BEACON POINTE MULTI-ALTERNATIVE FUND
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2026
 
Shares             Fair Value
    PORTFOLIO INSTRUMENTS – 99.9%        
    PRIVATE EQUITY – 31.3%        
1,854,197   AMG Pantheon Fund, LLC, Class 3(a),(b),(c),(d)       $ 54,031,297  
-   Carlyle AlpInvest Private Markets Fund(a),(b),(c),(d),(e)       45,000,000  
             
6,965,904   Cascade Private Capital Class I         154,294,775  
9,083,243   Partners Group Private Equity Fund, LLC – Class I(a),(b),(c),(d),(e)         19,732,437  
-   Pathway Select Fund LP, Series A(b),(c),(d),(e)         33,957,367  
-   Pathway Select Fund LP, Series 2025 (a),(b),(c),(d),(e)         23,151,003  
-   Pathway Select Fund, LP – 2026(a),(b),(c),(d),(e)         26,878,776  
542,082   Stepstone Private Venture and Growth Fund(b),(c)         37,517,508  
              374,563,163  
    PRIVATE CREDIT – 32.3%      
6,501,687   AMG Pantheon Credit Solutions Fund Class S        68,722,829  
-   Antares Loan Funding I Ltd.(b),(c),(d),(e)         20,953,000  
980,048   Apollo Asset Back Credit Company, LLC(b),(c)         24,758,367  
-   Ares Private Credit Fund C-1 Holdco, LLC - Series (b),(c),(d),(e)         7,890,723  
2,137,486   Blue Owl Alternative Credit Fund, Class I(a)         21,332,105  
5,144,892   Cliffwater Corporate Lending Fund         53,867,015  
3,572,375   Cliffwater Enhanced Lending Fund, Class I         39,081,781  
-   South Cove Funding LLC(b),(c),(d),(e)           10,236,722  
-   Kohlberg Credit CLO 2025-1, LLC(b),(c),(d),(e)         20,225,045  
-   Metropolitan Levered Partners Fund 2025 LP(b),(c),(d),(e)         5,316,438  
-   NXT Capital Structured Note I(b),(c),(d),(e)           14,007,170  
5,179,223   Oaktree Asset-Backed Income Fund, Class I(a)            53,345,999  
-   TPG AG Credit Solutions Fund III, LP(b),(c),(d),(e)            14,213,376  
-   Varagon Structured Notes Issuer I, LLC(b),(c),(d),(e)        9,844,581  
916,585   Variant Alternative Income Fund, Class I           23,638,732  
           387,433,883  
    PRIVATE REAL ESTATE – 12.2%      
1,402,695   Apollo Diversified Real Estate Fund, Class I         34,562,399  
2,481,561   Blackstone Real Estate Income Trust, Inc(b),(c)          36,046,164  
3,643,175   Clarion Partners Real Estate Income Fund Class I           41,058,582  
-   Kairos Credit Strategies EB Holdings, LLC(b),(c),(d),(e)           4,000,000  
1,333,739   KKR Real Estate Select Trust Class I           30,515,951  
           146,183,096  
               
    HEDGED EQUITIES AND HEDGE FUNDS- 10.9%        
3,703,902   AQR Diversifying Strategies Fund, Class I(a)           53,891,775  
1,007,263   BlackRock Systematic Multi-Strategy Fund, Institutional Class          10,495,683  
                               
 
 

 

BEACON POINTE MULTI-ALTERNATIVE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2026
 
Shares             Fair Value
    PORTFOLIO INSTRUMENTS – 99.9% (Continued)      
    HEDGED EQUITIES AND HEDGE FUNDS- 10.9% (Continued)        
15,972   Ironwood Institutional Multi-Strategy Fund LLC(a),(b),(c),(d)       $ 21,869,475
1,958,734   JPMorgan Equity Premium Income Fund, Class I         27,363,516
494,800   JPMorgan Hedged Equity 2 Fund, Class I         10,375,952
335,806   JPMorgan Hedged Equity 3 Fund, Class I       7,196,328
             

131,192,729

    REAL ASSETS – 6.6%      
3,988,036   AMG Pantheon Infrastructure Class S               44,865,404
1,197,725   Apollo Infrastructure Co.(a),(b),(c)                         33,766,629
                           78,632,033   
    LIQUIDITY POOL – 6.6%        
741,471   Aristotle Floating Rate Income Fund, Class I         6,843,780
728,966   BlackRock Floating Rate Income Portfolio, Institutional Class         6,793,965
6,989,814   First American Treasury Obligations Fund, Class X, 3.59%(f)         6,989,814
533,114   iShares 1-3 Year Treasury Bond ETF         43,773,990
413,072   Nuveen Floating Rate Income Fund, Class I            7,307,238
746,075   T Rowe Price Institutional Floating Rate Fund, Class I(a)         6,886,272
             

78,595,059

    TOTAL PORTFOLIO INSTRUMENTS (Cost $1,132,215,522)             1,196,599,963
               
    TOTAL INVESTMENTS – 99.9% (Cost $1,132,215,522)     $ 1,196,599,963
    OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%    

1,152,177

    NET ASSETS - 100.0%        

$ 1,197,752,140

           
               
 
                                         

 

 

(a) Non-income producing security.
(b) Illiquid investments. The total fair value of these investments as of June 30, 2026, was $443,396,078, representing 37.0% of net assets.
(c) Restricted investment.
(d) Investment is valued using net asset value (or its equivalent) as a practical expedient. Total value of all such investments as June 30, 2026, amounted to $311,307,410 which represents approximately 26.0% of the net assets of the Fund.
(e) Investment does not issue shares.
(f) Rate disclosed is the seven day effective yield as of June 30, 2026.