# EDGAR Filing Document

**Accession Number:** 0002017577
**File Stem:** 0001193125-26-269609
**Filing Date:** 2026-6
**Character Count:** 50621
**Document Hash:** 1fc013467174d2de9f74e918a1b5b2ee
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-269609.hdr.sgml**: 20260612

**ACCESSION NUMBER**: 0001193125-26-269609

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260612

**DATE AS OF CHANGE**: 20260612

**EFFECTIVENESS DATE**: 20260612

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Privacore PCAAM Alternative Growth Fund
- **CENTRAL INDEX KEY:** 0002017577

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

**FILING VALUES:**
- **FORM TYPE:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23960
- **FILM NUMBER:** 261087575

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

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

## Internal

```

Report of Independent Registered
Public Accounting Firm

To the Board of Trustees and
Shareholders of Privacore PCAAM
Alternative Growth Fund
In planning and performing our
audit of the financial statements of
Privacore PCAAM Alternative
Growth Fund (the "Fund") as of and
for the year ended March 31, 2026,
in accordance with the standards of
the Public Company Accounting
Oversight Board (United States)
(PCAOB), we considered the Fund's
internal control over financial
reporting, including controls over
safeguarding securities, as a basis
for designing our auditing
procedures for the purpose of
expressing our opinion on the
financial statements and to comply
with the requirements of Form N-
CEN, but not for the purpose of
expressing an opinion on the
effectiveness of the Fund's internal
control over financial reporting.
Accordingly, we do not express an
opinion on the effectiveness of the
Fund's internal control over
financial reporting.
The management of the Fund is
responsible for establishing and
maintaining effective internal
control over financial reporting. In
fulfilling this responsibility,
estimates and judgments by
management are required to assess
the expected benefits and related
costs of controls. A company's
internal control over financial
reporting is a process designed to
provide reasonable assurance
regarding the reliability of financial
reporting and the preparation of
financial statements for external
purposes in accordance with
generally accepted accounting
principles. A company's internal
control over financial reporting
includes those policies and
procedures that (1) pertain to the
maintenance of records that, in
reasonable detail, accurately and
fairly reflect the transactions and
dispositions of the assets of the
company;
(2) provide reasonable assurance that
transactions are recorded as
necessary to permit preparation of
financial statements in accordance
with generally accepted accounting
principles, and that receipts and
expenditures of the company are
being made only in accordance with
authorizations of management and
directors of the company; and (3)
provide reasonable assurance
regarding prevention or timely
detection of unauthorized
acquisition, use or disposition of a
company's assets that could have a
material effect on the financial
statements.

Because of its inherent limitations,
internal control over financial
reporting may not prevent or detect
misstatements. Also, projections of
any evaluation of effectiveness to
future periods are subject to the risk
that controls may become inadequate
because of changes in conditions, or
that the degree of compliance with the
policies or procedures may deteriorate.

A deficiency in internal control over
financial reporting exists when the
design or operation of a control does
not allow management or
employees, in the normal course of
performing their assigned functions,
to prevent or detect misstatements
on a timely basis. A material
weakness is a deficiency, or a
combination of deficiencies, in
internal control over financial
reporting, such that there is a
reasonable possibility that a
material misstatement of the
company's annual or interim
financial statements will not be
prevented or detected on a timely
basis.

Our consideration of the Fund's
internal control over financial
reporting was for the limited purpose
described in the first paragraph and
would not necessarily disclose all
deficiencies in internal control over
financial reporting that might be
material weaknesses under standards
established by the PCAOB. However,
we noted no deficiencies in the
Fund's internal control over financial
reporting and its operation, including
controls over safeguarding securities,
that we consider to be material
weaknesses as defined above as of
March 31, 2026.

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

/s/PricewaterhouseCoopers LLP

Denver, Colorado
May 29, 2026

