# EDGAR Filing Document

**Accession Number:** 0001854919
**File Stem:** 0001752724-23-049917
**Filing Date:** 2023-3
**Character Count:** 17001
**Document Hash:** 54dacbaf6626f1acdc1f2e1fc6797d68
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-049917.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001752724-23-049917

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Dynamic Alternatives Fund
- **CENTRAL INDEX KEY:** 0001854919
- **IRS NUMBER:** 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:** 23691856

**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** |  |  |  |  |  |  |  |
| **Schedule of Investments** |  |  |  |  |  |  |  |
| *December 31, 2022* |  |  |  |  |  |  |  |
| *(Unaudited)* |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | **Next** |
|  |  |  |  |  | **Initial** |  | **Available** |
|  |  | **% of** |  |  | **Acquisition** | **Redemption** | **Redemption** |
| **Portfolio Funds\*** | **Shares** | **Net Assets** | **Cost<sup>(1)</sup>** | **Fair Value** | **Date** | **Frequency<sup>(2)</sup>** | **Date** |
| **Hedged Funds** |  |  |  |  |  |  |  |
| Centiva Offshore Fund, Ltd., Class A, Series 1122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26628 | 6.1% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2662774 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2696842 | 11/1/2022 | Quarterly | 3/31/2023<sup>(3)</sup> |
| Centiva Offshore Fund, Ltd., Class A, Series 1222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | 5.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2417713 | 12/1/2022 | Quarterly | 3/31/2023<sup>(3)</sup> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50628 | 11.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5062774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5114555 |  |  |  |
| Pinehurst Institutional Ltd., Class B1, Series 145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465 | 6.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2662774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2685052 | 11/1/2022 | Quarterly | 3/31/2023<sup>(3)</sup> |
| Pinehurst Institutional Ltd., Class B1, Series 146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633 | 2.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159550 | 12/1/2022 | Quarterly | 3/31/2023<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;2098 | 8.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3812774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3844602 |  |  |  |
| Corbin Hedged Equity Fund, LP |  | 15.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6706299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6946904 | 11/1/2022 | Monthly | 1/31/2023<sup>(4)</sup> |
| **Total Hedged Funds** |  | 35.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15581847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15906061 |  |  |  |
| **Private Equity** |  |  |  |  |  |  |  |
| **AMG Pantheon Fund, LLC, Class 2** | **299350** | **13.8%** | **6118011** | **6145666** | **11/1/2022** | **Quarterly** | **3/31/2023** |
| **Total Investments - Portfolio Funds** |  | 49.5% | &nbsp;&nbsp;&nbsp;&nbsp;21699858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22051727 |  |  |  |
| **Interval Funds** |  |  |  |  |  |  |  |
| **Private Credit** |  |  |  |  |  |  |  |
| Cliffwater Corporate Lending Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697391 | 16.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7369571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7273784 | 11/1/2022 | Quarterly | 2/21/2023 |
| **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;431072 | 8.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3812774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3754640 |  |  |  |
| FPA New Income, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343915 | 7.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3253439 |  |  |  |
| **Total Investments - Open-End Mutual Funds** |  | 15.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7062774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7008079 |  |  |  |
| **Money Market Funds** |  |  |  |  |  |  |  |
| Goldman Sachs Financial Square Government Fund, Institutional Class, 4.32% <sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12608103 | 28.3% | &nbsp;&nbsp;&nbsp;&nbsp;12608103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12608103 |  |  |  |
| **U.S. Treasury Obligations** | **Principal Amount** |  |  |  |  |  |  |
| United States Treasury Bill, 3.78%, 1/24/2023 <sup>(6)</sup> | $11033000 | 24.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11008721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11007734 |  |  |  |
| **Total Investments** |  | 134.5% | $59749027 | $59949427 |  |  |  |
| Liabilities in Excess of Other Assets |  | (34.5)% |  | &nbsp;&nbsp;&nbsp;&nbsp;(15424060) |  |  |  |
| **Net Assets** |  | 100.0% |  | $44525367 |  |  |  |
| \* Non-income producing security. | \* Non-income producing security. | \* Non-income producing security. |  |  |  |  |  |
| (1) There were no unfunded capital commitments as of December 31, 2022. | (1) There were no unfunded capital commitments as of December 31, 2022. | (1) There were no unfunded capital commitments as of December 31, 2022. | (1) There were no unfunded capital commitments as of December 31, 2022. | (1) There were no unfunded capital commitments as of December 31, 2022. | (1) There were no unfunded capital commitments as of December 31, 2022. | (1) There were no unfunded capital commitments as of December 31, 2022. | (1) There were no unfunded capital commitments as of December 31, 2022. |
| (2) 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) 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) 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) 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) 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) 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) 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) 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. |
| (3) Subject to 25% investor level quarterly gate. | (3) Subject to 25% investor level quarterly gate. | (3) Subject to 25% investor level quarterly gate. |  |  |  |  |  |
| (4) Subject to 10% investor level monthly gate. | (4) Subject to 10% investor level monthly gate. | (4) Subject to 10% investor level monthly gate. |  |  |  |  |  |
| (5) Rate disclosed is the seven day effective yield as of December 31, 2022. | (5) Rate disclosed is the seven day effective yield as of December 31, 2022. | (5) Rate disclosed is the seven day effective yield as of December 31, 2022. |  |  |  |  |  |
| (6) The rate shown represents effective yield at time of purchase. | (6) The rate shown represents effective yield at time of purchase. | (6) The rate shown represents effective yield at time of purchase. |  |  |  |  |  |

