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: 811-24034

Calamos Aksia Private Equity And Alternatives Fund

(Exact name of registrant as specified in charter)

2020 Calamos Court, Naperville, Illinois 60563-2787

(Address of principal executive offices) (zip code)

Stephen Atkins, Treasurer

Calamos Advisors, LLC

2020 Calamos Court

Naperville, Illinois 60563-2787

(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications on Behalf of the Filing Person(s))

(Name and address of agent for service)

Copy to:

Erik D. Ojala

Calamos Advisors LLC

2020 Calamos Court

Naperville, Illinois 60563

Maya Fishman, Esq.

Aksia LLC

599 Lexington Avenue, 37th Floor

New York, NY 10022

Joshua B. Deringer, Esq.

Joshua M. Lindauer, Esq.
Faegre Drinker Biddle & Reath LLP
One Logan Square, Ste. 2000
Philadelphia, PA 19103

Registrant’s telephone number, including area code: (630) 245-7200

Date of fiscal year end: June 30

Date of reporting period: July 1, 2025 through September 30, 2025

DESCRIPTION OF INVESTMENT	INVESTMENT STRATEGY	INITIAL ACQUISITION DATE	COST		FAIR VALUE
CO-INVESTMENTS (15.5%)
Europe (2.0%)
PSC Tiger LP^1,2,4,5,7,8	Buyouts	11/15/2024	$	4,357,915	$	5,089,389
TOTAL EUROPE				4,357,915		5,089,389
North America (13.5%)
CD&R Raven Co-Investor, L.P.^1,2,5,7,8	Buyouts	11/15/2024		1,763,298		1,797,781
Frazier & Deeter Advisory Holdco, LLC^1,3,6,7	Growth Equity	05/02/2025		3,894,618		4,666,134
H.I.G. Starlite-B Co-Investment, L.P.^1,2,5,7,8	Buyouts	04/11/2025		4,872,590		4,899,475
HP Prestige Co-Invest Blocker Aggregator, LP^1,5,6,7	Buyouts	07/31/2025		5,027,812		4,999,998
LH Equity Investors, L.P.^1,5,6,7	Buyouts	09/03/2025		5,801,375		5,801,380
Reroof Partners SPV LLC^1,2,7	Buyouts	11/22/2024		4,024,560		6,804,176
Searchlight Capital IV LEAF Co-Invest Partners, L.P.^1,2,5,7	Buyouts	11/22/2024		5,023,922		5,404,995
TOTAL NORTH AMERICA				30,408,175		34,373,939
TOTAL CO-INVESTMENTS (15.5%)			$	34,766,090	$	39,463,328
PRIMARY INVESTMENTS (4.8%)
Europe (1.6%)
PSC V (B), SCSp^1,2,4,5,7,8	Buyouts	12/18/2024	$	3,555,551	$	4,039,351
TOTAL EUROPE				3,555,551		4,039,351
North America (3.2%)
Broadwing Capital Fund I LP^1,2,5,7,8	Buyouts	12/12/2024		2,814,365		3,916,007
Leeds Equity Partners VIII-A, L.P.^1,2,5,7,8	Buyouts	05/21/2025		215,247		164,303
OceanSound Partners Fund II (A), LP^1,2,5,7,8	Buyouts	10/21/2024		3,208,757		4,252,590
TOTAL NORTH AMERICA				6,238,369		8,332,900
TOTAL PRIMARY INVESTMENTS (4.8%)			$	9,793,920	$	12,372,251
SECONDARY INVESTMENTS (55.3%)
Europe (7.2%)
Corsair Riva Munich Co-Investment, L.P.^1,2,4,5,7	Buyouts	03/26/2025	$	5,310,047	$	9,970,144
Overbay Capital Partners 2023 Fund Aggregator (AIV V) LP^{1,2,3,4,5,7,8}	Buyouts	09/27/2024		5,684,875		8,405,021
TOTAL EUROPE				10,994,922		18,375,165
North America (21.3%)
Blue Wolf Capital Fund IV, L.P.^1,2,3,5,7,8	Buyouts	12/31/2024		2,272,434		3,687,812
Brentwood Associates Private Equity VI, L.P.^1,2,3,5,7,8	Buyouts	12/31/2024		1,906,225		2,618,839
CF24XB SCSp^1,2,5,7,8	Buyouts	09/22/2025		2,400,000		3,035,751
CIP IX Co-Investment Vehicle 2, L.P.^1,2,5,7,8	Buyouts	04/03/2025		3,303,833		3,631,695
Graham Partners GKP Continuation Fund, L.P.^1,2,5,7,8	Buyouts	03/28/2025		3,205,302		3,229,660
Leeds Equity Partners VI, L.P.^1,2,3,5,7,8	Buyouts	12/31/2024		2,198,051		2,504,172
Leeds Equity Partners VII-A, L.P.^1,2,3,5,7,8	Buyouts	12/31/2024		3,232,916		3,513,904
Overbay Capital Partners 2024 Fund Aggregator (AIV IX) LP^1,2,3,5,7,8	Venture Capital	08/29/2025		3,150,000		4,642,588
The Resolute Fund IV, L.P.^1,2,3,5,7,8	Buyouts	12/31/2024		4,624,042		3,377,963
The Resolute III Continuation Fund, L.P.^1,2,5,7,8	Buyouts	09/27/2024		5,474,859		6,078,612
Vistria Agua CV (FT), LP^1,2,5,7,8	Buyouts	09/30/2025		3,309,658		4,357,038
WestCap Strategic Operator Fund II Offshore, L.P.^1,2,3,5,7,8	Growth Equity	08/29/2025		9,285,518		13,898,406
TOTAL NORTH AMERICA				44,362,838		54,576,440

DESCRIPTION OF INVESTMENT	INVESTMENT STRATEGY	INITIAL ACQUISITION DATE		COST		FAIR VALUE
Global (26.8%)
Crown Secondaries Special Opportunities II B S.C.S.^1,2,5,7,8	Buyouts	09/30/2024		$	923,120	$	1,213,052
Crown Secondaries Special Opportunities II S.C.S.^1,2,5,7,8	Buyouts	09/30/2024			2,341,002		2,949,793
General Atlantic Investment Partners 2019, L.P.^1,2,3,5,7,8	Growth Equity	04/01/2025			14,543,149		17,304,741
mcp Opportunity Secondary Program V Feeder S.L.P.^{1,2,3,4,5,7,8}	Buyouts	08/31/2025			16,075,235		19,064,051
Overbay 2025 Fund (US) LP^1,2,3,5,7,8	Other	09/08/2025			3,500,000		4,247,713
Overbay Capital Partners 2023-B Fund US LP^1,2,3,5,7	Buyouts	09/25/2024			2,271,731		2,911,646
Overbay Capital Partners 2024 Fund Offshore LP^1,2,5,7,8	Buyouts	01/17/2025			4,500,000		5,848,098
Sima Holdings (Offshore) LP Common Equity (Class B)^1,2,5,7,8	Buyouts	11/06/2024			2,495,017		2,329,671
Sima Holdings (Offshore) LP Preferred Equity (Class A)^1,2,5,7,8	Buyouts	11/06/2024			5,302,873		6,195,112
TowerBrook Investors V (OS), L.P.^1,2,3,5,7,8	Buyouts	09/30/2025			3,863,840		4,298,822
TowerBrook Structured Opportunities Fund II (OS), L.P.^1,2,3,5,7,8	Other	09/30/2025			1,711,338		1,907,496
TOTAL GLOBAL					57,527,305		68,270,195
TOTAL SECONDARY INVESTMENTS (55.3%)				$	112,885,065	$	141,221,800
DESCRIPTION OF INVESTMENT		PAR VALUE		COST		FAIR VALUE
SHORT-TERM INVESTMENTS (3.8%)
U.S. Treasury Bill 3.874% due 7/9/2026⁹		$	10,000,000	$	9,707,721	$	9,722,010
TOTAL SHORT-TERM INVESTMENTS (3.8%)					9,707,721		9,722,010
TOTAL INVESTMENTS (79.4%)				$	167,152,796	$	202,779,389
Other Assets Less Liabilities (20.6%)							52,528,521
NET ASSETS (100.0%)						$	255,307,910

¹Non-income producing.

²Investment valued using net asset value as practical expedient.

³All of this investment is held by a wholly-owned subsidiary. (See Note 1).

⁴Foreign securities entered into in foreign currencies are converted to U.S. dollars using period end spot rates.

⁵Private Equity Investments does not issue shares or units.

⁶Level 3 securities fair valued under procedures established by the Advisor, representing 6.1% of net assets. The total value of these securities is $15,467,512.

⁷Private Equity Investments are generally issued in private placement transactions and as such are generally restricted as to resale. Each investment may have been purchased on various dates and for different amounts. The date of the first purchase is reflected under Acquisition Date as shown in the Schedule of Investments. Total fair value of restricted investments as of September 30, 2025 was $193,057,379, or 75.6% of net assets.

⁸Investment has been committed to but has not been fully funded by the Fund (See Note 10).

⁹Discount rate at the time of purchase.

