Bow River Capital Evergreen Fund
Consolidated Schedule of Investments
June 30, 2026 (Unaudited)
| Value | ||||
| Private Investments - 87.4% | ||||
| Direct Investments - 49.7% | ||||
| Credit - 5.2% | ||||
| Opportunistic - 0.9% | ||||
| CL-EA Co-Investment Opportunities I, LP, 10.42% (SOFR1M + 6.50%), 12/31/2029, principal $3,000,000(1),(2) | $ | 6,501,403 | ||
| Digital Alpha Solutions Fund, LP, 13.85% (SOFR3M + 9.50% PIK + 4.35%)(1),(2) | 4,618,536 | |||
| Palmer Square Loan Funding 2021-3, Ltd.(1) | 8,400 | |||
| Sand Trust Series 21-1A - Class SUB, principal $1,000,000, 10/15/2034(1) | 434,300 | |||
| 11,562,639 | ||||
| Senior Credit - 0.9% | ||||
| ClearScale, LLC T/L A, 12.57% (SOFR1M + 8.75%), 6/30/2027, principal $1,003,116(1),(3) | 901,669 | |||
| Corsair Blade IV (Luxembourg) S.a.r.l., 8.03% (EuriBOR3M + 6.00%, principal EUR 1,004,293) and 9.97% (SONIA + 6.00%, principal GBP 2,214,393), 4/22/2031(1),(3) | 4,467,914 | |||
| Pathstone Family Office, LLC, 9.02% (SOFR1M + 5.00% + CSA), 5/19/2029, principal $2,322,570(1),(3) | 2,882,543 | |||
| VCPF III Co-Invest 1-A, LP(1),(2) | 2,971,044 | |||
| 11,223,170 | ||||
| Subordinated Credit - 3.4% | ||||
| Eagle Point Co-Invest II, LP(1),(2) | 4,699,698 | |||
| Eagle Point SRT Co-Invest I, LP, 10.03% (EuriBOR3M + 8.00%), 9/26/2031, principal EUR 6,250,000(1),(3),(5) | 2,784,879 | |||
| Nexus Apex Holdings, LLC(1),(3),(8) | 14,666,426 | |||
| PARIOU SLP, 8.00% PIK, 10/31/2030, principal EUR 5,208,720(1),(2) | 7,763,753 | |||
| Polaris Newco, 13.45% (SOFR3M + 9.00% + CSA, 1.00% Floor), 6/3/2029, principal $2,150,195(1),(3) | 1,655,650 | |||
| Steamboat Credit Opportunities I, LLC(1),(2),(6),(8) | 11,347,251 | |||
| 42,917,657 | ||||
| 65,703,466 | ||||
| Equity - 44.5% | ||||
| Buyout - 39.6% | ||||
| ACP Hyperdrive Co-Invest, LLC(1),(2),(4) | 2,440,300 | |||
| AE Co-Investment Partners Fund III-R, LP(1),(3),(4) | 12,056,039 | |||
| Alpine Investors Iceman CV[-A], LP(1),(2),(4),(7) | 11,578,865 | |||
| AP DSB Co-Invest II, LP(1),(2),(4) | 3,884,110 | |||
| AP Goat Co-Invest, LP(1),(2),(4) | 4,957,468 | |||
| APE VI YQB Co-Invest, LP(1),(3),(4) | 15,368,128 | |||
| Beekeeper TopCo(1),(3),(4) | 5,607,815 | |||
| Biloxi Co-Investment Partners, LP(1),(2),(4) | 1,963,803 | |||
| Butterfly Nourish Co-Invest, LP(1),(2),(4) | 12,388,389 | |||
| BW Colson Co-Invest Feeder (Cayman), LP(1),(2),(4) | 6,294,848 | |||
| BW Phoenix Co-Invest, LP(1),(2),(4) | 13,477,998 | |||
| Carlyle Riser Co-Investment, LP(1),(2),(4) | 1,801,240 | |||
| Certus NDT Group Holdings LLC(1),(3),(4) | 205,962 | |||
| CF24XB SCSp(1),(2),(4) | 11,140,843 | |||
| CIP IX Co-Investment Vehicle 2, LP(1),(2),(4) | 12,355,652 | |||
| Constellation 2022, LP(1),(2),(4) | 5,221,928 | |||
| Corsair Amore Investors, LP(1),(3),(4),(7) | 1,891,855 | |||
| Corsair Riva Munich Co-Investment, LP(1),(2),(4) | 9,196,860 | |||
| Coyote 2021, LP(1),(2),(4) | 1,673,085 | |||
| Cub SPV, LP(1),(3),(4),(8) | 9,090,909 | |||
| DSG Group Holdings, LP(1),(3),(4) | 10,981,568 | |||
| Enak Aggregator, LP(1),(2),(4) | 4,416,684 | |||
| Ethos Capital Digital Infrastructure, LP(1),(2),(4) | 3,790,466 | |||
| Falcon Co-Investment Partners, LP(1),(2),(4) | 3,028,250 | |||
| First Reserve Ascent Opportunities Feeder Fund, LP(1),(2),(4),(8) | 9,329,334 | |||
| H.I.G. Starlite-B Co-Investment, LP(1),(2),(4) | 7,570,837 | |||
| Hg Vega Co-Invest, LP(1),(2),(4) | 9,409,159 | |||
| HHC InXpress Group CV, LP(1),(2),(4),(8) | 6,294,192 | |||
| ISH Co-Investment Aggregator, LP(1),(2),(4) | 2,306,281 | |||
| IvyRehab Holdings, LLC(1),(3),(4),(7) | 10,967,751 | |||
| Kelso XI Astra Co-Investment, LP(1),(2),(4),(8) | 17,704,346 | |||
| KKR Game Changer Co-Invest, LP(1),(3),(4),(7) | 8,400,000 | |||
| LH Equity Investors, LP(1),(2),(4) | 20,387,689 | |||
| LJ Ranger Co-Invest, LP(1),(2),(4),(8) | 13,206,650 | |||
| MML Stratos Investco, Ltd.(1),(3),(4),(8) | 5,711,022 | |||
| NCS Investment, LP(1),(2),(4),(7) | 6,338,993 | |||
| OceanSound Partners Co-Invest II, LP - Series B(1),(2),(4) | 12,323,914 | |||
| OceanSound Partners Co-Invest II, LP - Series E(1),(2),(4),(7) | 13,944,485 | |||
| OceanSound SMX Continuation Fund, LP(1),(2),(4),(7) | 7,247,356 | |||
| OceanSound SMX Rollover, LP(1),(2),(4),(7) | 2,070,521 | |||
| Onex OD Co-Invest, LP(1),(2),(4) | 3,493,053 | |||
| Onex Partners V Leaf, LP(1),(3),(4) | 318,261 | |||
| OSP Co-Invest II, LP(1),(2),(4),(7) | 13,103,336 | |||
| Palms Co-Investment Partners, LP(1),(2),(4) | 4,311,347 | |||
| Project Stream Co-Invest Fund, LP(1),(2),(4) | 2,317,480 | |||
| PS Co-Invest II, LP(1),(2),(4),(8) | 3,144,211 | |||
| PSC Tiger, LP(1),(2),(4) | 10,774,124 | |||
| QHP Sapphire SPV, LP(1),(2),(4) | 22,463,799 | |||
| SANCY SLP(1),(2),(4) | 1,425,564 | |||
| SCPCV-A, LP(1),(2),(4) | 6,019,752 | |||
| SEP Hamilton III Aggregator, LP(1),(2),(4) | 3,059,781 | |||
| SEP Skyhawk Fund III Aggregator II, LP(1),(2),(4) | 550,517 | |||
