CPG Carlyle Commitments Fund NPORT-P CPG Carlyle Commitments Fund LLC (Dec 2020 report)

CPG CARLYLE COMMITMENTS FUND, LLC

SCHEDULE OF INVESTMENTS

December 31, 2020 (UNAUDITED)

CPG CARLYLE COMMITMENTS FUND, LLC(a)
Investment in CPG Carlyle Commitments Master Fund, LLC, at value - 100.12%(b)	$	981,558,644
Liabilities in Excess of Other Assets (-0.12%)		(1,129,221	)
Net Assets (100.00%)	$	980,429,423

(a)	Invests the majority of its assets in CPG Carlyle Commitments Master Fund, LLC.
(b)	Categorized as Level 3 investment.

The Consolidated Schedule of Investments of CPG Carlyle Commitments Master Fund, LLC is included below.

CPG CARLYLE COMMITMENTS MASTER FUND, LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2020 (UNAUDITED)

Investment Funds (93.03%)	Geographic Region	Acquisition Date	Cost		Fair Value
Co-Investments (23.76%)
Carlyle Beacon Partners, L.P.(a)(b)	Asia/Pacific	9/28/2018	$	10,279,093	$	11,004,670
Carlyle Eagle Coinvestment, L.P.(a)	North America	2/15/2018		9,070,232		17,827,803
Carlyle ECI Coinvestment, L.P.(a)(b)	North America	3/31/2014		399,251		2,610,909
Carlyle Fourmi Co-Investment, L.P.(a)(b)	Asia/Pacific	6/29/2018		15,534,694		20,445,011
Carlyle Interlink Coinvestment, L.P.(a)(b)	North America	10/15/2013		2,304,478		1,176,726
Carlyle Mars Partners, L.P.(a)(b)	Asia/Pacific	11/11/2016		3,114,691		2,409,130
Carlyle PIB Coinvestment, L.P.(a)(b)	Europe	2/28/2017		17,344,434		40,511,137
Carlyle RDSL Coinvestment, L.P.(a)(b)	South America	9/30/2015		13,609,511		46,086,737
Carlyle Sapphire Partners, L.P.(a)(b)	Asia/Pacific	9/30/2015		9,180,000		10,948,246
Carlyle Thunder Coinvestment, L.P.(a)(b)	North America	12/28/2017		5,048,915		6,276,095
CEMOF II Master Co-Investment Partners, L.P.(a)	North America	9/12/2016		5,673,263		3,822,419
CSP III Canaveral Co-investment (Cayman), L.P.(a)(b)	North America	9/22/2015		4,215,561		4,213
CSP III Magellan Co-investment (Cayman), L.P.(a)(b)	North America	3/27/2014		4,535,474		3,518,027
Matador Co-Investment SCSp(a)(b)	Europe	9/30/2019		5,225,526		4,614,172
Nash Coinvestment, L.P.(a)	Africa	10/10/2017		7,050,615		8,016,603
Neptune Coinvestment, L.P.(a)	Europe	6/23/2017		7,574,279		13,320,111
Reciprocal Capital Holdings, LLC(a)(b)	Asia/Pacific	1/30/2018		14,172,777		40,687,683
Riverstone Fieldwood Partners, L.P.(a)(b)	North America	6/30/2016		7,012,984		34
Riverstone Fieldwood Partners-D, L.P.(a)(b)	North America	7/25/2018		1,216,629		29,418
Total Co-Investments				142,562,407		233,309,144
Primary Investments (36.90%)
AlpInvest Co-Investment Fund (Onshore) VII, L.P.(a)	North America	11/13/2017		18,499,228		23,746,480
Carlyle Asia Partners Growth I, L.P.(a)(b)	Asia/Pacific	5/23/2016		11,907,747		12,110,727
Carlyle Asia Partners IV, L.P.(a)	Asia/Pacific	5/25/2014		43,682,400		48,218,160
Carlyle Asia Partners V, L.P.(a)	Asia/Pacific	10/30/2017		24,286,895		27,402,163
Carlyle Europe Partners V, L.P.(a)(b)	Europe	4/23/2018		11,576,453		9,482,768
Carlyle Europe Technology Partners III, L.P.(a)(b)	Europe	3/28/2015		14,410,911		14,148,514
Carlyle Europe Technology Partners IV, L.P.(a)(b)	Europe	11/30/2018		8,029,425		7,817,060
Carlyle Global Financial Services Partners II, L.P.(a)	Global	6/30/2014		13,058,545		18,587,296
Carlyle Global Financial Services Partners III, L.P.(a)	Global	6/30/2017		17,772,858		16,182,113
Carlyle International Energy Partners II, S.C.Sp.(a)(b)	Global	11/30/2018		3,875,993		2,649,310
Carlyle International Energy Partners, L.P.(a)	Global	3/12/2014		26,915,083		25,311,768
Carlyle Partners VI, L.P.(a)	North America	9/30/2013		14,264,953		23,649,402
Carlyle Partners VII, L.P.(a)	North America	11/29/2017		49,110,829		46,809,969
Carlyle Structured Credit Fund, L.P.(a)	North America	4/17/2017		48,801,746		48,533,154
CVC Credit Partners Global Special Situations Fund II SCSP (a)(b)	Europe	6/6/2019		6,000,000		5,938,176
Golub Capital Partners 10, L.P.(a)	North America	10/1/2016		13,125,000		13,095,725
JLL Partners Fund VII, L.P.(a)	North America	3/31/2016		8,179,009		11,266,947
Riverside Capital Appreciation Fund VII, L.P.(a)(b)	North America	9/16/2019		2,739,358		3,835,333
Spring Bridge Partners, L.P.(a)(b)	North America	9/17/2019		2,099,381		3,350,904
Vitruvian Investment Partnership IV(a)(b)	North America	8/31/2020		151,764		90,349
Total Primary Investments				338,487,578		362,226,318
Secondary Investments (32.37%)
Aberdeen Venture Partners IV, L.P.(a)	North America	9/30/2016		0		152,056
Audax Private Equity Fund, L.P.(a)(b)	North America	9/30/2016		0		6,951

