# EDGAR Filing Document

**Accession Number:** 0002017579
**File Stem:** 0001145549-25-054352
**Filing Date:** 2025-8
**Character Count:** 39715
**Document Hash:** 145763eed31d306f58a7786a8effbcb6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-054352.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001145549-25-054352

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Privacore PCAAM Alternative Income Fund
- **CENTRAL INDEX KEY:** 0002017579

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23961
- **FILM NUMBER:** 251261687

**BUSINESS ADDRESS:**
- **STREET 1:** 1411 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018
- **BUSINESS PHONE:** 212-479-2907

**MAIL ADDRESS:**
- **STREET 1:** 1411 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018

## Nport-Ex

---

| |
|:---|
| **Privacore PCAAM Alternative Income Fund** |
| Consolidated Schedule of Investments (Unaudited)<br> June 30, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments — 99.52%<br> Private Investments — 72.12%** | **Acquisition Date** | **Shares** | **Cost** | **Fair Value** |
| **Non-Listed Business Development Companies — 32.47%** |  | | | |
| Ares Strategic Income Fund Class I | 8/1/2024 | 291545 | $8000000 | $7994169 <sup>1,2,3</sup> |
| MSD Investment Corp. | 9/18/2024 | 117294 | 2846717 | 2799800 <sup>1,2,3</sup> |
| Vista Credit Strategic Lending Corp. | 11/6/2024 | 152749 | 3000000 | 3000000 <sup>1,2,3</sup> |
| **Total Non-Listed Business Development Companies** |  |  | **13846717** | **13793969** |
| **Investment Partnerships (Special Purpose Vehicle) — 2.84%** |  |  |  |  |
| ASPF Beagle Co-Investment (Non-US), L.P. | 10/7/2024 | N/A | 680571 | 748812 <sup>\*,1,2,3,4</sup> |
| HP GPFS STANLEY | 3/14/2025 | N/A | 469990 | 455971 <sup>\*,1,2,3,5</sup> |
| **Total Investment Partnerships (Special Purpose Vehicle)** |  |  | **1150561** | **1204783** |
| **Limited Partnership Interest — 18.38%** |  |  |  |  |
| H.I.G WHITEHORSE | 3/31/2025 | N/A | 303147 | 305410 <sup>\*,1,2,3,6</sup> |
| Octagon CLO | 3/3/2025 | 3997 | 4000000 | 4015518 <sup>1,2,3</sup> |
| Waterfall AB Fund | 3/28/2025 | N/A | 3476597 | 3488728 <sup>\*,1,2,3</sup> |
| **Total Limited Partnership Interest** |  |  | **7779744** | **7809656** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Direct Loans — 18.43%** | **Investment Type** | **Interest Rate** | **Reference Rate** | **Basis Points Spread** | **Maturity Date** | **Acquisition Date** | **Principal Amount** | **Cost** | **Fair Value** |