DESCRIPTION	NUMBER OF CONTRACTS			NOTIONAL AMOUNT			EXERCISE PRICE		EXPIRATION DATE	VALUE
EXCHANGE-TRADED PURCHASED OPTIONS (0.5%)
Call Options
iShares Russell 2000 ETF		444		$	9,990,000			225	06/30/2026	$	1,377,510
EXCHANGE-TRADED WRITTEN OPTIONS (-0.4%)
Call Options
iShares Russell 2000 ETF		(444	)		(10,656,000	)		240	06/30/2026		(942,612	)

ASSETS
Investments, at fair value (cost $167,152,796)	$	202,779,389
Cash (Note 2)		36,227,250
Options purchased, at value (premium $911,796)		1,377,510
Investments paid in advance		16,358,954
Receivables:
Deferred offering costs (Note 3)		306,692
Interest		205,419
Due from Advisor		141,810
Deferred financing costs		83,448
Other assets		7,164
Total assets		257,487,636
LIABILITIES
Options written, at value (premium $577,551)		942,612
Payables:
Offering costs (Note 3)		329,512
Investment management fees		250,170
Commitment and interest fee payable (Note 2)		143,514
Organization costs (Note 3)		34,687
Distribution fees (Note 3)		154
Other accounts payable and accrued liabilities		479,077
Total liabilities		2,179,726
NET ASSETS	$	255,307,910
COMPOSITION OF NET ASSETS
Paid in capital (par value of $0.001 per share with an unlimited number of shares authorized)	$	240,890,168
Accumulated distributable earnings (deficit)		14,417,742
NET ASSETS	$	255,307,910

INVESTMENT INCOME
Distributions from Private Equity Investments	$	80,541
Interest		795,992
Total investment income		876,533
EXPENSES
Investment management fees		929,491
Organization costs (Note 3)		460,407
Interest on subsequent close of private investment vehicles		192,832
Offering costs (Note 3)		103,776
Legal fees		101,108
Fund accounting and administration fees		77,556
Audit fees		76,636
Interest and loan orgination fees on secured credit facility (Note 2)		60,066
Transfer agent fees		30,268
Sub transfer agent fees—Class I		24,502
Shareholder reporting fees		13,984
Trustees' fees		13,892
Custodian fees		2,668
Distribution fees—Class A (Note 3)		19
Distribution fees—Class C (Note 3)		77
Distribution fees—Class M (Note 3)		58
Miscellaneous		48,346
Total expenses		2,135,686
Investment management fees waiver (Note 3)		(265,569	)
Expenses waived by Advisor (Note 3)		(767,198	)
Net expenses		1,102,919
NET INVESTMENT INCOME (LOSS)		(226,386	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments		2,346,254
Foreign currency transactions		76,783
Net realized gain (loss)		2,423,037
Net change in unrealized appreciation/(depreciation) on:
Investments²		12,016,662
Written options		465,714
Purchased options		(365,061	)
Net change in unrealized appreciation/(depreciation)		12,117,315
NET GAIN (LOSS)		14,540,352
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	14,313,966

¹ Commencement of operations.

² Change in unrealized appreciation/(depreciation) on Investments consists of $23,609,930, which were adjusted in connection with the reorganization of the Calamos Aksia Private Equity LP. See Note 1 in the accompanying notes to consolidated financial statements.

	(UNAUDITED) FOR THE PERIOD JULY 1, 2025¹THROUGH SEPTEMBER 30, 2025
OPERATIONS
Net investment income (loss)	$	(226,386	)
Net realized gain (loss)		2,423,037
Net change in unrealized appreciation/(depreciation)		12,117,315
Net increase (decrease) in net assets resulting from operations		14,313,966
CAPITAL STOCK TRANSACTIONS
Proceeds from shares sold:
Class A		30,000
Class C		30,000
Class I		89,347,922
Class M		30,000
Reorganization (Note 1):
Class I		154,469,022
Cost of shares repurchased:
Class I		(3,013,000	)
Net increase (decrease) in net assets from capital transactions		240,893,944
TOTAL INCREASE (DECREASE) IN NET ASSETS		255,207,910
NET ASSETS
Beginning of period²	$	100,000
End of period	$	255,307,910
CAPITAL SHARE TRANSACTIONS
Shares sold:
Class A		3,000
Class C		3,000
Class I		8,856,938
Class M		3,000
Shares issued from Reorganization (Note 1):
Class I		15,446,902
Shares repurchased:
Class I		(285,863	)
Net increase (decrease) in capital share transactions		24,026,977

¹ Commencement of operations.

² The total initial seed share purchase made on May 29, 2025 of $100,000 included 10,000 shares of Class I purchased at $10 per share.

	(UNAUDITED) FOR THE PERIOD JULY 1, 2025¹ THROUGH SEPTEMBER 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase/(decrease) in net assets from operations	$	14,313,966
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by/(used in) operating activities:
Purchases of investments		(190,766,901	)
Proceeds from sales of investments		2,350,428
Purchases of options		(911,796	)
Proceeds from disposition of options		577,551
Net realized (gain) loss from investments		(2,346,254	)
Net change in unrealized (appreciation)/depreciation on investments		(12,016,662	)
Net change in unrealized (appreciation)/depreciation on written options		(465,714	)
Net change in unrealized (appreciation)/depreciation on purchased options		365,061
Amortization of deferred financing costs		28,122
Net change in assets and liabilities:
(Increase)/decrease in assets:
Investments paid in advance		(16,358,954	)
Deferred offering costs (Note 3)		(306,692	)
Interest		(205,419	)
Due from Advisor		(141,810	)
Other assets		(7,164	)
Increase/(decrease) in liabilities:
Offering costs (Note 3)		329,512
Investment management fees		250,170
Commitment and interest fee payable (Note 2)		143,514
Organization costs (Note 3)		34,687
Distribution fees (Note 3)		154
Other accounts payable and accrued liabilities		479,077
Net cash provided by/(used in) operating activities		(204,655,124	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from shares sold		89,437,922
Reorganization (Note 1)		154,469,022
Cost of shares repurchased		(3,013,000	)
Payments for financing costs		(111,570	)
Net cash provided by/(used in) financing activities		240,782,374
Net increase/(decrease) in cash		36,127,250
Cash at beginning of period		100,000
Cash at end of period	$	36,227,250
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest expense	$	111,570
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY:
Non-Cash proceeds from Reorganization (Note 1)	$	154,469,022

¹ Commencement of operations.

Note 1 — Organization

Calamos Aksia Private Equity and Alternatives Fund (the "Fund") was organized as a Delaware statutory trust on November 22, 2024. The Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company that operates as an interval fund, and commenced operations on July 1, 2025. The Fund's investment advisor is Calamos Advisors LLC (the "Advisor" or "Calamos") and the Fund's sub-advisor is Aksia LLC (the "Sub-Advisor" or "Aksia" and together, the "Advisors"). The Advisor and the Sub-Advisor are each registered as an investment advisor with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended (the "Advisers Act").

Simultaneous with the commencement of the Fund's operations ("commencement of operations"), Calamos Aksia Private Equity LP (the "Predecessor Fund"), reorganized with and transferred substantially all of its assets into the Fund which accounted for $154,469,022 of in-kind contribution. The tax-free reorganization was accomplished at the close of business on June 30, 2025. The reorganization was accomplished by the following tax-free exchange in which each limited partner of the Predecessor Fund received the same aggregate share net asset value ("NAV") in the corresponding classes as noted below:

Class I Shares NAV	$	10
Shares Issues		15,446,902
Net Assets	$	154,469,022

The net unrealized appreciation of investments transferred was $23,609,931 as of the date of the transfer, and the cost basis of the investments received was carried forward to align ongoing reporting of the Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The Fund maintains an investment objective, strategies and investment policies, guidelines and restrictions that are, in all material respects, equivalent to those of the Predecessor Fund. The Fund and the Predecessor Fund share the same investment advisor, sub-advisor and portfolio managers. The Fund maintains materially the same accounting policies as the Predecessor Fund, and utilizes the same valuation policies and methodologies, except because the Fund generally calculates its net asset value on each business day and the Predecessor Fund calculated its net asset value less frequently, the time at which an investment's valuation is recorded may differ.

The SEC has granted the Fund exemptive relief permitting the Fund to offer multiple classes of shares. The Fund offers four separate classes of shares of beneficial interest ("Shares") designated as Class A ("Class A Shares"), Class C ("Class C Shares"), Class I ("Class I Shares") and Class M ("Class M Shares"). An investment in any Share class of the Fund represents an investment in the same assets of the Fund. However, the purchase restrictions and ongoing fees and expenses for each Share class are different.

The Fund's investment objective is to achieve long-term capital appreciation. The Fund will seek to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in Private Equity Investments and Alternative Investments (each as defined below). The Fund intends to utilize a multi-layered strategy and expects to hold Liquid Investments (defined below) for the purposes of liquidity management and to meet liquidity needs for semi-annual repurchases.

"Private Equity Investments" include: (i) Private Equity Funds managed by Underlying Managers employing a variety of strategies such as Primary Investments; (ii) Secondary Investments; and (iii) Co-Investments. Private Equity Funds are commingled asset pools that typically offer their securities privately, without registering such securities under the Securities Act.

"Alternative Investments" are financial assets that do not fall into conventional investment categories like stocks, bonds and cash and include: (i) defined outcome exposures created with derivatives positions including securities associated with those derivatives positions, such as long and short options to create defined outcome exposures, and (ii) investments in publicly listed companies that pursue the business of private equity investing, including listed private equity companies, listed funds of funds, alternative asset managers, holding companies, investment trusts, closed-end funds, financial institutions and other vehicles whose primary purpose is to invest in privately held companies.

"Liquid Investments" include Alternative Investments that can be readily sold for cash without significantly changing the market value of the investment, equity securities including exchange traded funds and other registered investment companies, and short-term corporate, government and municipal obligations and other short-term instruments including money market funds and other liquid investment vehicles.

