0001957121
2025-07-01
2026-06-30
0001957121
ck0001957121:ClassYSharesMember
2025-07-01
2026-06-30
0001957121
ck0001957121:ClassYSharesMember
2026-06-30
0001957121
2025-07-01
0001957121
2024-07-01
0001957121
2023-07-01
0001957121
2026-06-30
0001957121
2025-06-30
0001957121
2024-06-30
0001957121
ck0001957121:MarketDisruptionAndGeopoliticalRisksMember
2025-07-01
2026-06-30
0001957121
ck0001957121:BankingRiskMember
2025-07-01
2026-06-30
0001957121
ck0001957121:CreditRisksMember
2025-07-01
2026-06-30
0001957121
ck0001957121:LiquidityRiskMember
2025-07-01
2026-06-30
0001957121
ck0001957121:MarketRiskMember
2025-07-01
2026-06-30
0001957121
ck0001957121:ForeignCurrencyAndExchangeRisksMember
2025-07-01
2026-06-30
0001957121
ck0001957121:InterestRateRisksMember
2025-07-01
2026-06-30
0001957121
ck0001957121:OtherPriceRisksMember
2025-07-01
2026-06-30
0001957121
ck0001957121:ConcentrationRiskMember
2025-07-01
2026-06-30
0001957121
ck0001957121:ClassISharesMember
2025-07-01
2026-06-30
shares
iso4217:USD
shares
N-CSR
Felicitas Private Markets Fund
2026-06-30
4812331
21.02
21.05
20.27
20
21.02
21.05
20.27
<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">The
Fund’s investment objective is to deliver a combination of yield and capital appreciation. The Fund intends to seek its investment
objective through a portfolio of private equity, private credit and real estate investments (“private assets”). Under normal
circumstances, the Fund seeks to achieve its objective by investing at least 80% of its net assets (plus the amount of any borrowings
for investment purposes) in “private assets” (“80% Policy”). For purposes of this 80% Policy, private assets
include: (i) investments in general or limited partnerships, funds, corporations, trusts, closed<span class="nobreak">-end</span>
funds (including, without limitation, funds<span class="nobreak">-of-funds</span>) (together, “Investment Funds”) that are
managed by independent investment managers (i.e., investment advisers unaffiliated with the Advisers) (each, an “Underlying Manager”
and collectively, the “Underlying Managers”); (ii) secondary investments in Investment Funds managed by Underlying
Managers; (iii) co<span class="nobreak">-investment</span> vehicles that invest alongside Investment Funds; and (iv) other direct
investments in the equity or debt of a company, which are not generally available to unaccredited investors. Investment Funds will be
limited to (i) private funds (e.g., exempt under Section 3(c)(1) or 3(c)(7) from registration under the 1940 Act),
or (ii) registered investment companies and non<span class="nobreak">-traded</span> business development companies that invest at
least </p>
<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">80%
of their assets in “private assets” that are only available to accredited investors. The Fund does not intend to invest
directly in real estate but may invest in real estate indirectly through Investment Funds. The Fund’s investments also will include
direct investments in equity or debt alongside private equity funds and firms, and the Fund may provide debt or preferred equity financing
to other companies, institutions, funds, or fund managers. The Fund will invest primarily in Investment Funds and, to a lesser extent,
in co<span class="nobreak">-investments</span> and direct investment. The Fund may change the 80% Policy without shareholder approval
upon at least 60 days’ prior written notice to Shareholders.</p>
<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">The
Fund is subject to substantial risks — including market risks, strategy risks and Underlying Manager risks. Private Investment
Funds generally will not be registered as investment companies under the 1940 Act and, therefore, the Fund will not be entitled to the
various protections afforded by the 1940 Act with respect to its investments in private Investment Funds. While the Advisers will attempt
to moderate any risks of securities activities of the Underlying Managers, there can be no assurance that the Fund’s investment
activities will be successful or that the Shareholders will not suffer losses. The Advisers will not have any control over the Underlying
Managers, thus there can be no assurances that an Underlying Manager will manage its Investment Funds in a manner consistent with the
Fund’s investment objective.</p>
<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">The
Fund’s investing activities and those of the Investment Funds expose the Fund to various types of financial risks that are
associated with the financial instruments and markets in which they invest. These financial risks include credit risk, liquidity risk
and market risk (including foreign currency risk, interest rate risk and other price risks). The Fund’s overall risk
management program focuses on minimizing potential adverse effects on the Fund’s performance resulting from these financial risks.
