Ironwood Institutional Multi-Strategy Fund NPORTP (Jan 2024 report)

Ironwood Institutional Multi-Strategy Fund LLC

Consolidated Schedule of Investments

January 31, 2024

(Unaudited)


Description	First Acquisition Date		Number of Shares⁽¹⁾		Cost		Fair Value		Percent of Net Assets			Next Available Redemption Date⁽²⁾		Liquidity⁽³⁾

Investment Funds

Relative Value:
Alphadyne Global Rates Fund II, Ltd.		7/1/2018		164,254	$	172,000,000	$	223,208,745		4.60	%		3/31/2024		Quarterly⁽⁴⁾
Alphadyne International Fund, Ltd.		7/1/2019		13,489		16,000,000		21,146,094		0.44			3/31/2024		Quarterly⁽⁴⁾
Brevan Howard Alpha Strategies Fund Limited		8/1/2022		1,966,056		219,000,000		232,454,940		4.79			2/29/2024		Monthly⁽⁵⁾
D.E. Shaw Composite International Fund		1/1/2011		n/a		55,111,147		191,132,019		3.93			3/31/2024		Quarterly⁽⁵⁾
D.E. Shaw Lithic International Fund, L.P.		7/1/2022		n/a		85,000,000		90,419,218		1.86			2/29/2024		Monthly
D.E. Shaw Valence International Fund, LP		1/1/2015		n/a		26,448,979		88,819,459		1.83			3/31/2024		Quarterly⁽⁶⁾
Eisler Capital Multi Strategy Fund Ltd		7/1/2021		219,304		230,635,560		286,632,073		5.90			3/31/2024		Quarterly⁽⁴⁾
ExodusPoint Partners International Fund, Ltd.		6/1/2018		150,000		150,000,000		211,543,342		4.35			3/31/2024		Quarterly⁽⁷⁾
Kirkoswald Global Macro Fund Limited		5/1/2021		1,796,875		186,000,000		233,662,136		4.81			3/31/2024		Quarterly⁽⁴⁾
Millennium International, Ltd.		1/1/2011		247,939		194,072,870		449,913,656		9.26			3/31/2024		Quarterly⁽⁸⁾
Point72 Capital International, Ltd.		4/1/2022		2,100,099		325,000,000		378,987,320		7.80			3/31/2024		Quarterly⁽⁴⁾
Two Sigma Absolute Return Cayman Fund, Ltd.		2/1/2016		48,089		76,000,000		103,000,675		2.12			2/29/2024		Monthly
Two Sigma Spectrum Cayman Fund, Ltd.		6/1/2018		5,205		18,442,620		25,769,225		0.53			3/31/2024		Quarterly

Total Relative Value						1,753,711,176		2,536,688,902		52.22

Market Neutral and Hedged Equity:
Coatue Offshore Fund, Ltd.		3/1/2021		132,584		92,000,000		95,595,901		1.97			3/31/2024		Quarterly⁽⁴⁾
D1 Capital Partners Offshore LP		3/13/2020		n/a		153,000,000		240,354,280		4.95			3/31/2024		Quarterly⁽⁹⁾
Dragoneer Global Offshore Feeder II, LP		4/1/2021		n/a		109,951,781		73,028,703		1.50			6/30/2024		Semi-annually⁽¹⁰⁾
FGP Redwood Offshore Fund Ltd		1/1/2024		55,000		55,000,000		55,088,000		1.13			12/31/2025		Quarterly⁽⁴⁾
Holocene Advisors Offshore Fund Ltd.		4/1/2017		124,703		128,500,000		231,683,529		4.77			3/31/2024		Quarterly⁽¹¹⁾
Ilex Offshore Fund Limited		7/1/2023		50,000		50,000,000		52,082,762		1.07			6/30/2024		Quarterly⁽⁴⁾
Polymer Asia (Cayman) Fund Ltd.		3/1/2022		180,503		181,000,000		188,373,155		3.88			3/31/2024		Quarterly⁽⁴⁾
Suvretta Offshore Fund, Ltd		3/1/2013		2,109		1,041,906		682,930		0.01			n/a		Other⁽¹²⁾
Suvretta Partners, LP^*		1/1/2017		n/a		981,056		231,627		0.01			n/a		Other⁽¹²⁾
Tiger Global Crossover (Cayman) L.P.		11/16/2021		n/a		113,000,000		75,427,443		1.55			3/31/2024		Annually⁽¹³⁾
Woodline Offshore Fund Ltd.		8/1/2019		120,672		127,650,000		193,210,480		3.98			3/31/2024		Quarterly⁽⁴⁾
XN Exponent Offshore Fund LP		10/1/2020		n/a		75,160,226		79,017,751		1.63			6/30/2024		Annually⁽¹⁴⁾