| ACP OAK BUYER, INC. | Incremental Delayed Draw Term Loan | 1.00% | SOFR | 5.00 | 6/9/2031 | 6/10/2025 | $140845 | $(349) | $(352)<sup>7,8,9,10,11,12</sup> |
| ACP OAK BUYER, INC. | Delayed Draw Term Loan | 1.00% | SOFR | 5.00 | 6/9/2031 | 6/10/2025 | 140845 | (349) | (352)<sup>7,8,9,10,11,12</sup> |
| ACP OAK BUYER, INC. | Revolver | 0.50% | SOFR | 5.00 | 6/9/2031 | 6/10/2025 | 126761 | (628) | (634)<sup>7,8,9,10,11,12</sup> |
| ACP OAK BUYER, INC. | Term Loan | 9.33% | SOFR | 5.00 | 6/9/2031 | 6/10/2025 | 591549 | 588611 | 588592<sup>7,8,9,10</sup> |
| Eclipse Advantage | Term Loan | 10.22% | SOFR | 5.75 | 10/1/2026 | 3/3/2025 | 1246770 | 1246770 | 1246770<sup>8,9,10</sup> |
| Improving Acquisition | Term Loan | 10.94% | SOFR | 6.50 | 7/26/2027 | 3/3/2025 | 39651 | 39651 | 39651<sup>8,9,10</sup> |
| Improving Acquisition | Term Loan | 10.97% | SOFR | 6.50 | 7/26/2027 | 3/3/2025 | 98974 | 98974 | 98974<sup>8,9,10</sup> |
| Improving Acquisition | Term Loan | 10.97% | SOFR | 6.50 | 7/26/2027 | 3/3/2025 | 176055 | 176055 | 176055<sup>8,9,10</sup> |
| Improving Acquisition | Term Loan | 10.95% | SOFR | 6.50 | 7/26/2027 | 3/3/2025 | 796461 | 796461 | 796461<sup>8,9,10</sup> |
| Improving Acquisition | Term Loan | 10.91% | SOFR | 6.50 | 7/26/2027 | 3/3/2025 | 72092 | 72092 | 72092<sup>8,9,10</sup> |
| Improving Acquisition | Term Loan | 10.95% | SOFR | 6.50 | 7/26/2027 | 3/3/2025 | 63682 | 63681 | 63682<sup>8,9,10</sup> |
| IMS Holdings | Term Loan | 9.75% | SOFR | 5.50 | 7/26/2027 | 3/3/2025 | 67118 | 67118 | 67118<sup>8,9,10</sup> |
| IMS Holdings | Term Loan | 9.72% | SOFR | 5.50 | 7/26/2027 | 3/3/2025 | 177665 | 177665 | 177665<sup>8,9,10</sup> |
| IMS Holdings | Term Loan | 9.73% | SOFR | 5.50 | 7/26/2027 | 3/3/2025 | 637593 | 637593 | 637593<sup>8,9,10</sup> |
| IMS Holdings | Term Loan | 9.94% | SOFR | 5.50 | 7/26/2027 | 3/3/2025 | 113400 | 113400 | 113400<sup>8,9,10</sup> |
| IMS Holdings | Term Loan | 9.82% | SOFR | 5.50 | 7/26/2027 | 3/3/2025 | 83631 | 83631 | 83631<sup>8,9,10</sup> |
| IMS Holdings | Term Loan | 9.61% | SOFR | 5.50 | 7/26/2027 | 3/3/2025 | 167461 | 167460 | 167461<sup>8,9,10</sup> |
| JTM Foods | Revolver | 9.57% | SOFR | 5.00 | 3/3/2030 | 3/3/2025 | 2470 | 2470 | 2470<sup>8,9,10,12</sup> |
| JTM Foods | Revolver | 11.75% | SOFR | 5.00 | 3/3/2030 | 3/3/2025 | 44466 | 44466 | 44466<sup>8,9,10,11,12</sup> |
| JTM Foods | Revolver | 9.71% | SOFR | 5.00 | 3/3/2030 | 3/3/2025 | 9881 | 9881 | 9881<sup>8,9,10,12</sup> |
| JTM Foods | Revolver | 9.72% | SOFR | 5.00 | 3/3/2030 | 3/3/2025 | 17292 | 17292 | 17292<sup>8,9,10,12</sup> |
| JTM Foods | Revolver | 0.50% | SOFR | 5.00 | 3/3/2030 | 3/3/2025 | 24704 |  | —<sup>8,9,10,11,12</sup> |
