| Sweater Cashmere Fund |
| SCHEDULE OF INVESTMENTS |
| June 30, 2024 (Unaudited) |
| Principal/Shares | Fair Value | |||||||
| Convertible Debt in Portfolio Companies - 5.1% | ||||||||
| Financial Technology - 1.7% | ||||||||
| Trellis Technologies, Inc., 8.00%, due 11/30/241,2 | 250,000 | $ | 250,000 | |||||
| Healthcare - 3.4% | ||||||||
| Cabinet Health P.B.C., 4.55%, due 2/3/251,2 | 500,000 | 500,000 | ||||||
| Total Convertible Debt in Portfolio Companies (Cost $750,000) | 750,000 | |||||||
| Equity Investments in Portfolio Companies - 46.8% | ||||||||
| Consumer Goods and Retail - 13.3% | ||||||||
| Drupely, Inc. dba Graza Series A-3 Preferred Stock1,2,3 | 210,999 | 597,788 | ||||||
| FEAT Socks, Inc.1,2,3 | 3,262,472 | 250,003 | ||||||
| IQ Bar, Inc. Series B Preferred Stock1,2,3 | 41,553 | 313,442 | ||||||
| Lukla, Inc. dba OROS Series B Preferred Stock1,2,3 | 412,819 | 500,000 | ||||||
| Nomadica Series Seed-6 Preferred Stock1,2,3 | 462,107 | 314,847 | ||||||
| Total Consumer Goods and Retail | 1,976,080 | |||||||
| Consumer Technology - 9.9% | ||||||||
| After Services, Inc. Series Seed-7 Preferred Stock1,2,3 | 24,068 | 495,635 | ||||||
| After Services, Inc. Series Seed-8 Preferred Stock1,2,3 | 21,445 | 441,619 | ||||||
| GO, Inc. Series Seed-1 Preferred Stock1,2,3 | 400,160 | 287,891 | ||||||
| The Dyrt, Inc. Series C Preferred Stock1,2,3 | 608,726 | 250,000 | ||||||
| Total Consumer Technology | 1,475,145 | |||||||
| Education Technology - 2.2% | ||||||||
| EdInvent, Inc. dba Accredible Series B Preferred Stock1,2,3 | 79,956 | 325,056 | ||||||
| Health Technology - 2.1% | ||||||||
| Time Therapeutics, Inc. (Hone Health)1,2,3 | 22,006 | 314,479 | ||||||
| Human Resource Technology - 11.8% | ||||||||
| IsoMed, Inc. Common Stock1,2,3 | 764,292 | 76 | ||||||
| IsoTalent, Inc. Series Seed-1 Preferred Stock1,2,3 | 764,292 | 1,732,474 | ||||||
| Obra, Inc. Common Stock1,2,3 | 764,292 | 76 | ||||||
| Total Human Resource Technology | 1,732,626 | |||||||
| Property Technology - 7.5% | ||||||||
| Cloud Apartments, Inc. Series Seed-1 Preferred Stock1,2,3 | 208,995 | 254,999 | ||||||
| Eloit Street, Inc. dba Guest House Series C-2 Preferred Stock1,2,3 | 2,012,882 | 311,111 | ||||||
| Havenly, Inc. Series C-1 Preferred Stock1,2,3 | 63,848 | 263,330 | ||||||
| True Footage Inc. Series A Prime Preferred Stock1,2,3 | 38,836 | 285,002 | ||||||
| Total Property Technology | 1,114,442 | |||||||
| Total Equity Investments in Portfolio Companies (Cost $5,250,149) | 6,937,828 | |||||||
| Portfolio Funds - 3.6% | ||||||||
| Private Investment Companies - 3.6% | ||||||||
| Curate Capital Fund I, LP1,3,4 | 161,760 | |||||||
| Ganas Ventures I, a series of Ganas Ventures, LP1,3,4,5 | 174,735 | |||||||
| Impressionism Capital Fund I, LP1,3,4 | 51,583 | |||||||
| Stonks Y Combinator Summer 2022 Access Fund, a Series of Stonks Funds, LP - Class A1,3,4,5 | 148,746 | |||||||
| Total Portfolio Funds (Cost $582,500) | 536,824 | |||||||
| Simple Agreements for Future Equity in Portfolio Companies - 28.6% | ||||||||
| Consumer Goods and Retail - 5.4% | ||||||||
| Frances Valentine, LLC1,2,3 | 550,000 | |||||||
