# EDGAR Filing Document

**Accession Number:** 0001854919
**File Stem:** 0001752724-25-210917
**Filing Date:** 2025-8
**Character Count:** 43497
**Document Hash:** f124794a7bc54610c486407a72e3959b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-210917.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-210917

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Dynamic Alternatives Fund
- **CENTRAL INDEX KEY:** 0001854919

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23652
- **FILM NUMBER:** 251269710

**BUSINESS ADDRESS:**
- **STREET 1:** 5025 ARLINGTON CENTRE BOULEVARD
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43220
- **BUSINESS PHONE:** 614-273-1000

**MAIL ADDRESS:**
- **STREET 1:** 5025 ARLINGTON CENTRE BOULEVARD
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43220

## Nport-Ex

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Dynamic Alternatives Fund** | **Dynamic Alternatives Fund** | **Dynamic Alternatives Fund** | **Dynamic Alternatives Fund** | **Dynamic Alternatives Fund** |  |  |  |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |  |  |  |
| *June 30, 2025 (Unaudited)* | *June 30, 2025 (Unaudited)* | *June 30, 2025 (Unaudited)* | *June 30, 2025 (Unaudited)* |  |  |  |  |
| **Portfolio Funds\*** | **Shares** | **% of Net Assets** | **Cost** | **Fair Value** | **Initial Acquisition Date** | **Redemption<br> Frequency<sup>(1)</sup>**  | **Next Available Redemption Date** |
| **Hedge Funds** |  |  |  |  |  |  |  |
| AvCap Trading Fund Global Feeder, LP <sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200009 | 9.1% | $21500000 | $26868124 | 10/8/2024 | Annually | 10/31/2027 |
| Centiva Offshore Fund, Ltd., Series HA <sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114408 | 3.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10712774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11809742 | 11/1/2022 | Quarterly | 12/31/2025<sup>(4)</sup> |
| Corbin Hedged Equity Fund, LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115220 | 4.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12156299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14536971 | 11/1/2022 | Monthly | 7/31/2025 |
| Janus Henderson Biotechnology Innovation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3164 | 2.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7394895 | 2/1/2025 | Quarterly | 9/30/2025 |
| Linden International, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | 4.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12241068 | 3/1/2025 | Quarterly | 9/30/2025<sup>(4)</sup> |
| Linden International, Ltd., Class A, Series 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | 0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758027 | 4/1/2025 | Quarterly | 9/30/2025<sup>(4)</sup> |
| Linden International, Ltd., Class A, Series 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | 0.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505511 | 5/1/2025 | Quarterly | 9/30/2025<sup>(4)</sup> |
| Linden International, Ltd., Class A, Series 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | 0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743465 | 6/1/2023 | Quarterly | 9/30/2025<sup>(4)</sup> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000 | 4.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14248071 |  |  |  |
| **Total Investments - Hedge Funds** |  | 25.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66369073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74857803 |  |  |  |
| **Structured Credit** |  |  |  |  |  |  |  |
| Waterfall Eden Fund, Ltd., Class B1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | 0.0%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3753 | 3/1/2023 | Quarterly | 9/30/2025<sup>(4)</sup> |
| Waterfall Eden Fund, Ltd., Class B2, Series 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10135 | 4.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10320761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12236144 | 3/1/2023 | Quarterly | 9/30/2025<sup>(4)</sup> |
| Waterfall Eden Fund, Ltd., Class B2, Series 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030415 | 2/1/2025 | Quarterly | 9/30/2025<sup>(4)</sup> |
| Waterfall Eden Fund, Ltd., Class B2, Series 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | 0.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520126 | 4/1/2025 | Quarterly | 9/30/2025<sup>(4)</sup> |
| Waterfall Eden Fund, Ltd., Class B2, Series 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013578 | 5/1/2025 | Quarterly | 9/30/2025<sup>(4)</sup> |
| Waterfall Eden Fund, Ltd., Class B2, Series 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | 0.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502000 | 6/1/2025 | Quarterly | 9/30/2025<sup>(4)</sup> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14139 | 5.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16306016 |  |  |  |
