Corbin Multi-Strategy Fund NPORT-P Corbin Multi-Strategy Fund, LLC (Jun 2021 report)

Corbin Multi-Strategy Fund, LLC

Schedule of Investments

June 30, 2021  

			Original Acquisition
Strategy		Investments	Date		Shares		Cost			Fair Value
Investment Funds - 91.36%1
	Asset-Backed Securities - 7.14%
		East Lodge Capital Credit Opportunities Fund, LP		10/1/2019		4,168	$	3,475,791	$	3,271,950
		East Lodge Capital Credit Opportunities Fund, Ltd.		3/1/2015		250		277,084		308,003
		Perella Weinberg Partners Asset Based Value Offshore Fund, LP2		3/1/2015		-		810,727		814,399
		Serengeti Lycaon Overseas, Ltd.		3/1/2015		2,291		760,295		1,279,006
		VPC Offshore Unleveraged Private Debt Fund Feeder, LP2*		10/1/2016		-		110,208		168,500
								5,434,105		5,841,858
	Equity Special Situations - 0.26%
		Luxor Capital Partners Offshore Liquidating SPV, Ltd.		10/1/2016		32		43,604		19,723
		SGOF Liquidating Feeder, Ltd.		7/1/2020		98		98,496		194,966
								142,100		214,689
	Event Driven/Distressed - 14.12%
		Centerbridge Credit Partners Offshore, Ltd.		10/1/2016		61		45,868		33,222
		Redwood Argentina Offshore Fund, Ltd.		3/1/2015		1,058		105,842		104,703
		Redwood Domestic Fund, LP2		10/1/2019		-		5,500,000		7,218,878
		Redwood Offshore Fund, Ltd.		3/1/2015		16,108		1,796,135		3,581,636
		Tor Asia Credit Fund		10/1/2016		750		562,500		567,332
		West Face Long Term Opportunities Fund, Ltd.		10/1/2016		55		51,201		41,337
								8,061,546		11,547,108
	Global Macro - 10.45%
		Autonomy Global Macro Fund, Ltd.		3/1/2015		13,586		1,119,152		1,373,084
		D.E. Shaw Oculus International Fund2		3/1/2015		-		3,816,912		7,171,487
								4,936,064		8,544,571
	Long/Short Equity - 43.56%
		Cadian Fund LP2		9/1/2019		-		2,812,500		3,303,185
		Cadian Offshore Fund Ltd.		3/1/2015		1,458		1,371,932		2,929,952
		Pelham Long/Short Fund, LP2		10/1/2019		-		2,495,421		3,177,129
		Pelham Long/Short Fund, Ltd.		3/1/2015		2,825		468,777		944,103
		Pelham Long/Short Small Cap Fund, Ltd.		10/1/2018		13,869		2,625,000		3,176,591
		SRS Partners US, LP2		9/1/2019		-		3,165,158		3,863,906
		SRS Partners Ltd.		10/1/2020		4,000		4,000,000		4,664,157
		SRS Special Opportunities (CAR) Master, LP2		4/1/2019		-		275,290		1,254,828
		Steamboat Capital Partners Offshore Fund, Ltd.		4/1/2018		2,639		4,548,412		5,225,475
		Tal China Focus Fund		11/1/2019		7,076		2,275,596		4,057,606
		Tal China Focus US Fund		1/1/2021		6,394		3,000,000		3,032,482
								27,038,086		35,629,414
	Relative Value - 15.83%
		D.E. Shaw Composite International Fund2		3/1/2015		-		4,904,369		12,561,343
		Myriad Opportunities Offshore Fund Ltd.		1/1/2016		274		249,118		390,132
								5,153,487		12,951,475
Total Investments in Investment Funds								50,765,388		74,729,115

Investments in Securities 6.07%
	Collateralized Loan Obligations - 2.51%
		Anchorage Credit Funding 2019-9A, Ltd.*
		(Estimated Yield: 6.6%; Maturity Date: 10/25/2037; Par Value: $680,000)		680,000	524,765
		Diameter Credit Funding I 2019-1A, Ltd.*
		(Estimated Yield: 8.50%; Maturity Date: 7/25/2037; Par Value: $750,000)		750,000	609,258
		Strata CLO I, Ltd.*
		(Interest Rate: 7.26% (3-Month USD Libor+708 basis points); Maturity Date: 1/15/2031; Par Value: $1,000,000)		970,000	916,056
				2,400,000	2,050,079
	Equity - 3.48%
		Third Point Offshore Investors Ltd.	135,167	1,534,721	2,849,877
				1,534,721	2,849,877

