# EDGAR Filing Document

**Accession Number:** 0001810256
**File Stem:** 0001145549-23-012783
**Filing Date:** 2023-2
**Character Count:** 63512
**Document Hash:** ff749603881c5881f583595259a2aa17
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-012783.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001145549-23-012783

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bow River Capital Evergreen Fund
- **CENTRAL INDEX KEY:** 0001810256
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23566
- **FILM NUMBER:** 23680999

**BUSINESS ADDRESS:**
- **STREET 1:** 205 DETROIT STREET
- **STREET 2:** SUITE 800
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80206
- **BUSINESS PHONE:** (303) 861-8466

**MAIL ADDRESS:**
- **STREET 1:** 205 DETROIT STREET
- **STREET 2:** SUITE 800
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80206

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Bow River Capital Evergreen Private Equity Fund
- **DATE OF NAME CHANGE:** 20200421

## Nport-Ex

**Bow River Capital Evergreen Fund**

**Schedule of Investments**

**12/31/2022 (Unaudited)**

---

| | |
|:---|:---|
|  | Fair Value |
| **Private Investments - 82.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Credit Co-Investments - 8.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ashgrove Specialty Lending Investments I, 11.31% (SONIA + 7.75%, 0.50% Floor), 4/9/2026, principal GBP 1,000,000<sup>1,2</sup> | 909783 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ashgrove Specialty Lending Investments I, DAC, 12.06% (SONIA + 8.50%, 0.25% Floor), 6/30/2026, principal GBP 2,500,000<sup>1,2</sup> | 1730843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CL Oliver Co-Invest I, LP<sup>1,3,4</sup> | 2864374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digital Alpha Solutions Fund, LP, 9.50% (SOFR3M + 9.50% PIK), principal $4,000,000<sup>1,4</sup> | 3190000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ecoville Investments Limited, 9.50%, 1/11/24, principal $2,000,000<sup>1,2</sup> | 1912500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmer Square Loan Funding 2021-3, Ltd.<sup>1</sup> | 1181268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PARIOU SLP, 8.00% PIK, 10/31/2030, principal EUR 5,208,720<sup>1,2</sup> | 5578579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polaris Newco, 13.66% (LIBOR + 8.00%, 1.00% Floor), 6/3/2029, principal $2,500,000<sup>1,2</sup> | 1847500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sand Trust Series 21-1A - Class SUB<sup>1</sup> | 678118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Hospitality Publishers, Inc., 11.38% (LIBOR + 7.00%, 4.38% Floor), 12/18/2025, principal $2,000,000<sup>1,2</sup> | 1803134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VCPF III Co-Invest 1-A, LP<sup>1,4</sup> | 2619541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Credit Co-Investments (Cost $24,551,317) | 24315640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity Co-Investments - 31.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Hyperdrive Co-Invest, LLC<sup>1,3,4</sup> | 2584772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AP DSB Co-Invest II, LP<sup>1,3,4</sup> | 3553715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ashgrove Specialty Lending Investments I, DAC<sup>1,2,3</sup> | 441416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biloxi Co-Investment Partners, LP<sup>1,3,4</sup> | 1590522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BW Colson Co-Invest Feeder (Cayman), LP<sup>1,3,4</sup> | 3559543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation 2022, LP<sup>1,3,4</sup> | 5006118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corsair Amore Investors, LP<sup>1,3,4</sup> | 5002263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coyote 2021, LP<sup>1,3,4</sup> | 9025192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DGS Group Holdings, LP<sup>1,3,4</sup> | 5581674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enak Aggregator, LP<sup>1,2,3</sup> | 2676870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Falcon Co-Investment Partners, LP<sup>1,3,4</sup> | 2895618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ISH Co-Investment Aggregator, LP<sup>1,3,4</sup> | 2307532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Riser Co-Investment, LP<sup>1,3,4</sup> | 4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OceanSound Partners Co-Invest II, LP - Series B<sup>1,3,4,5</sup> | 2488286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OceanSound Partners Co-Invest II, LP - Series E<sup>1,3,4</sup> | 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onex OD Co-Invest, LP<sup>1,3,4</sup> | 4889811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palms Co-Investment Partners, LP<sup>1,3,4</sup> | 3808945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Stream Co-Invest Fund, LP<sup>1,3,4</sup> | 1749860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SANCY SLP<sup>1,2,3</sup> | 1874263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEP Hamilton III Aggregator, LP<sup>1,3,4</sup> | 6427319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEP Skyhawk Fund III Aggregator, LP<sup>1,3,4</sup> | 534646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Global Atlantic Financial Group, LLC<sup>1,2,3</sup> | 4402432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veregy Parent, LLC<sup>1,2,3</sup> | 3119400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistage Equity Investors, LP<sup>1,3,4</sup> | 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WestCap Cerebral Co-Invest 2021, LLC<sup>1,3,4</sup> | 341148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WestCap LoanPal Co-Invest 2020, LLC<sup>1,2,3</sup> | 4033363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wildcat 21 Co-Invest Fund, LP<sup>1,3,4</sup> | 2295434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Equity Co-Investments (Cost $78,411,023) | 94190142 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Primary Funds - 16.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ashgrove Specialty Lending Fund I SCSp RAIF<sup>1,3,4</sup> | 789976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avista Capital Partners V, LP<sup>1,3,4</sup> | 4775494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coller Credit Opportunities I - B, LP<sup>1,4</sup> | 2070335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EnCap Energy Transition Fund 1-A, LP<sup>1,2,3</sup> | 2825634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FFL Capital Partners V, LP<sup>1,3,4</sup> | 5012639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grain Spectrum Holdings III (Cayman), LP<sup>1,3,4</sup> | 2388168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lynx EBO Fund I (A), LLC<sup>1,3,4</sup> | 849828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OceanSound Partners Fund, LP<sup>1,3,4</sup> | 3833656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onex Structured Credit Opportunities International Fund I, LLC<sup>1,4</sup> | 1523675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overbay Fund XIV Offshore, LP<sup>1,3,4</sup> | 2494139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumeru Equity Partners Fund III, LP<sup>1,3,4</sup> | 2462873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumeru Equity Partners Fund IV, LP<sup>1,3,4</sup> | 172030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WestCap Strategic Operator Fund II, LP<sup>1,3,4</sup> | 3439824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WestCap Strategic Operator U.S. Feeder Fund, LP<sup>1,2,3</sup> | 9552764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whitehorse Liquidity Partners IV, LP<sup>1,3,4</sup> | 3598442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whitehorse Liquidity Partners V, LP<sup>1,3,4</sup> | 2768582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Primary Funds (Cost $32,715,364) | 48558059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Private Investment Funds - 8.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIMCO DSCO Fund II Offshore Feeder, LP<sup>1,3,4</sup> | 4700006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post Limited Term High Yield Fund, LP<sup>1,3,4</sup> | 5871640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ruffer Absolute Institutional, Ltd.<sup>1,3,4</sup> | 5105532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saba Capital Carry Neutral Tail Hedge Offshore Fund, Ltd.<sup>1,3,4</sup> | 5483160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voloridge Sustainability Fund, LP<sup>1,3,4</sup> | 4790269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Private Investment Funds (Cost $25,213,485) | 25950607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Secondary Funds - 18.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adams Street 2009 Direct Fund, LP<sup>1,3,4</sup> | 29153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adams Street 2010 Direct Fund, LP<sup>1,3,4</sup> | 38838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adams Street 2011 Direct Fund, LP<sup>1,3,4</sup> | 51982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adams Street 2011 Non-U.S. Developed Markets Fund, LP<sup>1,3,4</sup> | 146340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adams Street 2011 U.S. Fund, LP<sup>1,3,4</sup> | 327055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adams Street 2013 Direct Fund, LP<sup>1,3,4</sup> | 2027270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adams Street 2014 Global Fund, LP<sup>1,3,4</sup> | 1117666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adams Street Partnership Fund 2009 Non-U.S. Developed Markets Fund, LP<sup>1,3,4</sup> | 109285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adams Street Partnership Fund 2009 U.S. Fund, LP<sup>1,3,4</sup> | 270888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adams Street Partnership Fund 2010 Non-U.S. Developed Markets Fund, LP<sup>1,3,4</sup> | 113810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adams Street Partnership Fund 2010 U.S. Fund, LP<sup>1,3,4</sup> | 302561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altor Fund IV (No. 1) AB<sup>1,3,4</sup> | 5761481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASP (Feeder) 2017 Global Fund, LP<sup>1,3,4</sup> | 1164069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BRCE SPV I, LLC<sup>1,2</sup> | 263189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coller Credit Opportunities I - Annex I, SLP<sup>1,4</sup> | 3161960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coller International Partners VI Feeder Fund, LP - Class A<sup>1,3,4</sup> | 1080326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coller International Partners VII Feeder Fund, LP - Series B<sup>1,3,4</sup> | 2026479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRG Partners III - Parallel Fund (A), LP<sup>1,3,4</sup> | 4333788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forrest Holdings I, LP - Class A<sup>1,3,4</sup> | 23548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forrest Holdings I, LP - Class B<sup>1,3,4</sup> | 329551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Infrastructure Partners II-C, LP<sup>1,3,4</sup> | 1139692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graphite Capital Partners VIII D, LP<sup>1,2,3</sup> | 3970815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KH Aggregator, LP<sup>1,3,4</sup> | 4747314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onex Fund V, LP<sup>1,3,4</sup> | 6296896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overbay Fund XIV (AIV III), LP<sup>1,3,4</sup> | 2414838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overbay Fund XIV Offshore (AIV), LP<sup>1,3,4,5</sup> | 4975779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Porcupine Holdings, LP - Class A<sup>1,3,4</sup> | 3024935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Porcupine Holdings, LP - Class B<sup>1,3,4</sup> | 2612737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tikehau Private Debt Secondaries (Delaware), LP<sup>1,4</sup> | 2966421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Secondary Funds (Cost $34,913,156) | 54828666 |
| **Total Private Investments (Cost $195,804,345)** | **247843114** |

