CAZ GP STAKES FUND
SCHEDULE OF INVESTMENTS
June 30, 2026 (Unaudited)
| COMMON STOCKS - 46.0% | Shares | Cost | Value | |||||||||
| FINANCIALS - 46.0% | ||||||||||||
| ASSET MANAGEMENT - 46.0% | ||||||||||||
| Apollo Global Management, Inc. | 51,750 | $ | 5,765,915 | $ | 6,122,543 | |||||||
| Ares Management Corporation - Class A | 60,280 | 6,867,851 | 6,709,767 | |||||||||
| Blackstone, Inc. (a) | 59,400 | 6,794,376 | 6,989,598 | |||||||||
| Blue Owl Capital, Inc. - Class A (a) | 575,920 | 6,068,136 | 5,039,300 | |||||||||
| Bridgepoint Group PLC | 1,912,215 | 6,225,563 | 6,659,657 | |||||||||
| Carlyle Group, Inc. (The) (a) | 160,700 | 7,715,342 | 6,767,077 | |||||||||
| CVC Capital Partners PLC | 452,200 | 6,317,276 | 6,571,081 | |||||||||
| ICG PLC | 293,600 | 6,210,858 | 6,581,684 | |||||||||
| KKR & Company, Inc. (a) | 67,725 | 6,473,681 | 6,215,801 | |||||||||
| Ridgepost Capital, Inc. - Class A | 1,080,500 | 7,983,404 | 8,503,534 | |||||||||
| StepStone Group, Inc. - Class A | 165,700 | 7,444,243 | 6,853,352 | |||||||||
| TPG, Inc. - Class A | 195,800 | 8,111,997 | 7,939,690 | |||||||||
| TOTAL COMMON STOCKS | $ | 81,978,642 | $ | 80,953,084 | ||||||||
| PRIVATE INVESTMENTS - 25.1% | Acquisition Date | Shares | Cost | Value | ||||||||||||
| CO-INVESTMENTS - 1.0% | ||||||||||||||||
| FINANCIALS - 1.0% | ||||||||||||||||
| Bonaccord Pier AH Aggregator, LP (b)(c)(d)(e) | 3/11/2026 | – | $ | 1,299,242 | $ | 1,299,242 | ||||||||||
| Bonaccord Pier IH Aggregator, LP (b)(c)(d)(e) | 3/11/2026 | – | 503,788 | 503,788 | ||||||||||||
| TOTAL CO-INVESTMENTS | 1,803,030 | 1,803,030 | ||||||||||||||
| PRIMARY FUND INVESTMENTS - 4.9% | ||||||||||||||||
| FINANCIALS - 4.9% | ||||||||||||||||
| Blue Owl GP Stakes III Offshore Investors LP (b)(c)(d)(e) | 4/16/2026 | – | 5,543,730 | 5,540,930 | ||||||||||||
| Dawson Partners (Canyon) LP (b)(c)(d)(e)(f) | – | – | – | (329,249 | ) | |||||||||||
| HPC Preferred Opportunities, LP (b)(c)(d)(e) | 3/31/2026 | – | 2,412,352 | 2,420,321 | ||||||||||||
| Hunter Point Capital Investors (Offshore), LP (b)(c)(d)(e) | 4/16/2026 | – | 987,286 | 984,487 | ||||||||||||
| TOTAL PRIMARY FUND INVESTMENTS | 8,943,368 | 8,616,489 | ||||||||||||||
CAZ GP STAKES FUND
SCHEDULE OF INVESTMENTS
June 30, 2026 (Unaudited) (Continued)
| PRIVATE INVESTMENTS - 25.1% (Continued) | Acquisition Date | Shares | Cost | Value | ||||||||||
| SECONDARY FUND INVESTMENTS - 19.2% | ||||||||||||||
| FINANCIALS - 19.2% | ||||||||||||||
| Blue Owl GP Stakes II US Investors LP (b)(c)(e)(g) | 4/1/2026 | – | $ | 780,590 | $ | 780,590 | ||||||||
| Blue Owl GP Stakes IV Offshore Investors, LP (b)(c)(e)(g) | 4/1/2026 | – | 14,316,954 | 18,069,799 | ||||||||||
| Blue Owl GP Stakes V US Investors LP (b)(c)(e)(g) | 6/30/2026 | – | 236,905 | 236,905 | ||||||||||
| Bonaccord Capital Partners I-A, LP (b)(c)(e)(g) | 3/12/2026 | – | 14,713,706 | 14,713,706 | ||||||||||
| TOTAL SECONDARY FUND INVESTMENTS | 30,048,155 | 33,801,000 | ||||||||||||
| TOTAL PRIVATE INVESTMENTS | $ | 40,794,553 | $ | 44,220,519 | ||||||||||
| MONEY MARKET SECURITIES - 26.9% | Shares | Cost | Value | |||||||||
| Federated Government Obligations - Premier Class, 3.55% (h) | 47,398,809 | $ | 47,398,809 | $ | 47,398,809 | |||||||
| TOTAL INVESTMENTS AT VALUE - 98.0% | $ | 170,172,004 | $ | 172,572,412 | ||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES - 2.0% | 3,600,280 | |||||||||||
| NET ASSETS - 100.0% | $ | 176,172,692 | ||||||||||
| (a) | All or a portion of the security covers a written put option. The total value of securities as of June 30, 2026 was $25,011,776. |
| (b) | Restricted investments as to resale. The total of these restricted securities represents 25.1% of Net Assets. The total value of these securities is $44,220,519. |
| (c) | Investment does not issue shares. |
| (d) | Investment is valued using the Fund’s pro rata net asset value (or its equivalent) as a practical expedient. |
| (e) | Non-income producing security. |
| (f) | As of June 30, 2026, $25,000,000 has been committed for this investment but has not yet been funded by the Fund. There is an unrealized loss of $329,249 allocated to this investment due to expenses applied in advance of called capital. |
| (g) | Level 3 securities fair valued using significant unobservable inputs. The total of these Level 3 securities represents 19.2% of Net Assets. The total value of these securities is $33,801,000. |
| (h) | The rate shown is the 7-day effective yield as of June 30, 2026. |
| LP | - | Limited Partnerships |
| PLC | - | Publicly Limited Company |
CAZ GP STAKES FUND
SCHEDULE OF INVESTMENTS
June 30, 2026 (Unaudited) (Continued)
| WRITTEN OPTION CONTRACTS | Strike Price | Contracts* | Notional Value | Value of Options | ||||||||||||
| Put Option Contracts – (0.7%) | ||||||||||||||||
| Blackstone, Inc., 07/17/26 | $ | 120.00 | (48 | ) | $ | (564,816 | ) | $ | (27,264 | ) | ||||||
| Blue Owl Capital, Inc., 08/21/26 | 11.00 | (3,800 | ) | (3,325,000 | ) | (950,000 | ) | |||||||||
| Carlyle Group, Inc. (The), 08/21/26 | 40.00 | (625 | ) | (2,631,875 | ) | (128,125 | ) | |||||||||
| KKR & Company, Inc., 08/21/26 | 97.50 | (150 | ) | (1,376,700 | ) | (142,500 | ) | |||||||||
| Pershing Square, Inc., 07/17/26 | 30.00 | (100 | ) | (328,600 | ) | (11,000 | ) | |||||||||
| Total Written
Option Contracts (Premiums $1,151,647) | $ | (8,226,991 | ) | $ | (1,258,889 | ) | ||||||||||
| * | Each option contract has a multiplier of 100 shares. |
The average monthly notional value of written option contracts during the three months ended June 30, 2026 was $11,036,530.