# EDGAR Filing Document

**Accession Number:** 0002041398
**File Stem:** 0001213900-25-118819
**Filing Date:** 2025-12
**Character Count:** 113401
**Document Hash:** e18751f10209b5037717baa87aef3e21
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-118819.hdr.sgml**: 20251205

**ACCESSION NUMBER**: 0001213900-25-118819

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251205

**DATE AS OF CHANGE**: 20251205

**EFFECTIVENESS DATE**: 20251205

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Hamilton Lane Private Secondary Fund
- **CENTRAL INDEX KEY:** 0002041398

**ORGANIZATION NAME:**
- **EIN:** 996764913
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24010
- **FILM NUMBER:** 251553803

**BUSINESS ADDRESS:**
- **STREET 1:** 110 WASHINGTON STREET, SUITE 1300
- **CITY:** CONSHOHOCKEN
- **STATE:** PA
- **ZIP:** 19428
- **BUSINESS PHONE:** 888-882-8212

**MAIL ADDRESS:**
- **STREET 1:** 110 WASHINGTON STREET, SUITE 1300
- **CITY:** CONSHOHOCKEN
- **STATE:** PA
- **ZIP:** 19428

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-24010

-----------------------

Hamilton Lane Private Secondary Fund

--------------------------------------------------------------

(Exact name of registrant as specified in charter)

110 Washington Street, Suite 1300<br> Conshohocken, Pennsylvania 19428-2053

--------------------------------------------------------------

(Address of principal executive offices) (Zip code)

Andrew Schardt

Hamilton Lane Advisors, L.L.C.

110 Washington Street, Suite 1300<br> Conshohocken, Pennsylvania 19428-2053

--------------------------------------------------------------

(Name and address of agent for service)

Registrant's telephone number, including area code: (610) 617-5724

---------------

Date of fiscal year end: March 31

---------

Date of reporting period: September 30, 2025

---------------

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

1. (a) The Report to Shareholders is attached herewith.

 **Hamilton Lane Private Secondary Fund**<br>

### Consolidated Financial Statements
For the Six Months Ended <br>September 30, 2025 (Unaudited)

------

---

| |
|:---|
|  **Hamilton Lane Private Secondary Fund** |
|  **Table of Contents**<br> For the Six Months Ended September 30, 2025 (Unaudited) |

---

---

| | |
|:---|:---|
|  [Consolidated Schedule of Investments](#T101) | 2 |
|  [Consolidated Statement of Assets and Liabilities](#T102) | 7 |
|  [Consolidated Statement of Operations](#T103) | 8 |
|  [Consolidated Statements of Changes in Net Assets](#T104) | 9 |
|  [Consolidated Statement of Cash Flows](#T105) | 10 |
|  [Consolidated Financial Highlights](#T106) | 11 |
|  [Consolidated Notes to Financial Statements](#T107) | 14 |
|  [Fund Information](#T108) | 26 |

---

---

| |
|:---|
|  **Hamilton Lane Private Secondary Fund** |
|  Consolidated Schedule of Investments<br> September 30, 2025 (Unaudited) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Investments — 116.1%** | **Footnotes** | **Investment Type** | **Acquisition <br>Date** | **Cost** | **Fair Value** |
|  **Secondary Investments — 78.0%†,^** |  |  |  |  |  |
| &nbsp;&nbsp; **Secondary Funds — 78.0%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Asia — 2.5%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified — 2.5%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multiples Plenty Private Equity <br>GIFT Fund | \*1,2,3 | Limited Partnership Interest | 5/14/2025 | $3552138 | $4148829 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Diversified** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Diversified** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Diversified** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Diversified** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Diversified** | 4148829 |
| &nbsp;&nbsp; **Total Asia** | &nbsp;&nbsp; **Total Asia** | &nbsp;&nbsp; **Total Asia** | &nbsp;&nbsp; **Total Asia** | &nbsp;&nbsp; **Total Asia** | 4148829 |
| &nbsp;&nbsp; **North America — 58.2%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Diversified — 54.7%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advent International GPE IX-G, L.P. | \*1,2,3 | Limited Partnership Interest | 6/30/2025 | 1336180 | 1501120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AH American Dynamism Fund I, LP | \*1,2,3 | Limited Partnership Interest | 7/7/2025 | 54419 | 58180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AH Parallel Fund III, L.P. | \*1,2,3 | Limited Partnership Interest | 7/7/2025 | 135557 | 164122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AH Parallel Fund IV, L.P. | \*1,3 | Limited Partnership Interest | 7/7/2025 | 152461 | 184356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AH Parallel Fund V, L.P. | \*1,3 | Limited Partnership Interest | 7/7/2025 | 536708 | 631033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AKKR Isosceles CV, L.P. | \*1,2,3 | Limited Partnership Interest | 6/26/2025 | 4093113 | 4302798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Andreessen Horowitz Annex Fd, L.P. | \*1,3 | Limited Partnership Interest | 7/7/2025 | 33778 | 40900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Andreessen Horowitz Fund II, L.P. | \*1,3 | Limited Partnership Interest | 7/7/2025 | 31422 | 38041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Andreessen Horowitz Fund III, L.P. | \*1,3 | Limited Partnership Interest | 7/7/2025 | 893023 | 1074133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Andreessen Horowitz Fund IV, L.P. | \*1,3 | Limited Partnership Interest | 7/7/2025 | 328829 | 317595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Andreessen Horowitz Fund V, L.P. | \*1,3 | Limited Partnership Interest | 7/7/2025 | 643192 | 906068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Andreessen Horowitz Fund VI, L.P. | \*1,3 | Limited Partnership Interest | 7/7/2025 | 627567 | 760040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Andreessen Horowitz Fund VII, L.P. | \*1,2,3 | Limited Partnership Interest | 7/7/2025 | 276592 | 328675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Andreessen Horowitz Fund VIII, L.P. | \*1,2,3 | Limited Partnership Interest | 7/7/2025 | 231885 | 325770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Andreessen Horowitz LSV Fd I, L.P. | \*1,3 | Limited Partnership Interest | 7/7/2025 | 410873 | 535117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Andreessen Horowitz LSV Fd II, L.P. | \*1,3 | Limited Partnership Interest | 7/7/2025 | 424635 | 525972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Andreessen Horowitz Seed Fd I, L.P. | \*1,2,3 | Limited Partnership Interest | 7/7/2025 | 94201 | 120647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AndreessenHorowitz LSV Fd III, L.P. | \*1,2,3 | Limited Partnership Interest | 7/7/2025 | 380043 | 506628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AndreessenHorowitz LSV Fd IV, L.P. | \*1,2,3 | Limited Partnership Interest | 7/7/2025 | 231192 | 254535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AndreessenHorowitzFd IX AI AppLP | \*1,2,3 | Limited Partnership Interest | 7/7/2025 | 33532 | 35906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AndreessenHorowitzFdIXAI InfraLP | \*1,2,3 | Limited Partnership Interest | 7/7/2025 | 45566 | 47247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apollo Investment Fund IX – A, L.P. | 123 | Limited Partnership Interest | 1/2/2025 | 1584444 | 1808998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apollo Investment Fund IX – B, L.P. | 123 | Limited Partnership Interest | 1/2/2025 | 227592 | 259847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bain Cap Fd XI, L.P. (Statue) | \*1,2,3 | Limited Partnership Interest | 9/30/2025 | 370429 | 514936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bain Cap Fd XII, L.P. (Statue) | \*1,2,3 | Limited Partnership Interest | 9/30/2025 | 1205579 | 1409418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bain Cap Fd XIII, L.P. (Statue) | \*1,2,3 | Limited Partnership Interest | 9/30/2025 | 940805 | 1078815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bain Capital Fd X, L.P. (Statue) | \*1,2,3 | Limited Partnership Interest | 9/30/2025 | 101791 | 134889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banner Capital Fund I, L.P. | \*1,2,3 | Limited Partnership Interest | 6/6/2025 | 4306326 | 7344315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banner Capital Fund I-A, L.P. | \*1,2,3 | Limited Partnership Interest | 6/6/2025 | 714476 | 1218517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cevine Capital Management VI No. 1 Feeder, L.P., Inc. | \*1,2,3,4 | Limited Partnership Interest | 6/30/2025 | 478333 | 401721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clayton Dubilier& Rice Fd XII, L.P. | \*1,2,3 | Limited Partnership Interest | 9/30/2025 | 2241332 | 2388206 |

