# EDGAR Filing Document

**Accession Number:** 0001810256
**File Stem:** 0001145549-25-054084
**Filing Date:** 2025-8
**Character Count:** 100199
**Document Hash:** 05d21f1ddad22e43252aa0c03e2039e1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-054084.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001145549-25-054084

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bow River Capital Evergreen Fund
- **CENTRAL INDEX KEY:** 0001810256

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23566
- **FILM NUMBER:** 251258652

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

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

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

## Nport-Ex

**Bow River Capital Evergreen Fund**

**Consolidated Schedule of Investments**

**June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
|  | Value |
| **Private Investments - 84.9%** |  |
| &nbsp;&nbsp;&nbsp;**Direct Investments - 42.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Credit - 4.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Opportunistic - 1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CL-EA Co-Investment Opportunities I, LP, 10.83% (SOFR1M + 6.50%), 12/31/2029, principal $3,000,000<sup>(1),(2)</sup> | $5966383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digital Alpha Solutions Fund, LP, 14.86% (SOFR3M + 9.50% PIK + CSA)<sup>(1),(2)</sup> | 4348364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmer Square Loan Funding 2021-3, Ltd.<sup>(1)</sup> | 424000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sand Trust Series 21-1A - Class SUB, 10/15/2034<sup>(1),(2)</sup> | 595600 |
|  | 11334347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Senior Credit - 1.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AP DSB Co-Invest II, LP<sup>(1),(2),(4)</sup> | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSPT Acquisition, Inc. T/L, 10.06% (SOFR1M + 5.50%), 1/4/2027, principal $3,355,244<sup>(1),(3)</sup> | 3293303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ClearScale, LLC T/L A, 13.21% (SOFR1M + 8.40%), 11/19/2025, principal $981,679<sup>(1),(3)</sup> | 995028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corsair Blade IV (Luxembourg) S.a.r.l., 8.09% (EurlBOR3M + 5.75%, principal EUR 1,558,844) and 10.21% (SONIA + 5.75%, principal GBP 2,171,024), 1/5/2031<sup>(1),(3)</sup> | 4702034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pathstone Family Office, LLC, 9.43% (SOFR1M + 6.75% + CSA), 5/19/2029, principal $2,953,575<sup>(1),(3)</sup> | 2768608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VCPF III Co-Invest 1-A, LP<sup>(1),(2)</sup> | 2772555 |
|  | 14531767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Subordinated Credit - 1.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eagle Point SRT Co-Invest I, LP, 10.34% (EurlBOR3M + 8.00%), 9/26/2031, principal EUR 6,250,000<sup>(1),(3),(5)</sup> | 4797517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PARIOU SLP, 8.00% PIK, 10/31/2030, principal EUR 6,404,071<sup>(1),(2)</sup> | 6140186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polaris Newco, 13.45% (SOFR3M + 9.00% + CSA, 1.00% Floor), 6/3/2029, principal $2,150,195<sup>(1),(3)</sup> | 2040694 |
|  | 12978397 |
|  | 38844511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity - 37.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Buyout - 37.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Hyperdrive Co-Invest, LLC<sup>(1),(2),(4)</sup> | 2430685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquiom Financial, LLC<sup>(1),(3),(4)</sup> | 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AE Co-Investment Partners Fund III-R, LP<sup>(1),(3),(4)</sup> | 12031160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpine Investors Iceman CV[-A], LP<sup>(1),(2),(4)</sup> | 9738519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AP DSB Co-Invest II, LP<sup>(1),(2),(4)</sup> | 4189786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AP Goat Co-Invest, LP<sup>(1),(2),(4)</sup> | 4946212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biloxi Co-Investment Partners, LP<sup>(1),(2),(4)</sup> | 2573318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Butterfly Nourish Co-Invest, LP<sup>(1),(2),(4)</sup> | 8733827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BW Colson Co-Invest Feeder (Cayman), LP<sup>(1),(2),(4)</sup> | 5841431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BW Phoenix Co-Invest, LP<sup>(1),(2),(4)</sup> | 8656790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Riser Co-Investment, LP<sup>(1),(2),(4)</sup> | 2532078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIP IX Co-Investment Vehicle 2, LP<sup>(1),(3),(4)</sup> | 10678212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation 2022, LP<sup>(1),(2),(4)</sup> | 3613867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corsair Amore Investors, LP<sup>(1),(3),(4)</sup> | 1587050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corsair Riva Munich Co-Investment, LP<sup>(1),(2),(4)</sup> | 9017847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coyote 2021, LP<sup>(1),(2),(4)</sup> | 7768381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DSG Group Holdings, LP<sup>(1),(3),(4)</sup> | 8525103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enak Aggregator, LP<sup>(1),(2),(4)</sup> | 3906171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Falcon Co-Investment Partners, LP<sup>(1),(2),(4)</sup> | 3079063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.I.G. Starlite-A Co-Investment, LP<sup>(1),(3),(4)</sup> | 7750211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hg Vega Co-Invest, LP<sup>(1),(2),(4)</sup> | 8787835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ISH Co-Investment Aggregator, LP<sup>(1),(2),(4)</sup> | 2579185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IvyRehab Holdings, LLC<sup>(1),(3),(4),(6)</sup> | 9554041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Game Changer Co-Invest, LP<sup>(1),(3),(4)</sup> | 8400000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NCS Investment, LP<sup>(1),(3),(4),(6)</sup> | 5060000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OceanSound Partners Co-Invest II, LP - Series B<sup>(1),(2),(4)</sup> | 11552928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OceanSound Partners Co-Invest II, LP - Series E<sup>(1),(2),(4)</sup> | 12497735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OceanSound SMX Continuation Fund, LP<sup>(1),(2),(4)</sup> | 9873910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onex OD Co-Invest, LP<sup>(1),(2),(4)</sup> | 7320327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSP Co-Invest II, LP<sup>(1),(2),(4)</sup> | 9261502 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palms Co-Investment Partners, LP<sup>(1),(2),(4)</sup> | 4310669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Stream Co-Invest Fund, LP<sup>(1),(2),(4)</sup> | 2162696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PSC Tiger, LP<sup>(1),(2),(4)</sup> | 6756864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SANCY SLP<sup>(1),(2),(4)</sup> | 1824634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCPCV-A, LP<sup>(1),(2),(4)</sup> | 6836066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEP Hamilton III Aggregator, LP<sup>(1),(2),(4)</sup> | 5230881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEP Skyhawk Fund III Aggregator, LP<sup>(1),(2),(4)</sup> | 425538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEP Skyhawk Fund III Aggregator II, LP<sup>(1),(3),(4)</sup> | 215665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Lake Strategic Investors VI, LP<sup>(1),(2),(4)</sup> | 7059416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprinklyer 2024 Co-Investment I (Feeder) SCSp<sup>(1),(2),(4)</sup> | 10800997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCV Beat Co., LP<sup>(1),(2),(4)</sup> | 6707586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG IX Evergreen Cl 1, LP<sup>(1),(2),(4)</sup> | 11717321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truelink Alpine, LP<sup>(1),(2),(4)</sup> | 8324696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VCF Compass Co-Investor Holdings, LP<sup>(1),(2),(4)</sup> | 7174105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VCF Compass Co-Investor Holdings II, LP<sup>(1),(2),(4)</sup> | 860665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veregy Parent, LLC<sup>(1),(3),(4)</sup> | 5071623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistage Equity Investors, LP<sup>(1),(2),(4)</sup> | 9530391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wildcat 21 Co-Invest Fund, LP<sup>(1),(2),(4)</sup> | 3600122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WP Gateway Co-Invest, LP<sup>(1),(2),(4)</sup> | 44322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yorkville Partners, LP<sup>(1),(2),(4)</sup> | 9939887 |
|  | 316081318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Growth Equity - 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WestCap Cerebral Co-Invest 2021, LLC<sup>(1),(2),(4)</sup> | 25814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WestCap LoanPal Co-Invest 2020, LLC<sup>(1),(3),(4)</sup> | 2390387 |
|  | 2416201 |
|  | 318497519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Direct Investments (Cost $255,521,521) | 357342030 |
| **Primary Funds - 13.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Credit - 1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Opportunistic - 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lynx EBO Fund I (A), LLC<sup>(1),(2),(4)</sup> | 44325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Senior Credit - 1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ashgrove Specialty Lending Fund I SCSp RAIF<sup>(1),(2),(4)</sup> | 1224699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ashgrove Specialty Lending Fund II<sup>(1),(2),(4)</sup> | 386773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coller Credit Opportunities I - B, LP<sup>(1),(2)</sup> | 4013761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onex Structured Credit Opportunities International Fund I, LLC<sup>(1),(2)</sup> | 875300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TKO Fund<sup>(1),(2),(4)</sup> | 2261939 |
|  | 8762472 |
