# EDGAR Filing Document

**Accession Number:** 0001854919
**File Stem:** 0000910472-26-003585
**Filing Date:** 2026-3
**Character Count:** 53405
**Document Hash:** 39211d2522ae03d1c0210728be8faab8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-003585.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0000910472-26-003585

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**PERIOD START**: 20260930

**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:** 26703804

**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** | **Dynamic Alternatives Fund** | **Dynamic Alternatives Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| *December 31, 2025 (Unaudited)* | *December 31, 2025 (Unaudited)* | *December 31, 2025 (Unaudited)* | *December 31, 2025 (Unaudited)* | *December 31, 2025 (Unaudited)* | *December 31, 2025 (Unaudited)* | *December 31, 2025 (Unaudited)* |
| **Portfolio Funds\*** | **Shares** | **% of<br> Net Assets**  | **Cost** | **Fair Value** | **Initial Acquisition Date** | **Redemption<br> Frequency<sup>(1)</sup>**  |
| **Hedge Funds** |  |  |  |  |  |  |
| AvCap Trading Fund Global Feeder, LP | N/A | 11.4% | $27000000 | $38348167 | 10/8/2024 | Annually<sup>(2)</sup> |
| Centiva Offshore Fund, Ltd., Series HA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85806 | 2.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8127215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9165775 | 11/1/2022 | Quarterly<sup>(3)(4)</sup> |
| Corbin Hedged Equity Fund, LP | N/A | 5.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14156299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17820360 | 11/1/2022 | Monthly |
| 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 | 3.8% | &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;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;12863192 | 2/1/2025 | Quarterly |
| 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;13922266 | 3/1/2025 | Quarterly<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;861345 | 4/1/2025 | Quarterly<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;574831 | 5/1/2025 | Quarterly<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;846200 | 6/1/2025 | Quarterly<sup>(4)</sup> |
| Linden International, Ltd., Class A, 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;1750 | 0.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1989514 | 7/1/2025 | Quarterly<sup>(4)</sup> |
| Linden International, Ltd., Class A, 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;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;1107276 | 8/1/2025 | Quarterly<sup>(4)</sup> |
|  |  | 5.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19301432 |  |  |
| BlackRock Systematic Total Alpha Fund, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&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 | 3.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;12573584 | 7/1/2025 | Monthly |
| BlackRock Systematic Total Alpha Fund, Ltd., 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;2000 | 0.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2058557 | 9/30/2025 | Monthly |
| BlackRock Systematic Total Alpha Fund, Ltd., 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;850 | 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;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | 12/31/2025 | Monthly |
|  |  | 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;14850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15482141 |  |  |
| **Total Investments - Hedge Funds** |  | 33.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88883514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112981067 |  |  |
| **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;3729 | 3/1/2023 | Quarterly<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 | 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;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;12899626 | 3/1/2023 | Quarterly<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;1086150 | 2/1/2025 | Quarterly<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;1601985 | 4/1/2025 | Quarterly<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;1068170 | 5/1/2025 | Quarterly<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;528970 | 6/1/2025 | Quarterly<sup>(4)</sup> |
