# EDGAR Filing Document

**Accession Number:** 0002090145
**File Stem:** 0001213900-26-066385
**Filing Date:** 2026-6
**Character Count:** 184826
**Document Hash:** b6a4e0a0b9f357af7e43cb338731533b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-066385.hdr.sgml**: 20260608

**ACCESSION NUMBER**: 0001213900-26-066385

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 9

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260608

**DATE AS OF CHANGE**: 20260608

**EFFECTIVENESS DATE**: 20260608

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CAIS Sports, Media & Entertainment Fund
- **CENTRAL INDEX KEY:** 0002090145

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24126
- **FILM NUMBER:** 261073709

**BUSINESS ADDRESS:**
- **STREET 1:** 527 MADISON AVENUE
- **STREET 2:** 12TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 844 241 8667

**MAIL ADDRESS:**
- **STREET 1:** 527 MADISON AVENUE
- **STREET 2:** 12TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

united states<br> securities and exchange commission<br> washington, d.c. 20549<br> **<br> form n-csr<br>certified shareholder report of registered management<br> investment companies**

Investment Company Act file number <u>811-24126</u>

<u>CAIS Sports, Media and Entertainment Fund</u> 

(Exact name of registrant as specified in charter)

<u>527 Madison Avenue, 12th Floor New York, NY 10022</u>

(Address of principal executive offices) (Zip code)

<u>Michael richman, cais advisors llc</u>

<u>527 Madison Avenue, 12th Floor New York, NY 10022</u>

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>(844) 241-8667</u>

Date of fiscal year end: <u>3/31</u>

Date of reporting period: <u>3/31/26</u>

**Item 1. Reports to Stockholders.** 

(a) #### CAIS Sports, Media and Entertainment Fund

#### Class D Shares

#### Class I Shares

#### Class S Shares
Annual Report

March 31, 2026

Managed By:

CAIS Advisors LLC

527 Madison Avenue, 12<sup>th</sup> Floor

New York, New York 10022

1-844-241-8667

------

[**Table of Contents**](#TOC001)

#### CAIS Sports, Media and Entertainment Fund

#### **Table of Contents**

---

| | |
|:---|:---|
|  **For the Period Ended March 31, 2026** | **Page** |
|  [Letter to Shareholders (Unaudited)](#T999901) | 1 |
|  [Portfolio Overview (Unaudited)](#T999902) | 3 |
|  [Report of Independent Registered Public Accounting Firm](#T999903) | 5 |
|  [Schedule of Investments](#T999904) | 6 |
|  [Statement of Assets and Liabilities](#T999905) | 8 |
|  [Statement of Operations](#T999906) | 9 |
|  [Statement of Changes in Net Assets](#T999907) | 10 |
|  [Statement of Cash Flows](#T999908) | 11 |
|  [Financial Highlights](#T999909) | 12 |
|  [Notes to Financial Statements](#T999910) | 13 |
|  [Trustees and Officers](#T999911) | 23 |
|  [Approval of Investment Advisory Contract (unaudited)](#T999912) | 25 |
|  [Privacy Notice](#T999913) | 27 |

---

i

[**Table of Contents**](#TOC001)

#### CAIS Sports, Media and Entertainment Fund

#### Letter to Shareholders
Dear Shareholders,

The CAIS Sports, Media and Entertainment Fund (the "Fund") recently completed its initial quarter of operations following its commencement of operations on January 2, 2026. We would like to thank you for the trust you have placed in us.

The Fund was launched to provide investors with access to a portfolio of predominantly private sports, media, and entertainment ("SME") investments through a registered evergreen structure. The portfolio launched in a substantially ramped state intended to provide immediate exposure across private SME investments while maintaining liquidity to support ongoing portfolio management and future capital deployment.

#### Performance Overview
Performance during the period was driven primarily by the Fund's private SME investments, which generated the majority of gains during the quarter. Liquid investments represented a smaller portion of the portfolio and were approximately flat overall during the period. Publicly traded SME-related bonds modestly detracted from returns during March 2026 amid broader fixed income weakness and increased market volatility.

#### Portfolio Activity
As of March 31, 2026, the Fund had approximately $168.7 million in assets under management, including approximately $120.7 million invested in private SME investments and approximately $48.3 million invested in liquid securities. Private investments included primary fund investments, secondary investments, and a co-investment — all through investment vehicles managed by Arctos Partners, LP and Eldridge Capital Management, LLC or their respective affiliates.

Through its private investments, the Fund had exposure to 35 underlying portfolio companies and assets, including multiple franchises across the four major North American sports leagues, as well as businesses operating in live entertainment, film, and television. The Fund's liquid sleeve included publicly traded SME-related bonds and short-duration fixed income investments intended to support liquidity management, periodic repurchase offers, operational flexibility, and future investment activity.

#### Market Environment
The broader market environment during the first quarter of 2026 was characterized by modest volatility across global equity and fixed income markets as investors adopted a more risk-off posture amid macroeconomic and geopolitical uncertainty. Global equities faced headwinds, with the MSCI World Index<sup>7</sup> declining -3.6% during the quarter. Fixed income markets were also modestly negative, with the broader U.S. investment grade and high yield bond markets both returning approximately -0.5%. In contrast, shorter-duration U.S. Treasury securities returned +0.3% during the period<sup>1</sup>.

Recent industry developments reflected continued demand for premium sports, media and entertainment content and related assets.

Within sports, media, and entertainment markets, live sports continued to demonstrate durable audience engagement and strategic value for both traditional broadcasters and streaming platforms. Sports accounted for 96 of the 100 most-watched U.S. telecasts in 2025<sup>2</sup>, reinforcing its position as valuable content for both traditional broadcasters and

____________

1 U.S. investment grade bonds represented by the Bloomberg US Corporate Index; U.S. high yield bonds represented by the Bloomberg US Corporate High Yield Index; U.S. Treasury Bills represented by the Bloomberg US Treasury: 1-3 Year Index.

2 Austin Karp, "Sports Make Up 96% of Top 100 Telecasts in 2025, Tying an All-Time Record," *Sports Business Journal*, December 30, 2025.

[**Table of Contents**](#TOC001)

#### CAIS Sports, Media and Entertainment Fund

#### Letter to Shareholders (Continued)
streaming platforms. Franchise transaction activity also continued across the "Big 4" North American leagues during the quarter, including minority stake sales in the Miami Dolphins and related assets ($12.5 billion valuation<sup>3</sup>), the Las Vegas Raiders (over $11 billion<sup>4</sup>), and the Carolina Hurricanes ($2.66 billion<sup>5</sup>). Updated estimates also indicated MLB franchise values increased approximately 12 to 13% year-over-year, based on third-party sources (e.g., Forbes, Sportico, CNBC<sup>6</sup>).

Broader media markets also experienced continued consolidation activity during the period. In February 2026, Paramount Skydance and Warner Bros. Discovery announced a definitive merger agreement intended to create a scaled global media and entertainment platform. At the same time, evolving monetization models, media fragmentation, regulatory developments, labor considerations, and the expansion of sports betting and prediction markets continued to create uncertainty across portions of the broader SME landscape. Nevertheless, we believe the long-term fundamentals supporting sports, media, and entertainment assets remain favorable.

#### Looking Ahead
For the remainder of 2026, we expect to continue selectively deploying capital across SME investments through primary fund investments, co-investments alongside managers, and secondary acquisitions of existing private investments, while maintaining a disciplined approach to portfolio construction and liquidity management.

We sincerely thank you for your support.

Sincerely,

Neil Blundell & Sarah Jiang

Co-Portfolio Managers

*The views expressed reflect the opinions of the portfolio managers as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

____________

3 Anne Noland, "Miami Dolphins announce sale of limited interest to Bin Lin," Miami Dolphins, March 31, 2026.

4 Michael Ozanian, "NFL approves sale of 3.5% of Las Vegas Raiders at over $11 billion valuation," CNBC, March 31, 2026.

5 Justin Birnbaum, "Carolina Hurricanes Stake Sale Approved by NHL Owners," Sportico, March 10, 2026.

6 Sources: Justin Teitelbaum, "Baseball's Most Valuable Teams 2026," Forbes, March 20, 2026; Kurt Badenhausen, "MLB Team Values 2026," Sportico, March 18, 2026; Michael Ozanian, "CNBC's Official MLB Team Valuations 2026: How 30 Franchises Stack Up," CNBC, March 13, 2026.

7 The MSCI World Index is a market capitalization-weighted index that measures the equity market performance of developed market countries worldwide.

[**Table of Contents**](#TOC001)

#### CAIS Sports, Media and Entertainment Fund

#### PORTFOLIO OVERVIEW (Unaudited)

#### March 31, 2026
The Fund's performance figures<sup>(</sup>\*<sup>)</sup> for the period from January 2, 2026, the Fund's commencement of investment operations, to March 31, 2026:

---

| | |
|:---|:---|
|  | **Since <br>Commencement <br>of Investment <br>Operations<sup>(a)</sup>** |
|  CAIS Sports, Media and Entertainment Fund – Class D Shares | 4.20% |
|  CAIS Sports, Media and Entertainment Fund – Class I Shares | 4.20% |
|  CAIS Sports, Media and Entertainment Fund – Class S Shares | 4.20% |
|  MSCI World Index (Net Return, USD)/Bloomberg U.S. Aggregate Bond Index – Blended<sup>(b)</sup> | -2.26% |
|  MSCI World Index (Net Return, USD)<sup>(c)</sup> | -3.90% |
|  Bloomberg U.S. Aggregate Bond Index<sup>(d)</sup> | 0.16% |

---

____________

\* **Past performance is not indicative of future results.** Performance results include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. The investment return and principal value of an investment will fluctuate. An investor's shares, if and when repurchased, may be worth more or less than the original cost. Total return is calculated assuming reinvestment of all dividends and distributions. The table above and the graph below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares and not annualized for the period.

(a) The commencement of investment operations date for Class D Shares, Class I Shares and Class S Shares is January 2, 2026.

(b) MSCI World Index (Net Return, USD)/Bloomberg U.S. Aggregate Bond Index — Blended reflects an unmanaged portfolio of 60% of the MSCI World Index (Net Return, USD) and 40% of the Bloomberg<br>U.S. Aggregate Bond Index. Investors cannot invest directly in an index.

(c) MSCI World Index (Net Return, USD) captures large and mid-cap across 23 Developed Markets (DM) countries. With 1,311 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. Investors cannot invest directly in an index.

(d) Bloomberg U.S. Aggregate Bond Index is commonly used as a benchmark by both passive and active investors to measure portfolio performance relative to the U.S. dollar-denominated investment grade fixed-rate taxable bond market. It is also an informational measure of broad market returns commonly applied to fixed income instruments. Investors cannot invest directly in an index.

[**Table of Contents**](#TOC001)

#### CAIS Sports, Media and Entertainment Fund

#### PORTFOLIO OVERVIEW (Unaudited) (Continued)

#### March 31, 2026

#### Comparison of the Change in Value of a $1,000,000 Investment

---

| | |
|:---|:---|
|  **(As a Percentage of Net Asset Value) <br>Portfolio Composition as of March 31, 2026:** | **(As a Percentage of Net Asset Value) <br>Portfolio Composition as of March 31, 2026:** |
|  **Asset Allocation** | |
|  Private Funds | 71.6% |
|  Corporate Bonds | 13.8% |
|  Exchange-Traded Funds | 8.4% |
|  Short-Term Investments | 6.4% |
|  Liabilities In Excess Of Other Assets | (0.2)% |
|  | 100.0% |

---

Please refer to the Schedule of Investments in this report for a detailed listing of the Fund's holdings.

[**Table of Contents**](#TOC001)

#### Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Trustees of <br>CAIS Sports, Media and Entertainment Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of CAIS Sports, Media and Entertainment Fund (the "Fund"), including the schedule of investments, as of March 31, 2026, and the related statements of operations, changes in net assets and cash flows, and the financial highlights for the period from December 4, 2025 (the effective date of the Fund's registration statement on Form N-2) to March 31, 2026, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund at March 31, 2026, the results of its operations, changes in its net assets, its cash flows, and its financial highlights for the period from December 4, 2025 (the effective date of the Fund's registration statement on Form N-2) to March 31, 2026 in conformity with U.S. generally accepted accounting principles.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of investments owned as of March 31, 2026, by correspondence with the custodian, investment funds and others. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

We have served as the Fund's auditor since 2025.

![](ternst_sig.jpg)

New York, NY<br>May 28, 2026

[**Table of Contents**](#TOC001)

#### CAIS Sports, Media and Entertainment Fund

#### SCHEDULE OF INVESTMENTS

#### March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Investments<sup>(c)</sup>** | **Acquisition <br>Date<sup>(e)</sup>** | **Principal <br>Amount/ <br>Shares** | **Cost** | **Fair Value** | **% of Net <br>Assets** | **Unrealized <br>Appreciation/ <br>(Depreciation) <br>from <br>Investments** |
|  **CORPORATE BONDS**<sup>(e)</sup> **– 13.8%** |  |  |  |  |  |  |
|  **COMMUNICATION SERVICES – 0.8%** |  |  |  |  |  |  |
|  WarnerMedia Holdings, Inc., 4.279%, 03/15/2032 |  | $1500000 | $1338381 | $1323270 | 0.8% | $(15111) |
|  **TOTAL COMMUNICATION SERVICES** |  |  | $**1338381** | $**1323270** | **0.8%** | $**(15111)** |
|  **COMMUNICATIONS – 7.6%** |  |  |  |  |  |  |
|  Comcast Corporation, 2.650%, 02/01/2030 |  | $1750000 | $1655991 | $1638674 | 1.0 | $(17317) |
|  Fox Corporation, 4.709%, 01/25/2029 |  | 1500000 | 1518663 | 1503870 | 0.9 | (14793) |
|  Meta Platforms, Inc., 4.875% 11/15/2035 |  | 1500000 | 1502216 | 1472785 | 0.8 | (29431) |
|  Netflix, Inc., 6.375%, 05/15/2029 |  | 1500000 | 1600783 | 1589450 | 1.0 | (11333) |
|  Nexstar Broadcasting, Inc., 4.750%, 11/01/2028<sup>(d)</sup> |  | 1250000 | 1240689 | 1229150 | 0.7 | (11539) |
|  Rogers Communications, Inc., 3.800%, 03/15/2032 |  | 1750000 | 1659521 | 1634841 | 1.0 | (24680) |
|  Sirius XM Radio LLC, 3.875%, 09/01/2031<sup>(d)</sup> |  | 1500000 | 1382326 | 1362376 | 0.8 | (19950) |
|  Snap Incorporated, 6.875%, 03/01/2033<sup>(d)</sup> |  | 1250000 | 1290347 | 1181090 | 0.7 | (109257) |
|  TEGNA, Inc., 5.000%, 09/15/2029 |  | 1250000 | 1241298 | 1229970 | 0.7 | (11328) |
|  **TOTAL COMMUNICATIONS** |  |  | $**13091834** | $**12842206** | **7.6%** | $**(249628)** |
|  **CONSUMER DISCRETIONARY – 3.6%** |  |  |  |  |  |  |
|  Boyd Gaming Corporation, 4.750%, 06/15/2031<sup>(d)</sup> |  | $1250000 | $1222302 | $1189196 | 0.7% | $(33106) |
|  Caesars Entertainment, Inc., 6.500%, 02/15/2032<sup>(d)</sup> |  | 1250000 | 1278671 | 1236129 | 0.7 | (42542) |
|  Churchill Downs, Inc., 5.750%, 04/01/2030<sup>(d)</sup> |  | 1250000 | 1261616 | 1236579 | 0.7 | (25037) |
|  Light & Wonder International, Inc., 6.250%, 10/01/2033<sup>(d)</sup> |  | 1250000 | 1259297 | 1225588 | 0.7 | (33709) |
|  MGM Resorts International, 6.125%, 09/15/2029 |  | 1250000 | 1280618 | 1257856 | 0.8 | (22762) |
|  **TOTAL CONSUMER DISCRETIONARY** |  |  | $**6302504** | $**6145348** | **3.6%** | $**(157156)** |
|  **CORPORATE OBLIGATIONS – 1.0%** |  |  |  |  |  |  |
|  Walt Disney Company, 2.000%, 09/01/2029 |  | $1750000 | $1645542 | $1630693 | 1.0% | $(14849) |
|  **TOTAL CORPORATE OBLIGATIONS** |  |  | $**1645542** | $**1630693** | **1.0%** | $**(14849)** |
|  **TECHNOLOGY – 0.8%** |  |  |  |  |  |  |
|  Voyager Parent LLC, 9.250%, 07/01/2032<sup>(d)</sup> |  | $1250000 | $1328743 | $1298525 | 0.8% | $(30218) |
|  **TOTAL TECHNOLOGY** |  |  | $**1328743** | $**1298525** | **0.8%** | $**(30218)** |
|  **TOTAL CORPORATE BONDS** |  |  | $**23707004** | $**23240042** | **13.8%** | $**(466962)** |
|  **EXCHANGE-TRADED FUNDS**<sup>(e)</sup> **– 8.4%** |  |  |  |  |  |  |
|  **FIXED INCOME – 8.4%** |  |  |  |  |  |  |
|  iShares Ultra Short Duration Bond Active ETF |  | 70332 | $3566536 | $3560206 | 2.1% | $(6330) |
|  JP Morgan Ultra-Short Income ETF |  | 70304 | 3565720 | 3558085 | 2.1 | (7635) |
|  PGIM Ultra Short Bond ETF |  | 71647 | 3565871 | 3546526 | 2.1 | (19345) |
|  Vanguard Ultra Short Bond ETF |  | 71360 | 3553014 | 3552658 | 2.1 | (356) |
|  **TOTAL EXCHANGE-TRADED FUNDS** |  |  | $**14251141** | $**14217475** | **8.4%** | $**(33666)** |
|  **PRIVATE FUNDS**<sup>(d)</sup><sup>(g)</sup> **– 71.6%** |  |  |  |  |  |  |
|  **CO-INVESTMENTS – 4.2%** |  |  |  |  |  |  |
|  Arctos Sports Partners Elvis Co-Invest II, LP<sup>(a)</sup> | 12/18/2025 |  | $5714473 | $7025817 | 4.2% | $1311344 |
|  **TOTAL CO-INVESTMENTS** |  |  | $**5714473** | $**7025817** | **4.2%** | $**1311344** |

---

See accompanying notes to financial statements.