---

## 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:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**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:** $56056834.16

**Total Liabilities:** $11531467.41

**Net Assets:** $44525366.75

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.65%                | 0.60%                |  |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $0.00                    | $177151.80                                 |
| Month 3  | $126682.34               | $23248.07                                  |

### 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    | Centiva Offshore Fund, Ltd. Series A - Unrestricted 1122 Series | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |     26628 | NS      | $2696841.85   | 6.06%             |  |  |  | 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        |  12608103 | PA      | $12608103.12  | 28.32%            |  |  |  | No            | N/A                | On Loan: No      |
| N/A    | Corbin Hedged Equity Fund LP                                    | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |         2 | NS      | $6946904.00   | 15.60%            |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A    | Pinehurst Institutional Ltd. Class B1 - Series 146              | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |       633 | NS      | $1159549.81   | 2.60%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A    | Cliffwater Corporate Lending Fund                               | CUSIP: N/A<br>LEI: N/A | Long             | EC               | RF                | US        |    697391 | NS      | $7273783.80   | 16.34%            |  |  |  | No            | N/A                | On Loan: No      |
| N/A    | Centiva Offshore Fund, Ltd. Series A - Unrestricted 1222 Series | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |     24000 | NS      | $2417713.40   | 5.43%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A    | Pinehurst Institutional Ltd. Class B1, Series 145               | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |      1465 | NS      | $2685052.36   | 6.03%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A    | FPA New Income, Inc.                                            | CUSIP: N/A<br>LEI: N/A | Long             | EC               | RF                | US        |    343915 | NS      | $3253439.15   | 7.31%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A    | AMG Pantheon Fund LLC Class 2                                   | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |    299350 | NS      | $6145665.48   | 13.80%            |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A    | United States Treasury Bill                                     | CUSIP: N/A<br>LEI: N/A | Long             | DBT              | UST               | US        |  11033000 | PA      | $11007734.43  | 24.72%            | 2023-01-24      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| N/A    | Axonic Strategic Income Fund                                    | CUSIP: N/A<br>LEI: N/A | Long             | EC               | RF                | US        |    431072 | NS      | $3754639.83   | 8.43%             |  |  |  | No            | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2022-12-31

**Name of Applicant:** Dynamic Alternatives Fund

**Signature:** Gregory Knoth

**Name of Signer:** Gregory Knoth

**Title:** SVP, Mutual Fund Controller