| SEP Skyhawk Fund III Aggregator, LP(1),(2),(4) | 249,632 | |||
| Silver Lake Strategic Investors VI, LP(1),(2),(4) | 6,180,857 | |||
| Soundcore Fund III REP CI-A, LP(1),(2),(4),(8) | 3,177,049 | |||
| Soundcore Fund III RR CI-A, LP(1),(2),(4) | 6,069,865 | |||
| Soundcore Fund III TS CI-A, LP(1),(2),(4) | 2,962,630 | |||
| Sprinkler 2024 Co-Investment I (Feeder) SCSp(1),(2),(4) | 16,509,262 | |||
| T6 Co-Invest B, LP(1),(2),(4) | 11,155,607 | |||
| TCV Beat Co., LP(1),(2),(4) | 9,187,073 | |||
| TPG IX Evergreen Cl 1, LP(1),(2),(4) | 11,078,554 | |||
| Tracer Investors Co-Invest, LP(1),(2),(4) | 9,571,778 | |||
| Truelink Alpine, LP(1),(2),(4) | 5,117,635 | |||
| VCF Compass Co-Investor Holdings II, LP(1),(2),(4) | 1,052,237 | |||
| VCF Compass Co-Investor Holdings, LP(1),(2),(4) | 8,771,162 | |||
| Veregy Parent, LLC(1),(3),(4) | 6,905,461 | |||
| Vistage Equity Investors, LP(1),(2),(4) | - | |||
| Wildcat 21 Co-Invest Fund, LP(1),(2),(4) | 3,846,944 | |||
| WP Gateway Co-Invest, LP(1),(2),(4) | 832 | |||
| Yorkville Partners, LP(1),(2),(4) | 13,620,759 | |||
| 504,464,157 | ||||
| Growth Equity - 3.0% | ||||
| Cheetah Investment Holdings-A, LLC(1),(3),(4),(8) | 18,905,361 | |||
| Curaechoice, Inc.(1),(3),(4),(8) | 5,258,679 | |||
| Ion Pacific Ostrich Echo, LLC(1),(2),(4) | 4,713,729 | |||
| NVP Olipop, LLC(1),(2),(4) | 1,255,173 | |||
| Pinegrove Opportunity Partners I Gold Co-Invest, LP(1),(2),(4),(8) | 5,707,000 | |||
| WestCap Cerebral Co-Invest 2021, LLC(1),(2),(4),(7) | - | |||
| WestCap LoanPal Co-Invest 2020, LLC(1),(3),(4),(7) | 2,830,677 | |||
| 38,670,619 | ||||
| Venture - 1.9% | ||||
| NVP Mars Co-Invest II, LP(1),(3),(4),(8) | 4,916,051 | |||
| NVP Mars Co-Invest, LP(1),(3),(4),(8) | 19,493,200 | |||
| 24,409,251 | ||||
| 567,544,027 | ||||
| Total Direct Investments (Cost $441,710,703) | 633,247,493 | |||
| Primary Funds - 13.7% | ||||
| Credit - 2.1% | ||||
| Opportunistic - 0.0% | ||||
| Lynx EBO Fund I (A), LLC(1),(2),(4) | 5,766 | |||
| Senior Credit - 0.6% | ||||
| Ashgrove Specialty Lending Fund I SCSp RAIF(1),(2),(4) | 582,184 | |||
| Ashgrove Specialty Lending Fund II(1),(2),(4) | 926,916 | |||
| Coller Credit Opportunities I - B, LP(1),(2) | 2,695,689 | |||
| Onex Structured Credit Opportunities International Fund I, LLC(1),(2) | 232,976 | |||
| Tikehau Private Debt Secondaries II SCSp(1),(3),(4),(8) | 2,021,310 | |||
| Tikehau Private Debt Secondaries (Delaware), LP(1),(2),(4) | 1,550,760 | |||
| 8,009,835 | ||||
| Subordinated Credit - 1.5% | ||||
| Blue Owl Asset Special Opportunities IX GP, LP(1),(2),(4),(8) | 6,874,455 | |||
| Eagle Point Enhanced Income Fund US, LP(1),(2),(4) | 11,260,230 | |||
| PBN II-A Equity Holdings, LP(1),(2),(4) | 896,711 | |||
| 19,031,396 | ||||
| 27,046,997 | ||||
| Equity - 11.6% | ||||
| Buyout - 8.8% | ||||
| Avista Healthcare Partners II, LP(1),(2),(4) | 4,723,540 | |||
| BEP Core Fund VIII, LP(1),(3),(4),(8) | 2,112,086 | |||
| Capital Dynamics Global Secondaries VI, LP(1),(2),(4) | 921,752 | |||
| Dawson Portfolio Finance 4, LP(1),(2),(4),(8) | 3,378,720 | |||
| Dawson Portfolio Finance 5, LP(1),(2),(4),(8) | 5,199,330 | |||
| Ethos Capital Investments, LP(1),(2),(4) | 2,773,434 | |||
| FFL Capital Partners V, LP(1),(2),(4),(8) | 10,438,006 | |||
| GenNx360 Capital Partners IV, LP(1),(2),(4),(8) | 1,296,125 | |||
| Gridiron Capital Fund V, LP(1),(2),(4) | 5,272,207 | |||
| ICG LP Secondaries Fund I, LP(1),(2),(4) | 3,799,023 | |||
| MML Keystone SCSp(1),(2),(4),(8) | 3,492,235 | |||
| OceanSound Partners Fund II, LP(1),(2),(4),(8) | 8,627,135 | |||
| OceanSound Partners Fund, LP(1),(2),(4),(8) | 5,798,302 | |||
| Overbay Fund XIV Offshore, LP(1),(2),(4) | 1,775,790 | |||
| Sheridan Capital Partners Fund III, LP(1),(2),(4),(7) | 5,778,854 | |||
| SK Capital Partners VI-A, LP(1),(2),(4) | 10,652,970 | |||
| Soundcore Capital Partners Fund III-A(1),(2),(4) | 3,442,714 | |||
| Sumeru Equity Partners Fund III, LP(1),(2),(4) | 2,465,292 | |||
| Sumeru Equity Partners Fund IV, LP(1),(2),(4) | 3,047,905 | |||
| Triton Fund 6 SCSp(1),(2),(4) | 781,590 | |||
| Truelink Capital Fund I-A, LP(1),(2),(4) | 12,411,356 | |||
| Valeas Capital Partners Fund I, LP(1),(2),(4),(8) | 14,706,694 | |||
| 112,895,060 | ||||
| Growth Equity - 2.4% | ||||
| Ion Pacific Stonecutter III (Cayman), LP(1),(2),(4) | 2,976,304 | |||
| New Vintage Partners Fund I, LP(1),(2),(4),(7) | 5,404,466 | |||
| Pinegrove Opportunity Partners I, LP(1),(2),(4),(8) | 7,456,483 | |||
| Prysm Capital Fund II, LP(1),(3),(4),(8) | 14,270,381 | |||
| WestCap Strategic Operator Fund II, LP(1),(2),(4) | - | |||
| WestCap Strategic Operator U.S. Feeder Fund, LP(1),(3),(4) | - | |||
| 30,107,634 | ||||
| Opportunistic - 0.3% | ||||
| Grain Spectrum Holdings III (Cayman), LP(1),(2),(4) | 4,150,195 | |||
| Real Assets - 0.1% | ||||
| EnCap Energy Transition Fund 1-A, LP(1),(2),(4) | 725,284 | |||
