# EDGAR Filing Document

**Accession Number:** 0002004413
**File Stem:** 0001580642-26-003662
**Filing Date:** 2026-6
**Character Count:** 178801
**Document Hash:** 860b8ca3e6564074c1127c5666c24f8d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-003662.hdr.sgml**: 20260608

**ACCESSION NUMBER**: 0001580642-26-003662

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260608

**DATE AS OF CHANGE**: 20260608

**EFFECTIVENESS DATE**: 20260608

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Beacon Pointe Multi-Alternative Fund
- **CENTRAL INDEX KEY:** 0002004413

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23921
- **FILM NUMBER:** 261072947

**BUSINESS ADDRESS:**
- **STREET 1:** 24 CORPORATE PLAZA DRIVE
- **STREET 2:** SUITE 150
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92660
- **BUSINESS PHONE:** 16785537338

**MAIL ADDRESS:**
- **STREET 1:** 24 CORPORATE PLAZA DRIVE
- **STREET 2:** SUITE 150
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92660

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> WASHINGTON, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT<br> INVESTMENT COMPANIES**

Investment Company Act file number <u>811-23921</u>

<u>Beacon Pointe Multi-Alternative Fund</u> <br> (Exact name of registrant as specified in charter)

<u>24 Corporate Plaza Drive, Suite 150, Newport Beach CA</u> <u>92660</u> <br> (Address of principal executive offices) (Zip code)

<u>DLA Piper, LLP 1201 West Peachtree Street, Suite 2900 Atlanta, GA 30309</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>(949) 718-1600</u>

Date of fiscal year end: <u>3/31</u> <br>Date of reporting period: <u>3/31/2026</u>

**Item 1. Reports to Stockholders.**

(a) Long
Form Financial Statements

**Beacon Pointe Multi-Alternative Fund**

**BPMAX**

**March 31, 2026**

**Annual Report**

***Advised by:***

Beacon Pointe Advisors, LLC

24 Corporate Plaza Drive, Suite 150

Newport Beach CA, 92660

<u>www.beaconpointe.com</u>

April 21, 2026

Dear Shareholders:

We are pleased to provide you with a brief update on the Beacon Pointe Multi-Alternative Fund (the "Fund") covering the period from April 1, 2025, through March 31, 2026.

The Fund is a continuously offered closed-end management investment company that operates as an interval fund. The interval fund structure provides investors with daily NAV, 1099 tax reporting, and quarterly liquidity, subject to limitations. The Fund offers investors the opportunity to access less liquid alternative investments with illiquidity premiums and low correlations to public markets.

The Fund's investment objective is to achieve long-term capital appreciation by pursuing positive absolute returns across market cycles. The Fund pursues its investment objective by strategically investing in a portfolio of underlying funds that invest in a variety of asset classes, including but not limited to private equity, private credit, private real estate, hedge funds, hedged equities and real assets. As of March 31, 2026, the Fund had $1.087 billion in net assets, reflecting sustained investor interest in alternative strategies.

The Fund posted a +9.90% annualized return from April 1, 2025, through March 31, 2026. During the same period, the Bloomberg U.S. Aggregate Bond Index returned +4.35%, the U.S. Treasury 3-month T-bills returned +4.05% and the S&P 500 returned +17.80%. The Fund declared quarterly distributions of $0.10 on June 27, 2025, $0.10 on September 25, 2025, $0.10 on December 29, 2025, and $0.10 on March 31, 2026, representing an annualized distribution rate of 3.66% since April 1, 2025.

As of March 31, 2026, 29.1% of the Fund's net assets were invested in Private Equity holdings, with 35.0% in Private Credit holdings, 12.1% in Private Real Estate holdings, 8.9% in Hedge Funds and Hedged Equities holdings, 7.1% in Real Asset holdings and 7.1% in Liquidity Pool holdings.

Between April 1, 2025, and March 31, 2026, the Fund operated amid a complex and shifting economic and geopolitical environment characterized by restrictive—but easing— monetary policy, persistent inflationary pressures, and elevated geopolitical uncertainty. During the first half of the period, the Federal Reserve maintained a restrictive policy stance. A Fed policy is generally considered restrictive when the real interest rate (the nominal interest rate minus inflation) is higher than the "neutral" interest rate (r\*). The Fed implemented an initial 25 basis point rate cut in September 2025, which weighed on interest-sensitive sectors such as real estate, private credit, and other leveraged assets. Inflation remained sticky, influencing consumer behavior and corporate earnings and creating headwinds for private equity and real asset investments. As the period progressed

into late 2025, slowing economic momentum and a softening labor market prompted two additional quarter-point rate cuts, followed by a pause in early 2026, leaving financial conditions moderately restrictive. Throughout the year, markets experienced intermittent volatility driven by policy uncertainty and geopolitical developments, including renewed tensions in U.S.–China trade and technology relations as well as escalating conflict in the Middle East, which contributed to energy-price volatility and risk-off episodes across global equity and fixed-income markets. Despite these challenges, capital markets demonstrated resilience and credit conditions remained generally functional. The Fund's performance over the period reflected the benefits of diversification and active risk management in navigating a prolonged period of macroeconomic and geopolitical complexity. Despite these challenges, BPMAX achieved a net return of 9.05% since its inception on July 5, 2024, through March 31, 2026.

While several interval funds—particularly those focused on private credit—implemented redemption limits or deferrals amid a challenging liquidity environment, the Fund successfully met all shareholder redemption requests throughout the period. This outcome reflected the Fund's deliberate portfolio construction, which emphasized diversified sources of liquidity, disciplined position sizing, and ongoing cash-flow management.

We believe that alternative investments are playing a pivotal role in helping investors navigate continued economic uncertainty and market volatility. With traditional equities facing headwinds from a reset of U.S. trade policies, geopolitical tensions, and uneven global growth, alternatives can help diversify portfolios, dampen volatility, and preserve capital.

We remain committed to our disciplined investment process, prioritizing risk management while actively seeking attractive opportunities within the alternative investment landscape. We are confident that our diversified portfolio and experienced team will continue to deliver strong performance for our investors in the coming quarters.

Thank you for your continued trust and investment.

Sincerely,

Michael Dow, CFA, CPA, CAIA

President of the Beacon Pointe Multi-Alternative Fund

**Beacon Pointe Multi-Alternative Fund**

**PORTFOLIO REVIEW (Unaudited)**

**March 31, 2026**

Average Annual Total Return through March 31, 2026 as compared to its benchmarks:

---

| | | |
|:---|:---|:---|
| | One<br>Year | Inception\*\*\*\*\* through<br>March 31, 2026 |
| Beacon Pointe Multi-Alternative Fund - Class I | 9.90% | 9.05% |
| Bloomberg U.S Aggregate Bond Index\*\* | 4.35% | 4.86% |
| Bloomberg 3 Month T-Bill (USD)\*\*\* | 4.05% | 4.38% |
| S&P 500 Total Return Index\*\*\*\* | 17.80% | 11.02% |

---

\* The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. Performance figures for periods less than 1 year are not annualized. The Adviser and the Fund have entered into an expense limitation and reimbursement agreement (the "Expense Limitation Agreement") under which the Adviser has agreed contractually to waive its fees and to pay or absorb the ordinary operating expenses of the Fund (including all organizational and offering expenses, but excluding interest, brokerage commissions, acquired fund fees and expenses and extraordinary expenses), to the extent that they exceed 1.80% per annum of the Fund's average daily net assets attributable to Class I shares (the "Expense Limitation"). The Fund's total annual operating expenses, before fee waiver and/or reimbursements, are 3.51% per the prospectus dated August 1, 2025. After fee waivers and/or reimbursements, the Fund's net operating expenses are 3.51%. For performance information current to the most recent quarter-end, please call toll-free 833-822-4060.

\*\* The Bloomberg U.S. Aggregate Bond Index is a market capitalization-weighted index, meaning the securities in the Index are weighted according to the market size of each bond type. Most U.S. traded investment grade bonds are represented. Municipal bonds and Treasury Inflation-Protected Securities are excluded, due to tax treatment issues. The Index includes Treasury securities, Government agency bonds, mortgage-backed bonds, corporate bonds, and a small amount of foreign bonds traded in the U.S. You cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.

\*\*\* The 3-Month Treasury bill is a short-term U.S. government security with a constant maturity period of 3 months. The Federal Reserve calculates yields for "constant maturities" by interpolating points along a treasury curve comprised of actively traded issues of term (e.g., 1 month) maturities.

---

| | |
|:---|:---|
| \*\*\*\* | The S&P 500 Index is a large-cap, market-weighted, U.S. equities index that tracks the price (excluding dividends) of the 500 leading companies that reflect the industries of the U.S. economy and is often considered a proxy for the stock market in general. The Fund's portfolio holdings may differ significantly from the securities held in the Index, and unlike a mutual fund, an unmanaged index assumes no transaction costs, taxes, management fees or other expenses. Investors may not invest directly in an index. |

---

\*\*\*\*\* Inception date is July 5, 2024.

**Comparison of the Change in Value of a $10,000 Investment**

Portfolio Composition as of March 31, 2026:

---

| | |
|:---|:---|
| **Compositions** | **Percentage of Net Assets** |
| Private Equity | 29.1% |
| Private Credit | 35.0% |
| Private Real Estate | 12.1% |
| Hedged Equities and Hedge Funds | 8.9% |
| Liquidity Pool | 7.1% |
| Real Assets | 7.1% |
| Other Assets in Excess of Liabilities | 0.7% |
|  | 100.0% |

---

Please refer to the Schedule of Investments in this Annual Report for a detailed analysis of the Fund's holdings.

---

| |
|:---|
| **BEACON POINTE MULTI-ALTERNATIVE FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **PORTFOLIO INSTRUMENTS – 99.3%** |  |
|  | **PRIVATE EQUITY – 29.1%** |  |
| 1854197 | AMG Pantheon Fund, LLC, Class 3<sup>(a),(b),(c),(d),(e)</sup> | $52306894 |
| 7613153 | Cascade Private Capital Class I | 155536721 |
| 9083243 | Partners Group Private Equity Fund, LLC – Class I<sup>(a),(b),(c),(d),(e)</sup> | 20172067 |
|  | Pathway Select Fund LP, Series A<sup>(b),(c),(d),(e)</sup> | 32699903 |
|  | Pathway Select Fund LP, Series 2025 <sup>(a),(b),(c),(d),(e)</sup> | 22209251 |
| 542082 | Stepstone Private Venture and Growth Fund<sup>(b),(c)</sup> | 33598254 |
|  |  | 316523090 |
|  | **PRIVATE CREDIT – 35.0%** |  |
| 6501687 | AMG Pantheon Credit Solutions Fund Class S | 70023166 |
|  | Antares Loan Funding I Ltd.<sup>(b),(c),(d),(e)</sup> | 20000000 |
| 980048 | Apollo Asset Back Credit Company, LLC<sup>(b),(c)</sup> | 24841966 |
|  | Ares Private Credit Fund C-1 Holdco, LLC - Series <sup>(b),(c),(d),(e)</sup> | 8055553 |
| 2137486 | Blue Owl Alternative Credit Fund, Class I | 21246606 |
| 5144892 | Cliffwater Corporate Lending Fund | 54227158 |
| 3572375 | Cliffwater Enhanced Lending Fund, Class I | 39331847 |
|  | South Cove Funding LLC<sup>(b),(c),(d),(e)</sup> | 10236722 |
|  | Kohlberg Credit CLO 2025-1, LLC<sup>(b),(c),(d),(e)</sup> | 20590739 |
|  | NXT Capital Structured Note I<sup>(b),(c),(d),(e)</sup> | 13800000 |
| 5098316 | Oaktree Asset-Backed Income Fund, Class I<sup>(a)</sup> | 53213525 |
|  | TPG AG Credit Solutions Fund III, LP<sup>(b),(c),(d),(e)</sup> | 11579267 |
|  | Varagon Structured Notes Issuer I, LLC<sup>(b),(c),(d),(e)</sup> | 9605049 |
| 916585 | Variant Alternative Income Fund, Class I | 23877044 |
|  |  | 380628642 |
|  | **PRIVATE REAL ESTATE – 12.1%** |  |
| 1402695 | Apollo Diversified Real Estate Fund, Class I | 34842938 |
| 1429188 | Blackstone Real Estate Income Trust, Inc<sup>(b),(c)</sup> | 20370931 |
| 3643175 | Clarion Partners Real Estate Income Fund Class I | 41313605 |
|  | Kairos Credit Strategies EB Holdings, LLC<sup>(b),(c),(d),(e)</sup> | 4000000 |
| 1333739 | KKR Real Estate Select Trust Class I | 30876060 |
|  |  | 131403534 |
|  | **HEDGED EQUITIES AND HEDGE FUNDS- 8.9%** |  |
| 1525374 | AQR Diversifying Strategies Fund, Class I<sup>(a)</sup> | 22056909 |
| 1007263 | BlackRock Systematic Multi-Strategy Fund, Institutional Class | 10566191 |
| 15972 | Ironwood Institutional Multi-Strategy Fund LLC<sup>(a),(b),(c),(d),(e)</sup> | 19818852 |
| 1958734 | JPMorgan Equity Premium Income Fund, Class I | 27461453 |
| 494800 | JPMorgan Hedged Equity 2 Fund, Class I | 9524896 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **BEACON POINTE MULTI-ALTERNATIVE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **PORTFOLIO INSTRUMENTS – 99.3% (Continued)** |  |
|  | **HEDGED EQUITIES AND HEDGE FUNDS- 8.9% (Continued)** |  |
| 335806 | JPMorgan Hedged Equity 3 Fund, Class I | $6837015 |
|  |  | 96265316 |
|  | **REAL ASSETS – 7.1%** |  |
| 3988036 | AMG Pantheon Infrastructure Class S<sup>(a)</sup> | 43230309 |
| 1197725 | Apollo Infrastructure Co.<sup>(b),(c)</sup> | 33303349 |
|  |  | 76533658 |
|  | **LIQUIDITY POOL – 7.1%** |  |
| 741471 | Aristotle Floating Rate Income Fund, Class I | 6828950 |
| 728966 | BlackRock Floating Rate Income Portfolio, Institutional Class | 6808544 |
| 39593041 | First American Treasury Obligations Fund, Class X, 3.59%<sup>(f)</sup> | 39593041 |
| 123000 | iShares 1-3 Year Treasury Bond ETF<sup>(a)</sup> | 10156110 |
| 413072 | Nuveen Floating Rate Income Fund, Class I | 7286584 |
| 746075 | T Rowe Price Institutional Floating Rate Fund, Class I | 6886272 |
|  |  | 77559501 |
|  | **TOTAL PORTFOLIO INSTRUMENTS (Cost $1,030,441,354)** | 1078913741 |
|  | **TOTAL INVESTMENTS – 99.3% (Cost $1,030,441,354)** | $1078913741 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.7%** | 8136416 |
|  | **NET ASSETS - 100.0%** | $1087050157 |

---

 

<sup>(a)</sup> Non-income producing security.

 

<sup>(b)</sup> Illiquid investments. The total fair value of these investments as of March 31, 2026, was $357,188,797, representing 32.9% of net assets.

<sup>(c)</sup> Restricted investment.

<sup>(d)</sup> Investment is valued using net asset value (or its equivalent) as a practical expedient. Total value of all such investments as March 31, 2026, amounted to $245,074,297 which represents approximately 22.5% of the net assets of the Fund.