```

## Advisory

```

AMENDED AND RESTATED
INVESTMENT MANAGEMENT
AGREEMENT

PRIVACORE PCAAM ALTERNATIVE
GROWTH FUND

         AGREEMENT made this 4th day of
May, 2026, by and between Privacore
PCAAM Alternative Growth Fund, a
Delaware statutory trust (the "Fund"), and
Privacore Capital Advisors, LLC, a
Delaware limited liability company (the
"Adviser").

       WHEREAS, the Fund and the
Adviser entered into an investment
management agreement dated as of the 21st
day of January, 2026 (the "Current
Agreement");

 	WHEREAS, the Fund is a closed-
end, management investment company
registered under the Investment Company
Act of 1940, as amended (the "1940 Act");
and

     WHEREAS, the Adviser is registered
as an investment adviser under the
Investment Advisers Act of 1940 and is
engaged in the business of supplying
investment advice as an independent
contractor; and

         WHEREAS, the Fund and the Adviser
desire to amend and restate the Current
Agreement; and

     WHEREAS, the Fund desires to
continue to retain the Adviser to render
investment management services with
respect to the Fund and the Adviser is
willing to render such services under this
Agreement; and

     WHEREAS, the Adviser may, subject
to the approval of the Fund's Board of
Trustees (the "Board"), retain one or more
sub-advisers (each a "Sub-Adviser" and
collectively, the "Sub-Advisers") to render
portfolio management services to the Fund
pursuant to investment sub-advisory
agreements among the Fund, the Adviser
and each such Sub-Adviser (each, a "Sub-
Advisory Agreement").

         NOW, THEREFORE, in consideration
of mutual covenants herein contained, the
parties hereto agree as follows:

	1.       APPOINTMENT AND
ACCEPTANCE.  The Fund hereby appoints
the Adviser to act as investment adviser to
the Fund for the period and on the terms set
forth in this Agreement.  The Adviser
accepts such appointment and agrees to
furnish the services herein set forth for the
compensation herein provided. The Adviser
may provide such other additional services
to the Fund as reasonably requested by the
Fund and agreed to by the Adviser,
including preparing and reviewing the
Fund's registration statements and any
amendments and supplements thereto,
preparation and review of materials for
Board and Board committee meetings,
preparation and review of Fund shareholder
reports, proxy statements, and other
applicable regulatory reports and
communications, and the provision of the
Adviser's employees to act as officers of the
Fund.

	2.       DUTIES AND
AUTHORITIES OF ADVISER. The Fund
employs the Adviser to furnish and manage
a continuous investment program for the
Fund.  The Adviser will continuously
review, supervise and (where appropriate)
administer the investment program of the
Fund, to determine in its discretion (where
appropriate) the securities to be purchased,
held, sold or exchanged, to provide the Fund
with records concerning the Adviser's
activities which the Fund is required to
maintain and to render regular reports to the
Fund's officers and Trustees concerning the
Adviser's discharge of the foregoing
responsibilities.  The Adviser may delegate
certain of its duties under this Agreement
with respect to the Fund to a Sub-Adviser or
Sub-Advisers (subject to the approval of the
Fund's Board and, except as otherwise
permitted under the terms of any applicable
exemptive relief obtained from the
Securities and Exchange Commission, or by
rule or regulation, a majority of the
outstanding voting securities of the Fund)
and thereafter supervise the investment
activities of one or more Sub-Advisers
deemed necessary to carry out the
investment program of the Fund.  The
retention of a Sub-Adviser by the Adviser
shall not relieve the Adviser of its
responsibilities under this Agreement.  The
Adviser may pay a Sub-Adviser a portion of
the compensation received by the Adviser
hereunder.

The Adviser shall discharge the foregoing
responsibilities subject to the control of the
Fund's Board and in compliance with the
objectives, policies, and limitations for the
Fund set forth in the Fund's current
registration statement and applicable laws
and regulations.  The Adviser also agrees to
comply with (a) any policies, guidelines,
instructions and procedures approved by the
Board, and (b) any future amendments or
supplements to the Fund's registration
statement that, in each case, are provided, in
writing, to the Adviser with reasonable
notice prior to implementation.

The Adviser shall have the power to carry
out any and all of the objectives and
purposes of the Fund, as described in any
private placement memorandum, prospectus
or statement of additional information
contained in the Fund's registration
statement on Form N-2 filed with the
Securities and Exchange Commission, as
each may be amended, modified or
otherwise supplemented from time to time
(collectively, the "Registration Statement"),
and to, perform all acts and enter into and
perform all contracts and other undertakings
on behalf of the Fund, including delegating
such power to perform or to enter into and
perform all contracts and undertaking to the
Sub-Advisers, as the Adviser deems
appropriate or convenient in connection with
the provision of its services contained
