NB Crossroads Private Markets Access Fund NPORT-P NB Private Markets Access Fund LLC (Dec 2023 report)

NB Private Markets Access Fund LLC

Consolidated Schedule of Investments

As of December 31, 2023 (Unaudited)

Description	Interest	Maturity Date	Shares or Principal Amount		Cost		Value
ASSET-BACKED SECURITIES - 0.52%
American Express Credit Account Master Trust	3.75%	08/15/2027		375,000	$	366,050	$	368,653
Amur Equipment Finance Receivables X LLC(A)	1.64%	10/20/2027		45,145		43,587		43,825
BA Credit Card Trust	5.00%	04/17/2028		250,000		254,292		251,520
BMW Vehicle Owner Trust 2023-A	5.72%	04/27/2026		200,000		200,284		200,324
CARDS II Trust(A)	0.60%	04/15/2027		100,000		96,463		98,526
CCG Receivables Trust 2023-1(A)	5.82%	09/16/2030		99,181		99,466		99,800
DLLAA 2023-1 LLC(A)	5.93%	07/20/2026		100,000		100,301		100,428
DLLMT 2023-1 LLC(A)	5.78%	11/20/2025		87,000		86,994		87,012
Evergreen Credit Card Trust(A)	0.90%	10/15/2026		100,000		95,509		96,573
Ford Credit Auto Owner Trust 2023-A	5.14%	03/15/2026		226,924		226,551		226,457
GM Financial Automobile Leasing Trust 2022-2	3.42%	06/20/2025		171,480		169,414		170,421
Master Credit Card Trust II(A)	1.66%	07/21/2026		300,000		286,561		289,179
Mercedes-Benz Auto Lease Trust 2023-A	5.24%	11/17/2025		102,407		102,406		102,230
MMAF Equipment Finance LLC 2022-A(A)	3.20%	01/13/2028		105,000		101,465		102,003
Navient Private Education Refi Loan Trust 2021-F(A)	1.11%	02/18/2070		101,777		88,011		86,730
Nissan Auto Lease Trust 2023-A	5.10%	03/17/2025		159,760		159,531		159,449
OCCU Auto Receivables Trust 2022-1(A)	5.50%	10/15/2027		300,000		298,660		300,215
PFS Financing Corp(A)	0.71%	04/15/2026		100,000		96,382		98,461
Porsche Financial Auto Securitization Trust 2023-1(A)	5.42%	12/22/2026		239,330		239,128		239,043
SBA Tower Trust(A)	2.84%	01/15/2025		125,000		125,000		120,709
T-Mobile US Trust 2022-1(A)	4.91%	05/22/2028		200,000		199,704		199,597
Toyota Auto Receivables 2023-B Owner Trust	5.28%	05/15/2026		156,813		156,810		156,579
Verizon Master Trust	5.23%	11/22/2027		200,000		200,929		199,995
World Omni Auto Receivables Trust 2023-A	5.18%	07/15/2026		140,198		139,796		139,907
World Omni Auto Receivables Trust 2022-C	3.73%	03/16/2026		184,753		183,194		183,736
TOTAL ASSET-BACKED SECURITIES						4,116,488		4,121,372
BANK LOANS - 0.70%
Central Parent, Inc.	9.35% (3-Month SOFR + 4.50%)	07/06/2029		497,494		496,299		499,474
Consolidated Communications, Inc.	8.97% (1-Month SOFR + 3.50%)	10/02/2027		630,000		630,000		584,035
Covia Holdings LLC	9.68% (3-Month SOFR + 4.00%)	07/31/2026		500,000		498,381		495,625
Dun & Bradstreet Corp.	8.21% (1-Month SOFR + 2.75%)	02/06/2026		496,056		495,522		496,755
Flexera Software LLC	9.22% (1-Month SOFR + 3.75%)	03/03/2028		498,705		496,411		497,692
Ingram Micro, Inc.	8.61% (1-Month SOFR + 3.00%)	06/30/2028		371,501		366,237		372,430
Medline Borrower, L.P.	8.47% (1-Month SOFR + 3.25%)	09/30/2028		496,212		488,402		498,227
UKG Inc	8.76% (3-Month SOFR + 3.25%)	05/04/2026		646,701		645,985		647,755
UFC Holdings LLC	8.40% (1-Month SOFR + 2.75%)	04/29/2026		495,776		493,731		497,085
WaterBridge Midstream Operating LLC	11.39% (3-Month SOFR + 5.75%)	06/22/2026		496,114		493,721		496,178