Investment Funds (93.03%) (continued)	Geographic Region	Acquisition Date	Cost		Fair Value
Secondary Investments (32.37%) (continued)
Blue Point Capital Partners II, L.P.(a)(b)		11/30/2020	$	0	$	169,402
BlueCrest Strategic Limited(a)(b)	North America	8/1/2018		46,031		55,312
Brazil Buyout Coinvestment, L.P.(a)(b)	South America	4/2/2014		137,512		40,664
Caliburn Strategic Fund(a)(b)	Europe	9/30/2016		369,280		446,618
Canyon Distressed Opportunity Fund (Cayman), L.P.(a)(b)	North America	11/14/2017		0		9,459
Canyon Distressed Opportunity Fund (Delaware), L.P.(a)(b)	North America	11/14/2017		0		121,723
Carlyle Asia Partners II Coinvestment, L.P.(a)(b)	Asia/Pacific	4/2/2014		298,455		11,257
Carlyle Asia Partners II, L.P.(a)(b)	Asia/Pacific	9/1/2013		127,118		187,165
Carlyle Asia Partners III Coinvestment, L.P.(a)(b)	Asia/Pacific	4/2/2014		769,631		112,329
Carlyle Asia Partners III, L.P.(a)(b)	Asia/Pacific	12/31/2014		3,315,310		1,717,339
Carlyle Asia Partners IV Access Fund, L.L.C.(a)	Asia/Pacific	12/31/2018		2,676,853		4,021,923
Carlyle Asia Partners IV, L.P.(a)	Asia/Pacific	5/24/2017		1,725,950		1,770,797
Carlyle Cardinal Ireland Fund, L.P.(a)(b)	Europe	10/31/2017		413,602		438,967
Carlyle Energy Mezzanine Opportunities Fund, L.P.(a)	North America	9/30/2016		7,271,223		1,225,555
Carlyle Europe Partners II Coinvestment, L.P.(a)(b)	Europe	4/2/2014		764,592		81,464
Carlyle Europe Partners II, L.P.(a)(b)	Europe	7/1/2013		2,566,975		1,267,567
Carlyle Europe Partners III Investment Holdings, L.P.(a)(b)	Europe	4/2/2014		3,839,382		847,904
Carlyle Europe Technology Partners II Coinvestment, L.P.(a)(b)	Europe	4/2/2014		22,496		3,936
Carlyle Europe Technology Partners II, L.P.(a)(b)	Europe	12/18/2018		0		36,484
Carlyle Global Financial Services Partners Coinvestment, L.P.(a)	Global	4/2/2014		1,615		858
Carlyle Global Financial Services Partners II, L.P.(a)	Global	12/31/2017		4,743,679		8,305,379
Carlyle Global Financial Services Partners, L.P.(a)	Global	6/30/2014		0		399,945
Carlyle Infrastructure Partners, L.P.(a)(b)	North America	8/29/2014		1,418,216		614,246
Carlyle International Energy Partners, L.P.(a)	Global	12/29/2017		6,558,413		5,906,079
Carlyle Japan Partners II Coinvestment, L.P.(a)(b)	Asia/Pacific	4/2/2014		238,804		14,407
Carlyle Japan Partners II, L.P.(a)(b)	Asia/Pacific	9/30/2016		69,543		224,788
Carlyle MENA Partners, L.P.(a)	Middle East/North Africa	9/28/2018		320,566		269,254
Carlyle Mezzanine Partners II, L.P.(a)(b)	North America	12/30/2015		7,568,929		474,942
