# EDGAR Filing Document

**Accession Number:** 0001499857
**File Stem:** 0001398344-25-011493
**Filing Date:** 2025-6
**Character Count:** 167652
**Document Hash:** bf54a9d628007f8fdddfc8542816667e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-011493.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001398344-25-011493

**CONFORMED SUBMISSION TYPE**: N-CSR/A

**PUBLIC DOCUMENT COUNT**: 9

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**EFFECTIVENESS DATE**: 20250606

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Morgan Creek Global Equity Long/Short Institutional Fund
- **CENTRAL INDEX KEY:** 0001499857

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22461
- **FILM NUMBER:** 251030025

**BUSINESS ADDRESS:**
- **STREET 1:** 301 WEST BARBEE CHAPEL ROAD
- **STREET 2:** SUITE 200
- **CITY:** CHAPEL HILL
- **STATE:** NC
- **ZIP:** 27517
- **BUSINESS PHONE:** (919)933-4004

**MAIL ADDRESS:**
- **STREET 1:** 301 WEST BARBEE CHAPEL ROAD
- **STREET 2:** SUITE 200
- **CITY:** CHAPEL HILL
- **STATE:** NC
- **ZIP:** 27517

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22461

_________________________________________

Morgan Creek Global Equity Long/Short Institutional Fund

______________________________________________________________________________

(Exact name of registrant as specified in charter)

301 West Barbee Chapel Road, Suite 200, Chapel Hill, NC 27517

__________________________________________________________________________

(Address of principal executive offices)(Zip code)

Corporation Service Company

2711 Centerville Road Suite 400

Wilmington, Delaware 19808

(Name and Address of Agent for Service)<br>Mark Vannoy, Treasurer<br> Morgan Creek Capital Management, LLC<br> 301 West Barbee Chapel Road<br> Chapel Hill, North Carolina 27517<br>

Registrant's telephone number, including area code: (919) 933-4004

Date of fiscal year end: March 31

Date of reporting period: March 31, 2025

The purpose of this amended N-CSR filing is to correct the prior N-CSR filing, which unintentionally omitted: (i) the statement regarding the basis for the approval of the investment advisory contract (Item 11); and (ii) the signature dates on the N-CSR (Instructions).

**<u>Item 1. Report to Stockholders.</u>**

(a) ![](fp0093152-2_i.jpg)

![](fp0093152-2_ia.jpg)

Annual Report

To Shareholders

For the Year Ended March 31, 2025

Morgan Creek Global Equity Long/Short Institutional Fund

---

| |
|:---|
| Morgan Creek Global Equity Long/Short Institutional Fund <br>(A Delaware Statutory Trust) |
| Annual Report to Shareholders |
| For the Year Ended March 31, 2025 |
| Contents |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Letter to Investors (Unaudited)  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund Performance (Unaudited)  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Report of Independent Registered Public Accounting Firm  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of Assets and Liabilities  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Investments  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of Operations  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of Changes in Net Assets  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of Cash Flows  | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board of Trustees (Unaudited)  | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund Management (Unaudited)  | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Information (Unaudited)  | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board Consideration Regarding Approval of Investment Advisory Agreement (Unaudited)  | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Privacy Notice (Unaudited)  | 28 |

---

*Beginning on January 1, 2022, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund's website and you will be notified by mail each time a report is posted and provided with a website link to access the report.* <br>*If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. Shareholders who invest directly with the Fund may elect to receive shareholder reports and other communications from the Fund electronically by calling 833-523-7533 to make such arrangements. For shareholders who invest through a financial intermediary, please contact that financial intermediary directly for information on how to receive shareholder reports and other communications electronically.* <br>*You may elect to receive all future reports in paper free of charge. If you invest directly with the Fund, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 833-523-7533 to make such arrangements. For shareholders who invest through a financial intermediary, please contact that financial intermediary directly to inform them that you wish to continue receiving paper copies of your shareholder reports. If your common shares are held through a financial intermediary, your election to receive reports in paper will apply to all funds held with that financial intermediary.*<br>

Morgan Creek Global Equity Long/Short Institutional Fund

(A Delaware Statutory Trust)

Letter to Investors (Unaudited)

Morgan Creek made the difficult decision to liquidate MCGELSIF (the "Fund") in early 2022 for reasons we believed to be in the best interest of all investors. The asset size of the Fund had decreased to levels where the fixed operating costs of continuing to manage the Fund were difficult to justify, and in light of poor performance at that time, we did not have confidence in our ability to raise sufficient new funds to reduce the expense ratio in a timely fashion. The Fund officially commenced its liquidation after the 2022 fiscal year audit was completed and the first distribution was made in August 2022. The third and most recent distribution related to the Fund's liquidation was made in June 2024 and brought cumulative distributions since the liquidation began to 64.9% of the Fund's July 1, 2022, NAV.

At this stage in the liquidation, the remaining portfolio consists of private holdings, including side pocket positions, and a cash balance to cover projected operating expenses. We are aware of at least twenty-four underlying private positions across the portfolio. Four of these are direct investments, while the rest are held in side pockets created when the Fund sold its interests in some of its underlying hedge fund investments. The private holdings do not have pre-determined liquidity dates. The final tranche of our full redemption in Tiger Global, the Fund's last remaining fund investment, was processed at the end of calendar year 2024.

We are currently aware of a few likely small liquidity events in the private holdings this year and hope to be able to make a fourth distribution once those portfolio holdings are exited. Please note that estimated distribution dates and amounts remain subject to change based on factors outside of our control, such as the timing and amounts received from liquidity events in the remaining private holdings.

For the fiscal year ended March 31, 2025, the Fund lost 12.3%. The Fund's operating expenses were the main driver of negative performance during the period, and we expect them to continue to be a headwind. As of December 2024, the annualized operating expense ratio for the Fund was 11.2%. A complete list of the Fund's expenses is included in this report.

In addition to the Fund's Annual and Semi-Annual reports, Morgan Creek provides more frequent updates in the Fund's quarterly fund liquidation update. Please let us know if you do not receive these updates and would like to. Some of this information about the Fund is posted on Morgan Creek's website and can be found using the following link https://www.morgancreekcap.com/hedge-funds/.

Morgan creek capital management, llc \| annual report to SHAREHOLDERS 1

Morgan Creek Global Equity Long/Short Institutional Fund

(A Delaware Statutory Trust)

Fund Performance (Unaudited)

March 31, 2025

![](fp0093152-2_2.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Year** | **5 Year** | **10 Year** | **Since <br> Inception** | **Inception** |
| **Morgan Creek Global Equity Long/Short Institutional Fund - A - NAV** | -12.26% | -13.68% | -8.09% |  | -4.03% | 4/30/2017 |
| **Morgan Creek Global Equity Long/Short Institutional Fund - A - LOAD** | -12.26% | -13.68% | -8.09% |  | -4.03% | 4/30/2017 |
| *HFRX Equity Hedge Index* | 4.52% | 3.91% | 8.64% | 3.30% | 3.81% | 4/30/2017 |
| *MSCI World Index* | 7.04% | 7.58% | 16.13% | 9.50% | 11.21% | 4/30/2017 |
| **Morgan Creek Global Equity Long/Short Institutional Fund - I - NAV** | -12.26% | -13.68% | -7.78% | -3.82% | 0.37% | 9/30/2011 |
| **Morgan Creek Global Equity Long/Short Institutional Fund - I - LOAD** | -12.26% | -13.68% | -7.78% | -3.82% | 0.37% | 9/30/2011 |
| *HFRX Equity Hedge Index* | 4.52% | 3.91% | 8.64% | 3.30% | 3.81% | 9/30/2011 |
| *MSCI World Index* | 7.04% | 7.58% | 16.13% | 9.50% | 11.21% | 9/30/2011 |

---

Morgan creek capital management, llc \| annual report to SHAREHOLDERS 2

Morgan Creek Global Equity Long/Short Institutional Fund

(A Delaware Statutory Trust)

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of<br> Morgan Creek Global Equity Long/Short Institutional Fund

**Opinion on the financial statements**

We have audited the accompanying statement of assets and liabilities of Morgan Creek Global Equity Long/Short Institutional Fund (the "Fund"), including the schedule of investments, as of March 31, 2025, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2025, the results of its operations and its cash flows for the year then ended, and the changes in net assets for each of the two years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Fund's financial statements (not presented herein) and financial highlights as of and for the years ended March 31, 2022 and 2021 were audited by other auditors. Those auditors expressed an unqualified opinion on those financial statements and financial highlights in their report dated May 27, 2022.

**Basis for opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of investments owned as of March 31 2025, by correspondence with the custodian and underlying fund managers, or by other appropriate auditing procedures where replies were not received. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

/s/ GRANT THORNTON LLP

We have served as the Fund's auditor since 2023.

Iselin, New Jersey<br> May 30, 2025

morgan creek capital management, llc \| annual report to SHAREHOLDERS 3

Morgan Creek Global Equity Long/Short Institutional Fund

(A Delaware Statutory Trust)

Statement of Assets and Liabilities

March 31, 2025 (in U.S. Dollars)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in Portfolio Funds, at fair value (Cost, $3,555,267)  | $2143207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents  | 1324422 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for securities sold  | 1607 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receivable  | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets  | $3469247 |
| &nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities  | $41178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees payable  | 8112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees payable  | 2079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit & legal fees payable  | 1069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities  | 52438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets  | $3416809 |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital  | $12202775 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable accumulated deficit  | (8785966) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets  | $3416809 |
| &nbsp;&nbsp;&nbsp;&nbsp;**PRICING OF SHARES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class I** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value per Share: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3,348,033 / 7,042.04 Shares issued and outstanding, par value $0.01 per share, unlimited Shares authorized  | $475.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value per Share: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$68,776 / 164.45 Shares issued and outstanding, par value $0.01 per share, unlimited Shares authorized  | $418.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales Charge Class A (Load)  | 3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Class A Share  | $430.78 |

---

*The accompanying notes are an integral part of these financial statements and should be read in conjunction therewith.*

Morgan creek capital management, llc \| annual report to SHAREHOLDERS 4

Morgan Creek Global Equity Long/Short Institutional Fund

(A Delaware Statutory Trust)

Schedule of Investments

March 31, 2025 (in U.S. Dollars)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Cost** | **Fair Value** | **Percent <br> of Net <br> Assets** | **Domicile** | **Liquidity<sup>(1),(2)</sup>** | **Next <br> Available <br> Redemption <br> Date<sup>(3)</sup>** | **Initial <br> Acquisition <br> Date** |
| **Investments in Portfolio Funds** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Asia** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private Investors III, LLC  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,720 shares<sup>(4)</sup>  | $1674354 | $928484 | 27.18% | United States | 0-5 Years | N/A | 11/19/2014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teng Yue Partners Offshore Fund, L.P.  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 shares<sup>(4)(5)</sup>  | 18434 | 49118 | 1.44 | Cayman Islands | Illiquid | N/A | 10/1/2015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Asia** | 1692788 | 977602 | 28.62 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Emerging Markets** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Century Holdings XI, L.P.  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,174 shares<sup>(4)</sup>  | 22898 | 27325 | 0.80 | Cayman Islands | Illiquid | N/A | 10/2/2017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payara Fund III, L.P. |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,000 shares<sup>(4)</sup>  | 274500 | 161043 | 4.71 | United States | 0-5 Years | N/A | 7/15/2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Emerging Markets** | 297398 | 188368 | 5.51 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Technology** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carmenta Opportunities Fund, L.P.  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,000 shares<sup>(4)</sup>  | 88000 | 65750 | 1.92 | United States | 0-5 Years | N/A | 7/15/2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flight Deck Offshore Fund, L.P.  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 shares<sup>(4)</sup>  | 153715 | 72832 | 2.13 | United States | Illiquid | N/A | 5/1/2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MLO Private Investment, Ltd.  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 shares, Series 01<sup>(4)</sup>  | 68358 | 107676 | 3.15 | Cayman Islands | Illiquid | N/A | 10/2/2017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paulson Investment Company I, L.P.  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596 shares<sup>(4)</sup>  | 595670 | 223897 | 6.55 | United States | 0-5 Years | N/A | 6/30/2021 |

---

*The accompanying notes are an integral part of these financial statements and should be read in conjunction therewith.*

Morgan creek capital management, llc \| annual report to SHAREHOLDERS 5

Morgan Creek Global Equity Long/Short Institutional Fund

(A Delaware Statutory Trust)

Schedule of Investments (continued)<br> March 31, 2025 (in U.S. Dollars)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments**  | **Cost** | **Fair Value** | **Percent <br> of Net <br> Assets** | **Domicile** | **Liquidity<sup>(1),(2)</sup>** | **Next <br> Available <br> Redemption <br> Date<sup>(3)</sup>** | **Initial <br> Acquisition <br> Date** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tiger Global Liquidating Account  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 shares<sup>(4)</sup>  | $148540 | $172638 | 5.06% | United States | Illiquid | N/A | 12/31/2022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tiger Global, Liquidating Account |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 shares<sup>(4)</sup>  | 78614 | 86911 | 2.54 | United States | Illiquid | N/A | 12/31/2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Technology** | 1132897 | 729704 | 21.35 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Value Long/Short** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Falcon Edge Global, Ltd  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 shares, Series S<sup>(4)</sup>  | 338791 | 227647 | 6.67 | Cayman Islands | Illiquid | N/A | 4/3/2017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Falcon Edge Global, Ltd  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 shares, Series Standard Share Partners<sup>(4)</sup>  | 93393 | 19886 | 0.58 | Cayman Islands | Illiquid | N/A | 10/3/2016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Value Long/Short** | 432184 | 247533 | 7.25 |  |  |  |  |
| **Total Investments in Portfolio Funds** | $3555267 | $2143207 | 62.73% |  |  |  |  |
| **TOTAL INVESTMENTS** | $**3555267** | $**2143207** | **62.73%** |  |  |  |  |
| Cash and cash equivalents<sup>(6)</sup>  |  | $1324422 | 38.76% |  |  |  |  |
| Other Assets, less Liabilities  |  | $(50820) | (1.49)% |  |  |  |  |
| **Total Net Assets**  |  | $**3416809** | **100.00%** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Available frequency of redemptions after initial lock-up period, if any. Different tranches may have different liquidity terms.