| Hikerkind, Inc.1,2,3 | 250,000 | |||||||
| Total Consumer Goods and Retail | 800,000 | |||||||
| Consumer Technology - 4.6% | ||||||||
| Hearth Display, Inc.1,2,3 | 275,000 | |||||||
| SweatPals, Inc.1,2,3 | 125,000 | |||||||
| The Last Gameboard, Inc.1,2,3 | 279,762 | |||||||
| Total Consumer Technology | 679,762 | |||||||
| Financial Technology - 6.9% | ||||||||
| EarlyBird Central, Inc.1,2,3 | 420,000 | |||||||
| Line Financial, P.B.C.1,2,3 | 500,000 | |||||||
| Nada Holdings, Inc.1,2,3 | 110,000 | |||||||
| Total Financial Technology | 1,030,000 | |||||||
| Healthcare - 3.8% | ||||||||
| Lazzaro Medical, Inc.1,2,3 | 275,000 | |||||||
| Pear Suite, Inc.1,2,3 | 275,000 | |||||||
| Total Healthcare | 550,000 | |||||||
| Health Technology - 6.1% | ||||||||
| Grapefruit Health, Inc.1,2,3 | 125,000 | |||||||
| Parallel Health, Inc.1,2,3 | 262,500 | |||||||
| Wyndly Health, Inc.1,2,3 | 525,000 | |||||||
| Total Health Technology | 912,500 | |||||||
| Logistics Technology - 1.8% | ||||||||
| Shappi, Inc.1,2,3 | 262,500 | |||||||
| Total Simple Agreements for Future Equity in Portfolio Companies (Cost $4,016,440) | 4,234,762 | |||||||
| Warrants - 0.4% | ||||||||
| Financial Technology - 0.0% | ||||||||
| Trellis Technologies, Inc., exercise price $0, expiration date 5/31/291,2,3 | 25,000 | - | ||||||
| Property Technology - 0.4% | ||||||||
| Havenly, Inc., exercise price $2.1206, expiration date 2/17/281,2,3 | 31,924 | 63,967 | ||||||
| Total Warrants (Cost $0) | 63,967 | |||||||
| Short-Term Investments - 15.5% | ||||||||
| Goldman Sachs Financial Square Government Fund - Institutional Class, 5.22%6 | 2,296,547 | $ | 2,296,547 | |||||
| Total Short-Term Investments (Cost $2,296,547) | 2,296,547 | |||||||
| Total Investments (Cost $12,895,636) - 100.0% | 14,819,928 | |||||||
| Other assets in excess of liabilities - 0.0% | 4,344 | |||||||
| Net Assets - 100% | $ | 14,824,272 | ||||||
P.B.C. - Public Benefit Corporation
dba - doing business as
LP - Limited Partnership
| 1 | Restricted security. The total value of these securities is $12,523,381, which represents 84.5% of Fund net assets. Please refer to Restricted Securities in the Notes to the Schedule of Investments. |
| 2 | Level 3 securities fair valued using significant unobservable inputs. The total value of these securities is $11,986,557, which represents 80.9% of Fund net assets. |
| 3 | Non-Income Producing |
| 4 | Investment valued using net asset value per share (or its equivalent) as a practical expedient. |
| 5 | Affiliated investment for which ownership exceeds 5% of the investment’s capital. |
| 6 | Rate disclosed represents the seven day yield as of period end. |
Sweater Cashmere Fund
Notes to the schedule of investments
JuNE 30, 2024 (unaudited)
Restricted Securities
Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale. The Fund may invest in restricted securities that are consistent with the Fund’s investment objectives and investment strategies. Investments in restricted securities are valued at fair value as determined in good faith in accordance with procedures adopted by the Board of Trustees.
