records, and other data by such successor. Upon such delivery and transfer, the Custodian shall be relieved of all obligations under this Agreement.

13.05 <u>Failure to Appoint Successor Custodian</u>. If a successor custodian is not designated by the Fund on or before the date of termination of this Agreement, then the Custodian shall have the right to deliver to a bank or fund company of its own selection, which bank or fund company: (i) is a "bank" as defined in the 1940 Act; and (ii) has aggregate capital, surplus and undivided profits as shown on its most recent published report of not less than $25 million, all Securities, cash and other property held by the Custodian under this Agreement and to transfer to an account of or for the Fund at such bank or fund company all Securities of the Fund held in a Book-Entry System or Securities Depository. Upon such delivery and transfer, such bank or fund company shall be the successor custodian under this Agreement and the Custodian shall be relieved of all obligations under this Agreement. In addition, under these circumstances, all books, records and other data of the Fund shall be returned to the Fund.

**ARTICLE XIV.**

**SECURITIES LITIGATION PROCESSING**

Securities litigation processing is an optional service for which the Fund, must affirmatively opt-in to. The Custodian will utilize a third-party vendor specializing in securities litigation processing services (the "SLP Vendor"). The SLP Vendor shall identify claims, file claims, maintain communications with claim administrators for monitoring the status of any claims, respond to inquiries from claim administrators with respect to claim forms and filings, provide notifications, and perform recovery services from such claims for and on behalf of the Fund in relation to any settled U.S./Canadian, non-U.S. passive class actions and U.S. antitrust suits that impacts any security the Fund may have held in any active or closed accounts (except for terminated/closed distributed trusts) during the class period. If the Fund has not opted-in, it will not receive any notification of claims, nor any other securities litigation processing services.

The Fund (i) authorizes Custodian to deliver any relevant data or information as may be requested by the SLP Vendor to file claims on the Fund's behalf, including but not limited to the participating Fund's relevant account, holdings, and transaction information (collectively, "Client Data"), (ii) understands that filing of a claim may require the disclosure of beneficial ownership information by the Custodian to vendors, sub-custodians, or a third-party claim administrator to validate the Fund's eligibility in the class and consents to such disclosures if necessary, and (iii) holds harmless and indemnifies Custodian from any liability from such disclosures or releases as described herein.

The Fund hereby acknowledges and understands that (i) it may be waiving and/or releasing certain rights to make claims or otherwise pursue the securities litigation defendants who settle their claims, (ii) there is no guarantee these claims will result in any payment of potential proceeds, (iii) the timing of such payment of proceeds, if any, is uncertain, (iv) it may be required to provide additional Client Data or sign tax forms upon request related to the claim processing, and (v) its failure to respond promptly to requests for additional Client Data could impact the Fund's ability to recover any proceeds.

**ARTICLE XV.**

**MISCELLANEOUS**

15.01 <u>Compliance with Laws</u>. The Fund has and retains primary responsibility for all compliance matters relating to the Fund, including but not limited to compliance with the 1940 Act, the Internal Revenue Code of 1986, the Sarbanes-Oxley Act of 2002, the USA Patriot Act of 2001, the Employee Retirement Income Security Act of 1974 ("ERISA") and the policies and limitations of the Fund relating to its portfolio investments as set forth in its prospectus and statement of additional information on Form N-2. The Custodian's services hereunder shall not relieve the Fund of its responsibilities for assuring such compliance or the Board of Trustees' oversight responsibility with respect thereto. The Fund shall immediately notify the Custodian if there is a material change to the investment strategy of the Fund that deviates from the investment strategy set out in the current prospectus, or if it becomes subject to any new law, rule, regulation, or order of a governmental or judicial authority of competent jurisdiction, that materially impacts the operations of the Fund or the services provided under this Agreement. Further, the Fund agrees that it complies with any and all applicable local, state, federal, and international data protection laws, and confirms necessary and appropriate consents, disclosures and notices are in place to enable collection and processing of personal data by the Custodian. The Custodian's functions hereunder shall not relieve the Fund of its primary day-to-day responsibility for assuring such compliance.

15.02 <u>ERISA</u>. The Custodian acknowledges that assets of the Fund may be subject to ERISA and Section 4975 of the IRC. The Fund acknowledges that (i) the Custodian is not a "named fiduciary" with respect to the Fund within the meaning of ERISA Section 402(a); (ii) the Custodian does not provide any services under this Agreement as a fiduciary with respect to the Fund or any "participating plan" within the meaning of ERISA Section 3(21); (iii) the Custodian has determined that it is not acting as a "covered service provider" within the meaning of 29 C.F.R 2500.408(b)-2(c) and as a result, the Custodian will not provide any participating plan's "administrator" within the meaning of ERISA Section 3(16)(A), participants, or beneficiaries with any plan-related, investment-related, fee and expense, or other information in connection with the Fund Custody Account, this Agreement or the Fund, including but not limited to, any information required for compliance with the reporting and disclosure requirements of ERISA or any description of the services to be provided or of the compensation to be received therefore; and (iv) the Custodian has no duty to establish, maintain, or reconcile to any individual accounts, or receive investment, distribution, or other directions from participants or beneficiaries.

15.03 <u>Amendment</u>. This Agreement may not be amended or modified in any manner except by written agreement executed by the Custodian and the Fund, and authorized or approved by the Board of Trustees.

15.04 <u>Assignment</u>. This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by the Fund without the written consent of the Custodian, or by the Custodian without the written consent of the Fund accompanied by the authorization or approval of the Board of Trustees.

15.05 <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of Minnesota, without regard to conflicts of law principles. To the extent that the applicable laws of the State of Minnesota, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control, and nothing herein shall be construed in a manner inconsistent with the 1940 Act or any rule or order of the SEC thereunder.

15.06 <u>No Agency Relationship</u>. Nothing herein contained shall be deemed to authorize or empower either party to act as agent for the other party to this Agreement, or to conduct business in the name, or for the account, of the other party to this Agreement.

15.07 <u>Services Not Exclusive</u>. Nothing in this Agreement shall limit or restrict the Custodian from providing services to other parties that are similar or identical to some or all of the services provided hereunder.

15.07 <u>Invalidity.</u> Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.

15.08 <u>Notices</u>. Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission to the other party's address set forth below:

Notice to the Custodian shall be sent to:

U.S. Bank National Association

Lunken Operations Center

CN-OH-L2GL

5065 Wooster Rd

Cincinnati, Ohio 45226

Attn: Global Fund Custody Support Services

Fax: 844.206.1025

Email: Fund.-.Fund.Custody.Conversion.Team@usbank.com

Notice to the Fund shall be sent to:

Tap US Private Equity Fund of Funds

c/o Tap Capital LLC

Jeff Leathers

President

One World Trade Center, 85<sup>th</sup> Floor

New York, NY 10007

Phone: 212.229.6098

Email: <u>jeff@usetap.com</u>

With Copies To:

Joshua Deringer

Faegre Drinker Biddle & Reath LLP

1 Logan Square

Suite 2000

Philadelphia, PA 19103

15.09 <u>Multiple Originals</u>. This Agreement may be executed on two or more counterparts, each of which when so executed shall be deemed an original, but such counterparts shall together constitute but one and the same instrument.

15.10 <u>No Waiver</u>. No failure by either party hereto to exercise, and no delay by such party in exercising, any right hereunder shall operate as a waiver thereof. The exercise by either party hereto of any right hereunder shall not preclude the exercise of any other right, and the remedies provided herein are cumulative and not exclusive of any remedies provided at law or in equity.

15.11 <u>References to Custodian</u>. The Fund shall not circulate any written material that contains any reference to the Custodian without the prior written approval of the Custodian, excepting written material contained in the Prospectus or statement of additional information for the Fund and such other written material as merely identifies the Custodian as custodian for the Fund. The Fund shall submit written material requiring approval to the Custodian in draft form, allowing sufficient time for review by the Custodian and its counsel prior to any deadline for publication.

**SIGNATURES ON THE NEXT PAGE**

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date last written below.

---

| | |
|:---|:---|
| **TAP US PRIVATE EQUITY FUND OF FUNDS** | **TAP US PRIVATE EQUITY FUND OF FUNDS** |
| By: | /s/ Jeff Leathers |
| Name: | Jeff Leathers |
| Title: | President |
| Date: | 1/21/2026 |
| **U.S. BANK NATIONAL ASSOCIATION** | **U.S. BANK NATIONAL ASSOCIATION** |
| By: | /s/ Greg Farley |
| Name: | Greg Farley |
| Title: | Senior Vice President |
| Date: | 1/21/2026 |

---

**<u>EXHIBIT A</u>**

**Custody Fee Schedule**

[REDACTED]

**<u>EXHIBIT B</u>**

**SHAREHOLDER COMMUNICATIONS ACT AUTHORIZATION**

**TAP US PRIVATE EQUITY FUND OF FUNDS**

The Shareholder Communications Act of 1985 requires banks and Fund companies to make an effort to permit direct communication between a company which issues securities and the shareholder who votes those securities.

Unless you specifically require us to NOT release your name and address to requesting companies, we are required by law to disclose your name and address.

Your "yes" or "no" to disclosure will apply to all U.S. securities Custodian holds for you now and in the future, unless you change your mind and notify us in writing. A "no" election may prevent Custodian from obtaining, on your behalf, the most favorable tax rate for American Depository Receipts (ADRs) held in your account*.* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;☐ YES | &nbsp;&nbsp;U.S. Bank is authorized to provide the Fund's name, address and security position to requesting companies whose stock is owned by the Fund. |
| &nbsp;&nbsp; ☒ NO | &nbsp;&nbsp;U.S. Bank is NOT authorized to provide the Fund's name, address and security position to requesting companies whose stock is owned by the Fund. |

---

**TAP US PRIVATE EQUITY FUND OF FUNDS**

---

| | |
|:---|:---|
| By: | /s/ Jeff Leathers |
| Name: | Jeff Leathers |
| Title: | President |
| Date: | 1/21/2026 |

---

## Ex-99.(K)(1)

**Exhibit (k)(1)**

![](ex99k1_001.jpg)

**Transfer Agency and Service Agreement**

**Between**

**Each of Tap Capital's Closed-End Investment Companies**

**Listed on Schedule A Attached Hereto**

**and**

**Computershare Trust Company, N.A.**

**and**

**Computershare Inc.**

**THIS TRANSFER AGENCY AND SERVICE AGREEMENT**, effective as of [**DATE**] ("**Effective Date**"), is by and between each of Tap Capital's closed-end investment companies listed on Schedule A attached hereto, as may be amended from time to time ("**Schedule A**") (each such investment company, a "**Fund**"), and Computershare Inc., a Delaware corporation ("**Computershare**"), and its affiliate Computershare Trust Company, N.A., a federally chartered trust company ("**Trust Company**", and together with Computershare, "**Agent**"), each having a principal office and place of business at 150 Royall Street, Canton, Massachusetts 02021. As used herein "party" means Agent or Fund, as applicable, and "parties" means Agent and Fund.

**WHEREAS**, Fund desires to appoint Trust Company as its sole transfer agent and registrar for the Shares, and administrator of any Plans (defined below) for Fund, and Computershare as processor of all payments received or made by Fund under this Agreement, as of the commencement date indicated for such Fund in Schedule A ("**Commencement Date**");

**WHEREAS,** Trust Company and Computershare will each separately provide specified services covered by this Agreement and, in addition, Trust Company may arrange for Computershare to act on behalf of Trust Company in providing certain of its services covered by this Agreement; and

**WHEREAS,** Trust Company and Computershare desire to accept such respective appointments and perform the services related to such appointments;

**NOW THEREFORE**, in consideration of the mutual covenants herein contained, the parties agree as follows:

1. <u>CERTAIN DEFINITIONS</u>.

1.1 "**Account**" means the account of each Shareholder which reflects any full or fractional Shares held by such Shareholder, outstanding funds, or reportable tax information.

1.2 "**Agreement**" means this agreement and any and all exhibits or schedules attached hereto and any and all amendments or modifications which may from time to time be executed.

1.3 "**Confidential Information**" means any and all technical or business information relating to a party, including, without limitation, financial, marketing and product development information, Shareholder Data (including any non-public information of such Shareholder), Personal Information, Proprietary Information (as defined in Section 3.4), and the terms and conditions (but not the existence) of this Agreement, that is disclosed or otherwise becomes known to the other party or its affiliates, agents or representatives before or during the term of this Agreement, as well as any other information designated as confidential or proprietary by the disclosing party or otherwise disclosed in a manner such that a reasonable person would understand its confidential nature. Confidential Information may constitute trade secrets and is of great value to the owner (or its affiliates). Except for Personal Information and Proprietary Information, Confidential Information shall not include any information that is reasonably demonstrated to be: (a) already known to the other party or its affiliates on a non-confidential basis at the time of the disclosure; (b) publicly known at the time of the disclosure or becomes publicly known through no wrongful act or failure of the other party; (c) subsequently disclosed to the other party or its affiliates on a non-confidential basis by a third party not having a confidential relationship with the owner and which rightfully acquired such information; or (d) independently developed by one party without access to the Confidential Information of the other.

1.4 "**Personal Information**" means information that identifies, relates to, describes, is reasonably capable of being associated with, or could reasonably be linked, directly or indirectly, with a particular living individual, including, without limitation, names, signatures, addresses, e-mail addresses, telephone numbers, account numbers and information, social security numbers and other personal identification numbers, financial data, date of birth, transaction information, user names, passwords, security codes, employee ID numbers, identity photos, and any other information defined in applicable privacy laws or regulations as personal information, that Agent receives from Fund, is otherwise obtained by Agent in connection with this Agreement, or to which Agent has access in the course of performing the Services.

1.5 "**Plans**" means any dividend reinvestment plan, direct stock purchase plan, or other investment programs administered by Trust Company for Fund relating to the Shares, whether as of the Effective Date or at any time during the term of this Agreement.

1.6 "**Services**" means all services performed or made available by Agent pursuant to this Agreement.

1.7 "**Share**" means, with respect to each Fund, shares of each class indicated for such Fund in Exhibit A, authorized by Fund's Agreement and Declaration of Trust, and other classes of Fund's shares to be designated by Fund in writing and which Agent agrees to service under this Agreement.

1.8 "**Shareholder**" means a holder of record of Shares.

1.9 "**Shareholder Data**" means all information, including Personal Information, maintained on the records database of Agent concerning Shareholders.

2. <u>APPOINTMENT OF AGENT</u>.

2.1 <u>Appointments</u>. Fund appoints, and Trust Company and Computershare hereby accept such appointments, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Trust Company as sole transfer agent and registrar for all Shares;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Computershare as the service provider to Trust Company and as processor of all payments received or made by or on behalf of Fund under
this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) Trust Company as administrator of any Plans in accordance with the terms and conditions of this Agreement and such Plans.

2.2 <u>Appointment Documents</u>. On or before the Effective Date, Fund will provide the appointment and corporate authority documents as set out separately by Agent, including but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Board resolution appointing Trust Company as the transfer agent;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Board resolution and/or certificate of incumbency designating officers or other designated persons of Fund authorized to sign written
instructions and requests and, if applicable, Share certificates, in connection with this Agreement (each an "**Authorized Person** ");

&nbsp;&nbsp;&nbsp;&nbsp;(c) An opinion of counsel for Fund
addressed to Agent as mutually agreed upon by both parties, concerning, without limitation, Fund's legal status under applicable
law and legal status of the Shares, including whether the applicable offering of Shares is registered or exempt from registration;

&nbsp;&nbsp;&nbsp;&nbsp;(d) A certificate of Fund as to the Shares authorized, issued and outstanding, as well as a description of all reserves of unissued Shares
relating to the exercise of options; and

&nbsp;&nbsp;&nbsp;&nbsp;(e) A complete and accurate register of Shareholders.

2.3 <u>Records</u>. Agent may adopt as part of its records all Shareholder lists, Share ledgers, records, books, and documents provided to Agent by Fund or any of its agents. In order to enable Agent to perform the duties of transfer agent and registrar, each Fund shall provide, or shall cause its prior transfer agent and registrar to provide, a complete and accurate register of Shareholders on or before the Commencement Date relevant to such Fund, and shall indemnify Agent under Section 7.2 of this Agreement for the failure to provide such register on or before such Commencement Date. Agent shall keep records relating to the Services, in the form and manner it deems advisable, but in any event consistent with the reasonable standards of the transfer agency industry. Agent agrees that all such records prepared or maintained by it relating to the Services are the property of Fund and will be preserved, maintained and made available in accordance with the requirements of applicable law and Agent's records management policy, and will be surrendered promptly to Fund in accordance with its request subject to applicable law and Agent's records management policy.

2.4 <u>Shares</u>. Fund shall, if applicable, inform Agent as soon as possible in advance as to: (a) the existence or termination of any restrictions on the transfer of Shares, the application to or removal from any Shares of any legend restricting the transfer of such Shares (which may be subject, in the case of removal of any such legend, to delivery of a legal opinion in form and substance acceptable to Agent), or the substitution for such Share of a Share without such legend; (b) any authorized but unissued Shares reserved for specific purposes; (c) any outstanding Shares which are exchangeable for Shares and the basis for exchange; (d) reserved Shares subject to option and the details of such reservation; (e) any Share split or Share dividend; (f) any other relevant event or special instructions which may affect the Shares; (g) any bankruptcy, insolvency or other proceeding regarding a Fund affecting the enforcement of creditors' rights; and (h) any future original issuances of Shares for which Agent will act as transfer agent under this Agreement (subject to delivery of a legal opinion of counsel for Fund addressed to Agent in a form mutually agreed upon by both parties, concerning, without limitation, the legal status of such Shares, including whether the applicable issuance is part of an offering of Shares that is registered or exempt from registration).

2.5 <u>Share Certificates</u>. If applicable, Fund shall provide Agent with (a) documentation required to print on demand Share certificates, or (b) an appropriate supply of Share certificates which contain a signature panel for use by an authorized signor of Agent and state that such certificates are only valid after being countersigned and registered, whichever is applicable.

2.6 <u>Fund Responsibility</u>. Fund shall perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all such further and other acts, documents, instruments and assurances as Agent may reasonably require in order to carry out or perform its obligations under this Agreement. If any out-of-balance condition caused by Fund or any of its prior agents arises during any term of this Agreement, then Fund will, promptly upon Agent's request, provide Agent with funds or Shares sufficient to resolve such out-of-balance condition. For purposes of the prior sentence, an "out-of-balance condition" occurs when any funds or Shares do not balance out adequately to cover payment or issuance obligations to Shareholders, or there is a record difference or over issuance as defined under applicable state or federal law.

2.7 <u>Scope of Agency.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) Agent shall act solely as agent for Fund under this Agreement and owes no duties hereunder to any other person. Agent undertakes to
perform the duties and only the duties that are specifically set forth in this Agreement, and no implied covenants or obligations shall
be read into this Agreement against Agent. Agent is engaged in an independent business and will perform its obligations under this Agreement
as an agent of the Fund for the purposes of the Services to be furnished hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Agent may rely upon, and shall be protected in acting or refraining from acting in good faith reliance upon, (i) any communication
from Fund, any predecessor transfer agent or co-transfer agent or any registrar (other than Agent), predecessor registrar or co-registrar;
(ii) any instruction, notice, request, direction, consent, report, certificate, opinion or other instrument, paper, document or electronic
transmission believed in good faith by Agent to be genuine and to have been signed or given by the proper party or parties; (iii) any
guaranty of signature by an "eligible guarantor institution" that is a member or participant in the Securities Transfer Agents
Medallion Program or other comparable "signature guarantee program" or insurance program in addition to, or in substitution
for, the foregoing; or (iv) any instructions received through Direct Registration System/Profile. In addition, Agent is authorized to
refuse to make any transfer that it determines in good faith not to be in good order.

&nbsp;&nbsp;&nbsp;&nbsp;(c) From time to time, Fund may provide Agent with instructions concerning the Services. Further, Agent may apply to any Authorized Person
for instruction, and may consult with legal counsel for Fund with respect to any matter arising in connection with the Services. Agent
and its agents and subcontractors shall not be liable and shall be indemnified by Fund under Section 7.2 of this Agreement for any action
taken or omitted by Agent in good faith reliance upon any Fund instructions given by an Authorized Person or upon the advice or opinion
of Fund counsel. Fund shall promptly provide Agent with an updated board resolution and/or certificate of incumbency regarding any change
of authority for any Authorized Person. Agent shall not be held to have notice of any change of authority of any Authorized Person, until
receipt of written notice thereof from Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Compliance with Laws</u>. Agent is obligated and agrees to comply with all applicable laws and regulations, codes, orders and government
rules in the performance of its duties under this Agreement.

2.8 <u>Additional Funds</u>. To the extent that a Fund is added to Schedule A after the Effective Date, such Fund is a Fund for all purposes of this Agreement and is bound by all terms and conditions and provisions of this Agreement, including, without limitation, the representations and warranties of Funds set forth herein.

2.9 <u>Amendment to Schedule A</u>. The parties agree to amend Exhibit A to reflect the most updated information regarding Funds and Shares relevant to this Agreement. The parties agree that notwithstanding Section 13.4 of this Agreement, Schedule A may be amended without an executed written amendment if an Authorized Person delivers by email to Agent's Relationship Manager a copy of an amended and restated Schedule A, dated as of the date such amended and restated Schedule A is intended to be effective, and a member of Agent's Relationship Management team acknowledges in a responding email that the amended and restated Schedule A has been received. To the extent Schedule A is amended to add a Fund, Fund must provide Agent with the documents listed in Section 2.2 of this Agreement in relation to such Fund on a timeline mutually agreed by the parties. Notwithstanding the foregoing, any amendment to Exhibit A to add a new Fund must be authorized by a resolution of the Board of Trustees of the applicable newly added Fund.

2.10 <u>Rule 38a-1 Compliance Program</u>. Agent will maintain written policies and procedures reasonably designed to prevent violations of the Federal Securities Laws, as that term is defined in Rule 38a-1, adopted by the Securities and Exchange Commission under the Investment Company Act of 1940, as amended ("**Rule 38a-1**") with respect to the Services. On a quarterly basis, Agent will provide to Fund a certification in connection with Rule 38a-1. Upon Fund's request, Agent will provide Fund with a summary of its policies and procedures in connection with Fund's compliance with Rule 38a-1 and will provide such explanations of its policies and procedures as Fund may reasonably request. To the extent Agent makes any material changes to its written policies and procedures in order to address changing regulatory and industry developments that would impact Fund's compliance with Rule 38a-1, Agent will notify Fund of any such changes in a timely manner.

2.11 <u>Anti-Money Laundering; Office of Foreign Asset Control</u>. Agent will comply with any laws or regulations relating to anti-money laundering applicable to Agent with respect to Fund's Shareholders, including compliance with Office of Foreign Asset Control laws or regulations, currency transaction reporting laws and regulations and suspicious activity reporting and recordkeeping requirements, by adopting appropriate compliance policies, procedures, and internal controls.

3. <u>STANDARD SERVICES</u>.

3.1 <u>Share Services</u>. Agent shall perform the Services set forth in the Fee and Service Schedule ("**Fee and Service Schedule**") attached hereto and incorporated herein. Agent shall perform the Services in compliance with this Agreement and in a manner consistent with the reasonable standards of the transfer agency industry.

3.2 <u>Replacement Shares</u>. Agent shall issue replacement Shares for those certificates alleged to have been lost, stolen or destroyed, upon receipt by Agent of a reasonable administration fee paid by Shareholder, and an open penalty surety bond satisfactory to it and holding it and Fund harmless, absent notice to Agent that such certificates have been acquired by a bona fide purchaser. Agent may, at its option, issue replacement Shares for mutilated certificates upon presentation thereof without such indemnity. Agent may, at its sole option, accept indemnification from Fund to issue replacement Shares for those certificates alleged to have been lost, stolen or destroyed in lieu of an open penalty bond. Agent may receive compensation, including in the form of commissions, for services provided in connection with surety programs offered to Shareholders.