|  | 8806797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity - 12.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Buyout - 9.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avista Capital Partners V, LP<sup>(1),(2),(4)</sup> | 4191039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Dynamics Global Secondaries VI, LP<sup>(1),(2),(4)</sup> | 630329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dawson Portfolio Finance 4, LP<sup>(1),(2),(4)</sup> | 3661203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dawson Portfolio Finance 5, LP<sup>(1),(2),(4)</sup> | 4796666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ethos Capital Investments, LP<sup>(1),(2),(4)</sup> | 3958892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FFL Capital Partners V, LP<sup>(1),(2),(4)</sup> | 8646850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gridiron Capital Fund V, LP<sup>(1),(2),(4)</sup> | 3314803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICG LP Secondaries Fund I, LP<sup>(1),(2),(4)</sup> | 3291151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OceanSound Partners Fund, LP<sup>(1),(2),(4)</sup> | 5591824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OceanSound Partners Fund II, LP<sup>(1),(2),(4)</sup> | 6590939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overbay Fund XIV Offshore, LP<sup>(1),(2),(4)</sup> | 1420102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sheridan Capital Partners Fund III, LP<sup>(1),(2),(4)</sup> | 3726827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK Capital Partners VI-A, LP<sup>(1),(2),(4)</sup> | 8499492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumeru Equity Partners Fund III, LP<sup>(1),(2),(4)</sup> | 2601894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumeru Equity Partners Fund IV, LP<sup>(1),(2),(4)</sup> | 2553594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truelink Capital Fund I-A, LP<sup>(1),(2),(4)</sup> | 8205519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valeas Capital Partners Fund I, LP<sup>(1),(2),(4)</sup> | 12417978 |
|  | 84099102 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Growth Equity - 2.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Vintage Partners Fund I, LP<sup>(1),(3),(4)</sup> | 2934968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WestCap Strategic Operator Fund II, LP<sup>(1),(2),(4)</sup> | 6053568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WestCap Strategic Operator U.S. Feeder Fund, LP<sup>(1),(3),(4)</sup> | 7692467 |
|  | 16681003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Opportunistic - 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grain Spectrum Holdings III (Cayman), LP<sup>(1),(2),(4)</sup> | 3862581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Assets - 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EnCap Energy Transition Fund 1-A, LP<sup>(1),(2),(4)</sup> | 1312975 |
|  | 105955661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Primary Funds (Cost $74,549,443) | 114762458 |
| **Private Investment Funds - 5.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Liquid - 5.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bright Meadow Agency MBS Onshore Fund, LP<sup>(1),(2),(4)</sup> | 8101676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ruffer Absolute Institutional, Ltd.<sup>(1),(2),(4)</sup> | 7130311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saba Capital Carry Neutral Tail Hedge Offshore Fund, Ltd.<sup>(1),(2),(4)</sup> | 9997393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voleon Composition International Fund<sup>(1),(2),(4)</sup> | 12600437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voloridge Fund, LP<sup>(1),(2),(4)</sup> | 4749386 |
|  | 42579203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Senior Credit - 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIMCO DSCO Fund II Offshore Feeder, LP<sup>(1),(2),(4)</sup> | 5911947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Private Investment Funds (Cost $43,877,126) | 48491150 |
| **Secondary Funds - 23.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Credit - 4.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Senior Credit - 2.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AG DLI IV (Unlevered), LP<sup>(1),(2),(4)</sup> | 10809333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BRCE SPV I, LLC<sup>(1),(3),(4)</sup> | 163618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightwood U.S. Credit Fund, LP<sup>(1),(2)</sup> | 2985682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coller Credit Opportunities I - Annex I, SLP<sup>(1),(2)</sup> | 2749104 |
|  | 16707737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Subordinated Credit - 2.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCS Co-Investment Vehicle I, LP<sup>(1),(2),(4)</sup> | 4616485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCS Co-Investment Vehicle 2 (Feeder), LP<sup>(1),(2),(4)</sup> | 12986664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coller Capital CBL Fund II<sup>(1),(2),(4)</sup> | 2311638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRG Partners III - Parallel Fund (A), LP<sup>(1),(2),(4)</sup> | 2146069 |
|  | 22060856 |
|  | 38768593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity - 19.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Buyout - 17.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adams Street 2009 Direct Fund, LP<sup>(1),(2),(4)</sup> | 16570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adams Street 2010 Direct Fund, LP<sup>(1),(2),(4)</sup> | 26399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adams Street 2011 Direct Fund, LP<sup>(1),(2),(4)</sup> | 34848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adams Street 2011 Non-U.S. Developed Markets Fund, LP<sup>(1),(2),(4)</sup> | 112769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adams Street 2011 U.S. Fund, LP<sup>(1),(2),(4)</sup> | 210093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adams Street 2013 Global Fund, LP<sup>(1),(2),(4)</sup> | 1471658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adams Street 2014 Global Fund, LP<sup>(1),(2),(4)</sup> | 847509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adams Street Partnership Fund 2009 Non-U.S. Developed Markets Fund, LP<sup>(1),(2),(4)</sup> | 60175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adams Street Partnership Fund 2009 U.S. Fund, LP<sup>(1),(2),(4)</sup> | 141644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adams Street Partnership Fund 2010 Non-U.S. Developed Markets Fund, LP<sup>(1),(2),(4)</sup> | 77881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adams Street Partnership Fund 2010 U.S. Fund, LP<sup>(1),(2),(4)</sup> | 185643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alchemy Special Opportunities Fund II, LP<sup>(1),(2),(4)</sup> | 1040320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altor Fund IV (No. 1) AB<sup>(1),(2),(4)</sup> | 5494071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASP (Feeder) 2017 Global Fund, LP<sup>(1),(2),(4)</sup> | 1042643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Wolf Capital Fund IV, LP<sup>(1),(2),(4)</sup> | 4214238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brentwood Associates Private Equity VI, LP<sup>(1),(2),(4)</sup> | 3633365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coller International Partners VI Feeder Fund, LP - Class A<sup>(1),(2),(4)</sup> | 341761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coller International Partners VII Feeder Fund, LP - Series B<sup>(1),(2),(4)</sup> | 1117993 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Secondaries Special Opportunities II, S.C.S.<sup>(1),(2),(4)</sup> | 8659447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Secondaries Special Opportunities II B, S.C.S.<sup>(1),(2),(4)</sup> | 3520285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forrest Holdings I, LP - Class A<sup>(1),(2),(4)</sup> | 783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forrest Holdings I, LP - Class B<sup>(1),(2),(4)</sup> | 10964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gasherbrum Fund II, LP<sup>(1),(2),(4)</sup> | 8298521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graphite Capital Partners VIII D, LP<sup>(1),(3),(4)</sup> | 3583614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICG Europe Fund V Investor Feeder Limited Partnership<sup>(1),(2),(4)</sup> | 766144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICG Europe Fund VII Feeder SCSp<sup>(1),(2),(4)</sup> | 6304248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICG Ludgate Hill IV-A Leopard, LP<sup>(1),(2),(4)</sup> | 5260766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KH Aggregator, LP<sup>(1),(2),(4)</sup> | 3707812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leeds Equity Partners VI, LP<sup>(1),(2),(4)</sup> | 3457124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leeds Equity Partners VII-A, LP<sup>(1),(2),(4)</sup> | 4891034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onex Fund V, LP<sup>(1),(2),(4)</sup> | 8131034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overbay Capital Partners 2023 Fund Aggregator, LP<sup>(1),(2),(4)</sup> | 12233441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overbay Capital Partners 2024 Fund Aggregator (AIV VI) II, LP<sup>(1),(3),(4)</sup> | 12948000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overbay Capital Partners 2024 Fund Aggregator (AIV VII), LP<sup>(1),(3),(4)</sup> | 22928387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overbay Fund XIV (AIV III), LP<sup>(1),(2),(4)</sup> | 906140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overbay Fund XIV Offshore (AIV), LP<sup>(1),(2),(4)</sup> | 2233119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Porcupine Holdings, LP - Class A<sup>(1),(2),(4)</sup> | 2603111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Porcupine Holdings, LP - Class B<sup>(1),(2),(4)</sup> | 1568712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resolute Fund IV, LP<sup>(1),(2),(4)</sup> | 6134637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resolute III Continuation Fund, LP<sup>(1),(2),(4)</sup> | 8676295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEP Hamilton, LP<sup>(1),(3),(4),(6)</sup> | 1197487 |
|  | 148090685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Growth Equity - 1.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVP Monogram Co-Invest, LP<sup>(1),(3),(4)</sup> | 13928169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Assets - 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Infrastructure Partners II-C, LP<sup>(1),(2),(4)</sup> | 331475 |
|  | 162350329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Secondary Funds (Cost $145,982,084) | 201118922 |
| **Total Private Investments (Cost $519,930,174)** | **721714560** |
| **U.S. Treasury Bills - 7.0%** |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill, 4.20% OID, 7/1/2025, principal $60,000,000<sup>(7)</sup> | 59192700 |
| **Total U.S. Treasury Bills (Cost $59,192,700)** | **59192700** |
| **Short-Term Investments - 10.9%** |  |
| &nbsp;&nbsp;&nbsp;UMB Money Market Fiduciary, 0.01%, shares 43,774,090<sup>(8),(9)</sup> | 43774090 |
| &nbsp;&nbsp;&nbsp;UMB Money Market Special, 4.19%, shares 48,570,271<sup>(8),(9)</sup> | 48570271 |
| **Total Short-Term Investments (Cost $92,344,361)** | **92344361** |
| **Total Investments (Cost $671,467,235) - 102.8%** | $**873251621** |
| Other liabilities in excess of assets - -2.8% | (23538085) |
| **Net Assets - 100%** | $**849713536** |

---

CSA - Credit Spread Adjustment

EUR - European Union Currency (Euro)

EurlBOR3M - Three Month Euribor Rate

GBP - Great Britain Pound

LLC - Limited Liability Company

LP - Limited Partnership

PIK - Payment In Kind

RAIF - Reserved Alternative Investment Fund

SCSp - Special Limited Partnership

SLP - Special Limited Partnership

SOFR1M - One Month Average Secured Overnight Financing Rate

SOFR3M - Three Month Average Secured Overnight Financing Rate

SONIA - Sterling Overnight Index Average

<sup>1</sup> Restricted security. The total value of these securities is $721,714,560, which represents 84.9% of total net assets of the Fund. Please refer to the Restricted Securities in the Notes to the Consolidated Schedule of Investments.