| JTM Foods | Term Loan | 9.72% | SOFR | 5.00 | 3/3/2030 | 3/3/2025 | 901186 | 901186 | 901186<sup>8,9,10,12</sup> |
| KNPC HoldCo | Term Loan | 10.11% | SOFR | 5.85 | 10/22/2029 | 12/4/2024 | 1000000 | 990908 | 990000<sup>8,9,10,12</sup> |
| Pediatric Home Services | Term Loan | 9.75% | SOFR | 5.50 | 12/23/2030 | 12/23/2024 | 766667 | 764868 | 764750<sup>8,9,10,13</sup> |
| Pediatric Home Services | Delayed Draw Term Loan | 1.00% | SOFR | 5.50 | 12/23/2030 | 12/23/2024 | 150000 | (172) | (188)<sup>8,9,10,11,13</sup> |
| Pediatric Home Services | Revolver | 9.75% | SOFR | 5.50 | 12/23/2030 | 12/23/2024 | 13333 | 13302 | 13300<sup>8,9,10,13</sup> |
| Pediatric Home Services | Revolver | 9.74% | SOFR | 5.50 | 12/23/2030 | 12/23/2024 | 16667 | 16629 | 16625<sup>8,9,10,13</sup> |
| Pediatric Home Services | Revolver | 0.50% | SOFR | 5.50 | 12/23/2030 | 12/23/2024 | 53333 | (122) | (133)<sup>8,9,10,11,13</sup> |
| Velocity Buyer | Term Loan | 9.53% | SOFR | 5.50 | 12/23/2030 | 1/24/2025 | 750000 | 744679 | 744375<sup>8,9,10,12</sup> |
| Velocity Buyer | Revolver | 0.50% | SOFR | 5.50 | 12/23/2030 | 1/24/2025 | 250000 | (1740) | (1875)<sup>8.9.10,11,12</sup> |
| **Total Direct Loans** | **Total Direct Loans** | **Total Direct Loans** | **Total Direct Loans** |  |  |  |  | **7831484** | **7829956** |
| **Total Private Investments** | **Total Private Investments** | **Total Private Investments** | **Total Private Investments** |  |  |  |  | **30608506** | **30638364** |
| **Short-Term Investments — 27.40%** | **Short-Term Investments — 27.40%** | **Short-Term Investments — 27.40%** | **Short-Term Investments — 27.40%** |  |  |  |  |  |  |
| Fidelity Investments Money Market Treasury Portfolio - Class I, 4.11% | Fidelity Investments Money Market Treasury Portfolio - Class I, 4.11% | Fidelity Investments Money Market Treasury Portfolio - Class I, 4.11% | Fidelity Investments Money Market Treasury Portfolio - Class I, 4.11% |  |  |  | 11638591 | **11638591** | **11638591**<sup>14</sup> |
| **Total Investments — 99.52%** | **Total Investments — 99.52%** | **Total Investments — 99.52%** | **Total Investments — 99.52%** |  |  |  |  | $**42247097** | $**42276955** |
| Other assets in excess of liabilities — 0.48% | Other assets in excess of liabilities — 0.48% | Other assets in excess of liabilities — 0.48% | Other assets in excess of liabilities — 0.48% |  |  |  |  |  | 203752 |
| **Net Assets — 100.00%** | **Net Assets — 100.00%** | **Net Assets — 100.00%** | **Net Assets — 100.00%** |  |  |  |  |  | **42480707** |

