| iCapital KKR Private Markets Fund | ||||||||||||
| CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited) | ||||||||||||
| June 30, 2021 | ||||||||||||
| Investment Strategy | Geographic Region | Cost | Fair Value | % of Net Assets | Initial Acquisition Date | |||||||
| INVESTMENTS IN PRIVATE EQUITY FUNDS (a) - 98.91 % | ||||||||||||
| CO-INVESTMENTS - 19.45 % | ||||||||||||
| Independence Energy Co-Invest L.P. (b) | Buyout | Americas | $ 10,205,906 | $ 9,008,861 | 1.83% | 2/26/2018 | ||||||
| KKR Banff Co-Invest L.P. * | Buyout | Americas | 10,000,000 | 15,000,000 | 3.05% | 9/28/2018 | ||||||
| KKR Byzantium Infrastructure Co-Invest L.P. | Infrastructure | Europe | 6,435,450 | 7,373,678 | 1.50% | 10/3/2017 | ||||||
| KKR Caribou Co-Invest L.P. * | Growth | Americas | 525,000 | 2,427,168 | 0.50% | 2/26/2018 | ||||||
| KKR Element Co-Invest L.P. * | Buyout | Americas | - | 359 | 0.00% | 8/12/2016 | ||||||
| KKR Enterprise Co-Invest AIV B L.P. * | Buyout | Americas | 2,294,701 | 8,142,295 | 1.66% | 7/14/2020 | ||||||
| KKR Enterprise Co-Invest L.P. * | Buyout | Americas | 20,000,000 | 3,400,624 | 0.69% | 9/6/2018 | ||||||
| KKR Sigma Co-Invest L.P. * | Buyout | Europe | 7,500,000 | 14,204,702 | 2.89% | 6/11/2018 | ||||||
| LC Sports Pte. Ltd. * | Buyout | Asia | 2,282,797 | 2,191,095 | 0.45% | 11/2/2018 | ||||||
| Nutraceutical Investco LP * | Buyout | Americas | 1,348,341 | 2,316,497 | 0.47% | 7/15/2019 | ||||||
| OnyxPoint Permian Equity Feeder III LLC * | Buyout | Americas | 2,723,512 | 5,052 | 0.00% | 9/7/2018 | ||||||
| Uno Co-Invest L.P. * | Buyout | Americas | 15,000,000 | 31,500,000 | 6.41% | 6/7/2017 | ||||||
| TOTAL CO-INVESTMENTS | 78,315,707 | 95,570,331 | 19.45% | |||||||||
| PRIMARY INVESTMENTS - 45.10 % | ||||||||||||
| Bridge Growth Partners (Parallel), L.P. * | Growth | Americas | 967,042 | 1,443,451 | 0.29% | 2/23/2016 | ||||||
| HPH Specialized International Fund 1, L.P. | Buyout | Americas | 652,886 | 11,834 | 0.00% | 10/9/2015 | ||||||
| KKR Americas Fund XII L.P. * | Buyout | Americas | 54,896,007 | 106,742,834 | 21.72% | 3/31/2017 | ||||||
| KKR Asian Fund III L.P. | Buyout | Asia | 44,158,918 | 66,935,193 | 13.62% | 3/31/2017 | ||||||
| KKR European Fund IV, L.P. | Buyout | Europe | 3,804,462 | 5,386,570 | 1.10% | 12/17/2015 | ||||||
| KKR European Fund V, L.P. SCSp | Buyout | Europe | 18,202,338 | 21,453,997 | 4.37% | 11/5/2018 | ||||||
| KKR Health Care Strategic Growth Fund L.P. * | Growth | Americas | 7,309,359 | 10,617,948 | 2.16% | 8/4/2017 | ||||||
| KKR Next Generation Technology Growth Fund II SCSp (b) | Growth | Americas | 3,000,487 | 4,380,260 | 0.89% | 7/11/2019 | ||||||
| L Catterton Asia 3 LP | Buyout | Asia | 1,787,910 | 1,602,025 | 0.33% | 12/4/2018 | ||||||
| Oak Hill Capital Partners IV, L.P.* | Buyout | Americas | 941,731 | 1,049,697 | 0.22% | 3/31/2017 | ||||||
| Providence Strategic Growth Europe L.P. (b) | Growth | Europe | 179,256 | 212,095 | 0.04% | 11/11/2019 | ||||||
| RB Equity Fund II-A, L.P. * | Growth | Americas | 379,396 | 496,335 | 0.10% | 12/3/2018 | ||||||
| The Resolute Fund IV, L.P. | Buyout | Americas | 756,021 | 1,292,503 | 0.26% | 9/28/2018 | ||||||
| TOTAL PRIMARY INVESTMENTS | 137,035,813 | 221,624,742 | 45.10% | |||||||||
| SECONDARY INVESTMENTS - 34.36 % | ||||||||||||
| Artisan Partners Asset Management, Inc. TRA (c) | Credit | Americas | 2,864,803 | 3,060,338 | 0.62% | 10/12/2018 | ||||||
| Charles River Partnership XIII, L.P. * | Growth | Americas | 49,016 | 293,043 | 0.06% | 6/29/2018 | ||||||