[**Table of Contents**](#TOC001)

#### CAIS Sports, Media and Entertainment Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Investments<sup>(c)</sup>** | **Acquisition <br>Date<sup>(e)</sup>** | **Principal <br>Amount/ <br>Shares** | **Cost** | **Fair Value** | **% of Net <br>Assets** | **Unrealized <br>Appreciation/ <br>(Depreciation) <br>from <br>Investments** |
|  **PRIMARY INVESTMENTS – 44.4%** |  |  |  |  |  |  |
|  Arctos American Football Fund Feeder, LP<sup>(a)</sup> | 12/3/2025 |  | $5317266 | $5990263 | 3.6% | $672997 |
|  Blue Owl HomeCourt Offshore Investors LP<sup>(a)(f)</sup> | 3/31/2026 |  |  |  | 0.0 |  |
|  Eldridge Sports and Entertainment Fund Offshore LP<sup>(a)</sup> | 7/14/2025 |  | 65930000 | 68890942 | 40.8 | 2960942 |
|  **TOTAL PRIMARY INVESTMENTS** |  |  | $**71247266** | $**74881205** | **44.4%** | $**3633939** |
|  **SECONDARY INVESTMENTS – 23.0%** |  |  |  |  |  |  |
|  Arctos Sports Partners Fund I Feeder, LP<sup>(a)</sup> | 4/1/2025 |  | $23094894 | $26864310 | 15.9 | $3769416 |
|  ASP Naismith I Feeder A, LP<sup>(a)</sup> | 4/1/2025 |  | 8320885 | 11997735 | 7.1 | 3676850 |
|  **TOTAL SECONDARY INVESTMENTS** |  |  | $**31415779** | $**38862045** | **23.0%** | $**7446266** |
|  **TOTAL PRIVATE FUNDS** |  |  | $**108377518** | $**120769067** | **71.6%** | $**12391549** |
|  **TOTAL INVESTMENTS** |  |  | $**146335663** | $**158226584** | **93.8%** | $**11890921** |
|  **SHORT-TERM INVESTMENTS – 6.4%** |  |  |  |  |  |  |
|  **MONEY MARKET FUND – 6.4%** |  |  |  |  |  |  |
|  Morgan Stanley Institutional Liquidity Funds Government Portfolio – Advisory Class 3.32%<sup>(b)</sup> |  | 10800042 | 10800042 | 10800042 | 6.4% |  |
|  **TOTAL SHORT-TERM INVESTMENTS** |  |  | $**10800042** | $**10800042** | **6.4%** |  |
|  **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.2)%** |  |  |  | (284796) |  |  |
|  **NET ASSETS – 100.0%** |  |  |  | $**168741830** |  |  |

---

____________

ETF — Exchange-Traded Fund

(a) All or a portion of these securities are restricted to resale.

(b) Money market fund; interest rate reflects seven-day effective yield on March 31, 2026.

(c) All of the Fund's investments are concentrated within the Americas region.

(d) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2026 the total market value of 144A securities is $9,958,633 or 5.9% of net assets.

(e) CAIS Sports, Media and Entertainment Fund, LP (the "Predecessor Fund") reorganized with, and transferred substantially all of its assets to, the Fund through a reorganization on January 2, 2026. See Note 1. The dates disclosed herein reflect the original acquisition dates of the investments by the Predecessor Fund.

(f) Investment has been committed to but has not been funded.

(g) Non-income producing.

See accompanying notes to financial statements.

[**Table of Contents**](#TOC001)

#### CAIS Sports, Media and Entertainment Fund

#### STATEMENT OF ASSETS AND LIABILITIES

#### March 31, 2026

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp; Investments, at fair value (Cost $146,335,663) | $158226584 |
| &nbsp;&nbsp;&nbsp; Short-term investments, at fair value (Cost $10,800,042) | 10800042 |
| &nbsp;&nbsp;&nbsp; Restricted cash | 32152815 |
| &nbsp;&nbsp;&nbsp; Interest and dividend receivable | 300017 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses | 65224 |
| &nbsp;&nbsp;&nbsp; Deferred offering costs | 365149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL ASSETS** | 201909831 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp; Subscriptions received in advance | $32152815 |
| &nbsp;&nbsp;&nbsp; Due to Adviser | 645822 |
| &nbsp;&nbsp;&nbsp; Professional fees payable | 139000 |
| &nbsp;&nbsp;&nbsp; Payable for distribution and servicing fees | 20 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses | 230344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL LIABILITIES** | 33168001 |
|  **NET ASSETS** | $**168741830** |
|  **Net Assets consist of:** |  |
| &nbsp;&nbsp;&nbsp; Paid in capital | $157009145 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated loss) | 11732685 |
|  **Commitments and Contingencies (See Note 2)** |  |
|  **NET ASSETS** | $**168741830** |
|  **Class D Shares:** |  |
| &nbsp;&nbsp;&nbsp; Net Assets | $**34730** |
| &nbsp;&nbsp;&nbsp; Outstanding shares (unlimited number of shares authorized) | **3334** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | $**10.42** |
|  **Class I Shares:** |  |
| &nbsp;&nbsp;&nbsp; Net Assets | $**66181622** |
| &nbsp;&nbsp;&nbsp; Outstanding shares (unlimited number of shares authorized) | **6349572** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | $**10.42** |
|  **Class S Shares:** |  |
| &nbsp;&nbsp;&nbsp; Net Assets | $**102525478** |
| &nbsp;&nbsp;&nbsp; Outstanding shares (unlimited number of shares authorized) | **9836461** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | $**10.42** |

---

See accompanying notes to financial statements.

[**Table of Contents**](#TOC001)

#### CAIS Sports, Media and Entertainment Fund

#### STATEMENT OF OPERATIONS

#### For the Period Ended March 31, 2026 <sup>(a)</sup>

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp; Dividend income | $118886 |
| &nbsp;&nbsp;&nbsp; Interest income | 386440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT INCOME** | 505326 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp; Management fees (See Note 4) | 370803 |
| &nbsp;&nbsp;&nbsp; Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class D | 20 |
| &nbsp;&nbsp;&nbsp; Organizational expenses (See Note 2) | 572908 |
| &nbsp;&nbsp;&nbsp; Professional fees | 247596 |
| &nbsp;&nbsp;&nbsp; Offering costs (See Note 2) | 118985 |
| &nbsp;&nbsp;&nbsp; Valuation fees | 87638 |
| &nbsp;&nbsp;&nbsp; Fund accounting fees | 27448 |
| &nbsp;&nbsp;&nbsp; Administrative services fees | 25323 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 18104 |
| &nbsp;&nbsp;&nbsp; Custodian fees | 14033 |
| &nbsp;&nbsp;&nbsp; Trustees fees and expenses | 12945 |
| &nbsp;&nbsp;&nbsp; Registration fees | 10901 |
| &nbsp;&nbsp;&nbsp; Insurance expense | 8172 |
| &nbsp;&nbsp;&nbsp; Other expenses | 70908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL EXPENSES** | 1585784 |
| &nbsp;&nbsp;&nbsp; Less: Expense Limitation Agreement waiver (See Note 4) | (922222) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET EXPENSES** | 663562 |
|  **NET INVESTMENT INCOME (LOSS)** | (158236) |
|  **REALIZED GAIN (LOSS) AND UNREALIZED APPRECIATION (DEPRECIATION) FROM INVESTMENTS** |  |
|  Net change in unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp; Investments | 7006390 |
|  **NET REALIZED GAIN (LOSS) AND UNREALIZED APPRECIATION (DEPRECIATION) FROM INVESTMENTS** | 7006390 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $**6848154** |

---

____________

(a) For the period from December 4, 2025 (the effective date of the Fund's registration statement on Form N-2) to March 31, 2026.

See accompanying notes to financial statements.

[**Table of Contents**](#TOC001)

#### CAIS Sports, Media and Entertainment Fund

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | |
|:---|:---|
|  | **Period Ended <br>March 31, <br>2026<sup>(a)</sup>** |
|  **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(158236) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 7006390 |
|  Net increase (decrease) in net assets resulting from operations | 6848154 |
|  **CHANGE IN NETS ASSETS RESULTING FROM SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I Shares | 795000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S Shares | 1210000 |
| &nbsp;&nbsp;&nbsp; Proceeds from reorganization |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I Shares | 62667395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S Shares | 97121281 |
|  Net increase (decrease) in net assets from shares of beneficial interest | 161793676 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 168641830 |
|  **NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp; Beginning of Period | 100000 |
| &nbsp;&nbsp;&nbsp; End of Period | $**168741830** |
|  **SHARE ACTIVITY** |  |
|  **Class D Shares:** |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 3334 |
| &nbsp;&nbsp;&nbsp; End of period | 3334 |
|  **Class I Shares:** |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 3333 |
| &nbsp;&nbsp;&nbsp; Shares sold | 79500 |
| &nbsp;&nbsp;&nbsp; Shares from reorganization | 6266739 |
| &nbsp;&nbsp;&nbsp; End of period | 6349572 |
|  **Class S Shares:** |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 3333 |
| &nbsp;&nbsp;&nbsp; Shares sold | 121000 |
| &nbsp;&nbsp;&nbsp; Shares from reorganization | 9712128 |
| &nbsp;&nbsp;&nbsp; End of period | 9836461 |

---

____________

(a) For the period from December 4, 2025 (the effective date of the Fund's registration statement on Form N-2) to March 31, 2026.

See accompanying notes to financial statements.

[**Table of Contents**](#TOC001)

#### CAIS Sports, Media and Entertainment Fund

#### STATEMENT OF CASH FLOWS

#### For the Period Ended March 31, 2026 <sup>(a)</sup>

---

| | |
|:---|:---|
|  **Increase/(Decrease) in Cash and Restricted Cash** |  |
| &nbsp;&nbsp;&nbsp; **Cash flows provided by/(used for) operating activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | $6848154 |
| &nbsp;&nbsp;&nbsp; Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of short-term portfolio investments, net | (10800042) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation on investments | (7006390) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization (accretion) of premium (discount) on debt investments, net | (13313) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of deferred offering cost | 118985 |
|  &nbsp;&nbsp;&nbsp;&nbsp;(Increase) Decrease in Assets |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in interest and dividends receivable | (300017) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in prepaid expenses | (65224) |
| &nbsp;&nbsp;&nbsp; Increase (Decrease) in Liabilities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in due to adviser | 645822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in payable for distribution and servicing fees | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in professional fees payable | 139000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in other accrued expenses | 230344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Cash Provided by (used in) Operating Activities** | (10202661) |
| &nbsp;&nbsp;&nbsp; **Cash flows from financing activities:** |  |
| &nbsp;&nbsp;&nbsp; Proceeds from issuance of shares | 10586795 |
| &nbsp;&nbsp;&nbsp; Increase in subscriptions received in advance | 32152815 |
| &nbsp;&nbsp;&nbsp; Payment of deferred offering costs | (484134) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Cash Provided by (used in) Financing Activities** | 42255476 |
| &nbsp;&nbsp;&nbsp; **Net increase in cash** | 32052815 |
| &nbsp;&nbsp;&nbsp; Beginning of period | 100000 |
| &nbsp;&nbsp;&nbsp; End of period | $32152815 |
| &nbsp;&nbsp;&nbsp; **End of period balances** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted Cash | 32152815 |
| &nbsp;&nbsp;&nbsp; **End of period balance** | $32152815 |
| &nbsp;&nbsp;&nbsp; **Supplemental Disclosure of Cash Flow Information:** |  |
| &nbsp;&nbsp;&nbsp; Non-cash financing activities not included herein consists of |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from fund reorganization (Note 1) | $159788676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments received from reorganization at fair value | $151206880 |

---

____________

(a) For the period from December 4, 2025 (the effective date of the Fund's registration statement on Form N-2) to March 31, 2026.

See accompanying notes to financial statements.

[**Table of Contents**](#TOC001)

#### CAIS Sports, Media and Entertainment Fund

#### FINANCIAL HIGHLIGHTS
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Period Presented

---

| | | | |
|:---|:---|:---|:---|
|  **Period Ended March 31, 2026<sup>(a)</sup>** | **Class D <br>Shares** | **Class I <br>Shares** | **Class S <br>Shares** |
|  Net asset value per share, beginning of period | $10.00 | $10.00 | $10.00 |
|  Net increase in net assets resulting from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(b)</sup> | (0.02) | (0.01) | (0.01) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) and change in unrealized appreciation (depreciation) on investments | 0.44 | 0.43 | 0.43 |
|  Total from investment operations | 0.42 | 0.42 | 0.42 |
|  Net asset value per share, end of period | $10.42 | $10.42 | $10.42 |
|  Total return<sup>(c)</sup> | 4.20<br> %<sup>(f)</sup> | 4.20<br> %<sup>(f)</sup> | 4.20<br> %<sup>(f)</sup> |
|  Net assets, end of period (000s) | $35 | $66182 | $102525 |
|  Ratio of gross expenses to average net assets<sup>(d)(e)</sup> | 4.31<br> %<sup>(g)</sup> | 4.06<br> %<sup>(g)</sup> | 4.06<br> %<sup>(g)</sup> |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 1.95<br> %<sup>(g)</sup> | 1.70<br> %<sup>(g)</sup> | 1.70<br> %<sup>(g)</sup> |
|  Ratio of net investment loss to average net assets | (0.65)%<sup>(g)</sup> | (0.41)%<sup>(g)</sup> | (0.41)%<sup>(g)</sup> |
|  Portfolio Turnover Rate<sup>(h)</sup> | 0% | 0% | 0% |

---

____________

(a) The SEC declared the Fund's registration statement on Form N-2 effective on December 4, 2025. As such, the per share data is presented for the period from December 4, 2025 to March 31, 2026. The Total return, Expense, and Net investment loss ratios and portfolio turnover rate are all disclosed for the period from commencement of investment operations on January 2, 2026 to March 31, 2026.

(b) Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period as reported in the U.S. GAAP financials. Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment dates. Had the Adviser not waived its fees and reimbursed expenses, total return would have been lower.

(d) Does not include the expenses of other investment companies in which the Fund invests.

(e) Represents the ratio of expenses to average net assets absent the adviser expense reimbursement and/or recoupment of operating expenses.

(f) Not annualized.

(g) Annualized.

(h) Excluding short-term investments, the portfolio turnover rate represents the lesser of the Fund's purchases or sales of investments for the period divided by the average monthly fair value of the Fund's investments during the period. Results for periods of less than 1 year are not annualized.

See accompanying notes to financial statements.