Consolidation of Subsidiaries

The Fund may make investments through wholly-owned subsidiaries (each a "Subsidiary" and together, the "Subsidiaries"). Such Subsidiaries will not be registered under the 1940 Act; however, the Fund will wholly own and control any Subsidiaries. The Fund's Board of Trustees has oversight responsibility for the investment activities of the Fund, including its investment in any Subsidiary, and the Fund's role as sole owner of any Subsidiary. To the extent applicable to the investment activities of a Subsidiary, the Subsidiary will follow the same compliance policies and procedures as the Fund. The Fund would "look through" any such Subsidiary to determine compliance with its investment policies. The Fund complies with Section 8 of the 1940 Act governing investment policies on an aggregate basis with any Subsidiary. The Fund also complies with Section 18 of the 1940 Act governing capital structure and leverage on an aggregate basis with each Subsidiary so that the Fund treats a Subsidiary's debt as its own for purposes of Section 18. Further, each Subsidiary complies with the provisions of Section 17 of the 1940 Act relating to affiliated transactions and custody. The Fund will not create or acquire primary control of any entity which engages in investment activities in securities or other assets, other than entities wholly-owned by the Fund.

Each Subsidiary was formed as a Delaware limited liability company and is a wholly owned subsidiary of the Fund. The Consolidated Schedule of Investments, Consolidated Statement of Assets and Liabilities, Consolidated Statement of Operations, Consolidated Statement of Changes in Net Assets, Consolidated Statement of Cash Flows and Consolidated Financial Highlights of the Fund include the accounts of the Subsidiaries. All inter-company accounts and transactions have been eliminated in the consolidation for the Fund. A list of the subsidiaries as of September 30, 2025 were as follows:

SUBSIDIARY	DATE OF FORMATION	NET ASSETS OF SUBSIDIARY		PERCENTAGE OF FUND'S TOTAL NET ASSETS
Calamos Aksia Private Equity Sub 1 LLC	06/12/2024	$	15,982,801		6.26	%
Calamos Aksia Private Equity Sub 2 Splitter LLC	11/19/2024	$	97,460,286		38.17	%

Note 2 — Significant Accounting Policies

Basis of Preparation and Use of Estimates

The Fund is an investment company and follows the accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, Financial Services — Investment Companies. The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of the financial statements in accordance with U.S. GAAP 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 statements, 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.

Valuation of Investments

The Fund's net asset value ("NAV") per Share is determined daily by the Advisor as of the close of business on each day the New York Stock Exchange ("NYSE") is open for trading or at such other times as the Board may determine. In accordance with the procedures approved by the Board, the NAV per outstanding Share of beneficial interest is determined, on a class-specific basis, by dividing the value of total assets minus liabilities by the total number of Shares outstanding.

The Board has designated the Advisor as its Valuation Designee to perform fair valuation determinations for the Fund with respect to all Fund investments. The Board oversees the Advisor in its role as Valuation Designee and has approved a valuation policy for the Fund (the "Valuation Policy") and the Advisor's valuation procedures (the "Valuation Procedures"). The Advisor, as Valuation Designee, has formed a separate valuation committee (the "Valuation Committee") for determining the fair value of the Fund's investments. The Valuation Committee oversees the implementation of the Valuation Procedures and may consult with representatives from the Fund's outside legal counsel or other third-party consultants in their discussions and deliberations. The Valuation Committee is composed of individuals affiliated with the Advisor.

The Advisor, including through the Valuation Committee, conducts the valuation determinations, provides primary day-to-day oversight of valuation of the Fund's investments and acts in accordance with the Valuation Procedures as approved by the Board.

The Advisor values securities/instruments traded in active markets on the measurement date by multiplying the closing price of such traded securities/instruments by the quantity of Shares or amount of the instrument held. The Advisor values securities/instruments that are not actively traded but whose fair value can be determined based on other observable market data using a price determined by an approved independent pricing vendor.

For primary and secondary investments in private markets funds where the practical expedient is deemed not to represent fair value of the investment, the security value may be calculated using the income approach, market approach, cost approach, option pricing approach, recent transaction approach, liquidation approach, or any other method of valuation deemed reasonable to assess the value of the investment. These investments rely principally on unobservable inputs for the asset or liability being valued. Unobservable inputs will be used to measure fair value to the extent that observable inputs are not available or insufficient and such inputs will be based on the best information available in the circumstances, which under circumstances might include the Sub-Advisor's own data. Security prices received from the investment's originator and other creditable sources known to the Advisor/Sub-Advisor will be reviewed.

The Advisor may engage one or more independent valuation firms to perform procedures, including providing input about calculation models or providing assurance on the concluded fair values for individual investments held by the Fund. Such independent third-party pricing services and independent third-party valuation services may be utilized by the Advisor to verify valuation models pursuant to the Fund's valuation policy at such timing intervals as the Advisor may deem appropriate.

Primary and secondary investments in private markets funds are generally valued based on the latest NAV reported by the third-party fund manager as a practical expedient. If the NAV of an investment in a private markets fund is not available at the time a Fund is calculating its NAV, the Fund will review any cash flows since the reference date of the last NAV for a private markets fund received by the Fund from a third-party manager until the determination date are recognized by (i) adding the nominal amount of the investment related capital calls and (ii) deducting the nominal amount of investment related distributions from the net NAV as reported by the Portfolio Fund Manager. The resulting value may be further adjusted based on the yield of the investment and/or the investment's correlation with public or private indexes to capture market movement since the reference date.

Notwithstanding the above, managers of primary and secondary investments in private markets funds may adopt a variety of valuation bases and provide differing levels of information where there will generally be no liquid markets for such investments. Consequently, there are inherent difficulties in determining the fair value that cannot be eliminated. None of the Valuation Committee, the Board, the Advisor or the Sub-Advisor will be able to confirm independently the accuracy of valuations provided by these investments in private market funds (which are maybe unaudited). Due to the nature of investments as well as the inherent uncertainty involved in determining the fair value of investments for which market values are not readily available, the fair value of these investments are estimates and may fluctuate from period to period. In addition, such fair values may differ materially from the values that may have been used had ready market values been available and may significantly differ from the values ultimately realized by the Fund. The managers and investment vehicles associated with the investments have neither independently verified nor approved this information, including the fair values noted herein and have made no representation that such values are definitive.

If the Advisor reasonably believes an opinion from an independent valuation firm or pricing vendor is inaccurate or unreliable, the Advisor's Valuation Committee will determine a good-faith fair valuation for the impacted investment. The Advisor's Valuation Committee, who is solely responsible for the determination of the fair value of the investments, will consider all available information at its disposal prior to making a valuation determination, including information or opinions from third-party firms.

The Advisor seeks to evaluate on a daily basis material information about the Fund's portfolio companies; however, for the reasons noted herein, the Advisor will not be able to acquire and/or evaluate properly such information on a daily basis. Due to these various factors, the Fund's fair value determinations can cause the Fund's NAV on a given day to materially understate or overstate the value of its investments. As a result, investors who purchase Shares may receive more or less Shares and investors who tender their Shares may receive more or less cash proceeds than they otherwise would receive. If the Fund's NAV is adjusted after a Shareholder has received their Shares upon purchase or received repurchase proceeds in a repurchase offer, for example as a result of the Fund's next annual audit following such purchase or repurchase, the adjustment will not, in most cases, result in an adjustment to the number of Shares received by the Shareholder in a purchase, or a Shareholder's repurchase proceeds in a repurchase offer.

The fair value of options which are listed on major security exchanges are valued at their last reported sales price as of the valuation date or based on the midpoint of the bid/ask spread at the close of business.

Investment Transactions and Related Investment Income

Investment transactions are accounted for on a trade-date basis. However, for NAV determination, portfolio securities transactions are reflected no later than in the first calculation on the first business day following trade date. Income is recognized on an accrual basis as earned. Dividends are recorded on the ex-dividend date. Distributions from private investments that represent returns of capital in excess of cumulative profits and losses are credited to investment cost rather than investment income.

Federal Income Taxes

The Fund intends to qualify annually as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended. As so qualified, the Fund will not be subject to federal income tax to the extent it distributes substantially all of its net investment income and capital gains to shareholders. Therefore, no federal income tax provision is required. Due to the timing of dividend distributions and the differences in accounting for income and realized gains and losses for financial statement and federal income tax purposes, the fiscal year in which amounts are distributed may differ from the year in which the income and realized gains and losses are recorded by the Fund.

For Federal Income tax purposes, the Fund utilizes a tax year end of September 30. Accordingly, the tax components included herein are based on tax attributes as of September 30, 2025.

At September 30, 2025, the cost of securities on a tax basis and gross unrealized appreciation and (depreciation) on investments for federal income tax purposes were as follows:

Tax Cost of investments	$	165,098,206
Gross unrealized appreciation	$	39,971,325
Gross unrealized depreciation		(1,855,244	)
Net unrealized appreciation on investments	$	38,116,081

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses in security transactions.

U.S. GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per Share. For the period July 1, 2025 through September 30, 2025, permanent differences in book and tax accounting have been reclassified to paid in capital and total distributable earnings as follows:

INCREASE (DECREASE)
PAID IN CAPITAL			ACCUMULATED DISTRIBUTABLE EARNINGS (DEFICIT)
$	(103,776	)	$	103,776

As of September 30, 2025, the components of accumulated earnings on a tax basis were as follows:

Undistributed ordinary income	$	364,240
Total undistributed earnings		364,240
Net unrealized appreciation (depreciation)		14,506,150
Other temporary differences		(452,648	)
Total accumulated distributable earnings (deficit)	$	14,417,742

During the period from the commencement of the Fund's operations on July 1, 2025 through the tax year ended September 30, 2025 the Fund did not have any capital loss carry forwards.

Accounting for Uncertainty in Income Taxes (the "Income Tax Statement") requires an evaluation of tax positions taken (or expected to be taken) in the course of preparing a Fund's tax returns to determine whether these positions meet a "more-likely-than-not" standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the "more-likely-than-not" recognition threshold is measured to determine the amount of benefit to recognize in the Consolidated financial statements. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Consolidated Statement of Operations.