Purchased Options Contracts 0.08%			Contracts	Cost		Fair Value
	Put Options - 0.08%
		S&P 500 Index3
		Exercise Price: $4,025.00, Notional Amount: $4,025,000,
		Expiration Date: July 16, 2021	10	54,663		4,490
		Exercise Price: $4,075.00, Notional Amount: $4,075,000,
		Expiration Date: July 31, 2021	10	56,180		17,360
		Exercise Price: $4,150.00, Notional Amount: $4,150,000,
		Expiration Date: August 20, 2021	10	51,230		42,880
				162,073		64,730
Total Investments in Securities				4,096,794		4,964,686
Total Investments (Cost $54,862,182) - 97.43%						79,693,801
Other assets in excess of liabilities - 2.57%						2,099,800
Net Assets - 100%					$	81,793,601

^* Investment is income-producing.

¹ All or portion of these securities are segregated as collateral for a Line of Credit.

² Investment does not issue shares.

³ Exchange Traded

See accompanying notes to Schedule of Investments.

SWAP CONTRACTS

CREDIT DEFAULT SWAPS                        

	Reference	Buy/Sell(1)		Pay/Receive	Pay/Receive		Fixed			Expiration		Notional		Fair			Premiums Paid/		Unrealized Appreciation/
Exchange	Entity	Protection		Fixed Rate	Frequency		Rate			Date		Value(2)		Value (3)			(Received)		(Depreciation)
Intercontinental Exchange	CDX North America
	High Yield Index		Buy	Pay		Quarterly		5.00	%		12/20/2022	$	669,900	$	(38,058	)	$	36,575	$	(74,633	)
	Series 29
Intercontinental Exchange	CDX North America
	Investment Grade Index		Buy	Pay		Quarterly		1.00	%		12/20/2022	$	2,145,000	$	(24,980	)	$	51,696	$	(76,676	)
	Series 29
TOTAL SWAP CONTRACTS												$	2,814,900	$	(63,038	)	$	88,271	$	(151,309	)

⁽¹⁾ If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation of underlying securities comprising the referenced index.

⁽²⁾ The maximum potential amount the Fund could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

⁽³⁾ The prices and resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

Corbin Multi-Strategy Fund, LLC

Schedule of Investments - Continued        

June 30, 2021	Contracts			Cost			Fair Value
Written Options Contracts
Call Options Contracts
S&P 500 Index1
Exercise Price: $4,375.00, Notional Amount: $4,375,000,
Expiration Date: July 16, 2021		(10	)		(19,350	)	$	(4,050	)
Exercise Price: $4,400.00, Notional Amount: $4,400,000,
Expiration Date: July 31, 2021		(10	)		(16,120	)		(11,100	)
Exercise Price: $4,400.00, Notional Amount: $4,400,000,
Expiration Date: August 20, 2021		(10	)		(21,769	)		(25,830	)
					(57,239	)		(40,980	)
Put Options Contracts
S&P 500 Index1
Exercise Price: $3,875.00, Notional Amount: $3,875,000,
Expiration Date: July 16, 2021		(10	)		(35,235	)		(2,690	)
Exercise Price: $3,950.00, Notional Amount: $3,950,000,
Expiration Date: July 31, 2021		(10	)		(37,470	)		(10,650	)
Exercise Price: $4,000.00, Notional Amount: $4,000,000,
Expiration Date: August 20, 2021		(10	)		(30,369	)		(25,480	)
					(103,074	)		(38,820	)
Total Written Options Contracts				$	(160,313	)	$	(79,800	)

¹ Exchange Traded

See accompanying notes to Schedule of Investments.

Corbin Multi-Strategy Fund, LLC

Notes to Financial Statements

June 30, 2021 (Unaudited)

Note 1 - Valuation of Investments

The Board has formed a Valuation Committee (the “Valuation Committee”) that is responsible for reviewing fair valuations of securities held by the Fund in instances as required by the valuation procedures (defined below) adopted by the Board. The Fund’s Valuation Committee will oversee the valuation of the Fund’s investments on behalf of the Fund. The Board has approved the valuation policy and procedures for the Fund (the “Valuation Procedures”). The fair value of equity securities are determined using last traded or closing prices as reported on the primary exchange where securities are traded and are generally categorized within Level 1 of the Fund’s fair value hierarchy. If no sales of such equity securities are reported on a particular day, the securities are generally valued based upon their closing bid prices. In any case where the Adviser believes that (i) the agreed upon valuation methodology is not appropriate or (ii) market quotations for a security are unavailable, unreliable, or not reflective of the security’s fair value, the investment team will recommend a fair valuation for review by the Valuation Committee. The Valuation Committee shall determine the fair value of the security by taking into account such factors deemed relevant.

