CAZ STRATEGIC OPPORTUNITIES FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2026 (Unaudited)
| COMMON STOCKS - 4.2% | Shares | Cost | Value | |||||||||
| ENERGY - 0.1% | ||||||||||||
| OIL & GAS PRODUCERS - 0.1% | ||||||||||||
| EagleRock Land, LLC - Class A (a) | 50,000 | $ | 925,000 | $ | 1,062,500 | |||||||
| FINANCIALS - 2.5% | ||||||||||||
| ASSET MANAGEMENT - 2.5% | ||||||||||||
| Bain Capital Specialty Finance, Inc. | 229,600 | 2,998,345 | 2,874,592 | |||||||||
| Blue Owl Capital Corporation | 259,730 | 3,001,080 | 2,823,265 | |||||||||
| Carlyle Secured Lending, Inc. | 264,800 | 2,999,152 | 2,788,344 | |||||||||
| Golub Capital BDC, Inc. | 247,651 | 3,001,330 | 3,189,745 | |||||||||
| Morgan Stanley Direct Lending Fund | 195,545 | 2,993,027 | 2,956,640 | |||||||||
| Pershing Square, Inc. (a)(e) | 152,946 | 4,000,000 | 5,025,806 | |||||||||
| 18,992,934 | 19,658,392 | |||||||||||
| INDUSTRIALS - 1.2% | ||||||||||||
| AEROSPACE & DEFENSE - 0.3% | ||||||||||||
| York Space Systems, Inc. (a) | 92,174 | 2,500,000 | 2,269,324 | |||||||||
| ELECTRICAL EQUIPMENT - 0.9% | ||||||||||||
| NuScale Power Corporation (a) | 141,000 | 2,204,698 | 1,414,230 | |||||||||
| X-Energy, Inc. (a) | 319,567 | 4,730,005 | 5,867,250 | |||||||||
| 6,934,703 | 7,281,480 | |||||||||||
| UTILITIES - 0.4% | ||||||||||||
| ELECTRIC UTILITIES - 0.2% | ||||||||||||
| OKLO, Inc (a) | 35,000 | 2,193,639 | 1,831,550 | |||||||||
| GAS & WATER UTILITIES - 0.2% | ||||||||||||
| WaterBridge Infrastructure, LLC - Class A | 37,500 | 750,056 | 1,285,125 | |||||||||
| TOTAL COMMON STOCKS | $ | 32,296,332 | $ | 33,388,371 | ||||||||
| PRIVATE INVESTMENTS - 93.6% | Acquisition Date | Principal | Cost | Value | ||||||||||
| CO-INVESTMENTS - 42.0% | ||||||||||||||
| CREDIT - 0.2% | ||||||||||||||
| CONSUMER DISCRETIONARY - 0.2% | ||||||||||||||
Blue Owl HomeCourt Purple LLC (b)(c)(d)(h) 12/29/2030, 3.76% | 12/29/2025 | $ | 1,904,762 | $ | 1,904,762 | $ | 1,904,762 | |||||||
CAZ STRATEGIC OPPORTUNITIES FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2026 (Unaudited) (Continued)
| PRIVATE INVESTMENTS - 93.6% (Continued) | Acquisition Date | Shares | Cost | Value | ||||||||||
| CO-INVESTMENTS - 42.0% (Continued) | ||||||||||||||
| EQUITY – 41.8% | ||||||||||||||
| AEROSPACE AND DEFENSE - 3.7% | ||||||||||||||
| AE Co-Investment Partners Fund III-R, LP (a)(b)(c)(d) | 12/19/2024 | – | $ | 2,014,010 | $ | 3,002,607 | ||||||||
| Caffeinated Capital Onebrief SPV, LLC (a)(b)(c)(d) | 11/29/2024 | – | 2,000,000 | 4,332,700 | ||||||||||
| Caffeinated Capital Saronic SPV, LLC (a)(b)(c)(d) | 6/18/2024 | – | 1,000,000 | 4,462,256 | ||||||||||
| Caffeinated Capital Varda SPV II, LLC (a)(b)(c)(d) | 9/6/2024 | – | 2,000,000 | 3,100,237 | ||||||||||
| Overmatch Apex SPV LLC, Class A (a)(c)(d) | 8/28/2025 | 2,941,176 | 2,970,588 | 2,941,176 | ||||||||||
| Snowpoint Growth I.VI, LLC (a)(b)(c)(d) | 11/26/2024 | – | 3,117,390 | 3,052,163 | ||||||||||
| Tamarack Global Impulse Space II, LP, Class A (a)(b)(c)(d) | 8/22/2024 | – | 1,500,000 | 3,791,331 | ||||||||||
| WH Strategic Opportunities Fund IV LP, Class B (a)(c)(d) | 8/29/2025 | 2,058,824 | 2,058,824 | 2,052,951 | ||||||||||
| WH Strategic Opportunities Fund XI LP, Class A (a)(c)(d) | 12/18/2025 | 2,500,000 | 2,512,500 | 2,508,855 | ||||||||||
| 19,173,312 | 29,244,276 | |||||||||||||
| CONSUMER DISCRETIONARY - 4.8% | ||||||||||||||