William Morris Endeavor Entertainment LLC	8.22% (1-Month SOFR + 2.75%)	05/18/2025		488,122		485,856		489,040
TOTAL BANK LOANS						5,590,545		5,574,296
COMMERCIAL MORTGAGE-BACKED SECURITIES  - 0.17%
Barclays Commercial Mortgage Trust 2019-C3	3.46%	05/15/2052		300,000		283,859		288,919
Benchmark 2018-B2 Mortgage Trust	3.78%	02/15/2051		162,028		157,252		158,232
Benchmark 2018-B4 Mortgage Trust	4.06%	07/15/2051		414,733		398,773		404,625
GS Mortgage Securities Trust 2018-GS10	4.11%	07/10/2051		268,067		259,658		261,318
GS Mortgage Securities Trust 2019-GC40	3.04%	07/10/2052		225,000		208,694		212,398
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						1,308,236		1,325,492
COLLATERALIZED MORTGAGE-BACKED OBLIGATIONS(A)  - 0.30%
Connecticut Avenue Securities Trust 2021-R03	6.19% (30-Day Average SOFR + 0.85%)	12/25/2041		184,763		183,262		184,154
Connecticut Avenue Securities Trust 2022-R01	6.34% (30-Day Average SOFR + 1.00%)	12/25/2041		147,163		146,336		146,777
Connecticut Avenue Securities Trust 2022-R04	7.34% (30-Day Average SOFR + 2.00%)	03/25/2042		165,038		165,554		166,595
Connecticut Avenue Securities Trust 2022-R05	7.24% (30-Day Average SOFR + 1.90%)	04/25/2042		113,752		113,983		114,391
Connecticut Avenue Securities Trust 2022-R07	8.29% (30-Day Average SOFR + 2.95%)	06/25/2042		82,321		84,128		84,770
Connecticut Avenue Securities Trust 2022-R08	7.89% (30-Day Average SOFR + 2.55%)	07/25/2042		174,884		177,522		179,360
Freddie Mac STACR REMIC Trust 2021-HQA3	6.19% (30-Day Average SOFR + 0.85%)	09/25/2041		321,009		316,696		317,659
Freddie Mac STACR REMIC Trust 2021-HQA4	6.29% (30-Day Average SOFR + 0.95%)	12/25/2041		168,449		163,243		166,349
Freddie Mac STACR REMIC Trust 2022-DNA4	7.54% (30-Day Average SOFR + 2.20%)	05/25/2042		189,927		192,467		192,595
Freddie Mac STACR REMIC Trust 2022-DNA5	8.29% (30-Day Average SOFR + 2.95%)	06/25/2042		140,001		143,103		143,721
Freddie Mac STACR REMIC Trust 2023-DNA1	7.44% (30-Day Average SOFR + 2.10%)	03/25/2043		174,564		175,267		177,331
Freddie Mac Structured Agency Credit Risk Debt Notes	7.34% (30-Day Average SOFR + 2.00%)	06/25/2043		173,613		174,888		175,111
JP Morgan Mortgage Trust 2023-HE2	7.04% (30-Day Average SOFR + 1.70%)	03/25/2054		67,249		67,249		67,499
JP Morgan Mortgage Trust 2023-HE3	6.94% (30-Day Average SOFR + 1.60%)	05/25/2054		74,000		74,000		74,000
Towd Point Mortgage Trust 2017-5	6.07% (1-Month SOFR + 0.71%)	02/25/2057		177,880		176,990		179,649
TOTAL COLLATERALIZED MORTGAGE-BACKED OBLIGATIONS						2,354,688		2,369,961
CORPORATE BONDS  - 0.69%
AbbVie, Inc.	3.60%	05/14/2025		205,000		201,397		201,377
Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc.	3.65%	02/01/2026		60,000		58,867		58,893
Apple, Inc.	1.13%	05/11/2025		215,000		205,713		205,219
AT&T, Inc.	0.90%	03/25/2024		205,000		202,935		202,768
Bank of America Corp.	3.50%	04/19/2026		205,000		198,961		199,568
Boeing Co.	4.88%	05/01/2025		200,000		199,244		199,184
BP Capital Markets America, Inc.	3.80%	09/21/2025		200,000		197,095		197,201
Province of British Columbia Canada	4.80%	11/15/2028		90,000		89,888		92,480
Broadcom, Inc.	3.46%	09/15/2026		210,000		201,744		203,169
Corp Andina de Fomento	6.00%	04/26/2027		95,000		94,904		98,246
Crown Castle, Inc.	1.35%	07/15/2025		215,000		202,872		202,865