---

*See accompanying Notes to Consolidated Financial Statements*

---

| |
|:---|
|  **Hamilton Lane Private Secondary Fund** |
|  Consolidated Schedule of Investments<br> September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Investments — 116.1%** | **Footnotes** | **Investment Type** | **Acquisition <br>Date** | **Cost** | **Fair Value** |
|  **Secondary Investments (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Secondary Funds (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **North America (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Diversified (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crestview Partners III CV-A, L.P. | \*1,2,3 | Limited Partnership Interest | 3/31/2025 | $3226279 | $4664705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EQT IX Storable Side Car EUR SCSp | \*1,2,3,4 | Limited Partnership Interest | 6/1/2025 | 1040710 | 1247181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ForgePointCybersecurity Fd II, L.P. | \*1,3 | Limited Partnership Interest | 6/30/2025 | 4969527 | 6701400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genstar Capital Partners X, L.P. | \*1,2,3 | Limited Partnership Interest | 6/27/2025 | 1726302 | 1722927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genstar Capital Partners IX, L.P. | \*1,2,3 | Limited Partnership Interest | 6/27/2025 | 1593990 | 1569953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Equity Investors VIII, L.P. | 123 | Limited Partnership Interest | 12/31/2024 | 1155071 | 1379173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Equity Investors VIII, L.P. — Second Commitment | \*1,2,3 | Limited Partnership Interest | 6/30/2025 | 825129 | 980015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hellman & Friedman Capital Partners VIII, L.P. | \*1,2,3 | Limited Partnership Interest | 6/30/2025 | 3410162 | 3528015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hellman & Friedman Capital Partners VIII, L.P. — Second Commitment | \*2,2,3 | Limited Partnership Interest | 7/1/2025 | 871549 | 1024584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hellman & Friedman Capital Partners VIII, L.P. | \*1,2,3 | Limited Partnership Interest | 6/30/2025 | 6085993 | 7076466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hellman & Friedman Capital Partners VIII, L.P. — Second Commitment | \*1,2,3 | Limited Partnership Interest | 9/30/2025 | 4437193 | 4819567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hellman & Friedman Capital Partners VIII, L.P. — Third Commitment | \*1,2,3 | Limited Partnership Interest | 9/30/2025 | 1595243 | 1984068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hellman & Friedman Capital Partners X, L.P. | \*1,2,3 | Limited Partnership Interest | 9/30/2025 | 1107742 | 1200954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KKR Americas Fund XII, L.P. | \*1,2,3 | Limited Partnership Interest | 6/30/2025 | 1491506 | 2186718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KKR Americas Fund XII, L.P. — Second Commitment | \*1,2,3 | Limited Partnership Interest | 6/30/2025 | 737617 | 1081430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KKR Americas Fund XII, L.P. — Third Commitment | \*1,2,3 | Limited Partnership Interest | 6/30/2025 | 807581 | 935343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison Dearborn Capital Partners VII-B, L.P. | \*1,2,3 | Limited Partnership Interest | 6/30/2025 | 868254 | 948073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison Dearborn Capital Partners VIII, L.P. | \*1,2,3 | Limited Partnership Interest | 12/31/2024 | 1006989 | 1130977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison Dearborn Capital Partners VIII, L.P. — Second Commitment | \*1,2,3 | Limited Partnership Interest | 12/31/2024 | 268494 | 302158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison Dearborn Capital Partners VIII, L.P. — Third Commitment | \*1,2,3 | Limited Partnership Interest | 6/30/2025 | 1097927 | 1210930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Mountain Partners VI, L.P. | 123 | Limited Partnership Interest | 12/31/2024 | 1390902 | 1682583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permira VII, L.P. 1 | \*1,2,3,4 | Limited Partnership Interest | 6/30/2025 | 755219 | 865433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Platinum Equity Capital Partners V, L.P. | \*1,2,3 | Limited Partnership Interest | 6/30/2025 | 931900 | 869215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Providence Equity Partners VIII-A, L.P. | \*1,2,3 | Limited Partnership Interest | 6/30/2025 | 512756 | 588785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PSG Sequel-A, L.P. | \*1,2,3 | Limited Partnership Interest | 1/31/2025 | 2787316 | 3349776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roark Capital Partners III, L.P. | \*1,2,3 | Limited Partnership Interest | 6/30/2025 | 1092421 | 1642031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roark Capital Partners IV, L.P. | \*1,2,3 | Limited Partnership Interest | 6/30/2025 | 1722022 | 2464180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roark Capital Partners VII LP | \*1,2 | Limited Partnership Interest | 6/30/2025 |  |  |

---

*See accompanying Notes to Consolidated Financial Statements*

---

| |
|:---|
|  **Hamilton Lane Private Secondary Fund** |
|  Consolidated Schedule of Investments<br> September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Investments — 116.1%** | **Footnotes** | **Investment Type** | **Acquisition <br>Date** | **Cost** | **Fair Value** |
|  **Secondary Investments (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Secondary Funds (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **North America (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Diversified (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Resolute III Continuation Fund, L.P. | \*1,2,3 | Limited Partnership Interest | 9/27/2024 | $2275367 | $2531969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thoma Bravo Fund XII-A Global, L.P. | \*1,2,3 | Limited Partnership Interest | 6/1/2025 | 205715 | 230341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thoma Bravo Fund XV, L.P. | \*1,2,3 | Limited Partnership Interest | 12/31/2024 | 1455053 | 1811405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vic SPV LLC | \*1,2,3,5 | Limited Partnership Interest | 9/30/2025 |  |  |
| &nbsp;&nbsp;&nbsp; **Total Diversified** | &nbsp;&nbsp;&nbsp; **Total Diversified** | &nbsp;&nbsp;&nbsp; **Total Diversified** | &nbsp;&nbsp;&nbsp; **Total Diversified** | &nbsp;&nbsp;&nbsp; **Total Diversified** | 90948900 |
| &nbsp;&nbsp;&nbsp; **Healthcare — 2.0%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackrock Sapphire POF, L.P. | \*1,2,3 | Limited Partnership Interest | 9/27/2024 | 1926881 | 3262235 |
| &nbsp;&nbsp;&nbsp; **Total Healthcare** | &nbsp;&nbsp;&nbsp; **Total Healthcare** | &nbsp;&nbsp;&nbsp; **Total Healthcare** | &nbsp;&nbsp;&nbsp; **Total Healthcare** | &nbsp;&nbsp;&nbsp; **Total Healthcare** | 3262235 |
| &nbsp;&nbsp;&nbsp; **Industrials — 1.5%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LLCP LMM Acquisition Fund, L.P. | 1234 | Limited Partnership Interest | 11/20/2024 | 2015824 | 2441754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Levine Leichtman Capital Partners VII-A, <br>L.P. | 1234 | Limited Partnership Interest | 12/11/2024 | 58087 | 57535 |
| &nbsp;&nbsp;&nbsp; **Total Industrials** | &nbsp;&nbsp;&nbsp; **Total Industrials** | &nbsp;&nbsp;&nbsp; **Total Industrials** | &nbsp;&nbsp;&nbsp; **Total Industrials** | &nbsp;&nbsp;&nbsp; **Total Industrials** | 2499289 |
| &nbsp;&nbsp; **Total North America** | &nbsp;&nbsp; **Total North America** | &nbsp;&nbsp; **Total North America** | &nbsp;&nbsp; **Total North America** | &nbsp;&nbsp; **Total North America** | 96710424 |
|  **Western Europe — 17.3%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Consumer Goods — 1.7%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; L Catterton Europe IV Aggregator, SLP | \*1,3,4 | Limited Partnership Interest | 11/25/2024 | 1352127 | 2449379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; L Catterton Europe V, SLP | \*1,2,3,4 | Limited Partnership Interest | 3/11/2025 | 345158 | 435913 |
| &nbsp;&nbsp;&nbsp; **Total Consumer Goods** | &nbsp;&nbsp;&nbsp; **Total Consumer Goods** | &nbsp;&nbsp;&nbsp; **Total Consumer Goods** | &nbsp;&nbsp;&nbsp; **Total Consumer Goods** | &nbsp;&nbsp;&nbsp; **Total Consumer Goods** | 2885292 |
| &nbsp;&nbsp;&nbsp; **Diversified — 15.6%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bregal Unternehmerkapital II-A SCSp | 1234 | Limited Partnership Interest | 7/8/2025 | 6113073 | 7178880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVC Capital Partners Strategic Opportunities II LP | 1234 | Limited Partnership Interest | 7/1/2025 | 4260249 | 5748766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVC Capital Partners VII (A), L.P. | \*1,2,3,4 | Limited Partnership Interest | 12/31/2024 | 865118 | 1169673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVC Capital Partners VIII (A) LP | \*1,2,3,4 | Limited Partnership Interest | 7/1/2025 | 582902 | 772606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Levine Leichtman Capital Partners Europe II SCSp | \*1,2,3,4 | Limited Partnership Interest | 6/13/2025 | 4240615 | 4290886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MCP Cont. Fund II Coöperatief U.A. | \*1,2,3,4 | Limited Partnership Interest | 9/25/2025 | 3454133 | 3454133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norvestor SPV III SCSp | \*1,2,4 | Limited Partnership Interest | 9/6/2024 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP III, L.P. | \*1,2,3,4 | Limited Partnership Interest | 9/6/2024 | 2371522 | 2989581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP V SCSp | \*1,2,3,4 | Limited Partnership Interest | 10/18/2024 | 302860 | 301596 |
| &nbsp;&nbsp;&nbsp; **Total Diversified** | &nbsp;&nbsp;&nbsp; **Total Diversified** | &nbsp;&nbsp;&nbsp; **Total Diversified** | &nbsp;&nbsp;&nbsp; **Total Diversified** | &nbsp;&nbsp;&nbsp; **Total Diversified** | 25906121 |
| &nbsp;&nbsp; **Total Western Europe** | &nbsp;&nbsp; **Total Western Europe** | &nbsp;&nbsp; **Total Western Europe** | &nbsp;&nbsp; **Total Western Europe** | &nbsp;&nbsp; **Total Western Europe** | 28791413 |
|  **Total Secondary Funds (Cost $106,058,491)** | **Total Secondary Funds (Cost $106,058,491)** | **Total Secondary Funds (Cost $106,058,491)** | **Total Secondary Funds (Cost $106,058,491)** | **Total Secondary Funds (Cost $106,058,491)** | 129650666 |

---

*See accompanying Notes to Consolidated Financial Statements*

---

| |
|:---|
|  **Hamilton Lane Private Secondary Fund** |
|  Consolidated Schedule of Investments<br> September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Investments — 116.7%** | **Interest <br>rate** | **Principal <br>Value** | **Shares** | **Cost** | **Cost** | **Fair Value** |
|  **Short Term Investments — 38.1%** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **JPMorgan U.S. Government Money Market Fund – Agency Shares** | 4.12%<sup>6</sup> | N/A | 234425 | $| 234425 | $234425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMB Bank, Money Market Fiduciary Deposit Investment | 0.04%<sup>6</sup> | 19877047 | N/A |  | 19877047 | 19877047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMB Money Market II Special | 0.04%<sup>6</sup> | 43270909 | N/A |  | 43270909 | 43270909 |
| &nbsp;&nbsp;&nbsp; **Total Short Term Investments (Cost $63,382,381)** | &nbsp;&nbsp;&nbsp; **Total Short Term Investments (Cost $63,382,381)** | &nbsp;&nbsp;&nbsp; **Total Short Term Investments (Cost $63,382,381)** | &nbsp;&nbsp;&nbsp; **Total Short Term Investments (Cost $63,382,381)** | &nbsp;&nbsp;&nbsp; **Total Short Term Investments (Cost $63,382,381)** | &nbsp;&nbsp;&nbsp; **Total Short Term Investments (Cost $63,382,381)** | 63382381 |
|  **Total Investments (Cost $169,440,872)** | **Total Investments (Cost $169,440,872)** | **Total Investments (Cost $169,440,872)** | **Total Investments (Cost $169,440,872)** | **Total Investments (Cost $169,440,872)** | **Total Investments (Cost $169,440,872)** | **193033047** |
|  Liabilities in excess of other assets — (16.1%) | Liabilities in excess of other assets — (16.1%) | Liabilities in excess of other assets — (16.1%) | Liabilities in excess of other assets — (16.1%) | Liabilities in excess of other assets — (16.1%) | Liabilities in excess of other assets — (16.1%) | (26772783) |
|  **Total Net Assets — 100%** | **Total Net Assets — 100%** | **Total Net Assets — 100%** | **Total Net Assets — 100%** | **Total Net Assets — 100%** | **Total Net Assets — 100%** | $**166260264** |

---

† Secondary Investments are portfolios of assets purchased on the secondary market.