<sup>(e)</sup> Investment does not issue shares.

(f) Rate
 disclosed is the seven day effective yield as of March 31, 2026.

See accompanying notes to financial statements.

---

| |
|:---|
| **Beacon Pointe Multi-Alternative Fund** |
| **STATEMENT OF ASSETS AND LIABILITIES** |
| **March 31, 2026** |

---

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At Cost | $1030441354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At Fair Value | $1078913741 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 4830344 |
| &nbsp;&nbsp;&nbsp;Dividend and interest receivable | 4998053 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 51549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 1088793687 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fee | 859494 |
| &nbsp;&nbsp;&nbsp;Payable for shareholder servicing fees | 591070 |
| &nbsp;&nbsp;&nbsp;Payable to Administrator | 200000 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 92966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 1743530 |
| **COMMITMENTS AND CONTINGENCIES (See Note 2)** |  |
| **NET ASSETS** | $**1087050157** |
| **Net Assets Consist Of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $1032479509 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 54570648 |
| **NET ASSETS** | $**1087050157** |
| Class I |  |
| Net Assets | $1087050157 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 99091163 |
| Net asset value, offering and redemption price per share | $10.97 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **Beacon Pointe Multi-Alternative Fund** |
| **STATEMENT OF OPERATIONS** |
| **For the Year Ended March 31, 2026** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $30787096 |
| &nbsp;&nbsp;&nbsp;Interest | 9179930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 39967026 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Investment adviser fees | 7911973 |
| &nbsp;&nbsp;&nbsp;Third party administrative servicing fees | 1329714 |
| &nbsp;&nbsp;&nbsp;Administration fees | 396193 |
| &nbsp;&nbsp;&nbsp;Legal fees | 185158 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 130078 |
| &nbsp;&nbsp;&nbsp;Compliance service fees | 79261 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 75549 |
| &nbsp;&nbsp;&nbsp;Registration fees | 63875 |
| &nbsp;&nbsp;&nbsp;Trustee fees | 40125 |
| &nbsp;&nbsp;&nbsp;Audit and tax preparation fees | 31883 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 30203 |
| &nbsp;&nbsp;&nbsp;Offering costs | 29825 |
| &nbsp;&nbsp;&nbsp;Insurance expenses | 10125 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 86616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 10400578 |
| **NET INVESTMENT INCOME** | 29566448 |
| **NET REALIZED AND CHANGE IN UNREALIZED GAIN ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities | 3044293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gain distributions by underlying investment companies | 2379233 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities transactions | 44777855 |
| **NET REALIZED AND CHANGE IN UNREALIZED GAIN ON INVESTMENTS** | 50201381 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**79767829** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **Beacon Pointe Multi-Alternative Fund** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**March 31, 2026** | **For the**<br>**Period Ended**<br>**March 31, 2025\*** |
| **INCREASE IN NET ASSETS DUE TO:** |  |  |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $29566448 | $5740171 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investment securities transactions | 3044293 | (32123) |
| &nbsp;&nbsp;&nbsp;Distributions of long term capital gains from underlying investment companies | 2379233 | 1375133 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation of investment securities | 44777855 | 3694532 |
| Net increase in net assets resulting from operations | 79767829 | 10777713 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (27000786) | (9037179) |
| &nbsp;&nbsp;&nbsp;Return of Capital Distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (6127028) |  |
| Net decrease in net assets resulting from distributions | (33127814) | (9037179) |
| **CAPITAL TRANSACTIONS CLASS I** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 531818334 | 546252025 (b) |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 9620593 | 2753388 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (41553718) (a) | (10221014) (c) |
| &nbsp;&nbsp;&nbsp;Total - Class I | 499885209 | 538784399 |
| **TOTAL INCREASE IN NET ASSETS** | 546525224 | 540524933 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year/period | 540524933 |  |
| &nbsp;&nbsp;&nbsp;End of year/period | $**1087050157** | $**540524933** |
| **SHARE TRANSACTIONS CLASS I** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 49661511 | 53102040 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 893897 | 268732 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (3847479) (a) | (987538) (c) |
| &nbsp;&nbsp;&nbsp;Total - Class I | 46707929 | 52383234 |

---

\* The Beacon Pointe Multi-Alternative Fund commenced operations on July 5, 2024.

(a) 3,847,479
 shares and $41,553,718 from Class I were redeemed pursuant to the repurchase policy for the
 year ended March 31, 2026.

(b) Beginning
 capital of $100,000 was contributed by fund management of Beacon Pointe Advisors, LLC, investment
 advisor to the Fund, in exchange for 10,000 shares of the Class I in connection with the
 seeding of the Fund.

(c) 987,538
 shares and $10,221,014 from Class I were redeemed pursuant to the repurchase policy at the
 period ended March 31, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **Beacon Pointe Multi-Alternative Fund** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout The Year/Period Presented

---

| | | |
|:---|:---|:---|
|  | **Class I** | **Class I** |
|  | **For the**<br>**Year Ended**<br>**March 31, 2026** | **For the**<br>**Period Ended**<br>**March 31, 2025<sup>(a)</sup>** |
| Net asset value, beginning of year/period | $10.32 | 10.00 |
| Investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 0.38 | 0.23 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 0.67 | 0.34 |
| Total from investment operations | 1.05 | 0.57 |
| Less distributions to shareholders from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.33) | (0.25) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.00) <sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.07) |  |
| Total distributions | (0.40) | (0.25) |
| Net asset value, end of year/period | $10.97 | $10.32 |
| Total return <sup>(c)</sup> | 10.30 % (i) | 5.77 % <sup>(d)</sup> |
| Net assets, at end of year/period (000s) | $1087050 | $540525 |
| Ratio of expenses to average net assets<sup>(f)(e)</sup> | 1.25% | 1.49% |
| Ratio of net investment income (loss) to average net assets<sup>(g)(e)</sup> | 3.54% | 3.01% |
| Portfolio Turnover Rate | 17% | 16 % <sup>(d)</sup> |

---

(a) The
Beacon Pointe Multi-Alternative Fund commenced operations on July 5, 2024.

(b) Per
share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period.

(c) Total
return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions.

(d) Not
annualized.

(e) Annualized.

(f) Does
not include the Fund's share of the expenses of the underlying investment companies in which the Fund invests.

(g) The
recognition of investment income by the Fund is affected by the timing and declaration of dividends by the underlying investment companies
in which the Fund invests.

(h) Amount
represents less than $0.01 per share.

(i) Includes
adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset
value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns
for shareholder transactions.

See accompanying notes to financial statements.

---

| |
|:---|
| **Beacon Pointe Multi-Alternative Fund** |
| **Notes to Financial Statements** |
| **March 31, 2026** |

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**1.** **ORGANIZATION** 

Beacon Pointe Multi-Alternative Fund (the "Fund") is a continuously offered, non-diversified, closed-end management investment company that is operated as an interval fund. The Fund was organized as a Delaware statutory trust on November 6, 2023, and commenced operations on July 5, 2024. The Fund is an interval fund that will provide limited liquidity by offering to make quarterly repurchases of shares at net asset value ("NAV"), which will be calculated on a daily basis. The Fund engages in a continuous offering of shares of beneficial interest of Class I shares at the prevailing NAV, which is not subject to an upfront sales charge, distribution fee or contingent deferred sales charges. Class I shares are subject to a monthly shareholder servicing fee at an annual rate of up to 0.25% of the average daily net assets of the Fund. The Fund's investment objective is to seek to achieve long-term capital appreciation by pursuing positive absolute returns across market cycles. The Fund pursues its investment objective by strategically investing in a portfolio of U.S. registered open-end funds, such as mutual funds and ETFs, and registered closed-end funds, such as interval funds and tender offer funds ("Underlying Funds"). While the Fund will primarily invest indirectly through the Underlying Funds, the Fund may also invest directly in the underlying holdings of the Underlying Funds alongside the Underlying Funds (the "Co-Investments"). The Fund may invest no more than 15% of its net assets in private funds that would be investment companies but for the exclusions from the definition of investment company under Sections 3(c)(1) or 3(c)(7) under the 1940 Act)("Private Funds").

**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 946 "Financial Services – Investment Companies".

**Segment Reporting –** An operating segment is defined 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 CODM is comprised of the portfolio manager and Chief Financial Officer of the Trust. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

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| **Beacon Pointe Multi-Alternative Fund** |
| **Notes to Financial Statements (Continued)** |
| **March 31, 2026** |

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**Securities Valuation** – The Board of Trustees (the "Board") has adopted securities valuation Procedures governing the valuation of securities and other investment assets of the Fund (collectively, "Portfolio Instruments"). The Board may designate an investment adviser, as the valuation designee (the "Adviser" or "Valuation Designee") pursuant to Rule 2a-5(b) under the Investment Company Act of 1940, as amended (the "1940 Act") to perform the fair value determination relating to any and all Portfolio Instruments, subject to the conditions and oversight requirements described in these procedures. This designation will be subject to Board oversight and certain reporting and other requirements designed to facilitate the Board's ability to effectively oversee the Fund's fair value determinations.

Portfolio Instruments with respect to which market quotations are readily available shall be valued at current market value, and other securities and assets shall be valued at fair value as determined in good faith by the Board, pursuant to Section 2(a)(41) of the 1940 Act and Rules 2a-4 and 2a-5 under the 1940 Act. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. (The term "unadjusted" refers to adjustments in market prices made by the fund or valuation designee, not adjustments made by the exchange on which the security is listed.) The Portfolio Instruments for which market quotations are readily available are to be valued at current market value based on such market quotations as of the Determination Date.

As provided in the prospectus, the NAV of shares of the Fund is determined following the close of regular trading on the New York Stock Exchange ("NYSE" or "Exchange"), generally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. These procedures, including the designation of certain responsibilities by the Board of Trustees (the "Board") of the Trust and the requirements for determining fair value in good faith, are adopted to ensure that each Fund calculates its NAV in a timely and accurate manner.

**Valuation of Portfolio Instruments –** Readily marketable portfolio securities listed on a public exchange are valued at their current market values determined on the basis of market quotations obtained from independent pricing services approved by the Board. Such quotes typically utilize official closing prices, generally the last sale price, reported to the applicable securities exchange if readily available. Portfolio securities traded on more than one securities exchange are valued at the last sale price on the business day as of which such value is being determined as reflected by the exchange representing the principal market for such securities. Securities trading on NASDAQ are valued at NASDAQ official closing price.

If market or dealer quotations are not readily available or deemed unreliable, the Adviser will determine in good faith, the fair value of such securities. For securities that are fair valued in the ordinary course of Fund operations, the Board has designated the performance of fair value determinations to the Adviser as valuation designee, subject to the Board's oversight. The Adviser has established a Valuation Committee to help oversee the implementation of procedures for fair value determinations. In determining the fair value of a security for which there are no readily available market or dealer quotations, the Adviser and the Valuation Committee, will take into account all reasonably available information that may be relevant to a particular security including, but not limited

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| **Beacon Pointe Multi-Alternative Fund** |
| **Notes to Financial Statements (Continued)** |
| **March 31, 2026** |

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to: pricing history, current market level, supply and demand of the respective security; the enterprise value of the portfolio company; the portfolio company's ability to make payments and its earnings and discounted cash flow, comparison to the values and current pricing of publicly traded securities that have comparable characteristics; comparison to publicly traded securities including factors such as yield, maturity, and credit quality; knowledge of historical market information with respect to the security; fundamental analytical data, such as periodic financial statements, and other factors or information relevant to the security, issuer, or market. Fair valuation involves subjective judgments, and it is possible that the fair value determined for a security may differ materially from the value that could be realized upon the sale of the security.

**Valuation of Underlying Funds –** The underlying investments of some of the Underlying Funds are not publicly traded, and the Underlying Funds may consider information provided by the institutional asset manager of each respective portfolio instrument to determine the estimated value of the Underlying Fund's investment therein. The valuation provided by an institutional asset manager as of a specific date may vary from the actual sale price that may be obtained if such investment were sold to a third party. To determine the estimated value of the Underlying Fund's investment in portfolio instruments, the Underlying Fund considers, among other things, information provided by the Underlying Funds, including quarterly unaudited financial statements, which if inaccurate, could adversely affect the Underlying Fund's ability to value accurately the Underlying Fund's shares. Underlying Funds that invest primarily in publicly traded securities are more easily valued.

Assets and liabilities initially expressed in foreign currencies will be converted into U.S. Dollars using foreign exchange rates provided by a recognized pricing service.

GAAP establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurement. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the

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| **Beacon Pointe Multi-Alternative Fund** |
| **Notes to Financial Statements (Continued)** |
| **March 31, 2026** |

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degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of March 31, 2026, for the Fund's assets and liabilities measured at fair value:

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| **Assets** | Level 1 | Level 2 | Level 3 | Total |
| Private Equity | $189134975 | $— | $— | $189134975 |
| Private Credit | 286761312 |  |  | 286761312 |
| Private Real Estate | 127403534 |  |  | 127403534 |
| Hedged Equities and Hedge Funds | 76446464 |  |  | 76446464 |
| Real Assets | 76533658 |  |  | 76533658 |
| Liquidity Pool | 77559501 |  |  | 77559501 |
| Total | $833839444 | $— | $— | $833839444 |
| Investments valued as practical expedient | Investments valued as practical expedient | Investments valued as practical expedient | Investments valued as practical expedient | 245074297 |
| Total Investments | Total Investments | Total Investments | Total Investments | $1078913741 |

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The Fund did not hold any Level 3 securities during the year.

In determining fair values as of March 31, 2026, the Adviser has, as a practical expedient, estimated fair value of each Underlying Fund using the NAV (or its equivalent) provided by the investment manager of each Underlying Fund as of that date. Each investment for which fair value is measured using the Underlying Fund's NAV as a practical expedient is not required to be categorized within the fair value hierarchy. Accordingly, Underlying funds with a fair value of $245,074,297 for the Fund, have not been categorized.

**Investments Valued at NAV** – GAAP permits a reporting entity to measure the fair value of an investment fund that does not have a readily determinable fair value based on the NAV per share, or its equivalent, of the investment fund as a practical expedient, without further adjustment, unless it is probable that the investment would be sold at a value significantly different than the NAV. If the practical expedient NAV is not as of the reporting entity's measurement date, then the NAV should be 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 its fair value are not considered in measuring fair value. Attributes of those investments include the investment strategies of the investment and may also include, but are not limited to, restrictions on the investor's ability to redeem its investments at the measurement date and any unfunded commitments. The Fund is permitted to invest in alternative investments that do not have a readily determinable fair value and, as such, has

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| **Beacon Pointe Multi-Alternative Fund** |
| **Notes to Financial Statements (Continued)** |
| **March 31, 2026** |

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elected to use the NAV as calculated on the reporting entity's measurement date as the fair value of the investment.

Adjustments to the NAV provided by the Portfolio Fund Manager would be considered if the practical expedient NAV was not as of the Fund's measurement date; if it was probable that the alternative investment would be sold at a value materially different than the reported expedient NAV; or if it was determined by the Fund's Valuation Procedures that the private investment is not being reported at fair value.

**Unfunded Commitments –** As of March 31, 2026 the Fund had total unfunded commitments of $50,726,001 to Portfolio Funds. All commitments to current Direct Investments have been fully funded. The Fund expects to fulfill unfunded commitments through the use of current liquidity, future distributions from Portfolio Funds and Direct Investments and future shareholder subscriptions.

