# EDGAR Filing Document

**Accession Number:** 0002017579
**File Stem:** 0001145549-25-040005
**Filing Date:** 2025-6
**Character Count:** 19087
**Document Hash:** 8e96dbab2be4feb9dee44e91e7427170
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-040005.hdr.sgml**: 20250613

**ACCESSION NUMBER**: 0001145549-25-040005

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250613

**DATE AS OF CHANGE**: 20250613

**EFFECTIVENESS DATE**: 20250613

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23961
- **FILM NUMBER:** 251045492

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

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

## Internal

```

Report of Independent Registered
Public Accounting Firm

To the Board of Trustees and
Shareholders of Privacore PCAAM
Alternative Income Fund
In planning and performing our audit
of the consolidated financial
statements of Privacore PCAAM
Alternative Income Fund (the "Fund")
as of and for the period July 29, 2024
(commencement of operations)
through March 31, 2025 in accordance
with the auditing standards of the
Public Company Accounting Oversight
Board (United States) (PCAOB), we
considered the Fund's internal control
over financial reporting, including
controls over safeguarding securities,
as a basis for designing our auditing
procedures for the purpose of
expressing our opinion on the
consolidated financial statements and
to comply with the requirements of
Form N-CEN, but not for the purpose
of expressing an opinion on the
effectiveness of the Fund's internal
control over financial reporting.
Accordingly, we do not express an
opinion on the effectiveness of the
Fund's internal control over financial
reporting.

The management of the Fund is
responsible for establishing and
maintaining effective internal control
over financial reporting. In fulfilling
this responsibility, estimates and
judgments by management are
required to assess the expected
benefits and related costs of controls.
A company's internal control over
financial reporting is a process
designed 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. A company's internal
control over financial reporting
includes those policies and procedures
that (1) pertain to the maintenance of
records that, in reasonable detail,
accurately and fairly reflect the
transactions and dispositions of the
assets of the company; (2) provide
reasonable assurance that
transactions are recorded as necessary
to permit preparation of financial
statements in accordance with
generally accepted accounting
principles, and that receipts and
expenditures of the company are being
made only in accordance with
authorizations of management and
directors of the company; and (3)
provide reasonable assurance
regarding prevention or timely
detection of unauthorized acquisition,
use or disposition of a company's
assets that could have a material effect
on the financial statements.

Because of its inherent limitations,
internal control over financial reporting
may not prevent or detect
misstatements. Also, projections of any
evaluation of effectiveness to future
periods are subject to the risk that
controls may become inadequate
because of changes in conditions, or that
the degree of compliance with the
policies or procedures may deteriorate.
A deficiency in internal control over
financial reporting exists when the
design or operation of a control does
not allow management or employees, in
the normal course of performing their
assigned functions, to prevent or detect
misstatements on a timely basis. A
material weakness is a deficiency, or a
combination of deficiencies, in internal
control over financial reporting, such
that there is a reasonable possibility
that a material misstatement of the
company's annual or interim financial
statements will not be prevented or
detected on a timely basis.

Our consideration of the Fund's
internal control over financial
reporting was for the limited purpose
described in the first paragraph and
would not necessarily disclose all
deficiencies in internal control over
financial reporting that might be
material weaknesses under standards
established by the PCAOB. However,
we noted no deficiencies in the Fund's
internal control over financial
reporting and its operation, including
controls over safeguarding securities,
that we consider to be material
weaknesses as defined above as of
March 31, 2025.

This report is intended solely for the
information and use of the Board of
Trustees of Privacore PCAAM
Alternative Income Fund and the
Securities and Exchange Commission
and is not intended to be and should
not be used by anyone other than
these specified parties.

/s/PricewaterhouseCoopers LLP

Denver, Colorado
May 30, 2025

2

```

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0002017579

## N-CEN: Series/Class (Contract) Information

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2025-03-31

**Item A.1.b - Does this report cover a period of less than 12 months?:** Yes

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** Privacore PCAAM Alternative Income Fund

- **Item B.1.b - Investment Company Act file number:** 811-23961

- **Item B.1.c - CIK:** 0002017579

- **Item B.1.d - LEI:** 52990037GMGYWCN2YK58

- **Item B.2.a - Street 1:** 1411 Broadway

- **Item B.2.b - City:** New York

- **Item B.2.c - State:** NY

- **Item B.2.e - Zip Code:** 10018

- **Item B.2.f - Telephone:** 2124792907

- **Item B.2.g - Public Website:** https://privacorecapital.com/

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** UMB Fund Services, Inc.