^ Investments do not issue shares except where listed. Investments do not allow redemptions or withdrawals except at discretion of its general partner, manager or advisor.

\* Investment is non-income producing.

<sup>1</sup> Restricted Security. Investments generally issued in private placement transactions and as such 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 September 30, 2025 was $129,650,666, or 77.98% of net assets.

<sup>2</sup> Investment has been committed to but has not been fully funded by the Fund. (See Note 10).

<sup>3</sup> All or a portion of this security is held through HL PSF Splitter LLC. (See Note 1).

<sup>4</sup> Foreign security denominated in U.S. Dollars.

<sup>5</sup> Affiliated security.

<sup>6</sup> The rate is the annualized seven-day yield at period end.

*See accompanying Notes to Consolidated Schedule of Investments.*

---

| |
|:---|
|  **Hamilton Lane Private Secondary Fund** |
|  Consolidated Schedule of Investments<br> September 30, 2025 (Unaudited) (Continued) |

---

---

| | |
|:---|:---|
|  **Summary of Investments by Strategy (as a percentage of total net assets)** | **Summary of Investments by Strategy (as a percentage of total net assets)** |
|  **Secondary Investments** |  |
| &nbsp;&nbsp;&nbsp; Secondary Funds | 78.0 |
|  **Total Secondary Investments** | 78.0 |
|  **Short Term Investments** | 38.1 |
|  **Total Investments** | 116.1 |
| &nbsp;&nbsp;&nbsp; Other assets in excess of liabilities | (16.1) |
|  **Total Net Assets** | 100.0 |

---

*See accompanying Notes to Consolidated Financial Statements*

---

| |
|:---|
|  **Hamilton Lane Private Secondary Fund** |
|  Consolidated Statement of Assets and Liabilities<br> September 30, 2025 (Unaudited) |

---

---

| | |
|:---|:---|
|  **Assets** |  |
|  Investments, at fair value (cost $169,440,872) | $193033047 |
|  Cash | 226556 |
|  Receivable from Adviser | 318453 |
|  Prepaid offering costs | 49455 |
|  **Total Assets** | 193627511 |
|  **Liabilities** |  |
|  Proceeds from issuance of shares received in advance | 19877047 |
|  Investments purchased payable | 5804538 |
|  Incentive fees payable | 1011223 |
|  Deferred tax liability payable | 298410 |
|  Accounting and administration fees payable | 166547 |
|  Registration fees payable | 83563 |
|  Audit fees payable | 65794 |
|  Custody fees payable | 28235 |
|  Transfer agent fees payable | 23946 |
|  Chief compliance officer fees payable | 5020 |
|  Distribution and service fees payable | 2924 |
|  **Total Liabilities** | 27367247 |
|  Commitments and contingencies (see Notes 7 and 10) |  |
|  **Net Assets** | $166260264 |
|  **Composition of Net Assets:** |  |
|  Paid-in capital | $141598425 |
|  Total distributable earnings | 24661839 |
|  **Net Assets** | $166260264 |
|  **Net Assets Attributable to:** |  |
| &nbsp;&nbsp;&nbsp; Class I Shares | $29235820 |
| &nbsp;&nbsp;&nbsp; Class R Shares | 1411852 |
| &nbsp;&nbsp;&nbsp; Class Y Shares | 135612592 |
|  | $166260264 |
|  **Shares of Beneficial Interest Outstanding (unlimited number of shares authorized):** |  |
| &nbsp;&nbsp;&nbsp; Class I Shares | 1897080 |
| &nbsp;&nbsp;&nbsp; Class R Shares | 92378 |
| &nbsp;&nbsp;&nbsp; Class Y Shares | 8797477 |
|  | 10786935 |
|  **Net Asset Value per Share:** |  |
| &nbsp;&nbsp;&nbsp; Class I Shares | $15.41 |
| &nbsp;&nbsp;&nbsp; Class R Shares | $15.28 |
| &nbsp;&nbsp;&nbsp; Class Y Shares | $15.41 |

---

*See accompanying Notes to Consolidated Financial Statements*

---

| |
|:---|
|  **Hamilton Lane Private Secondary Fund** |
|  Consolidated Statement of Operations<br> For the Six Months Ended September 30, 2025 (Unaudited) |

---

---

| | |
|:---|:---|
|  **Investment Income** |  |
|  Dividend income | $326662 |
|  Interest income | 462512 |
|  **Total Income** | 789174 |
|  **Expenses** |  |
|  Incentive fees | 1925565 |
|  Investment management fees | 784077 |
|  Professional fees | 131004 |
|  Offering costs | 186070 |
|  Accounting and administration fees | 117547 |
|  Registration fees | 106473 |
|  Trustees' fees and expenses | 37500 |
|  Organizational fees | 30180 |
|  CCO fees | 30120 |
|  Transfer agent fees | 23400 |
|  Custodian fees | 22931 |
|  Distribution and service fees (Class R) | 2924 |
|  Other operating expenses | 72358 |
|  **Total Expenses** | 3470149 |
| &nbsp;&nbsp;&nbsp; Expenses waived by adviser | (318454) |
| &nbsp;&nbsp;&nbsp; Investment management fees waived by adviser<sup>1</sup> | (784077) |
|  Net Expenses | 2367618 |
|  **Net Investment Loss** | (1578444) |
|  **Realized and Change in Unrealized Gain/(Loss)** |  |
|  Net realized gain on investments | 2668297 |
|  Net change in unrealized appreciation on investments | 16932041 |
|  Net change on deferred tax | (113985) |
|  **Net Realized and Change in Unrealized Gain** | 19486353  |
|  **Net Increase in Net Assets Resulting from Operations** | $17907909 |

---

<sup>1</sup> Waived fees not subject to recoupment.

*See accompanying Notes to Consolidated Financial Statements*

---

| |
|:---|
|  **Hamilton Lane Private Secondary Fund** |
|  Consolidated Statements of Changes in Net Assets<br>|

---

---

| | | |
|:---|:---|:---|
|  | **For the <br>Six Months <br>Ended <br>September 30, <br>2025 <br>(Unaudited)** | **For the Period <br>September 4, <br>2024\* <br>Through <br>March 31, <br>2025** |
|  **Change in Net Assets Resulting from Operations** |  |  |
|  Net investment loss | $(1578444) | $(130810) |
|  Net realized gain on investments | 2668297 | 408373 |
|  Net change in unrealized appreciation (depreciation) on investments, net of deferred tax | 16818056 | 6476367 |
|  **Net Change in Net Assets Resulting from Operations** | 17907909 | 6753930 |
|  **Change in Net Assets Resulting from Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp; **Class I** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from issuance of shares | 25283400 |  |
| &nbsp;&nbsp;&nbsp; Transfers in |  | 1000010 |
| &nbsp;&nbsp;&nbsp; **Total Class Y Transactions** | 25283400 | 1000010 |
| &nbsp;&nbsp;&nbsp; **Class R** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from issuance of shares | 48500 |  |
| &nbsp;&nbsp;&nbsp; Transfers In |  | 1000010 |
| &nbsp;&nbsp;&nbsp; **Total Class R Transactions** | 48500 | 1000010 |
| &nbsp;&nbsp;&nbsp; **Class Y** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from issuance of shares | 82066525 | 34200000 |
| &nbsp;&nbsp;&nbsp; Transfers out |  | (2000020) |
| &nbsp;&nbsp;&nbsp; **Total Class Y Transactions** | 82066525 | 32199980 |
|  **Net Change in Net Assets Resulting from Capital Share Transactions** | 107398425 | 34200000 |
|  **Total Net Increase in Net Assets** | 125306334 | 40953930 |
|  **Net Assets** |  |  |
|  Beginning of period | 40953930 |  |
|  End of period | $166260264 | $40953930 |
|  **Shareholder Activity** |  |  |
| &nbsp;&nbsp;&nbsp; **Class I Shares** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1808348 |  |
| &nbsp;&nbsp;&nbsp; Shares transferred in |  | 88732 |
| &nbsp;&nbsp;&nbsp; **Net Change in Class I Shares Outstanding** | 1808348 | 88732 |
| &nbsp;&nbsp;&nbsp; **Class R Shares** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 3646 |  |
| &nbsp;&nbsp;&nbsp; Shares transferred in |  | 88732 |
| &nbsp;&nbsp;&nbsp; **Net Change in Class R Shares Outstanding** | 3646 | 88732 |
| &nbsp;&nbsp;&nbsp; **Class Y Shares** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 5853679 | 3121262 |
| &nbsp;&nbsp;&nbsp; Shares transferred out |  | (177464) |
| &nbsp;&nbsp;&nbsp; **Net Change in Class Y Shares Outstanding** | 5853679 | 2943798 |

---

\* Commencement of Operations

*See accompanying Notes to Consolidated Financial Statements*

---

| |
|:---|
|  **Hamilton Lane Private Secondary Fund** |
|  Consolidated Statement of Cash Flows<br> For the Six Months Ended September 30, 2025 (Unaudited) |

---

---

| | |
|:---|:---|
|  **Cash Flows From Operating Activities** |  |
|  Net increase in net assets from operations | $17907909 |
|  Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments | (85273145) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in short-term investments, net | (43485095) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from investment distributions of realized gains and return of capital | 14943848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (2668297) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (16932041) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change on deferred tax | 113985 |
|  &nbsp;&nbsp;&nbsp;&nbsp;**(Increase)/Decrease in Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable from Adviser | 523489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid offering costs | (49455) |
| &nbsp;&nbsp;&nbsp; **Increase/(Decrease) in Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit fees payable | (69206) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Offering costs payable | (79442) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting and administration fees payable | 117547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organizational fees payable | (23089) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees payable | 16863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable | 20946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor distribution and servicing fees payable | 2924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief compliance officer fees payable | 5020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incentive fees payable | 1011223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees payable | 83563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | (6463) |
|  **Net Cash Used in Operating Activities** | (113838916) |
|  **Cash Flows from Financing Activities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from capital contributions | 110790472 |
|  **Net Cash Provided by Financing Activities** | 110790472 |
|  Net change in Cash | (3048444) |
|  **Cash – Beginning of period** | 3275000 |
|  **Cash – End of period** | $**226556** |