<sup>2</sup> Investment is valued using the Fund's pro rata net asset value (or its equivalent) as a practical expedient.

<sup>3</sup> Level 3 securities fair valued using significant unobservable inputs. The total value of these securities is $160,237,346, which represents 18.9% of total net assets of the Fund.

<sup>4</sup> Non-income producing.

<sup>5</sup> All or a portion of this security is held through a wholly-owned consolidated Subsidiary, Reverb, Ltd.

<sup>6</sup> All or a portion of this security is held through a wholly-owned consolidated Subsidiary, Spartan I, LLC.

<sup>7</sup> All or a portion of this security is held through a wholly-owned consolidated Subsidiary, BRC UMB, LLC.

<sup>8</sup> Rate disclosed represents the seven day yield as of the Fund's period end.

<sup>9</sup> The account is an interest-bearing money market deposit account maintained by UMB Bank, n.a. in its capacity as a custodian for various participating custody accounts. The Fund may redeem its investments in whole, or in part, on each business day.

On June 30, 2025, the Bow River Capital Evergreen Fund had an outstanding forward foreign currency contract with terms as set forth below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Contract Amount** | **Contract Amount** | **Contract Amount** | | |
| <br> **Settlement Date** | <br>**Counterparty** | **Currency**<br>**Purchased** | **Currency**<br>**Sold** | **Buy** | **Sell** | **Sell** |<br>**Value** | **Unrealized**<br>**Depreciation** |
| September 30, 2025 | Bannockburn Global Forex, LLC | USD | EUR | $46928000 | EUR | 40000000 | $47411085 | $(483085) |
|  |  |  |  |  |  |  |  | $(483085) |

---

**Bow River Capital Evergreen Fund**

**Consolidated Summary of Investments**

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
|  | Percent of Total |
| Security Type/Geographic Region | Net Assets |
| **Private Investments** |  |
| &nbsp;&nbsp;&nbsp;North America | 59.5% |
| &nbsp;&nbsp;&nbsp;Global | 14.2% |
| &nbsp;&nbsp;&nbsp;Europe | 11.2% |
| **Total Private Investments** | **84.9%** |
| **U.S. Treasury Bills** | **7.0%** |
| **Short-Term Investments** | **10.9%** |
| **Total Investments** | **102.8%** |
| &nbsp;&nbsp;&nbsp;Liabilities in excess of other assets | -2.8% |
| **Net Assets** | **100.0%** |

---

See accompanying Notes to the Consolidated Schedule of Investments.