[**Table of Contents**](#TOC001)

#### CAIS Sports, Media and Entertainment Fund<br>NOTES TO FINANCIAL STATEMENTS<br>March 31, 2026
**1. Organization**

CAIS Sports, Media and Entertainment Fund (the "Fund") was organized as a Delaware statutory trust on September 22, 2025, and is registered under the Investment Company Act of 1940, as amended, (the "1940 Act"), as a non-diversified, closed-end management investment company. The Fund is offered to accredited investors as defined in Rule 501(a) of Regulation D promulgated under the Securities Act of 1933 and commenced investment operations on January 2, 2026. The Securities and Exchange Commission ("SEC") declared the Fund's registration statement on Form N-2 effective on December 4, 2025. CAIS Advisors LLC (the "Adviser"), a Delaware limited liability company, is registered with the SEC under the Investment Advisers Act of 1940 and serves as the Fund's investment adviser, responsible for portfolio investment decisions. The Adviser is a wholly owned subsidiary of Capital Integration Systems LLC ("CAIS").

Prior to the open of regular trading on the New York Stock Exchange on January 2, 2026, CAIS Sports, Media and Entertainment Fund, LP (the "Predecessor Fund") reorganized with, and transferred substantially all of its assets to, the Fund (the "Reorganization"). In connection with the Reorganization, assets of the Predecessor Fund were exchanged for Class I Shares and Class S Shares of the Fund. The Fund issued 6,266,739 Class I shares and 9,712,128 Class S Shares to the limited partners of the Predecessor Fund at $10.00 per share net asset value for total net assets of $159,788,676. The Predecessor Fund maintained an investment objective, strategies and investment policies, guidelines and restrictions that were, in all material respects, equivalent to those of the Fund, and the Fund and the Predecessor Fund shared the same investment adviser and management team.

The investments acquired by the Fund in the Reorganization were evaluated using fair value procedures approved by the Fund's Board of Trustees (the "Board"). For accounting and financial reporting purposes, the Fund is the accounting survivor and as a result, the financial statements reflect the operations of the Fund from the date of effectiveness of its registration on Form N-2.

The Fund's investment objective is to seek long-term capital appreciation. There can be no assurance that the Fund will achieve its investment objective. The Fund's investment objective is not fundamental and may be changed at the discretion of the Fund's Board of Trustees (the "Board") without shareholder approval. The Fund will notify shareholders at least 60 days prior to any change in the investment objective. The Board provides broad oversight over the Fund's investment program, management and operations and has the right to delegate management responsibilities.

The Fund continuously offers three classes of common shares of beneficial interest for sale to eligible investors, designated as Class D Shares, Class I Shares and Class S Shares (collectively, "Shares"). Each class of Shares is subject to different fees and expenses. The Fund may offer additional classes of Shares in the future. The Fund relies on an exemptive order from the SEC with respect to the Fund's multi-class structure.

**2. SUMMARY OF Significant Accounting Policies**

The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP") and are presented in U.S. dollars which is the functional currency of the Fund. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 "Financial Services — Investment Companies".

*Use of Estimates* — The preparation of the financial statements in accordance 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. The Fund believes that these estimates utilized in preparing the financial statements are reasonable and prudent; however, actual results could differ from these estimates.

*Net Asset Value Determination* — The NAV of the Fund is determined as of the close of business on the last business day of each calendar quarter, each date that a Share is offered or repurchased and at such other times as the Board shall determine (each, a "Determination Date"). In determining NAV, the Fund's investments are valued as of the relevant

[**Table of Contents**](#TOC001)

**2. SUMMARY OF Significant Accounting Policies** (cont.)

Determination Date. The NAV of the Fund will equal, unless otherwise noted, the value of the total assets of the Fund, less all of its liabilities, including accrued fees and expenses allocated to Shares based on the relative net assets of each class to the total net assets of the Fund, each determined as of the relevant Determination Date.

*Cash and Cash Equivalents* — Cash consists of monies held in a non-interest bearing account at UMB Bank, N.A. Such amounts, at times, may exceed federally insured limits. The Fund has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk on such accounts. There are no restrictions on the cash held by the Fund. Short-term investments instruments are high quality, short-term fixed-income obligations, which generally have remaining maturities of one year or less and may include U.S. Government securities, commercial paper, certificates of deposit and bankers' acceptances issued by domestic branches of U.S. banks that are members of the Federal Deposit Insurance Corporation, and repurchase agreements. There are no restrictions on the short-term investments held by the Fund. Short-term investment instruments are categorized as Level I investments within the fair value hierarchy (detailed in Note 2) as they are valued based on net asset value used for subscriptions and redemptions.

*Escrowed Cash, Subscriptions Received in Advance and Restricted Cash Balances —* The Fund utilizes escrow agents to hold cash deposited to escrow accounts by potential investors. Cash deposits must be accompanied by corresponding subscription agreements to be held in escrow. If cash is received without an accompanying subscription document or if the potential investor is denied admittance to the Fund, the cash is returned to the potential investor. At each close date, upon receiving notification from the Fund, the escrow agent will release the cash for shareholders being admitted into the Fund to the Fund's unrestricted operating account. Restricted cash balances held in escrow, as of March 31, 2026, totaled $32,152,815. A corresponding liability is included in subscriptions received in advance on the statement of assets and liabilities.

*Income Recognition and Expenses* — Income consists of interest and dividend income and is recognized on an accrual basis as earned. Expenses are recognized on an accrual basis as incurred. Expenses can consist of, but are not limited to management fees, legal fees, administrator fees, audit and tax preparation fees, custodial fees, transfer agency fees, registration expenses, expenses of the Board and other administrative expenses. Distributions from private investment vehicles in which the Fund invests ("Portfolio Funds") occur at irregular intervals and the exact timing of the distributions cannot be determined. The classification of distributions received, including return of capital, realized gains and dividend income, is based on information received from the investment manager of the Portfolio Funds. The net unrealized appreciation/(depreciation) on investments and foreign currency translation within the Statement of Operations includes the Fund's share of unrealized appreciation and depreciation, realized undistributed gains and losses and the undistributed net investment income or loss on Portfolio Fund investments for the relevant period.

*Security Transactions and Investment Income* — Investment security transactions are accounted for on a trade date basis. Cost is determined and gains and losses are based upon the specific identification method for both financial statement and federal income tax purposes, the Fund has elected to retain the cost basis of the Predecessor fund as of the transfer date. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Purchase discounts and premiums on securities are accreted and amortized over the life of the respective securities using the effective interest method or where applicable, the first call date of the security.

*Operating Segments* — For the period ended March 31, 2026, the Fund adopted ASU No. 2023-07 which impacted financial statement disclosures only and did not affect the Fund's consolidated financial position or the results of its operations. An operating segment is defined in ASU No. 2023-07 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 CODM is comprised of the Fund's President and Chief Financial Officer. The Fund operates as a single operating segment, as the CODM monitors the operating results of the Fund as a whole. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios, changes in net assets resulting from operations, and subscriptions and repurchase activity is used by the CODM to assess the Fund's performance and to make resource

[**Table of Contents**](#TOC001)

**2. SUMMARY OF Significant Accounting Policies** (cont.)

allocation decisions for the Fund's single segment, and is consistent with that presented within the Fund's Financial Statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statement of Operations.

*New Accounting Pronouncement* — The Fund adopted the FASB Accounting Standards Update 2023-09, "Income Taxes (Topic 740) Improvements to Income Tax Disclosures" ("ASU 2023-09"), which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. The Fund's adoption of ASU 2023-09 did not have a material impact on the Fund's financial statements.

*Investment Valuation* — The Fund's Investments are valued quarterly in accordance with the Accounting Standards Codification ("ASC") Topic 820, "Fair Value Measurements". Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the valuation designee for the Fund to perform fair value determinations relating to the value of the Fund's investments. The Board has ultimate oversight responsibility for valuing all investments held by the Fund and has approved valuation procedures for the Fund (the "Valuation Procedures").

Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price ("NOCP"). In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on such exchange. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Fund's Board based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions or market quotations from a major market maker in the securities. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services.

Investment transactions are accounted for on a trade basis. Investments held by the Fund in Private Funds may include secondary purchases of existing investments in private investment in funds ("Secondary Investments"), investments in newly established private funds ("Primary Investments") and investments in co-investment transactions either directly or through special purpose vehicles, alongside direct private equity funds managed by private fund sponsors ("Co-Investments") Collectively defined as "Portfolio Funds". Under the Fund's valuation procedures, valuations for Secondary and Primary Investments and Co-Investment vehicles may be based on estimates provided by sponsors or on values determined by the Fund using recent NAVs, financial information, market data, and, where applicable, input from independent valuation agents when market prices are not readily available. These types of equity investments normally do not have readily available market prices. Short-term investments represent investments in money market instruments and money market mutual funds and are recorded at NAV per share which approximates fair value. Under the Fund's valuation procedures, valuations for Secondary and Primary Investments and Co-Investment vehicles may be based on estimates provided by sponsors or on values determined by the Fund using recent NAVs, financial information, market data, and, where applicable, input from independent valuation agents when market prices are not readily available.

The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

---

| | |
|:---|:---|
| **Level 1** —  | Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access. |
| **Level 2** —  | Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
| **Level 3** —  | Significant unobservable inputs for the financial instrument (including management's own assumptions in determining the fair value of investments). |

---

[**Table of Contents**](#TOC001)

**2. SUMMARY OF Significant Accounting Policies** (cont.)

Investments in Portfolio Funds generally are restricted securities that are subject to substantial holding periods and are not traded in public markets. Accordingly, the Fund may not be able to resell or realize some of its investments for extended periods, which may be several years. The types of Portfolio Funds in which the Fund may make investments include Primary and Secondary Investments and Co-Investments.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables is a summary of the Fund's investments classified by fair value hierarchy as of March 31, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Investments <br>Valued at NAV** | **Total** |
|  Corporate Bonds | $— | $23240042 | $— | $— | $23240042 |
|  Exchange-Traded Funds | 14217475 |  |  |  | 14217475 |
|  Private Funds |  |  |  | 120769067 | 120769067 |
|  Short-Term Investments | 10800042 |  |  |  | 10800042 |
| &nbsp;&nbsp;&nbsp; Total | $25017517 | $23240042 | $— | $120769067 | $169026626 |

---

____________

\* Refer to the Schedule of Investments for industry classifications.

The Fund's investments are measured at fair value in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 820, *Fair Value Measurement,* and the Fund's internal valuation policy. The Fund's investments in Portfolio Funds are measured at fair value based on the Fund's pro rata interest in such funds, which is generally derived from the net asset values ("NAVs") reported by the underlying managers. Such amounts are net of accrued expenses, including management and performance-based fees.

The Adviser engages independent valuation support to assist in the determination of fair value, and such valuations are subject to review and approval in accordance with the Fund's valuation procedures. In circumstances where the most recent capital statements or financial information from private equity funds are not available, the Adviser utilizes a roll-forward methodology that incorporates the most recent available NAVs, adjusted for capital activity and known or knowable information as of the valuation date, including market conditions and developments at underlying portfolio companies.

In the absence of readily observable market prices, fair value is determined using appropriate and consistently applied methodologies, which may include consideration of underlying fund financial statements, interim updates, independent third-party valuations, market comparables, and other relevant factors.

Due to the inherent uncertainty of valuations for investments that are not actively traded, the estimated fair values may differ materially from the values that would have been used had a readily available market for such investments existed, and such differences could be material.

**Investments Valued at NAV** — ASC Topic 820 permits a reporting entity to measure the fair value of an investment fund that does not have a readily determinable fair value based on the NAV per share, or its equivalent, of the investment fund as a practical expedient, unless it is probable that the investment would be sold at a value significantly different than the NAV. If the practical expedient NAV is not as of the reporting entity's measurement date, then the NAV should be adjusted to reflect any significant events that may change the valuation. The Fund is permitted to invest in alternative investments that do not have a readily determinable fair value and, as such, has elected to use the NAV as calculated on the reporting entity's measurement date as the fair value of the investment.

Adjustments to the NAV provided by the Adviser would be considered if the practical expedient NAV was not as of the Fund's measurement date; it was probable that the alternative investment would be sold at a value materially different than the reported expedient NAV; or it was determined by the Fund's valuation procedures that the private equity fund is not being reported at fair value.

[**Table of Contents**](#TOC001)

**2. SUMMARY OF Significant Accounting Policies** (cont.)

The following are restricted securities measured at NAV per share:

---

| | | | |
|:---|:---|:---|:---|
|  **Investment Category** | **Investment Strategy** | **Fair Value** | **Unfunded <br>Commitment** |
|  Co-Investments | Investments in private investment vehicles pursuing <br>co-investment opportunities in companies and businesses operating within the sports, media and/or entertainment industries. | $7025817 | $4285527 |
|  Primary Investments | Investments in newly established Portfolio Funds | $74881205 | $25652734 |
|  Secondary Investments | Investments in existing Portfolio Funds that are typically acquired in privately negotiated transactions | $38862045 | $4515970 |

---

**Commitments and Contingencies** — As of March 31, 2026, the Fund had total unfunded commitments of $34,454,231. The Fund's commitment strategy aims to sustain a high level of investment where possible by making commitments based on anticipated future distributions from investments. The commitment strategy also takes other anticipated cash flows into account, such as those relating to new subscriptions, the tender of Shares by investors, amounts available through borrowing, and any distributions made to investors.

ASC 460-10, Guarantees — Overall, requires entities to provide disclosure and, in certain circumstances, recognition of guarantees and indemnifications. In the normal course of business, the Fund enters into contracts that contain a variety of indemnification arrangements. The Fund's exposure under these arrangements, if any, cannot be quantified. However, the Fund has not had claims or losses pursuant to these indemnification arrangements and expects the potential for a material loss to be remote.

The Fund may, from time to time, be party to various legal matters arising in the ordinary course of business, including claims and litigation proceedings. Although the ultimate outcome of the foregoing matters, if any, cannot be ascertained at this time, the Adviser believes, after consultation with counsel, that the resolution of such matters would not have a material adverse effect on the Fund's financial statements.

*Federal Income Taxes* — For U.S. federal income tax purposes, the Fund has elected to be treated, and intends to qualify annually as, a Regulated Investment Company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders each year and by meeting certain diversification and income requirements with respect to its investments. If the Fund were to fail to meet the requirements to qualify as a RIC, and if the Fund were ineligible to or otherwise were not to cure such failure, the Fund would be subject to tax on its taxable income at corporate rates, whether or not distributed to shareholders, and all distributions of earnings and profits would be taxable to shareholders as ordinary income.

The Fund's tax year is the 12-month period ending September 30. In accounting for income taxes, the Fund follows the guidance in ASC Topic 740, "Accounting for Uncertainty in Income Taxes" ("ASC 740"). ASC 740 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity before being measured and recognized in the financial statements. Management has concluded there were no uncertain tax positions as of March 31, 2026 for federal income tax purposes or in the Fund's state and local tax jurisdictions. The Fund will recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. For the period ended March 31, 2026, the Fund did not incur any interest or penalties. The Fund did not have any unrecognized tax benefits as of March 31, 2026.

The Fund files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Fund is subject to examination by federal, state, local and foreign jurisdictions, where applicable. Given the recent Commencement of Operations, the Fund's tax year ending September 30, 2026 is the only tax year subject to examination by the major tax jurisdictions under the statute of limitations (generally, the three prior taxable years) as of March 31, 2026.

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**2. SUMMARY OF Significant Accounting Policies** (cont.)

The Fund's tax year-end is September 30<sup>th</sup> and the Fund commenced operations after this date; as such, there is no tax information available for any periods prior.

The March 31, 2026, book cost has not been adjusted for book/tax difference, as the first tax year end will be September 30, 2026. The cost of investments and the net unrealized appreciation and depreciation on investments as of March 31, 2026, are noted below:

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| | |
|:---|:---|
|  Cost for Federal Tax purposes | $157171664 |
|  Unrealized Appreciation | $12355590 |
|  Unrealized Depreciation | (500628) |
|  Tax Net Unrealized Appreciation | 11854962 |

---

The tax character of distributions will be evaluated once paid after the tax year ending September 30, 2026.

*Distributions to Shareholders* — The Fund intends to make distributions necessary to maintain its ability to be subject to tax as a RIC under the Code and to avoid the imposition of corporate-level federal income tax. As such, the Fund intends to declare and pay distributions from its net investment income and distribute net realized capital gains, if any, at least annually, and in a manner consistent with the provisions of the 1940 Act. Distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (e.g., deferred losses) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. All or a portion of a distribution may consist of return of capital; shareholders should not assume that the source of a distribution is net income. The Fund did not make any distributions during the period.

*Indemnification* — The Fund indemnifies its officers and the Board for certain liabilities that may arise from the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss due to these warranties and indemnities to be remote.