---

SOFR — Secured Overnight Financing Rate (Rate was 4.45% at June 30, 2025)

\* Investment is non-income producing.

1 Investment does not allow redemptions or withdrawals except at discretion of its general partner, manager or advisor.

---

| | |
|:---|:---|
| 2 | Private Investments are generally issued in private placement transactions and as such are generally restricted as to 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 as shown in the Schedule of Investments. Total fair value of restricted investments as of June 30, 2025 was $22,808,409, or 53.69% of net assets. |

---

3 Investment valued using net asset value per share as practical expedient. See Note 7 for respective investment strategies, unfunded commitments, and redemptive restrictions.

---

| | |
|:---|:---|
| 4 | Ownership percentage is 0.5%. |

---

---

| | |
|:---|:---|
| 5 | Ownership percentage is 0.3%. |

---

---

| | |
|:---|:---|
| 6 | Ownership percentage is 0.4%. |

---

---

| | |
|:---|:---|
| 7 | Ownership percentage is 0.6%. |

---

8 Fair value was determined using significant unobservable inputs. Investment is a Level 3 asset unless otherwise indicated.

---

| | |
|:---|:---|
| 9 | Investment is generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act of 1933, as amended. Total fair value of restricted securities as of June 30, 2025 was $7,829,956, or 18.43% of net assets. |

---

10 Senior secured debt investment.

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| | |
|:---|:---|
| 11 | Investment has unfunded position. For private credit investments, unamortized fees are classified as unearned income which reduces cost basis and may result in a negative cost basis. A negative fair value may result from the unfunded commitment being valued below par. The private credit investment may be subject to an undrawn commitment fee. See Note 7 for respective investment strategies, unfunded commitments, and redemptive restrictions. |

---

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| | |
|:---|:---|
| 12 | Interest Rate on funded balance is subject to a floor of 1.00%. |

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| | |
|:---|:---|
| 13 | Interest Rate on funded balance is subject to a floor of 0.75%. |

---

14 The rate is the annualized seven-day yield at period end.

---

| |
|:---|
| **Privacore PCAAM Alternative Income Fund** |
| Notes to Consolidated Schedule of Investments<br> June 30, 2025 (Unaudited) |

---

**1. Valuation of Investments**

The valuation of the Fund's investments is performed as of each Determination Date in accordance with the principles of ASC Topic 820, Fair Value Measurements ("ASC 820"). The Board has approved the Adviser's valuation procedures for the Fund ("Valuation Policy") and has approved the delegation of the day-to-day valuation and pricing responsibility for the Fund to the Adviser (in this capacity, the "Valuation Designee"), subject to the oversight of the Board. The Valuation Policy provides that the Fund will value its Fund Investments at fair value.

The Valuation Designee utilizes the resources and personnel of the Sub-Adviser, in carrying out its responsibilities. The Sub-Adviser assists the Valuation Designee in determining the fair value of Fund investments and provides regular reports to the Valuation Designee. The Board has ultimate oversight responsibility for valuing all investments held by the Fund.

For securities or investments that are quoted, traded or exchanged in an accessible, active market, the value of the asset is determined by multiplying the number of securities held by the quoted market price as of the measurement (or reporting) date. The Valuation Designee does not apply any liquidity or restriction discount regardless of ownership structure or the ability to control the sale of the asset.

For investments that are not publicly traded or for which market quotations are not readily available, the fair value is determined in good faith pursuant to Rule 2a-5 under the Investment Company Act and ASC 820. The Valuation Policy governs the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of the Fund's investments. Fair value calculations will involve significant professional judgement by the Valuation Designee in the application of both observable and unobservable inputs.

If a quoted market price is not available or not deemed to be indicative of fair value, the Valuation Designee may elect to obtain broker quotes directly from a broker-dealer or passed through from a third-party pricing vendor. Broker quotes are typically received from established market participants. Although independently received, the Valuation Designee does not have the transparency to view the underlying inputs which support the market quotation. Significant changes in the broker quote would have direct and proportional changes in the fair value of the security.

If the quotations obtained from brokers or pricing vendors are determined not to be reliable or are not readily available, the Fund may value such investments using a variety of valuation techniques. For debt investments, the Valuation Designee, in consultation with the Sub-Adviser and support of a third party vendor generally uses a market interest rate yield analysis to determine fair value. To determine fair value using a yield analysis, the expected cash flows are projected based on the contractual terms of the debt security and discounted back to the measurement date based on a market yield. A market yield is determined based upon an assessment of current and expected market yields for similar investments and risk profiles. The Fund considers the current contractual interest rate, the expected life and other terms of the investment relative to risk of the company and the specific investment.

---

| |
|:---|
| **Privacore PCAAM Alternative Income Fund** |
| Notes to Consolidated Schedule of Investments<br> June 30, 2025 (Unaudited) |

---

In determining the estimated fair value of performing private credit or debt-like securities for which there is no actively traded market, the estimate of fair value will consider such factors as the current market environment relative to that of the investment held, the tenor of maturity date of the investment, the operating performance of the issuer, the concern for maintaining any covenant levels embedded in the instrument, the ability of the issuer to call the security (and the associated redemption price), market interest rate spreads and the general overall credit quality of the security over the life of the investment.

Defaulted private credit investments are valued using several methods including the following: discounting the expected cash flows of the investment; valuing the net assets of the company; reviewing comparable precedent transactions involving similar companies; and using a performance multiple or market-based approach. As of June 30, 2025, none of the Company's investments in the consolidated financial statements have defaulted or are on non-accrual status.