| 26N Nova Co-Investment Partners LP (a)(b)(c)(d) | 10/16/2025 | – | 10,000,000 | 10,772,378 | ||||||||||
| Arctos Florida Co-Investment Holdings Feeder, LP (a)(b)(c)(d) | 6/5/2025 | – | 4,660,535 | 4,506,856 | ||||||||||
| ASP II AMR Co-Invest, LP (a)(b)(c)(d)(e) | 6/3/2024 | – | 3,574,312 | 5,688,721 | ||||||||||
| ASP II Project Striker Co-Invest, LP (a)(b)(c)(d) | 12/6/2024 | – | 3,336,934 | 4,101,504 | ||||||||||
| Blue Owl HomeCourt Purple LLC (a)(b)(c)(d) | 12/29/2025 | – | 8,517,077 | 13,402,875 | ||||||||||
| 30,088,858 | 38,472,334 | |||||||||||||
| CONSUMER STAPLES - 1.3% | ||||||||||||||
| Velocity Made Food, LP (a)(b)(c)(d) | 6/12/2025 | – | 5,062,688 | 10,266,515 | ||||||||||
| DIVERSIFIED - 0.8% | ||||||||||||||
| Vistria Agua CV (FT), LP (a)(b)(c)(d) | 1/15/2026 | – | 4,252,048 | 6,054,055 | ||||||||||
| ENERGY - 3.6% | ||||||||||||||
| Cogentrix Co-Investment Fund-D, LP (a)(b)(c)(d) | 1/31/2025 | – | 875,350 | 1,713,049 | ||||||||||
| EIP Chisos I, LP (a)(b)(c)(d)(e) | 3/18/2026 | – | 1,982,928 | 1,982,271 | ||||||||||
| EnCap Energy Capital Fund VIII Co-Investors, LP (a)(b)(c)(d)(e) | 10/21/2025 | – | 533,302 | 596,173 | ||||||||||
| EnCap Energy Capital Fund VIII MergeCo, LP (a)(b)(c)(d)(e) | 10/21/2025 | – | 1,773,201 | 1,987,650 | ||||||||||
CAZ STRATEGIC OPPORTUNITIES FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2026 (Unaudited) (Continued)
| PRIVATE INVESTMENTS - 93.6% (Continued) | Acquisition Date | Shares | Cost | Value | ||||||||||
| CO-INVESTMENTS - 42.0% (Continued) | ||||||||||||||
| EQUITY – 41.8% (Continued) | ||||||||||||||
| ENERGY - 3.6% (Continued) | ||||||||||||||
| ENR Avant Infrastructure Blocker LP (a)(b)(c)(d) | 5/7/2026 | – | $ | 2,662,439 | $ | 2,662,439 | ||||||||
| ENR Denali-Avant SPV, LP (a)(b)(c)(d) | 11/13/2025 | – | 4,844,052 | 4,740,297 | ||||||||||
| Equitime SES B Share Investor, LLC (a)(b)(d)(f)(g) | 3/13/2026 | – | 1,397,950 | 1,397,950 | ||||||||||
| Equitime SES Investor, LLC (a)(b)(d)(f)(g) | 6/3/2025 | – | 1,848,275 | 1,848,275 | ||||||||||
| Firebird Co-Investment Fund-D, LP (a)(b)(c)(d) | 11/15/2024 | – | 435,203 | 1,033,930 | ||||||||||
| Five Point Natural Gas Yield Fund II Blocker LLC (a)(b)(c)(d) | 3/5/2026 | – | 2,097,273 | 2,402,891 | ||||||||||
| HEQ II Co-Investment Fund-D, LP (a)(b)(c)(d) | 11/15/2024 | – | 394,150 | 657,934 | ||||||||||
| Hercules CV, LP (a)(b)(c)(d)(e) | 5/15/2024 | – | – | 93,775 | ||||||||||
| Kimmeridge SoTex Feeder Fund III, LP (a)(b)(c)(d) | 6/30/2026 | – | 5,000,000 | 5,000,000 | ||||||||||
| QB Energy Co-Investment Fund-D, LP (a)(b)(c)(d) | 11/15/2024 | – | 481,705 | 769,813 | ||||||||||
| Quantum Energy Partners VIII-D Co-Investment Fund, LP (a)(b)(c)(d) | 9/11/2024 | – | 1,168,891 | 1,657,133 | ||||||||||
| 25,494,719 | 28,543,580 | |||||||||||||
| FINANCIALS - 7.4% | ||||||||||||||
| APH Extended Value Fund H LP (a)(b)(c)(d) | 1/30/2025 | – | 4,976,382 | 5,809,901 | ||||||||||
| Arctos Keystone Atlas Co-Invest A, LP (a)(b)(c)(d) | 2/3/2025 | – | 5,414,930 | 6,940,057 | ||||||||||
| Blackstone Strategic Capital Holdings II (Vol Co-Invest) LLC (a)(b)(c)(d) | 10/10/2025 | – | 3,729,512 | 5,043,158 | ||||||||||
| Bonaccord Pier AH Aggregator, LP (a)(b)(c)(d)(e) | 3/11/2026 | – | 1,559,091 | 1,585,401 | ||||||||||
| Bonaccord Pier IH Aggregator, LP (a)(b)(c)(d)(e) | 3/11/2026 | – | 604,545 | 604,253 | ||||||||||