3.3 <u>Internet Services</u>. Agent shall make available to Fund and Shareholders, through its web sites, including but not limited to <u>www.computershare.com</u> (collectively, "**Web Site**"), online access to certain Account and Shareholder information and certain transaction capabilities ("**Internet Services**"), subject to Agent's security procedures and the terms and conditions set forth herein and on the Web Site. Agent has implemented and maintains commercially reasonable and appropriate administrative, physical, technical and organizational safeguards designed to prevent any unauthorized access, use, alteration or, as applicable, disclosure of, Internet Services or Personal Information. Agent provides Internet Services "as is," on an "as available" basis, and hereby specifically disclaims any and all representations or warranties, express or implied, regarding such Internet Services, including any implied warranty of merchantability or fitness for a particular purpose and implied warranties arising from course of dealing or course of performance. Agent's security procedures will be consistent with industry standards.

3.4 <u>Proprietary Information</u>. Fund agrees that the databases, programs, screen and report formats, interactive design techniques, Internet Services, software (including methods or concepts used therein, source code, object code, or related technical information) and documentation manuals furnished to Fund by Agent as part of the Services are under the control and ownership of Agent or a third party (including its affiliates) and constitute copyrighted, trade secret, or other proprietary information (collectively, "**Proprietary Information**"). Shareholder Data is not Proprietary Information. Fund agrees that Proprietary Information is of substantial value to Agent or other third party and will treat all Proprietary Information as confidential in accordance with Section 9 of this Agreement. Fund shall take reasonable efforts to advise its relevant employees and agents of its obligations pursuant to this Section 3.4.

3.5 <u>Third Party Content</u>. Agent may provide real-time or delayed quotations and other market information and messages ("**Market Data**"), which Market Data is provided to Agent by certain third parties who may assert a proprietary interest in Market Data disseminated by them but do not guarantee the timeliness, sequence, accuracy or completeness thereof. Fund agrees and acknowledges that Agent shall not be liable in any way for any loss or damage arising from or caused by any inaccuracy, error, delay in, omission of, or interruption in any Market Data or the transmission thereof; provided that Agent has used commercially reasonable efforts in selecting, retaining or monitoring activities of such third party.

3.6 <u>Lost Shareholders; In-Depth Shareholder Search</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Computershare shall conduct such database searches to locate lost Shareholders as are required by Rule 17Ad-17 ()"**Rule 17Ad-17** ")
promulgated under the Securities Exchange Act of 1934, as amended ()"**1934 Act** "), without charge to Shareholder(s). If
a new address is so obtained in a database search for a lost Shareholder, then Computershare shall conduct a verification mailing and
update its records for such Shareholder accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Computershare may cause the performance of more in-depth searches for the purpose of (i) locating certain lost Shareholders for whom
a new address is not obtained in accordance with clause (a) above, (ii) identifying Shareholders who are deceased (or locating
such deceased Shareholder's estate representative, heirs or other party entitled to act with respect to such Shareholder's
Account ()"**Authorized Representative** ")), and (iii) locating Shareholders whose Accounts contain an uncashed check older
than 180 days and who have already received the required unresponsive payee notification under Rule 17Ad-17, in each case using the services
of a locating service provider selected by Computershare ()"**Service Provider** "), which Service Provider may be an affiliate
of Computershare. Such Service Provider may compensate Computershare for processing and other services that Computershare provides in
connection with such in-depth search, including providing Computershare a portion of its service fees.

(c) In communicating its services to any Shareholder (or Authorized Representative) located pursuant to clause (b) above, such Service Provider
shall clearly identify to such Shareholder (or Authorized Representative) all assets held in such Shareholder's Account. Such Service
Provider shall inform any such located Shareholders (or Authorized Representative) that such Shareholder (or Authorized Representative)
may choose (i) to contact Computershare directly to update account records and claim uncashed check funds, if any, at no charge other
than any applicable fees to replace lost certificates, (ii) to contact such Shareholder's
broker directly to update account records and claim uncashed funds, if any, subject to the broker's applicable fees, documentation
requirements and other procedures, or (iii) to use the services of such Service Provider for
a processing fee, which may not exceed approximately 10% of the asset value of such Shareholder's property where the registered
Shareholder is living, deceased, or not a natural person; provided that such processing fee shall not include or limit any applicable
fees to replace lost certificates; and provided that in no case shall such fee exceed the maximum statutory fee permitted by the applicable
state jurisdiction. If Fund selects a locating service provider other than one selected by Computershare, then Computershare shall not
be responsible for the terms of any agreement between such provider and Fund and additional fees may apply.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Pursuant to Section 2.7(c) of this Agreement, Fund hereby authorizes and instructs Computershare to provide to Service Provider:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) aggregate Shareholder Data including number of projected eligible Accounts, value of projected eligible Accounts (includes sum of
outstanding checks and value of Shares) in order for Service Provider to determine the feasibility of providing in-depth search services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) upon determination by Service Provider that an in-depth Shareholder location program will be implemented
and after notification of implementation to Fund by Computershare (including by e-mail):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a complete Shareholder file (from which Service Provider will eliminate those Accounts for which a search
is still required by Rule 17Ad-17); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) preliminary escheatment files (used to block Accounts that may not be serviced under the program based
on state unclaimed property laws); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) view-only access (during the time a program is in place) to Shareholder Data for the limited purposes
of verifying Account information and reconcilement for program eligible Accounts.

4. <u>COMPUTERSHARE DIVIDEND DISBURSING AND PAYMENT SERVICES</u>.

4.1 <u>Declaration of Dividends</u>. Fund must provide Computershare with written notice from an Authorized Person of any declaration of a dividend. Computershare will initiate dividend payments to the extent Computershare receives sufficient funds from Fund in advance of such initiation. The payment of such funds to Computershare for the purpose of being available for the payment of dividends from time to time is not intended by Fund to confer any rights in such funds on Shareholders whether in trust, contract, or otherwise.

4.2 <u>Stop Payments</u>. Fund hereby authorizes Computershare to stop payment of checks issued in payment of sales proceeds and of dividends, if applicable, 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 Computershare shall issue and deliver duplicate checks in replacement thereof, and Fund shall indemnify Agent against any loss or damage resulting from reissuance of the checks.

4.3 <u>Tax Withholding</u>. Fund hereby authorizes Computershare to deduct from all payments of sales proceeds and of dividends declared by Fund and disbursed by Computershare to Shareholders, if applicable, the tax required to be withheld pursuant to Sections 1441, 1442, 1445, 1471 through 1474, and 3406 of the Internal Revenue Code of 1986, as amended, or by any federal or state statutes subsequently enacted, and to make the necessary returns and payment of such tax to the relevant taxing authority. Fund will provide withholding and reporting instructions to Computershare from time to time as relevant, and upon request of Computershare.

4.4 <u>Plan Payments</u>. If applicable, Fund hereby authorizes Computershare to receive all payments made to Fund (i.e., optional cash purchases) or Agent under the Plans and make all payments required to be made under such Plans, including all payments required to be made to Fund. For optional cash purchases, in the event funds are unavailable for any reason (including, without limitation, due to a rejection or reversal of the payment), Computershare shall sell the Shares purchased and any gain thereon shall accrue to Computershare.

4.5 <u>Bank Accounts</u>. All funds administered by Computershare under this Agreement that are to be distributed or applied by Computershare in the performance of Services (the "**Monies**") shall be administered by Computershare as agent for Fund and deposited in one or more bank accounts to be maintained by Computershare in its name as agent for Fund. Until paid pursuant to this Agreement, Computershare may administer or invest the Monies through such accounts in: (a) funds backed by obligations of, or guaranteed by, the United States of America; (b) debt or commercial paper obligations rated A-1 or P-1 or better by S&P Global Inc. ("**S&P**") or Moody's Investors Service, Inc. ("**Moody's**"), respectively; (c) Government and Treasury backed AAA-rated Fixed NAV money market funds that comply with Rule 2a-7 of the Investment Company Act of 1940, as amended; or (d) short term certificates of deposit, bank repurchase agreements, and bank accounts with commercial banks with Tier 1 capital exceeding $1 billion, or with an investment grade rating by S&P (LT Local Issuer Credit Rating), Moody's (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each as reported by Bloomberg Finance L.P.). Computershare shall have no responsibility or liability for any diminution of the Monies that may result from any deposit or investment made by Computershare in accordance with this paragraph, including any losses resulting from a default by any bank, financial institution or other third party. Computershare may from time to time receive interest, dividends or other earnings in connection with such deposits or investments. Computershare shall not be obligated to pay such interest, dividends or earnings to Fund, any Shareholder or any other party.

5. <u>FEES AND EXPENSES</u>.

5.1 <u>Fee and Service Schedules</u>. Fund agrees to pay to Agent the fees and expenses for the Services as set forth in the Fee and Service Schedule. At least sixty (60) days before the expiration of the Initial Term (as defined below) or a Renewal Term (as defined below), whichever is applicable, the parties to this Agreement will agree upon a new fee schedule for the upcoming Renewal Term. If no new fee schedule is agreed upon, then the fees will increase as set forth in the Term Section of the Fee and Service Schedule.

5.2 <u>Invoices</u>. Fund agrees to pay Agent all amounts invoiced in accordance with this Agreement within thirty (30) days of Fund's receipt of such invoice, except for any amounts that are subject to good faith dispute. In the event of such dispute, Fund must promptly notify Agent of such dispute and may only withhold that portion of the amounts subject to such dispute. Fund shall settle such disputed amounts within five (5) business days of the date on which the parties agree on the amount to be paid by payment of the agreed amount. If no agreement is reached, then such disputed amounts shall be settled as may be required by applicable law or legal process.

5.3 <u>Late Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) If any undisputed amount in an invoice of Agent is not paid within thirty (30) days after the date of such invoice, then Agent may
charge Fund interest thereon (from the due date to the date of payment) at a monthly rate equal to one and a half percent (1.5%). Notwithstanding
any other provision hereof, such interest rate shall be no greater than permitted under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The failure by Fund to (i) pay the undisputed portion of an invoice within ninety (90) days after the date of such invoice or (ii)
timely pay the undisputed portions of two (2) consecutive invoices shall constitute a material breach of this Agreement by Fund. Agent
shall provide Fund with written notice (which may be via email) of such material breach within 60 days after the date of such invoice
and Transfer Agent may terminate this Agreement for such material breach immediately if Fund fails within 30 days of receipt of such notice
to cure such breach.

5.4 <u>Transaction Taxes</u>. Fund is responsible for all taxes, levies, duties, and assessments levied on Services purchased under this Agreement (collectively, "**Transaction Taxes**"). Computershare is responsible for collecting and remitting Transaction Taxes in all jurisdictions in which Computershare is registered to collect such Transaction Taxes. Computershare shall invoice Fund for such Transaction Taxes that Computershare is obligated to collect upon the furnishing of Services. Fund shall pay such Transaction Taxes according to the terms in Section 5.2 above. Computershare shall timely remit to the appropriate governmental authorities all such Transaction Taxes that Computershare collects from Fund. To the extent that Fund provides Computershare with valid exemption certificates, direct pay permits, or other documentation that exempts Computershare from collecting Transaction Taxes from Fund, invoices issued for the Services provided after Computershare's receipt of such certificates, permits, or other documentation will not reflect exempted Transaction Taxes. Computershare is solely responsible for the payment of all personal property taxes, franchise taxes, corporate excise or privilege taxes, property or license taxes, taxes relating to Computershare's personnel, and taxes based on Computershare's net income or gross revenues relating to the Services.

6. <u>REPRESENTATIONS AND WARRANTIES</u>.

6.1 <u>Agent</u>. Agent represents and warrants to Fund that:

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Governance</u>. Trust Company is a federally chartered trust company duly organized, validly existing, and in good standing under
the laws of the United States and Computershare is a corporation duly organized, validly existing, and in good standing under the laws
of the State of Delaware and each has full power, authority and legal right to execute, deliver and perform this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Compliance with Laws</u>. The execution, delivery and performance of this Agreement by Agent has been duly authorized by all necessary
action, constitutes a legal, valid and binding obligation of Agent enforceable against Agent in accordance with its terms,
will not require the consent of any third party that has not been given, and will not violate, conflict with or result in the breach of
any material term, condition or provision of (i) any existing law, ordinance, or governmental rule or regulation to which Agent is subject,
(ii) any judgment, order, writ, injunction, decree or award of any court, arbitrator or governmental or regulatory official, body or authority
applicable to Agent, (iii) Agent's incorporation documents or by-laws, or (iv) any material agreement to which Agent is a party.

6.2 <u>Fund</u>. Fund represents and warrants to Agent that:

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Governance</u>. It is a statutory trust duly organized, validly existing and in good standing under the laws of the State of Delaware,
and it has full power, authority and legal right to enter into and perform this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Compliance with Laws</u>. The execution, delivery and performance of this Agreement by Fund has been duly authorized by all necessary
action, constitutes a legal, valid and binding obligation of Fund enforceable against Fund in accordance with its terms, will not require
the consent of any third party that has not been given, and will not violate, conflict with or result in the breach of any material term,
condition or provision of (i) any existing law, ordinance, or governmental rule or regulation to which Fund is subject, (ii) any judgment,
order, writ, injunction, decree or award of any court, arbitrator or governmental or regulatory official, body or authority applicable
to Fund, (iii) Fund's incorporation documents or by-laws, (iv) any material agreement to which Fund is a party, or (v) any applicable
stock exchange rules;

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Securities Laws</u>. Registration statements under the Securities Act of 1933, as amended ()"**1933 Act**") and the
Investment Company Act of 1940, as amended, have been filed and are currently effective, or will be effective prior to the sale of any
Shares, and will remain so effective, and all appropriate state securities law filings have been made with respect to all Shares being
offered for sale except for any Shares which are offered in a transaction or series of transactions which are exempt from the registration
requirements of the 1933 Act and state securities laws; Fund will immediately notify Agent of any information to the contrary;

&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Shares</u>. The Shares issued and outstanding on the date hereof have been duly authorized, validly issued and are fully paid and
are non-assessable; and any Shares to be issued hereafter, when issued, shall have been duly authorized, validly issued and fully paid
and will be non-assessable; and

&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Facsimile Signatures</u>. The use of facsimile signatures by Agent in connection with the countersigning and registering of Share
certificates has been duly authorized by Fund and is valid and effective.

7. <u>INDEMNIFICATION AND LIMITATION OF LIABILITY</u>.

7.1 <u>Liability</u>. Agent shall only be liable for any loss or damage determined by a court of competent jurisdiction to be the result of Agent's gross negligence or willful misconduct; provided that any liability of Agent will be limited in the aggregate to the ongoing account management fees paid hereunder by Fund to Agent during the twelve (12) months immediately preceding the event for which recovery from Agent is being sought.

7.2 <u>Indemnity</u>. Fund shall indemnify, defend and hold Agent harmless from and against, and Agent shall not be responsible for, any and all losses, claims, damages, costs, charges, counsel fees and expenses, payments, expenses and liability (collectively, "**Losses**") arising out of or attributable to Agent's duties under this Agreement or this appointment, including the reasonable costs and expenses of defending itself against any Loss or enforcing this Agreement, except for any liability of Agent as set forth in Section 7.1 above.

**8. <u>DAMAGES</u>.** Notwithstanding anything in this Agreement to the contrary, neither party shall be liable to the other for any incidental, indirect, special or consequential damages of any nature whatsoever, including, but not limited to, loss of anticipated profits, occasioned by a breach of any provision of this Agreement even if apprised of the possibility of such damages.

9. <u>CONFIDENTIALITY AND DATA PRIVACY</u>.

9.1 <u>General</u>. All Confidential Information of a party will be held in confidence by the other party with at least the same degree of care as such party protects its own confidential or proprietary information of like kind and import, but not less than a reasonable degree of care. Neither party will disclose in any manner Confidential Information of the other party in any form to any person or entity without the other party's prior consent. However, each party may disclose relevant aspects of the other party's Confidential Information to its officers, affiliates, agents, subcontractors, and employees to the extent reasonably necessary to perform its duties and obligations under this Agreement and such disclosure is not prohibited by applicable law. Without limiting the foregoing, each party will implement physical and other security measures and controls designed to protect (a) the security and confidentiality of Confidential Information; (b) against any threats or hazards to the security and integrity of Confidential Information; and (c) against any unauthorized access to or use of Confidential Information. To the extent that a party delegates any duties and responsibilities under this Agreement to an agent or other subcontractor, such party will ensure that such agent or subcontractor is contractually bound to confidentiality terms consistent with the terms of this Section 9.

9.2 <u>Required or Permitted Disclosure</u>. In the event any requests or demands are made for the disclosure of Confidential Information, other than requests or demands to Agent for Shareholder records pursuant to subpoenas or requests from state or federal government authorities (e.g., probate, divorce and criminal actions), the party receiving such request or demand will promptly notify the other party to secure instructions from an authorized officer of such party as to such request or demand and to enable the other party the opportunity to obtain a protective order or other confidential treatment, unless such notification is otherwise prohibited by applicable law or court order. Each party expressly reserves the right, however, to disclose Confidential Information if required by applicable law or court order.

9.3 <u>Unauthorized Disclosure</u>. As may be required by applicable law and without limiting any party's rights in respect of a breach of this Section 9, each party will promptly:

&nbsp;&nbsp;&nbsp;&nbsp;(a) notify the other party in writing of any unauthorized possession, use or disclosure of the other party's Confidential Information
by any person or entity that may become known to such party;

&nbsp;&nbsp;&nbsp;&nbsp;(b) furnish to the other party full details of the unauthorized possession, use or disclosure; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) use commercially reasonable efforts to prevent a recurrence of any such unauthorized possession, use or disclosure of Confidential
Information.

9.4 <u>Data Privacy</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Agent will not retain, use, process, or disclose Personal Information for any purpose other than: (i) the specific purpose of performing
the Services specified in this Agreement on behalf of Fund and the services reasonably related thereto; (ii) Agent's business purposes,
as defined by applicable privacy laws; or (iii) as otherwise required or permitted by applicable law and the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Agent will not sell, rent, release, disclose, disseminate, make available, transfer, or otherwise communicate orally, in writing,
or by electronic or other means, any Personal Information to a third party for monetary or other valuable consideration from such third
party, except as permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Agent will reasonably assist Fund to support Fund's obligations to respond to requests of Shareholders exercising their respective
rights under applicable privacy laws, as directed by Fund and agreed to by Agent .

10. <u>TERM AND TERMINATION</u>.

10.1 <u>Term</u>. The initial term of this Agreement shall be three (3) years from the Effective Date ("**Initial Term**") unless terminated pursuant to the provisions of this Section 10. This Agreement will renew automatically from year to year (each a "**Renewal Term**"), unless a terminating party gives written notice to the other party not less than sixty (60) days before the expiration of the Initial Term or a Renewal Term, whichever is in effect.

10.2 <u>Termination for Cause</u>. This Agreement may be terminated at any time by any party (a) upon a material breach of a representation, covenant or term of this Agreement by any other party which is not cured within thirty (30) days after receipt of written notice thereof from the terminating party or (b) if any proceeding in bankruptcy, reorganization, receivership or insolvency is commenced by or against any other party, such other party shall become insolvent or shall cease paying its substantial obligations as they become due or such other party shall make any substantial assignment for the benefit of its creditors.

10.3 <u>Fees and Expenses</u>. Upon termination or expiration of this Agreement for any reason, including any termination of this Agreement with respect to any Fund, or termination due to liquidation, Fund shall pay to Agent on or before the effective date of such termination or expiration

&nbsp;&nbsp;&nbsp;&nbsp;(a) under the Fee and Service Schedule all fees and expenses due and payable to Agent up to and including the date of such termination
or expiration; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) in order for Agent to move records, materials, and services to Fund or the successor agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all reasonable expenses in connection with such movement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a conversion fee for standard conversion services, in an amount equal to 10% of the aggregate fees (not including expenses) incurred
by Fund during the immediately preceding twelve (12) month period; provided, however, this fee shall in no event be less than $5,000.00.
Upon Fund's request, Agent shall provide extended conversion services (e.g., test files) for an additional fee.

10.4 <u>Early Termination</u>. Notwithstanding anything in this Agreement to the contrary, if this Agreement is terminated prior to the expiration of the then-current term (a) by Fund for any reason other than pursuant to Section 10.2 above, including but not limited to, Fund's liquidation, acquisition, merger or restructuring, or (b) by Agent pursuant to Section 10.2 above, then, in addition to the payments required in Section 10.3 above, Fund shall pay to Agent all fees accelerated through the end of, and including all months that would have remained in, the then-current term at the time of termination. Such fees will be calculated using the rates, volumes, and Services in effect as of the termination date. If Fund does not provide notice of early termination within the time period referenced in Section 10.1 above, then Agent shall make a good faith effort, but cannot guarantee, to convert Fund's records on the date requested by Fund.

**11. <u>ASSIGNMENT</u>.** Neither this Agreement nor any rights or obligations hereunder may be assigned by Fund or Agent without the written consent of the other, such consent not to be unreasonably withheld; provided, however, that Agent may, without further consent of Fund, assign any of its rights and obligations hereunder to any affiliated transfer agent registered under Rule 17Ac2-1 promulgated under the 1934 Act, subject to Agent providing Fund at least 30 days' advance written notice of such assignment.

12. <u>SUBCONTRACTORS AND UNAFFILIATED THIRD PARTIES</u>.

12.1 <u>Subcontractors</u>. Agent may, without further consent of Fund, subcontract with (a) any affiliates, or (b) unaffiliated subcontractors for such services as may be required from time to time (e.g., lost shareholder searches, escheatment, telephone and mailing services); provided, however, that Agent shall be as fully responsible to Fund for the acts and omissions of any subcontractor as it is for its own acts and omissions under this Agreement.

12.2 <u>Unaffiliated Third Parties</u>. Nothing herein shall impose any duty upon Agent in connection with or make Agent liable for the actions or omissions to act of unaffiliated third parties (other than subcontractors referenced in Section 12.1 of this Agreement), such as, by way of example and not limitation, airborne services, delivery services, the U.S. mails, and telecommunication companies, provided, that if Agent selected such company, then Agent exercised due care in selecting the same.

13. <u>MISCELLANEOUS</u>.

13.1 <u>Notices</u>. Any notice or communication by Agent or Fund to the other pursuant to this Agreement is duly given if in writing and delivered in person or sent by overnight delivery service or first-class mail, postage prepaid, to the other's address or to the e-mail address listed below:

---

| | |
|:---|:---|
| If to Fund: | [**COMPANY NAME**] |
|  | [**COMPANY CONTACT INFORMATION**] |
| If to Agent: | Computershare Trust Company, N.A. |
|  | 150 Royall Street |
|  | Canton, MA 02021 |
|  | Attn: General Counsel |
|  | e-mail: <u>#USCISLegalContractNotices@computershare.com</u> |

---

13.2 <u>No Expenditure of Funds</u>. No provision of this Agreement shall require Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of its rights if it shall believe in good faith that repayment of such funds or adequate indemnification against such risk or liability is not reasonably assured to it.

13.3 <u>Successors</u>. All covenants and provisions of this Agreement by or for the benefit of Fund or Agent shall bind and inure to the benefit of their respective successors and assigns hereunder.

13.4 <u>Amendments</u>. This Agreement may be amended or modified by a written amendment executed by the parties and, to the extent required, authorized by a resolution of the Board of Trustees of Fund.

13.5 <u>Severability</u>. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated.

13.6 <u>Governing Law; Jurisdiction</u>. This Agreement shall be governed by the laws of the State of New York, without regard to principles of conflicts of law. The parties irrevocably (a) submit to the non-exclusive jurisdiction of any New York State court sitting in New York City or the United States District Court for the Southern District of New York in any action or proceeding arising out of or relating to this Agreement, (b) waive, to the fullest extent they may effectively do so, any defense based on inconvenient forum, improper venue or lack of jurisdiction to the maintenance of any such action or proceeding, and (c) waive, to the fullest extent permitted by law, all right to trial by jury in any action, proceeding or counterclaim arising out of this Agreement or the transactions contemplated hereby.