herein.  Without limiting the foregoing
powers, the Adviser shall have all specific
rights and power to do, or to delegate the
power to the Sub-Advisers to do, the
following on behalf of the Fund:

(i)	acquire, hold, manage, vote,
own and dispose of loans,
equity securities and any other
assets held by the Fund;

(ii)	review, select, analyze,
structure, negotiate and close
investment transactions and
their related agreements,
instruments and other
documents, and in connection
with such investment
transactions, enter into,
execute, assist in the
preparation of, deliver and
consummate all agreements,
instruments and other
documents, including credit
agreements, collateral
agreements, security
agreements, and other similar
agreements;

(iii)	provide service on committees
of, and in other capacities with,
issuers of and obligors on
investments and other assets of
the Fund (including on
creditors' committees), vote
with respect to investments
and other assets of the Fund
whether in person, by proxy,
consent or otherwise, sell short
investments and cover such
sales;

(iv)	monitor, supervise and direct
the investments of the Fund
and dispose of them in such
manner and at such times as
the Adviser or Sub-Advisers
determine;

(v)	initiate, participate in and settle
judicial, arbitration,
administrative or similar
proceedings to protect the
assets of the Fund, enforce the
Fund's rights or otherwise
defend the interests of the
Fund;

(vi)	cooperate with persons or
entities engaged by the Fund to
render services to the Fund,
including without limitation,
attorneys, accountants,
custodians, investment brokers
or finders, investment bankers,
appraisers, loan servicers, and
business advisors;

(vii)           employ techniques to hedge
portfolio risk (but not for
speculative purposes)
including, without limitation,
through the use of options,
forward and futures contracts
and other instruments (relating
to securities, currencies or
other assets);

(viii)	take whatever steps are
required by governmental
authorities having jurisdiction
over the Fund or its assets; and

(ix)	take such other actions as may
be necessary or advisable in
connection with the foregoing.

Without limiting the foregoing powers, the
Adviser shall also have specific rights and
power to do, or to delegate the power to the
Sub-Advisers to do, the following on behalf
of the Fund, subject to the approval of the
Board to the extent required by the 1940 Act
and/or the Fund's policies and procedures:

(x)	other than in connection with
investment transactions, enter
into, execute, assist in the
preparation of, deliver and
consummate all agreements,
instruments and other
documents; and

(xi)	obtain financing, borrow
money, incur indebtedness,
issue guarantees, mortgage,
pledge, loan, impose liens
upon and grant security
interests in all or any part of
the Fund's assets; execute
promissory notes, loan, pledge
or security agreements, or
other agreements, documents
and instruments in connection
therewith.

	3.       FUND TRANSACTIONS.
The Adviser is authorized to select the
brokers or dealers that will execute the
purchases and sales of portfolio securities
for the Fund and is directed to use its best
efforts to obtain "best execution" under the
particular circumstances of each transaction
taking into account such factors as the
Adviser deems relevant and considering the
Fund's investment objectives, policies, and
restrictions as stated in the Fund's
Registration Statement and resolutions of
the Fund's Board.  The Adviser will
promptly communicate to the officers and
the Board such information relating to
portfolio transactions as they may
reasonably request.  In connection with the
investment and reinvestment of the assets of
the Fund, the Adviser is authorized (and can
delegate to Sub-Advisers) to execute for the
Fund as its agent and attorney-in-fact
standard customer agreements and other
documentation in connection with opening
trading accounts with brokers, dealers or
futures commission merchants and other
trading counterparties, including, but not
limited to, ISDA agreements, and in
connection with the rights and powers
granted to the Adviser under Section 2 of
this Agreement,  as well as, subject to the
approval of the Board to the extent required
by the 1940 Act and/or the Fund's policies
and procedures, to do such other things
necessary or incidental to the furtherance or
conduct of the Fund's purchases, sales or
other transactions.

It is understood that the Adviser will not be
deemed to have acted unlawfully, or to have
breached a fiduciary duty to the Fund or be
in breach of any obligation owing to the
Fund under this Agreement, or otherwise, by
reason of its having directed a securities
transaction on behalf of the Fund to a
broker-dealer in compliance with the
provisions of Section 28(e) of the Securities
Exchange Act of 1934 or as described from
time to time by the Fund's Registration
Statement.

On occasions when the Adviser deems the
purchase or sale of an investment, security
or futures contract or options thereon to be
in the best interest of the Fund as well as
other clients of the Adviser, the Adviser
may, to the extent permitted by applicable
law and regulations, aggregate the order to
