# EDGAR Filing Document

**Accession Number:** 0002041672
**File Stem:** 0001398344-26-010624
**Filing Date:** 2026-6
**Character Count:** 131786
**Document Hash:** 0f58cab1161e409f44644b2c78d050f0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-010624.hdr.sgml**: 20260609

**ACCESSION NUMBER**: 0001398344-26-010624

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260609

**DATE AS OF CHANGE**: 20260609

**EFFECTIVENESS DATE**: 20260609

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JETSTREAM VENTURE FUND
- **CENTRAL INDEX KEY:** 0002041672

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24013
- **FILM NUMBER:** 261075738

**BUSINESS ADDRESS:**
- **STREET 1:** 2000 CENTRAL AVE.
- **CITY:** BOULDER
- **STATE:** CO
- **ZIP:** 80301
- **BUSINESS PHONE:** 1-888-577-7987

**MAIL ADDRESS:**
- **STREET 1:** 2000 CENTRAL AVE.
- **CITY:** BOULDER
- **STATE:** CO
- **ZIP:** 80301

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number <u>811-24013</u>

**Jetstream Venture Fund**

2000 Central Avenue

Boulder, CO 80301

(Address of Principal Executive Offices)

Jesse Randall

2000 Central Avenue

Boulder, CO 80301

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>(888) 577-7987</u>

Date of fiscal year end: <u>3/31</u>

Date of reporting period: <u>3/31/2026</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1. Reports to Stockholders.** 

**Jetstream Venture Fund** 

*Annual Report 2026* 

*As of March 31, 2026* 

Statements in this Annual Report that reflect projections or expectations of future financial or economic performance of the Jetstream Venture Fund ("Fund") and of the market in general and statements of the Fund's plans and objectives for future operations are forward-looking statements. No assurance can be given that actual results or events will not differ materially from those projected, estimated, assumed or anticipated in any such forward-looking statements. Important factors that could result in such differences, in addition to the other factors noted with such forward-looking statements, include, without limitation, general economic conditions such as inflation, recession and interest rates. Past performance is not a guarantee of future results. <br>***An investor should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. The prospectus contains this and other information about the Fund. A copy of the prospectus is available at https://www.jvf.vc/ or by calling Shareholder Services at (888) 577-7987. The prospectus should be read carefully before investing.***<br>

**For More Information on the Jetstream Venture Fund:** 

See Our Website @ **https://www.jvf.vc/**<br> or<br> Call Our Shareholder Services Group at **(888) 577-7987.** 

**Table of Contents** 

---

| | |
|:---|:---|
| Shareholder Letter | 1 |
| Fund Performance | 2 |
| Portfolio Composition | 3 |
| Schedule of Investments | 4 |
| Statement of Assets and Liabilities | 5 |
| Statement of Operations | 6 |
| Statement of Changes in Net Assets | 7 |
| Statement of Cash Flows | 8 |
| Financial Highlights | 9 |
| Notes to the Financial Statements | 10 |
| Report of Independent Registered Public Accounting Firm | 18 |
| Additional Information | 19 |

---

**Jetstream Venture Fund** 

**Shareholder Letter** 

**March 31, 2026 (Unaudited)**

Dear Jetstream Investors,

We have taken flight and want to thank you for your confidence in our team. The Securities and Exchange Commission (SEC) declared the registration statement of The Jetstream Venture Fund (JVF), a closed-end interval fund registered under the Investment Company Act of 1940, effective on September 16, 2025. We ended our fiscal year together on March 31, 2026.

Our first fiscal period focused on:

● Launching the Fund

● Accelerating our sourcing and diligence process

● Strengthening the investor experience

● Constructing a venture portfolio with discipline, experience, and targeted investments

We are absolutely aiming to change the way that early-stage venture and privately held companies are accessed.

**Carbogenesis** 

Portfolio construction through fiscal year end consisted of the evaluation of hundreds of companies and the deployment of two strategic investments. Carbogenesis is our first investment and represents the type of opportunity JVF actively pursues. This early-stage private company addresses significant industrial challenges with practical, deployable technology built for real operating environments, we believe. Rather than relying on subsidies or theoretical market adoption, their plasma-enabled chemical manufacturing platform integrates directly into existing industrial workflows and aligns emissions reduction with operational utility, in our view. We believe their positioning and the potential growth in this market is significant.

**SpaceX** 

JVF's second investment, in SpaceX, achieves many objectives. First and foremost, we believe this investment will deliver an outstanding return in the near term.

The entire JVF team understands the uncertainty and headwinds that exist in today's financial, political, and social landscape. Our portfolio managers have decades of experience navigating the cyclical nature of financial markets, entrepreneurial endeavors, operational management and life. By no means will you find a Pollyanna approach to how we construct and manage this Fund. But, we are so very optimistic about what the future holds as the technology and founders we evaluate daily demonstrate amazing resilience, innovation, commitment and solutions that could bring clarity and calm back into the chaotic world.

**Investments to date beyond Fiscal Year One** 

The Jetstream Venture Fund continues to grow and execute its mission to provide access to early-stage venture companies. Since the fiscal year ended March 31, 2026, three seed stage companies in the health tech sector and two private secondaries have been added to the portfolio. The deal flow pipeline is filled with exciting opportunities, in our view. Our analysis and the diligence process is working around the clock. Term sheets are being negotiated. Portfolio construction strategies are constantly implemented and refined to provide investors with a pathway to potential long-term returns, an interval fund's required liquidity, and near-term success.

**Jetstream Venture Fund** 

**Fund Performance** 

**March 31, 2026 (Unaudited)**

---

| | |
|:---|:---|
| **Average Annual Total Return Information as of March 31, 2026:** | **Average Annual Total Return Information as of March 31, 2026:** |
|  | **Cumulative <br> Since <br> Inception\*** |
| &nbsp;&nbsp;Jetstream Venture Fund | -0.75% |
| S&P SmallCap 600<sup>®</sup> Index\*\* | 6.00% |

---

\* Inception date is September 16, 2025. During the initial period following commencement of operations, the Fund was not fully invested in accordance with its principal investment strategy. Instead, a significant portion of the Fund's assets were held in cash, cash equivalents, and other short-term instruments. The Fund will continue to gradually deploy assets over the months following commencement of operations. The performance reflects original investment on February 2, 2026. Please see the Fund's schedule of investments for its current investments. 

---

| | |
|:---|:---|
| \*\*  | The S&P Small Cap 600 Index is an index of small-cap stocks managed by Standard & Poor's. It tracks a broad range of small-sized companies that meet specific liquidity and stability requirements. Investors cannot invest directly in an index. Index returns, unlike Fund returns, do not reflect any fees or expenses. Index returns assume reinvestment of all distributions. Investments held by the Fund do not match those in the Index and the performance of the Fund will differ.  |

---

**Change in Value of a Hypothetical $10,000 Investment**![](fp0098459-1_2.jpg)

**This graph illustrates the hypothetical investment of $10,000 from September 16, 2025 (inception date) to March 31, 2026. The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The returns shown assume reinvestment of all distributions, and do not reflect the deduction of taxes that shareholder would pay on Fund distributions or on the redemption of Fund shares. Fund returns would have been lower if a portion of the fees had not been waived and reimbursed by the Fund's Adviser. Past performance is no guarantee of future results. Please read the Fund's Prospectus carefully before investing.** 

**Jetstream Venture Fund** 

**Portfolio Composition** 

**March 31, 2026 (Unaudited)**

**Fund Vertical Diversification** 

The following table provides a breakdown of the Fund, by the industry verticals that the underlying securities represent, as a percentage of net assets as of March 31, 2026.

---

| | |
|:---|:---|
| **Vertical** | **Percent of Total <br> Net Assets** |
| Technology | 4.29% |
| Pooled Investment Vehicles | 8.57% |
| Short-Term Investments | 82.79% |
| Other Assets in Excess of Liabilities | 4.35% |
| **Total** | 100.00% |

---

**Fund Security Type Diversification** 

The following chart provides a visual breakdown of the Fund, by the security type that the underlying securities represent, as a percentage of net assets as of March 31, 2026.

---

| | |
|:---|:---|
| **Security Type** | **Percent of Total <br> Net Assets** |
| Note In Private Companies | 4.29% |
| Pooled Investment Vehicles | 8.57% |
| Short-Term Investments | 82.79% |
| Other Assets in Excess of Liabilities | 4.35% |
| **Total** | 100.00% |

---

**Jetstream Venture Fund** 

**Schedule of Investments** 

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **NOTE IN PRIVATE COMPANIES — 4.29%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;*Technology — 4.29%* |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carbogenesis LLC, 0.000%, Due 4/7/2026 <sup>(a)(b)(c)</sup> | $50000 |
|  | **TOTAL NOTE IN PRIVATE COMPANIES — (Cost $50,000)** | 50000 |
|  | **POOLED INVESTMENT VEHICLES — 8.57%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;*Private Investment Companies — 8.57%* |  |
| 99893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Friends & Family Capital Management, LLC (economic exposure to Space Exploration Technologies Corp., Common Stock) <sup>(a)(b)(c)(d)</sup> | 99893 |
|  | **TOTAL POOLED INVESTMENT VEHICLES - (Cost $99,893)** | 99893 |

---

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Fair Value** |
|  | **SHORT TERM INVESTMENTS — 82.79%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;*Money Market Funds — 82.79%* |  |
| 964758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund, 3.556% <sup>(e)</sup> | 964758 |
|  | **TOTAL SHORT TERM INVESTMENTS — (Cost $964,758)** | 964758 |
|  | **TOTAL INVESTMENTS — 95.65% - (Cost $1,114,651)** | 1114651 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES — 4.35%** | 50734 |
|  | **NET ASSETS — 100.00%** | $1165385 |

---

LP - Limited Partnership

LLC - Limited Liability Company

SPV - Special Purpose Vehicle 

 

<sup>(a)</sup> Restricted security (Cumulative total of $149,893, which represents 12.86% of the Fund). 

<sup>(b)</sup> Level 3 securities fair valued using significant unobservable inputs.

<sup>(c)</sup> Non-Income Producing.

<sup>(d)</sup> The Fund has a direct investment in an SPV which has economic exposure to an underlying portfolio company. The SPV has invested through one or more underlying SPVs.

<sup>(e)</sup> Rate disclosed is the seven day effective yield as of March 31, 2026.<sup></sup>

See accompanying notes to financial statements.

**Jetstream Venture Fund** 

**Statement of Assets and Liabilities** 

**March 31, 2026**

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at value (Cost $1,114,651) | $1114651 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable | 2449 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 84866 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from advisor | 61418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 1273384 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued audit fees and expenses | 14811 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued fund administration, fund accounting, and transfer agency fees | 8362 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued legal fees | 12996 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued marketing fees | 17098 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued trustees fees | 17098 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 37634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 107999 |
| **NET ASSETS** | $**1165385** |
| **Commitments and Contingencies (Notes 3 & 6)** |  |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | 1169054 |
| &nbsp;&nbsp;&nbsp;&nbsp;Undistributable Losses | (3669) |
| **NET ASSETS** | $**1165385** |
| **Net Asset Value Per Share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 58703 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net asset value (Net Assets ÷ Shares Outstanding), and redemption price per share** | $**19.85** |

---

See accompanying notes to financial statements.