The Fund's investments in Private Funds, along with their corresponding unfunded commitments and other attributes, as of March 31, 2026 are summarized in the table below.

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| **Investment Name** | **Asset Class** | **Strategy** | **Fair Value** | **Unfunded<br> Commitments** | **Remaining<br> Life** | **Redemption<br> Frequency** | **Notice<br> Period<br> (Days)** | **Redemption<br> Restriction<br> Terms** |
| Pathway Select Fund Series A, LP | Private Equity | Private equity secondaries and coinvestments, diversified across buyout, growth, and venture. | $32699903 | $113113 | 7 Years |  | N/A | N/A |
| Pathway Select Fund 2025, LP | Private Equity | Private equity secondaries and coinvestments, diversified across buyout, growth, and venture. | $22209251 | $5163944 | 8 Years |  | N/A | N/A |
| AMG Pantheon Fund | Private Equity | Private equity buyout secondaries and coinvestments. | $52306894 | $0 | N/A | Quarterly | N/A | 5% of fund NAV |
| Partners Group Private Equity Fund. LLC - Class I | Private Equity | Private equity direct buyouts as well as buyout secondaries and co-investments. | $20172067 | $0 | N/A | Quarterly | N/A | 5% of fund NAV |
| Ares Private Credit Fund C-1 Holdco. LLC - Series | Private Credit | 1st-lien senior secured direct loans to private equity-sponsored businesses. | $8055553 | $6053993 | N/A |  | N/A | N/A |
| Apollo Infrastructure Company | Real Assets | Debt and equity investments as well as structured solutions across a diversified pool of private infrastructure assets. | $33303349 | $0 | N/A | Quarterly | N/A | 5% of fund NAV |
| MXT Capital Structured Note | Private Credit | 1st-lien senior secured direct loans to private equity-sponsored businesses. | $13800000 | $0 | N/A |  | N/A | N/A |
| Antares Loan Funding I Ltd. | Private Credit | 1st-lien senior secured direct loans to private equity-sponsored businesses. | $20000000 | $0 | N/A |  | N/A | N/A |
| Kohlberg Credit CLO 2025-1, LLC | Private Credit | 1st-lien senior secured direct loans to private equity-sponsored businesses. | $20590739 | $0 | N/A |  | N/A | N/A |
| South Cove Funding LLC | Private Credit | 1st-lien senior secured direct loans to private equity-sponsored businesses. | $10236722 | $0 | N/A |  | N/A | N/A |
| Stepstone Private Venture and Growth Fund | Private Equity | Venture capital and growth equity secondaries and coinvestments. | $33598254 | $0 | N/A | Quarterly | N/A | 2.5% of fund NAV |
| Apollo Asset Backed Credit Company | Private Credit | Diversified asset-backed credit investments. | $24841966 | $0 | N/A | Quarterly | N/A | 5% of fund NAV |
| TPG AG Credit Solutions Fund III, LP | Private Credit | Opportunistic, distressed, and special situations credit strategy focused on dislocation opportunities in public and private markets. | $11579267 | $29000000 | 5 Years |  | N/A | N/A |
| Varagon Structured Notes Issuer I, LLC | Private Credit | 1st-lien senior secured direct loans to private equity-sponsored businesses. | $9605049 | $10394951 | N/A |  | N/A | N/A |
| Kairos Credit Strategies EB Holdings. LLC | Private Real Estate | 1st-lien loan secured by underlying real estate. | $4000000 | $0 | 4 Years |  | N/A | N/A |
| Blackstone Real Estate Income Trust, Inc. | Private Real Estate | Investments in stabilized, income producing real estate properties diversified by geography and sector. | $20370931 | $0 | Monthly |  | N/A | 5% early repurchase penalty for first year |
| Ironwood Institutional Multi-Strategy Fund LLC | Hedge Fund-of-Funds | Investments in a diversified portfolio of complimentary hedge fund strategies. | $19818852 | $0 | Monthly |  | N/A | 5% early repurchase penalty for first year |

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**Security Transactions and Related Income –** Security transactions are accounted for on a trade date basis. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are

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| **Beacon Pointe Multi-Alternative Fund** |
| **Notes to Financial Statements (Continued)** |
| **March 31, 2026** |

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amortized on securities purchased over the lives of the respective securities. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

**Dividends and Distributions to Shareholders –** Dividends from net investment income, declared in October, November or December as of a record date in such a month, if any, will be deemed to have been received by shareholders on December 31, if paid during January of the following year. Dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (i.e., deferred losses, capital loss carry forwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. Dividends and distributions to shareholders are recorded on the ex-dividend date.

**Organization and Offering Costs —** Organization costs of the Trust were paid by the Adviser under the investment advisory agreement as discussed in Note 4, while offering costs consisting of the initial prospectus and registration of the Fund will be paid by the Fund and amortized over the first 12 months of operations.

**Fund Expenses –** The Fund bears all expenses incurred in the course of its operations, including, but not limited to, the following: all fees and expenses of Underlying Funds in which the Fund invests ("acquired fund fees"), management fees, fees and expenses associated with any credit facility, legal fees, administrator fees, audit and tax preparation fees, custodial fees, transfer agency fees, registration expenses, expenses of the Board and other administrative expenses. Certain of these operating expenses are subject to an expense limitation agreement (the "Expense Limitation Agreement" as further discussed in Note 4). Expenses are recorded on an accrual basis. Closing costs associated with the purchase of Underlying Funds are included in the cost of the investment.

**Federal Income Taxes –** The Fund has qualified and intend to continue to qualify each year as regulated investment companies ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended. By complying with the requirements applicable to RICs and monthly distributing substantially all net investment company taxable income and annually distributing all net realized capital gains, no provision for federal income tax is required. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has reviewed the Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in the current tax year or on returns filed in previous tax years which are still open to examination by all major tax authorities (generally, federal returns are open to examination by the Internal Revenue Service for a period of three years from date of filing) The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations when incurred. During the period, the Fund did not incur any interest or penalties. The Fund typically intend to monthly distribute sufficient net investment company taxable income and annually distribute net realized capital gains if any, so that they will not be subject to the excise tax on undistributed income of RICs. If the required amount of net investment income or gains is not distributed annually, the Fund could incur

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| **Beacon Pointe Multi-Alternative Fund** |
| **Notes to Financial Statements (Continued)** |
| **March 31, 2026** |

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a tax expense.

**Indemnification –** The Trust indemnifies its officers and trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

**3.** **INVESTMENT TRANSACTIONS AND ASSOCIATED RISKS** 

For the year ended March 31, 2026 cost of purchases and proceeds from sales of portfolio securities, other than short-term investments, amounted to $615,988,482 and $140,219,290 respectively.

**Limited Operating History –** The Fund is a closed-end investment company with a limited history of operations. The Fund may not be able to achieve its investment objective, including as a result of inopportune market or economic conditions.

**Allocation Risk –** The ability of the Fund to achieve its investment objective depends, in part, on the ability of the Adviser to allocate effectively the Fund's assets among the various Underlying Funds in which the Fund invests. There can be no assurance that the actual allocations will be effective in achieving the Fund's investment objective or delivering positive returns.

**Issuer and Non-Diversification Risk –** Specific securities can perform differently from the market as a whole for reasons related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's properties and services. The Fund's performance may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company because as a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers.

**Liquidity Risk –** There currently is no secondary market for the Fund's shares and the Adviser does not expect that a secondary market will develop. Limited liquidity is provided to shareholders only through the Fund's quarterly repurchase offers for no less than 5% of the Fund's shares outstanding at NAV. There is no guarantee that shareholders will be able to sell all of the shares they desire in a quarterly repurchase offer. The Fund's investments also are subject to liquidity risk. Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.

**Management Risk –** The judgment of the Adviser regarding the attractiveness, value and potential appreciation of an Underlying Fund and securities in which the Fund invests may prove to be incorrect and may not produce the desired results.

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| **Beacon Pointe Multi-Alternative Fund** |
| **Notes to Financial Statements (Continued)** |
| **March 31, 2026** |

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**General Market Conditions Risk –** An investment in shares is subject to investment risk, including the possible loss of the entire principal amount invested. An investment in shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably. The value of your shares at any point in time may be worth less than the value of your original investment, even after taking into account any reinvestment of distributions. The Fund may also use leverage, which would magnify the Fund's investment, market and certain other risks.

All investments involve risks, including the risk that the entire amount invested may be lost. No guarantee or representation is made that the Fund's investment objectives will be achieved. The Fund may utilize investment techniques, such as leverage, which can in certain circumstances increase the adverse impact to which the Fund's investment portfolio may be subject.

Various sectors of the global financial markets may experience an extended period of adverse conditions. Market uncertainty may increase dramatically during these periods and such adverse market conditions may expanded to other markets. These conditions may result in disruption of markets, periods of reduced liquidity, greater volatility, general volatility of spreads, an acute contraction in the availability of credit and a lack of price transparency. The long-term impact of these events is uncertain, but may have a material effect on general economic conditions, consumer and business confidence and market liquidity.

**Failure of Financial Institutions and Sustained Financial Market Illiquidity –** The failure of certain financial institutions, namely banks, may increase the possibility of a sustained deterioration of financial market liquidity, or illiquidity at clearing, cash management and/or custodial financial institutions. The failure of a bank (or banks) with which the Fund and/or the Fund's underlying investments have a commercial relationship could adversely affect, among other things, the Fund and/or the Fund's underlying investments' ability to pursue key strategic initiatives, including by affecting the Fund's ability to borrow from financial institutions on favorable terms.

**Correlation Risk –** The Fund seeks to produce returns that are less correlated to the broader financial markets over time. Although the prices of equity securities and fixed income securities, as well as other asset classes, often rise and fall at different times so that a fall in the price of one may be offset by a rise in the price of the other, in down markets the prices of these securities and asset classes can also fall in tandem. Because the Fund allocates its investments among different asset classes, the Fund is subject to correlation risk.

**Repurchase Policy Risks –** Quarterly repurchases by the Fund of its shares typically will be funded from available cash or sales of portfolio securities. The sale of securities to fund repurchases could reduce the market price of those securities, which in turn would reduce the Fund's NAV. If shareholders tender for repurchase more than the Repurchase Offer Amount for a given repurchase offer, the Fund will repurchase the shares on a pro rata basis, so shareholders may not be able to tender as many shares as they would like during any quarterly repurchase offer.

**Distribution Policy Risk *–*** The Fund's distribution policy is to make quarterly distributions to shareholders. All or a portion of a distribution may consist solely of a return of capital (i.e. from your

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| **Beacon Pointe Multi-Alternative Fund** |
| **Notes to Financial Statements (Continued)** |
| **March 31, 2026** |

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original investment) and not a return of net profit. Shareholders should not assume that the source of a distribution from the Fund is net profit. Shareholders should note that return of capital will reduce the tax basis of their shares and potentially increase the taxable gain, if any, upon disposition of their shares.

**Tax Risks** – The repurchase of shares by the Fund may be a taxable event to shareholders. The Fund's distribution policy to make quarterly distributions to shareholders may consist of a return of capital. A return of capital distribution generally will not be taxable but will reduce the shareholder's cost basis and result in a higher capital gain or lower capital loss when those shares on which the distribution was received are sold. Once a shareholder's cost basis is reduced to zero, further distributions will be treated as capital gain, if the shareholder holds shares of the Fund as capital assets, which will reduce the tax basis of shareholders' shares and potentially increase the taxable gain, if any, upon disposition of their shares.

**Cybersecurity Risk –** Cybersecurity refers to the combination of technologies, processes and procedures established to protect information technology systems and data from unauthorized access, attack or damage. The Fund and its affiliates and third-party service providers are subject to cybersecurity risks. Cybersecurity risks have significantly increased in recent years and the Fund could suffer related losses in the future. The Fund's and its affiliates' and third-party service providers' computer systems, software, and networks may be vulnerable to unauthorized access, computer viruses or other malicious code, and other events that could have a security impact. If one or more of such events occur, this potentially could jeopardize confidential and other information, including nonpublic personal information and sensitive business data, processed and stored in, and transmitted through, computer systems and networks, or otherwise cause interruptions or malfunctions in the Fund's operations or the operations of their respective affiliates and third-party service providers.

**Underlying Funds Risk –** The Underlying Funds in which the Fund may invest are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in the Underlying Funds and also may be higher than other funds that invest directly in securities. The Underlying Funds have limited liquidity given that some are Private Funds and some operate as closed-end interval funds. The Underlying Funds are subject to specific risks, depending on the nature of the specific Underlying Fund.

**Lack of Control Over Underlying Funds –** Once the Adviser has selected an Underlying Fund, the Adviser will have no control over the investment decisions made by any such Underlying Fund. Although the Fund and the Adviser will regularly evaluate each Underlying Fund and its manager to determine whether their respective investment programs are consistent with the Fund's investment objective, the Adviser will not have any control over the investments made by any Underlying Fund. Even though the Underlying Funds are subject to certain constraints, the managers may change aspects of their investment strategies. The managers may do so at any time. The Adviser may reallocate the Fund's investments among the Underlying Funds, but the Adviser's ability to do so may be constrained by the withdrawal limitations imposed by the Underlying Funds, which may prevent the Fund from reacting rapidly to market changes should an Underlying Fund fail to effect portfolio changes consistent with such market changes and the demands of the Adviser. Such withdrawal limitations may also restrict the Adviser's ability to terminate investments in Underlying Funds that are poorly performing

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| **Beacon Pointe Multi-Alternative Fund** |
| **Notes to Financial Statements (Continued)** |
| **March 31, 2026** |

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or have otherwise had adverse changes. The Adviser will be dependent on information provided by the Underlying Fund, including financial statements, which if inaccurate, could adversely affect the Adviser's ability to manage the Fund's investment portfolio in accordance with its investment objective. By investing in the Fund, a shareholder will not be deemed to be an investor in any Underlying Fund and will not have the ability to exercise any rights attributable to an investor in any such Underlying Fund related to their investment.

**Use of Leverage by the Fund –** Although the Fund and the Underlying Funds have the option to borrow, there are significant risks that may be assumed in connection with such borrowings. Investors in the Fund should consider the various risks of financial leverage, including, without limitation, the matters described below. There is no assurance that a leveraging strategy would be successful. Financial leverage involves risks and special considerations for shareholders including: (i) the likelihood of greater volatility of NAV of the shares than a comparable portfolio without leverage; (ii) the risk that fluctuations in interest rates on borrowings and short-term debt that the Fund must pay will reduce the return to the shareholders; (iii) the effect of financial leverage in a market experiencing rising interest rates, which would likely cause a greater decline in the NAV of the shares than if the Fund were not leveraged; and (iv) the potential for an increase in operating costs, which may reduce the Fund's total return.

**Investments in Equity Securities Generally –** The Underlying Funds may hold investments in equity securities and equity security-related derivatives. Investments in equity securities of small or medium-sized market capitalization companies will have more limited marketability than the securities of larger companies. In addition, securities of smaller companies may have greater price volatility.