&nbsp;&nbsp;&nbsp;&nbsp;(2) 0-5 Years - Portfolio Funds will periodically redeem depending on cash availability.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Investments in Portfolio Funds may be composed of multiple tranches. The Next Available Redemption Date relates to the earliest date after March 31, 2025 that redemption from a tranche is available. Other tranches may have an available redemption date that is after the Next Available Redemption Date. Redemptions from Portfolio Funds may be subject to fees.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Although the Portfolio Fund has monthly, quarterly, or annual redemption rights, there are various gates, holdbacks, and/or side pockets imposed by the manager of the Portfolio Fund, which prevent the Fund from being able to redeem its entire position at the next available redemption date.

&nbsp;&nbsp;&nbsp;&nbsp;(6) As of March 31, 2025 cash and cash equivalents consisted of UMB interest bearing deposit account with a yield of 0.01%.

*The accompanying notes are an integral part of these financial statements and should be read in conjunction therewith.*

Morgan creek capital management, llc \| annual report to SHAREHOLDERS 6

Morgan Creek Global Equity Long/Short Institutional Fund

(A Delaware Statutory Trust)

Schedule of Investments (continued)<br> March 31, 2025 (in U.S. Dollars)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset at Fair Values as of March 31, 2025** | **Asset at Fair Values as of March 31, 2025** | **Asset at Fair Values as of March 31, 2025** | **Asset at Fair Values as of March 31, 2025** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;**Total Investments** | $**—** | $**—** | $**—** | $**—** |
| **Total Investments in Portfolio Funds Measured at NAV** |  |  |  | 2143207 |

---

*The accompanying notes are an integral part of these financial statements and should be read in conjunction therewith.*

Morgan creek capital management, llc \| annual report to SHAREHOLDERS 7

Morgan Creek Global Equity Long/Short Institutional Fund

(A Delaware Statutory Trust)

Statement of Operations

For the Period Ended March 31, 2025 (in U.S. Dollars)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Investment income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income  | $617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income  | 617 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration fee  | 135704 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees  | 94173 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees  | 65000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees  | 55000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees  | 17919 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees  | 34929 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees  | 13300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing expenses  | 9371 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses  | 13886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses  | 439282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Loss  | (438665) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Realized and unrealized gain (loss) from investments in Portfolio Funds** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain from investments in Portfolio Funds  | 515975 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments in Portfolio Funds  | (554763) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized loss from investments in Portfolio Funds  | (38788) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Decrease in Net Assets Resulting from Operations  | $(477453) |

---

*The accompanying notes are an integral part of these financial statements and should be read in conjunction therewith.*

Morgan creek capital management, llc \| annual report to SHAREHOLDERS 8

Morgan Creek Global Equity Long/Short Institutional Fund

(A Delaware Statutory Trust)

Statement of Changes in Net Assets

(in U.S. Dollars)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**For the Year Ended March 31, 2025** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET DECREASE IN NET ASSETS FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment loss  | $(438665) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments in Portfolio Funds  | 515975 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments in Portfolio Funds  | (554763) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations  | (477453) |
| &nbsp;&nbsp;&nbsp;&nbsp;**CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions - Class I  | (979871) |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions - Class A  | (20129) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets from capital share transactions  | (1000000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Decrease in Net Assets  | (1477453) |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year  | 4894262 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year  | $3416809 |

---

*The accompanying notes are an integral part of these financial statements and should be read in conjunction therewith.*

Morgan creek capital management, llc \| annual report to SHAREHOLDERS 9

Morgan Creek Global Equity Long/Short Institutional Fund

(A Delaware Statutory Trust)

Statement of Changes in Net Assets (continued)<br> (in U.S. Dollars)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**For the Year Ended March 31, 2024**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET DECREASE IN NET ASSETS FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment loss  | $(536582) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments in Portfolio Funds and Securities  | 853733 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments in Portfolio Funds  | (964494) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations  | (647343) |
| &nbsp;&nbsp;&nbsp;&nbsp;**CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions - Class I  | (1469807) |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions - Class A  | (30193) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets from capital share transactions  | (1500000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Decrease in Net Assets  | (2147343) |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year  | $7041605 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year  | $4894262 |

---

*The accompanying notes are an integral part of these financial statements and should be read in conjunction therewith.*

Morgan creek capital management, llc \| annual report to SHAREHOLDERS 10

Morgan Creek Global Equity Long/Short Institutional Fund

(A Delaware Statutory Trust)

Statement of Cash Flows

For the Period Ended March 31, 2025 (in U.S. Dollars)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**CASH FLOWS FROM OPERATING ACTIVITIES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations  | $(477453) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contributions to Portfolio Funds  | (13270) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposition of investments in Portfolio Funds  | 913943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain from investments in Portfolio Funds  | (515975) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation)/depreciation on investments in Portfolio Funds  | 554763 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase)/Decrease in assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase/(Decrease) in liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax Services Expense Payable  | (13225) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration Fees Payable  | (22415) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer Agent Fees payable  | (15751) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees payable  | (3720) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit and legal fees payable  | (769) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities  | (11999) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities  | 394133 |
| &nbsp;&nbsp;&nbsp;&nbsp;**CASH FLOWS FROM FINANCING ACTIVITIES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions – Class I  | (979871) |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions – Class A  | (20129) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities  | (1000000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in cash and cash equivalents  | (605867) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cash and cash equivalents** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year  | $1930289 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year  | $1324422 |
| &nbsp;&nbsp;&nbsp;&nbsp;**SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash sale of investments in Portfolio Funds | $83863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash receipt from Portfolio Funds for interest in Portfolio Funds | $(83863) |

---

*The accompanying notes are an integral part of these financial statements and should be read in conjunction therewith.*

Morgan creek capital management, llc \| annual report to SHAREHOLDERS 11

Morgan Creek Global Equity Long/Short Institutional Fund

(A Delaware Statutory Trust)

Notes to Financial Statements

March 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;**1.** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Organization and Nature of Business** 

Morgan Creek Global Equity Long/Short Institutional Fund (the "Fund") was organized under the laws of the State of Delaware as a statutory trust on August 16, 2010. The Fund commenced operations on October 3, 2011 ("Commencement of Operations") and operates pursuant to the Agreement and Declaration of Trust (the "Trust Instrument"). The Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a closed-end, non-diversified management investment company. While non-diversified for 1940 Act purposes, the Fund intends to comply with the diversification requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), as such requirements are described in more detail below.

The Fund is structured as a regulated investment company and its investment objective is to generate greater long-term returns when compared to traditional equity market benchmarks, while exhibiting a lower level of volatility and a modest degree of correlation to these markets. The Fund seeks to achieve this objective primarily by investing in private funds and other pooled investment vehicles (collectively, the "Portfolio Funds"), and exchange traded funds, common stocks (including selling common stocks short), purchased options, and preferred stock, (collectively, the "Securities") that are not expected to be highly correlated to each other or with traditional equity markets over a long-term time horizon. The Fund normally invests 80% of its assets in Portfolio Funds that will primarily engage in long/short equity strategies and equity securities that augment these strategies. Under normal circumstances, 80% or more of the investment portfolios of the Portfolio Funds on an aggregate basis will consist of equity securities and 40% or more of the investment portfolios of the Portfolio Funds on an aggregate basis will be non-U.S. securities. The Portfolio Funds are managed by third-party investment managers (the "Managers") selected by the investment adviser, with the intention of adding additional Portfolio Funds as the need to diversify among additional Portfolio Funds increases. The Advisor (as defined below) pursuant to a "Hybrid Model" augments the core Portfolio Fund holdings of the Fund with direct investments in equity securities that are consistent with the investment ideas of the Managers (as defined below).

Morgan Creek Capital Management, LLC (the "Advisor"), a North Carolina limited liability company registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), serves as the Fund's investment adviser. The Advisor is responsible for providing day-to-day investment management services to the Fund, subject to the oversight of the Fund's Board of Trustees (the "Board" or each separately a "Trustee").

The Board has overall responsibility for overseeing the Fund's investment program and its management and operations. Two of the four Trustees are "Independent Trustees" who are not "interested persons" (as defined by the 1940 Act) of the Fund.

Investors in the Fund ("Shareholders") are governed by the Trust Instrument and bound by its terms and conditions. The security purchased by a Shareholder is a beneficial interest (a "Share") in the Fund. All Shares shall be fully paid and are non-assessable. Shareholders shall have no preemptive or other rights to subscribe for any additional Shares. The Fund offers and sells two separate classes of Shares designated as Class A ("Class A Shares") and Class I ("Class I Shares"). Class A Shares and Class I Shares are subject to different fees and expenses. Class A Shares are offered to investors subject to an initial sales charge. Class I Shares are not subject to an initial sales charge and have lower ongoing expenses than Class A Shares. All shares issued prior to April 1, 2016 have been designated as Class I Shares in terms of rights accorded and expenses borne.

Investments in the Fund generally may be made only by U.S. persons who are "accredited investors" within the meaning of Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended and "qualified clients" within the meaning of Rule 205-3 promulgated under the Advisers Act. The Fund may decline to accept any investment in its

Morgan creek capital management, llc \| annual report to SHAREHOLDERS 12

Morgan Creek Global Equity Long/Short Institutional Fund

(A Delaware Statutory Trust)

Notes to Financial Statements (continued) <br> March 31, 2025

discretion. The Board (or its designated agent) may admit Shareholders to the Fund from time to time upon the execution by a prospective investor of the appropriate documentation. Shares will be issued at the current net asset value ("NAV") per Share of the class plus an initial sales charge for Class A Shares.

The Board, from time to time and in its sole discretion, may determine to cause the Fund to offer to repurchase Shares from Shareholders pursuant to written tenders by Shareholders. The Advisor anticipates that it will recommend to the Board to cause the Fund to conduct repurchase offers on a quarterly basis in order to permit the Fund to conduct repurchase offers for Shares. However, there are no assurances that the Board will, in fact, decide to undertake any repurchase offer. The Fund will make repurchase offers, if any, to all Shareholders, on the same terms, which may affect the size of the Fund's repurchase offers. A Shareholder may determine, however, not to participate in a particular repurchase offer or may determine to participate to a limited degree, which will affect the liquidity of the investment of any investor in the Fund. In the event of a tender for redemption, the Fund, subject to the terms of the Trust Instrument and the Fund's ability to liquidate sufficient Fund investments in an orderly fashion determined by the Board to be fair and reasonable to the Fund and all of the Shareholders, shall pay to such redeeming Shareholder within 90 days the proceeds of such redemption, provided that such proceeds may be paid in cash, by means of in-kind distribution of Fund investments, or as a combination of cash and in-kind distribution of Fund investments. Shares will be redeemed at the current NAV per Share of the class.

On February 25, 2022 the Board decided it was in the best interest of the Fund and its Shareholders to liquidate the Fund as of May 31, 2022. The Board approved a Plan of Liquidation (the "Plan"), which provides for the liquidation of the Fund, the pro rata distribution of the assets of the Fund to its shareholders and the closing of Fund shareholder accounts. As such all tender offers and sales were suspended effective April 1, 2022.

Under the Liquidation Plan, the Fund will make pro-rata distributions to Shareholders as the Underlying Portfolio Funds are liquidated. The Fund anticipates that the liquidation could take several years.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Summary of Significant Accounting Policies** 

**Basis for Accounting** 

The accompanying financial statements of the Fund are prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and in accordance with Accounting Standards Codification ("ASC") as set forth by the Financial Accounting Standards Board ("FASB"). The Fund maintains its financial records in U.S. dollars and follows the accrual basis of accounting. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Management has determined that the Fund is an investment company in accordance with FASB ASC 946 "Investment Companies" for the purpose of financial reporting.

**Investment in the Fund** 

The Fund is offered on a continuous basis through Morgan Creek Capital Distributors, LLC (the "Distributor"), an affiliate of the Advisor. The initial closing date for the public offering of Class I Shares was October 3, 2011. Class I Shares were offered at an initial offering price of $1,000 per Share, and have been offered in a continuous monthly offering thereafter at the Class I Shares' then current NAV per Share. The initial closing date for the public offering of Class A Shares was April 1, 2017. Class A Shares were offered at an initial offering price of $1,000 per Share, and have been offered in a continuous monthly offering

Morgan creek capital management, llc \| annual report to SHAREHOLDERS 13

Morgan Creek Global Equity Long/Short Institutional Fund

(A Delaware Statutory Trust)

Notes to Financial Statements (continued) <br> March 31, 2025

thereafter at the Class A Shares' then current NAV per Share. The Distributor may enter into selected dealer arrangements with various brokers, dealers, banks and other financial intermediaries ("Selling Agents"), which have agreed to participate in the distribution of the Fund's Shares.

**Valuation of Portfolio Funds** 

The Fund carries its investments in Portfolio Funds at fair value in accordance with FASB ASC 820 "Fair Value Measurements and Disclosures" ("ASC 820") which clarifies the definition of fair value for financial reporting, establishes a hierarchal disclosure framework for measuring fair value and requires additional disclosures about the use of fair value measure.

The NAV of the Fund is determined as of the close of business at the end of any fiscal period, generally monthly, in accordance with the valuation principles described below, or as may be determined from time to time pursuant to policies established by the Advisor. The Fund's NAV is calculated by the Fund's administrator.

The Board has ultimate responsibility for valuation but has delegated the process of valuing securities for which market quotations are not readily available to the Valuation Committee (the "Committee"). The Committee is responsible for monitoring the Fund's valuation policies and procedures (which have been adopted by the Board and are subject to Board oversight), making recommendations to the Board on valuation-related matters and ensuring the implementation of the valuation procedures used by the Fund to value securities, including the fair value of the Fund's investments in Portfolio Funds. These procedures shall be reviewed by the Board no less frequently than annually. Any revisions to these procedures that are deemed necessary shall be reported to the Board at its next regularly scheduled meeting.

