| iDirect Private Markets Fund | ||||||||||
| CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited) | ||||||||||
| December 31, 2023 | ||||||||||
| Cost | Fair Value | % of Net Assets | Initial Acquisition Date | |||||||
| INVESTMENT INTERESTS - 92.77 % | ||||||||||
| CO-INVESTMENTS (a) - 44.28 % | ||||||||||
| SYNDICATED CO-INVESTMENTS - 15.78% | ||||||||||
| Durational Consumer SPV IV GP, L.P. (c) * | $ 2,249,567 | $ 2,201,168 | 0.30% | 2/8/2022 | ||||||
| Independence Energy Co-Invest L.P. (b) * | 3,376,259 | 4,552,450 | 0.62% | 2/26/2018 | ||||||
| KKR Atlantic Co-Invest L.P. * | 10,000,000 | 10,003,140 | 1.36% | 7/22/2022 | ||||||
| KKR Banff Co-Invest L.P. * | 10,000,000 | 20,989,556 | 2.85% | 9/28/2018 | ||||||
| KKR Byzantium Infrastructure Co-Invest L.P. * | 6,435,450 | 7,471,763 | 1.01% | 10/3/2017 | ||||||
| KKR Cape Co-Invest L.P. * | 5,000,000 | 4,989,421 | 0.68% | 11/12/2021 | ||||||
| KKR Enterprise Co-Invest AIV B L.P. * | 2,294,701 | 264,232 | 0.04% | 7/14/2020 | ||||||
| KKR Enterprise Co-Invest L.P. * | 17,962,973 | - | 0.00% | ** | 9/6/2018 | |||||
| KKR Gamma Co-Invest L.P. * | 2,465,347 | 2,326,514 | 0.32% | 8/29/2022 | ||||||
| KKR Inception Co-Invest, L.P. * | 11,477,906 | 11,846,597 | 1.61% | 1/3/2023 | ||||||
| KKR Olympus Co-Invest, L.P. * | 5,170,423 | 6,200,855 | 0.84% | 10/18/2022 | ||||||
| KKR Pegasus Co-Invest L.P. * | 5,098,500 | 6,069,050 | 0.82% | 7/7/2022 | ||||||
| KKR Renovate Co-Invest L.P. * | 5,000,000 | 4,885,240 | 0.66% | 3/21/2022 | ||||||
| KKR Sigma Co-Invest L.P. * | 7,500,000 | 11,900,587 | 1.61% | 6/11/2018 | ||||||
| KKR Sprint Co-Invest L.P. * | 3,153,447 | 2,230,539 | 0.30% | 9/27/2022 | ||||||
| LC Sports Pte. Ltd. (c) * | 2,282,797 | 1,534,051 | 0.21% | 11/2/2018 | ||||||
| Nutraceutical Investco LP (c) * | 1,605,638 | 958,789 | 0.13% | 7/15/2019 | ||||||
| Uno Co-Invest L.P. * | 4,950,000 | 15,842,640 | 2.15% | 6/7/2017 | ||||||
| WestCap Hopper 2021 Co-Invest, LLC (c) * | 1,553,047 | 2,006,353 | 0.27% | 9/23/2021 | ||||||
| TOTAL SYNDICATED CO-INVESTMENTS | $ 107,576,055 | $ 116,272,945 | 15.78% | |||||||
| DIRECT ACCESS CO-INVESTMENTS (e) - 28.50% | ||||||||||
| KKR Prosvasi 2022 L.P. * | $ 49,199,236 | $ 54,294,960 | 7.36% | 10/26/2022 | ||||||
| KKR Prosvasi 2022 AIV L.P. (b) * | 6,168,500 | 6,174,370 | 0.84% | 3/10/2023 | ||||||
| Vista Prosvasi 2023, L.P. * | 53,995,022 | 62,860,851 | 8.53% | 7/20/2023 | ||||||
| Warburg Pincus Prosvasi 2023 (Cayman), L.P. * | 20,811,011 | 23,340,634 | 3.17% | 8/9/2023 | ||||||
| Warburg Pincus Prosvasi 2023 (E&P), L.P. (b) * | 3,747,388 | 4,042,725 | 0.55% | 8/9/2023 | ||||||
