| PRIMARK PRIVATE EQUITY INVESTMENTS FUND |
| SCHEDULE OF INVESTMENTS |
| June 30, 2022 (Unaudited) |
| |
| PUBLICLY LISTED COMPANIES - 30.50% |
| CLOSED-END FUNDS - 17.7% | Shares | Value |
| Apax Global Alpha Ltd. | 847,254 | $ 1,794,480 |
| HarbourVest Global Private Equity Ltd.(a) | 113,531 | 2,895,426 |
| HBM Healthcare Investments AG | 4,518 | 1,250,608 |
| HgCapital Trust plc | 486,597 | 1,953,078 |
| ICG Enterprise Trust plc | 169,986 | 2,229,542 |
| Pantheon International plc(a) | 715,630 | 2,129,282 |
| Princess Private Equity Holding Ltd. | 154,064 | 1,956,946 |
| abrdn Private Equity Opportunity Trust plc | 344,237 | 1,948,148 |
| Syncona Ltd.(a) | 234,366 | 580,635 |
| TOTAL CLOSED-END FUNDS (Cost $18,740,760) | $ 16,738,145 |
| | | |
| | | |
| COMMON STOCKS - 12.8% | Shares | Value |
| FINANCIALS - 8.6% | | |
| ASSET MANAGEMENT - 8.6% | | |
| 3i Group plc | 121,160 | $ 1,631,074 |
| AURELIUS Equity Opportunities SE & Company KGaA | 66,246 | 1,405,909 |
| Blue Owl Capital Inc. - Class A | 180,000 | 1,805,399 |
| Intermediate Capital Group plc | 2,645 | 42,048 |
| Onex Corporation | 36,006 | 1,789,204 |
| Wendel SE | 17,454 | 1,455,215 |
| | | 8,128,849 |
| INDUSTRIALS - 4.2% | | |
| INDUSTRIAL CONGLOMERATES - 4.2% | | |
| Brookfield Business Partners L.P. | 91,500 | 1,938,885 |
| Compass Diversified Holdings | 94,000 | 2,013,480 |
| | | 3,952,365 |
| | |
| TOTAL COMMON STOCKS (Cost $14,058,376) | $ 12,081,214 |
| | | |
| | | |
| PRIMARK PRIVATE EQUITY INVESTMENTS FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| |
| PRIVATE EQUITY INVESTMENTS - 57.9% (Continued) | Shares | Value |
| PORTFOLIO COMPANIES - 36.0% | | |
| BlueVoyant LLC(a)(b)(c) | 2,996,254 | $ 8,000,000 |
| Circuit Clinical Solutions Preferred Series C Stock(a)(b)(c) | 112,300 | 6,000,000 |
| Hg Vibranium Co-Invest LP(a)(b)(c)(d)(e) | - | 7,007,148 |
| Onex ISO Co-Invest LP(a)(b)(c)(d)(e) | - | 4,996,327 |
| TriSalus Life Sciences, Inc. Series B-1 Preferred Stock(a)(b)(c) | 22,857,142 | 8,000,000 |
| | | 34,003,475 |
| PORTFOLIO FUNDS - 21.9% | | |
| Arsenal Capital Partners Growth LP(a)(c)(d)(e) | - | 369,418 |
| Arsenal Capital Partners VI LP(a)(c)(d)(e) | - | 1,108,643 |
| Cordillera Investment Fund III, L.P.(a)(c)(d)(e) | - | 735,769 |
| ICG LP Secondaries Fund I LP(a)(c)(d)(e) | - | 2,473,144 |
| ICG Ludgate Hill IIA Boston LP Secondary Fund(a)(c)(d)(e)(f) | - | 4,093,244 |
Onex Structured Credit Opportunities Partners I, LP(c)(d)(e) | - | 3,063,821 |
| Partners Group Direct Equity IV (USD) A, L.P.(a)(c)(d)(e) | - | 4,799,857 |
| Partners Group Secondary 2020 (USD) A, L.P.(a)(c)(d)(e) | - | 1,498,711 |
| PRIMARK PRIVATE EQUITY INVESTMENTS FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| |
| PRIVATE EQUITY INVESTMENTS - 57.9% (Continued) | Shares | Value |
| PORTFOLIO FUNDS - 21.9% (Continued) | | |
| Saturn Five Frontier I, LLC - Class A(a)(b)(c)(f) | 2,500,000 | $ 2,500,000 |
| | | 20,642,607 |
| | |
| TOTAL PRIVATE EQUITY INVESTMENTS (Cost $53,306,900) | $ 54,646,082 |
| | | |
| TOTAL INVESTMENTS AT VALUE - 88.4% (Cost $86,106,036) | $ 83,465,441 |
| | |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 11.6% | 10,965,710 |
| | |
| NET ASSETS - 100.0% | $ 94,431,151 |
| |
(a) | Non-income producing security. |
(b) | Level 3 securities fair valued using significant unobservable inputs. |
(c) | Restricted investments as to resale. |
(d) | Investment is valued using net assets value per share (or its equivalent) as a practical expedient. |
(e) | Investment does not issue shares. |
(f) | Affiliated investment for which ownership is 5% or more of the investment’s capital. |
| AG | - | Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e., owned by shareholders. |
| KGaA | - | Kommanditgesellschaft Auf Aktien is a German Corporate designation standing for partnership limited by shares. |