| **Private Credit** |  |  |  |  |  |  |  |
| NB Credit Opportunities II Cayman LP <sup>(6)(7)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46654 | 1.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4878512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5476431 | 6/1/2023 | N/A | N/A |
| Merchants Healthcare Fund 1 Onshore <sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141206 | 5.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14799663 | 4/1/2024 | Quarterly | N/A |
| Cross Ocean Partners GSS Offshore Feeder LP <sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199461 | 6.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20405537 | 5/1/2025 | Semi-Annual | 12/31/2027<sup>(10)</sup> |
|  |  | 13.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39278512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40681631 |  |  |  |
| **Total Investments - Portfolio Funds** |  | 44.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119972585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131845450 |  |  |  |
| **Interval Funds** |  |  |  |  |  |  |  |
| **Private Credit** |  |  |  |  |  |  |  |
| Cliffwater Corporate Lending Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2573659 | 9.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27454571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27846993 | 11/1/2022 | Quarterly | 9/15/2025 |
| **Structured Credit** |  |  |  |  |  |  |  |
| 1WS Credit Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755915 | 4.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14649624 | 6/13/2024 | Quarterly | 9/30/2025 |
|  |  | 14.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42204571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42496617 |  |  |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Business Development Companies** |  |  |  |  |  |  |  |
| **Private Credit** |  |  |  |  |  |  |  |
| Blackstone Private Credit Fund, Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13704 | 0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344930 | 2/1/2023 | Quarterly | 9/30/2025<sup>(11)</sup> |
| **Closed-End Funds** |  |  |  |  |  |  |  |
| **Private Equity** |  |  |  |  |  |  |  |
| AMG Pantheon Fund, LLC, Class 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509391 | 4.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11018011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14130495 | 11/1/2022 | Quarterly | 9/30/2025 |
| Stepstone Private Markets, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237681 | 4.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13999388 | 12/18/2023 | Quarterly | 9/30/2025 |
| Hamilton Lane Private Assets Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711825 | 4.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13217095 | 1/2/2025 | Quarterly | 9/30/2025 |
| **Total Investments - Closed-End Funds** |  | 14.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35428011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41346978 |  |  |  |
| **Direct Investments** |  |  |  |  |  |  |  |
| **Private Equity** |  |  |  |  |  |  |  |
| TWG Flying Wasp, LLC <sup>(6)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69092 | 2.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6909185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7080144 | 12/20/2024 |  |  |
| **Private Real Estate** |  |  |  |  |  |  |  |
| RB ZaZa Port LLC <sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | 3.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10549929 | 12/13/2024 |  |  |
| **Total Direct Investments** |  | 6.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16909185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17630073 |  |  |  |
| **Open-End Mutual Funds** |  |  |  |  |  |  |  |
| **Structured Credit** |  |  |  |  |  |  |  |
| Axonic Strategic Income Fund, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1366137 | 4.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12062774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12267910 |  |  |  |
| FPA New Income, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2161537 | 7.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21615371 |  |  |  |
| **Total Investments - Open-End Mutual Funds** |  | 11.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33162774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33883281 |  |  |  |
| **Money Market Funds** |  |  |  |  |  |  |  |
| Goldman Sachs Financial Square Government Fund, Institutional Class, 4.30% <sup>(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19196121 | 6.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19196121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19196121 |  |  |  |
| **Total Investments** |  | 96.7% | $267223247 | $286743450 |  |  |  |