**REIT Risk –** Share prices of REITs may decline because of adverse developments affecting the real estate industry and real property values. In general, real estate values can be affected by a variety of factors, including supply and demand for properties, the economic health of the country or of different regions, and the strength of specific industries that rent properties. Qualification as a REIT under the Internal Revenue Code of 1986, as amended (the "Code") in any particular year is a complex analysis that depends on a number of factors. There can be no assurance that an entity in which the Fund invests with the expectation that it will be taxed as a REIT will, in fact, qualify as a REIT. An entity that fails to qualify as a REIT would be subject to a corporate level tax, would not be entitled to a deduction for dividends paid to its shareholders and would not pass through to its shareholders the character of income earned by the entity. Dividends paid by REITs may not receive preferential tax treatment afforded other dividends.

**Investments in Bank Loans and Participations –** The special risks associated with investing in bank loans and participations include: (i) the possible invalidation of an investment transactions as fraudulent conveyance under relevant creditors' rights laws; (ii) environmental liabilities that may arise with respect to collateral securing the obligations; (iii) adverse consequences resulting from participating in such instruments with other institutions with lower credit quality; (iv) limitations on the ability of the Underlying Fund to directly enforce any of its rights with respect to participations; and (v) generation of income that is subject to U.S. federal income taxation as income effectively connected with a U.S. trade or business.

---

| |
|:---|
| **Beacon Pointe Multi-Alternative Fund** |
| **Notes to Financial Statements (Continued)** |
| **March 31, 2026** |

---

**Valuation of Private Investments –** The underlying investments of some of the Underlying Funds are not publicly traded, and the Underlying Funds may consider information provided by the institutional asset manager of each respective private investment to determine the estimated value of the Underlying Fund's investment therein. The valuation provided by an institutional asset manager as of a specific date may vary from the actual sale price that may be obtained if such investment were sold to a third party. To determine the estimated value of the Underlying Fund's investment in private investments, the Underlying Fund considers, among other things, information provided by the private investments, including quarterly unaudited financial statements, which if inaccurate could adversely affect the Underlying Fund's ability to value accurately the Underlying Fund's shares. Private investments that invest primarily in publicly traded securities are more easily valued.

**High Yield and Unrated Securities Risk –** The Underlying Funds may invest in securities rated less than investment grade that are sometimes referred to as high yield or "junk." These securities are speculative investments that carry greater risks and are more susceptible to real or perceived adverse economic and competitive industry conditions than higher quality securities. High yield securities present greater risk than securities of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these securities. The risks associated with unrated securities can be similar to the risks of below investment grade securities. In addition, the determination of credit quality for an unrated security is based largely on the credit analysis performed by the Adviser, and not on rating agency evaluation. This analysis may be difficult to perform because information about these securities may not be in the public domain, and the issuers may not subject to reporting requirements under federal securities laws.

**Fixed Income Risk *–*** Typically, a rise in interest rates causes a decline in the value of fixed income securities. Fixed income securities are also subject to default risk. After a period of historically low interest rates, the Federal Reserve has raised, and has indicated its intent to continue raising, certain benchmark interest rates.

**Interest Rate Risk –** The fixed-income instruments in which the Fund or Underlying Funds may invest are subject to the risk that market values of such securities will decline as interest rates increase. These changes in interest rates have a more pronounced effect on securities with longer durations. Typically, the impact of changes in interest rates on the market value of an instrument will be more pronounced for fixed-rate instruments, such as most corporate bonds, than it will for floating rate instruments. Fluctuations in the value of portfolio securities will not affect interest income on existing portfolio securities but will be reflected in the Fund's NAV. After a period of historically low interest rates, the Federal Reserve has raised, and has indicated its intent to continue raising, certain benchmark interest rates. It cannot be predicted with certainty when, or how, these policies will change, but actions by the Federal Reserve and other central bankers may have a significant effect on interest rates and on the U.S. and world economies generally. Market volatility, rising interest rates, uncertainty around interest rates and/or unfavorable economic conditions could adversely affect our business.

**Inflation/Deflation Risk –** Inflation risk is the risk that the value of certain assets or income from the Fund's investments will be worth less in the future as inflation decreases the value of money. As

---

| |
|:---|
| **Beacon Pointe Multi-Alternative Fund** |
| **Notes to Financial Statements (Continued)** |
| **March 31, 2026** |

---

inflation increases, the real value of the Fund and its distributions can decline. In addition, during any periods of rising inflation, the dividend rates or borrowing costs associated with the Fund's use of leverage would likely increase, which would tend to further reduce returns to shareholders. Deflation risk is the risk that prices throughout the economy decline over time—the opposite of inflation. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer defaults more likely, which may result in a decline in the value of the Fund's portfolio.

Due to global supply chain disruptions, a rise in energy prices, strong consumer demand as economies continue to reopen and other factors, inflation has accelerated in the U.S. and globally. Recent inflationary pressures have increased the costs of labor, energy and raw materials and have adversely affected consumer spending, economic growth and portfolio companies' operations. If such portfolio companies are unable to pass any increases in their costs of operations along to their customers, it could adversely affect their operating results and impact their ability to pay interest and principal on their loans, particularly if interest rates rise in response to inflation. In addition, any projected future decreases in a portfolio companies' operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future realized or unrealized losses and therefore reduce our net assets resulting from operations.

Additionally, the Federal Reserve has raised, and has indicated its intent to continue raising, certain benchmark interest rates in an effort to combat inflation. As such, inflation may continue in the near to medium-term, particularly in the U.S., with the possibility that monetary policy may tighten in response.

Investors in CLOs and CDOs bear the credit risk of the assets/collateral. Tranches are categorized as senior, mezzanine, and subordinated/equity, according to their degree of credit risk. If there are defaults or the CDO's collateral otherwise underperforms, scheduled payments to senior tranches take precedence over those of mezzanine tranches, and scheduled payments to mezzanine tranches take precedence over those to subordinated/equity tranches. Senior and mezzanine tranches are typically rated, with the former receiving S&P Global Ratings ("S&P") ratings of A to AAA and the latter receiving ratings of B to BBB. The ratings reflect both the credit quality of underlying collateral as well as how much protection a given tranche is afforded by tranches that are subordinate to it.

Because the loans held in the pool often may be prepaid without penalty or premium, CLOs and CDOs can be subject to higher prepayment risks than most other types of debt instruments. Prepayments may result in a capital loss to the Fund to the extent that the prepaid securities purchased at a market discount from their stated principal amount will accelerate the recognition of interest income by the Fund, which would be taxed as ordinary income when distributed to the Shareholders. The credit characteristics of CLOs and CDOs also differ in a number of respects from those of traditional debt securities. The credit quality of most CLOs and CDOs depends primarily upon the credit quality of the assets/collateral underlying such securities, how well the entity issuing the securities is insulated from the credit risk of the originator or any other affiliated entities, and the amount and quality of any credit enhancement to such securities.

---

| |
|:---|
| **Beacon Pointe Multi-Alternative Fund** |
| **Notes to Financial Statements (Continued)** |
| **March 31, 2026** |

---

CLOs and CDOs are typically privately offered and sold, and thus, are not registered under the securities laws, which means less information about the security may be available as compared to publicly offered securities and only certain institutions may buy and sell them. As a result, investments in CLOs and CDOs may be characterized by the Fund as illiquid securities. An active dealer market may exist for CLOs and CDOs that can be resold in Rule 144A transactions, but there can be no assurance that such a market will exist or will be active enough for the Fund to sell such securities. The Fund's investments in (i) CLOs, (ii) CDOs, and (iii) warehouses, which are financing structures created prior to and in anticipation of CLO or CDO closings and issuing securities and are intended to aggregate direct loans, corporate loans and/or other debt obligations that may be used to form the basis of CLO or CDO vehicles ("Warehouses"), in each case structured as 3(c)(1) or 3(c)(7) funds, are not included for purposes of the Fund's 15% limitation on Private Funds. In addition to the typical risks associated with fixed-income securities and asset-backed securities, CLOs and CDOs carry other risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the risk that the collateral may default, decline in value or quality, or be downgraded by a rating agency; (iii) the Fund may invest in tranches of CLOs and CDOs that are subordinate to other tranches, diminishing the likelihood of payment; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes with the issuer or unexpected investment results; (v) risk of forced "fire sale" liquidation due to technical defaults such as coverage test failures; and (vi) the manager of the CLO or CDO may perform poorly.

**Foreign Securities and Emerging Markets Risk –** The Underlying Funds may have investments in foreign securities. Foreign securities have investment risks different from those associated with domestic securities. Changes in foreign economies and political climates are more likely to affect the Underlying Funds with investments in foreign securities than another fund that invests exclusively in domestic securities. The value of foreign currency denominated securities or foreign currency contracts is affected by the value of the local currency relative to the U.S. dollar. There may be less government supervision of foreign markets, resulting in non-uniform accounting practices and less publicly available information about issuers of foreign securities.

The Underlying Funds may also invest in emerging markets, which are markets of countries in the initial stages of industrialization and have low per capita income. In addition to the risks of foreign securities in general, countries in emerging markets are more volatile and can have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries, and securities markets that trade a small number of issues which could reduce liquidity.

**Foreign Currency Risk –** Changes in foreign currency exchange rates may affect the value of instruments held by the Underlying Funds and the unrealized appreciation or depreciation of investments. Currencies of certain countries may be volatile and, therefore, may affect the value of instruments denominated in such currencies, which means that the Underlying Fund's NAV could decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. The Underlying Funds may, but are not required to, elect for the Underlying Fund to seek to protect itself from changes in currency exchange rates through hedging transactions depending on market conditions. The Underlying Funds may incur costs in connection with the conversions between various currencies. In addition, certain countries may impose foreign currency exchange controls or other restrictions on the repatriation, transferability or convertibility of currency.

---

| |
|:---|
| **Beacon Pointe Multi-Alternative Fund** |
| **Notes to Financial Statements (Continued)** |
| **March 31, 2026** |

---

**Derivatives Risk –** The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of risks, such as liquidity risk (which may be heightened for highly-customized derivatives), interest rate risk, market risk, credit risk, leveraging risk, counterparty risk, tax risk, and management risk, as well as risks arising from changes in applicable requirements. They also involve the risk of mispricing, the risk of unfavorable or ambiguous documentation and the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund's use of derivatives may increase or accelerate the amount of taxes payable by common shareholders.

● *Options Risk*. There are risks associated with the sale and purchase of call and put options. As a seller (writer) of a put option, the Underlying Funds will tend to lose money if the value of the reference index or security falls below the strike price. As the seller (writer) of a call option, the Underlying Funds will tend to lose money if the value of the reference index or security rises above the strike price. As the buyer of a put or call option, the Underlying Funds risk losing the entire premium invested in the option if the Underlying Fund does not exercise the option.

● *Swaps Risk*. Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Underlying Fund's losses.

● *Futures Risk*. The Underlying Funds' use of futures involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) leverage risk (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the futures contract may not correlate perfectly with the underlying index. Investments in futures involve leverage, which means a small percentage of assets invested in futures can have a disproportionately large impact on the Underlying Funds. This risk could cause the Underlying Funds to lose more than the principal amount invested. Futures contracts may become mispriced or improperly valued when compared to the adviser's expectation and may not produce the desired investment results. Additionally, changes in the value of futures contracts may not track or correlate perfectly with the underlying index because of temporary, or even long-term, supply and demand imbalances and because futures do not pay dividends unlike the stocks upon which they are based.

**Leveraging Risk –** The use of leverage, such as borrowing money to purchase securities, will cause the Fund to incur additional expenses and magnify the Fund's gains or losses.

**Credit Risk –** Issuers of debt securities may not make scheduled interest and principal payments, resulting in losses to the Fund. In addition, the credit quality of securities held may be lowered if an issuer's financial condition changes.

**Possible Competition Between Underlying Funds and Between the Fund and the Underlying Funds *–*** The Underlying Funds trade independently of each other and may pursue investment strategies that "compete" with each other for execution or that cause the Fund to participate in positions that offset each other (in which case the Fund would bear its pro rata share of commissions and fees without the potential for a profit). Also, the Fund's investments in any particular

---

| |
|:---|
| **Beacon Pointe Multi-Alternative Fund** |
| **Notes to Financial Statements (Continued)** |
| **March 31, 2026** |

---

Underlying Fund could increase the level of competition for the same trades that other Underlying Funds might otherwise make, including the priorities of order entry. This could make it difficult or impossible to take or liquidate a position in a particular security at a price consistent with the Adviser's strategy.

**Allocation of Investment Opportunities Risk *–*** The Adviser, directly or through their affiliates, may manage or advise multiple investment vehicles or accounts that have investment objectives that are similar to the Fund and that may seek to make investments or sell investments in the same securities or other instruments, sectors or strategies as the Fund. This may create potential conflicts, particularly in circumstances where the availability of such investment opportunities is limited or where the liquidity of such investment opportunities is limited. The results of the Fund's investment activities may differ significantly from the results achieved by such other managed investment vehicles or accounts. It is possible that one or more of such vehicles or accounts will achieve investment results that are substantially more or less favorable than the results achieved by the Fund.

**4.** **INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES** 

Beacon Pointe Advisors, LLC (the ''Adviser'') serves as the Fund's investment adviser. Pursuant to an investment advisory agreement with the Trust, on behalf of the Fund, the Adviser, under the oversight of the Board, directs the daily operations of the Fund and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Adviser, the Fund pays the Adviser a management fee, computed and accrued daily and paid monthly, at an annual rate of 0.95% of the Fund's average daily net assets. For the year ended March 31, 2026, the Adviser earned $7,911,973 in advisory fees.

The Adviser and the Fund have entered into an expense limitation and reimbursement agreement (the "Expense Limitation Agreement") under which the Adviser has agreed contractually to waive its fees and to pay or absorb the ordinary operating expenses of the Fund (including all organizational and offering expenses, but excluding interest, brokerage commissions, acquired fund fees and expenses and extraordinary expenses), to the extent that they exceed 1.80% per annum of the Fund's average daily net assets attributable to Class I shares (the "Expense Limitation"). In consideration of the Adviser's agreement to limit the Fund's expenses, the Fund has agreed to repay the Adviser in the amount of any fees waived and Fund expenses paid or absorbed, subject to the limitations that: (1) the reimbursement will be made only for fees and expenses incurred not more than three years from the date in which they were incurred; and (2) the reimbursement may not be made if it would cause the lesser of the Expense Limitation in place at the time of waiver or at the time of reimbursement to be exceeded. For the year ended March 31, 2026, the Adviser waived fees and reimbursed expenses in the amount of $0 pursuant to the Expense Limitation Agreement.

The Expense Limitation Agreement will remain in effect, at least until July 31, 2026, unless and until the Board approves its modification or termination. This agreement may be terminated only by the Board on 60 days written notice to the Adviser. After July 31, 2026, the Expense Limitation Agreement may be renewed at the Adviser's discretion.

---

| |
|:---|
| **Beacon Pointe Multi-Alternative Fund** |
| **Notes to Financial Statements (Continued)** |
| **March 31, 2026** |

---

The distributor of the Fund is Ultimus Fund Distributors, LLC (the "Distributor"). The Board has adopted, on behalf of the Fund, a Shareholder Services Plan under which the Fund may compensate financial industry professionals for providing ongoing services in respect of clients with whom they have distributed shares of the Fund. Under the Shareholder Services Plan, the Fund may pay 0.25% per year of its average daily net assets of each of Class I shares for such services. For the year ended March 31, 2026, the Fund incurred shareholder servicing fees of $1,329,714 for Class I.