---

\* Commencement of Operations

*See accompanying Notes to Consolidated Financial Statements*

---

| |
|:---|
|  **Hamilton Lane Private Secondary Fund** |
|  Consolidated Financial Highlights<br> Class I Shares  |

---

*Per share operating performance.<br>For a capital share outstanding throughout each period.*

---

| | | |
|:---|:---|:---|
|  | **For the <br>Six Months <br>Ended <br>September 30, <br>2025 <br>(Unaudited)** | **For the Period <br>December 1, <br>2024\* <br>Through <br>March 31, <br>2025** |
|  **Per Share Operating Performance:** |  |  |
|  **Net Asset Value per share, beginning of period** | $13.12 | $11.27 |
|  Activity from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>1</sup> | (0.22) | (0.06) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) on investments | 2.51 | 1.91 |
|  Total from investment operations | 2.29 | 1.85 |
|  **Net Asset Value per share, end of period** | $15.41 | $13.12 |
|  **Net Assets, end of period (in thousands)** | $29236 | $1164 |
|  **Ratios to average net assets:** |  |  |
|  Net investment income (loss)<sup>2,3</sup> | (1.15)% | (1.56)% |
|  Gross expenses<sup>4</sup> | 4.39% | 9.24% |
|  Expense Recoupment/(Reimbursement)<sup>4</sup> | (1.83)% | (6.45)% |
|  Net expenses<sup>4</sup> | 2.56% | 2.79% |
|  Total Return<sup>5</sup> | 17.45%<sup>6</sup> | 16.42%<sup>6</sup> |
|  Portfolio turnover rate | 0.00%<sup>6</sup> | 0.00%<sup>6</sup> |

---

<sup>1</sup> Per share data is computed using the average shares method.

<sup>2</sup> Net investment income (loss) has been annualized for periods of less than twelve months, except for Organizational Fees which are one time expenses.

<sup>3</sup> Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratios do not include net investment income of the funds in which the Fund invests that have not been distributed.

<sup>4</sup> Expense ratios have been annualized for periods of less than twelve months, except for Organizational Fees which are one time expenses and Incentive Fees which are not annualized. If Incentive Fees had been excluded, the expense ratios would have decreased by 1.80% for the six months ended September 30, 2025 and 1.47% for the period ended March 31, 2025. Expenses do not include expenses from underlying funds in which the Fund invests.

<sup>5</sup> Total return based on per unit net asset value reflects the change in net asset value based on the effects of the performance of the Fund during the period and assumes distributions, if any, were reinvested. Total returns shown exclude the effect of applicable sales charges.

<sup>6</sup> Not annualized.

\* Class commenced operations on December 1, 2024.

*See accompanying Notes to Consolidated Financial Statements*

---

| |
|:---|
|  **Hamilton Lane Private Secondary Fund** |
|  Consolidated Financial Highlights<br> Class R Shares |

---

*Per share operating performance.<br>For a capital share outstanding throughout each period.*

---

| | | |
|:---|:---|:---|
|  | **For the <br>Six Months <br>Ended <br>September 30, <br>2025 <br>(Unaudited)** | **For the Period <br>December 1, <br>2024\* <br>Through <br>March 31, <br>2025** |
|  **Per Share Operating Performance:** |  |  |
|  **Net Asset Value per share, beginning of period** | $13.09 | $11.27 |
|  Activity from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>1</sup> | (0.29) | (0.09) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) on investments | 2.48 | 1.91 |
|  Total from investment operations | 2.19 | 1.82 |
|  **Net Asset Value per share, end of period** | $15.28 | $13.09 |
|  **Net Assets, end of period (in thousands)** | $1412 | $1161 |
|  **Ratios to average net assets:** |  |  |
|  Net investment income (loss)<sup>2,3</sup> | (2.53)% | (2.26)% |
|  Gross expenses<sup>4</sup> | 5.14% | 9.25% |
|  Expense Recoupment/(Reimbursement)<sup>4</sup> | (1.20)% | (5.76)% |
|  Net expenses<sup>4</sup> | 3.94% | 3.49% |
|  Total Return<sup>5</sup> | 16.73%<sup>6</sup> | 16.15%<sup>6</sup> |
|  Portfolio turnover rate | 0.00%<sup>6</sup> | 0.00%<sup>6</sup> |

---

<sup>1</sup> Per share data is computed using the average shares method.

<sup>2</sup> Net investment income (loss) has been annualized for periods of less than twelve months, except for Organizational Fees which are one time expenses.

<sup>3</sup> Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratios do not include net investment income of the funds in which the Fund invests that have not been distributed.

<sup>4</sup> Expense ratios have been annualized for periods of less than twelve months, except for Organizational Fees which are one time expenses and Incentive Fees which are not annualized. If Incentive Fees had been excluded, the expense ratios would have decreased by 1.49% for the six months ended September 30, 2025 and 1.47% for the period ended March 31, 2025. Expenses do not include expenses from underlying funds in which the Fund invests.

<sup>5</sup> Total return based on per unit net asset value reflects the change in net asset value based on the effects of the performance of the Fund during the period and assumes distributions, if any, were reinvested. Total returns shown exclude the effect of applicable sales charges.

<sup>6</sup> Not annualized.

\* Class commenced operations on December 1, 2024.

*See accompanying Notes to Consolidated Financial Statements*

---

| |
|:---|
|  **Hamilton Lane Private Secondary Fund** |
|  Consolidated Financial Highlights<br> Class Y Shares |

---

*Per share operating performance.<br>For a capital share outstanding throughout each period.*

---

| | | |
|:---|:---|:---|
|  | **For the<br>Six Months <br>Ended<br>September 30, <br>2025<br>(Unaudited)** | **For the Period<br>September 4, <br>2024\*<br>Through<br>March 31, <br>2025** |
|  **Per Share Operating Performance:** |  |  |
|  **Net Asset Value per share, beginning of period** | $13.12 | $10.00 |
|  Activity from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>1</sup> | (0.20) | (0.06) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) on investments | 2.49 | 3.18 |
|  Total from investment operations | 2.29 | 3.12 |
|  **Net Asset Value per share, end of period** | $15.41 | $13.12 |
|  **Net Assets, end of period (in thousands)** | $135613 | $38629 |
|  **Ratios to average net assets:** |  |  |
|  Net investment loss<sup>2,3</sup> | (1.05)% | (0.09)% |
|  Gross expenses<sup>4</sup> | 4.47% | 10.79% |
|  Expense Recoupment/(Reimbursement)<sup>4</sup> | (2.01)% | (9.76)% |
|  Net expenses<sup>4</sup> | 2.46% | 1.03% |
|  Total Return<sup>5</sup> | 17.45%<sup>6</sup> | 31.20%<sup>6</sup> |
|  Portfolio turnover rate | 0.00%<sup>6</sup> | 0.00%<sup>6</sup> |

---

<sup>1</sup> Per share data is computed using the average shares method.

<sup>2</sup> Net investment income (loss) has been annualized for periods of less than twelve months, except for Organizational Fees which are one time expenses.

<sup>3</sup> Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratios do not include net investment income of the underlying funds in which the Fund invests that have not been distributed.

<sup>4</sup> Expense ratios have been annualized for periods of less than twelve months, except for Organizational Fees which are one time expenses and Incentive Fees which are not annualized. If Incentive Fees had been excluded, the expense ratios would have decreased by 1.72% for the six months ended September 30, 2025 and 2.58% for the period ended March 31, 2025. Expenses do not include expenses from underlying funds in which the Fund invests.

<sup>5</sup> Total return based on per unit net asset value reflects the change in net asset value based on the effects of the performance of the Fund during the period and assumes distributions, if any, were reinvested. Total returns shown exclude the effect of applicable sales charges.

<sup>6</sup> Not annualized.

\* Class commenced operations on September 4, 2024.

*See accompanying Notes to Consolidated Financial Statements*

---

| |
|:---|
|  **Hamilton Lane Private Secondary Fund** |
|  Consolidated Notes to Financial Statements<br> September 30, 2025 (Unaudited) |

---

#### Note 1 – Organization
Hamilton Lane Private Secondary Fund (the "***Fund***"), a Delaware statutory trust, is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the "***Investment Company Act***"). Pursuant to an investment management agreement (the ***"Investment Management Agreement***"), Hamilton Lane Advisors, L.L.C. (the "***Adviser***" or "***Hamilton Lane***"), a Pennsylvania limited liability company, serves as the investment adviser of the Fund. The Adviser is a registered investment adviser under the Investment Advisers Act of 1940, as amended. The Fund was organized as a Delaware statutory trust on July 24, 2024, and commenced operations on September 4, 2024.

The Fund currently offers three classes of common shares of beneficial interest ("***Shares***") designated as Class R Shares, Class I Shares and Class Y Shares (each a "***Class***"). The Fund's Class Y Shares commenced operations on September 4, 2024. The Fund's Class I Shares and Class R Shares commenced operations as of December 1, 2024.

The Fund's investment objective is to seek to provide long-term capital appreciation. The Fund will seek to achieve its investment objective through a tactically constructed portfolio of private equity investments, primarily through privately negotiated transactions on the secondary market ("***Secondary Investments***"). The Fund makes Secondary Investments in private funds, holding vehicles or other investment vehicles (collectively, "***Portfolio Funds***") managed by third-party managers ("***Portfolio Fund Managers***") or other private equity investments that the Adviser determines to have a similar risk/return profile (collectively, "***Private Equity Investments***"). The Fund may invest in Private Equity Investments on a global basis across developed and emerging countries, with an emphasis on North America and Western Europe.

Secondary Investments include both traditional limited partner ("***LP***") secondary investments and general partner ("***GP/Structured***") secondary investments. LP Secondary Investments involve the acquisition of one or more existing individual Portfolio Fund interests at a privately negotiated price from one or more selling limited partners. The Fund will primarily focus on mature, largely funded positions that are typically acquired at a discount to fair value as reported by the relevant Portfolio Fund Manager where possible. GP/Structured Secondary Investments primarily include investments in continuation vehicles fund led recapitalizations and tender offers related to Portfolio Funds, as well as the direct acquisition of equity interest in one or more private companies completed in partnership with Portfolio Fund Managers.