---

---

| | |
|:---|:---|
| **Exchange Traded Funds - 1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity Funds - 1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Core Alternative ETF, shares 100,000** | 3158000 |
| **Total Exchange Traded Funds (Cost $3,047,500)** | **3158000** |
| **U.S. Treasury Bills - 5.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**United States Treasury Bill, 3.63%, 01/12/2023** | 14999686 |
| **Total U.S. Treasury Bills (Cost $14,999,686)** | **14999686** |
| **Short-Term Investments - 17.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**UMB Money Market Fiduciary, 0.01%, shares 14,168,387<sup>6,7</sup>** | 14168387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Goldman Sachs Financial Square Government Fund - Institutional Class, 4.15%, shares 38,336,240<sup>6</sup>** | 38336240 |
| **Total Short-Term Investments (Cost $52,504,627)** | **52504627** |
| **Total Investments (Cost $266,356,158) - 106.5%** | $**318505427** |
| Liabilities in excess of other assets - (6.5%) | (19326231) |
| **Net Assets - 100%** | $**299179196** |

---

DAC - Designated Activity Company

LLC - Limited Liability Company

LP - Limited Partnership

LIBOR - London Interbank Offered Rate

PIK - Payment In Kind

RAIF - Reserved Alternative Investment Fund

SCSp - Special Limited Partnership

SLP - Special Limited Partnership

SOFR3M - United States 3 Month Secured Overnight Financing Rate

SONIA - Sterling Overnight Index Average

<sup>1</sup> Restricted security. The total value of these securities is $247,843,114, which represents 82.8% of total net assets of the Fund. Please refer to Restricted Securities, in the Notes to the Schedule of Investments.