13.7 <u>Force Majeure</u>. Agent will not be liable for any delay or failure in performance when such delay or failure arises from circumstances beyond its reasonable control, including, without limitation, acts of God, acts of government in its sovereign or contractual capacity, acts of public enemy or terrorists, acts of civil or military authority, war, riots, civil strife, terrorism, blockades, sabotage, rationing, embargoes, epidemics, pandemics, outbreaks of infectious diseases or any other public health crises, earthquakes, fire, flood, other natural disaster, quarantine or any other employee restrictions, power shortages or failures, utility or communication failures or delays, labor disputes, strikes, or shortages, supply shortages, equipment failures, or software malfunctions.

13.8 <u>Third Party Beneficiaries</u>. The provisions of this Agreement are intended to benefit only Agent, Fund and their respective permitted successors and assigns. No rights shall be granted to any other person by virtue of this Agreement, and there are no third party beneficiaries hereof.

13.9 <u>Survival</u>. All provisions regarding indemnification, warranty, liability and limits thereon, compensation and expenses and confidentiality and protection of proprietary rights and trade secrets shall survive the termination or expiration of this Agreement.

13.10 <u>Priorities</u>. In the event of any conflict, discrepancy, or ambiguity between the terms and conditions contained in this Agreement and any exhibits, schedules or attachments hereto, the terms and conditions contained in this Agreement shall take precedence.

13.11 <u>Merger of Agreement</u>. This Agreement constitutes the entire agreement between the parties and supersedes any prior agreement with respect to the subject matter hereof, whether oral or written.

13.12 <u>No Strict Construction</u>. The parties have participated jointly in the negotiation and drafting of this Agreement. In the event any ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by all parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement.

13.13 <u>Descriptive Headings</u>. Descriptive headings contained in this Agreement are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof.

13.14 <u>Counterparts</u>. This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. A signature to this Agreement executed and/or transmitted electronically shall have the same authority, effect, and enforceability as an original signature.

[The remainder of page intentionally left blank.]

IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed by one of its officers thereunto duly authorized, all as of the Effective Date.

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| | |
|:---|:---|
| **Computershare Inc. and<br> Computershare Trust Company, N. A.** <br> *On Behalf of Both Entities:* | **On behalf of each of Tap Capital LLC<br> closed-end investment companies listed on <br> Schedule A hereto** |

---

---

| | | | |
|:---|:---|:---|:---|
| By: | /s/ Rachel Fisher | By: | /s/ Jeff Leathers |
| Name: | Rachel Fisher | Name: | Jeff Leathers |
| Title: | Sr Contract Negotiation Specialist | Title: | CEO |

---

[SIGNATURE PAGE TO TRANSFER AGENCY AND SERVICE AGREEMENT]

**Schedule A <br> Funds and Classes**

---

| | | | |
|:---|:---|:---|:---|
| **FUND** | **CLASSES** | **COMMENCEMENT DATE** | **DIVIDEND FREQUENCY** |
| **TAP US PRIVATE EQUITY FUND OF FUNDS** | | | |

---

## Ex-99.(K)(2)

**Exhibit (k)(2)**

**Fund Servicing Agreement**

This Fund Servicing Agreement (this "<u>Agreement</u>") is made and entered into effective as of the last day written on the signature page by and between **TAP US PRIVATE EQUITY FUND OF FUNDS**, a Delaware statutory trust (the "<u>Trust</u>" or the "<u>Fund</u>"), and U.S. Bancorp Fund Services, LLC (d/b/a U.S. Bank Global Fund Services), a Wisconsin limited liability company ("<u>USBGFS</u>").

WHEREAS, the Trust is registered under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"), as a closed-end, non-diversified management investment company; and

WHEREAS, USBGFS is, among other things, in the business of providing administration and accounting functions for the benefit of its customers; and

WHEREAS, the Trust desires to retain USBGFS to provide certain services, as expressly delineated and limited herein.

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Appointment of USBGFS as Service Provider.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Trust hereby appoints USBGFS as a service provider to the Trust on the terms and conditions set forth in this Agreement, and USBGFS
hereby accepts such appointment and agrees to perform the services and duties set forth on <u>Exhibit A</u> (the " <u>Services</u> ")
in accordance with the terms and conditions of this Agreement. The services and duties of USBGFS shall be confined to those matters expressly
set forth herein, and no implied duties are assumed by or may be asserted against USBGFS hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. USBGFS shall not be bound by any Trust policies or procedures, or changes thereto, that purport to impose any additional duties, obligations,
or care on USBGFS other than as expressly set forth herein, or that purport to affect in any way the Services or the manner in which they
are provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Services set forth herein may not be modified or enlarged by implication or course of dealing between the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. USBGFS may use its affiliates or third-parties to provide any of the Services. Any such party shall be held to the same standard of
care as USBGFS would be under this Agreement, and USBGFS shall be responsible for the provision of such Services to the same extent as
if provided by USBGFS. The Trust consents to the use of such parties and to USBGFS providing to such parties any information regarding
the Trust or its shareholders as may be required to provide such Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. USBGFS reserves the right to make changes from time to time, as it deems advisable, relating to its systems, programs, rules, operating
schedules and equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The Trust or its agent shall furnish to USBGFS the data necessary to perform the Services described herein at such times and in such
form as mutually agreed upon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. The Trust may from time-to-time request that USBGFS modify its internal operating procedures with respect to the provision of the
Services, which request shall be provided in writing by a duly authorized officer of the Trust or by any other person authorized by the
Trust to provide such request. USBGFS is under no obligation to agree to such modifications. If USBGFS agrees to comply with such request,
then it shall be entitled to follow such modified operating procedure without further inquiry or diligence, and its actions or inactions
in connection with following such modified operated procedures shall be deemed to be within its standard of care under <u>Section 10</u> for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Compensation.** 

USBGFS shall be compensated for providing the Services in accordance with the fee schedule set forth on <u>Exhibit B</u> hereto (as amended from time to time). USBGFS shall also be reimbursed for such miscellaneous expenses set forth in <u>Exhibit B</u> hereto as are reasonably incurred by USBGFS in performing its duties hereunder. The Trust shall pay all such fees and reimbursable expenses within thirty (30) calendar days following receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Trust shall notify USBGFS in writing within thirty (30) calendar days following receipt of each invoice if the Trust is disputing any amounts in good faith. The Trust shall pay such disputed amounts within ten (10) calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense the Trust is disputing in good faith as set forth above, unpaid invoices shall accrue a finance charge of one and one-half percent (1½%) per month after the due date. Notwithstanding anything to the contrary, amounts owed by the Trust to USBGFS shall only be paid out of the assets and property of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **License of Data; Warranty; Termination of Rights.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. USBGFS has entered into agreements with various data service providers (each, a " <u>Data Provider</u> "), including, without
limitation, MSCI index data services (" <u>MSCI</u> "), Standard & Poor's Financial Services LLC (" <u>S&P</u> "),
Morningstar, Broadridge, FTSE, ICE, and Confluence Technologies to provide data services that may include, without limitation, index returns
and pricing information (collectively, the " <u>Data</u> ") to facilitate the services provided by USBGFS to the Trust. These
Data Providers have required USBGFS to include certain provisions regarding the use of the Data in this Agreement attached hereto as <u>Exhibit C</u>. The Data is being licensed, not sold, to the Trust. The Trust has a limited license to use the Data only for purposes necessary
for valuing the Trust's assets and making any required reporting relating thereto (the " <u>License</u> "). The Trust
does not have any license or right to use the Data for purposes outside the scope of this Agreement including, but not limited to, resale
to other users or for use in creating any type of historical database. The Trust acknowledges and agrees that certain Data Providers may
also require the Trust to enter into an agreement directly with the Data Provider for the use of that Data Provider's Data. The
provisions in <u>Exhibit C</u> shall not have any effect upon the standard of care and liability USBGFS has set forth in <u>Section 10</u> of this Agreement. The Trust acknowledges the proprietary rights that USBGFS and its Data Providers have in the Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. THE TRUST HEREBY ACCEPTS THE DATA AS IS, WHERE IS, WITH NO WARRANTIES, EXPRESS OR IMPLIED, AS TO MERCHANTABILITY OR FITNESS FOR ANY
PURPOSE OR ANY OTHER MATTER. USBGFS IS NOT RESPONSIBLE FOR ANY OF THE DATA ACCESSED BY THE TRUST OR ANY OF ITS SERVICE PROVIDERS OR AGENTS
AND USBGFS ASSUMES NO DUTY TO VERIFY SUCH DATA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. USBGFS may stop supplying some or all Data to the Trust if USBGFS' Data Providers terminate any agreement to provide Data to
USBGFS. Also, USBGFS may stop supplying some or all Data to the Trust if USBGFS reasonably believes that the Trust is using the Data in
violation of the License, or breaching its duties of confidentiality provided for hereunder, or if any of USBGFS' Data Providers
demand that the Data be withheld from the Trust. USBGFS will provide notice to the Trust of any termination of provision of Data as soon
as reasonably possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Trust agrees to indemnify and hold harmless USBGFS, its Data Providers, and any other third party involved in or related to the
making or compiling of the Data, their affiliates and subsidiaries and their respective directors, officers, employees and agents from
and against any claims, losses, damages, liabilities, costs and expenses, including reasonable attorneys' fees and costs, as incurred,
arising in and any manner out of the Trust's or any third party's use of, or inability to use, the Data or any breach by the
Trust of any provision contained in this Agreement regarding the Data. The immediately preceding sentence shall not have any effect upon
the standard of care and liability of USBGFS as set forth in <u>Section 10</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. USBGFS has entered into agreements with Bloomberg Finance L.P. (" <u>Bloomberg</u> ") to provide data (the " <u>N-PORT Data</u> ") for use in or in connection with the reporting requirements under Rule 30b1-9, including preparation and filing of Form
N-PORT. In connection with the provision of the N-PORT Data, Bloomberg requires the following provisions to be included in the Agreement:

The Trust agrees that it shall (a) comply with all laws, rules and regulations applicable to accessing and using the N-PORT Data, (b) not extract the N-PORT Data from the view-only portal, (c) not use the N-PORT Data for any purpose independent of complying with the requirements of Rule 30b1-9 (which prohibition shall include, for the avoidance of doubt, use in risk reporting or other systems or processes (e.g., systems or processes made available enterprise-wide for the Trust's internal use)), (d) permit audits of its use of the N-PORT Data by Bloomberg, its affiliates or, at the Trust's request, a mutually agreed upon third party auditor (provided that the costs of an audit by a third party shall be borne by the Trust), and (e) exculpate Bloomberg, its affiliates and their respective suppliers from any liability or responsibility of any kind relating to the Trust's receipt or use of the N-PORT Data (including expressly disclaiming all warranties). The Trust further agrees that Bloomberg shall be a third party beneficiary of the Agreement solely with respect to the foregoing provisions (a) – (e).

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **[RESERVED]** 

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **[RESERVED]** 

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Pricing of Portfolio Positions.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. For each valuation date, obtain prices from a pricing source as instructed to USBGFS by an individual authorized by the Trust or its
appointed Valuation Designee and apply those prices to the portfolio positions. For those securities where market quotations are not readily
available, the Trust's Valuation Designee, or another person authorized by the Trust or the Valuation Designee, will be responsible
to supply USBGFS with valuations. The Trust's appointed Valuation Designee(s) is (are) responsible for the accuracy of the lists
supplied to USBGFS of pricing sources and the list of individuals authorized to designate pricing sources or valuations on behalf of the
Valuation Designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. If one or more of the primary pricing sources for the portfolio positions of the Trust is unavailable when needed, USBGFS may use
an alternative pricing source identified by USBGFS on a temporary basis. In such event the alternative price is subject to the review
and approval of the Trust, and the Trust shall promptly notify USBGFS of any desired changes to such alternative price. USBGFS shall not
have any liability for the use of such alternative price so long as it has met its standard of care under <u>Section 10</u> with respect
to the selection of such alternative pricing source.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If the Trust desires to provide a price for a portfolio position that varies from the price provided by the pricing source, the Trust
shall promptly notify and supply USBGFS with the price of any such security on each valuation date. All pricing changes made by the Trust
will be in writing and must specifically identify the securities to be changed by CUSIP, name of security, new price or rate to be applied,
and, if applicable, the time period for which the new price(s) is/are effective. In such case USBGFS shall apply the price provided by
the Trust without further investigation or verification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. In the event that the Trust at any time receives Data containing price evaluations, rather than market quotations, for certain securities
or certain other data related to such securities, the following provisions will apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. evaluated securities are typically complicated financial instruments. There are many methodologies (including computer-based analytical
modeling and individual security evaluations) available to generate approximations of the market value of such securities, and there is
significant professional disagreement about which method is best. No evaluation method may consistently generate approximations that correspond
to actual traded prices of the securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. methodologies used to provide the pricing portion of certain Data may rely on evaluations; however, the Trust acknowledges that there
may be errors or defects in the software, databases, or methodologies generating the evaluations that may cause resultant evaluations
to be inappropriate for use in certain applications; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. the Trust assumes all responsibility for edit checking, external verification of evaluations, and ultimately the appropriateness of
using Data containing evaluations, regardless of any efforts made by USBGFS and its suppliers in this respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Neither USBGFS, nor any of its employees, agents or suppliers is acting as the valuation designee within the meaning of Rule 2a-5
under the 1940 Act in respect of any Trust, and USBGFS shall not have any obligation for making fair value determinations or to investigate
or verify the accuracy or appropriateness of any prices, evaluations, market quotations, or other data or pricing related inputs received
from the Trust, any of its affiliates, or any pricing service provided by the valuation designee, or fair values obtained from the valuation
designee. USBGFS may perform certain tests on pricing data received each day, on a limited basis, which may include day over day tolerance
breaks, NAV impact price analysis, and stale price testing, based on the availability of data from data vendors. However, such tests are
limited, are not intended or designed to determine whether any price is fair or appropriate, and do not replace the valuation designee's
responsibility for the appropriateness of prices used in calculating the NAV of the Trust. Valuations received from a pricing source employed
by the Trust, or the Trust's investment adviser, or from calculation models that are based on inputs or data delivered to these
sources from individuals associated with the Trust or the Trust's investment adviser, are not subject to these tests and will be
utilized as instructed by the valuation designee. The Trust acknowledges that the same or similar positions held by the Trust may be valued
differently by other customers of USBGFS and that USBGFS is not under any obligation to compare such prices or notify the Trust of any
such discrepancies. Notwithstanding anything else in this Agreement to the contrary, USBGFS and its affiliates shall not be responsible
or liable for any mistakes, errors, or mispricing, or any losses related thereto, resulting from any inaccurate, inappropriate, or fraudulent
prices, evaluations, market quotations, or other data or pricing related inputs received from the Trust, any of its affiliates, or any
third-party source.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Changes in Accounting Procedures.** 

USBGFS shall perform its Services in accordance with the accounting practices and procedures of the Trust, provided that any changes to such accounting practices and procedures shall only be effective upon the Services following a resolution passed by the Board and receipt of written notice to and acceptance by USBGFS, which shall not be unreasonably withheld, and which may not be withheld when such change is required by applicable laws. USBGFS agrees to implement such changes in a timely fashion.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Representations & Warranties.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Trust hereby represents and warrants to USBGFS, which representations and warranties shall be deemed to be continuing throughout
the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business
as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. This Agreement has been duly authorized, executed and delivered by the Trust in accordance with all requisite action and constitutes
a valid and legally binding obligation of the Trust, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization,
moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal,
and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation,
order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would
prohibit its execution or performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. A registration statement under the 1940 Act and, if applicable, the Securities Act of 1933, as amended (the " <u>Securities Act</u> "),
will be made effective prior to the effective date of this Agreement and will remain effective during the term of this Agreement, and
appropriate state securities law filings will be made, if required, prior to the effective date of this Agreement and will continue to
be made during the term of this Agreement as necessary to enable the Trust to offer its shares; 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;v. All records of the Trust provided to USBGFS by the Trust or by any prior or present service provider of the Trust are accurate and
complete and USBGFS is entitled to rely on all such records in the form provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. USBGFS hereby represents and warrants to the Trust, which representations and warranties shall be deemed to be continuing throughout
the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business
as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. This Agreement has been duly authorized, executed and delivered by USBGFS in accordance with all requisite action and constitutes
a valid and legally binding obligation of USBGFS, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization,
moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal,
and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation,
order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would
prohibit its execution or performance of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Notification of Error.** 

The Trust will notify USBGFS of any discrepancy between USBGFS and the Trust, including, but not limited to, failing to account for a security position in the Trust's portfolio, upon the later to occur of: (i) three (3) business days after receipt of any reports rendered by USBGFS to the Trust; (ii) three (3) business days after discovery of any error or omission not covered in the balancing or control procedure; or (iii) three (3) business days after receiving notice from any shareholder regarding any such discrepancy. Notwithstanding any other provision in this Agreement, USBGFS shall have no liability with respect to any such discrepancy that the Trust does not notify USBGFS of within such time period.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Standard of Care; Indemnification; Limitation of Liability.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. USBGFS shall exercise reasonable care in the performance of its duties under this Agreement. Neither USBGFS nor any of its affiliates
or suppliers shall be liable for any error of judgment; mistake of law; fraud or misconduct by the Trust, the adviser or any other service
provider to the Trust, or any employee of the foregoing; or for any loss suffered by the Trust, or any third party in connection with
USBGFS' duties under this Agreement, including losses resulting from mechanical breakdowns or the failure of communication or power
supplies beyond USBGFS' reasonable control, except a loss arising out of or relating to USBGFS' material breach of this agreement
or from its bad faith, gross negligence, or willful misconduct in the performance of its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Notwithstanding any other provision of this Agreement, if USBGFS has exercised reasonable care in the performance of its duties under
this Agreement, the Trust shall indemnify and hold harmless USBGFS, its affiliates, and its and their officers, directors, managers, employees,
and suppliers (the " <u>USBGFS Indemnified Parties</u> ") from and against any and all claims, demands, losses, expenses, and
liabilities of any and every nature (including reasonable attorneys' fees) (collectively " <u>Losses</u> ") that any such USBGFS
Indemnified Party may sustain or incur or that may be asserted against a USBGFS Indemnified Party by any person arising out of any action
taken or omitted to be taken by it in performing the services hereunder (i) in accordance with the foregoing standards, or (ii) in reliance
upon any written or oral instruction provided to a USBGFS Indemnified Party by any duly authorized officer of the Trust or by any other
person authorized by the Trust to provide such instruction, except for any and all claims, demands, losses, expenses, and liabilities
arising out of or relating to USBGFS' material breach of this Agreement or from its bad faith, gross negligence or willful misconduct
in the performance of its duties under this Agreement. This indemnity shall be a continuing obligation of the Trust, its successors and
assigns, notwithstanding the termination of this Agreement. If requested by a USBGFS Indemnified Party, the Trust shall advance (within
thirty days of such request) any and all costs and expenses of such USBGFS Indemnified Party incurred in connection with any Losses or
investigating or defending any matter to which such USBGFS Indemnified Party may be entitled to indemnification including, without limitation,
reasonable attorneys' and experts' fees. The USBGFS Indemnified Party shall, in connection with any such advancement, agree
to an undertaking to repay such advancement if and to the extent that it is ultimately determined by a court of competent jurisdiction
in a final non-appealable judgement that the USBGFS Indemnified Party is not entitled to be indemnified by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. USBGFS shall indemnify and hold the Trust and its trustees, officers, and employees (collectively the " <u>Trust Indemnified Parties</u> ") harmless from and against any and all Losses that the Trust may sustain or incur or that may be asserted against the
Trust by any person arising out of any action taken or omitted to be taken by USBGFS as a result of USBGFS' material breach of this
Agreement, or from USBGFS' bad faith, gross negligence, or willful misconduct in the performance of its duties under this Agreement.
This indemnity shall be a continuing obligation of USBGFS, its successors and assigns, notwithstanding the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. In no case shall either party be liable to the other for (i) any special, indirect or consequential damages, loss of profits or goodwill
(even if advised of the possibility of such); (ii) any delay by reason of circumstances beyond its control, including acts of civil or
military authority, national emergencies, labor difficulties, fire, mechanical breakdown, flood or catastrophe, acts of God, insurrection,
war, riots, or failure beyond its control of transportation or power supply, or (iii) any claim that arose more than one year prior to
the institution of suit therefore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. In the event of a mechanical breakdown or failure of communication or power supplies beyond its reasonable control, USBGFS shall take
all reasonable steps to minimize service interruptions for any period that such interruption continues. USBGFS will make every reasonable
effort to restore any lost or damaged data and correct any errors resulting from such a breakdown at the expense of USBGFS. USBGFS agrees
that it shall, at all times, have reasonable business continuity and disaster contingency plans with appropriate parties, making reasonable
provision for emergency use of electrical data processing equipment to the extent appropriate equipment is available. Representatives
of the Trust shall be entitled to inspect USBGFS' premises and operating capabilities at any time during regular business hours
of USBGFS, upon reasonable notice to USBGFS. Moreover, USBGFS shall provide the Trust, at such times as the Trust may reasonably require,
copies of reports rendered by independent accountants on the internal controls and procedures of USBGFS relating to the services provided
by USBGFS under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Notwithstanding anything herein to the contrary, USBGFS reserves the right to reprocess and correct administrative errors at its own
expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. In order that the indemnification provisions contained in this section shall apply, it is understood that if in any case the indemnitor
may be asked to indemnify or hold the indemnitee harmless, the indemnitor shall be fully and promptly advised of all pertinent facts concerning
the situation in question, and it is further understood that the indemnitee will use all reasonable care to notify the indemnitor promptly
concerning any situation that presents or appears likely to present the probability of a claim for indemnification. Unless it reserves
any rights to deny indemnification, the indemnitor shall have the option to defend the indemnitee against any claim that may be the subject
of this indemnification. In the event that the indemnitor so elects, it will so notify the indemnitee and thereupon the indemnitor shall
take over complete defense of the claim and shall be totally responsible for any liability of the indemnitee, and the indemnitee shall
in such situation incur no further legal or other expenses for which it shall seek indemnification under this section. The indemnitee
shall in no case confess any claim or make any compromise in any case in which the indemnitor will be asked to indemnify the indemnitee
except with the indemnitor's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. The indemnity and defense provisions set forth in this <u>Section 10</u> shall indefinitely survive the termination and/or assignment
of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. If USBGFS is acting in another capacity for the Trust pursuant to a separate agreement, nothing herein shall be deemed to relieve
USBGFS of any of its obligations in such other capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. In conjunction with the tax services provided to the Fund by USBGFS hereunder, USBGFS shall not be deemed to act as an income tax
return preparer for any purpose including as such term is defined under Section 7701(a)(36) of the IRC, or any successor thereof. Any
information provided by USBGFS to the Trust for income tax reporting purposes with respect to any item of income, gain, loss, or credit
will be performed solely in USBGFS' administrative capacity. USBGFS shall not be required to determine, and shall not take any position
with respect to whether, the reasonable belief standard described in Section 6694 of the IRC has been satisfied with respect to any income
tax item. The Trust, and any appointees thereof, shall have the right to inspect the transaction summaries produced and aggregated by
USBGFS, and any supporting documents thereto, in connection with the tax reporting services provided to the Trust by USBGFS. USBGFS shall
not be liable for the provision or omission of any tax advice with respect to any information provided by USBGFS to the Trust. The tax
information provided by USBGFS shall be pertinent to the data and information made available to USBGFS, and is neither derived from nor
construed as tax advice.