| Other Assets in Excess of Liabilities |  | 3.3% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9714983 |  |  |  |
| **Net Assets** |  | 100.0% |  | $296458433 |  |  |  |
| \* Non-income producing security. |  |  |  |  |  |  |  |
| (1) Certain redemptions may be subject to various restrictions and limitations such as redemption penalties on investments liquidated within a certain period subsequent to investment (e.g., a soft or hard lock-up), investor-level gates and/or Portfolio Fund-level gates. Redemption notice periods range from 10 to 100 days. | (1) Certain redemptions may be subject to various restrictions and limitations such as redemption penalties on investments liquidated within a certain period subsequent to investment (e.g., a soft or hard lock-up), investor-level gates and/or Portfolio Fund-level gates. Redemption notice periods range from 10 to 100 days. | (1) Certain redemptions may be subject to various restrictions and limitations such as redemption penalties on investments liquidated within a certain period subsequent to investment (e.g., a soft or hard lock-up), investor-level gates and/or Portfolio Fund-level gates. Redemption notice periods range from 10 to 100 days. | (1) Certain redemptions may be subject to various restrictions and limitations such as redemption penalties on investments liquidated within a certain period subsequent to investment (e.g., a soft or hard lock-up), investor-level gates and/or Portfolio Fund-level gates. Redemption notice periods range from 10 to 100 days. | (1) Certain redemptions may be subject to various restrictions and limitations such as redemption penalties on investments liquidated within a certain period subsequent to investment (e.g., a soft or hard lock-up), investor-level gates and/or Portfolio Fund-level gates. Redemption notice periods range from 10 to 100 days. | (1) Certain redemptions may be subject to various restrictions and limitations such as redemption penalties on investments liquidated within a certain period subsequent to investment (e.g., a soft or hard lock-up), investor-level gates and/or Portfolio Fund-level gates. Redemption notice periods range from 10 to 100 days. | (1) Certain redemptions may be subject to various restrictions and limitations such as redemption penalties on investments liquidated within a certain period subsequent to investment (e.g., a soft or hard lock-up), investor-level gates and/or Portfolio Fund-level gates. Redemption notice periods range from 10 to 100 days. | (1) Certain redemptions may be subject to various restrictions and limitations such as redemption penalties on investments liquidated within a certain period subsequent to investment (e.g., a soft or hard lock-up), investor-level gates and/or Portfolio Fund-level gates. Redemption notice periods range from 10 to 100 days. |
| (2) Subject to three year hard lock-up. | (2) Subject to three year hard lock-up. | (2) Subject to three year hard lock-up. | (2) Subject to three year hard lock-up. | (2) Subject to three year hard lock-up. | (2) Subject to three year hard lock-up. | (2) Subject to three year hard lock-up. | (2) Subject to three year hard lock-up. |
| (3) Subject to one year hard lock-up. | (3) Subject to one year hard lock-up. | (3) Subject to one year hard lock-up. | (3) Subject to one year hard lock-up. | (3) Subject to one year hard lock-up. | (3) Subject to one year hard lock-up. | (3) Subject to one year hard lock-up. | (3) Subject to one year hard lock-up. |
| (4) Subject to 25% investor level quarterly gate. | (4) Subject to 25% investor level quarterly gate. | (4) Subject to 25% investor level quarterly gate. | (4) Subject to 25% investor level quarterly gate. | (4) Subject to 25% investor level quarterly gate. | (4) Subject to 25% investor level quarterly gate. | (4) Subject to 25% investor level quarterly gate. | (4) Subject to 25% investor level quarterly gate. |
| (5) Amount is less than 0.05%. | (5) Amount is less than 0.05%. | (5) Amount is less than 0.05%. | (5) Amount is less than 0.05%. | (5) Amount is less than 0.05%. | (5) Amount is less than 0.05%. | (5) Amount is less than 0.05%. | (5) Amount is less than 0.05%. |