| Eurazeo Capital IV A SCSp * | Buyout | Europe | 2,345,801 | 2,919,170 | 0.60% | 1/28/2019 | ||||||
| Eurazeo Capital IV D SCSp * | Buyout | Europe | 1,070,489 | 1,378,751 | 0.28% | 1/28/2019 | ||||||
| Foundation Capital III L.P. * | Growth | Americas | 102 | 1,555 | 0.00% | 6/29/2018 | ||||||
| Foundation Capital V L.P. * | Growth | Americas | 3,410 | 208,989 | 0.04% | 6/29/2018 | ||||||
| Foundation Capital VI L.P. * | Growth | Americas | 161,147 | 329,593 | 0.07% | 6/29/2018 | ||||||
| Foundation Capital VII L.P. * | Growth | Americas | 570,323 | 955,095 | 0.19% | 6/29/2018 | ||||||
| Foundation Capital VIII L.P. * | Growth | Americas | 700,311 | 3,900,469 | 0.79% | 6/29/2018 | ||||||
| GA Continuity I GP, L.P. | Buyout | Americas | 3,450,596 | 3,450,596 | 0.70% | 6/22/2021 | ||||||
| KKR 2006 Fund L.P . * | Buyout | Americas | 15,148,546 | 11,210,724 | 2.28% | 12/31/2015 | ||||||
| KKR 2006 Fund (Allstar) L.P. (b)* | Buyout | Americas | 1,909,793 | 1,990,868 | 0.41% | 12/31/2015 | ||||||
| KKR 2006 Fund (GDG) L.P. (b)* | Buyout | Americas | 1,955,996 | - | 0.00% | 12/31/2015 | ||||||
| KKR 2006 Fund (Overseas) L.P. | Buyout | Americas | 9,554,332 | 3,459,322 | 0.70% | 12/31/2015 | ||||||
| KKR Asian Fund L.P. * | Buyout | Asia | 1,756,027 | (34,439) | -0.01% | 12/29/2016 | ||||||
| KKR Asian Fund (Ireland III MIT) I L.P. * | Buyout | Asia | 1,088,708 | 249,125 | 0.05% | 12/29/2016 | ||||||
| KKR Asian Fund II Private Investors Offshore, L.P. | Buyout | Asia | 3,304,108 | 3,103,843 | 0.63% | 9/30/2017 | ||||||
| KKR China Growth Fund, L.P. | Growth | Asia | 12,601,432 | 7,571,182 | 1.54% | 6/29/2018 | ||||||
| KKR European Fund III, L.P. * | Buyout | Europe | 2,318,267 | 885,011 | 0.18% | 12/31/2015 | ||||||
| KKR Gaudi Investors L.P. * | Buyout | Europe | 8,615,337 | 9,507,740 | 1.93% | 5/4/2017 | ||||||
| KKR Lending Partners II L.P. (b) | Credit | Americas | 3,069,011 | 1,642,069 | 0.33% | 3/31/2017 | ||||||
| KKR North America Fund XI L.P. (b) | Buyout | Americas | 21,972,983 | 21,035,225 | 4.28% | 10/29/2015 | ||||||
| KKR North America Fund XI (Indigo) L.P. (b)* | Buyout | Americas | 1,656,323 | 10,210,886 | 2.08% | 10/29/2015 | ||||||
| KKR North America Fund XI (Wave) L.P. (b)* | Buyout | Americas | 1,158,120 | 723,860 | 0.15% | 10/29/2015 | ||||||
| KKR Real Estate Partners Americas II L.P. | Real Estate | Americas | 31,411,658 | 32,892,367 | 6.69% | 5/31/2018 | ||||||
| L Catterton VIII Offshore, L.P. (b)* | Buyout | Americas | 2,439,666 | 3,229,065 | 0.66% | 9/27/2019 | ||||||
| Lime Rock Partners IV AF, L.P. * | Buyout | Americas | 5,025,289 | 6,854,884 | 1.40% | 6/21/2018 | ||||||
| Menlo Ventures IX LP * | Growth | Americas | 38,532 | 90,156 | 0.02% | 12/31/2017 | ||||||
| Menlo Ventures X LP * | Growth | Americas | 2,493,985 | 215,147 | 0.05% | 12/31/2017 | ||||||
| Menlo Ventures XI LP * | Growth | Americas | 5,121,980 | 2,553,248 | 0.52% | 12/31/2017 | ||||||
iCapital KKR Private Markets Fund | ||||||||||||
| CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited) (Continued) | ||||||||||||
| June 30, 2021 | ||||||||||||
| Investment Strategy | Geographic Region | Cost | Fair Value | % of Net Assets | Initial Acquisition Date | |||||||
| SECONDARY INVESTMENTS (Continued) - 34.36 % | ||||||||||||
| Oak Hill Capital Partners III (AIV I), L.P. * | Buyout | Americas | $ 274,469 | $ 766,411 | 0.16% | 3/17/2017 | ||||||
| Oak Hill Capital Partners III, L.P. | Buyout | Americas | 944,478 | 392,966 | 0.08% | 3/17/2017 | ||||||