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Proprietary and Confidential Information.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. USBGFS agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information
of the Trust, all records and other information relative to the Trust and prior, present, or potential shareholders of the Trust (and
clients of said shareholders), and not to use such records and information for any purpose other than the performance of its responsibilities
and duties hereunder, except (i) after prior notification to and approval in writing by the Trust, which approval shall not be unreasonably
withheld and may not be withheld where USBGFS may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when
requested to divulge such information by duly constituted authorities or pursuant to legal process, (iii) to defend a claim brought against
USBGFS arising out of or related to any Services provided hereunder, or (iv) when so requested by the Trust. Records and other information
which have become known to the public through no wrongful act of USBGFS or any of its employees, agents or representatives, and information
that was already in the possession of USBGFS prior to receipt thereof from the Trust or its agent, shall not be subject to this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. USBGFS shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security,
confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Trust and its
shareholders. USBGFS has implemented and will maintain an effective information security program reasonably designed to protect information
relating to the shareholders of the Trust (such information, " <u>Personal Information</u> "), which program includes sufficient
administrative, technical and physical safeguards and written policies and procedures reasonably designed to (a) ensure the security and
confidentiality of such Personal Information; (b) protect against any anticipated threats or hazards to the security or integrity of such
Personal Information, including identity theft; and (c) protect against unauthorized access to or use of such Personal Information that
could result in substantial harm or inconvenience to the Trust or any Shareholder (the " <u>Information Security Program</u> ").
The Information Security Program complies and shall comply with reasonable information security practices within the industry (including
the encryption of data where necessary or appropriate). Upon written request from the Trust, USBGFS shall provide a written description
of its Information Security Program. USBGFS shall provide related reports and information responding to reasonable due diligence requests
regarding its compliance with its Information Security Program and shall notify the Trust, expeditiously and without unreasonable delay,
in writing of any breach of security, misuse or misappropriation of, or unauthorized access to, (in each case, whether actual or alleged)
any information of the Trust (any or all of the foregoing referred to individually and collectively for purposes of this provision as
a " <u>Security Breach</u> "). USBGFS shall promptly investigate, remedy and bear the cost of the measures (including notification
to any affected parties), if any, to address any Security Breach. USBGFS shall bear the cost of the Security Breach only if USBGFS is
determined to be directly responsible for such Security Breach. In addition to, and without limiting the foregoing, USBGFS shall promptly
cooperate with the Trust or any of its affiliates' regulators at USBGFS's expense to prevent, investigate, cease or mitigate any
Security Breach, including but not limited to investigating, bringing claims or actions and giving information and testimony. Notwithstanding
any other provision in this Agreement, the obligations set forth in this paragraph shall survive termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Trust agrees on behalf of itself and its trustees, officers, and employees to treat confidentially and as proprietary information
of USBGFS, all non-public information relative to USBGFS (including, without limitation, information regarding USBGFS' pricing,
products, services, customers, suppliers, financial statements, processes, know-how, trade secrets, market opportunities, past, present
or future research, development or business plans, affairs, operations, systems, computer software in source code and object code form,
documentation, techniques, procedures, designs, drawings, specifications, schematics, processes and/or intellectual property), and not
to use such information for any purpose other than in connection with the services provided under this Agreement, except (i) after prior
notification to and approval in writing by USBGFS, which approval shall not be unreasonably withheld and may not be withheld where the
Trust may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information
by duly constituted authorities, or (iii) when so requested by USBGFS. Information which has become known to the public through no wrongful
act of the Trust or any of its employees, agents or representatives, and information that was already in the possession of the Trust prior
to receipt thereof from USBGFS, shall not be subject to this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Trust shall not make or change any written representations regarding the services provided by or the responsibilities of USBGFS
or its affiliates under this Agreement, whether in the Trust's registration statement, offering documents, marketing or promotional
materials, policies, or otherwise, that explicitly or implicitly ascribe to USBGFS or its affiliates any duties or responsibilities under
this Agreement that are not specifically stated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Notwithstanding anything herein to the contrary, (i) the Trust shall be permitted to disclose the identity of USBGFS as a service
provider, redacted copies of this Agreement, and such other information as may be required in the Trust's registration or offering
documents, or as may otherwise be required by applicable law, rule, or regulation, and (ii) USBGFS shall be permitted to include the name
of the Trust in lists of representative clients in due diligence questionnaires, RFP responses, presentations, and other marketing and
promotional purposes.

&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Records.** 

USBGFS shall keep records relating to the services to be performed hereunder in the form and manner, and for such period, as it may deem advisable, but not inconsistent with the rules and regulations of appropriate government authorities, in particular, Section 31 of the 1940 Act and the rules thereunder. USBGFS agrees that records relating to the services to be performed by USBGFS hereunder are the property of the Trust and will be preserved, maintained, and made available in accordance with such applicable sections and rules of the 1940 Act and will be promptly surrendered to the Trust or its designee on and in accordance with its request, provided, however, that the Trust shall bear the reasonable cost of transfer (including, without limitation, costs related to image conversions), and USBGFS may retain such copies of such records in such form as may be required to comply with any applicable law, rule, regulation, or order of any governmental, regulatory, or judicial authority of competent jurisdiction. Notwithstanding anything in this Agreement to the contrary, the Trust acknowledges and agrees that if the Trust elects to use an FTP or other electronic transmission method to communicate trade instructions to USBGFS the Trust shall be responsible for maintaining the Trust's records as they relate to the Trust's review and approval of individuals authorized to place trading instructions as described in Rule 31a-1(b)(10) promulgated under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Compliance with Laws.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Trust has and retains primary responsibility for all compliance matters relating to the Trust, including but not limited to compliance
with the Securities Act; the Exchange Act; the 1940 Act; the Investment Advisers Act of 1940, as amended; the Internal Revenue Code of
1986, as amended (the " <u>Code</u> "); the Sarbanes-Oxley Act of 2002 (the " <u>SOX Act</u> "); the USA PATRIOT Act
of 2001; and the policies and limitations of the Trust relating to its portfolio investments as set forth in its Registration Statement.
USBGFS' services hereunder shall not relieve the Trust of its responsibilities for assuring such compliance or the Board's
oversight responsibility with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Trust shall immediately notify USBGFS if the investment strategy of the Trust materially changes or deviates from the investment
strategy disclosed in the current Prospectus, or if it becomes subject to any new law, rule, regulation, or order of a governmental or
judicial authority of competent jurisdiction that materially impacts the operations of the Trust or the services provided under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If, and only to the extent that, the General Data Protection Regulation (EU) 2016/679, as amended (" <u>GDPR</u> ") or the
Cayman Islands Data Protection Law, 2017, as amended (" <u>DPL</u> "), are applicable to USBGFS and the Trust the following
provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The parties agree USBGFS is a " <u>Data Processor</u> " under GDPR and DPL, as applicable, in the performance of its services
under this the Agreement. Notwithstanding the foregoing, the parties agree USBGFS is a " <u>Data Controller</u> " under GDPR
and DPL, as applicable, solely for the purpose of fulfilling its own pre-contractual AML/KYC new fund client onboarding obligations. In
either case, the Trust shall ensure that all necessary and appropriate consents, disclosures and notices, including data subject consents,
are in place to enable the processing of "Personal Data" (as defined by GDPR and DPL) by USBGFS, the transfer of Personal
Data to USBGFS, and the transfer of Personal Data by USBGFS to third countries or regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The parties further agree the Trust is a " <u>Data Controller</u> " under GDPR and DPL, as applicable. The Trust, either
alone or jointly with others, determines or controls the content, use, purpose and means of processing the Personal Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. USBGFS shall process the Personal Data: (i) in accordance with instructions of the Trust pursuant to this Agreement and any authorized
persons list executed pursuant thereto, for the purpose of discharging USBGFS' obligations under the Agreement; and (ii) when required
by law or regulation, or required or requested by any court or regulator (each a " <u>Processing Order</u> ") to which USBGFS
is subject. In the event USBGFS receives a request to process Personal Data pursuant to any Processing Order, it shall, to the extent
legally permissible and reasonably practicable under the circumstances, notify the Trust prior to processing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. The Trust is solely responsible for developing and implementing its internal policies and procedures with respect to GDPR and DPL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. USBGFS shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ensure that persons handling Personal Data on its behalf are subject to confidentiality obligations similar to those contained in
this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. implement appropriate technical and organizational measures to protect Personal Data including against unauthorized or unlawful processing
and against accidental loss, damage or destruction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. only appoint sub-processors with the prior written consent of the Trust (standing instructions or general written authorization are
sufficient), and only if the sub-processors provide sufficient guarantees in writing to USBGFS that they have implemented appropriate
technical and organizational measures in such a manner that processing will comply with GDPR and DPL, as applicable<sup>1</sup>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. beyond the initial appointment, inform the Trust of any intended material changes concerning the addition or replacement of sub-processors,
thereby giving the Trust the opportunity to object;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. taking into account the nature of the processing, reasonably assist the Trust by appropriate technical and organizational measures,
insofar as possible, to enable the Trust to comply with its obligation to respond to requests for exercising a data subject's rights
under GDPR or DPL;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. provide reasonable assistance to the Trust in ensuring their compliance with obligations regarding Personal Data breaches, data protection
impact assessments and prior consultation subject to the nature of the processing and the information reasonably available to USBGFS,
and inform the Trust of Personal Data breaches without undue delay;

<sup>1</sup> For the avoidance of doubt, USBGFS' affiliates and third party software providers will be used as sub-processors under this Agreement, and the Trust hereby authorizes such use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. at the written direction of the Trust, delete or return all Personal Data to the Trust after the end of the provision of services
under the Agreement relating to processing, and delete existing copies of Personal Data unless applicable law or internal data retention
or backup procedures require the storage of such Personal Data; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. make available to the Trust all information reasonably necessary to demonstrate compliance with GDPR or DPL, as applicable, and allow
for and reasonably cooperate with audits, including inspections, conducted by the Trust or its auditor; and immediately inform the Trust
if, in its opinion, the Trust's instructions regarding this subsection infringes on GDPR or DPL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Each party shall comply with any other applicable law or regulation which implements GDPR and DPL in relation to the Personal Data.
Nothing in the Agreement shall be construed as preventing either party from taking such other steps as are necessary to comply with GDPR,
DPL or any other applicable data protection laws.

&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Term of Agreement; Amendment.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This Agreement shall become effective as of the last date written on the signature page and will continue in effect for a period of
three (3) years. Following the initial term, this Agreement shall automatically renew for successive one (1) year terms unless either
party provides written notice at least ninety (90) days prior to the end of the then current term that it will not be renewing the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Subject to <u>Section 15</u>, this Agreement may be terminated by either party (in whole) upon giving ninety (90) days' prior
written notice to the other party or such shorter notice period as is mutually agreed upon by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. USBGFS may terminate this Agreement immediately (in whole) if the continued service of the Trust would cause USBGFS or any of its
affiliates to be in violation of any applicable law, rule, regulation, or order of any governmental, regulatory or judicial authority
of competent jurisdiction, or if the Trust (or any affiliate thereof) commits any act, or becomes involved in any situation or occurrence,
tending to bring itself into public disrepute, contempt, scandal, or ridicule, or such that the continued association with the Trust would
reflect unfavorably upon USBGFS' reputation, provided that in such event USBGFS shall, to the extent it is legally permitted and
able to do so, provide reasonable assistance to transition the Trust to a successor service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. This Agreement shall automatically terminate if the Trust fails to maintain an effective registration statement under the 1940 Act
and, if applicable, the Securities Act, or appropriate state securities law filings as necessary to enable the Trust to offer its shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. This Agreement may be terminated by the non-breaching party upon the breach of the other party of any material term of this Agreement
if such breach is not cured within fifteen (15) days of notice of such breach to the breaching party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. This Agreement may not be amended or modified in any manner except by written agreement executed by USBGFS and the Trust and authorized
or approved by the Trust's Board.

&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Early Termination.** 

In the absence of a breach of a material term of this Agreement, should the Trust elect to terminate this Agreement (in whole) prior to the end of the then current term, the Trust agrees to pay the following fees subject to the termination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. all fees associated with converting services to a successor service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. all fees associated with any record retention and/or tax reporting obligations that may not be eliminated due to the conversion to
a successor service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. all miscellaneous costs associated with a.-b. above.

&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Duties in the Event of Termination.** 

In the event that, in connection with termination, a successor to any of USBGFS' duties or responsibilities hereunder is designated by the Trust by written notice to USBGFS, USBGFS will promptly, upon such termination and at the expense of the Trust, transfer to such successor all relevant books, records, correspondence, and other data established or maintained by USBGFS under this Agreement in a form reasonably acceptable to the Trust (if such form differs from the form in which USBGFS has maintained the same, the Trust shall pay any expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from USBGFS' personnel in the establishment of books, records, and other data by such successor. If no such successor is designated, then such books, records and other data shall be returned to the Trust. The Trust shall also pay any fees associated with record retention and/or tax reporting obligations that USBGFS is obligated under applicable law, regulation, or rule to continue following the termination. USBGFS is authorized to destroy such books, records, and other data following termination in accordance with its record retention policy and applicable regulatory requirements if the Trust or its designee do not take possession of such records.

&nbsp;&nbsp;&nbsp;&nbsp;**17.** **Assignment.** 

This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by the Trust without the written consent of USBGFS, or by USBGFS without the written consent of the Trust accompanied by the authorization or approval of the Trust's Board.

&nbsp;&nbsp;&nbsp;&nbsp;**18.** **Governing Law.** 

This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to conflicts of law principles. To the extent that the applicable laws of the State of New York, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control, and nothing herein shall be construed in a manner inconsistent with the 1940 Act or any rule or order of the SEC thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;**19.** **No Agency Relationship.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Nothing herein contained shall be deemed to authorize or empower either party to act as agent for the other party to this Agreement,
or to conduct business in the name, or for the account, of the other party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Trust acknowledges that the Board and officers of the Trust are responsible for management of the Trust and that USBGFS has no
duties or obligations to manage or control the Trust. Any duties and obligations of USBGFS are strictly limited to those set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Trust acknowledges and agrees that if any employee of USBGFS or any of its affiliates serves as a trustee of the trust such person
is serving in their own individual capacity at the pleasure of the shareholders of the Trust and not as a representative of USBGFS or
any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Trust acknowledges and agrees that if any employee of USBGFS or any of its affiliates serves as an officer of the trust, or in
any other similar capacity, such person is engaged in such position at the direction of, and subject to the supervision and oversight
of, and removal by, the Board of the Trust, and when such person is acting in such capacity they are doing so on behalf of the Trust and
not as a representative of USBGFS or any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;**20.** **Services Not Exclusive.** 

Nothing in this Agreement shall limit or restrict USBGFS from providing services to other parties that are similar or identical to some or all of the services provided hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;**21.** **Invalidity.** 

Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;**22.** **Regulatory Services.** 

Nothing in this Agreement shall be deemed to appoint USBGFS or any of its officers, directors or employees as the Trust attorneys, form attorney-client relationships or require the provision of legal advice. No work performed by employees of USBGFS or its affiliates (whether relating to assisting in the preparation or filing of regulatory materials, compliance with applicable laws, rules, or regulations, or otherwise) shall constitute legal advice. The Trust acknowledges that employees of USBGFS and its affiliates who are attorneys do not represent the Trust and rely on outside counsel retained by the Trust to review all services provided by USBGFS and to provide independent judgment on the Trust's behalf. The Trust acknowledges that because no attorney-client relationship exists between the Trust and USBGFS (or any employee of USBGFS or its affiliates), any information provided may not be privileged and may be subject to compulsory disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;**23.** **Notices.** 

Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, to the other party's address set forth below:

Notice to USBGFS shall be sent to:

U.S. Bank Global Fund Services

777 E. Wisconsin Ave.

Milwaukee, WI 53202

Attn: GFS Contracts

Email: GFSContracts@usbank.com

and notice to the Trust shall be sent to:

c/o Tap Capital LLC

One World Trade Center, 85<sup>th</sup> Floor

New York, NY 10007

Phone: 212.229.6098

&nbsp;&nbsp;&nbsp;&nbsp;**24.** **No Third-Party Rights.** 

Nothing expressed or referred to in this Agreement will be construed to give any third party (including, without limitation, shareholders of the Trust) any legal or equitable right, remedy or claim under or with respect to this Agreement, other than the limited third party rights of the Data Providers as expressly set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;**25.** **Multiple Originals; Electronic Signatures.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original, but
such counterparts shall together constitute but one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. This Agreement may be executed by means of electronic signatures, and a signed copy of this Agreement transmitted by facsimile, email,
or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original executed copy of this
Agreement for all purposes.

**SIGNATURE PAGES FOLLOW**

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer effective as of the last date written below.

---

| | | | |
|:---|:---|:---|:---|
| **Tap US Private Equity Fund of Funds** | **Tap US Private Equity Fund of Funds** | **U.S. Bancorp Fund Services, LLC** | **U.S. Bancorp Fund Services, LLC** |
| By: | /s/ Jeff Leathers | By: | /s/ Gregory Farley |
| Name: | Jeff Leathers | Name: | Gregory Farley |
| Title: | President | Title: | Senior Vice President |
| Date: | 4/16/2026 | Date: | 4/17/2026 |

---

**EXHIBIT A**

**<u>Services</u>**

**<u>CORE SERVICE LINES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;I. Administration Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. General Fund Administration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Act as a liaison among Fund Service providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Supply non-investment-related statistical and research data as requested

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Digital Board Services as described in Exhibit D

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Coordinate the Trust's Board communications, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Prepare meeting agendas and resolutions, with the assistance of Fund counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Prepare reports for the Board based on financial, tax and administrative data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Monitor fidelity bond and director and officer liability coverage, and make the necessary Securities and Exchange Commission (the
" <u>SEC</u> ") filings relating thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Prepare minutes of meetings of the Board, audit committee, and Fund shareholders subject to the review and approval of the Board and
legal counsel for the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Calculate dividends for review, approval, and ratification by the Board and prepare and distribute to appropriate parties notices
announcing declaration of dividends and other distributions to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Attend Board meetings (including audit committee meetings) and present materials for the Board's review at such meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Post Board materials to the Board's web portal (Diligent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Audits/Examinations:

&nbsp;&nbsp;&nbsp;&nbsp;&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. For the annual Fund audit, prepare appropriate schedules and materials. Provide requested information to the IRPAF and facilitate
the audit process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. For SEC or other regulatory examinations, provide requested information to the Trust to assist the examination process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Pay Fund expenses upon written authorization from the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Compliance Support:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Regulatory Compliance Support

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Test compliance with portfolio holdings limitation under applicable 1940 Act requirements on a quarterly basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Test on a quarterly basis the Fund's compliance, on a post-trade basis, with the policies and investment limitations as set
forth in its prospectus (the " <u>Prospectus</u> ") and statement of additional information (the " <u>SAI</u> ") included
in its registration statement on Form N-2 (or similar documents) filed with the SEC (" <u>Registration Statement</u> "). Provide
the results of such testing to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Provide any sub-certifications reasonably requested by the Trust in connection with (i) any certification required of the Trust pursuant
to the SOX Act or any rules or regulations promulgated by the SEC thereunder, and (ii) the operation of USBGFS' compliance program
as it relates to the Trust, provided the same shall not be deemed to change USBGFS' standard of care as set forth herein or to broaden
any duties or obligations of USBGFS set forth here.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. In order to assist the Trust in satisfying the requirements of Rule 38a-1 under the 1940 Act, USBGFS will provide the Trust's
Chief Compliance Officer with reasonable access to USBGFS' fund records relating to the services provided by it under this Agreement,
and will provide quarterly compliance reports and related certifications regarding any Material Compliance Matter (as defined in Rule
38a-1) involving USBGFS that affect or could affect the Trust or any 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;2. SEC Registration and Reporting Support:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Assist Fund counsel with respect to filings of the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Assist Fund counsel in the preparation and filing of the annual and semiannual shareholder reports and other filings (e.g., Form N-CEN,
Form N-CSR, and Form N-PORT). As requested by the Trust or any Fund, prepare and file Form N-PX and Form N-RN.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Coordinate the printing, filing and mailing of Prospectuses and shareholder reports, and amendments and supplements thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&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. File the fidelity bond under Rule 17g-1 of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Assist Fund counsel in preparation of proxy statements, repurchase offers, tender offers and information statements, as requested
by 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;&nbsp;&nbsp;&nbsp;&nbsp;f. While USBGFS shall assist in the preparation and filing of the materials noted above, the Trust acknowledges and agrees that USBGFS
is not ultimately responsible for the content of such materials and shall not be held to be the maker of statements or opinions in any
such materials unless USBGFS expressly agrees in a writing to be filed with such materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. IRS Compliance Support:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Test on a quarterly basis the Fund's status as a regulated investment company under Subchapter M of the Code, including review
of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Diversification requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Qualifying income requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Distribution requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Calculate required annual excise distribution amounts for the review and approval of Fund management and/or its IRPAF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Financial Reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Provide financial data required by the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Prepare financial reports for officers, shareholders, tax authorities, performance reporting companies, the Board, the SEC, and the
IRPAF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Assist the Trust's custodian and fund accountants in the maintenance of the Fund's general ledger and in the preparation
of the Fund's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Compute the yield, total return, expense ratio and portfolio turnover rate of 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;5. Monitor expense accruals and make adjustments as necessary; notify the Fund's management of adjustments expected to materially
affect the Fund's expense ratio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Prepare financial statements subject to review and approval from the Fund and the Fund's auditors, which include the following
items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Schedule of Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Statement of Assets and Liabilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Statement of Operations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Statement of Cash Flows (if 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;f. Financial Highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Tax Reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Prepare for the review of the IRPAF and/or Fund management the federal and state tax returns including Form 1120 RIC and applicable
state returns including any necessary schedules. USBGFS will prepare annual Fund federal and state income tax return filings as authorized
by and based on the instructions received by Fund management and/or its IRPAF. File on a timely basis appropriate federal and state tax
returns including Forms 1120/8613, with any necessary schedules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide the Fund's management and IRPAF with tax reporting information pertaining to the Funds and available to USBGFS as required
in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Prepare Fund financial statement tax footnote disclosures for the review and approval of Fund management and/or the Funds' IRPAF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Prepare and file on behalf of Fund management Form 1099 MISC for payments to disinterested directors and other qualifying 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;5. Monitor wash sale losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Calculate Qualified Dividend Income (" <u>QDI</u> ") for qualifying Fund shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. If the Trust so elects, USBGFS shall provide additional services that are further described in the fee schedule on <u>Exhibit B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;II. Accounting Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Portfolio Accounting Services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Maintain the security master file for 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;2. Maintain portfolio records on a trade date+1 basis using security trade information communicated from the Fund's investment
adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Track and properly reflect corporate actions (e.g., stock splits, dividends, mergers, rights issuances, spin-offs, etc.) impacting
the securities positions held by 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;4. As of the close of business on each day the Fund values its portfolio positions (each, a " <u>Valuation Date</u> "), obtain
prices from a pricing source selected by the Fund's valuation designee and apply those prices to the Fund's portfolio positions
(also hereinafter referred to as " <u>securities</u> "). For those securities where market quotations are not readily available,
the valuation designee shall determine fair value. USBGFS shall be entitled to rely on such prices and/or fair valuations without investigation
or verification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Identify interest and dividend accrual balances as of each Valuation Date and calculate gross earnings on investments for each accounting
period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Determine gain/loss on security sales and identify them as short-term or long-term; account for periodic distributions of gains or
losses to shareholders and maintain undistributed gain or loss balances as of each Valuation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. On a daily basis, reconcile cash of the Fund with the Fund's custodian and/or prime brokerage account(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Review the impact of current day's activity on a per share basis, and review changes in market value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Expense Accrual and Payment Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. For each Valuation Date, monitor the expense accrual amounts as directed by the Fund as to methodology, rate or dollar amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Process and record payments for Fund expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Account for Fund expenditures and maintain expense accrual balances at the level of accounting detail, as agreed upon by USBGFS and
the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Provide expense accrual and payment reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. NAV Calculation and Financial Reporting Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Account for Fund share purchases, sales, exchanges, transfers, dividend reinvestments, and other Fund share activity as reported by
the Fund's transfer agent on a timely basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Apply equalization accounting as directed by the 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;3. Determine net investment income (earnings) for the Fund as of each Valuation Date. Account for periodic distributions of earnings
to shareholders and maintain undistributed net investment income balances as of each Valuation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Determine the net asset value of the Fund according to the accounting policies and procedures set forth in the Fund's current Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Calculate per share net asset value, per share net earnings, and other per share amounts reflective of Fund operations at such time
as required by the nature and characteristics of 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;6. Communicate to the Fund, at an agreed upon time, the per share net asset value for each Valuation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Prepare monthly reconciliations of sub-ledger reports to month-end ledger balances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Prepare monthly security transactions listings for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Tax Accounting Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Maintain accounting records for the investment portfolio of the 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;2. Maintain tax lot detail for the Fund's investment portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Calculate taxable gain/loss on security sales using the tax lot relief method designated by the 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;4. Provide the necessary financial information to calculate the taxable components of income and capital gains distributions to support
tax reporting to the shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Audit Support Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Support reporting to regulatory bodies and financial statement preparation by making the Fund's accounting records available
to the Fund, the SEC, and the Fund's independent registered public accounting firm (" <u>IRPAF</u> "), in each case as
requested by 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;2. Perform its duties hereunder in compliance with all applicable laws and regulations and provide any sub-certifications reasonably
requested by the Fund in connection with any certification required of the Fund pursuant to the SOX Act or any rules or regulations promulgated
by the SEC thereunder, provided the same shall not be deemed to change USBGFS' standard of care as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Cooperate with the Fund's IRPAF and take all reasonable action in the performance of its obligations under this Agreement to
ensure that the necessary information is made available to such IRPAF for the expression of their opinion on the Fund's financial
statements, without any qualification as to the scope of their examination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. If the Trust so elects, USBGFS shall provide the Rule 2a-5 supplemental services described on, and subject to the terms and conditions
of, <u>Exhibit E</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. If the Trust so elects, USBGFS shall provide the Rule 18f-4 supplemental services described on, and subject to the terms and conditions
of, <u>Exhibit F</u>.

