# EDGAR Filing Document

**Accession Number:** 0001508782
**File Stem:** 0001145549-23-009743
**Filing Date:** 2023-2
**Character Count:** 17708
**Document Hash:** 004014110d936174b05cbe28ab3c4bfc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-009743.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001145549-23-009743

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Corbin Multi-Strategy Fund, LLC
- **CENTRAL INDEX KEY:** 0001508782
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22517
- **FILM NUMBER:** 23665013

**BUSINESS ADDRESS:**
- **STREET 1:** C/O UMB FUND SERVICES, INC.
- **STREET 2:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212-1157
- **BUSINESS PHONE:** 844-626-7246

**MAIL ADDRESS:**
- **STREET 1:** C/O UMB FUND SERVICES, INC.
- **STREET 2:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212-1157

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GAI Corbin Multi-Strategy Fund, LLC
- **DATE OF NAME CHANGE:** 20141113

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ASGI Corbin Multi-Strategy Fund, LLC
- **DATE OF NAME CHANGE:** 20101223

## Nport-Ex

**Corbin Multi-Strategy Fund, LLC**

**Schedule of Investments (Unaudited)**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Original Acquisition | | | |
| **Strategy** | **Investments** | Date | Shares | Cost | Fair Value |
| **Investments in Investment Funds - 23.32%<sup>1</sup>** | **Investments in Investment Funds - 23.32%<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Asset-Backed Securities - 3.73%** | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities - 3.73%** |  |  |  |  |
|  | East Lodge Capital Credit Opportunities Fund, LP | 10/1/2019 | 191 | $190854 | $208526 |
|  | East Lodge Capital Credit Opportunities Fund, Ltd. | 3/1/2015 | 213 | 229939 | 270063 |
|  | Perella Weinberg Partners Asset Based Value Offshore Fund, LP<sup>2</sup> | 3/1/2015 |  | 775133 | 676382 |
|  | VPC Offshore Unleveraged Private Debt Fund Feeder, LP<sup>2</sup> | 10/1/2016 |  | 34118 | 31829 |
|  |  |  |  | 1230044 | 1186800 |
| &nbsp;&nbsp;&nbsp;**Equity Special Situations - 10.0%** | &nbsp;&nbsp;&nbsp;**Equity Special Situations - 10.0%** |  |  |  |  |
|  | Antara Capital Offshore Fund, Ltd. | 11/1/2021 | 5000 | 3750000 | 3140908 |
|  | SGOF Liquidating Feeder, Ltd. | 7/1/2020 | 30 | 29599 | 39756 |
|  |  |  |  | 3779599 | 3180664 |
| &nbsp;&nbsp;&nbsp;**Event Driven/Distressed - .26%** | &nbsp;&nbsp;&nbsp;**Event Driven/Distressed - .26%** |  |  |  |  |
|  | Redwood Domestic Fund, LP<sup>2</sup> | 10/1/2019 |  | 26254 | 32428 |
|  | Redwood Offshore Fund, Ltd. | 3/1/2015 | 10565 | 26358 | 49335 |
|  |  |  |  | 52612 | 81763 |
| &nbsp;&nbsp;&nbsp;**Long/Short Equity - 9.33%** | &nbsp;&nbsp;&nbsp;**Long/Short Equity - 9.33%** |  |  |  |  |
|  | Pelham Long/Short Small Cap Fund, Ltd. | 10/1/2018 | 6934 | 656250 | 415018 |
|  | Tal China Focus US Fund | 1/1/2021 | 6394 | 3000000 | 2551196 |
|  |  |  |  | 3656250 | 2966214 |
| **Total Investments in Investment Funds** | **Total Investments in Investment Funds** |  |  | 8718505 | 7415441 |
| **Total Investments (Cost $8,718,505) - 23.32%** | **Total Investments (Cost $8,718,505) - 23.32%** |  |  |  | **7415441** |
| Other assets in excess of liabilities - 76.68% | Other assets in excess of liabilities - 76.68% |  |  |  | 24376114 |
| **Net Assets - 100%** | **Net Assets - 100%** |  |  |  | $**31791556** |

---

<sup>1</sup> All or portion of these securities are segregated as collateral for a Line of Credit. <br> <sup>2</sup> Investment does not issue shares.

See accompanying notes to schedule of investments.

