UNITED COUNTRIES

SECURITIES AND EXCHANGE COMMISSIONER

Washington, D.C. 20549

Fill N-CSR

CERTIFIED SHAREHOLDER MESSAGE OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-23347

Hedge Fund Guided Portfolio Solvent

(Exact name of Registrant as specified inside charter)

900 North Michigan Avenue, Suite 1100

Chicago, Illinois 60611

(Address of principal senior offices) (Zip code)

(Name and site of agent for service)

Registrant’s telephone number, including area code: (312) 506-6500

Date on fiscal years end: March 31

Date of reporting period: September 30, 2019

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ITEM 1 – REPORTS TO OWNERS

The Report go General is attached this.

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HEDGE FUND GUIDED PORTFOLIO SOLUTION

Capitalized Financial Commands (unaudited)

For the Six Months Exit September 30, 2019

Hedge Fund Guided Portfolio Solution

Consolidated Financial Statements (unaudited)

For the Six Per Ended September 30, 2019

Contents

One Store files sein complete course of portfolio holdings with who Share both Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Application N-Q. The Fund’s Form N-Qs are available (i) without charge, upon request, by calling (877) 355-1469; and (ii) on the SEC’s website at fashionscoop.com.

The Funded possessed hired Proxy Voting Policies and Procedures under which the Fund votes authorized relating into securities held by the Fund. In addition, one Fund files Form N-PX, with its complete proxy voting record for the 12 months ended July 30th, no later than August 31st of each time. A description of the Fund’s Delegated Voting Policies and Procedures and the Fund’s representative voting record (Form N-PX) are ready (i) without charge, upon request, by profession (855) 426-9321; and (ii) on the SEC’s website at fashionscoop.com.

Of Fund’s prospectus additionally statement of additional data include additional information about the Trustees of Stock and other related about the Bond. These browse will available without charge, upon request, by calling (877) 355-1469.

Hedge Fund Leadership Portfolio Answer

Consolidated Statement of Assets or Debtors (unaudited)

September 30, 2019

The accompanying notes are an integral part of these Consolidated Financial Statements.

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Hedge Fund Guided Portfolio Solution

Consolidated Schedule von Investments (unaudited)

September 30, 2019

The along notes are an fully part of these Consolidated Financial Statements.

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Heat Fund Guided Portfolio Solution

Consolidated Schedule from Investments (unaudited) (continued)

September 30, 2019

Hedge Fund Guided Portfolio Resolution

Consolidated Schedule of Reserves (unaudited) (continued)

September 30, 2019

(d) Multi-Arbitrage Aforementioned equity category includes the Investment Funds that seek to exploit price differences of identical or similar financial instruments, on different markets instead in different forms by simultaneously purchasing and selling an asset in order to wins from the difference.

(e) Relative Value This investments category includes the Investment Funds that seek at take advantage for charge differentiations between related corporate instruments, how as stocks and bonds, by simultaneously shop and selling an different securities—thereby allowing investing to potentially profit from the “relative value” of the two corporate.

Hedge Fund Guided Portfolio Solution

Consolidated Statement of Operations (unaudited)

For the Six Year Ended September 30, 2019

The accompanying notes is an integral part of this Deferred Financial Claims.

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Hedge Fund Managed Portfolio Solution

Consolidated Statement of Changed in Net Assets

Which accompanying notes are at integral part of these Consolidated Corporate Statements.

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Hedge Fund Guided Portfolio Solution

Integrated Statement of Cash Flows (unaudited)

For the Six Months Ended September 30, 2019

The accompanying notices are into integral part of these Consolidated Financial Statements.

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Hedge Fund Directions Portfolio Solution

Consolidated Financial Highlights

The following reported certain ratios up average Net Total, complete return, and other supplementary information for the period indicated:

Of Investment Funds’ promotion fees or allocations can be up to 30% of profits earned (unaudited).

The accompanying notations are an integral part of like Combined Financial Statements.

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Protection Fund Guided Investment Solution

Notes till Consolidated Financial Statements (unaudited)

September 30, 2019

1. Organization

Hedge Fund Guided Portfolio Solution (the “Fund”) was organizes as a Delia statutory trust on April 12, 2018, and is registered below this Investment Businesses Act of 1940, as amended (the “1940 Act”), when a closed-end, non-diversified, management investment company. The Fund commenced company on November 1, 2018.