| Waterfall Eden Fund, Ltd., Class B2, Series 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;&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;1032380 | 7/1/2025 | Quarterly<sup>(4)</sup> |
| **Total Investments - Structured Credit** |  | 5.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18221010 |  |  |
| **Private Credit** |  |  |  |  |  |  |
| NB Credit Opportunities II Cayman, LP <sup>(6)</sup> | N/A | 1.5% | &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;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;5024734 | 6/1/2023 | N/A<sup>(7)</sup> |
| Merchants Healthcare Fund 1 Onshore | N/A | 4.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;14714453 | 4/1/2024 | Quarterly |
| Cross Ocean Partners GSS Offshore Feeder, 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;246635 | 7.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26382893 | 5/1/2025 | Semi-Annual<sup>(4)(8)(9)</sup> |
| **Total Investments - Private Credit** |  | 13.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44278512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46122080 |  |  |
| **Private Equity** |  |  |  |  |  |  |
| Council Oak Partners Fund I-B, LP <sup>(6)</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;96221 | 3.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10209539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11250000 | 7/1/2025 | N/A<sup>(10)(11)</sup> |
| Council Oaks SPV II-B, LP <sup>(6)</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;150000 | 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;15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000000 | 12/31/2025 | N/A<sup>(10)</sup> |
| Stone Ridge Energy Acquisition Fund II, LP <sup>(6)</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;102638 | 3.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10263780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10306556 | 10/1/2026 | N/A<sup>(12)</sup> |
| **Total Investments - Private Equity** |  | 11.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35473319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36556556 |  |  |
| **Total Investments - Portfolio Funds** |  | 64.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183960345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213880713 |  |  |
| **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 | 8.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;26869003 | 11/1/2022 | Quarterly |
| **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 | 4.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;14490882 | 6/13/2024 | Quarterly |
| **Total Investments - Interval Funds** |  | 12.3% | &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;41359885 |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Dynamic Alternatives Fund** | **Dynamic Alternatives Fund** | **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** | **Schedule of Investments** | **Schedule of Investments** |
| *December 31, 2025 (Unaudited)* | *December 31, 2025 (Unaudited)* | *December 31, 2025 (Unaudited)* | *December 31, 2025 (Unaudited)* | *December 31, 2025 (Unaudited)* | *December 31, 2025 (Unaudited)* | *December 31, 2025 (Unaudited)* |
| **Portfolio Funds\*** | **Shares** | **% of<br> Net Assets**  | **Cost** | **Fair Value** | **Initial Acquisition Date** | **Redemption<br> Frequency<sup>(1)</sup>**  |
| **Business Development Companies** |  |  |  |  |  |  |
| **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 | 4.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;14003147 | 11/1/2022 | Quarterly |
| 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;237009 | 4.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14251329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14464637 | 12/18/2023 | Quarterly |
| 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 | 4.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;13611232 | 1/2/2025 | Quarterly |
| **Total Investments - Closed-End Funds** |  | 12.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37369340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42079016 |  |  |
| **Direct Investments** |  |  |  |  |  |  |
| **Private Equity** |  |  |  |  |  |  |
| TWG Flying Wasp, LLC <sup>(6)(13)</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 | 2.3% | &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;6909186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7633723 | 12/20/2024 | N/A<sup>(10)</sup> |