**Jetstream Venture Fund** 

**Statement of Operations** 

**For the Period Ended March 31, 2026<sup>(1)</sup>**

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $9771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | **9771** |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees  | $8603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compliance officer fees | 12362 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | 5643 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution (Non 12b-1) fees | 17098 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund administration and accounting fees | 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance expense | 7650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous expenses | 8509 |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering Costs | 66522 |
| &nbsp;&nbsp;&nbsp;&nbsp;Organizational costs | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage expenses | 2565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 35973 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 4274 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Technology expense | 25646 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agency fees | 7466 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 17098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | **344557** |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees waived <sup>(2)</sup> | (8603) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses reimbursed by the advisor <sup>(2)</sup> | (321418) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | **14536** |
| **NET INVESTMENT LOSS** | $**(4765)** |
| **REALIZED AND UNREALIZED GAIN / (LOSS) ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments |  |
| **NET REALIZED AND UNREALIZED GAIN / (LOSS) ON INVESTMENTS** | **—** |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**(4765)** |

---

<sup>(1)</sup> The period is from September 16, 2025 (Commencement of Operations) to March 31, 2026.

<sup>(2)</sup> Advisory fees waived and expenses reimbursed are subject to recoupment (See Note 2).

See accompanying notes to financial statements.

**<br> Jetstream Venture Fund** 

**Statement of Changes in Net Assets**

---

| | |
|:---|:---|
|  | **Period Ended<br> March 31, 2026 <sup>(1)</sup>** |
| **FROM OPERATIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment loss | $(4765) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains from investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments |  |
| Net decrease in net assets resulting from operations | (4765) |
| **SHARES OF BENEFICIAL INTEREST**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 1170150 |
| Net increase in net assets from shares of beneficial interest | 1170150 |
| **TOTAL INCREASE IN NET ASSETS** | **1165385** |
| **NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period |  |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $**1165385** |
| **SHARE ACTIVITY** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 58703 |
| Net increase in shares of beneficial interesting outstanding | **58703** |
| **SHARES OUTSTANDING** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period |  |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | **58703** |

---

<sup>(1)</sup> The period is from September 16, 2025 (Commencement of Operations) to March 31, 2026.

See accompanying notes to financial statements.

**Jetstream Venture Fund** 

**Statement of Cash Flows** 

**For the Period Ended March 31, 2026<sup>(1)</sup>**

---

| | |
|:---|:---|
| **Cash Flows from Operating Activities:** |  |
| **Net Decrease in Net Assets from Operations** | $**(4765)** |
| Reconciliation of Net Increase in Net Assets Resulting from Operations to Net Cash used in Operating Activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (149893) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net purchases/sales from short term investments | (964758) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in dividend receivable | (2449) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in prepaid expenses | (84866) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in accrued expenses and other payables | 107999 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from advisor | (61418) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | $(1160150) |
| **Cash Flows from Financing Activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from fund shares sold | $1160150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for shares redeemed |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | $1160150 |
| **Net increase (decrease) in Cash** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash at beginning of period |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash at end of period | $— |

---

<sup>(1)</sup> The period is from September 16, 2025 (Commencement of Operations) to March 31, 2026.

See accompanying notes to financial statements.

**Jetstream Venture Fund** 

**Financial Highlights** 

**For a share outstanding during the fiscal periods presented**

---

| | |
|:---|:---|
|  | **Period Ended<br> March 31, 2026 <sup>(1)</sup>**  |
| **Net asset value, beginning of period** | $**20.00** |
| From Investment operations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(2)</sup> | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain / (loss) on investments  | 0.00 |
| Total from investment operations | **(0.15)** |
| **Net Asset Value, end of period** | $**19.85** |
| Total Return\*<sup>(3)</sup>  | **(0.75** **)%<sup>(4)</sup>** |
| Net Asset Value, end of period | $**1165385** |
| Ratios of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross expenses to average net assets <sup>(5)</sup> | 116.01%<sup>(6)(7)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses to average net assets <sup>(5)</sup> | 4.89%<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income / (loss) to average net assets | (1.60)%<sup>(6)</sup> |
| Portfolio Turnover Rate  | 0.00%<sup>(4)</sup> |

---

<sup>(1)</sup> For a share outstanding during the initial period from September 16, 2025 (Commencement of Operations) through March 31, 2026.

<sup>(2)</sup> Per shares amounts calculated using the average share method, which appropriately presents the per share data for the period. 

<sup>(3)</sup> Total return does not reflect sales charge, if any. 

<sup>(4)</sup> Not Annualized.

<sup>(5)</sup> The expense ratios listed reflect total expenses prior to any waivers and reimbursements (gross expense ratio) and after any waivers and reimbursements (net expense ratio). 

<sup>(6)</sup> Annualized.

<sup>(7)</sup> The gross expense ratio includes offering and organizational costs incurred in connection with the Fund's commencement of operations. Excluding these offering and organizational costs the gross expense ratio would have been 93.61% 

\* Inception date is September 16, 2025. During the initial period following commencement of operations, the Fund was not fully invested in accordance with its principal investment strategy. Instead, a significant portion of the Fund's assets were held in cash, cash equivalents, and other short-term instruments. The Fund will continue to gradually deploy assets over the months following commencement of operations. 

See accompanying notes to financial statements.

**Jetstream Venture Fund** 

**Notes to the Financial Statements** 

**March 31, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **Organization** 

The Jetstream Venture Fund (the "Fund") was organized as a Delaware statutory trust (the "Trust") on October 8, 2024, and commenced operations on September 16, 2025. The Trust is registered under the Investment Company Act of 1940, as amended ("Investment Company Act"), as a non-diversified, closed-end management investment company. The Fund operates as an "interval fund" and is making a continuous offering of its shares of beneficial interest ("Shares"). The Fund is authorized to issue an unlimited number of shares. Each share of the Fund represents an equal proportionate interest in the assets of the Fund with each other share in the Fund.

The Fund's investment objective is to achieve long-term capital appreciation primarily through a strategically managed portfolio focused on private, venture capital investments. In seeking to achieve its investment objective, the Fund primarily will invest over time in the equity securities (e.g., common stock, preferred stock,and equity-linked securities convertible into equity securities) of private, operating growth companies and, to a lesser extent, interests in professionally managed private venture capital funds.

Sweater Industries, LLC, an investment adviser registered under the Investment Advisers Act of 1940 (the "Advisers Act"), as amended, serves as the Fund's investment adviser (the "Adviser"). Xcellerant Ventures, LLC ("Xcellerant"), an investment adviser registered under the Advisers Act, serves as the Sub-Adviser to the Fund, subject to oversight by the Adviser. The Fund's Board of Trustees (the "Board" or "Board of Trustees") has the overall responsibility for the management and supervision of the business operations of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Significant Accounting Policies** 

The price of the Fund's Shares is based on its net asset value ("NAV"). The NAV per Share equals the total value of the Fund's assets as of the applicable Business Day, less its liabilities (including accrued fees and expenses), divided by the number of its outstanding Shares.

The Fund will generally calculate its NAV as of the close of regular trading (4:00 p.m. Eastern Time) on the New York Stock Exchange (the "NYSE") each day the NYSE is open (each, a "Business Day"). Although the Fund will typically determine its NAV on each Business Day, the Fund's calculation of its NAV is subject to valuation risk.

**Basis of Presentation and Use of Estimates** — The Fund is an investment company and as a result, maintains its accounting records and has presented these financial statements in accordance with the reporting requirements under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, Financial Services — Investment Companies ("ASC 946"). The policies are in conformity with generally accepted accounting principles ("GAAP"), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement, as well as reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates.

**Income Recognition and Expenses** — Interest income is recognized on an accrual basis as earned. Dividend income is recorded on the ex-dividend date. Expenses are recognized on an accrual basis as incurred. The Fund bears all expenses incurred in the course of its operations, including, but not limited to the following: all costs and expenses related to portfolio transactions and positions for the Fund's account; professional fees; costs of insurance; registration expenses; marketing expenses; and expenses of meetings of the Board. Expenses are subject to the Fund's Expense Limitation Agreement.

**Investment Transactions** — Investment transactions are accounted for on a trade date basis. Cost is determined and gains and losses are based upon the identified cost basis for publicly traded investments and private investments for both financial statement and federal income tax purposes.

**Jetstream Venture Fund<br> Notes to the Financial Statements (Continued)** 

**March 31, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Significant Accounting Policies (Continued)** 

**Federal Income Taxes** — The Fund has elected to be treated as a regulated investment company ("RIC") under the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended. The Fund will be subject to tax on any income or gain it does not distribute. The Fund will substantially distribute all of its income and gain on a timely basis and meet the other quarterly compliance requirements to maintain its status as a RIC.

The Fund recognizes the tax benefits or expenses of uncertain tax positions only when the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has reviewed the Fund's tax positions and concluded that no provision for unrecognized tax benefits or expenses should be recorded related to uncertain tax positions taken in the Fund's current tax year and all open tax years.

**Operating Segments —** The Fund operates and is managed as a single reportable segment and the Fund makes investments in accordance with its investment objective as described in the Fund's Prospectus. The chief operating decision maker ("CODM") of the Fund is the Principal Executive Officer. The financial information in the form of the Fund's portfolio composition, total returns, changes in net assets and expense ratios, which are used by the CODM to assess the Fund's performance and to make operational decisions for the Fund's single segment, is consistent with that presented within the financial statements. Segment assets are reflected on the accompanying statements of assets and liabilities as "net assets" and significant segment expenses are listed on the accompanying statement of operations.

**Distributions to shareholders —** Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. The Fund distributes all or substantially all of its net investment income to shareholders in the form of dividends. Net realized capital gains are distributed to shareholders as capital gain distributions. Net investment income, if any, and net capital gains, if any, are typically distributed to shareholders at least annually. Dividends may be declared and paid more frequently to comply with the distribution requirements of the Internal Revenue Code.

*Investment Valuation* 

The Board has approved valuation procedures for the Fund (the "Valuation Procedures") which are used for determining the fair value of any Fund investments for which a market quotation is not readily available. The valuation of the Fund's investments is performed in accordance with the principles found in Rule 2a-5 under the 1940 Act and in conjunction with FASB's ASC Topic 820, Fair Value Measurements and Disclosures ("ASC 820"). The Board has designated the Adviser as the valuation designee of the Fund. As valuation designee, the Adviser performs the fair value determination relating to any and all Fund investments, subject to the conditions and oversight requirements described in the Valuation Procedures. In furtherance of its duties as valuation designee, the Adviser has formed a valuation committee (the "Valuation Committee"), to perform fair value determinations and oversee the Adviser's day-to-day functions related to the fair valuation of the Fund's investments. The Valuation Committee may consult with representatives from the Fund's outside legal counsel or other third-party consultants in their discussions and deliberations.