Discovery Communications LLC	4.90%	03/11/2026		200,000		198,126		199,589
Duke Energy Corp.	0.90%	09/15/2025		220,000		205,684		205,268
Evergy Inc.	2.45%	09/15/2024		205,000		200,615		200,437
Goldman Sachs Group, Inc.	5.70%	11/01/2024		295,000		295,787		295,683
HCA, Inc.	5.00%	03/15/2024		200,000		199,827		199,636
Inter-American Development Bank	4.50%	09/13/2033		55,000		54,970		56,897
International Bank for Reconstruction & Development	4.75%	11/14/2033		95,000		94,719		100,500
Kreditanstalt fuer Wiederaufbau	4.75%	10/29/2030		50,000		49,864		52,271
McDonald's Corp.	3.30%	07/01/2025		205,000		200,643		200,270
Morgan Stanley	3.70%	10/23/2024		305,000		301,199		301,040
Occidental Petroleum Corp.	2.90%	08/15/2024		205,000		201,476		201,707
Oracle Corp.	2.50%	04/01/2025		210,000		203,293		203,034
Pelican IV Re Ltd.(A)	5.38% (1-Month Treasury Bill + 0.50%)	05/07/2024		725,000		725,000		73
Province of Quebec Canada	4.50%	09/08/2033		130,000		129,516		131,988
QUALCOMM, Inc.	3.45%	05/20/2025		200,000		196,998		196,356
Starbucks Corp.	3.80%	08/15/2025		200,000		196,837		196,367
T-Mobile USA, Inc.	3.50%	04/15/2025		205,000		200,977		200,820
Verizon Communications, Inc.	3.50%	11/01/2024		205,000		202,414		201,892
WEC Energy Group, Inc.	4.75%	01/09/2026		195,000		194,377		194,296
Wells Fargo & Co.	3.30%	09/09/2024		305,000		300,985		300,961
TOTAL CORPORATE BONDS						6,206,927		5,500,055
SHORT-TERM INVESTMENTS  - 29.94%
MONEY MARKET FUND  - 6.47%
Morgan Stanley Institutional Liquidity Fund Government Portfolio	5.27%(B)			51,377,982		51,377,982		51,377,982
UNITED STATES TREASURY BILLS(C)  - 21.71%
United States Treasury Bill	5.48%	01/25/2024		310,000		308,925		308,956
United States Treasury Bill	5.26%	01/25/2024		1,025,000		1,021,445		1,021,547
United States Treasury Bill	5.51%	01/30/2024		29,477,300		29,349,216		29,355,948
United States Treasury Bill	5.46%	02/27/2024		45,759,600		45,373,755		45,383,592
United States Treasury Bill	5.37%	03/14/2024		1,555,000		1,538,333		1,538,864
United States Treasury Bill	5.43%	03/14/2024		40,748,600		40,311,840		40,325,752
United States Treasury Bill	5.37%	04/18/2024		25,483,900		25,086,295		25,090,619
United States Treasury Bill	5.43%	05/23/2024		30,000,000		29,376,704		29,396,520
TOTAL UNITED STATES TREASURY BILLS						172,366,513		172,421,798
UNITED STATES TREASURY NOTES  - 1.76%
United States Treasury Note	0.25%	03/15/2024		1,545,000		1,529,304		1,529,610
United States Treasury Note	1.00%	12/15/2024		1,595,000		1,537,639		1,538,116
United States Treasury Note	3.00%	07/31/2024		2,365,000		2,344,950		2,337,100
United States Treasury Note	2.38%	08/15/2024		1,545,000		1,515,712		1,519,773
United States Treasury Note	1.75%	03/15/2025		3,445,000		3,354,128		3,329,404
United States Treasury Note	4.63%	06/30/2025		600,000		598,118		601,523
United States Treasury Note	4.50%	07/15/2026		2,105,000		2,099,690		2,125,310
United States Treasury Note	4.13%	07/31/2028		1,010,000		1,009,204		1,021,363
TOTAL UNITED STATES TREASURY NOTES						13,988,745		14,002,199
TOTAL SHORT-TERM INVESTMENTS						237,733,240		237,801,979
COMMON STOCKS - 0.45%
Unity Software Inc.				87,120		8,005,334		3,562,337
TOTAL COMMON STOCKS						8,005,334		3,562,337