| Endurance Parallel Offshore LP (a)(b)(c)(d) | 8/21/2024 | – | 6,013,892 | 7,092,308 | ||||||||||
| Hedosophia SP B LP, Series B (a)(b)(c)(d) | 7/24/2025 | – | 5,196,123 | 5,676,761 | ||||||||||
| JCF V Co-Invest E LP (a)(b)(c)(d) | 6/23/2025 | – | 2,020,000 | 2,404,641 | ||||||||||
| JCF V Co-Invest River LP (a)(b)(c)(d) | 6/2/2025 | – | 5,279,064 | 6,011,079 | ||||||||||
| LM Simba CV Feeder LP (a)(b)(c)(d) | 1/13/2026 | – | 8,260,004 | 9,726,047 | ||||||||||
| Olympus Parallel Offshore, LP (a)(b)(c)(d) | 9/29/2025 | – | 2,154,981 | 1,997,965 | ||||||||||
| PACT-CAZ Offshore Feeder, LP (a)(b)(c)(d) | 11/7/2025 | – | 1,901,064 | 1,966,049 | ||||||||||
| Reverence Capital Partners Olympus CV LP (a)(b)(c)(d) | 4/27/2026 | – | 4,283,248 | 4,283,248 | ||||||||||
| 51,392,836 | 59,140,868 | |||||||||||||
| HEALTHCARE - 1.5% | ||||||||||||||
| HS Investments VI C, LP (a)(b)(c)(d) | 4/16/2025 | – | 5,087,970 | 9,105,508 | ||||||||||
| RCP MQ Co-Investment Fund, LP (a)(b)(c)(d) | 12/26/2024 | – | 1,674,675 | 3,297,721 | ||||||||||
| 6,762,645 | 12,403,229 | |||||||||||||
CAZ STRATEGIC OPPORTUNITIES FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2026 (Unaudited) (Continued)
| PRIVATE INVESTMENTS - 93.6% (Continued) | Acquisition Date | Shares | Cost | Value | ||||||||||
| CO-INVESTMENTS - 42.0% (Continued) | ||||||||||||||
| EQUITY – 41.8% (Continued) | ||||||||||||||
| HOTELS, RESTAURANTS & LEISURE - 1.8% | ||||||||||||||
| ACP Woodlands Feeder LP (a)(b)(c)(d) | 12/1/2025 | – | $ | 11,970,091 | $ | 14,603,022 | ||||||||
| INDUSTRIALS - 2.0% | ||||||||||||||
| Caffeinated Capital Amca SPV, LLC (a)(b)(c)(d) | 4/14/2026 | – | 3,000,000 | 3,000,000 | ||||||||||
| HHC InXpress Group CV, LP, Class A Ordinary Shares (a)(c)(d) | 1/21/2026 | 1,793,050 | 5,611,720 | 7,553,030 | ||||||||||
| LGP Sage CVT Coinvest LP (a)(b)(c)(d) | 3/10/2026 | – | 1,905,138 | 2,396,538 | ||||||||||
| Overmatch Principal Mineral SPV, Class A Units (a)(c)(d) | 4/17/2026 | 3,000,000 | 3,030,000 | 3,030,000 | ||||||||||
| 13,546,858 | 15,979,568 | |||||||||||||
| INFORMATION TECHNOLOGY - 13.6% | ||||||||||||||
| 26N Guava Co-Investment Partners LP (a)(b)(c)(d) | 8/8/2025 | – | 7,500,000 | 7,440,817 | ||||||||||
| Akra Origin Holdings-A, LP (a)(b)(c)(d) | 9/4/2025 | – | 5,231,517 | 5,156,623 | ||||||||||
| Alta Park Private Opportunities Fund, LP - Series IV (Series K Sub-Capital Account) (a)(b)(c)(d) | 9/4/2025 | – | 4,040,000 | 4,993,028 | ||||||||||
| Artist Growth Opportunity V LP (a)(b)(c)(d) | 7/2/2025 | – | 3,240,000 | 3,161,761 | ||||||||||
| BP ACE CV, LP (a)(b)(c)(d) | 12/12/2025 | – | 2,281,416 | 3,183,693 | ||||||||||
| Caffeinated Capital Aven SPV III, LLC (a)(b)(c)(d) | 4/30/2024 | – | 2,179,450 | 3,910,992 | ||||||||||
| Caffeinated Capital Aven SPV IV, LLC (a)(b)(c)(d) | 8/4/2025 | – | 2,000,000 | 1,991,568 | ||||||||||
| Caffeinated Capital Playground SPV, LLC (a)(b)(c)(d) | 5/7/2024 | – | 157,341 | 6,693 | ||||||||||
| Fin Capital Harbor, LP - Series Fin Metro I (a)(b)(c)(d) | 4/17/2026 | – | 5,065,000 | 5,065,000 | ||||||||||
| Goanna Capital 26F LLC (a)(b)(c)(d) | 6/22/2026 | – | 2,080,000 | 2,080,000 | ||||||||||
| GPS V, LP (a)(b)(c)(d) | 4/25/2025 | – | 5,054,545 | 6,498,111 | ||||||||||
| GrowthCurve Capital Destination Co-Invest LP (a)(b)(c)(d) | 6/28/2024 | – | 1,024,468 | 1,469,056 | ||||||||||
| Hedosophia Investments VI K LP, Series B (a)(b)(c)(d) | 10/28/2025 | – | 5,038,140 | 5,014,487 | ||||||||||