| LP | - | Limited Partnerships |
| plc | - | public limited company |
| SE | - | Societas Europaea is a European public company. |
| |
| PRIMARK PRIVATE EQUITY INVESTMENTS FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| |
| | | |
| Affiliated Investments | | | | | | | | | | | | | | |
| Issuers that are considered affiliates, as defined in Section 2(a)(3) of the 1940 Act, of the Fund at period-end are noted in the Fund’s Schedule of Investments. The table below reflects transactions during the period with entities that are affiliates as of June 30, 2022. |
| | | | | | | | | | | | | | | |
| Non-Controlled Affiliates | | Beginning Fair Value April 1, 2022 | | Purchases or Contributions | | Sales or Distributions | | Change in Unrealized Appreciation (Depreciation) | | Net Realized Gain (Loss) | | Ending Fair Value June 30, 2022 | | Investment Income |
| ICG Ludgate Hill IIA Boston LP Secondary Fund* | | $ 3,246,983 | | $ - | | $ (50,000) | | $ 846,261 | | $ - | | $ 4,093,244 | | $ - |
| Saturn Five Frontier I, LLC - Class A | | 2,500,000 | | - | | - | | - | | - | | 2,500,000 | | - |
| | | $ 5,746,983 | | $ - | | $ (50,000) | | $ 846,261 | | $ - | | $ 6,593,244 | | $ - |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| *Investment was not deemed an affiliate of the Fund as of March 31, 2022. | | | | | | | | |
| | | |
| Restricted Securities - Restricted securities are securities that may be resold only upon registration under federal securities laws or in transactions exempt from such registration. In come cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer’s expense either upon demand by the Fund or in connection with another registered offering of the securities. Many restricted securities may be resold in the secondary market in transactions exempt from registration. Such restricted securities may determined to be liquid under criteria established by the Board. The restricted securities may be valued at the price provided by dealers in the secondary market or, if no market prices are available, the fair value as determined in goo faith using methods approved by the Board. The Portfolio Funds generally are restricted securities that are subject to substantial holding periods and are not traded in public markets, so that the Fund may not be able to resell some of its investments for extended periods, which may be several years. |
Additional information on the restricted investments held by the Fund at June 30, 2022 is as follows:
| Security Description | | Acquisition Date | Cost | Value | % of Net Assets |
| Portfolio Company | | | | | |
| BlueVoyant LLC | | 12/23/21 | $ 8,000,000 | $ 8,000,000 | 8.5% |
| Circuit Clinical Solutions Preferred Series C Stock | 1/13/22 | 6,000,000 | 6,000,000 | 6.3% |
| Hg Vibranium Co-Invest LP | | 6/29/22 | 7,007,148 | 7,007,148 | 7.4% |
| Onex ISO Co- Invest LP | | 10/29/21 | 5,000,000 | 4,996,327 | 5.3% |
| TriSalus Life Sciences, Inc. Series B-1 Preferred Stock | 12/30/21 | 8,000,000 | 8,000,000 | 8.5% |
| | | | | | |
| Portfolio Funds | | | | | |
| Arsenal Capital Partners Growth LP | | 2/28/22 | 400,105 | 369,418 | 0.4% |
| Arsenal Capital Partners Fund VI LP | | 5/23/22 | 1,178,097 | 1,108,643 | 1.2% |
| Cordillera Investment Fund III, L.P. | | 5/3/22 | 735,769 | 735,769 | 0.8% |
| ICG LP Secondary Fund I LP | | 5/13/22 | 2,473,144 | 2,473,144 | 2.6% |
| ICG Ludgate Hill IIA Boston LP Secondary Fund | | 12/22/21 | 3,246,983 | 4,093,244 | 4.3% |
| Onex Structured Credit Opportunities Fund I, LP | | 11/1/21 | 2,838,237 | 3,063,821 | 3.3% |
| Partners Group Direct Equity IV (USD) A, L.P. | | 8/12/21 | 4,398,706 | 4,799,857 | 5.1% |
| Partners Group Secondary 2020 (USD) A., L.P. | | 5/23/22 | 1,528,711 | 1,498,711 | 1.6% |
| Saturn Five Frontier I, LLC - Class A | | 12/15/21 | 2,500,000 | 2,500,000 | 2.6% |
| Total | | | $ 53,306,900 | $ 54,646,082 | |