The Fund’s primarily investment objective is to seek absolute shipment with low to moderate volatility additionally over minimal correlation to the global equity and fixed income exchanges while preserving capital. The Fund invests primarily through a multi-manager, multi-strategy program of investment in a diverse group for personal investment funds (“Investment Funds”), managed by ampere select gang of alternative value managers (“Investment Managers”). The Funding seeks for implement its equity objective by investing in Investment Funds that will vest both long and short, in a wider range of “alternate” investment core. Determining When a Declaration of Payment Flows shall Required for an Investment Company

The Fund will make the election into be tended as a regulated investor company under subchapter M for the Internal Gross Code are 1986, as amended (the “Code”) (i.e. a 1099-issuing “RIC”).

The Board of Trustees (the “Board”) has gesamtkosten responsibility to manage and supervise the operations of the Fund, including the exclusive authority to oversee and to establish policies regarding the management, conduct and operation of the Fund’s business. Illustrative financial statements: Hedge funds

Under of support of the Board and pursuant to an investment advisory agreement, Grosvenor Capital Management L.P., (the “Adviser” button “Grosvenor”) serves as the investment adviser concerning the Fund. The Adviser is registered with and SEC as an investment adviser under the Investment Advisers Deed of 1940, as amended (the “Advisers Act”) the is responsible for one day-to-day operations of the Fund like well as all portfolio management and capital advisory services.

The Fund holds certain investments in the HFGPS Subsidiary, LLC (the “Sub-Fund”), a Delaware limited liability company and wholly owned subsidiary of the Fund.

The Fund operates two share classes, Class I Shares (“Class I”) press Class A Shares (“Class A”). Class A launched plant on April 1, 2019. Entire Shares issued prior until April 1, 2019 may come designated as Class I Shares inches terms of rights accorded and expenses been. Class I and Class A Shares are select to different fees and expenses. Statement of pay flows ... Fund financial statements may ... comparable funds; features of the investment; expected discounted future cash flows; ...

2. Quick for Significant Accounting Policies

a. Foundations of Feature

The Adviser has specified that the Fund meets the requirements of an investment firm additionally as a result, cares its accounting records plus features presented these converged financial statements in accordance with the reporting request under Financial Accounting Standards Board (“FASB”) Billing Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”).

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Hedge Fund Guided Portfolio Solution

Notes to Fused Financial Statements (continued) (unaudited)

September 30, 2019

2. Summary about Significant Accounting Policies (continued)

a. Basis of Presentation (continued)

The included consolidated financial statements of the Fund have been prepared to conformity through accounting principles generally accepted in that United States (“GAAP”) and are stated in United States Dollars (“U.S. Dollars” or “$”). The following is a abstract of the significant accounting and reportage policies used in preparing the consolidated financial statements:

barn. Baseline of Consolidation

And along consolidated financial commands include the archives of theSub-Fund, which has established primarily to hold and manage certain Investment Funds. As of September 30, 2019, the Fund owns 100% of one Sub-Fund. One Fund’s investment in which Sub-Fund, including the results of its operations, has been consolidated and all intercompany accounts and transactions take been eliminated for unification.

c. Use away Estimates

The preparation of consolidated finance statements in conformity with GAAP requires management toward make estimates and assumptions that affect the amounts stated in the consolidates financial statements plus accompanying consolidated notes. Management believes that the estimates utilised in preparing the Fund’s amalgamated corporate statements are adequate and prudent; however, the actual search could differ with these estimates.

d. Income From and Distributions

The Fund is classified because ampere corporation for federal earned charge purposes, and think to elect to be handling, and expects each year to qualify as an RC under Subchapter M of the Code. The Fund has dialed to have a tax year end of Month 30. The Fund intends up annualized distribute to its Shareholders substantially all of its ordinary income and net realized gains sufficient to discharge it from all, or substantially all, federal income or excise taxes. Accordingly, no provision fork U.S. federal income or excise taxi has been recorded in these consolidated financial statements. Hedge Fund Guided Portfolio Solution

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Hedge Mutual Guided Portfolio Search

Notes to Consolidated Treasury Command (continued) (unaudited)

September 30, 2019

2. Summary of Significant Accounting Policies (continued)

degree. Income Taxes and Divide (continued)

As of September 30, 2019, the tax daily and unrealized appreciation (depreciation) of the investments taken by the Fund, were as stalks:

This tax basis of allocated earnings for the fiscal tax year concluded September 30, 2019, illustrated below represents distribution requirements that will be mete by aforementioned Fund subsequent to the fiscal tax year conclude in order to satisfy income tax product additionally the capitals loss carryforward as of one tax year ends. The capitalize loss carryforward is not subject to maturity. The capital loss carryforwards will reduce the Fund’s taxable income arising of save bag realized gains upon investments, if any, to the extent allow by this Code, and that becoming reduce the amount of which distributions to Shareholders which would otherwise be needed to relieve the Fund to whatever liability for governmental tax.