Carlyle Partners V Coinvestment, L.P.(a)(b)	North America	4/2/2014		663,468		934,885
Carlyle Partners V, L.P.(a)(b)	North America	6/28/2013		10,782,909		12,787,080
Carlyle Partners VI Coinvestment A (Cayman), L.P.(a)(b)	North America	8/31/2014		233,926		299,013
Carlyle Partners VI, L.P.(a)	North America	7/6/2016		0		10,087,029
Carlyle Realty Partners V, L.P.(a)(b)	North America	10/11/2017		1,274,264		1,200,608
Carlyle Realty Partners VI, L.P.(a)(b)	North America	4/25/2018		124,941		76,639
Carlyle South America Buyout Fund, L.P.(a)	South America	10/31/2017		2,772,866		4,063,623
Carlyle Strategic Partners II Coinvestment, L.P.(a)(b)	North America	8/16/2013		235,808		135,925
Carlyle Strategic Partners II, L.P.(a)(b)	North America	8/16/2013		4,323,504		3,050,469
Carlyle U.S. Equity Opportunity Fund Coinvestment, L.P.(a)	North America	3/4/2016		30,154		125,154
Carlyle U.S. Equity Opportunity Fund II Coinvestment, L.P.(a)	North America	3/15/2019		153,904		151,995
Carlyle U.S. Growth Fund III, L.P.(a)(b)	North America	12/31/2018		0		81,125
Carlyle Venture Partners II Coinvestment, L.P.(a)(b)	North America	4/2/2014		264,406		10,024
Carlyle/Riverstone Global Energy & Power Fund III, L.P.(a)	North America	9/30/2014		2,054,152		373,154
Cerberus Institutional Overseas IV, Ltd.(a)(b)	North America	7/1/2018		1,843,111		2,033,086
Cerberus Institutional Partners, L.P. - Series 4(a)(b)	North America	10/17/2019		82,437		98,887
Cerberus International SPV, Ltd. Class A(a)(b)	North America	7/1/2018		0		324,798
Cerberus International SPV, Ltd. Class B-8(a)(b)	North America	6/13/2016		0		191,702
Cerberus International, Ltd. Class A(a)(b)	North America	7/1/2018		0		147,805
Euro Wagon II, L.P.(a)(b)	Europe	7/1/2016		0		502,465
Forward Ventures IV, L.P.(a)(b)	North America	3/29/2019		0		2,706,942
Garrison Opportunity Fund II A, LLC(a)(b)	North America	10/4/2017		6,962,797		8,959,664
Garrison Opportunity Fund, LLC - Series A(a)(b)	North America	10/4/2017		0		3,513
Harbinger Class L Holdings (Cayman), Ltd.(a)(b)	North America	7/1/2018		148,676		152,976
Harbinger Class PE Holdings (Cayman), Ltd.(a)(b)	North America	7/1/2018		619,493		408,583
Icon Software Partners, L.P. (Class B)(a)(b)	North America	9/1/2020		8,264,787		8,087,549
JLL Partners Fund V, L.P.(a)(b)	North America	12/30/2015		1,858,461		1,710,649
Laverne Buyer Holdings I, LLC(a)(b)	North America	4/10/2018		4,336,525		9,221,326
Laverne Buyer Holdings II, LLC(a)(b)	North America	4/10/2018		1,396,587		3,483,992