The information available in the marketplace for such Portfolio Companies, their securities and the status of their businesses and financial conditions is often extremely limited, outdated, and difficult to confirm. Such securities are valued by the Adviser at fair value as determined pursuant to the Valuation Procedures. In determining fair value, the Adviser is required to consider all appropriate factors relevant to value and all indicators of value available to the Adviser. The determination of fair value necessarily involves judgment in evaluating this information in order to determine the price that the Fund might reasonably expect to receive for the security upon its current sale. The most relevant information may often be that information which is provided by the issuer of the securities. Given the nature, timeliness, amount, and reliability of information provided by the issuer, fair valuations may become more difficult and uncertain as such information is unavailable or becomes outdated.

Certain investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value may be valued using a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities

**Jetstream Venture Fund<br> Notes to the Financial Statements (Continued)** 

**March 31, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Significant Accounting Policies (Continued)** 

(including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that we may take into account in determining the fair value of our investments include, as relevant and among other factors: available current business data (e.g., information available through regulatory filings, press releases, news feeds and financial press), including relevant and applicable market trading and transaction comparables; applicable market yields and multiples; information provided by the company (e.g., letters to investors, financials, information provided pursuant to financial document reporting obligations); security covenants; call protection provisions; information rights; the nature and realizable value of any collateral; the portfolio company's ability to make payments; its earnings and discounted cash flows; the markets in which the portfolio company does business; comparisons of financial ratios of peer companies that are public; M&A comparables; and enterprise values.

In valuing Portfolio Fund investments held in the Fund, the Adviser will rely primarily on unaudited valuation statements received from such funds on a quarterly basis, and (when available) audited values received on an annual basis. It will usually be the case, however, that the most recently reported value by such funds will be as of a date that is a quarter in arrears than the date as of which the Fund is calculating its NAV.

In these circumstances, and in other situations where the Adviser determines that the consideration of the following factors is relevant to determining the value of an interest in a Portfolio Fund, such fund's reported value will generally be adjusted for cash flows to/from such fund due to capital drawdowns/distributions that may have occurred since the date of the most recently available reported values; changes in the valuation of relevant indices; and such other factors that the Adviser deems appropriate, as well as any publicly available information regarding such fund's portfolio companies and/or assets (i.e., idiosyncratic factors). Other factors that may be relevant in determining the value of an interest in a Portfolio Fund, include (i) information provided to the Fund or to the Adviser by such fund, or the failure to provide such information as agreed to in such fund's offering materials or other agreements with the Fund; (ii) relevant news and other public sources; (iii) known secondary market transactions in the fund's interests (to the extent deemed a credible indication of value); and (iv) significant market events that may not otherwise be captured by changes in valuation of relevant indices discussed above. As part of the Adviser's ongoing due diligence process, the Adviser will compare its fair valuation of the Fund's interests in a Portfolio Fund to such fund's quarterly valuation statement for that particular period — if provided by the Portfolio Fund — for purposes of determining whether any adjustments to the implementation of the Valuation Procedures should be made going forward.

When determining the price for an investment to be fair valued, the Adviser is required to seek to determine the price that the Fund might reasonably expect to receive from the current sale of that asset or liability in an arm's-length transaction. The price generally may not be determined based on what the Fund might reasonably expect to receive for selling an asset or liability at a later time or if it holds the asset or liability to maturity. Fair value determinations are typically based upon all available factors that the Adviser deems relevant at the time of the determination and may be based on analytical values determined by the Adviser using proprietary or third-party valuation models.

The Fund's financial statements, which are prepared in accordance with GAAP, follow the requirements for valuation set forth in ASC 820, which defines and establishes a framework for measuring fair value under GAAP and expands financial statement disclosure requirements relating to fair value measurements.

The three-level hierarchy for fair value measurement is defined as follows:

**Level 1:** Quoted prices in active markets for identical assets or liabilities, accessible at the measurement date.

**Level 2:** Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices.

**Level 3:** Unobservable inputs for the asset or liability.

**Jetstream Venture Fund<br> Notes to the Financial Statements (Continued)** 

**March 31, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Significant Accounting Policies (Continued)** 

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the overall fair value measurement. The Adviser's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the investment.

The following is a summary of the Fund's investments as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;**Assets** |  |  |  |  |
| &nbsp;&nbsp;Note In Private Companies <sup>(a)</sup> | $— | $— | $50000 | $50000 |
| &nbsp;&nbsp;Pooled Investment Vehicles <sup>(a)</sup> |  |  | 99893 | 99893 |
| &nbsp;&nbsp;Short-Term Investments | 964758 |  |  | $964758 |
| &nbsp;&nbsp;**Total** | $964758 | $— | $149893 | $1114651 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All sub-categories within the security type represent their respective evaluation status. For a detailed breakout, please refer to the Schedule of Investments.

The following table presents the investment activity associated with securities that are categorized as Level 3 investments during the period ended March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  | **Convertible<br> Note in<br> Private<br> Companies** | **Pooled <br> Investment <br> Vehicles** | **Total** |
| &nbsp;&nbsp;**Balance at September 16, 2025:** | $— | $— | $— |
| &nbsp;&nbsp;Cost of Purchases | 50000 | 99893 | 149893 |
| &nbsp;&nbsp;Proceeds from Sales |  |  |  |
| &nbsp;&nbsp;Accrued Interest |  |  |  |
| &nbsp;&nbsp;Net Transfers In/Out of Level 3 |  |  |  |
| &nbsp;&nbsp;Net Realized Gain/(Loss) |  |  |  |
| &nbsp;&nbsp;Net Change in Unrealized Appreciation/(Depreciation) |  |  |  |
| &nbsp;&nbsp;**Ending Balance at March 31, 2026:** | $50000 | $99893 | $149893 |

---

The Fund expects that it will hold a high proportion of Level 3 investments relative to its total investments, which is directly related to the Fund's investment strategy and target investments.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to determine fair value of the Fund's investments as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair <br> Value at <br> March <br> 31, 2026** | **Valuation <br> Technique** | **Significant <br> Unobservable <br> Inputs** | **Impact <br> to value <br> if Input <br> Increases** | **Range of <br> Inputs** | **Weighted <br> Average** |
| &nbsp;&nbsp;Convertible Note in Private Companies | $50000 | Market Approach | Precedent Transactions | Valued at Cost | N/A | N/A |
| &nbsp;&nbsp;Pooled Investment Vehicles | $99893 | Market Approach | Precedent Transactions | Valued at Cost | N/A | N/A |

---

**Jetstream Venture Fund<br> Notes to the Financial Statements (Continued)** 

**March 31, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;**(3)** **Fees and Transactions with Related Parties and Other Agreements** 

The Fund has entered into an Investment Advisory Agreement with the Adviser, pursuant to which the Adviser provides general investment advisory services for the Fund. For providing these services, the Adviser receives a fee from the Fund, accrued daily and paid monthly in arrears, at an annual rate equal to 2.90% of the Fund's average daily net assets. Xcellerant acts as the Fund's Sub-Adviser and assists the Adviser in implementing and supervising the investment program of the Fund and the composition of its portfolio. The Sub-Adviser is paid by the Adviser, and not by the Fund. For the period ended March 31, 2026, the Fund incurred $8,603 in investment advisory fees.

The Adviser has entered into an expense limitation agreement ("Expense Limitation Agreement") with the Fund, pursuant to which the Adviser has agreed to waive its investment advisory fees and/or reimburse Fund expenses to the extent necessary so that the Fund's total annual operating expenses (excluding any taxes, interest, brokerage commissions, acquired fund fees and expenses, shareholder servicing fees, and extraordinary expenses, such as litigation or reorganization costs, but inclusive of organizational costs and offering costs) ("Operating Expenses") do not exceed 4.90% of the Fund's average daily net assets. The Expense Limitation Agreement is in effect through October 8, 2026.

The Fund has agreed to repay the Adviser for any investment advisory fees waived and/or Fund expenses the Adviser reimbursed pursuant to the Expense Limitation Agreement, provided the repayments do not cause the Fund's Operating Expenses to exceed the expense limitation in place at the time the investment advisory fees were waived and/or the Fund expenses were reimbursed, or any expense limitation in place at the time the Fund repays the Adviser, whichever is lower. Any such repayments must be made within three years after the Adviser waived the fee or reimbursed the expense. For the period ended March 31, 2026, the Adviser waived and/or reimbursed expenses totaling $330,021 that are subject to recoupment through March 31, 2029.

For the period from September 16, 2025 (commencement of operations) to March 31, 2026 organizational costs of $100,000 have been expensed as incurred and are subject to the Fund's Expense Limitation Agreement. Organizational expenses consist of costs incurred to establish the Fund and enable it to legally do business. The Fund's offering costs of $150,000 consist of legal fees for preparing the prospectus and statement of additional information in connection with the Fund's registration and public offering. Offering costs are accounted for as a deferred charge and then are amortized on a straight-line basis over the first twelve months of the Fund's operations. As of March 31, 2026, $83,478 of offering costs remain as an unamortized deferred asset, while $66,522 has been expensed subject to the Fund's Expense Limitation Agreement.

In consideration of the services rendered by those Trustees who are not "interested persons" (as defined in Section 2(a)19 of the Investment Company Act) of the Trust ("Independent Trustees"), the Fund pays each Independent Trustee an annual retainer of $25,000. Independent Trustees are also reimbursed by the Fund for expenses they incur relating to their services as Trustees, including travel and other expenses incurred in connection with attendance at in-person Board and Committee meetings. The Independent Trustees do not receive any other compensation from the Fund. Trustees that are interested persons are not compensated by the Fund.

Certain officers of the Fund and members of the Board are also officers of the Adviser.

Sweater Industries LLC serves as the Fund's Administrator, Accounting Agent, and Transfer Agent.

Fifth Third Bank, National Association serves as the Fund's Custodian.

JVD Consulting, LLC, acts as legal counsel to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;**(4)** **Repurchase Offers** 

The Fund is an "interval fund," a type of fund which, to provide some liquidity to Shareholders, will make semi-annual offers to repurchase 5% of its outstanding Shares at NAV, pursuant to Rule 23c-3 under the 1940 Act, unless such offer is suspended or postponed in accordance with regulatory requirements. In connection with any given repurchase offer, the Fund expects to make

**Jetstream Venture Fund<br> Notes to the Financial Statements (Continued)** 

**March 31, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;**(4)** **Repurchase Offers (Continued)** 

semi-annual repurchase offers of 5% of the Fund's outstanding Shares at net asset value. Semi-annual repurchases occur in the months of February and August. The offer to purchase Shares is a fundamental policy that may not be changed without the vote of the holders of a majority of the Fund's outstanding voting securities (as defined in the 1940 Act). Written notification of each repurchase offer (the "Repurchase Offer Notice") is sent to Shareholders at least 21 before the repurchase request deadline (i.e., the date by which Shareholders can tender their Shares in response to a repurchase offer) (the "Repurchase Request Deadline"). The Fund expects to determine the NAV applicable to repurchases on the Repurchase Request Deadline, but it will in any case be calculated no later than the 14th calendar day (or the next business day if the 14th calendar day is not a business day) after the Repurchase Request Deadline (the "Repurchase Pricing Date"). The Fund expects to distribute payment to Shareholders no later than seven calendar days after such date. The Fund's Shares are not listed on any securities exchange, and the Fund anticipates that no secondary market will develop for its Shares. Accordingly, you may not be able to sell Shares when and/or in the amount that you desire. Thus, the Shares are appropriate only as a long-term investment. In addition, the Fund's repurchase offers may subject the Fund and Shareholders to special risks.

