Felicitas Private Markets Fund

Table of Contents
Consolidated Financial Statements
For the Year Ended June 30, 2026

Felicitas Private Markets Fund
Manager’s Discussion and Analysis of Fund Performance
June 30, 2026 (Unaudited)

Dear Shareholder,

We are pleased to present the audited annual financial statements for the Felicitas Private Markets Fund (the “Fund”) for the fiscal year ended June 30, 2026 (“Fiscal Year”).

Market Overview and Strategy

The past Fiscal Year was marked by a sharply divergent return environment across public markets, as small-cap equities rebounded strongly while core fixed income generated more modest positive returns. Private market activity continued to reflect a more cautious exit environment, higher financing costs, and uneven liquidity conditions across alternative asset markets.

Despite this backdrop, the Fund remained focused on its private market’s investment strategy, seeking yield and capital appreciation through investments in private equity, private credit, and real estate. Under normal market conditions, at least 80% of the Fund’s net assets (plus the amount of any borrowings for investment purposes) are invested in such private assets. The Fund’s portfolio was comprised of 42.1% private equity, 43.2% private credit, 14.1% secondary funds, 4.2% real estate, 14.4% loans and 0.2% short term investments as of the end of the Fiscal Year.

During the Fiscal Year, the Fund particularly emphasized income-oriented and structured private credit opportunities, including:

•        Mezzanine tranches of Collateralized Fund Obligations: The Fund invested in structured credit opportunities backed by portfolios of private market fund interests.

•        NAV loan opportunities: The Fund pursued investments and co-investments in NAV loans and related private-credit structures secured by high-quality collateral.

These strategies were selected for their potential to deliver attractive risk-adjusted returns while also supporting portfolio liquidity.

Portfolio Performance

For the Fiscal Year, the Fund’s Class Y Shares (FPMYX) delivered an average annual total return of 4.29%**.

The Fund’s portfolio remained allocated across private credit, private equity, secondary funds, real estate and liquidity-oriented investments. Notable performance highlights include:

•        Positive Contributors: Credit-oriented and secondary investments were among the strongest contributors, driven by recurring income from credit positions and appreciation in secondary investments. Certain private equity holdings also contributed positively.

•        Negative Contributors: Real estate holdings and certain private equity positions detracted from performance. The real estate decline was concentrated in a single investment written down to its estimated residual value; the private equity decline reflected reductions in reported net asset value by the underlying managers. The valuation techniques and unobservable inputs applied to these holdings are described in Note 3.

Liquidity and Fund Operations

As of June 30, 2026, the Fund’s net assets totaled $101.1 million. The decrease in net assets from the prior Fiscal Year primarily reflected capital share transactions and distributions to investors, partially offset by positive results from operations.

The Fund continued to provide limited shareholder liquidity through its quarterly tender repurchase program and utilized its $20.0 million revolving line of credit to support working capital requirements and investment activity.

Closing Remarks

We appreciate your continued support and investment in the Fund. Our team remains focused on executing the Fund’s investment strategy with discipline and care, while managing risks prudently in a complex market environment.

For a detailed listing of the Fund’s holdings, please refer to the Consolidated Schedule of Investments.

Sincerely,

Bonar Chhay
Managing Partner
Felicitas Global Partners, LLC

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**      The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown on the Consolidated Financial Highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted the United States of America.

Performance of a $250,000 Investment

This graph compares a hypothetical $250,000 investment in the Fund’s Class Y shares, made at its inception, with similar investments in the Benchmark 50% Russell 2000® Index + 50% Bloomberg US Aggregate Bond Index, the Russell 2000® Index and the Bloomberg US Aggregate Bond Index. Results include the reinvestment of all dividends and capital gains. The indices do not reflect expenses, fees, or sales charges, which would lower performance.

The Russell 2000® Index measures the performance of the small-cap segment of the US equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index, representing approximately 7% of the total market capitalization of that index, as of the most recent reconstitution. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Bloomberg US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, fixed-rate agency MBS, ABS and CMBS (agency and non-agency).

