Skybridge G II Fund NPORT-P SkyBridge G II Fund, LLC (Jun 2023 report)

SkyBridge G II Fund, LLC

Consolidated Schedule of Investments

June 30, 2023 (Unaudited)

	First Acquisition Date		Cost		Fair Value	% of Shareholders’ Capital
Investments in Investment Funds - ‡
Cryptocurrency and Digital Assets
Galaxy Institutional Ethereum Fund, LP Class B - e,f	07/01/2021	$	459,045	$	383,335	0.99%
Multicoin Capital Offshore SPC - b,d	12/01/2021		678,542		156,216	0.40
Multicoin Capital Offshore SPC - side pocket - c	12/01/2021		741,458		49,402	0.13
NYDIG Institutional Bitcoin Fund LP - e,f	12/11/2020		1,298,879		1,562,751	4.05
Total Cryptocurrency and Digital Assets			3,177,924		2,151,704	5.57
Directional Equity
Armistice Capital Offshore Fund Ltd. - b	11/01/2020		991,422		1,292,187	3.35
Coatue Offshore Fund Ltd - b,d	01/01/2021		5,800,000		5,732,490	14.84
Harvest Claro, LLC - c	04/01/2021		454,995		84,598	0.22
Redmile Strategic Offshore Fund, Ltd Class E - a,b	11/01/2022		1,027,509		1,019,470	2.64
Whale Rock Flagship Fund Ltd - side pocket - c	11/01/2020		347,196		159,069	0.41
Total Directional Equity			8,621,122		8,287,814	21.46
Event Driven
Axonic Credit Opportunities Fund L.P. - b	01/01/2014		2,142,966		2,062,717	5.34
Axonic Credit Opportunities Overseas Fund, Ltd. - b	01/01/2016		939,736		1,030,851	2.67
Medalist Partners Harvest SPV Ltd - c,g	04/01/2021		317,120		141,580	0.37
Oaktree Value Opportunities (Cayman) Fund, Ltd. - b,d	05/01/2023		500,000		498,294	1.29
Seer Capital Partners Fund L.P. - c	01/01/2014		56,665		65,638	0.17
Seer Capital Partners Offshore Fund Ltd. - c	04/01/2016		744,019		943,200	2.44
Third Point Offshore Fund, Ltd. - b	09/01/2020		6,374,999		6,295,927	16.30
Total Event Driven			11,075,505		11,038,207	28.58
Relative Value
Context Partners Fund, L.P. - b	02/01/2019		4,266,834		4,995,447	12.93
Millennium International, Ltd. - a,b	08/01/2015		869,781		1,273,426	3.30
MW Alpha Plus Fund SP - a,b	02/01/2023		1,000,000		971,069	2.52
ShoreBridge Point72 Select, Ltd. - a,b	06/01/2020		5,256,966		6,737,787	17.45
Total Relative Value			11,393,581		13,977,729	36.20
Total Investments in Investment Funds - *		$	34,268,132	$	35,455,454	91.81

SkyBridge G II Fund, LLC

Consolidated Schedule of Investments (continued)

June 30, 2023 (Unaudited)

	First Acquisition Date		Cost		Fair Value	% of Shareholders’ Capital
Investments in Securities
United States
Private Equity - ‡
Chime Financial, Inc. - h
Series F preferred stock (13,030 shares)	11/24/2021	$	899,982	$	579,938	1.50%
Homebrew Ventures I, L.P. - h,i	07/01/2021		312,402		113,219	0.29
New York Digital Investment Group LLC Class B2 (43 shares) - j	08/19/2021		1,040,000		245,163	0.64
Payward, Inc. - j
Series A preferred stock (9,705 shares)	12/01/2021		497,570		198,273	0.51
Series seed preferred stock (9,000 shares)	11/01/2021		463,500		184,696	0.48
Total Investments in Securities - *		$	3,213,454	$	1,321,289	3.42
Other Assets, less Liabilities					1,840,846	4.77
Shareholders’ Capital				$	38,617,589	100.00%

Note: Investments in underlying Investment Funds are categorized by investment strategy.

a As of June 30, 2023, subject to gated redemptions (these are investor-level percentage limitations on redemption).

b Redemptions permitted quarterly.

c Illiquid, redeemable only when underlying investment is realized or converted to liquid interest in Investment Fund. The Company held $1,443,487 (4.07% of total Investments in Investment Funds) of illiquid investments at June 30, 2023.

d Subject to a current lock-up on liquidity provisions on a greater than quarterly basis.

e The Investment Fund is held by SkyBridge G II Sub-Fund I Ltd. (the “Sub-Fund”), a wholly-owned subsidiary of the Company. Investment Funds held by the Sub-Fund represent 5.49% of the total Investments in Investment Funds.

f Redemptions permitted daily.

g The investment is a restructuring of the Company’s interest in Medalist Partners Harvest Fund, LP and Medalist Partners Harvest Fund Ltd, which were first acquired on 8/1/2016 and 7/1/2017, respectively.

h The industry for these securities is financial technology.

i Forward agreement to receive shares of Plaid Inc. at a future date.

j The industry for these securities is digital asset trading & servicing.