During the period ended March 31, 2026, the Fund did not complete a repurchase offer.

&nbsp;&nbsp;&nbsp;&nbsp;**(5)** **Investment Transactions** 

Purchases and sales of investments, other than short-term securities, for the period ended March 31, 2026, were $149,893 and $0, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;**(6)** **Commitments and Contingencies** 

In the normal course of business, the Fund will enter into contracts that contain a variety of representations, provide general indemnifications, set forth termination provisions and compel the contracting parties to arbitration in the event of dispute. From time to time, the Fund may be a party to arbitration, or legal proceedings, in the ordinary course of business, including proceedings relating to the enforcement of provisions of such contracts. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that would be subject to arbitration, generally.

In the normal course of business, the Fund may enter into agreements to purchase and sell investments. Such agreements are subject to certain rights of the issuer's and ultimately, issuer approval.

&nbsp;&nbsp;&nbsp;&nbsp;**(7)** **Indemnifications** 

The Fund indemnifies the Fund's officers and Board of Trustees for certain liabilities that might arise from their performance of their duties to the Fund. Additionally, in the normal course of business the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;**(8)** **Federal Tax Information** 

The Fund intends to elect to be treated as a regulated investment company ("RIC") for U.S. federal income tax purposes, and it has qualified as a RIC for U.S. federal income tax purposes. As such, the Fund generally will not be subject to U.S. federal corporate income tax, provided that it distributes all of its net taxable income and gains each year.

**Jetstream Venture Fund<br> Notes to the Financial Statements (Continued)** 

**March 31, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;**(8)** **Federal Tax Information (Continued)** 

In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also the Fund's intention to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts from prior years.

The Fund paid $0 in income and $0 in long-term capital gain distributions for the tax period ended March 31, 2026.

As of March 31, 2026, the tax-basis cost of investments and components of distributable earnings were as follows:

---

| | | |
|:---|:---|:---|
| **Tax Cost** | **Gross Unrealized <br> Appreciation** | **Net Unrealized <br> Appreciation / <br> (Depreciation)** |
| $1114651 | $– $– $|  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed <br> Ordinary Income** | **Undistributed Long-<br> Term Capital Gains** | **Other Accumulated <br> Losses\*** | **Net Unrealized <br> Appreciation / <br> (Depreciation)** | **Total Distributable <br> Earnings** |
| $— | $– $| (3669) | $– $| (3669) |

---

\* Other Accumulated Losses represents post-October losses.

For the fiscal period ended March 31, 2026, the Fund recorded the following reclassifications:

---

| | |
|:---|:---|
| **Distributable Earnings** | **Paid-in Capital** |
| $1096 | $(1096) |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(9)** **Risk Factors** 

Investing in the Shares may be speculative and involve a high degree of risk, including the risks associated with venture capital investing. The following list is not intended to be a comprehensive listing of all the potential risks associated with the Fund. The Fund's prospectus provides further details regarding the Fund's risks and considerations.

The Fund's investments will primarily consist of securities that do not have readily determinable fair values and are valued using significant unobservable inputs (Level 3). As such, the fair value of these investments is determined using methodologies that involve substantial judgment and estimation by the Adviser and the Adviser's Valuation Committee. These estimates are based on current available data, including comparable company metrics, market multiples, and management representations.

It is reasonably possible that changes in these estimates or assumptions could result in a material change to the fair value of such investments in the near term. The Fund's net asset value could be materially impacted by changes in valuation inputs such as market comparables, company performance data, or liquidity events involving portfolio companies.

As a result, the Fund is vulnerable to a severe near-term impact from downturns in venture capital markets, macroeconomic disruptions, or shifts in valuation trends for early-stage technology companies. Such conditions could significantly reduce the fair value of these investments and impact Fund performance and net asset value.

**Jetstream Venture Fund<br> Notes to the Financial Statements (Continued)** 

**March 31, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;**(10)** **Recently Adopted Accounting Pronouncements** 

The Fund adopted the FASB Accounting Standards Update 2023-09, "Income Taxes (Topic 740) Improvements to Income Tax Disclosures" ("ASU 2023-09"), which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendment in the ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. The Fund's adoption of ASU 2023-09 did not have a material impact on the Fund's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;**(11)** **Subsequent Events** 

In accordance with GAAP, management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date of issuance of these financial statements. Management has concluded there are no additional matters requiring recognition or disclosure.

**Jetstream Venture Fund** 

**Report of Independent Registered Public Accounting Firm** 

**As of March 31, 2026**

**To the Shareholders and the Board of Trustees of<br> Jetstream Venture Fund** 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Jetstream Venture Fund (the "Fund"), including the schedule of investments, as of March 31, 2026, the related statement of operations, the statement of changes in net assets, the statement of cash flows, and the financial highlights for the period of September 16, 2025 (commencement of operations) to March 31, 2026, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of Jetstream Venture Fund as of March 31, 2026, the results of its operations, the changes in its net assets, its cash flows, and the financial highlights for the period of September 16, 2025 (commencement of operations) to March 31, 2026, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the Fund's auditor since 2025.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2026 by correspondence with the custodian and private companies. We believe that our audits provide a reasonable basis for our opinion.

![](fp0098459-1_18.jpg)

**TAIT, WELLER & BAKER LLP** 

**Philadelphia, Pennsylvania** 

**May 28, 2026** 

**Jetstream Venture Fund** 

**Additional Information (Unaudited)** 

**As of March 31, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Proxy Voting Policies and Voting Records** 

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies during the 12-month period ended June 30 are available without charge upon request by (1) calling the Fund at (888) 577-7987 and (2) from Fund documents filed with the Securities and Exchange Commission ("SEC") on the SEC's website at <u>http://www.sec.gov</u>.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Quarterly Portfolio Holdings** 

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT is available on the SEC's website at <u>http://www.sec.gov</u>. You may also obtain copies without charge, upon request, by calling the Fund at (888) 577-7987.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Statement Regarding the Basis for the Approval of the Investment Advisory Agreement** 

The Jetstream Venture Fund (the "***Fund***") is overseen by a Board of Trustees (the "***Board***," the members of which are referred to as the "***Trustees***") consisting of five Trustees, three of whom are not "interested persons" of the Fund (the "***Independent Trustees***"), as defined in the Investment Company Act of 1940 (the "***1940 Act***"). The Board met in-person on March 18, 2025 (the "***Meeting***") to consider the proposed investment management agreement (the "***Management Agreemen***t") between the Fund and Sweater Industries LLC (the "***Adviser***"), and the proposed Subadvisory Agreement (the "***Subadvisory Agreement***") between the Adviser and Xcellerant Ventures, LLC (the "***Subadviser***") on behalf of the Fund.

In connection with this, the Board reviewed and discussed at its Meeting materials relating to its consideration of the Management Agreement and the Subadvisory Agreement. The Board also considered all factors it believed relevant with respect to the Fund, including: (a) the nature, extent, and quality of services to be provided by the Adviser and the Subadviser to the Fund; (b) the extent to which the Adviser and the Subadviser may realize economies of scale with respect to its respective management of the Fund; (c) costs of the services provided and profits realized by the Adviser under the Management Agreement and by the Subadviser under the Subadvisory Agreement; (d) the management fee to be paid to the Adviser under the Management Agreement, and the subadvisory fee payable by the Adviser to the Subadviser under the Subadvisory Agreement; and (e) any fall-out benefits to the Adviser and the Subadviser with respect to their respective management of the Fund.

The Trustees were advised by Fund legal counsel regarding their fiduciary duties pertaining to renewal of investment advisory contracts and the factors they should consider in evaluating advisory agreements. The Independent Trustees, through Fund legal counsel, provided a request to the Adviser and Subadviser and received materials from the Adviser and the Subadviser, respectively, in response to such request.

In considering whether to approve the Agreement and the Subadvisory Agreement and reviewing the related materials, the Board met with relevant personnel of the Adviser and the Subadviser and reviewed with them materials prepared by the Adviser and the Subadviser, respectively, and materials provided by legal counsel to the Fund. The Board also met with legal counsel to the Fund, who also serves as the Fund's Chief Compliance Officer, and with the Fund's Treasurer. The Trustees also met with the Fund's Chief Compliance Officer and Fund legal counsel in executive session, outside the presence of the Adviser's and Subadviser's personnel and the non-Independent Trustee, in connection with their respective consideration of the Management Agreement and the Subadvisory Agreement.

The Board determined that, given the totality of the information provided with respect to the Management Agreement and the Subadvisory Agreement, including representation from management of the Adviser and Subadviser made at the meeting, the Board had received sufficient information to consider the approval of these agreements.

**Jetstream Venture Fund<br> Additional Information (Unaudited) (Continued)** 

**As of March 31, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Statement Regarding the Basis for the Approval of the Investment Advisory Agreement (Continued)** 

In deciding to approve the Management Agreement and the Subadvisory Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, and considered a variety of factors in its analysis, including those discussed below. The Board did not allot a particular weight to any one factor or group of factors. It is also important to note that the discussion below may not include all of the factors and information considered by the Board, and that different members of the Board may have considered this information differently.

**Nature, Extent, and Quality of Services** 

As part of their review, the Trustees examined the Adviser's ability to provide investment management services to the Fund. The Trustees considered the qualifications and experience of the Adviser's personnel who are primarily responsible for managing the Fund, as well as the qualifications and experience of certain other key individuals at the Adviser who provide services to the Fund. The Trustees also considered the Adviser's investment philosophy and the Adviser's representations regarding its research and decision-making processes, its ability to attract and retain capable personnel, the capability of the Adviser's senior management and staff, and the level of skill required to manage the Fund. The Trustees spent considerable time reviewing the staffing levels at the Adviser. The Trustees discussed with the Adviser's representatives the role of the Adviser and its responsibilities day-to-day in managing the Fund, versus the role and responsibilities of Subadviser.

The Trustees considered that the Adviser's services include overseeing the Subadviser's provision of a continuous investment program for the Fund, ensuring that the Fund adhered to its investment restrictions and guidelines, complying with regulatory obligations, overseeing the Subadviser's due diligence on potential portfolio companies and private funds, overseeing negotiations to invest in proposed portfolio companies and private funds, and responsibilities relating to valuing Fund assets.