| **Private Real Estate** |  |  |  |  |  |  |
| RB ZaZa Port, LLC, 12% <sup>(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | 3.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;10168794 | 12/13/2024 | N/A<sup>(10)</sup> |
| TCG Elford Broad Investor, LLC, 14.6% (PIK rate 6.6%), 8/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500000 | 2.3% | &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;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7639428 | 9/29/2025 | N/A<sup>(10)</sup> |
| **Total Direct Investments** |  | 7.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24409186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25441945 |  |  |
| **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 | 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;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;12213264 | 11/1/2022 | Daily |
| FPA New Income, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1168488 | 3.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11591405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11778363 | 12/1/2022 | Daily |
| **Total Investments - Open-End Mutual Funds** |  | 7.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23654179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23991627 |  |  |
| **Money Market Funds** |  |  |  |  |  |  |
| Goldman Sachs Financial Square Government Fund, Institutional Class, 3.68% <sup>(13)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31480721 | 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;31515186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31515186 |  |  |
| **Total Investments** |  | 113.0% | $343112807 | $378268372 |  |  |
| Liabilities in Excess of Other Assets |  | (13.0)% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43466729) |  |  |
| **Net Assets** |  | 100.0% |  | 334801643 |  |  |
| \* 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. |
| (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. |
| (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%. |
| (6) As of December 31, 2025, the Fund had $5,401,243 in unfunded commitments for Council Oaks Partners Fund I-B, LP, $15,000,000 for Council Oaks SPV II-B, LP, 2,562,031 for TWG Flying WASP, LLC, $1,670,262 for NB Credit Opportunities II Cayman, LP, and $9,736,220 for Stone Ridge Energy Acquisition Fund II, LP. There were no other unfunded commitments as of December 31, 2025 for any other investments held by the Fund. | (6) As of December 31, 2025, the Fund had $5,401,243 in unfunded commitments for Council Oaks Partners Fund I-B, LP, $15,000,000 for Council Oaks SPV II-B, LP, 2,562,031 for TWG Flying WASP, LLC, $1,670,262 for NB Credit Opportunities II Cayman, LP, and $9,736,220 for Stone Ridge Energy Acquisition Fund II, LP. There were no other unfunded commitments as of December 31, 2025 for any other investments held by the Fund. | (6) As of December 31, 2025, the Fund had $5,401,243 in unfunded commitments for Council Oaks Partners Fund I-B, LP, $15,000,000 for Council Oaks SPV II-B, LP, 2,562,031 for TWG Flying WASP, LLC, $1,670,262 for NB Credit Opportunities II Cayman, LP, and $9,736,220 for Stone Ridge Energy Acquisition Fund II, LP. There were no other unfunded commitments as of December 31, 2025 for any other investments held by the Fund. | (6) As of December 31, 2025, the Fund had $5,401,243 in unfunded commitments for Council Oaks Partners Fund I-B, LP, $15,000,000 for Council Oaks SPV II-B, LP, 2,562,031 for TWG Flying WASP, LLC, $1,670,262 for NB Credit Opportunities II Cayman, LP, and $9,736,220 for Stone Ridge Energy Acquisition Fund II, LP. There were no other unfunded commitments as of December 31, 2025 for any other investments held by the Fund. | (6) As of December 31, 2025, the Fund had $5,401,243 in unfunded commitments for Council Oaks Partners Fund I-B, LP, $15,000,000 for Council Oaks SPV II-B, LP, 2,562,031 for TWG Flying WASP, LLC, $1,670,262 for NB Credit Opportunities II Cayman, LP, and $9,736,220 for Stone Ridge Energy Acquisition Fund II, LP. There were no other unfunded commitments as of December 31, 2025 for any other investments held by the Fund. | (6) As of December 31, 2025, the Fund had $5,401,243 in unfunded commitments for Council Oaks Partners Fund I-B, LP, $15,000,000 for Council Oaks