be sold or purchased.  In such event, the
Adviser will allocate investments, securities
or futures contracts or options thereon so
purchased or sold, as well as the expenses
incurred in the transaction, in the manner the
Adviser reasonably considers to be equitable
and consistent with its fiduciary obligations
to the Fund and to such other clients under
the circumstances.

The Adviser or any of its affiliates may act
as broker in connection with the purchase or
sale of securities or other investments for the
Fund, subject to: (a) the requirement that the
Adviser seek to obtain best execution under
the circumstances for the transaction; (b) the
provisions of the 1940 Act; (c) the
provisions of the Investment Advisers Act of
1940; and (d) other provisions of applicable
law. These brokerage services are not within
the scope of the duties of the Adviser under
this Agreement. Subject to the requirements
of applicable law and any procedures
adopted by the Board, the Adviser or its
affiliates may receive brokerage
commissions, fees or other remuneration
from the Fund for these services in addition
to the Adviser's fees for services under this
Agreement.

All securities and other property of the Fund
shall remain in the direct or indirect custody
of the Fund's custodian except as otherwise
authorized by the Board.

	4.       EXPENSES AND
COMPENSATION OF THE ADVISER.
The Adviser will, at its own expense, render
the services and provide the office space,
furnishings and equipment, and personnel
required by it to perform the services on the
terms and for the compensation provided
herein. In addition, with respect to the
operation of the Fund, the Adviser shall be
responsible for (i) the expenses of printing
and distributing extra copies of the Fund's
Registration Statement, and sales and
advertising materials (but not the legal,
auditing or accounting fees attendant
thereto) to prospective investors (but not to
existing shareholders) to the extent such
expenses are not covered by any applicable
plan adopted pursuant to Rule 12b-1 under
the 1940 Act (each, a "12b-1 Plan") or
pursuant to, or as a condition of multiple-
class exemptive relief obtained from the
Securities and Exchange Commission; (ii)
the reasonable costs of any special Board
meeting or shareholder meeting specifically
requested by, and convened for the primary
benefit of, the Adviser or, if such special
Board meeting or shareholder meeting
includes one or more agenda or discussion
items that are not for the primary benefit of
the Adviser, then the Adviser will be
responsible for only its pro-rata share of
such costs as determined in good faith by the
Adviser and the Fund; and (iii) the costs of
the Adviser's in-person attendance at one
Fund Board meeting each year, the date of
such Board meeting to be agreed to by the
Adviser and the Fund. If the Adviser has
agreed to limit the operating expenses of the
Fund as referenced below, the Adviser also
shall be responsible on a monthly basis for
any operating expenses that exceed the
agreed upon expense limit, subject to the
terms of such agreement. Except as
otherwise specifically stated herein, the
Adviser shall not be responsible for any of
the Fund's expenses, including, but not
limited to, brokerage and other expenses
incurred in placing orders for the purchase
and sale of securities and other investment
instruments.  For the avoidance of doubt, the
Fund shall bear all fees and expenses
incurred in connection with the organization
of the Fund and the offering of the Fund's
shares and will reimburse Adviser for any
such fees and expenses incurred by the
Adviser on the Fund's behalf, including fees
and expenses in connection with seeking the
Securities and Exchange Commission's
approval of any exemptive relief
contemplated in connection with the
establishment or operations of the Fund.

For the services provided and the expenses
assumed pursuant to this Agreement, the
Fund shall pay to the Adviser compensation
at an annual rate of 1.50%, accrued daily
and payable monthly in arrears, based upon
the Fund's average daily net assets, before
giving effect to any repurchase of shares in
the Fund.  Net assets means the total value
of all assets of the Fund, less an amount
equal to all accrued debts, liabilities and
obligations of the Fund. In the case of a
partial month, compensation will be based
on the number of days during the month in
which the Adviser provided services to the
Fund. The Adviser may, in its discretion and
from time to time, reduce any portion of the
compensation or reimbursement of expenses
due to it pursuant to this Agreement and
may agree to make payments to limit the
expenses which are the responsibility of the
Fund under this Agreement. Any such
reduction or payment shall be applicable
only to such specific reduction or payment
and shall not constitute an agreement to
reduce any future compensation or
reimbursement due to the Adviser hereunder
or to continue future payments.

All rights of compensation under this
Agreement for services performed as of the
termination date shall survive the
termination of this Agreement.

	5.       BOOKS AND RECORDS.
The Adviser shall not be responsible for the
provision of administrative, bookkeeping or