The Fund attempts to manage these financial risks on an aggregate basis along with other risks associated with its investing activities.</p>
<p class="H4" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:12pt;"><span class="Italic" style="font-style:italic;font-weight:normal;">Market
Disruption and Geopolitical Risks</span></p>
<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">Certain
local, regional or global events such as war, acts of terrorism, the spread of infectious illnesses and/or other public health issues,
financial institution instability, threatened or actual imposition of tariffs, recessions or other events, may have a significant impact
on a security or instrument. Tensions, war or open conflict between nations, such as recently between Russia and Ukraine, in the Middle
East or in eastern Asia, could affect the economies of many nations, including the United States. These types of events and other
like them are collectively referred to as “Market Disruptions and Geopolitical Risks” and they may have adverse impacts
on 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. Some of the impacts noted in recent times include but are not limited to embargos, political
actions, supply chain disruptions, bank failures, restrictions on investment and/or monetary movement including the forced selling of
securities or the inability to participate impacted markets. The United States has enacted or proposed to enact significant tariffs,
(which the U.S. Supreme Court recently ruled were unconstitutional) and various federal agencies have been directed to further evaluate
key aspects of U.S. trade policy, which could potentially lead to </p>
<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">significant
changes to current policies, treaties, and tariffs. Significant uncertainty remains about the United States’s future relationships
with other countries with respect to such trade policies, treaties, military conflicts, sanctions and potential tariffs. These developments,
or the perception thereof, may have a material adverse effect on global trade, trade between the impacted nations and the United States,
the stability of global financial markets and overall global economic conditions. The duration of these events could adversely affect
the Fund’s performance, the performance of the securities in which the Fund invests and may lead to losses on your investment.
The ultimate impact of “Market Disruptions and Geopolitical Risks” on the financial performance of the Fund’s investments
is not reasonably estimable at this time. Management is actively monitoring these events.</p>
<p class="H4" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:12pt;"><span class="Italic" style="font-style:italic;font-weight:normal;">Banking
Risk</span></p>
<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">The
impairment or failure of one or more banks with whom the Fund transacts may inhibit the Fund’s ability to access depository accounts.
In the event of such a failure of a banking institution where the Fund holds depository accounts, access to such accounts could be restricted
and U.S. Federal Deposit Insurance Corporation (“FDIC”) protection may not be available for balances in excess of amounts
insured by the FDIC. In such instances, the Fund may not recover such excess, uninsured amounts.</p>
<p class="H4" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:12pt;"><span class="Italic" style="font-style:italic;font-weight:normal;">Credit
Risk</span></p>
<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">In
the normal course of business, the Fund maintains its cash balances in financial institutions, which at times may exceed federally insured
limits. The Fund is subject to credit risk to the extent any financial institution with which it conducts business is unable to fulfill
contractual obligations on its behalf. Management monitors the financial condition of such financial institutions and does not anticipate
any losses from these counterparties.</p>
<p class="H4" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:12pt;"><span class="Italic" style="font-style:italic;font-weight:normal;">Liquidity
Risk</span></p>
<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">Investments
held by the Fund are generally in illiquid securities and partnership interests acquired through privately negotiated transactions, and
there is no assurance that the Fund will be able to realize such investments in a timely manner. The Fund’s ability to exit its
investments may be adversely affected by market conditions.</p>
<p class="H4" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:12pt;"><span class="Italic" style="font-style:italic;font-weight:normal;">Market
Risk</span></p>
<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">Market
risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices.