| Warburg Pincus Prosvasi 2023, L.P. * | 55,919,381 | 59,374,702 | 8.05% | 8/9/2023 | ||||||
| TOTAL DIRECT ACCESS CO-INVESTMENTS | 189,840,538 | 210,088,242 | 28.50% | |||||||
| TOTAL CO-INVESTMENTS | 297,416,593 | 326,361,187 | 44.28% | |||||||
| INVESTMENT FUNDS (a) - 48.10 % | ||||||||||
| PRIMARY INVESTMENTS - 30.84 % | ||||||||||
| Bridge Growth Partners (Parallel), L.P. (c) * | $ 623,135 | $ 1,010,263 | 0.14% | 2/23/2016 | ||||||
| KKR Americas Fund XII L.P. | 58,288,552 | 87,573,501 | 11.88% | 3/31/2017 | ||||||
| KKR Asian Fund III L.P. | 49,688,440 | 72,833,578 | 9.88% | 3/31/2017 | ||||||
| KKR European Fund IV, L.P. | 2,904,698 | 3,611,364 | 0.49% | 12/17/2015 | ||||||
| KKR European Fund V (USD) SCSp * | 27,028,020 | 30,471,026 | 4.13% | 11/5/2018 | ||||||
| KKR Health Care Strategic Growth Fund L.P. * | 12,406,370 | 16,200,653 | 2.20% | 8/4/2017 | ||||||
| KKR Next Generation Technology Growth Fund II SCSp (b) * | 4,900,012 | 6,372,242 | 0.86% | 7/11/2019 | ||||||
| L Catterton Asia 3 LP (c) * | 2,045,247 | 1,502,607 | 0.20% | 12/4/2018 | ||||||
| Oak Hill Capital Partners IV, L.P. (c) * | 583,582 | 807,455 | 0.11% | 3/31/2017 | ||||||
| Providence Strategic Growth Europe L.P. (b,c) * | 1,145,324 | 1,528,349 | 0.21% | 11/11/2019 | ||||||
| RB Equity Fund II-A, L.P. (c) * | 955,851 | 1,610,786 | 0.22% | 12/3/2018 | ||||||
| The Resolute Fund IV, L.P. (c) | 763,632 | 2,287,178 | 0.31% | 9/28/2018 | ||||||
| Warburg Pincus (Callisto) Global Growth (Cayman) 14, L.P. (c)* | 347,489 | 424,209 | 0.06% | 8/25/2023 | ||||||
| Warburg Pincus Global Growth 14 (E&P)-1, L.P. (c) * | 92,016 | 98,758 | 0.01% | 8/25/2023 | ||||||
| Warburg Pincus Global Growth 14, L.P. (c) | 1,067,939 | 1,010,366 | 0.14% | 8/25/2023 | ||||||
| TOTAL PRIMARY INVESTMENTS | 162,840,307 | 227,342,335 | 30.84% | |||||||
| SECONDARY INVESTMENTS - 17.26 % | ||||||||||
| AEA EXC CF L.P. (c) * | $ 4,644,011 | $ 4,885,214 | 0.67% | 8/11/2022 | ||||||
| Artisan Partners Asset Management, Inc. TRA (c,d) | 2,506,703 | 3,051,089 | 0.41% | 10/12/2018 | ||||||
| Bain Capital Empire Holdings, L.P. (c) * | 4,377,605 | 5,145,921 | 0.70% | 10/28/2022 | ||||||
| Charles River Partnership XIII, L.P. (c) * | 29,180 | 213,854 | 0.03% | 6/29/2018 | ||||||
| Eurazeo Capital IV A SCSp (c) * | 2,411,794 | 3,185,227 | 0.43% | 1/28/2019 | ||||||
| Eurazeo Capital IV D SCSp (c) * | 923,029 | 525,014 | 0.07% | 1/28/2019 | ||||||
| Foundation Capital V, L.P. (c) * | 3,410 | 191,954 | 0.03% | 6/29/2018 | ||||||
| Foundation Capital VI, L.P. (c) * | 161,147 | 270,982 | 0.04% | 6/29/2018 | ||||||
| Foundation Capital VII, L.P. (c) * | 517,245 | 739,625 | 0.10% | 6/29/2018 | ||||||