**Corbin Multi-Strategy Fund, LLC**

**Notes to Financial Statements** 

**December 31, 2022 (Unaudited)**

**Note 1 - Valuation of Investments**

The Board has formed a Valuation Committee (the "Valuation Committee") that is responsible for reviewing fair valuations of securities held by the Fund in instances as required by the valuation procedures (defined below) adopted by the Board. The Fund's Valuation Committee will oversee the valuation of the Fund's investments on behalf of the Fund. The Board has approved the valuation policy and procedures for the Fund (the "Valuation Procedures"). The fair value of equity securities are determined using last traded or closing prices as reported on the primary exchange where securities are traded and are generally categorized within Level 1 of the Fund's fair value hierarchy. If no sales of such equity securities are reported on a particular day, the securities are generally valued based upon their closing bid prices. In any case where the Adviser believes that (i) the agreed upon valuation methodology is not appropriate or (ii) market quotations for a security are unavailable, unreliable, or not reflective of the security's fair value, the investment team will recommend a fair valuation for review by the Valuation Committee. The Valuation Committee shall determine the fair value of the security by taking into account such factors deemed relevant.

The Fund values its investments in Investment Funds at fair value in accordance with procedures established in good faith by the Board using net asset value ("NAV"). The fair value of an Investment Fund ordinarily will be the NAV of that Investment Fund determined and reported by the Investment Fund in accordance with the valuation policies established by the Investment Fund and/or its Investment Manager, absent information indicating that such value does not represent the fair value of the interest. The Fund could reasonably expect to receive the NAV of its interests amount from the Investment Fund if the Fund's interest were redeemed at the time of valuation, based on information reasonably available at the time the valuation is made and that the Fund believes to be reliable. In particular, FASB Topic 820, Fair Value Measurements ("FASB ASC 820") permits a reporting entity to measure the fair value of an investment fund that does not have a readily determinable fair value based on the NAV per share or its equivalent, of the investment fund as a practical expedient, without further adjustment, unless it is probable that the investment would be sold at a value significantly different than the NAV. If the practical expedient NAV is not as of the reporting entity's measurement date, then the NAV should be adjusted to reflect any significant events that may change the valuation. In using the NAV as a practical expedient, certain attributes of the investment that may impact its fair value are not considered in measuring fair value. Attributes of those investments include the investment strategies of the investment and may also include, but are not limited to, restrictions on the investor's ability to redeem its investments at the measurement date and any unfunded commitments. The Fund is permitted to invest in alternative investments that do not have a readily determinable fair value, and as such, has elected to use the NAV as calculated on the reporting entity's measurement date as the fair value of the investment. A listing of each investment by the Fund by strategy can be found in the Schedule of Investments.

Due to the nature of the investments held by the Investment Funds, changes in market conditions and the economic environment may significantly impact the value of the Investment Funds and the fair value of the Fund's interests in the Investment Funds. Under some circumstances, the Fund or the Adviser may determine, based on other information available to the Fund or the Adviser, that an Investment Fund's reported valuation does not represent fair value. If it is determined that the Investment Fund's reported valuation does not represent fair value, the Adviser may choose to make adjustments to reflect the fair value. During the period ended December 31, 2022, no such adjustments were deemed necessary by the Adviser. In addition, the Fund may not have an Investment Fund's reported valuation as of a particular fiscal period end. In such cases, the Fund would determine the fair value of such an Investment Fund based on any relevant information available at the time. The Board has also established procedures for the valuation of investment securities other than securities of Investment Funds, if any, held directly by the Fund.

**Note 2 – Fair Value Measurements and Disclosure**

The Fund measures fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The three levels of the fair value hierarchy are:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted quoted prices for identical securities in an active market. Since valuations
are based on quoted prices that are readily-accessible at the measurement date, valuation of these securities does not entail a significant
degree of judgment.

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Quoted prices in non-active markets for which all significant inputs are observable either
directly or indirectly. Level 2 inputs may also include pricing models whose inputs are observable or derived principally from or corroborated
by observable market data.

&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Prices or valuation techniques that require inputs that are both significant to the fair
value and unobservable. Little if any market activity exists for Level 3 securities.