Additional information on each restricted investment held by the Fund on June 30, 2024 is as follows:
| Initial | Fair | % of | ||||||||||||
| Investments | Acquisition Date | Cost | Value | Net Assets | ||||||||||
| After Services, Inc. Series Seed-7 Preferred Stock | 6/6/2022 | $ | 250,000 | $ | 495,635 | 3.3 | % | |||||||
| After Services, Inc. Series Seed-8 Preferred Stock | 6/6/2022 | 250,000 | 441,619 | 3.0 | % | |||||||||
| Cabinet Health P.B.C. Convertible Debt | 2/14/2023 | 500,000 | 500,000 | 3.4 | % | |||||||||
| Cloud Apartments, Inc. Series Seed-1 Preferred Stock | 5/8/2023 | 250,000 | 254,999 | 1.7 | % | |||||||||
| Curate Capital Fund I, LP | 7/1/2022 | 170,000 | 161,760 | 1.1 | % | |||||||||
| Drupely, Inc. dba Graza Series A-3 Preferred Stock | 6/17/2022 | 200,000 | 597,788 | 4.0 | % | |||||||||
| EarlyBird Central, Inc. | 6/3/2022 | 400,000 | 420,000 | 2.8 | % | |||||||||
| EdInvent, Inc. dba Accredible Series B Preferred Stock | 7/29/2022 | 250,000 | 325,056 | 2.2 | % | |||||||||
| Eloit Street, Inc. dba Guest House Series C-2 Preferred Stock | 11/8/2022 | 300,000 | 311,111 | 2.1 | % | |||||||||
| FEAT Socks, Inc. | 6/15/2022 | 250,000 | 250,003 | 1.7 | % | |||||||||
| Frances Valentine, LLC | 11/18/2022 | 500,000 | 550,000 | 3.7 | % | |||||||||
| Ganas Ventures I, a series of Ganas Ventures, LP | 7/1/2022 | 187,500 | 174,735 | 1.2 | % | |||||||||
| GO, Inc. Series Seed-1 Preferred Stock | 11/18/2022 | 500,000 | 287,891 | 1.9 | % | |||||||||
| Grapefruit Health, Inc. | 5/2/2023 | 125,000 | 125,000 | 0.8 | % | |||||||||
| Havenly, Inc. Warrants | 2/10/2023 | - | 63,967 | 0.4 | % | |||||||||
| Havenly, Inc., Series C-1 Preferred Stock | 2/10/2023 | 249,997 | 263,330 | 1.8 | % | |||||||||
| Hearth Display, Inc. | 1/6/2023 | 250,000 | 275,000 | 1.9 | % | |||||||||
| Hikerkind, Inc. | 8/10/2023 | 250,000 | 250,000 | 1.7 | % | |||||||||
| Impressionism Capital Fund I, L.P. | 4/20/2023 | 75,000 | 51,583 | 0.3 | % | |||||||||
| IQ Bar, Inc. Series B Preferred Stock | 8/12/2022 | 250,000 | 313,442 | 2.1 | % | |||||||||
| IsoMed, Inc. Common Stock | 4/12/2024 | 76 | 76 | 0.0 | % | |||||||||
| IsoTalent, Inc. - Series Seed-1 Preferred Stock | 7/8/2022 | 1,000,000 | 1,732,474 | 11.8 | % | |||||||||
| Lazzaro Medical, Inc. | 7/1/2022 | 250,000 | 275,000 | 1.9 | % | |||||||||
| Line Financial, P.B.C | 8/17/2023 | 500,000 | 500,000 | 3.4 | % | |||||||||
| Lukla, Inc. dba OROS Series B Preferred Stock | 12/14/2023 | 500,000 | 500,000 | 3.4 | % | |||||||||
| Nada Holdings, Inc. | 6/17/2022 | 100,000 | 110,000 | 0.7 | % | |||||||||
| Nomadica Series Seed-6 Preferred Stock | 7/1/2022 | 250,000 | 314,847 | 2.1 | % | |||||||||
| Obra, Inc., Common Stock | 7/8/2022 | 76 | 76 | 0.0 | % | |||||||||
| Parallel Health, Inc. | 6/28/2022 | 250,000 | 262,500 | 1.8 | % | |||||||||
| Pear Suite, Inc. | 11/14/2022 | 250,000 | 275,000 | 1.9 | % | |||||||||
| Shappi, Inc. | 9/16/2022 | 250,000 | 262,500 | 1.8 | % | |||||||||
| Stonks Y Combinator Summer 2022 Access Fund | 9/16/2022 | 150,000 | 148,746 | 1.0 | % | |||||||||
| SweatPals, Inc. | 5/3/2023 | 125,000 | 125,000 | 0.8 | % | |||||||||
| The Dyrt, Inc. Series C Preferred Stock | 12/11/2023 | 250,000 | 250,000 | 1.7 | % | |||||||||
| The Last Game Board, Inc. | 12/9/2022 | 266,440 | 279,762 | 1.9 | % | |||||||||
| Time Therapeutics, Inc. (Hone Health) | 5/25/2023 | 250,000 | 314,479 | 2.1 | % | |||||||||
| Trellis Technologies, Inc. Convertible Debt | 6/1/2023 | 250,000 | 250,000 | 1.7 | % | |||||||||
| Trellis Technologies, Inc. Warrants | 6/1/2023 | - | - | 0.0 | % | |||||||||
| True Footage Inc. - Series A Prime Preferred Stock | 7/29/2022 | 250,000 | 285,002 | 1.9 | % | |||||||||
| Wyndly Health, Inc. | 9/13/2022 | 500,000 | 525,000 | 3.5 | % | |||||||||
| $ | 10,599,089 | $ | 12,523,381 | 84.5 | % | |||||||||