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*        Commencement of operations for the Felicitas Private Markets Fund Class Y was June 30, 2023, following the reorganization of Felicitas Equity Fund, LP with and into the Fund, which was effective as of close of business on June 30, 2023. See Note 1 in the accompanying notes to the consolidated financial statements.

**      The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown on the Consolidated Financial Highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted the United States of America.

The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent quarter end performance may be obtained by calling (844) 626-4428.

Returns reflect the reinvestment of distributions made by the Fund, if any. The graph and the performance table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

For the Fund’s current expense ratios, please refer to the Consolidated Financial Highlights Section of this report.

Felicitas Private Markets Fund
Consolidated Schedule of Investments
June 30, 2026 — (Continued)

Felicitas Private Markets Fund
Consolidated Schedule of Investments
June 30, 2026 — (Continued)

Felicitas Private Markets Fund
Consolidated Schedule of Investments
June 30, 2026 — (Continued)

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SOFR — Secured Overnight Financing Rate

CME Term SOFR — Chicago Mercantile Exchange forward-looking measure of SOFR

3M — Three months

PIK — Paid-in-Kind Interest

*         Investment is non-income producing.

(a)       Investment restricted for resale. Each investment may have been purchased on various dates and for different amounts. The date of the first purchase is reflected under Acquisition Date. Total fair value of restricted investments as of June 30, 2026, was $119,389,193 or 118.0% of net assets.

(b)       Private investment fund or private operating company does not issue shares or units.

Felicitas Private Markets Fund
Consolidated Schedule of Investments
June 30, 2026 — (Continued)

(c)       Investment valued using net asset value per share (or its equivalent) as a practical expedient.

(d)       All or a portion of this security is held through Felicitas Private Markets Fund Blocker, LLC, the Fund’s wholly-owned subsidiary. (See Note 1).

(e)       Value was determined using significant unobservable inputs.

(f)        A portion of this holding is subject to unfunded commitments. The stated interest reflects the reference rate and spread for the funded portion.

(g)       The rate is the annualized seven-day yield at period end.

(h)       Principal includes PIK Interest and is net of repayments, if any.

(i)        Subordinated note position. Rate shown is the effective yield as of period end.

(j)        All investments and other assets are segregated as collateral for the line of credit.

(k)       Security is in default.

(l)        At the closing of a direct secondary action, the Felicitas Private Markets Fund purchased 10 shares of Awz Manager II, Inc. for $1 per share. Awz Manager II, Inc. is the Corporate Manager of AWZ Pentera II, LLC. The shares are valued at $0 and have voting rights for all matters submitted to shareholders relating to AWZ Pentera II, LLC.

See accompanying notes to consolidated financial statements.

Felicitas Private Markets Fund

Notes to Consolidated Financial Statements

June 30, 2026 — (Continued)

1.      Organization (cont.)

Basis for Consolidation

As of June 30, 2026, the Fund has one wholly-owned subsidiary, Felicitas Private Markets Fund Blocker, LLC (the “Subsidiary”), formed as a Delaware limited liability company on March 10, 2023. The Consolidated Schedule of Investments, Consolidated Statement of Assets and Liabilities, Consolidated Statement of Operations, Consolidated Statements of Changes in Net Assets, Consolidated Statement of Cash Flows and Consolidated Financial Highlights of the Fund include the accounts of the Subsidiary. All inter-company accounts and transactions have been eliminated in the consolidation for the Fund. As of June 30, 2026, total net assets of the Fund were $101,141,774, of which $8,086,024, or approximately 8%, was held in the Subsidiary.

2.      Significant Accounting Policies

Basis of Preparation and Use of Estimates

The Fund is an investment company and follows the accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. The preparation of the financial statements in accordance with the generally accepted accounting principles in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates.

