| iCapital KKR Private Markets Fund |
| CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited) |
| December 31, 2021 |
| | | | | | | | | | | | | |
| | | Investment Strategy | | Geographic Region | | Cost | | Fair Value | | % of Net Assets | | Initial Acquisition Date |
| INVESTMENTS IN PRIVATE EQUITY FUNDS (a) - 91.96 % | | | | | | | | | | | |
| CO-INVESTMENTS - 16.51 % | | | | | | | | | | | | |
| Independence Energy Co-Invest L.P. (b) * | | Buyout | | Americas | | $ 10,166,473 | | $ 5,129,003 | | 0.93% | | 2/26/2018 |
| KKR Banff Co-Invest L.P. * | | Buyout | | Americas | | 10,000,000 | | 17,000,000 | | 3.08% | | 9/28/2018 |
| KKR Byzantium Infrastructure Co-Invest L.P. * | | Infrastructure | | Europe | | 6,435,450 | | 6,843,402 | | 1.24% | | 10/3/2017 |
| KKR Cape Co-Invest L.P. * | | Growth | | Americas | | 5,000,000 | | 5,000,000 | | 0.91% | | 11/12/2021 |
| KKR Caribou Co-Invest L.P. * | | Growth | | Americas | | 525,000 | | 1,896,225 | | 0.34% | | 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 | | 5,976,519 | | 1.08% | | 7/14/2020 |
| KKR Enterprise Co-Invest L.P. * | | Buyout | | Americas | | 20,000,000 | | - | | 0.00% | | 9/6/2018 |
| KKR Sigma Co-Invest L.P. * | | Buyout | | Europe | | 7,500,000 | | 11,718,378 | | 2.12% | | 6/11/2018 |
| LC Sports Pte. Ltd. (c) * | | Buyout | | Asia | | 2,282,797 | | 2,240,135 | | 0.41% | | 11/2/2018 |
| Nutraceutical Investco LP (c) * | | Buyout | | Americas | | 1,355,241 | | 2,312,529 | | 0.42% | | 7/15/2019 |
| OnyxPoint Permian Equity Feeder III LLC (c)* | | Buyout | | Americas | | 2,723,512 | | 3,981 | | 0.00% | | 9/7/2018 |
| Uno Co-Invest L.P. (c) * | | Buyout | | Americas | | 15,000,000 | | 31,500,000 | | 5.70% | | 6/7/2017 |
| WestCap Hopper 2021 Co-Invest, LLC (c)* | | Growth | | Americas | | 1,520,990 | | 1,553,809 | | 0.28% | | 9/23/2021 |
| TOTAL CO-INVESTMENTS | | | | | | 84,804,164 | | 91,174,340 | | 16.51% | | |
| | | | | | | | | | | | | |
| PRIMARY INVESTMENTS - 45.55 % | | | | | | | | | | | | |
| Bridge Growth Partners (Parallel), L.P. (c) * | | Growth | | Americas | | 855,577 | | 1,057,482 | | 0.19% | | 2/23/2016 |
| HPH Specialized International Fund 1, L.P. (c) * | | Buyout | | Americas | | 652,886 | | 11,834 | | 0.00% | | 10/9/2015 |
| KKR Americas Fund XII L.P. | | Buyout | | Americas | | 60,771,112 | | 120,374,428 | | 21.79% | | 3/31/2017 |
| KKR Asian Fund III L.P. | | Buyout | | Asia | | 46,930,300 | | 81,602,471 | | 14.77% | | 3/31/2017 |
| KKR European Fund IV, L.P. | | Buyout | | Europe | | 3,315,944 | | 4,273,737 | | 0.77% | | 12/17/2015 |
| KKR European Fund V, L.P. SCSp | | Buyout | | Europe | | 17,751,450 | | 22,861,253 | | 4.14% | | 11/5/2018 |
| KKR Health Care Strategic Growth Fund L.P. * | | Growth | | Americas | | 9,240,547 | | 11,095,534 | | 2.01% | | 8/4/2017 |
| KKR Next Generation Technology Growth Fund II SCSp (b) * | Growth | | Americas | | 3,256,463 | | 4,750,985 | | 0.86% | | 7/11/2019 |
| L Catterton Asia 3 LP (c) | | Buyout | | Asia | | 1,686,520 | | 1,477,342 | | 0.27% | | 12/4/2018 |
| Oak Hill Capital Partners IV, L.P. (c) | | Buyout | | Americas | | 505,014 | | 555,997 | | 0.10% | | 3/31/2017 |
| OHCP IV BC S, L.P. (c) * | | Buyout | | Americas | | 342,786 | | 342,786 | | 0.06% | | 12/23/2021 |
| Providence Strategic Growth Europe L.P. (b,c) | | Growth | | Europe | | 670,319 | | 801,493 | | 0.14% | | 11/11/2019 |
| RB Equity Fund II-A, L.P. (c)* | | Growth | | Americas | | 767,616 | | 936,397 | | 0.17% | | 12/3/2018 |
| The Resolute Fund IV, L.P. (c) | | Buyout | | Americas | | 826,332 | | 1,521,596 | | 0.28% | | 9/28/2018 |
| TOTAL PRIMARY INVESTMENTS | | | | | | 147,572,866 | | 251,663,335 | | 45.55% | | |