‡ The Company’s Investments in Investment Funds and private equities are exempt from registration under the Securities Act of 1933, as amended, and contain restrictions on resale and cannot be sold publicly.

* All Investments in Investment Funds and securities are non-income producing.

Aggregate cost	$	49,111,892
Gross unrealized appreciation	$	3,162,555
Gross unrealized depreciation		(15,497,704)
Net unrealized depreciation	$	(12,335,149)

SkyBridge G II Fund, LLC

Notes to Schedule of Investments

June 30, 2023 (Unaudited)

1. Fair Value Disclosures

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America (“GAAP”), SkyBridge G II Fund, LLC (the “Company”) discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurement). The guidance establishes three levels of fair value as listed below.

Level 1- Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date;

Level 2- Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active;

Level 3- Inputs that are unobservable.

The notion of unobservable inputs is intended to allow for situations in which there is little, if any, market activity for the asset or liability at the measurement date. Under Level 3, the owner of an asset must determine valuation based on their own assumptions about what market participants would take into account in determining the fair value of the asset, using the best information available.    

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.    

A financial instrument’s level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment by the Adviser. The Adviser considers observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

The following is a summary of the Company’s assets measured at fair value as of June 30, 2023, by Accounting Standards Codification (“ASC”) 820 fair value hierarchy levels:

Description	Level 1     Quoted Prices		Level 2 Significant     Observable Inputs		Level 3 Significant     Unobservable     Inputs		Investments     Measured at Net     Asset Value		Total Fair Value     at June 30, 2023
Investments in Investment Funds	$	—	$	—	$	84,598	$	35,370,856	$	35,455,454
Investments in Securities
Private Equity	$	—	$	—	$	1,321,289	$	—	$	1,321,289

The Company’s investments in Investment Funds for which fair value is measured using NAV per share as a practical expedient, in the amount of $35,370,856 have not been categorized in the fair value hierarchy. This amount includes $1,946,086 held by SkyBridge G II Sub-Fund I Ltd. (the “Sub-Fund”), which was organized as an exempted Cayman Islands limited liability company on

SkyBridge G II Fund, LLC

Notes to Schedule of Investments (continued)

June 30, 2023 (Unaudited)

December 9, 2020 and is a wholly owned subsidiary of the Company. There were no investments in Investment Funds transferred into or out of Level 3 during the period. The Company also has investments in securities in the amount of $1,321,289.

The following table details purchases, sales and in-kind transfer of the investments in which significant unobservable inputs (Level 3) were used in determining value:

	Fair Value Measurements Using Level 3 Inputs
	Directional Equity		Private Equity		Total Investments
Purchases	$	-	$	-	$	-

There was $(370,397) and $(1,892,165) unrealized depreciation on directional equity and private equity respectively, for the period ending June 30, 2023.    

The following table summarizes the valuation methodology and significant unobservable inputs used to estimate the fair value of Level 3 investments as of June 30, 2023.

Type of Level 3 Investment	Fair Value as of June 30, 2023		Valuation Technique	Unobservable Input		Input (weighted average)
Investments in Investment Funds
Directional Equity	$	84,598	Market comparable companies		Revenue Multiple		4.1x-4.6x
Investments in Securities
Private Equity	$	1,321,289	Market comparable companies		Revenue Multiple		9.7x-11.0x

The following is a summary of the investment strategies, their liquidity and redemption notice periods and any restrictions on the liquidity provisions of the investments in Investment Funds held by the Company as of June 30, 2023 and measured at fair value using the NAV per share practical expedient. Investment Funds with no current redemption restrictions may be subject to future gates, lock-up provisions or other restrictions, in accordance with their offering documents which would be considered in fair value measurement and disclosure.

Cryptocurrency and Digital Assets Investment Managers may pursue a variety of investment strategies in managing digital assets of an Investment Fund, and the Company may invest in Investment Funds that provide access to a particular digital asset or assets without a discretionary investment strategy. The Company may also invest in Investment Funds whose Investment Managers have discretion to manage a diversified portfolio of digital assets. The Company and Investment Funds may hold long and short positions in digital assets. The Company and Investment Funds may also invest in securities of companies related, in whole or in part, to digital assets or digital asset technologies (including digital asset miners, payment technologies, digital security, or crypto trading exchanges), or that otherwise have direct or indirect exposure to emerging technologies. The Company and Investment Funds may invest in derivative contracts on digital assets, including

SkyBridge G II Fund, LLC

Notes to Schedule of Investments (continued)

June 30, 2023 (Unaudited)

cryptocurrency swap agreements, for hedging purposes and non-hedging purposes. The Company may use its assets to offset the carbon footprint associated with the Company’s exposure to Bitcoin and other digital assets. The Investment Funds within this strategy have daily to quarterly liquidity, subject to a 1 to 30 day notice period. An Investment Fund in this strategy, representing approximately 2 percent of the Investment Funds in this strategy is an illiquid or side pocket investment with a suspended redemption. Approximately 7 percent of the Investment Funds in this strategy are subject to hard lock provisions to be lifted after 12 months. The remaining approximately 91 percent of the Investment Funds in this strategy can be redeemed with no restrictions as of the measurement date.