*Investments in Portfolio Funds held by the Fund are valued as follows:* 

The Fund measures the fair value of an investment that does not have a readily determinable fair value, based on the NAV of the investment as a practical expedient, without further adjustment, unless it is probable that the investment will be sold at a value significantly different than the NAV in accordance with ASC 820. If the practical expedient NAV is not as of the reporting entity's measurement date, then the NAV is 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 the fair value of the investment, are considered in measuring fair value. Attributes of those investments include the investment strategies of the investees and may also include, but are not limited to, restrictions on the investor's ability to redeem its investments at the measurement date. 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 Fund's measurement date as the fair value of the investments. Investments in Portfolio Funds are subject to the terms of the Portfolio Funds' offering and governing documents. Valuations of the Portfolio Funds may be subject to estimates and are net of management and performance incentive fees or allocations payable to the Portfolio Funds as required by the Portfolio Funds' operating documents.

The Advisor's rationale for the above approach derives from the reliance it places on its initial and ongoing due diligence, which understands the respective controls and processes around determining the NAV with the Managers of the Portfolio Funds. The Advisor has designed an ongoing due diligence process with respect to the Portfolio Funds and their Managers, which assists the Advisor in assessing the quality of information provided by, or on behalf of, each Portfolio Fund and in determining whether such information continues to be reliable or whether further investigation is necessary.

Where no value is readily available from a Portfolio Fund or Securities or where a value supplied by a Portfolio Fund or pricing service for a security is deemed by the Advisor not to be indicative of its fair value, the Advisor will determine, in good faith, the fair value of the Portfolio Fund or Securities subject to the approval of the Board and pursuant to procedures

Morgan creek capital management, llc \| annual report to SHAREHOLDERS 14

Morgan Creek Global Equity Long/Short Institutional Fund

(A Delaware Statutory Trust)

Notes to Financial Statements (continued) <br> March 31, 2025

adopted by the Board and subject to the Board's oversight. The Advisor values the Fund's assets based on such reasonably available relevant information as it considers material. Because of the inherent uncertainty of valuation, the fair values of the Fund's Portfolio Funds may differ significantly from the values that would have been used had a ready market for the Portfolio Funds held by the Fund been available.

**Cash and Cash Equivalents** 

Cash and cash equivalents include cash and time deposits with an original maturity of 90 days or less, and are carried at cost, which approximates fair value. The Fund considers all highly liquid short-term investments, with maturities of ninety days or less when purchased, as cash equivalents. As of March 31, 2025, the Fund held $1,324,422 of cash equivalents in UMB interest bearing deposit account.

**Income and Operating Expenses** 

The Fund bears its own expenses including, but not limited to, legal, accounting (including third-party accounting services), auditing and other professional expenses, offering costs, administration expenses and custody expenses. Interest income and interest expense are recorded on an accrual basis. Dividend income on Portfolio Funds and Securities and dividend expense on securities sold short is recorded on the ex-dividend date and net of foreign withholding taxes. Operating expenses are recorded as incurred.

**Recognition of Gains and Losses** 

Change in unrealized appreciation/depreciation from each Portfolio Fund and Security is included in the Statement of Operations as net change in unrealized appreciation/depreciation on investments.

Investment transactions in Portfolio Funds and Securities are recorded on a trade date basis. Any proceeds received from Portfolio Fund redemptions and Security sales that are in excess of the Portfolio Fund's or Security's cost basis are classified as net realized gain from investments on the Statement of Operations. Any proceeds received from Portfolio Fund redemptions and Security sales that are less than the Portfolio Fund's or Security's cost basis are classified as net realized loss from investments on the Statement of Operations. Realized gains and losses from investments in Portfolio Funds and Securities are calculated based on the specific identification method. The Fund does not isolate that portion of the results of operations arising from the effect of changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of investments held. Those fluctuations are included in net realized and unrealized gain or loss from investments in the Statement of Operations.

**Class Allocations and Expenses** 

Investment income, unrealized and realized gains and losses, common expenses of the Fund, and certain Fund-level expense reductions, if any, are allocated monthly on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Taxation** 

The Fund intends to continue to comply with the requirements of Subchapter M of the Code applicable to regulated investment companies ("RICs") and to distribute substantially all of its taxable income to its Shareholders. Therefore, no provision for federal income taxes is required. The Fund files tax returns with the U.S. Internal Revenue Service and various states. The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on a Portfolio Fund's

Morgan creek capital management, llc \| annual report to SHAREHOLDERS 15

Morgan Creek Global Equity Long/Short Institutional Fund

(A Delaware Statutory Trust)

Notes to Financial Statements (continued) <br> March 31, 2025

or Security's income earned or gains realized or repatriated. Taxes are accrued and applied to net investment income, net realized capital gains and net unrealized appreciation, as applicable, as the income is earned or capital gains are recorded. The Fund has concluded there are no significant uncertain tax positions that would require recognition in the financial statements as of March 31, 2025. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of Operations. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund's major tax jurisdictions are the United States, the State of Delaware, and the State of North Carolina. As of March 31, 2025, the tax years 2021 to 2024 remain subject to examination.

As of March 31, 2025, the cost and related gross unrealized appreciation and depreciation for tax purposes were as follows

---

| | |
|:---|:---|
| Cost of investments for tax purposes | $3450463 |
| Gross tax unrealized appreciation | $211626 |
| Gross tax unrealized depreciation | $(1518882) |
| Net appreciation on foreign currency | $180 |
| Net tax unrealized depreciation on investments | $(1307076) |

---

**Distribution of Income and Gains** 

The Fund declares and pays dividends annually from its net investment income. Net realized gains, if any, are distributed at least annually. Distributions from net realized gains for book purposes may include short-term capital gains, which are included as ordinary income for tax purposes.

The Fund generally invests its assets in Portfolio Funds organized outside the United States that are treated as corporations for U.S. tax purposes and are expected to be classified as passive foreign investment companies ("PFICs"). As such, the Fund expects that its distributions generally will be taxable as ordinary income to the Shareholders.

Pursuant to the dividend reinvestment plan established by the Fund (the "DRIP"), each Shareholder whose shares are registered in its own name will automatically be a participant under the DRIP and have all income, dividends and capital gains distributions automatically reinvested in additional Shares.

There were no distributions paid during the year ended March 31, 2025 or the year ended March 31, 2024.

Permanent differences primarily due to net operating losses resulted in the following reclassifications among the Fund's components of net assets as of March 31, 2025:

---

| | |
|:---|:---|
| Accumulated net investment loss  | $— |
| Accumulated net realized gain from investments  | $337325 |
| Paid-in Capital  | $(337325) |

---

As of March 31, 2025, the components of distributable accumulated deficit on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income  | $— |
| Accumulated capital gains/(losses)  | (7478890) |
| Other cumulative effect of timing differences  |  |
| Unrealized appreciation/(depreciation)  | (1307076) |
| Total distributable accumulated deficit  | $(8785966) |

---

Morgan creek capital management, llc \| annual report to SHAREHOLDERS 16

Morgan Creek Global Equity Long/Short Institutional Fund

(A Delaware Statutory Trust)

Notes to Financial Statements (continued) <br> March 31, 2025

As of March 31, 2025, capital loss carryforwards available for federal income tax purposes were $3,525,788 for short-term losses and $3,953,102 for long-term losses. These amounts have no expiration but can only be utilized in the event the Fund incurs taxable income in future periods.

Temporary differences are primarily due to differing book and tax treatments of passive foreign investments companies, wash sale and partnerships.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fair Value of Financial Instruments** 

In accordance with ASC 820, the Fund discloses the fair value of its investments in Portfolio Funds and Securities in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The guidance establishes three levels of the fair value hierarchy as follows:

Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the measurement date;

Level 2 - Other significant observable inputs; and

Level 3 - Other significant unobservable inputs.

Inputs broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. The Advisor generally uses the NAV per share of the investment (or its equivalent) reported by the Portfolio Fund as the primary input to its valuation; however, adjustments to the reported amount may be made based on various factors.

A Security's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Advisor. The Advisor considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by multiple, independent sources that are actively involved in the relevant market.

The Advisor's belief of the most meaningful presentation of the strategy classification of the Portfolio Funds and Securities is as reflected on the Schedule of Investments.

Portfolio Funds are generally funds whose shares are issued pursuant to an exemption from registration under the 1940 Act or are issued offshore. The frequency of such subscription or redemption options offered to investors is dictated by such fund's governing documents. The amount of liquidity provided to investors in a particular Portfolio Fund is generally consistent with the liquidity and risk associated with the Portfolio Funds (i.e., the more liquid the investments in the portfolio, the greater the liquidity provided to the investors).

Liquidity of individual funds varies based on various factors and may include "gates," "holdbacks," and "side pockets" (defined in the Fund's prospectus) imposed by the manager of the fund, as well as redemption fees which may also apply. These items have been identified as illiquid or 0 - 5 years on the Schedule of Investments.

Assumptions used by the Advisor due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations.

Morgan creek capital management, llc \| annual report to SHAREHOLDERS 17

Morgan Creek Global Equity Long/Short Institutional Fund

(A Delaware Statutory Trust)

Notes to Financial Statements (continued) <br> March 31, 2025

As of March 31, 2025, the Fund held Investments in Portfolio Funds with a fair value of $2,143,207 that in accordance with ASU 2015-07, are excluded from the fair value hierarchy and measured at NAV.

There were no changes in valuation technique and no transfers between the levels of the fair value hierarchy during the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investments in Portfolio Funds and Securities** 

The Fund has the ability to liquidate its investments in Portfolio Funds periodically, ranging from monthly to every five years, depending on the provisions of the respective Portfolio Funds' operating agreements. As of March 31, 2025, the Fund was invested in fourteen Portfolio Funds. All Portfolio Funds in which the Fund invested are individually identified on the Schedule of Investments. These Portfolio Funds may invest in U.S. and non-U.S. equities and equity-related instruments, fixed income securities, currencies, futures, forward contracts, swaps, commodities, other derivatives, and other financial instruments.

The Managers of substantially all Portfolio Funds receive an annual management fee from 1% to 2% of the respective Portfolio Fund's NAV. Management of the Portfolio Funds also receive performance allocations from 15% to 20% of the Fund's net profit from its investments in the respective Portfolio Funds, subject to any applicable loss carryforward provisions, as defined by the respective Portfolio Funds' operating agreements.

For the year ended March 31, 2025, there were no purchases and aggregate proceeds from sales of investments in Portfolio Funds and Securities were $739,714.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering of Shares** 

The Fund's Share activities for the year ended March 31, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Balance as of <br> April 1, 2024** | **Subscriptions** | **Redemptions** | **Distributions <br> Reinvested** | **Balance as of <br> March 31, 2025** |
| Class I  | 8850.35 |  | (1808.31) |  | 7042.04 |
| Class A  | 206.67 |  | (42.22) |  | 164.45 |

---

The Fund's Share activities for the year ended March 31, 2024 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Balance as of <br> April 1, 2023** | **Subscriptions** | **Redemptions** | **Distributions <br> Reinvested** | **Balance as of <br> March 31, 2024** |
| Class I  | 11245.97 |  | (2395.62) |  | 8850.35 |
| Class A  | 262.62 |  | (55.95) |  | 206.67 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**6.** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Management Fee, Related Party Transactions and Other** 

The Fund bears all of the expenses of its own operations, including, but not limited to, the investment management fee for the Fund payable to the Advisor, and administration fees, custody fees, and transfer agent fees.

Morgan creek capital management, llc \| annual report to SHAREHOLDERS 18

Morgan Creek Global Equity Long/Short Institutional Fund

(A Delaware Statutory Trust)

Notes to Financial Statements (continued) <br> March 31, 2025

In consideration for its advisory and other services, the Advisor shall receive a quarterly management fee, payable quarterly in arrears based on the NAV of the Fund as of the last business day of such quarter, prior to any quarter-end redemptions, in an amount equal to an annual rate of 1.00% of the Fund's NAV. The Fund charged a reduced management fee at an annual rate of 0.50%. For the year ended March 31, 2025, the Fund incurred net management fees of $17,919.

Shareholders pay certain fees (e.g., the Management Fee) and expenses of the Fund and indirectly bear the fees (e.g., management fees of Portfolio Fund managers) and expenses of the Portfolio Funds in which the Fund invests. Similarly, Shareholders may indirectly pay incentive compensation to Portfolio Fund managers that charge their investors incentive compensation. The Fund's expenses thus may constitute a higher percentage of net assets than expenses associated with other types of investment entities. Class A Shares and Class I Shares are subject to different fees and expenses.

ALPS Fund Services, Inc. ("ALPS") provided accounting and administrative services to the Fund under an administrative services agreement.

UMB Bank ("UMB") provided custody services to the Fund under a custody services agreement.

SS&C GIDS, Inc. ("GIDS") provided transfer agency services to the Fund under a transfer agency services agreement.

Fees to ALPS, UMB and GIDS are payable monthly.

**Distribution Plan** 

The Fund has adopted a Distribution Plan (the "Plan"), pursuant to Rule 12b-1 under the 1940 Act, with respect to its Class A Shares.

Under the Plan, the Fund may pay an aggregate amount on an annual basis not to exceed 0.85% of the value of the Fund's average net assets attributable to its Class A Shares for services provided under the Plan. The Fund began waiving distribution and service fees effective April 1, 2022. For the year ended March 31, 2025, the Fund incurred no Class A distribution and service fees.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Risks and Contingencies** 

The Fund's investments in Portfolio Funds may be subject to various risk factors including market, credit, currency and geographic risk. The Fund's investments in Portfolio Funds may be made internationally and thus may have concentrations in such regions. The Fund's investments in Portfolio Funds are also subject to the risk associated with investing in Portfolio Funds. The Portfolio Funds are generally illiquid, and thus there can be no assurance that the Fund will be able to realize the value of such investments in Portfolio Funds in a timely manner. Since many of the Portfolio Funds may involve a high degree of risk, poor performance by one or more of the Portfolio Funds could severely affect the total returns of the Fund.

Although the Fund's investments in Portfolio Funds are denominated in U.S. dollars, the Fund may invest in securities and hold cash balances at its brokers that are denominated in currencies other than its reporting currency. Consequently, the Fund is exposed to risks that the exchange rate of the U.S. dollars relative to other currencies may change in a manner that has an adverse effect on the reported value of that portion of the Fund's assets which are denominated in currencies other than the U.S. dollars. The Fund may utilize options, futures and forward currency contracts to hedge against currency fluctuations, but there can be no assurance that such hedging transactions will be effective.