Total Market Neutral and Hedged Equity						1,087,284,969		1,284,776,561		26.45

Ironwood Institutional Multi-Strategy Fund LLC

Consolidated Schedule of Investments (continued)

January 31, 2024

(Unaudited)


Description	First Acquisition Date		Number of Shares⁽¹⁾		Cost		Fair Value		Percent of Net Assets			Next Available Redemption Date⁽²⁾		Liquidity⁽³⁾

Investment Funds (continued)

Event-Driven:
Elliott International Limited		1/1/2011		194,603	$	248,655,822	$	416,819,899		8.58	%		6/30/2024	Semi-annually⁽¹⁵⁾
HG Vora Opportunistic Capital Fund (Cayman) LP		11/14/2019		n/a		4,684,800		20,457,756		0.42			n/a	Other⁽¹⁶⁾
HG Vora Special Opportunities Fund, LP^*		4/1/2017		n/a		53,330,833		80,482,590		1.66			3/31/2024	Quarterly⁽⁴⁾
HG Vora Special Opportunities Fund, Ltd.		7/1/2013		62,028		136,521,706		184,697,788		3.80			3/31/2024	Quarterly⁽⁴⁾

Total Event-Driven						443,193,161		702,458,033		14.46

Distressed and Credit Securities:
Apollo Accord Offshore Fund V, L.P.		6/14/2022		n/a		7,894,192		9,194,544		0.19			n/a	Other⁽¹⁶⁾
Apollo Offshore Credit Strategies Fund Ltd.		3/1/2022		205,833		191,000,000		207,212,013		4.26			3/31/2024	Annually⁽¹⁷⁾
Cerberus Global NPL Feeder Fund, LP		1/11/2019		n/a		19,844,967		42,552,327		0.88			n/a	Other⁽¹⁶⁾
Cerberus Global NPL Fund AIV II S.C.A.^**		1/1/2021		n/a		7,893,793		12,178,956		0.25			n/a	Other⁽¹⁶⁾
Cerberus Global NPL Fund AIV, L.L.C.^*		12/3/2019		n/a		1,328,967		539,488		0.01			n/a	Other⁽¹⁶⁾
Cerberus International II, LP^*		1/1/2021		n/a		26,692,865		36,241,074		0.75			n/a	Other⁽¹²⁾
Cerberus International SPV, Ltd.		3/1/2012		23		33,658		82,493		0.00			n/a	Other⁽¹²⁾
Cerberus International, Ltd.^***		2/1/2011		0.01		11,509		25,959		0.00			n/a	Other⁽¹²⁾

Total Distressed and Credit Securities						254,699,951		308,026,854		6.34


Total investments in Investment Funds					$	3,538,889,257	$	4,831,950,350		99.47	%

Ironwood Institutional Multi-Strategy Fund LLC

Consolidated Schedule of Investments (continued)

January 31, 2024

(Unaudited)