| 147,878,173 | ||||
| Total Primary Funds (Cost $126,803,258) | 174,925,170 | |||
| Private Investment Funds - 2.6% | ||||
| Liquid - 2.1% | ||||
| Bright Meadow Agency MBS Onshore Fund, LP(1),(2),(4) | 8,720,574 | |||
| Saba Capital Carry Neutral Tail Hedge Offshore Fund, Ltd.(1),(2),(4) | 444,702 | |||
| Voleon Composition International Fund(1),(2),(4) | 12,512,946 | |||
| Voloridge Fund, LP(1),(2),(4) | 5,543,083 | |||
| 27,221,305 | ||||
| Senior Credit - 0.5% | ||||
| PIMCO DSCO Fund II Offshore Feeder, LP(1),(2),(4) | 6,150,349 | |||
| Total Private Investment Funds (Cost $28,423,786) | 33,371,654 | |||
| Secondary Funds - 21.4% | ||||
| Credit - 3.3% | ||||
| Senior Credit - 0.9% | ||||
| AG DLI IV (Unlevered), LP(1),(2),(4) | 8,305,815 | |||
| BRCE SPV I, LLC(1),(3),(4) | 146,973 | |||
| Brightwood U.S. Credit Fund, LP(1),(2) | 2,170,105 | |||
| Coller Credit Opportunities I - Annex I, SLP(1),(2) | 815,721 | |||
| 11,438,614 | ||||
| Subordinated Credit - 2.4% | ||||
| CCS Co-Investment Vehicle I, LP(1),(2),(4) | 4,626,808 | |||
| CCS Co-Investment Vehicle 2 (Feeder), LP(1),(2),(4) | 11,360,568 | |||
| Coller Capital CBL Fund II(1),(3),(4) | 5,503,864 | |||
| CRG Partners III - Parallel Fund (A), LP(1),(2),(4) | 1,189,134 | |||
| RREF III Debt Domestic Investors, LP(1),(2),(4),(8) | 6,153,171 | |||
| RREF III Debt Direct Domestic Investors, LP(1),(2),(4),(8) | 2,382,864 | |||
| 31,216,409 | ||||
| 42,655,023 | ||||
| Equity - 18.1% | ||||
| Buyout - 16.9% | ||||
| Adams Street 2009 Direct Fund, LP(1),(2),(4) | 14,064 | |||
| Adams Street 2010 Direct Fund, LP(1),(2),(4) | 18,400 | |||
| Adams Street 2011 Direct Fund, LP(1),(2),(4) | 31,190 | |||
| Adams Street 2011 Non-U.S. Developed Markets Fund, LP(1),(2),(4) | 94,054 | |||
| Adams Street 2011 U.S. Fund, LP(1),(2),(4) | 155,599 | |||
| Adams Street 2013 Global Fund, LP(1),(2),(4) | 1,286,519 | |||
| Adams Street 2014 Global Fund, LP(1),(2),(4) | 722,874 | |||
| Adams Street Partnership Fund 2009 Non-U.S. Developed Markets Fund, LP(1),(2),(4) | 25,710 | |||
| Adams Street Partnership Fund 2009 U.S. Fund, LP(1),(2),(4) | 63,986 | |||
| Adams Street Partnership Fund 2010 Non-U.S. Developed Markets Fund, LP(1),(2),(4) | 55,385 | |||
| Adams Street Partnership Fund 2010 U.S. Fund, LP(1),(2),(4) | 130,468 | |||
| Alchemy Special Opportunities Fund II, LP(1),(2),(4) | 1,186,595 | |||
| Altor Fund IV (No. 1) AB(1),(2),(4) | 5,294,065 | |||
| ASP (Feeder) 2017 Global Fund, LP(1),(2),(4) | 975,225 | |||
| Blue Wolf Capital Fund IV, LP(1),(2),(4) | 4,640,906 | |||
| Brentwood Associates Private Equity VI, LP(1),(2),(4) | 3,122,988 | |||
| Coller International Partners VI Feeder Fund, LP - Class A(1),(2),(4) | 39,388 | |||
| Coller International Partners VII Feeder Fund, LP - Series B(1),(2),(4) | 1,073,507 | |||
| Crown Secondaries Special Opportunities II B, S.C.S.(1),(2),(4) | 3,163,713 | |||
| Crown Secondaries Special Opportunities II, S.C.S.(1),(2),(4) | 8,308,171 | |||
| DBAG Fund VIII A (Guernsey), LP(1),(2),(4),(8) | 7,242,780 | |||
| DBAG Fund VIII B (Guernsey), LP(1),(2),(4),(8) | 1,553,704 | |||
| Gasherbrum Fund II, LP(1),(2),(4) | 5,219,535 | |||
| GENUI II GmbH & Co. geschl. InvKG(1),(2),(4),(8) | 5,221,694 | |||
| Global Infrastructure Partners III-A/B, LP(1),(2),(4),(8) | 1,815,832 | |||
| Graphite Capital Partners VIII D, LP(1),(3),(4) | 2,814,860 | |||
| Great Hill Equity Partners IV, LP(1),(3),(4),(8) | 1,041,277 | |||
| Great Hill Equity Partners V, LP(1),(3),(4),(8) | 3,874,806 |
| ICG Europe Fund VII Feeder SCSp(1),(2),(4) | 4,250,584 | |||
| ICG Ludgate Hill IV-A Leopard, LP(1),(2),(4) | 5,138,747 | |||
| KH Aggregator, LP(1),(2),(4) | 3,692,170 | |||
| Leeds Equity Partners VI, LP(1),(2),(4) | 3,382,202 | |||
| Leeds Equity Partners VII-A, LP(1),(2),(4) | 5,132,929 | |||
| Onex Fund V, LP(1),(2),(4) | 5,328,530 | |||
| Overbay 2025 Fund (International), LP(1),(2),(4) | 8,867,932 | |||
| Overbay 2025 Fund Annual Series Aggregator (AIV V), LP(1),(2),(4),(8) | 10,858,754 | |||
| Overbay Capital Partners 2023 Fund Aggregator, LP(1),(2),(4) | 10,897,048 | |||
| Overbay Capital Partners 2024 Fund Aggregator (AIV VII), LP(1),(2),(4) | 25,967,833 | |||
| Overbay Capital Partners 2024 Fund Aggregator (AIV VI) II, LP(1),(2),(4) | 14,831,312 | |||
| Overbay Fund XIV (AIV III), LP(1),(2),(4) | 672,229 | |||
| Overbay Fund XIV Offshore (AIV), LP(1),(2),(4) | 1,900,467 | |||
| Porcupine Holdings, LP - Class A(1),(2),(4) | 2,557,267 | |||
| Porcupine Holdings, LP - Class B(1),(2),(4) | 1,426,166 | |||
| Portfolio Advisors Secondary Fund II (Offshore), LP(1),(3),(4),(8) | 1,387,901 | |||
| Resolute Fund IV, LP(1),(2),(4) | 3,255,346 | |||
| Resolute III Continuation Fund, LP(1),(2),(4) | 8,838,435 | |||
| Riverview Strategic Opportunities Fund II (Cayman), LP(1),(3),(4) | 771,649 | |||
| Riverview Strategic Opportunities Fund II, LP(1),(3),(4) | 5,473,565 | |||