SPV II-B, LP, 2,562,031 for TWG Flying WASP, LLC, $1,670,262 for NB Credit Opportunities II Cayman, LP, and $9,736,220 for Stone Ridge Energy Acquisition Fund II, LP. There were no other unfunded commitments as of December 31, 2025 for any other investments held by the Fund. | (6) As of December 31, 2025, the Fund had $5,401,243 in unfunded commitments for Council Oaks Partners Fund I-B, LP, $15,000,000 for Council Oaks SPV II-B, LP, 2,562,031 for TWG Flying WASP, LLC, $1,670,262 for NB Credit Opportunities II Cayman, LP, and $9,736,220 for Stone Ridge Energy Acquisition Fund II, LP. There were no other unfunded commitments as of December 31, 2025 for any other investments 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. |
| (8) Subject to 18 month hard lock-up. | (8) Subject to 18 month hard lock-up. | (8) Subject to 18 month hard lock-up. | (8) Subject to 18 month hard lock-up. | (8) Subject to 18 month hard lock-up. | (8) Subject to 18 month hard lock-up. | (8) Subject to 18 month hard lock-up. |
| (9) Subject to 25% investor level semi-annual gate. | (9) Subject to 25% investor level semi-annual gate. | (9) Subject to 25% investor level semi-annual gate. | (9) Subject to 25% investor level semi-annual gate. | (9) Subject to 25% investor level semi-annual gate. | (9) Subject to 25% investor level semi-annual gate. | (9) Subject to 25% investor level semi-annual gate. |
| (10) Level 3 securities fair valued using unobservable inputs | (10) Level 3 securities fair valued using unobservable inputs | (10) Level 3 securities fair valued using unobservable inputs | (10) Level 3 securities fair valued using unobservable inputs | (10) Level 3 securities fair valued using unobservable inputs | (10) Level 3 securities fair valued using unobservable inputs | (10) Level 3 securities fair valued using unobservable inputs |
| (11) Subject to eight year hard lock-up, with possible two successive one-year periods. | (11) Subject to eight year hard lock-up, with possible two successive one-year periods. | (11) Subject to eight year hard lock-up, with possible two successive one-year periods. | (11) Subject to eight year hard lock-up, with possible two successive one-year periods. | (11) Subject to eight year hard lock-up, with possible two successive one-year periods. | (11) Subject to eight year hard lock-up, with possible two successive one-year periods. | (11) Subject to eight year hard lock-up, with possible two successive one-year periods. |
| (12) Subject to seven years hard lock-up, with one-year extension. | (12) Subject to seven years hard lock-up, with one-year extension. | (12) Subject to seven years hard lock-up, with one-year extension. | (12) Subject to seven years hard lock-up, with one-year extension. | (12) Subject to seven years hard lock-up, with one-year extension. | (12) Subject to seven years hard lock-up, with one-year extension. | (12) Subject to seven years hard lock-up, with one-year extension. |
| (13) All or a portion of this security is held by DAF U.S. Blocker, Inc. as of December 31, 2025. | (13) All or a portion of this security is held by DAF U.S. Blocker, Inc. as of December 31, 2025. | (13) All or a portion of this security is held by DAF U.S. Blocker, Inc. as of December 31, 2025. | (13) All or a portion of this security is held by DAF U.S. Blocker, Inc. as of December 31, 2025. | (13) All or a portion of this security is held by DAF U.S. Blocker, Inc. as of December 31, 2025. | (13) All or a portion of this security is held by DAF U.S. Blocker, Inc. as of December 31, 2025. | (13) All or a portion of this security is held by DAF U.S. Blocker, Inc. as of December 31, 2025. |
| (14) Rate disclosed is the seven day effective yield as of December 31, 2025. | (14) Rate disclosed is the seven day effective yield as of December 31, 2025. | (14) Rate disclosed is the seven day effective yield as of December 31, 2025. | (14) Rate disclosed is the seven day effective yield as of December 31, 2025. | (14) Rate disclosed is the seven day effective yield as of December 31, 2025. | (14) Rate disclosed is the seven day effective yield as of December 31, 2025. | (14) Rate disclosed is the seven day effective yield as of December 31, 2025. |
| PIK - Paid in kind | PIK - Paid in kind | PIK - Paid in kind | PIK - Paid in kind | PIK - Paid in kind | PIK - Paid in kind | PIK - Paid in kind |