<sup>2</sup> Level 3 securities fair valued using significant unobservable inputs. The total value of these securities is $46,942,485, which represents 15.0% of total net assets of the Fund.

<sup>3</sup> Non-income producing.

<sup>4</sup> Investment is valued using net asset value per share (or its equivalent) as a practical expedient.

<sup>5</sup> Affiliated investment for which ownership exceeds 5% of the investment's capital.

<sup>6</sup> Rate disclosed represents the seven day yield as of the Fund's period end.

<sup>7</sup> The UMB Money Market Fiduciary account is an interest-bearing money market deposit account maintained by UMB Bank, n.a. in its capacity as a custodian for various participating custody accounts. The Fund may redeem its investments in whole, or in part, on each business day.

**On December 31, 2022, the Bow River Capital Evergreen Fund had an outstanding forward foreign currency contract with terms as set forth below:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Contract Amount** | **Contract Amount** | **Contract Amount** | | |
| <br>**Settlement Date** | <br>**Counterparty** | <br>**Currency<br> Purchased** | <br>**Currency<br> Sold** | **Buy** | **Sell** | **Sell** |<br>**Value** |<br>**Unrealized<br> Depreciation** |
| March 31, 2023 | Bannockburn Global Forex, LLC | USD | EUR | $2139000 | EUR | 2000000 | $2153139 | $(14139) |
| March 31, 2023 | Bannockburn Global Forex, LLC | USD | GBP | $1809900 | GBP | 1500000 | $1818017 | (8117) |
|  |  |  |  |  |  |  |  | $(22256) |

---

**Bow River Capital Evergreen Fund**

**Summary of Investments** 

**12/31/2022 (Unaudited)**

---

| | |
|:---|:---|
|  | Percent of Total |
| Security Type/Geographic Region | Net Assets |
| **Private Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;North America | 61.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Global | 12.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe | 8.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Asia | 0.6% |
| **Total Private Investments** | **82.8%** |
| **Exchange Traded-Funds** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;North America | 1.1% |
| **Total Exchange Traded-Funds** | **1.1%** |
| **U.S. Treasury Bill** | **5.0%** |
| **Short-Term Investments** | **17.6%** |
| **Total Investments** | **106.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities in excess of other assets | -6.5% |
| **Net Assets** | **100.0%** |

---

**See accompanying notes to the Schedule of Investments.**

**Bow River Capital Evergreen Fund**

**Notes to the schedule of investments**

**DECEMBER 31, 2022 (unaudited)**

**Restricted Securities**

Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale. The Fund may invest in restricted securities that are consistent with the Fund's investment objectives and investment strategies. Investments in restricted securities are valued at fair value as determined in good faith in accordance with procedures adopted by the Board of Trustees.