| SEP Hamilton, LP(1),(3),(4),(7) | 655,448 | |||
| Stirling Square Capital Partners Second Fund, LP(1),(2),(4) | 10,050,557 | |||
| Vistria Agua CV, LP(1),(2),(4),(8) | 20,467,542 | |||
| 214,991,908 | ||||
| Growth Equity - 1.2% | ||||
| Ion Pacific Succession SCSp(1),(2),(4) | 5,732,987 | |||
| NVP Monogram Co-Invest, LP(1),(2),(4),(8) | 8,971,039 | |||
| 14,704,026 | ||||
| Real Assets - 0.0% | ||||
| Global Infrastructure Partners II-C, LP(1),(2),(4) | 243,289 | |||
| 229,939,223 | ||||
| Total Secondary Funds (Cost $198,654,843) | 272,594,246 | |||
| Total Private Investments (Cost $795,592,590) | 1,114,138,563 | |||
| U.S. Treasury Bills - 4.6% | ||||
| United States Treasury Bill, 3.66% OID, 9/3/2026, principal $10,000,000 | 9,910,575 | |||
| United States Treasury Bill, 3.66% OID, 9/3/2026, principal $50,000,000 | 49,552,875 | |||
| Total U.S. Treasury Bills (Cost $59,463,450) | 59,463,450 | |||
| Short-Term Investments - 8.0% | ||||
| UMB Money Market Fiduciary, 0.01%, shares 27,199,100(9),(10) | 27,199,100 | |||
| UMB Money Market II Special, 3.48%, shares 74,652,031(7),(8),(9),(10) | 74,652,031 | |||
| Total Short-Term Investments (Cost $101,851,131) | 101,851,131 | |||
| Total Investments (Cost $956,907,171) - 100.0% | $ | 1,275,453,144 | ||
| Liabilities in excess of other assets - 0.0% | (286,407 | ) | ||
| Net Assets - 100% | $ | 1,275,166,737 |
CSA - Credit Spread Adjustment
EUR - European Union Currency (Euro)
EuriBOR3M - Three Month Euribor Rate
GBP - Great Britain Pound
GP - General Partner
LLC - Limited Liability Company
LP - Limited Partnership
OID - Original Issue Discount
PIK - Payment In Kind
RAIF - Reserved Alternative Investment Fund
SCSp - Special Limited Partnership
SLP - Special Limited Partnership
SOFR1M - One Month Average Secured Overnight Financing Rate
SOFR3M - Three Month Average Secured Overnight Financing Rate
SONIA - Sterling Overnight Index Average
| 1 | Restricted security. The total value of these securities is $1,114,138,563, which represents 87.4% of total net assets of the Fund. Please refer to the Restricted Securities in the Notes to Consolidated Schedule of Investments. |
| 2 | Investment is valued using the Fund's pro rata net asset value (or its equivalent) as a practical expedient. |
| 3 | Level 3 securities fair valued using significant unobservable inputs. The total value of these securities is $206,341,940, which represents 16.2% of total net assets of the Fund. |
| 4 | Non-income producing. |
| 5 | All or a portion of this security is held through a wholly-owned consolidated Subsidiary, Reverb, Ltd. |
| 6 | Affiliated investment for which ownership exceeds 5% of the investment's capital with voting rights. |
| 7 | All or a portion of this security is held through a wholly-owned consolidated Subsidiary, Spartan I, LLC. |
| 8 | All or a portion of this security is held through a wholly-owned consolidated Subsidiary, BRCE Splitter, LLC. |
| 9 | Rate disclosed represents the seven day yield as of the Fund's period end. |
| 10 | The account is an interest-bearing money market deposit account maintained by UMB Bank, n.a. in its capacity as a custodian for various participating custody accounts. The Fund may redeem its investments in whole, or in part, on each business day. |
On June 30, 2026, the Bow River Capital Evergreen Fund had an outstanding forward foreign currency contract with terms as set forth below:
| Currency | Currency | Contract Amount | Unrealized | |||||||||||||||||||
| Settlement Date | Counterparty | Purchased | Sold | Buy | Sell | Value | Depreciation | |||||||||||||||
| September 30, 2026 | Bannockburn Global Forex, LLC | USD | EUR | $ | 57,610,000 | EUR | 50,000,000 | $ | 58,363,341 | $ | (753,341 | ) | ||||||||||
| $ | (753,341 | ) | ||||||||||||||||||||
See accompanying Notes to Consolidated Schedule of Investments.
Bow River Capital Evergreen Fund
Consolidated Summary of Investments
June 30, 2026 (Unaudited)
| Percent of Total | ||||
| Security Type/Geographic Region | Net Assets | |||
| Private Investments | ||||
| North America | 63.1 | % | ||
| Global | 13.8 | % | ||
| Europe | 10.5 | % | ||
| Total Private Investments | 87.4 | % | ||
| U.S. Treasury Bills | 4.6 | % | ||
| Short-Term Investments | 8.0 | % | ||
| Total Investments | 100.0 | % | ||
| Liabilities in excess of other assets | 0.0 | % | ||
| Net Assets | 100.0 | % | ||
See accompanying Notes to Consolidated Schedule of Investments.
Bow River Capital Evergreen Fund
Notes to CONSOLIDATED schedule of investments
JUNE 30, 2026 (unaudited)
Restricted Securities
Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale. The Fund may invest in restricted securities that are consistent with the Fund’s investment objectives and investment strategies. Investments in restricted securities are valued at fair value as determined in good faith in accordance with procedures adopted by the Board of Trustees.