Additionally, Sub 1 is a domestic limited liability company that has elected to be treated as a C-corporation for federal and state income tax purposes and is required to account for its estimate of income taxes through the establishment of a deferred tax asset or liability. Sub 1 recognizes deferred income taxes for temporary differences in the basis of assets and liabilities for financial and income tax purposes. Deferred tax assets are recognized for deductible temporary differences, tax credit carryforwards or net operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. To the extent Sub 1 has a deferred tax asset, the Advisor considers whether or not a valuation allowance is required.

The Income Tax Statement requires management of the Fund to analyze tax positions taken in the prior three open tax years, if any, and tax positions expected to be taken in the Fund's current tax year, as defined by the IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. For the period from the commencement of the Fund's operations on July 1, 2025 through September 30, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund has no examination in progress and is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Distributions to Shareholders

Distributions paid by the Fund generally will be treated as received by a Shareholder at the time the distribution is made. However, any distribution declared by the Fund in October, November or December of any calendar year, payable to Shareholders of record on a specified date in such a month and actually paid during January of the following calendar year, will be treated for tax purposes as if it had been received by Shareholders on December 31 of the calendar year in which the distribution was declared. The Fund may, under certain circumstances, elect to treat a distribution that is paid during the following tax year as if it had been paid during the tax year in which the income or gains supporting the distribution was earned. If the Fund makes such an election, the Shareholder will still be treated as receiving the distribution in the tax year in which the distribution is received.

Foreign Currency and Exchange

The Fund's Shares are denominated in U.S. dollars and will be issued in U.S. dollars. A portion of the Fund's investments (and the income and gains received by the Fund in respect of such investments) may be denominated in currencies other than the U.S. dollar. However, the books of the Fund will be maintained, and contributions to and distributions from the Fund will generally be made, in U.S. dollars. Accordingly, changes in foreign currency exchange rates and exchange controls may materially adversely affect the value of the investments and the other assets of the Fund. For example, any significant depreciation in the exchange rate of the Euro, or any other currency in which the Fund makes investments, against the U.S. dollar, could adversely affect the value of dividends or proceeds on investments denominated in the Euro or such other currencies. In addition, the Fund will incur costs, which may be significant, in connection with the conversion of various currencies. The Advisors may hedge the foreign currency exposure of the Fund; however, the Fund will necessarily be subject to foreign exchange risks. In addition, prospective investors whose assets and liabilities are predominantly in other currencies should take into account the potential risk of loss arising from fluctuations in value between U.S. dollars and such other currencies. The Fund may enter into forward contracts to hedge exchange risk exposure.

Derivative Contracts

Gains and losses from derivative contracts are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) in the Consolidated Statement of Operations.

Private Equity Investments

Private Equity Investments are recorded on a trade-date basis. Realized gains and losses on Private Equity Investments are recognized based on the specific-identification method. Unrealized gains and losses resulting from recording investments at fair value are included in net change in unrealized appreciation/(depreciation) on Investments in the accompanying Consolidated Statement of Operations.

As a practical expedient, fair value ordinarily represents the Fund's proportionate share of the Private Equity Investments net asset values determined in accordance with each Private Equity Investment's valuation policies and reported at the time of the Fund's valuation by the management of each Private Equity Investment. Generally, the fair value of the Fund's investment in each Private Equity Investment represents the amount that the Fund could reasonably expect to receive from such Private Equity Investment if the Fund's investment was redeemed at the time of the valuation, based on information reasonably available at the time the valuation is made and that the Fund believes to be reliable.

The gain/(loss) allocated from each Private Equity Investment is net of the Fund's proportionate share of fees and expenses charged or incurred by such Private Equity Investments.

The Fund will record distributions of cash from any Private Equity Investment using the details provided by the corresponding Private Equity Investment. The Fund would recognize within the Consolidated Statement of Operations its share of realized gains or (losses) reported by the Private Equity Investments.

Net change in unrealized appreciation/(depreciation) on Investments within the Consolidated Statement of Operations includes the Fund's share of interest and dividends, realized (but undistributed) and unrealized gains and losses on security transactions and expenses of the Private Equity Investments. Due to the nature of the Private Equity Investments, the Fund cannot liquidate any position in the Private Equity Investments and will be distributed invested capital per the terms described in each Private Equity investment's operating or limited partnership agreement and as determined by each Private Equity Investment's general partner.

Subsequent closings for closed-end Private Equity Investments afford such funds the option to launch the fund as soon as they have secured enough soft commitments and allow the Advisor to increase the speed of the fund to take advantage of investments in the market. Rebalancing or equalization occurs each time capital is called after each subsequent closing has occurred and is the process of truing-up all investors as if they had joined the fund during the initial closing period. From July 1, 2025 (commencement of operations) to September 30, 2025, the Fund experienced equalization and resulted in the interest expense of $192,832, as noted in the Consolidated Statement of Operations and Consolidated Statement of Cash Flows as equalization interest paid to Private Equity Investments.

Commitments and Contingencies

In the normal course of business, the Fund's investment activities involve executions, settlement and financing of various transactions resulting in receivables from, and payables to, brokers, counterparties, debt agents, borrowers, private investment funds, or other parties and the Fund's custodian. These activities may expose the Fund to risk in the event that such parties are unable to fulfill contractual obligations. Management does not anticipate any material losses from parties with whom it conducts business.

Repurchase Offers

To provide Shareholders with limited liquidity, the Fund is structured as an "interval fund" and intends to conduct semi-annual repurchase offers for between 5% and 25% of the Fund's outstanding Shares at NAV, pursuant to Rule 23c-3 under the 1940 Act. Under normal market conditions, the Fund currently intends to repurchase 5% of its outstanding Shares at NAV on a semi-annual basis. 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).

Borrowing, Use of Leverage

On June 30, 2025, the Fund entered into a senior secured credit facility (the "Secured Credit Facility") with PNC Capital Markets LLC as a lead arranger, PNC Bank, National Association ("PNC") as administrative agent and syndication agent and with certain lenders from time to time as parties thereto (the "Lenders"). The Secured Credit Facility provides for borrowings on a committed basis in an aggregate principal amount up to $25,000,000. As of September 30, 2025, the Fund had no outstanding balance under the Secured Credit Facility.

For the period from the commencement of the Fund's operations on July 1, 2025 through September 30, 2025, there were no borrowings under the Secured Credit Facility.

The use of leverage increases both risk of loss and profit potential. The Fund is subject to the 1940 Act requirement that an investment company satisfy an asset coverage requirement of 300% of its indebtedness, including amounts borrowed, measured at the time the investment company incurs the indebtedness. This means that at any given time the value of the Fund's total indebtedness may not exceed one-third the value of its total assets (including such indebtedness). The interests of persons with whom the Fund enters into leverage arrangements will not necessarily be aligned with the interests of the Fund's shareholders and such persons will have claims on the Fund's assets that are senior to those of the Fund's shareholders. In addition to the risks created by the Fund's use of leverage, the Fund is subject to the additional risk that it would be unable to timely, or at all, obtain leverage borrowing. The Fund might also be required to de-leverage, selling securities at a potentially inopportune time and incurring tax consequences. Further, the Fund's ability to generate income from the use of leverage would be adversely affected.

Cash

Cash is held in an interest-bearing account. The Fund has entered into a Custody Agreement with State Street Bank and Trust Company (the "Custodian"). Under the terms of this agreement, the Custodian will serve as custodian of the Fund's assets. Cash is subject to credit risk to the extent those balances exceed applicable Securities Investor Protection Corporations or Federal Deposit Insurance Corporation limitations. As of September 30, 2025, the Fund held cash of $36,227,250 as stated on the Consolidated Statement of Assets and Liabilities.

Segment Reporting

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expense, has operating results that are regularly reviewed by the chief operating decision maker, and for which discrete financial information is available. Consistent with the definition of a chief operating decision maker ("CODM") provided by FASB Accounting Standards Update 2023-07, the Fund's CODM consists of the members of Committees and Senior Executive Teams of the Advisors. The Fund operates as a single reportable segment, which reflects how the CODM monitors and manages the operating results of the Fund. The financial information used by the CODM to assess the segment's performance and to allocate resources, including total return, expense ratios, changes in net assets from operations and portfolio composition, is consistent with that presented within the Fund's financial statements and financial highlights.

Note 3 — Investment Advisory and Other Agreements

The Fund has entered into an investment advisory agreement, (the "Investment Advisory Agreement"), by and between the Fund and the Advisor, and in consideration of the advisory services provided by the Advisor to the Fund, the Advisor is entitled to an investment management fee (the "Investment Management Fee") payable monthly in arrears and accrued daily based upon the Fund's average daily net assets at an annual rate of 1.75%. However, pursuant to the Management Fee Waiver, the Advisor has agreed to waive 0.50% of its Investment Management Fee on an annualized basis, such that the maximum investment management fee payable by the Fund would be 1.25%. The Management Fee Waiver became effective on June 30, 2025, following the commencement of operations and will remain in effect through June 30, 2026. In addition, pursuant to the sub-advisory agreement between the Advisor and Aksia (the "Sub-Advisory Agreement"), the Advisor pays Aksia a sub-advisory fee (the "Sub-Advisory Fee") payable monthly in arrears and accrued daily based upon the Fund's average daily net assets at an annual rate of 0.875%. The Investment Management Fee paid to the Advisor will be paid out of the Fund's assets and the Sub-Advisory Fee will be paid by the Advisor out of its Investment Management Fee. The Advisor, the Sub-Advisor and the Fund have entered into a sub-advisory fee waiver agreement, whereby the Sub-Advisor has agreed to waive 0.25% of its sub-advisory fee payable by the Advisor to the Sub-Advisor on an annualized basis, such that the maximum sub-advisory fee payable by the Advisor to the Sub-Advisor would be 0.625% (the "Sub-Advisory Fee Waiver"). The Sub-Advisory Fee waiver became effective on June 30, 2025, and will remain in effect through June 30, 2026.