| Hedosophia Investments VI M LP, Series B (a)(b)(c)(d) | 1/21/2026 | – | 5,060,000 | 5,060,000 | ||||||||||
| Hedosophia Investments VI P LP, Series B (a)(b)(c)(d) | 5/27/2026 | – | 5,037,500 | 5,037,500 | ||||||||||
| Insight Hideaway Aggregator, LP (a)(b)(c)(d) | 10/21/2024 | – | 2,400,000 | 3,405,775 | ||||||||||
| Neuberger PSG Prima IX LP (a)(b)(c)(d) | 9/23/2025 | – | – | – | ||||||||||
| Overmatch Armada SPV B, LLC, Class A Units (a)(c)(d) | 5/6/2025 | 4,000,000 | 4,040,000 | 4,000,000 | ||||||||||
CAZ STRATEGIC OPPORTUNITIES FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2026 (Unaudited) (Continued)
| PRIVATE INVESTMENTS - 93.6% (Continued) | Acquisition Date | Shares | Cost | Value | ||||||||||
| CO-INVESTMENTS - 42.0% (Continued) | ||||||||||||||
| EQUITY – 41.8% (Continued) | ||||||||||||||
| INFORMATION TECHNOLOGY - 13.6% (Continued) | ||||||||||||||
| Overmatch Fund II-B LLC (a)(b)(c)(d) | 5/27/2026 | – | $ | 5,100,000 | $ | 5,100,000 | ||||||||
| RCP Ocean Co-Investment Fund, LP (a)(b)(c)(d) | 9/26/2025 | – | 8,057,012 | 8,810,911 | ||||||||||
| Sapphire Opportunity Fund IV, LP, Investment Class 4 (a)(b)(c)(d) | 8/4/2025 | – | 4,861,429 | 6,185,897 | ||||||||||
| Snowpoint Growth 2.2, LLC (a)(b)(c)(d) | 11/26/2024 | – | 1,557,033 | 3,200,253 | ||||||||||
| Snowpoint Growth 2.3, LLC (a)(b)(c)(d) | 3/17/2025 | – | 1,060,000 | 1,035,633 | ||||||||||
| Stonepeak Digital Edge (Co-Invest) Holdings IV LP (a)(b)(c)(d) | 3/11/2026 | – | 1,523,278 | 2,918,160 | ||||||||||
| Tamarack Divergent I, LP, Class A (a)(b)(c)(d) | 8/8/2025 | – | 5,000,000 | 4,950,000 | ||||||||||
| Tamarack Hark I LP (a)(b)(c)(d) | 4/15/2026 | – | 1,000,000 | 1,000,000 | ||||||||||
| TI VI Project Armstrong Co-Invest, LP (a)(b)(c)(d) | 4/4/2025 | – | 5,008,709 | 6,881,256 | ||||||||||
| Washington Harbour AI Pilot, LLC, Class C (a)(b)(c)(d) | 3/20/2026 | – | 1,005,000 | 1,005,000 | ||||||||||
| 95,601,838 | 108,562,214 | |||||||||||||
| UTILITIES - 1.3% | ||||||||||||||
| 26N Jupiter Co-Investment Partners LP (a)(b)(c)(d) | 10/31/2024 | – | – | 3,560,694 | ||||||||||
| Sterling Investment Partners XK Opportunities Fund-A, LP (a)(b)(c)(d) | 10/23/2025 | – | 2,636,103 | 2,835,893 | ||||||||||
| Stonepeak Cologix Holdings LP (a)(b)(c)(d) | 9/5/2024 | – | 2,641,905 | 3,662,727 | ||||||||||
| 5,278,008 | 10,059,314 | |||||||||||||
| TOTAL CO-INVESTMENTS | 270,528,663 | 335,233,737 | ||||||||||||
| DIRECT INVESTMENTS - 4.5% | ||||||||||||||
| CONSUMER DISCRETIONARY - 1.6% | ||||||||||||||
| San Francisco Sports and Entertainment CA, LLC (a)(d)(e)(f) | 4/16/2026 | 1,000 | 1,000,000 | 1,000,000 | ||||||||||
| Wonder Group Inc., Series C Preferred Stock (a)(d)(f) | 5/2/2025 | 812,601 | 6,499,996 | 6,499,996 | ||||||||||
| Wonder Group Inc., Series D Preferred Stock (a)(d)(f) | 6/22/2026 | 578,589 | 4,999,993 | 4,999,993 | ||||||||||
| 12,499,989 | 12,499,989 | |||||||||||||
| HEALTHCARE - 1.2% | ||||||||||||||
| ClareMedica Parent Holdings, LP - Class A Units (a)(d)(f) | 4/15/2025 | 40,000 | 4,000,000 | 4,000,000 | ||||||||||
| ClareMedica Parent Holdings, LP - Class C-1 Units (a)(d)(f) | 4/15/2025 | 28,564 | – | 4,808,000 | ||||||||||
| Earli, Inc., Series A-1 Preferred Stock (a)(d)(f) | 10/4/2024 | 1,194,457 | 999,999 | 999,999 | ||||||||||
| 4,999,999 | 9,807,999 | |||||||||||||