Additional information on each restricted investment held by the Fund on June 30, 2026 is as follows:
| Initial | Fair | % of | ||||||||||||
| Private Investments | Acquisition Date | Cost | Value | Net Assets | ||||||||||
| ACP Hyperdrive Co-Invest, LLC | March 7, 2022 | $ | 2,594,796 | $ | 2,440,300 | 0.2 | % | |||||||
| Adams Street 2009 Direct Fund, LP | April 1, 2022 | 16,764 | 14,064 | 0.0 | % | |||||||||
| Adams Street 2010 Direct Fund, LP | April 1, 2022 | 18,195 | 18,400 | 0.0 | % | |||||||||
| Adams Street 2011 Direct Fund, LP | April 1, 2022 | 31,509 | 31,190 | 0.0 | % | |||||||||
| Adams Street 2011 Non-U.S. Developed Markets Fund, LP | April 1, 2022 | 49,308 | 94,054 | 0.0 | % | |||||||||
| Adams Street 2011 U.S. Fund, LP | April 1, 2022 | 65,944 | 155,599 | 0.0 | % | |||||||||
| Adams Street 2013 Global Fund, LP | April 1, 2022 | 840,002 | 1,286,519 | 0.1 | % | |||||||||
| Adams Street 2014 Global Fund, LP | April 1, 2022 | 432,505 | 722,874 | 0.1 | % | |||||||||
| Adams Street Partnership Fund 2009 Non-U.S. Developed Markets Fund, LP | April 1, 2022 | 11,607 | 25,710 | 0.0 | % | |||||||||
| Adams Street Partnership Fund 2009 U.S. Fund, LP | April 1, 2022 | 58,228 | 63,986 | 0.0 | % | |||||||||
| Adams Street Partnership Fund 2010 Non-U.S. Developed Markets Fund, LP | April 1, 2022 | 34,575 | 55,385 | 0.0 | % | |||||||||
| Adams Street Partnership Fund 2010 U.S. Fund, LP | April 1, 2022 | 74,645 | 130,468 | 0.0 | % | |||||||||
| AE Co-Investment Partners Fund III-R, LP | February 21, 2025 | 8,060,039 | 12,056,039 | 0.9 | % | |||||||||
| AG DLI IV (Unlevered), LP | April 28, 2023 | 4,392,158 | 8,305,815 | 0.7 | % | |||||||||
| Alchemy Special Opportunities Fund II, LP | April 4, 2024 | 701,979 | 1,186,595 | 0.1 | % | |||||||||
| Alpine Investors Iceman CV[-A], LP | October 20, 2023 | 7,270,824 | 11,578,865 | 0.9 | % | |||||||||
| Altor Fund IV (No. 1) AB | August 12, 2022 | 5,330,211 | 5,294,065 | 0.4 | % | |||||||||
| AP DSB Co-Invest II, LP | July 30, 2021 | 1,807,245 | 3,884,110 | 0.3 | % | |||||||||
| AP Goat Co-Invest, LP | January 24, 2025 | 4,484,220 | 4,957,468 | 0.4 | % | |||||||||
| APE VI YQB Co-Invest, LP | March 19, 2026 | 15,372,128 | 15,368,128 | 1.2 | % | |||||||||
| Ashgrove Specialty Lending Fund I SCSp RAIF | December 17, 2021 | 159,981 | 582,184 | 0.0 | % | |||||||||
| Ashgrove Specialty Lending Fund II | August 30, 2024 | 970,867 | 926,916 | 0.1 | % | |||||||||
| ASP (Feeder) 2017 Global Fund, LP | April 1, 2022 | 577,686 | 975,225 | 0.1 | % | |||||||||
| Avista Healthcare Partners II, LP | March 16, 2021 | 2,747,108 | 4,723,540 | 0.4 | % | |||||||||
| Beekeeper TopCo | June 27, 2025 | 5,004,000 | 5,607,815 | 0.4 | % | |||||||||
| BEP Core Fund VIII, LP | June 24, 2026 | 1,922,550 | 2,112,086 | 0.2 | % | |||||||||
| Biloxi Co-Investment Partners, LP | August 13, 2021 | 1,138,146 | 1,963,803 | 0.2 | % | |||||||||
| Blue Owl Asset Special Opportunities IX GP, LP | October 31, 2025 | 5,910,387 | 6,874,455 | 0.5 | % | |||||||||
| Blue Wolf Capital Fund IV, LP | December 31, 2024 | 2,699,746 | 4,640,906 | 0.4 | % | |||||||||
| BRCE SPV I, LLC | May 22, 2020 | - | 146,973 | 0.0 | % | |||||||||
| Brentwood Associates Private Equity VI, LP | December 31, 2024 | 1,856,674 | 3,122,988 | 0.2 | % | |||||||||
| Bright Meadow Agency MBS Onshore Fund, LP | April 4, 2025 | 8,004,000 | 8,720,574 | 0.7 | % | |||||||||
| Brightwood U.S. Credit Fund, LP | September 13, 2024 | 1,218,679 | 2,170,105 | 0.2 | % | |||||||||
| Butterfly Nourish Co-Invest, LP | February 3, 2023 | 2,627,872 | 12,388,389 | 1.0 | % | |||||||||
| BW Colson Co-Invest Feeder (Cayman), LP | March 15, 2021 | 3,109,989 | 6,294,848 | 0.5 | % | |||||||||
| BW Phoenix Co-Invest, LP | February 9, 2024 | 7,070,897 | 13,477,998 | 1.1 | % | |||||||||
| Capital Dynamics Global Secondaries VI, LP | December 27, 2024 | 721,730 | 921,752 | 0.1 | % | |||||||||
| Carlyle Riser Co-Investment, LP | November 11, 2022 | - | 1,801,240 | 0.1 | % | |||||||||
| CCS Co-Investment Vehicle 2 (Feeder), LP | December 20, 2024 | 7,990,217 | 11,360,568 | 0.9 | % | |||||||||
| CCS Co-Investment Vehicle I, LP | March 29, 2024 | 3,464,234 | 4,626,808 | 0.4 | % | |||||||||
| Certus NDT Group Holdings LLC | June 26, 2026 | 209,962 | 205,962 | 0.0 | % | |||||||||
| CF24XB SCSp | September 23, 2025 | 10,310,849 | 11,140,843 | 0.9 | % | |||||||||
| Cheetah Investment Holdings-A, LLC | October 10, 2025 | 4,792,830 | 18,905,361 | 1.5 | % | |||||||||
| CIP IX Co-Investment Vehicle 2, LP | April 4, 2025 | 9,822,347 | 12,355,652 | 1.0 | % | |||||||||
| CL-EA Co-Investment Opportunities I, LP | June 14, 2024 | 4,459,831 | 6,501,403 | 0.5 | % | |||||||||
| ClearScale, LLC T/L A | February 19, 2025 | 597,627 | 901,669 | 0.1 | % | |||||||||
| Coller Capital CBL Fund II | October 11, 2024 | 5,386,793 | 5,503,864 | 0.4 | % | |||||||||
| Coller Credit Opportunities I - Annex I, SLP | July 29, 2021 | - | 815,721 | 0.1 | % | |||||||||
| Coller Credit Opportunities I - B, LP | January 5, 2022 | 1,330,650 | 2,695,689 | 0.2 | % | |||||||||