PRIVATE FUNDS(D)  - 69.65%	Acquisition Type	Acquisition Dates(E)	Geographic Region(F)	Cost		Fair Value
ACON Strategic Partners II-B, L.P.	Secondary	08/2022	North America		7,820,534		23,062,004
AFC Acquisitions, Inc.(G)	Co-Investment	04/2021-06/2023	North America		6,596,455		9,823,108
AP Safety Co-Invest, L.P.	Co-Investment	03/2022-04/2023	North America		3,177,676		3,192,727
Austin Co-Investment, L.P.2	Co-Investment	03/2021	North America		845,047		12,433,795
BC Partners Galileo (1) L.P.	Secondary	07/2021-07/2023	Europe		8,849,731		11,965,692
Blackstone Growth Beverly Co-Invest L.P.	Co-Investment	02/2022-06/2023	North America		4,542,404		5,074,541
Breakaway Co-investment Holding LP	Co-Investment	10/2021	Europe		3,204,082		5,574
CB Catalyst Co-Invest, L.P.	Co-Investment	11/2022	North America		3,992,012		6,119,225
CB Starfish TopCo, L.P.	Co-Investment	08/2021	North America		672,670		1,951,376
CD&R Ferdinand Co-Investor, L.P.	Co-Investment	08/2023	North America		18,631,828		18,607,448
CD&R Value Building Partners I, L.P.	Co-Investment	12/2021	North America		11,950,928		14,587,048
Centerbridge Seaport Acquisition Fund, L.P.	Co-Investment	05/2022-10/2023	North America		7,059,454		6,990,418
CGI Acquisitions, Inc.(G)	Co-Investment	02/2022-09/2023	North America		4,062,865		6,000,682
Compass Syndication L.P.	Co-Investment	10/2021-12/2023	North America		1,615,493		1,798,602
DGS Group Holdings, L.P.(G)	Co-Investment	09/2022-12/2022	North America		6,455,020		9,017,860
DIG Holdings, LLC	Co-Investment	12/2022	North America		9,754,100		11,715,616
FitzWalter Capital Partners Coinvest I, L.P.	Co-Investment	08/2022-08/2023	North America		3,745,996		11,049,362
Five Arrows Galliera Co-Invest SCSp	Co-Investment	08/2022	Europe		8,914,841		10,244,508
Follett Acquisition LP(G)	Co-Investment	01/2022	North America		4,060,000		4,090,085
Horizon Co-Investment, L.P.	Co-Investment	06/2022	North America		6,308,656		6,576,902
Itelyum Co-Investment L.P.	Co-Investment	09/2021	Europe		7,857,760		13,417,095
KKR Leo Co-Invest L.P.	Co-Investment	06/2021	North America		2,570,118		4,808,794
KKR Malaga Co-Invest L.P.	Co-Investment	07/2023	North America		9,673,380		9,646,435
KKR Quartz Co-Invest L.P.	Co-Investment	03/2023	North America		17,000,000		17,083,925
KMNOCH Investor, L.P.(G)	Co-Investment	11/2022	North America		16,970,562		17,059,963
L Catterton Growth IV, L.P.	Primary	03/2021-11/2023	North America		11,746,562		11,492,163
Magenta Blocker Aggregator L.P.	Co-Investment	07/2021-10/2021	North America		2,893,688		3,726,657
Material Co-Invest, L.P.	Co-Investment	10/2022	North America		13,687,274		12,040,620
NB Convert Harp Aggregator LP	Co-Investment	11/2023	North America		7,683,384		7,683,384
NB Convert Elevate Aggregator LP	Co-Investment	11/2023	North America		15,430,000		15,430,000
NB Credit Opps Co-Investment (Vetcor) LP	Co-Investment	03/2023-08/2023	North America		5,815,588		6,961,784