The Advisor, the Sub-Advisor and the Fund have entered into the Expense Limitation Agreement under which the Advisor and Sub-Advisor have contractually agreed on a monthly basis, to reimburse on a 50/50 basis between the Advisor and the Sub-Advisor the Fund's "Specified Expenses" in respect of each class of the Fund where "Specified Expenses" means all other expenses incurred in the business of the Fund and allocated to a Class, including the Fund's annual operating expenses, with the exception of (i) the Investment Management Fee, (ii) the Shareholder Servicing Fee, (iii) the Distribution Fee (as defined herein), (iv) certain costs associated with the acquisition, ongoing investment and disposition of the Fund's investments and unconsummated investments, including legal costs, professional fees, travel costs and brokerage costs, (v) acquired fund fees and expenses, (vi) dividend and interest payments (including any dividend payments, interest expenses, commitment fees, or other expenses related to any leverage incurred by the Fund), (vii) taxes and costs to reclaim foreign taxes, and (viii) extraordinary expenses (as determined in the discretion of the Advisor and Sub-Advisor), to the extent that such expenses exceed 0.35% of the average daily net assets of such class (the "Expense Limitation").

If, while the Advisor is the investment advisor to the Fund and the Sub-Advisor is investment sub-advisor to the Fund, the Fund's estimated annualized Specified Expenses in respect of a Class for a given month are less than the Expense Limitation, the Advisor and Sub-Advisor shall be entitled to reimbursement by the Fund on a 50/50 basis of the other expenses borne by the Advisor and Sub-Advisor on behalf of the Fund (the "Reimbursement Amount") during any of the previous thirty-six (36) months, but only to the extent that the Fund's estimated annualized Specified Expenses in respect of a Class are less than, for such month, the lesser of the Expense Limitation or any other relevant expense limit then in effect with respect to the Class, and provided that such amount paid to the Advisor and Sub-Advisor will in no event exceed the total Reimbursement Amount and will not include any amounts previously reimbursed. The Advisor and Sub-Advisor may recapture

a Specified Expense in any year within the thirty-six (36) month period after the Advisor and Sub-Advisor bear the expense. The Expense Limitation Agreement will remain in effect for a three-year period from April 30, 2025, unless and until the Board approves its modification or termination. Thereafter, the Expense Limitation Agreement may be renewed annually with the written agreement of the Advisor, the Sub-Advisor, and the Fund. The Fund's obligation to make reimbursement payments shall survive the termination of the Expense Limitation Agreement. For the period from the commencement of the Fund's operations on July 1, 2025 through September 30, 2025, the Advisor and Sub-Advisor waived their fees and absorbed other expenses totaling $1,032,767. For a period not to exceed three years from the date on which advisory fees are waived or Fund expenses absorbed by the Advisor and Sub-Advisor, the Advisor and Sub-Advisor may recoup amounts waived or absorbed, provided it is able to effect such recoupment and remain in compliance with (a) the limitation on Fund expenses in effect at the time of the relevant reduction in advisory fees or payment of the Fund's expenses, and (b) the limitation on Fund expenses at the time of the recoupment. At September 30, 2025, the amount of these potentially recoverable expenses was $767,198. Waived fees and absorbed other expenses subject to potential recovery by month of expiration are as follows:

July 2027 - September 2028

767,198

The Fund has adopted a "Distribution and Shareholder Services Plan" with respect to its Class A, Class C and Class M Shares under which the Fund may compensate financial industry professionals for distribution-related expenses, if applicable, and providing ongoing services in respect of clients with whom they have distributed Shares of the Fund. Such services may include electronic processing of client orders, electronic fund transfers between clients and the Fund, account reconciliations with the Fund's transfer agent, facilitation of electronic delivery to clients of Fund documentation, monitoring client accounts for back-up withholding and any other special tax reporting obligations, maintenance of books and records with respect to the foregoing, and such other information and liaison services as the Fund or the Advisors may reasonably request. Under the Distribution and Shareholder Services Plan, the Fund, with respect to Class A, Class C and Class M, may incur expenses on an annual basis equal to 0.25%, 1.00% and 0.75%, respectively, of its average daily net assets. With respect to Class A Shares, the entire fee is characterized as a "shareholder service fee". With respect to Class C Shares, up to 0.25% of the fee is characterized as a "shareholder service fee" and the remaining portion is characterized as a "distribution fee". With respect to Class M Shares, the entire fee is characterized as a "distribution fee".

State Street Bank and Trust Company (the "Administrator") serves as administrator, accounting agent and transfer agent to the Fund. Pursuant to the agreement with the Administrator, for the services rendered to the Fund by the Administrator, the Fund pays the Administrator the greater of an annual minimum fee or an asset based fee, which scales downward based upon net assets for fund administration, fund accounting and transfer agency services.

The Fund has entered into a distribution agreement with Calamos Financial Services, LLC to act as the distributor for the sale of Shares. Calamos Financial Services, LLC is an affiliate of the Calamos Advisors LLC. For the period July 1, 2025 through September 30, 2025, Calamos Financial Services, LLC received $19, $77 and $58 for Class A, Class C and Class M, respectively, as reported in the Consolidated Statement of Operations.

During the period July 1, 2025 through September 30, 2025, the Distributor retained no commissions earned on sales of the Fund's Class A Shares.

Organizational and Offering Expenses

The Advisor and the Sub-Advisor have agreed to advance the Fund's organizational costs and offering costs already incurred and any additional costs incurred prior to the commencement of operation by the Fund. Organizational costs include, among other things, the cost of organizing as a Delaware statutory trust, including the cost of legal services and other fees pertaining to the Fund's organization. Organizational costs are expensed as incurred by the Fund and are subject to recoupment by the Advisor and the Sub-Advisor in accordance with the Expense Limitation discussed above. The Fund's initial offering costs, which are also subject to the Expense Limitation discussed above, include, among other things, legal, printing and other expenses pertaining to this Offering. Any offering costs paid by the Advisor or Sub-Advisor on behalf of the Fund will be recorded as a Payable for offering costs in the Consolidated Statement of Assets and Liabilities and accounted for as a deferred charge until commencement of operations. Thereafter these initial offering costs will be amortized over 12 months on a straight-line basis.

Note 4 — Fair Value of Investments

Fair Value — Definition

The Fund uses a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:

• Level 1 — Valuations based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

• Level 2 — Valuations based on inputs, other than quoted prices included in Level 1, that are observable either directly or indirectly.

• Level 3 — Valuations based on inputs that are both significant and unobservable to the overall fair value measurement.

Private Equity Investments are measured based upon NAV as a practical expedient to determine fair value are not required to be categorized in the fair value hierarchy, however these amounts are shown in the table below under net asset value in order to reconcile back to the Consolidated Schedule of Investments.

The availability of observable inputs can vary from investment to investment and is affected by a wide variety of factors, including, for example, the type of investment whether the investment is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the investment. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.

The inputs or methodology used for valuing investments are not an indication of the risk associated with investing in those investments. The following table summarizes the Fund's investments that are measured at fair value by level within the fair value hierarchy as of September 30, 2025:

	LEVEL 1		LEVEL 2		LEVEL 3		NET ASSET VALUE		TOTAL
Assets:
Investments, at fair value
Private Equity Investments	$	—	$	—	$	15,467,512	$	177,589,867	$	193,057,379
Short-Term Investments		—		9,722,010		—		—		9,722,010
Total Investments, at fair value	$	—	$	9,722,010	$	15,467,512	$	177,589,867	$	202,779,389
Assets:
Other Financial Instruments
Exchange-Traded Purchased Options	$	1,377,510	$	—	$	—	$	—	$	1,377,510
Total Assets	$	1,377,510	$	9,722,010	$	15,467,512	$	177,589,867	$	204,156,899
Liabilities:
Other Financial Instruments
Exchange-Traded Written Options	$	942,612	$	—	$	—	$	—	$	942,612
Total Liabilities	$	942,612	$	—	$	—	$	—	$	942,612

The following table presents the changes in assets and transfers in and out for investments that are classified in Level 3 of the fair value hierarchy for the period ended September 30, 2025:

	PRIVATE EQUITY INVESTMENTS
Balance as of July 1, 2025 (commencement of operations)	$	—
Transfers In		—
Transfers Out		—
Purchases		14,723,805
Sales/Paydowns		—
Realized Gains (Losses)		—
Accretion		—
Change in Unrealized Appreciation (Depreciation)		743,707
Balance as of September 30, 2025	$	15,467,512

The following table summarizes the valuation techniques and significant unobservable inputs used for the Fund's investments that are categorized in Level 3 of the fair value hierarchy as of September 30, 2025.

INVESTMENTS	FAIR VALUE		VALUATION TECHNIQUE	UNOBSERVABLE INPUTS	RANGE OF INPUTS			WEIGHTED AVERAGE*			IMPACT ON VALUATION FROM AN INCREASE IN INPUT
Frazier & Deeter	$	4,666,134	Market Approach	Multiple		13.50	x		13.50	x	Increase
Advisory Holdco, LLC				Volatility		40.00	%		40.00	%	Decrease
				Risk-Free Rate		3.70	%		3.70	%	Decrease
				Estimated Time to Exit (in years)		4.25			4.25		Decrease
HP Prestige Co-Invest	$	4,999,998	Market Approach	Recent Transaction Price	$	4,999,998			100	%	Increase
Blocker Aggregator, LP
LH Equity Investors, L.P.	$	5,801,380	Market Approach	Recent Transaction Price	$	5,801,380			100	%	Increase
	$	15,467,512

* The weighted average is calculated based on the fair value at September 30, 2025 for each Investment type and technique.

The following descriptions of investment categories should be read in conjunction with the consolidated schedule of investments.

Co-investment — An investment made in the equity of a private company generally in parallel with a primary fund.

