SCHEDULE OF INVESTMENTS

The Schedule(s) of Investments is attached herewith.

Ironwood Multi-Strategy Fund LLC

Schedule of Investments – July 31, 2023 (unaudited)

Ironwood Multi-Strategy Fund LLC ⁽¹⁾

	Cost		Fair Value		Percent of Net Assets
Investment in Ironwood Institutional Multi-Strategy Fund LLC	$	2,427,663,796	$	2,434,416,772		100.19%
Other assets, less liabilities			$	(4,639,507)		(0.19%)
Net Assets			$	2,429,777,265		100.00%

⁽¹⁾  Invests substantially all of its assets in Ironwood Institutional Multi-Strategy Fund LLC (the “Master Fund”). The Master Fund’s Schedule of Investments is included below.

Ironwood Institutional Multi-Strategy Fund LLC

Consolidated Schedule of Investments

July 31, 2023

(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		145,479	$	147,000,000	$	185,043,338		3.92	%	9/30/2023		Quarterly (4)
Alphadyne International Fund, Ltd.	7/1/2019		13,489		16,000,000		19,860,954		0.42		9/30/2023		Quarterly (4)
Brevan Howard Alpha Strategies Fund Limited	8/1/2022		1,981,339		219,000,000		222,544,844		4.72		8/31/2023		Monthly (5)
D.E. Shaw Composite International Fund	1/1/2011		n/a		59,280,545		195,041,762		4.13		9/30/2023		Quarterly (5)
D.E. Shaw Lithic International Fund, L.P.	7/1/2022		n/a		85,000,000		81,040,746		1.72		8/31/2023		Monthly
D.E. Shaw Valence International Fund, LP	1/1/2015		n/a		29,586,080		93,957,928		1.99		9/30/2023		Quarterly (6)
Eisler Capital Multi Strategy Fund Ltd	7/1/2021		224,564		230,635,560		269,476,284		5.71		9/30/2023		Quarterly (4)
ExodusPoint Partners International Fund, Ltd.	6/1/2018		150,000		150,000,000		203,297,066		4.31		9/30/2023		Quarterly (7)
Kirkoswald Global Macro Fund Limited	5/1/2021		1,796,875		186,000,000		243,480,235		5.16		9/30/2023		Quarterly (4)
Millennium International, Ltd.	1/1/2011		251,695		194,072,870		419,159,651		8.88		9/30/2023		Quarterly (8)
Point72 Capital International, Ltd.	4/1/2022		2,590,625		325,000,000		355,946,702		7.55		9/30/2023		Quarterly (4)
Two Sigma Absolute Return Cayman Fund, Ltd.	2/1/2016		47,872		76,000,000		95,156,449		2.02		8/31/2023		Monthly
Two Sigma Spectrum Cayman Fund, Ltd.	6/1/2018		5,205		18,442,620		24,444,745		0.52		9/30/2023		Quarterly
Total Relative Value					1,736,017,675		2,408,450,704		51.05
Market Neutral and Hedged Equity:
Coatue Offshore Fund, Ltd.	3/1/2021		132,584		92,000,000		89,572,690		1.90		9/30/2023		Quarterly (4)
D1 Capital Partners Offshore LP	3/13/2020		n/a		153,000,000		231,311,737		4.90		9/30/2023		Quarterly (9)
Dragoneer Global Offshore Feeder II, LP	4/1/2020		n/a		109,951,781		77,503,954		1.64		6/30/2024		Semi-annually (10)
Holocene Advisors Offshore Fund Ltd.	4/1/2017		124,703		128,500,000		214,075,084		4.54		9/30/2023		Quarterly (11)
Ilex Offshore Fund Limited	7/1/2023		50,000		50,000,000		50,415,649		1.07		6/30/2024		Quarterly (4)
Polymer Asia (Cayman) Fund Ltd.	3/1/2022		180,924		181,000,000		183,875,860		3.90		9/30/2023		Quarterly (4)
Suvretta Offshore Fund, Ltd	3/1/2013		2,109		1,041,906		716,329		0.01		n/a		Other (12)
Suvretta Partners, LP*	1/1/2017		n/a		981,056		289,868		0.01		n/a		Other (12)
Tiger Global Crossover (Cayman) L.P.	11/16/2021		n/a		113,000,000		70,770,658		1.50		9/30/2023		Annually (13)
Woodline Offshore Fund Ltd.	8/1/2019		120,672		127,650,000		182,500,754		3.87		9/30/2023		Quarterly (4)
XN Exponent Offshore Fund LP	10/1/2020		n/a		75,160,226		74,813,670		1.59		9/30/2023		Annually (14)
Total Market Neutral and Hedged Equity					1,032,284,969		1,175,846,253		24.93

Ironwood Institutional Multi-Strategy Fund LLC

Consolidated Schedule of Investments (continued)