*Organizational and Offering Costs* — During the period, the Fund incurred organizational costs of $572,908. The organizational costs were paid by the Adviser and will be reimbursed by the Fund, subject to recoupment in accordance with the expense limitation and reimbursement agreement (see Note 4). Organizational costs consist primarily of costs to establish the Fund and enable it to legally conduct business. The Fund expensed organizational costs as incurred.

During the period, the Fund incurred offering costs of $484,134. These costs were treated as deferred charges and, upon commencement of operations, are being amortized into expense over a 12-month period using the straight-line method. During the period from January 2, 2026 to March 31, 2026, the Fund amortized offering costs of $118,985 which is included in the Statement of Operations. Offering costs incurred prior to the commencement of operations were paid by the Adviser and will be reimbursed by the Fund, subject to recoupment in accordance with the expense limitation and reimbursement agreement. Offering costs consist primarily of legal fees, filing fees and printing costs in connection with the preparation of the Fund's registration statement and related filings. The Fund will continue to incur offering costs subsequent to the commencement of operations due to its continuously offered status. These costs will be treated as deferred charges and amortized over the subsequent 12-month period using the straight-line method.

**3. PRINCIPAL INVESTMENT RISKS**

Investing in the Fund involves risks, including the risk that investors may receive little or no return on their investment or that they may lose part or all of their investment. An investment in the Fund is suitable only for investors who can bear the risks associated with the limited liquidity of the Shares and should be viewed as a long-term investment. An

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**3. PRINCIPAL INVESTMENT RISKS** (cont.)

investment in the Fund should not be viewed as a complete investment program. The Fund's prospectus contains details regarding the risks to which the Fund is subject, including risks relating to the Fund's investments in Portfolio Funds. Below is a summary of some of the principal risks of investing in the Fund. Shareholders should consider carefully these risks as well as the additional risks described in the Fund's prospectus before investing in the Fund.

*Limited Operating History* — The Fund is a closed-end investment company with a limited history of operations. It is not intended that the Shares will be listed on a public exchange at this time. No secondary market is expected to develop for the Fund's Shares. Some of the Portfolio Funds have no or short performance records and operating histories that are not indicative of their longer term or future performance. In any event, past performance of the Adviser, its principals, the Predecessor Fund, the Portfolio Funds or their managers (the "Underlying Managers") is not indicative of future results. The Fund may not be able to achieve its investment objective, including as a result of inopportune market or economic conditions.

*Liquidity Risk* — The Fund is a closed-end investment company and designed for long-term investors. Unlike many closed-end investment companies, the Fund's Shares are not listed on any securities exchange and are not publicly traded. There currently is no secondary market for the Shares and the Adviser does not expect that a secondary market will develop. Limited liquidity is provided to shareholders only through the Fund's tender offers. There is no guarantee that shareholders will be able to sell all of the Shares they desire in a tender offer.

*Private Equity Investments* — The Fund's investments may include private equity investments, which involves risks including but not limited to: (i) business risks, including, among others, changes in the financial condition or prospects of portfolio companies, due diligence risks and operational risks, such as failure of management to execute business plans and objectives; (ii) economic risks, including changes in national or international economic and market conditions; (iii) financial risks, including, without limitation, leverage risks, credit risks and foreign exchange risks; (iv) legal and regulatory risks, including enhanced governmental scrutiny and litigation risks; and (v) risks related to the Fund and the Adviser, including changes to their respective personnel.

*Illiquid Portfolio Investments* — The Fund and Portfolio Funds may invest in securities that are subject to legal or other restrictions on transfer or for which no liquid market exists. The market prices, if any, for such securities tend to be volatile and the Fund or a Portfolio Fund, as applicable, may not be able to sell them when it desires to do so or to realize what it perceives to be their fair value in the event of a sale. The sale of restricted and illiquid securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at prices that are lower than similar securities that are not subject to restrictions on resale. In addition, certain securities in which the Fund or a Portfolio Fund invests may experience unexpected periods of illiquidity in typically liquid markets for such securities, thus exposing the Fund or the Portfolio Funds, as applicable, to the foregoing risks even if a liquid market previously existed for such securities.

*Non*-Diversification *Risk* — The Fund will likely invest a significant portion of its assets in investment vehicles managed by Arctos Partners, LP or its affiliates and Eldridge Capital Management, LLC or its affiliates, will likely participate in a limited number of overall investments, and under normal market conditions will invest at least 80% of its net assets plus any borrowings for investment purposes to investments in private or publicly traded investments in the sports, media and/or entertainment industries ("SME Investments"). As a result, the Fund's investment portfolio could become highly concentrated, and the performance of a few holdings or of a particular industry, or the timing of the Fund's investments, may substantially affect the Fund's aggregate return. In particular, due to the Fund's concentration in SME Investments, instability, fluctuations or an overall decline within any of these investments will likely not be balanced by investments in any other industries not so affected. Furthermore, to the extent that the capital raised is less than the targeted amount, the Fund may invest in even fewer investments and thus be less diversified. As a non-diversified fund, the Fund's performance may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company.

*Reliability of Valuation* — The Fund's investment in a Portfolio Fund is valued pursuant to the instrument governing such Portfolio Fund. The governing instruments of the Portfolio Funds may provide that any securities or investments that are illiquid, not traded on an exchange or in an established market, or for which no value can be readily determined,

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**3. PRINCIPAL INVESTMENT RISKS** (cont.)

are assigned such fair value as the respective Underlying Managers may determine in their judgment based on various factors. Such valuations may not be indicative of what actual fair market value would be in an active, liquid or established market. None of the Fund, the Adviser, the Fund's other service providers, or any of their respective officers, directors, employees, members or affiliates will have any ability to test or independently verify any such valuations. Additionally, valuations reported by Portfolio Funds, upon which the Fund determines the value of its investments, may be subject to later adjustment or revision. For example, valuations may be revised as a result of fiscal year-end audits. Other adjustments may occur from time to time. Such adjustments or revisions, whether increasing or decreasing the valuation of a Portfolio Fund, and therefore of the Fund, at the time they occur, relate to information available only at the time of the adjustment or revision.

**4. INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES**

Pursuant to an investment advisory agreement (the "Investment Advisory Agreement"), the Adviser provides the Fund with ongoing investment guidance, policy direction and monitoring of the Fund, subject to the general supervision of the Board. As compensation for these services and the related expenses borne by the Adviser, the Fund has agreed to pay the Adviser as compensation under the Investment Advisory Agreement a management fee (the "Management Fee") at an annual rate of 0.95% payable quarterly in arrears based upon the Fund's net assets, calculated as of the close of business on the last business day of each calendar quarter (including any assets in respect of Shares that will be repurchased by the Fund as of the end of the quarter). The Management Fee is separate from the asset-based fees and incentive fees in respect of investments, which are paid directly by the Portfolio Funds to their respective underlying managers and are indirectly borne by the shareholders of the Fund. The Management Fee is due and payable in arrears within thirty calendar days after the end of the quarter. Base management fees for any partial quarter are prorated based on the number of days in the quarter.

Pursuant to an expense limitation and reimbursement agreement (the "Expense Limitation Agreement"), the Adviser has contractually agreed to waive fees and/or pay or reimburse certain operating and other expenses of the Fund so that the total annual operating expenses of the Fund, excluding certain excluded expenses, in respect of each class of shares of the Fund, do not exceed an amount equal to 0.75% of the average quarterly net assets of the class on an annualized basis (the "Expense Cap"). For a period not to exceed three years from the date on which the Adviser waived the fee or reimbursed the expense, the Adviser may recoup waived fees, reimbursed expenses or directly paid expenses if (i) at the time of repayment, the annual operating expenses of such share class have fallen below the Expense Cap and (ii) the repayment does not cause the annual operating expenses of such share class in the quarter the reimbursement is made (after given effect to such repayment) to rise to a level that exceeds the Expense Cap in place at the time the fees were waived and/or the expenses were reimbursed, or the Expense Cap in place at the time the Fund repays the Adviser, whichever is lower. In addition, pursuant to a separate agreement (the "Class S Expense Reimbursement Agreement"), the Adviser has contractually agreed to waive and/or pay or reimburse a portion of Class S's operating and other expenses so that Class S's total annual operating expenses (excluding certain excluded expenses) do not exceed an amount equal to the Expense Cap minus: (i) 0.10% of Class S's average quarterly net assets if Class S's average quarterly net assets are equal to or greater than $150,000,000 but less than $250,000,000; (ii) 0.15% of Class S's average quarterly net assets if Class S's average quarterly net assets are equal to or greater than $250,000,000 but less than $500,000,000; and (iii) 0.20% of Class S's average quarterly net assets if Class S's average quarterly net assets are equal to or greater than $500,000,000. The Adviser may not recoup expenses waived or reimbursed pursuant to the Class S Expense Reimbursement Agreement. These contractual arrangements will remain in effect until at least the one year anniversary of the effective date of the Fund's registration statement, unless earlier terminated by the Board. For the period ended March 31, 2026 there were no waived expenses related to the Class S Expense Reimbursement Agreement.

For the period ended March 31, 2026, the Adviser waived expenses of $922,222 in accordance with the Expense Limitation Agreement. The waived expenses are subject to recoupment by the Adviser under the terms of the Expense Limitation Agreement as described above.

As of March 31, 2026, certain officers of the Fund and the Adviser beneficially owned shares of the Fund, representing approximately 0.39% of the Fund's outstanding shares.

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**5. ADMINISTRATOR, TRANSFER AGENT, Distributor AND Custodian**

The Fund has retained Ultimus Fund Solutions, LLC (the "Administrator") to provide it with certain administrative and accounting services. The Administrator also performs all actions related to the issuance and repurchase of Shares of the Fund. The Fund compensates the Administrator for these services and reimburses the Administrator for certain of its out-of-pocket expenses. Ultimus Fund Solutions, LLC also serves as the Fund's transfer agent. For the period ended March 31, 2026, the Administrator earned $25,323, $27,448 and $18,104, in administrative service fees, fund accounting fees and transfer agent fees, respectively, recorded on the Statement of Operations, of which $70,875 was payable as of March 31, 2026, and recorded in other accrued expenses on the Statement of Assets and Liabilities.

Ultimus Fund Distributors, LLC (the "Distributor") serves as the Fund's distributor. The Distributor acts as an agent for the Fund and the distributor of its Shares. The Distributor may enter into selected dealer agreements with various brokers and dealers and their agents that have agreed to participate in the distribution of Shares. Additionally, the Distributor is authorized to retain other service providers to provide ongoing investor services and account maintenance services to shareholders. The Fund will pay a quarterly fee to the Distributor out of the net assets of Class D Shares for shareholder servicing at an annual rate of 0.25% of the aggregate net asset value of Class D Shares, determined and accrued as of the last business day of each calendar quarter (before any repurchases of Shares). The Fund will not pay any fee to the Distributor with respect to the distribution of Class I Shares and Class S Shares.

UMB Bank, N.A., serves as the primary custodian (the "Custodian") of the assets of the Fund and may maintain custody of such assets with U.S. and non-U.S. sub-custodians. For the period ended March 31, 2026, the Custodian earned $14,033 in custody fees, recorded in custodian fees on the Statement of Operations, of which $3,385 was payable as of March 31, 2026, and recorded in other accrued expenses on the Statement of Assets and Liabilities.

**6. Investment Transactions**

For the period ended March 31, 2026, purchases of investments, excluding short term investments, were $0. For the period ended March 31, 2026, total proceeds received from investments since the transfer on January 2, 2026 that represented return of capital distributions were $0 and total distribution proceeds from sale, redemption, or other disposition of investments amounted to $0. All investments were purchased in-kind as a result of the reorganization with the Predecessor Fund, with a fair value of $151,206,880 and a cost basis of $146,322,350.

As the Reorganization is a tax-free transfer, the Fund has made an election to carry forward the historical cost basis of the Predecessor Fund's investment securities for purposes of measuring realized gains and losses and unrealized appreciation and depreciation in the Statement of Operations.

**7. REPURCHASE OFFERS**

The Fund may from time to time offer to repurchase Shares pursuant to written tenders by shareholders. The Adviser intends to recommend to the Board (subject to the Board's discretion) that the Fund offer to repurchase Shares from shareholders of the Fund on a semi-annual basis in an amount generally not to exceed 5% of the Fund's net asset value. The Fund is not required to conduct tender offers on a semi-annual basis or at all and may be less likely to conduct tenders during periods of exceptional market conditions. Except to the extent the Board otherwise determines, any repurchase of Shares from a shareholder which were held for less than one year (on a first-in, first-out basis) will be subject to an "Early Repurchase Fee" equal to 2.00% of the net asset value of such repurchased Shares. If an Early Repurchase Fee is charged to a shareholder, the amount of such fee will be retained by the Fund. An Early Repurchase Fee payable by an investor may be waived by the Fund, in circumstances where the Board determines that doing so is in the best interests of the Fund.

There is no minimum amount of Shares that must be repurchased in any repurchase offer. In determining whether the Fund should offer to repurchase Shares from shareholders, the Board will consider the recommendation of the Adviser as to the timing of such an offer, as well as a variety of operational, business, and economic factors. No shareholder has the right to require the Fund to redeem their shares.

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**7. REPURCHASE OFFERS** (cont.)

Repurchases will be effective after receipt and acceptance by the Fund of eligible written tenders of Shares from shareholders by the applicable repurchase offer deadline. Except for the Early Repurchase Fee described above, the Fund does not impose any charges in connection with repurchases of Shares.

As of March 31, 2026, the Fund did not make any repurchase offers during the reporting period.

**8. DIVIDEND REINVESTMENT PLAN**

Pursuant to the dividend reinvestment plan ("DRIP") established by the Fund, each shareholder whose Shares are registered in its own name will automatically be a participant under the DRIP. Pursuant to the DRIP, the Fund's distributions, net of any applicable U.S. withholding tax, are reinvested in the same class of Shares of the Fund held by such shareholder. The Fund expects to coordinate distribution payment dates so that the same net asset value that is used for the quarterly closing date immediately preceding such distribution payment date will be used to calculate the purchase net asset value for purchasers under the DRIP. Shares issued pursuant to the DRIP will have the same voting rights as Shares acquired by subscription to the Fund.

#### 9 . SUBSEQUENT EVENTS
The Adviser has evaluated the impact of all subsequent events after the balance sheet date have been evaluated through the date the financial statements were available to be issued.

On May 15, 2026, the Fund commenced a tender offer to repurchase up to 5% of the net assets of the Fund as of March 31, 2026. The tender offer is scheduled to expire on June 15, 2026, unless extended. Unless the tender offer is extended, each Share purchased pursuant to the tender offer will be purchased at a price equal to the net asset value per Share calculated as of June 30, 2026.

On May 27, 2025, the Board approved an Amended and Restated Expense Limitation Agreement and Amended and Restated Class S Expense Reimbursement Agreement, each with an initial term ending July 31, 2027.

On May 27, 2026, the Fund filed a post-effective amendment to its registration statement pursuant to Rule 486(b) under the Securities Act of 1933 to register an additional class of shares designated as Class A Shares. The filing became effective immediately upon filing.

The Adviser has evaluated subsequent events through the date the financial statements were issued and has determined there have not been any additional events that have occurred that would require adjustments or disclosures in the financial statements or the accompanying notes.

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#### CAIS Sports, Media and Entertainment Fund <br> Trustees and Officers <br>March 31, 2026 (Unaudited)
The Board consists of three individuals, each of whom are not deemed to be "interested persons" (as defined under the 1940 Act) of the Fund ("Independent Trustees"). The Board elects the officers of the Fund, who serve at the discretion of the Board. As set forth in the Fund's governing documents, each Trustee's term of office shall continue until his or her death, resignation or removal. The address of each Trustee is care of the Secretary of the Fund at 527 Madison Avenue, 12<sup>th</sup> Floor, New York, NY 10022.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Name and <br>Year of Birth** | **Position(s) <br>held with <br>the Fund** | **Length <br>of Time <br>Served** | **Principal Occupation(s) <br>During Past 5 Years** | **Number of <br>Portfolios in <br>Fund <br>Complex <br>Overseen by <br>Trustee\*** | **Other Directorships <br>Held by Trustee <br>During Past 5 Years** |
|  **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
|  Richard <br>Arney<br> 1970 | Trustee | Since 2025 | Member, Unison Midgard REIT LLC, since 2024; Director, Human Interest Advisors LLC (retirement provider), since 2023; Consultant, Second Street LLC (real estate), since 2019; Director Accial Capital Management, Inc. (consumer lending), since 2019; Board Member, Theorem Prime Plus Yield Fund Master LP and Theorem Main Master Fund LP, since 2019; Director, Park Cities Specialty GP LLC, since 2019; Director, The Bitwise 10 Index Offshore Fund, LTD, since 2018; Director, Aziel Ventures Ltd and Volden Ltd (real estate), from 2020 to 2025. | 1 |  |
|  Joseph <br>Carrier<br> 1960 | Trustee | Since 2025 | Senior Vice President, Franklin Resources, Inc., from 2020 to 2022; Senior Managing Director, Legg Mason, Inc., from 2008 to 2020. | 1 | Trustee, CREF Funds (since 2023); Director, Franklin Templeton Investments Ireland (since 2022) |
|  Kevin <br>Mirabile <br> 1961 | Trustee | Since 2025 | Professor, Fordham University, since 2011. | 1 | Trustee, Fiera Capital Funds (2018-2023) |

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____________

\* "Fund Complex" comprises registered investment companies for which the Adviser or an affiliate of the Adviser serves as investment adviser.