| | | | | | | | | | | | | |
| SECONDARY INVESTMENTS - 29.90 % | | | | | | | | | | | | |
| Artisan Partners Asset Management, Inc. TRA (c,d) | | Credit | | Americas | | 2,864,801 | | 3,202,741 | | 0.58% | | 10/12/2018 |
| Charles River Partnership XIII, L.P. (c) * | | Growth | | Americas | | 31,567 | | 235,657 | | 0.04% | | 6/29/2018 |
| Eurazeo Capital IV A SCSp (c) | | Buyout | | Europe | | 2,202,676 | | 2,357,223 | | 0.43% | | 1/28/2019 |
| Eurazeo Capital IV D SCSp © | | Buyout | | Europe | | 923,029 | | 738,649 | | 0.13% | | 1/28/2019 |
| Foundation Capital III L.P. (c) * | | Growth | | Americas | | 102 | | 1,555 | | 0.00% | | 6/29/2018 |
| Foundation Capital V L.P. (c) * | | Growth | | Americas | | 3,410 | | 195,225 | | 0.04% | | 6/29/2018 |
| Foundation Capital VI L.P. (c) * | | Growth | | Americas | | 161,147 | | 355,245 | | 0.06% | | 6/29/2018 |
| Foundation Capital VII L.P. (c) * | | Growth | | Americas | | 580,590 | | 1,206,242 | | 0.22% | | 6/29/2018 |
| Foundation Capital VIII L.P. (c) * | | Growth | | Americas | | 700,010 | | 7,305,962 | | 1.32% | | 6/29/2018 |
| GA Continuity I GP, L.P. (c) * | | Buyout | | Americas | | 3,527,166 | | 3,583,301 | | 0.65% | | 6/22/2021 |
| Icon Partners V, L.P. (c) | | Buyout | | Americas | | 4,444,444 | | 4,444,444 | | 0.80% | | 12/22/2021 |
| KKR 2006 Fund L.P . (b) | | Buyout | | Americas | | 13,780,647 | | 9,542,084 | | 1.73% | | 12/31/2015 |
| KKR 2006 Fund (Overseas) L.P. | | Buyout | | Americas | | 9,554,332 | | 2,935,904 | | 0.53% | | 12/31/2015 |
| KKR Asian Fund L.P. * | | Buyout | | Asia | | 1,757,395 | | (144,113) | | -0.03% | | 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. (c) | | Buyout | | Asia | | 3,203,151 | | 2,739,717 | | 0.49% | | 9/30/2017 |
| KKR China Growth Fund, L.P. | | Growth | | Asia | | 12,654,679 | | 7,607,626 | | 1.38% | | 6/29/2018 |
| KKR European Fund III, L.P. * | | Buyout | | Europe | | 2,321,071 | | 880,713 | | 0.16% | | 12/31/2015 |
| KKR Gaudi Investors L.P. * | | Buyout | | Europe | | 8,623,313 | | 8,886,057 | | 1.61% | | 5/4/2017 |
| KKR Lending Partners II L.P. (b) * | | Credit | | Americas | | 2,678,731 | | 1,031,128 | | 0.19% | | 3/31/2017 |
| KKR North America Fund XI L.P. (b) | | Buyout | | Americas | | 18,546,038 | | 17,978,634 | | 3.25% | | 10/29/2015 |
| KKR North America Fund XI (Indigo) L.P. (b)* | | Buyout | | Americas | | 1,656,323 | | 18,409,856 | | 3.33% | | 10/29/2015 |
| KKR North America Fund XI (Wave) L.P. (b)* | | Buyout | | Americas | | 1,158,120 | | 621,749 | | 0.11% | | 10/29/2015 |
| KKR Real Estate Partners Americas II L.P. | | Real Estate | | Americas | | 20,183,188 | | 18,416,532 | | 3.33% | | 5/31/2018 |
| L Catterton VIII Offshore, L.P. (b,c) | | Buyout | | Americas | | 2,276,933 | | 2,687,282 | | 0.49% | | 9/27/2019 |
| Lime Rock Partners IV AF, L.P. (c) | | Buyout | | Americas | | 5,063,776 | | 7,419,716 | | 1.34% | | 6/21/2018 |
| Menlo Ventures IX LP * | | Growth | | Americas | | 38,532 | | 90,975 | | 0.02% | | 12/31/2017 |
| Menlo Ventures X LP * | | Growth | | Americas | | 2,493,985 | | 210,982 | | 0.04% | | 12/31/2017 |
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| |
| iCapital KKR Private Markets Fund |
| CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited) (Continued) |
| December 31, 2021 |
| | | Investment Strategy | | Geographic Region | | Cost | | Fair Value | | % of Net Assets | | Initial Acquisition Date |
| SECONDARY INVESTMENTS (Continued) - 29.90 % | | | | | | | | | | | | |
| Menlo Ventures XI LP * | | Growth | | Americas | | 5,063,680 | | 1,898,877 | | 0.34% | | 12/31/2017 |