In addition, certain affiliates of the Distributor provide services to the Fund as follows:

*<u>Ultimus Fund Solutions, LLC</u>* <u>("UFS")</u>

UFS, an affiliate of the Distributor, provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to a separate servicing agreement with UFS, the Fund pays UFS customary fees for providing administration, fund accounting and transfer agency services to the Fund. Certain officers of the Trust are also officers of UFS and are not paid any fees directly by the Fund for serving in such capacities.

*<u>Northern Lights Compliance Services, LLC ("NLCS")</u>* – an affiliate of UFS and the Distributor, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from the Fund.

*<u>Blu Giant, LLC</u>* <u>("Blu Giant")</u>

Blu Giant, an affiliate of UFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Fund on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Fund.

**5.** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The Fund has selected a tax year end of September 30. The Fund intends to elect to be treated as a registered investment company ("RIC") for U.S. federal income tax purposes and expects each year to continue to qualify as a RIC for U.S. federal income tax purposes. As such, the Fund generally will not be subject to U.S. federal corporate income tax, provided that it distributes all of its net taxable income and gains each year.

To avoid imposition of the excise tax applicable to regulated investment companies, it is also the Fund's intention to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts from prior years.

As of March 31, 2026, the Fund continues to qualify as a regulated investment company.

The Fund's tax year end is September 30, 2025, as such, the information in this section is as of the Fund's tax year end.

---

| |
|:---|
| **Beacon Pointe Multi-Alternative Fund** |
| **Notes to Financial Statements (Continued)** |
| **March 31, 2026** |

---

The tax character of Fund distributions paid for the tax year ended September 30, 2025 and September 30, 2024 was as follows:

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| | | |
|:---|:---|:---|
|  | Fiscal Year Ended<br>September 30, 2025 | Fiscal Year Ended<br>September 30, 2024 |
| Ordinary Income | $15395135 | $— |
| Long-Term Capital Gain | 1836339 |  |
| Return of Capital | 6127028 |  |
|  | $23358502 | $— |

---

As of the Fund's tax year-ended September 30, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Undistributed | Undistributed | Post October Loss | Capital Loss | Other | Unrealized | Total |
| Ordinary | Long-Term | and | Carry | Book/Tax | Appreciation/ | Distributable Earnings/ |
| Income | Gains | Late Year Loss | Forwards | Differences | (Depreciation) | (Accumulated Deficit) |
| $— | $— | $— | $— | $(54592) | $37910110 | $37855518 |

---

The difference between book basis and tax basis undistributed net investment income and unrealized appreciation(depreciation) from investments is primarily attributable to the tax treatment of offering and organizational costs, adjustments for partnerships, and the tax deferral of wash sales.

Permanent book and tax differences, primarily attributable to the book/tax basis treatment of non-deductible expenses, resulted in reclassifications for the Fund for the tax year ended September 30, 2025 as follows:

---

| | |
|:---|:---|
| Paid |  |
| In | Distributable |
| Capital | Earnings |
| $(25300) | $25300 |

---

These reclassifications had no effects on net assets.

The cost of investments for federal income tax purposes as of March 31, 2026 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| | Gross Unrealized | Gross Unrealized | Net Unrealized |
| Tax Cost | Appreciation | Depreciation | Appreciation |
| $1026550893 | $61510531 | $(9099911) | $52410620 |

---

---

| |
|:---|
| **Beacon Pointe Multi-Alternative Fund** |
| <br> **Notes to Financial Statements (Continued)** |
| **March 31, 2026** |

---

**6.** **BENEFICIAL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. As of March 31, 2026, Charles Schwab & Co. held 60.85% and National Financial Services held 36.19% of the voting securities and may be deemed to control the Fund.

**7.** **RESTRICTED SECURITIES** 

Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale. The Fund may invest in restricted securities that are consistent with the Fund's investment objectives and investment strategies. Investments in restricted securities are valued at fair value as determined in good faith in accordance with procedures adopted by the Board of Trustees.

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investments** | <br>**Acquisition Date** |<br>**Cost** |<br>**Fair Value** | **% of Net**<br>**Assets** |
| AMG Pantheon Fund, LLC, Class 3 | 7/25/2024 - 8/15/2025 | $49500000 | $52306894 | 4.8% |
| Ares Private Credit Fund C-1 Holdco, LLC - Series 1 | 1/13/2025 - 12/19/2025 | 8147762 | 8055553 | 0.7% |
| Partners Group Private Equity Fund, LLC – Class I | 7/25/2024 - 12/23/2025 | 19700000 | 20172067 | 1.9% |
| Pathway Select Fund LP, Series A | 10/17/2024 - 10/30/2025 | 26004919 | 32699903 | 3.0% |
| Pathway Select Fund LP Series 2025 | 3/26/2025 - 3/06/2026 | 20257260 | 22209251 | 2.0% |
| Apollo Infrastructure Co. | 7/25/2024 - 5/30/2025 | 31700000 | 33303349 | 3.1% |
| Stepstone Private Venture and Growth Fund | 7/28/2025 - 1/27/2026 | 26000000 | 33598254 | 3.1% |
| Antares Loan Funding I Ltd. | 5/13/2025 | 20000000 | 20000000 | 1.8% |
| Apollo Asset Back Credit Company, LLC | 7/30/2025 - 9/30/2025 | 25000000 | 24841966 | 2.3% |
| South Cove Funding LLC | 6/06/2025 | 10000000 | 10236722 | 0.9% |
| Kohlberg Credit CLO 2025-I, LLC | 5/22/2025 - 1/23/2026 | 20229133 | 20590739 | 1.9% |
| NXT Capital Structured Note I | 5/07/2025 - 2/20/2026 | 13800000 | 13800000 | 1.3% |
| Varagon Structured Notes Issuer I, LLC | 3/06/2026 | 9605049 | 9605049 | 0.9% |
| TPG AG Credit Solutions Fund III, LP | 12/25/2025 - 3/13/2026 | 11341809 | 11579267 | 1.1% |
| Blackstone Real Estate Income Trust, Inc | 1/29/2026 - 2/06/2026 | 20200000 | 20370931 | 1.9% |
| Kairos Credit Strategies EB Holdings, LLC | 1/30/2026 | 4000000 | 4000000 | 0.4% |
| Ironwood Institutional Multi-Strategy Fund LLC | 2/27/2026 | 20000000 | 19818852 | 1.8% |
|  |  | $335485932 | $357188797 | 32.9% |

---

**8.** **REPURCHASE OFFERS** 

Pursuant to Rule 23c-3 under the 1940 Act, as amended, the Fund offers shareholders on a quarterly basis the option of redeeming shares, at NAV, of no less than 5% and no more than 25% of the shares outstanding. There is no guarantee that shareholders will be able to sell all of the shares they desire in a quarterly repurchase offer, although each shareholder will have the right to require the Fund to purchase

---

| |
|:---|
| **Beacon Pointe Multi-Alternative Fund** |
| **Notes to Financial Statements (Continued)** |
| **March 31, 2026** |

---

up to and including 5% of such shareholder's shares in each quarterly repurchase. Limited liquidity will be provided to shareholders only through the Fund's quarterly repurchases. During the year ended March 31, 2026 the Fund completed four quarterly repurchase offers. In the offer, the Fund offered to repurchase up to 5% of the number of its outstanding Shares as of the Repurchase Pricing Date.

The results of the repurchase offer are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Repurchase Offer #1 | Repurchase Offer #2 | Repurchase Offer #3 | Repurchase Offer #4 |
| Commencement Date | March 17, 2025 | June 16, 2025 | September 15, 2025 | December 15, 2025 |
| Repurchase Request Deadline | April 28, 2025 | July 28, 2025 | October 27, 2025 | January 26, 2026 |
| Repurchase Pricing Date | April 28, 2025 | July 28, 2025 | October 27, 2025 | January 26, 2026 |
| Net Asset Value as of Repurchase Offer Date | $10.35 | $10.64 | $10.84 | $10.98 |
| Pricing Date | April 28, 2025 | July 28, 2025 | October 27, 2025 | January 26, 2026 |
| Number of Shares Repurchased | 584520.148 | 570051.394 | 925293.015 | 1767614.853 |
| Amount Repurchased | $6049784 | $6065347 | $10030176 | $19408411 |
| Percentage of Outstanding Shares Repurchased | 1.05% | 0.82% | 1.12% | 1.90% |

---

**9.** **ACCOUNTING PRONOUNCEMENT** 

The Fund adopted the FASB Accounting Standards Update 2023-09, "Income Taxes (Topic 740) Improvements to Income Tax Disclosures" ("ASU 2023-09"), which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. The Fund's adoption of ASU 2023-09 did not have a material impact on the Fund's financial statements.

**10.** **SUBSEQUENT EVENTS** 

Subsequent events occurring after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. The Trust's officers have determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

---

| |
|:---|
| **Beacon Pointe Multi-Alternative Fund** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |
| **March 31, 2026** |

---

In connection with the Board meeting held on March 18, 2026, the Board, including a majority of the Independent Trustees, discussed the approval of a management agreement (the "Investment Advisory Agreement") between the Trust and the Adviser, with respect to the Trust.

The Trustees were assisted by legal counsel throughout the review process. The Trustees relied upon the advice of legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Investment Advisory Agreement and the weight to be given to each factor considered. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the approval of the Investment Advisory Agreement. In connection with their deliberations regarding approval of the Investment Advisory Agreement, the Trustees reviewed materials prepared by the Advisor.

In deciding on whether to approve the Investment Advisory Agreement, the Trustees considered numerous factors, including:

*Nature, Extent and Quality of Services.* The Trustees considered the responsibilities of the Adviser under the Investment Advisory Agreement. The Trustees reviewed the services provided by the Adviser to the Fund including, without limitation, the quality of its investment advisory services since inception and its coordination of services among the service providers. The Trustees evaluated the Adviser's staffing, personnel, and methods of operating; the education and experience of the Adviser's personnel; the Adviser's compliance program; and the Adviser's financial condition. After reviewing the foregoing information and further information in the memorandum from the Adviser (e.g., descriptions of the Adviser's business, compliance program, and ADV), the Board concluded that the nature, extent, and quality of the services provided by the Adviser were satisfactory and adequate.

*Performance.* The Trustees compared the performance of the Fund with the performance of comparable funds with similar strategies managed by other investment advisers, and applicable peer group data (e.g., Morningstar category and peer group average). The Trustees noted that the Fund performed in line with its peers over the one-year period and outperforming its peers since inception. After reviewing the investment performance of the Fund and other factors, the Board concluded that the investment performance of the Fund and the Adviser were satisfactory.

*Fees and Expenses.* The Trustees next considered information regarding the management fee for the Fund. The Trustees noted that the management fee for the Fund was lower than that of its peers. The Board concluded that the fees to be paid to the Adviser were not unreasonable in relation to the nature and quality of the services provided by the Adviser and that they reflected charges that were within a range of what could have been negotiated at arm's length.

*Profitability*. The Trustees considered the Adviser's profitability in connection with its management of the Fund. The Trustees also took into account the services the Adviser provides under the Investment Advisory Agreement including the Adviser's costs in managing the Fund. The Board noted that the Adviser realized a profit in connection with its management of the Fund. The Trustees discussed the profitability level of the Adviser, noting, among other factors and circumstances, that the level of profitability was not excessive.

*Economies of Scale*. In this regard, the Trustees reviewed the Fund's operational history and

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| |
|:---|
| **Beacon Pointe Multi-Alternative Fund** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |
| **March 31, 2026** |

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noted that the Adviser believes the Fund benefits from economies of scale. The Trustees noted that the advisory fee does not currently have any breakpoints but that the Adviser may consider breakpoints in the future as the Fund grows. The Trustees further noted that the Adviser believes the management fee is competitive for the Fund's contemplated asset levels.

*Conclusion.* The Trustees, having requested and received such information from the Adviser as it believed reasonably necessary to evaluate the terms of the Investment Advisory Agreement, with the Independent Trustees having met in executive session with counsel, determined that the renewal of the Investment Advisory Agreement for an additional one-year term is in the best interests of the Fund and its shareholders.

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|:---|:---|
| ![(LOGO)](be002_v1.jpg) | taitweller.com |

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Shareholders and Board of Trustees of<br> Beacon Pointe Multi-Alternative Fund<br> Newport Beach, California**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Beacon Pointe Multi-Alternative Fund (the "Fund"), including the schedule of investments, as of March 31, 2026, the related statement of operations for the year then ended, the statements of changes in net assets and the financial highlights for the year then ended and for the period July 5, 2024 (commencement of operations) through March 31, 2025, 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, 2026, and the results of its operations, the changes in its net assets, and the financial highlights for the periods stated above, in conformity with accounting principles generally accepted in the United States of America.

**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 have served as the Fund's auditor since 2024.

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 audits 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 audits 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 audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2026 by correspondence with the custodian and issuers of the private investments. We believe that our audits provide a reasonable basis for our opinion.

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| |
|:---|
| ![(SIGNATURE)](be003_v1.jpg) |
| **TAIT, WELLER & BAKER LLP** |

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| |
|:---|
| **Philadelphia, Pennsylvania** |
| **May 29, 2026** |

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| |
|:---|
| **Beacon Pointe Multi-Alternative Fund** |
| **SUPPLEMENTAL INFORMATION (Unaudited) (Continued)** |
| **March 31, 2026** |

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**<u>Trustee and Officer Tables:</u>**

A list of the Trustees and executive officers of the Trust and their principal occupation and other directorships over the last five years are shown below. Unless otherwise noted, the address of each Trustee and Officer is 24 Corporate Plaza Drive, Suite 150, Newport Beach CA 92660.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of<br> Birth** | **Position<br> held with<br> Funds or<br> Trust** | **Length<br> of Time<br> Served<br> \*** | **Principal Occupation<br> During Past 5 Years** | **Number<br> of<br> Portfolios<br> in Fund<br> Complex<br> Overseen<br> by<br> Trustee** | **Other Directorships<br> Held by Trustee<br> During Past 5 Years** |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| Mary Moran Zeven<br> 1961 | Independent Trustee, Chairwoman | Since July 2024 | Director, Graduate Program in Banking and Financial Law, Boston University School of Law (2019-2022) | 1 | Trustee, M Funds Inc. (2019-present); Trustee, Wisdom Tree Digital Trust (2022-present); Trustee, Beacon Pointe Multi-Alternative Fund (2024-present); Trustee, Booster Income Opportunities Fund (2024-present); Trustee, 83 Investment Group Income Fund (2024-present); Trustee, Private Debt & Income Fund (2025-present); Trustee, Sardis Credit Opportunities Fund (2025-present); Trustee, IDA Private Access Fund (2025-present); Trustee, 599 Fund LLC (2025-present) |
| Carrie Schoffman<br> 1973 | Independent Trustee | Since July 2024 | Founder, CPA Concierge Services (tax planning and accounting services) (2020 – present); Tax Accountant, Bree Beers & Associates, PC (2017-2021) | 1 | Trustee, Beacon Pointe Multi-Alternative Fund (2024-present); Trustee, Booster Income Opportunities Fund (2024-present); Trustee, 83 Investment Group Income Fund (2024-present); Trustee, Private Debt & Income Fund (2025-present); Trustee, Sardis Credit Opportunities Fund (2025-present); Trustee, IDA Private Access Fund (2025-present); Trustee, 599 Fund LLC (2025-present); Trustee, Tortoise Capital Series Trust (2024-present); Trustee, Tortoise Sustainable & Social Impact Term Fund (2025–merged); Trustee, Tortoise Energy Infrastructure Corporation (2025-present) |
| Clifford Schireson<br> 1953 | Independent Trustee | Since July 2024 | Board of Governors, San Diego City Employees' Retirement System (2019-2025); Board of Governors, San Diego Foundation (2017-2025) | 1 | Trustee, Ultimus Managers Trust (2019-present); Trustee, Beacon Pointe Multi-Alternative Fund (2024-present); Trustee, Booster Income Opportunities Fund (2024-present); Trustee, 83 Investment Group Income Fund (2024-present); Trustee, Private Debt & Income Fund (2025-present); Trustee, Sardis Credit Opportunities Fund (2025-present); Trustee, IDA Private Access Fund (2025-present); Trustee, 599 Fund LLC (2025-present) |