CAZ STRATEGIC OPPORTUNITIES FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2026 (Unaudited) (Continued)
| PRIVATE INVESTMENTS - 93.6% (Continued) | Acquisition Date | Shares | Cost | Value | ||||||||||
| DIRECT INVESTMENTS - 4.5% (Continued) | ||||||||||||||
| INDUSTRIALS - 1.2% | ||||||||||||||
| Biofire Group Inc., Series A Preferred Stock (a)(d)(f) | 7/11/2024 | 234,345 | $ | 249,999 | $ | 458,000 | ||||||||
| Biofire Group Inc., Series B-1 Preferred Stock (a)(d)(f) | 1/8/2025 | 44,242 | 56,825 | 87,000 | ||||||||||
| CesiumAstro Inc., Series D Preferred Stock (a)(d)(f) | 6/30/2026 | 56,528 | 3,999,983 | 3,999,983 | ||||||||||
| Gridpoint, Inc., Series A Convertible Preferred Stock (a)(d)(f) | 5/29/2025 | 82,500 | 1,402,500 | 1,402,500 | ||||||||||
| Gridpoint, Inc., Series B Convertible Preferred Stock (a)(d)(f) | 5/29/2025 | 82,500 | 1,402,500 | 1,402,500 | ||||||||||
| Gridpoint, Inc., Series C1 Convertible Preferred Stock (a)(d)(f) | 5/29/2025 | 105,233 | 2,195,003 | 2,195,003 | ||||||||||
| 9,306,810 | 9,544,986 | |||||||||||||
| INFORMATION TECHNOLOGY - 0.5% | ||||||||||||||
| Homebound Technologies, Inc. - Series C-3 (a)(d)(f) | 4/17/2026 | 13,054,830 | 2,500,000 | 2,500,000 | ||||||||||
| ICON Technology, Inc., Common Stock (a)(d)(f) | 5/30/2024 | 54,372 | 890,699 | 369,000 | ||||||||||
| Walden Robotics, Inc. - Series Seed (a)(d)(f) | 5/27/2026 | 12,911 | 999,991 | 999,991 | ||||||||||
| 4,390,690 | 3,868,991 | |||||||||||||
| TOTAL DIRECT INVESTMENTS | 31,197,488 | 35,721,965 | ||||||||||||
| PRIMARY FUND INVESTMENTS - 28.9% | ||||||||||||||
| AEROSPACE AND DEFENSE - 0.8% | ||||||||||||||
| AE Industrial Partners Aerospace Leasing Fund II-A, LP (a)(b)(c)(d) | 6/20/2025 | – | 3,375,472 | 4,568,529 | ||||||||||
| Snowpoint Ventures II - S&T, LP (a)(b)(c)(d) | 7/14/2025 | – | 2,040,000 | 1,936,133 | ||||||||||
| 5,415,472 | 6,504,662 | |||||||||||||
| BIOTECHNOLOGY - 1.2% | ||||||||||||||
| Janus Henderson Biotech Innovation Fund LLC, Standard Class A (a)(c)(d) | 8/29/2025 | 1,643 | 6,000,000 | 9,651,638 | ||||||||||
| CONSUMER DISCRETIONARY - 1.8% | ||||||||||||||
| Arctos American Football Fund Feeder, LP (a)(b)(c)(d) | 6/6/2025 | – | 9,321,123 | 10,638,517 | ||||||||||
| BITKRAFT Ventures Fund III, LP (a)(b)(c)(d) | 2/24/2026 | – | 1,825,000 | 2,447,990 | ||||||||||
| VMG Consumer VI, LP (a)(b)(c)(d) | 10/15/2025 | – | 904,165 | 795,109 | ||||||||||
| 12,050,288 | 13,881,616 | |||||||||||||
| CREDIT - 4.0% | ||||||||||||||
| Audax Senior Loan Fund I, LP (a)(b)(c)(d) | 1/1/2025 | – | 4,363,922 | 4,922,339 | ||||||||||
CAZ STRATEGIC OPPORTUNITIES FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2026 (Unaudited) (Continued)
| PRIVATE INVESTMENTS - 93.6% (Continued) | Acquisition Date | Shares | Cost | Value | ||||||||||
PRIMARY FUND INVESTMENTS - 28.9% (Continued) | ||||||||||||||
| CREDIT - 4.0% (Continued) | ||||||||||||||
| DSC Meridian Credit Opportunities Offshore Fund Ltd, Founders Class (a)(c)(d) | 6/3/2025 | 5,000 | $ | 5,000,000 | $ | 5,665,317 | ||||||||
| Palmer Square Income Plus Fund LLC, Class A (a)(b)(c)(d) | 3/15/2024 | – | 5,000,000 | 5,519,802 | ||||||||||
| Park Square Capital Credit Investments SCSp, SICAV-RAIF - Credit Partners Evergreen (a)(c)(d) | 1/29/2025 | 42,220 | 5,000,000 | 5,407,349 | ||||||||||
| Platinum Credit Opportunities Fund, LP (a)(b)(c)(d) | 10/25/2024 | – | 4,873,238 | 5,418,332 | ||||||||||