Additional information on each restricted investment held by the Fund on December 31, 2022 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investments** | **Initial**<br>**Acquisition Date** |<br>**Cost** | **Fair**<br>**Value** | **% of**<br>**Net Assets** |
| ACP Hyperdrive Co-Invest, LLC | March 7, 2022 | $2594796 | $2584772 | 0.9% |
| Adams Street 2009 Direct Fund, LP | April 1, 2022 | 28864 | 29153 | 0.0% |
| Adams Street 2010 Direct Fund, LP | April 1, 2022 | 36317 | 38838 | 0.0% |
| Adams Street 2011 Direct Fund, LP | April 1, 2022 | 55498 | 51982 | 0.0% |
| Adams Street 2011 Non-U.S. Developed Markets Fund, LP | April 1, 2022 | 118544 | 146340 | 0.1% |
| Adams Street 2011 U.S. Fund, LP | April 1, 2022 | 207745 | 327055 | 0.1% |
| Adams Street 2013 Direct Fund, LP | April 1, 2022 | 1623813 | 2027270 | 0.7% |
| Adams Street 2014 Global Fund, LP | April 1, 2022 | 875624 | 1117666 | 0.4% |
| Adams Street Partnership Fund 2009 Non-U.S. Developed Markets Fund, LP | April 1, 2022 | 93355 | 109285 | 0.0% |
| Adams Street Partnership Fund 2009 U.S. Fund, LP | April 1, 2022 | 201126 | 270888 | 0.1% |
| Adams Street Partnership Fund 2010 Non-U.S. Developed Markets Fund, LP | April 1, 2022 | 91412 | 113810 | 0.0% |
| Adams Street Partnership Fund 2010 U.S. Fund, LP | April 1, 2022 | 206493 | 302561 | 0.1% |
| Altor Fund IV (No. 1) AB | August 12, 2022 | 5980390 | 5761481 | 1.9% |
| AP DSB Co-Invest II, LP | July 30, 2021 | 1799272 | 3553715 | 1.2% |
| Ashgrove Specialty Lending Fund I SCSp RAIF | December 17, 2021 | 852681 | 789976 | 0.3% |
| Ashgrove Specialty Lending Investments I | July 8, 2021 | 979081 | 909783 | 0.3% |
| Ashgrove Specialty Lending Investments I, DAC | April 7, 2022 | 477599 | 441416 | 0.1% |
| Ashgrove Specialty Lending Investments I, DAC | April 7, 2022 | 1876722 | 1730843 | 0.6% |
| ASP (Feeder) 2017 Global Fund, LP | April 1, 2022 | 831226 | 1164069 | 0.4% |
| Avista Capital Partners V, LP | March 16, 2021 | 3891948 | 4775494 | 1.6% |
| Biloxi Co-Investment Partners, LP | August 13, 2021 | 1459321 | 1590522 | 0.5% |
| BRCE SPV I, LLC | May 22, 2020 | 52838 | 263189 | 0.1% |
| BW Colson Co-Invest Feeder (Cayman), LP | March 15, 2021 | 3049786 | 3559543 | 1.2% |
| Carlyle Riser Co-Investment, LP | November 11, 2022 | 4114405 | 4000000 | 1.3% |
| CL Oliver Co-Invest I, LP | May 27, 2021 | 2712530 | 2864374 | 1.0% |
| Coller Credit Opportunities I - Annex I, SLP | July 29, 2021 | 2636667 | 3161960 | 1.1% |
| Coller Credit Opportunities I - B, LP | January 5, 2022 | 1898653 | 2070335 | 0.7% |
| Coller International Partners VI Feeder Fund, LP - Class A | October 1, 2020 | 231237 | 1080326 | 0.4% |
| Coller International Partners VII Feeder Fund, LP - Series B | October 1, 2020 | 150677 | 2026479 | 0.7% |
| Constellation 2022, LP | August 12, 2022 | 5010118 | 5006118 | 1.7% |
| Corsair Amore Investors, LP | May 27, 2022 | 5029000 | 5002263 | 1.7% |
| Coyote 2021, LP | March 29, 2021 | 2613833 | 9025192 | 3.0% |
| CRG Partners III - Parallel Fund (A), LP | December 31, 2022 | 2605791 | 4333788 | 1.4% |
| DGS Group Holdings, LP | September 9, 2002 | 5585674 | 5581674 | 1.9% |
| Digital Alpha Solutions Fund, LP | October 28, 2022 | 3194000 | 3190000 | 1.1% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investments** | **Initial**<br>**Acquisition Date** |<br>**Cost** | **Fair**<br>**Value** | **% of**<br>**Net Assets** |
| Ecoville Investments Limited | February 24, 2022 | 1986967 | 1912500 | 0.6% |
| Enak Aggregator, LP | January 18, 2022 | 2861507 | 2676870 | 0.9% |
| EnCap Energy Transition Fund 1-A, LP | April 21, 2021 | 1263216 | 2825634 | 0.9% |
| Falcon Co-Investment Partners, LP | January 26, 2022 | 2908067 | 2895618 | 1.0% |
| FFL Capital Partners V, LP | June 16, 2022 | 3132528 | 5012639 | 1.7% |
| Forrest Holdings I, LP - Class A | March 17, 2021 |  | 23548 | 0.0% |
| Forrest Holdings I, LP - Class B | March 17, 2021 |  | 329551 | 0.1% |