Investments in Mutual Funds and ETFs, and investments in equity securities are included in Level 1 of the fair value hierarchy if an unadjusted price can be obtained from a reputable, independent third-party pricing source as of the measurement date.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. A summary of the inputs used to value the Fund's investments and other financial instruments as of December 31, 2022 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Total Fair Value at 12/31/2022** | **Level 1<br> Quoted Prices** | **Level 2<br> Other Significant Observable Inputs** | **Level 3 Significant Unobservable Inputs** |
| **Assets** |  |  |  |  |
| Investment Funds <sup>(1)</sup> | $7415441 | $— | $— | $— |
| **Total Assets** | $7415441 | $— | $— | $— |

---

<sup>(1)</sup> Investment Funds that are measured at fair value using NAV per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy, based on the guidance in FASB ASC 820. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

There were no Level 3 securities held during the period nor any transfers into or out of Level 3 of the fair value hierarchy.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Corbin Multi-Strategy Fund, LLC

- **b. Investment Company Act file number:** 811-22517

- **c. CIK number of Registrant:** 0001508782

- **d. LEI of Registrant:** UCI16ST27SS5D4Z4LR05

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 235 WEST GALENA STREET

  - **City:** MILWAUKEE

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53212

  - **Telephone number:** 4142992000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Corbin Multi-Strategy Fund, LLC

- **c. LEI of Series:** UCI16ST27SS5D4Z4LR05

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $31920906.23

**Total Liabilities:** $127006.44

**Net Assets:** $31793899.79

**Cash Not Reported:** $11634000.12

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | -3.52%               | -1.27%               | 1.45%                |
| Class ID N/A | -3.48%               | -1.19%               | 1.51%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $34315.01                | $-1122677.39                               |
| Month 2  | $36924.50                | $-386327.33                                |
| Month 3  | $-337046.30              | $860218.65                                 |

### Schedule of Portfolio Investments

| Name                                                          | Title                                                         | Identifiers                  | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Antara Capital Offshore Fund Ltd                              | Antara Capital Offshore Fund Ltd                              | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |   4181030 | OU      | $4181030.50   | 13.15%            |  |  |  | Yes           | N/A                | On Loan: No      |
| Centerbridge Credit Partners Offshore, Ltd                    | Centerbridge Credit Partners Offshore, Ltd                    | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |     23978 | OU      | $23977.72     | 0.08%             |  |  |  | Yes           | N/A                | On Loan: No      |
| East Lodge Capital Credit Opportunities Fund L.P.             | East Lodge Capital Credit Opportunities Fund L.P.             | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    206763 | OU      | $206763.45    | 0.65%             |  |  |  | Yes           | N/A                | On Loan: No      |
| East Lodge Capital Credit Opportunities Fund, Ltd             | East Lodge Capital Credit Opportunities Fund, Ltd             | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |    268575 | OU      | $268574.91    | 0.84%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Luxor Capital Partners Offshore Liquidating SPV, Ltd.         | Luxor Capital Partners Offshore Liquidating SPV, Ltd.         | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |     16300 | OU      | $16300.05     | 0.05%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Pelham Long/Short Small Cap Fund, Ltd                         | Pelham Long/Short Small Cap Fund, Ltd                         | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | BM        |    903641 | OU      | $903640.88    | 2.84%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Perella Weinberg Partners Asset Based Value Offshore Fund, LP | Perella Weinberg Partners Asset Based Value Offshore Fund, LP | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |    676382 | OU      | $676381.90    | 2.13%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Redwood Domestic Fund, L.P.                                   | Redwood Domestic Fund, L.P.                                   | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   6749964 | OU      | $6749963.73   | 21.23%            |  |  |  | Yes           | N/A                | On Loan: No      |
| Redwood Offshore Fund, Ltd                                    | Redwood Offshore Fund, Ltd                                    | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |   2180812 | OU      | $2180811.57   | 6.86%             |  |  |  | Yes           | N/A                | On Loan: No      |
| SGOF Liquidating Feeder Ltd                                   | SGOF Liquidating Feeder Ltd                                   | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |     41359 | OU      | $41359.02     | 0.13%             |  |  |  | Yes           | N/A                | On Loan: No      |
| TAL China Focus US Fund                                       | TAL China Focus US Fund                                       | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |   2533612 | OU      | $2533611.66   | 7.97%             |  |  |  | Yes           | N/A                | On Loan: No      |
| VPC Offshore Unleveraged Private Debt Fund Feeder, LP         | VPC Offshore Unleveraged Private Debt Fund Feeder, LP         | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |     85589 | OU      | $85589.00     | 0.27%             |  |  |  | Yes           | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2023-01-25

**Name of Applicant:** Corbin Multi-Strategy Fund, LLC

**Signature:** /s/ Daniel Friedman

**Name of Signer:** Daniel Friedman

**Title:** Vice President