| Tacora Capital II, LP (a)(b)(c)(d) | 3/12/2025 | – | 5,012,742 | 5,189,329 | ||||||||||
| 29,249,902 | 32,122,468 | |||||||||||||
| DIVERSIFIED - 3.3% | ||||||||||||||
| 26N Private Equity Partners I LP (b)(c)(d) | 3/25/2025 | – | 522,993 | 583,115 | ||||||||||
| Capstone Dispersion Fund (US) LP (a)(b)(c)(d) | 9/1/2024 | – | 6,036,477 | 6,576,905 | ||||||||||
| H.I.G. Capital Partners VII-B, LP (a)(b)(c)(d) | 3/31/2025 | – | 225,000 | 161,378 | ||||||||||
| H.I.G. Small-Cap & Growth Buyout Fund IV, LP (a)(b)(c)(d) | 3/30/2026 | – | 250,000 | 198,061 | ||||||||||
| Reveille VC Fund I, LP (a)(b)(c)(d) | 1/26/2026 | – | 1,500,000 | 1,393,163 | ||||||||||
| Saba Capital Carry Neutral Tail Hedge Partners, LP (a)(b)(c)(d) | 7/1/2024 | – | 3,500,000 | 2,758,075 | ||||||||||
| Sage Equity Investors Side, LP (a)(b)(c)(d) | 2/10/2026 | – | 1,670,205 | 2,462,199 | ||||||||||
| SQ Capital Fund I-A, LP (a)(b)(c)(d) | 12/23/2025 | – | 500,000 | 821,086 | ||||||||||
| Star Mountain CFO I Subordinated Note Feeder (Onshore), LP (a)(b)(c)(d) | 3/10/2026 | – | 8,250,000 | 8,250,000 | ||||||||||
| The Veritas Capital Partners IX, LP (a)(b)(c)(d) | 8/4/2025 | – | 353,959 | 38,623 | ||||||||||
| TowerBrook Structured Opportunities Fund III (892), LP (a)(b)(c)(d) | 1/10/2025 | – | 2,573,972 | 2,980,054 | ||||||||||
| Trivest Growth Investment Fund III-A, LP (a)(b)(c)(d) | 4/17/2025 | – | 408,979 | 347,751 | ||||||||||
| 25,791,585 | 26,570,410 | |||||||||||||
| ENERGY - 4.3% | ||||||||||||||
| EnCap Energy Capital Fund XII-B, LP (a)(b)(c)(d) | 11/8/2024 | – | 6,510,301 | 8,567,292 | ||||||||||
| Five Point Water Management and Sustainable Infrastructure Fund IV LP (a)(b)(c)(d) | 10/3/2024 | – | 1,347,564 | 3,165,277 | ||||||||||
| Quantum Parallel Partners VIII-D, LP (a)(b)(c)(d) | 9/11/2024 | – | 7,671,924 | 9,458,622 | ||||||||||
CAZ STRATEGIC OPPORTUNITIES FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2026 (Unaudited) (Continued)
| PRIVATE INVESTMENTS - 93.6% (Continued) | Acquisition Date | Shares | Cost | Value | ||||||||||
PRIMARY FUND INVESTMENTS - 28.9% (Continued) | ||||||||||||||
| ENERGY - 4.3% (Continued) | ||||||||||||||
| Westwood Energy Secondaries Fund II, LLC (b)(c)(d)(e) | 12/29/2025 | – | $ | 10,000,000 | $ | 12,620,454 | ||||||||
| 25,529,789 | 33,811,645 | |||||||||||||
| FINANCIALS - 1.3% | ||||||||||||||
| Blue Owl GP Stakes Atlas Fund III Offshore Investors LP (a)(b)(c)(d) | 9/5/2025 | – | 5,076,195 | 6,204,908 | ||||||||||
| Dawson Partners (Canyon) LP (a)(b)(c)(d)(i) | – | – | – | (131,700 | ) | |||||||||
| GCM Grosvenor Elevate Feeder Fund I, LP (a)(b)(c)(d) | 8/2/2024 | – | 4,650,283 | 3,310,169 | ||||||||||
| HPC Preferred Opportunities, LP (a)(b)(c)(d) | 3/20/2026 | – | 964,941 | 968,138 | ||||||||||
| Petershill PES II Offshore SCSp (a)(b)(c)(d) | 5/30/2025 | – | 917,732 | 232,376 | ||||||||||
| 11,609,151 | 10,583,891 | |||||||||||||
| HEALTHCARE - 1.9% | ||||||||||||||
| OrbiMed RCO V Offshore Feeder, LP (a)(b)(c)(d) | 4/8/2026 | – | 400,000 | 340,205 | ||||||||||
| Revelstoke Capital Partners Fund IV, LP (a)(b)(c)(d)(j) | – | – | – | (65,579 | ) | |||||||||
| RTW Offshore Fund One, Ltd. - Sub-Class Two (a)(c)(d) | 4/29/2026 | 15,000 | 15,000,000 | 15,084,338 | ||||||||||
| 15,400,000 | 15,358,964 | |||||||||||||
| HOTELS, RESTAURANTS & LEISURE - 0.3% | ||||||||||||||
| F&S I Blocker Member, LLC (a)(b)(c)(d) | 11/1/2024 | – | 2,831,250 | 2,076,687 | ||||||||||