Investment Funds (93.03%) (continued)	Geographic Region	Acquisition Date	Cost		Fair Value
Secondary Investments (32.37%) (continued)
Laverne Buyer Holdings III, LLC(a)(b)	North America	4/10/2018	$	8,274,943	$	6,886,730
Laverne Buyer Holdings V, LLC(a)(b)	North America	4/10/2018		1,327,464		2,156,428
Madison Dearborn Capital Partners IV(a)(b)	North America	1/11/2017		90,154		95,748
MENA Coinvestment, L.P.(a)	Middle East/North Africa	4/2/2014		256,060		180,004
Neoma Private Equity Fund IV, L.P.(a)(b)	Middle East/North Africa	12/31/2017		7,543,083		3,723,013
New Enterprise Associates 10, L.P.(a)(b)	North America	4/5/2017		279,424		337,320
New Enterprise Associates 9, L.P.(a)(b)	North America	6/23/2017		1,089		48,073
Newport Global Opportunities Fund, L.P.(a)(b)	North America	12/29/2014		21,632,698		10,309,259
OCM Opportunities Fund VI, L.P.(a)(b)	North America	10/17/2019		999		120
OCM Opportunities Fund VII (Cayman), Ltd.(a)(b)	North America	10/17/2019		97,255		116,396
OCM Opportunities Fund VII, L.P.(a)(b)	North America	10/17/2019		8,734		10,625
OCM Opportunities Fund VIIb (Cayman), Ltd.(a)(b)	North America	10/17/2019		0		33,222
OCM Opportunities Fund VIIb, L.P.(a)(b)	North America	10/17/2019		0		3,041
Passero 18, L.P.(a)(b)	North America	6/22/2018		20,983,786		23,346,742
PIMCO Bravo Fund Onshore Feeder I, L.P.(a)(b)	North America	10/16/2017		0		18,649
PIMCO Bravo Fund, L.P.(a)(b)	North America	10/16/2017		0		116,969
Revelstoke Single Asset Fund I, L.P.(a)(b)	North America	8/26/2019		13,046,839		16,116,587
Riverside Micro-Cap Fund III, L.P.(a)	North America	5/1/2019		9,150,930		18,043,054
Riverstone Global Energy and Power Fund V, L.P.(a)(b)	North America	9/30/2014		17,950,968		5,764,025
Riverstone/Carlyle Global Energy & Power Fund IV, L.P.(a)	North America	9/30/2014		5,751,320		1,308,989
Riverstone/Carlyle Renewable & Alternative Energy Fund II, L.P.(a)	North America	5/31/2019		762,426		279,900
SCP Private Equity Fund I, L.P.(a)(b)	North America	8/30/2018		271,738		302,415
SCP Real Assets Fund I, L.P.(a)(b)	North America	8/30/2018		31,882		38,417
Sevin Rosen Fund VIII, L.P.(a)(b)	North America	9/30/2016		0		7,826
Strategic Value Global Opportunity Feeder Fund 1-A, L.P.(a)(b)	North America	12/31/2016		1,832,025		7,460,445
Strategic Value Global Opportunity Fund 1-A, L.P.(a)(b)	North America	12/31/2016		122,510		488,605
Strategic Value Global Opportunity Master Fund, L.P.(a)(b)	North America	12/31/2016		0		62,280
Strategic Value Special Situations Feeder Fund, L.P.(a)(b)	North America	12/31/2016		3,203,390		25,619,530
Strategic Value Special Situations Fund, L.P.(a)(b)	North America	12/31/2016		275,740		2,135,470
Styx International, Ltd. Series 1(a)(b)	North America	7/1/2018		425,976		474,347
Styx International, Ltd. Series 4(a)(b)	North America	7/1/2018		200,850		223,657
Styx International, Ltd. Series 5(a)(b)	North America	7/1/2018		93,022		103,585
SVRF (Offshore) Holdings, Ltd.(a)(b)	North America	7/1/2018		23,928		28,237
The Varde Fund VII-B, L.P.(a)	North America	10/17/2019		47,364		53,011
Varde Investment Partners L.P.(a)(b)	North America	9/30/2016		1,363		2,463
VIP I CF L.P.(a)(b)	Europe	8/7/2019		11,319,545		11,894,198
Warburg Pincus Energy, L.P.(a)	North America	9/28/2018		2,724,389		2,023,621
Warburg Pincus XI (Asia), L.P.(a)(b)	Asia/Pacific	9/29/2017		31,208,363		27,205,324
Warrior Buyer Holdings, LLC(a)(b)	North America	10/2/2018		35,539,482		40,468,533
WLR Recovery IV, L.P.(a)	North America	7/1/2016		1,031,176		9,942,847
Total Secondary Investments				289,202,266		317,775,135
Total Investment Funds			$	770,252,251	$	913,310,597