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#### CAIS Sports, Media and Entertainment Fund <br> Trustees and Officers<br> March 31, 2026 (Unaudited)(Continued)

#### Officers
Certain biographical and other information relating to the officers of the Fund is set forth below, including their ages, addresses, positions held, lengths of time served and their principal business occupations during the past five years. The address of each officer is care of the Secretary of the Fund at 527 Madison Avenue, 12<sup>th</sup> Floor, New York, NY 10022.

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| | | | |
|:---|:---|:---|:---|
|  **Name and <br>Year of Birth** | **Position held <br>with Fund** | **Length <br>of Time <br>Served** | **Principal Occupation During Past 5 Years** |
|  **Officers Who Are Not Trustees** | **Officers Who Are Not Trustees** | **Officers Who Are Not Trustees** | **Officers Who Are Not Trustees** |
|  Neil Blundell<br> 1976 | President and Chief Executive Officer | Since 2025 | Chief Investment Officer, CAIS Advisors LLC (since June 2024), Managing Director — Head of Investments CAIS (August 2023 – July 2025), Global Head of Client Solutions and Alternatives, Invesco Investment Solutions (June 2017 – June 2023). |
|  Terrence McCarthy<br> 1983 | Chief Financial Officer | Since 2025 | Managing Director, Chief Financial Officer, CAIS Advisors LLC (since November 2024), Director, Fund Management CAIS (September 2022 – November 2024), Vice President, Global Head of Fund Administration Fiera Capital Inc. (March 2021 – September 2022), Vice President, Product Strategy and Head of Fund Administration (April 2019 – March 2021). |
|  Kent Barnes<br> 1968 | Secretary | Since 2025 | Vice President and Senior Management Counsel, Ultimus Fund Solutions, LLC (since November 2023); Vice President, U.S. Bancorp Fund Services, LLC (November 2018 to November 2023). |
|  William Kimme<br> 1962 | Chief Compliance Officer | Since 2025 | Vice President and Senior Compliance Officer of Northern Lights Compliance Services, LLC (since 2011). |
|  Patrick Sivak<br> 1998 | Anti-Money Laundering Officer | Since 2025 | Compliance Analyst, Ultimus Fund Solutions (since May 2025). |

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Further information about the Fund's Trustees and Officers is available in the Fund's Statement of Additional Information, which can be obtained without charge by calling 1-844-241-8667.

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#### CAIS Sports, Media and Entertainment Fund<br> Statement Regarding Basis for Approval of Investment Advisory Contract<br> March 31, 2026 (Unaudited)
The Board of Trustees (the "Board", and each member thereof, a "Trustee") of CAIS Sports, Media and Entertainment Fund (the "Trust"), met on September 24, 2025 (the "Board Meeting" or the "Meeting"), to consider, among other things, the approval of the investment advisory agreement (the "Advisory Agreement") between the Trust and CAIS Advisors LLC (the "Adviser"). Each Trustee who is not an "interested person" of the Trust within the meaning of the Investment Company Act of 1940, as amended, is hereinafter referred to as an "Independent Trustee".

In advance of the Meeting, the Board requested and received substantial materials relating to the Adviser and the Advisory Agreement and had the opportunity to ask questions and request further information in connection with its considerations.

In approving the Advisory Agreement, the Board, including the Independent Trustees, considered the factors it deemed relevant, including the nature, quality and extent of services to be provided to the Trust by the Adviser; any relevant comparable performance and the Adviser's qualifications and track record in serving other funds that utilize a similar investment strategy; and the fees proposed to be paid by the Trust to the Adviser under the Advisory Agreement. In connection with its deliberations, the Board considered information provided by the Adviser prior to and at the Meeting. In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board's decision to approve the Advisory Agreement with respect to the Trust.

The Trustees determined that the overall arrangements between the Trust and the Adviser are appropriate in view of the services to be performed and the fees to be charged under the Advisory Agreement and such other matters as the Trustees considered relevant in the exercise of their reasonable business judgment.

The material factors that formed the basis for the Trustees' reaching their determinations to approve the Advisory Agreement are separately discussed below.

*<u>*<u>Nature, Extent, and Quality of Services to be Provided by the Adviser</u>*</u>*

The Board, including the Independent Trustees, reviewed the nature, extent and quality of services to be provided by the Adviser, including the investment advisory services to be provided to the Trust. The Board received information regarding the investment philosophy and process to be used by the Adviser in managing the Trust, as well as a description of the Adviser's capabilities, personnel and services. The Board considered the scope of the services to be provided by the Adviser to the Trust under the Advisory Agreement compared to services typically provided by third parties to other funds, noting further that the standard of care contained in the Advisory Agreement was generally comparable to that typically found in other investment company advisory agreements. The Board concluded that the scope of services proposed to be provided by the Adviser to the Trust was consistent with the Trust's operational requirements, including seeking to meet its investment objective, compliance with investment restrictions, tax and reporting requirements, and providing related shareholder services.

The Board, including the Independent Trustees, considered, among other factors, with respect to the Adviser: the number, education and experience of investment personnel generally and the Trust's portfolio management team; the history of investments by portfolio managers in the other funds they manage; and the resources of the Adviser as well as those of Capital Integration Systems LLC, the Adviser's parent company.

In addition to the investment advisory services, the Board considered the internal controls and compliance resources of the Adviser, as well as the service provider oversight and day-to-day operational responsibilities that would be provided by the Adviser, including the Adviser's personnel serving as officers of the Trust.

*<u>*<u>Investment Performance of the Trust and Portfolio Management</u>*</u>*

The Trustees considered information about the performance of a private fund advised by the Adviser that employs a substantially similar investment strategy to the Trust and acknowledged that past performance is not predictive of future results. The Board could not consider the performance history of the Trust because it had not commenced operations as of the date of the Board Meeting.

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#### CAIS Sports, Media and Entertainment Fund<br> Statement Regarding Basis for Approval of Investment Advisory Contract<br> March 31, 2026 (Unaudited)(Continued)
*<u>*<u>Consideration of the Advisory</u><u>/</u><u>Management Fees and the Estimated Cost of the Services to be Provided and Estimated Profits to be Realized by the Adviser and its Affiliates from Their Relationship with the Trust</u>*</u>*

In connection with the initial approval of the Advisory Agreement, the Board, including the Independent Trustees, reviewed the Trust's proposed contractual management fee and estimated total net expense ratio relative to its peer group. The Board observed that the proposed contractual management fee for the Trust was below the peer group average. The Board further observed that, net of expenses waived pursuant to a contractual expense limitation agreement, the Trust's estimated total expense ratio was lower than its peer group. The Board considered the Adviser's representations that the Trust's estimated "Other Expenses" were higher than its peer group due to the Trust being in its initial start-up phase and the amortization of formation costs. The Board considered the fees charged by the Adviser relative to the fees it charged other accounts and clients for similar services, observing that the Adviser charged the same contractual management fee to the private fund and that, to the extent the Adviser charged lower contractual management fees to certain other accounts, the scope of services the Adviser provided to those other accounts was more limited compared to the anticipated services to be provided to the Trust.

The Board considered whether the Adviser had the financial resources necessary to attract and retain qualified investment management personnel to perform its obligations under the Advisory Agreement. The Trustees acknowledged that the Adviser was a wholly-owned subsidiary of Capital Integration Systems LLC and that Capital Integration Systems LLC provided significant operational and financial support to the Adviser, including access to personnel, infrastructure and resources.

Following consideration of the foregoing information, the Board, including the Independent Trustees, concluded that the fees to be paid pursuant to the Advisory Agreement were fair and reasonable in light of the services to be provided.

As the Trust had not yet commenced operations as of the date of the Board Meeting, the Adviser was not able to provide the Board with specific information concerning the expected profits to be realized by the Adviser in connection with its relationship with the Trust. The Adviser undertook to provide the Board with such information at future meetings.

*<u>*<u>Economies of Scale</u>*</u>*

The Board, including the Independent Trustees, considered the extent to which economies of scale might be realized as the assets of the Trust increase. The Board also considered the extent to which the Trust may benefit from such economies of scale in a variety of ways, and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable the Trust to more fully participate in these economies of scale.

The Board noted that unlike most listed closed-end funds that generally do not experience substantial growth after the initial public offering, the Trust's shares would be continuously offered, and the Trust would have the potential for growth beyond initial projections used in establishing the Trust's fee structure. The Board noted that it would consider the realization of economies of scale as the Trust grows in subsequent Board meetings.

*<u>*<u>Other Factors Deemed Relevant by the Trustees</u>*</u>*

The Trustees considered the Adviser's ongoing investment in operational, compliance and administrative systems which the Adviser expected would support the Trust's anticipated growth. The Trustees further considered the Adviser's focus on regularly evaluating market developments and evolving investor preferences to ensure its offerings remained relevant and well-positioned.

*<u>*<u>Conclusion</u>*</u>*

The Board, including all the Independent Trustees, agreed that, based upon its evaluation of all of the aforementioned factors in their totality as well as other information, the terms of the Advisory Agreement were fair and reasonable, and that the approval of the Advisory Agreement for a two-year term commencing on the effective date of the Advisory Agreement was in the interest of the Trust and its future shareholders. In making such determination, the Board did not identify any single factor or group of factors as dispositive, and different Trustees may have attributed different weights to the various factors considered.

[**Table of Contents**](#TOC001)

#### CAIS Sports, Media and Entertainment Fund<br>PRIVACY NOTICE

---

| | | |
|:---|:---|:---|
|  **FACTS** | **WHAT DOES CAIS Sports, Media and Entertainment Fund DO WITH YOUR PERSONAL INFORMATION?**  | **WHAT DOES CAIS Sports, Media and Entertainment Fund DO WITH YOUR PERSONAL INFORMATION?**  |
|  **Why?** | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
|  **What?** | The types of personal information we collect and share depend on the product or service you have with us. This information can include: | The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
|  **What?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Social Security number<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Assets<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Retirement Assets<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Transaction History<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Checking Account Information | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Purchase History<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Account Balances<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Account Transactions<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Wire Transfer Instructions |
|  **What?** | When you are *no longer* our customer, we continue to share your information as described in this notice. | When you are *no longer* our customer, we continue to share your information as described in this notice. |
|  **How?** | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons chosen to share; and whether you can limit this sharing. | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons chosen to share; and whether you can limit this sharing. |

---

---

| | | |
|:---|:---|:---|
|  **Reasons we can share your personal information** | **Does CAIS Sports, Media and Entertainment Fund share?** | **Can you limit this <br>sharing?** |
|  **For our everyday business purposes –**<br> such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
|  **For our marketing purposes –** <br> to offer our products and services to you | No | We don't share |
|  **For joint marketing with other financial companies** | No | We don't share |
|  **For our affiliates' everyday business purposes –**<br> information about your transactions and experiences | No | We don't share |
|  **For our affiliates' everyday business purposes –**<br> information about your creditworthiness | No | We don't share |
|  **For non**-affiliates **to market to you** | No | We don't share |
|  **Questions?** | Call 1 (844) 241-8667 | Call 1 (844) 241-8667 |

---

[**Table of Contents**](#TOC001)

#### CAIS Sports, Media and Entertainment Fund<br>PRIVACY NOTICE (Continued)

---

| | |
|:---|:---|
|  **Who we are** | **Who we are** |
|  **Who is providing this notice?** | CAIS Sports, Media and Entertainment Fund  |
|  **What we do** | **What we do** |
|  **How does CAIS Sports, Media and Entertainment Fund protect my personal information?**  | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.<br> Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. |
|  **How does CAIS Sports, Media and Entertainment Fund collect my personal information?**  | We collect your personal information, for example, when you<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Open an account<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Provide account information<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Give us your contact information<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Make deposits or withdrawals from your account<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Make a wire transfer<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Tell us where to send the money<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Tells us who receives the money<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Show your government-issued ID<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Show your driver's license<br> We also collect your personal information from other companies. |
|  **Why can't I limit all sharing?** | Federal law gives you the right to limit only<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Sharing for affiliates' everyday business purposes — information about your creditworthiness<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Affiliates from using your information to market to you<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Sharing for non-affiliates to market to you<br> State laws and individual companies may give you additional rights to limit sharing. |
|  **Definitions** | **Definitions** |
|  **Affiliates** | Companies related by common ownership or control. They can be financial and nonfinancial companies.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** *CAIS Sports, Media and Entertainment Fund does not share with our affiliates.* |
|  **Non**-affiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** *CAIS Sports, Media and Entertainment Fund does not share with non*-affiliates *so they can market to you.* |
|  **Joint marketing** | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** *CAIS Sports, Media and Entertainment Fund does not jointly market.* |

---

[**Table of Contents**](#TOC001)

#### How to Obtain Proxy Voting Information
Information regarding how the Adviser voted proxies related to the Fund's portfolio holdings during the 12-month period ending June 30 will be available, without charge, upon request by calling 844-241-8667, at the Fund's website at *www.caisadvisors.com/sme* and on the SEC's website at *www.sec.gov*.

A description of the policies and procedures that the Fund used to determine how to vote proxies is available without charge, upon request, by calling 1-844-241-8667 or by referring to the SEC's website at *http://www.sec.gov*.

#### How to Obtain 1 <sup>st</sup> and 3 <sup>rd</sup> Fiscal Quarter Portfolio Holdings
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available on the SEC's website at *http://www.sec.gov*. The information on Form N-PORT is available without charge, upon request, by calling 1-844-241-8667.

#### Investment Adviser
CAIS Advisors LLC

527 Madison Avenue, 12<sup>th</sup> Floor

New York, New York 10022

#### Administrator
Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

(b) Not Applicable

**Item 2. Code of Ethics.** 

As of the end of the period covered by this report, the Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party. During the period covered by the report, there have not been any amendments to the provisions of the code of ethics. During the period covered by the report, the Registrant has not granted any express or implicit waivers from the provisions of the code of ethics. The Registrant undertakes to provide a copy of the code of ethics upon request, without charge, to any person who calls (844) 241-8667.

**Item 3. Audit Committee Financial Expert.** 

a) The Registrant's Board of Trustees has determined that Joseph Carrier is an audit committee financial expert, as such term is defined in Item 3 of Form N-CSR. Mr. Carrier is independent for the purposes of this Item.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

**Item 4. Principal Accountant Fees and Services.** 

(a)  **<u>Audit Fees</u>** 

2026- $140,000

2025- N/A

(b) **Audit-Related Fees** 

2026 - $24,000

2025 - N/A

Audit-Related Services refer to professional services rendered by the principal accountant for assurance and related services that are reasonably related to the performance of the audit of the Registrant's financial statements, including accounting consultations.

(c)  **<u>Tax Fees</u>** 

2026- $42,840

2025- N/A

Tax Services refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning.

(d) **All Other Fees** 

There were no fees billed in each of the last two fiscal years for products and services provided by the Registrant's principal accountant, other than the services reported in paragraphs (a) through (c) of this Item.

(e) (1)  **<u>Audit Committee's Pre-Approval Policies</u>** 

The Registrant's Audit Committee has adopted an Audit and Non-Audit Services Pre-Approval Policy pursuant to which it is required to pre-approve audit services and, when appropriate, non-audit services (including audit-related, tax and all other services) provided by the Registrant's independent registered public accounting firm. The policy provides for both general pre-approval of specified services and specific pre-approval of services not covered by the general pre-approvals or that exceed pre-approved cost levels or budgeted amounts. The Audit Committee also pre-approves, when appropriate, non-audit services provided to the Registrant's investment adviser, or any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant, to the extent that such services relate directly to the operations and financial reporting of the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) With respect to the services described in paragraphs (b) through (d) of this Item 4, no amount was approved by the Audit Committee
pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The aggregate non-audit fees billed by the Registrant's accountant for services rendered to the Registrant, and rendered to the Registrant's
investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services
to the Registrant:

2026 - $0

2025- N/A

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.** Not Applicable.