**(a) Consolidation of Subsidiaries**

The Fund will invest all or substantially all of its assets through one or more wholly-owned subsidiaries (each a "***Subsidiary***" and together, the "***Subsidiaries***"). Such Subsidiaries will not be registered under the Investment Company Act. However, the Fund will wholly own and control each Subsidiary. In addition, the Fund does not intend to create or acquire primary control of any entity which primarily engages in investment activities in securities or other assets, other than entities wholly-owned or majority-owned by the Fund. The Fund's Board of Trustees (the "***Board***" and individually, the "***Trustees***") has oversight responsibility for the investment activities of the Fund, including its investment in any Subsidiary, and the Fund's role as sole member or shareholder of any Subsidiary. To the extent applicable to the investment activities of a Subsidiary, the Subsidiary will follow the same compliance policies and procedures as the Fund. The Fund would "look through" any such Subsidiary to determine compliance with its investment policies.

As of September 30, 2025, there are four active Subsidiaries in the Fund:

---

| | | | |
|:---|:---|:---|:---|
| **Subsidiary** | **Formation Date** | **Domicile** | **% of the Fund's <br>Total Assets** |
|  HL PSF Holdings LLC | August 2, 2024 | United States | 66.96%\* |
|  HL PSF DE Blocker LLC | August 2, 2024 | United States  | 0.00% |
|  HL PSF Cayman Blocker LP | August 15, 2024 | Cayman Islands | 0.00% |
|  HL PSF Splitter LLC | August 2, 2024 | United States | 66.96% |

---

\* Asset percentage listed for HL PSF Holdings LLC includes the assets of wholly-owned subsidiaries HL PSF DE Blocker LLC, HL PSF Cayman Blocker LP and HL PSF Splitter LLC.

---

| |
|:---|
|  **Hamilton Lane Private Secondary Fund** |
|  Consolidated Notes to Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |
|  **Note 1 – Organization (continued)** |

---

Consolidated Statement of Operations, Consolidated Statement of Changes in Net Assets, Consolidated Statement of Cash Flows and Consolidated Financial Highlights of the Fund include the accounts of the Subsidiaries. All inter-company accounts and transactions have been eliminated in the consolidation for the Fund.

#### Note 2 – Accounting Policies
The following is a summary of the significant accounting policies consistently followed by the Fund in the preparation of its consolidated financial statements. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("***U.S. GAAP***").

**(a) Basis of Accounting**

The Fund is an investment company and follows the accounting and reporting guidance in Financial Accounting Standards Board ("***FASB***") Accounting Standards Codification ("***ASC***") Topic 946, *Financial Services — Investment Companies* ("***ASC 946***"). U.S. GAAP for an investment company requires investments to be recorded at their estimated fair value.

**(b) Use of Estimates**

The preparation of consolidated financial statements in conformity with 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 and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

**(c) Organizational and Offering Costs**

Organizational costs consist of the costs of forming the Fund; drafting of bylaws, administration, custody and transfer agency agreements; and legal services in connection with the initial meeting of the Board and the Fund's seed audit costs. Offering costs consist of the costs of preparing, reviewing and filing with the U.S. Securities and Exchange Commission ("***SEC***") the Fund's registration statement ("***Registration Statement***"); the costs of preparing, reviewing and filing of any associated marketing or similar materials; the costs associated with the printing, mailing or other distribution of the Fund's Prospectus, Statement of Additional Information ("***SAI***") and/or marketing materials; and the amounts of associated filing fees and legal fees associated with the offering. For the six months ended September 30, 2025, the Fund incurred organizational costs and offering costs of $30,180 and $186,070, respectively.

Organizational costs are expensed as incurred and are subject to recoupment by the Adviser in accordance with the Fund's Expense Limitation Agreement (as defined below) discussed in Note 7. Offering costs, which are also subject to the Fund's Expense Limitation Agreement discussed in Note 7, are accounted for as a deferred charge from the commencement of operations and are thereafter amortized to expense over twelve months on a straight-line basis.

**(d) Cash**

Cash represents cash deposits held at financial institutions. Cash is held at major financial institutions and are subject to credit risk to the extent those balances exceed applicable Federal Deposit Insurance Corporation or Securities Investor Protection Corporation limitations.

**(e) Fair Value of Financial Instruments**

The Fund values its investments at fair value in accordance with FASB ASC 820, *Fair Value Measurement* ("***ASC 820***"). The fair value of the Fund's assets which qualify as financial instruments approximates the carrying amounts presented in the Consolidated Statement of Assets and Liabilities.

Rule 2a-5 under the Investment Company Act ("***Rule 2a***-5") establishes requirements for determining fair value in good faith for purposes of the Investment Company Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the Investment Company Act and the threshold for determining whether

---

| |
|:---|
|  **Hamilton Lane Private Secondary Fund** |
|  Consolidated Notes to Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |
|  **Note 2 – Accounting Policies (continued)** |

---

a fund must fair value a security. In connection with Rule 2a-5, the SEC adopted related recordkeeping requirements and rescinded previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. Effective October 15, 2024, and pursuant to the requirements of Rule 2a-5, the Board designated the Adviser as its valuation designee (in such capacity, the "***Valuation Designee***") to perform fair value determinations and approved new valuation procedures for the Fund.

The Fund's investments are generally not publicly traded, and thus, market quotations are not available to be used for valuation purposes. Therefore, the Adviser is required to value these investments at estimated fair values, using present value and other subjective valuation techniques. In determining the fair value of an investment for which there are no readily available market quotations, the Valuation Designee may consider pre-acquisition and annual financial reporting summaries from a Portfolio Fund, comparable company factors, including fundamental analytical data relating to the investment, the nature and duration of any restriction on the disposition of the investment, the cost of the investment at the date of purchase, the liquidity of the market for the investment, the price of such investment in a meaningful private or public investment or merger or acquisition of the issuer subsequent to the Fund's investment therein, or the per share price of the investment to be valued in recent verifiable transactions.

Certain Portfolio Funds and Direct Investments are valued based on the latest net asset value ("***NAV***") reported by the third-party fund manager or general partner. This is commonly referred to as using NAV as a practical expedient which allows for estimation of the fair value of a private investment based on NAV or its equivalent if the NAV of the private fund is calculated in a manner consistent with ASC 946. In cases where the NAV of the private investment is not available as of the measurement date, the Valuation Designee estimates NAV based upon the most recent NAV provided from the third-party manager or general partner, as adjusted for other information available at the time the portfolio is valued. Such adjustments may include adjustments for additional capital contributions or distributions, as well as market adjustments determined by the Valuation Designee based upon the returns of public market indices and the historical alignment of such public market indices against private indices of a similar strategy to the investment.

For portfolio investments that are publicly traded and for which market quotations are available, valuations are generally based on the closing sales prices, or an average of the closing bid and ask prices, as of the valuation date.

Under the Fund's valuation procedures adopted by the Board, the Board has delegated day-to-day responsibility for fair value determinations and pricing to the Valuation Designee subject to the oversight of the Board. The Valuation Designee is responsible for developing the Fund's written valuation processes and procedures, conducting periodic reviews of the valuation policies, and evaluating the overall fairness and consistent application of the valuation policies.

**(f) Investment Transactions and Related Income**

The Fund's primary sources of income are distributions from portfolio investments, investment income and gains recognized upon distributions from portfolio investments and unrealized appreciation/depreciation in the fair value of its portfolio investments. The Fund generally recognizes investment income and realized gains/losses based on the characterization of distributions provided by the administrator/investment manager of the portfolio investment on the date received. It is estimated that distributions will occur over the life of the portfolio investments.

Realized gains and losses from the sale of portfolio investments represent the difference between the original cost of the portfolio investments, as adjusted for return of capital distributions (net cost), and the net proceeds received at the time of the sale, disposition or distribution date. The Fund records realized gains and losses on portfolio investments when securities are sold, distributed to the partners or written-off as worthless. The Fund recognizes the difference between the net cost and the estimated fair value of portfolio investments owned as the net change in unrealized appreciation/depreciation on investments in the Consolidated Statement of Operations.

Return of capital or security distributions received from portfolio investments are accounted for as a reduction to cost.

Interest income, including amortization of premium or discount using the effective interest method and interest on paid-in-kind instruments, is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date or the date the Fund becomes aware of the dividend.

---

| |
|:---|
|  **Hamilton Lane Private Secondary Fund** |
|  Consolidated Notes to Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |
|  **Note 2 – Accounting Policies (continued)** |

---

**(g) Foreign Currency**

The values of portfolio investments denominated in foreign currencies are translated into U.S. dollars at the date of valuation. Capital contributions to the portfolio investments and distributions received from the portfolio investments are translated into U.S. dollar amounts on the respective dates of each such transaction. The Fund does not isolate the effects of changes in foreign currency rates on the valuation of these portfolio investments. Such fluctuations in exchange rates are included with and form part of the net realized and unrealized gain (loss) from investments.

**(h) Currency Risk**

Portfolio Funds make direct and indirect investments in a number of different currencies. Any returns on, and the value of such investments may, therefore, be materially affected by exchange rate fluctuations, local exchange control, limited liquidity of the relevant foreign exchange markets, the convertibility of the currencies in question and/or other factors. A decline in the value of the currencies in which the Fund's investments are denominated against the U.S. dollar will result in a decrease in the Fund's net asset value. The Fund may seek to hedge all or a portion of the Fund's foreign currency risk. Depending on market conditions and the views of the Adviser, the Fund may or may not hedge all or a portion of its currency exposures.

**(i) Income Taxes**

The Fund has elected to be treated and qualifies as a regulated investment company ("***RIC***") under Subchapter M of the Internal Revenue Code of 1986, as amended, by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required for the Fund.

Prior to April 1, 2025, the Fund was treated as a grantor trust for tax purposes.

In accounting for income taxes, the Fund follows the guidance in FASB ASC 740, *Accounting for Uncertainty in Income Taxes*. FASB 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 financial statements. There were no material uncertain tax positions requiring recognition in the Fund's consolidated financial statements as of September 30, 2025.

The Fund utilizes a tax-year end of September 30 and the Fund's income and federal excise tax returns and all financial records supporting returns will be subject to examination by the federal and Delaware revenue authorities.

To the extent the Fund recognizes interest and penalties, they are included in interest expense and other expenses, respectively, in the Consolidated Statement of Operations. There were no interest or penalties during the six months ended September 30, 2025.