| (6) There were $879,991 in unfunded commitments for NB Credit Opportunities II Cayman LP and $3,090,815 for TWG Flying WASP as of June 30, 2025. There were no other unfunded commitments as of June 30, 2025 for any other Portfolio Funds or securities held by the Fund. | (6) There were $879,991 in unfunded commitments for NB Credit Opportunities II Cayman LP and $3,090,815 for TWG Flying WASP as of June 30, 2025. There were no other unfunded commitments as of June 30, 2025 for any other Portfolio Funds or securities held by the Fund. | (6) There were $879,991 in unfunded commitments for NB Credit Opportunities II Cayman LP and $3,090,815 for TWG Flying WASP as of June 30, 2025. There were no other unfunded commitments as of June 30, 2025 for any other Portfolio Funds or securities held by the Fund. | (6) There were $879,991 in unfunded commitments for NB Credit Opportunities II Cayman LP and $3,090,815 for TWG Flying WASP as of June 30, 2025. There were no other unfunded commitments as of June 30, 2025 for any other Portfolio Funds or securities held by the Fund. | (6) There were $879,991 in unfunded commitments for NB Credit Opportunities II Cayman LP and $3,090,815 for TWG Flying WASP as of June 30, 2025. There were no other unfunded commitments as of June 30, 2025 for any other Portfolio Funds or securities held by the Fund. | (6) There were $879,991 in unfunded commitments for NB Credit Opportunities II Cayman LP and $3,090,815 for TWG Flying WASP as of June 30, 2025. There were no other unfunded commitments as of June 30, 2025 for any other Portfolio Funds or securities held by the Fund. | (6) There were $879,991 in unfunded commitments for NB Credit Opportunities II Cayman LP and $3,090,815 for TWG Flying WASP as of June 30, 2025. There were no other unfunded commitments as of June 30, 2025 for any other Portfolio Funds or securities held by the Fund. | (6) There were $879,991 in unfunded commitments for NB Credit Opportunities II Cayman LP and $3,090,815 for TWG Flying WASP as of June 30, 2025. There were no other unfunded commitments as of June 30, 2025 for any other Portfolio Funds or securities held by the Fund. |
| (7) Subject to three year hard lock-up, with two one-year extensions. | (7) Subject to three year hard lock-up, with two one-year extensions. | (7) Subject to three year hard lock-up, with two one-year extensions. | (7) Subject to three year hard lock-up, with two one-year extensions. | (7) Subject to three year hard lock-up, with two one-year extensions. | (7) Subject to three year hard lock-up, with two one-year extensions. | (7) Subject to three year hard lock-up, with two one-year extensions. | (7) Subject to three year hard lock-up, with two one-year extensions. |
| (8) Level 3 securities fair valued using unobservable inputs. | (8) Level 3 securities fair valued using unobservable inputs. | (8) Level 3 securities fair valued using unobservable inputs. | (8) Level 3 securities fair valued using unobservable inputs. | (8) Level 3 securities fair valued using unobservable inputs. | (8) Level 3 securities fair valued using unobservable inputs. | (8) Level 3 securities fair valued using unobservable inputs. | (8) Level 3 securities fair valued using unobservable inputs. |
| (9) Subject to 18 month hard lock-up. | (9) Subject to 18 month hard lock-up. | (9) Subject to 18 month hard lock-up. | (9) Subject to 18 month hard lock-up. | (9) Subject to 18 month hard lock-up. | (9) Subject to 18 month hard lock-up. | (9) Subject to 18 month hard lock-up. | (9) Subject to 18 month hard lock-up. |
| (10) Subject to 25% investor level semi-annual gate. | (10) Subject to 25% investor level semi-annual gate. | (10) Subject to 25% investor level semi-annual gate. | (10) Subject to 25% investor level semi-annual gate. | (10) Subject to 25% investor level semi-annual gate. | (10) Subject to 25% investor level semi-annual gate. | (10) Subject to 25% investor level semi-annual gate. | (10) Subject to 25% investor level semi-annual gate. |
| (11) Subsequent to June 30, 2025, the portfolio has been fully redeemed, but is subject to a holdback. | (11) Subsequent to June 30, 2025, the portfolio has been fully redeemed, but is subject to a holdback. | (11) Subsequent to June 30, 2025, the portfolio has been fully redeemed, but is subject to a holdback. | (11) Subsequent to June 30, 2025, the portfolio has been fully redeemed, but is subject to a holdback. | (11) Subsequent to June 30, 2025, the portfolio has been fully redeemed, but is subject to a holdback. | (11) Subsequent to June 30, 2025, the portfolio has been fully redeemed, but is subject to a holdback. | (11) Subsequent to June 30, 2025, the portfolio has been fully redeemed, but is subject to a holdback. | (11) Subsequent to June 30, 2025, the portfolio has been fully redeemed, but is subject to a holdback. |
| (12) Rate disclosed is the seven day effective yield as of June 30, 2025. | (12) Rate disclosed is the seven day effective yield as of June 30, 2025. | (12) Rate disclosed is the seven day effective yield as of June 30, 2025. | (12) Rate disclosed is the seven day effective yield as of June 30, 2025. | (12) Rate disclosed is the seven day effective yield as of June 30, 2025. | (12) Rate disclosed is the seven day effective yield as of June 30, 2025. | (12) Rate disclosed is the seven day effective yield as of June 30, 2025. | (12) Rate disclosed is the seven day effective yield as of June 30, 2025. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Dynamic Alternatives Fund