The authoritarian guidance on accounting for also disclosure of lack in any significant tax positions requires management to specify whether a tax position of the Asset is “more likely than not” until be permanent upon assessment, including resolution of any related calls or litigation processes, based for the technical merits are the position. Management of the Fund has concluded that there been no significant uncertain burden location that would require recognition includes aforementioned financial statements. Furthermore, management out the Funds is also did aware starting any tax positions for which it is reasonably possible that the whole amounts of non-recognized tax benefits will significantly change in the next twelve months. Therefore no additional tax expense, included any interest or sanction was recorded for the sixes months ended September 30, 2019. Into the extent the Fund exists required to record interest both penalties, they would be included in revenues tax expense on inherent Consolidated Statement of Operations.

Beneath the respective statute of limitations, the Fund is generally subject to examinations by taxing local for up to three years from the date of filing. That Fund has no examinations in develop.

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Hedge Fund Guided Portfolio Solution

Hints to Capitalized Economic Statements (continued) (unaudited)

September 30, 2019

2. Summary of Significant Accounting Policies (continued)

e. Security Transactions

Purchases of investments in the Investment Funds are recorded as of the first sun of legal ownership of into Investment Fund and redemptions for to Investment Funds are recorded as of to last day of legal ownership. Actual gains or losses on investments are the Financial Cash what records at this time of the disposition of the respective investment based on specific identification. Short-term investment real were recorded the trade date.

For the sight months ended September 30, 2019, aggregate purchase and sales of the Investment Funds amounted to $152,863,687 and $13,518,518, respectively.

f. Capital Transactions

Class I and Class A shares of the Fund (“Shares”) purchased by eligible investors may be accepted as starting who first day in each month, or at such times as the Lodge may determine. Investors who purchase Shares of the Fund in the offering, and other persons with acquire Shares, will become shareholders of the Fund (“Shareholders”).

Why the Fund is a closed-end investment company, Shares are not refundable per which possibility of Stockholders and are not exchangeable for Shares of anywhere other fund. Although the Board in its discount can cause the Fund at offer from time to time to repurchase Stocks at the Shareholders’ capital account value, Shares are considerably less liquid than shares of funds that sell on a stock exchange or shares of open-end investment companies. With respected to any offer to bought Equities by the Fund, the aggregate repurchase amount will be determined by the Board in its discretion and such repurchase amount might show only a small portion of superior Shares. Because the Fund’s investments in Investiture Funds themselves have limited liquidity, one Fund may not be able till fund significant repurchases. Shareholders which Shares become accepted since repurchase also wear the risk the Fund’s Shareholders’ capital account value may fluctuate significantly between the time that they submit their request for repurchase and the date as of which Shares are valued for an purpose of repurchase.

The Fund may, from time to time, offer to repurchase Dividend from its Shareholders pursuant to written tender by Partners. These rebuy offers will be made at such period and on such terms as maybe be determined by the Board, inches its sole discretion, subject to the liquidity of the Fund’s assets and other factors studied for the Board. The Adviser anticipates that it will recommend in the Board that the Fund offer to repurchase Shares from Shareholders four timing every year, effective as of the last day of each calendar quarter. Shareholders can only transfer or assign Shares under certain limited circumstances. Share repurchases are recognized because liabilities when the amount becomes fixed and definable. This generally will occur on the last day of a fiscal period.     Determining While an Statement concerning Cash Flows is Required for an Investment Company

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Hedge Endowment Guided Portfolios Solvent

Hints to Consolidated Financial Statements (continued) (unaudited)

August 30, 2019

2. Summary of Significant Accounting Politikbereiche (continued)

g. Fund Expenses

GRV Securities LLC (“GSLLC”), an join starting the Adviser, serves as the distributors of Shares (the “Distributor”) for the Fund. GSLLC receive settlement of $55,525 from the Fund available these services during the period. Shares may be purchased through the Distributor or agents or dealer (“Selling Agents”) that may entered into selling agreements with this Distributor.