Fair Value — Definition and Hierarchy

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

All investments in securities are recorded at fair value. The Fund uses a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value, defined in FASB ASC 820, Fair Value Measurements. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The fair value hierarchy is categorized into three levels based on the inputs as follows:

Felicitas Private Markets Fund

Notes to Consolidated Financial Statements

June 30, 2026 — (Continued)

2.      Significant Accounting Policies (cont.)

Investments in private Investment Funds measured using NAV as practical expedient are not categorized within the fair value hierarchy.

Fair value is a market-based measure, based on assumptions of prices and inputs considered from the perspective of a market participant that are current as of the measurement date, rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Fund’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date.

The availability of valuation techniques and observable inputs can vary from investment to investment and are affected by a wide variety of factors, including the type of investment, whether the investment is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the investments existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for investments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy in which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.

Fair Value — Valuation Techniques and Inputs

The Fund calculates its NAV as of the close of business on the last day of each quarter and at such other times as the Board may determine, including in connection with repurchases of Shares, in accordance with the procedures described below or as may be determined from time to time in accordance with policies established by the Board.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. Shares of mutual funds, including money market funds, are valued at their reported NAV. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated the Investment Adviser as the valuation designee (in such capacity, the “Valuation Designee”) for the Fund to perform in good faith the fair value determination relating to all Fund investments, under the Board’s oversight. The fair values of one or more assets may not be the prices at which those assets are ultimately sold and the differences may be significant.

The Fund values its investments in private Investment Funds (generally private funds that are excluded from the definition of “investment company” pursuant to Sections 3(c)(1) or 3(c)(7) of the 1940 Act). In accordance with the Fund’s valuation procedures (the “Valuation Procedures”), fair value as of each quarter-end or other applicable accounting periods, as applicable, ordinarily will be the value determined as of such date by each private Investment Fund in accordance with the private Investment Fund’s valuation policies and reported at the time of the Fund’s valuation. As a general matter, the fair value of the Fund’s interest in a private Investment Fund will represent the amount that the Fund could reasonably expect to receive from the private Investment Fund if the Fund’s interest was redeemed at the time of valuation, based on information reasonably available at the time the valuation is made and that the Fund believes to be reliable. The Fund will determine the fair value of such private Investment Fund based on the most recent final or estimated value reported by the private Investment Fund, as well as any other relevant information available at the time the Fund values its portfolio.

Felicitas Private Markets Fund

Notes to Consolidated Financial Statements

June 30, 2026 — (Continued)

2.      Significant Accounting Policies (cont.)

The Valuation Procedures require the Valuation Designee to take reasonable steps in light of all relevant circumstances to value the Fund’s portfolio. The Valuation Designee will consider such information and may conclude in certain circumstances that the information provided by an Underlying Manager does not represent the fair value of the Fund’s interests in the Investment Fund. The Investment Adviser will consider whether it is appropriate, in light of all relevant circumstances, to value such interests at the NAV as reported by the Underlying Manager at the time of valuation, or whether to adjust such value to reflect a premium or discount to NAV. In accordance with U.S. GAAP and industry practice, the Fund may not always apply a discount in cases where there is no contemporaneous redemption activity in a particular Investment Fund. In other cases, as when an Investment Fund imposes extraordinary restrictions on redemptions, when other extraordinary circumstances exist, or when there have been no recent transactions in Investment Fund interests, the Fund may determine that it is appropriate to apply a discount to the NAV of the Investment Fund. Any such decision will be made in good faith, and subject to the review and supervision of the Board.

The Valuation Procedures provide that, where deemed appropriate by the Valuation Designee and consistent with the 1940 Act, investments in Investment Funds may be valued at cost. Cost will be used only when cost is determined to best approximate the fair value of the particular security under consideration. For example, cost may not be appropriate when the Fund is aware of sales of similar securities to third parties at materially different prices or in other circumstances where cost may not approximate fair value (which could include situations where there are no sales to third parties). In such a situation, the Fund’s investment will be revalued in a manner that the Valuation Designee, in accordance with the Valuation Procedures, determines in good faith best reflects approximate market value.