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**Beacon Pointe Multi-Alternative Fund**

**SUPPLEMENTAL INFORMATION (Unaudited) (Continued)**

**March 31, 2026**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of<br> Birth** | **Position<br> held with<br> Funds or<br> Trust** | **Length<br> of Time<br> Served<br> \*** | **Principal Occupation<br> During Past 5 Years** | **Number<br> of<br> Portfolios<br> in Fund<br> Complex<br> Overseen<br> by<br> Trustee** | **Other Directorships<br> Held by Trustee<br> During Past 5 Years** |
| **Other Officers** | **Other Officers** | **Other Officers** | **Other Officers** | **Other Officers** | **Other Officers** |
| Michael Dow<br> 1963 | President and Principal Executive Officer | Since July 2024 | Chief Investment Officer, Adviser (2018 – present) | n/a | n/a |
| Jessica Chase<br> 1970 | Treasurer, Principal Financial Officer, and Principal Accounting Officer | Since July 2024 | SVP, Mutual Fund Business Development and Administration, Apex Group (formerly Atlantic Fund Services) (2008-2021); Interested Trustee Forum Funds (2018-2022); Interested Trustee Forum Funds II and U.S. Global Investors Funds (2019-2022); Director, Mutual Fund Operations, Apex Group (2022-2023); SVP Relationship Management, Ultimus Fund Solutions (2023-present) | n/a | n/a |
| Chad Bitterman<br> 1972 | Chief Compliance Officer | Since July 2024 | Compliance Officer, Northern Lights Compliance Services, LLC (2010-present) | n/a | n/a |
| Timothy Shaloo<br> 1970 | Anti-Money Laundering Compliance Officer | Since July 2024 | AVP, Compliance Officer, Northern Lights Compliance Services, LLC (2015-present) | n/a | n/a |
| Kent Barnes<br> 1968 | Secretary | Since July 2024 | Vice President, U.S. Bancorp Fund Services, LLC (2018 - 2023); Vice President and Senior Management Counsel, Ultimus Fund Solutions, LLC, (2023 - present) | n/a | n/a |
| Jack Pfirrman<br> 1993 | Assistant Secretary | Since July 2024 | Associate Counsel, Orphanides and Toner, LLP (2021-2022); Associate Legal Counsel, Ultimus fund Solutions, LLC (2022-Present) | n/a | n/a |
| James Colantino<br> 1969 | Assistant Treasurer | Since July 2024 | Senior Vice President Fund Administration, Ultimus Fund Solutions, LLC (since 2020) | n/a | n/a |
| Brian Curley<br> 1976 | Assistant Treasurer | Since July 2024 | Vice President, Ultimus Fund Solutions, LLC (2020-present) | n/a | n/a |
| Zachary Richmond<br> 1980 | Assistant Treasurer | Since September 2025 | Senior Vice President, Financial Administration for Ultimus Fund Solutions, LLC (August 2024 – present); Vice President, Financial Administration for Ultimus Fund Solutions, LLC (February 2019 - August 2024) | n/a | n/a |

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\* The term of office for each Trustee and officer listed above will continue indefinitely.

11. A Privacy Policy

In 2000, the SEC adopted Regulation S-P, the privacy rules promulgated under Section 504 of the Gramm-Leach-Bliley Act ("GLBA"). Under GLBA, a financial institution must provide its customers with a notice of its privacy policies and practices, and must not disclose nonpublic personal information about a consumer to nonaffiliated third parties unless the institution provides certain information to the consumer and the consumer has not elected to opt out of the disclosure. GLBA also requires the SEC to establish appropriate standards for financial institutions to protect customer information. The final rules implement these requirements of GLBA with respect to investment advisers registered with the SEC, brokers, dealers, and investment companies, the financial institutions subject to the SEC's jurisdiction under GLBA.

*Notice and Opt-Out Provisions* . A financial institution must provide notice to customers about its privacy policies, describe the conditions under which the financial institution may disclose nonpublic personal information about consumers to nonaffiliated third parties, and must also provide a method for consumers to prevent the financial institution from disclosing information to nonaffiliated third parties by opting out of that disclosure, subject to certain exceptions.

**Background:** A registered investment company is subject to Regulation S-P, which requires financial institutions to adopt policies and procedures to protect "nonpublic personal information" about consumers, and to provide customers, no later than the time a customer relationship is established, a clear and conspicuous notice that reflects: (i) the policies and procedures adopted by the fund to protect nonpublic personal information; (ii) the conditions under which nonpublic personal information about consumers will be disclosed to nonaffiliated third parties; and (iii) the methods available to consumers to prevent the sharing of such information with nonaffiliated third parties. Regulation S-P applies only to non-public personal information about individuals (i.e., natural persons) who obtain financial products and services primarily for personal, family or household purposes. Regulation S-P does not apply to information about companies or about individual who obtain financial products or services primarily for business, commercial or agricultural purposes.

Regulation S-P requires an initial notice be delivered at the time a customer relationship is established and another notice be delivered annually during the continuation of the customer relationship. "Annually" means at least once in a period of 12 consecutive months. The initial notice may be delivered within a reasonable period of time if an unaffiliated broker/dealer or investment adviser establishes a customer relationship between a fund and a consumer without the fund's prior knowledge.

A fund must provide a right to "opt out" if the fund reserves the right to disclose nonpublic personal information about the consumer to unaffiliated third parties, unless (i) the unaffiliated third party is performing servicing or marketing services for the fund, (ii) the consumer consents to the disclosure or (iii) the disclosure is permitted or required by law.

A ***"consumer***" is defined as an individual who obtains or has obtained a financial product or service from the fund for personal, family or household purposes. This includes an individual who

provides nonpublic personal information to the fund, even if the individual ultimately does not invest. An individual who provides only his or her name, address and general areas of investment interest in connection with a request for a prospectus is not consumer with respect to the fund. In addition, an individual is not a fund's consumer if the individual purchases shares through a broker-dealer or investment adviser who is the record owner of the shares.

A ***"customer"*** is a consumer who has established a customer relationship with a fund. A customer relationship is defined in Regulation S-P to mean a continuing relationship between the consumer and the Fund under which a fund provides financial products and services to the consumer primarily for personal, family or household purposes. A customer relationship is established when a consumer is the record owner of shares of the fund.

***"Nonpublic personal information"*** includes nonpublic "personally identifiable financial information", plus any list, description or grouping of customers that is derived from nonpublic personally identifiable financial information.

***"Personally identifiable financial information"*** means any information: (i) the consumer provides to a fund to obtain financial products or services, (ii) about the consumer resulting from a transaction between the consumer and a fund, or (iii) that a fund otherwise obtains from the consumer in connection with providing financial products or services to the consumer. Such information may include information provided on an account application, account balances and transaction information, the fact that the consumer is or has been a customer of a fund, information relating to services performed for or transactions entered into on behalf of customers, and information from consumer reports and any data, list or analyses derived from such nonpublic personal information.

A fund that possesses consumer report information for business purposes is required to properly dispose of the information by taking reasonable measures to protect against unauthorized access to or use of the information in connection with its disposal. "*Consumer Report Information*" means any record about an individual (e.g., name, social security number, phone number, email address, etc.), whether in paper, electronic or other form, that is a consumer report or is derived from a consumer report. The definition includes a compilation of such records but does not include information that does not identify individuals, such as aggregate information or blind data. "*Consumer Report*" is defined in the Fair Credit Reporting Act ("FCRA"), but generally means information from a consumer reporting agency bearing on a consumer's creditworthiness, credit standing, reputation, etc., which is used for the purpose of establishing eligibility for credit, insurance or employment or used for other purposes permitted under the FCRA. A fund is not required to ensure perfect destruction of consumer report information. Rather, funds are required to take "reasonable measures" to protect against unauthorized access to or use of the information in connection with its disposal. The rule release states that this means that the SEC expects funds in devising disposal methods to consider the sensitivity of the consumer report information, the nature and size of the entity's operations, the costs and benefits of different disposal methods and relevant technological changes. The SEC also notes that "reasonable measures" are very likely to require elements such as the establishment of policies and procedures governing disposal, as well as appropriate employee training.

Finally, Regulation S-P requires written policies and procedures addressing administrative, technical and physical safeguards for the protection of customer records and information.

**Policy:** The Fund does not share any nonpublic personal information with any unaffiliated third parties, except in the following circumstances:

1. As
necessary to provide the service the client has requested or authorized, or to maintain and service the client's account;

2. As
required by regulatory authorities or law enforcement officials who have jurisdiction over the Fund or as otherwise required by any applicable
law; and

3. To
the extent reasonably necessary to prevent fraud and unauthorized transactions.

The Fund's officers and employees, as well as the employees of the Adviser, Administrator, Transfer Agent, Custodian, and Distributor (collectively, "Fund Personnel") are prohibited, during or after termination of their employment, from disclosing nonpublic personal information to any person or entity outside the Fund, except under the circumstances described above and only to the extent necessary to carry out their assigned duties. Fund Personnel are permitted to disclose nonpublic personal information only to such Fund Personnel who need to have access to such information to deliver services to the client.

*Security of Client Information*. The Fund, through Fund Service Providers, maintain physical, electronic, and procedural safeguards, designed to protect nonpublic personal information, and access to this information is restricted. Any Fund Personnel who are authorized to have access to nonpublic personal information are required to keep such information in a secure compartment or receptacle on a daily basis as of the close of business each day. All electronic or computer files containing such information shall be firewall and password protected from access by unauthorized persons. When disposing of nonpublic personal information, Fund Service Providers must take reasonable measures to protect against unauthorized access to or the use of information in connection with its disposal. Fund Service Providers will use measures such as utilizing locked burn bins or shredding hard copy documentation, as well as erasing all electronic files from computer hard drives and mobile devices. Any conversations involving nonpublic personal information, if appropriate at all, must be conducted by Fund Personnel in private, and care must be taken to avoid any unauthorized persons overhearing or intercepting such conversations.

*Oversight and Monitoring Procedures*

The Fund Chief Compliance Officer will monitor applicable regulations that may cause these policies or the policies of Fund Service Providers to change. Annually, the Fund Chief Compliance Officer will review any independent reviews applicable to data security at Fund Service Providers who have access to or otherwise obtain nonpublic personal information in fulfilling their obligations to the Fund, and will inquire and review, as applicable, any related data privacy issues reported by the Fund Service Providers. The Fund Chief Compliance Officer, working with appropriate Fund Service Provider Chief Compliance Officers will also ensure that any unaffiliated third party that enters into an agreement with the Fund or a Fund Service Provider, where such unaffiliated third party that enters into an agreement with the Fund or Fund Service Provider will

have access to nonpublic personal information of the Fund's shareholders, is subject to contractual confidentiality provisions which require the appropriate safekeeping and disposal of nonpublic personal information.

**Responsible Parties:** Adviser and Administrator

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| | |
|:---|:---|
| **PRIVACY NOTICE** | **PRIVACY NOTICE** |
| &nbsp;&nbsp;**FACTS** | &nbsp;&nbsp;**WHAT DOES THE FUND DO WITH YOUR PERSONAL INFORMATION?** |

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| | |
|:---|:---|
| &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. |

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| | | |
|:---|:---|:---|
| &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: | &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: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**■** Social Security number | &nbsp;&nbsp;**■** Purchase History |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**■** Assets | &nbsp;&nbsp;**■** Account Balances |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**■** Retirement Assets | &nbsp;&nbsp;**■** Account Transactions |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**■** Transaction History | &nbsp;&nbsp;**■** Wire Transfer Instructions |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**■** Checking Account Information |  |
|  | &nbsp;&nbsp;When you are *no longer* our customer, we continue to share your information as described in this notice. | &nbsp;&nbsp;When you are *no longer* our customer, we continue to share your information as described in this notice. |

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| | |
|:---|:---|
| &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 chosen to share; and whether you can limit this sharing. |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Reasons we can share your personal information** | &nbsp;&nbsp;**Does the Fund <br> share?** | &nbsp;&nbsp;**Can you limit 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;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**For our marketing purposes –**<br> to offer our products and services to you | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't share |
| &nbsp;&nbsp;**For joint marketing with other financial companies** | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't share |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes –**<br> information about your transactions and experiences | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't share |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes –**<br> information about your creditworthiness | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't share |
| &nbsp;&nbsp;**For non-affiliates to market to you** | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't share |
| &nbsp;&nbsp;**Questions?** | &nbsp;&nbsp;Call 1- (833) 822-4060 | &nbsp;&nbsp;Call 1- (833) 822-4060 |

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**<u>Proxy Voting Policy</u>**

Information regarding how the Fund votes proxies relating to portfolio securities for the period ended June 30th as well as a description of the policies and procedures that the Fund used to determine how to vote proxies is available without charge, upon request, by calling 833-822-4060 or by referring to the Securities and Exchange Commission's ("SEC") website at <u>http://www.sec.gov</u>.

**<u>Portfolio Holdings</u>**

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available at the SEC's website at www.sec.gov.

BEACON-AR26

(b) Not
applicable

**Item 2. Code of Ethics.**

(a) The
 registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant's principal
 executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions,
 regardless of whether these individuals are employed by the registrant or a third party.

(b) During
 the period covered by this report, there were no amendments to any provision of the code of ethics.

(c) During
 the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.

**Item 3. Audit Committee Financial Expert.**

(a)(1) The Registrant's board of trustees has determined that Carrie Schoffman is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mrs. Schoffman is independent for purposes of this Item.

(a)(2) Not applicable.

(a)(3) Not applicable.

**Item 4. Principal Accountant Fees and Services.**

(a) <u>Audit Fees</u> **.** The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant's
principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant
in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:

2026 - $25,000

2025 - $25,000

(b) <u>Audit-Related Fees</u>. There were no fees billed in each of the last two fiscal years for assurances and
 related services by the principal accountant that are reasonably related to the performance
 of the audit of the registrant's financial statements and are not reported under paragraph
 (a) of this Item.

(c) <u>Tax Fees</u> - The aggregate fees billed in each of the last two fiscal years for professional
 services rendered by the principal accountant for tax compliance are as follows:

2026 - $5,000

2025 - $5,000

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

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| | |
|:---|:---|
| (d) | <u>All Other Fees</u>. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended March 31, 2026 and 2025 respectively. |
| (e)(1) | The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman (subject to ratification by the Audit Committee) approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant to render such audit or non-audit service. |
| (e)(2) | There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | Not applicable. The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was zero percent (0%). |
| (g) | All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended March 31, 2026 and 2025, respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for the registrant's adviser. |
| (h) | Not applicable. |
| (i) | Not applicable. |
| (j) | Not applicable. |

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**Item 5. Audit Committee of Listed Registrants**

Not applicable.