&nbsp;&nbsp;&nbsp;&nbsp;III. [RESERVED]

**<u>ADDITIONAL AND SUPPLEMENTAL SERVICES</u>**

Any additional or supplemental services not listed above may be provided from time to time upon mutual agreement of the parties, subject in all cases to the terms and conditions of this Agreement. Any such additional or supplemental services shall be provided at the fees specified on <u>Exhibit B</u> or at USBGFS' then-current standard rates for such services if not specified.

**EXHIBIT B**

**<u>Fees</u>**

[REDACTED]

**EXHIBIT C**

**<u>Required Provisions of Data Service Providers</u>**

&nbsp;&nbsp;&nbsp;&nbsp;· The Trust shall use the Data solely for internal purposes and will not redistribute the Data in any form
or manner to any third party, except as may otherwise be expressly agreed to by the Data Provider.

&nbsp;&nbsp;&nbsp;&nbsp;· The Trust will not use or permit anyone else to use the Data in connection with creating, managing, advising,
writing, trading, marketing or promoting any securities or financial instruments or products, including, but not limited to, funds, synthetic
or derivative securities (e.g., options, warrants, swaps, and futures), whether listed on an exchange or traded over the counter or on
a private-placement basis or otherwise or to create any indices (custom or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;· The Trust agrees that it shall (a) comply with all laws, rules and regulations applicable to accessing
and using the Data, (b) not use the Data for any purpose independent of those for which it is provided by the Data Provider, and (c) exculpate
the Data Provider, its affiliates and their respective suppliers from any liability or responsibility of any kind relating to the Trust's
receipt or use of the Data (including expressly disclaiming all warranties).

&nbsp;&nbsp;&nbsp;&nbsp;· The Trust will treat the Data as proprietary to the Data Provider. Further, the Trust shall acknowledge
that the Data Provider is the sole and exclusive owners of the Data and all trade secrets, copyrights, trademarks and other intellectual
property rights in or to the Data.

&nbsp;&nbsp;&nbsp;&nbsp;· The Trust will not (i) copy any component of the Data, (ii) alter, modify or adapt any component of the
Data, including, but not limited to, translating, decompiling, disassembling, reverse engineering or creating derivative works, or (iii)
make any component of the Data available to any other person or organization (including, without limitation, the Trust's present
and future parents, subsidiaries or affiliates) directly or indirectly, for any of the foregoing or for any other use, including, without
limitation, by loan, rental, service bureau, external time sharing or similar arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;· The Trust shall reproduce on all permitted copies of the Data all copyright, proprietary rights and restrictive
legends appearing on the Data.

&nbsp;&nbsp;&nbsp;&nbsp;· The Trust shall assume the entire risk of using the Data and shall agree to hold the Data Providers harmless
from any claims that may arise in connection with any use of the Data by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;· The Trust acknowledges that the Data Providers may, in their sole and absolute discretion and at any time,
terminate USBGFS' right to receive and/or use the Data.

&nbsp;&nbsp;&nbsp;&nbsp;· The Trust acknowledges and agrees that the Data Providers are third party beneficiaries of the agreements
between the Trust and USBGFS with respect to the provision of the Data, entitled to enforce all provisions of such agreements relating
to the Data.

&nbsp;&nbsp;&nbsp;&nbsp;· THE DATA IS PROVIDED TO THE TRUST ON AN "AS IS" BASIS. USBGFS, ITS INFORMATION PROVIDERS, AND
ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA MAKE NO REPRESENTATION OR WARRANTY OF ANY KIND, EITHER
EXPRESS OR IMPLIED, WITH RESPECT TO THE DATA (OR THE RESULTS TO BE OBTAINED BY THE USE THEREOF). USBGFS, ITS INFORMATION PROVIDERS AND
ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA EXPRESSLY DISCLAIM ANY AND ALL IMPLIED WARRANTIES
OF ORIGINALITY, ACCURACY, COMPLETENESS, NON-INFRINGEMENT, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.

&nbsp;&nbsp;&nbsp;&nbsp;· THE TRUST ASSUMES THE ENTIRE RISK OF ANY USE
THE TRUST MAY MAKE OF THE DATA. IN NO EVENT SHALL USBGFS, ITS INFORMATION PROVIDERS OR ANY THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING
OR COMPILING OF THE DATA, BE LIABLE TO THE TRUST, OR ANY OTHER THIRD PARTY, FOR ANY DIRECT OR INDIRECT DAMAGES, INCLUDING, WITHOUT LIMITATION,
ANY LOST PROFITS, LOST SAVINGS OR OTHER INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF THIS AGREEMENT regarding
the Data OR THE INABILITY OF THE TRUST TO USE THE DATA, REGARDLESS OF THE FORM OF ACTION, EVEN IF USBGFS, ANY OF ITS INFORMATION
PROVIDERS, OR ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA HAS BEEN ADVISED OF OR OTHERWISE MIGHT
HAVE ANTICIPATED THE POSSIBILITY OF SUCH DAMAGES.

**EXHIBIT D**

**<u>Digital Board Services</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Services</u>. USBGFS shall provide the following supplemental digital board services to the Trust (the "Digital Board Services")
as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Comprehensive Digital Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Full access to the premium version of Diligent's board portal, including compilation and distribution of all board materials
by USBGFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Light Digital Offering

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Compilation of all board materials by USBGFS into a PDF stored on a OneDrive site to be accessed by the Trust's Board participants.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Compensation</u>. The Trust shall pay to USBGFS fees for the Board Services selected in accordance with the fee schedules as follows:

[REDACTED]

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Selection of Services</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Comprehensive Digital Services</u>. The selection of Comprehensive Digital Services shall be binding on the Trust for one year.
Following any one year period of Comprehensive Digital Services the Trust may select (i) Comprehensive Digital Services for an additional
one year period, (ii) the Light Digital Offering, or (iii) only the basic board services provided under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Light Digital Offering</u>. The selection of the Light Digital Offering shall be binding on the Trust for one quarter. Following
any quarter for which the Trust has selected the Light Digital Offering the Trust may select (i) Comprehensive Digital Services, (ii)
the Light Digital Offering for an additional quarter, or (iii) only the basic board services provided under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Third-Party Vendors</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Comprehensive Digital Services are reliant upon services provided by Diligent as a third-party vendor to USBGFS, and if USBGFS
shall cease to have access to the Diligent services for any reason the obligations of the parties hereto with respect to the Comprehensive
Digital Services shall immediately terminate further liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Trust agrees that it shall, and it shall cause its Board participants and other users to, comply with any terms of use established
by Diligent, applicable to the use of the services and the access to any Diligent portals or electronic sites.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Trust agrees that USBGFS shall not be responsible or liable for any actions or inactions of Diligent or any other third-party
vendor, for any lack of access to any Diligent portal or other electronic site, or for any errors, data loss, or other cyber-security
event by Diligent, at or through a Diligent maintained electronic site, or at any other third-party vendor. The Trust acknowledges that
Diligent is not responsible for maintaining records of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. USBGFS MAKES NO WARRANTY OR REPRESENTATIONS, EXPRESSED OR IMPLIED, WITH RESPECT TO THE ACCURACY, COMPLETENESS, OR SUFFICIENCY OF ANY
DATA OR OTHER INFORMATION PROVIDED THROUGH THE DILIGENT PORTALS, ANY DILIGENT ELECTRONIC SITE, OR OTHERWISE THROUGH THE COMPREHENSIVE
DIGITAL SERVICES OR THE LIGHT DIGITAL OFFERING.

**EXHIBIT E**

**<u>Rule 2a-5 Supplemental Services</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1. If the Trust elects to receive the Rule 2a-5 Supplemental Services, USBGFS shall provide the following
services to the Funds (the "Rule 2a-5 Supplemental Services"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Price Comparison Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Price Comparison Report is a monthly report showing prices from an alternative source chosen by USBGFS
for certain instruments held by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Back-testing and Calibration Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Back-testing and Calibration Report shows (a) the actual buy price for certain instruments held by
the Fund compared to the next price used for such instrument in the Fund's NAV and (b) the actual sale price of certain instruments
held by the Fund compared to the prior price used for such instrument in the Fund's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Adviser Valuation Oversight Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Adviser Valuation Oversight Report is graphic overview of the Fund's assets, the pricing sources
used by the Fund, the types of prices used, and the preliminary fair value leveling utilized for Form NPORT.

&nbsp;&nbsp;&nbsp;&nbsp;2. The Trust shall pay USBGFS fees for the Rule 2a-5 Supplemental Services for the Fund receiving such services
based upon the number of level 2 instruments (as defined by the Fund's Topic 820 Report) held by each the Fund as a percentage of
the Fund's total positions in accordance with the following table:

[REDACTED]

&nbsp;&nbsp;&nbsp;&nbsp;3. The availability of the Rule 2a-5 Supplemental Services and the associated fees are subject to USBGFS'
ability to obtain comparison prices from its chosen comparison third-party pricing sources at reasonable cost. The reports provided as
part of the Rule 2a-5 Supplemental Services may, in USBGFS' sole discretion, exclude information for instruments for which an alternative
comparison price is unavailable or difficult or costly to obtain. In addition, the reports provided may cease to include instruments that
were previously included if alternative prices are no longer available from third-party sources or if the fees for such alternative prices
rise.

&nbsp;&nbsp;&nbsp;&nbsp;4. The alternative pricing information provided in the Rule 2a-5 Supplemental Services is intended for comparison
purposes only. THE TRUST IS RESPONSIBLE FOR SELECTING THE PRICING SOURCES USED FOR EACH INSTRUMENT HELD BY THE FUND FOR CALCULATING THE
FUND'S NET ASSET VALUE, FOR DETERMINING THE APPROPRIATE PRICING METHODOLOGIES USED BY THE FUND, AND FOR DETERMINING THAT THE PRICES
USED FOR EACH INSTRUMENT ARE APPROPRIATE. USBGFS shall not have any obligation to verify the accuracy or appropriateness of any prices,
evaluations, market quotations, or other data or pricing related inputs received from the Trust, any of its affiliates, or any third-party
source. Notwithstanding anything else in this Addendum or the Agreement to the contrary, USBGFS and its affiliates shall not be responsible
or liable for any mistakes, errors, or mispricing, or any losses related thereto, resulting from any inaccurate, inappropriate, or fraudulent
prices, evaluations, market quotations, or other data or pricing related inputs received from the Trust, any of its affiliates, or any
third-party source.

&nbsp;&nbsp;&nbsp;&nbsp;5. USBGFS shall only include pricing comparison information in the Rule 2a-5 Supplemental Services from third-party
sources. USBGFS shall not be responsible for (i) providing any discretionary or subjective valuation of any instrument, (ii) providing
any pricing information not available from a third-party source, (iii) providing any recommendation or opinion on whether a primary price
or a comparison price is appropriate, or (iv) determining the appropriate pricing source for any instrument.

&nbsp;&nbsp;&nbsp;&nbsp;6. The Trust acknowledges that it is responsible for determining the suitability and applicability of the
information obtained through the Rule 2a-5 Supplemental Services. USBGFS MAKES NO WARRANTIES OR REPRESENTATIONS, EXPRESSED OR IMPLIED,
WITH RESPECT TO THE SUITABILITY AND ACCURACY OF INFORMATION PROVIDED IN THE RULE 2a-5 SUPPLEMENTAL SERVICES.

**EXHIBIT F**

**<u>SEC Derivatives Rule 18f-4 Supplemental Services</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1. USBGFS has entered into agreements with Confluence Technologies ("Confluence") to provide
data (the "Confluence Data") and access for the Trust to Confluence's web platform ("Platform") for use
in or in connection with the compliance and reporting requirements under the Rule (the "Rule 18f-4 Supplemental Services").

&nbsp;&nbsp;&nbsp;&nbsp;2. If the Trust elects to receive the Rule 18f-4 Supplemental Services, the Trust shall pay the following
additional fees associated with complying with the requirements of the Rule, including the access to the third-party web platform, commencing
on the date the Trust begins accessing the third-party web platform:

[REDACTED]

&nbsp;&nbsp;&nbsp;&nbsp;3. In connection with the provision of the Confluence Data and access to the Platform, Confluence requires
certain provisions to be included in the Agreement. Accordingly, the Trust agrees that it shall (a) comply with all laws, rules and regulations
applicable to accessing and using the Confluence Data and Platform, (b) not use the Confluence Data for any purpose independent of complying
with the requirements of the Rule, (c) exculpate Confluence, its affiliates and their respective suppliers from any liability or responsibility
of any kind relating to the Trust's receipt or use of the Confluence Data (including expressly disclaiming all warranties). The
Trust further agrees that Confluence shall be a third-party beneficiary of the Agreement solely with respect to the foregoing provisions
(a) – (c).

&nbsp;&nbsp;&nbsp;&nbsp;4. The Trust acknowledges that it is responsible for determining the suitability and accuracy of the information
obtained through its access to the Platform. USBGFS MAKES NO WARRANTIES OR REPRESENTATIONS, EXPRESSED OR IMPLIED, WITH RESPECT TO THE
SUITABILITY AND ACCURACY OF FUND DATA, SYSTEMS, INDUSTRY INFORMATION AND PROCESSES ACCESSED THROUGH THE PLATFORM.

&nbsp;&nbsp;&nbsp;&nbsp;5. In the event of termination of the Rule 18f-4 Supplemental Services, the Trust shall immediately end its
access to the Platform and return all codes, system access mechanisms, programs, manuals and other written information to USBGFS, and
shall, to the extent reasonably technically practicable and permitted by applicable law, destroy or erase all such information on any
storage medium, unless such access continues to be permitted pursuant to a separate agreement.

&nbsp;&nbsp;&nbsp;&nbsp;6. The Trust assumes exclusive responsibility for the consequences of any instructions it may give to USBGFS,
for failure to properly access the Platform in the manner prescribed by USBGFS, and for the Trust's failure to supply accurate and
complete information to USBGFS.

&nbsp;&nbsp;&nbsp;&nbsp;7. The Trust must provide USBGFS with such information as is requested by USBGFS or Confluence to assist in developing the Confluence
Data needed for the Trust's obligations under the Rule. The Trust must provide USBGFS with such information as is necessary for
USBGFS to provide the Trust with access to the Platform.

## Ex-99.(K)(3)

**Exhibit (k)(3)**

**STRUCTURING FEE AGREEMENT**

[●], 2026

TCBI Securities, Inc., doing business as Texas Capital Securities

2000 McKinney Avenue

Suite 700

Dallas, TX 75201

Ladies and Gentlemen:

This agreement is between Tap Capital LLC (the "<u>Company</u>"), and TCBI Securities, Inc., doing business as Texas Capital Securities ("<u>TCS</u>") with respect to Tap US Private Equity Fund of Funds (the "<u>Fund</u>"). Capitalized terms used herein and not otherwise defined shall have the meanings given to them in the Underwriting Agreement dated [ ], 2026, by and among the Fund, the Company, and each of the Underwriters named therein, severally, with respect to the issuance and sale of the Fund's common shares of beneficial interest, par value $0.001 per share (the "Common Shares"), as described therein (the "Offering").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Fee</u>. (a) In consideration of certain financial advisory services that TCS has provided to the Company in assisting the Company in structuring, designing and organizing the Fund as well as services related to the sale and distribution of the Common Shares, it being understood that the ultimate decision with respect to the structure, design and organization of the Fund shall rest with the Company, the Company shall pay a fee to TCS equal to 1.25% of the total price of the Common Shares sold in the Offering or in the aggregate amount of $[ ] (the "Fee"). The Fee shall not exceed 1.25% of the total price of the Common Shares sold in the Offering. The Company shall pay the Fee to TCS at the Initial Shares Closing Time pursuant to the Underwriting Agreement, by wire transfer to the order of TCBI Securities, Inc**.** using the following wire instructions:

[ ]

Account: [ ]

Account #: [ ]

ABA #: [ ]

Attention: [ ]

Ref: Tap US Private Equity Fund of Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event the Offering does not proceed, TCS will not receive any fees under this Agreement; however, for the avoidance of doubt, reasonable and accountable expenses actually incurred may be payable to TCS pursuant to the terms of the Underwriting Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company acknowledges that the Fee is in addition to any compensation TCS earns in connection with its role as an underwriter to the Fund in the Offering, which services are distinct from and in addition to the services described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Term</u>. This Agreement shall terminate upon payment of the entire amount of the Fee, as specified in Section 1 hereof, or upon the termination of the Underwriting Agreement without the Shares having been delivered and paid for, except as provided in Sections 3 and 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Indemnification</u>. The Company agrees to the indemnification and other agreements set forth in the Indemnification Agreement attached hereto, the provisions of which are incorporated herein by reference and shall survive the termination, expiration or supersession of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Confidential Advice</u>. Except to the extent legally required (after consultation with, and approval as to form and substance by TCS and its counsel), none of any advice rendered by TCS to the Company or any communication from TCS in connection with the services performed by TCS pursuant to this Agreement will be quoted or referred to orally or in writing, or reproduced or disseminated, by the Company or any of its affiliates or any of their agents, without TCS's prior written consent, except on a confidential need-to-know basis, to the Fund and its officers and trustees and their legal counsel, auditors and other advisors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Not an Investment Adviser</u>. The Company acknowledges that TCS is not providing any advice hereunder as to the value of securities or regarding the advisability of purchasing or selling any securities for the Fund's portfolio. No provision of this Agreement shall be considered as creating, nor shall any provision create any obligation on the part of TCS, and TCS is not agreeing hereby, to: (i) furnish any advice or make any recommendations regarding the purchase or sale of portfolio securities; or (ii) render any opinions, valuations or recommendations of any kind or to perform any such similar services. The Company's engagement of TCS under this Agreement is not intended to confer rights upon any person (including the Fund or any shareholders, members, employees or creditors of the Company or the Fund) not a party hereto as against TCS or its affiliates, or their respective directors, trustees, officers, employees or agents, successors, or assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Not Exclusive</u>. Nothing herein shall be construed as prohibiting TCS or its affiliates from acting as an underwriter or financial advisor or in any other capacity for any other persons (including other registered investment companies or other investment managers). Neither this Agreement nor the performance of the services contemplated hereunder shall be considered to constitute a partnership, association or joint venture between TCS and the Company. In addition, nothing in this Agreement shall be construed to constitute TCS as the agent or employee of the Company or the Company as the agent or employee of TCS, and neither party shall make any representation to the contrary. It is understood that TCS is engaged hereunder solely to provide the services described above to the Company and that TCS is not acting as an agent or fiduciary of, and TCS shall not have any duties or liability to, the current or future partners or equity owners of the Company or any other third party in connection with its engagement hereunder, all of which are hereby expressly waived to the extent the Company has the authority to waive such duties and liabilities. For the avoidance of doubt, it is acknowledged and agreed that the Company may pay compensation of any kind to any other person for services the same as, or similar to, the services provided by TCS hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Amendment; Waiver</u>. No provision of this Agreement may be amended or waived except by an instrument in writing signed by the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Assignment</u>. This Agreement may not be assigned by either party without prior written consent of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Entire Agreement</u>. This Agreement (including the attached Indemnification Agreement) embodies the entire agreement and understanding between the parties hereto and supersedes all prior agreements and understandings relating to the subject matter hereof. If any provision of this Agreement is determined to be invalid or unenforceable in any respect, such determination will not affect such provision in any other respect or any other provision of this Agreement, which will remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Governing Law; Consent to Jurisdiction; WAIVER OF JURY TRIAL</u>. This Agreement and any claim, counterclaim, dispute or proceeding of any kind or nature whatsoever arising out of or in any way relating to this Agreement ("<u>Claim</u>"), directly or indirectly, shall be governed by and construed in accordance with the internal laws of the State of Texas. No Claim may be commenced, prosecuted or continued in any court other than the courts of the State of Texas located in the City and County of Dallas or in the United States District Court for the Northern District of Texas (and of the appropriate appellate courts therefrom), which courts shall have exclusive jurisdiction over the adjudication of such matters except as provided below. Each of the parties hereby irrevocably consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such Claim and irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such Claim in any such court or that any such Claim brought in any such court has been brought in an inconvenient forum. Process in any such Claim may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each party agrees that service of process on such party at the address provided in Section 11 shall be deemed effective service of process on such party to the extent consistent with applicable law. TCS AND THE COMPANY WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY PROCEEDING OR CLAIM (WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR IN ANY WAY RELATING TO THIS AGREEMENT. TCS AND THE COMPANY AGREE THAT A FINAL JUDGMENT IN ANY PROCEEDING OR CLAIM ARISING OUT OF OR IN ANY WAY RELATING TO THIS AGREEMENT BROUGHT IN ANY SUCH COURT SHALL BE CONCLUSIVE AND BINDING UPON THE COMPANY, AS THE CASE MAY BE, AND MAY BE ENFORCED IN ANY OTHER COURTS TO THE JURISDICTION OF WHICH TCS OR THE COMPANY ARE OR MAY BE SUBJECT, BY SUIT UPON SUCH JUDGMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Notices</u>. All notices required or permitted to be sent under this Agreement shall be sent, if to the Company:

Tap Capital LLC

[●]

[●]

Attention: [●]

or if to TCS:

Texas Capital Securities

2000 McKinney Avenue, Suite 700

Dallas, TX 75201

Attention: [ ]

 

*with a copy to*:

Texas Capital Legal Department

2000 McKinney Avenue, Suite 700

Dallas, TX 75201

Attn: Chief Legal Officer

[ ]

or such other name or address as may be given in writing to the other parties. Any notice shall be deemed to be given or received on the third day after deposit by certified U.S. mail, postage prepaid, or when actually received, whether by hand, express delivery service or facsimile or other electronic transmission, whichever is earlier.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, each of which shall be an original, and all of which, when taken together, shall constitute one agreement. Counterparts may be delivered via facsimile, electronic mail (including any electronic covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