**(j) Deferred Tax Liability**

In preparing its consolidated financial statements, both onshore and offshore subsidiaries ("***Onshore Subsidiaries***" and "***Offshore Subsidiaries***," respectively) are required to recognize its estimate of income taxes for purposes of determining deferred tax assets or liabilities. Onshore Subsidiaries are subject to U.S. federal and state income tax while Offshore Subsidiaries are subject to U.S. federal withholding tax, state tax, and branch profit's tax on effectively connected income with a U.S. trade or business.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. If the Onshore or Offshore Subsidiary has a deferred tax asset, consideration is given to whether a valuation allowance is required. The amount is listed as Deferred tax liability payable on the Consolidated Statement of Assets and Liabilities.

---

| |
|:---|
|  **Hamilton Lane Private Secondary Fund** |
|  Consolidated Notes to Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |
|  **Note 2 – Accounting Policies (continued)** |

---

**(k) Net Asset Value Determination**

The Fund calculates its NAV as of the close of business on the last business day of each month, each date that a Share is repurchased, as of the date of any distribution and at such other times as the Board shall determine (each, a "**Determination Date**"). In determining its NAV, the Fund values its investments as of the relevant Determination Date. The NAV of the Fund equals, unless otherwise noted, the value of the total assets of the Fund, less all of its liabilities, including accrued fees and expenses, each determined as of the relevant Determination Date.

#### Note 3 – Investment Transactions
For the six months ended September 30, 2025, purchases and sales of investments, excluding short term investments, were $91,047,985 and $0, respectively.

#### Note 4 – Portfolio Valuation
ASC 820 defines fair value as the value that the Fund would receive to sell an investment or pay to transfer a liability in a timely 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 I: Quoted prices (unadjusted) are available in active markets for identical investments as of the reporting date. The types of investments which would generally be included in Level I include listed equities.

Level II: Pricing inputs other than quoted prices available in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. The types of investments which would generally be included in Level II include corporate bonds and loans, and less liquid and restricted equity securities. This category also includes interests in special purpose vehicles whose fair value is predominantly attributable to investments in Level I type securities.

Level III: 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 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 III include equity and/or debt securities issued by private entities and investments in Portfolio Funds.

The Fund has established valuation processes and procedures to ensure that the valuation techniques are fair and consistent, and valuation inputs are supportable. The Valuation Designee is responsible for developing the Fund's written valuation processes and procedures, conducting periodic reviews of the valuation policies, and evaluating the overall fairness and consistent application of the valuation policies. The Fund's investments in Investment Funds are carried at fair value which generally represents the Fund's pro-rata interest in the net assets of each Portfolio Fund as reported by the administrators and/or investment managers of the underlying Investment Funds. All valuations utilize financial information supplied by each Investment Fund and are net of management and incentive fees or allocations payable to the Investment Fund's managers or pursuant to the Portfolio Fund's agreements. The Fund's valuation procedures require the Valuation Designee to consider all relevant information available at the time the Fund values its portfolio. The

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| |
|:---|
|  **Hamilton Lane Private Secondary Fund** |
|  Consolidated Notes to Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |
|  **Note 4 – Portfolio Valuation (continued)** |

---

Valuation Designee has assessed factors including, but not limited to, the individual Investment Fund's compliance with fair value measurements, price transparency and valuation procedures in place. The Valuation Designee will consider such information and consider whether it is appropriate, in light of all relevant circumstances, to value such a position at its NAV as reported or whether to adjust such value. The underlying investments of each Portfolio Fund are accounted for at fair value as described in each Investment Fund's financial statements.

The fair value relating to certain underlying investments of these Investment Funds, for which there is no ready market, has been estimated by the respective Portfolio Fund's management and is based upon available information in the absence of readily ascertainable fair values and does not necessarily represent amounts that might ultimately be realized. Due to the inherent uncertainty of valuation, those estimated fair values may differ significantly from the values that would have been used had a ready market for the investments existed. These differences could be material.

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 inputs used, as of September 30, 2025, in valuing the Fund's assets and liabilities carried at fair value:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level I** | **Level II\*** | **Level III\*** | **Total** |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Short Term Investments | $63382381 | $— | $— | $63382381 |
|  Total Investments | $63382381 | $— | $— | $63382381 |

---

\* The Fund did not hold any Level II or Level III securities as of September 30, 2025.

Certain portfolio investments fair valued using net asset value (or its equivalent) as a practical expedient are not included in the fair value hierarchy. As such, investments in securities with a fair value of $129,650,666 are excluded from the fair value hierarchy as of September 30, 2025.

All of the Portfolio Funds are generally considered to be illiquid investments. Certain investments may achieve liquidity only as and when the Portfolio Funds sell their portfolio company investments and distribute the proceeds received from the disposition of those investments to the Fund. It is also possible for the Fund to dispose of their interests in Portfolio Funds in the secondary market.

The Fund's investments in Secondary Investments that are fair valued using net asset value as a practical expedient, along with their corresponding unfunded commitments and other attributes, as of September 30, 2025, are summarized in the table below\*.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment <br>Category** | **Investment <br>Strategy** | **Fair Value** | **Unfunded <br>Commitments** | **Estimated <br>Remaining <br>Life** | **Redemption <br>Frequency** | **Notice <br>Period <br>(In Days)** | **Redemption <br>Restriction <br>Terms** |
|  Buyout | Investments in which a mature company is acquired from current shareholders | $129650666 | $36585349 | 1 to 10 years |  | N/A | N/A |

---

\* Individual portfolio funds may have terms that are more or less restrictive than those terms indicated for the asset class as a whole. In addition, most portfolio funds have the flexibility, as provided for in their constituent documents, to modify and waive such terms.

The following outlines the primary investment strategies of the Secondary Investments held by the Fund as of September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Buyout.* Control investments in established, cash flow positive companies are usually classified as buyouts. Buyout investments may focus on small-, mid- or large-capitalization companies, and such investments collectively represent the largest portion of the capital deployed in the overall private equity market. The use of debt financing, or leverage, is prevalent in buyout transactions — particularly in the large-cap segment. Overall, debt financing typically makes up 50-70% of the price paid for a company.

---

| |
|:---|
|  **Hamilton Lane Private Secondary Fund** |
|  Consolidated Notes to Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

#### Note 5 – Investments in Affiliated Issuers
An affiliated issuer is an entity in which the Fund has ownership of at least 5% of the voting securities or any investment in a fund that receives investment advisory services from Hamilton Lane. Issuers that are affiliates of the Fund at period-end are noted in the Fund's Schedule of Investments. Additional security purchases and the reduction of certain securities shares outstanding of existing portfolio holdings that were not considered affiliated in prior years may result in the Fund owning in excess of 5% of the outstanding shares at period-end. The table below reflects transactions during the period with entities that are affiliates as of September 30, 2025 and may include acquisitions of new investments, prior year holdings that became affiliated during the period and prior period affiliated holdings that are no longer affiliated as of period-end:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | **Dividends and <br>Distributions** | **Dividends and <br>Distributions** |
| **Name of Issuer and Title of Issue** | **Value <br>Beginning <br>of Period** | **Purchases** | **Sales <br>Proceeds** | **Net <br>Realized <br>Gain <br>(Loss)** | **Change in <br>Unrealized <br>Appreciation <br>(Depreciation)** | **Value End <br>of Period** | **Capital <br>Gains** | **Income** |
|  Vic SPV, LLC<sup>1,2,3</sup> | $— | $— | $— | $— | $— | $— | $— | $— |
|  Total | $— | $— | $— | $— | $— | $— | $— | $— |

---

<sup>1</sup> Not an affiliate at the beginning of the period.

<sup>2</sup> Non-income producing.

<sup>3</sup> The security has unfunded commitments of $9,643,130 as of period end.

#### Note 6 – Federal Income Taxes
The Fund invests through one domestic blocker and one Cayman blocker. The domestic blocker is a limited liability company that has elected to be treated as a C-corporation for federal and state income tax purposes and is required to account for its estimate of income taxes. The Cayman blocker is treated as a Controlled Foreign Corporation and is subject to U.S. federal income tax on income effectively connected to a U.S. trade or business. The estimated provision for income taxes attributable to the blockers for the six months ended September 30, 2025 consists of the following:

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| | | |
|:---|:---|:---|
|  | **PSF <br>DE Blocker** | **PSF <br>Cayman Blocker** |
|  Deferred: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal | $139012 | $72016 |
| &nbsp;&nbsp;&nbsp;&nbsp; State | 57562 | 29820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $196574 | $101836 |
|  Estimated provision for income taxes | $196574 | $101836 |

---

As of September 30, 2025, the deferred tax liability is attributable to the temporary differences between the treatment of net unrealized gains on private assets on a book and tax basis. Total income taxes for PSF DE Blocker and PSF Cayman Blocker have been computed by applying the U.S. federal statutory income tax rate of 21% plus a blended net blended net state income tax rate of 8%. The Fund applied these rates to net investment income (loss) and realized and unrealized gains (losses) on investments before income taxes in computing its total income tax expense (benefit).

#### Note 7 – Investment Management Fees and Allocations
The Fund pays the Adviser an investment management fee (the "***Investment Management Fee***") in consideration of the advisory and other services provided by the Adviser to the Fund. The Investment Management Fee is paid quarterly at an annual rate equal to 1.40% based on the value of the Fund's net asset value calculated and accrued monthly as of the last business day of each month. The Investment Management Fee is paid to the Adviser before giving effect to any repurchase of Shares in the Fund effective as of that date and will decrease the net profits or increase the net losses of the Fund that are credited to its shareholders ("***Shareholders***").

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| |
|:---|
|  **Hamilton Lane Private Secondary Fund** |
|  Consolidated Notes to Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |
|  **Note 7 – Investment Management Fees and Allocations (continued)** |

---

The Adviser has contractually agreed to waive the Investment Management Fee in full through February 27, 2026 (the "***Management Fee Waiver Agreement***"). Unless otherwise extended by agreement between the Fund and the Adviser, the Investment Management Fee payable by the Fund after the termination of the Management Fee Waiver Agreement will be at the annual rate of 1.40%. The Adviser may, in its sole discretion, extend or otherwise amend the terms of the Management Fee Waiver Agreement, subject to approval of the Board, including a majority of the Trustees of the Board who are not "interested persons," as defined by Section 2(a)(19) of the Investment Company Act (the "***Independent Trustees***").

