Cost
|
Fair Value
|
|||||||
Investment in FEG Absolute Access Fund LLC (1) - 100.13%
|
$ | 146,667,708 | $ | 151,932,828 | ||||
Liabilities in excess of other assets - (0.13%)
|
(190,398 | ) | ||||||
Members' Capital - 100.00%
|
$ | 151,742,430 |
(1)
|
Invests the majority of its assets in FEG Absolute Access Fund LLC.
|
Fair
|
Percentage of Members’
|
Withdrawals
|
|||||||||||
Investment Name
|
Cost
|
Value
|
Capital
|
Permitted
|
|||||||||
Investments in Portfolio Funds:
|
|||||||||||||
United States:
|
|||||||||||||
Multi-Strategy:
|
|||||||||||||
Absolute Return Capital Partners, L.P.
|
$ | 10,434,489 | $ | 10,053,266 | 4.5 | % |
Monthly
|
||||||
AG Super Fund, L.P.(a)
|
9,058,154 | 10,962,072 | 5.0 |
Annually(b)
|
|||||||||
AQR Delta Fund II, L.P.
|
12,000,000 | 12,251,768 | 5.5 |
Monthly
|
|||||||||
Canyon Value Realization Fund, L.P.(a)
|
9,243,025 | 11,873,055 | 5.4 |
Annually(b)
|
|||||||||
Claren Road Credit Partners, L.P.
|
12,914,370 | 13,845,873 | 6.3 |
Quarterly(b)
|
|||||||||
CVI Global Value Fund A, L.P.(a)
|
3,957,860 | 6,727,586 | 3.0 |
Quarterly(c)
|
|||||||||
Davidson Kempner Partners
|
12,320,606 | 14,245,915 | 6.4 |
Semi-Annually
|
|||||||||
Elliot Associates, L.P.
|
14,000,000 | 16,431,082 | 7.4 |
Semi-Annually(b)
|
|||||||||
Eton Park Fund, L.P.(a)
|
13,000,000 | 13,477,081 | 6.1 |
Quarterly(b)
|
|||||||||
Farallon Capital Partners, L.P.(a)
|
9,810,570 | 11,180,879 | 5.1 |
Annually(b)
|
|||||||||
FIR Tree Credit Opportunity Fund
|
14,000,000 | 15,893,828 | 7.2 |
Annually(b)
|
|||||||||
Graham Global Investment Fund, Ltd.
|
13,443,236 | 12,356,089 | 5.6 |
Monthly
|
|||||||||
GSO Special Situations Fund, L.P.(a)
|
11,800,000 | 14,544,093 | 6.6 |
Quarterly(b)
|
|||||||||
HBK Fund II, L.P.(a)
|
10,997,263 | 13,499,578 | 6.1 |
Quarterly
|
|||||||||
Highfields Capital II, L.P.(a)
|
11,562,164 | 13,332,300 | 6.0 |
Annually(c)
|
|||||||||
Stark Investments, L.P.(a)(e)
|
49,003 | 26,510 | 0.0 |
Quarterly
|
|||||||||
Stark Investments, L.P. - Class A(f)
|
291,336 | 330,206 | 0.1 |
Quarterly
|
|||||||||
Stark Investments, L.P. - Class B(a)
|
198,215 | 401,390 | 0.2 |
Quarterly
|
|||||||||
Strategic Value Restructuring Fund, L.P.
|
14,750,000 | 14,023,505 | 6.3 |
Quarterly(b)
|
|||||||||
Taconic Opportunity Fund, L.P.(a)
|
10,875,191 | 12,027,764 | 5.4 |
Quarterly
|
|||||||||
Total investments in Portfolio Funds
|
$ | 194,705,482 | $ | 217,483,840 | 98.3 | % |
Percentage
|
||||||||||||
Fair
|
of Members’
|
|||||||||||
Investment Name
|
Cost
|
Value
|
Capital
|
|||||||||
Short-Term Investments:
|
||||||||||||
Money Market Fund:
|
||||||||||||
Federated Government Obligations Fund #5, 0.01%(g)
|
$ | 10,516,812 | $ | 10,516,812 | 4.8 | % | ||||||
Total investments in Portfolio Funds
|
||||||||||||
and Short-Term Investments
|
$ | 205,222,294 | $ | 228,000,652 | 103.1 | % | ||||||
Liabilities in excess of other assets
|
(6,797,643 | ) | (3.1 | ) % | ||||||||
Members’ capital
|
$ | 221,203,009 | 100.0 | % |
(a)
|
All or a portion of these investments are held in side-pockets.