**Bow River Capital Evergreen Fund**

**Notes to the CONSOLIDATED schedule of investments**

**JUNE 30, 2025 (unaudited)**

**Restricted Securities**

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

Additional information on each restricted investment held by the Fund on June 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investments** | **Initial**<br>**Acquisition Date** |<br>**Cost** | **Fair**<br>**Value** | **% of**<br>**Net Assets** |
| ACP Hyperdrive Co-Invest, LLC | March 7, 2022 | $2594796 | $2430685 | 0.3% |
| Acquiom Financial, LLC | June 27, 2025 | 5004000 | 5000000 | 0.6% |
| Adams Street 2009 Direct Fund, LP | April 1, 2022 | 17881 | 16570 | 0.0% |
| Adams Street 2010 Direct Fund, LP | April 1, 2022 | 19579 | 26399 | 0.0% |
| Adams Street 2011 Direct Fund, LP | April 1, 2022 | 35423 | 34848 | 0.0% |
| Adams Street 2011 Non-U.S. Developed Markets Fund, LP | April 1, 2022 | 71991 | 112769 | 0.0% |
| Adams Street 2011 U.S. Fund, LP | April 1, 2022 | 127233 | 210093 | 0.0% |
| Adams Street 2013 Global Fund, LP | April 1, 2022 | 1119471 | 1471658 | 0.2% |
| Adams Street 2014 Global Fund, LP | April 1, 2022 | 598193 | 847509 | 0.1% |
| Adams Street Partnership Fund 2009 Non-U.S. Developed Markets Fund, LP | April 1, 2022 | 46037 | 60175 | 0.0% |
| Adams Street Partnership Fund 2009 U.S. Fund, LP | April 1, 2022 | 126537 | 141644 | 0.0% |
| Adams Street Partnership Fund 2010 Non-U.S. Developed Markets Fund, LP | April 1, 2022 | 54766 | 77881 | 0.0% |
| Adams Street Partnership Fund 2010 U.S. Fund, LP | April 1, 2022 | 132575 | 185643 | 0.0% |
| AE Co-Investment Partners Fund III-R, LP | February 21, 2025 | 8035160 | 12031160 | 1.4% |
| AG DLI IV (Unlevered), LP | April 28, 2023 | 7390957 | 10809333 | 1.3% |
| Alchemy Special Opportunities Fund II, LP | April 4, 2024 | 701979 | 1040320 | 0.1% |
| Alpine Investors Iceman CV[-A], LP | October 20, 2023 | 7254639 | 9738519 | 1.1% |
| Altor Fund IV (No. 1) AB | August 12, 2022 | 5583571 | 5494071 | 0.6% |
| AP DSB Co-Invest II, LP | July 30, 2021 | 1804340 | 4189786 | 0.5% |
| AP DSB Co-Invest II, LP | July 30, 2021 |  | 239 | 0.0% |
| AP Goat Co-Invest, LP | January 24, 2025 | 4950034 | 4946212 | 0.6% |
| Ashgrove Specialty Lending Fund I SCSp RAIF | December 17, 2021 | 795437 | 1224699 | 0.1% |
| Ashgrove Specialty Lending Fund II | August 30, 2024 | 453367 | 386773 | 0.0% |
| ASP (Feeder) 2017 Global Fund, LP | April 1, 2022 | 669046 | 1042643 | 0.1% |
| Avista Capital Partners V, LP | March 16, 2021 | 2632551 | 4191039 | 0.5% |
| Biloxi Co-Investment Partners, LP | August 13, 2021 | 1460680 | 2573318 | 0.3% |
| Blue Wolf Capital Fund IV, LP | December 31, 2024 | 2699746 | 4214238 | 0.5% |
| BRCE SPV I, LLC | May 22, 2020 | 402326 | 163618 | 0.0% |
| Brentwood Associates Private Equity VI, LP | December 31, 2024 | 2492014 | 3633365 | 0.4% |
| Bright Meadow Agency MBS Onshore Fund, LP | April 4, 2025 | 8004000 | 8101676 | 1.0% |
| Brightwood U.S. Credit Fund, LP | September 13, 2024 | 2113822 | 2985682 | 0.4% |
| BSPT Acquisition, Inc. T/L | February 19, 2025 | 1905707 | 3293303 | 0.4% |
| Butterfly Nourish Co-Invest, LP | February 3, 2023 | 3434753 | 8733827 | 1.0% |
| BW Colson Co-Invest Feeder (Cayman), LP | March 15, 2021 | 3062822 | 5841431 | 0.7% |
| BW Phoenix Co-Invest, LP | February 9, 2024 | 7059621 | 8656790 | 1.0% |
| Capital Dynamics Global Secondaries VI, LP | December 27, 2024 | 526730 | 630329 | 0.1% |
| Carlyle Riser Co-Investment, LP | November 11, 2022 |  | 2532078 | 0.3% |
| CCS Co-Investment Vehicle 2 (Feeder), LP | December 20, 2024 | 10384879 | 12986664 | 1.5% |
| CCS Co-Investment Vehicle I, LP | March 29, 2024 | 3153590 | 4616485 | 0.5% |
| CIP IX Co-Investment Vehicle 2, LP | April 4, 2025 | 9822347 | 10678212 | 1.3% |
| CL-EA Co-Investment Opportunities I, LP | June 14, 2024 | 4848892 | 5966383 | 0.7% |
| ClearScale LLC T/L A | February 15, 2025 | 562785 | 995028 | 0.1% |
| Coller Capital CBL Fund II | October 11, 2024 | 1747524 | 2311638 | 0.3% |
| Coller Credit Opportunities I - Annex I, SLP | July 29, 2021 | 1630267 | 2749104 | 0.3% |
| Coller Credit Opportunities I - B, LP | January 5, 2022 | 2870872 | 4013761 | 0.5% |
| Coller International Partners VI Feeder Fund, LP - Class A | October 1, 2020 | 2147 | 341761 | 0.0% |
| Coller International Partners VII Feeder Fund, LP - Series B | October 1, 2020 |  | 1117993 | 0.1% |
| Constellation 2022, LP | August 12, 2022 | 1318780 | 3613867 | 0.4% |
| Corsair Amore Investors, LP | May 27, 2022 | 5867714 | 1587050 | 0.2% |
| Corsair Blade IV (Luxembourg) S.a.r.l. | April 12, 2024 | 4341275 | 4702034 | 0.6% |
| Corsair Riva Munich Co-Investment, LP | March 28, 2025 | 5165183 | 9017847 | 1.1% |
| Coyote 2021, LP | March 29, 2021 | 2615483 | 7768381 | 0.9% |
| CRG Partners III - Parallel Fund (A), LP | December 31, 2022 | 1876669 | 2146069 | 0.3% |
| Crown Secondaries Special Opportunities II B, S.C.S. | September 26, 2024 | 7027091 | 8659447 | 1.0% |
| Crown Secondaries Special Opportunities II, S.C.S. | September 26, 2024 | 2784179 | 3520285 | 0.4% |
| Dawson Portfolio Finance 4, LP | November 10, 2020 | 2343065 | 3661203 | 0.4% |
| Dawson Portfolio Finance 5, LP | February 24, 2022 | 3979942 | 4796666 | 0.6% |
| Digital Alpha Solutions Fund, LP | October 28, 2022 | 2538109 | 4348364 | 0.5% |
| DSG Group Holdings, LP | September 9, 2022 | 5585674 | 8525103 | 1.0% |
| Eagle Point SRT Co-Invest I, LP | October 18, 2024 | 4445372 | 4797517 | 0.6% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investments** | **Initial**<br>**Acquisition Date** |<br>**Cost** | **Fair**<br>**Value** | **% of**<br>**Net Assets** |
| Enak Aggregator, LP | January 18, 2022 | 2861507 | 3906171 | 0.5% |
| EnCap Energy Transition Fund 1-A, LP | April 21, 2021 | 11474 | 1312975 | 0.2% |
| Ethos Capital Investments, LP | August 16, 2023 | 2224249 | 3958892 | 0.5% |
| Falcon Co-Investment Partners, LP | January 26, 2022 | 3029283 | 3079063 | 0.4% |
| FFL Capital Partners V, LP | June 16, 2022 | 6031240 | 8646850 | 1.0% |
| Forrest Holdings I, LP - Class A | March 17, 2021 |  | 783 | 0.0% |
| Forrest Holdings I, LP - Class B | March 17, 2021 |  | 10964 | 0.0% |
| Gasherbrum Fund II, LP | May 30, 2024 | 6359703 | 8298521 | 1.0% |
| Global Infrastructure Partners II-C, LP | January 14, 2022 |  | 331475 | 0.0% |
| Grain Spectrum Holdings III (Cayman), LP | October 28, 2020 | 2717921 | 3862581 | 0.5% |
| Graphite Capital Partners VIII D, LP | June 30, 2020 |  | 3583614 | 0.4% |
| Gridiron Capital Fund V, LP | November 27, 2023 | 3002776 | 3314803 | 0.4% |