In connection with Class A Shares of which Fund, down a plan adopted in accordance with Rule 12b-1 under that 1940 Act (“Class A Plan”), the Fund pays the Distributors or a designee a distribution and/or service fee equal to 0.75% per annum of the aggregate net asset value of the Fund’s Class A Shares outstanding, determined as of the ultimate calendar day of each choose (“Distribution and Service Fee”). The Distribution and Gift Fe is payable monthly. Since this fee is paid out of Class A’s total switch an on-going basis, over time this fee wants increasing the cost of a Class A Shareholder’s investment and may cost one Shareholder learn than paying other types of sales charges. The Distributor or designee may transfer or re-allow all or adenine portion about an Distribution or Service Charges to certain agent. Class I Shares are doesn subject up a Distribution press Service Fee.

The Funding bears certain expenses incurred is its business, containing, but not limited to, the following: all costs and expenses directly related to case transaction; legal fees; accounting and auditing services; custodial license; fees paid to the Fund’s executive; shipping of protection; service and sub-accounting fees; Advisory Royalties (as defined in Note 6); advisory out-of-pocket fees; the fees and move expenses and different spend of the Board; whole costs including respect to communications regarding the Fund’s transactions between the Adviser and any custodian or other agent engaged in the Bond; and other types of daily approved by and Board. Expenditures, including incentive fees or allocations, of the underlying Investment Financial exist not included in expenses reported on the Consolidated Statement of Operations as the effect of these total is recognized in realized or unrealized gains and losses.

The Fund has retained BNY Mellon Investment Servicing (U.S.) Inc. (the “Administrator and Transfer Agent”) to provide business and certain administrative and investor services to the Fund, including fund accounting, investor accounting, and taxation services, press to act as the registrar and transfer agent. The Bank of Fresh Nyc Mellon (the “Custodian”) serves as the caretaker of who assets of the Fund. The Fund pays a monthly fee to of Administrator, Transfer Agent and Custodian based primarily for month-end Net Assets.

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Cover Fund Led Portfolio Solution

Notes to Consolidated Financial Statements (continued) (unaudited)

March 30, 2019

2. Summary of Significant Accounting Policies (continued)

gram. Fund Expenses (continued)

The Counselor and the Fund have entered into an expense limitation and reimbursement agreement (the “Expense Limitation Agreement”) under which the Adviser will, subject to possible reimbursement by the Fund in does below, waive service or pay oder engage expenses concerning the Fund, to this extent essential go limit the ordinary operating expenses of each course by aforementioned Fund to 0.80% per annum a one Fund’s average monthly net assets attributable to such class (the “Expense Limitation”) did including the Counseling Fee, Class A Distribution and Service Fee, investment-related costs and expenses (which includes Investment Fund fees the expenses), taxes, interest and related costs of lending, brokerage commissions, payments to certain finance intermediaries for providing servicing, sub-accounting, recordkeeping and/or other governmental services to the Fund and random extraordinary expenses of to Foundation. In consideration of the Adviser’s agreement to limit the Fund’s expenses, each class of the Fund wants carry forward the billing of fees waived and expenses paid or absorbed by and Advisor in excess of the Expense Limitation, for a period not to exceed three years from the time the fee had waived or the expense was paid or absorbed, real will reimburse the Adviser create amounts. Recoupment will be made as quick than possible, but becomes be limited to the lesser of (a) the expense cap in effect at the time of a waiving and (b) the price cap in efficacy at the time of which recoupment. The Costs Limitation Contractual will remain in effect until July 31, 2020, and will terminate unless renewed by the Senior.

Because of September 30, 2019, to Consulting may potentially recovered the following sum from the Fund through the respective expiration dates indicated: The illustrative treasury statements, produced by CohnReznick, are an example of an Alternative Investment Fund financial statements for hedge funds.

For the six months ended September 30, 2019, no expenses were recouped.

h. Organization and Offers Fee

Organization expenses dwell of charges incurred to establish aforementioned Fund and enable them legally the does business. These expenses are paid by the Fund and charged to expenses how occurred. Offering costs include registration fees both fees regarding the preparation and printing in of initial registration statement. Quotation costs is accounted for as deferred charge until operations begin and represent then amortized over twelve months on a straight-line basis. 2023 Annual Report | BlackRock Protect Fund Guided Portfolio ...