**Item 6. Investments.**

(a) The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

Not applicable – Closed-End Fund

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

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

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

Not applicable.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

The Registrant's proxy voting policy and procedures are filed under Item 13(a)(4) hereto. The Registrant delegates proxy voting decisions to its investment adviser. The proxy voting policy and procedures of the Registrant's investment adviser, Beacon Pointe Advisors, LLC ("Adviser"), are filed under Item 13(a)(5).

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

All information included in this Item is as of September 30, 2024, unless otherwise noted.

(a)(1) <u>Portfolio Managers</u>.

The personnel of the Adviser who currently have primary responsibility for management of the Fund (the "Portfolio Managers") are:

<u>Michael Dow</u>

Michael Dow has been the Chief Investment Officer of Beacon Pointe Advisors, LLC since 2018, and the Chairman of the Beacon Pointe Investment Committee since 2018. Prior to joining Beacon Pointe, Mr. Dow served as Managing Director and Head of US Core Plus Bonds, Head of Sovereign Credit Research, and Head of Emerging Market Corporate Debt at UBS Global Asset Management, where he was responsible for portfolio management, research, trading and strategy across the UBS global platform for these products. Prior to joining UBS, Mr. Dow was enrolled at the University of Chicago and studied in several post-graduate programs including Economics and in the School of Public Policy and had begun the core coursework in the PhD Finance program at the Chicago Booth School before returning to the capital markets in early 2008. He remains affiliated with the University of Chicago and has taught the undergraduate Intermediate Accounting course at Lake Forest College as an adjunct professor, and as a guest lecturer taught the fixed income and interest rate course sections of undergraduate finance and graduate quantitative finance programs at the University of Illinois, Northwestern University and Notre Dame University. Prior to academia Mr. Dow was an Investment Grade Corporate Bond Portfolio Manager at PIMCO and was the PIMCO Funds National Sales Manager, as well as a senior member of the Consultant Relations Group. He started his career at Salomon Brothers as a fixed income salesman in the Private Investment Department. He received a BS in Accountancy from the University of Illinois Urbana-Champaign and his MBA in Finance from the University of Chicago. Mr. Dow is a Chartered Alternative Investment Analyst, Chartered Financial Analyst, received his certificate to practice as a CPA (inactive) and is a member of the CFA and CAIA Societies of Chicago<u>.</u>

Julien Frazzo has been the Deputy Chief Investment Officer of Beacon Pointe Advisors, LLC since 2024 and a member of the Investment Committee at Beacon Pointe Advisors, LLC since 2021. Mr. Frazzo previously served as the Director of Risk Management and Securities Research from 2021 to 2024. Prior to joining Beacon Pointe in 2021, Mr. Frazzo served as Director of Equity Research at The Bahnsen Group from 2019 to 2021. From 2016 to 2019, Mr. Frazzo was self-employed as the Managing Member of Bastille Capital LLC. Julien is a seasoned investment professional with twenty-two years of experience, including fourteen years as a risk taker in alternative asset management, five years in investment banking, and three years in private wealth management. He began his career in the financial industry as an M&A banker and equity research analyst as part of Lehman Brothers analyst and associate programs. Mr. Frazzo transitioned to the buy-side of the industry in 2004 by joining Citadel as a Senior Analyst before being promoted to Managing Director of Citadel's Principal Strategy. Mr. Frazzo subsequently served as a Portfolio Manager at several multi-billion-dollar boutique hedge funds before transitioning to private wealth management in 2019. Mr. Frazzo earned a master's degree in Accounting and Finance and a postgraduate degree in Corporate Finance, Financial Engineering, and Securities Law from the University of Paris Dauphine in Paris, France

Derek Newcomer is the Director of Alternatives Investment Manager Research and started his tenure with Beacon Pointe Advisors, LLC in 2010. Mr. Newcomer has also been on the Advisor's Investment Committee since 2010. Mr. Newcomer leads the efforts in the area of investment manager research and due-diligence within the focus of alternative investments, and has been a member of Beacon Pointe's Investment Committee since 2010. Prior to joining Beacon Pointe in 2010, Mr. Newcomer held the role of Vice President at CRESO Capital Partners, Newport Beach, California, an investment banking firm focused on mezzanine investments, capital raising for preferred and common equity, and merger & acquisitions for privately held companies with revenues of $10MM to $250MM. His primary duties included client development as well preliminary financial and market due diligence of investment

opportunities. Mr. Newcomer previously served as the Chair of the Investment Committee at the Goodwill of Orange County. He is a graduate of University of California at Santa Cruz with a major in Economics/Business Management. He is a CFA charterholder and holds the designation of Chartered Alternative Investment Analyst (CAIA).

(a)(2) Other Accounts Managed by Portfolio Managers and Potential Conflicts of Interest.

**Other Accounts Managed by the Portfolio Manage**r

As of March 31, 2026, Mr. Dow, Mr. Frazzo, and Mr. Newcomer were responsible for the management of the following types of accounts in addition to the Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Other Accounts By Type | &nbsp;&nbsp;Total Number of<br> Accounts by<br> Account Type | &nbsp;&nbsp;Total Assets By <br> Account Type | &nbsp;&nbsp;Number of Accounts <br> by Type Subject to a <br> Performance Fee | &nbsp;&nbsp;Total Assets By <br> Account Type <br> Subject to a <br> Performance Fee |
| &nbsp;&nbsp;Registered Investment Companies | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles | &nbsp;&nbsp;7 | &nbsp;&nbsp;$130000000 | &nbsp;&nbsp;2 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;8 | &nbsp;&nbsp;$700000000 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |

---

**Conflicts of Interest**

The Portfolio Managers may manage assets for other clients ("Client Accounts") or may be affiliated with such Client Accounts, there may be an incentive to favor one Client Account over another, resulting in conflicts of interest. For example, affiliates of the Adviser may, directly or indirectly, receive fees from Client Accounts that are higher than the fee the Adviser receives from the Adviser. In those instances, a portfolio manager may have an incentive to favor the Client Accounts over the Fund. Notwithstanding the difference in principal investment strategies between the Fund and the Client Accounts, the Adviser has various policies and procedures that it believes are reasonably designed to address these and other conflicts of interest.

(a)(3) Portfolio Manager Compensation.

Mr. Dow, Mr. Frazzo, and Mr. Newcomer each receive a fixed salary and retirement plan benefits. Mr. Dow, Mr. Frazzo, and Mr. Newcomer are also entitled to receive a discretionary bonus, based upon, among other things, the performance of the Adviser.

(a)(4) <u>Portfolio Manager Ownership of Equity Securities</u>.

Each Portfolio Manager's ownership of the Fund was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Dollar Range of Shares Owned** |
| &nbsp;&nbsp;Michael Dow | &nbsp;&nbsp;$50001 - $100000 |
| &nbsp;&nbsp;Julien Frazzo |  |
| &nbsp;&nbsp;Derek Newcomer |  |

---

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

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.** 

None

**Item 16. Controls and Procedures** 

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on 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 Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.** 

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.** 

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto. [Exhibit 99. CERT](ex_99cert.htm)

(a)(4) Not applicable.

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto [Exhibit 99.906CERT.](ex_99-906cert.htm)

**SIGNATURES**

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

Beacon Pointe Multi-Alternative Fund

---

| | |
|:---|:---|
| By | /s/ Michael Dow |
| Michael Dow | Michael Dow |
| Principal Executive Officer/President | Principal Executive Officer/President |
| Date: 6/4/2026 | Date: 6/4/2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | /s/ Michael Dow |
| Michael Dow | Michael Dow |
| Principal Executive Officer/President | Principal Executive Officer/President |
| Date: 6/4/2026 | Date: 6/4/2026 |

---

---

| | |
|:---|:---|
| By | /s/ Jessica Chase |
| Jessica Chase | Jessica Chase |
| Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Date: 6/4/2026 | Date: 6/4/2026 |

---

## Ex-99.Code

**Attachment 12.B – Code of Ethics**

**I.** **Introduction** 

The Fund has adopted this Code of Ethics (the "Code") in order to set forth guidelines and procedures that promote ethical practices and conduct by all of the Fund's Access Persons and to ensure that they comply with the federal securities laws. To the extent that any such individuals are subject to compliance with the Code of Ethics of the Fund's adviser, (the "Adviser"), Fund Administrator or Distributor (collectively the "Service Providers"), as applicable, whose Codes of Ethics complies with Rule 17j-1, compliance by such individuals with the provisions of the Code of the applicable Service Providers shall constitute compliance with this Code. Although this Code contains a number of specific standards and policies, there are four key principles embodied throughout the Code.

1. **The interests of the Fund must always be paramount.** Access Persons have a legal, fiduciary
 duty to place the interests of the Fund ahead of their own. In any decision relating to their
 personal investments, Access Persons must scrupulously avoid serving their own interests
 ahead of those of the Fund.

2. **Access Persons may not take advantage of their relationship with the Fund.** Access Persons should
 avoid any situation (e.g. unusual investment opportunities, perquisites, accepting gifts
 of more than token value from persons seeking to do business with the Fund) that might compromise,
 or call into question, the exercise of their fully independent judgment in the interests
 of the Fund.

3. **All Personal Securities Transactions should avoid any actual, potential, or apparent conflicts of interest.** Although all Personal Securities Transactions by Access Persons must be
 conducted in a manner consistent with this Code, the Code itself is based on the premise
 that Access Persons owe a fiduciary duty to the Fund, and should avoid any activity that
 creates an actual, potential, or apparent conflict of interest. This includes executing transactions
 through or for the benefit of a third party when the transaction is not in keeping with the
 general principles of this Code.

Access Persons must adhere to these general principles as well as comply with the specific provisions of this Code. Technical compliance with the Code and its procedures will not automatically prevent scrutiny of trades that show a pattern of abuse of an individual's fiduciary duty to the Fund.

4. **Access Persons must comply with all applicable laws.** In both work-related and personal activities,
 Access Persons must comply with all applicable laws, including the federal securities laws.

**<u>Any violations of this code should be reported promptly to the Fund Chief Compliance Officer. Failure to do so will be deemed a violation of this Code.</u>**

**II.** **DEFINITIONS** 

**"Access Person"** shall have the same meaning as set forth in Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act") and shall include:

&nbsp;&nbsp;&nbsp;&nbsp;1. Any
 officers, trustees, general partner or employee (or persons occupying a similar status or
 performing a similar function) of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;2. Any
 officers, general partner or employee (or persons occupying a similar status or performing
 a similar function) of the Adviser to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;3. Any
 officer, director, general partner or employee of the Fund or the Adviser (or of any company
 controlling or controlled by or under common control with the Fund or the Adviser) who, in
 connection with his or her regular functions or duties, makes, participates in, or obtains
 information regarding the purchase or sale of Covered Securities by the Fund, or whose functions
 relate to the making of any recommendations with respect to the purchase or sale; and

&nbsp;&nbsp;&nbsp;&nbsp;4. Any
 other natural person controlling, controlled by or under common control with the Fund, the
 Adviser who obtains information concerning recommendations made to the Fund with regard to
 the purchase or sale of Covered Securities by the Fund.

**"Adviser"** refer to cover page for the investment adviser to the Fund.

**"Affiliated Person"** of an adviser includes (i) any person directly or indirectly owning, controlling, or holding with power to vote, 5 percent or more of the outstanding voting securities of the adviser (this could be a person or a company, including any parent company; (ii) any person 5 percent or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote, by the adviser (i.e., a company where the adviser owns 5 percent or more of the company); (iii) any person directly or indirectly controlling, controlled by, or under common control with, the adviser (e.g. if the adviser is owned by a parent company, any other companies owned by the parent); or (iv) any officer, trustee, partner, managing member, or co-partner of the adviser. Section 2(a) of the 1940 Act. A non-officer employee of an adviser to a closed-end fund is not a Reporting Person. Rule 30h-1 under the 1940 Act.

**"Beneficial Ownership"** means in general and subject to the specific provisions of Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended, having or sharing, directly or indirectly, through any contract arrangement, understanding, relationship, or otherwise, a direct or indirect "pecuniary interest" in the security.

**"Fund Chief Compliance Officer"** means the Code of Ethics Compliance Officer of the Fund with respect to Trustees and officers of the Fund covered by this Code.

**"Code"** means this Code of Ethics.

**"Covered Security"** means any Security, except (i) direct obligations of the U.S. Government, (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-

term debt instruments, including repurchase agreements, and (iii) shares issued by open-end mutual funds, except funds services by Ultimus or NLCS.

"**Decision Making Access Person"** means any Access Person who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of a security by the Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales. Decision Makers typically are Adviser personnel.

**"Fund"** means the Fund. Refer to the cover page for a name of the Fund.

**"Immediate Family"** means an individual's spouse, partner, child, stepchild, grandchild, parent, stepparent, grandparent, siblings, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law and should include adoptive relationships. For purposes of determining whether an Access Person has an "indirect pecuniary interest" in securities, only ownership by "immediate family" members sharing the same household as the Access Person will be presumed to be an "indirect pecuniary interest" of the Access Person, absent special circumstances.

**"Independent Trustees"** means those Trustees of the Fund that would not be deemed an "interested person" of the Fund, as defined in Section 2(a)(19)(A) of the 1940 Act.

**"Indirect Pecuniary Interest"** includes, but is not limited to: (a) securities held by members of the person's Immediate Family sharing the same household (which ownership interest may be rebutted); (b) a general partner's proportionate interest in portfolio securities held by a general or limited partnership; (c) a person's right to dividends that is separated or separable from the underlying securities (otherwise, a right to dividends alone will not constitute a pecuniary interest in securities); (d) a person's interest in securities held by a trust; (e) a person's right to acquire securities through the exercise or conversion of any derivative security, whether or not presently exercisable; and (f) a performance-related fee, other than an asset based fee, received by any broker, dealer, bank, insurance company, investment company, investment manager, trustee, or person or entity performing a similar function, with certain exceptions.

**"Initial Public Offering"** means an offering of securities registered under Securities Act of 1933, as amended (the "Securities Act"), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Section 13 of Section 15(d) of the Securities Exchange Act.

**"Investment Personnel"** means (i) any employee of the Fund or the Adviser (or any company in a Control Relationship with the Fund or the Adviser) who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by the Fund and (ii) any natural person who controls the Fund or its investment adviser and who obtains information concerning recommendations made to the Fund regarding the purchase or sale of securities by the Fund.

**"Limited Offering"** means an offering that is exempt from registration under the Securities Act pursuant to Section 4(2) or Section 4(6) or pursuant or Rule 504, Rule 505 or Rule 506 under the Securities Act.

**"Officer"** of an entity includes the entity's president, principal financial officer, principal accounting officer (or, if there is no such accounting officer, the controller), any vice-president of the issuer in charge of a principal business unit, division or function (such as sales, administration or finance), any other officer who performs a policy-making function, or any other person who performs similar policy-making functions for the Fund, including the Fund Chief Compliance Officer.

**"Pecuniary Interest"** means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in securities.

**"Personal Securities Transaction"** means any transaction in a Covered Security in which an Access Person has a direct or indirect Pecuniary Interest.