Directional Equity funds take long and short stock positions. The manager may attempt to profit from both long and short stock positions independently, or profit from the relative outperformance of long positions against short positions. The stock picking and portfolio construction process is usually based on bottom-up fundamental stock analysis, but may also include top-down macro-based views, market trends and sentiment factors. Directional equity managers may specialize by region (e.g., global, U.S., Europe or Japan) or by sector. No assurance can be given that the managers will be able to correctly locate profitable trading opportunities, and such opportunities may be adversely affected by unforeseen events. In addition, short selling creates the risk of loss if the security that has been sold short appreciates in value. Generally, the Investment Funds within this strategy have quarterly liquidity, subject to a 45 to 60 day notice period. An Investment Fund in this strategy, representing approximately 3 percent of the Investment Funds in this strategy is an illiquid or side pocket investment with a suspended redemption. Approximately 69 percent of the Investment Funds in this strategy are subject to hard lock provisions to be lifted after 12 months. Approximately 12 percent of the Investment Funds in this strategy have gated redemptions, which are estimated to be lifted after 12 months. The remaining approximately 16 percent of the Investment Funds in this strategy can be redeemed with no restrictions as of the measurement date.

Event Driven strategies involve investing in opportunities created by significant transactional events such as spin-offs, mergers and acquisitions, bankruptcies, recapitalizations and share buybacks. Event driven strategies include “merger arbitrage” and “distressed securities”. Generally, the Investment Funds within this strategy have quarterly liquidity, subject to a 90 day notice period. Investment Funds in this strategy, representing approximately 10 percent of the Investment Funds in this strategy are illiquid or side pocket investments with suspended redemptions. Approximately 5 percent of the Investment Funds in this strategy are subject to hard lock provisions to be lifted after 12 months. The remaining approximately 85 percent of the Investment Funds in this strategy can be redeemed with no restrictions as of the measurement date.

Relative Value strategies seek to take advantage of specific pricing anomalies, while also seeking to maintain minimal exposure to systematic market risk. This may be achieved by purchasing one security previously believed to be undervalued, while selling short another security perceived to be overvalued. Relative value arbitrage strategies include equity market neutral, statistical arbitrage, convertible arbitrage, and fixed income arbitrage. Some investment managers classified as multistrategy relative value arbitrage use a combination of these substrategies. Generally, the Investment Funds within this strategy have quarterly liquidity, subject to a 55 to 90 day notice period. Approximately 64 percent of the Investment Funds in this strategy have gated redemptions, which are

SkyBridge G II Fund, LLC

Notes to Schedule of Investments (continued)

June 30, 2023 (Unaudited)

estimated to be lifted after 12 months. The remaining approximately 36 percent of the Investment Funds in this strategy can be redeemed with no restrictions as of the measurement date.

Private Equity Investments: The Company also makes private investments in emerging portfolio companies (e.g., venture capital and growth equity investments) and may, on occasion, purchase and hold public equities. Equity investments are valued at initial transaction price and may subsequently be valued using valuation models in the absence of readily observable market prices. Valuation models are generally based on (i) earnings before interest, taxes, depreciation and amortization (EBITDA) multiples analysis, (ii) the value attributable to the equity instrument from the enterprise value of the portfolio company or the proceeds that would be received if the portfolio company liquidated, and (iii) market and income (discounted cash flow) approaches, in which various internal and external factors are considered. Factors include key financial inputs and recent public and private transactions for comparable investments. Key inputs used for the discounted cash flow approach include the weighted average cost of capital and investment terminal values derived from EBITDA multiples. An illiquidity discount may be applied where appropriate.

The availability of valuation techniques and observable inputs can vary from investment to investment and are affected by a wide variety of factors, including 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, determining fair value requires more judgment. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a readily available market existed for such assets or liabilities and the values that may ultimately be realized. Accordingly, the degree of judgment exercised by the Manager in determining fair value is greatest for assets or liabilities categorized as Level 3.

The Company follows the authoritative guidance under GAAP on determining fair value when the volume and level of activity for the asset or liability have significantly changed and identifying transactions that are not orderly. Accordingly, if the Company determines that either the volume and/or level of activity for an asset or liability has significantly changed (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and management judgment will be required to estimate fair value. Valuation techniques such as an income approach might be appropriate to supplement or replace a market approach in those circumstances.

The guidance also provides a list of factors to determine whether there has been a significant change in relation to normal market activity. Regardless of the valuation technique and inputs used, the objective for the fair value measurement in those circumstances is unchanged from what it would be if markets were operating at normal activity levels and/or transactions were orderly; that is, to determine the current exit price.