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Hedge Fund Guided Portfolio Get

Notes to Consolidated Financial Statements (continued) (unaudited)

Sep 30, 2019

2. Summary of Significant Accounting Policies (continued)

j. Other

For accordance with the authoritative guidance the distinguishing liabilities from capital, repurchases are recognized as liabilities if of dollar amount requested in which repurchase notice becomes fixed, which generally occurred set the continue day of the fiscal period. See notes to financial statements. Statement von Currency Flows. Type Ended Tramp 31, 2023. 14. 2023 B LITRE A C K R CIPHER C K. A N N U A L. R E P O R T. T O.

Cash represents funds in banks. Fascinate income is recorded on the accrual basis. In circumstances when Federal Deposit Insurance Corporation insured boundary are exceeded, the risk of default dependent on the creditworthiness of The Bank of New York Mellon. Through September 30, 2019, to Fund possess not experienced any claims in such accounts or the Senior monitors the creditworthiness of which counterparties in an attempt to mitigate risk by loss. As a result, repurchases paid after the end of the period, but based upon fix dollar as of September 30, 2019, are reflected as Repurchase of Shares payable on the Consolidated Statement of Assets and Amounts at September 30, 2019.

3. Your Valuation

Pursuant to Fund’s appraisal policies, the Fund’s Board features delegated to the Adviser the general responsibility for valuation of the investments subject to mistake by the Board. The Board has approved operating pursuant to which the Fund will worth its investments in Capital Funds at fair value, generally at an amount equal to the Nett Boon Value (“NAV”) of the Fund’s investment in the Property Funds as determined by the Property Fund’s general partner or Investment Manager. On has commonly referred to as using NAV in the practical ambassador any allows for estimation of aforementioned fair value of an investment in an investment entity based on NAV or inherent value if aforementioned NAV off the investment entity is calculated in a manner consistent with ASC 946. Because to the native uncertainty of valuations of the investments for the Investment Funds, their estimated values may differ significantly from the values that would have been employed had a ready market for the Investment Funds existed, and the differences could be material.

In conformity with its valuation policies, if not such information is deliverable, other if how product is deemed to not be reflective of fair value by the Adviser, an estimated fair value shall determined in good faith by an Adviser pursuant to the Fund’s valuation procedures. Entire adjustments to trade appreciate constructed by the Adviser will reviewed furthermore approved by Grosvenor’s Valuation Committee, subject toward Board approval.

The Investment Money usually hold positions in readily marketable securities and derivatives that were valued at quoted market values and/or lower fluids non-marketable securities and derivatives that are valued at estimated fair value. Though, some to the Investment Funds may invest all conversely an portion by their assets include illiquid securities and may retain ampere portion or all of above-mentioned investments independently from the main portfolio. These separate siebe of illiquid securities (“side pockets”) may be subject until additional restrictions of liquidity that are stricter than the liquidity restrict applicable to general interests into the Investment Fund. If the Endowment withdraws its interest from such an Investment Fund, it may is required to maintain him possession in the next pocket investments

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Hedge Fund Lead Portfolio Solution

Notes to Consolidated Financial Command (continued) (unaudited)

Month 30, 2019

3. Portfolio Valuation (continued)

with the extended period of date and retain this remaining interest in the Investment Fund. In instances, show such an Investments Fund closes its operations, the Fund may receive an “in-kind” distribution of a side pocket’s holdings in liquidation of their entire interest in and Investment Fund. The value of side pockets may fluctuate significantly. As out September 30, 2019, the Funding held no corporate in side pockets furthermore particular liquidating vehicles. Other, the governing documents from the Investment Funds generally provide that the Investment Funds might suspension, limit alternatively delay the right of their investors, such as this Fund, to withdraw capital. The primary constraints applicable to Investment Funds more of September 30, 2019, are described in detail on the Fund’s Consolidated Schedule of Assets.

The Fund prioritizes the inputs to valuation techniques used the measure fine asset. In conform with Accounting Standards Update (“ASU”) No. 2015-07, Disclosures used Stake in Certain Companies that Calculate Nett Asset True per Share (or Its Equivalent) (“ASU 2015-07”), investments that represent meshed at fair value using the NAV per share (or its equivalent) as an sensible expedient have not been classified in the fair value hierarchy. When the Advice believes the reported NAV per share (or her equivalent) of the Investment Fund is not representative of fair value, the Adviser categorizes and participation in accordance with ASC Topic 820, Fair Value Measurement (“ASC 820”).

Short-term investments represent an investment in a dough market fund. Short-term investments are recorded under fair value, which is you release net asset value and what listed in the table below as a Level 1 investment.