The Fund values its investments in Investment Funds at fair value in accordance with procedures established in good faith by the Board using net asset value (“NAV”). The fair value of an Investment Fund ordinarily will be the NAV of that Investment Fund determined and reported by the Investment Fund in accordance with the valuation policies established by the Investment Fund and/or its Investment Manager, absent information indicating that such value does not represent the fair value of the interest. The Fund could reasonably expect to receive the NAV of its interests amount from the Investment Fund if the Fund’s interest were redeemed at the time of valuation, based on information reasonably available at the time the valuation is made and that the Fund believes to be reliable. In particular, FASB Topic 820, Fair Value Measurements (“FASB ASC 820”) permits a reporting entity to measure the fair value of an investment fund that does not have a readily determinable fair value based on the NAV per share or its equivalent, of the investment fund as a practical expedient, without further adjustment, unless it is probable that the investment would be sold at a value significantly different than the NAV. If the practical expedient NAV is not as of the reporting entity’s measurement date, then the NAV should be adjusted to reflect any significant events that may change the valuation. In using the NAV as a practical expedient, certain attributes of the investment that may impact its fair value are not considered in measuring fair value. Attributes of those investments include the investment strategies of the investment and may also include, but are not limited to, restrictions on the investor’s ability to redeem its investments at the measurement date and any unfunded commitments. The Fund is permitted to invest in alternative investments that do not have a readily determinable fair value, and as such, has elected to use the NAV as calculated on the reporting entity’s measurement date as the fair value of the investment. A listing of each investment by the Fund by strategy can be found in the Schedule of Investments.

Due to the nature of the investments held by the Investment Funds, changes in market conditions and the economic environment may significantly impact the value of the Investment Funds and the fair value of the Fund’s interests in the Investment Funds. Under some circumstances, the Fund or the Adviser may determine, based on other information available to the Fund or the Adviser, that an Investment Fund’s reported valuation does not represent fair value. If it is determined that the Investment Fund’s reported valuation does not represent fair value, the Adviser may choose to make adjustments to reflect the fair value. During the period ended June 30, 2021, no such adjustments were deemed necessary by the Adviser. In addition, the Fund may not have an Investment Fund’s reported valuation as of a particular fiscal period end. In such cases, the Fund would determine the fair value of such an Investment Fund based on any relevant information available at the time. The Board has also established procedures for the valuation of investment securities other than securities of Investment Funds, if any, held directly by the Fund.

Note 2 – Fair Value Measurements and Disclosure

The Fund measures fair value as 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. The three levels of the fair value hierarchy are:

• Level 1 – Unadjusted quoted prices for identical securities in an active market. Since valuations are based on quoted prices that are readily-accessible at the measurement date, valuation of these securities does not entail a significant degree of judgment.

• Level 2 – Quoted prices in non-active markets for which all significant inputs are observable either directly or indirectly. Level 2 inputs may also include pricing models whose inputs are observable or derived principally from or corroborated by observable market data.

• Level 3 – Prices or valuation techniques that require inputs that are both significant to the fair value and unobservable. Little if any market activity exists for Level 3 securities.

Investments in Mutual Funds and ETFs, and investments in equity securities are included in Level 1 of the fair value hierarchy if an unadjusted price can be obtained from a reputable, independent third-party pricing source as of the measurement date.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. A summary of the inputs used to value the Fund’s investments and other financial instruments as of June 30, 2021 is as follows:

Description	Total Fair Value at 06/30/2021		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets
Investments in Securities
Equity	$	2,849,877	$	2,849,877	$	—	$	—
Collateralized Loan Obligations		2,050,079		—		2,050,079		—
Investment Funds (1)		74,729,115		—		—		—
Purchased Options Contracts		64,730		64,730		—		—
Total Assets	$	79,693,801	$	2,914,607	$	2,050,079	$	—

Liabilities

Other Financial Instruments

Description	Total Fair Value at 06/30/2021		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Written Options Contracts	$	79,800	$	79,800	$	—	$	—
Swap Contracts		63,038		—		63,038		—
Total Liabilities	$	142,838	$	79,800	$	63,038	$	—

⁽¹⁾ Investment Funds that are measured at fair value using NAV per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy, based on the guidance in FASB ASC 820. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

There were no Level 3 securities held during the period nor any transfers into or out of Level 3 of the fair value hierarchy.