accounting services to the Fund, except as
otherwise provided herein, required by
applicable law or regulation or as may be
necessary for the Adviser to supply to the
Fund or its Board the information required
to be supplied under this Agreement.  The
Adviser will maintain all books and records
with respect to the securities transactions of
the Fund and will furnish to the Fund's
Board such periodic and special reports as
the Board may reasonably request.  The
Fund and the Adviser agree to furnish to
each other, if applicable, current registration
statements, proxy statements, reports to
shareholders, certified copies of their
financial statements, and such other
information with regard to their affairs as
each may reasonably request.

Any records required to be maintained and
preserved pursuant to the provisions of Rule
31a-1 and Rule 31a-2 promulgated under the
1940 Act which are prepared or maintained
by the Adviser on behalf of the Fund are the
property of the Fund and will be surrendered
promptly to the Fund on request; provided
that the Adviser may make and retain copies
of such records.

	6.       STATUS OF ADVISER.
The services of the Adviser to the Fund are
not to be deemed exclusive, and the Adviser
shall be free to render similar services to
others so long as its services to the Fund are
not impaired thereby. The Adviser shall be
deemed to be an independent contractor and
shall, unless otherwise expressly provided or
authorized, have no authority to act for or
represent the Fund in any way or otherwise
be deemed an agent of the Fund.

	7.       LIMITATION OF
LIABILITY AND INDEMNIFICATION
OF ADVISER.

	(a) In the absence of willful
misfeasance, gross negligence or reckless
disregard of its obligations to the Fund, the
Adviser and any partner, member, manager,
director, officer or employee of the Adviser,
or any of their affiliates, executors, heirs,
assigns, successors or other legal
representatives, shall not be subject to
liability to the Fund or otherwise under this
Agreement for any act or omission in the
course of, or connected with, rendering
services hereunder or for any losses that
may be sustained in the purchase, holding or
sale of any security by the Fund, including,
without limitation, for any error of
judgment, for any mistake of law, for any
act or omission by the Adviser or any
affiliate of the Adviser or by any Sub-
Adviser, except as may otherwise be
provided under provisions of applicable
state law or Federal securities law which
cannot be waived or modified hereby.

	(b) To the fullest extent permitted
by law, the Fund shall indemnify, defend,
and hold harmless the Adviser, or any
partner, member, manager, officer or
employee of the Adviser, and any of their
affiliates, executors, heirs, assigns,
successors or other legal representatives
(each such person being an "Indemnitee"),
against any claim, loss, damage, liability,
reasonable cost, or reasonable expense
(including reasonable attorney's fees,
judgments, and other related expenses in
connection therewith and amounts paid in
defense and settlement thereof)
(individually, the "Liability," and
collectively, the "Liabilities") to which the
person may be liable that arises or results
from (i) this Agreement or the performance
of any services under this Agreement, so
long as such Liabilities did not arise
primarily from such person's willful
misfeasance, gross negligence or reckless
disregard of its obligations and duties under
this Agreement or (ii) the Adviser's
obligation to indemnify a Sub-Adviser or
any partner, member, manager, officer or
employee of the Sub-Adviser, and any of
their affiliates, executors, heirs, assigns,
successors or other legal representatives
under the terms of the Sub-Adviser's Sub-
Advisory Agreement so long as such
indemnification obligations did not arise
primarily from the such Indemnitee's willful
misfeasance, gross negligence or reckless
disregard of its obligations and duties under
this Agreement.   The rights of
indemnification provided under this
Section shall not be construed so as to
provide for indemnification of any
aforementioned persons for any losses
(including any liability under Federal
securities laws which, under certain
circumstances, impose liability even on
persons that act in good faith) to the extent
(but only to the extent) that such
indemnification would be in violation of
applicable law, but shall be construed so as
to effectuate the applicable provisions of this
Section  to the fullest extent permitted by
law.  This indemnification obligation shall
survive the termination of this Agreement.

	(c) To the fullest extent permitted
by law, the Adviser shall indemnify, defend,
and hold harmless the Fund and all
controlling persons of the Fund (as
described in Section 15 of the Securities Act
of 1933, as amended), against any Liability
to which the person may be liable that
results from the Adviser's willful
misfeasance or gross negligence in
connection with the performance of the
Adviser's obligations under this Agreement,
or from the Adviser's reckless disregard of
its obligations and duties under this
Agreement.  The rights of indemnification
provided under this Section shall not be
construed so as to provide for