| H.I.G. Starlite-A Co-Investment, LP | April 11, 2025 | 7754211 | 7750211 | 0.9% |
| Hg Vega Co-Invest, LP | May 10, 2024 | 7016708 | 8787835 | 1.0% |
| ICG Europe Fund V Investor Feeder Limited Partnership | April 4, 2024 | 454501 | 766144 | 0.1% |
| ICG Europe Fund VII Feeder SCSp | April 4, 2024 | 1922686 | 6304248 | 0.7% |
| ICG LP Secondaries Fund I, LP | July 31, 2023 | 2752868 | 3291151 | 0.4% |
| ICG Ludgate Hill IV-A Leopard, LP | July 31, 2023 | 3592175 | 5260766 | 0.6% |
| ISH Co-Investment Aggregator, LP | May 6, 2021 | 2311692 | 2579185 | 0.3% |
| IvyRehab Holdings, LLC | August 25, 2023 | 8004000 | 9554041 | 1.1% |
| KH Aggregator, LP | November 30, 2020 | 1478302 | 3707812 | 0.4% |
| KKR Game Changer Co-Invest, LP | May 30, 2024 | 6004000 | 8400000 | 1.0% |
| Leeds Equity Partners VI, LP | December 31, 2024 | 3154184 | 3457124 | 0.4% |
| Leeds Equity Partners VII-A, LP | December 31, 2024 | 4525425 | 4891034 | 0.6% |
| Lynx EBO Fund I (A), LLC | December 18, 2020 |  | 44325 | 0.0% |
| NCS Investment, LP | June 12, 2025 | 5064000 | 5060000 | 0.6% |
| New Vintage Partners Fund I, LP | March 28, 2025 | 2275335 | 2934968 | 0.3% |
| NVP monogram Co-Invest, LP | March 28, 2025 | 11000629 | 13928169 | 1.6% |
| OceanSound Partners Co-Invest II, LP - Series B | November 5, 2021 | 3897268 | 11552928 | 1.4% |
| OceanSound Partners Co-Invest II, LP - Series E | December 16, 2022 | 73529 | 12497735 | 1.5% |
| OceanSound Partners Fund II, LP | January 12, 2024 | 5011709 | 6590939 | 0.8% |
| OceanSound Partners Fund, LP | December 27, 2021 | 1965036 | 5591824 | 0.7% |
| OceanSound SMX Continuation Fund, LP | March 29, 2024 | 6682296 | 9873910 | 1.2% |
| Onex Fund V, LP | September 30, 2022 | 5908945 | 8131034 | 1.0% |
| Onex OD Co-Invest, LP | November 9, 2020 | 3511271 | 7320327 | 0.9% |
| Onex Structured Credit Opportunities International Fund I, LLC | May 11, 2021 | 108841 | 875300 | 0.1% |
| OSP Co-Invest II, LP | January 5, 2024 | 5952971 | 9261502 | 1.1% |
| Overbay Capital Partners 2023 Fund Aggregator, LP | September 30, 2024 | 8781420 | 12233441 | 1.4% |
| Overbay Capital Partners 2024 Fund Aggregator (AIV VI) II, LP | May 23, 2025 | 9964000 | 12948000 | 1.5% |
| Overbay Capital Partners 2024 Fund Aggregator (AIV VII), LP | April 25, 2025 | 17791245 | 22928387 | 2.7% |
| Overbay Fund XIV (AIV III), LP | March 26, 2021 |  | 906140 | 0.1% |
| Overbay Fund XIV Offshore (AIV), LP | January 5, 2021 |  | 2233119 | 0.3% |
| Overbay Fund XIV Offshore, LP | January 22, 2021 | 404618 | 1420102 | 0.2% |
| Palmer Square Loan Funding 2021-3, Ltd. | July 9, 2021 | 682936 | 424000 | 0.0% |
| Palms Co-Investment Partners, LP | June 3, 2022 | 3815259 | 4310669 | 0.5% |
| PARIOU SLP | October 14, 2022 | 5063971 | 6140186 | 0.7% |
| Pathstone Family Office, LLC | May 16, 2023 | 2953270 | 2768608 | 0.3% |
| PIMCO DSCO Fund II Offshore Feeder, LP | June 30, 2020 | 4205485 | 5911947 | 0.7% |
| Polaris Newco | June 18, 2021 | 1944555 | 2040694 | 0.2% |
| Porcupine Holdings, LP - Class A | December 29, 2021 | 1663964 | 2603111 | 0.3% |
| Porcupine Holdings, LP - Class B | December 29, 2021 | 2010512 | 1568712 | 0.2% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investments** | **Initial**<br>**Acquisition Date** |<br>**Cost** | **Fair**<br>**Value** | **% of**<br>**Net Assets** |
| Project Stream Co-Invest Fund, LP | October 1, 2021 | 2237751 | 2162696 | 0.3% |
| PSC Tiger, LP | September 6, 2024 | 5622313 | 6756864 | 0.8% |
| Resolute Fund IV, LP | December 31, 2024 | 5404229 | 6134637 | 0.7% |
| Resolute III Continuation Fund, LP | September 27, 2024 | 8019171 | 8676295 | 1.0% |
| Ruffer Absolute Institutional, Ltd. | April 1, 2022 | 7004000 | 7130311 | 0.8% |
| Saba Capital Carry Neutral Tail Hedge Offshore Fund, Ltd. | January 28, 2022 | 11004000 | 9997393 | 1.2% |
| SANCY SLP | October 14, 2022 | 1706492 | 1824634 | 0.2% |
| Sand Trust Series 21-1A - Class SUB | November 6, 2021 | 916162 | 595600 | 0.1% |
| SCPCV-A, LP | March 29, 2024 | 6487283 | 6836066 | 0.8% |
| SEP Hamilton III Aggregator, LP | August 17, 2020 | 2519336 | 5230881 | 0.6% |
| SEP Hamilton, LP | June 30, 2023 | 941500 | 1197487 | 0.1% |
| SEP Skyhawk Fund III Aggregator II, LP | April 25, 2025 | 219665 | 215665 | 0.0% |
| SEP Skyhawk Fund III Aggregator, LP | July 9, 2021 | 510356 | 425538 | 0.1% |
| Sheridan Capital Partners Fund III, LP | March 31, 2023 | 2314134 | 3726827 | 0.4% |
| Silver Lake Strategic Investors VI, LP | June 2, 2023 | 5010309 | 7059416 | 0.8% |
| SK Capital Partners VI-A, LP | April 26, 2024 | 5076968 | 8499492 | 1.0% |
| Sprinklyer 2024 Co-Investment I (Feeder) SCSp | March 14, 2025 | 9981285 | 10800997 | 1.3% |
| Sumeru Equity Partners Fund III, LP | December 8, 2020 | 2147044 | 2601894 | 0.3% |
| Sumeru Equity Partners Fund IV, LP | September 2, 2022 | 2506483 | 2553594 | 0.3% |
| TCV Beat Co., LP | September 27, 2024 | 7068051 | 6707586 | 0.8% |
| TKO Fund | November 4, 2022 | 1191676 | 2261939 | 0.3% |
| TPG IX Evergreen Cl 1, LP | November 22, 2023 | 7363677 | 11717321 | 1.4% |
| Truelink Alpine, LP | July 31, 2024 | 4160667 | 8324696 | 1.0% |
| Truelink Capital Fund I-A, LP | July 31, 2024 | 5985279 | 8205519 | 1.0% |
| Valeas Capital Partners Fund I, LP | October 31, 2024 | 7433965 | 12417978 | 1.5% |
| VCF Compass Co-Investor Holdings II, LP | March 21, 2025 | 790253 | 860665 | 0.1% |
| VCF Compass Co-Investor Holdings, LP | April 25, 2024 | 6004000 | 7174105 | 0.8% |
| VCPF III Co-Invest 1-A, LP | May 13, 2021 | 1954543 | 2772555 | 0.3% |
| Veregy Parent, LLC | November 3, 2020 | 3005300 | 5071623 | 0.6% |
| Vistage Equity Investors, LP | July 22, 2022 | 5004000 | 9530391 | 1.1% |
| Voleon Composition International Fund | February 29, 2024 | 10004000 | 12600437 | 1.5% |
| Voloridge Fund, LP | November 1, 2020 | 3655641 | 4749386 | 0.6% |
| WestCap Cerebral Co-Invest 2021, LLC | June 17, 2021 | 265814 | 25814 | 0.0% |
| WestCap LoanPal Co-Invest 2020, LLC | December 18, 2020 | 2476974 | 2390387 | 0.3% |
| WestCap Strategic Operator Fund II, LP | July 31, 2021 | 5424438 | 6053568 | 0.7% |
| WestCap Strategic Operator U.S. Feeder Fund, LP | February 5, 2021 | 2361425 | 7692467 | 0.9% |
| Wildcat 21 Co-Invest Fund, LP | August 13, 2021 | 1912397 | 3600122 | 0.4% |
| WP Gateway Co-Invest, LP | October 2, 2023 |  | 44322 | 0.0% |
| Yorkville Partners, LP | November 18, 2024 | 10004000 | 9939887 | 1.2% |
|  |  | $519930174 | $721714560 | 84.9% |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Denver