The Board also considered other non-advisory services provided by the Adviser to the Fund, such as the services of Adviser employees as Fund officers and other personnel provided that are necessary for Fund operations.

The Trustees considered conditions that might affect the Adviser's ability to provide its services to the Fund under the Agreement.

The Trustees also considered the Subadvisory Agreement, and considered the Subadviser's ability to provide investment management services to the Fund. The Trustees considered the qualifications and experience of the Subadviser's personnel who were proposed to be primarily responsible for managing the Fund, as well as the qualifications and experience of certain other key individuals at the Subadviser who provide services to the Fund. The Trustees also considered the Subadviser's proposed investment philosophy for the Fund and the Subadviser's representations regarding its research and decision-making processes, its ability to attract and retain capable personnel, the capability of the Subadviser's senior management and staff, and the level of skill required to manage the Fund. The Trustees spent considerable time reviewing the staffing levels at the Subadviser, and the Subadviser's representations made at the meeting of its capitalization and ability to manage the Fund and fulfill its obligations under the proposed expense cap agreement. The Trustees discussed with the Subadviser's representatives the proposed role of the Adviser and the Subadviser in the day-to-day management of the Fund.

The Trustees considered that the Subadviser's services would include providing a continuous investment program for the Fund, day-to-day management of the Fund's portfolio, ensuring that the Fund adhered to its investment restrictions, complying with regulatory obligations, performing due diligence on potential portfolio companies and private funds, and engaging in negotiations to invest in proposed portfolio companies and private funds.

The Board also considered other non-advisory services proposed to be provided by the Subadviser to the Fund, such in marketing the Fund.

The Trustees considered conditions that might affect the Subadviser's ability to provide its services to the Fund under the Subadvisory Agreement.

**Jetstream Venture Fund<br> Additional Information (Unaudited) (Continued)** 

**As of March 31, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Statement Regarding the Basis for the Approval of the Investment Advisory Agreement (Continued)** 

Based on its review, the Board concluded that the nature, extent and quality of services proposed to be provided by the Advisor to the Fund under the Management Agreement, and by the Subadviser to the Fund under the Subadvisory Agreement, were each satisfactory.

**Fees, Expenses and Profitability** 

The Trustees next considered the management fees to be paid by the Fund under the Management Agreement. The Trustees reviewed information concerning the Fund's proposed management fee in comparison to the management fees of seven peer group funds. The Trustees noted that the Fund's contractual management fee (before any waivers or expense reimbursements) of 2.90% was higher than the contractual management fees charged to the seven peer group funds. The Trustees considered, however, that two of the peer group funds with lower management fees also pay an additional incentive fee that varies based on fund performance (in contrast to the Fund, which pays no incentive fee), which is in addition to the management fee. The Trustees discussed with the Adviser the Fund's management fee and comparisons to the fees and expenses paid by competing funds, including those typically charged by advisers to private venture capital funds. The Trustees also considered that the Adviser has agreed to reduce its management fee and/or reimburse Fund expenses to the extent that the Fund's total annual operating expenses (excluding certain expenses) would exceed 4.90% through the first year of the Fund's operations, subject to a three-year reimbursement of the Adviser if future Fund expenses should drop below this rate.

The Board also considered information about the management fee paid by another registered closed-end fund to the Adviser.

The Trustees reviewed information about the projected profitability of the Management Agreement to the Adviser. This included information provided by the Adviser on the estimated costs of advising the Fund and representations made by the Adviser regarding its capitalization and funding. The Board spent considerable time reviewing the financial condition of the Adviser, and obtaining assurances that the Adviser had sufficient capital to continue the Fund's operations over the next few years.

The Trustees considered and discussed with the Adviser and the Subadviser the proposed use of Fund assets for marketing the Fund, and considered the Adviser's representations that none of these amounts would be retained by the Adviser, the Subadviser, or their respective personnel or affiliates.

The Trustees also discussed with the Adviser the terms of the Subadvisory Agreement, including the portion of the advisory fee proposed to be paid by the Adviser to the Subadviser under the terms of the Subadvisory Agreement.

The Board considered information regarding any indirect benefits to the Adviser that could be identified from its relationship with the Fund. In particular, the Board considered the software platform created for the Fund which benefits both the Fund and the Adviser. The Trustees also considered representations from the Adviser that the Fund has not entered into any transactions that would generate "soft dollar" credits. The Trustees also considered other services the Adviser provides to the Fund, including with respect to administration and compliance, and considered the Adviser's compensation for these services.

The Trustees, including all of the Independent Trustees, concluded that the proposed management fee for the Fund represents reasonable compensation in light of the expected nature and quality of the Adviser's services to the Fund, the fees paid by competitive funds, the sharing of advisory fees with the Subadviser, and the costs projected to be incurred by the Adviser in providing services to the Fund.

The Trustees also considered the proposed subadvisory fees to be paid by the Adviser to the Subadviser. The Trustees noted their review earlier in the meeting regarding the Fund's management fee in comparison to the management fees of peer group funds. The Trustees considered the Subadviser's representation that, because of the expense cap proposed to be put in place, and the Subadviser's obligations under the cap, the Subadviser was not projected to retain any subadvisory fees from the Fund initially. The Trustees discussed with the Subadviser the proposed subadvisory fee and comparisons to the fees and expenses paid to advisers of competing funds, including those typically charged by advisers to private venture capital funds.

**Jetstream Venture Fund<br> Additional Information (Unaudited) (Continued)** 

**As of March 31, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Statement Regarding the Basis for the Approval of the Investment Advisory Agreement (Continued)** 

The Trustees reviewed information about the estimated profitability of the Subadvisory Agreement to the Subadviser. The Board noted that, because of the Subadviser's obligation under the Fund's expense cap agreement, it was not projected to make a relatively small profit (after reimbursing Fund expenses) for the first year. The Board spent considerable time discussing with the Subadviser's representatives the financial condition of the Subadviser, obtaining assurances from the Subadviser's representatives that the Subadviser had sufficient capital to continue operations for the next fiscal year, including obligations under the Fund's expense cap agreement. The Trustees discussed the overall long-term viability of the Fund.

The Trustees, including all of the Independent Trustees, concluded that the subadvisory fee for the Fund represents reasonable compensation in light of the nature and quality of the Subadviser's services to the Fund, the fees paid by competitive funds, the sharing of advisory fees the Adviser, and the costs incurred by the Subadviser in providing services to the Fund.

**Economies of Scale and Whether Fee Levels Reflect These Economies of Scale** 

The Trustees also considered the extent to which economies of scale might be realized by the Adviser as Fund assets grow. The Trustees determined that it does not appear that the Adviser would realizing benefits from economies of scale in the first two years to such an extent that the management fee should be reduced or that break points in the management fee should be implemented at this time.

The Trustees also considered the extent to which economies of scale might be realized by the Subadviser as Fund assets grow. The Trustees noted that the Subadvisory Agreement includes breakpoints that would cause the Subadviser to earn a greater subadvisory fee, as a portion of Fund assets, paid by the Adviser, as the Fund grows and reaches certain net asset value benchmarks. The Trustees discussed this with the Adviser and the Subadviser, and determined that it was appropriate.

**Conclusion** 

Based on its review, including its consideration of each of the factors referred to above, the Board, including all of the Independent Trustees, concluded based on their reasonable business judgement that the terms of the proposed Management Agreement and Subadvisory Agreement are each fair and reasonable and that the approval of these agreements is in the Fund's best interests.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Trustees and Officers** 

The charts below identify the Fund's Trustees and officers as of the date of this report. The address of each Trustee and Fund officer is 2000 Central Ave., Boulder, Colorado 80301.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Year of <br> Birth** | **Position** <br>**held with** <br>**Fund** | **Length** <br>**of <br> Service<sup>(1)</sup>** | **Principal Occupation** <br>**During the Past 5 Years** | **Number of <br> Portfolios <br> in Fund <br> Complex <br> Overseen <br> by Trustee<sup>(2)</sup>** | **Other <br> Directorships** <br>**Held by Trustee** <br>**During the Past 5 <br> Years** |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| Thomas S. Cohen Year of Birth: 1961 | Independent Trustee | Since 2025 | Partner at Cohen Land Use Law, a law firm specializing in commercial real estate entitlement work and municipal law; Developer at Heritage Oak Partners, a land developer; Consultant to CCS, a consulting business. From 2016 to 2021, Partner at Cohen Begun & Deck, LLP, a law firm. | 1 |  |

---

**Jetstream Venture Fund<br> Additional Information (Unaudited) (Continued)** 

**As of March 31, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Trustees and Officers (Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Year of <br> Birth** | **Position** <br>**held with** <br>**Fund** | **Length** <br>**of <br> Service<sup>(1)</sup>** | **Principal Occupation** <br>**During the Past 5 Years** | **Number of <br> Portfolios <br> in Fund <br> Complex <br> Overseen <br> by Trustee<sup>(2)</sup>** | **Other <br> Directorships** <br>**Held by Trustee** <br>**During the Past 5 <br> Years** |
| Bradford A. Donovan <br> Year of Birth: 1979 | Independent Trustee, Chairman | Since 2025 | Legal Advisor to ScripGuard™, makers of a prescription drug management device. From 2015 to 2024, General Counsel, Latin America, of Deere & Company, manufacturer of agricultural, construction, and forestry machinery. | 1 |  |
| Eric Menkhus <br> Year of Birth: 1974 | Independent Trustee | Since 2025 | Attorney at Menkus Law, PLLC; Clinical Professor & Director, Entrepreneurship and Small Business Clinic, Sandra Day O'Connor College of Law at Arizona State University. From 2020 to 2022, Associate Dean of Centers, Programs and Innovations, Sandra Day O'Connor College of Law at Arizona State University. | 1 |  |
| **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| Jesse K. Randall<sup>(3)</sup> Year of Birth: 1983 | Trustee | Since 2025 | Co-Founder and Chief Executive Officer of Sweater Inc., a financial technology firm and parent company of the Adviser; Trustee, President and Principal Executive Officer of the Cashmere Fund.  | 1 | 1 |
| Douglas J. Sylvester<sup>(4)</sup> <br> Year of Birth: 1968 | Trustee, President, and Principal Executive Officer  | Since 2025 | Professor of Law at Sandra Day O'Connor College of Law at Arizona State University. | 1 |  |

---

<sup>(1)</sup> Each Trustee serves for an indefinite term, until his or her resignation, retirement, death or removal.

<sup>(2)</sup> The "Fund Complex" consists of the Fund only.

<sup>(3)</sup> Mr. Randall is considered to be an "interested person" of the Fund (as that term is defined by Section 2(a)(19) in the 1940 Act) because of his affiliation with the Fund's Adviser.

<sup>(4)</sup> Mr. Sylvester is considered to be an "interested person" of the Fund (as that term is defined by Section 2(a)(19) in the 1940 Act) because of his affiliation with the Fund's Subadviser.