- **b. Street 1:** 235 West Galena Street

- **c. City:** Milwaukee

- **d. State, if applicable:** WI

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 53212

- **g. Telephone number:** 4142992000

- **h. Briefly describe the books and records kept at this location:** Fund Administrator, Transfer Agent, and Fund Accountant

**Location books Record: 2**

- **a. Name of person (e.g., a custodian of records):** Privacore Capital Advisors, LLC

- **b. Street 1:** 1411 Broadway

- **c. City:** New York

- **d. State, if applicable:** NY

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 10018

- **g. Telephone number:** 8003043863

- **h. Briefly describe the books and records kept at this location:** Adviser

**Location books Record: 3**

- **a. Name of person (e.g., a custodian of records):** Partners Capital Investment Group, LLP

- **b. Street 1:** 600 Atlantic Avenue, 30th Floor

- **c. City:** Boston

- **d. State, if applicable:** MA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 02210

- **g. Telephone number:** 6172922570

- **h. Briefly describe the books and records kept at this location:** Sub-Adviser

- **Item B.4.a - Is this the first filing by the Registrant?:** Yes

- **Item B.4.b - Is this the last filing by the Registrant?:** No

- **Item B.5.a - Is the Registrant part of a family of investment companies?:** Yes

- **Item B.5.a.i - Full name of family of investment companies:** Privacore Funds

### Item B.6 - Organization

- [ ] a. Open-end management investment company registered under the Act on Form N-1A

- [x] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** —

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** No

### Item B.8 - Directors

| Name             | Is Interested Person?   | Other Investment Company File Numbers   |
|:---|:---|:---|
| Sarah Dyer       | No                      | 811-23960                               |
| Brian Devaney    | No                      | 811-23960                               |
| Arthur Liao      | No                      | 811-23960                               |
| Lenia M. Ascenso | Yes                     | 811-23960                               |
| David Mehenny    | Yes                     | 811-23960                               |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Cory J. Gossard

- **b. CRD Number, if any:** 002717444

- **c. Street Address 1:** 501 S. Cherry St Suite 610

- **d. City:** Denver

- **e. State, if applicable:** CO

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 80246

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** No

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** No

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a.i - Release numbers:**
  - IC-35431
  - IC-35403

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

- **i. Full name:** Janus Henderson Distributors US LLC

- **ii. SEC file number:** 8-43810

- **iii. CRD number:** 000028832

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** CO

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** Yes

- **b. Have any principal underwriters been hired or terminated during the reporting period?** Yes

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** PricewaterhouseCoopers LLP

- **b. PCAOB Number:** 00238

- **c. LEI, if any:** 5493002GVO7EO8RNNS37

- **d. State, if applicable:** CO

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.23 - Did the Registrant pay any dividend or make any distribution required to be accompanied by a written statement?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - Privacore PCAAM Alternative Income Fund

**Item C.1. Background information.**

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

- **c. LEI:** 52990037GMGYWCN2YK58

- **d. Is this the first filing on this form by the Fund?:** Yes

**Item C.2. Classes of open-end management investment companies.**

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [x] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

- Rule 18f-4(e) (17 CFR 270.18f-4(e))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Privacore Capital Advisors, LLC

- **ii. SEC file number:** 801-130552

- **iii. CRD number:** 000330893

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Partners Capital Investment Group, LLP

- **ii. SEC file number:** 801-61234

- **iii. CRD number:** 000120663

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** UMB Fund Services, Inc.

- **ii. SEC file number:** 084-05792

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** WI

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** Yes

**Item C.11. Pricing services.**

No Pricing Services reported.

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** UMB Bank, N.A.

- **ii. LEI, if any:** VNOO6EITDJ2YUEBMSZ83

- **iii. State, if applicable:** MO

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** Yes

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** UMB Fund Services, Inc.

- **ii. LEI, if any:** 084-05792

- **iii. State, if applicable:** WI

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** Yes

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** UMB Fund Services, Inc.

- **ii. LEI, if any, or other identifying number:** 084-05792

- **iii. State, if applicable:** WI

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

- **b. Has a third-party administrator been hired or terminated during the reporting period?** Yes

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

No Brokers reported.

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $30,305,725.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** —

- **c. Did the Fund engage in interfund borrowing?** —

## Part E: Additional Questions for ETFs and ETMFs

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** Privacore PCAAM Alternative Income Fund

**Date:** 2025-06-10

**Signature:** /s/ Peter Sattelmair

**Title:** Treasurer and Principal Financial Officer