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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <name>Anduril Industries, Inc.</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Anyscale, Inc.</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Canva, Inc.</name>
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        <fairValLevel>3</fairValLevel>
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        <name>DBH1 LP</name>
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        <name>dbt Labs, Inc.</name>
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        <title>dbt Labs, Inc.</title>
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        <fairValLevel>3</fairValLevel>
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        <name>DittoLive, Inc.</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Epic Games, Inc.</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Erebor Bank, N.A.</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Loyal Animal Health, Inc.</name>
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        <name>Luminos, Inc.</name>
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        <name>Omni Analytics, Inc.</name>
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        <name>Rhino Labs, Inc.</name>
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        <name>Rhino Labs, Inc.</name>
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        <name>Rhino Labs, Inc.</name>
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        <name>Reverse Repo Barclays Bank PLC</name>
        <lei>2549003Q5J2G7ALNU316</lei>
        <title>Reverse Repo Barclays Bank PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="RRBAR462A"/>
        </identifiers>
        <balance>-5737500.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-5759589.38000000</valUSD>
        <pctVal>-0.84834817436</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="2549003Q5J2G7ALNU316" name="Barclays Bank PLC"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>N</isTriParty>
          <repurchaseRt>4.62000000</repurchaseRt>
          <maturityDt>2026-04-02</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>10000000.00000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>9962320.00000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>ABS</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Reverse Repo Barclays Bank PLC</name>
        <lei>2549003Q5J2G7ALNU316</lei>
        <title>Reverse Repo Barclays Bank PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="RRBAR467A"/>
        </identifiers>
        <balance>-5197500.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-5217726.94000000</valUSD>
        <pctVal>-0.76853553818</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="2549003Q5J2G7ALNU316" name="Barclays Bank PLC"/>
            </counterpartyInfos>
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          <isTriParty>N</isTriParty>
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          <maturityDt>2026-04-02</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>7000000.00000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>6968764.60000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>ABS</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Reverse Repo Barclays Bank PLC</name>
        <lei>2549003Q5J2G7ALNU316</lei>
        <title>Reverse Repo Barclays Bank PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="RRBAR477B"/>
        </identifiers>
        <balance>-4882500.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-4901907.94000000</valUSD>
        <pctVal>-0.72201755671</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="2549003Q5J2G7ALNU316" name="Barclays Bank PLC"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>N</isTriParty>
          <repurchaseRt>4.77000000</repurchaseRt>
          <maturityDt>2026-04-02</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>7000000.00000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>6954436.30000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>ABS</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SaxeCap Advisors VIII, LP</name>
        <lei>N/A</lei>
        <title>SaxeCap Advisors VIII, LP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="SAXECAP"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>OU</units>
        <descOthUnits>MEMBERSHIP INTERESTS</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>56388340.00000000</valUSD>
        <pctVal>8.305617317202</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Other-Portfolio Company"/>
        <issuerConditional desc="Other-Co-Investment Vehicle" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SP Private Investments XIII, LLC</name>
        <lei>N/A</lei>
        <title>SP Private Investments XIII, LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="SPPRIVINV"/>
        </identifiers>
        <balance>5100.00000000</balance>
        <units>OU</units>
        <descOthUnits>LLC INTERESTS</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>26856090.00000000</valUSD>
        <pctVal>3.955718614457</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Other-Portfolio Company"/>
        <issuerConditional desc="Other-Special Purpose Vehicle" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Stripe, Inc.</name>
        <lei>N/A</lei>
        <title>Stripe, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="STRIPEINC"/>
        </identifiers>
        <balance>9804.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>617652.00000000</valUSD>
        <pctVal>0.090975920681</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Other-Portfolio Company"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Stryder Corp. dba Handshake</name>
        <lei>N/A</lei>
        <title>Stryder Corp. dba Handshake, Series C</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="STRYDERSC"/>
        </identifiers>
        <balance>37525.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2814375.00000000</valUSD>
        <pctVal>0.414538213699</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Other-Portfolio Company"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Stryder Corp. dba Handshake</name>
        <lei>N/A</lei>
        <title>Stryder Corp. dba Handshake, Series D</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="STRYDERSD"/>
        </identifiers>
        <balance>8013.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>600975.00000000</valUSD>
        <pctVal>0.088519512495</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Other-Portfolio Company"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vanta, Inc.</name>
        <lei>N/A</lei>
        <title>Vanta, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="VANTA-B1"/>
        </identifiers>
        <balance>554888.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10115608.02000000</valUSD>
        <pctVal>1.489959965924</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Other-Portfolio Company"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Visual Layer, Inc.</name>
        <lei>N/A</lei>
        <title>Visual Layer, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="VISUALLAY"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>OU</units>
        <descOthUnits>SIMPLE AGREEMENT FOR FUTURE EQUITY</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>5000000.00000000</valUSD>
        <pctVal>0.736465847123</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Other-Portfolio Company"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-05-29</ncom:dateSigned>
      <ncom:nameOfApplicant>Fundrise Innovation Fund, LLC</ncom:nameOfApplicant>
      <ncom:signature>/s/ Lauren Stuntebeck</ncom:signature>
      <ncom:signerName>Lauren Stuntebeck</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