For defaulted private credit investments, in determining the discounted cash flow valuation, the Valuation Designee relies on the analysis performed by the Sub-Adviser with the support of the third-party pricing vendor expectation of future income and expenses, capital structure, exit multiples of a security, and other unobservable inputs which may include contractual and factual loan factors, estimated future payments and credit rating. Generally, an increase in market yields or discount rates or a decrease in EBITDA multiples may result in a decrease in the fair value of certain of the Fund's investments. These securities are categorized as Level 3 of the fair value hierarchy.

Ordinarily, the fair value of the Fund's investment in a private investment fund is based on the latest net asset value of the investment reported by its Portfolio Fund Manager. The Sub-Adviser initially and periodically reviews each Portfolio Fund Manager's valuation methods, techniques, inputs and assumptions, to ensure that appropriate fair value methodologies are consistently applied to Fund investments and that such methodologies are consistent with ASC 820. The Valuation Designee initially reviewed and periodically reviews the Sub-Adviser's valuation methods, techniques, inputs and assumptions used in the pricing of Fund holdings and in the reports to the Valuation Designee. The Valuation Designee utilizes the services of a third-party vendor in monitoring and validating the pricing of Fund investments.

If the Valuation Designee determines that the most recent net asset value reported for a private investment fund by the Portfolio Fund Manager does not represent fair value or if the Portfolio Fund Manager fails to report a net asset value to the Fund, a fair value determination will be made by the Valuation Designee in accordance with the Valuation Policy. In making that determination, the Adviser will consider whether it is appropriate, in light of all relevant circumstances, to value such investment at the net asset value last reported by its Portfolio Fund Manager, or whether to adjust such net asset value to reflect a premium or discount (adjusted net asset value). The net asset values or adjusted net asset values are net of management fees and incentive fees (carried interest) payable pursuant to the respective organizational documents of the private investment fund.

Short-term investments are highly liquid instruments with low risk of loss and recorded at net asset value per share, which approximates fair value.

Due to the inherent uncertainty of valuations, however, estimated fair values may differ from the values that would have been used had a readily available market for the securities existed and the differences could be material. Investment transactions are recorded as of the trade date for financial reporting purposes.

---

| |
|:---|
| **Privacore PCAAM Alternative Income Fund** |
| Notes to Consolidated Schedule of Investments<br> June 30, 2025 (Unaudited) |

---

**2. Fair Value Measurements**

U.S. GAAP, ASC 820, defines fair value as the value that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the asset or liability. ASC 820 establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions that market participants would use in valuing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observation of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below:

Level 1: Quoted prices are available in active markets for identical investments as of the reporting date. The types of investments which would generally be included in Level 1 include listed equities, registered money market funds and short- term investment vehicles.

Level 2: Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined using models or other valuation methodologies. The types of investments which would generally be included in Level 2 include corporate bonds and loans and less liquid and restricted equity securities.

Level 3: Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment and/or estimation. Those unobservable inputs, that are not corroborated by market data, generally reflect the reporting entity's own assumptions about the assumptions market participants would use in determining the fair value of the investment. The types of investments which would generally be included in Level 3 are equity and/or debt securities issued by private entities.

In accordance with ASC 820, portfolio investments fair valued using net asset value ("NAV") or adjusted NAV (or its equivalent), adjusted for cash flows, as a practical expedient are not included in the fair value hierarchy. As such, investments in private investment funds with a fair value of $22,808,408 are excluded from the fair value hierarchy as of June 30, 2025.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund's investments classified by fair value hierarchy as of June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Investments Valued at<br> Practical Expedient\*** | **Total** |
| Non-Listed Business Development Companies | $— | $— | $— | $13793969 | $13793969 |
| Investment Partnerships (Special Purpose Vehicle) |  |  |  | 1204783 | 1204783 |
| Limited Partnership Interest |  |  |  | 7809656 | 7809656 |
| Direct Loans |  |  | 7829956 |  | 7829956 |
| Short-Term Investments | 11638591 |  |  |  | 11638591 |
| Total Investments | $11638591 | $— | $7829956 | $22808408 | $42276955 |

---

\* Certain investments that are measured at fair value using the Fund's pro rata NAV (or its equivalent) as a Practical Expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Schedule of Investments.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Privacore PCAAM Alternative Income Fund