indemnification of any aforementioned
persons for any losses (including any
liability under Federal securities laws which,
under certain circumstances, impose liability
even on persons that act in good faith) to the
extent (but only to the extent) that such
indemnification would be in violation of
applicable law, but shall be construed so as
to effectuate the applicable provisions of this
Section  to the fullest extent permitted by
law.  This indemnification obligation shall
survive the termination of this Agreement.

	(d) The Adviser shall not be
obligated to perform any service not
described in this Agreement. The Adviser
shall not be deemed by virtue of this
Agreement to have made any representation
or warranty that any level of investment
performance or level of investment results
will be achieved or that Adviser's overall
management of the Fund will be successful.
The Fund understands that investment
decisions made for the Fund by the Adviser
are subject to various market, currency,
economic, political and business risks, and
that those investment decisions will not
always be profitable.

	8.      PERMISSIBLE
INTERESTS. Trustees, agents, and interest
holders of the Fund are or may be interested
in the Adviser (or any successor thereof) as
members, managers, officers, or interest
holders, or otherwise; members, managers,
officers, agents, and interest holders of the
Adviser are or may be interested in the Fund
as Trustees, interest holders or otherwise;
and the Adviser (or any successor) is or may
be interested in the Fund as an interest
holder or otherwise.

	9.       AUTHORITY; NO
CONFLICT. The Adviser represents,
warrants and agrees that: it has the authority
to enter into and perform the services
contemplated by this Agreement; and the
execution, delivery and performance of this
Agreement do not, and will not, conflict
with, or result in any violation or default
under, any agreement to which Adviser or
any of its affiliates are a party.

	10.  FUND REPRESENTATIONS:
The Fund represents, warrants and agrees
that it: (a) has all requisite power and
authority to enter into and perform its
obligations under this Agreement; (b) has
taken all necessary actions to authorize its
execution, delivery and performance of this
Agreement; and has furnished to the Adviser
copies of each of the following documents:
(i) the governing documents of the Fund; (ii)
the resolutions of the Board approving the
engagement of the Adviser as investment
adviser of the Fund and approving this
Agreement; and (iii) current copies of the
Fund's Registration Statement.  The Fund
shall furnish the Adviser from time to time
with copies of all material amendments of or
material supplements to each of the
foregoing, if any, with reasonable notice
prior to implementation.

	11.      LICENSE OF ADVISER'S
NAME. The Adviser grants to the Fund a
license to use the name "Privacore" (the
"Name") as part of the name of the Fund.
The foregoing authorization by the Adviser
to the Fund to use the Name as part of the
name of the Fund is not exclusive of the
right of the Adviser itself to use, or to
authorize others to use, the Name.  The Fund
acknowledges and agrees that, as between
the Fund and the Adviser, the Adviser has
the right to use, or authorize others to use,
the Name.  The Fund shall (1) only use the
Name in a manner consistent with uses
approved by the Adviser; (2) adhere to such
specific quality control standards as the
Adviser may from time to time promulgate;
and (3) protect the reputation and goodwill
of the Name.  The Fund acknowledges that
the Name and the trademark associated
therewith are the valuable property of the
Adviser or its affiliates. The Fund will (a)
submit to the Adviser for review and
preapproval prior to use any promotional
materials using the Name; and (b) change
the name of the Fund within one month of
its receipt of the Adviser's request, or such
other shorter time period as may be required
under the terms of a settlement agreement or
court order, so as to eliminate all reference
to the Name and will not thereafter transact
any business using the Name in the name of
the Fund; provided, however, that to the
extent required by law, regulation or
regulatory guidance, the Fund may continue
to make reference to the prior name of the
Fund in its Registration Statement,
regulatory filings, marketing materials and
similar documents and the Fund may
continue to use beyond such date any
supplies of the Registration Statement,
marketing materials and similar documents
that the Fund had on the date of such name
change in quantities not exceeding those
historically produced and used in connection
with such Fund.  If the Fund makes any
unauthorized use of the Name or the
Adviser's derivatives, logos, trademarks, or
service marks or trade names, the Fund
acknowledges that the Adviser shall suffer
irreparable harm for which monetary
damages may be inadequate and thus, the
Adviser shall be entitled to injunctive relief,
as well as any other remedy available under
law.

	12.      DURATION AND
TERMINATION. This Agreement, unless
sooner terminated as provided herein, shall
remain in effect until May 4, 2028 and
thereafter, may continue in effect only if