**"Purchase or Sale of a Security"** includes the writing of an option to purchase or sell a Security. A Security shall be deemed "being considered for Purchase or Sale" for the Fund when a recommendation to purchase or sell has been made and communicated by a Decision Making Access Person, and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation. These recommendations are placed on the "Restricted List" until they are no longer being considered for Purchase or Sale, or until the Security has been purchased or sold.

**"Restricted List"** means the list of securities maintained by the Fund Chief Compliance Officer in which trading by Access Persons is generally prohibited.

**"Security"** means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, or, in general, an interest or instrument commonly known as "security", or any certificate or interest or participation in temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase (including options) any of the foregoing.

**III.** **PROHIBITED ACTIONS AND ACTIVITIES** 

&nbsp;&nbsp;&nbsp;&nbsp;1. No
 Access Person shall purchase or sell directly or indirectly, any Covered Security in which
 he or she has, or by reason of such transaction acquires, any direct or indirect beneficial
 ownership and which he or she knows or should have known at the time of such purchase or
 sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Is
 being considered for purchase or sale by the Fund, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Is
 being purchased or sold by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;2. Decision-Making
 Access Persons, with the exception of the independent trustees, may not participate in any
 initial public offering of Covered Securities in any account over which they exercise Beneficial
 Ownership. All other Access Persons, with the exception of the independent trustees, must
 obtain prior written authorization from the Fund Chief Compliance Officer prior to such participation;

&nbsp;&nbsp;&nbsp;&nbsp;3. No
 Access Person, with the exception of the independent trustees, may purchase a Covered Security
 in which by reason of such transaction they acquire Beneficial Ownership in a private placement
 of a Security, without prior written authorization of the acquisition by the Fund Chief Compliance
 Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. An
 Access Person of the Fund who is also an access person of the Fund's principal underwriter
 or its affiliates or an access person of the Fund's Adviser may submit reports required
 by this Section on forms prescribed by the Code of Ethics of such principal underwriter,
 or investment adviser <u>provided</u> that such forms contain substantially the same information
 as called for in the forms required by this Section and comply with the requirements of Rule
 17j-1(d) (1).

&nbsp;&nbsp;&nbsp;&nbsp;4. Access
 Persons may not accept any fee, commission, gift, or services, other than *de minimis* gifts, from any single person or entity that does business with or on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;5. Decision-Making
 Access Persons, with the exception of the independent trustees, may not serve on the board
 of directors of a publicly traded company without prior authorization from the Fund Chief
 Compliance Officer based upon a determination that such service would be consistent with
 the interests of the Fund. If such service is authorized, procedures will then be put in
 place to isolate such Decision-Making Access Persons serving as directors of outside entities
 from those making investment decisions on behalf of the Fund.

Advanced notice should be given so that the Fund and Adviser may take such action concerning the conflict as deemed appropriate by the Fund Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;6. Decision-Making
 Access Person, with the exception of the Independent Trustees, may not execute a Personal
 Securities Transaction involving a Covered Security without authorization of the Fund Chief
 Compliance Officer or such persons who may be designated by the Fund Chief Compliance Officer
 from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;7. It
 shall be a violation of this Code for any Access Person, in connection with the purchase
 or sale, directly or indirectly, of any Covered Security held or to be acquired by the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. to
 employ any device, scheme or artifice to defraud the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. to
 make to the Fund any untrue statement of a material fact or to omit to state to the Fund
 a material fact necessary in order to make the statements made, in light of the circumstances
 under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. to
 engage in any act, practice or course of business that operates or would operate as a fraud
 or deceit upon the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. to
 engage in any manipulative practice with respect to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;8. **EXEMPTED TRANSACTIONS.** The provisions described above under the heading Prohibited Actions and
 Activities and the preclearance procedures under the heading Preclearance of Personal Securities
 Transactions do not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Purchases
 or sales of Securities effected in any account in which an Access Person has no beneficial
 ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Purchases
 or sales of Securities which are non-volitional on the part the Access Person (for example,
 the receipt of stock dividends);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Purchase
 of Securities made as part of automatic dividend reinvestment plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Purchases
 of Securities made as part of an employee benefit plan involving the periodic purchase of
 company stock or mutual funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Purchases
 of Securities effected upon the exercise of rights issued by an issuer pro rata to all holders
 of a class of its Securities, to the extent such rights were acquired from such issuer, and
 sale of such rights so acquired.

**IV.** **PRECLEARANCE OF PERSONAL SECURITIES TRANSACTIONS** 

All Access Persons that are not covered by a Service Providers' Code of Ethics wishing to engage in a Personal Securities Transaction must obtain prior authorization of any such Personal Securities Transaction from the Fund Chief Compliance Officer or such person or persons that the Fund Chief Compliance Officer may from time to time designate to make such authorizations. The Fund shall adopt the appropriate forms and procedures for implementing this Code of Ethics.

Any authorization so provided is effective until the close of business on the fifth trading day after the authorization is granted. In the event that an order for the Personal Securities Transaction is not placed within that time period, a new authorization must be obtained. If the order for the transaction is placed but not executed within that time period, no new authorization is required unless the person placing the order originally amends the order in any manner. Authorizations for "good until canceled" orders are effective unless the order conflicts with the Fund order.

If a person wishing to effect a Personal Securities Transaction learns, while the order is pending, that the same Security is being considered for Purchase or Sale by the Fund, such person shall cancel the trade.

Affiliated Persons and/or Officers are required to obtain pre-clearance for all personal securities transactions involving shares of the Fund from the Fund Chief Compliance Officer, and meet the Fund's requirements for Section 16 reporting.

Investment Personnel of the Fund or Adviser must obtain approval from the Fund or Adviser before directly or indirectly acquiring beneficial ownership in any securities in an Initial Public Offering or a Limited Offering.

**V.** **REPORTING AND MONITORING** 

The Fund Chief Compliance Officer or his designees shall monitor all personal trading activity of all Access Persons covered by this Code of Ethics pursuant to the procedures established under this Code. An Access Person of the Fund who is also an access person of the Fund's principal underwriter or its affiliates or an Access Person of the Adviser may submit reports required by this Section on forms prescribed by the Code of Ethics of such principal underwriter, or Adviser, <u>provided</u> that such forms comply with the requirements of Rule 17j-1(d)(1) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Disclosure of Personal Brokerage Accounts.** Within ten days of the commencement of employment or
 at the commencement of a relationship with the Fund, all Access Persons, except Independent
 Trustees, are required to submit to the Fund Chief Compliance Officer a report stating the
 names and account numbers of all of their personal brokerage accounts, brokerage accounts
 of members of their Immediate Family, and any brokerage accounts which they control or in
 which they or an Immediate Family member has Beneficial Ownership. Such report must contain
 the date on which it is submitted and the information in the report must be current as of
 a date no more than 45 days prior to that date. In addition, if a new brokerage account is
 opened during the course of the year, the Fund Chief Compliance Officer must be notified
 immediately.

The information required by the above paragraph must be provided to the Fund Chief Compliance Officer on an annual basis, and the report of such should be submitted with the annual holdings reports described below.

Each of these accounts is required to furnish duplicate confirmations and statements to the Fund Chief Compliance Officer. These statements and confirms for the Fund may be sent to its Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Initial Holdings Report.** Within ten days of becoming an Access Person (and with information that
 is current as of a date no more than 45 days prior to the date that the person becomes an
 Access Person), each Access Person, except Independent Trustees, must submit (i) a holdings
 report that must contain, at a minimum, the title and type of Security, and as applicable,
 the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each
 Covered Security in which the Access Person has any direct or indirect Beneficial Ownership
 and (ii) the name of any broker, dealer or bank with whom the Access Person maintained an
 account in which any securities were held for the Access Person's direct or indirect
 benefit as of the date they became an Access Person. This report must state the date on which
 it is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Annual Holdings Reports.** All Access Persons, except Independent Trustees, must supply the information
 that is required in the initial holdings report on an annual basis, and such

information must be current as of a date no more than 45 days prior to the date that the report was submitted. Such reports must state the date on which they are submitted.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Quarterly Transaction Reports.** All Access Persons, except Independent Trustees, shall report to
 the Fund Chief Compliance Officer or his designees the following information with respect
 to transactions in a Covered Security in which such person has, or by reason of such transaction
 acquires, any direct or indirect Beneficial Ownership in the Covered Security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The
 date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP
 number, interest rate and maturity date, number of shares, and the principal amount of each
 Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The
 nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The
 price of the Covered Security at which the transaction was effected

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The
 name of the broker, dealer, or bank with or through whom the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The
 date the Access Person Submits the Report.

Reports pursuant to this section of this Code shall be made no later than 30 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall include a certification that the reporting person has reported all Personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. Confirmations and Brokerage Statements sent directly to the appropriate address noted above is an acceptable form of a quarterly transaction report.

&nbsp;&nbsp;&nbsp;&nbsp;5. **Quarterly New Account Reports.** All Access Persons, except Independent Trustees, must submit a quarterly
 new account report with respect to any account established by such a person in which any
 securities were held during the quarter for the direct or indirect benefit of the Access
 Person, no later than 30 days after the end of a calendar quarter. The Quarterly New Account
 Report shall cover, at a minimum, all accounts at a broker-dealer, bank or other institution
 opened during the quarter and provide the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the
 name of the broker, dealer or bank with whom the Access Person has established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the
 date the account was established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the
 date that the report is submitted by the Access Person.

An Independent Trustee need only make a quarterly transaction report if he or she, at the time of the transaction, knew, or in the ordinary course of fulfilling his or her official duties as a Trustee, should have known that during the 15-day period immediately preceding or following the date of the transaction by the Independent Trustee, the Covered Security was purchased or sold by the Fund or was considered for purchase or sale by the Fund. An Independent Trustee must also submit a quarterly transaction report with respect to transactions occurring in such quarter in Fund shares if such Trustee knew, or in the ordinary course of fulfilling his or her official duties as a Trustee of the Fund, should have

known details of specific securities transactions made or being considered for the Fund's portfolio on the date of and during the 15-day period immediately before or after the Trustee's transaction in Fund shares.

An Access Person of the Fund who is also an Access Person of the Fund's principal underwriter or an Access Person of the Fund's Adviser may submit reports required by this Section on forms prescribed by the Code of Ethics of such principal underwriter or investment adviser, provided that such forms contain substantially the same information as called for in the forms required by this Section and comply with the requirements of Rule 17j-1(d)(1).

**VI.** **ENFORCEMENTS AND PENALTIES** 

The Fund Chief Compliance Officer or his designee shall review the transaction information supplied by Access Persons. If a transaction appears to be a violation of this Code, the transaction will be reported to the Fund's Board.

Upon being informed of a violation of this Code, the Fund's Board may impose sanctions as it deems appropriate, including but not limited to, a letter of censure or suspension, termination of the employment of the violator, or a request for disgorgement of any profits received from a securities transaction effected in violation of this Code. The Fund shall impose sanctions in accordance with the principle that no Access Person may profit at the expense of its clients. Any losses are the responsibility of the violator. Any profits realized on personal securities transactions in violation of the Code must be disgorged in a manner directed by the Board.

At least annually and at a regular meeting of the Board, the Fund Chief Compliance Officer shall issue a report on Personal Securities Transactions by Access Persons. The report submitted to the Board shall:

&nbsp;&nbsp;&nbsp;&nbsp;1. Summarize
 existing procedures concerning Personal Securities investing and any changes in the procedures
 made during the prior year;

&nbsp;&nbsp;&nbsp;&nbsp;2. Identify
 any violations of this Code and any significant remedial action taken during the prior year;
 and;

&nbsp;&nbsp;&nbsp;&nbsp;3. Identify
 any recommended changes in existing restrictions or procedures based upon the experience
 under the Code, evolving industry practices or developments in applicable laws and regulations.

**VII.** **RECORDKEEPING** 

The Fund shall cause the records enumerated in this Section VII (a) through (e) below to be maintained in an easily accessible place and shall cause such records to be made available to the Commission or any representative of the Commission at any time and from time to time for reasonable periodic, special or other examinations.

Specifically, the Fund shall maintain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. a
 copy of the Code of Ethics adopted by the Fund that is in effect, or at any time within the
 previous five (5) years was in effect in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. a
 record of any violation of the Code of Ethics, and of any action taken as a result of such
 violation, in an easily accessible place, for at least five (5) years after the end of the
 fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. a
 copy of each report made by an Access Person as required by this Code of Ethics for at least
 five (5) years after the end of the fiscal year in which the report is made or the information
 is provided, the first two (2) years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. a
 record of all persons, currently or within the past five years, who are or were required
 to make reports under Section V of this Code of Ethics, or who are or were responsible for
 reviewing these reports, in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. a
copy of each report required by Section V of this Code of Ethics, for at least five (5) years after the end of the fiscal year in which
the report is made, the first two (2) years in an easily accessible place.

The Fund must maintain a record of any decision, and the reasons supporting the decision, to approve the acquisition by Investment Personnel of securities under Section IV, for at least five years after the end of the fiscal year in which the approval is granted.

**VIII.** **ACKNOWLEDGMENT** 

The Fund must provide all Access Persons with a copy of this Code. Upon receipt of this Code, all Access Persons must do the following:

All new Access Persons must read the Code, complete all relevant forms supplied by the Fund Chief Compliance Officer (including a written acknowledgement of their receipt of the Code in a form substantially similar to the example below), and schedule a meeting with the Fund Chief Compliance Officer to discuss the provisions herein within two calendar weeks of employment.

I certify that I have read and understand the Code of Ethics of and recognize that I am subject to it. [if an employee of the Adviser] I further certify I will fulfill my personal securities holdings and transactions reporting obligates through the procedures of the Adviser with respect to covered securities.

Printed Name:   Signature:  

Date: _________

Existing Access Persons who did not receive this Code upon hire, for whatever reason, must read the Code, complete all relevant forms supplied by the Fund Chief Compliance Officer (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Fund Chief Compliance Officer to discuss the provisions herein at the earliest possible time, but no later than the end of the current quarter.

All Access Persons must certify on an annual basis that they have read and understood the Code.

## Exhibit 99.906

**certification**

Michael Dow, President, and Jessica Chase, Treasurer of the Beacon Pointe Multi-Alternative Fund (the "Registrant"), each certify to the best of his knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended March 31, 2026 (the "Form N-CSR") fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer/President | Principal Executive Officer/President | Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Beacon Pointe Multi-Alternative Fund | Beacon Pointe Multi-Alternative Fund | Beacon Pointe Multi-Alternative Fund | Beacon Pointe Multi-Alternative Fund |
| /s/ Michael Dow | /s/ Michael Dow | /s/ Jessica Chase | /s/ Jessica Chase |
| Michael Dow | Michael Dow | Jessica Chase | Jessica Chase |
| Date: | 6/4/2026 | Date: | 6/4/2026 |

---

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

## Ex-99.Cert

**Certification** [Exhibit 99. CERT]

I, Michael Dow, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the Beacon Pointe Multi-Alternative Fund;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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: | 6/4/2026 | /s/ Michael Dow |
|  |  | Michael Dow |
|  |  | Principal Executive Officer/President |

---

I, Jessica Chase, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the Beacon Pointe Multi-Alternative Fund;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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: | 6/4/2026 | /s/ Jessica Chase |
|  |  | Jessica Chase |
|  |  | Principal Financial Officer/Treasurer |

---