**Item 6. Investments.** 

(a) The Registrant's Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

(b) Not applicable

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) 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.** 

The Registrant's statement regarding the basis for approval of the investment advisory contract is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

The Registrant's Board of Trustees has delegated any voting of proxies in respect of portfolio holdings of the Registrant to CAIS Advisors LLC ("CAIS Advisors" or the "Adviser") to vote the proxies in accordance with the Adviser's proxy voting guidelines and procedures. Under these policies, the Adviser will vote proxies, amendments, consents or resolutions related to Registrant securities in the best interests of the Registrant and its shareholders.

CAIS Advisors LLC

Proxy Voting Policy

Rule 206(4)-6 of the Investment Advisers Act of 1940, as amended (the "Advisers Act"), makes it a fraudulent, deceptive, or manipulative act, practice or course of business within the meaning of Section 206(4) of the Advisers Act for an investment adviser to exercise voting authority with respect to client securities, unless (i) the adviser has adopted and implemented written policies and procedures that are reasonably designed to ensure that the adviser votes proxies in the best interest of its clients, (ii) the adviser describes its proxy voting procedures to its clients and provides copies on request, and (iii) the adviser discloses to clients how they may obtain information on how the adviser voted their proxies.

In accordance with its fiduciary duty to clients and Rule 206(4)-6 of the Advisers Act, CAIS Advisors has adopted and implemented written policies and procedures governing the voting of client securities. All proxies that CAIS Advisors receives will be treated in accordance with these policies and procedures.

CAIS Advisors will reach its voting decisions independently, after appropriate investigation. It does not generally intend to delegate its decision making or to rely on the recommendations of any third party, although it may take such recommendations into consideration. When CAIS Advisors determines a proxy may have an impact on a fund holding, CAIS Advisors will vote on those matters on a case-by-case basis in a manner that CAIS Advisors believes is in the best interests of the applicable fund holdings.

CAIS Advisors considers the reputation, experience, and competence of a company's management and board of directors when it evaluates a prospective investment. In general, CAIS Advisors votes in favor of routine corporate matters, such as the re-approval of an auditor or a change of a legal entity's name. CAIS Advisors also generally vote in favor of compensation practices and other measures that are in-line with industry norms, that allow companies to attract and retain key Supervised Persons and directors, that reward long-term performance, and that align the interests of management and shareholders.

With respect to voting proxies, it is CAIS Advisors' policy to:

&nbsp;&nbsp;&nbsp;&nbsp;· stay apprised of developments that affect the securities in which the funds invest;

&nbsp;&nbsp;&nbsp;&nbsp;· carefully review matters submitted to a fund for a vote as a holder of fund interests or operating
company securities; and

&nbsp;&nbsp;&nbsp;&nbsp;· vote on those matters on a case-by-case basis in a manner that the CAIS Advisors believes is in the best
interests of the applicable fund.

With respect to ETFs, CAIS Advisors proxy voting will be done by mirror voting.

<u>Conflicts of Interest</u>

CAIS Advisors will identify any conflicts that exist between the interests of the adviser and the client by reviewing the relationship of CAIS Advisors with the issuer of each security to determine if CAIS Advisors or any of its employees has any financial, business or personal relationship with the issuer.

<u>Recordkeeping</u>

CAIS Advisors, in accordance with SEC recordkeeping rules, shall maintain for a period of at least five (5) years from the end of the fiscal year voted: a record of each proxy statement received regarding client securities, records of votes cast on behalf of clients, records of client requests for proxy voting information, a copy of any written response and all documents prepared by CAIS Advisors regarding votes cast in contradiction to the pre-determined benchmark proxy voting guidelines, and all proxy voting policies and procedures and any amendments.

In the event proxy voting is required, CAIS Advisors will elect to vote or not to vote proxies received in a manner consistent with the best interests of the Registrant and shareholders. CAIS Advisors will present to the Board, at least annually, CAIS Advisors' Proxy Policies and a record of each proxy voted or not voted by CAIS Advisors on behalf of the Registrant, including a report on the resolution of all proxies identified by CAIS Advisors involving a conflict of interest.

To the extent that CAIS Advisors is required to file Form 13F (e.g. exercising investment discretion over $100 million or more in Section 13(f) securities), the Adviser understands that it has an obligation to report its proxy votes at public stockholder meetings on Form N-PX. The Form N-PX should be filed with the SEC each year by August 31, with information pertaining to the previous 12-month period running from July 1 to June 30.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

The members of the portfolio management team who are primarily responsible for the day-to-day management of the Registrant's portfolio are as follows:

**Neil Blundell** serves as the Chief Investment Officer of the Adviser, overseeing the firm's investment management division. He is responsible for shaping and executing the firm's vision, including overseeing portfolio management, business development, operations and risk management. Neil also serves as chair of the Adviser's Investment Committee and is a member of CAIS' executive and operating committees.

Neil has spent over 25 years at the intersection of alternative investments, financial services, and technology. He most recently worked at Invesco as the Global Head of Client Solutions and Alternatives for the Investment Solutions team, where he led the development and management of over $95 billion in customized multi-asset investment strategies spanning both traditional and alternative solutions. Prior to Invesco, Neil enjoyed 10+ years of tenure at BlackRock, holding multiple Managing Director positions including Alternatives Platform Head and Head of Hedge Fund Investment Strategies. Earlier in his career, Neil worked at MSCI Barra, Credit Suisse First Boston, and Moody's Investor Service.

Neil has a BA from the University of Michigan and earned an MBA from the University of Miami. He holds Series 7 and 63 registrations.

Mr. Blundell has been a Portfolio Manager of the Registrant since 2025.

**Sarah Jiang** is a Managing Director and Portfolio Manager at the Adviser. She is responsible for investment selection, portfolio construction, and liquidity management of the Adviser's funds.

Sarah has over 17 years of experience in portfolio management, risk oversight, and liquidity management across both public and private market strategies. She most recently served as a Managing Director within Blackstone's Credit and Insurance division, where she held multiple roles in product development and liquidity management for the firm's private and semi-liquid credit strategies. Prior to Blackstone, Sarah spent over a decade at AQR, where she was a Managing Director and Portfolio Manager, overseeing over $40 billion in alternative assets across institutional and registered funds, and later leading product development for the firm's tax-aware strategies.

Sarah graduated from the Management & Technology program at the University of Pennsylvania and received both a BS in Economics and a BS in Engineering. She has also been published in the Journal of Portfolio Management.

Ms. Jiang has been a Portfolio Manager of the Registrant since 2025.

**(a)(2)** The following table shows information regarding accounts (other than the Registrant) managed by each named portfolio manager as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Neil Blundell** | <br>&nbsp;&nbsp;**Number of**<br>&nbsp;&nbsp;**Accounts** | <br>&nbsp;&nbsp;**Total Assets in**<br>&nbsp;&nbsp;**Accounts**<br>&nbsp;&nbsp;**($ million)** | <br>&nbsp;&nbsp;**Number of**<br>&nbsp;&nbsp;**Accounts Subject**<br>&nbsp;&nbsp;**to a Performance-**<br>&nbsp;&nbsp;**Based Advisory**<br>&nbsp;&nbsp;**Fee** | &nbsp;&nbsp;**Total Assets in**<br>&nbsp;&nbsp;**Accounts Subject**<br>&nbsp;&nbsp;**to a Performance-**<br>&nbsp;&nbsp;**Based Advisory**<br>&nbsp;&nbsp;**Fee**<br>&nbsp;&nbsp;**($ million)** |
| **Registered Investment Companies** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** |
| **Other Pooled Investment Vehicles** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** |
| **Other Accounts** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Sarah Jiang** | &nbsp;&nbsp;**Number of<br> Accounts** | &nbsp;&nbsp;**Total Assets in<br> Accounts <br> ($ million)** | &nbsp;&nbsp;**Number of Accounts<br> Subject to a<br> Performance- Based<br> Advisory Fee** | &nbsp;&nbsp;**Total Assets in<br> Accounts Subject to a<br> Performance-<br> Based Advisory Fee <br> ($ million)** |
| **Registered Investment Companies** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** |
| **Other Pooled Investment Vehicles** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** |
| **Other Accounts** | &nbsp;&nbsp;**1** | &nbsp;&nbsp;**68.6** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** |

---

**(a)(3)** The Adviser's philosophy on compensation is to provide senior professionals incentives that are tied to both short-term and long-term performance of the Adviser. All investment professionals are salaried. Further, all investment professionals are eligible for a short-term incentive bonus each year that is discretionary and based upon the professional's performance, as well as the performance of the business. For his or her services to the Registrant, each portfolio manager receives a salary, a discretionary bonus, and other benefits that include certain retirement benefits from the Adviser or its affiliates. Each portfolio manager may also be eligible for certain short-term and long-term incentives.

**(a)(4)** As of March 31, 2026, Neil Blundell beneficially owned $100,001-$500,000 in equity securities of the Registrant.

As of March 31, 2026, Sarah Jiang beneficially owned $100,001-$500,000 in equity securities of the Registrant.

**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.** 

Not applicable

**Item 16. Controls and Procedures** 

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.** 

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.** 

(a)(1) Code of Ethics – See Item 2

(a)(2) Not applicable

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): [Attached hereto Exhibit 99. CERT](ea029097801_ex99-cert.htm)

(a)(4) Not applicable

(a)(5) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto Exhibit 99.906CERT](ea029097801_ex99-906cert.htm)

(c) [Audited Financial Statements of CAIS Sports, Media and Entertainment Fund, LP (the "Predecessor Fund") for the period from April 1, 2025 (commencement of operations of the Predecessor Fund) to December 31, 2025, filed pursuant to Regulation S-X §210.6-11 Financial statements of funds acquired or to be acquired.](ea029097801_ex19c.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) <u>CAIS Sports, Media and Entertainment Fund</u> | (Registrant) <u>CAIS Sports, Media and Entertainment Fund</u> |
| By (Signature and Title) | By (Signature and Title) |
| /s/ Neil Blundell | /s/ Neil Blundell |
| Neil Blundell, President and Chief Executive Officer (principal executive officer) | Neil Blundell, President and Chief Executive Officer (principal executive officer) |
| Date | 06/08/2026 |

---

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) | By (Signature and Title) |
| /s/ Neil Blundell | /s/ Neil Blundell |
| Neil Blundell, President and Chief Executive Officer (principal executive officer) | Neil Blundell, President and Chief Executive Officer (principal executive officer) |
| Date | 06/08/2026 |

---

---

| | |
|:---|:---|
| By (Signature and Title) | By (Signature and Title) |
| /s/ Terrence McCarthy | /s/ Terrence McCarthy |
| Terrence McCarthy, Chief Financial Officer (principal financial officer) | Terrence McCarthy, Chief Financial Officer (principal financial officer) |
| Date | 06/08/2026 |

---

## Ex-99.Cert

**Exhibit 99.CERT**

**Certification**

I, Neil Blundell, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of CAIS Sports, Media
and Entertainment Fund;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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;&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;&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

&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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: | 06/08/2026 | /s/ Neil Blundell |
|  |  | Neil Blundell |
|  |  | President and Chief Executive Officer (principal executive officer) |

---

**Certification** 

I, Terrence McCarthy, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of CAIS Sports, Media
and Entertainment Fund;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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;&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;&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

&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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: | 06/08/2026 | /s/ Terrence McCarthy |
|  |  | Terrence McCarthy |
|  |  | Chief Financial Officer (principal financial officer) |

---

## Exhibit 99.906

**Exhibit 99.906 CERT**

**certification** 

Neil Blundell, President and Chief Executive Officer (principal executive officer), and Terrence McCarthy, Chief Financial Officer (principal financial officer) of CAIS Sports, Media and Entertainment Fund (the "Registrant"), each certify to the best of his/her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended March 31, 2026, (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

---

| | |
|:---|:---|
| /s/ Neil Blundell | /s/ Neil Blundell |
| Neil Blundell, President and Chief Executive Officer<br> (principal executive officer) | Neil Blundell, President and Chief Executive Officer<br> (principal executive officer) |
| Date | 06/08/2026 |
| /s/ Terrence McCarthy | /s/ Terrence McCarthy |
| Terrence McCarthy, Chief Financial Officer <br> (principal financial officer) | Terrence McCarthy, Chief Financial Officer <br> (principal financial officer) |
| Date | 06/08/2026 |

---

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 filed with the Commission.

## Ex-19.(C)

**Exhibit 19(c)**

**CAIS Sports, Media and Entertainment Fund, LP**

**(A Delaware Limited Partnership)**

Financial Statements as of December 31, 2025, and for the Period from April 1, 2025 (commencement of operations) to December 31, 2025, and Report of Independent Auditors

**CAIS Sports, Media and Entertainment Fund, LP**

**(A Delaware Limited Partnership)**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [Report of Independent Auditors](#a_001) | 1 -2 |
| Financial Statements as of December 31, 2025 and for the Period from April 1, 2025 |  |
| (commencement of operations) to December 31, 2025: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets, Liabilities and Partners' Capital](#a_002) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Schedule of Investments](#a_003) | 4 -5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#a_004) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Changes in Partners' Capital](#a_005) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Cash Flows](#a_006) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#a_007) | 9 - 17 |

---

---

| | | |
|:---|:---|:---|
| ![](ex19-c_001.jpg) | Ernst & Young LLP<br> One Manhattan West<br> New York, NY 10001-8604 | Tel: +1 212 773 3000<br> ey.com |

---

**Report of Independent Auditors**

The General Partner of

CAIS Sports, Media and Entertainment Fund, LP

**Opinion**

We have audited the financial statements of CAIS Sports, Media and Entertainment Fund, LP (the "Fund"), which comprise the statement of assets, liabilities and partners' capital, including the schedule of investments, as of December 31, 2025, and the related statements of operations, changes in partners' capital and cash flows for the period from April 1, 2025 (commencement of operations) to December 31, 2025, and the related notes (collectively referred to as the "financial statements").

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Fund at December 31, 2025, and the results of its operations, changes in its partners' capital and its cash flows for the period from April 1, 2025 (commencement of operations) to December 31, 2025, in accordance with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Fund and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

**Responsibilities of Management for the Financial Statements**

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free of material misstatement, whether due to fraud or error.

**Auditor's Responsibilities for the Audit of the Financial Statements**

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free of material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

A member firm of Emst & Young Global Limited

![](ex19-c_001.jpg)

In performing an audit in accordance with GAAS, we:

&nbsp;&nbsp;&nbsp;&nbsp;· Exercise professional judgment and maintain professional
skepticism throughout the audit.

&nbsp;&nbsp;&nbsp;&nbsp;· Identify and assess the risks of material misstatement
of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures
include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;· Obtain an understanding of internal control relevant
to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the Fund's internal control. Accordingly, no such opinion is expressed.

