Zell Capital
Schedule of Investments
December 31, 2021 (Unaudited)
               
               
Security Description
       
Quantity
 
Fair Value
               
SAFE Notes - 44.3%
             
DOLR SAFE Note(1)(2)
         
$
             70,000
Studium SAFE Note(2)
           
             85,000
GRID SAFE Note(2)
           
             10,000
Total SAFE Notes (Cost $165,000)
           
165,000
               
Private Equity - 7.0%
             
Terra Kaffe(2)
           
             26,120
Total Private Equity (Cost $26,120)
           
26,120
               
Money Market Funds - 10.4%
             
First American Government Obligations Fund, Class X - 0.03%(3)
     
             38,800
 
             38,800
Total Money Market Funds (Cost $38,800)
           
38,800
               
               
Total Investments (Cost $229,920) - 61.7%
         
$
229,920
Liabilities in Excess of Other Assets - 38.3%
           
(205,084)
Net Assets - 100.0%
         
$
24,836
               
               
SAFE - Simple Agreement for Future Equity
             
(1)  There is a potential conflict of interest between DOLR and Zell Capital.  DOLR is a client of
      mpMurcia, LLC, dba Book+Street.  An officer of the Fund is the majority shareholder of
      Book + Street.
(2)  Non-income producing.
             
(3)  Presented rate represents the Money Market Fund’s average 7-day % yield as of December 31, 2021.
               
               
Percentages are stated as a percent of net assets.
             
               
The following table presents information about the Fund’s assets measured on a recurring basis as of December 31, 2021 and indicates the fair value hierarchy of the inputs utilized by the Fund to determine such fair value:

   
Level 1
   
Level 2
   
Level 3
   
Total
SAFE Notes
 
$
-
   
$
-
   
$
165,000
   
$
165,000
Private Equity
   
-
     
-
     
26,120
     
26,120
Money Market Funds
   
38,800
     
-
     
-
     
38,800
Total Investments in securities and cash equivalents
 
$
38,800
   
$
-
   
$
191,120
   
$
229,920