Morgan creek capital management, llc \| annual report to SHAREHOLDERS 19

Morgan Creek Global Equity Long/Short Institutional Fund

(A Delaware Statutory Trust)

Notes to Financial Statements (continued) <br> March 31, 2025

From time to time, the Fund may have a concentration of Shareholders holding a significant percentage of its net assets. Investment activities of these Shareholders could have a material impact on the Fund. As of March 31, 2025, one Shareholder maintains a significant holding in the Fund which represents 39.13% of the Fund's NAV.

In order to obtain more investable cash, the Portfolio Funds may utilize a substantial degree of leverage. Leverage increases returns to investors if the Managers earn a greater return on leveraged investments than the Managers' cost of such leverage. However, the use of leverage, such as margin borrowing, exposes the Fund to additional levels of risk including (i) greater losses from investments in Portfolio Funds than would otherwise have been the case had the Managers not borrowed to make the investments in Portfolio Funds, (ii) margin calls or changes in margin requirements may force premature liquidations of investment positions and (iii) losses on investments in Portfolio Funds where the Portfolio Funds fails to earn a return that equals or exceeds the Managers' cost of leverage related to such Portfolio Funds.

In the normal course of business, the Portfolio Funds in which the Fund invests may pursue certain investment strategies, trade various financial instruments and enter into various investment activities with off-balance sheet risk. These include, but are not limited to, leverage, short selling, global tactical asset allocation strategies, event-drive strategies and other related risks. The Fund's risk of loss in each Portfolio Fund is limited to the value of the Fund's interest in each Portfolio Fund as reported by the Fund.

Short sales involve the risk that the Fund will incur a loss by subsequently buying a security at a higher price than the price at which the Fund previously sold the security short. Any loss will be increased by the amount of compensation, interest or dividends, and transaction costs the Fund must pay to a lender of the security. In addition, because the Fund's loss on a short sale stems from increases in the value of the security sold short, the extent of such loss, like the price of the security sold short, is theoretically unlimited. By contrast, the Fund's loss on a long position arises from decreases in the value of the security held by the Fund and therefore is limited by the fact that a security's value cannot drop below zero.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **New Accounting Pronouncements and Rule Issuances** 

In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance and has discrete financial information available. The Fund's Investment Committee acts as the Funds CODM. The Fund's revenue is derived from investments in portfolio of securities. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of the Fund's single investment objective which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, net income, total returns, expense ratios and changes in net assets, which are used by the CODM to assess the Fund's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund as a single segment, is consistent with that presented within the Fund's financial statements. The total return and performance of the Fund is reflected within the accompanying Financial Highlights. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statement of Operations.

Morgan creek capital management, llc \| annual report to SHAREHOLDERS 20

Morgan Creek Global Equity Long/Short Institutional Fund

(A Delaware Statutory Trust)

Notes to Financial Statements (continued) <br> March 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;**9.** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Indemnifications** 

The Fund enters into contracts that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Financial Highlights** 

The following summary represents per share data, ratios to average net assets(a) and other financial highlights information for Class I Shareholders:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I** | **For the<br> Year Ended<br> March 31, <br> 2025** | **For the <br> Year Ended <br> March 31, <br> 2024** | **For the <br> Year Ended <br> March 31, <br> 2023** | **For the <br> Year Ended <br> March 31, <br> 2022** | **For the <br> Year Ended <br> March 31, <br> 2021** |
| Net asset value - beginning of period  | $541.87 | $613.54 | $739.06 | $1010.99 | $945.16 |
| **Income/(Loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>(b)</sup>  | (59.86) | (59.41) | (39.12) | (37.73) | (41.24) |
| Net realized and unrealized gain/(loss) on investments  | (6.58) | (12.26) | (86.40) | (137.30) | 291.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations  | (66.44) | (71.67) | (125.52) | (175.03) | 250.08 |
| **Less distributions:** |  |  |  |  |  |
| From net investment income  |  |  |  | (96.90) | (184.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions  |  |  |  | (96.90) | (184.25) |
| Net asset value - end of period  | $475.43 | $541.87 | $613.54 | $739.06 | $1010.99 |
| Total Return<sup>(c)</sup>  | (12.26%) | (11.68%) | (16.98%) | (18.51%) | 27.26% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Ratio of total expenses to average net asset<sup>(d)(e)</sup>  | 12.26% | 9.32% | 6.31% | 4.07% | 3.99% |
| Ratio of total expenses after expense reimbursement and management fee reduction<sup>(e)(f)</sup>  | 12.26% | 9.32% | 5.53% | 4.07% | 3.99% |
| Ratio of total expenses subject to expense reimbursement<sup>(e)(f)</sup>  | N/A | N/A | N/A | N/A | N/A |
| Ratio of net investment loss to average net assets<sup>(g)</sup>  | (12.25%) | (9.31%) | (5.53%) | 4.05% | (3.93%) |
| Portfolio turnover rate  | 1% | 2% | —% | 18% | 23% |
| Net assets, end of period (in thousands)  | $3348 | $4796 | $6900 | $16301 | $26515 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* &nbsp;&nbsp;&nbsp;&nbsp; *Average net assets is calculated using the average net asset value of the class at the end of each month throughout the year.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* &nbsp;&nbsp;&nbsp;&nbsp; *Calculated based on the average shares outstanding methodology.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* &nbsp;&nbsp;&nbsp;&nbsp; *Total return assumes a subscription of a Share in the class at the beginning of the period indicated and a repurchase of a Share on the last day of the period, and assumes reinvestment of all distributions during the period when owning Shares of the class. Total return is not annualized for periods less than twelve months.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* &nbsp;&nbsp;&nbsp;&nbsp; *Represents a percentage of expenses reimbursed per the prospectus.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* &nbsp;&nbsp;&nbsp;&nbsp; *Ratio does not reflect the Fund's proportionate share of Portfolio Funds' expenses.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(f)* &nbsp;&nbsp;&nbsp;&nbsp; *Effective April 1, 2018, the Board approved eliminating the Expense Cap for the Class I Shares.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(g)* &nbsp;&nbsp;&nbsp;&nbsp; *Ratio does not reflect the Fund's proportionate share of Portfolio Funds' income and expenses.* 

The above ratios and total return have been calculated for the Class I Shareholders taken as a whole. An individual Class I Shareholder's ratios and total return may vary from these due to the timing of capital share transactions.

Morgan creek capital management, llc \| annual report to SHAREHOLDERS 21

Morgan Creek Global Equity Long/Short Institutional Fund

(A Delaware Statutory Trust)

Notes to Financial Statements (continued) <br> March 31, 2025

The following summary represents per share data, ratios to average net assets(a) and other financial highlights information for Class A Shareholders:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **For the<br> Year Ended<br> March 31, <br> 2025** | **For the <br> Year Ended <br> March 31, <br> 2024** | **For the <br> Year Ended<br> March 31, <br> 2023** | **For the <br> Year Ended<br> March 31, <br> 2022** | **For the <br> Year Ended <br> March 31, <br> 2021** |
| Net asset value - beginning of period  | $476.67 | $539.72 | $650.13 | $904.48 | $864.33 |
| **Income/(Loss) from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>(b)</sup>  | (52.66) | (52.26) | (35.26) | (40.56) | (45.71) |
| Net realized and unrealized gain/(loss) on investments  | (5.78) | (10.79) | (75.15) | (121.32) | 265.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations  | (58.44) | (63.05) | (110.41) | (161.88) | 219.49 |
| **Less distributions:** |  |  |  |  |  |
| From net investment income  |  |  |  | (92.47) | (179.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions  |  |  |  | (92.47) | (179.34) |
| Net asset value - end of period  | $418.23 | $476.67 | $539.72 | $650.13 | $904.48 |
| Total Return<sup>(c)</sup>  | (12.26%) | (11.68%) | (16.98%) | (19.20%) | 26.18% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Ratio of expenses to average net assets<sup>(d)(e)</sup>  | 12.26% | 9.32% | 6.31% | 4.97% | 4.87% |
| Ratio of expenses to average net assets including fee waivers and reimbursements<sup>(d)(e)(f)</sup>  | 12.26% | 9.32% | 5.53% | 4.97% | 4.87% |
| Ratio of total expenses subject to expense reimbursement<sup>(d)(e)(f)</sup>  | N/A | N/A | N/A | N/A | N/A |
| Ratio of net investment loss to average net assets<sup>(d)(g)</sup>  | (12.25%) | (9.31%) | (5.53%) | (4.96%) | (4.81%) |
| Portfolio turnover rate  | 1% | 2% | —% | 18% | 23% |
| Net assets, end of period (in thousands)  | $69 | $99 | $142 | $330 | $413 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* &nbsp;&nbsp;&nbsp;&nbsp; *Average net assets is calculated using the average net asset value of the class at the end of each month throughout the year.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* &nbsp;&nbsp;&nbsp;&nbsp; *Calculated based on the average shares outstanding methodology.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* &nbsp;&nbsp;&nbsp;&nbsp; *Total return assumes a subscription of a Share in the class at the beginning of the period indicated and a repurchase of a Share on the last day of the period, and assumes reinvestment of all distributions during the period when owning Shares of the class. Total return is not annualized for periods less than twelve months. Total return does not reflect sales charge (load) of 3.00%.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* &nbsp;&nbsp;&nbsp;&nbsp; *Ratio is annualized for periods less than twelve months.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* &nbsp;&nbsp;&nbsp;&nbsp; *Ratio does not reflect the Fund's proportionate share of Portfolio Funds' expenses.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(f)* &nbsp;&nbsp;&nbsp;&nbsp; *Effective April 1, 2018, the Board approved eliminating the Expense Cap for the Class A Shares.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(g)* &nbsp;&nbsp;&nbsp;&nbsp; *Ratio does not reflect the Fund's proportionate share of Portfolio Funds' income and expenses.* 

The above ratios and total return have been calculated for the Class A Shareholders taken as a whole. An individual Class A Shareholder's ratios and total return may vary from these due to the timing of capital share transactions.

&nbsp;&nbsp;&nbsp;&nbsp;**11.** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Subsequent Events** 

Management has determined that there were no material events requiring additional disclosures in the financial statements through the date the financial statements were issued.

Morgan creek capital management, llc \| annual report to SHAREHOLDERS 22

Morgan Creek Global Equity Long/Short Institutional Fund

(A Delaware Statutory Trust)

Board of Trustees (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name<sup>(1)</sup>** **and <br> Year of Birth** | **Position(s) Held <br> with Registrant** | **Term of Office<sup>(2)</sup>** **<br> and Length of <br> Time Served** | **Principal Occupation(s) During Past Five <br> Years and Other Relevant Qualifications<sup>(3)</sup>** | **Number of <br> Morgan Creek- <br> Advised Funds <br> Overseen <br> by Trustee** | **Other Public <br> Company <br> Directorships <br> Held by <br> Trustee In the <br> Past Five Years** |
| **Independent Trustees** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Michael S. McDonald <br>1966 | Trustee | Since 2010 | Vice President of McDonald Automotive Group (automobile franchises) since 1989. | 1 |  |
| &nbsp;&nbsp;&nbsp;Sean S. Moghavem <br>1964 | Trustee | Since 2010 | President of Archway Holdings Corp. since prior to 2010 to present; President of URI Health and Beauty LLC since prior to 2010 to present; President of Archway Holdings-Wilmed LLC from April 2008 to present. | 1 |  |
| **Interested Trustees<sup>(4)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mark W. Yusko <br>1963 | Trustee, Chairman and President | Since 2010 | Mr. Yusko is Chief Investment Officer and Chief Executive Officer of Morgan Creek Capital Management, LLC since July 2004 and Chief Investment Officer, Hatteras Core Alternatives Funds, since 2005. Previously, Mr. Yusko served as President and Chief Executive Officer for UNC Management Co., LLC from January 1998 through July 2004, where he was responsible for all areas of investment management for the UNC Endowment and Affiliated Foundation Funds. | 1 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The address for each of the Fund's Trustees is c/o Morgan Creek Capital Management, LLC, 301 West Barbee Chapel Road, Chapel Hill, NC 27517.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Trustees serve until their resignation, removal or death.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The information above includes each Trustee's principal occupation during the last five years. The Fund's State of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call the Fund at 1-919-933-4004.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Mr. Yusko is an "interested person," as defined in the 1940 Act, of the Fund based on his positions with Morgan Creek Capital Management, LLC and its affiliates. Joshua S. Tilley resigned from the position of Trustee of the Trust on June 2, 2023.

Morgan creek capital management, llc \| annual report to SHAREHOLDERS 23

Morgan Creek Global Equity Long/Short Institutional Fund

(A Delaware Statutory Trust)

Fund Management (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Name, Address<sup>(1)</sup>** **and <br> Year of Birth** | **Position(s) held <br> With Fund** | **Length of <br> Time Served** | **Principal Occupation(s) During Past Five Years** |
| **Officers** |  |  |  |
| &nbsp;&nbsp;&nbsp;Mark B. Vannoy <br>1976 | Treasurer | Since 2010 | Mr. Vannoy joined Morgan Creek in January 2006 and serves as CFO, Funds. Prior to Morgan Creek, Mr. Vannoy worked at Nortel Networks, Ernst & Young, and KPMG both in the United States and Cayman Islands. |
| &nbsp;&nbsp;&nbsp;Taylor Thurman <br>1979 | Chief Compliance Officer and Secretary | Since 2011 | Mr. Thurman joined Morgan Creek in February 2006 and serves as COO – Investments. |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The address for each of the Fund's officers is c/o Morgan Creek Capital Management, LLC, 301 West Barbee Chapel Road, Chapel Hill, NC 27517.

Morgan creek capital management, llc \| annual report to SHAREHOLDERS 24

Morgan Creek Global Equity Long/Short Institutional Fund

(A Delaware Statutory Trust)

Other Information (Unaudited)

**Proxy Voting Policies and Procedures and Proxy Voting Record** 

A copy of (1) the Fund's policies and procedures with respect to the voting of proxies relating to the Portfolio Funds and Securities; and (2) how the Fund voted proxies relating to Portfolio Funds and Securities during the most recent year ended March 31 is available without charge, upon request, by calling the Fund at 1-919-933-4004. This information is also available on the Securities and Exchange Commission's website at <u>https://www.sec.gov</u>.