| Global Infrastructure Partners II-C, LP | January 14, 2022 | 280363 | 1139692 | 0.4% |
| Grain Spectrum Holdings III (Cayman), LP | October 28, 2020 | 2451265 | 2388168 | 0.8% |
| Graphite Capital Partners VIII D, LP | June 30, 2020 | 1241042 | 3970815 | 1.3% |
| ISH Co-Investment Aggregator, LP | May 6, 2021 | 2311692 | 2307532 | 0.8% |
| KH Aggregator, LP | November 30, 2020 | 3169859 | 4747314 | 1.6% |
| Lynx EBO Fund I (A), LLC | December 18, 2020 | 324906 | 849828 | 0.3% |
| OceanSound Partners Co-Invest II, LP - Series B | November 5, 2021 | 2519844 | 2488286 | 0.8% |
| OceanSound Partners Co-Invest II, LP - Series E | December 16, 2022 | 5004000 | 5000000 | 1.7% |
| OceanSound Partners Fund, LP | December 27, 2021 | 3131852 | 3833656 | 1.3% |
| Onex Fund V, LP | September 30, 2022 | 5767129 | 6296896 | 2.1% |
| Onex OD Co-Invest, LP | November 9, 2020 | 3511271 | 4889811 | 1.6% |
| Onex Structured Credit Opportunities International Fund I, LLC | May 11, 2021 | 1376839 | 1523675 | 0.5% |
| Overbay Fund XIV (AIV III), LP | March 26, 2021 | 1247915 | 2414838 | 0.8% |
| Overbay Fund XIV Offshore (AIV), LP | January 5, 2021 | 326531 | 4975779 | 1.7% |
| Overbay Fund XIV Offshore, LP | January 22, 2021 | 1311945 | 2494139 | 0.8% |
| Palmer Square Loan Funding 2021-3, Ltd. | July 9, 2021 | 1740798 | 1181268 | 0.4% |
| Palms Co-Investment Partners, LP | June 3, 2022 | 3813524 | 3808945 | 1.3% |
| PARIOU SLP | October 14, 2022 | 5055979 | 5578579 | 1.9% |
| PIMCO DSCO Fund II Offshore Feeder, LP | June 30, 2020 | 4205485 | 4700006 | 1.6% |
| Polaris Newco | June 18, 2021 | 1944556 | 1847500 | 0.6% |
| Porcupine Holdings, LP - Class A | December 29, 2021 | 2410118 | 3024935 | 1.0% |
| Porcupine Holdings, LP - Class B | December 29, 2021 | 2010512 | 2612737 | 0.6% |
| Post Limited Term High Yield Fund, LP | January 1, 2021 | 6000000 | 5871640 | 2.0% |
| Project Stream Co-Invest Fund, LP | October 1, 2021 | 2237313 | 1749860 | 0.6% |
| Ruffer Absolute Institutional, Ltd. | April 1, 2022 | 5004000 | 5105532 | 1.7% |
| Saba Capital Carry Neutral Tail Hedge Offshore Fund, Ltd. | January 28, 2022 | 5004000 | 5483160 | 1.8% |
| SANCY SLP | October 14, 2022 | 1698500 | 1874263 | 0.6% |
| Sand Trust Series 21-1A - Class SUB | November 6, 2021 | 916162 | 678118 | 0.2% |
| SEP Hamilton III Aggregator, LP | August 17, 2020 | 2519336 | 6427319 | 2.1% |
| SEP Skyhawk Fund III Aggregator, LP | August 24, 2021 | 510356 | 534646 | 0.2% |
| Sumeru Equity Partners Fund III, LP | December 8, 2020 | 1917638 | 2462873 | 0.8% |
| Sumeru Equity Partners Fund IV, LP | September 2, 2022 | 230931 | 172030 | 0.1% |
| The Global Atlantic Financial Group, LLC | January 1, 2021 | 3849077 | 4402432 | 1.5% |
| Tikehau Private Debt Secondaries (Delaware), LP | November 4, 2022 | 2432070 | 2966421 | 1.0% |
| US Hospitality Publishers, Inc. | January 11, 2021 | 1866181 | 1803134 | 0.6% |
| VCPF III Co-Invest 1-A, LP | May 13, 2021 | 2278341 | 2619541 | 0.9% |
| Veregy Parent, LLC | November 3, 2020 | 3005300 | 3119400 | 1.0% |
| Vistage Equity Investors, LP | July 22, 2022 | 5004000 | 5000000 | 1.7% |
| Voloridge Sustainability Fund, LP | November 1, 2020 | 5000000 | 4790269 | 1.6% |
| WestCap Cerebral Co-Invest 2021, LLC | June 17, 2021 | 256842 | 341148 | 0.1% |
| WestCap LoanPal Co-Invest 2020, LLC | December 18, 2020 | 2411329 | 4033363 | 1.3% |
| WestCap Strategic Operator Fund II, LP | July 31, 2021 | 3418560 | 3439824 | 1.2% |
| WestCap Strategic Operator U.S. Feeder Fund, LP | February 5, 2021 | 2675404 | 9552764 | 3.2% |
| Whitehorse Liquidity Partners IV, LP | November 10, 2020 | 2423355 | 3598442 | 1.2% |
| Whitehorse Liquidity Partners V, LP | February 4, 2022 | 2413643 | 2768582 | 0.9% |
| Wildcat 21 Co-Invest Fund, LP | August 13, 2021 | 2255261 | 2295434 | 0.8% |
|  |  | $195804345 | $247843114 | 82.8% |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Bow River Capital Evergreen Fund