The Adviser (or, to the extent permitted by applicable law, an affiliate of the Adviser) is entitled to receive an incentive fee ("***Incentive Fee***"), that is accrued monthly and payable quarterly. The Incentive Fee shall be calculated as equal to 10% of the excess, if any, of (i) the net profits of the Fund for the relevant period over (ii) the then balance, if any, of the Loss Recovery Account (as defined below). For the purposes of the Incentive Fee and the Loss Recovery Account, the term "net profits" shall mean the amount by which (i) the sum of (A) the net asset value of the Fund on the last day of such quarter, (B) the aggregate repurchase price of all shares repurchased by the Fund during such quarter and (C) the amount of dividends and other distributions paid in respect of the Fund during such quarter and not reinvested in additional shares through the dividend reinvestment plan (the "***DRIP***") exceeds (ii) the sum of (X) the net asset value of the Fund as of the month end prior to the commencement of the relevant quarterly period, including any net change in unrealized appreciation or depreciation of investments and realized income and gains or losses and expenses (including offering and organizational expenses) and (Y) the aggregate issue price of shares of the Fund issued during such quarter (excluding any shares of such class issued in connection with the reinvestment through the DRIP of dividends paid, or other distributions made, by the Fund through the DRIP).

The Fund will maintain a memorandum account (the "***Loss Recovery Account***"), which will have an initial balance of zero and will be (i) increased upon the close of each calendar quarter of the Fund by the amount of the net losses of the Fund for the quarter, before giving effect to any repurchases or distributions for such quarter, and (ii) decreased (but not below zero) upon the close of each calendar quarter by the amount of the net profits of the Fund for the quarter. For purposes of the Loss Recovery Account, the term "net losses" shall mean the amount by which (i) the sum of (A) the net asset value of the Fund as of the beginning of such quarter and (B) the aggregate issue price of shares of the Fund issued during such quarter (excluding any Shares of such Class issued in connection with the reinvestment of dividends paid, or other distributions made, by the Fund through the DRIP) exceeds (ii) the sum of (X) the net asset value of the Fund as of the end of such quarter, (Y) the aggregate repurchase price of all shares repurchased by the Fund during such quarter and (Z) the amount of dividends and other distributions paid in respect of the Fund during such quarter and not reinvested in additional shares through the DRIP. Shareholders will benefit from the Loss Recovery Account in proportion to their holdings of Shares. For purposes of the "net losses" calculation, the net asset value shall include unrealized appreciation or depreciation of investments and realized income and gains or losses and expenses (including offering and organizational expenses). Incentive fees are accrued monthly and paid quarterly.

The Adviser has entered into an expense limitation agreement (the "***Expense Limitation Agreement***") with the Fund, whereby the Adviser has agreed to waive fees that it would otherwise be paid, and/or to assume expenses of the Fund (a "**Waiver**"), if required to ensure the Total Annual Expenses do not exceed 1.50%, 0.80% and 0.65% of the average daily net assets of Class R Shares, Class I Shares and Class Y Shares, respectively. "***Total Annual Expenses***" includes all expenses incurred in the business of the Fund, including organizational and offering costs, with the following exceptions: (i) taxes, (ii) interest, (iii) brokerage commissions, (iv) certain transaction-related expenses (including interest and structuring costs for borrowings and line(s) of credit), (v) the Investment Management Fee and the Incentive Fee, (vi) distribution and/or servicing fees, (vii) sub-transfer agency, sub-accounting and shareholder servicing fees, (viii) any acquired fund fees and expenses, (ix) dividend and interest expenses relating to short sales, (x) borrowing costs, (xi) merger or reorganization expenses, (xii) Shareholder meetings expenses, (xiii) litigation expenses and (xiv) extraordinary expenses. For a period not to exceed three years from the date on which a Waiver is made, the Adviser may recoup amounts waived or assumed, provided it is able to effect such recoupment without causing the Fund's expense ratio (after recoupment) to exceed the lesser of (a) the expense limit in effect at the time of the waiver, and (b) the expense limit in effect at the time of the recoupment.

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| |
|:---|
|  **Hamilton Lane Private Secondary Fund** |
|  Consolidated Notes to Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |
|  **Note 7 – Investment Management Fees and Allocations (continued)** |

---

As of September 30, 2025, the amount of these recoverable expenses is $1,160,396. The potential recoverable amount is noted as "Commitments and contingencies" as reported on the Consolidated Statement of Assets and Liabilities. For the six months ended September 30, 2025, the Adviser assumed expenses totaling $318,454. As of September 30, 2025, the amount of these recoverable expenses is $397,337 expiring on November 30, 2027, $444,605 expiring on March 31, 2028 and $318,454 expiring on September 30, 2028.

The Expense Limitation Agreement has a term ending July 31, 2026, and will automatically renew thereafter for consecutive twelve-month terms, provided that such continuance is specifically approved at least annually by a majority of the Trustees. The Expense Limitation Agreement may be terminated by the Fund's Board upon thirty days' written notice to the Adviser.

#### Note 8 – Certain Risk Factors and Conflicts of Interest
Investors considering an investment in the Fund should be aware of potential risks. Prospective investors must rely upon their own examination of, and ability to understand, the nature of this investment, including the risks involved, in making a decision to invest in the Fund. There can be no assurance that the Fund will be able to achieve its investment objective or that investors will receive a return of their capital. In addition, there will be occasions when the Adviser or its affiliates may encounter potential conflicts of interest. By acquiring an interest in the Fund, each Shareholder will be deemed to have acknowledged the existence of any such actual and potential conflicts of interest and to have waived any claim with respect to any liability arising from the existence of any such conflict of interest.

**Investments in the Portfolio Funds Generally; Dependence on the Portfolio Fund Managers.** Because the Fund invests in Portfolio Funds, a Shareholder's investment in the Fund will be affected by the investment policies and decisions of the Portfolio Fund Manager of each Portfolio Fund in direct proportion to the amount of Fund assets that are invested in each Portfolio Fund. The Fund's net asset value may fluctuate in response to, among other things, various market and economic factors related to the markets in which the Portfolio Funds invest and the financial condition and prospects of issuers in which the Portfolio Funds invest. The success of the Fund depends upon the ability of the Portfolio Fund Managers to develop and implement strategies that achieve their investment objectives. Shareholders will not have an opportunity to evaluate the specific investments made by the Portfolio Funds or the Portfolio Fund Managers, or the terms of any such investments. In addition, the Portfolio Fund Managers could materially alter their investment strategies from time to time without notice to the Fund. There can be no assurance that the Portfolio Fund Managers will be able to select or implement successful strategies or achieve their respective investment objectives.

**General Risks of Secondary Investments.** The overall performance of the Fund's Secondary Investments depends in large part on the acquisition price paid, which may be negotiated based on incomplete or imperfect information. Certain secondary investments may be purchased as a portfolio, and in such cases the Fund may not be able to exclude from such purchases those investments that the Adviser considers (for commercial, tax, legal or other reasons) less attractive. In addition, the costs and resources required to investigate the commercial, tax and legal issues relating to secondary investments may be greater than those relating to primary investments. The Portfolio Funds or the interests that the Adviser may consider for investment may have been formed or organized to meet the specific regulatory, tax or ERISA objectives of the original investors, which may not correspond to the objectives of the Fund. Accordingly, investment by the Fund may not be permitted, may be otherwise restricted or may be inefficient from a tax perspective to one or more categories of investors in the Fund. The Adviser may seek to structure any investment to address any applicable regulatory, tax or ERISA limitations, but may not be successful in doing so.

**Investments in the Debt Securities of Small or Middle**-Market **Portfolio Companies Risk.** Our investments may consist of loans to small and/or less well-established privately held companies. While smaller private companies may have potential for rapid growth, investments in private companies pose significantly greater risks than investments in public companies.

**Valuation of the Fund's Interests in Portfolio Funds.** The valuation of the Fund's investments in Portfolio Funds is ordinarily determined based upon valuations provided by the Portfolio Fund Managers of such Portfolio Funds which valuations are generally not audited. A majority of the securities in which the Portfolio Funds invest will not have a readily ascertainable market price and will be valued by the Portfolio Fund Managers. In this regard, a Portfolio Fund Manager may face a conflict of interest in valuing the securities, as their value may affect the Portfolio Fund Manager's compensation or its ability to raise

---

| |
|:---|
|  **Hamilton Lane Private Secondary Fund** |
|  Consolidated Notes to Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |
|  **Note 8 – Certain Risk Factors and Conflicts of Interest (continued)** |

---

additional funds. No assurances can be given regarding the valuation methodology or the sufficiency of systems utilized by any Portfolio Fund, the accuracy of the valuations provided by the Portfolio Funds, that the Portfolio Funds will comply with their own internal policies or procedures for keeping records or making valuations, or that the Portfolio Funds' policies and procedures and systems will not change without notice to the Fund. As a result, valuations of the securities may be subjective and could prove in hindsight to have been wrong, potentially by significant amounts. The Board has approved valuation procedures for the Fund and has approved the delegation of the day-to-day valuation and pricing responsibility for the Fund to the Valuation Designee, subject to the oversight of the Board. The Adviser will periodically review Portfolio Fund Managers' valuation methods and inputs, including at initial purchase, but will generally not have sufficient information in order to be able to confirm or review the accuracy of valuations provided by Portfolio Fund Managers.

#### Additional Risk Factors
Certain local, regional or global events such as war, acts of terrorism, the spread of infectious illnesses and/or other public health issues, financial institution instability or other events may have a significant impact on a security or instrument. These types of events and others like them are collectively referred to as "Market Disruptions and Geopolitical Risks" and they may have adverse impacts on the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in general in significant and unforeseen ways. Some of the impacts noted in recent times include but are not limited to embargos, political actions, supply chain disruptions, bank failures, restrictions to investment and/or monetary movement including the forced selling of securities or the inability to participate impacted markets. The duration of these events could adversely affect the Fund's performance, the performance of the securities in which the Fund invests and may lead to losses on your investment. The ultimate impact of "Market Disruptions and Geopolitical Risks" on the financial performance of the Fund's investments is not reasonably estimable at this time. Management is actively monitoring these events.

The failure of certain financial institutions, namely banks, may increase the possibility of a sustained deterioration of financial market liquidity, or illiquidity at clearing, cash management and/or custodial financial institutions. The failure of a bank (or banks) with which the Fund and/or the Portfolio Funds have a commercial relationship could adversely affect, among other things, the Fund and/or the Portfolio Fund's ability to pursue key strategic initiatives, including by affecting the Fund's or a Portfolio Fund's ability to borrow from financial institutions on favorable terms.