| INFORMATION TECHNOLOGY - 10.0% | ||||||||||||||
| AAF Ventures I, LP (a)(b)(c)(d) | 6/8/2026 | – | 1,350,000 | 1,350,000 | ||||||||||
| General Catalyst Group XII, LP (a)(b)(c)(d) | 10/17/2024 | – | 4,279,364 | 6,449,883 | ||||||||||
| H. Barton Venture Select V, LLC (a)(b)(c)(d) | 4/18/2024 | – | 1,920,000 | 2,292,810 | ||||||||||
| Hedosophia Partners VI LP, Series B (a)(b)(c)(d) | 12/5/2025 | – | 8,125,000 | 10,763,463 | ||||||||||
| Hedosophia Strategic Partners, LP (a)(b)(c)(d) | 5/5/2026 | – | 10,924,057 | 10,924,057 | ||||||||||
| Khosla Ventures IX, LP (a)(b)(c)(d) | 9/19/2025 | – | 3,696,000 | 3,634,940 | ||||||||||
| Khosla Ventures Opportunity III, LP (a)(b)(c)(d) | 9/23/2025 | – | 3,724,000 | 4,112,158 | ||||||||||
| Khosla Ventures Seed G, LP (a)(b)(c)(d) | 9/22/2025 | – | 1,540,000 | 1,556,000 | ||||||||||
| M13 Ventures IV, LP (a)(b)(c)(d) | 11/25/2024 | – | 4,000,000 | 4,028,158 | ||||||||||
| Series X Capital Fund I, LP (a)(b)(c)(d) | 7/3/2025 | – | 4,100,000 | 3,759,741 | ||||||||||
| Socratic Partners I LP (a)(b)(c)(d) | 3/17/2026 | – | 900,132 | 942,054 | ||||||||||
| SQ Capital Fund I Holdings A, LP (a)(b)(c)(d) | 12/10/2025 | – | 6,900,439 | 7,264,902 | ||||||||||
| Tamarack Global Opportunities II, LP (a)(b)(c)(d) | 8/1/2024 | – | 4,542,160 | 16,409,780 | ||||||||||
| Upfront VIII, LP (a)(b)(c)(d) | 7/17/2025 | – | 1,095,265 | 975,039 | ||||||||||
| Vista Equity Partners Fund VIII-A, LP (a)(b)(c)(d) | 7/31/2024 | – | 3,171,935 | 3,697,980 | ||||||||||
CAZ STRATEGIC OPPORTUNITIES FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2026 (Unaudited) (Continued)
| PRIVATE INVESTMENTS - 93.6% (Continued) | Acquisition Date | Shares | Cost | Value | ||||||||||
PRIMARY FUND INVESTMENTS - 28.9% (Continued) | ||||||||||||||
INFORMATION TECHNOLOGY - 10.0% (Continued) | ||||||||||||||
| XPV Fund 1, LP (a)(b)(c)(d) | 11/26/2025 | – | $ | 1,700,000 | $ | 1,546,800 | ||||||||
| 61,968,352 | 79,707,765 | |||||||||||||
| TOTAL PRIMARY FUND INVESTMENTS | 195,845,789 | 230,269,746 | ||||||||||||
| SECONDARY FUND INVESTMENTS - 18.2% | ||||||||||||||
| CONSUMER DISCRETIONARY - 1.4% | ||||||||||||||
| Arctos Sports Partners Fund I, LP (a)(b)(c)(d)(e) | 7/1/2024 | – | 8,657,129 | 11,296,256 | ||||||||||
| DIVERSIFIED - 4.4% | ||||||||||||||
| Dawson Rated Fund 6-R1 Holdings LP, Class B (a)(b)(c)(d)(e) | 9/30/2024 | – | 4,981,166 | 5,501,764 | ||||||||||
| Gordon Holdings (Offshore) I LP (a)(b)(c)(d) | 3/26/2024 | – | 9,376,135 | 14,831,088 | ||||||||||
| Sycamore Partners III, LP (a)(b)(c)(d)(e) | 9/30/2025 | – | 10,291,390 | 14,355,513 | ||||||||||
| 24,648,691 | 34,688,365 | |||||||||||||
| FINANCIALS - 11.8% | ||||||||||||||
| Blackstone Strategic Capital Holdings (Cayman) LP (a)(b)(c)(d) | 6/30/2025 | – | 6,623,617 | 8,205,323 | ||||||||||
| Blackstone Strategic Capital Holdings LP (a)(b)(c)(d)(e) | 12/30/2024 | – | 11,204,571 | 15,030,000 | ||||||||||
| Blue Owl GP Stakes Atlas Fund I Offshore Investors LP (a)(b)(c)(d) | 8/6/2024 | – | 20,803,702 | 26,464,143 | ||||||||||
| Blue Owl GP Stakes II Offshore Investors LP (a)(b)(c)(d) | 11/3/2025 | – | 2,298,365 | 3,332,975 | ||||||||||
| Blue Owl GP Stakes II Pension Investors LP (a)(b)(c)(d) | 4/1/2024 | – | 1,964,811 | 2,866,113 | ||||||||||
| Blue Owl GP Stakes IV Offshore Investors, LP (a)(b)(c)(d) | 4/1/2025 | – | 2,653,903 | 3,724,533 | ||||||||||