Debt securities and loans will be valued in accordance with the Valuation Procedures, which generally provide for using a third-party pricing system, agent, or dealer selected by the Valuation Designee, which may include the use of valuations furnished by a pricing service that employs a matrix to determine valuations for normal institutional size trading units. The Valuation Designee will monitor periodically the reasonableness of valuations provided by any such pricing service. Debt securities and loans with remaining maturities of 60 days or less, absent unusual circumstances, will be valued at amortized cost, so long as such valuations are determined by the Valuation Designee to represent fair value.

Securities for which the primary market is a national securities exchange are valued at the last reported sales price on the day of valuation. Listed securities for which no sale was reported on that date are valued at the mean between the most recent bid and asked prices. Securities traded on the over-the-counter market are valued at their closing bid prices.

Assets and liabilities initially expressed in foreign currencies will be converted into U.S. dollars using foreign exchange rates provided by a pricing service. Trading in foreign securities generally is completed, and the values of such securities are determined, prior to the close of securities markets in the United States. Foreign exchange rates are also determined prior to such close. On occasion, the values of securities and exchange rates may be affected by events occurring between the time as of which determination of such values or exchange rates are made and the time as of which the NAV of the Fund is determined. When such events materially affect the values of securities held by the Fund or its liabilities, such securities and liabilities may be valued at fair value as determined in good faith in accordance with procedures approved by the Board.

Investment Transactions and Related Investment Income

Investment transactions are accounted for on a trade-date basis. Interest is recognized on the accrual basis and includes, where applicable, the amortization of premium or accretion of discount using the effective interest method over the respective term of the loan. Dividend income is recognized on the ex-dividend date. Proceeds from investments in Investment Funds that represent return of capital are accounted for as a reduction to cost, and any proceeds received above the cost basis results in a realized gain. Realized gains and losses on investment transactions are determined using cost calculated on a specific identification basis. Unrealized gains and losses are reflected in operations when changes between the cost and fair value of investments occur. Income distributions received are recognized as income distributions from investments in private Investment Funds in the Consolidated Statement of Operations. Some or all

Felicitas Private Markets Fund

Notes to Consolidated Financial Statements

June 30, 2026 — (Continued)

2.      Significant Accounting Policies (cont.)

of the interest payments of a loan or preferred equity may be structured in the form of payment-in-kind (“PIK”), which accrues on a current basis but is generally not paid in cash until maturity or some other determined payment date. PIK interest is included in the Fund’s NAV and also in determining net investment income. Interest payments structured in the form of PIK are subject to the risk that a borrower could default when actual cash interest or principal payments are due.

Distributions and Dividend Reinvestment Plan

Distributions will be paid at least annually on the Shares in amounts representing substantially all of the net investment income and net capital gains, if any, earned each year.

The Fund has a dividend reinvestment plan (the “DRIP”). Unless a Shareholder elects to receive cash by contacting the Fund’s Administrator (as defined below), all dividends and/or capital gains distributions declared on Shares will be automatically reinvested in additional Shares at the Fund’s then current NAV. Shareholders that elect not to participate in the DRIP will receive dividends and capital gains distributions in cash. Participation in the DRIP is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Administrator prior to the dividend record date; otherwise, such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution.

Cash and Cash Equivalents, Foreign Currency and Cash and Cash Equivalents Held In Escrow

Cash and cash equivalents may include money market investments and short-term interest-bearing deposit accounts. At times, such deposits may be in excess of federally insured limits. The Fund also holds cash in escrow for subscriptions purchased in advance and tender offer holdback payments. The cash held in escrow is invested into the money market investment via special accounts held at the Custodian. The Fund has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk on such accounts. Foreign currency is also held at the custodian.