[*Signature page follows*]

This Agreement shall be effective as of the date first written above.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| TAP CAPITAL LLC | TAP CAPITAL LLC |
| By: |  |
|  | Name: |
|  | Title: |

---

---

| | |
|:---|:---|
| Accepted and agreed to as of <br> the date first above written: | Accepted and agreed to as of <br> the date first above written: |
| TCBI Securities, Inc. | TCBI Securities, Inc. |
| By: |  |
|  | Name: |
|  | Title: |

---

*[Texas Capital Securities Structuring Fee Agreement]*

**INDEMNIFICATION AGREEMENT**

[●], 2026

TCBI Securities, Inc., doing business as Texas Capital Securities

2000 McKinney Avenue

Suite 700

Dallas, TX 75201

Ladies and Gentlemen:

In connection with the engagement of TCBI Securities, Inc., doing business as Texas Capital Securities or any of its affiliates (collectively, "TCS") to advise and assist Tap Capital, LLC (including any successors and assigns, by merger or otherwise, the "Company") with the matters set forth in the Structuring Fee Agreement dated [ ], 2026 between the Company and TCS (the "Agreement"), in the event that TCS becomes involved in any capacity in any claim, suit, action, proceeding, investigation or inquiry (including, without limitation, any shareholder or derivative action or arbitration proceeding) (collectively, a "Proceeding") in connection with any matter in any way related to or referred to in the services performed pursuant to and in accordance with the Agreement or arising out of the matters contemplated by the Agreement, including, without limitation, related services and activities provided prior to the date of this Agreement, the Company agrees to indemnify, defend and hold TCS harmless to the fullest extent permitted by law, from and against any losses, claims, damages, liabilities and expenses in connection with any matter in any way relating to or referred to in the Agreement or arising out of the matters contemplated by the Agreement, including, without limitation, related services and activities provided prior to the date of the Agreement, except to the extent that it shall be determined by a court of competent jurisdiction in a judgment that has become final in that it is no longer subject to appeal or other review, that such losses, claims, damages, liabilities and expenses resulted solely from the bad faith or gross negligence of TCS. In addition, in the event that TCS becomes involved in any capacity in any Proceeding in connection with any matter in any way relating to or referred to in the Agreement or arising out of the matters contemplated by the Agreement, the Company will reimburse TCS for its legal and other expenses (including the cost of any investigation and preparation) as such expenses are incurred by TCS in connection therewith, except to the extent that it shall be determined by a court of competent jurisdiction in a judgment that has become final in that it is no longer subject to appeal or other review, that such legal and other expenses resulted solely from the bad faith or gross negligence of TCS. The indemnification provided hereunder shall not extend to these matters indemnified under the Underwriting Agreement, dated November [ ], 2026, by and among Tap US Private Equity Fund of Funds (the "Fund"), the Company and each of the underwriters named therein. Promptly as reasonably practicable after receipt by TCS of notice of the commencement of any Proceeding, TCS will, if a claim in respect thereof is to be made under this paragraph, notify the Company in writing of the commencement thereof; but the failure to notify the Company (i) will not relieve the Company from liability under this paragraph to the extent it is not materially prejudiced as a result thereof and (ii) in any event shall not relieve the Company from any liability which it may have otherwise than on account of this Indemnification Agreement. Counsel to TCS shall be selected by TCS. An indemnifying party may participate at its own expense in the defense of any such action; provided, however, that counsel to the indemnifying party shall not (except with the consent of TCS) also be counsel to TCS. No indemnifying party shall, without the prior written consent of TCS, settle or compromise or consent to the entry of any judgment with respect to any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever in respect of which indemnification or contribution could be sought hereunder (whether or not TCS is an actual or potential party thereto), unless such settlement, compromise or consent (i) includes an unconditional release of TCS from all liability arising out of such litigation, investigation or Proceeding and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of TCS.

If such indemnification were not to be available for any reason, the Company agrees to contribute to the losses, claims, damages, liabilities and expenses involved (i) in the proportion appropriate to reflect the relative benefits received or sought to be received by the Company and its members and affiliates and other constituencies, on the one hand, and TCS, on the other hand, in connection with the matters contemplated by the Agreement or (ii) if (but only if and to the extent) the allocation provided for in clause (i) is for any reason held unenforceable, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) but also the relative fault of the Company and its members and affiliates, on the one hand, and TCS, on the other hand, as well as any other relevant equitable considerations. The Company agrees that for the purposes of this paragraph the relative benefits received, or sought to be received, by the Company and its members and affiliates, on the one hand, and TCS, on the other hand, in connection with the matters contemplated by this Agreement shall be deemed to be in the same proportion that the total value received by or paid to or contemplated to be received by or paid to the Company or its members or affiliates, as the case may be, as a result of or in connection with the transaction (whether or not consummated) for which TCS has been retained to perform financial services bears to the fees paid to TCS under the Agreement; provided, that in no event shall the Company contribute less than the amount necessary to assure that TCS is not liable for losses, claims, damages, liabilities and expenses in excess of the amount of fees actually received by TCS pursuant to the Agreement. Relative fault shall be determined by reference to, among other things, whether any alleged untrue statement or omission or any other alleged conduct relates to information provided by the Company or other conduct by the Company (or its employees or other agents), on the one hand, or by TCS, on the other hand.

For purposes of this Indemnification Agreement, TCS shall include TCS, any of its affiliates, each other person, if any, controlling TCS or any of its affiliates, their respective officers, current and former officers, directors, employees and agents, and the successors and assigns of all of the foregoing persons. The foregoing indemnity and contribution agreement shall be in addition to any rights that any indemnified party may have at common law or otherwise.

The Company agrees that neither TCS nor any of its affiliates, officers, directors, agents, employees or controlling persons shall have any liability to the Company or any person asserting claims on behalf of or in right of the Company in connection with or as a result of either TCS's engagement under the Agreement or any matter referred to in the Agreement, including, without limitation, related services and activities prior to the date of the Agreement, except to the extent that it shall be determined by a court of competent jurisdiction in a judgment that has become final in that it is no longer subject to appeal or other review that any losses, claims, damages, liabilities or expenses incurred by the Company resulted solely from the bad faith or gross negligence of TCS in performing the services that are the subject of the Agreement.

No provision of this Indemnification Agreement may be amended or waived except by an instrument in writing signed by the parties hereto.

THIS INDEMNIFICATION AGREEMENT AND ANY CLAIM, COUNTERCLAIM OR DISPUTE OF ANY KIND OR NATURE WHATSOEVER ARISING OUT OF OR IN ANY WAY RELATING TO THIS INDEMNIFICATION AGREEMENT ("CLAIM"), DIRECTLY OR INDIRECTLY, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF Texas. EXCEPT AS SET FORTH BELOW, NO CLAIM MAY BE COMMENCED, PROSECUTED OR CONTINUED IN ANY COURT OTHER THAN THE COURTS OF THE STATE OF TEXAS LOCATED IN THE CITY AND COUNTY OF dallas OR IN THE UNITED STATES DISTRICT COURT FOR THE northern DISTRICT OF texas (AND OF THE APPROPRIATE APPELLATE COURTS THEREfrom), WHICH COURTS SHALL HAVE EXCLUSIVE JURISDICTION OVER THE ADJUDICATION OF SUCH MATTERS. THE COMPANY AND TCS CONSENT TO THE JURISDICTION OF SUCH COURTS AND PERSONAL SERVICE WITH RESPECT THERETO. THE COMPANY HEREBY CONSENTS TO PERSONAL JURISDICTION, SERVICE AND VENUE IN ANY COURT IN WHICH ANY CLAIM ARISING OUT OF OR IN ANY WAY RELATING TO THIS INDEMNIFICATION AGREEMENT IS BROUGHT BY ANY THIRD PARTY AGAINST TCS OR ANY INDEMNIFIED PARTY. **EACH OF tcs AND THE COMPANY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY PROCEEDING OR CLAIM (WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR IN ANY WAY RELATING TO THIS INDEMNIFICATION AGREEMENT**. THE COMPANY AGREES THAT A FINAL JUDGMENT IN ANY PROCEEDING OR CLAIM ARISING OUT OF OR IN ANY WAY RELATING TO THIS INDEMNIFICATION AGREEMENT BROUGHT IN ANY SUCH COURT SHALL BE CONCLUSIVE AND BINDING UPON THE COMPANY AND MAY BE ENFORCED IN ANY OTHER COURTS TO THE JURISDICTION OF WHICH THE COMPANY IS OR MAY BE SUBJECT, BY SUIT UPON SUCH JUDGMENT.

The foregoing Indemnification Agreement shall remain in full force and effect notwithstanding any termination of TCS's engagement. This Indemnification Agreement may be executed in any number of counterparts, each of which shall be deemed an original, and all of which, when taken together, shall constitute one and the same agreement. Counterparts may be executed and delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so executed or delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

[*Signature page follows*]

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| Tap Capital LLC | Tap Capital LLC |
| By: |  |
|  | Name: |
|  | Title: |

---

---

| | |
|:---|:---|
| Accepted and agreed to as of<br> the date first above written: | Accepted and agreed to as of<br> the date first above written: |
| TCBI Securities, Inc. | TCBI Securities, Inc. |
| By: |  |
|  | Name: |
|  | Title: |

---

[*Texas Capital Indemnification Agreement*]

## Ex-99.(N)

**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 April 3, 2026, relating to the financial statement of Tap US Private Equity Fund of Funds, as of March 31, 2026, and to the references to our firm under the heading "Independent Registered Public Accounting Firm; Legal Counsel" in the Prospectus and Statement of Additional Information.

/s/ Cohen & Company, Ltd.

Cohen & Company, Ltd.

Philadelphia, PA

April 17, 2026

## Ex-99.(P)(1)

**Exhibit (p)(1)**

**<u>TAP US Private Equity Fund of Funds</u>**

**<u>Subscription Agreement</u>**

This Subscription Agreement made as of February 6, 2026 by and between Tap US Private Equity Fund of Funds, a Delaware statutory trust (the "Trust"), and Tap Capital LLC (the "Subscriber").

**WITNESSETH:**

**WHEREAS,** the Trust has been formed for the purposes of carrying on business as a closed-end management investment company; and

**WHEREAS,** the Subscriber is the investment manager to the Trust; and

**WHEREAS,** the Subscriber wishes to subscribe for and purchase, and the Trust wishes to sell to the Subscriber, 1,600,000 common shares of beneficial interest (the "Shares," which Shares are referred to herein as the "Seed Shares"), for a purchase price of $0.0625 per Share, for which up to 1,600,000 Shares are subject to complete or partial forfeiture as provided in Section 2;

**WHEREAS**, the Subscriber is purchasing the Shares for the purpose of providing the initial capitalization of the Trust as required by Section 14(a)(1) of the Investment Company Act of 1940, as amended (the "1940 Act"), in order for the Trust to conduct an IPO;

**NOW THEREFORE, IT IS AGREED:**

1. Simultaneously with the execution of this Subscription Agreement, the Subscriber shall tender to the Trust
the amount of $100,000 in full payment for the Shares, receipt of which is hereby acknowledged by the Trust;

2. The number of Seed Shares to be forfeited shall be determined ratably based on the number of common shares
of beneficial interest of the Trust ("Common Shares") sold in the Trust's initial public offering of Common Shares ("IPO"),
such that the number of Seed Shares outstanding immediately following such complete or partial forfeiture will be equal to 3% of the Trust's
issued and outstanding Common Shares immediately following the Trust's IPO and the expiration or full exercise, as applicable, of
the underwriter's option, exercisable within 30 days after the closing of the IPO, to acquire up to an additional 15% of the total
number of Common Shares to be offered by the Trust in the IPO, solely for the purpose of covering over-allotments, as described in the
Underwriting Agreement.

3. The Trust agrees to issue and sell said Shares to the Subscriber promptly upon its receipt of the aggregate
purchase price.

4. To induce the Trust to accept its subscription and issue the Shares subscribed for, the Subscriber represents
that it is informed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) That the Shares being subscribed for have not been and will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or registered or qualified under the securities laws of any state;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) That the Shares will be sold by the Trust in reliance on one or a series of exemptions from the registration requirements of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) That the Trust's reliance upon an exemption from the registration requirements of the Securities Act is predicated in part on the representations and agreements contained in this Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) That, when issued, the Shares will be "restricted securities," as defined in paragraph (a)(3) of Rule 144 of the General Rules and Regulations under the Securities Act ("Rule 144") and cannot be sold or transferred by Subscriber unless they are subsequently registered under the Securities Act or unless an exemption from such registration is available; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) That there do not appear to be any exemptions from the registration provisions of the Securities Act available to the Subscriber for resale of the Shares. In the future, certain exemptions may possibly become available, including an exemption for limited sales in accordance with the conditions of Rule 144, which would not be available to an affiliate of the Trust for one year and may be limited by the overall outstanding shares of the Trust, among various limiting factors.

The Subscriber understands that a primary purpose of the information acknowledged in subparagraphs (a) through (e) above is to put the Subscriber on notice as to certain restrictions on the transferability of the Shares. The Subscriber acknowledges that other restrictions may apply and that none of the Trust or its affiliates has provided any legal, tax or investment advice related to this transaction.

5. To further induce the Trust to accept its subscription and issue the Shares subscribed for, the Subscriber:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents and warrants that the Subscriber is an accredited investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents and warrants that the Shares subscribed for are being and will be acquired for investment for its own account and not on behalf of any other person or persons and not with a view to, or for sale in connection with, any public distribution thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Agrees that any certificates representing the Shares subscribed for may bear a legend substantially in the following form:

The shares represented by this certificate have been acquired for investment and have not been registered under the Securities Act of 1933 or any other federal or state securities law. These shares may not be offered for sale, sold or otherwise transferred unless registered under said securities laws or unless some exemption from registration is available;

and that in the absence of a certificate, this Subscription Agreement provides the notice and legend required under Rule 144; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Agrees that it will not sell, assign, or transfer the Shares or any interest therein, except upon repurchase or redemption by the Trust, unless and until the Shares have been registered under the Securities Act or it has received an opinion of its counsel that such sale, assignment, or transfer will not violate the provisions of the Securities Act or any rules or regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Consents, as the sole holder of the Trust's common shares of beneficial interest and pursuant to Section 23(b)(2) of the 1940 Act, to the issuance by the Trust of common shares of beneficial interest at a price per share as set forth in the underwriting agreement relating to the IPO of the Trust.

6. This Subscription Agreement and all of its provisions shall be binding upon
the legal representatives, heirs, successors and assigns of the parties hereto. This Subscription Agreement may be signed in one or more
counterparts, each of which shall be deemed to be an original for all purposes.

7. This Agreement shall be governed by, construed and interpreted in accordance
with the laws of the State of Delaware, without regard to the principles of conflicts of law.

8. This Subscription Agreement is executed on behalf of the Trust by an officer of the Trust as an officer
and not individually, and the obligations imposed upon the Trust by this Subscription Agreement are not binding upon any of the Trust's
Trustees, officers or shareholders individually but are binding only upon the assets and property of the Trust.

IN WITNESS WHEREOF, this Subscription Agreement has been executed by the parties hereto as of the day and date first above written.

---

| | |
|:---|:---|
| Tap US Private Equity Fund of Funds | Tap US Private Equity Fund of Funds |
| By: | /s/ Jeffrey Leathers |
| Name: | Jeffrey Leathers |
| Title: | President |

---

---

| | |
|:---|:---|
| TAP CAPITAL LLC | TAP CAPITAL LLC |
| By: | /s/ Jeffrey Leathers |
| Name: | Jeffrey Leathers |
| Title: | CEO |

---

## Ex-99.(P)(2)

**Exhibit (p)(2)**

**<u>TAP US Private Equity Fund of Funds</u>**

**<u>Amendment to</u>**

**<u>Subscription Agreement</u>**

This Amendment to the Subscription Agreement (the "Amendment"), effective as of March 20, 2026, is by and between Tap US Private Equity Fund of Funds, a Delaware statutory trust (the "Trust") and Tap Capital LLC (the "Subscriber" and, together with the Trust, the "Parties").

**WITNESSETH:**

**WHEREAS,** the Parties entered into the Subscription Agreement, dated as of February 6, 2026 (the "Subscription Agreement"); and

**WHEREAS,** the Parties desire to amend the Subscription Agreement to, among other things, forfeit 1,592,000 of the Subscriber's common shares of beneficial interest (the "Shares," which Shares are referred to herein as the "Seed Shares") such that the number of Seed Shares outstanding immediately following such partial forfeiture will be 8,000.

**NOW, THEREFORE,** in consideration of the mutual covenants and promises set forth herein, the Parties agree as follows:

1. <u>Amendment to Section 2.</u> Section 2 of the Subscription Agreement is hereby deleted in its entirety
and replaced with the following:

The Subscriber hereby partially forfeits 1,592,000 of the Seed Shares, such that the number of Seed Shares outstanding immediately following such partial forfeiture will be 8,000.

2. <u>Limited Effect</u>. Except as expressly amended and modified by this Amendment, the Subscription Agreement
shall continue to be, and shall remain, in full force and effect in accordance with its terms. Any terms used and not otherwise defined
herein shall have the same meaning ascribed to them in the Subscription Agreement.

3. <u>Counterparts</u>. This Amendment may be executed in any number of counterparts each of which shall
constitute one and the same instrument, and each party hereto may execute this Amendment by signing any such counterpart. Delivery of
an executed counterpart of a signature page of this Amendment in Portable Document Format (PDF) shall be effective as delivery of a manually
executed original counterpart of this Amendment.

4. <u>Entire Agreement</u>. The Subscription Agreement, as amended by this Amendment, constitutes the entire
agreement among the Parties with respect to the specific matters dealt with therein and herein, and supersedes any previous agreements
and documents with respect to such matters.

IN WITNESS WHEREOF, this Amendment has been executed by the parties hereto as of the day and date first above written.

---

| | |
|:---|:---|
| Tap US Private Equity Fund of Funds | Tap US Private Equity Fund of Funds |
| By: | /s/ Jeffrey Leathers |
| Name: | Jeffrey Leathers |
| Title: | President |

---

---

| | |
|:---|:---|
| TAP CAPITAL LLC | TAP CAPITAL LLC |
| By: | /s/ Jeffrey Leathers |
| Name: | Jeffrey Leathers |
| Title: | CEO |

---

## Ex-99.(R)(1)

**Exhibit (r)(1)**

1. Fund Code of Ethics ("1940 Act Code of Ethics")

**Purpose of the Code of Ethics**

Tap US Private Equity Fund of Funds (the "Fund") has adopted this Code of Ethics (the "Code") to set forth guidelines and procedures that promote ethical practices and conduct by all of the Fund's Access Persons, as defined below, and to ensure compliance with the federal securities laws. To the extent that any such individuals are subject to compliance with the separately maintained Code of Ethics of the Fund's Adviser (the "Adviser"), Fund Administrator or Distributor (collectively the "Service Providers"), as applicable, whose Codes of Ethics complies with Rule 17j-1, compliance by such individuals with the provisions of the Code of the applicable Service Providers shall constitute compliance with this Code. This Code is based on the principle that, each Access Person of the Fund will conduct such activities in accordance with to the following principles:

&nbsp;&nbsp;&nbsp;&nbsp;· be dutiful in placing the interests of the Fund's shareholders first and before their own;

&nbsp;&nbsp;&nbsp;&nbsp;· all personal securities transactions must be conducted consistent with this Code of Ethics and in such
a manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility;
and

&nbsp;&nbsp;&nbsp;&nbsp;· adhere to the fundamental standard that Access Persons shall not take inappropriate advantage of their
position.

Any violation of this Code must be reported promptly to Michelle Marcano-Johnson, the Fund Chief Compliance Officer ("CCO"). Failure to do so will be deemed a violation of the Code.

**Legal Requirement**

Pursuant to Rule 17j-1(b) of the Investment Company Act of 1940 (the "1940 Act"), it is unlawful for any Access Person to:

&nbsp;&nbsp;&nbsp;&nbsp;· employ any device, scheme or artifice to defraud the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;· make any untrue statement of a material fact to the Fund or fail to state a material fact necessary in
order to make the statements made to the Fund, in light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;· engage in any act, practice, or course of business which operates or would operate as a fraud or deceit
upon the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;· engage in any manipulative practice with respect to the Fund, in connection with the purchase or sale
(directly or indirectly) by such Access Person of a security "held or to be acquired" by the Fund.

Definitions - All definitions shall have the same meaning as explained in Rule 17j-1 or Section 2(a) of the 1940 Act and are summarized below.

*Access Person* means – Any officers, Trustees, general partner or employee of the Fund or of a Fund's Investment Adviser, Tap Capital, LLC (or of any entity in a control relationship to the Fund or Investment Adviser) who, in connection with his/her regular functions or duties, makes participates in, or obtains information regarding the purchase or sale of Covered Securities by the Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales.

*Automatic Investment Plan* – A program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation.

An Automatic Investment Plan includes a dividend reinvestment plan.

*Beneficial Ownership* means in general and subject to the specific provisions of Rule 16a- 1(a)(2) under the Securities Exchange Act of 1934 (the "Exchange Act"), as amended, having or sharing, directly or indirectly, through any contract arrangement, understanding, relationship, or otherwise, a direct or indirect "pecuniary interest" in the security.

*Connected Persons* – Adult children or parents living at home, and any relative, person or entity for whom the Access Person directs the investments or securities trading unless otherwise specified

*Control* shall have the same meaning as that set forth in Section 2(a)(9) of the Exchange Act. Covered Security – shall be any security except that it does not include:

&nbsp;&nbsp;&nbsp;&nbsp;· Direct obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;· Bankers' acceptances, bank certificates of deposit, commercial paper and high-quality short-term
debt instruments, including repurchase agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;· Shares issued by open-end Fund (excluding open-end exchange traded Fund).

*Exchange Traded Fund ("ETF")* means an open-end registered investment company that is not a unit investment Fund, and that operates pursuant to an order from the SEC exempting it from certain provisions of the 1940 Act (either by Rule 6c-11 or exemptive order) permitting it to issue securities that trade on the secondary market. Examples of open-end exchange-traded Fund include, but are not limited to: Select Sector SPDRS; iShares; PowerShares; etc.

*Fund* means an investment company registered under the 1940 Act.

*Independent Trustees* means those Trustees of the Fund that would not be deemed an "interested person" of the Fund, as defined in Section 2(a)(19)(A) of the 1940 Act.

An *Initial Public Offering* means an offering of securities registered under the Securities Act of 1933 (the "Securities Act"), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Act.

*Investment Personnel* means any employee of the Company or Adviser (or of any company in a control relationship to the Company or Adviser) who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by the Company or any natural person who controls the Company or Adviser and who obtains information concerning recommendations made to the Company regarding the purchase or sale of securities by the Company.

*Limited Offering* means an offering that is exempt from registration pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505, or Rule 506 under the Securities Act.

*Purchase or Sale of a Covered Security* includes, among other things, the writing of an option to purchase or sell a Covered Security.

*Security held or to be acquired by the Fund* means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any Covered Security which, within the most recent fifteen (15) days:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Is or has been held by the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Is being or has been considered by the Fund or its Investment Advisor for purchase by the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any option to purchase or sell, and any security convertible into or exchangeable for, a Covered Security.

**Policies of the Fund Regarding Personal Securities Transactions** 

**General**

No Access Person of the Fund shall engage in any act, practice or course of business that would violate the provisions of Rule 17j-1 as set forth above, or in connection with any personal investment activity, engage in conduct inconsistent with this Code.

Specific Policies

&nbsp;&nbsp;&nbsp;&nbsp;1. Restrictions on Personal Securities Transactions By Access Persons Other Than Independent Trustees  ***and persons covered under an equivalent code of ethics of the Fund's service provider*** .