**Quarterly Schedule of Investments** 

The Fund also files a complete Schedule of Investments with the Securities and Exchange Commission for the Fund's first and third fiscal quarters on Form N-PORT. The Fund's Form N-PORT are available on the Securities and Exchange Commission's website at <u>http://www.sec.gov</u>. The Fund's Form N-PORT may be reviewed and copied at the Securities and Exchange Commission's Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Once filed, the most recent Form N-PORT will be available without charge, upon request, by calling the Fund at 1-919-933-4004.

**Shareholder Tax Information** 

The Morgan Creek Global Equity Long/Short Institutional Fund designates the following as a percentage of taxable ordinary income distributions, or up to the maximum amount allowable, for the calendar year ended December 31, 2024:

Qualified Dividend Income: 0%

Dividend Received Deduction: 0%

In early 2025, if applicable, shareholders of record received this information for the distributions paid to them by the Fund during the calendar year 2024 via Form 1099. The Fund will notify shareholders in early 2025 of amounts paid to them by the Fund, if any, during the calendar year 2024.

Morgan creek capital management, llc \| annual report to SHAREHOLDERS 25

Morgan Creek Global Equity Long/Short Institutional Fund

(A Delaware Statutory Trust)

Board Consideration Regarding Approval of Investment Advisory Agreement December 11, 2024 (Unaudited)

At a meeting held on December 11, 2024 the Board of Trustees (the "Board"), including a majority of the independent Trustees (the "Independent Trustees") of the Morgan Creek Global Equity Long/Short Institutional Fund (the "Fund") was asked to consider and make an annual approve the renewal of the investment management agreement (the "Agreement") between the Fund and Morgan Creek Capital Management, LLC (the "Adviser").

In considering the approval of the Agreement between the Fund and Adviser, the Independent Trustees requested and evaluated extensive materials from the Adviser and other sources, including, among other items: (a) an overview of the discretionary investment advisory services provided by the Adviser; (b) the breadth and experience of the investment management and research staff of the Adviser; (c) financial information about the Adviser; (d) the current Form ADV of the Adviser; (e) the profitability, if any, of the Adviser with respect to the Fund; (f) the fees charged to other clients with similar investment objectives relative to fees charged to the Fund by the Adviser; and (g) the resources devoted to compliance with the Fund's: (i) investment policy, (ii) investment restrictions, (iii) policies on personal securities transactions, (iv) other policies and procedures that form the Adviser's portions of the Fund's compliance program and (v) the Adviser's responsibilities overseeing the Fund's service providers.

The Independent Trustees, as well as the full Board, considered all factors it believed relevant with respect to the Adviser, including but not limited to: the nature and quality of services provided; investment performance relative to appropriate peer groups and indices, noting that the Fund is in liquidation; skills, breadth of experience and capabilities of personnel, including continued employment of key personnel; stability of management; comparative data on fees and expenses and again noting that the Fund is in liquidation; and potential benefits to the Adviser from its relationship to the Fund, including revenues to be derived from services provided to the Fund by its affiliates, if any.

In determining to approve the Agreement, the Board considered the following factors:

**Investment Performance.** The Independent Trustees reviewed the performance of the Fund for the 1-month, 3-month, and calendar year to date periods ended September 30, 2024. The Independent Trustees also reviewed the Fund's performance compared to the performance of its primary benchmark index, the MSCI World Index for the 12-month period ended September 30, 2024.

It was noted that the Fund is currently in liquidation and that such liquidation was expected to last at least through 2026. It was noted that performance of the portfolio is expected to deviate from its benchmark during the liquidation phase, due to among other factors, its small number of holdings, underlying manager performance of certain holdings, geographic exposure, and market factors, as well as a relative increase in certain fixed Fund expenses as the Fund's assets under management decline.

**Management Fees and Total Expense Ratios.** The Board discussed with the Adviser the level of the advisory fee for the Fund relative to comparable funds as determined by the collected data from Morningstar. In addition to the management fee, the Board also reviewed the Fund's total expense ratio and compared it to the Fund's peers. The Board recognized that that the Fund's total expense ratio had increased because the Fund continued to be in liquidation and that the decreasing assets adversely impacted the Fund's total expense ratio even though the absolute total expenses of the Fund were generally flat.

**Costs of Services and Potential Profits.** In analyzing the cost of services and profitability of the Adviser in connection with providing advisory services to the Fund, the Board considered the revenues earned and expenses incurred by the Adviser. As to profits realized by the Adviser, the Board reviewed information regarding its income and expenses related to the management and operation of the Fund. The Board concluded that the Adviser has adequate resources to fulfill its responsibilities under the Agreement and manage the Fund's liquidation. The Board noted that to date the Adviser has not been profitable with respect to the Fund.

Morgan creek capital management, llc \| annual report to SHAREHOLDERS 26

Morgan Creek Global Equity Long/Short Institutional Fund

(A Delaware Statutory Trust)

Board Consideration Regarding Approval of Investment Advisory Agreement<br> December 11, 2024 (Unaudited) (continued)

**Economies of Scale.** The Trustees considered the existence of any economies of scale in the provision of services by the Adviser and whether those economies were shared with the Fund through breakpoints in their management fees or other means. The Trustees noted that the assets of the Fund were decreasing during its liquidation and were too small to meaningfully consider economies of scale and the necessity of breakpoints.

**Fall-Out Benefits.** The Board concluded that other benefits derived by the Adviser from its relationship with the Fund, to the extent such benefits are identifiable or determinable, are reasonable and fair, result from the provision of appropriate services to the Fund and its shareholders, and are consistent with industry practice and the best interests of the Fund and its shareholders.

**Nature, Extent and Quality of Services.** The Independent Trustees reviewed and considered the nature, extent and quality of the services provided by the Adviser and found them to be of high-quality and in the best interests of the Fund, including its diligent efforts to liquidate the assets of the Fund. The Board reviewed and considered the qualifications of the portfolio managers, the senior administrative managers and other key personnel of the Adviser who provide the administrative and advisory services to the Fund.

**Conclusion.** The Independent Trustees concluded that the Adviser is a highly experienced investment manager and its key personnel are highly qualified to continue to serve as investment adviser to the Fund through its liquidation. The Independent Trustees also concluded that the Fund's expense ratio was relatively high, primarily caused by the Fund being closed to new investors and selling assets while it is being liquidated. It further noted that the Adviser is not making a profit under the Agreement because of the Fund's size. The Board also noted that economies of scale were not a significant factor in its thinking at this time as the Fund is liquidating. The Independent Trustees determined that the potential profitability of ancillary services was not material to their decision. On the basis of the foregoing and without assigning particular weight to any single conclusion, the Independent Trustees and the full Board determined to approve the Agreement.

Morgan creek capital management, llc \| annual report to SHAREHOLDERS 27

Morgan Creek Global Equity Long/Short Institutional Fund

(A Delaware Statutory Trust)

Privacy Notice (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**FACTS** | &nbsp;&nbsp;**WHAT DO MORGAN CREEK GLOBAL EQUITY LONG/SHORT INSTITUTIONAL FUND (THE "FUND") AND MORGAN CREEK SERIES TRUST (THE "TRUST" AND COLLECTIVELY WITH THE FUND, THE "FUND COMPLEX") DO WITH YOUR PERSONAL INFORMATION?** | &nbsp;&nbsp;**WHAT DO MORGAN CREEK GLOBAL EQUITY LONG/SHORT INSTITUTIONAL FUND (THE "FUND") AND MORGAN CREEK SERIES TRUST (THE "TRUST" AND COLLECTIVELY WITH THE FUND, THE "FUND COMPLEX") DO WITH YOUR PERSONAL INFORMATION?** | &nbsp;&nbsp;**WHAT DO MORGAN CREEK GLOBAL EQUITY LONG/SHORT INSTITUTIONAL FUND (THE "FUND") AND MORGAN CREEK SERIES TRUST (THE "TRUST" AND COLLECTIVELY WITH THE FUND, THE "FUND COMPLEX") DO WITH YOUR PERSONAL INFORMATION?** |
| &nbsp;&nbsp;**Why?** | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| &nbsp;&nbsp;**What?** | &nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include: <br>&nbsp;&nbsp;&nbsp;&nbsp;● Social Security number and other information we receive from you on applications or other forms <br>&nbsp;&nbsp;&nbsp;&nbsp;● Information about your transactions with us and our service providers, or others <br>&nbsp;&nbsp;&nbsp;&nbsp;● Information we receive from consumer reporting agencies (including credit bureaus) <br>If you decide to close your account(s) or become an inactive customer, we will adhere to the privacy policies and practices described in this notice.  | &nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include: <br>&nbsp;&nbsp;&nbsp;&nbsp;● Social Security number and other information we receive from you on applications or other forms <br>&nbsp;&nbsp;&nbsp;&nbsp;● Information about your transactions with us and our service providers, or others <br>&nbsp;&nbsp;&nbsp;&nbsp;● Information we receive from consumer reporting agencies (including credit bureaus) <br>If you decide to close your account(s) or become an inactive customer, we will adhere to the privacy policies and practices described in this notice.  | &nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include: <br>&nbsp;&nbsp;&nbsp;&nbsp;● Social Security number and other information we receive from you on applications or other forms <br>&nbsp;&nbsp;&nbsp;&nbsp;● Information about your transactions with us and our service providers, or others <br>&nbsp;&nbsp;&nbsp;&nbsp;● Information we receive from consumer reporting agencies (including credit bureaus) <br>If you decide to close your account(s) or become an inactive customer, we will adhere to the privacy policies and practices described in this notice.  |
| &nbsp;&nbsp;**How?** | &nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons the Fund Complex chooses to share; and whether you can limit this sharing.  | &nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons the Fund Complex chooses to share; and whether you can limit this sharing.  | &nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons the Fund Complex chooses to share; and whether you can limit this sharing.  |
| &nbsp;&nbsp;**Reasons we can share your personal information** | &nbsp;&nbsp;**Reasons we can share your personal information** | **Does the Fund <br> Complex share?** | **Can you limit <br> this sharing?** |
| &nbsp;&nbsp;**For our everyday business purposes –** <br> such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | &nbsp;&nbsp;**For our everyday business purposes –** <br> such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| &nbsp;&nbsp;**For our marketing purposes –** <br> to offer our products and services to you | &nbsp;&nbsp;**For our marketing purposes –** <br> to offer our products and services to you | Yes | No |
| &nbsp;&nbsp;**For joint marketing with other financial companies** | &nbsp;&nbsp;**For joint marketing with other financial companies** | No | No |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes –** <br> information about your transactions and experiences | &nbsp;&nbsp;**For our affiliates' everyday business purposes –** <br> information about your transactions and experiences | Yes | No |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes –** <br> information about your creditworthiness | &nbsp;&nbsp;**For our affiliates' everyday business purposes –** <br> information about your creditworthiness | Yes | No |
| &nbsp;&nbsp;**For our affiliates to market to you** | &nbsp;&nbsp;**For our affiliates to market to you** | No | No |
| &nbsp;&nbsp;**For non-affiliates to market to you** | &nbsp;&nbsp;**For non-affiliates to market to you** | No | No |
| &nbsp;&nbsp;**Questions?** | &nbsp;&nbsp;Call (919) 933-4004 or go to http://www.morgancreekfunds.com/privacy-notice.html  | &nbsp;&nbsp;Call (919) 933-4004 or go to http://www.morgancreekfunds.com/privacy-notice.html  | &nbsp;&nbsp;Call (919) 933-4004 or go to http://www.morgancreekfunds.com/privacy-notice.html  |

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Morgan creek capital management, llc \| annual report to SHAREHOLDERS 28

Morgan Creek Global Equity Long/Short Institutional Fund

(A Delaware Statutory Trust)

Privacy Notice (Unaudited) (continued)

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| | |
|:---|:---|
| &nbsp;&nbsp;**Who we are** | &nbsp;&nbsp;**Who we are** |
| &nbsp;&nbsp;**Who is providing this notice?** | &nbsp;&nbsp;Morgan Creek Global Equity Long/Short Institutional Fund (the "Fund"), Morgan Creek Series Trust (the "Trust" and collectively with the Fund, the "Fund Complex") |
| &nbsp;&nbsp;**What we do** | &nbsp;&nbsp;**What we do** |
| &nbsp;&nbsp;**How does the Fund Complex protect my personal information?** | &nbsp;&nbsp;To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. <br>We also restrict access to your personal and account information to those persons who need to know it in order to provide services to you. |
| &nbsp;&nbsp;**How does the Fund Complex collect my personal information?** | &nbsp;&nbsp;We collect your personal information, for example, when you: <br>&nbsp;&nbsp;&nbsp;&nbsp;● open an account <br>&nbsp;&nbsp;&nbsp;&nbsp;● purchase or sell shares <br>&nbsp;&nbsp;&nbsp;&nbsp;● exchange shares <br>We also collect your personal information from others, such as credit bureaus. |
| &nbsp;&nbsp;**Why can't I limit all sharing?** | &nbsp;&nbsp;Federal law gives you the right to limit only: <br>&nbsp;&nbsp;&nbsp;&nbsp;● sharing for affiliates' everyday business purposes—information about your creditworthiness <br>&nbsp;&nbsp;&nbsp;&nbsp;● affiliates from using your information to market to you <br>&nbsp;&nbsp;&nbsp;&nbsp;● sharing for non-affiliates to market to you  |
| &nbsp;&nbsp;**Definitions** | &nbsp;&nbsp;**Definitions** |
| &nbsp;&nbsp;**Affiliates** | &nbsp;&nbsp;Companies related by common ownership or control. They can be financial and non-financial companies. The following companies may be considered Affiliates of the Fund Complex: <br>&nbsp;&nbsp;&nbsp;&nbsp;● *Morgan Creek Capital Management, LLC* <br>&nbsp;&nbsp;&nbsp;&nbsp;● *Morgan Creek Capital Distributors, LLC* <br>&nbsp;&nbsp;&nbsp;&nbsp;● *Hatteras Investment Partners, LLC* |
| &nbsp;&nbsp;**Non-affiliates** | &nbsp;&nbsp;Companies not related by common ownership or control. They can be financial and non-financial companies. The following companies provide services to the Fund Complex and we may share your personal information as part of their everyday services to the Fund Complex. <br>&nbsp;&nbsp;&nbsp;&nbsp;● *ALPS Fund Services, Inc.* <br>&nbsp;&nbsp;&nbsp;&nbsp;● *DST Systems, Inc.* <br>&nbsp;&nbsp;&nbsp;&nbsp;● *Northern Lights Distributors, LLC* |
| &nbsp;&nbsp;**Joint marketing** | &nbsp;&nbsp;A formal agreement between nonaffiliated financial companies that together market financial products or services to you. <br>&nbsp;&nbsp;&nbsp;&nbsp;● *The Fund Complex does not have any joint marketing agreements.* |
| &nbsp;&nbsp;**Other important information** | &nbsp;&nbsp;**Other important information** |
| &nbsp;&nbsp;In the event that you hold shares of the Fund Complex through a financial intermediary, including, but not limited to, a broker- dealer, bank or trust company, the privacy policy of your financial intermediary will govern how your nonpublic personal information will be shared with non-affiliated third parties by that entity.  | &nbsp;&nbsp;In the event that you hold shares of the Fund Complex through a financial intermediary, including, but not limited to, a broker- dealer, bank or trust company, the privacy policy of your financial intermediary will govern how your nonpublic personal information will be shared with non-affiliated third parties by that entity.  |

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Morgan creek capital management, llc \| annual report to SHAREHOLDERS 29

Morgan Creek Global Equity Long/Short Institutional Fund

(A Delaware Statutory Trust)

(Unaudited)

**Morgan Creek Global Equity Long/Short Institutional Fund** 

301 West Barbee Chapel Road, Suite 200<br> Chapel Hill, NC 27517

**Trustees** 

Michael S. McDonald

Sean S. Moghavem

Mark W. Yusko

**Officers** 

Mark W. Yusko, President

Mark B. Vannoy, Treasurer

Taylor Thurman, Chief Compliance Officer

Taylor Thurman, Secretary

**Advisor** 

Morgan Creek Capital Management, LLC

301 West Barbee Chapel Road, Suite 200

Chapel Hill, NC 27517

**Administrator and Fund Accounting Agent** 

ALPS Fund Services, Inc.