- **b. Investment Company Act file number:** 811-23961

- **c. CIK number of Registrant:** 0002017579

- **d. LEI of Registrant:** 52990037GMGYWCN2YK58

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1411 Broadway

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10018

  - **Telephone number:** 2124792907

**Item A.2. Information about the Series.**

- **a. Name of Series:** Privacore PCAAM Alternative Income Fund

- **c. LEI of Series:** 52990037GMGYWCN2YK58

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $43775941.58

**Total Liabilities:** $1295234.90

**Net Assets:** $42480706.68

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.59%                | 0.49%                | 0.68%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $35933.47                                  |
| Month 2  | $0.00                    | $-34316.76                                 |
| Month 3  | $0.04                    | $76350.92                                  |

### Schedule of Portfolio Investments

| Name                                          | Title                                         | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pediatric Home Respi DDTL 12/23/2030   /      | Pediatric Home Respi DDTL 12/23/2030   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    150000 | PA      | $149812.50    | 0.35%             | 2030-12-23      | Fixed         | 1.00%                 | Yes           | 3                  | On Loan: No      |
| Pediatric Home Respi REVOLVER 12/23/2030   /  | Pediatric Home Respi REVOLVER 12/23/2030   /  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     13333 | PA      | $13300.00     | 0.03%             | 2030-12-23      | Variable      | 9.75%                 | Yes           | 3                  | On Loan: No      |
| Pediatric Home Respi REVOLVER 12/23/2030   /  | Pediatric Home Respi REVOLVER 12/23/2030   /  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     16667 | PA      | $16625.00     | 0.04%             | 2030-12-23      | Variable      | 9.74%                 | Yes           | 3                  | On Loan: No      |
| Pediatric Home Respi REVOLVER 12/23/2030   /  | Pediatric Home Respi REVOLVER 12/23/2030   /  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     53333 | PA      | $53200.00     | 0.13%             | 2030-12-23      | Fixed         | 0.50%                 | Yes           | 3                  | On Loan: No      |
| IMPROVING ACQUISITIO -TL 7/26/2027   /        | IMPROVING ACQUISITIO -TL 7/26/2027   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     98974 | PA      | $98973.57     | 0.23%             | 2027-07-26      | Variable      | 10.97%                | Yes           | 3                  | On Loan: No      |
| IMPROVING ACQUISITIO -TL 7/26/2027   /        | IMPROVING ACQUISITIO -TL 7/26/2027   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    176055 | PA      | $176055.15    | 0.41%             | 2027-07-26      | Variable      | 10.97%                | Yes           | 3                  | On Loan: No      |
| IMPROVING ACQUISITIO -TL 7/26/2027   /        | IMPROVING ACQUISITIO -TL 7/26/2027   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    796461 | PA      | $796461.10    | 1.87%             | 2027-07-26      | Variable      | 10.95%                | Yes           | 3                  | On Loan: No      |
| IMPROVING ACQUISITIO -TL 7/26/2027   /        | IMPROVING ACQUISITIO -TL 7/26/2027   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     72092 | PA      | $72092.44     | 0.17%             | 2027-07-26      | Variable      | 10.91%                | Yes           | 3                  | On Loan: No      |
| IMPROVING ACQUISITIO -TL 7/26/2027   /        | IMPROVING ACQUISITIO -TL 7/26/2027   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     63682 | PA      | $63681.66     | 0.15%             | 2027-07-26      | Variable      | 10.95%                | Yes           | 3                  | On Loan: No      |
| IMS HOLDING -TL 05/29/2025   /                | IMS HOLDING -TL 05/29/2025   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     67118 | PA      | $67118.01     | 0.16%             | 2027-07-26      | Variable      | 9.75%                 | Yes           | 3                  | On Loan: No      |
| IMS HOLDING -TL 05/29/2025   /                | IMS HOLDING -TL 05/29/2025   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    177665 | PA      | $177664.98    | 0.42%             | 2027-07-26      | Variable      | 9.72%                 | Yes           | 3                  | On Loan: No      |