NB Credit Opps Co-Investment (VetcorII) LP	Co-Investment	08/2023	North America		1,703,158		1,848,588
NB Electron Aggregator LP	Co-Investment	08/2023	North America		25,000,000		25,216,968
NB Lowcode Private Equity(G)	Co-Investment	11/2022-12/2023	North America		2,912,717		4,194,784
NB Mavis Aggregator LP	Co-Investment	05/2023	North America		20,000,000		20,189,423
NB Pref Harp Aggregator LP	Co-Investment	11/2023	North America		9,298,248		9,714,087
NSH Verisma Holdco II, L.P.	Co-Investment	10/2023	North America		4,170,586		4,215,954
Olympus FG Holdco, L.P.	Co-Investment	08/2022	North America		5,056,682		5,089,217
Pilot Holdings, LLC	Co-Investment	12/2021	North America		7,200,000		9,534,667
Project Alpine Co-Invest Fund, L.P.	Co-Investment	06/2022	North America		10,005,681		10,500,169
Project Metal Co-Invest Fund, L.P.	Co-Investment	10/2021-09/2023	North America		8,005,199		6,350,576
Project Stream Co-Invest Fund, L.P.	Co-Investment	10/2021-12/2021	North America		8,933,250		7,323,077
RealPage Parent, LP(G)	Co-Investment	04/2021	North America		6,500,000		8,954,961
RL Co-Investor Aggregator, L. P.	Co-Investment	05/2022-03/2023	North America		7,890,426		9,591,915
RL Co-Investor Aggregator II L. P.	Co-Investment	03/2022-03/2023	North America		3,810,854		4,798,744
Rothwell Ventures Ultimate Feeder I (Cayman) L.P.	Secondary	09/2021-10/2022	North America		6,663,851		12,431,471
Searchlight Capital CF SPK, L.P.	Secondary	11/2023	North America		12,778,699		12,839,326
SPI Parent Holding Company, LLC(G)(H)	Co-Investment	12/2021-04/2022	North America		5,789,976		13,878,104
Summit Partners Co-Invest (Optmo) SCSp	Co-Investment	10/2021	Europe		2,516,524		2,608,234
TA Spartan Parent, LLC(G)	Co-Investment	07/2023	North America		10,130,000		10,552,712
THL Automation Fund Investors (4K), L.P.	Co-Investment	03/2021-09/2022	North America		4,012,571		5,791,890
THL Fund Investors (Altar), L.P.	Co-Investment	12/2022-09/2023	North America		4,950,847		6,320,903
THL Fund Investors (Iconic), L.P.	Co-Investment	06/2023-09/2023	North America		10,255,002		11,197,059
THL Fund IX Investors (Plymouth II), L.P.	Co-Investment	08/2023	North America		7,790,088		7,777,357
TPG IX Evergreen CI II, L.P.	Co-Investment	09/2023	North America		8,635,900		8,635,900
Truelink-Vista, L.P.	Co-Investment	10/2022-12/2023	North America		3,504,536		9,767,364
True Wind Capital Continuation, L.P.	Secondary	03/2023-05/2023	North America		8,156,695		8,366,865
WP Irving Co-Invest, L.P.	Co-Investment	04/2022-09/2023	North America		5,541,468		6,586,820
WWEC Holdings LP	Co-Investment	10/2022	North America		7,120,000		9,077,693
ZM Parent Holding LLC(G)	Co-Investment	03/2022	North America		4,532,000		6,179,381
TOTAL PRIVATE FUNDS					456,453,066		553,191,602
TOTAL INVESTMENTS (Cost $721,768,524) - 102.42%							813,447,094
Other Assets & Liabilities (Net) - (2.42%)							(19,149,548	)
TOTAL NET ASSETS - 100.00%						$	794,297,546