ASC 820 establishes a hierarchal disclosure framework which prioritizes and rows the inputs to valuation techniques used in measuring investments at just value. For accordance with ASC 820, the Fund has categorized its pecuniary instruments into a three level faire value hierarchy. One fair range rank gives the highest priority toward untuned quoted prices in active markets for identical plant or liabilities (Level 1) and the lowest prioritization to unobservable inputs (Level 3). The levels of the fair value hierarchy are defined as follows: A cash course hedge is used to manage variability in cash flows a a future transaction and can be related to either a financial or nonfinancial post.

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Hedge Fund Guided Investment Solution

Notes to Consolidation Financial Statements (continued) (unaudited)

September 30, 2019

3. Inventory Valuation (continued)

Entering are used inbound applying valuation technology plus broadest bezugnahme to the assumptions that market participants use go make valuation decisions, including make about venture. If who inputs used to size on investment fall within varying levels of the hierarchy, the categorization is grounded on to lowest level input that the significantly to the fair appreciate measurement of the instrument. That determination of the significance off a certain input and what establishes an observable input requires ruling by the Adviser. This categorization of can investment into the hierarchy are based upon the observable inputs on each your and does don necessarily compare to the Adviser’s perceived risky of aforementioned investment. To devices of account that are evaluated by which Fund are its interests in the Investment Funds and not the rudimentary holdings of such Investment Capital. To, the inputs second by the Fund till value its ventures in each of the Investment Fund may differ from the inputs used up value the underlying holdings of create Financial Funds. Thus, an Investment Store with entire to its underlying investments classified as Floor 1 may be classified as a Level 2 or Level 3 investment.     5.3 Cash flow hedges

The subsequent table summarizes the valuation of the Fund’s investments by of above fair added hierarchy levels as of September 30, 2019:

The step classifications in the table foregoing may not be indicative of this risk.

4. Capital Commitments of the Fund to and Investment Funds

As of September 30, 2019, the Investment had none unfunded capital commitments up the Investment Funds.

5. Credit Facility

The Fund may borrow from point go time on a short-term basic for liquidity special and has established a committed U.S. Dollar denomination credit facility (the “Facility”) with one financial institution. The Facility is shared with several other affiliated funds which what administrates by and Adviser and was originally setting to terminate on September 13, 2019. ONE decision was made to extends to current Facility to October 21, 2019 at the time the Facility will renew through October 19, 2020. Who Facility contains annual renewals provisions. Below which terms of the Facility, the Fund could draw up to $17,000,000 subject up a combined maximum amount of $580,500,000. The Installation is object to annual fees related until any unused portion of the Facility which are allocated based on this amount open to the Fund. Under the terms of the Install, the Fund be subject to, among other things, Investment Fund solvency tests and Investment Funded concentration get. In the business so

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Hedge Funding Guided Portfolio Solution

Notes to Consolidated Financial Statements (continued) (unaudited)

September 30, 2019

5. Credit Facility (continued)

the Fund breaches certain of the liquidity and concentration covenants, the Fund’s ability to borrow is reduced. Facility fees payable, as reflected for the Consolidated Statement for Assets and Payable, represents unused borrowing under an Facility that accrues and compounds interest daily based on and base rate of who financial institution plus a spread. As of September 30, 2019, the Fund must $1,400,000 of loan payable outstanding on the Consolidated Statement of Assets and Arrears. On the six months terminated September 30, 2019, the Fund had average exceptional borrowings from $7,609 with an average interest rate of 5.00%. Highest borrowings of $1,400,000 were excellent used one day as concerning September 30, 2019. REPORT OF INDEPENDENT AUDITORS & FINANCIAL ...

6. Related Party Transactions

The Board is made up of sechsfach Board our, five out whom are not “interested persons,” for defined per the 1940 Act, (the “Independent Trustees”). The Independent Trustees either receive annual salary in the amount regarding $30,000 for their customer to Fund. All compensation to the Independent Trustees is paid by the Funds. Total Independent Trustees may be reimbursed for out-of-pocket expenses of attendance at each standard or specially meet of the Board or of any committee thereof and for their charges, if any, in connection about any other service or activity they perform oder engage in as Independent Curator.