| IMS HOLDING -TL 05/29/2025   /                | IMS HOLDING -TL 05/29/2025   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    637593 | PA      | $637593.00    | 1.50%             | 2027-07-26      | Variable      | 9.73%                 | Yes           | 3                  | On Loan: No      |
| IMS HOLDING -TL 05/29/2025   /                | IMS HOLDING -TL 05/29/2025   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    113400 | PA      | $113399.79    | 0.27%             | 2027-07-26      | Variable      | 9.94%                 | Yes           | 3                  | On Loan: No      |
| IMS HOLDING -TL 05/29/2025   /                | IMS HOLDING -TL 05/29/2025   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     83631 | PA      | $83630.56     | 0.20%             | 2027-07-26      | Variable      | 9.82%                 | Yes           | 3                  | On Loan: No      |
| IMS HOLDING -TL 05/29/2025   /                | IMS HOLDING -TL 05/29/2025   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    167461 | PA      | $167460.83    | 0.39%             | 2027-07-26      | Variable      | 9.61%                 | Yes           | 3                  | On Loan: No      |
| JTM FOODS HOSTESS REVOLVER 03/03/2030   /     | JTM FOODS HOSTESS REVOLVER 03/03/2030   /     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      2470 | PA      | $2470.36      | 0.01%             | 2030-03-03      | Variable      | 9.57%                 | Yes           | 3                  | On Loan: No      |
| JTM FOODS HOSTESS REVOLVER 03/03/2030   /     | JTM FOODS HOSTESS REVOLVER 03/03/2030   /     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     44466 | PA      | $44466.42     | 0.10%             | 2030-03-03      | Variable      | 11.75%                | Yes           | 3                  | On Loan: No      |
| JTM FOODS HOSTESS REVOLVER 03/03/2030   /     | JTM FOODS HOSTESS REVOLVER 03/03/2030   /     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      9881 | PA      | $9881.41      | 0.02%             | 2030-03-03      | Variable      | 9.71%                 | Yes           | 3                  | On Loan: No      |
| JTM FOODS HOSTESS REVOLVER 03/03/2030   /     | JTM FOODS HOSTESS REVOLVER 03/03/2030   /     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     17292 | PA      | $17292.49     | 0.04%             | 2030-03-03      | Variable      | 9.72%                 | Yes           | 3                  | On Loan: No      |
| JTM FOODS HOSTESS REVOLVER 03/03/2030   /     | JTM FOODS HOSTESS REVOLVER 03/03/2030   /     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     24704 | PA      | $24703.55     | 0.06%             | 2030-03-03      | Fixed         | 0.50%                 | Yes           | 3                  | On Loan: No      |
| JTM FOODS HOSTESS -TL 3/03/2030   /           | JTM FOODS HOSTESS -TL 3/03/2030   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    901186 | PA      | $901185.77    | 2.12%             | 2030-03-03      | Variable      | 9.72%                 | Yes           | 3                  | On Loan: No      |
| KNPC HOLDCO 4TH TL TERM LOAN MAN VARGAO   /   | KNPC HOLDCO 4TH TL TERM LOAN MAN VARGAO   /   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1000000 | PA      | $990000.00    | 2.33%             | 2029-10-22      | Variable      | 10.11%                | Yes           | 3                  | On Loan: No      |
| Pediatric Home Respi -TL 12/23/2030   /       | Pediatric Home Respi -TL 12/23/2030   /       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    766667 | PA      | $764750.00    | 1.80%             | 2030-12-23      | Variable      | 9.75%                 | Yes           | 3                  | On Loan: No      |
| Velocity Buyer Am Pa -TL 12/23/2030   /       | Velocity Buyer Am Pa -TL 12/23/2030   /       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    750000 | PA      | $744375.00    | 1.75%             | 2030-12-23      | Variable      | 9.53%                 | Yes           | 3                  | On Loan: No      |
| Velocity Buyer Am P REVOLVER 12/23/2030   /   | Velocity Buyer Am P REVOLVER 12/23/2030   /   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    250000 | PA      | $248125.00    | 0.58%             | 2030-12-23      | Fixed         | 0.50%                 | Yes           | 3                  | On Loan: No      |