No Access Person shall purchase or sell, directly or indirectly, any security in which he/she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership and which he/she knows or should have known at the time of such purchase or sale:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is being considered for purchase or sale by the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is being purchased or sold by the Fund.

<u>Pre-approval of Investments in IPOs and Limited Offerings</u>

Investment Personnel must obtain approval from the Adviser's CCO (pursuant to the terms of the Adviser's Code of Ethics) before directly or indirectly acquiring beneficial ownership in any Covered Securities in an Initial Public Offering or in a private placement or other Limited Offering.

&nbsp;&nbsp;&nbsp;&nbsp;2. Restrictions on Personal Securities Transactions by Independent Trustees.

The Fund recognizes that a Independent Trustee do not have on-going, day-to-day involvement with the operations of the Fund. In addition, the Fund will generally give information about securities purchased or sold by the Fund or considered for purchase or sale by the Fund to Independent Trustees in materials circulated more than 15 days after such securities are purchased or sold by the Fund or are considered for purchase or sale by the Fund. Accordingly, the Fund believes that less stringent controls are appropriate for Independent Trustees, as follows:

Each Independent Trustee need not make an initial or annual holdings report but shall submit the same quarterly report as required under the Reporting Requirements below, but only for a transaction in a Covered Security where if he or she knew or, in the ordinary course of fulfilling his or her official duties as a Trustee, should have known, that during the 15-day period immediately preceding the date of the transaction, such Covered Security is or was purchased or sold, or considered for purchase for sale, by the Fund

**Reporting Requirements**

The Fund CCO or designee shall monitor all personal trading activity of all Access Persons as deemed appropriate and covered by this Code. An Access Person of a Fund who is also an Access Person of a service provider may submit such reporting requirements via the forms prescribed by any such separate Code of Ethics (and not directly to the Fund CCO) provided that the associated forms comply with the requirements of Rule 17j-1(d)(1) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;1. *Initial/Ongoing Disclosure of Personal Brokerage Accounts*. Within ten (10) days of the commencement
of employment or at the commencement of a relationship with the Fund, all Access Persons, except Independent Trustees, are required to
submit to the Fund CCO a report stating the names and account numbers of all of their personal brokerage accounts, brokerage accounts
of any Connected Persons, and any brokerage accounts which they control or in which they or a Connected Person has Beneficial Ownership.
Such report must contain the date on which it is submitted and the information in the report must be current as of a date no more than
forty-five (45) days prior to that date. In addition, if a new brokerage account is opened during the course of the year, the Fund CCO
must be notified immediately. The information required above must be provided to the Fund CCO on an annual basis. Disclosure of an account
shall cover, at a minimum, all accounts at a broker-dealer, bank or other institution opened during the quarter and provide the following
information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the name of the broker, dealer or bank with whom the Access Person has established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the date the account was established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the date that the report is submitted by the Access Person.

Each of these accounts is required to furnish duplicate confirmations and statements to the Fund CCO.

&nbsp;&nbsp;&nbsp;&nbsp;2. *Holdings Report.* Within ten (10) days of becoming an Access Person (and with information that is
current as of a date no more than forty-five (45) days prior to the date that the person becomes an Access Person), each Access Person,
except Independent Trustees, must submit (i) a holdings report that must contain, at a minimum, the title and type of Security, and as
applicable, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Covered Security in which the Access
Person has any direct or indirect Beneficial Ownership and (ii) the name of any broker, dealer or bank with whom the Access Person maintained
an account in which any securities were held for the Access Person's direct or indirect benefit as of the date they became an Access
Person. This report must state the date on which it is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;3. *Quarterly Transaction Reports*. All Access Persons, except Independent Trustees, shall report to
the Fund CCO or designee the following information with respect to transactions in a Covered Security in which such person has, or by
reason of such transaction acquires, any direct or indirect Beneficial Ownership in the Covered Security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number,
interest rate and maturity date, number of shares, and the principal amount of each Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The price of the Covered Security at which the transaction was effected

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The name of the broker, dealer, or bank with or through whom the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The date the Access Person Submits the Report.

&nbsp;&nbsp;&nbsp;&nbsp;4. Reports pursuant to this section of this Code shall be made no later than thirty (30) days after the end
of the calendar quarter in which the transaction to which the report relates was effected and shall include a certification that the reporting
person has reported all Personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code.
Confirmations and Brokerage Statements sent directly to the appropriate address noted above is an acceptable form of a quarterly transaction
report.

**Review of Reports**

The Fund CCO, or designee, shall be responsible for reviewing the reports received, maintaining a record of the names of the persons responsible for reviewing these reports, and as appropriate reporting to the board of Trustees:

&nbsp;&nbsp;&nbsp;&nbsp;· any transaction that appears to evidence a possible violation of this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;· apparent violations of the reporting requirements stated herein.

The Fund CCO shall review the reports referenced hereunder and shall determine whether the policies established in this Code have been violated, and what sanctions, if any, should be imposed on the violator. Sanctions include but are not limited to a letter of censure, suspension or termination of the employment of the violator, or the unwinding of the transaction and the disgorgement of any profits.

The Fund CCO and the Board of Trustees of the Fund shall review the operation of this Code at least annually. All material violations of this Code and any sanctions imposed with respect thereto shall periodically be reported to the Board of Trustees of the Fund.

**Exhibit E**

**Certification**

Each Access Person will be required to certify annually that he/she has read and understood the provisions of the Fund's Code of Ethics and will abide by it. Each Access Person will further certify that he/she has disclosed or reported all personal securities transactions required to be reported under the Code. A form of such certification is attached below:

*I certify that I have read and understand the Code of Ethics of and recognize that I am subject to it.* 

***[For Access Persons, unless otherwise covered by the Code of Ethics of the Adviser or Distributor, if applicable]*** *I further certify that I have disclosed or reported all personal securities transactions and holdings as required to be reported under the Code.* 

***[For Independent Trustees****] I further certify that [please check one]:*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *I have disclosed or reported on a quarterly transaction report all personal securities transactions for which I knew at the time of the transaction, or through the ordinary course of fulfilling my official duties as an Independent Trustee, should have known, that during the 15-day period immediately preceding or following the date of such transaction (or such period prescribed by applicable law) such Covered Security was purchase or sold, or was being considered for purchase of sale, by any Fund.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *I did not make any personal securities transactions for which I knew at the time of the transaction, or in the ordinary course of fulfilling my official duties as an Independent Trustee, should have known, that during the 15-day period immediately preceding or following the date of the transaction (or such period prescribed by applicable law) such Covered Security was purchased or sold, or was being considered for purchase or sale, by any Fund.* 

 

Printed Name: ________________________ Signature: ______________________________

Date: _______________________________

Before the Board of Trustees of the Fund may approve the Code of Ethics, the Fund must certify to the Board that the Fund has adopted procedures reasonably necessary to prevent Access Persons from violating this Code. Such certification shall be submitted to the Board of Trustees at least annually.

Adopted: January 6, 2026

## Ex-99.(R)(2)

**Exhibit (r)(2)**

![](ex99-r2_001.jpg)

**TAP CAPITAL LLC**

**CODE OF ETHICS**

CONFIDENTIAL

December 2025

This Code of Ethics has been prepared for the sole and exclusive use of Tap Capital LLC and its applicable affiliates and related entities. All information contained herein is confidential and proprietary and may not be disclosed to anyone or otherwise shared or disseminated in any way, except as otherwise required by law, without the prior written permission of the current Chief Compliance Officer.

**TABLE OF CONTENTS**

1. Overview 3

2. Definitions 4

3. Fiduciary
 Obligations 5

4. Material
 Nonpublic Information ("MNPI") 6

5. Disclosure of
 Conflicts 9

6. Disciplinary
 Actions and Sanctions 15

7. Code
 Notification and Employee Certifications 15

8. Recordkeeping
 and Review 15

9. Confidentiality 15

10. Clean
 Desk Policy 16

&nbsp;&nbsp;&nbsp;&nbsp;1. OVERVIEW

This Code of Ethics ("Code") has been prepared to assist members, employees, and officers of Tap Capital LLC (the "Firm**,**" or "Tap") its applicable affiliates and related entities in complying with applicable securities laws and consistent with sound business practices.

Tap has a fiduciary responsibility to our funds (collectively referred to herein as "Clients") and underlying fund investors and we must abide by certain other compliance requirements applicable to all investment advisers under the Investment Advisers Act of 1940, as amended ("Advisers Act"), including anti-fraud rules and pay-to-play provisions. Furthermore, Tap is adopting certain "best practices" as described in this Code and Tap's Compliance Manual ("Compliance Manual").

These guidelines are not intended to address every situation. Supervised Persons and Access Persons (each defined below and which includes all Tap employees) are expected to obey all securities laws. Tap recognizes its need to respond flexibly to dynamic business needs and circumstances. Accordingly, Tap reserves the right to revoke, modify, interpret, and apply its guidelines, policies, or procedures, at its sole discretion and without prior notice.

If an employee acts in a manner contrary to this Code, they could be subject to disciplinary sanctions depending on the evaluation of the circumstances, including termination of employment. The standards of conduct set forth herein are applied fully and fairly without reliance upon technical distinctions to justify questionable conduct. Inadvertent violations of this Code are considered extremely serious and could be grounds for termination of employment. For more information or questions about this Code, please consult the Chief Compliance Officer ("CCO").

This Code will be reviewed at least annually to evaluate its adequacy and the effectiveness of its implementation considering the issues arising during the previous year, evolution of Tap's business activities, and changes in applicable regulatory requirements.

**FAILURE TO COMPLY WITH THE RULES AND REQUIREMENTS SET FORTH IN THIS CODE OR THE COMPLIANCE MANUAL CONSTITUTES A BREACH OF A SUPERVISED PERSON'S OBLIGATION TO CONDUCT THEMSELF IN ACCORDANCE WITH TAP'S POLICIES AND PROCEDURES, AND IN CERTAIN CASES MAY RESULT IN A VIOLATION OF LAW. APPROPRIATE REMEDIAL ACTION BY TAP MAY INCLUDE, WITHOUT LIMITATION, CENSURE, RESTRICTION ON ACTIVITIES, OR SUSPENSION OR TERMINATION OF EMPLOYMENT AND/OR ASSOCIATION WITH TAP.**

The CCO performs a key role in Tap's overall compliance procedures and has been empowered with full responsibility and authority to develop and enforce appropriate policies and procedures. The CCO is responsible for oversight and implementation of the compliance program and reports directly to Tap Management. The CCO may designate qualified employees of Tap and/or external resources which include compliance consultants to assist in the implementation and ongoing review of these responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;2. DEFINITIONS

As used in this Code, the following terms have the following meanings:

**Access Persons:** (1) any director, trustee, officer or general partner of Tap; (2) any employee of Tap who in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of Reportable Securities (defined below), or whose functions relate to the making of any recommendations with respect to such purchases or sales; (3) any employee of Tap who (a) has access to nonpublic information regarding any Clients' purchase or sale of securities, or portfolio holdings of any Client account; or (b) is involved in making securities recommendations to Clients or has access to such recommendations that are nonpublic; and (4) any other person who the CCO determines to be an Access Person. All Tap employees are considered Access Persons, a list of whom is maintained by the Chief People Officer.

**Advisers Act:** the Investment Advisers Act of 1940, as amended.

**Automatic Investment Plan:** any program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation, including, but not limited to, any dividend reinvestment plan (DRP).

**Beneficial Ownership:** generally, having a direct or indirect pecuniary interest in a security and is legally defined to be beneficial ownership as used in Rule 16a-1(a)(2) under Section 16 of the Securities Exchange Act of 1934, as amended ("**Exchange Act**"). However, any transactions or holdings reports required under this Code may contain a statement that the report will not be construed as an admission that the person making the report has any direct or indirect beneficial ownership in the security or securities to which the report relates.

**Client:** Tap's funds.

**Federal Securities Laws:** (1) the Securities Act of 1933, as amended ("**Securities Act**"); (2) Exchange Act; (3) the Sarbanes-Oxley Act of 2002; (4) the Investment Company Act of 1940, as amended, (5) the Advisers Act; (6) Title V of the Gramm-Leach-Bliley Act; (7) any rules adopted by the SEC under the foregoing statutes; (8) the Bank Secrecy Act, as it applies to investment advisers; and (9) any rules adopted under relevant provisions of the Bank Secrecy Act by the SEC or the Department of the Treasury.

**Fund:** any fund managed by Tap.

**Government Entity:** any state or political subdivision of a state, including (1) any agency, authority, or instrumentality of the state or political subdivision; (2) a plan or pool of assets controlled by the state or political subdivision or any agency, authority, or instrumentality thereof; and (3) any officer, agent, or employee of the state or political subdivision or any agency, authority, or instrumentality thereof, acting in their official capacity.

**Initial Public Offering or IPO**: an offering of securities registered under the Securities Act, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Exchange Act Sections 13 or 15(d).

**Limited Offering:** an offering that is exempt from registration under Securities Act Sections 4(2) or 4(6) or pursuant to Securities Act Rules 504, 505, or 506. For greater clarity, Limited Offerings of securities issued by any private collective investment vehicle or unregistered fund advised by Tap are included within the term "Limited Offering."

**Hadrius:** Tap's compliance management system used for monitoring and disclosure of compliance activities.

**Purchase or Sale of a Security**: among other things, the writing of an option to purchase or sell a security.

**Private Placement**: A sale of stock, shares, or bonds to a pre-selected limited pool of investors and institutions rather than publicly on the open market.

**Reportable Accounts**: are accounts in which an employee or an employee's immediate family member residing in the same household (e.g., spouse, dependent child, stepchild, parent, stepparent, domestic partner, etc.) has the ability to trade "Reportable Securities" as defined in the next section. Reportable Accounts may include, but are not limited to, the following types of accounts:

&nbsp;&nbsp;&nbsp;&nbsp;· Brokerage accounts;

&nbsp;&nbsp;&nbsp;&nbsp;· Any investment account for which the employee
serves as a trustee, custodian, has power of attorney, or can otherwise exert direct or indirect influence or "control" over
the account;

&nbsp;&nbsp;&nbsp;&nbsp;· Accounts that hold mutual funds where Tap is
the investment adviser or serves as a sub-adviser, or principal underwriter for the fund; and

&nbsp;&nbsp;&nbsp;&nbsp;· Other similar types of accounts.

The following types of accounts would not be considered Reportable Accounts:

&nbsp;&nbsp;&nbsp;&nbsp;· 529 plans;

&nbsp;&nbsp;&nbsp;&nbsp;· The Tap 401k plan; and

&nbsp;&nbsp;&nbsp;&nbsp;· Accounts that only have the ability to hold open
end mutual funds.

**Reportable Security:** any Security as defined in Advisers Act Section 202(a)(18) and Advisers Act Section 2(a)(36) except: (1) direct obligations of the Government of the United States; (2) banker's acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; (3) shares issued by money market funds; (4) shares issued by open-end (but not including shares of exchange-traded funds ("ETFs"); and (5) shares issued by unit investment trusts that are invested exclusively in one or more open-end funds.

**Security:** any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral trust certificate, reorganization certificate or subscription, transferable share, shares of ETFs, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security," or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.

**Supervised Person:** is generally any employee of Tap, and it is broadly a regulatory term defined to mean including any partner, officer, director, or employee of Tap; and any other person who provides investment advice on behalf of Tap and is subject to the supervision and control of Tap. Contractors and consultants may, in certain circumstances, be deemed to be Supervised Persons. All Supervised Persons of Tap are considered Access Persons.

&nbsp;&nbsp;&nbsp;&nbsp;3. FIDUCIARY OBLIGATIONS

 ****

Tap and its employees owe a fiduciary obligation to all Clients of Tap. As a fiduciary, Tap has an affirmative duty of utmost good faith to act solely in the best interests of its Clients and to make full and fair disclosure of all material facts, especially in situations where Tap's or an employee's interests may conflict with the interests of a Client.

The CCO is responsible for determining whether a conflict of interest must be disclosed to Clients and/or investors, whether consent for a transaction or outside activity is required and whether any other process should be implemented to address the conflict. In certain instances, disclosure to and consent of a Fund may be facilitated through the Fund's advisory committee or another independent committee to the extent required or otherwise permitted by the applicable Fund's investment management agreement, limited partnership agreement, declaration of trust, prospectus, and/or private placement memorandum (together, the "**Governing Documents**"). Revisions to a Fund's Governing Documents are made (a) as necessary to disclose material changes to the Fund's organization, management, operation, performance, financial condition, or investment strategy; and (b) as otherwise required by law. The Adviser's General Counsel & CCO oversees all such revisions.

**Standards of Business Conduct**

Tap values and maintains high standards of ethical conduct, premised on the principles of openness, integrity, honesty, and trust. Tap has an obligation to comply with federal securities laws, as it retains a fiduciary obligation to its Clients. We have adopted and implemented policies and procedures to prevent fraudulent, deceptive, and manipulative practices and to ensure compliance with federal securities laws and the fiduciary duties owed to our Clients. As such, all employees are expected to meet not only the requirements of the law, but also the ethical ideals of Tap.

As fiduciaries, we have affirmative duties of care, honesty, loyalty, and good faith to act in the best interests of our Clients. Our Clients' interests are paramount and come before our personal interests. This means that employees must render disinterested advice, protect Client assets (including nonpublic information about a Client or a Client's account) and act always in the best interest of our Clients. We must also strive to identify and avoid conflicts of interest wherever such conflicts may arise.

Employees of Tap must not:

&nbsp;&nbsp;&nbsp;&nbsp;· Take any action which would favor one Client
or group of Clients over another in violation of our fiduciary duties and applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;· Employ any device, scheme, or artifice to defraud
a Client;

&nbsp;&nbsp;&nbsp;&nbsp;· Make to a Client any untrue statement of a material
fact or fail to state to a Client a material fact necessary to make the statements made, in light of the circumstances under which they
are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;· Engage in any act, practice, or course of business
which operates or would operate as a fraud or deceit upon a Client;

&nbsp;&nbsp;&nbsp;&nbsp;· Engage in any manipulative practice with respect
to a Client;

&nbsp;&nbsp;&nbsp;&nbsp;· Use their positions, or any investment opportunities
presented by virtue of their positions, to personal advantage or to the detriment of a Client; or

&nbsp;&nbsp;&nbsp;&nbsp;· Conduct personal activities in contravention
of this Code or the Compliance Manual or applicable legal principles or in such a manner as may be inconsistent with the duties owed to
Clients as a fiduciary.

To ensure compliance with these restrictions and federal securities laws, as defined in this Code, we have adopted, and agreed to be governed by, the provisions and procedures of this Code. However, Supervised Persons are expected to comply not merely with the "letter of the law," but with the spirit of the laws and this Code.

&nbsp;&nbsp;&nbsp;&nbsp;4. MATERIAL NONPUBLIC INFORMATION ("MNPI")

**Background**

Section 204A of the Advisers Act includes a general requirement that all advisers "establish, maintain, and enforce written policies and procedures reasonably designed, taking into consideration the nature of such investment adviser's business, to prevent the misuse in violation of the Advisers Act or the Securities Act, or the rules or regulations thereunder, of material, nonpublic information by such investment adviser or any person associated with such investment adviser."

Tap has adopted this policy based off the nature of our business to establish appropriate written policies designed to prevent the misuse of MNPI.

Trading securities (including equity and debt securities and derivative instruments), either personally or on behalf of others, while in possession of material, nonpublic information, or improperly communicating that information to others, is referred to as "insider trading." Insider trading is a violation of federal securities statutes and therefore is a prohibited activity by Tap and each of its employees and agents. Tap absolutely forbids insider trading.

Supervised Persons must notify the CCO immediately if there is any reason to believe that a violation of Tap's insider trading policy has occurred or may occur.

**Prohibition on Insider Trading**

Buying or selling securities of an issuer, personally or on behalf of others, while in possession of material, nonpublic information is prohibited. **If a Supervised Person has questions regarding the materiality or nonpublic nature of specific information, they should consult the CCO.** 

Disclosing or communicating **material, nonpublic information** to any person or entity except persons who need to know the information to perform their responsibilities, or the applicable issuer is prohibited. All such persons are subject to obligations of confidentiality with respect to such information and have agreed to or are otherwise obligated not to buy or sell securities of the applicable issuer while in possession of such information.

**What is Material, Nonpublic Information?**

Information is **material** if there is a "substantial likelihood" that a "reasonable investor" would consider it important in making an investment decision or the disclosure of the information would be "viewed by the reasonable investor as having significantly altered the 'total mix' of information made available."

**Nonpublic information** is information that is not generally available to the investing public. Information is "public" when it has been broadly disseminated to investors in the marketplace.

For purposes of this policy, the term "material information" shall include but not be limited to:

&nbsp;&nbsp;&nbsp;&nbsp;· Material, the use of which by an insider constitutes
a violation of Section 10(b) of the Exchange Act and Rule 10(b)5 thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;· Information, which in reasonable and objective
contemplation might affect the value of the issuer's stock or securities; or

&nbsp;&nbsp;&nbsp;&nbsp;· Information which, if known, would clearly affect
"investment judgment," or which directly bears on the intrinsic value of the issuer's security. Material information
need not be limited to information which is translatable into earnings.

**Insider Information Policy**

Illegal "Insider Trading" refers to buying or selling a security in breach of a fiduciary duty or other relationship of trust and confidence, while in possession of material, nonpublic information about the security. Such misuse of material nonpublic information constitutes fraud under the securities laws of the United States and many other countries. Insider trading violations may also include "tipping" such information, securities trading by the person "tipped," and securities trading by those who misappropriate such information.

Tap's policy prohibits any employee from acting upon or otherwise misusing material nonpublic or inside information. Any employee who has reason to believe that he or she has access to material and nonpublic corporate information shall report the acquisition of that information in writing to the CCO.

Keep in mind that Tap is routinely party to non-disclosure agreements, which when signed by an employee of Tap, may be applicable to all employees of Tap. If you are uncertain whether information is nonpublic or is subject to a non-disclosure agreement, you should contact the CCO.

Insider trading undermines investor confidence in the fairness and integrity of the securities markets. An "insider" would include corporate officers, directors and employees of a company who are aware of significant, confidential corporate developments; friends, business associates, and family members of such officers, directors, and employees; or other persons who misappropriated, and took advantage of, confidential information from their employers.

A purchase or sale of a security of an issuer made on the basis of material nonpublic information about that security or issuer is considered insider trading if the person making the purchase or sale was aware of the material nonpublic information when the person made the purchase or sale.

The penalties for insider trading include a civil penalty to be paid by the person who committed such violation and by the person who, at the time of the violation, directly or indirectly controlled the person who committed such violation. The amount of the penalty shall not exceed three times the profit gain or loss avoided as a result of such unlawful purchase, sale, or communication. Penalties are subject to change at any time.

Tap expects that each of its employees will obey the law and not trade based on material, nonpublic information. In addition, Tap discourages its employees from seeking or knowingly obtaining material, nonpublic information.

Employees are not permitted to buy or sell securities based on insider information; nor are they permitted to recommend securities based upon insider information. Tap requires each of its employees to sign off on this Code at least annually, which includes a statement that the employee will not engage in insider trading. Executed documents are maintained in Tap's books and records.

If any employee receives information which may constitute material, nonpublic information, the employee should (a) not buy, sell, or recommend said securities, including options or other securities convertible into or exchangeable for such securities, for a personal account or a Client account, (b) discuss promptly such information with the CCO, and (c) not communicate such information to any other person (other than the CCO). If the CCO is unavailable, the employee should discuss with Tap's CEO. Under no circumstances should information that may constitute material, nonpublic information be shared with any persons not employed by Tap, including family members and friends.

From time to time, an investor may serve as a director, officer, employee, or a consultant for companies in which Tap or an employee has a securities position. If Tap is aware of such a situation, employees should be extremely careful when engaging in conversations with those investors to avoid any communication of material, nonpublic information and should consult with the CCO regarding any such conversations that Supervised Persons believe may require further analysis to ensure that inadvertent violations do not occur and to avoid the appearance of impropriety.