---

## 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:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**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:** $376459854.02

**Total Liabilities:** $41658210.68

**Net Assets:** $334801643.34

**Amount of Assets Invested in Other Investment Companies:** $18147787.04

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 1.12%                | 0.85%                | 1.56%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $3008610.75                                |
| Month 2  | $0.00                    | $2463207.39                                |
| Month 3  | $1144813.38              | $2392277.79                                |

### 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    | AMG Pantheon Fund LLC                                                            | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |    509391 | NS      | $14003147.35  | 4.18%             |  |  |  | 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      | $12213264.33  | 3.65%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A    | Cliffwater Corporate Lending Fund                                                | CUSIP: N/A<br>LEI: N/A | Long             | EC               | RF                | US        |   2573659 | NS      | $26869002.60  | 8.03%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A    | Stepstone Private Markets                                                        | CUSIP: N/A<br>LEI: N/A | Long             | EC               | RF                | US        |    237009 | NS      | $14464636.81  | 4.32%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A    | FPA New Income, Inc.                                                             | CUSIP: N/A<br>LEI: N/A | Long             | EC               | RF                | US        |   1168488 | NS      | $11778363.03  | 3.52%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A    | Goldman Sachs Financial Square Government Fund                                   | CUSIP: N/A<br>LEI: N/A | Long             | STIV             | RF                | US        |  31480721 | PA      | $31480721.22  | 9.40%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A    | Hamilton Lane Private Assets Fund                                                | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |    711825 | NS      | $13611232.29  | 4.07%             |  |  |  | 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      | $14490882.15  | 4.33%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A    | AvCap Trading Fund Global Feeder, LP                                             | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |    240008 | NS      | $38348166.67  | 11.45%            |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A    | BlackRock Systematic Total Alpha Fund Ltd. Class A1, Series 8                    | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |     12000 | NS      | $12573583.68  | 3.76%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A    | BlackRock Systematic Total Alpha Fund Ltd. Class A1, Series 11                   | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |      2000 | NS      | $2058556.99   | 0.61%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A    | BlackRock Systematic Total Alpha Fund Ltd. Class A1, Series 14                   | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |       850 | NS      | $850000.00    | 0.25%             |  |  |  | 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        |     85806 | NS      | $9165774.88   | 2.74%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A    | Cross Ocean Partners GSS Offshore Feeder LP                                      | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |    246635 | NS      | $26382892.76  | 7.88%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A    | Corbin Hedged Equity Fund LP                                                     | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |    129893 | NS      | $17820360.00  | 5.32%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A    | Council Oak Partners Fund I-B, LP                                                | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |     96221 | NS      | $11250000.00  | 3.36%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A    | TWG Flying Wasp, LLC                                                             | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |     66196 | NS      | $7633723.00   | 2.28%             |  |  |  | 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      | $12863191.67  | 3.84%             |  |  |  | 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      | $13922266.31  | 4.16%             |  |  |  | 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      | $861345.22    | 0.26%             |  |  |  | Yes           | N/A                | 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      | $574830.86    | 0.17%             |  |  |  | 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      | $846200.03    | 0.25%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A    | Linden International Ltd. Class A, Series 07/25                                  | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |      1750 | NS      | $1989514.00   | 0.59%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A    | Linden International Ltd. Class A, Series 08/25                                  | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |      1000 | NS      | $1107275.79   | 0.33%             |  |  |  | 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      | $14714453.25  | 4.39%             |  |  |  | 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      | $5024734.49   | 1.50%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A    | Stone Ridge Energy Acquisition Fund II (PV) LP                                   | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |    102638 | NS      | $10306556.00  | 3.08%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A    | TCG Elford Broad Investor, LLC                                                   | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |   7500000 | PA      | $7639428.00   | 2.28%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A    | Council Oaks SPV II-B, LP                                                        | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |    150000 | NS      | $15000000.00  | 4.48%             |  |  |  | Yes           | N/A                | 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      | $3728.78      | 0.00%             |  |  |  | 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      | $12899625.70  | 3.85%             |  |  |  | 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      | $1086150.00   | 0.32%             |  |  |  | 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      | $1601985.00   | 0.48%             |  |  |  | Yes           | N/A                | 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      | $1068170.00   | 0.32%             |  |  |  | Yes           | N/A                | 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      | $528970.00    | 0.16%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A    | Waterfall Eden Fund, Ltd. Sub-Class B_2, Series 6 - August 2025                  | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |      1000 | NS      | $1032380.00   | 0.31%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A    | Rock Bridge ZaZa Port LLC                                                        | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |  10000000 | NS      | $10168794.00  | 3.04%             |  |  |  | Yes           | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2025-12-31

**Name of Applicant:** Dynamic Alternatives Fund

**Signature:** Zachary P. Richmond

**Name of Signer:** Zachary P. Richmond

**Title:** Treasurer and Principal Financial Officer