  - **State:** CO

  - **Foreign country:** US

  - **Zip / Postal Code:** 80206

  - **Telephone number:** 3038618466

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

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

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

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

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $895761333.59

**Total Liabilities:** $46047798.06

**Net Assets:** $849713535.53

**Amount of Assets Invested in Other Investment Companies:** $4862373.00

**Cash Not Reported:** $70662.24

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C745011111 | 0.81%                | 1.42%                | 0.03%                |
| Class ID C745022222 | 0.79%                | 1.39%                | 0.01%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1005106.89              | $7467561.00                                |
| Month 2  | $463633.00               | $12163653.00                               |
| Month 3  | $559945.00               | $2289713.00                                |

### Schedule of Portfolio Investments

| Name                                                                       | Title                                                                      | Identifiers                  | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Brentwood Associates Private Equity VI, L.P.                               | Brentwood Associates Private Equity VI, L.P.                               | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   3633365 | OU      | $3633365.00   | 0.43%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Bright Meadow Agency MBS Onshore Fund LP                                   | Bright Meadow Agency MBS Onshore Fund LP                                   | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   8101676 | OU      | $8101676.37   | 0.95%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Brightwood US Credit Fund LP                                               | Brightwood US Credit Fund LP                                               | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   2985682 | OU      | $2985682.00   | 0.35%             |  |  |  | Yes           | N/A                | On Loan: No      |
| BSPT Acquisition T/L                                                       | BSPT Acquisition T/L                                                       | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   3355244 | PA      | $3293302.90   | 0.39%             | 2027-01-04      | Floating      | 10.06%                | Yes           | 3                  | On Loan: No      |
| Butterfly Nourish Co-invest Project Nourish                                | Butterfly Nourish Co-invest Project Nourish                                | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   8733827 | OU      | $8733827.00   | 1.03%             |  |  |  | Yes           | N/A                | On Loan: No      |
| BW Colson Co-Invest Feeder (Cayman) LP                                     | BW Colson Co-Invest Feeder (Cayman) LP                                     | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |   5841431 | OU      | $5841431.00   | 0.69%             |  |  |  | Yes           | N/A                | On Loan: No      |
| BW Phoenix Co-Invest (Project Phoenix)                                     | BW Phoenix Co-Invest (Project Phoenix)                                     | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   8656790 | OU      | $8656790.00   | 1.02%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Capital Dynamics Global Secondaries VI                                     | Capital Dynamics Global Secondaries VI                                     | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    630329 | OU      | $630329.00    | 0.07%             |  |  |  | Yes           | N/A                | On Loan: No      |
| CCS Co-Investment Vehicle 2 Feeder                                         | CCS Co-Investment Vehicle 2 Feeder                                         | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | GG        |  12986664 | OU      | $12986664.00  | 1.53%             |  |  |  | Yes           | N/A                | On Loan: No      |
| CIP IX Co-Investment Vehicle 2 LP (Project Raptor)                         | CIP IX Co-Investment Vehicle 2 LP (Project Raptor)                         | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | GG        |  10678212 | OU      | $10678212.41  | 1.26%             |  |  |  | Yes           | 3                  | On Loan: No      |
| CL-EA Co-Investment Opportunities I, LP                                    | CL-EA Co-Investment Opportunities I, LP                                    | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | KY        |   3000000 | PA      | $5966383.00   | 0.70%             | 2029-12-31      | Floating      | 10.83%                | Yes           | N/A                | On Loan: No      |
| ClearScale T/L A                                                           | ClearScale T/L A                                                           | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |    981679 | PA      | $995027.55    | 0.12%             | 2025-11-19      | Floating      | 13.21%                | Yes           | 3                  | On Loan: No      |
| Coller Capital CBL Fund II                                                 | Coller Capital CBL Fund II                                                 | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |   2311638 | OU      | $2311638.00   | 0.27%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Coller CCO I GP, LP                                                        | Coller CCO I GP, LP                                                        | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | GG        |   4013761 | OU      | $4013760.73   | 0.47%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Coller Credit Opportunities I-Annex I                                      | Coller Credit Opportunities I-Annex I                                      | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | LU        |   2749104 | OU      | $2749104.00   | 0.32%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Coller Credit Second Special Sits Fund (Project Vermeer)                   | Coller Credit Second Special Sits Fund (Project Vermeer)                   | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | GG        |   4616485 | OU      | $4616484.67   | 0.54%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Coller International Partners VI Feeder Fund, L.P.                         | Coller International Partners VI Feeder Fund, L.P.                         | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |    211641 | OU      | $211640.99    | 0.02%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Coller International Partners VII Feeder Fund, L.P.                        | Coller International Partners VII Feeder Fund, L.P.                        | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | GG        |   1117993 | OU      | $1117993.00   | 0.13%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Constellation 2022 L.P.                                                    | Constellation 2022 L.P.                                                    | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   3613867 | OU      | $3613867.00   | 0.43%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Overbay Fund XIV Offshore LP                                               | Overbay Fund XIV Offshore LP                                               | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | CA        |   1420102 | OU      | $1420102.38   | 0.17%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Overbay XIV - AIV III (Quebec)                                             | Overbay XIV - AIV III (Quebec)                                             | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | CA        |    906140 | OU      | $906139.64    | 0.11%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Palms Co-Investment Partners, LP                                           | Palms Co-Investment Partners, LP                                           | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   4310669 | OU      | $4310669.00   | 0.51%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Pathstone Family Office LLC                                                | Pathstone Family Office LLC                                                | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   2953575 | PA      | $2768608.00   | 0.33%             | 2029-05-19      | Floating      | 9.43%                 | Yes           | 3                  | On Loan: No      |
| PIMCO DISCO Fund II Offshore Feeder, L.P.                                  | PIMCO DISCO Fund II Offshore Feeder, L.P.                                  | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |   5911947 | OU      | $5911947.33   | 0.70%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Polaris Newco                                                              | Polaris Newco                                                              | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   2150195 | PA      | $2040694.00   | 0.24%             | 2029-06-03      | Floating      | 13.45%                | Yes           | 3                  | On Loan: No      |
| Porcupine Holdings LP Class A                                              | Porcupine Holdings LP Class A                                              | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   2603111 | OU      | $2603110.54   | 0.31%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Porcupine Holdings LP Class B                                              | Porcupine Holdings LP Class B                                              | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   1568712 | OU      | $1568712.00   | 0.18%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Project Dimension                                                          | Project Dimension                                                          | CUSIP: 999999999<br>LEI: N/A | Long             | DBT              |  | US        |   4348364 | PA      | $4348363.60   | 0.51%             | 2099-12-31      | Floating      | 14.86%                | Yes           | N/A                | On Loan: No      |
| Project Palmer Square Loan Funding 2021-3                                  | Project Palmer Square Loan Funding 2021-3                                  | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |    424000 | OU      | $424000.00    | 0.05%             |  |  |  | Yes           | 2                  | On Loan: No      |
| Project Riser                                                              | Project Riser                                                              | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   2532078 | OU      | $2532078.00   | 0.30%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Project Stream Co-Invest Fund, LP                                          | Project Stream Co-Invest Fund, LP                                          | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   2162696 | OU      | $2162696.08   | 0.25%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Project Telluride (CRG Fund III)                                           | Project Telluride (CRG Fund III)                                           | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   2146069 | OU      | $2146069.00   | 0.25%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Project Tiger (DSG Group Holdings LP)                                      | Project Tiger (DSG Group Holdings LP)                                      | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   8525103 | OU      | $8525103.00   | 1.00%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Project Watson - Coller International Partners VI Feeder Fund, L.P.        | Project Watson - Coller International Partners VI Feeder Fund, L.P.        | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |    130120 | OU      | $130120.01    | 0.02%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Project Watson - Global Infrastructure Partners II - C, L.P.               | Project Watson - Global Infrastructure Partners II - C, L.P.               | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | GG        |    331475 | OU      | $331475.39    | 0.04%             |  |  |  | Yes           | N/A                | On Loan: No      |
| PSC Tiger LP                                                               | PSC Tiger LP                                                               | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | GG        |   6756864 | OU      | $6756864.44   | 0.80%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Resolute Fund IV, L.P.                                                     | Resolute Fund IV, L.P.                                                     | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   6134637 | OU      | $6134637.00   | 0.72%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Resolute III Continuation Fund LP                                          | Resolute III Continuation Fund LP                                          | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   8676295 | OU      | $8676295.00   | 1.02%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Ruffer Absolute Institutional Limited                                      | Ruffer Absolute Institutional Limited                                      | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |   7130311 | OU      | $7130310.98   | 0.84%             |  |  |  | Yes           | N/A                | On Loan: No      |
| SCPCV LP (Project Torque)                                                  | SCPCV LP (Project Torque)                                                  | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   6836066 | OU      | $6836066.00   | 0.80%             |  |  |  | Yes           | N/A                | On Loan: No      |
| SEP Hamilton III Aggregator LP                                             | SEP Hamilton III Aggregator LP                                             | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   5230881 | OU      | $5230881.00   | 0.62%             |  |  |  | Yes           | N/A                | On Loan: No      |
| SEP Skyhawk Fund III Aggregator II LP                                      | SEP Skyhawk Fund III Aggregator II LP                                      | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    215665 | OU      | $215664.70    | 0.03%             |  |  |  | Yes           | 3                  | On Loan: No      |
| SEP Skyhawk Fund III Aggregator LP                                         | SEP Skyhawk Fund III Aggregator LP                                         | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    425538 | OU      | $425538.00    | 0.05%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Sheridan Capital Partners Fund III LP Project Sheridan                     | Sheridan Capital Partners Fund III LP Project Sheridan                     | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   3726827 | OU      | $3726827.00   | 0.44%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Silver Lake Strategic Investors VI, LP (Project Quartz)                    | Silver Lake Strategic Investors VI, LP (Project Quartz)                    | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   7059416 | OU      | $7059416.00   | 0.83%             |  |  |  | Yes           | N/A                | On Loan: No      |
| SK Capital Partners VI-A LP                                                | SK Capital Partners VI-A LP                                                | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |   8499492 | OU      | $8499492.00   | 1.00%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Sprinkler 2024 Co-Investment I (Feeder)                                    | Sprinkler 2024 Co-Investment I (Feeder)                                    | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | LU        |  10800997 | OU      | $10800997.17  | 1.27%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Sumeru Equity Partners Fund III L.P.                                       | Sumeru Equity Partners Fund III L.P.                                       | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   2601894 | OU      | $2601894.09   | 0.31%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Sumeru Equity Partners Fund IV L.P.                                        | Sumeru Equity Partners Fund IV L.P.                                        | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   2553594 | OU      | $2553594.41   | 0.30%             |  |  |  | Yes           | N/A                | On Loan: No      |