Description	Number of Shares ⁽¹⁾		Cost		Fair Value		Percent of Net Assets

Short-Term Investments

Money Market Funds:
Fidelity Investments Money Market Government Portfolio (yield 5.22%)^*(18)		528,740	$	528,740	$	528,740		0.01	%
Goldman Sachs Financial Square Treasury Instruments Fund (yield 5.15%)^*(18)		664,838		664,838		664,838		0.01
JPMorgan U.S. Government Money Market Fund (yield 5.17%)^*(18)		560,675		560,675		560,675		0.01

Total Short-Term Investments			$	1,754,253	$	1,754,253		0.03	%

Total Investments			$	3,540,643,510	$	4,833,704,603		99.50	%


Other assets, less liabilities						24,144,410		0.50

Net assets					$	4,857,849,013		100.00	%

Ironwood Institutional Multi-Strategy Fund LLC

Consolidated Schedule of Investments (continued)

January 31, 2024

(Unaudited)

All investments are domiciled in the Cayman Islands except as noted.

^*	Investment is domiciled in the United States.

^**	Investment is domiciled in Luxembourg.

^***	Investment is domiciled in the Bahamas.

Complete information about all of the investment funds’ underlying investments is not readily available.

⁽¹⁾	Investments in investment funds may be composed of multiple share classes that may have different net asset values per share.

⁽²⁾	Investments in investment funds may be composed of multiple tranches. The Next Available Redemption Date relates to the earliest date after January 31, 2024 that a redemption from a tranche is available without a redemption fee.

⁽³⁾

Available frequency of redemptions without a redemption fee after initial lock-up period, if any. Different tranches may have different liquidity terms. Redemption notice periods range from 30 to 90 days. If applicable, lock-up periods range from 12 to 36 months. It is unknown when restrictions will lapse for any fund level gates, suspensions, term vehicles, or private investments.

⁽⁴⁾	Subject to a 25% quarterly investor level gate.

⁽⁵⁾	Subject to a 12.5% quarterly investor level gate.

⁽⁶⁾	Subject to an 8.33% quarterly investor level gate. If fund level redemptions are less than 8.33%, then the 8.33% investor level gate does not apply.

⁽⁷⁾	Approximately 81% of this investment is available for redemption quarterly, subject to a 25% investor level gate. The remaining 19% of this investment is available for redemption quarterly, subject to a 12.5% investor level gate.

⁽⁸⁾	Subject to a 5% quarterly investor level gate.

⁽⁹⁾

Approximately 34% of this investment is available for redemption quarterly, subject to a 12.5% investor level gate. Less than 1% of this investment is earmarked for potential private investments. The earmarked balance is available for redemption quarterly, subject to a 12.5% investor level gate, only after the aforementioned non-earmarked balance has been fully redeemed. Approximately 66% of this investment is invested in private investments, which do not have set redemption timeframes.

⁽¹⁰⁾	Approximately 86% of this investment is available for redemption semi-annually, subject to a 16.67% investor level gate. The remaining 14% of this investment is invested in private investments, which do not have set redemption timeframes.

Ironwood Institutional Multi-Strategy Fund LLC

Consolidated Schedule of Investments (continued)

January 31, 2024

(Unaudited)

⁽¹¹⁾	Approximately 86% of this investment is available for redemption quarterly, subject to a 25% investor level gate. The remaining 14% of this investment is available for redemption quarterly, subject to a 12.5% investor level gate.

⁽¹²⁾	The investment fund does not have a set redemption timeframe but is a liquidating investment and making distributions as underlying investments are sold.

⁽¹³⁾	Approximately 70% of this investment is available for redemption annually, subject to a 25% investor level gate. The remaining 30% of this investment is invested in private investments, which do not have set redemption timeframes.

⁽¹⁴⁾	Approximately 68% of this investment is available for redemption annually, subject to a 25% investor level gate. The remaining 32% of this investment is invested in private investments, which do not have set redemption timeframes.