| Coller International Partners VI Feeder Fund, LP - Class A | January 14, 2022 | - | 39,388 | 0.0 | % | |||||||||
| Coller International Partners VII Feeder Fund, LP - Series B | October 1, 2020 | - | 1,073,507 | 0.1 | % | |||||||||
| Constellation 2022, LP | August 12, 2022 | 1,319,965 | 5,221,928 | 0.4 | % | |||||||||
| Corsair Amore Investors, LP | May 27, 2022 | 5,912,778 | 1,891,855 | 0.1 | % | |||||||||
| Corsair Blade IV (Luxembourg) S.a.r.l. | April 12, 2024 | 4,341,275 | 4,467,914 | 0.3 | % | |||||||||
| Corsair Riva Munich Co-Investment, LP | March 28, 2025 | 5,165,183 | 9,196,860 | 0.7 | % | |||||||||
| Coyote 2021, LP | March 29, 2021 | - | 1,673,085 | 0.1 | % | |||||||||
| CRG Partners III - Parallel Fund (A), LP | December 31, 2022 | 1,876,669 | 1,189,134 | 0.1 | % | |||||||||
| Crown Secondaries Special Opportunities II B, S.C.S. | September 26, 2024 | 2,292,339 | 3,163,713 | 0.2 | % | |||||||||
| Crown Secondaries Special Opportunities II, S.C.S. | September 26, 2024 | 6,598,715 | 8,308,171 | 0.7 | % | |||||||||
| Cub SPV, LP | June 26, 2026 | 9,094,909 | 9,090,909 | 0.7 | % | |||||||||
| Curaechoice, Inc. | February 2, 2026 | 5,030,000 | 5,258,679 | 0.4 | % | |||||||||
| Initial | Fair | % of | ||||||||||||
| Private Investments | Acquisition Date | Cost | Value | Net Assets | ||||||||||
| Dawson Portfolio Finance 4, LP | November 10, 2020 | 1,843,047 | 3,378,720 | 0.3 | % | |||||||||
| Dawson Portfolio Finance 5, LP | February 24, 2022 | 4,003,588 | 5,199,330 | 0.4 | % | |||||||||
| DBAG Fund VIII A (Guernsey), LP | June 30, 2026 | 6,183,108 | 7,242,780 | 0.6 | % | |||||||||
| DBAG Fund VIII B (Guernsey), LP | June 30, 2026 | 1,374,028 | 1,553,704 | 0.1 | % | |||||||||
| Digital Alpha Solutions Fund, LP | October 28, 2022 | 2,523,594 | 4,618,536 | 0.4 | % | |||||||||
| DSG Group Holdings, LP | September 9, 2022 | 5,585,674 | 10,981,568 | 0.9 | % | |||||||||
| Eagle Point Co-Invest II, LP | September 3, 2025 | 4,510,756 | 4,699,698 | 0.4 | % | |||||||||
| Eagle Point Enhanced Income Fund US, LP | July 11, 2025 | 10,696,916 | 11,260,230 | 0.9 | % | |||||||||
| Eagle Point SRT Co-Invest I, LP | October 18, 2024 | 2,616,521 | 2,784,879 | 0.2 | % | |||||||||
| Enak Aggregator, LP | January 18, 2022 | 2,861,507 | 4,416,684 | 0.3 | % | |||||||||
| EnCap Energy Transition Fund 1-A, LP | April 21, 2021 | - | 725,284 | 0.1 | % | |||||||||
| Ethos Capital Digital Infrastructure, LP | December 15, 2025 | 2,955,238 | 3,790,466 | 0.3 | % | |||||||||
| Ethos Capital Investments, LP | August 16, 2023 | 697,623 | 2,773,434 | 0.2 | % | |||||||||
| Falcon Co-Investment Partners, LP | January 26, 2022 | 3,031,576 | 3,028,250 | 0.2 | % | |||||||||
| FFL Capital Partners V, LP | June 16, 2022 | 5,823,465 | 10,438,006 | 0.8 | % | |||||||||
| First Reserve Ascent Opportunities Feeder Fund, LP | September 29, 2025 | 5,906,956 | 9,329,334 | 0.7 | % | |||||||||
| Gasherbrum Fund II, LP | May 30, 2024 | 3,141,260 | 5,219,535 | 0.4 | % | |||||||||
| GenNx360 Capital Partners IV, LP | April 23, 2026 | 807,766 | 1,296,125 | 0.1 | % | |||||||||
| GENUI II GmbH & Co. geschl. InvKG | June 30, 2026 | 4,735,048 | 5,221,694 | 0.4 | % | |||||||||
| Global Infrastructure Partners II-C, LP | January 14, 2022 | - | 243,289 | 0.0 | % | |||||||||
| Global Infrastructure Partners III-A/B, LP | September 29, 2025 | 1,255,314 | 1,815,832 | 0.1 | % | |||||||||
| Grain Spectrum Holdings III (Cayman), LP | October 28, 2020 | 2,732,227 | 4,150,195 | 0.3 | % | |||||||||
| Graphite Capital Partners VIII D, LP | June 30, 2020 | - | 2,814,860 | 0.2 | % | |||||||||
| Great Hill Equity Partners IV, LP | March 31, 2026 | 976,665 | 1,041,277 | 0.1 | % | |||||||||
| Great Hill Equity Partners V, LP | March 31, 2026 | 3,063,093 | 3,874,806 | 0.3 | % | |||||||||
| Gridiron Capital Fund V, LP | November 27, 2023 | 4,455,069 | 5,272,207 | 0.4 | % | |||||||||
| H.I.G. Starlite-B Co-Investment, LP | April 11, 2025 | 7,754,211 | 7,570,837 | 0.6 | % | |||||||||
| Hg Vega Co-Invest, LP | May 10, 2024 | 7,016,708 | 9,409,159 | 0.7 | % | |||||||||
| HHC InXpress Group CV, LP | January 21, 2026 | 4,680,433 | 6,294,192 | 0.5 | % | |||||||||
| ICG Europe Fund VII Feeder SCSp | April 4, 2024 | 160,642 | 4,250,584 | 0.3 | % | |||||||||
| ICG LP Secondaries Fund I, LP | July 31, 2023 | 3,129,875 | 3,799,023 | 0.3 | % | |||||||||
| ICG Ludgate Hill IV-A Leopard, LP | July 31, 2023 | 3,592,175 | 5,138,747 | 0.4 | % | |||||||||
| Ion Pacific Ostrich Echo, LLC | August 18, 2025 | 3,083,063 | 4,713,729 | 0.4 | % | |||||||||
| Ion Pacific Stonecutter III (Cayman), LP | July 31, 2025 | 2,560,674 | 2,976,304 | 0.2 | % | |||||||||
| Ion Pacific Succession SCSp | September 19, 2025 | 5,249,708 | 5,732,987 | 0.4 | % | |||||||||
| ISH Co-Investment Aggregator, LP | May 6, 2021 | 2,311,692 | 2,306,281 | 0.2 | % | |||||||||
| IvyRehab Holdings, LLC | August 25, 2023 | 8,004,000 | 10,967,751 | 0.9 | % | |||||||||
| Kelso XI Astra Co-Investment, LP | January 30, 2026 | 15,171,709 | 17,704,346 | 1.4 | % | |||||||||