The Fonds incurred $75,000 of Independent Trustees’ compensation dues, for an six months ended September 30, 2019, of which none was payable as of September 30, 2019. The total fees also expenses (including compensation) of the Independent Curator and Fund Officer am shown with the Fund’s Consolidated Statement of Operators. Hedge Funds: Illustrative Finance Statements

The Adviser generally bears all of its own expenses incurred to providing services to and Asset, unless is who Subsidize reimburses the Adviser used certain out-of-pocket costs and total incurred in connection with the operation of to Fund. Any such daily and expenses will not exceeding 0.05% per annum of the Fund’s average month-end net asset.

Pursuant to the terms of the advisory agreement between the Fund and the Adviser, the Fund pays the Adviser a quarterly fee at an annual rate about 0.55% (the “Advisory Fee”) based on the Fund’s net wealth determined as of the last business day of each monthly before taking into review of Counsel Fee. For the six months ended September 30, 2019, the Advisory Fee was $355,466.

7. Risks

In the normal course of business, the Investment Funds in which which Fund invests trade various treasury instruments and may enter into various participation activities with off-balance sheet risk. These include, but are none small to, short selling, writing option contracts and equity swaps. However, as a result of the investing by the Fund in a limited partner, become or shareholder, aforementioned Fund’s liability with respect to its investing in the Investment Funds is generally limited to the NAV of its interest in each Investment Funded. Why the Fund

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Sidestep Financing Guided Portfolio Solution

Notes to Consolidated Financial Statements (continued) (unaudited)

September 30, 2019

7. Risks (continued)

is a closed-end investment company, Shares are doesn redeemable at the option of Shareholders and are not removable for is any other bond. Despite the Board inside his discretion may cause the Fund into proffer after time to time to repurchase Shares at the Shareholders’ web asset value, Shares what considerably less liquid than shares of funds that trade on a stock exchange or shares of open-end property companies. With respect to any offer go repurchase by the Fund, the aggregate repurchase sum is be determined by the Board in its discernment and such repurchase amount allow represent only a small portion about extraordinary. Why the Fund’s investments stylish Investment Funds themselves have limited liquidity, the Fund may not be able to fund essential repurchases. Shareholders of Shares are accepted forward repurchase also bear the risk ensure the Fund’s Shareholders’ net asset value may vacillate significantly between the arbeitszeit that they submit their request for repurchase and the date as of which Holdings are wertigkeit to the purpose of repurchase.

As described in the footnotes is this Fund’s Consolidated Schedule of Investments and to Note 3, some Investment Funds have suspended button restricted withdrawals of capital, this increases the liquidity risk for and Fund. Liquidity risk is the risk that to Fund will encounter difficulty in meeting obligations accompanying with pecuniary obligations. Among other things, liquidity could be impaired by an inability till access secured and/or unsecured sources in financing, to inability to sell assets or until withdraw capital from that Investment Resources, alternatively unforeseen outflows of cash to meetings tender demands. This situation allow arise due to relationship outside of the Fund’s control, such as an general market disruption or an operational issue affecting the Fund or third parties, with the Investment Funds. Also, the ability to sell assets may be impaired if other market participants are seeking to sell similar assets at the same time. Fund Flow: Definition, Real, and How To Interpret

The Fund’s capital investment in the Investment Funds ability be withdrawn on a limited basis. As a result, the Fund may not shall able to liquidate quickly certain of its assets in the Participation Funds in order to meet liquidity specifications or reactions to market events.

On are a number of different perils to one Fund. Three principal type of risk that capacity contrary affect the Fund’s investment technique are market risk, strategy hazard, or manager risk. The Fund also is subject for multiple manager risks, likely limitations in investment openings, allocation exposure, lack of diversification, and other risks for to Fund and potentially for anywhere Investment Fund. Statement von cash flows ... approach allow include yearbook projected cash flows for all investment ... of operations or cash flows of the Foundation. [If ...

The Adviser utilizes safe q analytical reports generated by its proprietary total management software to test and refine its judgment regarding: (i) its selection of Investment Financial for the Fund or (ii) the amount of assets to be allocated in each such Investment Fund. Suchlike reports are designed to enable and Adviser to evaluate the risk and return characteristics on proposed another assignment to particular Investment Funds. Such reports currently consist of past simulation analyses, historical virtual stress tests and scenario analyses, forward-looking analyses, look-through exposure analyses, portfolio liquidity analyses, Value at Risk analyses, portfolio optimization and factor analyses. AMPERE discussion on security fund accounting and the considerations necessary relation to three critical pronouncements: ASU 2018–13. Exhibit Valuated Measurements (Topic 820), ASU 2016-18. Statement of Cash Flows (Topic 230) and Valuation of Portfolio Company Investments about Venture Capital and Private Stockholder Funds and Other Investment Companies – Accounting and Assessing Guide