Market risks include foreign currency, interest rate risk and other price risks.</p>
<p class="H4" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:12pt;"><span class="Italic" style="font-style:italic;font-weight:normal;">Foreign
Currency and Exchange Risks</span></p>
<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">Foreign
currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign
exchange rates. To the extent that the Fund directly or indirectly holds assets in foreign currencies, the Fund will be exposed to a degree
of currency risk which may adversely affect performance. Changes in foreign currency exchange rates may materially affect the value of
investments in the portfolio.</p>
<p class="H4" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:12pt;"><span class="Italic" style="font-style:italic;font-weight:normal;">Interest
Rate Risk</span></p>
<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">Interest
rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest
rates. The fair value of debt securities in which the Investment Funds invest is sensitive to changes in interest rates and market conditions
within the United States and other countries. The fair values of equity securities may be indirectly affected by changes in interest
rates as well.</p>
<p class="H4" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:12pt;"><span class="Italic" style="font-style:italic;font-weight:normal;">Other
Price Risks</span></p>
<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">Other
price risks relate to the risks that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market prices (other than those arising from foreign currency or interest rate risk), whether those changes are caused by factors specific
to the individual financial instrument or its issuer, or factors affecting all similar financial instruments traded in the market. These
risks may include equity and commodity risk.</p>
<p class="H4" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:12pt;"><span class="Italic" style="font-style:italic;font-weight:normal;">Concentration
Risk</span></p>
<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">The
investment portfolio of the Fund may be subject to more rapid changes in value than would be the case if the Fund were to maintain a wide
diversification among securities or industry sectors.</p>
<p class="H4" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:12pt;"><span class="Italic" style="font-style:italic;font-weight:normal;">Market
Disruption and Geopolitical Risks</span></p>
<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">Certain
local, regional or global events such as war, acts of terrorism, the spread of infectious illnesses and/or other public health issues,
financial institution instability, threatened or actual imposition of tariffs, recessions or other events, may have a significant impact
on a security or instrument. Tensions, war or open conflict between nations, such as recently between Russia and Ukraine, in the Middle
East or in eastern Asia, could affect the economies of many nations, including the United States. These types of events and other
like them are collectively referred to as “Market Disruptions and Geopolitical Risks” and they may have adverse impacts
on 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. Some of the impacts noted in recent times include but are not limited to embargos, political
actions, supply chain disruptions, bank failures, restrictions on investment and/or monetary movement including the forced selling of
securities or the inability to participate impacted markets. The United States has enacted or proposed to enact significant tariffs,
(which the U.S. Supreme Court recently ruled were unconstitutional) and various federal agencies have been directed to further evaluate
key aspects of U.S. trade policy, which could potentially lead to </p>
<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">significant
changes to current policies, treaties, and tariffs. Significant uncertainty remains about the United States’s future relationships
with other countries with respect to such trade policies, treaties, military conflicts, sanctions and potential tariffs. These developments,
or the perception thereof, may have a material adverse effect on global trade, trade between the impacted nations and the United States,
the stability of global financial markets and overall global economic conditions. The duration of these events could adversely affect
the Fund’s performance, the performance of the securities in which the Fund invests and may lead to losses on your investment.
The ultimate impact of “Market Disruptions and Geopolitical Risks” on the financial performance of the Fund’s investments
is not reasonably estimable at this time. Management is actively monitoring these events.</p>
<p class="H4" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:12pt;"><span class="Italic" style="font-style:italic;font-weight:normal;">Banking
Risk</span></p>
<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">The
impairment or failure of one or more banks with whom the Fund transacts may inhibit the Fund’s ability to access depository accounts.
In the event of such a failure of a banking institution where the Fund holds depository accounts, access to such accounts could be restricted
and U.S. Federal Deposit Insurance Corporation (“FDIC”) protection may not be available for balances in excess of amounts
insured by the FDIC. In such instances, the Fund may not recover such excess, uninsured amounts.</p>
<p class="H4" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:12pt;"><span class="Italic" style="font-style:italic;font-weight:normal;">Credit
Risk</span></p>
<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">In
the normal course of business, the Fund maintains its cash balances in financial institutions, which at times may exceed federally insured
limits. The Fund is subject to credit risk to the extent any financial institution with which it conducts business is unable to fulfill
contractual obligations on its behalf. Management monitors the financial condition of such financial institutions and does not anticipate
any losses from these counterparties.</p>
<p class="H4" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:12pt;"><span class="Italic" style="font-style:italic;font-weight:normal;">Liquidity
Risk</span></p>
<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">Investments
held by the Fund are generally in illiquid securities and partnership interests acquired through privately negotiated transactions, and
there is no assurance that the Fund will be able to realize such investments in a timely manner. The Fund’s ability to exit its
investments may be adversely affected by market conditions.</p>
<p class="H4" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:12pt;"><span class="Italic" style="font-style:italic;font-weight:normal;">Market
Risk</span></p>
<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">Market
risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices.