|
(b)
|
Withdrawals from this portfolio fund are permitted after a one-year lockup period from the date of the initial investment.
|
(c)
|
Withdrawals from this portfolio fund are permitted after a two-year lockup period from the date of the initial investment.
|
(d)
|
Series 1 shares, or approximately 50% of the investment value, are available after a one-year lockup period. Series six shares, or approximately 50% of the investment value, are available after a two-year lockup period.
|
(e)
|
Does not include holdback at cost of $555,498, represented in other assets.
|
(f)
|
Does not include holdback at cost of $1,459, represented in other assets.
|
(g)
|
The rate shown is the annualized 7-day yield as of December 31, 2012.
|
|
•
|
Level 1 – Quoted prices in active markets for identical investments.
|
|
•
|
Level 2 – Other significant observable inputs (including quoted prices for similar investments).
|
|
•
|
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
|
Investments
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Portfolio Funds
|
$ | - | $ | 195,098,005 | $ | 22,385,835 | $ | 217,483,840 | ||||||||
Short-Term Investments
|
10,516,812 | - | - | 10,516,812 | ||||||||||||
Total
|
$ | 10,516,812 | $ | 195,098,005 | $ | 22,385,835 | $ | 228,000,652 |
Investments in
|
||||
Portfolio Funds
|
||||
Balance as of April 1, 2012
|
$ | 32,376,554 | ||
Realized gain (loss)
|
16,529 | |||
Net change in unrealized appreciation/depreciation
|
2,262,729 | |||
Purchases
|
1,000,124 | |||
Sales
|
(155,925 | ) | ||
Net transfers in to Level 3
|
84,493 | |||
Net transfers out of Level 3
|
(13,198,669 | ) | ||
Balance as of December 31, 2012
|
$ | 22,385,835 |
Investments
|
Fair Value as of December 31, 2012
|
Valuation Technique
|
Liquidity of
Investments
|
Adjustments to Net Asset Value **
|
|||
Investments in Porfolio Funds:
|
|||||||
United States - Multi-Strategy
|
$ | 22,385,835 |
Net Asset Value as Practical Expedient *
|
Greater than 90 days
|
None
|
||
Total Investments
|
$ | 22,385,835 |
*
|
Unobservable valuation input.
|
**
|
Amounts represent adjustments, if any, made to net asset value provided by the investment manager or administrator of the Portfolio Funds. Adjustments to the practical expedient net asset value may be made under certain circumstances including, but not limited to, the following:
|
|
•
|
The practical expedient net asset value received is not as of the Fund’s measurement date.
|
•
|
It is probable that the Portfolio Fund will be sold at a value significantly different than the reported expedient net asset value.
|
•
|
It is determined by the Adviser Valuation Committee that the Portfolio Fund is not being valued at fair value by the Portfolio Fund.
|
(Registrant)
|
FEG ABSOLUTE ACCESS TEI FUND LLC
|
|
By (Signature and Title)*
|
/s/ Christopher M. Meyer | |
Christopher M. Meyer, President
|
||
(principal executive officer)
|
||
Date
|
March 1, 2013
|
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
||
By (Signature and Title)*
|
/s/ Christopher M. Meyer | |
Christopher M. Meyer, President
|
||
(principal executive officer)
|
||
Date
|
March 1, 2013
|
|
By (Signature and Title)*
|
/s/ Mary T. Bascom | |
Mary T. Bascom, Treasurer
|
||
(principal financial officer)
|
||
Date
|
March 1, 2013
|
1.
|
I have reviewed this report on Form N-Q of FEG Absolute Access TEI Fund LLC;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
March 1, 2013
|
/s/ Christopher M. Meyer | ||
Christopher M. Meyer, President
|
||||
(principal executive officer)
|
1.
|
I have reviewed this report on Form N-Q of FEG Absolute Access TEI Fund LLC;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
March 1, 2013
|
/s/ Mary T. Bascom | ||
Mary T. Bascom, Treasurer
|
||||
(principal financial officer)
|
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