- **b. Investment Company Act file number:** 811-23566

- **c. CIK number of Registrant:** 0001810256

- **d. LEI of Registrant:** 549300MCKUIHR7P7SO70

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

  - **Street Address 1:** 205 Detroit Street, Suite 800

  - **City:** Denver

  - **State:** CO

  - **Foreign country:** US

  - **Zip / Postal Code:** 80206

  - **Telephone number:** 3038618466

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

- **a. Name of Series:** Bow River Capital Evergreen Fund

- **c. LEI of Series:** 549300MCKUIHR7P7SO70

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

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $316341768.10

**Total Liabilities:** $17162571.62

**Net Assets:** $299179196.48

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C745011111 | -0.30%               | 1.07%                | 0.87%                |
| Class ID C745022222 | -0.32%               | 1.05%                | 0.85%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $401.62                  | $-530083.99                                |
| Month 2  | $354130.23               | $3319673.36                                |
| Month 3  | $471.00                  | $2935087.00                                |

### Schedule of Portfolio Investments

| Name                                                                     | Title                                                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| GBP CURRENCY                                                             | GBP CURRENCY                                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | STIV             |  | GB        |     36278 | OU      | $43893.72     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Project Tiger (DSG Group Holdings LP)                                    | Project Tiger (DSG Group Holdings LP)                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   5581674 | OU      | $5581674.17   | 1.87%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Project Watson - Global Infrastructure Partners II - C, L.P.             | Project Watson - Global Infrastructure Partners II - C, L.P.             | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | GG        |   1139692 | OU      | $1139692.25   | 0.38%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Project Watson - Coller International Partners VI Feeder Fund, L.P.      | Project Watson - Coller International Partners VI Feeder Fund, L.P.      | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |    411317 | OU      | $411316.75    | 0.14%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Onex Structured Credit Opportunities International Fund I, LLC           | Onex Structured Credit Opportunities International Fund I, LLC           | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |   1523675 | OU      | $1523675.00   | 0.51%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Sand Trust Series 21-1A, Class SUB                                       | Sand Trust Series 21-1A, Class SUB                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |    678118 | OU      | $678117.70    | 0.23%             |  |  |  | Yes           | 2                  | On Loan: No      |
| Saba Capital Carry Neutral Tail Hedge Offshore Fund Ltd                  | Saba Capital Carry Neutral Tail Hedge Offshore Fund Ltd                  | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |   5483160 | OU      | $5483160.17   | 1.83%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Ruffer Absolute Institutional Limited                                    | Ruffer Absolute Institutional Limited                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |   5105533 | OU      | $5105532.52   | 1.71%             |  |  |  | Yes           | N/A                | On Loan: No      |
| VCPF III Co-Invest 1-A L.P. (Afiniti)                                    | VCPF III Co-Invest 1-A L.P. (Afiniti)                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   2619541 | OU      | $2619541.00   | 0.88%             |  |  |  | Yes           | N/A                | On Loan: No      |
| US Hospitality Publishers Inc (Engagement)                               | US Hospitality Publishers Inc (Engagement)                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   2000000 | PA      | $1803134.02   | 0.60%             | 2025-12-18      | Floating      | 11.38%                | Yes           | 3                  | On Loan: No      |
| Tikehau Private Debt Secondaries                                         | Tikehau Private Debt Secondaries                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | FR        |   2966421 | OU      | $2966421.29   | 0.99%             |  |  |  | Yes           | N/A                | On Loan: No      |
| The Global Atlantic Financial Group LLC (Magnolia 2001278)               | The Global Atlantic Financial Group LLC (Magnolia 2001278)               | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | BM        |   4402432 | OU      | $4402432.25   | 1.47%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Sumeru Equity Partners Fund IV L.P.                                      | Sumeru Equity Partners Fund IV L.P.                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |    172030 | OU      | $172030.00    | 0.06%             |  |  |  | Yes           | N/A                | On Loan: No      |
| WestCap LoanPal Co-Invest 2020, LLC                                      | WestCap LoanPal Co-Invest 2020, LLC                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   4033363 | OU      | $4033363.29   | 1.35%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Sumeru Equity Partners Fund III L.P.                                     | Sumeru Equity Partners Fund III L.P.                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   2462873 | OU      | $2462873.00   | 0.82%             |  |  |  | Yes           | N/A                | On Loan: No      |
| SEP Hamilton III Aggregator LP                                           | SEP Hamilton III Aggregator LP                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   6427319 | OU      | $6427319.00   | 2.15%             |  |  |  | Yes           | N/A                | On Loan: No      |
| US Treasury Bill                                                         | US Treasury Bill                                                         | CUSIP: 912796XR5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  14999686 | PA      | $14999685.75  | 5.01%             | 2023-01-12      | Fixed         | 3.63%                 | No            | 2                  | On Loan: No      |
| WestCap Strategic Operator US Feeder Fund, LP                            | WestCap Strategic Operator US Feeder Fund, LP                            | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |   9552764 | OU      | $9552764.07   | 3.19%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Whitehorse Liquidity Partners IV LP                                      | Whitehorse Liquidity Partners IV LP                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   3598442 | OU      | $3598441.85   | 1.20%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Whitehorse Liquidity Partners V LP                                       | Whitehorse Liquidity Partners V LP                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   2768582 | OU      | $2768582.23   | 0.93%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Wildcat-21                                                               | Wildcat-21                                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   2295434 | OU      | $2295434.28   | 0.77%             |  |  |  | Yes           | N/A                | On Loan: No      |
| CORE ALTERNATIVE ETF-BOWRIVER_UMB_154321                                 | CORE ALTERNATIVE ETF-BOWRIVER_UMB_154321                                 | CUSIP: 53656F847<br>LEI: N/A                  | Long             |  | RF                | US        |    100000 | NS      | $3158000.00   | 1.06%             |  |  |  | No            | 1                  | On Loan: No      |
| GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND                           | GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND                           | CUSIP: 38141W273<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  38336240 | PA      | $38336239.82  | 12.81%            |  |  |  | No            | 1                  | On Loan: No      |
| UMB MONEY MARKET SPECIAL ACCOUNT  /                                      | UMB MONEY MARKET SPECIAL ACCOUNT  /                                      | CUSIP: SF8888205<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |  14168387 | PA      | $14168387.00  | 4.74%             |  |  |  | No            | 1                  | On Loan: No      |
| EUR FORWARD BOW RIVER CONTRACT 3/31/2023   /                             | EUR FORWARD BOW RIVER CONTRACT 12/30/2022   /                            | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |  -2000000 | OU      | $-2153139.16  | -0.72%            |  |  |  | No            | 2                  | On Loan: No      |
| GBP FORWARD BOW RIVER CONTRACT 3/31/2023   /                             | GBP FORWARD BOW RIVER CONTRACT 12/30/2022   /                            | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | GB        |  -1500000 | OU      | $-1818016.66  | -0.61%            |  |  |  | No            | 2                  | On Loan: No      |
| SEP Skyhawk Fund III Aggregator LP                                       | SEP Skyhawk Fund III Aggregator LP                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |    534646 | OU      | $534646.00    | 0.18%             |  |  |  | Yes           | N/A                | On Loan: No      |