Market risks include foreign currency, interest rate risk and other price risks.</p>
<p class="H4" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:12pt;"><span class="Italic" style="font-style:italic;font-weight:normal;">Foreign
Currency and Exchange Risks</span></p>
<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">Foreign
currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign
exchange rates. To the extent that the Fund directly or indirectly holds assets in foreign currencies, the Fund will be exposed to a degree
of currency risk which may adversely affect performance. Changes in foreign currency exchange rates may materially affect the value of
investments in the portfolio.</p>
<p class="H4" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:12pt;"><span class="Italic" style="font-style:italic;font-weight:normal;">Interest
Rate Risk</span></p>
<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">Interest
rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest
rates. The fair value of debt securities in which the Investment Funds invest is sensitive to changes in interest rates and market conditions
within the United States and other countries. The fair values of equity securities may be indirectly affected by changes in interest
rates as well.</p>
<p class="H4" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:12pt;"><span class="Italic" style="font-style:italic;font-weight:normal;">Other
Price Risks</span></p>
<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">Other
price risks relate to the risks that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market prices (other than those arising from foreign currency or interest rate risk), whether those changes are caused by factors specific
to the individual financial instrument or its issuer, or factors affecting all similar financial instruments traded in the market. These
risks may include equity and commodity risk.</p>
<p class="H4" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-top:12pt;"><span class="Italic" style="font-style:italic;font-weight:normal;">Concentration
Risk</span></p>
<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">The
investment portfolio of the Fund may be subject to more rapid changes in value than would be the case if the Fund were to maintain a wide
diversification among securities or industry sectors.</p>
<p class="H2" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:justify;text-indent:0;widows:1;margin-left:24pt;text-indent:-24pt;margin-top:12pt;"><span class="Bold" style="font-style:normal;font-weight:bold;">5.<span style="width: 20px;display: inline-block;"> </span>Capital
Stock</span></p>
<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">The
Fund has designated two separate classes of Shares of the Fund, Class Y
Shares and Class I Shares.
Class Y Shares and Class I Shares are currently offered. As of June 30, 2026, there were no Class I Shares outstanding.
The Fund has received an SEC exemptive order that permits the Fund to offer more than one class of Shares. The Fund’s Shares will
generally be offered as of the first business day of each calendar quarter or at such other times as may be determined by the Board.
The Shares will be issued at NAV per Share. Effective November 30, 2023, the Fund registered $175,000,000 for sale under the Fund’s
registration statement. No Shareholder will have the right to require the Fund to redeem its Shares.</p>
<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">The
minimum initial investment for Class Y Shares of the Fund is $250,000 and the minimum additional investment in Class Y Shares
of the Fund by any Shareholder is $25,000. The minimum initial investment for Class I Shares of the Fund is $25,000 and the minimum
additional investment in Class I Shares of the Fund by any Shareholder is $5,000. However, the Fund, in its sole discretion, may
accept investments below these minimums.</p>
<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">The
Fund is not a liquid investment. At the sole discretion of the Board and provided that it is in the best interests of the Fund and Shareholders
to do so, the Fund intends to, but is not obligated to, provide a limited degree of liquidity to the Shareholders by conducting repurchase
offers generally quarterly on or about March 31, June 30, September 30 and December 31 of each year. Any repurchases
of Shares will be made at such times and on such terms as may be determined by the Board from time to time in its sole discretion. However,
no assurance can be given that repurchases will occur or that any Shares properly tendered will be repurchased by the Fund. In determining
whether the Fund should offer to repurchase Shares from Shareholders of the Fund pursuant to repurchase requests, the Board may consider,
among other things, the recommendation of the Investment Adviser as well as a variety of other operational, business and economic factors.
If the Board determines that the Fund will offer to repurchase Shares, written notice will be provided to Shareholders that describes
the commencement date of the repurchase offer, specifies the date on which repurchase requests must be received by the Fund, and contains
other terms and information Shareholders should consider in deciding whether and how to participate in such repurchase opportunity. The
expiration date of the repurchase offer (the “Expiration Date”) will be a date set by the Board occurring no sooner than
20 business days after the commencement date of the repurchase offer, provided that such Expiration Date may be extended by
the Board in its sole discretion. The Fund generally will not accept any repurchase request received by it or its designated agent after
the Expiration Date. Each repurchase offer will be offered pursuant to the tender offer rules of the Securities Exchange Act of 1934.
A 2.00% early repurchase fee will be charged by the Fund with respect to any repurchase of Shares from a Shareholder at any time prior
to the day immediately preceding the one<span class="nobreak">-year</span> anniversary of the Shareholder’s purchase of the
Shares. Shares tendered for repurchase will be treated as having been repurchased on a “first in<span class="nobreak">-first</span>
out” basis. An early repurchase fee payable by a Shareholder may be waived by the Fund in circumstances where the Board determines
that doing so is in the best interests of the Fund.</p>
<p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">For
the year ended June 30, 2026, the Fund’s capital stock transactions are reported on the Consolidated Statements of Changes
in Net Assets.</p>
Class Y
Shares
Class I Shares
0001957121
false