^(A) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended (the “1933 Act”). These securities are restricted and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2023, the total value of these securities was $4,332,135 representing 0.55% of net assets.

^(B) The rate is the annualized seven-day yield as of December 31, 2023.

^(C) Each issue shows the rate of the discount at the time of purchase.

^(D) Non-income producing securities, which are restricted as to resale and illiquid.

^(E) Acquisition Dates cover from the original investment date to the last acquisition date and is a required disclosure for restricted securities only.

^(F) Geographic region is based on where a private fund is headquartered and may be different from where such fund invests or operates.

^(G) The fair value of the investment was determined using a significant unobservable input.

^(H) This investment is made through the wholly owned subsidiary NB CR PMAF Blocker LLC the "Subsidiary".

Valuation of Investments

The Fund computes the net asset value (“NAV”) for each class of Shares as of the close of business on the last business day of each calendar month and in connection with the Fund’s offer to purchase Shares, on each date that Shares are to be repurchased, as of the date of any distribution and at such other times as the Board shall determine.

The Board has approved valuation procedures (the “Procedures”) pursuant to which the Fund values its investments. In accordance with Rule 2a-5 under the Investment Company Act, the Board has designated NBIA as the Fund’s Valuation Designee (the “Valuation Designee”). The Valuation Designee, with assistance from NBAA, is responsible for determining fair value in good faith for any or all Fund investments, subject to oversight by the Board.

Private Equity Investments:

With respect to the Fund’s private equity investments, the Valuation Designee determines fair value at each month-end using a methodology that begins with the last reported net asset value reported by a Portfolio Fund Manager or general partner of a Portfolio Fund or similar net asset value information provided by the lead or sponsoring investor for a Direct Investment, and is then adjusted to reflect: (i) financial adjustments; (ii) a “market factor” adjustment; and (iii) an “idiosyncratic event” adjustment, if applicable. The last reported value will generally follow the “practical expedient” in accordance with Financial Accounting Standards Board (“FASB”) ASC Topic 820, Fair Value Measurement (“ASC 820”). ASC 820 provides that, in valuing alternative investments that do not have quoted market prices but calculate NAV per share or equivalent, an investor may determine fair value by using the NAV reported to the investor by the underlying investment. In general, it is anticipated that such valuation information from these Portfolio Fund managers or from lead or sponsoring investors will generally not be available until 60 days or more after each quarter-end. Therefore, the most recently provided valuation information about these Direct Investments and Portfolio Funds for purposes of calculating the Fund’s monthly net asset value will typically be adjusted by the Valuation Designee pursuant to the Procedures to estimate the fair value, on a monthly basis, of the interests in such Portfolio Funds or Direct Investments. Financial adjustments include adjustments made to incorporate known developments since the last reported net asset value reported by a Portfolio Fund manager or general partner of a Portfolio Fund or by the lead or sponsoring investor for a Direct Investment, such as changes in currency rates, cash flows, and the nature of such cash flows, fees and expenses during the reporting period, and the value of publicly traded securities held by Portfolio Funds. In addition, the Valuation Designee has developed a proprietary “market factor’ adjustment that is applied to each of the Fund’s private equity investments in Portfolio Funds and Direct Investments. This adjustment is driven by factors that have been determined to have the most statistically significant impact to historical valuations. The Valuation Designee also continuously assesses information received from its ongoing monitoring of portfolio holdings and makes valuation changes accordingly for idiosyncratic events when such idiosyncratic events are supported by documentation deemed reliable by the Valuation Designee.

Liquid Investments:

Equity Investments: Domestic exchange traded equity securities (other than options) will be valued at their last sale prices as reported on the exchanges where those securities are primarily traded. If no sales of a security are reported on a particular day, the security will be valued based on its bid price for a security held long, or its ask price for a security held short, as reported by those exchanges. Securities traded primarily on NASDAQ will be valued at the NASDAQ Official Closing Price (“NOCP”). If no NOCP is available, the security will generally be valued at the latest bid price as reported on NASDAQ. In the absence of such sales or quotations, other publicly offered securities will be valued at their bid prices (or asked prices in the case of securities held short) as obtained from one or more dealers making markets for those securities.

Fixed Income Securities and Other Credit Instruments: Debt securities may be valued in accordance with the procedures described for equity securities above. In addition, debt securities may be valued by an independent pricing service approved by the Board on the basis of market quotations. The Adviser will monitor the reasonableness of valuations provided by the pricing service. Debt securities with remaining maturities of 60 days or less will be valued on the basis of amortized cost, unless other factors indicate that amortized cost is not an accurate estimate of the security’s value. If a valuation for a security is not available from an independent pricing service or if the Adviser believes in good faith that the valuation does not reflect the amount the Fund would receive on a current sale of that security, the Fund seeks to obtain quotations from brokers or dealers. If such quotations are not readily available, the Fund may use a fair value estimate made according to methods approved by the Board.