&nbsp;&nbsp;&nbsp;&nbsp;· Evaluate the appropriateness of accounting policies
used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

 

June 8, 2026

A member firm of Emst & Young Global Limited

 

**CAIS Sports, Media and Entertainment Fund, LP**

**(A Delaware Limited Partnership)**

**STATEMENT OF ASSETS, LIABILITIES AND PARTNERS' CAPITAL**

**DECEMBER 31, 2025**

---

| | |
|:---|:---|
| **Assets** | **Assets** |
| &nbsp;&nbsp;&nbsp;Investments in Private Equity Funds, at fair value (cost of $108,377,518) | $113291151 |
| &nbsp;&nbsp;&nbsp;Investments in Securities, at fair value (cost of $37,944,831) | 37915729 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 8631501 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 410845 |
| &nbsp;&nbsp;&nbsp;Contributions receivable | 144250 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 28825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**160422301** |
| **Liabilities and partners' capital** |  |
| &nbsp;&nbsp;&nbsp;Due to Manager | $480997 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 152628 |
| **Total Liabilities** | **633625** |
| **Partners' capital** | 159788676 |
| **Total liabilities and partners' capital** | $**160422301** |

---

*See notes to the financial statements.*

**CAIS Sports, Media and Entertainment Fund, LP**

**(A Delaware Limited Partnership)**

**SCHEDULE OF INVESTMENTS**

**DECEMBER 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments<sup>(b)</sup>** | **Acquisition <br> Date** | **Shares/<br> Units/ <br> Principal** | **Cost** | **Fair Value** | **Fair <br> Value as <br> a % of <br> Partners' Capital** |
| **Corporate Bonds – 14.83%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Communication Services – 0.83%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WarnerMedia Holdings, Inc., 4.279%, due 03/15/2032 |  | $1500000 | $1332033 | $1318605 | 0.83% |
| &nbsp;&nbsp;&nbsp;**Total Communication Services** |  |  | $**1332033** | $**1318605** | **0.83%** |
| &nbsp;&nbsp;&nbsp;**Communications – 8.19%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corporation, 2.65%, due 02/01/2030 |  | $1750000 | $1649630 | $1652631 | 1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fox Corp, 4.709%, due 01/25/2029 |  | 1500000 | 1520630 | 1520293 | 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Inc, 4.875%, due 11/15/2035 |  | 1500000 | 1502250 | 1501094 | 0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix Inc, 6.375%, due 05/15/2029 |  | 1500000 | 1610105 | 1606107 | 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexstar Broadcasting, Inc, 4.750%, due 11/01/2028<sup>(c)</sup> |  | 1250000 | 1239735 | 1241725 | 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rogers Communications Inc, 3.80%, due 03/15/2032 |  | 1750000 | 1655756 | 1652057 | 1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Radio LLC, 3.875%, due 09/01/2031<sup>(c)</sup> |  | 1500000 | 1377044 | 1381773 | 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snap Incorporated, 6.875%, due 03/01/2033<sup>(c)</sup> |  | 1250000 | 1291948 | 1296294 | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TEGNA Inc, 5.00%, due 09/15/2029 |  | 1250000 | 1240585 | 1239974 | 0.78% |
| &nbsp;&nbsp;&nbsp;**Total Communications** |  |  | $**13087683** | $**13091948** | **8.19%** |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary – 3.94%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boyd Gaming Corp, 4.75%, due 06/15/2031<sup>(c)</sup> |  | $1250000 | $1220930 | $1222160 | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caesars Entertainment Inc, 6.50%, due 02/15/2032<sup>(c)</sup> |  | 1250000 | 1279807 | 1280953 | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Churchill Downs Inc, 5.75%, due 04/01/2030<sup>(c)</sup> |  | 1250000 | 1262228 | 1262843 | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Light & Wonder International Inc, 6.25%, due 10/01/2033<sup>(c)</sup> |  | 1250000 | 1259402 | 1265688 | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MGM Resorts International, 6.125%, due 09/15/2029 |  | 1250000 | 1282808 | 1285275 | 0.80% |
| &nbsp;&nbsp;&nbsp;**Total Consumer Discretionary** |  |  | $**6305175** | $**6316919** | **3.94%** |
| &nbsp;&nbsp;&nbsp;**Corporate Obligations – 1.02%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Company, 2.00%, due 09/01/2029 |  | $1750000 | $1637464 | $1637569 | 1.02% |
| &nbsp;&nbsp;&nbsp;**Total Corporate Obligations** |  |  | $**1637464** | $**1637569** | **1.02%** |
| &nbsp;&nbsp;&nbsp;**Technology – 0.83%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voyager Parent LLC, 9.25%, due 07/01/2032<sup>(c)</sup> |  | $1250000 | $1331335 | $1327059 | 0.83% |
| &nbsp;&nbsp;&nbsp;**Total Technology** |  |  | $**1331335** | $**1327059** | **0.83%** |
| **Total Corporate Bonds** |  |  | $**23693690** | $**23692100** | **14.83%** |
| **Exchange Traded Funds – 8.90%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Fixed Income – 8.90%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Ultra Short Duration Bond Active ETF |  | 70332 | $3566536 | $3557393 | 2.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Ultra-Short Income ETF |  | 70304 | 3565720 | 3556679 | 2.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PGIM Ultra Short Bond ETF |  | 71647 | 3565871 | 3552975 | 2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanguard Ultra Short Bond ETF |  | 71360 | 3553014 | 3556582 | 2.23% |
| **Total Exchange Traded Funds** |  |  | $**14251141** | $**14223629** | **8.90%** |

---

*See notes to the financial statements.*

**CAIS Sports, Media and Entertainment Fund, LP**

**(A Delaware Limited Partnership)**

**SCHEDULE OF INVESTMENTS (CONTINUED)**

**DECEMBER 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments<sup>(b)</sup>** | **Acquisition Date** | **Shares/ Units/ Principal** | **Cost** | **Fair Value** | **Fair Value as a % of Partners' Capital** |
| **Private Equity Funds<sup>(d)</sup>** – 70.90%** | **Private Equity Funds<sup>(d)</sup>** – 70.90%** | **Private Equity Funds<sup>(d)</sup>** – 70.90%** | **Private Equity Funds<sup>(d)</sup>** – 70.90%** | **Private Equity Funds<sup>(d)</sup>** – 70.90%** | |
| &nbsp;&nbsp;&nbsp;**Co-Investments – 3.58%** | &nbsp;&nbsp;&nbsp;**Co-Investments – 3.58%** | &nbsp;&nbsp;&nbsp;**Co-Investments – 3.58%** | &nbsp;&nbsp;&nbsp;**Co-Investments – 3.58%** | &nbsp;&nbsp;&nbsp;**Co-Investments – 3.58%** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arctos Sports Partners Elvis Co-Invest II, LP<sup>(a)</sup> | 12/18/2025 |  | $5714473 | $5714473 | 3.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Co-Investments** |  |  | $**5714473** | $**5714473** | **3.58%** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Primary Investments – 45.26%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arctos American Football Fund Feeder, LP<sup>(a)</sup> | 12/3/2025 |  | $5317266 | $4877144 | 3.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eldridge Sports and Entertainment Fund Offshore LP<sup>(a)</sup> | 7/14/2025 |  | 65930000 | 67440000 | 42.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Primary Investments** |  |  | $**71247266** | $**72317144** | **45.26%** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Secondary Investments – 22.07%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arctos Sports Partners Fund I Feeder, LP<sup>(a)</sup> | 4/1/2025 |  | $23094894 | $25244972 | 15.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASP Naismith I Feeder A, LP<sup>(a)</sup> | 4/1/2025 |  | 8320885 | 10014562 | 6.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Secondary Investments** |  |  | $**31415779** | $**35259534** | **22.07%** |
| **Total Private Equity Funds** |  |  | $**108377518** | $**113291151** | **70.90%** |
| **Total Investments** |  |  | $**146322349** | $**151206880** | **94.63%** |

---

<sup>(a)</sup> All or a portion of these securities are restricted to resale. 

<sup>(b)</sup> All of the Fund's investments are concentrated within the Americas region.

<sup>(c)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2025 the total market value of 144A securities is $10,278,496 or 6.4% of partners' capital.

<sup>(d)</sup> Non-income producing

*See notes to the financial statements.*

**CAIS Sports, Media and Entertainment Fund, LP**

**(A Delaware Limited Partnership)**

**STATEMENT OF OPERATIONS<br> FOR THE PERIOD FROM APRIL 1, 2025 (COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, 2025**

---

| | |
|:---|:---|
| **Income** | **Income** |
| &nbsp;&nbsp;&nbsp;Interest income | $270399 |
| &nbsp;&nbsp;&nbsp;Dividend income | 42010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total income** | **312409** |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Management fees | 855954 |
| &nbsp;&nbsp;&nbsp;Professional fees | 510618 |
| &nbsp;&nbsp;&nbsp;Organizational expenses | 137028 |
| &nbsp;&nbsp;&nbsp;Other expenses | 113922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total expenses before Management fees waived** | **1617522** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees waived (Note 6) | (35377) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total expenses after Management fees waived** | **1582145** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income/(loss)** | **(1269736)** |
| **Realized gain/(loss) and net unrealized appreciation/(depreciation) on investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gain/(loss) on investments | 555198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation/(depreciation) on investments | 4848572 |
| **Realized and net unrealized appreciation/(depreciation) on investments** | **5403770** |
| **Net increase in partners' capital resulting from operations** | $**4134034** |

---

*See notes to the financial statements.*

**CAIS Sports, Media and Entertainment Fund, LP**

**(A Delaware Limited Partnership)**

**STATEMENT OF CHANGES IN PARTNERS' CAPITAL<br> FOR THE PERIOD FROM APRIL 1, 2025 (COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, 2025**

---

| | |
|:---|:---|
|  | **Limited Partners** |
| **Partners' Capital, April 1, 2025 (Commencement of Operations)** | $**–** |
| Contributions | 156002500 |
| Offering costs | (347858) |
| Net investment income/(loss) | (1269736) |
| Realized gain/(loss) on investment | 555198 |
| Net unrealized appreciation/(depreciation) on investments | 4848572 |
| **Partners' Capital, December 31, 2025** | $**159788676** |

---

*See notes to the financial statements.*

**CAIS Sports, Media and Entertainment Fund, LP**

**(A Delaware Limited Partnership)**

**STATEMENT OF CASH FLOWS<br> FOR THE PERIOD FROM APRIL 1, 2025 (COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, 2025**

---

| | |
|:---|:---|
| **Cash flows from operating activities** | **Cash flows from operating activities** |
| &nbsp;&nbsp;&nbsp;Net increase in partners' capital resulting from operations | $4134034 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net increase in partners' capital resulting from |  |
| &nbsp;&nbsp;&nbsp;operations to net cash used in operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contributions/Purchases of Private Equity Funds and Securities | (146687514) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions from Private Equity Fund | 884404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized (gain)/loss on investments | (555198) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized (appreciation)/depreciation on investments | (4848572) |
| &nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase)/decrease in contributions receivable | (144250) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase)/decrease in interest receivable | (410845) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase)/decrease in dividend receivable | (28825) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase/(decrease) in due to Manager | 480997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase/(decrease) in accrued expenses and other liabilities | 152628 |
| &nbsp;&nbsp;&nbsp;Net cash provided by/(used in) operating activities | (147023141) |
| **Cash flows from financing activities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contributions | 156002500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering costs | (347858) |
| &nbsp;&nbsp;&nbsp;Net cash provided by/(used in) financing activities | 155654642 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in cash and cash equivalents | 8631501 |
| Cash and cash equivalents as of April 1, 2025 | – |
| **Cash and cash equivalents as of December 31, 2025** | $**8631501** |

---

*See notes to the financial statements.*

**CAIS Sports, Media and Entertainment Fund, LP**

**(A Delaware Limited Partnership)**

**NOTES TO FINANCIAL STATEMENTS<br> FOR THE PERIOD FROM APRIL 1, 2025 (COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, 2025**

(1) Organization

CAIS Sports, Media and Entertainment Fund, LP (the "Fund") was formed as a Delaware limited partnership on August 29, 2024 and commenced operations on April 1, 2025. On December 17, 2025, the Fund was approved to reorganize into a registered investment company effective January 2, 2026. CAIS Advisors, LLC serves as the Investment Manager of the Fund (the "Manager"). The Manager is a registered investment adviser with the U.S Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and is a wholly owned subsidiary of Capital Integration Systems, LLC. The Manager is responsible for all investment management decisions, including, without limitation, the timing and amount of allocations to or away from the Private Equity Funds as well as the day-to-day management of the Fund. CAIS SME GP, LLC is the general partner of the Fund (the "General Partner"). The General Partner has no economic interest in the Fund.

The primary purpose of the Fund is to seek long-term capital appreciation by investing predominantly in private sports, media and entertainment ("SME") investments, which may include, but are not limited to, investment vehicles with a primary focus on private SME assets and/or direct investments in private or public SME assets.

(2) Significant Accounting Policies

**Basis of Accounting -** The Fund's financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") as detailed in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"). The Fund is an investment company in accordance with ASC 946, *Financial Services - Investment Companies* ("ASC 946"), which defines investment companies and prescribes specialized accounting and reporting requirements for investment companies.

The preparation of financial statements in accordance with U.S. GAAP requires management to make certain 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 increases and decreases in partners' capital from operations during the reporting period. The most significant of which is the determination of the fair value of the investments. Actual results could differ from those estimates, and those differences could be material.

**Cash and Cash Equivalents -** Cash and Cash Equivalents include cash held at banks and all short-term highly liquid investments that are readily convertible into known amounts of cash and have original maturities of three months or less at the time of purchase. Cash balances are held in Federal Deposit Insurance Corporation ("FDIC") insured bank accounts, which at times, may be in excess of federally insured limits. As of December 31, 2025, cash consists of $890,885 or 0.56% of partners' capital and cash equivalents consists of a money market fund valued at one dollar per share of $7,740,616 or 4.84% of partners' capital which is held in deposit with Morgan Stanley Institutional Liquid Government Fund (MVRXX). Investments in money market funds would be categorized as Level 1 investments within the fair value hierarchy (detailed in Note 3) as they are valued based on quoted prices in active markets. There was no restricted cash or cash equivalents balance held as of December 31, 2025.

**Investment Valuation -** The Fund's investments are measured at fair value in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 820, *Fair Value Measurement,* and the Fund's internal valuation policy. Investments in securities that are actively traded, including exchange-traded funds ("ETFs") and corporate bonds. ETFs are valued using closing market prices and corporate bonds are valued using the midpoint of the bid and ask price from independent pricing services. The Fund's investments in Private Equity Funds are measured at fair value based on the Fund's pro rata interest in such funds, which is generally derived from the net asset values ("NAVs") reported by the underlying managers. Such amounts are net of accrued expenses,

**CAIS Sports, Media and Entertainment Fund, LP**

**(A Delaware Limited Partnership)**

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)<br> FOR THE PERIOD FROM APRIL 1, 2025 (COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, 2025**

**(2)** **Significant Accounting Policies (continued)** 

including management and performance-based fees.

**Valuation of the Private Equity Funds -** The Manager engages an independent valuation specialist to assist in the determination of fair value, and such valuations are subject to review and approval in accordance with the Fund's valuation policy. In circumstances where the most recent capital statements or financial information from Private Equity Funds are not available, the Manager utilizes a roll-forward methodology that incorporates the most recent available NAVs, adjusted for capital activity and known or knowable information as of the valuation date, including adjustments for market changes as deemed appropriate based on the composition of the underlying fund's portfolio.

In the absence of readily observable market prices, fair value is determined using appropriate and consistently applied methodologies, which may include consideration of underlying fund financial statements, interim updates, independent third-party valuations, market comparables, and other relevant factors.

Due to the inherent uncertainty of valuations for investments that are not actively traded, the estimated fair values may differ materially from the values that would have been used had a readily available market for such investments existed, and such differences could be material.

**Investment Transactions and Related Investment Income -** Investment transactions are accounted for on a trade date basis. Investments held by the Fund in private equity funds may include secondary purchases of existing investments in private equity funds ("Secondary Investments"), investments in newly established private equity funds ("Primary Investments") and investments in co-investment transactions either directly or through special purpose vehicles, alongside direct private equity funds managed by private fund sponsors ("Co-Investments"), collectively defined as "Private Equity Funds". Interest and dividend income are recorded on the accrual basis. Realized gains or losses and unrealized gains and losses on securities are recorded based on market prices. Realized gains or losses on distributions are recorded based upon amounts received in excess of return of capital as determined by the Private Equity Funds. Net unrealized appreciation/(depreciation) on investments in the Private Equity Funds and securities are included in the Statement of Operations.

**Income Taxation -** The Fund shall be treated as a partnership for United States Federal income tax purposes, and the Manager shall undertake all actions necessary or advisable to secure such tax treatment. Each limited partner is individually liable for income taxes, if any, on its share of the Fund's net taxable income. Accordingly, no provision for income taxes has been made in the accompanying financial statements. The Fund files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Fund is subject to examination by federal jurisdictions. As of December 31, 2025, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are from inception forward (with limited exceptions).

Tax positions of the Fund are assessed to determine whether they are more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. For tax positions meeting the more likely than not threshold, the tax amount recognized in the financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authorities. Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits as of December 31, 2025. The Manager does not expect that the total amount of unrecognized tax impact will materially change over the next twelve months.

The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. For the period from April 1, 2025 (commencement of operations) to December 31, 2025, the Fund did not incur any interest or penalties.

**CAIS Sports, Media and Entertainment Fund, LP**

**(A Delaware Limited Partnership)**

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)<br> FOR THE PERIOD FROM APRIL 1, 2025 (COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, 2025**

**(2)** **Significant Accounting Policies (continued)** 

**Fair Value of Financial Instruments -** The fair value of the Fund's assets and liabilities which qualify as financial instruments under existing accounting guidance of financial instruments approximates the carrying amounts presented in the Statement of Assets, Liabilities and Partners' Capital.

**(3)** **Investments in Private Equity Funds** 

As of December 31, 2025, the Fund's investments in the Private Equity Funds were valued at $113,291,151, representing 70.90% of partners' capital. The value of the Fund's investments in the Private Equity Funds reflects the Fund's proportionate interest in the capital of the Private Equity Funds. The Fund's capital commitments to Private Equity Funds are payable when called by the Private Equity Funds or their respective managers or general partners. A summary of the Fund's capital commitments to the Private Equity Funds as of December 31, 2025 is provided below.