| Foundation Capital VIII, L.P. (c)* | 717,206 | 2,188,577 | 0.30% | 6/29/2018 | ||||||
| GA Continuity Fund I, L.P. * | 4,073,944 | 5,385,999 | 0.73% | 6/22/2021 | ||||||
| Icon Partners V, L.P. (c) | 4,490,808 | 5,232,294 | 0.71% | 12/22/2021 | ||||||
| KKR 2006 Fund L.P. | 8,695,589 | - | 0.00% | ** | 12/31/2015 | |||||
| KKR 2006 Fund (Overseas) L.P. | 7,718,334 | 28,766 | 0.00% | ** | 12/31/2015 | |||||
| KKR Asian Fund L.P. * | 1,757,641 | (391,858) | -0.05% | 12/29/2016 | ||||||
iDirect Private Markets Fund | ||||||||||
| CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited) (Continued) | ||||||||||
| December 31, 2023 | ||||||||||
| Cost | Fair Value | % of Net Assets | Initial Acquisition Date | |||||||
| SECONDARY INVESTMENTS (Continued) - 17.26 % | ||||||||||
| KKR Asian Fund (Ireland III MIT) I L.P. * | $ 1,088,708 | $ 249,125 | 0.03% | 12/29/2016 | ||||||
| KKR Asian Fund II Private Investors Offshore, L.P. (c) | 3,326,593 | 1,581,523 | 0.21% | 9/30/2017 | ||||||
| KKR China Growth Fund, L.P. | 8,312,193 | 1,729,948 | 0.23% | 6/29/2018 | ||||||
| KKR European Fund III, L.P. * | 1,623,115 | 884,303 | 0.12% | 12/31/2015 | ||||||
| KKR Gaudi Investors L.P. * | 8,626,190 | 11,178,198 | 1.52% | 5/4/2017 | ||||||
| KKR Indigo Equity Partners A L.P. (b) * | 15,325,118 | 15,198,192 | 2.06% | 6/8/2022 | ||||||
| KKR Lending Partners II L.P. (b) | 1,499,997 | 637,246 | 0.09% | 3/31/2017 | ||||||
| KKR North America Fund XI L.P. (b) | 14,733,059 | 8,580,544 | 1.16% | 10/29/2015 | ||||||
| KKR North America Fund XI (Wave) L.P. (b) * | 1,158,120 | 101,957 | 0.01% | 10/29/2015 | ||||||
| KKR Real Estate Partners Americas II L.P. | 13,906,881 | 8,566,603 | 1.16% | 5/31/2018 | ||||||
| L Catterton VIII Offshore, L.P. (b,c) | 2,861,218 | 2,626,553 | 0.36% | 9/27/2019 | ||||||
| Lime Rock Partners IV AF, L.P. | 4,836,789 | 11,867,814 | 1.61% | 6/21/2018 | ||||||
| Menlo Ventures IX LP * | 38,532 | - | 0.00% | ** | 12/31/2017 | |||||
| Menlo Ventures X LP * | 2,493,985 | 92,071 | 0.01% | 12/31/2017 | ||||||
| Menlo Ventures XI LP * | 4,992,812 | 1,152,959 | 0.16% | 12/31/2017 | ||||||
| Orchid Asia III, L.P. (c) | 772,348 | - | 0.00% | ** | 8/15/2016 | |||||
| Pegasus WSJLL Fund, L.P. (c) * | 5,190,052 | 6,329,826 | 0.86% | 12/14/2021 | ||||||
| Pueblo Co-Invest-A LP (c) | 3,092,884 | 6,193,506 | 0.84% | 6/25/2019 | ||||||
| RB Equity Fund I-A LP (c) * | 3,488,714 | 9,583,487 | 1.30% | 12/31/2018 | ||||||
| The Resolute Fund II Continuation Fund, L.P. (c) | 1,565,151 | 2,499,225 | 0.34% | 8/31/2018 | ||||||
| Warburg Pincus XI (Asia), L.P. (c) * | 5,995,834 | 4,454,710 | 0.60% | 9/30/2017 | ||||||
| WP DVT, L.P. (c) * | 2,086,000 | 2,472,466 | 0.34% | 3/11/2022 | ||||||