| KH Aggregator, LP | November 30, 2020 | 1,302,050 | 3,692,170 | 0.3 | % | |||||||||
| KKR Game Changer Co-Invest, LP | May 30, 2024 | 6,004,000 | 8,400,000 | 0.7 | % | |||||||||
| Leeds Equity Partners VI, LP | December 31, 2024 | 3,199,132 | 3,382,202 | 0.3 | % | |||||||||
| Leeds Equity Partners VII-A, LP | December 31, 2024 | 4,708,204 | 5,132,929 | 0.4 | % | |||||||||
| LH Equity Investors, LP | September 3, 2025 | 14,441,500 | 20,387,689 | 1.6 | % | |||||||||
| LJ Ranger Co-Invest, LP | November 14, 2025 | 9,696,598 | 13,206,650 | 1.0 | % | |||||||||
| Lynx EBO Fund I (A), LLC | December 18, 2020 | - | 5,766 | 0.0 | % | |||||||||
| MML Keystone SCSp | January 26, 2026 | 3,007,914 | 3,492,235 | 0.3 | % | |||||||||
| MML Stratos Investco, Ltd. | February 24, 2026 | 5,903,500 | 5,711,022 | 0.4 | % | |||||||||
| NCS Investment, LP | June 12, 2025 | 5,064,000 | 6,338,993 | 0.5 | % | |||||||||
| New Vintage Partners Fund I, LP | March 28, 2025 | 3,980,288 | 5,404,466 | 0.4 | % | |||||||||
| Nexus Apex Holdings, LLC | March 19, 2026 | 14,670,426 | 14,666,426 | 1.1 | % | |||||||||
| NVP Mars Co-Invest II, LP | December 26, 2025 | 1,504,000 | 4,916,051 | 0.4 | % | |||||||||
| NVP Mars Co-Invest, LP | September 26, 2025 | 5,004,000 | 19,493,200 | 1.5 | % | |||||||||
| NVP Monogram Co-Invest, LP | March 28, 2025 | 6,235,932 | 8,971,039 | 0.7 | % | |||||||||
| NVP Olipop, LLC | July 31, 2025 | 1,271,348 | 1,255,173 | 0.1 | % | |||||||||
| OceanSound Partners Co-Invest II, LP - Series B | November 5, 2021 | 3,897,268 | 12,323,914 | 1.0 | % | |||||||||
| OceanSound Partners Co-Invest II, LP - Series E | December 16, 2022 | 73,529 | 13,944,485 | 1.1 | % | |||||||||
| OceanSound Partners Fund II, LP | January 12, 2024 | 6,446,207 | 8,627,135 | 0.7 | % | |||||||||
| OceanSound Partners Fund, LP | December 27, 2021 | 1,967,395 | 5,798,302 | 0.5 | % | |||||||||
| OceanSound SMX Continuation Fund, LP | March 29, 2024 | 5,220,514 | 7,247,356 | 0.6 | % | |||||||||
| OceanSound SMX Rollover, LP | March 29, 2024 | 1,482,722 | 2,070,521 | 0.2 | % | |||||||||
| Onex Fund V, LP | September 30, 2022 | 2,647,597 | 5,328,530 | 0.4 | % | |||||||||
| Onex OD Co-Invest, LP | November 9, 2020 | - | 3,493,053 | 0.3 | % | |||||||||
| Onex Partners V Leaf, LP | June 30, 2026 | 318,162 | 318,261 | 0.0 | % | |||||||||
| Onex Structured Credit Opportunities International Fund I, LLC | May 11, 2021 | - | 232,976 | 0.0 | % | |||||||||
| OSP Co-Invest II, LP | January 5, 2024 | 5,952,971 | 13,103,336 | 1.0 | % | |||||||||
| Overbay 2025 Fund (International), LP | August 29, 2025 | 7,004,000 | 8,867,932 | 0.7 | % | |||||||||
| Overbay 2025 Fund Annual Series Aggregator (AIV V), LP | November 4, 2025 | 9,104,000 | 10,858,754 | 0.9 | % | |||||||||
| Overbay Capital Partners 2023 Fund Aggregator, LP | September 30, 2024 | 7,707,525 | 10,897,048 | 0.9 | % | |||||||||
| Overbay Capital Partners 2024 Fund Aggregator (AIV VI) II, LP | May 23, 2025 | 9,964,000 | 14,831,312 | 1.2 | % | |||||||||
| Overbay Capital Partners 2024 Fund Aggregator (AIV VII), LP | April 25, 2025 | 21,019,072 | 25,967,833 | 2.0 | % | |||||||||
| Overbay Fund XIV (AIV III), LP | March 26, 2021 | - | 672,229 | 0.1 | % | |||||||||
| Overbay Fund XIV Offshore (AIV), LP | January 5, 2021 | 43,601 | 1,900,467 | 0.1 | % | |||||||||
| Overbay Fund XIV Offshore, LP | January 22, 2021 | 253,046 | 1,775,790 | 0.1 | % | |||||||||
| Palmer Square Loan Funding 2021-3, Ltd. | July 9, 2021 | 150,735 | 8,400 | 0.0 | % | |||||||||
| Palms Co-Investment Partners, LP | June 3, 2022 | 3,815,660 | 4,311,347 | 0.3 | % | |||||||||
| Initial | Fair | % of | ||||||||||||
| Private Investments | Acquisition Date | Cost | Value | Net Assets | ||||||||||
| PARIOU SLP | October 14, 2022 | 5,063,971 | 7,763,753 | 0.6 | % | |||||||||
| Pathstone Family Office, LLC | May 16, 2023 | 2,953,270 | 2,882,543 | 0.2 | % | |||||||||
| PBN II-A Equity Holdings, LP | August 4, 2025 | 634,653 | 896,711 | 0.1 | % | |||||||||
| PIMCO DSCO Fund II Offshore Feeder, LP | June 30, 2020 | 4,205,485 | 6,150,349 | 0.5 | % | |||||||||
| Pinegrove Opportunity Partners I Gold Co-Invest, LP | October 31, 2025 | 5,078,083 | 5,707,000 | 0.4 | % | |||||||||
| Pinegrove Opportunity Partners I, LP | September 26, 2025 | 6,292,008 | 7,456,483 | 0.6 | % | |||||||||
| Polaris Newco | June 18, 2021 | 1,944,556 | 1,655,650 | 0.1 | % | |||||||||
| Porcupine Holdings, LP - Class A | December 29, 2021 | 1,456,380 | 2,557,267 | 0.2 | % | |||||||||
| Porcupine Holdings, LP - Class B | December 29, 2021 | 2,010,512 | 1,426,166 | 0.1 | % | |||||||||
| Portfolio Advisors Secondary Fund II (Offshore), LP | March 31, 2026 | 909,796 | 1,387,901 | 0.1 | % | |||||||||
| Project Stream Co-Invest Fund, LP | October 1, 2021 | 2,238,076 | 2,317,480 | 0.2 | % | |||||||||
| Prysm Capital Fund II, LP | October 20, 2025 | 8,990,633 | 14,270,381 | 1.1 | % | |||||||||
| PS Co-Invest II, LP | November 6, 2025 | 3,110,154 | 3,144,211 | 0.2 | % | |||||||||
| PSC Tiger, LP | September 6, 2024 | 8,677,877 | 10,774,124 | 0.8 | % | |||||||||