- **b. Investment Company Act file number:** 811-23652

- **c. CIK number of Registrant:** 0001854919

- **d. LEI of Registrant:** 549300ET5QOX1UUQU108

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 5025 Arlington Centre Blvd.

  - **City:** Columbus

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 43220

  - **Telephone number:** 614-273-1000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Dynamic Alternatives Fund

- **c. LEI of Series:** 549300ET5QOX1UUQU108

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $297028417.76

**Total Liabilities:** $569985.02

**Net Assets:** $296458432.74

**Cash Not Reported:** $9869447.24

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.46%                | 0.83%                | 2.01%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $168020.70                                 |
| Month 2  | $0.00                    | $2082887.21                                |
| Month 3  | $42901.75                | $5418922.88                                |

### Schedule of Portfolio Investments

| Name   | Title                                                                            | Identifiers            | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| N/A    | Rock Bridge ZaZa Port LLC                                                        | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |  10000000 | NS      | $10549929.46  | 3.56%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A    | 1WS Credit Income Fund                                                           | CUSIP: N/A<br>LEI: N/A | Long             | EC               | RF                | US        |    755915 | NS      | $14649624.21  | 4.94%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A    | Waterfall Eden Fund, Ltd. Sub-Class B_2, Series 5 - June 2025                    | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |       500 | NS      | $502000.00    | 0.17%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A    | Merchants Healthcare Fund 1 Onshore                                              | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |    141206 | NS      | $14799662.83  | 4.99%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A    | Waterfall Eden Fund, Ltd. Sub-Class B_2, Series 2 - February 2025                | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |      1000 | NS      | $1030415.24   | 0.35%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A    | Linden International Ltd. Class A, Series 03/25                                  | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |     12000 | NS      | $12241068.17  | 4.13%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A    | Centiva Offshore Fund, Ltd. Series HA - Unrestricted, Initial Series             | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |    114408 | NS      | $11809741.91  | 3.98%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A    | Janus Hederson Biotech Innovation Fund Limited Standard Class - A USD Non-Voting | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |      3164 | NS      | $7394894.86   | 2.49%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A    | Hamilton Lane Private Assets Fund                                                | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |    711825 | NS      | $13217094.80  | 4.46%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A    | NB Credit Opportunitis Fund II Cayman Feeder LP                                  | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |     46654 | NS      | $5476431.49   | 1.85%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A    | Linden International Ltd. Class A, Series 04/25                                  | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |       750 | NS      | $758027.44    | 0.26%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A    | Goldman Sachs Financial Square Government Fund                                   | CUSIP: N/A<br>LEI: N/A | Long             | STIV             | RF                | US        |  19196121 | PA      | $19196120.51  | 6.48%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A    | Waterfall Eden Fund, Ltd. DI_03.2023 - Sub-Class B_1                             | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |         4 | NS      | $3753.25      | 0.00%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A    | AvCap Trading Fund Global Feeder, LP                                             | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |    200009 | NS      | $26868124.26  | 9.06%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A    | Corbin Hedged Equity Fund LP                                                     | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |    115220 | NS      | $14536971.00  | 4.90%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A    | Waterfall Eden Fund, Ltd. Sub-Class B_2, Series 3 - April 2025                   | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |      1500 | NS      | $1520126.28   | 0.51%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A    | Cliffwater Corporate Lending Fund                                                | CUSIP: N/A<br>LEI: N/A | Long             | EC               | RF                | US        |   2573659 | NS      | $27846993.12  | 9.39%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A    | AMG Pantheon Fund LLC                                                            | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |    509391 | NS      | $14130494.99  | 4.77%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A    | Stepstone Private Markets                                                        | CUSIP: N/A<br>LEI: N/A | Long             | EC               | RF                | US        |    237681 | NS      | $13999387.58  | 4.72%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A    | Cross Ocean Partners GSS Offshore Feeder LP                                      | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |    199461 | NS      | $20405536.89  | 6.88%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A    | FPA New Income, Inc.                                                             | CUSIP: N/A<br>LEI: N/A | Long             | EC               | RF                | US        |   2161537 | NS      | $21615370.55  | 7.29%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A    | Waterfall Eden Fund, Ltd. Sub-Class B_2, Series 4 - May 2025                     | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |      1000 | NS      | $1013578.16   | 0.34%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A    | TWG Flying Wasp, LLC                                                             | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |     69092 | NS      | $7080143.91   | 2.39%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A    | Blackstone Private Credit Fund                                                   | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |     13704 | NS      | $344929.53    | 0.12%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A    | Waterfall Eden Fund, Ltd. Sub-Class B_2, Series 1 - March 2023                   | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |     10135 | NS      | $12236143.74  | 4.13%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A    | Linden International Ltd. Class A, Series 06/25                                  | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |       750 | NS      | $743465.32    | 0.25%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A    | Axonic Strategic Income Fund                                                     | CUSIP: N/A<br>LEI: N/A | Long             | EC               | RF                | US        |   1366137 | NS      | $12267909.81  | 4.14%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A    | Linden International Ltd. Class A, Series 05/25                                  | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |       500 | NS      | $505510.93    | 0.17%             |  |  |  | Yes           | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

**Name of Applicant:** Dynamic Alternatives Fund

**Signature:** Gregory Knoth

**Name of Signer:** Gregory Knoth

**Title:** SVP, Mutual Fund Controller