Primary Investment — A newly established fund managed by a third-party manager which raises capital commitments from investors to invest in and acquire private companies.

Secondary Investment — Investments in assets acquired on the secondary market, including the acquisition of existing primary fund interests, the acquisition of interest in one or more companies from an existing primary fund, and newly established private equity funds managed by third-party managers which raise capital commitments from investors to invest in and acquire assets on the secondary market.

Note 5 — Capital Stock

The Fund is authorized as a Delaware statutory trust to issue an unlimited number of Shares in one or more classes, with a par value of $0.001. The minimum initial investment by an investor in the Fund is $2,500 with respect to Class A Shares and Class C Shares, $1,000,000 for Class I Shares and $10,000 with respect to Class M Shares, which stated minimum may be reduced for certain investors. Investors purchasing Class A Shares may be charged a front-end sales load of up to 3.50% of the investor's gross purchase. Class C Shares, Class I Shares and Class M Shares are not subject to front-end sales loads.

While Class M Shares are not charged a front-end sales load, if you purchase Class M Shares through certain financial firms, they may directly charge you transaction or other fees in such amount as they may determine.

Pursuant to Rule 23c-3 under the 1940 Act, on a semi-annual basis, the Fund offers shareholders holding all classes of Shares the option of tendering Shares at NAV. The Board determines the number of Shares that the Fund will offer to repurchase ("Repurchase Offer Amount"), which can be no less than 5% and no more than 25% of all Shares of all classes outstanding on the repurchase request deadline. If shareholders tender more than the Repurchase Offer Amount, the Fund may, but is not required to, repurchase an additional amount of Shares not to exceed 2% of all outstanding Shares of the Fund on the repurchase request deadline. If the Fund determines not to repurchase more than the Repurchase Offer Amount, or if shareholders tender Shares in an amount exceeding the Repurchase Offer Amount plus 2% of the outstanding Shares on the repurchase request deadline, the Fund will repurchase the Shares on a pro rata basis. However, the Fund may accept all Shares tendered for repurchase by shareholders who own less than one hundred Shares and who tender all of their Shares, before prorating other amounts tendered. The results of the repurchase offers conducted for the period from the commencement of the Fund's operations on July 1, 2025 through September 30, 2025 are as follows:

Commencement date	July 1, 2025
Repurchase request date	September 16, 2025
Repurchase pricing date	September 16, 2025
Net Asset Value as of Repurchase Pricing Date
Class I	$	10.54
Amount Repurchased
Class I	$	3,013,000
Percentage of Outstanding Shares Repurchased
Class I		1.2	%

Note 6 — Investment Transactions

For the period from the commencement of the Fund's operations on July 1, 2025 through September 30, 2025, purchases and sales of investments, excluding short-term investments, were $167,156,970 and $2,350,428, respectively.

Note 7 — Indemnifications

In the normal course of business, the Fund has entered into contracts that contain a variety of representations 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, the Fund expects the risk of loss to be remote.

Note 8 — Derivatives and Hedging Disclosures

Options

The Fund may purchase or sell put and call options on securities. A put option gives the purchaser the right to compel the writer of the option to purchase from the option holder an underlying security or its equivalent at a specified price at any time during the option period. In contrast, a call option gives the purchaser the right to buy the underlying security covered by the option or its equivalent from the writer of the option at the stated exercise price. The Fund may seek to terminate its option positions prior to their expiration by entering into closing transactions. The ability of the Fund to enter into a closing transaction depends on the existence of a liquid secondary market. There can be no assurance that a closing transaction can be effected when the Fund so desires.

Volume of Derivative Activities

The Fund considers the average month-end notional amounts during the period, categorized by primary underlying risk, to be representative of the volume of its derivative activities during the period ended September 30, 2025:

	LONG EXPOSURE				SHORT EXPOSURE
PRIMARY UNDERLYING RISK	NOTIONAL AMOUNTS		NUMBER OF CONTRACTS		NOTIONAL AMOUNTS		NUMBER OF CONTRACTS
Equity price
Exchange-Traded Purchased Options	$	9,990,000		444	$	—		—
Exchange-Traded Written Options		—		—		10,656,000		444
Total	$	9,990,000		444	$	10,656,000		444

Impact of Derivatives on the Consolidated Statement of Assets and Liabilities and Consolidated Statement of Operations

The following table identifies the fair value amounts of derivative instruments included in the Consolidated Statement of Assets and Liabilities as derivative contracts, categorized by primary underlying risk, at September 30, 2025. Balances are presented on a gross basis, prior to the application of the impact of counterparty and collateral netting. The following table also identifies the realized and unrealized gain and loss amounts included in the net realized gain (loss) on derivative contracts and net change in accumulated unrealized appreciation (depreciation) on derivative contracts in the Consolidated Statement of Operations, categorized by primary underlying risk, for the period ended September 30, 2025:

PRIMARY UNDERLYING RISK	DERIVATIVE ASSETS		DERIVATIVE LIABILITIES		CHANGE IN UNREALIZED APPRECIATION/ (DEPRECIATION)			REALIZED GAIN/(LOSS)
Equity price
Exchange-Traded Purchased Options	$	1,377,510	$	—	$	465,714		$	—
Exchange-Traded Written Options		—		942,612		(365,061	)		—
Total	$	1,377,510	$	942,612	$	100,653		$	—

Note 9 — Disclosures about Offsetting Assets and Liabilities

Disclosures about Offsetting Assets and Liabilities requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position.

A fund mitigates credit risk with respect to over the counter derivative counterparties through credit support annexes included with International Swaps and Derivatives Association, Inc. ("ISDA") Master Agreements or other Master Netting Agreements which are the standard contracts governing most derivative transactions between the fund and each of its counterparties. These agreements allow the fund and each counterparty to offset certain derivative financial instruments' payables and/or receivables against each other and/or with collateral, which is generally held by the fund's custodian. The amount of collateral moved to/from applicable counterparties is based upon minimum transfer amounts specified in the agreement. To the extent amounts due to the fund from its counterparties are not fully collateralized contractually or otherwise, the fund bears the risk of loss from counterparty non-performance.

It is the Fund's policy to recognize a net asset or liability equal to the unrealized appreciation (depreciation) of each derivative contract. As of September 30, 2025, the Fund has no OTC derivative contracts.

Note 10 — Private Equity Investments

The following table represents unfunded commitments and redemption restrictions of investments that are measured at NAV per share (or its equivalent) as a practical expedient as of September 30, 2025:

SECURITY DESCRIPTION	UNFUNDED COMMITMENTS		REDEMPTIONS FREQUENCY*	REDEMPTION NOTICE PERIOD		COST		FAIR VALUE		ORIGINAL ACQUISITION DATE
Blue Wolf Capital Fund IV, L.P.	$	535,253	Not permitted		N/A	$	2,272,434	$	3,687,812	12/31/2024
Brentwood Associates Private Equity VI, L.P.		534,207	Not permitted		N/A		1,906,225		2,618,839	12/31/2024
Broadwing Capital Fund I LP		2,187,235	Not permitted		N/A		2,814,365		3,916,007	12/12/2024
CD&R Raven Co-Investor, L.P.		249,842	Not permitted		N/A		1,763,298		1,797,781	11/15/2024
CF24XB SCSp		3,600,000	Not permitted		N/A		2,400,000		3,035,751	9/22/2025
CIP IX Co-Investment Vehicle 2, L.P.		1,762,594	Not permitted		N/A		3,303,833		3,631,695	4/3/2025
Corsair Riva Munich Co-Investment, L.P.		—	Not permitted		N/A		5,310,047		9,970,144	3/26/2025
Crown Secondaries Special Opportunities II B S.C.S.		168,329	Not permitted		N/A		923,120		1,213,052	9/30/2024
Crown Secondaries Special Opportunities II S.C.S.		386,349	Not permitted		N/A		2,341,002		2,949,793	9/30/2024
General Atlantic Investment Partners 2019, L.P.		1,561,911	Not permitted		N/A		14,543,149		17,304,741	4/1/2025
Graham Partners GKP Continuation Fund, L.P.		559,862	Not permitted		N/A		3,205,302		3,229,660	3/28/2025
H.I.G. Starlite-B Co-Investment, L.P.		158,146	Not permitted		N/A		4,872,590		4,899,475	4/11/2025
Leeds Equity Partners VI, L.P.		192,408	Not permitted		N/A		2,198,051		2,504,172	12/31/2024
Leeds Equity Partners VII-A, L.P.		182,034	Not permitted		N/A		3,232,916		3,513,904	12/31/2024
Leeds Equity Partners VIII-A, L.P.		1,509,670	Not permitted		N/A		215,247		164,303	5/21/2025
mcp Opportunity Secondary Program V Feeder S.L.P.		3,888,171	Not permitted		N/A		16,075,235		19,064,051	8/31/2025
Monogram Capital Partners III PV, L.P.		5,000,000	Not permitted		N/A		—		—	—
OceanSound Partners Fund II (A), LP		1,795,013	Not permitted		N/A		3,208,757		4,252,590	10/21/2024
Overbay 2025 Fund (US) LP		1,500,000	Not permitted		N/A		3,500,000		4,247,713	9/8/2025
Overbay Capital Partners 2023 Fund Aggregator (AIV V) LP		1,075,493	Not permitted		N/A		5,684,875		8,405,021	9/27/2024
Overbay Capital Partners 2023-B Fund US LP		—	Not permitted		N/A		2,271,731		2,911,646	9/25/2024
Overbay Capital Partners 2024 Fund Aggregator (AIV IX) LP		1,350,000	Not permitted		N/A		3,150,000		4,642,588	8/29/2025
Overbay Capital Partners 2024 Fund Offshore LP		500,000	Not permitted		N/A		4,500,000		5,848,098	1/17/2025
PSC Tiger LP		667,381	Not permitted		N/A		4,357,915		5,089,389	11/15/2024
PSC V (B), SCSp		3,933,871	Not permitted		N/A		3,555,551		4,039,351	12/18/2024
Reroof Partners SPV LLC		—	Not permitted		N/A		4,024,560		6,804,176	11/22/2024
Searchlight Capital IV LEAF Co-Invest Partners, L.P.		—	Not permitted		N/A		5,023,922		5,404,995	11/22/2024
Sima Holdings (Offshore) LP Common Equity (Class B)		6,135	Not permitted		N/A		2,495,017		2,329,671	11/6/2024
Sima Holdings (Offshore) LP Preferred Equity (Class A)		1,412,746	Not permitted		N/A		5,302,873		6,195,112	11/6/2024
The Resolute Fund IV, L.P.		177,930	Not permitted		N/A		4,624,042		3,377,963	12/31/2024
The Resolute III Continuation Fund, L.P.		477,080	Not permitted		N/A		5,474,859		6,078,612	9/27/2024
TowerBrook Investors V (OS), L.P.		239,225	Not permitted		N/A		3,863,840		4,298,822	9/30/2025
TowerBrook Structured Opportunities Fund II (OS), L.P.		472,412	Not permitted		N/A		1,711,338		1,907,496	9/30/2025
Vistria Agua CV (FT), LP		4,190,342	Not permitted		N/A		3,309,658		4,357,038	9/30/2025
WestCap Strategic Operator Fund II Offshore, L.P.		539,166	Not permitted		N/A		9,285,518		13,898,406	8/29/2025
Total	$	40,812,805				$	142,721,270	$	177,589,867