An employee must inform Tap immediately if (a) the employee becomes aware that any investor serves or is about to serve as a director, officer, employee, or consultant to any company that issues securities that are publicly traded, or (b) the employee obtains any material, nonpublic information from such an investor.

Creating or passing false rumors with the intent to manipulate securities prices or markets may violate the antifraud provisions of federal securities laws. Employees are prohibited from knowingly circulating false rumors or sensational information that might reasonably be expected to affect market conditions for one or more securities, sectors, or markets, or improperly influencing any person or entity.

This policy is not intended to discourage or prohibit appropriate communications between employees of Tap and other market participants and trading/business counterparties. Employees should consult with the CCO with questions about the appropriateness of any communications. If there is any question as to whether a contemplated purchase or sale would violate the insider trading rules, the employee must obtain written permission from the CCO prior to executing the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;5. DISCLOSURE OF CONFLICTS

Employees must disclose any relevant potential personal or business conflicts of interest to the CCO. Employees should avoid any activity which might reflect poorly upon themselves or Tap or which would impair their ability to discharge their duties with respect to Tap and our Clients. As part of their fiduciary duty, Tap requires employees to make full and fair disclosure of any potential or actual conflicts of interest that may impact the best interest of Clients.

**Personal Trading**

Tap is adopting the following policy and requirements that shall be applicable to all employees. As a fiduciary to our Clients, Tap has created this policy to prevent Employees from engaging in trading that can create or give the appearance of conflicts of interest with Client accounts. Employees are prohibited from personally trading in investments that are held in Tap's funds.

 ****

*Initial Public Offering and Limited Offering Restrictions*

Employees may not acquire any securities issued as part of an Initial Public Offering ("**IPO**"), Limited Offering, or Private Placement, absent prior approval by the CCO or the CCO's designee using Hadrius. An Employee seeking participation in an IPO, Limited Offering, or Private Placement must disclose whether, to their knowledge, the investment is being considered for purchase in a Client account. CCO approval will consider, among other factors, whether the investment opportunity should be reserved for a Client and whether the opportunity is being offered to such person because of his or her position with Tap. Any decision to acquire the issuer's securities on behalf of a Client shall be subject to review by Tap authorized persons with no personal interest in the issuer.

Any questions about what constitutes a Limited Offering or Private Placement should be directed to the CCO. Limited Offerings and Private Placement restrictions are meant to include securities related transactions such as the purchase of shares or contribution of capital. Non-security related transactions such as the purchase of a building in a direct real estate deal do not constitute a Limited Offering or Private Placement and need not be disclosed. Employees are prohibited investing in direct real estate deals if such real estate is an investment in an Tap Fund.

Restricted List

Tap will from time to time maintain a restricted security list which contains securities that employees are prohibited from purchasing or selling. The CCO will circulate this list if a new security is added to the list, and periodically as necessary. Employees are not permitted to disclose names on the Restricted List to any non-Tap person.

Initial Securities Transactions Reports

Each employee must submit to the CCO a report via Hadrius (1) within 10 days of becoming an employee, reflecting the employee's holdings as of a date not more than 45 days prior to becoming an employee, and (2) annually, on a date selected by the CCO, as of a date not more than 45 days prior to the date the report was submitted.

Holdings reports must contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;· The title and type of security and as applicable,
the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Reportable Security in which the employee has
any direct or indirect Beneficial Ownership;

&nbsp;&nbsp;&nbsp;&nbsp;· The name of any broker, dealer, or bank with
which the employee maintains an account in which any securities are held for the employee's direct or indirect benefit. (Note that
even those accounts which hold only non-Reportable Securities must be included if the employee could transact Reportable Securities in
such account); and

&nbsp;&nbsp;&nbsp;&nbsp;· The date the employee submits the report.

Brokerage statements containing all required information may be attached to the holdings report form if submitted timely. To the extent that a brokerage statement lacks some of the information otherwise required to be reported, employees must submit a holdings report containing the missing information as a supplement to the statement or confirmation.

Quarterly Securities Transactions Reports

Within 30 days after the end of each calendar quarter, each employee must submit a report to the CCO covering all transactions in Reportable Securities via Hadrius. Employees must submit a report each quarter, even if no reportable transaction occurred during that quarter. If no reportable transactions occurred, the employee should indicate this fact in the form.

Transactions reports must contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;· The date of the transaction, the title and as
applicable, the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and principal amount of each
Reportable Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;· The nature of the transaction (i.e., purchase,
sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;· The price of the security at which the transaction
was effected;

&nbsp;&nbsp;&nbsp;&nbsp;· The name of the account, and broker, dealer,
or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;· The date the employee submits the report.

Brokerage account statements or trade confirmations containing all required information may be attached to the form if submitted timely. To the extent that a brokerage statement or confirmation lacks some of the information otherwise required to be reported, the employee must submit a transactions report containing the missing information as a supplement to the statement or confirmation.

Exceptions to Reporting Requirements

Reporting requirements apply to all transactions in Reportable Securities other than transactions with respect to securities held in accounts over which the employee had no direct or indirect influence or control; and transactions effected pursuant to an Automatic Investment Plan or DRP.

Employees should consult the CCO with any questions about whether either of the exemptions listed above applies. If an employee has given up investment discretion of a personal account to another unaffiliated party, he or she should submit a letter from the broker attesting to this fact to the CCO at the time of such action. The CCO will maintain documentation supporting the assessment that the account is not reportable.

For those specific instances where an employee has given up investment discretion over an account to a third party, the employee may be required to certify periodically that the account continues to be non-reportable, considering these factors.

Prohibition on Self Pre-clearance

No employee shall pre-clear their own trades, review their own reports or approve their own exemptions from this Code. The CCO or designee is responsible for conducting a quarterly review of reported transactions. When such actions are to be undertaken with respect to the CCO's personal transactions and reports, an appropriate officer of Tap will perform such actions as are required of the CCO by this Code.

Trustee Arrangements

Employees are prohibited from personally managing accounts for unrelated (i.e., non-family member) third parties or serving as a trustee for third parties unless the CCO pre-clears the arrangement and the CCO finds that the arrangement would not harm any Client or would not otherwise trigger a custody situation. The CCO may require the employee to report transactions for any such account, if approved, and may impose such conditions or restrictions as are warranted under the circumstances.

**Outside Business Activities and Interests**

Employees may not accept membership on the board of directors of publicly traded companies unless first approved, in writing, by the CCO. Approval will be based upon a determination that the board service would not conflict with the interests of Tap and its Clients. In circumstances in which public board service is authorized, publicly traded securities issued by the company will be placed on Tap's Restricted List. Further, Tap shall not invest the assets of a Client in a company where an investment professional of Tap currently serves as a director or member of an advisory board of such company.

Employees must obtain prior approval from the CCO for any outside activity which involves:

&nbsp;&nbsp;&nbsp;&nbsp;· A time commitment that would prevent employee
from performing their duties for Tap or that would otherwise be restricted or prohibited by a Client agreement or Governing Documents
of a Fund sponsored by Tap;

&nbsp;&nbsp;&nbsp;&nbsp;· A time commitment that would reasonably represent
more than 10% of an employee's time, which may trigger disclosure obligations for the employee on Form ADV Part 2B;

&nbsp;&nbsp;&nbsp;&nbsp;· A level of compensation that would reasonably
represent more than 10% of an employee's compensation, which may trigger disclosure obligations for the employee on Form ADV Part
2B;

&nbsp;&nbsp;&nbsp;&nbsp;· Your active participation in any business in
the financial services industry (apart from participating in connection with a fund sponsored by Tap or other Client investment) or otherwise
in competition with the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;· Serving as a director, officer, or general partner
of any business, corporation, or partnership (excluding family-owned businesses and charitable and non-profit organizations); or

&nbsp;&nbsp;&nbsp;&nbsp;· Serving as a director or officer of a charitable
or non-profit organization where you are providing investment advice.

An outside activity may never:

&nbsp;&nbsp;&nbsp;&nbsp;· Pose a reputational risk for Tap;

&nbsp;&nbsp;&nbsp;&nbsp;· Inappropriately influence an employee's
business dealings or otherwise create a conflict of interest vis-à-vis the interests of Tap or its Clients/investors; or

&nbsp;&nbsp;&nbsp;&nbsp;· Involve use of Tap's Client, investor,
or proprietary information.

Notwithstanding the foregoing, employees may not serve on the board of any company whose securities are publicly traded, or of any company in which Tap or any Client account owns securities without the consent of the CCO.

On an annual basis, employees must review and certify any outside business activities which previously required pre-approval or were previously reported, using Hadrius. At all times, employees should ensure that their outside business activities do not present a risk of conflict of interest for Tap, or its Clients and that the employee makes it clear that they are not acting or providing advice on behalf of Tap.

The CCO may require further information concerning any outside activity for which approval is requested, including the number of hours involved and the compensation to be received. The CCO will review each reported outside business activity and decide whether such activity must be restricted, monitored, and/or disclosed by Tap Employees are advised to consult the CCO with any questions as to whether an outside activity is reportable under this policy.

**Gifts and Entertainment**

Tap recognizes the value of fostering good working relationships with individuals and firms doing business or seeking to do business with Tap. Subject to the guidelines below, employees are permitted, on occasion, to accept gifts and invitations to attend entertainment events. However, employees should always act in the best interests of Tap and its Clients and should avoid giving or accepting any Gift (defined below) or Entertainment (defined below), regardless of value, which might create an actual or perceived conflict of interest or impropriety as it relates to the Adviser's business relationships. Employees should contact the CCO to discuss any offered activity or gift that may create such a conflict. Tap reserves the right to prohibit the acceptance or retention of a Gift or Entertainment or offer of a Gift or Entertainment, regardless of value, as it may determine in its sole discretion.

Entertainment may include such events as meals, shows, concerts, theater events, sporting events, or similar types of entertainment. An entertainment event will only be deemed to be Entertainment if a representative of the service provider or counterparty is also attending the event (otherwise, it will be deemed a gift). Entertainment also includes in-town and out-of-town trips and seminars where the service provider or counterparty offers to pay for items such as lodging, airfare, meals and/or event expenses.

For purposes of the below, a "Business Partner" includes all current Clients, current investors, and vendors with which Tap conducts business, any potential Clients, potential investors, or vendors with whom Tap could engage in business, any registered broker-dealers, and any firms under contract to do business with Tap.

Tap has adopted the following principles and procedures governing Gifts and Entertainment with respect to Clients, prospective Clients, service providers, counterparties and others conducting business with or seeking to conduct business with Tap:

Employees are required to follow the standards below regarding the acceptance or giving of Gifts and Entertainment with respect to all Business Partners. Employees are expected to avoid any Gifts or Entertainment that:

&nbsp;&nbsp;&nbsp;&nbsp;· could create an apparent or actual conflict;

&nbsp;&nbsp;&nbsp;&nbsp;· is excessive or would reflect unfavorably on
Tap or its Clients; or

&nbsp;&nbsp;&nbsp;&nbsp;· would be inappropriate or disreputable in nature.

Modest Gifts and favors, which would not be regarded by others as improper, may be accepted or given on an occasional basis. Entertainment that satisfies these requirements and conforms to generally accepted business practices is also permissible.

Where there is a law or rule that applies to the conduct of a particular business or the acceptance of Gifts of even nominal value, the law or rule must be followed. Professional networking events, while not considered entertainment, would generally be considered a Gift subject to this policy.

A "Gift" is anything of value that is given with the intent to foster a legitimate business relationship. Gifts can include merchandise such as wine, gift baskets, or event tickets if the giver does not attend. No employee may receive any Gift, service or other thing of excessive value from any person or entity that does business with or on behalf of Tap. No employee may give or offer any Gift of excessive value, determined to be amounts in excess of $200, to existing Clients, prospective Clients, or any entity that does business with or on behalf of Tap without pre-approval by the CCO. Employees may not accept a Gift of cash or a cash-equivalent in any amount.

"Entertainment" is a meeting, meal or other activity where both the employee and the business partner are present and have the opportunity to discuss business or any participant's employer bears the cost. It does not include events that have been organized by Tap directly, such as receptions following an industry gathering or multi-client entertainment. If the Business Partner will not be present for the event, it will be considered a Gift. No employee may provide or accept extravagant or excessive Entertainment to or from a Client, prospective Client, or any person or entity that does or seeks to do business with or on behalf of Tap. An employee may provide or accept a business entertainment event, such as dinner, a sporting event, golf outings, etc., provided that such activities involve no more than customary amenities and the person or entity providing the Entertainment is present.

 

*Disclosure of Gifts and Entertainment*

For purposes of disclosure of Gifts and Entertainment the following are exempt:

&nbsp;&nbsp;&nbsp;&nbsp;· usual and customary promotional items including
the "Tap" logo (e.g., T-shirts, caps, pens, etc.);

&nbsp;&nbsp;&nbsp;&nbsp;· attendance and participation at industry sponsored
events; or

&nbsp;&nbsp;&nbsp;&nbsp;· usual and customary gifts given to or by employees
based on a personal relationship (e.g., the vendor and employee have a family relationship that preceded interaction at Tap).

---

| | |
|:---|:---|
| **Gifts to be Given or Received by Access Persons** | **Approval or Reporting Required** |
| Gifts given or received from the same Business Partner<br> which would aggregate less than $500/twelve months (and <br> no more than $200 per gift) | no pre-approval required; reporting <br> in Hadrius is required |
| Gifts given or received from the same Business Partner <br> which would aggregate equal/more than $500/twelve<br> months or exceed $200 per gift | Pre-approval required; reporting<br> in Hadrius is required |
| **Entertainment provided for or by Access Persons** | **Approval or Reporting Required** |
| Entertainment provided to an employee valued under<br> $500 per person per event | no pre-approval required; reporting<br> in Hadrius is required |
| Entertainment provided to an employee equal/more <br> than $500 per person per event | Pre-approval required; reporting<br> in Hadrius is required |

---

Employees may not offer, accept, or solicit Gifts, gratuities, trips, or other accommodations which might create or appear to create a conflict of interest, interfere with the impartial discharge of the employee's responsibilities to Clients or investors, or place Tap in a difficult or embarrassing position.

Employees may not request or solicit Gifts, personal services, or particular entertainment events without approval from the CCO. No gift of cash or cash equivalents may be accepted or given.

Employees may not accept reimbursement for speaker fees or honorarium for addresses or papers given before audiences, or consulting services or advice they may render without approval from the CCO.

The CCO will keep records that memorialize all Gifts and Entertainment events reported to and approved by the CCO for each calendar year.

In addition, various limitations, prohibitions, or reporting requirements may exist in providing Gifts or Entertainment to government (whether U.S. federal, state, or local or non-U.S.) officials or employees, union officials or officers or directors, officers, employees, or other representatives of Government Entities or similar non-U.S. governmental bodies or plans. Accordingly, employees must obtain approval from the CCO before giving or offering to give any Gift or Entertainment to anyone referred to in the prior sentence.

Employees are also strongly encouraged to bring any concerns or questions about the giving of Gifts or Entertainment, or receipt of Gifts or Entertainment, to the prompt attention of the CCO, even if the Gift or Entertainment is not of significant value.

*Charitable Donations to Organizations*

Employees are prohibited from making donations to charities with the intention of influencing such charities to become Clients of Tap. Tap prohibits Employees and the Firm from making a charitable donation to an organization that is affiliated with an Investor of Tap so as to avoid any favoritism expressed to one investor over others.

**Political Contributions**

All investment advisers registered under the Advisers Act are subject to Advisers Act <u>Rule 206(4)-5</u>, which prohibits advisers from engaging in pay-to-play practices (*i.e.* being compensated for investment advisory services to a government entity or official after making political contributions to the same). Rule 206(4)-5 imposes a two-year "cooling-off" period after making a contribution to an official of a government entity before an investment adviser can receive compensation for providing advice to the government entity and requires that any third-party solicitors used by such advisers also be subject to pay-to-play restrictions. Furthermore, investment advisers may not solicit or coordinate campaign contributions for officials of a government entity to which the adviser provides, or is seeking to provide, advisory services.

This policy establishes the procedures through which Tap will comply with SEC Rule 206(4)-5 and related recordkeeping rules in Rule 204-2, regarding political activity by investment advisers who do business with government entities, and the use of placement agents.

The intent of Rule 206(4)-5 is to remove the connection between political contributions to state and local officials who may have influence over the awarding of government and public pension investment advisory business (i.e., "pay-to-play" practices).

Pre-Approval of Personal Contributions, Coordination and Solicitation of Contributions, Fundraising

All political activities of employees must be kept separate from employment and expenses may not be charged to Tap. Employees may not use Tap facilities for political campaign purposes.

Employees or household related parties are prohibited from making any political contributions without preapproval from the CCO regardless of the *de minimis* exception. If approved, the employee would have to comply with the *de minimis* exception which permits contributions according to the following guidelines:

&nbsp;&nbsp;&nbsp;&nbsp;· Up to $350 per candidate per election cycle to
incumbents or candidates for whom they are eligible to vote; or

&nbsp;&nbsp;&nbsp;&nbsp;· Up to $150 per candidate per election cycle to
other incumbents or candidates.

On an annual basis or as necessary, the CCO, or designee, will request an attestation to confirm that there were no political contributions made without prior pre-approval during the previous year. The pre-approval requirement includes contributions by spouses, household family members, and all contributions by other parties (lawyers, affiliated companies, acquaintances, etc.) directed by the employee. The request should include (1) the individual or election committee receiving the contribution, (2) the office for which the individual is running, (3) the current elected office held (if any), (4) the dollar amount of the contribution or value of the donated item, and (5) whether or not the employee is eligible to vote for the candidate. Contributions to Political Action Committees (PACs) and political parties are not to be included in the reporting unless Tap is engaged in or considering engaging in business with an individual or organization which would be a beneficiary of such contribution.

&nbsp;&nbsp;&nbsp;&nbsp;6. DISCIPLINARY ACTIONS AND SANCTIONS

Disciplinary action resulting from violations of this Code will be determined by the CCO in coordination with Tap's CEO. Violations may result in varying levels of reprimand, while sanctions may include verbal warnings, written reprimands, monetary fines, and other responses, up to and including termination of employment. Tap reserves the right to address violations in the best interests of Tap regardless of the number of violations incurred by the employee. Violations will be documented and will remain in compliance books and records and human resources files, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;7. CODE NOTIFICATION AND EMPLOYEE CERTIFICATIONS

Each Tap employee is designated an Access Person and will receive a copy of this Code and training upon their designation. Additionally, each employee will be provided a copy of this Code in the event amendments occur on a quarter-end basis. After reading this Code or amendment, each employee shall make the certification contained in Hadrius. Employees will receive training on this Code upon hire and annually thereafter. The CCO shall keep records of training sessions on this Code and a list of attendees.

&nbsp;&nbsp;&nbsp;&nbsp;8. RECORDKEEPING AND REVIEW

This Code, any written prior approval for an IPO, Limited Offering, Private Placement, or other specified security transaction, a copy of each report by an employee, a record of any violation of this Code and any action taken as a result of the violation, any written report hereunder by the CCO, and lists of all employees required to make and/or review reports under this Code shall be preserved with the Adviser's records, as appropriate, for the periods and in the manner required by Rule 204A-1. To the extent appropriate and permissible, the CCO will keep records electronically.

The CCO shall review this Code and its operation at least annually and may decide to make amendments to this Code as a result of that review. Amendments shall be distributed as described herein.

&nbsp;&nbsp;&nbsp;&nbsp;9. CONFIDENTIALITY

All procedures, reports and records monitored, prepared or maintained pursuant to this Code shall be considered confidential and proprietary to Tap and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone.

&nbsp;&nbsp;&nbsp;&nbsp;10. CLEAN DESK POLICY

Tap has implemented a clean desk /closed office door policy. Whenever an employee workstation (desk or office) is unoccupied for an extended period of time, including the end of each workday, the following will apply:

**During the Workday**

&nbsp;&nbsp;&nbsp;&nbsp;· All sensitive and confidential
paperwork must not be visible, and if necessary, removed from the desk and placed in a drawer or filing cabinet.

&nbsp;&nbsp;&nbsp;&nbsp;· Computer workstations must
be locked when the desk or office is unoccupied for an extended period.

&nbsp;&nbsp;&nbsp;&nbsp;· All wastepaper which contains
sensitive or confidential information must be placed in the designated shred bin. Under no circumstances should this information be placed
in regular waste/recycle bins.

&nbsp;&nbsp;&nbsp;&nbsp;· Keys for accessing drawers
or filings cabinets should not be left unattended at a desk.

&nbsp;&nbsp;&nbsp;&nbsp;· Any print jobs containing
sensitive and confidential paperwork should be retrieved immediately.

&nbsp;&nbsp;&nbsp;&nbsp;· All paperwork left over at
the end of the workday will be properly disposed of.

**End of Each Workday**

&nbsp;&nbsp;&nbsp;&nbsp;· Employees with desk workstations:
laptops, tablets, and other hardware devices must be removed from the desk and locked in a drawer or filing cabinet at the end of each
workday if not taken home by the Employee.

&nbsp;&nbsp;&nbsp;&nbsp;· Employees with offices must
close (if applicable) their office door at the end of each workday.

## Ex-99.(T)

**Exhibit (t)**

**Tap US Private Equity Fund of Funds (the "Fund")**

**Power of Attorney**

Know All Persons By These Presents, that the undersigned constitutes and appoints each of Joshua B. Deringer, David L. Williams, and Jeffrey Leathers as his true and lawful attorney-in-fact and agent, each with full power of substitution and resubstitution for such attorney-in-fact in such attorney-in-fact's name, place and stead, to sign any and all Registration Statements of the Fund on Form N-2 and any filings made with any state regulatory agency or authority, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission or any state regulatory agency or authority, as appropriate, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

This Power of Attorney, which shall not be affected by the disability of the undersigned, is executed and effective as of the date set forth below.

WITNESS my hands on this 3rd day of February, 2026.

---

| | |
|:---|:---|
|  | /s/ J. Michael Fields |
| Name: | J. Michael Fields |
| Title: | Trustee |

---

**Tap US Private Equity Fund of Funds (the "Fund")**

**Power of Attorney**

Know All Persons By These Presents, that the undersigned constitutes and appoints each of Joshua B. Deringer, David L. Williams, and Jeffrey Leathers as his true and lawful attorney-in-fact and agent, each with full power of substitution and resubstitution for such attorney-in-fact in such attorney-in-fact's name, place and stead, to sign any and all Registration Statements of the Fund on Form N-2 and any filings made with any state regulatory agency or authority, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission or any state regulatory agency or authority, as appropriate, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

This Power of Attorney, which shall not be affected by the disability of the undersigned, is executed and effective as of the date set forth below.

WITNESS my hands on this 4th day of February, 2026.

---

| | |
|:---|:---|
|  | /s/ Michael McLaughlin |
| Name: | Michael McLaughlin |
| Title: | Trustee |

---

**Tap US Private Equity Fund of Funds (the "Fund")**

**Power of Attorney**

Know All Persons By These Presents, that the undersigned constitutes and appoints each of Joshua B. Deringer, David L. Williams, and Jeffrey Leathers as his true and lawful attorney-in-fact and agent, each with full power of substitution and resubstitution for such attorney-in-fact in such attorney-in-fact's name, place and stead, to sign any and all Registration Statements of the Fund on Form N-2 and any filings made with any state regulatory agency or authority, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission or any state regulatory agency or authority, as appropriate, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

This Power of Attorney, which shall not be affected by the disability of the undersigned, is executed and effective as of the date set forth below.

WITNESS my hands on this __3rd___ day of _____March_______, 2026.

---

| | |
|:---|:---|
|  | /s/ Edmund Moore Jr. |
| Name: | Edmund Moore Jr. |
| Title: | Trustee |

---