Segments

The Fund has adopted Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures (“ASU 2023-07”). An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund’s President acts as the Fund’s CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of the Fund’s single investment objective which is executed by the Fund’s portfolio managers as a team. The financial information in the form of the Fund’s portfolio composition, total returns, expense ratios and changes in net assets, which are used by the CODM to assess the segment’s performance versus the Fund’s comparative benchmarks and to make resource allocation decisions for the Fund’s single segment, is consistent with that presented within the Fund’s consolidated financial statements. The total return and performance of the Fund is reflected within the accompanying Consolidated Financial Highlights. Segment assets are reflected on the accompanying Consolidated Statement of Assets and Liabilities as “total assets” and significant segment expenses are listed on the accompanying Consolidated Statement of Operations.

Federal Income Taxes

The Fund has elected to be treated and intends to qualify each year as a “regulated investment company” (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). As a RIC, the Fund will not be subject to federal income tax to the extent it distributes substantially all of its net investment income and capital

Felicitas Private Markets Fund

Notes to Consolidated Financial Statements

June 30, 2026 — (Continued)

2.      Significant Accounting Policies (cont.)

gains to Shareholders. Therefore, no federal income tax provision is required. Management of the Fund is required to determine whether a tax position taken by the Fund is “more-likely-than not” to be sustained upon examination by the applicable taxing authority, based on the technical merits of the position. Based on its analysis, there were no tax positions identified by management of the Fund which did not meet the “more-likely-than not” standard as of June 30, 2026.

The Fund intends to distribute all or substantially all of its taxable income to Shareholders and to comply with the other requirements of Subchapter M of the Code, applicable to RICs. Accordingly, no provision for U.S. federal income taxes is required. If the Fund were to fail to meet the requirements of Subchapter M to qualify as a RIC, and if the Fund were ineligible to or otherwise unable to cure such failure, the Fund would be subject to tax on its taxable income at corporate rates, whether or not distributed to Shareholders, and all distributions out of earnings and profits would be taxable to Shareholders as ordinary income. In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make substantial distributions before re-qualifying as a RIC under Subchapter M. The Fund intends to comply with the requirements under Subchapter M and to distribute substantially all of its taxable income and gains to Shareholders and to meet certain diversification and income requirements with respect to its underlying investments. The Fund has adopted June 30 as its tax year end. The income from the underlying investments for federal income tax purposes is based on amounts reported to the Fund on Schedule K-1 from the underlying investments.

In accounting for income taxes, the Fund follows the guidance in FASB ASC Codification 740, Accounting for Uncertainty in Income Taxes (“ASC 740”). ASC 740 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity before being measured and recognized in the consolidated financial statements. Management evaluates the tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions will “more-likely-than-not” be sustained upon examination by the applicable tax authority. Tax positions deemed to meet the “more-likely-than-not” threshold that would result in a tax benefit or expense to the Fund would be recorded as a tax benefit or expense in the current year. The Fund has not recognized any tax liability for unrecognized tax benefits or expenses. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Consolidated Statement of Operations. During the year ended June 30, 2026, the Fund did not incur any interest or penalties. Management has reviewed the Fund’s tax positions for all open tax years (generally, three years) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements.

The Subsidiary is taxed as a regular C-corporation for federal income tax purposes and as such is obligated to pay federal and state income tax. Under current law, the Subsidiary is not eligible to elect treatment as a RIC. The amount of taxes paid by the Subsidiary will vary depending on the amount of capital appreciation of its investments and such taxes will reduce a Shareholder’s return from an investment in the Fund. Since the Subsidiary is subject to taxation on the capital appreciation of its investments, the NAV of the Shares will also be reduced by the accrual of any deferred tax liabilities. As a result, the Fund’s after-tax performance would be impacted.

The Subsidiary accrues deferred income taxes for any future tax liability associated with capital appreciation of its investments. Upon the sale of an investment, the Subsidiary may be liable for previously deferred taxes. The Subsidiary will rely to some extent on information, which is not necessarily timely, to estimate the deferred tax liability for purposes of financial statement reporting and determining the Fund’s NAV. From time to time, the Investment Adviser will modify the estimates or assumptions related to the Subsidiary’s deferred tax liability as new information becomes available. The Subsidiary generally computes deferred income taxes based on the federal income tax rate applicable to corporations and an assumed rate attributable to state taxes.