Direct Investments (0.24%)	Geographic Region	Acquisition Date	Shares/Par Value		Cost		Fair Value
Interlink Maritime Corp.(a)(b)(c)	North America	6/13/2014		80,000		3,000,000		1,672,263
PNBK Holdings, LLC(a)	North America	10/17/2019		866,703		866,703		735,802
Total Direct Investments					$	3,866,703	$	2,408,065

Common Stock (0.02%)	Shares		Cost		Fair Value
Patriot National Bancorp(b)		24,674	$	288,319	$	245,260
Total Common Stock			$	288,319	$	245,260

Short-Term Investments (5.67%)	Cost		Fair Value
Money Market Funds (5.67%)
Dreyfus Cash Management, Class I, 0.05%(d)		79,837		79,883
Federated Hermes U.S. Treasury Cash Reserves, Class Institutional, 0.01%(d)		35,061,561		35,061,561
Fidelity Treasury Only Money Market Fund, 0.01%(d)		5,531,918		5,531,918
Goldman Sachs Financial Square Treasury Instruments Fund, Class Institutional, 0.00%(d)		5,531,848		5,531,848
JP Morgan 100% U.S. Treasury Securities Money Market Fund, Class I, 0.01%(d)		5,531,848		5,531,848
Morgan Stanley Institutional Liquidity Fund, Class I, 0.01%(d)		3,907,509		3,907,509
Total Money Market Funds		55,644,521		55,644,567
Total Short-Term Investments	$	55,644,521	$	55,644,567
Total Investments (98.96%)	$	830,051,794	$	971,608,489
Other Assets In Excess of Liabilities (1.04%)				10,162,728
Net Assets (100.00%)			$	981,771,217

(a)	Investments have no redemption provisions, are issued in private placement transactions and are restricted as to resale. For Secondary Investments that were acquired through multiple transactions, the acquisition date represents the initial acquisition date of the Fund’s investment in the position.
(b)	Non-income producing security.
(c)	Level 3 securities fair valued under procedures established by the Board of Directors, represent 0.17% of Net Assets.  The total value of these securities is $1,672,263.
(d)	The rate shown is the annualized 7-day yield as of December 31, 2020.

Investments as of December 31, 2020

Private Equity Type	Percent of Total Net Assets
Investment Funds
Co-Investments		23.76	%
Primary Investments		36.90	%
Secondary Investments		32.37	%
Total Investment Funds		93.03	%
Direct Investments		0.24	%
Common Stock		0.02	%
Short-Term Investments
Money Market Fund		5.67	%
Total Investments		98.96	%
Other assets in excess of liabilities		1.04	%
Total Net Assets		100.00	%

See accompanying Notes to Schedule of Investments.

CPG CARLYLE COMMITMENTS FUND, LLC

Notes to Schedule of Investments

December 31, 2020 (Unaudited)

CPG Carlyle Commitments Fund, LLC (the “Fund”) invests substantially all of its assets in CPG Carlyle Commitments Master Fund, LLC (the “Master Fund”). The following is a summary of significant accounting policies followed by the Fund and the Master Fund in the preparation of their Schedules of Investments. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Master Fund meets the definition of an investment company and follows the accounting and reporting guidance as issued through Accounting Standards Codification (“ASC”) 946, Financial Services – Investment Companies.

Fair value is defined as the value that the Master Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Under U.S. GAAP, a three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Master Fund. Unobservable inputs reflect the Master Fund’s own assumptions about the assumptions that market participants would use in valuing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observation of the inputs which are significant to the overall valuation.

The three-tier hierarchy of inputs is summarized below:

• Level 1 — unadjusted quoted prices in active markets for identical financial instruments that the reporting entity has the ability to access at the measurement date.

• Level 2 — inputs other than quoted prices included within Level 1 that are observable for the financial instrument, either directly or indirectly. Level 2 inputs also include quoted prices for similar assets and liabilities in active markets, and quoted prices for identical or similar assets and liabilities in markets that are not active.