Illiquid Investments:

For illiquid securities for which no market quotations are available (other than interests in Portfolio Funds and certain Direct Investments, as described above) and for which independent appraisals of current value can readily be obtained, valuations will be based on such appraisals. Otherwise, valuation of illiquid securities (other than interests in Portfolio Funds and certain Direct Investments, as described above) will remain at cost except that original cost valuation will be adjusted based on a determination of such investment’s fair value.

ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). FASB ASC 820 provides three levels of the fair value hierarchy as follows:

Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access;

Level 2 Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data;

Level 3 Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

Most Portfolio Funds and certain Direct Investments are structured as closed-end, commitment-based private investment funds to which the Fund commits a specified amount of capital upon inception of the investment (i.e., committed capital) which is then drawn down over a specified period of the investment’s life. Such investments generally do not provide redemption options for investors and, subsequent to final closing, do not permit subscriptions by new or existing investors. Accordingly, the Fund generally holds interests for which there is no active market, although, in some situations, a transaction may occur in the “secondary market” where an investor purchases a limited partner’s existing interest and remaining commitment.

Assumptions used by the Adviser due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations and financial condition.

The following table presents the investments carried on the Statement of Assets and Liabilities by level within the valuation hierarchy as of December 31, 2023.

Investments	Level 1		Level 2		Level 3		Net Asset Value		Total
Asset-Backed Securities	$	-	$	4,121,372	$	-	$	-	$	4,121,372
Bank Loans		-		5,574,296		-		-		5,574,296
Commercial Mortgage-Backed Securities		-		1,325,492		-		-		1,325,492
Collateralized Mortgage-Backed Obligations		-		2,369,961		-		-		2,369,961
Common Stocks		3,562,337		-		-		-		3,562,337
Corporate Bonds		-		5,500,055		-		-		5,500,055
Private Funds		-		-		89,751,640		463,439,962		553,191,602
Short-Term Investments		237,801,979		-		-		-		237,801,979
Total Investments	$	241,364,316	$	18,891,176	$	89,751,640	$	463,439,962	$	813,447,094

Additional sector, industry, or geographic detail, if any, is included in the Schedule of Investments.

Significant Unobservable Inputs

As of December 31, 2023, the Fund had Level 3 investments valued at $89,751,640. The fair value of investments valued at $463,439,962 in the Fund’s Schedule of Investments have been valued at the unadjusted NAV by the managers of the investments.

The classification of an investment within Level 3 is based upon the significance of the unobservable inputs to the overall fair value measurement. The following table summarizes the valuation methodologies and inputs used for investments categorized in Level 3 as of December 31, 2023.

				Unobservable Inputs
Investments	Fair Value as of December 31, 2023		Valuation Methodologies	Variable	Value/Range	Weighted Average1
Private Funds
Co-Investment	$	27,612,675	Recent Transaction Value	Recent Transaction Value	N/A	N/A
Co-Investment		48,989,220	Market Approach	LTM EBITDA	1.8x-14.0x	10.5x
Co-Investment		8,954,961	Market Approach	NTM EBITDA	18.2X	18.2X
Co-Investment		4,194,784	Market Approach	LTM Revenue	10.1x	10.1x
Total Investments	$	89,751,640

¹ Inputs weighted based on fair value of investments in range.

During the period ended December 31, 2023, purchases of and sales from Level 3 investments were as follows:

Purchases		Sales
$	11,316,922	$	29,438

During the period ended December 31, 2023, changes in unrealized appreciation and realized gains from Level 3 investments were $5,109,488 and $0, respectively.

The Fund recognizes transfers into and out of the levels indicated above at the end of the reporting period. During the period ended December 31, 2023 there were no transfers into or out of Level 3.

The estimated remaining life of the Fund’s investments as of December 31, 2023, is unknown at this time.

Restricted securities are securities that may be resold only upon registration under federal securities laws or in transactions exempt from such registration. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer’s expense either upon demand by the Fund or in connection with another registered offering of the securities. Many restricted securities may be resold in the secondary market in transactions exempt from registration. The restricted securities may be valued at the price provided by dealers in the secondary market or, if no market prices are available, the fair value as determined in good faith using methods approved by the Board.