⁽¹⁵⁾	Approximately 79% of this investment is available for redemption semi-annually, subject to a 25% investor level gate. The remaining 21% of this investment is available for redemption semi-annually, subject to a 12.5% investor level gate.

⁽¹⁶⁾	The investment fund is a term vehicle and does not have a set redemption timeframe.

⁽¹⁷⁾

This investment is available for redemption annually. If the redemption request amount is 50% of this investment or less, the entire requested amount will be redeemed as of the annual redemption date. If the redemption request amount is greater than 50% of this investment, the requested redemption amount will be redeemed over four equal quarterly redemptions, the first of which takes place on the annual redemption date.

⁽¹⁸⁾	The rate shown is the annualized 7-day yield as of January 31, 2024.

NOTES TO SCHEDULE OF INVESTMENTS

Fair Value of Financial Instruments

Ironwood Institutional Multi-Strategy Fund LLC (the “Fund”) is an investment company as described in Accounting Standards Codification (“ASC”) Topic 946, Financial Services-Investment Companies (“ASC 946”), which defines investment companies and prescribes specialized accounting and reporting requirements for investment companies. The Fund follows the accounting and reporting guidance in ASC 946.

ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), provides for the use of net asset value (or its equivalent) as a practical expedient to estimate fair value of investments in investment funds, provided certain criteria are met. Accordingly, the Fund values its investments in investment funds at fair value, which is an amount equal to the sum of the Fund’s proportionate interests in the investment funds, as determined from financial information provided by the respective administrators or investment managers of the investment funds. These fair values represent the amounts the Fund would receive if it were able to liquidate its investments in the investment funds as of the measurement date, prior to any early withdrawal charges, if applicable. Some values received are estimates, subject to subsequent revision by the respective administrators or investment managers. Values received are generally net of management fees and incentive fees or allocations payable to the investment funds’ investment managers pursuant to the investment funds’ operating agreements. The investment funds value their underlying investments in accordance with policies established by each investment fund, as described in each of their financial statements or offering memoranda.

The investment funds hold positions in readily marketable investments and derivatives that are valued at quoted market values and/or less liquid non-marketable investments and derivatives that are valued at estimated fair value. The mix and concentration of more readily marketable investments and less liquid non-marketable investments varies across the investment funds based on various factors, including the nature of their investment strategy. The Fund’s investments in investment funds are subject to the terms and conditions of the respective operating agreements and offering memoranda.

Ironwood Capital Management (the “Adviser”) has designed ongoing due diligence processes with respect to investment funds, their administrators, and their investment managers. The Adviser assesses the quality of information provided and determines whether such information continues to be reliable or whether further investigation is necessary. Such investigation, as applicable, may require the Adviser to forego its normal reliance on the value provided and to independently determine the fair value of the Fund’s interest in the investment fund.

The Adviser has designated a committee to oversee the valuation of the Fund’s investments (the “Valuation Committee”). The Valuation Committee is comprised of senior personnel, the majority of whom are separate from the Fund’s portfolio management team, and is responsible for developing written valuation policies and procedures, conducting periodic reviews of those policies and procedures, and evaluating the overall fairness and consistent application of the valuation policies and procedures. The Valuation Committee meets on a quarterly basis or more frequently as needed.

If no value is readily available from an investment fund or if a value supplied by an investment fund is deemed by the Valuation Committee not to be indicative of its fair value, the Valuation Committee would determine, in good faith, the fair value of the investment fund under procedures adopted by the Board and subject to Board oversight. Because of the inherent uncertainty of valuation, the fair values of the investment funds held by the Fund may differ significantly from the values that would have been used had a ready market for the investment funds been available. As of and for the quarter ended January 31, 2024, all investments in investment funds were valued using the values provided by the investment funds or their administrators.

Short-term investments consist of investments in money market funds. These investments are valued using readily available market quotations at their respective net asset value per share and are categorized as Level 1 in the fair value hierarchy, as defined in ASC 820.