| WestCap Strategic Operator Fund II, LP                                   | WestCap Strategic Operator Fund II, LP                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   3439824 | OU      | $3439824.00   | 1.15%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Westcap Cerebral Co-Invest 2021 LLC                                      | Westcap Cerebral Co-Invest 2021 LLC                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |    341148 | OU      | $341148.00    | 0.11%             |  |  |  | Yes           | N/A                | On Loan: No      |
| VSTG Equity Investors LP                                                 | VSTG Equity Investors LP                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   5000000 | OU      | $5000000.00   | 1.67%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Voloridge Sustainability Fund, Ltd.                                      | Voloridge Sustainability Fund, Ltd.                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   4790269 | OU      | $4790268.69   | 1.60%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Veregy Parent, LLC                                                       | Veregy Parent, LLC                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   3119400 | OU      | $3119400.00   | 1.04%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Project Telluride (CRG Fund III)                                         | Project Telluride (CRG Fund III)                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   4333788 | OU      | $4333787.55   | 1.45%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Project Stream Co-Invest Fund, LP                                        | Project Stream Co-Invest Fund, LP                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   1749860 | OU      | $1749859.81   | 0.58%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Project Riser                                                            | Project Riser                                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   4000000 | OU      | $4000000.00   | 1.34%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Project Pavilion                                                         | Project Pavilion                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | GB        |   1000000 | PA      | $909782.09    | 0.30%             | 2026-04-09      | Floating      | 11.31%                | Yes           | 3                  | On Loan: No      |
| Project Palmer Square Loan Funding 2021-3                                | Project Palmer Square Loan Funding 2021-3                                | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |   1181268 | OU      | $1181268.20   | 0.39%             |  |  |  | Yes           | 2                  | On Loan: No      |
| Project Dimension                                                        | Project Dimension                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              |  | US        |   4000000 | PA      | $3190000.00   | 1.07%             | 2099-12-31      | Floating      | 9.50%                 | Yes           | N/A                | On Loan: No      |
| Post Limited Term High Yield Fund LP                                     | Post Limited Term High Yield Fund LP                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   5871640 | OU      | $5871639.96   | 1.96%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Porcupine Holdings LP Class B                                            | Porcupine Holdings LP Class B                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   2612737 | OU      | $2612737.00   | 0.87%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Porcupine Holdings LP Class A                                            | Porcupine Holdings LP Class A                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   3024935 | OU      | $3024934.71   | 1.01%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Polaris Newco                                                            | Polaris Newco                                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | US        |   2500000 | PA      | $1847500.00   | 0.62%             | 2029-06-03      | Floating      | 13.66%                | Yes           | 3                  | On Loan: No      |
| PIMCO DISCO Fund II Offshore Feeder, L.P.                                | PIMCO DISCO Fund II Offshore Feeder, L.P.                                | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |   4700006 | OU      | $4700005.85   | 1.57%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Palms Co-Investment Partners, LP                                         | Palms Co-Investment Partners, LP                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   3808945 | OU      | $3808945.00   | 1.27%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Overbay XIV - AIV III (Quebec)                                           | Overbay XIV - AIV III (Quebec)                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | CA        |   2414838 | OU      | $2414838.00   | 0.81%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Overbay Fund XIV Offshore LP                                             | Overbay Fund XIV Offshore LP                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | CA        |   2494139 | OU      | $2494138.71   | 0.83%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Overbay Fund XIV Offshore (AIV)LP (Skyview)                              | Overbay Fund XIV Offshore (AIV)LP (Skyview)                              | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | CA        |   4975779 | OU      | $4975778.76   | 1.66%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Onex Partners Fund V LP                                                  | Onex Partners Fund V LP                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   6296896 | OU      | $6296896.00   | 2.10%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Onex OD Co-Invest LP                                                     | Onex OD Co-Invest LP                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   4889811 | OU      | $4889811.00   | 1.63%             |  |  |  | Yes           | N/A                | On Loan: No      |
| OceanSound Partners Co-Invest II, LP - Series E                          | OceanSound Partners Co-Invest II, LP - Series E                          | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   5000000 | OU      | $5000000.00   | 1.67%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Forrest Holdings I LP (A Shares)                                         | Forrest Holdings I LP (A Shares)                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |     23548 | OU      | $23548.00     | 0.01%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Ocean Sound Partners Fund LP                                             | Ocean Sound Partners Fund LP                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   3833656 | OU      | $3833656.00   | 1.28%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Lynx EBO Fund I(A), LLC                                                  | Lynx EBO Fund I(A), LLC                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |    849827 | OU      | $849827.43    | 0.28%             |  |  |  | Yes           | N/A                | On Loan: No      |
| KH Aggregator LP                                                         | KH Aggregator LP                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   4747314 | OU      | $4747314.46   | 1.59%             |  |  |  | Yes           | N/A                | On Loan: No      |
| ISH Co-investment Aggregator LP                                          | ISH Co-investment Aggregator LP                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   2307532 | OU      | $2307532.00   | 0.77%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Heka - Equity                                                            | Heka - Equity                                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | FR        |   1874263 | OU      | $1874263.31   | 0.63%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Heka - Debt                                                              | Heka - Debt                                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | FR        |   5208720 | PA      | $5578579.54   | 1.86%             | 2030-10-31      | Fixed         | 8.00%                 | Yes           | 3                  | On Loan: No      |
| Graphite Capital Partners VIII D LP                                      | Graphite Capital Partners VIII D LP                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | GB        |   3970815 | OU      | $3970814.82   | 1.33%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Grain Spectrum Holdings III (Cayman), L.P.                               | Grain Spectrum Holdings III (Cayman), L.P.                               | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   2388168 | OU      | $2388168.00   | 0.80%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Forrest Holdings I LP (B Shares)                                         | Forrest Holdings I LP (B Shares)                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |    329551 | OU      | $329551.00    | 0.11%             |  |  |  | Yes           | N/A                | On Loan: No      |