Economic problems in a single country are increasingly affecting other markets and economies, and a continuation of this trend could adversely affect global economic conditions and world markets. Uncertainty and volatility in the financial markets and political systems of the U.S. or any other country, including volatility as a result of the ongoing conflicts between Russia and Ukraine and Israel and Hamas and the rapidly evolving measures in response, may have adverse spill-over effects into the global financial markets generally. The Fund's investments could be negatively impacted by the current hostilities in Eastern Europe and the Middle East, including direct and indirect effects on their operations and financial condition.

Inflation could directly adversely affect certain investments made by the Fund. If an investment is unable to increase its revenue in times of higher inflation, its profitability and ability to distribute dividends may be adversely affected. Many of the entities in which the Fund invests may have long-term rights to income linked to some extent to inflation, whether by government regulations, contractual arrangement or other factors. Typically, as inflation rises, the entity will earn more revenue, but will incur higher expenses; as inflation declines, the entity may not be able to reduce expenses in line with any resulting reduction in revenue.

#### Note 9 – Other Agreements
UMB Fund Services, Inc. ("***UMBFS***"), serves as the Fund's fund accountant, transfer agent and administrator; UMB Bank, n.a., an affiliate of UMBFS, serves as the Fund's custodian. The Fund's allocated fees incurred for administrative and custodian services for the six months ended September 30, 2025, are reported on the Consolidated Statement of Operations.

---

| |
|:---|
|  **Hamilton Lane Private Secondary Fund** |
|  Consolidated Notes to Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

#### Note 10 – Commitments
As of September 30, 2025, the Fund has $36,585,349 in unfunded commitments to certain investments. The commitments to investments are subject to certain terms and conditions prior to closing of the relevant transactions. There can be no assurance that such transactions will close as expected or at all.

#### Note 11 – Capital Share Transactions
The Fund offers three separate classes Shares designated as Class R Shares, Class I Shares and Class Y Shares. Each Class is subject to different fees and expenses. The Fund may offer additional classes of Shares in the future. The Adviser has received an exemptive order from the SEC with respect to the Fund's multi-class structure.

The minimum initial investment in Class R Shares and Class I Shares by an investor in the Fund is $25,000, and the minimum initial investment in Class Y Shares by an investor is $1,000,000. However, the Fund, in its sole discretion, may accept investments below these minimums.

The Fund is not a liquid investment. No Shareholder will have the right to require the Fund to redeem its Shares. The Fund from time to time may offer to repurchase Shares pursuant to written tenders by the Shareholders. The Adviser anticipates recommending to the Board that, under normal market circumstances, the Fund conduct repurchase offers of no more than 5% of the Fund's net assets generally quarterly on or about each December 31, March 31, June 30 and September 30.

If the interval between the date of purchase of Shares and the valuation date with respect to the repurchase of such Shares is less than one year, then such repurchase will be subject to a 2% early repurchase fee ("***Early Repurchase Fee***") payable to the Fund. Shares tended for repurchase will be treated as having been repurchased on a "first-in, first-out" basis. The Early Repurchase Fee may be waived by the Fund in circumstances where the Board determines that doing so is in the best interests of the Fund. The Early Repurchase Fee will not apply to Shares acquired through dividend reinvestment, and the Fund may waive the Early Repurchase Fee in its sole discretion under certain circumstances: (i) with respect to repurchase requests submitted by discretionary model portfolio management programs (and similar arrangements); (ii) with respect to repurchase requests from feeder funds (or similar vehicles) primarily created to hold Shares, which are offered to non-U.S. persons, where such funds seek to avoid imposing such a deduction because of administrative or systems limitations; (iii) pursuant to an asset allocation program, wrap fee program or other investment program offered by a financial institution where investment decisions are made on a discretionary basis by investment professionals; and (iv) pursuant to an automatic non-discretionary rebalancing program. To the extent the Fund determines to waive, impose scheduled variations of, or eliminate an early repurchase fee it will do so consistently with the requirements of Rule 22d-1 under the Investment Company Act, and the Fund's waiver of, scheduled variation in, or elimination of, the Early Repurchase Fee will apply uniformly to all Shareholders regardless of Class.

The Fund has adopted an "opt-out" dividend reinvestment plan pursuant to which all Shareholders will have the full amount of their cash distributions reinvested in additional Shares unless a Shareholder elects otherwise.

#### Note 12 – Indemnifications
In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as any such exposure would result from future claims that may be, but have not yet been, made against the Fund based on events which have not yet occurred. However, based on the Adviser's experience, the Fund believes the risk of loss from these arrangements to be remote.

---

| |
|:---|
|  **Hamilton Lane Private Secondary Fund** |
|  Consolidated Notes to Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

#### Note 13 – Segment Reporting
The Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting ("***Topic 280***") — Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 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 management committee (consisting of the Fund's President and Principal Executive Officer as well as the Fund's Trustee and Assistant Secretary) 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 its prospectus, based on a defined investment strategy 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 (i.e., changes in net assets resulting from operations, subscriptions and redemptions), 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 financial statements. 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.

#### Note 14 – Subsequent Events
The Fund has adopted financial reporting rules regarding subsequent events which require an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. Management has evaluated the Fund's related events and transactions that occurred through the date of issuance of the Fund's consolidated financial statements.

The Board authorized the Fund to offer to repurchase Shares from Shareholders in an amount up to approximately 5.00% of the net assets of the Fund (or approximately $8,269,243 as of September 30, 2025, with a December 31, 2025 valuation date). Shareholders that desire to tender Shares for repurchase are required to do so by December 4, 2025.

There were no other events or transactions that occurred during this period that materially impacted the amounts or disclosures in the Fund's consolidated financial statements.

---

| |
|:---|
|  **Hamilton Lane Private Secondary Fund** |
|  Fund Information<br> September 30, 2025 (Unaudited) |

---

**Proxy Voting Policies and Procedures**

A description of the Fund's proxy voting policies and procedures related to portfolio securities is available without charge, upon request, by calling the Fund at (888) 882-8212 or on the SEC's website at sec.gov.

**Proxy Voting Record**

Information regarding how the Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is also available, without charge and upon request by calling the Fund (888) 882-8212 or by accessing the Fund's Form N-PX on the Fund's website at https://www.hamiltonlane.com/en-us/strategies/evergreen-strategies/us-private-wealth/private-secondary-fund or the SEC's website at sec.gov.

**Availability of Quarterly Portfolio Schedules**

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT is available on the SEC website at sec.gov. or without charge and upon request by calling the Fund at (888) 882-8212.

**Investment Adviser** <br> Hamilton Lane Advisors, L.L.C. <br>110 Washington St., Ste. 1300<br>Conshohocken, PA 19428 <br><u>www.hamiltonlane.com</u>

**Custodian**

UMB Bank, n.a.<br>928 Grand Boulevard, 5<sup>th</sup> Floor <br>Kansas City, Missouri 64106

**Fund Administrator, Transfer Agent, and Fund Accountant**

UMB Fund Services, Inc. <br>235 W. Galena Street <br>Milwaukee, WI 53212-3949<br>Phone: (414) 299-2200

**Distributor**<br> PINE Distributors LLC

501 S. Cherry Street, Ste. 610

Denver, CO 80246

**Independent Registered Public Accounting Firm**

KPMG LLP <br>Suite 4000 <br>1735 Market Street<br>Philadelphia, PA 19103-7501

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

ITEM 2. CODE OF ETHICS.

Not applicable to semi-annual reports.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to semi-annual reports.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to semi-annual reports.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments in securities of unaffiliated issuers as of
the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Not applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable for semi-annual report.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

(a) Not applicable for semi-annual report.

(b) There are no changes to the Portfolio Managers identified in response to paragraph (a)(1) of the applicable Item in the registrant's most recent annual report on form N-CSR.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant's board of trustees, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407), or this Item.

ITEM 16. CONTROLS AND PROCEDURES.

(a) The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF THE SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT COMPANIES.

(a) Not applicable.

(b) Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

(a) Not applicable.

(b) Not applicable.

ITEM 19. EXHIBITS.

(a)(1) Not applicable for semi-annual report.

(a)(2) Not applicable.

[(a)(3) Certifications for each principal executive and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ea0264951-01_ex99cert.htm)

(a)(4) Not applicable

(a)(5) Not applicable

[(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ea0264951-01_ex99906cert.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | Hamilton Lane Private Secondary Fund |
| By (Signature and Title)\* | /s/ Andrew Schardt |
|  | Andrew Schardt, President |
|  | (Principal Executive Officer) |
| Date | December 5, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Andrew Schardt |
|  | Andrew Schardt, President |
|  | (Principal Executive Officer) |
| Date | December 5, 2025 |
| By (Signature and Title)\* | /s/ Kaylin Liu |
|  | Kaylin Liu, Treasurer |
|  | (Principal Financial Officer) |
| Date | December 5, 2025 |

---

\* Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

**Exhibit 99.CERT**

CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT

I, Andrew Schardt, certify that:

1. I have reviewed this report on Form N-CSR of Hamilton Lane Private Secondary Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: December 5, 2025 |  |
|  | /s/ Andrew Schardt |
|  | Andrew Schardt, President |
|  | (Principal Executive Officer) |

---

CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT

I, Kaylin Liu, certify that:

1. I have reviewed this report on Form N-CSR of Hamilton Lane Private Secondary Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: December 5, 2025 |  |
|  | /s/ Kaylin Liu |
|  | Kaylin Liu, Treasurer |
|  | (Principal Financial Officer) |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**Certifications Under Section 906**

**of the Sarbanes-Oxley Act of 2002**

I, Andrew Schardt, President and Principal Executive Officer of the Hamilton Lane Private Secondary Fund (the "Registrant"), and

I, Kaylin Liu, Treasurer and Principal Financial Officer of the Registrant,

each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period
ended September 30, 2025 (the "Form N-CSR") fully complies with the requirements of Sections 13(a) or 15(d) of the Securities
and Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| President, Principal Executive Officer | Treasurer, Principal Financial Officer |
| Hamilton Lane Private Secondary Fund | Hamilton Lane Private Secondary Fund |
| <u>/s/ Andrew</u> Schardt | /s/ Kaylin Liu |
| Andrew Schardt | Kaylin Liu |
| Date: December 5, 2025 | Date: December 5, 2025 |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.