1290 Broadway, Suite 1000

Denver, CO 80033

**Transfer Agent** 

DST Systems, Inc.

333 W. 11th Street, 5th Floor

Kansas City, MO 64105

**Custodian** 

UMB Bank, N.A.

1010 Grand Boulevard

Kansas City, MO 64106

**Independent Registered Public Accounting Firm** 

Grant Thornton llp

186 Wood Ave, S. 4th Floor

Iselin, NJ 08830

**Legal Counsel** 

Thompson Hine LLP

1919 M Street, NW

Suite 700

Washington, D.C. 20036

Morgan creek capital management, llc \| annual report to SHAREHOLDERS 30

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301 West Barbee Chapel Road

Suite 200

Chapel Hill, NC 27517

(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

(a) Morgan Creek Global Equity Long/Short Institutional Fund (the
"Registrant") has adopted a code of ethics that applies to the Registrant's principal executive officer and principal financial
officer. A copy of the Registrant's Code of Ethics is attached as Exhibit 19(a)(1) to this Form N-CSR.

(b) Not applicable.

(c) There have been no amendments during the period covered by this
report to a provision of the code of ethics that applies to the Registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed
by the Registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this
Item.

(d) The Registrant has not granted any waivers during the period
covered by this report, including an implicit waiver, from a provision of the code of ethics that applies to the Registrant's principal
executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions,
regardless of whether these individuals are employed by the Registrant or a third party, that relates to one or more of the items set
forth in paragraph (b) of this Item.

(e) Not applicable.

(f) A copy of the code of ethics that applies to the Registrant's
principal executive officer, principal financial officer, principal accounting officer or controller is filed as an exhibit pursuant
to Item 19(a)(1).

**<u>Item 3. Audit Committee Financial Expert.</u>**

(a)(1) The Board of Trustees of the Registrant (the "Board") has determined that the Registrant does not have at least one audit committee financial expert serving on the audit committee.

(a)(2) Not applicable.

(a)(3) The Board has determined that an audit committee financial expert is not necessary at this time because, among other reasons, the Registrant is liquidating its assets.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

(a) Audit Fees. The aggregate Audit Fees of the Registrant's independent
public accountant for professional services rendered for the audit of the Registrant's annual financial statements or services that are
normally provided in connection with statutory and regulatory filings or engagements for the fiscal year ended March 31, 2024, were $65,000
and for the fiscal year March 31, 2025, were $65,000.

(b) Audit-Related Fees. The aggregate Audit-Related Fees of the
Registrant's independent public accountant for assurances and related services that are reasonably related to the performance of the
audit or review of the Registrant's financial statements and are not reported as Audit Fees, which included the review of financial information
contained within registration statement filings conducted on behalf of the Registrant, as cited within paragraph (e)(2) of this Item,
for the fiscal year ended March 31, 2024, were $0 and for the fiscal year March 31, 2025, were $0.

(c) Tax Fees. The aggregate Tax Fees of the Registrant's independent
public accountant for professional services rendered for tax compliance, tax advice, and tax planning services, which included the review
of federal and state income tax returns, the review of the fiscal tax provision and the review of the federal excise tax returns, for
the fiscal year ended March 31, 2024, were $13,500 and for the fiscal year March 31, 2025, were $13,886.

Fees included in the Tax Fees category comprise all services performed by professional staff in the independent public accountant's tax division except those services related to the audit.

(d) All Other Fees. The aggregate Other Fees of the Registrant's
independent public accountant for all other non-audit services rendered to the Registrant for the fiscal year ended March 31, 2024, were
$0 and for the fiscal year March 31, 2025, were $0.

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| | |
|:---|:---|
| (e)(1) | Pursuant to the Registrant's Audit Committee Charter, the Audit Committee shall evaluate the independence of the independent public accountant. Specifically, the Audit Committee will be responsible for evaluating the provision of non-audit services to be provided to the Registrant as required by Section 201 of the Sarbanes-Oxley Act of 2002, as amended (the "Sarbanes-Oxley Act"), any pre-approval requests submitted by the independent public accountant as required by Section 202 of the Sarbanes-Oxley Act or as otherwise required under Section 2-01 of Regulation S-X, and shall monitor the conflict of interest requirements in Section 206 of the Sarbanes-Oxley Act, and the prohibitions on improper influence on the conduct of audits in section 303 of the Sarbanes-Oxley Act. The Audit Committee shall pre-approve any engagement of the independent public accountant to provide any services (other than prohibited non-audit services) including the fees and compensation to be paid to the independent public accountant. |

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| | |
|:---|:---|
| (e)(2) | There were no pre-approval requirements approved or required to be approved for the services provided to the Registrant described in paragraphs (b)-(d) of Item 4 by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. There were no fees billed for services provided to the Registrant, described in paragraphs (b)-(d) of Item 4 that were required to be pre-approved by the Audit Committee as described in paragraph (e)(1) of Item 4. |

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(f) Not applicable.

(g) The aggregate non-audit fees billed by the Registrant's accountant
for services rendered to the Registrant, and rendered to Morgan Creek Capital Management, LLC, the investment adviser to the Registrant
(the "Advisor") (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen
by another investment adviser), and any entity controlling, controlled by, or under common control with the Advisor that provides ongoing
services to the Registrant for each of the last two fiscal years of Registrant, was $0.

(h) The Registrant's Audit Committee has considered the provision
of non-audit services that were rendered by the independent public accountant to the Advisor and the Advisor's affiliates, including,
if applicable, any that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, to be compatible with
maintaining the independence of the accountant, taking into account representations from the principal auditor, in accordance with Independence
Standards Board requirements and the meaning of the securities laws administered by the U.S. Securities and Exchange Commission ("SEC"),
regarding its independence from the Registrant, its investment adviser and the adviser's affiliates.

(i) Not applicable.

(j) Not applicable.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable.

**<u>Item 6. Schedule of Investments.</u>**

(a) Schedule of Investments is included as part of Item 1.

(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.</u>**

Not applicable to Registrant.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.</u>**

Not applicable to Registrant.

**<u>Item 9. Proxy Disclosures for Open-End Management Investment Companies.</u>**

Not applicable to Registrant.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.</u>**

Not applicable to Registrant.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

The Approval of Investment Advisory Agreement is included as part of the Report to Stockholders filed under Item 1(a) of this form.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Investment Companies.</u>**

The Registrant has delegated to the Advisor the voting of proxies relating to the Registrant's portfolio securities. The policies and procedures used by the Advisor to determine how to vote proxies relating to the Registrant's portfolio securities, including the procedures used when a vote presents a conflict of interest involving the Advisor or any of its affiliates, are contained in the Advisor's Proxy Voting Guidelines, which are attached hereto as Exhibit 19(c).

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Company.</u>**

(a)(1) As of March 31, 2025, the portfolio manager of the Registrant is:

 

**Mark W. Yusko**

**Chief Investment Officer and Chief Executive Officer**

**Morgan Creek Capital Management, LLC**

**Portfolio Manager**

**Investment experience: 28 years**

Mr. Yusko is Chief Investment Officer and Chief Executive Officer of the Advisor since July 2004. Prior to forming the Advisor, Mr. Yusko was President and Chief Investment Officer of UNC Management Company, LLC, the endowment investment office for the University of North Carolina at Chapel Hill, from 1998 to 2004. Previously, he was the Senior Investment Director for the University of Notre Dame Investment Office. He holds an M.B.A. from the University of Chicago and a B.S. in biology and chemistry from the University of Notre Dame.

(a)(2) The Portfolio Manager, who is primarily responsible for the day-to-day management of the Registrant and also manages other pooled investment vehicles and other accounts, as indicated below. The following tables identify, as of March 31, 2025: (i) the number of other pooled investment vehicles and other accounts managed by the Portfolio Manager and the total assets of such vehicles and accounts; and (ii) the number and total assets of such vehicles and accounts with respect to which the advisory fee is based on performance.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Registered Investment <br>Companies Managed by <br>Portfolio Manager | Registered Investment <br>Companies Managed by <br>Portfolio Manager | Pooled Investment <br>Vehicles Managed <br>by <br>Portfolio Manager | Pooled Investment <br>Vehicles Managed <br>by <br>Portfolio Manager | Other Accounts Managed by <br>Portfolio Manager | Other Accounts Managed by <br>Portfolio Manager |
| Name of <br>Portfolio Manager | Number | Total Assets <br>(billions) | Number | Total <br>Assets <br>(billions) | Number | Total Assets <br>(billions) |
| Mark W. Yusko | 1 | $.003 | 36 | $1.1 | 5 | $0.32 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Registered Investment <br>Companies Managed by <br>Portfolio Manager | Registered Investment <br>Companies Managed by <br>Portfolio Manager | Pooled Investment <br>Vehicles Managed by <br>Portfolio Manager | Pooled Investment <br>Vehicles Managed by <br>Portfolio Manager | Other Accounts Managed by <br>Portfolio Manager | Other Accounts Managed by <br>Portfolio Manager |
| Name of <br>Portfolio Manager | Number with <br>Performance- <br>Based Fees | Total Assets <br>with <br>Performance- <br>Based Fees (billions) | Number with <br>Performance- <br>Based Fees | Total Assets <br>with <br>Performance- <br>Based Fees (billions) | Number with <br>Performance- <br>Based Fees | Total Assets <br>with <br>Performance- <br>Based Fees (billions) |
| Mark W. Yusko | 0 | $0.0 | 33 | $1.1 | 1 | $0.07 |

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**Conflicts of Interest**:

The Advisor engages in other activities including managing the assets of various private funds and institutional accounts. In the ordinary course of business, the Advisor engages in activities in which the Advisor's interests or the interests of its clients may conflict with the interests of the Registrant or its shareholders. The discussion below sets out such conflicts of interest that may arise; conflicts of interest not described below may also exist. The Advisor can give no assurance that any conflicts of interest will be resolved in favor of the Registrant or its shareholders.

The Portfolio Manager is responsible for managing other accounts, including proprietary accounts, separate accounts and other pooled investment vehicles, including unregistered hedge funds and funds of hedge funds. The Portfolio Manager may manage separate accounts and other pooled investment vehicles that may have materially higher, lower or different fee arrangements than the Registrant and may also be subject to performance-based fees. The side-by-side management of these separate accounts and/or pooled investment vehicles may raise potential conflicts of interest including those relating to cross trading and the allocation of investment opportunities.

*Transactions by the Advisor* — The Advisor may pursue acquisitions of assets and businesses and identification of an investment opportunity in connection with its existing businesses or a new line of business without first offering the opportunity to the Registrant. Such an opportunity could include a business that competes with the Registrant or a Portfolio Fund in which the Registrant has invested or proposes to invest.

From time to time, the Advisor may pursue the development of investment managers who will manage private investment funds that would otherwise qualify as investments for the Registrant. Due to the conflicts of interest involved and in accordance with applicable law, the Advisor will not make any investment for the Registrant in any Portfolio Fund that is managed by an affiliate of the Advisor. Accordingly, there may be investments that are unavailable to the Registrant due to the manager's affiliation with the Advisor. Further, in the event that the Advisor acquires a business or investment manager that is a manager of any Portfolio Fund, the Advisor may need to liquidate any investment by the Registrant in a Portfolio Fund managed by such affiliated investment manager.

In addition, the Advisor may have other relationships with Portfolio Funds or Managers which may not result in the Advisor directly or indirectly controlling, being controlled by, or being under common control with, such Portfolio Funds or Managers. These relationships may include distribution or intermediary relationships with Portfolio Funds, strategic or principal investments in Portfolio Funds or their Managers, or other contractual relationships. To the extent permitted by applicable law, it is possible that the Registrant may invest in one or more such Portfolio Funds or with one or more such Managers. In such circumstances, the management fee and the incentive fee charged by any such Portfolio Fund or Manager may still apply.

*The Advisor's Asset Management Activities* — The Advisor conducts a variety of asset management activities, including sponsoring unregistered investment funds. Those activities also include managing assets of employee benefit plans that are subject to ERISA and related regulations. The Advisor's investment management activities may present conflicts if the Registrant and these other investment or pension funds either compete for the same investment opportunity or pursue investment strategies counter to each other.