| Yorktown Energy Partners IX, L.P. (b) | 286,267 | 182,986 | 0.02% | 9/30/2018 | ||||||
| Yorktown Energy Partners VIII, L.P. (b) | 499,983 | 140,836 | 0.02% | 9/30/2018 | ||||||
| Yorktown Energy Partners X, L.P. (b) | 446,656 | 287,410 | 0.04% | 9/30/2018 | ||||||
| TOTAL SECONDARY INVESTMENTS | 151,274,845 | 127,244,146 | 17.26% | |||||||
| TOTAL INVESTMENT FUNDS | $ 314,115,152 | $ 354,586,481 | 48.10% | |||||||
| EQUITY INVESTMENTS - 0.39 % | ||||||||||
| PREFERRED STOCKS (a) - 0.39 % | ||||||||||
| FINANCIAL - 0.27 % | ||||||||||
| New York Digital Investment Group, LLC (b) * | 2,000,000 | 2,000,000 | 0.27% | 2/25/2022 | ||||||
| INFORMATION TECHNOLOGY - 0.12 % | ||||||||||
| InvestX DSF Holdings XXIII LLC * | 2,081,170 | 877,045 | 0.12% | 2/16/2022 | ||||||
| TOTAL PREFERRED STOCKS | $ 4,081,170 | $ 2,877,045 | 0.39% | |||||||
| TOTAL INVESTMENT INTERESTS | $ 615,612,915 | $ 683,824,713 | 92.77% | |||||||
| SHORT-TERM INVESTMENT - 7.59 % | Principal | |||||||||
| MONEY MARKET FUND - 7.59 % | Amount | |||||||||
| Fidelity Treasury Portfolio - Class I 5.22%^^ (b) | $ 55,921,800 | 55,921,800 | 55,921,800 | 7.59% | 8/24/2022 | |||||
| TOTAL SHORT-TERM INVESTMENTS | $ 55,921,800 | $ 55,921,800 | 7.59% | |||||||
| TOTAL INVESTMENTS - 100.36 % (Cost - $ 671,358,587 ) (f) | $ 739,746,513 | |||||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS - (0.36 %) | (2,656,907) | |||||||||
| NET ASSETS - 100.00 % | $ 737,089,606 | |||||||||
| * Non-income producing. | ||||||||||
| ** Rounds to less than 0.005% | ||||||||||
| ^^ Yield disclosed is the seven day effective yield as of December 31, 2023. | ||||||||||
| (a) Securities restricted to resale represents $683,824,713 or 92.77% of net assets. | ||||||||||
| (b) All or part of these investments are holdings of iDPE Subsidiary, LLC, a wholly-owned subsidiary of the Fund. | ||||||||||
| (c) The fair value of this investment is determined using significant unobservable inputs and is classified as level 3 on the GAAP hierarchy. | ||||||||||
| (d) Artisan Partners Asset Management TRA - A tax receivable agreement (“TRA”) with Artisan Partners Asset Management (NYSE: APAM) was acquired from a private equity | ||||||||||
| fund in a secondary transaction | ||||||||||
| (e) Please see supplemental schedule for breakout of Direct Access Co-Investment vehicles. | ||||||||||
| (f) The fair value of total investments consists of the following regions (excluding short-term investments): | ||||||||||
| Cost | Fair Value | % of Net Assets | |||||
| Syndicated Co-Investments | $ 107,576,055 | $ 116,272,945 | 15.78% | ||||
| Direct Access Co-Investments | 189,840,538 | 210,088,242 | 28.50% | ||||