* Investments cannot be redeemed. The Fund will receive distributions from the investments as the underlying assets are liquidated. The timing of these distributions is not known as of the financial reporting date.

Advisory Agreement

At a meeting (the "Meeting") of the Board of Trustees (the "Board") of Calamos Aksia Private Equity and Alternatives Fund (the "Fund") held on February 20, 2025, the Board, including all of the Trustees who are not "interested persons" (as that term is defined in the Investment Company Act of 1940) voting separately, reviewed and unanimously approved an investment advisory agreement (the "Advisory Agreement") between Calamos Advisors LLC (the "Advisor") and the Fund and an investment sub-advisory agreement ("Sub-Advisory Agreement") among the Advisor, Aksia LLC (the "Sub-Advisor") and the Fund.

At the Meeting, the Board received and reviewed information provided by the Advisor and the Sub-Advisor in response to requests of the Board and its counsel, including a memorandum from the Advisor that included a description of the Advisor's business, a copy of the Advisor's Form ADV, and certain other information about the Advisor to be considered in connection with the Trustees' review process (the "Advisor Memorandum"), and a memorandum from the Sub-Advisor that included a description of the Sub-Advisor's business, a copy of the Sub-Advisor's Form ADV and certain other information about the Sub-Advisor to be considered in connection with the Trustees' review process (the "Sub-Advisor Memorandum").

In deciding on whether to approve the Advisory Agreement with the Advisor on behalf of the Fund, the Board considered numerous factors, including:

The Nature, Extent and Quality of the Services to be Provided by the Advisor. The Board considered the responsibilities the Advisor would have under the Advisory Agreement, and the services that would be provided by the Advisor to the Fund, including, without limitation, the management, oversight, operational and governance services that the Advisor and its employees would provide to the Fund, the services already provided by the Advisor related to organizing the Fund, the Advisor's coordination of services for the Fund by its service providers, its compliance procedures and practices and its efforts to promote the Fund. The Board noted that certain of the Fund's officers are employees of the Advisor or its affiliates and serve the Fund without additional compensation from the Fund. After reviewing the foregoing information and further information in the Advisor Memorandum (including descriptions of the Advisor's investment advisory services) and discussing the Advisor's proposed services to the Fund, the Board concluded that the quality, extent, and nature of the services proposed to be provided by the Advisor would be satisfactory and adequate for the Fund.

The Investment Management Capabilities and Experience of the Advisor. The Board considered the quality of the services to be provided and the quality of the Advisor's resources that are available to the Fund. The Board evaluated the Advisor's advisory, operational, governance, distribution, legal, compliance and risk management services, among other services, and information the Board received regarding the experience and professional qualifications of the Advisor's key personnel and the size and functions of its staff. The Board took account of the fact that the Advisor has over forty years of experience in the asset management industry and is recognized as a leader in convertible securities and liquid alternatives. After consideration of these factors, the Board determined that the Advisor would be an appropriate manager for the Fund.

Performance. The Board noted that, simultaneously with the commencement of the Fund's operations, the Fund would acquire substantially all of the assets of Calamos Aksia Private Equity LP (the "Predecessor Fund") and that the current strategy and management personnel of the Predecessor Fund would be maintained by the Fund. Accordingly, the Board further noted the historical performance information of the Predecessor Fund but noted there was no operational history of the Fund and that the Fund's performance was not a factor in deciding whether to approve the Advisory Agreement.

The Costs of the Services to be Provided and Profits to be Realized by the Advisor from its Relationship with the Fund. The Board examined and evaluated the fee arrangement between the Advisor and the Fund under the proposed Advisory Agreement. The Board also considered that the Advisor, the Sub-Advisor and the Fund had entered into an expense limitation agreement under which the Advisor and Sub-Advisor have agreed contractually, for a three-year period, to reimburse on a 50/50 basis certain other expenses incurred in the business of the Fund. The Board also considered potential benefits for the Advisor in managing the Fund, including promotion of the Advisor's name and the interests of the Advisor in providing management and oversight services to the Fund. In addition, at the Meeting, the Board compared the management fee of the Fund to the management fee of other funds and accounts selected by an independent third-party service provider to have similar investment objectives and strategies to the Fund. Following these comparisons and upon further consideration and discussion of the foregoing, the Board concluded that the fees to be paid to the Advisor by the Fund were appropriate and representative of arm's-length negotiations. Additionally, the Board considered and reviewed information concerning the profits expected to be realized by the Advisor from the Advisor's relationship with the Fund. Although the Board considered and reviewed information concerning the Advisor's expected profits, because operations for the Fund had not yet commenced, the Board made no determination with respect to profitability.

The Extent to which Economies of Scale would be Realized as the Fund's Assets Grow and whether those Economies of Scale have been Shared with the Fund and its Shareholders. The Board considered the size and growth prospects of the Fund and how it relates to the structure of the Fund's management fee schedule, which does not include breakpoints. The Board next considered that the Fund would experience benefits from certain fees being capped pursuant to the expense limitation agreement. The Board considered that the Fund's growth prospects were uncertain and concluded, given this fact and since the Fund is new, it was not necessary to consider economies of scale at this time.

Other Benefits to be Derived by the Advisor from its Relationship with the Fund. The Board considered "fall-out" or ancillary benefits that would accrue to the Advisor as a result of its relationship with the Fund (other than the advisory fee), including non-quantifiable reputational benefits. The Board noted in this regard that the Advisor continues to evaluate and pursue opportunities to provide advisory services to additional funds or other vehicles with overlapping investment strategies, and that the track record of the Fund may enhance the Advisor's ability to market its services and win such mandates.

Conclusion. The Board did not identify any single factor as being of paramount importance, and different Trustees may have given different weight to different factors. The Board reviewed with counsel to the Fund the legal standards applicable to its consideration of the Advisory Agreement. Based on its review, including consideration of each of the factors referenced above, the Board determined, in the exercise of its reasonable business judgment, that the Advisory Agreement was fair and reasonable in light of the services to be performed, expenses to be incurred and such other matters as the Board considered relevant. The Board concluded it would be in the best interest of the Fund and its shareholders to approve the Advisory Agreement for an initial two-year term.

After full consideration of the above factors as well as other factors, the Board, including the Independent Trustees, unanimously approved the Advisory Agreement with the Advisor on behalf of the Fund.

Sub-Advisory Agreement

In deciding on whether to approve the Sub-Advisory Agreement with the Sub-Advisor on behalf of the Fund, the Board considered numerous factors, including:

The Nature, Extent, and Quality of the Services to be Provided by the Sub-Advisor. The Board considered the responsibilities the Sub-Advisor would have under the Sub-Advisory Agreement and the services that would be provided by the Sub-Advisor including, without limitation, the investment advisory services, the Sub-Advisor's compliance procedures and practices and its efforts to promote the Fund. After reviewing the foregoing information and further information in the materials, including the Sub-Advisor Memorandum (which included descriptions of the Sub-Advisor's business and the Sub-Advisor's Form ADV), the Board concluded that the quality, extent, and nature of the services to be provided by the Sub-Advisor would be satisfactory and adequate for the Fund.

The Investment Management Capabilities and Experience of the Sub-Advisor. The Board evaluated the investment management experience of the Sub-Advisor. The Board also took account of the fact that the Fund will benefit from the scale and resources of the Sub-Advisor and its affiliates. It was noted that the Sub-Advisor is a premier investment research and advisory firm whose clients include large and sophisticated pension funds and other institutional investors. The Board discussed with the Sub-Advisor the investment objective and strategies of the Fund and the Sub-Advisor's plans for implementing the Fund's strategies. After consideration of these factors, the Board determined that the Sub-Advisor would be an appropriate sub-advisor to the Fund.

Performance. The Board noted that, simultaneously with the commencement of the Fund's operations, the Fund would acquire substantially all of the assets of the Predecessor Fund and that the current strategy and management personnel of the Predecessor Fund would be maintained by the Fund. Accordingly, the Board further noted the historical performance information of the Predecessor Fund but noted there was no operational history of the Fund and that the Fund's performance was not a factor in deciding whether to approve the Sub-Advisory Agreement.