| TCV Beat C LP                                                              | TCV Beat C LP                                                              | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |   6707586 | OU      | $6707586.00   | 0.79%             |  |  |  | Yes           | N/A                | On Loan: No      |
| TKO Fund                                                                   | TKO Fund                                                                   | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | FR        |   2261939 | OU      | $2261938.56   | 0.27%             |  |  |  | Yes           | N/A                | On Loan: No      |
| TPG IX Evergreen CI 1, LP (Project Falcon)                                 | TPG IX Evergreen CI 1, LP (Project Falcon)                                 | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |  11717321 | OU      | $11717321.00  | 1.38%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Truelink ADT Co-Invest                                                     | Truelink ADT Co-Invest                                                     | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   8324696 | OU      | $8324696.00   | 0.98%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Truelink Capital Fund I                                                    | Truelink Capital Fund I                                                    | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   8205519 | OU      | $8205519.00   | 0.97%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Valeas Capital Partners Fund I                                             | Valeas Capital Partners Fund I                                             | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |  12417978 | OU      | $12417978.00  | 1.46%             |  |  |  | Yes           | N/A                | On Loan: No      |
| VCF Compass Co-Investor Holdings II LP                                     | VCF Compass Co-Investor Holdings II LP                                     | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    860665 | OU      | $860665.00    | 0.10%             |  |  |  | Yes           | N/A                | On Loan: No      |
| VCF Compass Co-Investor Holdings LP                                        | VCF Compass Co-Investor Holdings LP                                        | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   7174105 | OU      | $7174105.00   | 0.84%             |  |  |  | Yes           | N/A                | On Loan: No      |
| VCPF III Co-Invest 1-A L.P. (Afiniti)                                      | VCPF III Co-Invest 1-A L.P. (Afiniti)                                      | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   2772555 | OU      | $2772555.00   | 0.33%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Vega Co-Invest LP                                                          | Vega Co-Invest LP                                                          | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | GG        |   8787835 | OU      | $8787835.00   | 1.03%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Veregy Parent, LLC                                                         | Veregy Parent, LLC                                                         | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   5071623 | OU      | $5071622.69   | 0.60%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Voleon Composition International Fund                                      | Voleon Composition International Fund                                      | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |  12600437 | OU      | $12600436.65  | 1.48%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Voloridge Fund LP                                                          | Voloridge Fund LP                                                          | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   4749386 | OU      | $4749385.83   | 0.56%             |  |  |  | Yes           | N/A                | On Loan: No      |
| VSTG Equity Investors LP                                                   | VSTG Equity Investors LP                                                   | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   9530391 | OU      | $9530391.00   | 1.12%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Heka - Debt                                                                | Heka - Debt                                                                | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | FR        |   6140186 | PA      | $6140186.22   | 0.72%             | 2030-10-31      | Fixed         | 8.00%                 | Yes           | N/A                | On Loan: No      |
| Heka - Equity                                                              | Heka - Equity                                                              | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | FR        |   1824634 | OU      | $1824634.10   | 0.21%             |  |  |  | Yes           | N/A                | On Loan: No      |
| ICG Europe Fund V Investor Feeder Limited Partnership                      | ICG Europe Fund V Investor Feeder Limited Partnership                      | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | JE        |    766144 | OU      | $766143.78    | 0.09%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Onex Structured Credit Opportunities International Fund I, LLC             | Onex Structured Credit Opportunities International Fund I, LLC             | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |    875300 | OU      | $875300.00    | 0.10%             |  |  |  | Yes           | N/A                | On Loan: No      |
| OSP Co-Invest II, LP                                                       | OSP Co-Invest II, LP                                                       | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   9261502 | OU      | $9261502.00   | 1.09%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Overbay Capital Partners 2023 Fund Aggregator (AIV V) LP                   | Overbay Capital Partners 2023 Fund Aggregator (AIV V) LP                   | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | CA        |  12233441 | OU      | $12233441.00  | 1.44%             |  |  |  | Yes           | N/A                | On Loan: No      |
| ACP Hyperdrive Co-invest LLC                                               | ACP Hyperdrive Co-invest LLC                                               | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   2430685 | OU      | $2430685.00   | 0.29%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Acquiom Financial LLC (Beekeeper)                                          | Acquiom Financial LLC (Beekeeper)                                          | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   5000000 | OU      | $5000000.00   | 0.59%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Adams Street 2009 Direct Fund, L.P.                                        | Adams Street 2009 Direct Fund, L.P.                                        | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |     16570 | OU      | $16570.00     | 0.00%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Corsair Riva Munich Co-Investment LP                                       | Corsair Riva Munich Co-Investment LP                                       | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |   9017847 | OU      | $9017847.46   | 1.06%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Coyote 2021 LP (Friendly Skies)                                            | Coyote 2021 LP (Friendly Skies)                                            | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   7768381 | OU      | $7768381.00   | 0.91%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Crown Secondaries Special Opportunities II B S.C.S.                        | Crown Secondaries Special Opportunities II B S.C.S.                        | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | LU        |   3520285 | OU      | $3520285.00   | 0.41%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Crown Secondaries Special Opportunities II S.C.S                           | Crown Secondaries Special Opportunities II S.C.S                           | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | LU        |   8659447 | OU      | $8659447.00   | 1.02%             |  |  |  | Yes           | N/A                | On Loan: No      |
| DriveCentric Co-Investment                                                 | DriveCentric Co-Investment                                                 | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |     44322 | OU      | $44322.00     | 0.01%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Echo 1 Mezz Notes                                                          | Echo 1 Mezz Notes                                                          | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | FR        |   4797517 | PA      | $4797517.16   | 0.56%             | 2031-09-26      | Floating      | 10.34%                | Yes           | 3                  | On Loan: No      |
| Enak Aggregator L.P.                                                       | Enak Aggregator L.P.                                                       | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | GG        |   3906171 | OU      | $3906171.17   | 0.46%             |  |  |  | Yes           | N/A                | On Loan: No      |
| EnCap Energy Transition Fund 1-A, L.P.                                     | EnCap Energy Transition Fund 1-A, L.P.                                     | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   1312975 | OU      | $1312975.20   | 0.15%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Ethos Capital Fund I                                                       | Ethos Capital Fund I                                                       | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   3958892 | OU      | $3958892.29   | 0.47%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Falcon Co-investment Partners, LP                                          | Falcon Co-investment Partners, LP                                          | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   3079063 | OU      | $3079063.00   | 0.36%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Felicitas Equity Fund LP (Project Fun)                                     | Felicitas Equity Fund LP (Project Fun)                                     | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   1197487 | OU      | $1197486.85   | 0.14%             |  |  |  | Yes           | 3                  | On Loan: No      |
| FFL Capital Partners V, LP                                                 | FFL Capital Partners V, LP                                                 | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   8646850 | OU      | $8646850.00   | 1.02%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Forrest Holdings I LP (A Shares)                                           | Forrest Holdings I LP (A Shares)                                           | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |       783 | OU      | $783.00       | 0.00%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Forrest Holdings I LP (B Shares)                                           | Forrest Holdings I LP (B Shares)                                           | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |     10964 | OU      | $10964.00     | 0.00%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Gasherbrum Fund II LP                                                      | Gasherbrum Fund II LP                                                      | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   8298521 | OU      | $8298521.00   | 0.98%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Grain Spectrum Holdings III (Cayman), L.P.                                 | Grain Spectrum Holdings III (Cayman), L.P.                                 | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   3862581 | OU      | $3862580.63   | 0.45%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Graphite Capital Partners VIII D LP                                        | Graphite Capital Partners VIII D LP                                        | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | GB        |   3583614 | OU      | $3583613.52   | 0.42%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Gridiron Capital Fund V LP                                                 | Gridiron Capital Fund V LP                                                 | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   3314803 | OU      | $3314803.00   | 0.39%             |  |  |  | Yes           | N/A                | On Loan: No      |
| H.I.G. Starlite-A Co-Investment LP                                         | H.I.G. Starlite-A Co-Investment LP                                         | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   7750211 | OU      | $7750210.84   | 0.91%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Adams Street 2010 Direct Fund, L.P.                                        | Adams Street 2010 Direct Fund, L.P.                                        | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |     26399 | OU      | $26399.00     | 0.00%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Adams Street 2011 Direct Fund LP                                           | Adams Street 2011 Direct Fund LP                                           | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |     34848 | OU      | $34848.00     | 0.00%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Adams Street 2011 Non-US Developed Markets Fund LP                         | Adams Street 2011 Non-US Developed Markets Fund LP                         | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    112769 | OU      | $112769.00    | 0.01%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Adams Street 2011 US Fund, L.P.                                            | Adams Street 2011 US Fund, L.P.                                            | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    210093 | OU      | $210093.00    | 0.02%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Adams Street 2013 Global Fund LP                                           | Adams Street 2013 Global Fund LP                                           | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   1471658 | OU      | $1471658.00   | 0.17%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Adams Street 2014 Global Fund LP                                           | Adams Street 2014 Global Fund LP                                           | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    847509 | OU      | $847509.00    | 0.10%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Adams Street Partnership Fund 2009 Non-U.S. Developed Markets Fund, L.P.   | Adams Street Partnership Fund 2009 Non-U.S. Developed Markets Fund, L.P.   | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |     60175 | OU      | $60175.00     | 0.01%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Adams Street Partnership Fund 2009 US Fund, L.P.                           | Adams Street Partnership Fund 2009 US Fund, L.P.                           | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    141644 | OU      | $141644.00    | 0.02%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Adams Street Partnership Fund-2010 Non-U.S. Developed Markets Fund, L.P.   | Adams Street Partnership Fund-2010 Non-U.S. Developed Markets Fund, L.P.   | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |     77881 | OU      | $77881.00     | 0.01%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Adams Street Partnership Fund-2010 US Fund, LP                             | Adams Street Partnership Fund-2010 US Fund, LP                             | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    185643 | OU      | $185643.00    | 0.02%             |  |  |  | Yes           | N/A                | On Loan: No      |
| AE Co-Investment Partners Fund III-R Project Cobra                         | AE Co-Investment Partners Fund III-R Project Cobra                         | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |  12031160 | OU      | $12031159.93  | 1.42%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Alchemy Special Opportunities Fund II LP                                   | Alchemy Special Opportunities Fund II LP                                   | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | GB        |   1040320 | OU      | $1040320.03   | 0.12%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Alpine Investors Iceman CV, LP (Project Iceman)                            | Alpine Investors Iceman CV, LP (Project Iceman)                            | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   9738519 | OU      | $9738518.56   | 1.15%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Altor Fund IV (Project Eddington)                                          | Altor Fund IV (Project Eddington)                                          | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | NO        |   5494071 | OU      | $5494071.17   | 0.65%             |  |  |  | Yes           | N/A                | On Loan: No      |