*Voting Rights in Portfolio Funds* — From time to time, a Portfolio Fund may seek the approval or consent of its investors in connection with certain matters relating to the Portfolio Fund. In such a case, the Advisor has the right to vote in its sole discretion the Registrant's interest in the Portfolio Fund. The Advisor considers only those matters it considers appropriate in taking action with respect to the approval or consent of the particular matter. Business relationships may exist between the Advisor and its affiliates on the one hand, and the Managers and affiliates of the Portfolio Funds on the other hand, other than as a result of the Registrant's investment in a Portfolio Fund. As a result of these existing business relationships, the Advisor may face a conflict of interest acting on behalf of the Registrant and its shareholders.

Portfolio Funds may, consistent with applicable law, not disclose the contents of their portfolios. This lack of transparency may make it difficult for the Advisor to monitor whether holdings of the Portfolio Funds cause the Registrant to be above specified levels of ownership in certain asset classes. To avoid adverse regulatory consequences in such a case, the Registrant may need to hold its interest in a Portfolio Fund in non-voting form. Additionally, in order to avoid becoming subject to certain prohibitions under the Investment Company Act of 1940, as amended ("1940 Act"), with respect to affiliated transactions, the Registrant intends to own less than 5% of the voting securities of each Portfolio Fund. This limitation on owning voting securities is intended to ensure that a Portfolio Registrant is not deemed an "affiliated person" of the Registrant for purposes of the 1940 Act, which may, among other things, potentially impose limits on transactions with the Portfolio Funds, both by the Registrant and other clients of the Advisor. To limit its voting interest in certain Portfolio Funds, the Registrant may enter into contractual arrangements under which the Registrant irrevocably waives its rights (if any) to vote its interest in a Portfolio Fund. The Registrant will not receive any consideration in return for entering into a voting waiver arrangement. Other Portfolio Funds or accounts managed by the Advisor may also waive their voting rights in a particular Portfolio Fund. Subject to the oversight of the Registrant's Board, the Advisor will decide whether to waive such voting rights and, in making these decisions, will consider the amounts (if any) invested by the Advisor in the particular Portfolio Fund. These voting waiver arrangements may increase the ability of the Registrant to invest in certain Portfolio Funds. However, to the extent the Registrant contractually foregoes the right to vote the securities of a Portfolio Fund, the Registrant will not be able to vote on matters that require the approval of the interest holders of the Portfolio Fund, including matters adverse to the Registrant's interests. This restriction could diminish the influence of the Registrant in a Portfolio Fund, as compared to other investors in the Portfolio Fund (which could include other Portfolio Funds or accounts managed by the Advisor, if they do not waive their voting rights in the Portfolio Fund), and adversely affect the Registrant's investment in the Portfolio Fund, which could result in unpredictable and potentially adverse effects on the Registrant's shareholders. There are, however, other statutory tests of affiliation (such as on the basis of control), and, therefore, the prohibitions of the 1940 Act with respect to affiliated transactions could apply in some situations where the Registrant owns less than 5% of the voting securities of a Portfolio Fund. In these circumstances, transactions between the Registrant and a Portfolio Fund may, among other things, potentially be subject to the prohibitions of Section 17 of the 1940 Act notwithstanding that the Registrant has entered into a voting waiver arrangement.

*Client Relationships* — The Advisor and its affiliates may have relationships with sponsors and managers of Portfolio Funds, corporations and institutions. In providing services to its clients and the Registrant, the Advisor may face conflicts of interest with respect to activities recommended to or performed for, such clients on the one hand, and the Registrant, the Registrant's shareholders and/or the Portfolio Funds on the other hand. The Advisor may also face conflicts of interest in connection with any purchase or sale transactions involving an investment by the Registrant, whether to or from a client of the Advisor, and in connection with the consideration offered by, and obligations of, such client of the Advisor in such transactions. In such cases, the Advisor will owe fiduciary duties to the client of the Advisor that may make the Advisor's interest adverse to that of the Registrant. In addition, these client relationships may present conflicts of interest in determining whether to offer certain investment opportunities to the Registrant.

*Diverse Membership; Relationships with Shareholders* — The Registrant's shareholders are expected to include entities organized under U.S. law and in various jurisdictions that may have conflicting investment, tax and other interests with respect to their investments in the Registrant. The conflicting interests of individual shareholders may relate to or arise from, among other things, the nature of investments made by the Registrant and/or Portfolio Funds, the structuring of the acquisition of investments of the Registrant, and the timing of disposition of investments. This structuring of the Registrant's investments and other factors may result in different returns being realized by different shareholders. Conflicts of interest may arise in connection with decisions made by the Advisor, including decisions with respect to the nature or structuring of investments, that may be more beneficial for one shareholder than for another shareholder, especially with respect to shareholders' individual tax situations. In selecting Portfolio Funds for the Registrant, the Advisor considers the investment and tax objectives of the Registrant as a whole, not the investment, tax or other objectives of any shareholder individually.

*Brokerage Activities* — The Advisor will be authorized to engage in transactions in which it acts as a broker for the Registrant and for another person on the other side of the transaction. In any such event, the Advisor may receive commissions from, and have a potentially conflicting division of loyalties and responsibilities regarding, both parties to such transactions. The Advisor may also act as agent for the Registrant, Portfolio Funds and other clients in selling publicly traded securities simultaneously. In such a situation, transactions may be bundled and clients, including the Registrant, may receive proceeds from sales based on average prices received, which may be lower than the price which could have been received had the Registrant sold its securities separately from the Advisor's other clients.

*Related Funds* — Conflicts of interest may arise for the Advisor in connection with certain transactions involving investments by the Registrant in Portfolio Funds, and investments by other funds advised by the Advisor, or sponsored or managed by the Advisor, in the same Portfolio Funds. Conflicts of interest may also arise in connection with investments in the Registrant by other funds advised or managed by the Advisor or any of its affiliates. Such conflicts could arise, for example, with respect to the timing, structuring and terms of such investments and the disposition of them. The Advisor or an affiliate may determine that an investment in a Portfolio Registrant is appropriate for a particular client or for itself or its officers, directors, principals, members or employees, but that the investment is not appropriate for the Registrant. Situations also may arise in which the Advisor, one of its affiliates, or the clients of either have made investments that would have been suitable for investment by the Registrant but, for various reasons, were not pursued by, or available to, the Registrant. The investment activities of the Advisor, its affiliates and any of their respective officers, directors, principals, members or employees may disadvantage the Registrant in certain situations if, among other reasons, the investment activities limit the Registrant's ability to invest in a particular Portfolio Fund.

*Management of the Fund* — Personnel of the Advisor or its affiliates will devote such time as the Advisor, the Registrant and their affiliates, in their discretion, deem necessary to carry out the operations of the Registrant effectively. Officers, principals, and employees of the Advisor and its affiliates will also work on other projects for the Advisor and its other affiliates (including other clients served by the Advisor and its affiliates) and conflicts of interest may arise in allocating management time, services or functions among the affiliates. The Advisor has a fiduciary responsibility to manage all client accounts in a fair and equitable manner. The Advisor seeks to provide best execution of all securities transactions and to allocate investments to client accounts in a fair and timely manner. To this end, the Advisor has developed policies and procedures designed to mitigate and manage the potential conflicts of interest that may arise from side-by-side management.

**(a)(3) Compensation**:

Mr. Mark W. Yusko has significant day-to-day duties in the management of the Registrant, including providing analysis and recommendations on asset allocation and Portfolio Fund selection. Mr. Yusko owns equity interests in the Advisor, which pays him a base salary and he may receive a bonus, and the Advisor is obligated to make distributions of profits to him, as well as the other members, on an annual basis.

**(a)(4) Ownership of Securities:**

The following table sets forth, for the portfolio manager, the aggregate dollar range of the registrant's equity securities beneficially owned as of March 31, 2025.

---

| | |
|:---|:---|
| Portfolio Manager | Dollar Range of Fund Shares Beneficially Owned |
| Mark. W. Yusko | $0 |

---

(b) Not applicable.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant's Board, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 C.F.R. 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 C.F.R. 240.14a-101)), or this Item.

**<u>Item 16. Controls and Procedures.</u>**

(a) The Registrant's principal executive and principal financial
officers have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act provide
reasonable assurances that material information relating to the Registrant is made known to them by the appropriate persons, based on
their evaluation of these controls and procedures, as of a date within 90 days of the filing date of this Form N-CSR.

(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant's second fiscal quarter that
has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed End Management Investment Companies.</u>**

(a) Not applicable. The Fund did not engage in securities lending activity during the fiscal year ended March 31, 2025.

(b) Not applicable. The Fund did not engage in securities lending activity during the fiscal year ended March 31, 2025.

**<u>Item 18. Recovery of Erroneously Awarded Compensation</u>**

(a) Not applicable.

(b) Not applicable.

**<u>Item. 19. Exhibits</u>**

[(a)(1) Code of Ethics is attached hereto in response to Item 2.](fp0093839-1_ex99code.htm)

(a)(2) Not applicable.

[(a)(3) The certifications required by Rule 30a-2 of the 1940 Act are attached hereto.](fp0093839-1_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b) The certifications required by Rule 30a-2(b) of the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](fp0093839-1_ex99906cert.htm)

[(c) The proxy voting policies and procedures of the Registrant's investment adviser are attached hereto in response to Item 12.](fp0093839-1_ex9919c.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Morgan Creek Global Equity Long/Short Institutional Fund

 ****

---

| | |
|:---|:---|
| By: | /s/ Mark W. Yusko |
|  | Mark W. Yusko |
|  | Chairman, President, Trustee and Principal Executive Officer |

---

Date: June 6, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, 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: | /s/ Mark W. Yusko |
|  | Mark W. Yusko |
|  | Chairman, President, Trustee and Principal Executive Officer |

---

Date: June 6, 2025

---

| | |
|:---|:---|
| By: | /s/ Mark B. Vannoy |
|  | Mark B. Vannoy |
|  | Treasurer and Principal Financial Officer |

---

Date: June 6, 2025

## Ex-99.Code

**Exhibit 19(a)(1)**

**MORGAN CREEK GLOBAL EQUITY LONG/SHORT INSTITUTIONAL FUND**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE**

**AND SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;I. **Covered Officers/Purpose of the Code** 

This Code of Ethics (the "Code") shall apply to the Principal Executive Officer, Principal Financial Officer, Controller, Principal Accounting Officer and persons performing similar functions (the "Covered Officers," each of whom is named in Exhibit A attached hereto) of the Morgan Creek Global Equity Long/Short Institutional Fund (the "Institutional Fund"), and Morgan Creek Series Trust (the "Open-End Fund" and collectively with the Institutional Fund, the "Funds") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Funds file
with, or submit to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting of violations of the Code to an appropriate person or persons identified
in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;II. **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview**. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Funds. Covered Officers must avoid conduct that conflicts, or appears to conflict, with their duties to the Funds. All Covered Officers should conduct themselves such that a reasonable observer would have no grounds for belief that a conflict of interest exists. Covered Officers are not permitted to self-deal or otherwise to use their positions with the Funds to further their own or any other related person's business opportunities.

This Code does not, and is not intended to, repeat or replace the programs and procedures or codes of ethics of the Funds' investment adviser or distributor.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between a Fund or a series of the Trust and its service providers, including the investment adviser, of which the Covered Officers may be officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Funds, the investment adviser, or other service providers), be involved in establishing policies and implementing decisions that will have different effects on the service providers and the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and their service providers and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act of 1940, as amended ("Investment Company Act") and the Investment Advisers Act of 1940, as amended ("Investment Advisers Act"), such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Boards of Trustees (the "Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.

\* \* \* \*

Each Covered Officer must not:

&nbsp;&nbsp;&nbsp;&nbsp;· use his or her personal influence or personal relationship improperly to influence investment decisions
or financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of a Fund or a series of the
Trust;

&nbsp;&nbsp;&nbsp;&nbsp;· cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit of the Funds; or

&nbsp;&nbsp;&nbsp;&nbsp;· retaliate against any other Covered Officer or any employee of the Funds or their affiliated persons for
reports of potential violations by a Fund or a series of the Trust of applicable rules and regulations that are made in good faith.

Each Covered Officer must discuss certain material conflict of interest situations with the Funds' Audit Committee. Examples of such situations include:

&nbsp;&nbsp;&nbsp;&nbsp;· service as a director, trustee, general partner, or officer of any unaffiliated business organization.
This rule does not apply to charitable, civic, religious, public, political, or social organizations, the activities of which do not conflict
with the interests of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;· the receipt of any non-nominal gifts;

&nbsp;&nbsp;&nbsp;&nbsp;· the receipt of any entertainment from any company with which the Funds has current or prospective business
dealings unless such entertainment is business- related, reasonable in cost, appropriate as to time and place, and not so frequent as
raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;· any ownership interest in, or any consulting or employment relationship with, any of the Funds' service
providers, other than its investment adviser, principal underwriter, administrator, transfer agent, custodian or any affiliated person
thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;· a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund
or a series of the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the
Covered Officer's employment, such as compensation or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize himself or herself with the disclosure requirements generally
applicable to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about a
Fund or a series of the Trust to others, whether within or outside the Funds, including to the Funds' Board, Audit Committee and independent
auditors, and to governmental regulators and self-regulators and self- regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult
with other officers and employees of the Funds and their service providers with the goal of promoting full, fair, accurate, timely and
understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made
by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;· It is the responsibility of each Covered Officer to promote and encourage professional integrity in all
aspects of the Funds' operations.

&nbsp;&nbsp;&nbsp;&nbsp;IV. **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;· upon adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), sign and return
a report in the form of Exhibit B to the Funds' compliance officer affirming that he or she has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;· annually sign and return a report in the form of Exhibit C to the Funds' compliance officer as an affirmation
that he or she has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;· notify the Funds' Audit Committee promptly if he or she knows of any violation of this Code. Failure to
do so is itself a violation of this Code.

The Funds' Audit Committee is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation including any approvals or waivers sought by the Covered Persons.

The Audit Committee will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;· The Audit Committee will take all appropriate actions to investigate any potential violations reported
to the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;· If, after such investigation, the Audit Committee believes that no violation has occurred, the Audit Committee
is not required to take any further action.

&nbsp;&nbsp;&nbsp;&nbsp;· Any matter that the Audit Committee believes is a violation of this Code will be reported to the full
Board.