such continuance is specifically approved at
least annually (a) by the vote of a majority
of those Trustees of the Board who are not
parties to this Agreement or interested
persons of any party to this Agreement, cast
in person at a meeting called for the purpose
of voting on such approval, and (b) by a vote
of a majority of the Fund's Board or by vote
of a majority of the outstanding voting
securities of the Fund; provided, however,
that if the shareholders of the Fund fail to
approve the Agreement as provided herein,
the Adviser may continue to serve hereunder
in the manner and to the extent permitted by
the 1940 Act and rules and regulations
thereunder. The foregoing requirement that
continuance of this Agreement be
"specifically approved at least annually"
shall be construed in a manner consistent
with the 1940 Act and the rules and
regulations thereunder.

Notwithstanding the foregoing, this
Agreement may be terminated as to the
Fund at any time, without the payment of
any penalty, by vote of a majority of
members of the Fund's Board or by vote of
a majority of the outstanding voting
securities of the Fund on 60 days' written
notice to the Adviser, or by the Adviser at
any time, without the payment of any
penalty, on 60 days' written notice to the
Fund. This Agreement will automatically
and immediately terminate in the event of its
assignment. Any notice under this
Agreement shall be given in writing,
addressed and delivered, or mailed postpaid,
to the other party at any office of such party.

As used in this Section 12, the terms
"assignment", "interested persons", and a
"vote of a majority of the outstanding voting
securities" shall have the respective
meanings set forth in the 1940 Act and the
rules and regulations thereunder; subject to
such exemptions as may be granted by the
Securities and Exchange Commission under
said Act.

	13.      NOTICE. Any notice
required or permitted to be given by either
party to the other shall be deemed sufficient
if sent by delivery service or registered or
certified mail, postage prepaid, addressed by
the party giving notice to the other party at
the last address furnished by the other party
to the party giving notice:

                  If to the Adviser:

Privacore Capital
Advisors, LLC
Attn: Sandhya
Ganapathy
1411 Broadway
New York, NY 10018
		       Telephone: 212-479-
2907

                                    If to the Fund:

Privacore PCAAM
Alternative Growth
Fund
c/o UMB Fund
Services, Inc.
Attn: Regulatory
Administration
235 West Galena
Street
Milwaukee, WI 53212
Telephone:  855-685-
3093

	14.      SEVERABILITY. If any
provision of this Agreement shall be held or
made invalid by a court decision, statute,
rule or otherwise, the remainder of this
Agreement shall not be affected thereby.

	15.      GOVERNING LAW. This
Agreement shall be construed in accordance
with the laws of the State of Delaware,
without reference to conflict of law or
choice of law doctrines, and the applicable
provisions of the 1940 Act. To the extent
that the applicable laws of the State of
Delaware, or any of the provisions herein,
conflict with the applicable provisions of the
1940 Act, the latter shall control.

	16.   AMENDMENT. No provision
of this Agreement may be changed, waived,
discharged or terminated orally, but only by
an instrument in writing signed by all parties
and only in accordance with the provisions
of the 1940 Act and the rules and regulations
promulgated thereunder.

	17. COUNTERPARTS.  This
Agreement may be executed simultaneously
in two or more counterparts, each of which
shall be deemed an original, but all of which
together shall constitute one and the same
instrument.

	18. TRACK RECORD.
Notwithstanding anything else to the
contrary herein, the Adviser shall retain a
right to use the investment performance and
track record of the Fund (including in
marketing materials) to the extent permitted
by law.  Further, for the avoidance of doubt,
the Adviser shall be entitled to retain a copy
and use records of each of its transactions
and other records pertaining to the Fund as
are necessary to support any such uses of the
investment performance and track record.

	19. MISCELLANEOUS.  Where
the effect of a requirement of the 1940 Act
or the Investment Advisers Act of 1940
reflected in any provision of this Agreement
is altered by a rule, regulation or order of the
Securities and Exchange Commission,
whether of special or general application,
such provision shall be deemed to
incorporate the effect of such rule,
regulation or order.

	20. NO THIRD PARTY
BENEFICIARIES. The parties hereto
acknowledge and agree that this Agreement
is intended solely for the benefit of the
parties hereto and any natural person or
entity obtaining rights hereunder as an
Indemnitee and that there shall be no third
party beneficiaries to this Agreement, either
express or implied.

IN WITNESS WHEREOF, the Parties
hereto have caused this Agreement to be
executed and effective as of the day and year
first written above.

PRIVACORE PCAAM ALTERNATIVE
GROWTH FUND

/s/ Kieran Murray

By:    Kieran Murray
Title: President

PRIVACORE CAPITAL ADVISORS, LLC

/s/ Sandhya Ganapathy

By:    Sandhya Ganapathy
Title: CCO
DMS_US.374916086.4
1
DMS_US.374916086.4