| ACP OAK BUYER, INC DELAYED DRAW   /           | ACP OAK BUYER, INC DELAYED DRAW   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    140845 | PA      | $140492.96    | 0.33%             | 2031-06-09      | Fixed         | 1.00%                 | Yes           | 3                  | On Loan: No      |
| ACP OAK BUYER, INC Incremental DDTL   /       | ACP OAK BUYER, INC Incremental DDTL   /       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    140845 | PA      | $140492.96    | 0.33%             | 2031-06-09      | Fixed         | 1.00%                 | Yes           | 3                  | On Loan: No      |
| ACP OAK BUYER, INC REVOLVER   /               | ACP OAK BUYER, INC REVOLVER   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    126761 | PA      | $126126.76    | 0.30%             | 2031-06-09      | Fixed         | 0.50%                 | Yes           | 3                  | On Loan: No      |
| ACP OAK BUYER, INC TERM LOAN   /              | ACP OAK BUYER, INC TERM LOAN   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    591549 | PA      | $588591.55    | 1.39%             | 2031-06-09      | Variable      | 9.33%                 | Yes           | 3                  | On Loan: No      |
| ECLIPSE ADVANTAGE, L -TL 10/1/2026   /        | ECLIPSE ADVANTAGE, L -TL 10/1/2026   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1246770 | PA      | $1246770.03   | 2.93%             | 2026-10-01      | Variable      | 10.22%                | Yes           | 3                  | On Loan: No      |
| Fidelity Treasury Portfolio                   | Fidelity Treasury Portfolio                   | CUSIP: 316175504<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  11599855 | PA      | $11599855.25  | 27.31%            |  |  |  | No            | 1                  | On Loan: No      |
| ARES STRATEGIC INCOME FUND CLASS I   /        | ARES STRATEGIC INCOME FUND CLASS I   /        | CUSIP: 999999999<br>LEI: 549300IANZJVZPTICV54 | Long             |  | PF                | US        |    291545 | OU      | $7994169.11   | 18.82%            |  |  |  | Yes           | N/A                | On Loan: No      |
| MSD BDT INVESTMENT CORP   /                   | MSD BDT INVESTMENT CORP   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |    117294 | OU      | $2799799.40   | 6.59%             |  |  |  | Yes           | N/A                | On Loan: No      |
| VISTA CREDIT STRATEG LENDING CORP   /         | VISTA CREDIT STRATEG LENDING CORP   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |    152749 | OU      | $3000000.00   | 7.06%             |  |  |  | Yes           | N/A                | On Loan: No      |
| ASPF BEAGLE CO INVESTMENT   /                 | ASPF BEAGLE CO INVESTMENT   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | OU      | $748812.49    | 1.76%             |  |  |  | Yes           | N/A                | On Loan: No      |
| H.I.G WHITEHORSE EUR LEV LEN FEED FUND II   / | H.I.G WHITEHORSE EUR LEV LEN FEED FUND II   / | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | OU      | $305409.64    | 0.72%             |  |  |  | Yes           | N/A                | On Loan: No      |
| HP GPFS STANLEY CO INVESTMENT   /             | HP GPFS STANLEY CO INVESTMENT   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | OU      | $455971.00    | 1.07%             |  |  |  | Yes           | N/A                | On Loan: No      |
| OCTAGON CLO INVESTMENT   /                    | OCTAGON CLO INVESTMENT   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |      3997 | OU      | $4015518.47   | 9.45%             |  |  |  | Yes           | N/A                | On Loan: No      |
| WATERFALL PRIVATE AB CREDIT FUND I, LP   /    | WATERFALL PRIVATE AB CREDIT FUND I, LP   /    | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | OU      | $3488728.19   | 8.21%             |  |  |  | Yes           | N/A                | On Loan: No      |
| IMPROVING ACQUISITIO -TL 7/26/2027   /        | IMPROVING ACQUISITIO -TL 7/26/2027   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     39651 | PA      | $39650.84     | 0.09%             | 2027-07-26      | Variable      | 10.94%                | Yes           | 3                  | On Loan: No      |

### Signature

**Date Signed:** 2025-07-07

**Name of Applicant:** Privacore PCAAM Alternative Income Fund

**Signature:** /s/Peter Sattelmair

**Name of Signer:** Peter Sattelmair

**Title:** Treasurer and Principal Financial Officer