---

| | |
|:---|:---|
| Capital Commitment to the Co-Investments | $10000000.0 |
| &nbsp;&nbsp;&nbsp;*Percent of commitments of the Co-Investments* | 0.83% |
| Capital Commitment to the Primary Investments | $86900000.0 |
| &nbsp;&nbsp;&nbsp;*Percent of commitments of the Primary Investments* | 7.24% |
| Capital Commitment to the Secondary Investments | $26250000.0 |
| &nbsp;&nbsp;&nbsp;*Percent of commitments of the Secondary Investments* | 2.19% |

---

Contributions made in addition to the Fund's capital commitment to the Private Equity Funds that do not decrease the Fund's remaining capital commitments to the Private Equity Funds may relate to management fees, organizational expenses, subsequent closing interest, and/or placement fees. During the period ended December 31, 2025, the Fund did not contribute outside of its capital commitments to the Private Equity Funds.

---

| | | | |
|:---|:---|:---|:---|
| **Investment Category** | **Investment Strategy** | **Fair Value** | **Unfunded Commitment** |
| Co-Investments | Investments in private investment vehicles pursuing co-investment opportunities in companies and businesses operating within the sports, media and/or entertainment industries. | $5714473 | $4285527 |
| Primary Investments | Investments in newly established Private Equity Funds | $72317144 | $15652734 |
| Secondary Investments | Investments in existing Private Equity Funds that are typically acquired in privately negotiated transactions | $35259534 | $4515970 |

---

Certain of the Private Equity Funds invest substantially all of their assets in the underlying master funds in a master-feeder structure. The primary objective of the Private Equity Funds is to achieve superior risk-adjusted total returns through their underlying master funds, where applicable, primarily by investing and trading directly and indirectly in sports and entertainment related investments.

**CAIS Sports, Media and Entertainment Fund, LP**

**(A Delaware Limited Partnership)**

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)<br> FOR THE PERIOD FROM APRIL 1, 2025 (COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, 2025**

**(3)** **Investments in Private Equity Funds (continued)** 

Management fees charged by the Private Equity Funds in which the Fund invests generally range from 1.00% to 1.75% per annum and incentive fees/performance participation fees charged generally range from 10.00% to 20.00%, subject to hurdle rates and catch-up with a high water mark, where applicable. These fees have been deducted in determining the net unrealized appreciation/(depreciation) on investments in Private Equity Funds as recorded in the accompanying Statement of Operations.

The Private Equity Funds meet the criteria to be classified as investment companies and therefore apply the specialized accounting guidance as outlined by U.S. GAAP. The Private Equity Funds' financial statements have been prepared in conformity with U.S. GAAP and are presented in U.S. dollars. The following is a discussion of the Private Equity Funds' key accounting policies and financial information, as derived from the Fund's offering memorandum and the Private Equity Funds' audited financial statements.

The investments in the Private Equity Funds are highly illiquid and limited partners of the Private Equity Funds have no ability to require the Private Equity Funds to redeem their interests in such Private Equity Funds. However, due to the nature of the Fund's limited interests in the Private Equity Funds, the Fund's risk with respect to such transactions is limited to its capital balance/commitment in the Private Equity Funds. Additionally, the Private Equity Funds have funded their investments with a line of credit that the Fund partakes in proportionately based upon its commitments to the Private Equity Funds.

The Private Equity Funds account for their investments in accordance with relevant authoritative guidance, which defines fair value, establishes a framework for measuring fair value, and requires enhanced disclosures about fair value measurements. The fair value hierarchy which prioritizes and ranks the level of market price observability is used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment, the characteristics specific to the investment, and the state of the marketplace (including the existence and transparency of transactions between market participants). Investments with readily-available actively–quoted prices or for which fair value can be measured from actively-quoted prices in an orderly market will generally have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

The Fund, through its proportionate share of investments held by the Private Equity Funds, has the following exposure to investments that exceed 5% of the Fund's partners' capital as of December 31, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Fund has an indirect limited liability company interest in Class A units of GSW Sports, LLC through ASP Naismith I Feeder A, L.P. and Arctos Sports Partners Fund I Feeder, LP that accounts for approximately 9.22% of the Fund's partners' capital and has a proportional fair value attributable to the Fund of $14,733,131. The investment is in the sports industry in the United States. The investment is not redeemable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Fund has indirect private preferred equity interest in A24 Films, LLC through Eldridge Sports and Entertainment Fund Offshore, LP that accounts for approximately 8.29% of the Fund's partners' capital and has a proportional fair value attributable to the Fund of $13,248,199. The investment is in the entertainment industry in the United States. The investment is not redeemable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Fund has indirect ownership interest in the private common equity of Spectacle BidCo Holdings, Inc. through Eldridge Sports and Entertainment Fund Offshore, LP that accounts for approximately 7.55% of the Fund's partners' capital and has a proportional fair value attributable to the Fund of $12,069,989. The investment is in the entertainment industry in the United States. The investment is not redeemable.

**CAIS Sports, Media and Entertainment Fund, LP**

**(A Delaware Limited Partnership)**

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)<br> FOR THE PERIOD FROM APRIL 1, 2025 (COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, 2025**

**(3)** **Investments in Private Equity Funds (continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Fund has indirect ownership interest in the private common equity of Tripledot Studios Limited through Eldridge Sports and Entertainment Fund Offshore, LP that accounts for approximately 5.81% of the Fund's partners' capital and has a proportional fair value attributable to the Fund of $9,277,854. The investment is in the entertainment industry in the United States. The investment is not redeemable.

**(4)** **Fair Value Hierarchy** 

Investments measured and reported at fair value are classified and disclosed in one of the following categories (from highest to lowest) based on inputs:

Level 1 – Quoted prices (unadjusted) are available in active markets for identical investments that the Private Equity Funds have the ability to access as of the reporting date. The type of investments which

would generally be included in this category include listed equity securities and listed derivatives as well as investments in money market funds. The Private Equity Funds, to the extent that they hold such investments, do not adjust the quoted price for these investments, even in situations where the Private Equity Funds hold a large position and a sale could reasonably impact the quoted price.

Level 2 – Pricing inputs are observable for the investments, either directly or indirectly, as of the reporting date, but are not the same as those used in Level I. Fair value is determined through the use of models or other valuation methodologies. The types of investments which would generally be included in this category include fixed income securities, bank debt and over-the-counter derivative contracts.

Level 3 – Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant judgment or estimation by the Manager. The types of investments which would generally be included in this category include debt and equity securities issued by private entities.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given investment is based on the lowest level of input that is significant to the fair value measurement. The Private Equity Funds' assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investments. The majority of the investments held by the Private Equity Funds are typically Level III investments, excluding cash equivalents, if any, and are primarily within the Sports, Media and Entertainment industries.

The following table summarizes the fair value hierarchy for the investments held as of December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Investments**<br> **Valued at NAV** | **Total** |
| Corporate Bonds |  | $23692100 |  |  | $23692100 |
| Exchange Traded Funds | 14223629 |  |  |  | 14223629 |
| Private Funds |  |  |  | 113291151 | 113291151 |
| Short-Term Investments | 7740616 | – |  | – | 7740616 |
| **Total** | $**21964245** | $**23692100** |  | $**113291151** | $**158947496** |

---

\* Refer to Schedule of Investments for industry classifications.

**CAIS Sports, Media and Entertainment Fund, LP**

**(A Delaware Limited Partnership)**

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)<br> FOR THE PERIOD FROM APRIL 1, 2025 (COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, 2025**

(5) Partners' Capital

The Fund charges a management fee ("Management Fee") equal to .95% per annum of the limited partners' aggregate invested capital.

A summary of the Fund's capital commitments as of December 31, 2025, is provided below:

---

| | |
|:---|:---|
| Capital Commitment to the Funds | $156002500 |
| Cumulative capital called by the Fund | $156002500 |
| *Cumulative contributions as a percent of commitments* | *100 %* |
| Recallable distributions made to limited partners' by the Fund | $– |
| Remaining unfunded capital commitment | $– |

---

Limited partners generally may not withdraw from the Fund unless such withdrawal is approved by the Manager.

Profits and losses of the Fund shall be allocated to the limited partners pro rata, based upon their relative commitments, according to the provisions of the Fund's governing documents. Pursuant to the Fund's governing documents, the limited partners constitute a single class, series and group of limited partners and generally vote or provide written consents as a single group with respect to matters requiring limited partner approval. Voting rights are generally based on the limited partners' respective capital commitments, except as otherwise expressly provided in the governing documents. The Manager has no capital commitment to the Fund.

A limited partner admitted on or increasing its capital commitment at any subsequent closing is required to fund organizational expenses and partnership expenses (including Management Fees) that it would have borne if the investment was made at the initial closing, the excess of aggregate capital contributions required since the initial closing (other than previously described expenses) over its proportionate share of aggregate distributions that it would have received since the initial closing plus an additional amount equal to the secured overnight financing rate ("SOFR") plus 4% per annum from the initial closing to subsequent event date. Such additional amount will be allocated to previously admitted partners in the Fund on a pro rata basis by reference to the relevant commitments made prior to such subsequent closing.

(6) Related Party Transactions

The Fund bears its own organizational expenses, including formation costs and any initial due diligence costs as well as operational expenses. Any expenses paid by the Manager on the Fund's behalf will be reimbursed by the Fund and are disclosed in the Statement of Operations.

**Expenses -** For the period from April 1, 2025 (date of commencement of operations) to December 31, 2025, expenses to be reimbursed to the Manager on the Fund's behalf amounted to $107,446 all of which has been reimbursed.

**CAIS Sports, Media and Entertainment Fund, LP**

**(A Delaware Limited Partnership)**

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)<br> FOR THE PERIOD FROM APRIL 1, 2025 (COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, 2025**

(6) Related Party Transactions (continued)

**Management Fees and Due to Manager -** The Fund is obligated to pay the Manager Management Fees equal to a percentage (as detailed in Note 4) per annum based on the limited partners' aggregate invested capital as of the last calendar day of each quarter prior to any accrual or payment of any Management Fees. The Manager may in its discretion waive all or part, temporarily or in perpetuity, of such Management Fees. For the year ended December 31, 2025, the limited partners' aggregate invested capital exceeded investor commitments to the Fund and as such the Manager elected to waive a portion of the Management Fees by modifying the basis to be total committed capital of each limited partner as of the last calendar day of the quarter. For the year ended December 31, 2025, the Manager has waived Management Fees in the amount of $35,377 as included within the Statement of Operations.

For the period from April 1, 2025 (date of commencement of operations) to December 31, 2025, Management Fees, net of Management Fees waived, amounted to $820,577. The Fund is also obligated to reimburse the Manager for its operational expenses paid on its behalf. As of December 31, 2025, Due to Manager amounted to $480,997 which was comprised of management fees payable of $373,551 and operating expenses paid by the Manager on the Fund's behalf of $107,446 all of which has been reimbursed.

(7) Service Providers

The Fund has appointed Ultimus LeverPoint Private Fund Solutions, LLC (the "Administrator") as the Administrator of the Fund. The Administrator charges a monthly fee in accordance with its standard schedule, which is based on the total assets under management of the Fund at month end, which are included in other expenses in the Statement of Operations. The Administrator is also entitled to reimbursement of actual out-of-pocket expenses incurred in respect to the Fund.

UMB Bank, N.A. (the "Custodian") provides custodial services to the Fund. These fees are included as part of other expenses in the Statement of Operations.

(8) Risks, Commitments and Contingencies

The Fund's activities expose it to a variety of financial risks: credit risk, market risk, liquidity risk and concentration risk.

The majority of transactions of the Fund are cleared with the Custodian pursuant to a customer agreement. As of December 31, 2025, all of the investments held by the Fund are positions held by the Custodian. In the event the Custodian is unable to fulfill its obligations, the Fund would be subject to credit risk. The Fund is exposed to credit risk related to its investments in corporate bonds, as well as counterparty risk associated with its custodial arrangements. Credit risk represents the potential loss that may arise if an issuer or counterparty fails to perform its obligations in accordance with contractual terms.

Market risk is the risk of potential adverse changes in the value of financial instruments resulting from fluctuations in market conditions, including changes in interest rates, credit spreads, and equity prices. The Fund is exposed to market risk through its investments in corporate bonds, exchange-traded funds, and Private Equity Funds.

**CAIS Sports, Media and Entertainment Fund, LP**

**(A Delaware Limited Partnership)**

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)<br> FOR THE PERIOD FROM APRIL 1, 2025 (COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, 2025**

(8) Risks, Commitments and Contingencies (continued)

Liquidity risk is the risk that the Fund may not be able to readily convert certain investments into cash without significantly affecting their value. Investments in corporate bonds and ETFs are generally considered liquid, although market conditions may impact their liquidity. Investments in Private Equity Funds are generally illiquid and subject to restrictions on withdrawal or redemption; accordingly, the Fund may not be able to withdraw or redeem from such investments until the end of the respective investment terms or in accordance with applicable redemption provisions.

All investments of the Fund are subject to risk of loss of capital. Investments in corporate bonds and exchange-traded funds are subject to market and credit risks that may result in a decline in value. Investments in Private Equity Funds are subject to an increased risk of loss of capital due to their illiquid nature and the underlying investment strategies. The maximum loss resulting from investments in Private Equity Funds is limited to the fair value of such investments and any unfunded commitments.

The Fund's investment portfolio is concentrated within the sports, media, and entertainment industry, which is aligned with the Fund's investment strategy. A significant portion of the Fund's investments are allocated to Private Equity Funds. As a result, the Fund is subject to concentration risk, as changes in the value of investments within this industry, asset class, or individual investments could have a material impact on the performance of the Fund.

While the Manager monitors and attempts to manage these risks, the transparency into and potential illiquidity of certain investments, particularly Private Equity Funds, may hinder the Manager's ability to effectively manage such risks.

In the normal course of business, the Fund enters contracts that contain a variety of representations and warranties, which provide general indemnifications. Any exposure to the Fund under these arrangements would involve future claims that may be made against the Fund. The Fund's maximum exposure under these arrangements is unknown and, therefore, the Fund has not accrued any liability in connection with such indemnifications. However, based on experience, the Manager expects the risk of loss to be remote.

(9) Financial Highlights

The ratios and the internal rate of return ("IRR") are calculated for the Limited Partners, taken as a whole, net of all fees. Calculations of these financial highlights on a Limited Partner basis may yield results that vary from those stated herein due to the timing and amount of capital transactions and specific fee structures as disclosed in the Related Parties Transactions note.

**CAIS Sports, Media and Entertainment Fund, LP**

**(A Delaware Limited Partnership)**

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)<br> FOR THE PERIOD FROM APRIL 1, 2025 (COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, 2025**

(9) Financial Highlights (continued)

Financial highlights for the Fund for the period from April 1, 2025 (commencement of operations) to December 31, 2025 were as follows:

---

| | |
|:---|:---|
| **Ratios to weighted-average Limited Partners' capital:** |  |
| Expenses prior to organizational expenses | 2.44% |
| Less wavier | (0.05)% |
| Net expenses | 2.39% |
| Organizational expenses | 0.19% |
| **Total expenses** | **2.58%** |
| Net investment loss | (2.06)% |
| **Internal rate of return since inception:** |  |
| End of period | 7.05% |

---

The expense and net investment loss ratios do not include any expenses incurred at the Private Equity Funds level. The expense and net investment loss ratios have been annualized except for audit fees, legal fees, tax preparation expense, and appraisal fees included in professional fees and organizational expenses as disclosed in the Statement of Operations, which were not annualized

The IRR was computed since inception based on the actual due dates of cash inflows (contributions), cash outflows (distributions), and the Limited Partners' capital as of December 31, 2025.

(10) Subsequent Events

The Fund has evaluated all material subsequent transactions and events up to June 8, 2026, which is the date that the financial statements were issued.

On January 2, 2026, as part of a reorganization, the Fund transferred all of its assets and liabilities to CAIS Sports, Media and Entertainment Fund (the "Registered Fund") which is registered as a registered investment company with the U.S. Securities and Exchange Commission under the Investment Company Act of 1940. Limited Partners in the Fund received 15,978,868 shares of the Registered Fund issued at $10.00 per share which is equal to the aggregate net asset value of their limited partnership interests in the Fund of $159,788,676 at December 31, 2025. Subsequent to the reorganization, the Fund ceased all operations.

The Fund determined that there were no other subsequent events outside the normal course of business requiring adjustment to or disclosure in the financial statements.