| Oak Hill Special Opportunities Fund (Offshore II), Ltd. * | Buyout | Americas | 4,449 | - | 0.00% | 3/17/2017 | ||||||
| OHCP III BC COI, L.P. * | Buyout | Americas | 1,940,403 | 4,841,295 | 0.99% | 3/17/2017 | ||||||
| OHCP III BC RO, L.P.* | Buyout | Americas | 725,406 | 1,191,478 | 0.24% | 12/31/2018 | ||||||
| Orchid Asia III, L.P. | Buyout | Asia | 932,796 | 1,423,019 | 0.29% | 8/15/2016 | ||||||
| Pueblo Co-Invest-A LP | Growth | Americas | 3,447,261 | 5,466,288 | 1.11% | 6/25/2019 | ||||||
| RB Equity Fund I-A LP * | Growth | Americas | 3,626,095 | 7,185,670 | 1.46% | 12/31/2018 | ||||||
| Salient Solutions LLC (d)* | Growth | Americas | 1,057,149 | 1,977,367 | 0.40% | 2/10/2016 | ||||||
| The Resolute Fund II, L.P. | Buyout | Americas | 3,432,622 | 3,271,218 | 0.67% | 8/31/2018 | ||||||
| Warburg Pincus XI (ASIA), L.P. * | Growth | Asia | 7,317,918 | 7,315,506 | 1.49% | 9/30/2017 | ||||||
| Yorktown Energy Partners IX, L.P (b)* | Buyout | Americas | 327,161 | 208,693 | 0.04% | 9/30/2018 | ||||||
| Yorktown Energy Partners VI, L.P (b) | Buyout | Americas | 63,741 | 31,683 | 0.01% | 9/30/2018 | ||||||
| Yorktown Energy Partners VII, L.P (b) | Buyout | Americas | 181,055 | 70,730 | 0.02% | 9/30/2018 | ||||||
| Yorktown Energy Partners VIII, L.P (b) | Buyout | Americas | 598,709 | 339,438 | 0.07% | 9/30/2018 | ||||||
| Yorktown Energy Partners X, L.P (b) | Buyout | Americas | 573,064 | 436,235 | 0.09% | 9/30/2018 | ||||||
| TOTAL SECONDARY INVESTMENTS | 169,302,867 | 168,805,879 | 34.36% | |||||||||
| TOTAL INVESTMENTS IN PRIVATE EQUITY FUNDS | $ 384,654,386 | $ 486,000,952 | 98.91% | |||||||||
| COMMON STOCK- 0.00 % ** | Shares | |||||||||||
| ENERGY - 0.00 % ** | ||||||||||||
| Antero Resources (Common Stock) ^ (b) | 1,550 | Americas | $ 15,393 | 23,297 | 0.00% | 3/16/2021 | ||||||
| Antero Midstream (Common Stock) ^^ (b) | 401 | Americas | 3,779 | 4,166 | 0.00% | 3/11/2021 | ||||||
| TOTAL COMMON STOCK | $ 19,172 | $ 27,463 | 0.00% | |||||||||
| TOTAL INVESTMENTS - 98.91 % (Cost - $384,673,558) (e) | $ 486,028,415 | |||||||||||
| OTHER ASSETS LESS LIABILITIES - 1.09 % | 5,350,422 | |||||||||||
| NET ASSETS - 100.00 % | $ 491,378,837 | |||||||||||
| * Non-income producing. | ||||||||||||
| ** Less than 0.01% | ||||||||||||
| ^ Common stock received as an in-kind distribution from Yorktown Energy Partners VI and Yorktown Energy Partners VII LP. | ||||||||||||
| ^^ Common stock received as an in-kind distribution from Yorktown Energy Partners VII, L.P. | ||||||||||||
| (a) Securities restricted to resale represents $486,028,415 or 98.91% of net assets. | ||||||||||||
| (b) All or part of these investments are holdings of iKF, LLC. | ||||||||||||
| (c) Artisan Partners Asset Management TRA - A tax receivable agreement (“TRA”) with Artisan Partners Asset Management (NYSE: APAM) was acquired from a private equity fund in a secondary transaction. | ||||||||||||
| (d) Salient Solutions LLC - An existing equity co-investment interest in Salient Solutions LLC, a technology company, was acquired from a private equity fund in a secondary transaction. | ||||||||||||
| (e) The fair value of total investments consists of the following regions: | Cost | Fair Value | % of Net Assets | |||||||||
| Americas | $ 258,971,545 | 332,350,152 | 67.64% | |||||||||
| Asia | 75,230,613 | 90,356,549 | 18.39% | |||||||||
| Europe | 50,471,399 | 63,321,714 | 12.88% | |||||||||
| Total Investments | $ 384,673,558 | $ 486,028,415 | 98.91% | |||||||||