| Blue Owl GP Stakes IV US Investors, LP (a)(b)(c)(d)(e) | 9/30/2024 | – | 5,545,292 | 10,707,112 | ||||||||||
| Blue Owl GP Stakes Offshore Investors LP (a)(b)(c)(d) | 4/1/2024 | – | 5,309,431 | 8,275,841 | ||||||||||
| Blue Owl GP Stakes US Investors LP (a)(b)(c)(d)(e) | 1/1/2025 | – | 897,021 | 1,463,445 | ||||||||||
| Bonaccord Capital Partners I-A, LP (a)(b)(d)(e)(f) | 3/12/2026 | – | 2,641,525 | 2,641,525 | ||||||||||
| BSP Pioneer Investors Feeder, LP (a)(b)(c)(d) | 9/29/2025 | – | 4,573,580 | 5,050,488 | ||||||||||
| Petershill Private Equity Seeding Offshore SCSp (a)(b)(c)(d) | 7/2/2024 | – | 3,920,341 | 6,630,465 | ||||||||||
| 68,436,159 | 94,391,963 | |||||||||||||
CAZ STRATEGIC OPPORTUNITIES FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2026 (Unaudited) (Continued)
| PRIVATE INVESTMENTS - 93.6% (Continued) | Acquisition Date | Shares | Cost | Value | ||||||||||
SECONDARY FUND INVESTMENTS - 18.2% (Continued) | ||||||||||||||
| INFORMATION TECHNOLOGY - 0.6% | ||||||||||||||
| NEA Secondary Opportunity Fund, LP (a)(b)(c)(d) | 7/17/2024 | – | $ | 2,167,649 | $ | 4,940,827 | ||||||||
| TOTAL SECONDARY FUND INVESTMENTS | 103,909,628 | 145,317,411 | ||||||||||||
| TOTAL PRIVATE INVESTMENTS | $ | 601,481,568 | $ | 746,542,859 | ||||||||||
| MONEY MARKET SECURITIES - 1.5% | Shares | Cost | Value | |||||||||
| Federated Government Obligations - Premier Class, 3.55% (k) | 12,151,813 | $ | 12,151,813 | $ | 12,151,813 | |||||||
| TOTAL INVESTMENTS AT VALUE - 99.3% | $ | 645,929,713 | $ | 792,083,043 | ||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES - 0.7% | 5,587,783 | |||||||||||
| NET ASSETS - 100.0% | $ | 797,670,826 | ||||||||||
| (a) | Non-income producing security. |
| (b) | Investment does not issue shares. |
| (c) | Investment is valued using the Fund’s pro rata net asset value (or its equivalent) as a practical expedient. |
| (d) | Restricted investments as to resale. The total of these restricted securities represents 93.6% of Net Assets. The total value of these securities is $746,542,859. |
| (e) | All or a portion of the security is held through a wholly-owned consolidated Subsidiary, CAZ SOF Opportunistic Blocker LLC. |
| (f) | Level 3 securities fair valued using significant unobservable inputs. The total of these Level 3 securities represents 5.2% of Net Assets. The total value of these securities is $41,609,715. |
| (g) | Investment is indirectly held through the Fund’s investment in Equitime Blocker I Incorporated. |
| (h) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates. The note bears interest at the mid-term applicable federal rate. The rate shown represents the rate on June 30, 2026. |
| (i) | As of June 30, 2026, $10,000,000 has been committed for this investment but has not yet been funded by the Fund. There is an unrealized loss of $131,700 allocated to this investment due to expenses applied in advance of called capital. |
| (j) | As of June 30, 2026, $5,000,000 has been committed for this investment but has not yet been funded by the Fund. There is an unrealized loss of $65,579 allocated to this investment due to expenses applied in advance of called capital. |
| (k) | The rate shown is the 7-day effective yield as of June 30, 2026. |
| LLC | - | Limited Liability Company |
| LP | - | Limited Partnerships |
| BDC | - | Business Development Company |
| SPV | - | Special Purpose Vehicle |