```

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

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0002017577

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

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

**Item A.1.a - Report for period ending:** 2026-03-31

**Item A.1.b - Does this report cover a period of less than 12 months?:** No

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

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

- **Item B.1.b - Investment Company Act file number:** 811-23960

- **Item B.1.c - CIK:** 0002017577

- **Item B.1.d - LEI:** 529900M4WGWN8QGCUR86

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

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

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

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

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

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

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

**Location books Record: 1**

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

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

- **c. City:** Milwaukee

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

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

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

- **g. Telephone number:** 4142992000

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

**Location books Record: 2**

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

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

- **c. City:** New York

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

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

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

- **g. Telephone number:** 8003043863

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

**Location books Record: 3**

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

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

- **c. City:** Boston

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

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

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

- **g. Telephone number:** 6172922570

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

- **Item B.4.a - Is this the first filing by the Registrant?:** No

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

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

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

### Item B.6 - Organization

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

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

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

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

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

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

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

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

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name             | Is Interested Person?   | Other Investment Company File Numbers   |
|:---|:---|:---|
| David Mehenny    | Yes                     | 811-23961, 811-24082                    |
| Lenia M. Ascenso | Yes                     | 811-23961                               |
| Arthur Liao      | No                      | 811-23961, 811-24082                    |
| Brian Devaney    | No                      | 811-23961, 811-24082                    |
| Sarah Dyer       | No                      | 811-23961, 811-24082                    |

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

**Chief compliance officer Record: 1**

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

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

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

- **d. City:** Denver

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

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

- **g. Zip code:** 80246

- **h. Telephone number:** XXXXXX

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

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

**CCO employer Record: 1**

- **i. Name of the person:** —

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

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

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

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

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

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

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

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

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

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

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

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

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

- **iii. CRD number:** 000028832

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

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

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

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

- **b. Have any principal underwriters been hired or terminated during the reporting period?** No

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

**Public accountant Record: 1**

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

- **b. PCAOB Number:** 00238

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

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

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

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

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

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

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

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

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

## Part C: Additional Questions for Management Investment Companies

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

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

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

- **c. LEI:** 529900M4WGWN8QGCUR86

- **d. Is this the first filing on this form by the Fund?:** No

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

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

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

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

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

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

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

- [x] N/A

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

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

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

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

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

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

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

Did the Fund rely on the following rules?

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

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

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

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

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

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

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

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

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

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

**Investment Advisers Record: 1**

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

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

- **iii. CRD number:** 000330893

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

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

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

- **vii. Was the investment adviser hired during the reporting period?:** No

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

**Sub-adviser Record: 1**

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

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

- **iii. CRD number:** 000120663

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

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

- **vii. Was the sub-adviser hired during the reporting period?:** No

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

**Transfer Agents Record: 1**

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

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

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

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

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

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

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

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

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

No Pricing Services reported.

**Item C.12. Custodians.**

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

**Custodians Record: 1**

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

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

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

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

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

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

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

- **b. Was a custodian hired or terminated during the reporting period?** No

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

**Shareholder Servicing Agents Record: 1**

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

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

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

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

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

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

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

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

**Administrators Record: 1**

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

- **ii. LEI, if any, or other identifying number:** N/A

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

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

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

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

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

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

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

No Brokers reported.

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

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

- **Item C.19.a - Fund's monthly average net assets:** $64,595,085.77

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

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

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

## Part E: Additional Questions for ETFs and ETMFs

## N-CEN: Part G: Attachments

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

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

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

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

- [ ] iv. Change in accounting principles and practices

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

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

## N-CEN: Signature

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

**Registrant:** Privacore PCAAM Alternative Growth Fund

**Date:** 2026-06-12

**Signature:** /s/ Peter Sattelmair

**Title:** Treasurer and Principal Financial Officer