| Primary Investments | 162,840,307 | 227,342,335 | 30.84% | ||||
| Secondary Investments | 151,274,845 | 127,244,146 | 17.26% | ||||
| Equity Investments | 4,081,170 | 2,877,045 | 0.39% | ||||
| Total Investments | 615,612,915 | 683,824,713 | 92.77% | ||||
iDirect Private Markets Fund | ||||||||
| CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited) (Continued) | ||||||||
| December 31, 2023 | ||||||||
| Direct Access Co-Investments are sourced from arrangements in which the Fund has the opportunity to invest in a Core Independent Manager's buyout and growth equity investments globally on a deal-by-deal basis. The following schedule represents the individual positions held within the Direct Access Co-Investment vehicles. | ||||||||
| Cost | Fair Value | % of Net Assets | ||||||
| DIRECT ACCESS CO-INVESTMENTS | ||||||||
| KKR Prosvasi 2022 L.P. | ||||||||
| Project Accelerate | $ 1,023,971 | $ 1,023,971 | 0.14% | |||||
| Project Allium | 2,700,744 | 2,700,744 | 0.37% | |||||
| Project Constellation | 8,825,700 | 10,755,424 | 1.46% | |||||
| Project Fidelio | 1,423,500 | 1,423,500 | 0.19% | |||||
| Project Frontmatec | 8,066,500 | 8,066,500 | 1.09% | |||||
| Project Insight | 711,750 | 711,750 | 0.10% | |||||
| Project Melwood | 5,124,600 | 6,068,539 | 0.82% | |||||
| Project Merseyside Banyan | 10,913,500 | 13,096,200 | 1.78% | |||||
| Project Portland | 190,139 | 190,139 | 0.02% | |||||
| Project Prudhoe | 1,423,500 | 1,423,500 | 0.19% | |||||
| Project Prune | 728,832 | 801,715 | 0.11% | |||||
| Project Pursuit | 2,372,500 | 2,372,500 | 0.32% | |||||
| Project Sahara | 2,372,500 | 2,372,500 | 0.32% | |||||
| Project Spy | 3,321,500 | 3,985,800 | 0.54% | |||||
| Other Assets & Liabilities | (697,822) | -0.09% | ||||||
| Total KKR Prosvasi 2022 L.P. | 49,199,236 | 54,294,960 | 7.36% | |||||
| KKR Prosvasi 2022 AIV L.P. | ||||||||
| Project Proof | 4,745,000 | 4,745,000 | 0.64% | |||||
| Project Sandsfoot | 1,423,500 | 1,423,500 | 0.19% | |||||
| Other Assets & Liabilities | 5,870 | 0.00% | ||||||
| Total KKR Prosvasi 2022 AIV L.P. | 6,168,500 | 6,174,370 | 0.83% | |||||
| TOTAL KKR DIRECT ACCESS | 55,367,736 | 60,469,330 | 8.19% | |||||
| Warburg Pincus Prosvasi 2023 L.P. | ||||||||
| Project Belvoir | 8,082,094 | 7,800,251 | 1.06% | |||||
| Project Bolton | 2,308,380 | 2,314,987 | 0.31% | |||||
| Project Camber | 569,577 | 494,653 | 0.07% | |||||
| Project Chartley | 498,457 | 534,452 | 0.07% | |||||
| Project Eastnor | 1,082,967 | 1,569,243 | 0.21% | |||||
| Project Edlingham | 5,832,601 | 7,129,824 | 0.97% | |||||
| Project Etal | 3,122,480 | 3,942,440 | 0.53% | |||||