| AP DSB Co-invest LLC II, LP                                                | AP DSB Co-invest LLC II, LP                                                | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   4189786 | OU      | $4189786.00   | 0.49%             |  |  |  | Yes           | N/A                | On Loan: No      |
| AP DSB Co-invest LLC II, LP (Debt)                                         | AP DSB Co-invest LLC II, LP (Debt)                                         | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |       239 | OU      | $239.00       | 0.00%             |  |  |  | Yes           | N/A                | On Loan: No      |
| AP Goat Co-Invest (Project Goat)                                           | AP Goat Co-Invest (Project Goat)                                           | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   4946212 | OU      | $4946212.00   | 0.58%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Ashgrove Speciality Lending Fund I                                         | Ashgrove Speciality Lending Fund I                                         | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | LU        |   1224699 | OU      | $1224698.81   | 0.14%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Ashgrove Specialty Lending Fund II                                         | Ashgrove Specialty Lending Fund II                                         | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | LU        |    386773 | OU      | $386773.00    | 0.05%             |  |  |  | Yes           | N/A                | On Loan: No      |
| ASP (Feeder) 2017 Global Fund LP                                           | ASP (Feeder) 2017 Global Fund LP                                           | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |   1042643 | OU      | $1042643.00   | 0.12%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Avista Capital Partners V LP                                               | Avista Capital Partners V LP                                               | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   4191039 | OU      | $4191039.00   | 0.49%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Biloxi Co-investment Partners, L.P.                                        | Biloxi Co-investment Partners, L.P.                                        | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   2573318 | OU      | $2573318.00   | 0.30%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Blue Wolf Capital Fund IV, L.P.                                            | Blue Wolf Capital Fund IV, L.P.                                            | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   4214238 | OU      | $4214238.00   | 0.50%             |  |  |  | Yes           | N/A                | On Loan: No      |
| BRCE SPV I, LLC                                                            | BRCE SPV I, LLC                                                            | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    163618 | OU      | $163617.80    | 0.02%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Corsair Amore Investors                                                    | Corsair Amore Investors                                                    | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |   1587050 | OU      | $1587050.37   | 0.19%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Corsair Blade IV (Project Zedra)                                           | Corsair Blade IV (Project Zedra)                                           | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | GB        |   4702034 | PA      | $4702033.86   | 0.55%             | 2031-01-05      | Floating      | 10.21%                | Yes           | 3                  | On Loan: No      |
| Overbay Fund XIV Offshore (AIV)LP (Skyview)                                | Overbay Fund XIV Offshore (AIV)LP (Skyview)                                | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | CA        |   2233119 | OU      | $2233119.45   | 0.26%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Saba Capital Carry Neutral Tail Hedge Offshore Fund Ltd                    | Saba Capital Carry Neutral Tail Hedge Offshore Fund Ltd                    | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |   9997393 | OU      | $9997393.21   | 1.18%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Sal Pension Fund Limited                                                   | Sal Pension Fund Limited                                                   | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |  10809333 | OU      | $10809333.00  | 1.27%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Sand Trust Series 21-1A, Class SUB                                         | Sand Trust Series 21-1A, Class SUB                                         | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    595600 | OU      | $595600.00    | 0.07%             |  |  |  | Yes           | N/A                | On Loan: No      |
| ICG Europe Fund VII Feeder SCSp                                            | ICG Europe Fund VII Feeder SCSp                                            | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | LU        |   6304248 | OU      | $6304247.67   | 0.74%             |  |  |  | Yes           | N/A                | On Loan: No      |
| ICG LP Secondaries Fund                                                    | ICG LP Secondaries Fund                                                    | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   3291151 | OU      | $3291150.70   | 0.39%             |  |  |  | Yes           | N/A                | On Loan: No      |
| ICG Ludgate Hill IV-A Leopard (Project Leopard)                            | ICG Ludgate Hill IV-A Leopard (Project Leopard)                            | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   5260766 | OU      | $5260766.00   | 0.62%             |  |  |  | Yes           | N/A                | On Loan: No      |
| ISH Co-investment Aggregator LP                                            | ISH Co-investment Aggregator LP                                            | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   2579185 | OU      | $2579185.00   | 0.30%             |  |  |  | Yes           | N/A                | On Loan: No      |
| IvyRehab Holdings LLC Project Ivy                                          | IvyRehab Holdings LLC Project Ivy                                          | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   9554041 | OU      | $9554040.68   | 1.12%             |  |  |  | Yes           | 3                  | On Loan: No      |
| KH Aggregator LP                                                           | KH Aggregator LP                                                           | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   3707812 | OU      | $3707812.17   | 0.44%             |  |  |  | Yes           | N/A                | On Loan: No      |
| KKR Game Changer Co-Invest LP                                              | KKR Game Changer Co-Invest LP                                              | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   8400000 | OU      | $8400000.00   | 0.99%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Leeds Equity Partners VI LP                                                | Leeds Equity Partners VI LP                                                | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   3457124 | OU      | $3457124.00   | 0.41%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Leeds Equity Partners VII-A LP                                             | Leeds Equity Partners VII-A LP                                             | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   4891034 | OU      | $4891034.00   | 0.58%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Lynx EBO Fund I(A), LLC                                                    | Lynx EBO Fund I(A), LLC                                                    | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |     44325 | OU      | $44325.48     | 0.01%             |  |  |  | Yes           | N/A                | On Loan: No      |
| NCS Investment LP                                                          | NCS Investment LP                                                          | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   5060000 | OU      | $5060000.00   | 0.60%             |  |  |  | Yes           | 3                  | On Loan: No      |
| New Vintage Partners Fund I LP                                             | New Vintage Partners Fund I LP                                             | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   2934968 | OU      | $2934967.71   | 0.35%             |  |  |  | Yes           | 3                  | On Loan: No      |
| NVP Monogram Co-Invest LP                                                  | NVP Monogram Co-Invest LP                                                  | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |  13928169 | OU      | $13928169.22  | 1.64%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Ocean Sound Partners Fund II LP                                            | Ocean Sound Partners Fund II LP                                            | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   6590939 | OU      | $6590939.00   | 0.78%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Ocean Sound Partners Fund LP                                               | Ocean Sound Partners Fund LP                                               | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   5591824 | OU      | $5591824.00   | 0.66%             |  |  |  | Yes           | N/A                | On Loan: No      |
| OceanSound Partners Co-Invest II, LP - Series B                            | OceanSound Partners Co-Invest II, LP - Series B                            | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |  11552928 | OU      | $11552928.00  | 1.36%             |  |  |  | Yes           | N/A                | On Loan: No      |
| OceanSound Partners Co-Invest II, LP - Series E                            | OceanSound Partners Co-Invest II, LP - Series E                            | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |  12497735 | OU      | $12497735.00  | 1.47%             |  |  |  | Yes           | N/A                | On Loan: No      |
| OceanSound SMX Continuation Fund                                           | OceanSound SMX Continuation Fund                                           | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   9873910 | OU      | $9873910.00   | 1.16%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Onex OD Co-Invest LP                                                       | Onex OD Co-Invest LP                                                       | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   7320327 | OU      | $7320327.00   | 0.86%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Onex Partners Fund V LP                                                    | Onex Partners Fund V LP                                                    | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   8131034 | OU      | $8131034.00   | 0.96%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Overbay Capital Partners 2024 Fund Aggregator (AIV V) LP                   | Overbay Capital Partners 2024 Fund Aggregator (AIV V) LP                   | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | CA        |  22928387 | OU      | $22928387.36  | 2.70%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Overbay Capital Partners 2024 Fund Aggregator (AIV VI) Glencoe Investor II | Overbay Capital Partners 2024 Fund Aggregator (AIV VI) Glencoe Investor II | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |  12948000 | OU      | $12948000.00  | 1.52%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Westcap Cerebral Co-Invest 2021 LLC                                        | Westcap Cerebral Co-Invest 2021 LLC                                        | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |     25814 | OU      | $25814.00     | 0.00%             |  |  |  | Yes           | N/A                | On Loan: No      |
| WestCap LoanPal Co-Invest 2020, LLC                                        | WestCap LoanPal Co-Invest 2020, LLC                                        | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   2390387 | OU      | $2390387.09   | 0.28%             |  |  |  | Yes           | 3                  | On Loan: No      |
| WestCap Strategic Operator Fund II, LP                                     | WestCap Strategic Operator Fund II, LP                                     | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   6053568 | OU      | $6053568.00   | 0.71%             |  |  |  | Yes           | N/A                | On Loan: No      |
| WestCap Strategic Operator US Feeder Fund, LP                              | WestCap Strategic Operator US Feeder Fund, LP                              | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |   7692467 | OU      | $7692467.39   | 0.91%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Whitehorse Liquidity Partners IV LP                                        | Whitehorse Liquidity Partners IV LP                                        | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   3661203 | OU      | $3661203.21   | 0.43%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Whitehorse Liquidity Partners V LP                                         | Whitehorse Liquidity Partners V LP                                         | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   4796666 | OU      | $4796665.84   | 0.56%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Wildcat-21                                                                 | Wildcat-21                                                                 | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   3600122 | OU      | $3600122.06   | 0.42%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Yorkville Partners LP                                                      | Yorkville Partners LP                                                      | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   9939887 | OU      | $9939886.86   | 1.17%             |  |  |  | Yes           | N/A                | On Loan: No      |
| UMB MONEY MARKET SPECIAL ACCOUNT  /                                        | UMB MONEY MARKET SPECIAL ACCOUNT  /                                        | CUSIP: SF8888205<br>LEI: N/A | Long             | STIV             | CORP              | US        |  43774090 | PA      | $43774090.00  | 5.15%             |  |  |  | No            | 1                  | On Loan: No      |
| UMB MONEY MARKET II SPECIAL ACCOUNT                                        | UMB MONEY MARKET II SPECIAL ACCOUNT                                        | CUSIP: SF8888628<br>LEI: N/A | Long             | STIV             | CORP              | US        |  48570271 | PA      | $48570271.48  | 5.72%             |  |  |  | No            | 1                  | On Loan: No      |
| EUR FORWARD BOW RIVER CONTRACT 06/30/2025  /                               | EUR FORWARD BOW RIVER CONTRACT 06/30/2025  /                               | CUSIP: 999999999<br>LEI: N/A | N/A              | DFE              |  | N/A       | -40000000 | OU      | $-47411085.33 | -5.58%            |  |  |  | No            | 2                  | On Loan: No      |
| US Treasury Bill                                                           | US Treasury Bill                                                           | CUSIP: 912797PU5<br>LEI: N/A | Long             | DBT              | UST               | US        |  60000000 | PA      | $59192700.00  | 6.97%             | 2025-07-01      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| EUR CURRENCY                                                               | EUR CURRENCY                                                               | CUSIP: 999999999<br>LEI: N/A | Long             | STIV             |  | N/A       |    125561 | OU      | $148015.15    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| GBP CURRENCY                                                               | GBP CURRENCY                                                               | CUSIP: 999999999<br>LEI: N/A | Long             | STIV             |  | N/A       |      4833 | OU      | $6637.25      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2025-07-28

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

**Signature:** /s/ Derek Mullins

**Name of Signer:** Derek Mullins

**Title:** Treasurer