The Costs of the Services to be Provided and Profits to be Realized by the Sub-Advisor from its Relationship with the Fund. The Board reviewed the proposed fee to be paid under the Sub-Advisory Agreement, which would not be paid by the Fund. Because the Sub-Advisory Agreement was negotiated at arms-length by the Advisor, which is responsible for payments to the Sub-Advisor thereunder, the Board did not consider the profitability to the Sub-Advisor from its relationship with the Fund. The Board also considered that the Advisor, the Sub-Advisor and the Fund had entered into an expense limitation agreement under which the Advisor and Sub-Advisor have agreed contractually, for a three-year period, to reimburse on a 50/50 basis certain other expenses incurred in the business of the Fund. After reviewing these and related factors, the Board

An investment in the Fund involves a high degree of risk and other considerations and, there-fore, should be undertaken only by investors capable of evaluating the risks of the Fund and bearing the risks it represents. Below is a summary of some of the principal risks of investing in the Fund. For a more complete discussion of the risks of investing in the Fund, see "Types of Investments and Related Risks" in the Fund's prospectus.

• Unlike most closed-end funds, the Fund's Shares will not be listed on any securities exchange;

• Although the Fund has implemented a semi-annual share repurchase program, there is no guarantee that an investor will be able to sell all of the Shares that the investor desires to sell. The Fund should therefore be considered to offer limited liquidity;

• The capital markets may experience periods of disruption and instability, including as a result of events such as geopolitical events, natural disasters, or widespread pandemics or other adverse public health developments. Such market conditions may materially and adversely affect debt and equity capital markets, which may have a negative impact on the Fund's investments, business, and operations;

• The Fund is exposed to risks associated with changes in interest rates;

• The Fund's investments in securities and other obligations of companies that are experiencing distress involve a substantial degree of risk are generally considered speculative and may be subject to U.S. federal, state or non-U.S. bankruptcy laws or fraudulent transfer or conveyance laws;

• Certain investments may be exposed to the credit risk of the counterparties with whom the Fund deals or of third-party contractual customers of such counterparties;

• The valuation of securities or instruments that lack a central trading place (such as fixed-income securities or instruments) may carry greater risk than those that trade on an exchange;

• The Fund may invest in private investment funds, which are not registered as investment companies under the 1940 Act. Investments in such private funds, which may include unfunded capital commitments, or amounts that the Fund has committed to invest in a given private fund but which have not yet been called by the general partner of that fund, are subject to certain risks. These include, among others, risks related to indirect fees as well as the valuation and liquidity of the underlying private fund. While investments in private funds may in certain instances be fair valued at NAV as a practical expedient in accordance with GAAP, there is a risk that such investments may sell at a value different from their reported NAV. Additionally, the Fund may be required to liquidate other portfolio investments, potentially at inopportune times, in order to obtain the cash needed to satisfy its obligations with respect to a capital call in connection with any such investments;

• The Fund's investments in certain portfolio companies may be risky. For the Fund's investments in senior secured lien loans, the collateral securing these investments may decrease in value or lose its entire value over time or may fluctuate based on the performance of the portfolio company which may lead to a loss in principal;

• The Fund's investments may include securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as "high yield" or "junk," have predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal and may be particularly susceptible to economic downturns, which could cause losses;

• Derivative investments have risks, including the imperfect correlation between the value of such instruments and the underlying assets of the Fund;

• The Fund may be materially adversely affected by market, economic and political conditions globally and in the jurisdictions and sectors in which the Fund invests;

• Non-U.S. securities may be traded in undeveloped, inefficient, and less liquid markets and may experience greater price volatility and changes in value — changes in foreign currency exchange rates may adversely affect the U.S. dollar value of and returns on foreign denominated investments;

• There is no assurance that the Fund's investment objectives will be achieved;

ITEM 1(b).

Registrant has included in its Rule 30e-3(c) notice only the disclosures specified by Rule 30e-3(c)(1) and (2). Therefore, Registrant has not included a copy of the notice herewith.

ITEM 2. CODE OF ETHICS.

The information required by this Item 2 is only required in an annual report on this Form N-CSR.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The information required by this Item 3 is only required in an annual report on this Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The information required by this Item 4 is only required in an annual report on this Form N-CSR.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The information required by this Item 5 is only required in the annual report on this Form N-CSR.

ITEM 6. INVESTMENTS.

(a)

Included in the Report to Shareholders in Item 1.

(b)

Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

(a)

Not applicable.

(b)

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.

Statement Regarding Basis for Approval of Investment Advisory Contracts – Included as part of the financial statements filed under Item 7 of the N-CSR.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

The information required by this Item 12 is only required in an annual report on this Form N-CSR.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

(a)

The information required by this Item 13 is only required in an annual report on this Form N-CSR.

(b)

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

The information required by this Item 14 is only required in an annual report on this Form N-CSR.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

No material changes.

ITEM 16. CONTROLS AND PROCEDURES.

(a)

The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported within the time periods specified in the Commission’s rules and forms.

(b)

There were no changes in the Fund’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Fund’s internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

The Fund did not participate directly in securities lending activity.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

ITEM 19. EXHIBITS.

(a)(1)

Code of Ethics - Not applicable for semiannual reports.

(a)(2)

Not applicable.

(a)(3)

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(4)

Not applicable.

(a)(5)

Not applicable.

(b)	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Consolidated Schedule of Investments (Unaudited)					1
Consolidated Statement of Assets and Liabilities (Unaudited)					4
Consolidated Statement of Operations (Unaudited)					6
Consolidated Statement of Changes In Net Assets (Unaudited)					7
Consolidated Statement of Cash Flows (Unaudited)					8
Consolidated Financial Highlights (Unaudited)					9
Notes to Consolidated Financial Statements (Unaudited)					13
Trustee Approval of Management Agreement					27
Risk Factors					30
Privacy Policy					32

MAXIMUM OFFERING PRICE PER SHARE
Class A:
Net assets applicable to shares outstanding	$	31,856
Shares of beneficial interest issued and outstanding		3,000
Net asset value, offering and redemption price per share	$	10.62
Maximum sales charge (3.50% of offering price)*	$	0.37
Maximum offer price to public	$	10.99
Class C:
Net assets applicable to shares outstanding	$	31,799
Shares of beneficial interest issued and outstanding		3,000
Net asset value, offering and redemption price per share	$	10.60
Class I:
Net assets applicable to shares outstanding	$	255,212,437
Shares of beneficial interest issued and outstanding		24,017,977
Net asset value, offering and redemption price per share	$	10.63
Class M:
Net assets applicable to shares outstanding	$	31,818
Shares of beneficial interest issued and outstanding		3,000
Net asset value, offering and redemption price per share	$	10.61

	CLASS A
	(UNAUDITED) FOR THE PERIOD JULY 1, 2025¹THROUGH SEPTEMBER 30, 2025
Net asset value, beginning of period	$	10.00
Income from investment operations: Net investment income (loss)²		—³
Net realized and unrealized gain (loss)		0.62
Total from investment operations		0.62
Net asset value, end of period	$	10.62
TOTAL RETURN^4,5		6.20	%
RATIOS TO AVERAGE NET ASSETS⁶
Ratio of expenses: Before fees waived and expenses absorbed⁷		3.33	%
After fees waived and expenses absorbed⁷		2.85	%
Ratio of net investment income (loss): Before fees waived and expenses absorbed⁷		(1.08	%)
After fees waived and expenses absorbed⁷		(0.61	%)
SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)	$	32
Portfolio turnover rate⁵		1.50	%

	CLASS C
	(UNAUDITED) FOR THE PERIOD JULY 1, 2025¹THROUGH SEPTEMBER 30, 2025
Net asset value, beginning of period	$	10.00
Income from investment operations: Net investment income (loss)²		(0.02	)
Net realized and unrealized gain (loss)		0.62
Total from investment operations		0.60
Net asset value, end of period	$	10.60
TOTAL RETURN^3,4		6.00	%
RATIOS TO AVERAGE NET ASSETS⁵
Ratio of expenses: Before fees waived and expenses absorbed⁶		4.07	%
After fees waived and expenses absorbed⁶		3.60	%
Ratio of net investment income (loss): Before fees waived and expenses absorbed⁶		(1.83	%)
After fees waived and expenses absorbed⁶		(1.36	%)
SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)	$	32
Portfolio turnover rate⁴		1.50	%

	CLASS I
	(UNAUDITED) FOR THE PERIOD JULY 1, 2025¹THROUGH SEPTEMBER 30, 2025
Net asset value, beginning of period	$	10.00
Income from investment operations: Net investment income (loss)²		(0.01	)
Net realized and unrealized gain (loss)		0.64
Total from investment operations		0.63
Net asset value, end of period	$	10.63
TOTAL RETURN^3,4		6.30	%
RATIOS TO AVERAGE NET ASSETS⁵
Ratio of expenses: Before fees waived and expenses absorbed⁶		3.07	%
After fees waived and expenses absorbed⁶		2.60	%
Ratio of net investment income (loss): Before fees waived and expenses absorbed⁶		(1.43	%)
After fees waived and expenses absorbed⁶		(0.95	%)
SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)	$	255,212
Portfolio turnover rate⁴		1.50	%

SUMMARY OF INVESTMENTS BY SECURITY TYPE	PERCENT OF TOTAL NET ASSETS
Co-investments		15.5	%
Primary Investments		4.8	%
Secondary Investments		55.3	%
Short-Term Investments		3.8	%
TOTAL INVESTMENTS		79.4	%
Other Assets in Excess of Liabilities		20.6	%
TOTAL NET ASSETS		100.0	%

By:	/s/ Dan Dufresne
	Name:	Dan Dufresne
	Title:	Principal Executive Officer
	Date:	December 3, 2025

By:	/s/ Thomas E. Herman
	Name:	Thomas E. Herman
	Title:	Principal Financial Officer
	Date:	December 3, 2025