| Project Eynsford | 4,120,660 | 4,056,970 | 0.55% | |||||
| Project Farnham | 1,397,248 | 2,251,523 | 0.31% | |||||
| Project Kenilworth | 4,170,186 | 4,692,379 | 0.64% | |||||
| Project Lincoln | 979,081 | 979,081 | 0.13% | |||||
| Project New Keep | 2,876,858 | 2,876,858 | 0.39% | |||||
| Project Penrith | 4,730,780 | 5,153,771 | 0.70% | |||||
| Project Sherborne | 8,524,714 | 8,001,485 | 1.09% | |||||
| Project Tattershall | 2,360,959 | 3,601,869 | 0.49% | |||||
| Project Upnor | 1,843,669 | 1,800,536 | 0.24% | |||||
| Cash & Other Assets | 3,418,670 | 2,174,380 | 0.30% | |||||
| Total Warburg Pincus Prosvasi 2023 L.P. | 55,919,381 | 59,374,702 | 8.06% | |||||
| Warburg Pincus Prosvasi 2023 (Cayman) L.P. | ||||||||
| Project Bamburgh | 621,092 | 1,125,762 | 0.15% | |||||
| Project Belsay | 560,092 | 657,718 | 0.09% | |||||
| Project Croft | 57,134 | 48,803 | 0.01% | |||||
| Project Leeds | 1,917,583 | 1,917,583 | 0.26% | |||||
| Project Lewes | 394,024 | 394,024 | 0.05% | |||||
| Project Middleham | 994,605 | 971,112 | 0.13% | |||||
| Project Newark | 8,195,371 | 8,550,103 | 1.16% | |||||
| Project Okehampton | 2,658,228 | 3,982,852 | 0.54% | |||||
| Project Orford | 837,417 | 1,182,618 | 0.16% | |||||
| Project Scotney | 658,281 | 879,004 | 0.12% | |||||
| Project Skipsea | 404,171 | 690,240 | 0.10% | |||||
| Project Walden | 1,933,960 | 1,792,798 | 0.24% | |||||
| Cash & Other Assets | 1,579,053 | 1,148,018 | 0.16% | |||||
| Total Warburg Pincus Prosvasi 2023 (Cayman) L.P. | 20,811,011 | 23,340,634 | 3.17% | |||||
| Warburg Pincus Prosvasi 2023 (E&P) L.P. | ||||||||
| Project Norham | 2,367,967 | 2,659,754 | 0.36% | |||||
| Project Walmer | 1,036,876 | 1,284,896 | 0.17% | |||||
| Cash & Other Assets | 342,545 | 98,075 | 0.02% | |||||
| Total Warburg Pincus Prosvasi 2023 (E&P) L.P. | 3,747,388 | 4,042,725 | 0.55% | |||||
| TOTAL WARBURG PINCUS DIRECT ACCESS | 80,477,780 | 86,758,061 | 11.78% | |||||
iDirect Private Markets Fund | ||||||||
| CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited) (Continued) | ||||||||
| December 31, 2023 | ||||||||
| Cost | Fair Value | % of Net Assets | ||||||
| Vista Prosvasi 2023, L.P. | ||||||||
| Project Disco | $ 15,000,000 | $ 17,100,000 | 2.32% | |||||
| Project Highwater | 15,000,000 | 21,750,000 | 2.95% | |||||
| Project Orange | 15,000,000 | 18,750,000 | 2.54% | |||||
| Project Recon | 1,898,000 | 2,676,180 | 0.36% | |||||
| Project Zipper | 5,399,978 | 5,338,125 | 0.72% | |||||
| Other Assets & Liabilities | 1,697,044 | (2,753,454) | -0.37% | |||||
| TOTAL VISTA DIRECT ACCESS | 53,995,022 | 62,860,851 | 8.52% | |||||
| TOTAL DIRECT ACCESS CO-INVESTMENTS | 189,840,538 | 210,088,242 | 28.49% | |||||