| FFL Capital Partners V, LP                                               | FFL Capital Partners V, LP                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   5012639 | OU      | $5012639.00   | 1.68%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Coller International Partners VII Feeder Fund, L.P.                      | Coller International Partners VII Feeder Fund, L.P.                      | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | GG        |   2026479 | OU      | $2026479.00   | 0.68%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Constellation 2022 L.P.                                                  | Constellation 2022 L.P.                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   5006118 | OU      | $5006118.00   | 1.67%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Corsair Amore Investors                                                  | Corsair Amore Investors                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |   5002263 | OU      | $5002263.00   | 1.67%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Coyote 2021 LP (Friendly Skies)                                          | Coyote 2021 LP (Friendly Skies)                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   9025192 | OU      | $9025192.00   | 3.02%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Crimson Cushon - Debt                                                    | Crimson Cushon - Debt                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | IE        |   2500000 | PA      | $1730842.55   | 0.58%             | 2026-06-30      | Floating      | 12.06%                | Yes           | 3                  | On Loan: No      |
| Crimson Cushon - Equity                                                  | Crimson Cushon - Equity                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | IE        |    441416 | OU      | $441415.61    | 0.15%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Ecoville Investments Limited (Project Tapestry)                          | Ecoville Investments Limited (Project Tapestry)                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              |  | KY        |   2000000 | PA      | $1912500.00   | 0.64%             | 2024-01-11      | Fixed         | 9.50%                 | Yes           | 3                  | On Loan: No      |
| Enak Aggregator L.P.                                                     | Enak Aggregator L.P.                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | GG        |   2676869 | OU      | $2676869.44   | 0.89%             |  |  |  | Yes           | 3                  | On Loan: No      |
| EnCap Energy Transition Fund 1-A, L.P.                                   | EnCap Energy Transition Fund 1-A, L.P.                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   2825634 | OU      | $2825634.18   | 0.94%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Falcon Co-investment Partners, LP                                        | Falcon Co-investment Partners, LP                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   2895618 | OU      | $2895618.00   | 0.97%             |  |  |  | Yes           | N/A                | On Loan: No      |
| OceanSound Partners Co-Invest II, LP - Series B                          | OceanSound Partners Co-Invest II, LP - Series B                          | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   2488286 | OU      | $2488286.00   | 0.83%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Coller International Partners VI Feeder Fund, L.P.                       | Coller International Partners VI Feeder Fund, L.P.                       | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |    669009 | OU      | $669009.18    | 0.22%             |  |  |  | Yes           | N/A                | On Loan: No      |
| CL Oliver Co-Invest I, L.P.                                              | CL Oliver Co-Invest I, L.P.                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   2864374 | OU      | $2864374.18   | 0.96%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Adams Street Partnership Fund-2010 US Fund, LP                           | Adams Street Partnership Fund-2010 US Fund, LP                           | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |    302561 | OU      | $302561.00    | 0.10%             |  |  |  | Yes           | N/A                | On Loan: No      |
| BW Colson Co-Invest Feeder (Cayman) LP                                   | BW Colson Co-Invest Feeder (Cayman) LP                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |   3559543 | OU      | $3559543.00   | 1.19%             |  |  |  | Yes           | N/A                | On Loan: No      |
| BRCE SPV I, LLC                                                          | BRCE SPV I, LLC                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |    263190 | OU      | $263189.50    | 0.09%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Biloxi Co-investment Partners, L.P.                                      | Biloxi Co-investment Partners, L.P.                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   1590522 | OU      | $1590522.00   | 0.53%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Avista Capital Partners V LP                                             | Avista Capital Partners V LP                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   4775494 | OU      | $4775494.00   | 1.60%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Ashgrove Speciality Lending Fund I                                       | Ashgrove Speciality Lending Fund I                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | LU        |    789976 | OU      | $789976.24    | 0.26%             |  |  |  | Yes           | N/A                | On Loan: No      |
| APS (Feeder) 2017 Global Fund LP                                         | APS (Feeder) 2017 Global Fund LP                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |   1164069 | OU      | $1164069.00   | 0.39%             |  |  |  | Yes           | N/A                | On Loan: No      |
| AP DSB Co-invest LLC II, LP                                              | AP DSB Co-invest LLC II, LP                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   3553715 | OU      | $3553715.00   | 1.19%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Altor Fund IV (Project Eddington)                                        | Altor Fund IV (Project Eddington)                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | NO        |   5761481 | OU      | $5761481.16   | 1.93%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Coller CCO I GP, LP                                                      | Coller CCO I GP, LP                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | GG        |   2070335 | OU      | $2070335.35   | 0.69%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Adams Street Partnership Fund 2009 US Fund, L.P.                         | Adams Street Partnership Fund 2009 US Fund, L.P.                         | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |    270888 | OU      | $270888.00    | 0.09%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Coller Credit Opportunities I-Annex I                                    | Coller Credit Opportunities I-Annex I                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | LU        |   3161960 | OU      | $3161960.00   | 1.06%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Adams Street Partnership Fund 2009 Non-U.S. Developed Markets Fund, L.P. | Adams Street Partnership Fund 2009 Non-U.S. Developed Markets Fund, L.P. | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |    109285 | OU      | $109285.00    | 0.04%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Adams Street 2014 Global Fund LP                                         | Adams Street 2014 Global Fund LP                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   1117666 | OU      | $1117666.00   | 0.37%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Adams Street 2013 Global Fund LP                                         | Adams Street 2013 Global Fund LP                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   2027270 | OU      | $2027270.00   | 0.68%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Adams Street 2011 US Fund, L.P.                                          | Adams Street 2011 US Fund, L.P.                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |    327055 | OU      | $327055.00    | 0.11%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Adams Street 2011 Non-US Developed Markets Fund LP                       | Adams Street 2011 Non-US Developed Markets Fund LP                       | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |    146340 | OU      | $146340.00    | 0.05%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Adams Street 2011 Direct Fund LP                                         | Adams Street 2011 Direct Fund LP                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |     51982 | OU      | $51982.00     | 0.02%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Adams Street 2010 Direct Fund, L.P.                                      | Adams Street 2010 Direct Fund, L.P.                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |     38838 | OU      | $38838.00     | 0.01%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Adams Street 2009 Direct Fund, L.P.                                      | Adams Street 2009 Direct Fund, L.P.                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |     29153 | OU      | $29153.00     | 0.01%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Adams Street Partnership Fund-2010 Non-U.S. Developed Markets Fund, L.P. | Adams Street Partnership Fund-2010 Non-U.S. Developed Markets Fund, L.P. | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |    113810 | OU      | $113810.00    | 0.04%             |  |  |  | Yes           | N/A                | On Loan: No      |
| ACP Hyperdrive Co-invest LLC                                             | ACP Hyperdrive Co-invest LLC                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   2584772 | OU      | $2584771.74   | 0.86%             |  |  |  | Yes           | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2023-01-23

**Name of Applicant:** Bow River Capital Evergreen Fund

**Signature:** /s/ Derek Mullins

**Name of Signer:** Derek Mullins

**Title:** Treasurer