**Jetstream Venture Fund<br> Additional Information (Unaudited) (Continued)** 

**As of March 31, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Trustees and Officers (Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Name, Age <br> and Address** | **Position** <br>**held with** <br>**Funds or <br> Trust** | **Length** <br>**of Time <br> Served\*** | **Principal Occupation** <br>**During the Past 5 Years** |
| **Other Officers** | **Other Officers** | **Other Officers** | **Other Officers** |
| Gordon Jones <br> Year of Birth: 1988 | Treasurer and Principal Financial Officer | Since 2025 | Member of Gryphon 17, LLC since 2021; Treasurer of IDX Funds (2021-2023); Director of Fund Administration and Tax, Winbridge Partners, LLC (2020 – 2021); Senior Tax Manager, Cohen & Company, Ltd (2010 – 2020). |
| Robin Riddell <br> Year of Birth: 1986 | Secretary | Since 2025 | Director of Operations & Valuations. Previously led teams at Carta (June 2017 – December 2022) and PitchBook (November 2012 – May 2017), with a focus on private company valuations, product strategy, finance, and operations. Holds a Master of Finance from the University of St. Andrews. |
| Jonathan D. Van Duren <br> Year of Birth: 1982 | Chief Compliance Officer | Since 2025 | Founder and Principal of JVD Consulting LLC (2024 – Present); Counsel at Greenberg Traurig LLP (2021 – 2024); Associate at Bryan Cave Leighton Paisner LLP (2018 – 2021). |

---

The Fund's Statement of Additional Information includes additional information about the Trustees and is available free of charge, upon request, by calling toll-free at (888) 577-7987.

**Fund Information** 

**Investment Adviser**<br> Sweater Industries, LLC<br> Boulder, CO

**Administrator, Accounting Agent, and Transfer Agent**<br> Sweater Industries LLC<br> Boulder, CO

**Custodian**<br> Fifth Third Bank, National Association<br> Cincinnati, OH

**Independent Registered Public Accounting Firm**<br> Tait, Weller & Baker LLP<br> Philadelphia, PA

**Officers** 

**President and Principal Executive Officer**<br> Douglas J. Sylvester

**Principal Financial Officer and Treasurer**<br> Gordon Jones

**Chief Compliance Officer**<br> Jonathan Van Duren

**Secretary** <br> Robin Riddell

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**Item 2. Code of Ethics.**

The Jetstream Venture Fund (the "Registrant") has a code of ethics (the "Code") that applies to the Registrant's principal executive officer and principal financial officer. During the period covered by this report, there were no material amendments to the provisions of the Code, nor were there any implicit or explicit waivers to the provisions of the Code. The code of ethics is included as Exhibit 19(a)(1).

**Item 3. Audit Committee Financial Expert.**

The Registrant does not currently have an audit committee financial expert. The Registrant's Board of Trustees is currently evaluating whether one or more of the Audit Committee's current members meets the requirements to be the Registrant's audit committee financial expert.

**Item 4. Principal Accountant Fees and Services.**

&nbsp;&nbsp;&nbsp;&nbsp;a. Audit Fees – Audit fees billed for the Jetstream Venture Fund (the "Fund"), a series of the Trust, are reflected
in the table below.

March 31, 2026 - $12,500

For the fiscal period ended March 31, 2026 these amounts represent in aggregate fees billed for professional services rendered by the registrant's independent accountant, Tait, Weller, & Baker LLP ("Accountant"), in connection with the annual audit of the registrant's financial statements and for services that are normally provided by the Accountant in connection with the registrant's statutory and regulatory filings for those fiscal years.

&nbsp;&nbsp;&nbsp;&nbsp;b. Audit-Related Fees – There were no additional fees billed in the fiscal period ended March 31, 2026, for assurance and
related services by the Accountant that were reasonably related to the performance of the audit of the registrant's financial statements
and that were not reported under paragraph (a) of this Item.

&nbsp;&nbsp;&nbsp;&nbsp;c. Tax Fees – The tax fees billed, in the fiscal period ended March 31, 2026, for professional services rendered by the Accountant
for tax compliance, tax advice, and tax planning are reflected in the table below. These services were for the completion of the registrant's
federal and state income tax returns, excise tax returns, and assistance with distribution calculations.

March 31, 2026 - $2,500

&nbsp;&nbsp;&nbsp;&nbsp;d. All Other Fees – There were no other fees billed in each of the fiscal period ended March 31, 2026, for products and services
provided by the Accountant, other than the services reported in paragraphs (a) through (c) of this item.

&nbsp;&nbsp;&nbsp;&nbsp;e. (1) The Audit Committee has adopted pre-approval policies and procedures that require the Audit Committee to pre-approve all
audit and non-audit services of the Registrant, including services provided to the Registrant's investment adviser or any entity
controlling, controlled by or under common control with the Registrant's investment adviser that provides ongoing services to the
Registrant with respect to any engagement that directly relates to the operations and financial reporting of the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) There were no services as described in each of paragraph (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;f. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;g. Aggregate non-audit fees billed by the Accountant for services rendered for the fiscal period ended March 31, 2026, are
reflected in the table below. There were no fees billed by the Former Accountant for non-audit services rendered to the Fund's investment
adviser, or any other entity controlling, controlled by, or under common control with the Fund's investment adviser.

March 31, 2026 - $15,000

&nbsp;&nbsp;&nbsp;&nbsp;h. Not Applicable.

**Item 5. Audit Committee of Listed Companies.**

Not applicable.

**Item 6. Schedule of Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Included as part of the report to shareholders filed under Item 1 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

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

Not applicable.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Not applicable.

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

Included as part of the report to shareholders filed under Item 1 of this Form N-CSR.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds.**

The Registrant's Proxy Voting Policies and Procedures is attached hereto as Exhibit 19(c).

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

(a)(1) Identification of Portfolio Manager(s) and Description of Role of Portfolio Manager(s)

All information included in this Item is as of March 31, 2026, unless otherwise noted.

The following table provides biographical information about the Portfolio Manager, who is primarily responsible for the day-to-day portfolio management of the Fund as of the date hereof:

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Since** | **Title and Positions Held Over Past Five Years** |
| Dr. John Shufeldt | 2025 | General Partner and Managing Director of Xcellerant Ventures, LLC; President and Chief Medical Officer of VivaMed since 2025; Founder and Director of Tribal Health since 2015. |

---

(a)(2) Other Accounts Managed by Portfolio Manager and Potential Conflicts of Interest

The following tables provide information about portfolios and accounts, other than the Registrant, for which the Portfolio Managers are primarily responsible for the day-to-day portfolio management as of March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Manager** | **Registered Investment**<br> **Companies** | **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** |
| Dr. John Shufeldt | 0 | 1 | 0 |

---

(a)(3) Compensation Structure of Portfolio Managers

The portfolio manager receives from Xcellerant Ventures, LLC (the "Subadviser") a fixed annual salary. The portfolio manager also co-owns the subadviser (indirectly), and thus benefits through compensation paid to the Subadviser.

(a)(4) Disclosure of Securities Ownership

Mr. Shufeldt beneficially owns, as of March 31, 2026, between $100,001 - $500,000 of Fund Shares

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

There were no purchases made by or on behalf of the registrant or any "affiliated purchaser," as defined in Rule 10b-18(a)(3) under the Exchange Act(17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant's equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

There were no purchases that do not satisfy the conditions of the safe harbor of Rule 10b-18 under the Exchange Act (17 CFR 240.10b-18), made in the period covered by this report.

**Item 15. Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer and principal financial officer have reviewed the Registrant's
disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended,
(the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the
Act. Based on their review, such officers have concluded that the disclosure controls and procedures were effective in ensuring that information
required to be disclosed in this report was appropriately recorded, processed, summarized and reported and made known to them by others
within the Registrant and by the Registrant's service providers.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined
in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that materially
affected, or were reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-Ended Management Investment Companies.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.**

[(a)](fp0098459-2_ex99code.htm) [(1) Code of Ethics. Filed herewith.](fp0098459-2_ex99code.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(a) (2) Not applicable.

[(a)](fp0098459-2_ex99cert.htm) [(3) Certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.](fp0098459-2_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(a) (4) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(a) (5) Not applicable.

[(b)](fp0098459-2_ex99906cert.htm) [Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.](fp0098459-2_ex99906cert.htm)

[(c)](fp0098459-2_ex9919c.htm) [The Registrant's Proxy Voting Policies and Procedures is attached hereto in response to Item 12.](fp0098459-2_ex9919c.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | Jetstream Venture Fund |
| By: | /s/ Douglas J. Sylvester |
| Name: | Douglas J. Sylvester |
| Title: | Principal Executive Officer |
| Date: | June 8, 2026 |

---

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

---

| | |
|:---|:---|
| By: | /s/ Douglas J. Sylvester |
| Name: | Douglas J. Sylvester |
| Title: | Principal Executive Officer |
| Date: | June 8, 2026 |

---

---

| | |
|:---|:---|
| By: | /s/ Gordon Jones |
| Name: | Gordon Jones |
| Title: | Principal Financial Officer |
| Date: | June 8, 2026 |

---

The Audit Committee has adopted pre-approval policies and procedures that require the Audit Committee to pre-approve all audit and non-audit services of the Registrant, including services provided to the Registrant's investment adviser or any entity controlling, controlled by or under common control with the Registrant's investment adviser that provides ongoing services to the Registrant with respect to any engagement that directly relates to the operations and financial reporting of the Registrant.

## Ex-99.Code

Fund Code of Ethics ("1940 Act Code of Ethics")

Purpose of the Code of Ethics

The Jetstream Venture Fund (the "Fund") has adopted this Code of Ethics (the "Code") to set forth guidelines and procedures that promote ethical practices and conduct by all of the Fund's Access Persons, as defined below, and to ensure compliance with the Federal Securities Laws. To the extent that any such individuals are subject to compliance with the separately maintained Code of Ethics of the Fund's Adviser, Subadviser, or Fund Administrator (collectively the "Service Providers"), as applicable, whose Codes of Ethics complies with Rule 17j- 1, compliance by such individuals with the provisions of the Code of the applicable Service Providers shall constitute compliance with this Code. This Code is based on the principle that, each Access Person of the Fund will conduct such activities in accordance with to the following principles:

● To be dutiful in placing the interests of the Fund's shareholders first and before their own;

● all personal securities transactions must be conducted consistent with this Code of Ethics and in such a manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of Fund and responsibility; and

● adhere to the fundamental standard that Access Persons shall not take inappropriate advantage of their position.

Any violation of this Code must be reported promptly to the Fund's Chief Compliance Officer ("CCO"). Failure to do so will be deemed a violation of the Code.

Legal Requirement

Pursuant to Rule 17j-1(b) of the Investment Company Act of 1940 (the "1940 Act"), it is unlawful for any Access Person to:

● employ any device, scheme or artifice to defraud the Fund;

● make any untrue statement of a material fact to the Fund or fail to state a material fact necessary in order to make the statements made to the Fund, in light of the circumstances under which they were made, not misleading;

● engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon the Fund; or

● engage in any manipulative practice with respect to the Fund, in connection with the purchase or sale (directly or indirectly) by such Access Person of a security "held or to be acquired" by the Fund.