July 31, 2023

(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	$	401,426,811		8.51	%	12/31/2023	Semi-annually (15)
HG Vora Opportunistic Capital Fund (Cayman) LP	11/14/2019		n/a		15,738,000		29,637,271		0.63		n/a	Other (16)
HG Vora Special Opportunities Fund, LP*	4/1/2017		n/a		66,750,000		98,387,781		2.09		9/30/2023	Quarterly (4)
HG Vora Special Opportunities Fund, Ltd.	7/1/2013		100,677		139,373,412		185,556,097		3.93		9/30/2023	Quarterly (4)
Total Event-Driven					470,517,234		715,007,960		15.16
Distressed and Credit Securities:
Apollo Accord Offshore Fund V, L.P.	6/1/2022		n/a		14,612,756		15,650,728		0.33		n/a	Other (16)
Apollo Offshore Credit Strategies Fund Ltd.	3/1/2022		191,000		191,000,000		202,943,141		4.30		9/30/2023	Annually (17)
Cerberus Global NPL Feeder Fund, LP	1/11/2019		n/a		20,463,480		41,420,454		0.88		n/a	Other (16)
Cerberus Global NPL Fund AIV II S.C.A.**	1/1/2021		n/a		8,101,022		11,965,044		0.25		n/a	Other (16)
Cerberus Global NPL Fund AIV, L.L.C.*	12/3/2019		n/a		1,338,763		586,697		0.01		n/a	Other (16)
Cerberus International II, LP*	1/1/2021		n/a		27,379,088		37,528,333		0.80		n/a	Other (12)
Cerberus International SPV, Ltd.	3/1/2012		23		33,658		50,744		0.00		n/a	Other (12)
Cerberus International, Ltd.***	2/1/2011		0.01		11,509		14,140		0.00		n/a	Other (12)
Total Distressed and Credit Securities					262,940,276		310,159,281		6.57
Total investments in Investment Funds				$	3,501,760,154	$	4,609,464,198		97.71	%

Ironwood Institutional Multi-Strategy Fund LLC

Consolidated Schedule of Investments (continued)

July 31, 2023

(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 5.16%)*(18)				45,648,359	$	45,648,359	$	45,648,359		0.97	%
Goldman Sachs Financial Square Treasury Instruments Fund (yield 5.13%)*(18)				29,778,368		29,778,368		29,778,368		0.63
JPMorgan U.S. Government Money Market Fund (yield 5.12%)*(18)				38,068,335		38,068,335		38,068,335		0.80
Total Short-Term Investments					$	113,495,062	$	113,495,062		2.40	%
Total Investments					$	3,615,255,216	$	4,722,959,260		100.11	%
Other assets, less liabilities								(5,359,926)		(0.11)
Net assets							$	4,717,599,334		100.00	%

Ironwood Institutional Multi-Strategy Fund LLC

Consolidated Schedule of Investments (continued)

July 31, 2023

(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 July 31, 2023 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 32% 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 68% of this investment is invested in private investments, which do not have set redemption timeframes.

⁽¹⁰⁾  Approximately 87% of this investment is available for redemption semi-annually, subject to a 16.67% investor level gate. The remaining 13% of this investment is invested in private investments, which do not have set redemption timeframes.

⁽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.

Ironwood Institutional Multi-Strategy Fund LLC

Consolidated Schedule of Investments (continued)

July 31, 2023

(Unaudited)

⁽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 64% of this investment is available for redemption annually, subject to a 25% investor level gate. The remaining 36% of this investment is invested in private investments, which do not have set redemption timeframes.

⁽¹⁴⁾  Approximately 61% of this investment is available for redemption annually, subject to a 25% investor level gate. The remaining 39% 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 July 31, 2023.

NOTES TO SCHEDULE OF INVESTMENTS

Fair Value of Financial Instruments

Ironwood Multi-Strategy Fund LLC (the “Fund”) invests substantially all of its assets through a master-feeder structure in the Master Fund.

The Fund and the Master Fund are investment companies 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 and the Master Fund follow 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 Master Fund values its investments in investment funds at fair value, which is an amount equal to the sum of the Master 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 Master 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 Master 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 Master Fund’s interest in the investment fund.

The Adviser has designated a committee to oversee the valuation of the Master Fund’s investments (the “Valuation Committee”). The Valuation Committee is comprised of senior personnel, the majority of whom are separate from the Master 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 Master 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 July 31, 2023, 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 July 31, 2023, and are excluded from the fair value hierarchy.

As of July 31, 2023, 0.82% of the Master 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 6.83% of the Master 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 July 31, 2023, the Master Fund had unfunded capital commitments to investment funds of $149,579,388.

The following is a summary of the investment strategies of the investment funds held by the Master Fund as of July 31, 2023.

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.