&nbsp;&nbsp;&nbsp;&nbsp;· If the Board concurs that a violation has occurred, it will notify the appropriate personnel of the applicable
service provider and may dismiss the Covered Officer as an officer of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;· The Audit Committee will be responsible for granting waivers of provisions of this Code, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;· Any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;V. **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' investment adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Fund's, investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;VI. **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of Independent Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;VII. **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Funds' Board or Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;VIII. **Internal Use** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of a Fund or a series of the Trust, as to any fact, circumstance, or legal conclusion.

Date: October 4, 2010, amended December 4, 2012, amended December 7, 2015

EXHIBIT A

Persons Covered by this Code of Ethics:

Mark W. Yusko, President and Principal Executive Officer

Mark B. Vannoy, Treasurer and Principal Financial Officer

EXHIBIT B

INITIAL CERTIFICATION FORM

This is to certify that I have read and understand the Code of Ethics for Principal Executive and Senior Financial Officers of Morgan Creek Global Equity Long/Short Institutional Fund and Morgan Creek Series Trust, dated October 4, 2010 (as amended December 4, 2012 and as amended December 7, 2015), and that I recognize that I am subject to the provisions thereof and will comply with the policy and procedures stated therein.

---

| |
|:---|
| Please sign your name here: |
| Please print your name here: |
| Please date here: |

---

EXHIBIT C

ANNUAL CERTIFICATION FORM

This is to certify that I have read and understand the Code of Ethics for Principal Executive and Senior Financial Officers of Morgan Creek Global Equity Long/Short Institutional Fund and Morgan Creek Series Trust, dated October 4, 2010 (as amended December 4, 2012 and as amended December 7, 2015) (the "Code") and that I recognize that I am subject to the provisions thereof and will comply with the policy and procedures stated therein.

This is to further certify that I have complied with the requirements of the Code during the period of _____________ through ______________.

---

| |
|:---|
| Please sign your name here: |
| Please print your name here: |
| Please date here: |

---

## Ex-99.Cert

Exhibit **19(a)(3)**

**<u>CERTIFICATIONS</u>**

I, Mark W. Yusko, Chairman, President and Trustee of Morgan Creek Global Equity Long/Short Institutional Fund, certify that:

1. I have reviewed this report on Form N-CSR of Morgan Creek Global Equity Long/Short Institutional Fund;

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 financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report 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 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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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: June 6, 2025

---

| | |
|:---|:---|
| By: | /s/ Mark W. Yusko |
|  | Mark W. Yusko |
|  | Chairman, President and Trustee (principal executive officer) of Morgan Creek Global Equity Long/Short Institutional Fund |

---

I, Mark B. Vannoy, Treasurer of Morgan Creek Global Equity Long/Short Institutional Fund, certify that:

1. I have reviewed this report on Form N-CSR of Morgan Creek Global Equity Long/Short Institutional Fund;

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 financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report 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 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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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: June 6, 2025

---

| | |
|:---|:---|
| By: | /s/ Mark B. Vannoy |
|  | Mark B. Vannoy |
|  | Treasurer (principal financial officer) of Morgan Creek Global Equity Long/Short Institutional Fund |

---

## Exhibit 99.906

**Exhibit 19(b)**

Mark W. Yusko, Chairman, President and Trustee, and Mark B. Vannoy, Treasurer of Morgan Creek Global Equity Long/Short Institutional Fund (the "Fund"), each certify that:

1. This Form N-CSR filing for the Fund (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Fund.

---

| | |
|:---|:---|
| By: | /s/ Mark W. Yusko |
|  | Mark W. Yusko |
|  | Chairman, President, Trustee and Principal Executive Officer |

---

Date: June 6, 2025

---

| | |
|:---|:---|
| By: | /s/ Mark B. Vannoy |
|  | Mark B. Vannoy |
|  | Treasurer and Principal Financial Officer |

---

Date: June 6, 2025

## Exhibit 99.19

**Exhibit 19(c)**

**I.**  **<u>PROXY VOTING</u>** 

**A.**  **<u>General Proxy Voting Policies</u>** 

(1) <u>Voting in the Best Interests of Advisory Clients</u> 

Morgan Creek understands and appreciates the importance of proxy voting. To the extent that Morgan Creek has discretion to vote the proxies of its Advisory Clients, Morgan Creek will vote any such proxies in the best interests of Advisory Clients and Investors (as applicable) and in accordance with the procedures outlined below (as applicable).

It is the policy of the Board of Trustees of each Fund to delegate the responsibility for voting proxies relating to portfolio securities held by each Fund to Morgan Creek as a part of Morgan Creek's general management of each Fund, subject to the Board's continuing oversight. The delegation by the Board of Trustees of the authority to vote proxies relating to portfolio securities of each Fund is entirely voluntary and may be revoked by the Board, in whole or in part, at any time.

Morgan Creek may retain one or more vendors to review, monitor and recommend how to vote proxies in a manner substantially consistent with the policies of the firm and then ensure such proxies are voted on a timely basis.

(2) <u>Applicability of Policy</u> 

It should be specifically noted that the Funds generally invest (directly or indirectly) in private investment funds. As such, it is expected that proxies received by Morgan Creek primarily will deal with matters related to the operative terms and business details of such private investment funds. Morgan Creek is not responsible for, and these procedures are not applicable to, proxies received by the investment managers of the underlying investment funds invested in by the Advisory Clients (related to issuers invested in by such underlying investment funds). To the extent that a Non-Discretionary Advisory Client accesses an underlying investment manager, it is understood that voting discretion related to issuers will generally be held by such underlying investment managers. Non-Discretionary Advisory Clients may request the view of Morgan Creek on proposed amendments or other changes to the operating documents of private investment funds. Morgan Creek will provide recommendations based on consideration for the individual needs and best interests of the client, which may differ from those of the Funds.

**B.**  **<u>Proxy Voting Procedures</u>** 

(1) All proxies sent to Advisory Clients or the Funds that are actually received by Morgan Creek (to vote
on behalf of the Advisory Clients/ the Funds) will be provided to the Chief Compliance Officer.

(2) The Chief Compliance Officer will generally adhere to the following procedures (subject to limited exception):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A written record of each proxy received by Morgan Creek (on behalf of its Advisory Clients or the Company)
will be kept in Morgan Creek's files;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Chief Compliance Officer will determine which of Morgan Creek's Advisory Clients or the Funds holds
an interest in the private investment fund or security to which the proxy relates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Chief Compliance Officer will call a meeting (which may be via telephone) of the Chief Compliance
Officer, Michael P. Hennessy, Josh S. Tilley and Mark B. Vannoy (collectively referred to as "Proxy Voting Committee") and provide
each member of the Proxy Voting Committee with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a copy of the proxy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a list of the Advisory Clients or the Funds to which the proxy
is relevant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the amount of votes controlled by each Advisory Client or the
Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the deadline that such proxies need to be completed and returned to the private investment fund or company
in question

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Prior to voting any proxies, the Proxy Voting Committee will determine if there are any conflicts of interest
related to the proxy in question in accordance with the general guidelines. If a conflict is identified, the Proxy Voting Committee will
then make a determination (which may be in consultation with outside legal counsel) as to whether the conflict is material or not.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If no material conflict is identified pursuant to these procedures, the Proxy Voting Committee will make
a decision on how to vote the proxy in question in accordance with the guidelines. The Chief Compliance Officer will deliver the proxy
in accordance with instructions related to such proxy in a timely and appropriate manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Although not presently intended to be used on a regular basis, Morgan Creek is empowered to retain an
independent third party to vote proxies in certain situations (including situations where a material conflict of interest is identified).

**C.**  **<u>Handling of Conflicts of Interest</u>** 

(1) As stated above, in evaluating how to vote a proxy, the Proxy Voting Committee will first determine whether
there is a conflict of interest related to the proxy in question between Morgan Creek and its Advisory Clients or the Funds. This examination
will include (but will not be limited to) an evaluation of whether Morgan Creek (or any affiliate of Morgan Creek) has any relationship
with the private investment fund (or such fund's investment adviser or affiliate) or company to which the proxy relates outside an investment
in such investment fund/company by an Advisory Client of Morgan Creek or the Funds.

(2) If a conflict is identified and deemed "material" by the Proxy Voting Committee, Morgan Creek
will determine whether voting in accordance with the proxy voting guidelines is in the best interests of affected Advisory Clients/ the
Company (which may include utilizing an independent third party to vote such proxies).

(3) With respect to material conflicts, Morgan Creek will determine whether it is appropriate to disclose
the conflict to affected Advisory Clients/ the Company and Investors and give Investors the opportunity to vote the proxies in question
themselves except that if the Advisory Client is subject to the requirements of the Employee Retirement Income Security Act of 1974, as
amended ("ERISA"), and the investment management agreement between Morgan Creek and the ERISA Advisory Client reserves the right
to vote proxies when Morgan Creek has determined that a material conflict exists that does affect its best judgment as a fiduciary to
the ERISA Advisory Client, Morgan Creek will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Give the ERISA Advisory Client the opportunity to vote the proxies in question themselves; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Follow designated special proxy voting procedures related to voting proxies pursuant to the terms of the
investment management agreements with such ERISA Advisory Clients (if any).

**D.**  **<u>Voting Guidelines</u>** 

(1) In the absence of specific voting guidelines mandated by a particular Advisory Client or the Funds, Morgan
Creek will endeavor to vote proxies in the best interests of each Advisory Client/ the Funds.

(2) Although voting certain proxies may be subject to the discretion of Morgan Creek, Morgan Creek is of the
view that voting proxies in accordance with the following general guidelines is in the best interests of its Advisory Clients and the
Funds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Morgan Creek will generally vote in favor of routine corporate housekeeping proposals including, but not
limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) election of directors (where there are no related corporate
governance issues);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) selection or reappointment of auditors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) increasing or reclassification of common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Morgan Creek will generally vote against proposals that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) make it more difficult to replace members of the issuer's board of directors or board of managers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) introduce unequal voting rights (although there may be regulatory reasons that would make such a proposal
favorable to certain Advisory Clients of Morgan Creek and/or the Funds).

(3) For proxies addressing any other issues (which may include proposals related to fees paid to investment
managers of underlying investment funds, redemption rights provided by underlying investment funds, investment objective modifications,
etc.), Morgan Creek shall determine (which may be based upon the advice of external lawyers, compliance consultants or accountants) whether
a proposal is in the best interest of affected Advisory Clients/ the Funds. In doing so, Morgan Creek will evaluate a number of factors
which may include (but are not limited to): (a) the performance of the underlying investment fund or company in question; and (b) a comparison
of the proposed changes in terms to customary terms in the industry.

**E.**  **<u>Disclosure of Procedures</u>** 

 

*Advisory Clients*: Employees should note that a brief summary of these proxy voting procedures are included in Morgan Creek's Form ADV Part 2A and will be updated whenever these policies and procedures are updated. The Chief Compliance Officer will be responsible for sending a copy of this summary to all existing Advisory Clients. Advisory Clients and Investors will also be provided with contact information as to how such Advisory Clients and Investors can obtain information about: (a) the details of Morgan Creek's proxy voting procedures (i.e., a copy of these procedures); and (b) how Morgan Creek has voted proxies that are relevant to the affected Advisory Client or Investor.

 

*The Company*: The Company shall include in its registration statements: (a) a description of this policy and of the policies and procedures used by Morgan Creek to determine how to vote proxies relating to portfolio securities; and (b) a statement disclosing that information regarding how the Company voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling the Company's toll-free telephone number; or through a specified Internet address; or both; and on the SEC's website.

The Company shall include in their annual and semi-annual reports to shareholders: (a) a statement disclosing that a description of the policies and procedures used by or on behalf of the Company to determine how to vote proxies relating to portfolio securities of the Company is available without charge, upon request, by calling the Company's toll-free telephone number; through a specified Internet address, if applicable; and on the SEC's website; and (b) a statement disclosing that information regarding how the Company voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling the Company's toll-free telephone number; or through a specified Internet address; or both; and on the SEC's website.

**F.**  **<u>Record-Keeping Requirements</u>** 

The Chief Compliance Officer will be responsible for maintaining files relating to Morgan Creek's proxy voting procedures. Records will be maintained and preserved for five years from the end of the fiscal year during which the last entry was made on a record, with records for the first two years kept in the offices of Morgan Creek. Records of the following will be included in the files:

(1) Copies of these proxy voting policies and procedures, and any
amendments thereto;

(2) A copy of each proxy statement that Morgan Creek actually receives; provided, however, that Morgan Creek
may rely on obtaining a copy of proxy statements from the SEC's EDGAR system for those proxy statements that are so available;

(3) A record of each vote that Morgan Creek casts;

(4) A copy of any document that Morgan Creek created that was material to making a decision how to vote the
proxies, or memorializes that decision (if any); and

(5) A copy of each written request for information on how Morgan Creek voted such proxies and a copy of any
written response to any request for information on how Morgan Creek voted proxies on behalf of Advisory Clients/ the Funds.

**G.**  **<u>Fund's Annual Filing Requirement</u>** 

Each Fund shall file an annual report of each proxy voted with respect to the portfolio securities of the Fund during the twelve-month period ended June 30 on Form N-PX not later than August 31 of each year.

Morgan Creek shall provide the voting record information necessary for the completion and filing of Form N-PX for the Funds at least annually. Such voting record information shall be in a form acceptable to the Funds and shall be provided at such time(s) as are required for the timely filing of Form N-PX and at such additional time(s) as the Company and Morgan Creek may agree to from time to time. With respect to those proxies that Morgan Creek has identified as involving a conflict of interest<sup>1</sup>, Morgan Creek shall submit a separate report indicating the nature of the conflict of interest and how that conflict was resolved with respect to the voting of the proxy.

**H.**  **<u>Review of Proxy Voting Procedures</u>** 

At least annually, each of Morgan Creek and the Board shall review this policy to determine its sufficiency and shall make and approve any changes that it deems necessary.

The Board of Trustees shall review and amend these procedures as they deem necessary and advisable. In addition, Morgan Creek shall notify the Board promptly of material changes to its policies, procedures or other guidelines for voting proxies on behalf of the Funds.

<sup>1</sup> As it is used in this document, the term "conflict of interest" refers to a situation in which Morgan Creek or affiliated persons of Morgan Creek have a financial interest in a matter presented by a proxy other than the obligation it incurs as investment adviser to the Company which could potentially compromise Morgan Creek's independence of judgment and action with respect to the voting of the proxy.