• Level 3 — significant unobservable inputs for the financial instrument (including the Master Fund’s own assumptions in determining the fair value of investments). For investments measured at NAV as of the measurement date, included in this category are investments for which the Master Fund does not have the ability to redeem at NAV as of the measurement date due to holding periods greater than one year from the measurement date.

Investments in Portfolio Funds are recorded at fair value, using the Portfolio Funds’ net asset value as a practical expedient.

The private equity Investment Funds are generally restricted securities that are subject to substantial holding periods and are not traded in public markets, so that the Master Fund may not be able to resell some of its investments for extended periods, which may be several years. The types of private equity Investment Funds that the Master Fund may make include primary, secondary and co-investments. Co-investments (the “Co-investments”) represent opportunities to invest in specific portfolio companies that are typically made alongside an Investment Fund. Primary investments (the “Primary Investments”) are investments in newly established private equity funds. Secondary investments (the “Secondary Investments”) are investments in existing private equity funds that are acquired in privately negotiated transactions.

The NAV of the Master Fund is determined by, or at the direction of, Central Park Advisers, LLC (the “Adviser”) as of the close of business at the end of any fiscal period in accordance with the valuation principles set forth below or as may be determined from, time to time, pursuant to policies established by the Master Fund’s Board of Directors (the “Board”). The Master Fund’s investments in Investment Funds are subject to the terms and conditions of the respective Investment Funds’ operating agreements and offering memorandums, as appropriate. The Master Fund’s Valuation Committee (the “Committee”) oversees the valuation process of the Master Fund’s investments. The Committee meets on a monthly basis and reports to the Board on a quarterly basis. The Master Fund’s investments in Investment Funds are carried at fair value which generally represents the Master Fund’s pro-rata interest in the net assets of each Investment Fund as reported by the administrators and/or investment managers of the underlying Investment Funds. All valuations utilize financial information supplied by each Investment Fund and are net of management and incentive fees or allocations payable to the Investment Funds’ managers or pursuant to the Investment Funds’ agreements. The Master Fund’s valuation procedures require the Adviser to consider all relevant information available at the time the Master Fund values its portfolio. The Adviser has assessed factors including, but not limited to, the individual Investment Funds’ compliance with fair value measurements, price transparency and valuation procedures in place and subscription and redemption activity. The Adviser and/or the Board will consider such information and consider whether it is appropriate, in light of all relevant circumstances, to value such a position at its NAV as reported or whether to adjust such value. The underlying investments of each Investment Fund are accounted for at fair value as described in each Investment Fund’s financial statements (see the Master Fund’s Schedule of Investments).

The fair value relating to certain underlying investments of these Investment Funds, for which there is no ready market, has been estimated by the respective Investment Funds’ management and is based upon available information in the absence of readily ascertainable fair values and does not necessarily represent amounts that might ultimately be realized. Due to the inherent uncertainty of valuation, those estimated fair values may differ significantly from the values that would have been used had a ready market for the investments existed. These differences could be material.

The Master Fund may also make Direct Investments, which are interests in securities issued by operating companies and are typically made as investments alongside a private equity fund. With respect to valuation of Direct Investments, they are fair valued typically by reference to the valuation utilized by the corresponding private equity fund or with a third party valuation agent.

The following table sets forth information about the levels within the fair value hierarchy at which the Master Fund’s investments are measured as of December 31, 2020:

Investments	Level 1		Level 2		Level 3		Total
Direct Investments	$	-	$	-	$	1,672,263	$	1,672,263
Common Stock		245,260		-		-		245,260
Short-Term Investments		-		55,644,567		-		55,644,567
Total	$	245,260	$	55,644,567	$	1,672,263	$	57,562,090

The Master Fund held Investment Funds with a fair value of $914,046,399, that, in accordance with ASU 2015-07, are excluded from the fair value hierarchy as of December 31, 2020. The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:

	Direct Investments		Total
Balance as of April 1, 2020	$	1,672,263	$	1,672,263
Purchases		-		-
Sales		-		-
Realized Gain		-		-
Net Change in Unrealized Appreciation/Depreciation		-		-
Transfer In		-		-
Transfer Out		-		-
Balance as of December 31, 2020	$	1,672,263	$	1,672,263

For the period ended December 31, 2020, there was no net change in unrealized appreciation/depreciation relating to investments in Level 3 assets still held at December 31, 2020.