| Oak Hill Capital Partners III (AIV I), L.P. * (c) | | Buyout | | Americas | | $ 109,786 | | $ 31,331 | | 0.01% | | 3/17/2017 |
| Oak Hill Capital Partners III, L.P. (c) | | Buyout | | Americas | | 785,802 | | 249,433 | | 0.05% | | 3/17/2017 |
| OHCP III BC RO, L.P. (c) * | | Buyout | | Americas | | 7,287,358 | | 7,287,358 | | 1.32% | | 12/31/2018 |
| Orchid Asia III, L.P. (c) * | | Buyout | | Asia | | 932,796 | | 1,687,448 | | 0.31% | | 8/15/2016 |
| Pegasus WSJLL Fund, L.P. (c) | | Buyout | | Americas | | 5,073,975 | | 5,073,975 | | 0.92% | | 12/14/2021 |
| Pueblo Co-Invest-A LP (c) | | Growth | | Americas | | 3,193,131 | | 6,452,796 | | 1.17% | | 6/25/2019 |
| RB Equity Fund I-A LP (c) * | | Growth | | Americas | | 3,587,692 | | 9,401,609 | | 1.70% | | 12/31/2018 |
| Salient Solutions LLC (c,e)* | | Growth | | Americas | | - | | 1,895 | | 0.00% | | 2/10/2016 |
| The Resolute Fund II Continuation Fund, L.P. (c) | | Buyout | | Americas | | 3,436,987 | | 3,626,501 | | 0.66% | | 8/31/2018 |
| Warburg Pincus XI (ASIA), L.P. (c) * | | Growth | | Asia | | 6,902,405 | | 5,266,350 | | 0.95% | | 9/30/2017 |
| Yorktown Energy Partners IX, L.P (b,c)* | | Buyout | | Americas | | 327,161 | | 220,553 | | 0.04% | | 9/30/2018 |
| Yorktown Energy Partners VI, L.P (b,c) * | | Buyout | | Americas | | 63,741 | | 30,555 | | 0.01% | | 9/30/2018 |
| Yorktown Energy Partners VII, L.P (b,c) | | Buyout | | Americas | | 180,486 | | 66,395 | | 0.01% | | 9/30/2018 |
| Yorktown Energy Partners VIII, L.P (b,c) | | Buyout | | Americas | | 575,729 | | 303,583 | | 0.05% | | 9/30/2018 |
| Yorktown Energy Partners X, L.P (b,c) | | Buyout | | Americas | | 539,050 | | 414,027 | | 0.07% | | 9/30/2018 |
| TOTAL SECONDARY INVESTMENTS | | | | | | 160,577,643 | | 165,202,897 | | 29.90% | | |
| | | | | | | | | | | | | |
| TOTAL INVESTMENTS IN PRIVATE EQUITY FUNDS | | | | | | $ 392,954,673 | | $ 508,040,572 | | 91.96% | | |
| | | | | | | | | | | | | |
| COMMON STOCK- 0.00 % ** | | Shares | | | | | | | | | | |
| ENERGY - 0.00 % ** | | | | | | | | | | | | |
| Antero Midstream (Common Stock) ^ (b) | | 1,600 | | Americas | | 15,480 | | 15,488 | | 0.00% | | 12/28/2021 |
| TOTAL COMMON STOCK | | | | | | $ 15,480 | | $ 15,488 | | 0.00% | | |
| | | | | | | | | | | | | |
| TOTAL INVESTMENTS - 91.96 % (Cost - $392,970,153) (f) | | | | | | | $ 508,056,060 | | | | |
| OTHER ASSETS LESS LIABILITIES - 8.04 % | | | | | | | | 44,422,745 | | | | |
| NET ASSETS - 100.00 % | | | | | | | | $ 552,478,805 | | | | |
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| * Non-income producing. | | | | | | | | | | | | |
| ^ Common stock received as an in-kind distribution from Yorktown Energy Partners VII and Yorktown Energy Partners VIII LP. | | | | | |
| (a) Securities restricted to resale represents $508,040,572 or 91.96% of net assets. | | | | | | | | |
| (b) All or part of these investments are holdings of iKF, LLC, a wholly-owned subsidiary of the Master Fund. | |
| (c) The fair value of this investment is determined using significant unobservable inputs and is classified as level 3 on the GAAP hierarchy. | | | | |
| (d) 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. | |
| (e) 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. | |
| (f) The fair value of total investments consists of the following regions: | | Cost | | Fair Value | | % of Net Assets | | | | |
| | | Americas | | $ 265,788,150 | | $ 345,969,054 | | 62.62% | | | | |
| | | Asia | | $ 77,438,751 | | $ 102,726,101 | | 18.59% | | | | |
| | | Europe | | $ 49,743,252 | | $ 59,360,905 | | 10.75% | | | | |
| | | Total Investments | | $ 392,970,153 | | $ 508,056,060 | | 91.96% | | | | |