In accordance with U.S. GAAP, investments in investment funds that are valued at net asset value as a practical expedient are not required to be included in the fair value hierarchy. All investments in investment funds were valued at their respective net asset value as of January 31, 2024, and are excluded from the fair value hierarchy.

As of January 31, 2024, approximately 0.77% of the Fund’s net assets were invested in investment funds that do not have set redemption timeframes but are liquidating investments and making distributions as underlying investments are sold. Additionally, approximately 6.23% of the Fund’s net assets were invested in designated private investments maintained by the investment funds or in term vehicles, which do not have set redemption timeframes. The timing of when these investments will be liquidated is unknown.

As of January 31, 2024, the Fund had unfunded capital commitments to investment funds of $149,579,387.

The following is a summary of the investment strategies of the investment funds held by the Fund as of January 31, 2024.

Relative value strategies attempt to capture pricing anomalies between assets that for all economic purposes are identical. Relative value strategies capture these inefficiencies by utilizing a combination of assets including bonds, stocks, swaps, options, exchange traded funds, currencies, futures, etc. One such strategy is capital structure arbitrage which involves the purchase and short sale of different classes of securities of the same issuer where there is a relative mispricing between two classes of securities. An example of this strategy is the purchase of undervalued senior secured debt and the short sale of overvalued subordinated unsecured debt or common equity. Other examples of relative value strategies include fixed income arbitrage, relative value interest rates, convertible bond arbitrage, relative value energy, and quantitative strategies. Generally, investment funds within this strategy require a 30 to 90 day notice period to redeem at the next available redemption date.

Market neutral and hedged equity strategies involve the purchase of a stock or basket of stocks that is relatively underpriced as well as selling short a stock or basket of stocks that is relatively overpriced. Depending on the manager’s investment strategy, the determination of whether a stock is overpriced or underpriced can be made through fundamental analysis (a fundamental strategy) or by complex statistical models that examine numerous factors that affect the price of a stock (a quantitative strategy). The Adviser will utilize equity managers that target well-hedged and low net exposures and/or use a balanced approach to investing, i.e., they are short approximately the same dollar value of stocks they are long. Generally, investment funds within this strategy require a 45 to 90 day notice period to redeem at the next available redemption date.

Event-driven strategies involve the assessment of how, when, and if specific transactions will be completed and the effect on corporations and financial assets. A common event-driven strategy is merger arbitrage (also called risk arbitrage). This involves the purchase of the stock of a target company involved in a potential merger and, in the case of a stock-for-stock offer, the short sale of the stock of the acquiring company. The target company’s stock would typically trade at a discount to the offer price due to the uncertainty of the completion of the transaction. The positions may be reversed if the manager feels the acquisition may not close. This strategy aims to capture the spread between the value of the security at the close of the transaction and its discounted value at the time of purchase. Other examples of event-driven strategies and opportunities include corporate restructurings, spin-offs, operational turnarounds, activism, asset sales, and liquidations. Generally, investment funds within this strategy require a 60 to 90 day notice period to redeem at the next available redemption date.

Distressed strategies involve the purchase or short sale of debt or equity securities of issuers experiencing financial distress. These securities may be attractive because of the market’s inaccurate assessment of the issuer’s future potential or the values and timing of recoveries. Managers may obtain voting rights or control blocks and actively participate in the bankruptcy or reorganization process while other investors may remain passive investors. Examples of distressed securities trades include bankruptcies, liquidations, post-restructured equities, structured credit, and balance sheet restructurings. Credit strategies involve a variety of strategies intended to exploit inefficiencies in the high-yield and related credit markets. Generally, investment funds within these strategies require a 90 day notice period to redeem at the next available redemption date.

Ironwood Institutional Multi-Strategy Fund NPORT-PIronwood Institutional Multi-Strategy Fund LLC (Jan 2024 report)