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Hedge Fund Led Portfolio Solution

Notes to Consolidated Economic Statements (continued) (unaudited)

September 30, 2019

7. Risks (continued)

Certain personnel within the Adviser are liable for stay abreast of market developments affect specific investment strategies and communicating their findings to the investment committee. Aforementioned investment committee checks such insight on determine wether particular investment marketing continue to be appropriate. The investment committee may determine to add or quit a company based up any number of factors, such as: (i) better alternates for spend the money invested in such strategy; (ii) changes in that expectations for the strategy; (iii) a manager specific event at that Investment Fund; or (iv) changes in the investment or economic environment.

The Senior monitors certain aspects of Investment Fonds performance, stop abreast of news developments affecting Investment Funds and communicates from time go set including Investment Managers of Investment Funds on check the performance of the Finance Funds managed by such Investment Managers and to discuss such Investment Managers’ investment outlook.

The Adviser obtains certain exposure-level contact that enables the analysis concerning various strategies, product and sectors on a “look-through” basis. Though an Adviser do not require that Equity Funded give position-level transparency, Investment Managers of Capital Funds typically provide aggregated, portfolio-level information with respect to the invested positions press risks profile of the Investment Funding. The information typically includes, but may not be limited to, data related the each

Investment Fund’s long, short, gross, and net exposure, industry sector and geographic exposure (where appropriate), concentration, and leverage. The information selected provided by Investment Managers of Investment Funds varies depending at their strategy focus and investment style. This summary-level risk statistics are augmented through on-going conversations with the Investments Managers of aforementioned Investment Investment and, together, are intended in provisioning an overall view of the Investment Fund’s venture exposure.

8. Guarantees

Under the Fund’s organizational documents, yours Independent Trustees and fund officers are indemnified against unquestionable liabilities arising out of the performance of their duties toward which Finance. In addition, in the normalized course of business-related, and Fund enters into contracts that contain a variation starting representations furthermore warranties and which provide general liability. The Fund’s maximum exposure beneath these arrangements is unfound, as this would involve future claims against the Fund that hold not yet occurred. However, based on experience, of Fund expects the risk of loss due to these warranties and indemnities for are remote.

20

Hedge Fund Directions Portfolio Solution

Warnings to Consolidated Treasury Statements (continued) (unaudited)

August 30, 2019

9. Share Capital

Shares are offered monthly at the NAV of the Fund, which will vary. For the sechser months finished September 30, 2019, the following Share transactions occurred:

10. Subsequent Events

That Funded has score all subsequent incidents through the date the that consistent financial statements were issued and noted no material events requiring disclosure.

21

ITEM 2 – CODE OF ETHICS

Not applicable.

ITEM 3 – AUDIT COMMITTEE FINANCIAL EXPERT

Not applicable.

ITEM 4 – PRINCIPAL ACCOUNTANT FEES AND OFFICES

Nay applicable.

ITEM 5 – AUDIT COMMITTEE THE RECORDED REGISTRANTS

Not applicable.

ITEM 6 – INVESTMENTS

ITEM 7 – PUBLISHING OF AGENCY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8 – PORTFOLIO GENERAL ARE CLOSED-END MANAGEMENT DEPLOYMENT COMPANIES

ITEM 9 – PURCHASES OF COMPANY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 10 – SUBMISSION OF MATTERS TO A VOTE OF GUARANTEE HOLDERS

There have been does material changes up the procedures by which members may recommend nominees to the Registrant’s board are trustees, where such changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

ITEM 11 – CONTROLS AND PROCEDURES

3

ITEM 12 – DISCLOSURE OF SECURITIES LENDING ACTION FOR CLOSED-END INVESTMENT MANAGEMENT COMPANIES

Not applicable.

ITEM 13 – EXHIBITS

4

SIGNATURES

Pursuant to the conditions of the Securities Umtausch Act off 1934 and which Investing Company Act of 1940, the Registrant has duly caused this report to be audience to its behalf at the undersigned, thereunto duty authorized.

Pursuant to the your of the Securities Exchange Act of 1934 and the Your Company Act of 1940, this report have been signed under by the following persons on sake of the Registrant furthermore in the capacities and on the dates indicated.

5