*Definitions*

All definitions have the same meaning as explained in Rule 17j-1 or Section 2(a) of the 1940 Act and are summarized below.

---

| | |
|:---|:---|
| Access Person | Any officers, Trustees, general partner or employee of the Fund or of a Fund's Investment Adviser or Subadviser (or of any entity in a control relationship to the Fund or Investment Adviser or Subadviser) who, in connection with his/her regular functions or duties, makes participates in, or obtains information regarding the purchase or sale of Covered Securities by the Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales. |

---

---

| | |
|:---|:---|
| Automatic Investment Plan | A program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan. |
| Beneficial Ownership | In general, and subject to the specific provisions of Rule 16a- 1(a)(2) under the Securities Exchange Act of 1934 (the "Exchange Act"), as amended, having or sharing, directly or indirectly, through any contract arrangement, understanding, relationship, or otherwise, a direct or indirect "pecuniary interest" in the security. |
| Connected Persons | Adult children or parents living at home, and any relative, person or entity for whom the Access Person directs the investments or securities trading unless otherwise specified. |
| Control | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shall have the same meaning as that set forth in Section 2(a)(9) of the Exchange Act. Covered Security – shall be any security except that it does not include:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Direct obligations of the Government of the United States;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Bankers' acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt instruments, including repurchase agreements; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Shares issued by open-end Fund (excluding open-end exchange-traded Fund). |
| De Minimis Security | Securities issued by any company included in the Standard and Poor's 500 Stock Index and in an amount less than $10,000. |
| Exchange-Traded Fund | An open-end registered investment company that is not a unit investment Fund, and that operates pursuant to an order from the SEC exempting it from certain provisions of the 1940 Act permitting it to issue securities that trade on the secondary market. Examples of open-end exchange-traded Fund include, but are not limited to: Select Sector SPDRS; iShares; PowerShares; etc. |
| Fund | An investment company registered under the 1940 Act. |
| Independent Trustees | Those Trustees of the Fund that would not be deemed an "interested person" of the Fund, as defined in Section 2(a)(19)(A) of the 1940 Act. |
| Initial Public Offering | An offering of securities registered under the Securities Act of 1933 (the "Securities Act"), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Act. |
| Limited Offering | An offering that is exempt from registration pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505, or Rule 506 under the Securities Act. |
| Covered Security | Any security in which an employee or access person could have a beneficial interest and is subject to reporting and trading restrictions to prevent conflicts of interest or insider trading. See below for examples. |
| Restricted Trustee | Each Trustee of the Fund who is not also a director, officer, partner, employee or controlling person of any one or more of the Fund's investment advisers, administrator, custodian, or transfer agent. |

---

A **Covered Security** includes:

Equity Securities

Debt Securities/Instruments

Options and Derivatives

Mutual Funds (advised by Adviser or Subadviser)

Private Offerings

Unit Investment Trusts (UITs)

**Exclusions from Covered Securities:**

US Government Obligations

Bankers' Acceptances and CDs

Commercial Paper

Mutual Funds (not advised by Adviser or Subadviser)

Money Market Funds

Security Held or to be Acquired by the Fund means:

● Any Covered Security which, within the most recent fifteen (15) days:

● Is or has been held by the Fund; or

● Is being or has been considered by the Fund or its Investment Advisor for purchase by the Fund; and

● Any option to purchase or sell, and any security convertible into or exchangeable for, a Covered Security.

Personal Securities Transactions

No Access Person of the Fund shall engage in any act, practice or course of business that would violate the provisions of Rule 17j-1 as set forth above, or in connection with any personal investment activity, engage in conduct inconsistent with this Code.

***Restrictions on Personal Securities Transactions By Access Persons Other Than Restricted Trustees and Persons Covered Under an Equivalent Code of Ethics of the Fund's Service Provider.***

 ****

Except as provided below, no Access Person who is not a Restricted Trustee or Restricted Officer may buy or sell Covered Securities for his or her personal portfolio or the portfolio of a member of his or her immediate family without obtaining authorization from the Fund's CCO prior to effecting such security transaction.

\* If an Access Person has questions as to whether purchasing or selling a security for his or her personal portfolio or the portfolio of a member of his or her immediate family requires prior authorization, the Access Person should consult the Fund's CCO for clearance or denial of clearance to trade prior to effecting any securities transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Pre-clearance approval under paragraph (a) will expire at the close of business on the trading day after
the date on which the authorization is received, and the Access Person is required to renew clearance for the transaction if the trade
is not completed before the authority expires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o No clearance will be given to an Access Person other than a Restricted Trustee to purchase or sell any
Covered Security (1) on a day when any Fund of the Fund has a pending "buy" or "sell" order in that same Covered Security
until that pending "buy" or "sell" order is executed or withdrawn or (2) when the Fund Compliance Officer has been
advised by the Adviser that the same Covered Security is being considered for purchase or sale for any portfolio of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The pre-clearance requirement contained above shall not apply to the following securities ("Exempt
Securities"):

● Securities that are not Covered Securities;

● De Minimis Securities;

● Securities purchased or sold in any account over which the Access Person has no direct or indirect influence or control;

● Securities purchased or sold in a transaction which is non-volitional on the part of either the Access Person or the Fund;

● Securities acquired as a part of an Automatic Investment Plan;

● Securities acquired upon the exercise of rights issued by an issuer pro rata to all holders of a class of its securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired; and

● Securities which the Fund is not permitted to purchase under the investment objectives and policies set forth in the Fund's then current prospectus(es) under the Securities Act of 1933 or the Fund's registration statement on Form N-1A, provided that prior to a transaction by an Access Person such securities have been approved for inclusion in a list of securities which are not permissible for purchase by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The pre-clearance requirement contained shall apply to all purchases of a beneficial interest in any security
through an Initial Public Offering or a Limited Offering by any Access Person who is also classified as Investment Personnel. A record
of any decision and the reason supporting such decision to approve the acquisition by Investment Personnel of Initial Public Offerings
or Limited Offerings shall be made by the Compliance Officer.

Restrictions on Personal Securities Transactions by Restricted Trustees.

The Fund recognizes that a Restricted Trustee does not have on-going, day- to-day involvement with the operations of the Fund. In addition, it has been the practice of the Fund to give information about securities purchased or sold by the Fund or considered for purchase or sale by the Fund to Restricted in materials circulated more than 15 days after such securities are purchased or sold by the Fund or are considered for purchase or sale by the Fund. Accordingly, the Fund believes that less stringent controls are appropriate for Restricted Trustees, as follows:

● The securities pre-clearance requirement contained in section IV above shall only apply to a Restricted Trustee if he or she knew or, in the ordinary course of fulfilling his or her official duties as a Trustee, should have known, that during the 15-day period before the transaction in a Covered Security (other than an Exempt Security) or at the time of the transaction that the Covered Security purchased or sold by him or her other than an Exempt Security was also purchased or sold by the Fund or considered for the purchase or sale by the Fund.

● If the pre-clearance provisions of the preceding paragraph apply, no clearance will be given to a Restricted Trustee to purchase or sell any Covered Security (1) on a day when any portfolio of the Fund has a pending "buy" or "sell" order in that same Covered Security until that order is executed or withdrawn or (2) when a Compliance Officer has been advised by the Adviser that the same Covered Security is being considered for purchase or sale for any portfolio of the Fund.

Code of Ethics Reporting Requirements

The Fund CCO or designee shall monitor all personal trading activity of all Access Persons as deemed appropriate and covered by this Code. An Access Person of a Fund who is also an Access Person of the Fund's principal underwriter, affiliates or Adviser may submit such reporting requirements via the forms prescribed by any such separate Code of Ethics provided that the associated forms comply with the requirements of Rule 17j-1(d)(1) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Initial/Ongoing Disclosure of Personal Brokerage Accounts**. Within ten (10) days of the commencement
of employment or at the commencement of a relationship with the Fund, all Access Persons, except Independent Trustees, are required to
submit to the Chief Compliance Officer a report stating the names and account numbers of all of their personal brokerage accounts, brokerage
accounts of any Connected Persons, and any brokerage accounts which they control or in which they or a Connected Person has Beneficial
Ownership. Such report must contain the date on which it is submitted and the information in the report must be current as of a date no
more than forty-five (45) days prior to that date. In addition, if a new brokerage account is opened during the course of the year, the
Chief Compliance Officer must be notified immediately. The information required by the above paragraph must be provided to the Chief Compliance
Officer on an annual basis. Disclosure of an account shall cover, at a minimum, all accounts at a broker-dealer, bank or other institution
opened during the quarter and provide the following information:

● the name of the broker, dealer or bank with whom the Access Person has established the account;

● the date the account was established;

● the date that the report is submitted by the Access Person.

Each of these accounts is required to furnish duplicate confirmations and statements to the Chief Compliance Officer. Such statements and confirms as an Access Person of the Fund may be sent to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Holdings Report**. Within ten (10) days of becoming an Access Person (and with information that is
current as of a date no more than forty-five (45) days prior to the date that the person becomes an Access Person), each Access Person,
except Independent Trustees, must submit (i) a holdings report that must contain, at a minimum, the title and type of Security, and as
applicable, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Covered Security in which the Access
Person has any direct or indirect Beneficial Ownership and (ii) the name of any broker, dealer or bank with whom the Access Person maintained
an account in which any securities were held for the Access Person's direct or indirect benefit as of the date they became an Access
Person. This report must state the date on which it is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Quarterly Transaction Reports**. All Access Persons, except Independent Trustees, shall report to
the Chief Compliance Officer or designee the following information with respect to transactions in a Covered Security in which such person
has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in the Covered Security:

● The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and the principal amount of each Covered Security;

● The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

● The price of the Covered Security at which the transaction was effected;

● The name of the broker, dealer, or bank with or through whom the transaction was effected; and

● The date the Access Person Submits the Report.

Reports pursuant to this section of this Code shall be made no later than thirty (30) days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall include a certification that the reporting person has reported all Personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. Confirmations and Brokerage Statements sent directly to the appropriate address noted above is an acceptable form of a quarterly transaction report.

Review of Reports

The CCO of the Fund, or designee, shall be responsible for reviewing the reports received, maintaining a record of the names of the persons responsible for reviewing these reports, and as appropriate and reporting to the board of Trustees:

● any transaction that appears to evidence a possible violation of this Code; and

● apparent violations of the reporting requirements stated herein.

The CCO of the Fund shall review the reports referenced hereunder and shall determine whether the policies established in Sections IV and V of this Code have been violated, and what sanctions, if any, should be imposed on the violator. Sanctions include but are not limited to a letter of censure, suspension or termination of the employment of the violator, or the unwinding of the transaction and the disgorgement of any profits.