Felicitas Private Markets Fund

Notes to Consolidated Financial Statements

June 30, 2026 — (Continued)

2.      Significant Accounting Policies (cont.)

Indemnifications

In the normal course of business, the Fund may enter into contracts that contain a variety of representations which provide general indemnifications for certain liabilities. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had claims or losses pursuant to these contracts and expects the risk of loss to be remote.

3.      Fair Value Measurements

The Fund’s assets recorded at fair value have been categorized based upon a fair value hierarchy as described in the Fund’s significant accounting policies in Note 2. The following table presents information about the Fund’s assets measured at fair value as of June 30, 2026:

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(1)      These investments are presented for reconciliation purposes and are not required to be categorized in the fair value hierarchy since they are measured at NAV, without adjustment, as permitted as a practical expedient.

The below table reflects the unobservable inputs used in the valuation of other Level 3 assets as of June 30, 2026:

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(1)      Weighted average is determined by the mid-point of the rates.

(2)      Certain Level 3 investments of the Fund, totaling fair value assets of $67,247, have been valued using the unadjusted third-party or sponsor-reported values. These assets are insignificant to the Fund.

Felicitas Private Markets Fund

Notes to Consolidated Financial Statements

June 30, 2026 — (Continued)

3.      Fair Value Measurements (cont.)

The following table presents the changes in assets and transfers in and out for investments that are classified in Level 3 of the fair value hierarchy for the year ended June 30, 2026:

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(1)      Transferred from Investments Measured at Net Asset Value as the Fund will no longer receive Audited Financials Statements for these securities. The investment in this fund was fair valued by the Investment Adviser as disclosed in the table above.

The following table represents investment categories, unfunded commitments and redemptive restrictions of investments that are measured at NAV per share (or its equivalent) as a practical expedient as of June 30, 2026.

Felicitas Private Markets Fund

Notes to Consolidated Financial Statements

June 30, 2026 — (Continued)

3.      Fair Value Measurements (cont.)

Felicitas Private Markets Fund

Notes to Consolidated Financial Statements

June 30, 2026 — (Continued)

3.      Fair Value Measurements (cont.)

Felicitas Private Markets Fund

Notes to Consolidated Financial Statements

June 30, 2026 — (Continued)

3.      Fair Value Measurements (cont.)

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*        No redemptions are permitted.

(1)      Redemption permitted after 3 year lock-up period on a quarterly basis (up to 5% of the total fund NAV).

(2)      Withdrawals permitted upon written consent of the Underlying Manager.

(3)      The fund plans to conduct semi-annual repurchase offers at NAV, targeting between 5% and 25% of outstanding shares.

(4)      Initial lockup period of 3 years, then rolling 2-year lockup period; after lockup period, capital is returned as set of loans that exist at time of withdrawal notice is re-paid.

(5)      Withdrawals permitted annually, subject to the lock-up period of 2 years.

4.      Significant Risk Factors

Felicitas Private Markets Fund

Notes to Consolidated Financial Statements

June 30, 2026 — (Continued)

4.      Significant Risk Factors (cont.)

Felicitas Private Markets Fund

Notes to Consolidated Financial Statements

June 30, 2026 — (Continued)

4.      Significant Risk Factors (cont.)

Felicitas Private Markets Fund

Notes to Consolidated Financial Statements

June 30, 2026 — (Continued)

6.      Federal Income Taxes

At June 30, 2026, gross unrealized appreciation and (depreciation) on investments, based on cost for federal income tax purposes, were as follows:

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses on partnership investments and PFIC investments.

U.S. GAAP requires that certain components of net assets to be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per Share. These reclassifications are due primarily to non-deductible expenses and tax-exempt income from partnership investments and income/(loss) from wholly owned subsidiary.

For the tax year ended June 30, 2026, permanent differences in book and tax accounting have been reclassified to paid-in capital and total distributable earnings as follows:

As of June 30, 2026, the components of accumulated earnings (deficit) on a tax basis for the Fund were as follows: