# EDGAR Filing Document

**Accession Number:** 0001620515
**File Stem:** 0001580642-25-007721
**Filing Date:** 2025-12
**Character Count:** 124308
**Document Hash:** e05683ca83ca621d3f150b94483ab3f8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-007721.hdr.sgml**: 20251209

**ACCESSION NUMBER**: 0001580642-25-007721

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251209

**DATE AS OF CHANGE**: 20251209

**EFFECTIVENESS DATE**: 20251209

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Princeton Everest Fund
- **CENTRAL INDEX KEY:** 0001620515

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0315

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23000
- **FILM NUMBER:** 251558070

**BUSINESS ADDRESS:**
- **STREET 1:** 8000 NORMAN CENTER DRIVE
- **STREET 2:** SUITE 630
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55437
- **BUSINESS PHONE:** 952-897-5390

**MAIL ADDRESS:**
- **STREET 1:** 8000 NORMAN CENTER DRIVE
- **STREET 2:** SUITE 630
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55437

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Princeton Private Investments Access Fund
- **DATE OF NAME CHANGE:** 20190128

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Princeton Private Investment Fund
- **DATE OF NAME CHANGE:** 20160915

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Princeton Private Equity Fund
- **DATE OF NAME CHANGE:** 20160822

united states<br> securities and exchange commission<br> washington, d.c. 20549

**form n-csr**

**certified shareholder report of registered management<br> investment companies**

Investment Company Act file number <u>811-2300</u>

<u>Princeton Everest Fund</u> <br> (Exact name of registrant as specified in charter)

<u>8000 Normandale Lake Blvd, Suite 1900, Minneapolis, MN</u> <u>55437</u> <br> (Address of principal executive offices) (Zip code)

<u>Philip B. Sineneng, Thompson Hine LLP</u> <br> <u>Huntington Center, 41 S. High Street, Suite 1700 \| Columbus, Ohio 43215</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>952-897-5390</u>

Date of fiscal year end: <u>3/31</u> <br>Date of reporting period: <u>9/30/25</u>

**Item 1. Reports to Stockholders.** 

(a) ---

| |
|:---|
| ![(LOGO)](pr001_v1.jpg) |
| Semi-Annual Report |
| September 30, 2025 |
| A, I, II and L Share Classes |
| Managed By: |
| Princeton Fund Advisors, LLC |
| 8500 Normandale Lake Blvd. |
| Suite 1900 |
| Minneapolis, MN 55437 |
| 1-855-924-2454 |

---

---

| |
|:---|
| ***Princeton Everest Fund*** |
| **PORTFOLIO REVIEW (Unaudited)** |
| **September 30, 2025** |

---

The Fund's performance figures\* for the periods ended September 30, 2025, compared to its benchmark:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Six**<br>**Months** | <br>**One**<br>**Year** | <br>**Annualized**<br>**Three Year** | <br>**Annualized**<br>**Five Year** | **Annualized**<br>**Since**<br>**Inception<sup>(a)</sup>**<br>**September**<br>**30, 2025** | **Annualized**<br>**Since**<br>**Inception<sup>(b)</sup>**<br>**September**<br>**30, 2025** | **Annualized**<br>**Since**<br>**Inception<sup>(c)</sup>**<br>**September**<br>**30, 2025** | <br>**Annualized**<br>**Inception<sup>(d)</sup>**<br>**September**<br>**30, 2025** |
| Princeton Everest Fund – Class A | 4.36% | 6.83% | 6.90% | 9.68% | 8.49% | N/A | N/A | N/A |
| Princeton Everest Fund – Class A *with load* ... | 0.68% | 3.10% | 5.64% | 8.90% | 8.07% | N/A | N/A | N/A |
| Princeton Everest Fund – Class I | 4.65% | 7.44% | 7.52% | 10.33% | N/A | 9.10% | N/A | N/A |
| Princeton Everest Fund – Class II | 4.56% | 7.14% | 7.21% | 10.00% | N/A | N/A | 8.78% | N/A |
| Princeton Everest Fund – Class L | 4.23% | 6.52% | 6.62% | 9.39% | N/A | N/A | N/A | 7.91% |
| Princeton Everest Fund – Class L *with load* | 1.89% | 4.16% | 5.81% | 8.90% | N/A | N/A | N/A | 7.57% |
| S&P 500 Total Return Index | 19.96% | 17.60% | 24.94% | 16.47% | 15.29% | 15.43% | 14.98% | 15.05% |

---

\* The performance data quoted here represents past performance. The performance comparison includes reinvestment of all dividends and capital gains and has been adjusted for the Class A and Class L maximum applicable sales charge of 3.50% and 2.25%, respectively, where applicable. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Performance figures for periods greater than one year are annualized. The Fund's total annual operating expenses, before recoupment, and including acquired fund fees and expenses are 4.52%, 3.92%, 4.22% and 4.78% for Class A, Class I, Class II and Class L shares, respectively, per the Fund's prospectus dated July 31, 2026. After the fee waiver or voluntary affiliated waiver, the expense ratios are 4.47%, 3.87%, 4.17% and 4.73% for Class A, Class I, Class II, and Class L shares, respectively. The Fund's performance would have been lower had Princeton Fund Advisors, LLC (the "Adviser") not waived fees and/or reimbursed or recaptured expenses. The Fund's performance would have been higher in years when the Adviser recaptured previously waived fees and/or reimbursed expenses. Class A and Class L shares are subject to sales charges, as described above, imposed on purchases which may be reduced or waived by the Adviser. All share classes are subject to a maximum early repurchase fee of 2.00% if redeemed within one year of purchase. For performance information current to the most recent month-end, please call toll-free 1-855-924-2454.

(a) Inception
 date for Class A is July 1, 2016.

(b) Inception
 date for Class I is May 13, 2016.

(c) Inception
 date for Class II is April 3, 2017.

(d) Inception
 date for Class L is July 2, 2018.

The S&P 500 Total Return Index is a widely accepted, unmanaged index of U.S. stock market performance which does not take into account charges, fees and other expenses. Investors may not invest in the index directly.

---

| |
|:---|
| ***Princeton Everest Fund*** |
| **PORTFOLIO REVIEW (Unaudited)(Continued)** |
| **September 30, 2025** |

---

The Fund's holdings by asset class as of September 30, 2025, are as follows:

---

| | |
|:---|:---|
| **<u>Asset Class</u>** | **% of**<br>**Net Assets** |
| Private Funds | 81.8% |
| Mutual Funds | 10.4% |
| Exchange-Traded Funds | 5.6% |
| Short Term Investment | 5.4% |
| Liabilities in Excess of Other Assets | -3.2% |
|  | 100.0% |

---

Please refer to the Consolidated Portfolio of Investments in this Semi-Annual Report for a listing of the Fund's holdings.

---

| |
|:---|
| ***Princeton Everest Fund*** |
| **CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Investments** | <br>**Geographic**<br>**Region** |<br><br>**Shares** |<br><br>**Cost** |<br><br>**Fair Value** |% **of**<br>**Net**<br>**Assets** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)**<br>**from Investments** |
| **PRIVATE FUNDS (f) - 81.8%** |  |  |  |  |  |  |
| Apollo Hybrid Value Fund, L.P. (a)(e) | Americas |  | $9398972 | $11999217 | 8.6% | $2600245 |
| Apollo Investment Fund VI L.P. (a)(k)(g) | Americas |  | 47123 | 84956 | 0.1 | 37833 |
| Apollo Investment Fund X L.P. (a)(e) | Americas |  | 3726959 | 4709594 | 3.4 | 982635 |
| Bain Capital Fund X, L.P. (a)(k) | Americas |  | 4371268 | 4896268 | 3.5 | 525000 |
| Bain Capital Special Situations Asia, L.P. (a)(e)(g) | Asia |  | 3030349 | 3502632 | 2.5 | 472283 |
| Blackstone Capital Partners IX LP (a)(e) | Americas |  | 547568 | 713695 | 0.5 | 166127 |
| Blackstone Partners V LP (a)(k)(g) | Americas |  | 46242 | 26889 | 0.0 (h) | (19353) |
| Blackstone Partners VIII LP (a)(e) | Americas |  | 2624844 | 3099453 | 2.2 | 474609 |
| Bridge Debt Strategies Fund II LP (a)(e)(g) | Americas |  | 754328 | 479872 | 0.4 | (274456) |
| Carlyle Direct Alternative Opportunities Fund II (a)(e) | Americas |  | 3845163 | 3959988 | 2.9 | 114825 |
| Carlyle Partners VIII, L.P. (a)(e) | Americas |  | 6277579 | 6651098 | 4.8 | 373519 |
| Ellington Private Opportunities Partners II LP (a)(c)(e) | Americas |  | 10 | 2068219 | 1.5 | 2068209 |
| Ellington Private Opportunities Partners III LP (a)(e) | Americas |  | 2169000 | 3086489 | 2.2 | 917489 |
| Guggenheim Private Debt Fund 2.0, LLC (a)(e) | Americas |  | 562410 | 63673 | 0.0 (h) | (498737) |
| Hellman & Friedman Capital Partners X LP (a)(e) | North America & Europe |  | 496980 | 500261 | 0.4 | 3281 |
| Hellman & Friedman Capital Partners XI LP (a)(e) | North America & Europe |  |  | (25656)(j) | (0.0) (i) | (25656) |
| KKR Americas Fund XII L.P. (a)(e) | Americas |  | 1629225 | 2531616 | 1.8 | 902391 |
| KKR Asian Fund III L.P. (a)(e) | Asia |  | 2689738 | 3133947 | 2.3 | 444209 |
| KKR European Fund V (a)(e) | Europe |  | 2718831 | 2882002 | 2.1 | 163171 |
| KKR Indigo Equity Partners (a)(e) | Americas |  | 1962026 | 2435001 | 1.8 | 472975 |
| KKR North America Fund XI L.P. (a)(e) | Americas |  | 5463901 | 3326462 | 2.4 | (2137439) |
| KKR North America Fund XIII L.P. (a)(e) | Americas |  | 3841211 | 4298186 | 3.1 | 456975 |
| Silver Lake Alpine II, L.P. (a)(e) | Americas |  | 3824328 | 5151676 | 3.7 | 1327348 |
| Silver Lake Partners VII, L.P. (a)(e) | Americas |  | 3435944 | 4782439 | 3.5 | 1346495 |
| TPG Healthcare Partners, L.P. (a)(e) | Americas |  | 4607030 | 5725433 | 4.1 | 1118403 |
| TPG Partners VIII, L.P. (a)(e) | Americas |  | 6093142 | 8902145 | 6.4 | 2809003 |
| TPG Partners IX L.P. (a)(e) | Americas |  | 7408886 | 8875509 | 6.4 | 1466623 |
| Warburg Pincus Global Growth, L.P. (a)(e) | Global |  | 6149331 | 11125121 | 8.0 | 4975790 |
| Warburg Pincus Global Growth 14, L.P. (a)(e) | Global |  | 3046600 | 4511686 | 3.2 | 1465086 |
| **TOTAL PRIVATE FUNDS** |  |  | $**90768988** | $**113497871** | **81.8%** | $**22728883** |
| **EXCHANGE-TRADED FUNDS - 5.6%** |  |  |  |  |  |  |
| **FIXED INCOME - 5.6%** |  |  |  |  |  |  |
| Invesco Senior Loan ETF | Americas | 95374 | 2013243 | 1996178 | 1.4% | (17065) |
| Janus Henderson AAA CLO ETF | Americas | 74285 | 3780984 | 3772192 | 2.7 | (8792) |
| State Street Blackstone Senior Loan ETF | Americas | 48362 | 2023948 | 2010892 | 1.5 | (13056) |
| **TOTAL EXCHANGE-TRADED FUNDS** |  |  | $**7818175** | $**7779262** | **5.6%** | $**(38913)** |
| **MUTUAL FUNDS - 10.4%** |  |  |  |  |  |  |
| **OPEN END FUNDS - 10.4%** |  |  |  |  |  |  |
| Credit Suisse Floating Rate High Income Fund - Institutional Class | Americas | 345363 | 2182016 | 2137798 | 1.6% | (44218) |
| DoubleLine Core Fixed Income Fund - Class I | Americas | 346585 | 3244036 | 3244036 | 2.3 |  |
| Guggenheim- Total Return Bond Fund - Institutional Class | Americas | 156780 | 3731319 | 3789372 | 2.7 | 58053 |
| Princeton Premium Fund - Class I (b) | Americas | 432951 | 5223347 | 5212734 | 3.8 | (10613) |
| **TOTAL MUTUAL FUNDS** |  |  | $**14380718** | $**14383940** | **10.4%** | $**3222** |
| **SHORT TERM INVESTMENT - 5.4%** |  |  |  |  |  |  |
| **MONEY MARKET FUND - 5.4%** |  |  |  |  |  |  |
| First American Government Obligations Fund - Class X 4.05% (a)(d)(e) |  | 7414117 | $7414117 | $7414117 | 5.4% |  |
| **TOTAL SHORT TERM INVESTMENT** |  |  | $**7414117** | $**7414117** | **5.4%** |  |
| **TOTAL INVESTMENTS - 103.2%** (Cost - $120,381,998) |  |  |  | $143075190 |  |  |
| **LIABILITIES IN EXCESS OF OTHER ASSETS - (3.2)%** |  |  |  | (4376695) |  |  |
| **NET ASSETS - 100.0%** |  |  |  | $**138698495** |  |  |

---

CLO - Collateralized Loan Obligation

ETF - Exchange-Traded Fund

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

(b) Affiliated
 fund.

(c) The
 Fund's investment in Ellington Private Opportunities Partners II LP was formed under
 a master-feeder fund structure for the purpose of investing all of its investable assets
 in Ellington Private Opportunities Master Funds II (A) LP, a Cayman Islands exempted limited
 partnership and Ellington Private Opportunities Master Fund II (B) LP, a Cayman Islands exempted
 limited partnership.

(d) Money
 market fund; interest rate reflects seven-day effective yield on September 30, 2025.

(e) All
 or a portion the investment is a holding of Princeton Private Investments Holdings, LLC,
 a wholly-owned subsidiary of the Fund. See Note 2.

(f) The
 Fund is not able to obtain complete underlying investment holdings details on each of the
 Underlying Funds to determine if the Fund's proportional, aggregated, indirect share of any
 investments held by the Fund exceeds 5% of net assets of the Fund as of September 30, 2025.
 The Underlying Funds may include investments of the indicated fund along with any combined
 affiliated partnerships

(g) The
 fair value of this investment is determined using significant unobservable inputs and is
 classified as level 3 on the GAAP hierarchy.

(h) Percentage
 rounds to less than 0.1%.

(i) Percentage
 rounds to less than (0.1)%.

(j) Negative
 balances represent accrued fund expenses and will be offset with future capital calls.

(k) All
 or a portion the investment is a holding of MYPE Investments Partners, L.P., a wholly- owned
 subsidiary of the Fund. See Note 2.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Princeton Everest Fund*** |
| **CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES (Unaudited)** |
| **September 30, 2025** |

---

---

| | |
|:---|:---|
| **ASSETS** | |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investments at cost | $115158651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments at cost | 5223347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at cost | $120381998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investments at fair value | $137862456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments at fair value | 5212734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value | $143075190 |
| &nbsp;&nbsp;&nbsp;Deposits with broker | 934 |
| &nbsp;&nbsp;&nbsp;Dividend and interest receivable | 85717 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 44658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 143206499 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Subscriptions received in advance | 53000 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares repurchased | 3062877 |
| &nbsp;&nbsp;&nbsp;Management fees payable | 394363 |
| &nbsp;&nbsp;&nbsp;Distribution and servicing fees payable | 336547 |
| &nbsp;&nbsp;&nbsp;Payable for securities purchased | 338260 |
| &nbsp;&nbsp;&nbsp;Due to custodian | 2830 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 320127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 4508004 |
| &nbsp;&nbsp;&nbsp;Commitments and contingencies (See Notes 2 and 9) |  |
| **NET ASSETS** | $**138698495** |
| **Composition of Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $97510511 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 41187984 |
| **NET ASSETS** | $**138698495** |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Princeton Everest Fund*** |
| **CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES (Unaudited)(Continued)** |
| **September 30, 2025** |

---

---

| | |
|:---|:---|
| **Class A Shares:** | |
| Net Assets | $15726249 |
| Shares of beneficial interest outstanding ($0 par value) (unlimited shares authorized) | 1059863 |
| Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share | $14.84 |
| Maximum offering price per share (net asset value plus maximum sales charges of 3.50%) | 15.38 |
| **Class I Shares:** |  |
| Net Assets | $111419923 |
| Shares of beneficial interest outstanding ($0 par value) (unlimited shares authorized) | 7167630 |
| Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share | $15.54 |
| **Class II Shares:** |  |
| Net Assets | $7089050 |
| Shares of beneficial interest outstanding ($0 par value) (unlimited shares authorized) | 468378 |
| Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share | $15.14 |
| **Class L Shares:** |  |
| Net Assets | $4463273 |
| Shares of beneficial interest outstanding ($0 par value) (unlimited shares authorized) | 307232 |
| Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share | $14.53 |
| Maximum offering price per share (net asset value plus maximum sales charges of 2.25%) | $14.86 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Princeton Everest Fund*** |
| **CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)** |
| **For the Six Months Ended September 30, 2025** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME** | |
| &nbsp;&nbsp;&nbsp;Dividends from unaffiliated investments | $849362 |
| &nbsp;&nbsp;&nbsp;Dividends from affiliated investments | 103380 |
| &nbsp;&nbsp;&nbsp;Interest income | 271123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 1223865 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Management fees | 831491 |
| &nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 47618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class II | 11173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L | 20085 |
| &nbsp;&nbsp;&nbsp;Interest expense | 120000 |
| &nbsp;&nbsp;&nbsp;Professional fees | 71197 |
| &nbsp;&nbsp;&nbsp;Administrative services fees | 66181 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 33090 |
| &nbsp;&nbsp;&nbsp;Accounting services fees | 41513 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 30082 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 21162 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 25069 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 28578 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 6016 |
| &nbsp;&nbsp;&nbsp;Other expenses | 3008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 1356263 |
| &nbsp;&nbsp;&nbsp;Less: Fees waived by the adviser for affiliated investments (See Note 4) | (33123) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 1323140 |
| **NET INVESTMENT LOSS** | (99275) |
| **NET REALIZED AND UNREALIZED GAIN (LOSS) ON OPERATIONS** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 2088528 |
|  | 2088528 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investments | 4174841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments | 59792 |
|  | 4234633 |
| &nbsp;&nbsp;&nbsp;**NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 6323161 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**6223886** |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Princeton Everest Fund*** |
| **CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months**<br>**Ended**<br>**September 30,**<br>**2025**<br>**(Unaudited)** | <br>**For the**<br>**Year Ended**<br>**March 31, 2025** |
| **INCREASE IN NET ASSETS FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(99275) | $1883288 |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments | 2088528 | 5254544 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 4234633 | 1141987 |
| Net increase in net assets resulting from operations | 6223886 | 8279819 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid: |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (546825) |
| &nbsp;&nbsp;&nbsp;Class I |  | (3872018) |
| &nbsp;&nbsp;&nbsp;Class II |  | (241122) |
| &nbsp;&nbsp;&nbsp;Class L |  | (234275) |
| Total distributions to shareholders |  | (4894240) |
| **SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 20000 | 190000 |
| &nbsp;&nbsp;&nbsp;Class I | 2733850 | 4382325 |
| &nbsp;&nbsp;&nbsp;Class II | 180000 | 366875 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 492816 |
| &nbsp;&nbsp;&nbsp;Class I |  | 3258776 |
| &nbsp;&nbsp;&nbsp;Class II |  | 210654 |
| &nbsp;&nbsp;&nbsp;Class L |  | 190129 |
| &nbsp;&nbsp;&nbsp;Redemption of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (984394) | (1208771) |
| &nbsp;&nbsp;&nbsp;Class I | (5386902) | (11050380) |
| &nbsp;&nbsp;&nbsp;Class II | (762907) | (685298) |
| &nbsp;&nbsp;&nbsp;Class L | (633236) | (2991771) |
| Net decrease in net assets resulting from shares of beneficial interest | (4833589) | (6844645) |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 1390297 | (3459066) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 137308198 | 140767264 |
| &nbsp;&nbsp;&nbsp;End of Period | $**138698495** | $**137308198** |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Princeton Everest Fund*** |
| **CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months**<br>**Ended**<br>**September 30,**<br>**2025**<br>**(Unaudited)** | <br>**For the**<br>**Year Ended**<br>**March 31, 2025** |
| **SHARE ACTIVITY** |  |  |
| **Class A:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1393 | 13384 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested |  | 34656 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (68191) | (85108) |
| Net decrease in shares outstanding | (66798) | (37068) |
| **Class I:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 180378 | 298454 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested |  | 219891 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (353713) | (746867) |
| Net decrease in shares outstanding | (173335) | (228522) |
| **Class II:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 12229 | 25376 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested |  | 14569 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (50872) | (47131) |
| Net decrease in shares outstanding | (38643) | (7186) |
| **Class L:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Reinvested |  | 13630 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (44728) | (214550 |
| Net decrease in shares outstanding | (44728) | (200920) |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Princeton Everest Fund*** |
| **CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)** |
| **For the Six Months Ended September 30, 2025** |

---

---

| | |
|:---|:---|
| **CASH FLOWS FROM OPERATING ACTIVITIES** | |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | $6223886 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net increase in net assets resulting from operations to net cash used by operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | (4234633) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of investments | (7997745) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of investments and return of capital distributions from investments | 12708784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments | (2088528) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Purchases of short-term investments | (2328027) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in dividend and interest receivable | 46711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in prepaid expenses and other assets | 28155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in distribution and servicing fees payable | (3418) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in management fees payable | 3111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;increase in accrued expenses and other liabilities | 62841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Cash Provided by Operating Activities** | 2421137 |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold, net of change in subscriptions received in advance | 2746850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of shares redeemed, net of change in payable for Fund shares repurchased | (6772885) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Cash Used by Financing Activities** | (4026035) |
| &nbsp;&nbsp;&nbsp;**NET DECREASE IN CASH AND RESTRICTED CASH** | (1604898) |
| &nbsp;&nbsp;&nbsp;**CASH AND RESTRICTED CASH - BEGINNING OF PERIOD** | 1602068 |
| &nbsp;&nbsp;&nbsp;**CASH AND RESTRICTED CASH - END OF PERIOD** | $(2830) |
| &nbsp;&nbsp;&nbsp;Supplemental disclosure of cash flow information: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Supplemental disclosure of non-cash activity:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest | $120000 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Princeton Everest Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Unit Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Class A** | **For the**<br>**Six Months**<br>**Ended**<br>**September 30,**<br>**2025**<br>**(Unaudited)<sup>(6)</sup>** |<br>**For the**<br>**Year**<br>**Ended**<br>**March 31,**<br>**2025<sup>(6)</sup>** |<br>**For the**<br>**Year**<br>**Ended**<br>**March 31,**<br>**2024<sup>(6)</sup>** |<br>**For the**<br>**Year**<br>**Ended**<br>**March 31,**<br>**2023<sup>(6)</sup>** |<br>**For the**<br>**Year Ended**<br>**March 31,**<br>**2022<sup>(6)</sup>** |<br>**For the**<br>**Year Ended**<br>**March 31,**<br>**2021** |
| Net asset value, beginning of period | $14.22 | $13.95 | $12.97 | $14.69 | $13.17 | $10.09 |
| Gain (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | (0.05) | 0.12 | 0.05 | (0.02) | (0.23) | (0.15) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.67 | 0.63 | 1.10 | (0.29) | 2.40 | 3.41 |
| Total from investment operations | 0.62 | 0.75 | 1.15 | (0.31) | 2.17 | 3.26 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.01) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.48) | (0.16) | (1.41) | (0.65) | (0.18) |
| Total distributions |  | (0.48) | (0.17) | (1.41) | (0.65) | (0.18) |
| Net asset value, end of period | $14.84 | $14.22 | $13.95 | $12.97 | $14.69 | $13.17 |
| Total return<sup>(2)</sup> | 4.36% <sup>(9)</sup> | 5.38% | 8.89% | (2.23)% | 16.61% | 32.53% |
| Net assets, at end of period (000s) | $15726 | $16022 | $16232 | $14332 | $13710 | $10914 |
| Ratios/Supplemental Data: |  |  |  |  |  |  |
| Ratio of gross expenses to average net assets<sup>(34)</sup> | 2.44% <sup>(10)</sup> | 2.36% | 2.43% | 2.59% | 3.62% | 4.32% |
| Ratio of net expenses to average net assets<sup>(4)</sup> | 2.40% <sup>(10)</sup> | 2.31% | 2.36% | 2.52% | 3.69% | 4.38% |
| Ratio of net investment income (loss) to average net assets<sup>(5)</sup> | (0.63)% <sup>(10)</sup> | 0.84% | 0.35% | (0.12)% | (1.62)% | (1.30)% |
| Portfolio Turnover Rate | 6% <sup>(9)</sup> | 26% | 18% | 43% | 67% | 42% |
| Senior securities, exclusive of treasury securities<sup>(7)</sup> | $— | $— | $— | $— | $7500000 | $17500000 |
| Asset coverage ratio of senior securities<sup>(8)</sup> | N/A | N/A | N/A | N/A | 1572% | 534% |
| Asset coverage, per $1,000 of senior securities principal amount<sup>(8)</sup> | N/A | N/A | N/A | N/A | $15718 | $5342 |

---

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

(2) Total
 returns shown exclude the effect of applicable sales charges and redemption fees and assumes reinvestment of all distributions. Total
 returns would have been lower or higher absent the fee waiver/expense reimbursement or recapture, respectively.

(3) Represents
 the ratio of expenses to average net assets absent fee waivers/expense reimbursements or recapture by the Adviser.

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

(5) Recognition
 of net investment income (loss) by the Fund is affected by the timing of declaration of dividends by the underlying investment companies
 in which the Fund invests.

(6) Consolidated.
 See Note 2.

(7) Total
 amount of each class of senior securities outstanding at principal value at the end of the period presented.

(8) The
 asset coverage ratio for a class of senior securities representing indebtedness is calculated as the Fund's consolidated total
 assets, less all liabilities and indebtedness not represented by senior securities, divided by total senior securities representing
 indebtedness. This asset coverage ratio is multiplied by $1,000 to determine asset coverage, per $1,000 of senior securities principal
 amount.

(9) Not
 annualized.

(10) Annualized
 for periods less than one year.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Princeton Everest Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Unit Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Class I** | **For the**<br>**Six Months**<br>**Ended**<br>**September 30,**<br>**2025**<br>**(Unaudited)<sup>(6)</sup>** |<br>**For the**<br>**Year**<br>**Ended**<br>**March 31,**<br>**2025<sup>(6)</sup>** |<br>**For the**<br>**Year**<br>**Ended**<br>**March 31,**<br>**2024<sup>(6)</sup>** |<br>**For the**<br>**Year**<br>**Ended**<br>**March 31,**<br>**2023<sup>(6)</sup>** |<br>**For the**<br>**Year Ended**<br>**March 31,**<br>**2022<sup>(6)</sup>** |<br>**For the**<br>**Year Ended**<br>**March 31,**<br>**2021** |
| Net asset value, beginning of period | $14.85 | $14.49 | $13.43 | $15.07 | $13.43 | $10.22 |
| Gain (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> |  | 0.21 | 0.18 | 0.07 | (0.14) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.69 | 0.66 | 1.11 | (0.30) | 2.43 | 3.47 |
| Total from investment operations | 0.69 | 0.87 | 1.29 | (0.23) | 2.29 | 3.39 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.03) | (0.07) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.48) | (0.16) | (1.41) | (0.65) | (0.18) |
| Total distributions |  | (0.51) | (0.23) | (1.41) | (0.65) | (0.18) |
| Net asset value, end of period | $15.54 | $14.85 | $14.49 | $13.43 | $15.07 | $13.43 |
| Total return<sup>(2)</sup> | 4.65% <sup>(9)</sup> | 6.00% | 9.61% | (1.63)% | 17.19% | 33.40% |
| Net assets, at end of period (000s) | $111420 | $109037 | $109673 | $92612 | $80258 | $50315 |
| Ratios/Supplemental Data: |  |  |  |  |  |  |
| Ratio of gross expenses to average net assets<sup>(34)</sup> | 1.84% <sup>(10)</sup> | 1.76% | 1.83% | 1.99% | 2.98% | 3.73% |
| Ratio of net expenses to average net assets<sup>(4)</sup> | 1.80% <sup>(10)</sup> | 1.71% | 1.76% | 1.91% | 3.05% | 3.79% |
| Ratio of net investment income (loss) to average net assets<sup>(5)</sup> | (0.03)% <sup>(10)</sup> | 1.44% | 1.28% | 0.48% | (0.99)% | (0.71)% |
| Portfolio Turnover Rate | 6% <sup>(9)</sup> | 26% | 18% | 43% | 67% | 42% |
| Senior securities, exclusive of treasury securities<sup>(7)</sup> | $— | $— | $— | $— | $7500000 | $17500000 |
| Asset coverage ratio of senior securities<sup>(8)</sup> | N/A | N/A | N/A | N/A | 1572% | 534% |
| Asset coverage, per $1,000 of senior securities principal amount<sup>(8)</sup> | N/A | N/A | N/A | N/A | $15718 | $5342 |

---

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

(2) Total
 returns shown exclude the effect of applicable sales charges and redemption fees and assumes reinvestment of all distributions. Total
 returns would have been lower or higher absent the fee waiver/expense reimbursement or recapture, respectively.

(3) Represents
 the ratio of expenses to average net assets absent fee waivers/expense reimbursements or recapture by the Adviser.

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

(5) Recognition
 of net investment income (loss) by the Fund is affected by the timing of declaration of dividends by the underlying investment companies
 in which the Fund invests.

(6) Consolidated.
 See Note 2.

(7) Total
 amount of each class of senior securities outstanding at principal value at the end of the period presented.

(8) The
 asset coverage ratio for a class of senior securities representing indebtedness is calculated as the Fund's consolidated total
 assets, less all liabilities and indebtedness not represented by senior securities, divided by total senior securities representing
 indebtedness. This asset coverage ratio is multiplied by $1,000 to determine asset coverage, per $1,000 of senior securities principal
 amount.

(9) Not
 annualized.

(10) Annualized
 for periods less than one year.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Princeton Everest Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Unit Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Class II** | **For the**<br>**Six Months**<br>**Ended**<br>**September 30,**<br>**2025**<br>**(Unaudited)<sup>(6)</sup>** |<br>**For the**<br>**Year**<br>**Ended**<br>**March 31,**<br>**2025<sup>(6)</sup>** |<br>**For the**<br>**Year**<br>**Ended**<br>**March 31,**<br>**2024<sup>(6)</sup>** |<br>**For the**<br>**Year**<br>**Ended**<br>**March 31,**<br>**2023<sup>(6)</sup>** |<br>**For the**<br>**Year Ended**<br>**March 31,**<br>**2022<sup>(6)</sup>** |<br>**For the**<br>**Year Ended**<br>**March 31,**<br>**2021** |
| Net asset value, beginning of period | $14.48 | $14.16 | $13.15 | $14.83 | $13.26 | $10.12 |
| Gain (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | (0.02) | 0.16 | (0.04) | 0.03 | (0.19) | (0.11) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.68 | 0.64 | 1.25 | (0.30) | 2.41 | 3.43 |
| Total from investment operations | 0.66 | 0.80 | 1.21 | (0.27) | 2.22 | 3.32 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.04) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.48) | (0.16) | (1.41) | (0.65) | (0.18) |
| Total distributions |  | (0.48) | (0.20) | (1.41) | (0.65) | (0.18) |
| Net asset value, end of period | $15.14 | $14.48 | $14.16 | $13.15 | $14.83 | $13.26 |
| Total return<sup>(2)</sup> | 4.56% <sup>(9)</sup> | 5.66% | 9.22% | (1.93)% | 16.88% | 33.03% |
| Net assets, at end of period (000s) | $7089 | $7343 | $7279 | $5438 | $4883 | $4034 |
| Ratios/Supplemental Data: |  |  |  |  |  |  |
| Ratio of gross expenses to average net assets<sup>(34)</sup> | 2.14% <sup>(10)</sup> | 2.06% | 2.13% | 2.29% | 3.33% | 4.02% |
| Ratio of net expenses to average net assets<sup>(4)</sup> | 2.10% <sup>(10)</sup> | 2.01% | 2.06% | 2.21% | 3.41% | 4.08% |
| Ratio of net investment income (loss) to average net assets<sup>(5)</sup> | (0.33)% <sup>(10)</sup> | 1.14% | (0.28)% | 0.18% | (1.34)% | (1.00)% |
| Portfolio Turnover Rate | 6% <sup>(9)</sup> | 26% | 18% | 43% | 67% | 42% |
| Senior securities, exclusive of treasury securities<sup>(7)</sup> | $— | $— | $— | $— | $7500000 | $17500000 |
| Asset coverage ratio of senior securities<sup>(8)</sup> | N/A | N/A | N/A | N/A | 1572% | 534% |
| Asset coverage, per $1,000 of senior securities principal amount<sup>(8)</sup> | N/A | N/A | N/A | N/A | $15718 | $5342 |

---

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

(2) Total
 returns shown exclude the effect of applicable sales charges and redemption fees and assumes reinvestment of all distributions. Total
 returns would have been lower or higher absent the fee waiver/expense reimbursement or recapture, respectively.

(3) Represents
 the ratio of expenses to average net assets absent fee waivers/expense reimbursements or recapture by the Adviser.

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

(5) Recognition
 of net investment income (loss) by the Fund is affected by the timing of declaration of dividends by the underlying investment companies
 in which the Fund invests.

(6) Consolidated.
 See Note 2.

(7) Total
 amount of each class of senior securities outstanding at principal value at the end of the period presented.

(8) The
 asset coverage ratio for a class of senior securities representing indebtedness is calculated as the Fund's consolidated total
 assets, less all liabilities and indebtedness not represented by senior securities, divided by total senior securities representing
 indebtedness. This asset coverage ratio is multiplied by $1,000 to determine asset coverage, per $1,000 of senior securities principal
 amount.

(9) Not
 annualized.

(10) Annualized
 for periods less than one year.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Princeton Everest Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Unit Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Class L** | **For the**<br>**Six Months**<br>**Ended**<br>**September 30,**<br>**2025**<br>**(Unaudited)<sup>(6)</sup>** |<br>**For the**<br>**Year**<br>**Ended**<br>**March 31,**<br>**2025<sup>(6)</sup>** |<br>**For the**<br>**Year**<br>**Ended**<br>**March 31,**<br>**2024<sup>(6)</sup>** |<br>**For the**<br>**Year**<br>**Ended**<br>**March 31,**<br>**2023<sup>(6)</sup>** |<br>**For the**<br>**Year Ended**<br>**March 31,**<br>**2022<sup>(6)</sup>** |<br>**For the**<br>**Year Ended**<br>**March 31,**<br>**2021** |
| Net asset value, beginning of period | $13.94 | $13.72 | $12.77 | $14.53 | $13.07 | $10.03 |
| Gain (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | (0.06) | 0.08 | 0.02 | (0.05) | (0.27) | (0.18) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.65 | 0.62 | 1.09 | (0.30) | 2.38 | 3.40 |
| Total from investment operations | 0.59 | 0.70 | 1.11 | (0.35) | 2.11 | 3.22 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.48) | (0.16) | (1.41) | (0.65) | (0.18) |
| Total distributions |  | (0.48) | (0.16) | (1.41) | (0.65) | (0.18) |
| Net asset value, end of period | $14.53 | $13.94 | $13.72 | $12.77 | $14.53 | $13.07 |
| Total return<sup>(2)</sup> | 4.23% <sup>(9)</sup> | 5.10% | 8.68% | (2.55)% | 16.27% | 32.33% |
| Net assets, at end of period (000s) | $4463 | $4907 | $7583 | $7845 | $9320 | $8811 |
| Ratios/Supplemental Data: |  |  |  |  |  |  |
| Ratio of gross expenses to average net assets<sup>(34)</sup> | 2.69% <sup>(10)</sup> | 2.62% | 2.68% | 2.85% | 3.92% | 4.55% |
| Ratio of net expenses to average net assets<sup>(4)</sup> | 2.65% <sup>(10)</sup> | 2.57% | 2.61% | 2.78% | 4.00% | 4.61% |
| Ratio of net investment income (loss) to average net assets<sup>(5)</sup> | (0.88)% <sup>(10)</sup> | 0.61% | 0.13% | (0.39)% | (1.92)% | (1.57)% |
| Portfolio Turnover Rate | 6% <sup>(9)</sup> | 26% | 18% | 43% | 67% | 42% |
| Senior securities, exclusive of treasury securities<sup>(7)</sup> | $— | $— | $— | $— | $7500000 | $17500000 |
| Asset coverage ratio of senior securities<sup>(8)</sup> | N/A | N/A | N/A | N/A | 1572% | 534% |
| Asset coverage, per $1,000 of senior securities principal amount<sup>(8)</sup> | N/A | N/A | N/A | N/A | $15718 | $5342 |

---

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

(2) Total
 returns shown exclude the effect of applicable sales charges and redemption fees and assumes reinvestment of all distributions. Total
 returns would have been lower or higher absent the fee waiver/expense reimbursement or recapture, respectively.

(3) Represents
 the ratio of expenses to average net assets absent fee waivers/expense reimbursements or recapture by the Adviser.

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

(5) Recognition
 of net investment income (loss) by the Fund is affected by the timing of declaration of dividends by the underlying investment companies
 in which the Fund invests.

(6) Consolidated.
 See Note 2.

(7) Total
 amount of each class of senior securities outstanding at principal value at the end of the period presented.

(8) The
 asset coverage ratio for a class of senior securities representing indebtedness is calculated as the Fund's consolidated total
 assets, less all liabilities and indebtedness not represented by senior securities, divided by total senior securities representing
 indebtedness. This asset coverage ratio is multiplied by $1,000 to determine asset coverage, per $1,000 of senior securities principal
 amount.

(9) Not
 annualized.

(10) Annualized
 for periods less than one year.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Princeton Everest Fund*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)** |
| **September 30, 2025** |

---

**1.** **ORGANIZATION** 

Princeton Everest Fund (the "Fund") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a closed -end management investment company. The Fund was organized as a Delaware statutory trust on September 18, 2014. The Fund is non-diversified, and its investment objective is to seek long-term capital appreciation. The Fund commenced operations on May 13, 2016.

The Fund offers four classes of shares of beneficial interest ("Shares"), designated as Class A Shares, Class I Shares, Class II Shares and Class L Shares to investors eligible to invest in the Fund. Class I and Class II Shares are offered at net asset value. Class A and Class L Shares are offered at net asset value plus a maximum sales charge of 3.50% and 2.25%, respectively. On March 24, 2023, the Board of Trustees of the Fund (the "Board") unanimously agreed to convert Class AA, Class C and Class T shares into Class A, Class II, and Class L shares respectively. On May 26, 2023, the share class conversions took place.

The Fund may offer additional classes of Shares in the future. Each class of Shares has certain differing characteristics, particularly in terms of the sales charges that investors in that class may bear, and the distribution fees and/or shareholder servicing fees that each class may be charged. The net asset value ("NAV") for each Share class is calculated separately based on the fees and expenses applicable to each class of Shares. It is expected that the NAV of each Share class will vary over time as a result of the differing fees and expenses applicable to each class of Shares, different inception dates and different offering prices of each respective Share class on its initial closing. The Fund's income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionally each day based upon the total net assets of each class.

The Fund is a registered investment fund. The Fund is similar to an unregistered private fund in that (i) Shares are sold in comparatively large minimum denominations in private placements solely to high net worth individuals and institutional investors, and are subject to restrictions on transfer, and (ii) the Fund pays, and investors bear, an asset-based investment management fee, and are subject indirectly to asset-based fees, carried interests, and incentive allocations charged by the "Underlying Funds" in which the Fund invests. "Underlying Funds" means investment companies such as open-end registered funds, closed-end funds, and exchange traded funds ("ETFs"), business development companies, or private funds exempt from registration such as hedge funds, private credit funds and "Investment Funds". "Investment Funds" means private equity pooled investment vehicles of any type, including primary offerings and secondary acquisitions of interests in alternative funds that pursue private equity strategies and co-investment opportunities in operating companies presented by one or more Investment Funds.

**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies followed by the Fund in preparation of its consolidated financial statements. The policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). The preparation of the consolidated financial statements 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 consolidated financial statements and the reported amounts of income and expenses for the year then ended. Actual results could differ from those estimates. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "Financial Services – Investment Companies" ("ASC 946") including Accounting Standards Update 2013-08.

**Securities Valuation** – 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. In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, are valued at amortized cost. Investments in open-end investment companies are valued at net asset value as reported by such investment companies that follow ASC 946. The valuation of the Fund's investments in Underlying Funds (including Investment Funds) is ordinarily determined based upon valuations provided by the Underlying Funds on a monthly, or even quarterly basis (with respect to most Investment Funds) . A large percentage of the securities in which the Investment Funds or certain other Underlying Funds invest will not have a readily ascertainable market price and will be valued by the Underlying Fund. In this regard, an Underlying Fund may face a conflict of interest in valuing the securities, as their value may affect the Underlying Fund's compensation or its ability to raise

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| |
|:---|
| ***Princeton Everest Fund*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **September 30, 2025** |

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additional funds. When investing in an Underlying Fund (other than publicly offered mutual funds and ETFs), the Adviser will conduct a due diligence review of the valuation methodology utilized by the Underlying Fund, which will include a determination whether the Underlying Fund utilizes market values when available, and otherwise will utilize principles of fair value which the Adviser believes are consistent with those used by the Fund. However, no assurances can be given regarding the valuation methodology or the sufficiency of systems utilized by any Underlying Fund, the accuracy of the valuations provided by the Underlying Funds, that the Underlying Funds will comply with their own internal policies or procedures for keeping records or making valuations, or that the Underlying Funds' policies and procedures and systems will not change without notice to the Fund. As a result, valuations of the securities may be subjective and could prove in hindsight to have been wrong, potentially by significant amounts. The Adviser oversees the valuation of the Fund's investments pursuant to procedures adopted by the Board. The Adviser may face conflicts of interest in overseeing the valuation of the Fund's investments, as the value of the Fund's investments affects the Adviser's compensation. Moreover, the Adviser generally does not have sufficient information in order to be able to confirm or review the accuracy of valuations provided by an Underlying Fund. Further, such information may be provided on a quarterly basis while the Fund provides valuations on a monthly basis.

The Adviser is responsible for developing the Fund's written valuation processes and procedures, conducting periodic reviews of the valuation policies and evaluating the overall fairness and consistent application of the valuation policies. A valuation committee comprised of the Fund's personnel meets monthly, or as needed, to determine the valuation of the Fund's investments.

The Fund utilizes various methods to measure the fair value of all 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.

**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 in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

**Level 3** – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy.

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| |
|:---|
| ***Princeton Everest Fund*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **September 30, 2025** |

---

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 summarize the inputs used as of September 30, 2025, for the Fund's assets and liabilities measured at fair value:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Assets \*** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** | **Investments**<br>**Valued at NAV** |<br>**Total** |
| Private Funds | $— | $— | $4094349 | $109403522 | $113497871 |
| Exchange-Traded Funds | 7779262 |  |  |  | 7779262 |
| Mutual Funds | 14383940 |  |  |  | 14383940 |
| Short Term Investment | 7414117 |  |  |  | 7414117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments: | $29577319 | $— | $4094349 | $109403522 | $143075190 |

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\* Refer to the Consolidated Portfolio of Investments for industry classification.

The following table is a reconciliation of assets in which Level 3 inputs were used in determining value:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Beginning**<br>**Balance**<br>**3/31/25** |<br>**Cost of**<br>**purchases** | **Proceeds from**<br>**sales and**<br>**principal paydowns** | **Net**<br>**realized**<br>**gain (loss)** | **Change in unrealized**<br>**appreciation/**<br>**(depreciation)\*** | **Transfers**<br>**into**<br>**Level 3** | **Transfers**<br>**out of**<br>**Level 3** | **Ending**<br>**Balance**<br>**9/30/25** |
| $3972727 | $6671 | $(621176) | $341376 | $(232560) | $627311 | $— | $4094349 |

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\* This amount also represents the change in unrealized appreciation/(depreciation) still held as of September 30, 2025.

Transfers to and from Level 3 occurred due to an increase/decrease in the significance of an unobservable input to the estimate of fair value as of and during the six months ended September 30, 2025, due to timing of the investment interests' net asset value or to fund liquidation.

The following table is a summary of the valuation techniques and unobservable inputs used in the fair value measurements as of September 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Investment Type** | **Value at**<br>**9/30/25** | <br>**Valuation Technique(s)** | <br>**Unobservable Input(s)** | **Single Input or**<br>**Range of Inputs** | **Weighted**<br>**Average ^** |
| Private Funds | $4094349 | Public markets based polynomial pricing model. | Q2 Monthly 2025 S&P Total Return\* | 0% to 1.26% | 1.80% |

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\* An increase in the input would indicate an increase in fair value.

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| | |
|:---|:---|
| ^ | Weighted average is calculated by summing the products of the inputs and the assets to which the input is applied and dividing by the total level 3 assets. |

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**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, without further adjustment, 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. In using the NAV as a practical expedient, certain attributes of the investment that may impact its fair value are not considered in measuring fair value. Attributes of those investments include the investment strategies of the investment and may also include, but are not limited to, restrictions on the investor's ability to redeem its investments at the measurement date and any unfunded commitments. 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 is not being reported at fair value.

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| |
|:---|
| ***Princeton Everest Fund*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **September 30, 2025** |

---

The following are restricted securities measured at NAV per share or Level 3 investments:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying<br> Fund** | **Initial<br> Acquisition<br> Date** | **Investment<br> Category** | **Investment Strategy** | **Fair Value** | **Unfunded<br> Commitments** | **Fund<br> Termination** | **Redemption<br> Frequency** | **Notice<br> Period<br> (In Days)** | **Redemption<br> Restrictions<br> Terms** |
| Apollo Hybrid Value Fund, L.P. | 10/29/2018 | Value | Investments in debt and equity securities that trade for less than their intrinsic values due to long- term secular changes, misunderstood risk/reward, company- specific conditions and episodic market dislocation. | $11999217 | $5344629 | 2028 Subject to three-year extension |  | N/A | Liquidity in form of distributions from investments. |
| Apollo Investment Fund VI, LP | 6/30/2023 | Private Equity Leveraged Buyout | Apollo seeks to source attractive investment opportunities at value- oriented prices and unlock strong performance by harnessing the depth and breadth of the Firm's integrated investment management businesses. | $84956 | $— | 2016\* |  | N/A | Liquidity in form of distributions from investments. |
| Apollo Investment Fund X LP | 10/1/2022 | Private Equity Leverage Buyout | Apollo seeks to source attractive investment opportunities at value- oriented prices and unlock strong performance by harnessing the depth and breadth of the Firm's integrated investment management businesses. | $4709594 | $6012560 | 2032 Subject to two one-year extensions |  | N/A | Liquidity in form of distributions from investments. |
| Bain Capital Fund X, L.P. | 6/30/2023 | Private Equity Leveraged Buyout | Investments in direct loans and other non-bank debt securities that seek to generate current income from attractive interest rates and to realize gains on debt investments and underlying assets acquired at a discount. | $4896268 | $— | 2017\* |  | N/A | Liquidity in form of distributions from investments. |
| Bain Capital Special Situations Asia, L.P. | 4/19/2018 | Private Debt | Investments in direct loans and other non-bank debt securities that seek to generate current income from attractive interest rates and to realize gains on debt investments and underlying assets acquired at a discount. | $3502632 | $3729255 | 2026 Subject to two one-year extensions |  | N/A | Liquidity in form of distributions from investments. |
| Blackstone Capital Partners IX L.P. | 6/29/2022 | Private Equity Leverage Buyout | The Investment process, from the initial identification of the investment opportunity to the final investment decision, through our ownership period to the ultimate monetization, is a disciplined approach integrating financial and ESG objectives. | $713695 | $6827947 | 2033 Subject to two-year extension |  | N/A | Liquidity in form of distributions from investments. |
| Blackstone Capital Partners V, L.P. | 6/30/2023 | Private Equity Leveraged Buyout | The Investment process, from the initial identification of the investment opportunity to the final investment decision, through our ownership period to the ultimate monetization, is a disciplined approach integrating financial and ESG objectives. | $26889 | $— | 2016\* |  | N/A | Liquidity in form of distributions from investments. |
| Blackstone Capital Partners VIII L.P. | 2/28/2020 | Private Equity Leveraged Buyout | Investments utilize debt and a small amount of equity to take over a company and convert it from public to private, seeking to realize gains on the subsequent offer of shares to the public again. | $3099453 | $374233 | 2030 Subject to two one-year extensions |  | N/A | Liquidity in form of distributions from investments. |
| Bridge Debt Strategies Fund II LP | 9/18/2017 | Private Debt | Investments in direct loans and other non-bank debt securities that seek to generate current income from attractive interest rates and to realize gains on debt investments and underlying assets acquired at a discount. | $479872 | $13093 | 2022 Subject to two one-year extensions\* |  | N/A | Liquidity in form of distributions from investments. |

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| |
|:---|
| ***Princeton Everest Fund*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **September 30, 2025** |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying<br> Fund** | **Initial<br> Acquisition<br> Date** | **Investment<br> Category** | **Investment Strategy** | **Fair Value** | **Unfunded<br> Commitments** | **Fund<br> Termination** | **Redemption<br> Frequency** | **Notice<br> Period<br> (In Days)** | **Redemption<br> Restrictions<br> Terms** |
| Carlyle Direct Alternative Opportunities Fund II, L.P. | 3/11/2022 | Private Equity Leveraged Buyout | Investments utilize debt and a small amount of equity to take over a company and convert it from public to private, seeking to realize gains on the subsequent offer of shares to the public again. | $3959988 | $1240730 | 2030 Subject to two one-year extensions |  | N/A | Liquidity in form of distributions from investments. |
| Carlyle Partners Fund VIII | 4/15/2022 | Private Equity Leverage Buyout | Investments in control-oriented and strategic minority investments in mainly buyout transaction, with equity investments where opportunity available to Carlyle ranges from $300 million to more than $2 billion of total equity capital. | $6651098 | $4506982 | 2032 Subject to two one-year extensions |  | NA | Liquidity in form of distributions from investments. |
| Ellington Private Opportunities Partners II LP | 6/14/2018 | Private Debt | Investments in direct loans and other non-bank debt securities that seek to generate current income from attractive interest rates and to realize gains on debt investments and underlying assets acquired at a discount. | $2068219 | $— | 2022 Subject to two one-year extensions\* |  | N/A | Liquidity in form of distributions from investments following the investment period. |
| Ellington Private Opportunities Partners III LP | 11/12/2021 | Private Debt | Investments in direct loans and other non-bank debt securities that seek to generate current income from attractive interest rates and to realize gains on debt investments and underlying assets acquired at a discount. | $3086489 | $— | 2026 Subject to a one-year extension |  | N/A | Liquidity in form of distributions from investments following the investment period. |
| Guggenheim Private Debt Fund 2.0, LLC | 7/15/2016 | Private Debt | This fund seeks to generate current income and long-term capital appreciation by investing in a portfolio of privately negotiated debt investments, along with equity kickers and miscellaneous preferred and other equity investments. | $63673 | $170606 | 2024 Subject to three one-year extensions\* |  | N/A | Liquidity in form of distributions from investments following the investment period. |
| Hellman & Friedman Capital Partners X (Parallel), L.P. | 3/31/2024 | Private Equity Leveraged Buyout | HFCP X will primarily seek to build a concentrated portfolio of high-quality public and private companies where the Firm can devote significant resources to drive long-term capital appreciation. | $500261 | $67719 | 2030 Subject to two-year extension |  | N/A | Liquidity in form of distributions from investments. |
| Hellman & Friedman Capital Partners XI, LP | 6/15/2022 | Private Equity Leveraged Buyout | The partnership's primary purpose is to make investments, both within the United States and internationally, for long-term capital appreciation, in public and private companies. | $(25656) | $20000000 | 2032 Subject to two one-year extensions |  | N/A | Liquidity in form of distributions from investments. |
| KKR Americas Fund XII L.P. | 3/3/2016 | Private Equity Leveraged Buyout | Investments utilize debt and a small amount of equity to take over a company and convert it from public to private, seeking to realize gains on the subsequent offer of shares to the public again. | $2531616 | $177356 | 2028 |  | NA | Liquidity in form of distributions from investments. |
| KKR Asian Fund III L.P. | 3/31/2017 | Private Equity Leveraged Buyout | Investments utilize debt and a small amount of equity to take over a company and convert it from public to private, seeking to realize gains on the subsequent offer of shares to the public again. | $3133947 | $419557 | 2028 |  | NA | Liquidity in form of distributions from investments. |

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| |
|:---|
| ***Princeton Everest Fund*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **September 30, 2025** |

---

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying<br> Fund** | **Initial<br> Acquisition<br> Date** | **Investment<br> Category** | **Investment Strategy** | **Fair Value** | **Unfunded<br> Commitments** | **Fund<br> Termination** | **Redemption<br> Frequency** | **Notice<br> Period<br> (In Days)** | **Redemption<br> Restrictions<br> Terms** |
| KKR European Fund V SCSp | 1/1/2019 | Private Equity Leveraged Buyout | Investments utilize debt and a small amount of equity to take over a company and convert it from public to private, seeking to realize gains on the subsequent offer of shares to the public again. | $2882002 | $551810 | 2030 Subject to two one-year extensions |  | NA | Liquidity in form of distributions from investments. |
| KKR Indigo Equity Partners A L.P. | 6/9/2022 | Private Equity Continuation Vehicle | The investment objective and policy of the Partnership are to acquire a Portfolio Investment in Internet Brands. | $2435001 | $— | 2027 Subject to two-year extension |  | NA | Liquidity in form of distributions from investments. |
| KKR North America Fund XI, LP | 5/13/2016 | Private Equity Leveraged Buyout | Investments utilize debt and a small amount of equity to take over a company and convert it from public to private, seeking to realize gains on the subsequent offer of shares to the public again. | $3326462 | $16629 | 2023\* |  | N/A | Liquidity in form of distributions from investments. |
| KKR North America Fund XIII, SCSp | 6/25/2021 | Private Equity Leveraged Buyout | Investments utilize debt and a small amount of equity to take over a company and convert it from public to private, seeking to realize gains on the subsequent offer of shares to the public again. | $4298186 | $254184 | 2032 Subject to two-year extension |  | N/A | Liquidity in form of distributions from investments. |
| Silver Lake Alpine II, L.P. | 12/24/2021 | Private Equity Leveraged Buyout | Investments utilize debt and a small amount of equity to take over a company and convert it from public to private, seeking to realize gains on the subsequent offer of shares to the public again. | $5151676 | $1273990 | 2032 Subject to two one-year extensions |  | N/A | Liquidity in form of distributions from investments. |
| Silver Lake Partners VII LP | 8/1/2022 | Private Equity Leverage Buyout | The principal investment objective of the Underlying Fund is to make private equity investments in large-scale companies within the technology, technology-enabled and related growth industries. Investments will be effected using a broad variety of investment types and transaction structures. | $4782439 | $5690723 | 2032 Subject to three one- year extensions |  | N/A | Liquidity in form of distributions from investments. |
| TPG Healthcare Partners, L.P. | 12/31/2018 | Private Equity Leveraged Buyout | Investments utilize debt and a small amount of equity to take over a company and convert it from public to private, seeking to realize gains on the subsequent offer of shares to the public again. | $5725433 | $618832 | 2028 Subject to two one-year extensions |  | N/A | Liquidity in form of distributions from investments. |
| TPG Partners VIII, L.P. | 12/31/2018 | Private Equity Leveraged Buyout | Investments utilize debt and a small amount of equity to take over a company and convert it from public to private, seeking to realize gains on the subsequent offer of shares to the public again. | $8902145 | $856819 | 2028 Subject to two one-year extensions |  | N/A | Liquidity in form of distributions from investments. |
| TPG Partners IX LP | 5/2/2022 | Private Equity Leverage Buyout | TPG IX is being formed to seek attractive returns by making significant investments in operating companies through acquisitions and financings. | $8875509 | 2283323 | 2032 Subject to two one-year extensions |  | N/A | Liquidity in form of distributions from investments. |
| Warburg Pincus Global Growth, L.P. | 3/26/2019 | Private Equity Leveraged Buyout | Investments utilize debt and a small amount of equity to take over a company and convert it from public to private, seeking to realize gains on the subsequent offer of shares to the public again. | $11125121 | 580000 | 2031 Subject to two-year extension |  | N/A | Liquidity in form of distributions from investments. |

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| |
|:---|
| ***Princeton Everest Fund*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **September 30, 2025** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying<br> Fund** | **Initial<br> Acquisition<br> Date** | **Investment<br> Category** | **Investment Strategy** | **Fair Value** | **Unfunded<br> Commitments** | **Fund<br> Termination** | **Redemption<br> Frequency** | **Notice<br> Period<br> (In Days)** | **Redemption<br> Restrictions<br> Terms** |
| Warburg Pincus Global Growth 14 L.P. | 2/1/2022 | Private Equity Leveraged Buyout | Investments utilize debt and a small amount of equity to take over a company and convert it from public to private, seeking to realize gains on the subsequent offer of shares to the public again. | $4511686 | $1287500 | 2034 Subject to two-year extension |  | N/A | Liquidity in form of distributions from investments. |
| TOTAL |  |  |  | $113497871 | $62298477 |  |  |  |  |

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\* The general partner of the Underlying Fund has exercised its right to extend the Fund beyond its initial termination date as it exits its investments.

**Unfunded Commitments –** As of September 30, 2025, the Fund had total unfunded commitments of $62,298,477. 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.

**Consolidation of Subsidiary – Princeton Private Investments Holdings, LLC ("PPIH") –**The Fund formed a wholly owned subsidiary for the sole purpose of holding all the Fund's illiquid private fund investments. PPIH is a Delaware LLC and is a disregarded entity for tax purposes. The results of operations from PPIH have been consolidated with the Fund's results for financial reporting purposes.

**MYPE Investment Partners, L.P. ("MYPEIP")** – The Fund acquired 100% of the economic interests of MYPEIP in an asset exchange agreement. MYPEIP is a Delaware limited partnership that primarily holds illiquid private investments. MYPEIP owns 100% of MD Medical Products, LLC, a Delaware LLC ("MDMED"). MDMED is a disregarded entity for tax purposes whose sole purpose is holding an investment in Bain Capital Fund X, L.P. The results of operations from MYPEIP, including its ownership of MDMED have been consolidated with the Fund's results for financial reporting purposes.

**Security Transactions and Related Income** – Security transactions are accounted for on a trade date basis. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities. Dividend income is recorded on the ex-dividend date. Distributions from Investment Funds are recorded either as dividend income, realized gains or return of capital based on how the income for such distributions were derived as characterized by management of the Investment Funds. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

**Dividends and Distributions to Shareholders –** Dividends from net investment income are declared and distributed at least annually. Distributable net realized capital gains are declared and distributed annually. Dividends from net investment income and distributions from net realized gains are recorded on the ex-dividend date and determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (i.e., deferred losses, capital loss carry forwards) 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.

**Federal Income Taxes –** It is the Fund's policy to qualify as a regulated investment company by complying with the provisions of the Internal Revenue Code of 1986, as amended, that are applicable to regulated investment companies and to distribute substantially all of its taxable income and net realized gains to shareholders. Therefore, no federal income tax provision has been recorded. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended September 30, 2022, to September 30, 2024, or expected to be taken for the tax year ended September 30, 2025. The Fund identifies its major tax jurisdictions as U.S. federal and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

***Princeton Everest Fund*<br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)<br> September 30, 2025**

**Cash** – Cash includes cash held or deposited in bank accounts. The Fund deposits cash with financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company up to an insurance limit.

**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 September 30, 2025, totaled $53,000. A corresponding liability is included in subscriptions received in advance on the statement of assets and liabilities.

**Indemnification –** The Fund indemnifies its officers and trustees 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 risk of loss due to these warranties and indemnities appears to be remote.

**3.** **INVESTMENT TRANSACTIONS AND ASSOCIATED RISKS** 

For the six months ended September 30, 2025, cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments) amounted to $7,898,746 and $12,657,800, respectively.

The following risks relate to investments by the Fund and the Underlying Funds (including Investment Funds) in which it may invest:

*Investment Risk* . All investments risk the loss of capital. The value of the Fund's total net assets should be expected to fluctuate. No assurance can be given that the Fund's investment objective will be achieved. The Fund's performance depends upon the Adviser's selection of Investment Funds, the allocation of offering proceeds thereto and the performance of the Investment Funds. The Investment Funds' investment activities involve the risks associated with private equity investments generally. Risks include adverse changes in national or international economic conditions, adverse local market conditions, the financial conditions of portfolio companies, changes in the availability or terms of financing, changes in interest rates, exchange rates, corporate tax rates and other operating expenses, environmental laws and regulations, and other governmental rules and fiscal policies, energy prices, changes in the relative popularity of certain industries or the availability of purchasers to acquire companies, and dependence on cash flow, as well as acts of God, uninsurable losses, war, terrorism, pandemics, earthquakes, hurricanes or floods and other factors which are beyond the control of the Fund or the Investment Funds. Although the Adviser will attempt to moderate these risks, no assurance can be given that (i) the Investment Funds' investment programs, investment strategies and investment decisions will be successful, (ii) the Investment Funds will achieve their return expectations, (iii) the Investment Funds will achieve any return of capital invested, (iv) the Fund's investment activities will be successful, or (v) Investors will not suffer losses from an investment in the Fund.

*Limitations on Transfer; Shares Not Listed; No Market for Fund Shares.* The transferability of Shares is subject to certain restrictions, including restrictions imposed under applicable securities laws. The Shares are not traded on any securities exchange or other market. No market currently exists for Shares and none is expected to develop.

*Closed-End Fund; Liquidity Risks.* The Fund is a non-diversified, closed-end management investment company designed primarily for long-term investors and is not intended to be a trading vehicle. An investor should not invest in the Fund if the investor needs a liquid investment. Closed-end funds differ from open-end management investment companies (commonly known as mutual funds) in that investors in a closed-end fund do not have the right to redeem their shares on a daily basis at a price based on NAV. Although the Fund may offer to repurchase Shares from time to time, an Investor may not be able to redeem its Shares for a substantial period of time.

***Princeton Everest Fund*<br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)<br> September 30, 2025**

*Substantial Fees and Expenses.* By investing in Underlying Funds (including Investment Funds) through the Fund, an investor bears a portion of the Management Fee and other expenses of the Fund. An investor also indirectly bears a portion of the asset-based fees, incentive allocations, carried interests or fees and operating expenses borne by the Fund as an investor in the Underlying Funds.

*Non-Diversified Status.* The Fund is a "non-diversified" investment company for purposes of the 1940 Act, which means it is not subject to percentage limitations under the 1940 Act on assets that may be invested in the securities of any one issuer. As a result, the Fund's net asset value may be subject to greater volatility than that of an investment company that is subject to diversification limitations. The Fund does not intend to invest more than 25% of its gross assets (measured at the time of purchase) in any one Investment Fund.

*Private Credit Fund Risks*. The Fund is subject to all risks associated with the private credit funds in which it may invest. Prepayment risk is associated with debt investment strategies, including investments in mortgages or mortgage-related securities, consumer credit or corporate credit. The value of these securities may be significantly affected by changes in interest rates, the market's perception of issuers, and the creditworthiness of the parties involved. Also, the Underlying Funds may invest in low grade or unrated debt securities (i.e., "high yield" or "junk" bonds or leveraged loans) or investments in securities of distressed companies. Such investments involve substantial risks.

*Valuation of the Fund's Interests in Underlying Funds*. The valuation of the Fund's investments in Underlying Funds is ordinarily determined based upon valuations provided by the Underlying Funds on a daily, monthly, or even quarterly basis (with respect to most Investment Funds). A large percentage of the securities in which the Investment Funds or certain other Underlying Funds invest do not have a readily ascertainable market price and are valued by the Underlying Fund. The Adviser oversees the valuation of the Fund's investments pursuant to procedures adopted by the Board. The Adviser may face conflicts of interest in overseeing the valuation of the Fund's investments, as the value of the Fund's investments will affect the Adviser's compensation. Moreover, the Adviser generally does not have sufficient information in order to be able to confirm or review the accuracy of valuations provided by an Underlying Fund. Further, such information may be provided on a quarterly basis while the Fund provides valuations on a monthly basis.

*Commitment Strategy.* The Fund may seek to employ an "over-commitment" strategy with respect to its investments in private funds in order to boost returns, while balancing the need for a certain level of liquidity. Holding a sizeable cash position may result in lower returns to the extent the Fund holds cash rather than employing an "over-commitment" strategy. However, an inadequate cash position presents other risks to the Fund, including an adverse impact on the Fund's ability to fund capital contributions, to pay for repurchases of Shares tendered by Investors or to meet expenses generally. Moreover, if the Fund defaults on its commitment to an Investment Fund or fails to satisfy capital calls to an Investment Fund in a timely manner then, generally, it will be subject to significant penalties, such as the forfeiture of some or all of the Fund's capital contribution to the Investment Fund. Any failure by the Fund to make timely capital contributions in respect of its commitments may (i) impair the ability of the Fund to pursue its investment program, (ii) force the Fund to borrow, (iii) indirectly cause the Fund and its Investors to be subject to certain penalties from the Investment Funds (including the forfeiture of a portion of the Fund's investment in an Investment Fund), or (iv) otherwise impair the value of the Fund's investments (including the devaluation of the Fund).

*Market Risk.* Overall market risks may also affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets. Local, regional or global events such as war, acts of terrorism, climate-change and climate-related events, the spread of infectious illness or other public health issue, recessions and depressions, tariffs and trade wars or other events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV, and may impair market liquidity, thereby increasing liquidity risk. The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments.

International conflicts in Eastern Europe and the Middle East have led to increased financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities, such as oil and natural gas. The extent and duration of the military action, resulting sanctions imposed, other punitive action taken and the resulting market disruptions cannot be easily predicted.

***Princeton Everest Fund*<br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)<br> September 30, 2025**

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

Princeton Fund Advisors, LLC (the "Adviser") serves as the Fund's investment adviser. Pursuant to an investment advisory agreement with the Trust, on behalf of the Fund, the Adviser, under the oversight of the Board, directs the daily operations of the Fund and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Adviser, the Fund pays the Adviser a management fee (the "Management Fee") monthly in arrears. For purposes of determining the Management Fee payable to the Adviser for any month, the total managed assets are calculated as the value of the total assets of the Fund (including any assets attributable to leverage) minus accrued liabilities (other than liabilities representing leverage), at an annual rate of 1.20% of the Fund's total managed assets. For the six months ended September 30, 2025, the Fund incurred $831,491 in management fees.

The Fund may invest a portion of its assets in the Deer Park Total Return Credit Fund and Princeton Premium Fund, each advised by the Adviser. The Adviser has voluntarily elected to waive a portion of the Management Fee attributable to assets of the Fund invested in any investment company advised by the Adviser. The portion waived is equal to the amount of the management fee paid to the Adviser by such affiliated investment company, less the attributable amount of (i) any fees to any subadvisor to the affiliated investment company and (ii) any fee waivers, expense reimbursements and other direct expenses incurred by the Adviser to the affiliated investment company. Fees waived pursuant to this voluntary waiver are not subject to recoupment in future periods. As of September 30, 2025, the Adviser waived $33,123 in management fees pursuant to the voluntary agreement.

The Adviser has entered into an expense limitation and reimbursement agreement with the Fund, which has been amended and restated to be effective until July 31, 2026 (the "Limitation Period") to limit the amount of "Specified Expenses" (as described below) borne by the Fund for each Share class during the Limitation Period to an amount not to exceed 0.75% per annum of the Fund's net assets attributed to such Share class (the "Expense Cap"). "Specified Expenses" is defined to include all expenses incurred in the business of the Fund, provided that the following expenses are excluded from the definition of Specified Expenses: the Fund's direct expenses or proportional share of (i) fees, expenses, allocations, carried interests, etc. of the Underlying Funds in which the Fund invests (including all acquired fund fees and expenses), (ii) transaction costs, including legal costs and brokerage commissions, of the Fund associated with the acquisition and disposition of primary interests, secondary interests, co-investments, ETF investments, and other investments, (iii) interest payments incurred by the Fund, (iv) fees and expenses incurred in connection with a credit facility, if any, obtained by the Fund, (v) taxes of the Fund, (vi) extraordinary expenses of the Fund as determined in the Adviser's sole discretion, which may include non-recurring expenses such as, for example, litigation expenses and shareholder meeting expenses, (vii) the distribution fees and/or service fees paid by the Fund, and (viii) the Management Fee or any other investment management fee paid by the Fund. "Extraordinary expenses" are expenses incurred outside of the ordinary course of business, including, without limitation, litigation or indemnification expenses, excise taxes, and costs incurred in connection with holding and/or soliciting proxies for a meeting of the Investors. These expenses will be in addition to the expenses of the Fund that may be limited by the Adviser to 0.75% of the Fund's net assets. To the extent that Specified Expenses for any month during the Limitation Period exceed the Expense Cap, the Adviser will reimburse the Fund for expenses to the extent necessary to eliminate such excess. To the extent that the Adviser bears Specified Expenses, it is permitted to receive reimbursement by the Fund for any expense amounts previously paid or borne by the Adviser, for a period not to exceed three years after such expenses were paid or borne by the Adviser, even if such reimbursement occurs after the termination of the Limitation Period, provided that the Specified Expenses have fallen to a level below the lower of the Expense Cap or the then-current expense limitation, and the reimbursement amount does not raise the level of Specified Expenses in the month the reimbursement is being made to a level that exceeds the lower of the Expense Cap or the then-current expense limitation. For the six months ending September 30, 2025, the Adviser did not waive any expenses based on the expense limitation and reimbursement agreement with the Fund. For the six months ended September 30, 2025, the Adviser recaptured $0 of previously waived expenses and there are none available for recoupment.

***Princeton Everest Fund*<br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)<br> September 30, 2025**

**Distributor** – The Fund, pursuant to the conditions of the exemptive order issued by the SEC, has adopted distribution and/or service plans with respect to Class A, Class II and Class L Shares (the "Distribution and Service Plan") in conformity with Rule 12b-1 under the 1940 Act.

An annual "Distribution and/or Service Fee" of up to 0.60%, 0.30% and 0.85% of the aggregate net asset value of Class A, Class II and Class L Shares, respectively, determined and accrued as of the last day of each calendar month (before any repurchases of Fund Shares), is charged on an aggregate class-wide basis, and Investors will be subject to the fee as long as they hold their Class A, Class II and Class L Shares. Class I Shares are not subject to a Distribution and/or Service Fee.

For the six months ended September 30, 2025, the Fund incurred Distribution and/or Service Fees of $47,618, $11,173, and $20,085 for Class A, Class II, and Class L Shares, respectively.

Under the terms of a distribution agreement (the "Distribution Agreement") effective January 15, 2019, with Northern Lights Distributors LLC ("NLD"), NLD was authorized to retain brokers, dealers and certain financial advisors (which may include wealth advisors) (each a "financial intermediary") for distribution services and to provide related sales support to Investors holding Class A, Class II and Class L Shares. Each compensated financial intermediary is paid by NLD based on the aggregate net asset value held by Investors that receive services from such financial intermediary. NLD is expected to pay a Distribution and/or Service Fee to such financial intermediaries, who may use such fees to compensate the financial advisory personnel involved in the placement and on-going service, as applicable of Class A, Class II and Class L Shares.

*<u>Ultimus Fund Solutions, LLC ("UFS")</u> –* UFS provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to separate servicing agreements with UFS, the Fund pays UFS customary fees for providing administration, fund accounting and transfer agency services to the Fund. Certain officers of the Trust are also officers of UFS and are not paid any fees directly by the Fund for serving in such capacities.

*<u>Northern Lights Compliance Services, LLC ("NLCS")</u> –* NLCS, an affiliate of UFS, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from the Fund.

**5.** **REPURCHASE OF SHARES** 

No Fund shareholder has the right to require the Fund to redeem his, her or its Shares. The Fund may from time to time offer to repurchase Shares pursuant to written tenders by shareholders. Repurchases will be made at such times, in such amounts and on such terms as may be determined by the Board, in its sole discretion. In determining whether the Fund should offer to repurchase Shares, the Board will consider the recommendations of the Adviser as to the timing of such an offer, as well as a variety of operational, business and economic factors. The Adviser anticipates that it will recommend to the Board that the Fund offer to repurchase Shares from Investors on a quarterly basis with such repurchases to occur as of the last day of March, June, September and December (or, if any such date is not a business day, on the immediately preceding business day). The Adviser also expects that, generally, it will recommend to the Board that each repurchase offer should apply to not more than 5% of the net assets of the Fund. Each repurchase offer will generally commence approximately 100 days prior to the applicable repurchase date.

A 2% early repurchase fee will be charged by the Fund with respect to any repurchase of any Share class from an investor at any time prior to the day immediately preceding the one-year anniversary of the investor's purchase of such Shares. Such repurchase fee will be retained by the Fund and will benefit the Fund's remaining Investors. Shares tendered for repurchase will be treated as having been repurchased on a "first in-first out" basis. 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.

***Princeton Everest Fund*<br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)<br> September 30, 2025**

During the six months ended September 30, 2025, the Fund repurchased tendered shares as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Repurchase Date** |<br>**Repurchase**<br>**Offer Amount** |<br>**% of Shares**<br>**Tendered** |<br>**Number of**<br>**Shares**<br>**Tendered** | **Net Asset**<br>**Value of**<br>**Shares**<br>**Tendered** |<br>**Redemption**<br>**Value of Shares**<br>**Tendered** | **Shares Outstanding**<br>**on Repurchase**<br>**Date, Before**<br>**Repurchase** |
| June 30, 2025 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 5.10% | 57410 | $14.36 | $824398 | 1126660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I |  | 2.85% | 211161 | $15.02 | $3171643 | 7397159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class II |  | 2.67% | 13590 | $14.63 | $198823 | 509783 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class L |  | 10.29% | 36226 | $14.07 | $509698 | 351960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $6938826 |  |  |  | $4704562 |  |
| September 30, 2025 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 1.01% | 10781 | $14.84 | $159996 | 1070643 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I |  | 1.95% | 142552 | $15.54 | $2215259 | 7310182 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class II |  | 7.37% | 37282 | $14.13 | $564084 | 505660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class L |  | 2.69% | 8502 | $14.53 | $123538 | 315734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $6984052 |  |  |  | $3062877 |  |

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**6.** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

As of September 30, 2025, the Fund continues to qualify as a regulated investment company.

The Fund's tax year end is September 30, 2025, and as such, the information in this section is as of the Fund's tax year end.

The tax character of Fund distributions paid for the tax years ended September 30, 2025, and September 30, 2024, was as follows:

---

| | | |
|:---|:---|:---|
|  | **Tax Year Ended**<br>**September 30, 2025** | **Tax Year Ended**<br>**September 30, 2024** |
| Ordinary Income | $49497 | $592816 |
| Long-Term Capital Gain | 350682 | 1597899 |
| Return of Capital | 4494061 |  |
|  | $4894240 | $2190715 |

---

As of September 30, 2025, the components of distributable earnings/ (deficit) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Gains** | **Post October Loss**<br>**and**<br>**Late Year Loss** | **Capital Loss**<br>**Carry**<br>**Forwards** | **Other**<br>**Book/Tax**<br>**Differences** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Total**<br>**Accumulated**<br>**Earnings/(Deficits)** |
| $— | $— | $(2299585) | $— | $(1482529) | $44970098 | $41187984 |

---

The difference between book basis and tax basis accumulated ordinary income/(loss) and other book/tax differences are primarily attributable to the tax deferral of losses on wash sales, the unamortized portion of organization expenses for tax purposes and adjustments for partnerships.

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Fund incurred and elected to defer such late year losses of $215,133.

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Fund incurred and elected to defer such capital losses of $2,084,452.

At September 30, 2025, the Fund utilized available capital loss carry forward in the current year of $31,403.

***Princeton Everest Fund*<br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)<br> September 30, 2025**

Permanent book and tax differences, primarily attributable to distributions in excess and adjustments from the prior year updates, resulted in reclassifications for the Fund for the tax year ended September 30, 2025 as follows:

---

| | |
|:---|:---|
| Paid In | Accumulated |
| Capital | Earnings (Losses) |
| $(4522551) | $4522551 |

---

These reclassifications had no effect on net assets.

**7.** **AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS** 

The cost of investments for federal income tax purposes is adjusted for items of taxable income allocated to the Fund from the Investment Funds. The allocated taxable income is reported to the Fund by the Investment Funds on Schedule K-1. The Fund has not yet received all such Schedule K-1s for the year ended December 31, 2025 (the underlying Investment Funds' year-end); therefore, the tax basis of investments for 2025 will not be finalized by the Fund until after the fiscal period end.

As of September 30, 2025, the tax cost, gross unrealized appreciation and depreciation, and net unrealized are as follows:

---

| | | | |
|:---|:---|:---|:---|
|<br>**Tax Cost** | **Gross Unrealized**<br>**Appreciation** | **Gross Unrealized**<br>**Depreciation** | **Net Unrealized**<br>**Appreciation** |
| $98105092 | $48082390 | $(3112292) | $44970098 |

---

**8.** **INVESTMENTS IN AFFILIATED COMPANIES** 

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities or under common management. Companies which are affiliates of the Fund on September 30, 2025, are noted in the Fund's Consolidated Portfolio of Investments. Transactions during the six months ended September 30, 2025, with companies which are affiliates are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Description** |<br>**Fair Value -**<br>**Beginning**<br>**of Period** |<br><br>**Purchases** |<br><br>**Sales**<br>**Proceeds** |<br><br>**Realized**<br>**Gain/Loss** | **Net Change**<br>**in**<br>**Unrealized**<br>**Appreciation/**<br>**Depreciation** |<br>**Fair Value -**<br>**End**<br>**of Period** |<br>**Dividends**<br>**Credited**<br>**to**<br>**Income** |<br><br>**Shares at**<br>**Period End** |
| Princeton Premium Fund - Class I | $5049562 | 103380 | $— | $— | $59792 | $5212734 | $103380 | 432951 |
| Total | $5049562 | $103380 | $— | $— | $59792 | $5212734 | $103380 | 432951 |

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***Princeton Everest Fund*<br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)<br> September 30, 2025**

**9.** **COMMITMENTS AND CONTINGENCIES** 

**<u>Revolving Credit Agreement</u>**

The Fund has a line of credit with Barclays Bank, PLC of up to $20,000,000 with a maturity date of May 7, 2026, under a revolving credit agreement. The line of credit is secured by substantially all Fund assets and is used for a variety of short-term cash management purposes, including to pay unfunded commitments to the restricted securities discussed in Note 2. The Fund may request credit increases in $1,000,000 increments. The cost for the borrowing against the line of credit is SOFR plus 3.41% per annum and the effective rate as of September 30, 2025, was 3.41%. For the six months ended September 30, 2025, the interest expense and loan costs were $0 and $120,000, respectively, which are included in interest expense on the consolidated statement of operations. There was no outstanding borrowing as of September 30, 2025, or during the period.

**10.** **SEGMENT REPORTING** 

The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023 -07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. The Fund has a single operating segment, as the CODM monitors the operating results of the Fund as a whole and its long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers. The financial information in the form of portfolio composition, total returns, expense ratios and changes in net assets which are used by the CODM to assess the segment's performance versus comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the financial statements. Segment assets are reflected on the accompanying statement of assets and liabilities as "net assets" and significant segment expenses are listed on the accompanying statement of operations.

**11.** **ACCOUNTING PRONOUCEMENT** 

In December 2023, the FASB issued ASU 2023-09, Income Taxes ("Topic 740") Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Fund's financial statements.

**12.** **SUBSEQUENT EVENTS** 

Subsequent events after the balance sheet date have been evaluated through the date the financial statements were issued. Management has concluded there are no subsequent events that would have an impact requiring adjustment or disclosure in the financial statements except for those items disclosed elsewhere in these consolidated financial statements.

● Social
 Security number ● Purchase History

● Assets ● Account Balances

● Retirement
 Assets ● Account Transactions

● Transaction
 History ● Wire Transfer Instructions

● Checking
 Account Information 

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

---

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| | |
|:---|:---|
| &nbsp;&nbsp;**Questions?** | &nbsp;&nbsp;Call 1-402-493-4603 |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Who we are** | &nbsp;&nbsp;**Who we are** |
| &nbsp;&nbsp;**Who is providing this notice?** | &nbsp;&nbsp;**Princeton Everest Fund** |
| &nbsp;&nbsp;**What we do** | &nbsp;&nbsp;**What we do** |
| &nbsp;&nbsp;**How does Princeton Everest Fund protect my personal information?** | &nbsp;&nbsp;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.<br>|
| &nbsp;&nbsp;**How does Princeton Everest Fund collect my personal information?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.<br>|
| &nbsp;&nbsp;**Why can't I limit all sharing?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.<br>|
| &nbsp;&nbsp;**Definitions** | &nbsp;&nbsp;**Definitions** |
| &nbsp;&nbsp;**Affiliates** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Companies related by common ownership or control. They can be financial and nonfinancial companies.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Princeton Everest Fund does not share with our affiliates.* <br>|
| &nbsp;&nbsp;**Non-affiliates** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Princeton Everest Fund does not share with non-affiliates so they can market to you.* <br>|
| &nbsp;&nbsp;**Joint marketing** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;● *Princeton Everest Fund doesn't jointly market.* <br>|

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***Princeton Everest Fund*<br> SUPPLEMENTAL INFORMATION (Unaudited) (Continued)<br> September 30, 2025**

**<u>PROXY VOTING POLICY</u>**

Information regarding how the Fund voted proxies relating to portfolio securities for the most recent twelve month period ended June 30 as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies is available without charge, upon request, by calling 1-855-924-2454 or by referring to the Security and Exchange Commission's ("SEC") website at <u>http://www.sec.gov</u>.

**<u>PORTFOLIO HOLDINGS</u>**

The Fund files its complete schedules 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. The Fund's Forms N-PORT are available on the Commission's website at <u>http://www.sec.gov</u>. The Fund's Forms N-PORT may be obtained by calling 1-800-SEC-0330.

Investment Advisor:<br> **PRINCETON FUND ADVISORS, LLC**<br> 8500 Normandale Lake Blvd.,<br> Suite 1900<br> Minneapolis, MN 55437<br> 952-897-5388

(b) Not applicable

**Item 2. Code of Ethics.** Not applicable.

**Item 3. Audit Committee Financial Expert.** Not applicable.

**Item 4. Principal Accountant Fees and Services.** Not applicable.

**Item 5. Audit Committee of Listed Companies.** Not applicable – Closed-End Fund.

**Item 6. Schedule of Investments.** The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 1 of this form.

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

Not applicable – Closed-End Fund.

**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 – Closed-End Fund.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Not applicable.

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

Not applicable.

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

Not applicable.

**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.** 

None

**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) Not applicable.

(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](ex_99cert.htm)

(a)(4) Not applicable.

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto [Exhibit 99.906CERT](ex_99-906cert.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>Princeton Everest Fund</u>

By (Signature and Title)

---

| |
|:---|
| /s/ John L. Sabre |
| John L. Sabre, Principal Executive Officer/ President |

---

Date <u>12/09/25</u>

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

By (Signature and Title)

---

| |
|:---|
| /s/ John L. Sabre |
| John L. Sabre, Principal Executive Officer/ President |

---

Date <u>12/09/25</u>

By (Signature and Title)

---

| |
|:---|
| /s/ Michael J. Sabre |
| Christopher Moran, Principal Financial Officer/ Treasurer |

---

Date <u>12/09/25</u>

## Ex-99.Cert

CERTIFICATIONS

I, John L. Sabre, certify that:

1. I have reviewed this report on Form N-CSR of the Princeton Everest Fund (the "registrant");

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

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

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

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

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: | 12/09/25 | /s/ John L. Sabre |
|  |  | John L. Sabre |
|  |  | Principal Executive Officer/President |

---

I, Michael J. Sabre, certify that:

1. I have reviewed this report on Form N-CSR of the Princeton Everest Fund (the "registrant");

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

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

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

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

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: | 12/09/25 | /s/ Michael J. Sabre |
|  |  | Michael J. Sabre |
|  |  | Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**CERTIFICATION**

John L. Sabre, Principal Executive Officer/President, and Michael J. Sabre, Principal Financial Officer/Treasurer of Princeton Everest Fund (the "Registrant"), each certify to the best of his 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 September 30, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), of the Securities Exchange Act of 1934, as amended; 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.

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| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer/President | Principal Executive Officer/President | Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Princeton Everest Fund | Princeton Everest Fund | Princeton Everest Fund | Princeton Everest Fund |
| /s/ John L. Sabre | /s/ John L. Sabre | /s/ Michael J. Sabre | /s/ Michael J. Sabre |
| John L. Sabre | John L. Sabre | Michael J. Sabre | Michael J. Sabre |
| Date: | 12/9/25 | Date: | 12/9/25 |

---

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.