The CCO and the Board of Trustees of the Fund shall review the operation of this Code at least annually. All material violations of this Code and any sanctions imposed with respect thereto shall periodically be reported to the Board of Trustees of the Fund.

Certification

Each Access Person will be required to certify annually that he/she has read and understood the provisions of this Code and will abide by them. Each Access Person will further certify that he/she has disclosed or reported all personal securities transactions required to be reported under the Code. A form of such certification is attached below:

*I certify that I have read and understand the Code of Ethics of and recognize that I am subject to it. [if an employee of the Adviser] I further certify I will fulfill my personal securities holdings and transactions reporting obligations through the procedures of the Adviser with respect to covered securities.*

Before the Board of Trustees of the Fund may approve the Code of Ethics, the Fund must certify to the Board that the Fund has adopted procedures reasonably necessary to prevent Access Persons from violating this Code. Such certification shall be submitted to the Board of Trustees at least annually.

Sarbanes-Oxley Code of Ethics for Chief Executive and Senior Financial Officers

The Jetstream Venture Fund (the "Fund") is committed to conducting business in accordance with applicable laws, rules and regulations and the highest standards of business ethics, and to full and accurate financial disclosure in compliance with applicable law. This Code of Ethics, applicable to the Fund's Principal Executive Officer, Principal Financial Officer and Treasurer (or persons performing similar functions) (together, "Senior Officers"), sets forth specific policies to guide such individuals in the performance of their duties.

As a Senior Officer, you must comply with applicable law. You also have a responsibility to conduct yourself in an honest and ethical manner; and you have leadership responsibilities that include creating a culture of high ethical standards and commitment to compliance, maintaining a work environment that encourages employees to raise concerns, and promptly addressing employee compliance concerns.

The Code of Ethics of the Fund pursuant to Rule 17j-1(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (the "1940 Act Code of Ethics"), which this Code of Ethics is intended to supplement, sets forth the fundamental principles and key policies and procedures that govern the conduct of all of us in our business as registered investment companies.

Compliance with Laws, Rules and Regulations

You are required to comply with the laws, rules and regulations that govern the conduct of our business and to report any suspected violations in accordance with the section below entitled "Violations" Thereafter, each Covered Officer, on an annual basis, must affirm to the Board that he/she has complied with the requirements of this Code.

Reporting and Accountability

All Covered Officers will be held accountable for adherence to the Code. Each Covered Officer must, upon the Trust's adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he/she has received, read and understands this Code by signing the Acknowledgement Form attached hereto as Appendix A. Thereafter, each Covered Officer, on an annual basis, must affirm to the Board that he/she has complied with the requirements of this Code.

Conflicts of Interest

Senior Officers are expected to dedicate their best efforts to advancing the Fund's interests and to use objective and unbiased standards when making decisions that affect the Fund, keeping in mind that you are subject to inherent conflicts of interest because certain officers are also officers of Sweater Venture, LLC (the "Adviser") as well as the Fund. Your obligation to conduct the Fund's business in an honest and ethical manner includes the ethical handling of actual or apparent conflicts of interest between personal and business relationships. A conflict of interest for the purpose of this Code of Ethics occurs when your private interests interfere in any way, or even appear to interfere, with the interests of the Fund. The 1940 Act Code of Ethics, the Adviser's and the Fund's allocation procedures and the other policies of the Fund are designed to ensure the ethical handling of such conflicts. As a result, it is incumbent on you to be familiar with the 1940 Act Code of Ethics, the Adviser's and Fund's allocations procedures and other rules and regulations under the 1940 Act as well as the policies of the Fund. When making any investment, accepting any position or benefits, participating in any transaction or business arrangement or otherwise acting in a manner that creates or appears to create a conflict of interest where you are receiving a personal benefit, you should act in accordance with the letter and the spirit of the 1940 Act Code of Ethics and/or the Fund's or the Adviser's other applicable policies and procedures. If you are in doubt as to the application or interpretation of any of these, you should make full disclosure of all facts and circumstances to and obtain the prior written approval of the Secretary of the Fund.

Disclosures

It is the policy of the Fund to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws and regulations in all reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission ("SEC") and in all other public communications made by the Fund. As a Senior Officer, you are required to promote compliance with this policy by all employees and to abide by the Fund's standards, policies and procedures designed to promote compliance with this Code of Ethics.

Violations

If you know of or suspect a violation of applicable laws, regulations, policies, procedures or this Code of Ethics, you must immediately report that information to the Chairman of the Audit Committee of the Fund verbally, in writing or by other means necessary. No one will be subject to retaliation when making any such report in good faith report of an actual or suspected violation.

Violations of this Code of Ethics may result in disciplinary action, up to and including discharge. The Board of Trustees shall determine, or shall designate appropriate persons to determine, appropriate action in response to violations of this Code.

Waivers of Code of Ethics

Any waiver of this Code, including an implicit waiver, granted to a Senior Officer may be made only by the Board of Trustees or a committee of the Board to which such responsibility has been delegated, and must be disclosed by the Fund in the manner prescribed by law.

No Rights Created

This Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern the Fund's Senior Officers in the conduct of the Fund's business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity.

## Ex-99.Cert

**Item 19. Exhibits (a)(3)**

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act**

I, Douglas J. Sylvester, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Jetstream Venture Fund (the "registrant");

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report fairly present in all material respects the financial condition, results of operations and changes in net assets of the registrant as of, and for, the periods presented in this report;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of Directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 8, 2026 | /s/ Douglas J. Sylvester |
|  | Douglas J. Sylvester |
|  | Principal Executive Officer |

---

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act**

I, Gordon Jones, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Jetstream Venture Fund (the "registrant");

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report fairly present in all material respects the financial condition, results of operations and changes in net assets of the registrant as of, and for, the periods presented in this report;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of Directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 8, 2026 | /s/ Gordon Jones |
|  | Gordon Jones |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 19. Exhibits (b)**

**CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT**

In connection with the annual report of the Jetstream Venture Fund (the "Fund"), on Form N-CSR for the period ended March 31, 2026, as filed with the Securities and Exchange Commission (the "Report"), the undersigned, Douglas J. Sylvester, Principal Executive Officer of the Fund, does hereby certify, to his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

---

| | |
|:---|:---|
| By: | /s/ Douglas J. Sylvester |
|  | Douglas J. Sylvester |
|  | Principal Executive Officer |
| Date: | June 8, 2026 |

---

A signed original of this written statement required by Section 906 has been provided to the Jetstream Venture Fund and will be retained by the Jetstream Venture Fund and furnished to the Securities and Exchange Commission or its staff upon request. This certification is being furnished to the Commission pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Form N-CSR with the Commission.

**CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT**

In connection with the annual report of the Jetstream Venture Fund (the "Fund"), on Form N-CSR for the period ended March 31, 2026, as filed with the Securities and Exchange Commission (the "Report"), the undersigned, Gordon Jones, Principal Financial Officer of the Fund, does hereby certify, to his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

---

| | |
|:---|:---|
| By: | /s/ Gordon Jones |
|  | Gordon Jones |
|  | Principal Financial Officer |
| Date: | June 8, 2026 |

---

A signed original of this written statement required by Section 906 has been provided to the Jetstream Venture Fund and will be retained by the Jetstream Venture Fund and furnished to the Securities and Exchange Commission or its staff upon request. This certification is being furnished to the Commission pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Form N-CSR with the Commission.

## Exhibit 99.19

Proxy Voting Policy and Procedures

The Fund has adopted the following Proxy Voting Policy and Procedures (the "Fund's Policy"), as set forth below, in recognition of the fact that proxy voting is an important component of investment management and must be performed in a dutiful and purposeful fashion in order to advance the best interests of the Fund's shareholders.

Shareholders of the Fund expect the Fund to vote proxies received from issuers whose voting securities are held by the Fund. The Fund exercises its voting responsibilities as a fiduciary, with the goal of maximizing the value of the Fund and its shareholder's investments. The Adviser will seek to ensure that proxies are voted in the best interests of the Fund and its shareholders except where the Fund may be required by law to vote proxies in the same proportion as the vote of all other shareholders (i.e., "echo vote").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Delegation of Proxy Voting to the Adviser. The Adviser shall vote all proxies relating to securities held
by the Fund and, in that connection subject to any further policies and procedures contained herein, shall use proxy voting policies and
procedures ("Proxy Policy") adopted by the Adviser in conformance with Rule 206(4)-6 under the Investment Advisers Act of 1940,
as amended ("1940 Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Disclosure of Proxy Voting Policy and Procedure in the Fund's Statement of Additional Information ("SAI")
and Annual Report to Shareholders. The Fund shall include in annual report to shareholders on Form N-CSR, and in any SAI filed with the
Securities and Exchange Commission ("SEC") in connection with a registration statement on Form N-1A a summary of the Proxy Policy.
In lieu of including a summary of policy, the Fund may include the policy in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Material Conflicts of Interest. If (i) the Adviser knows that a vote presents a material conflict between
the interests of: (a) shareholders of the Fund, and (b) the Adviser or any of affiliated persons; and (ii) the Adviser proposes to vote
on the particular issue in the manner not prescribed by its Proxy Policy, then the Adviser will follow the material conflict of interest
procedures set forth in the Adviser's Proxy Policy when voting such proxies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Adviser and Fund CCO Responsibilities. The Fund has delegated proxy voting authority with respect to the
Fund's portfolio securities to the Adviser, as set forth above. Consistent with this delegation, the Adviser is responsible for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Implementing written policies and procedures, in compliance with Rule 206(4)-6 under the 1940 Act, reasonably
designed to ensure that the Adviser votes portfolio securities in the best interest of shareholders of the Fund owning the portfolio securities
voted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Providing a summary of the material changes to a proxy policy during the period covered by the Adviser
CCO's annual compliance report to the Board to the Fund's Chief Compliance Officer ("CCO"), and a redlined copy of such Proxy
Policy as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Adviser CCO shall review each applicable Proxy Policy at least annually to ensure compliance with
Rule 206(4)-6 under the 1940 Act, and appear reasonably designed to ensure that the Adviser votes portfolio securities in the best interest
of shareholders of the Fund which owns the portfolio securities voted, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Review Responsibilities. The Adviser may retain a proxy-voting service to coordinate, collect, and maintain
all proxy-related information. If the Adviser retains a proxy-voting service, the Adviser will review the Fund's voting records maintained
by the service provider, select a sample of proxy votes from those submitted, and examine them against the proxy voting service files
for accuracy of the votes at least annually in regard to adhering to foregoing policy guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Preparation and Filing of Proxy Voting Record on Form N-PX. The Fund will file its complete proxy voting
record with the SEC on Form N-PX annually by August 31 of each year. The Fund's Administrator will be responsible for the oversight and
completion of the filing of Form N-PX with the SEC. The Fund's Administrator will file Form N-PX for each twelve-month period ended June
30, and the filing for each year will be made with the SEC on or before August 31 of that year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Recordkeeping. Documentation of all votes for the Fund will be maintained by the Adviser through a third-party
proxy voting service.