| QHP Sapphire SPV, LP | October 20, 2025 | 18,127,291 | 22,463,799 | 1.8 | % | |||||||||
| Resolute Fund IV, LP | December 31, 2024 | 2,333,808 | 3,255,346 | 0.3 | % | |||||||||
| Resolute III Continuation Fund, LP | September 27, 2024 | 8,350,393 | 8,838,435 | 0.7 | % | |||||||||
| Riverview Strategic Opportunities Fund II (Cayman), LP | March 31, 2026 | 448,148 | 771,649 | 0.1 | % | |||||||||
| Riverview Strategic Opportunities Fund II, LP | March 31, 2026 | 2,871,931 | 5,473,565 | 0.4 | % | |||||||||
| RREF III Debt Direct Domestic Investors, LP | October 10, 2025 | 1,802,293 | 2,382,864 | 0.2 | % | |||||||||
| RREF III Debt Domestic Investors, LP | October 10, 2025 | 4,631,010 | 6,153,171 | 0.5 | % | |||||||||
| Saba Capital Carry Neutral Tail Hedge Offshore Fund, Ltd. | January 28, 2022 | 2,554,659 | 444,702 | 0.0 | % | |||||||||
| SANCY SLP | October 14, 2022 | 1,706,492 | 1,425,564 | 0.1 | % | |||||||||
| Sand Trust Series 21-1A - Class SUB | November 6, 2021 | 916,162 | 434,300 | 0.0 | % | |||||||||
| SCPCV-A, LP | March 29, 2024 | 7,022,172 | 6,019,752 | 0.5 | % | |||||||||
| SEP Hamilton III Aggregator, LP | August 17, 2020 | 2,524,990 | 3,059,781 | 0.2 | % | |||||||||
| SEP Hamilton, LP | June 30, 2023 | 941,500 | 655,448 | 0.1 | % | |||||||||
| SEP Skyhawk Fund III Aggregator II, LP | April 25, 2025 | 221,252 | 550,517 | 0.0 | % | |||||||||
| SEP Skyhawk Fund III Aggregator, LP | July 9, 2021 | 512,631 | 249,632 | 0.0 | % | |||||||||
| Sheridan Capital Partners Fund III, LP | March 31, 2023 | 2,737,072 | 5,778,854 | 0.5 | % | |||||||||
| Silver Lake Strategic Investors VI, LP | June 2, 2023 | 5,010,309 | 6,180,857 | 0.5 | % | |||||||||
| SK Capital Partners VI-A, LP | April 26, 2024 | 5,417,324 | 10,652,970 | 0.8 | % | |||||||||
| Soundcore Capital Partners Fund III-A | July 18, 2025 | 3,919,175 | 3,442,714 | 0.3 | % | |||||||||
| Soundcore Fund III REP CI-A, LP | November 12, 2025 | 3,004,000 | 3,177,049 | 0.2 | % | |||||||||
| Soundcore Fund III RR CI-A, LP | July 31, 2025 | 5,004,000 | 6,069,865 | 0.5 | % | |||||||||
| Soundcore Fund III TS CI-A, LP | August 28, 2025 | 3,004,000 | 2,962,630 | 0.2 | % | |||||||||
| Sprinkler 2024 Co-Investment I (Feeder) SCSp | March 14, 2025 | 9,981,285 | 16,509,262 | 1.3 | % | |||||||||
| Steamboat Credit Opportunities I, LLC | February 4, 2026 | 11,193,163 | 11,347,251 | 0.9 | % | |||||||||
| Stirling Square Capital Partners Second Fund, LP | June 30, 2026 | 7,502,383 | 10,050,557 | 0.8 | % | |||||||||
| Sumeru Equity Partners Fund III, LP | December 8, 2020 | 2,198,477 | 2,465,292 | 0.2 | % | |||||||||
| Sumeru Equity Partners Fund IV, LP | September 2, 2022 | 2,991,988 | 3,047,905 | 0.2 | % | |||||||||
| T6 Co-Invest B, LP | August 20, 2025 | 8,116,118 | 11,155,607 | 0.9 | % | |||||||||
| TCV Beat Co., LP | September 27, 2024 | 7,068,051 | 9,187,073 | 0.7 | % | |||||||||
| Tikehau Private Debt Secondaries (Delaware), LP | November 4, 2022 | 502,984 | 1,550,760 | 0.1 | % | |||||||||
| Tikehau Private Debt Secondaries II SCSp | March 27, 2026 | 1,855,487 | 2,021,310 | 0.2 | % | |||||||||
| TPG IX Evergreen Cl 1, LP | November 22, 2023 | 7,363,677 | 11,078,554 | 0.9 | % | |||||||||
| Tracer Investors Co-Invest, LP | July 18, 2025 | 9,604,000 | 9,571,778 | 0.8 | % | |||||||||
| Triton Fund 6 SCSp | August 28, 2025 | 75,463 | 781,590 | 0.1 | % | |||||||||
| Truelink Alpine, LP | July 31, 2024 | - | 5,117,635 | 0.4 | % | |||||||||
| Truelink Capital Fund I-A, LP | July 31, 2024 | 9,034,001 | 12,411,356 | 1.0 | % | |||||||||
| Valeas Capital Partners Fund I, LP | October 31, 2024 | 8,399,479 | 14,706,694 | 1.2 | % | |||||||||
| VCF Compass Co-Investor Holdings II, LP | April 25, 2024 | 790,253 | 1,052,237 | 0.1 | % | |||||||||
| VCF Compass Co-Investor Holdings, LP | April 25, 2024 | 6,004,484 | 8,771,162 | 0.7 | % | |||||||||
| VCPF III Co-Invest 1-A, LP | May 13, 2021 | 1,938,145 | 2,971,044 | 0.2 | % | |||||||||
| Veregy Parent, LLC | November 3, 2020 | 1,757,707 | 6,905,461 | 0.5 | % | |||||||||
| Vistage Equity Investors, LP | July 22, 2022 | 5,004,000 | - | 0.0 | % | |||||||||
| Vistria Agua CV, LP | September 29, 2025 | 16,711,153 | 20,467,542 | 1.6 | % | |||||||||
| Voleon Composition International Fund | February 29, 2024 | 10,004,000 | 12,512,946 | 1.0 | % | |||||||||
| Voloridge Fund, LP | November 1, 2020 | 3,655,642 | 5,543,083 | 0.4 | % | |||||||||
| WestCap Cerebral Co-Invest 2021, LLC | June 17, 2021 | 266,870 | - | 0.0 | % | |||||||||
| WestCap LoanPal Co-Invest 2020, LLC | December 18, 2020 | 2,504,984 | 2,830,677 | 0.2 | % | |||||||||
| WestCap Strategic Operator Fund II, LP | July 31, 2021 | 5,749,075 | - | 0.0 | % | |||||||||
| WestCap Strategic Operator U.S. Feeder Fund, LP | February 5, 2021 | 1,837,066 | - | 0.0 | % | |||||||||
| Wildcat 21 Co-Invest Fund, LP | August 13, 2021 | 1,912,397 | 3,846,944 | 0.3 | % | |||||||||
| WP Gateway Co-Invest, LP | October 2, 2023 | - | 832 | 0.0 | % | |||||||||
| Yorkville Partners, LP | November 18, 2024 | 10,004,000 | 13,620,759 | 1.1 | % | |||||||||
| $ | 795,592,590 | $ | 1,114,138,563 | 87.4 | % | |||||||||