# EDGAR Filing Document

**Accession Number:** 0001854919
**File Stem:** 0000910472-25-005260
**Filing Date:** 2025-12
**Character Count:** 13614
**Document Hash:** 7eed7213bdfaaccfed7b434e5728a04e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-005260.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0000910472-25-005260

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**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:** 251537483

**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

## 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:** 2025-09-30

**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:** $331784657.29

**Total Liabilities:** $735822.65

**Net Assets:** $331048834.64

**Cash Not Reported:** $12524644.61

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.45%                | 1.34%                | 1.94%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-5070.47                | $311175.90                                 |
| Month 2  | $491404.89               | $3869151.11                                |
| Month 3  | $1941329.02              | $4523512.40                                |

### 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    | BlackRock Systematic Total Alpha Fund Ltd., Class A1, Series 11                  | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |      2000 | NS      | $2000000.00   | 0.60%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A    | Rock Bridge ZaZa Port LLC                                                        | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |  10000000 | NS      | $10194027.00  | 3.08%             |  |  |  | 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      | $1901915.98   | 0.57%             |  |  |  | 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      | $14626946.77  | 4.42%             |  |  |  | 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      | $521465.00    | 0.16%             |  |  |  | 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      | $14749681.31  | 4.46%             |  |  |  | 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      | $1017820.00   | 0.31%             |  |  |  | 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      | $12215510.41  | 3.69%             |  |  |  | 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      | $1070650.00   | 0.32%             |  |  |  | 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      | $13307397.84  | 4.02%             |  |  |  | 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      | $11996620.07  | 3.62%             |  |  |  | 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      | $9422876.09   | 2.85%             |  |  |  | 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      | $13439824.84  | 4.06%             |  |  |  | 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      | $5659015.36   | 1.71%             |  |  |  | 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      | $823362.11    | 0.25%             |  |  |  | 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        |  15653208 | NS      | $15653207.69  | 4.73%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A    | Linden International Ltd. Class A, Seris 08/25                                   | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |      1000 | NS      | $1058720.61   | 0.32%             |  |  |  | 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      | $3733.35      | 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        |    226064 | NS      | $32423848.00  | 9.79%             |  |  |  | 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      | $15703940.00  | 4.74%             |  |  |  | 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      | $1579215.00   | 0.48%             |  |  |  | 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      | $27718310.15  | 8.37%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A    | AMG Pantheon Fund LLC                                                            | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |    509391 | NS      | $14222185.30  | 4.30%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A    | Stepstone Private Markets                                                        | CUSIP: N/A<br>LEI: N/A | Long             | EC               | RF                | US        |    237009 | NS      | $14381683.79  | 4.34%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A    | TCG Elford Broad Investor, LLC                                                   | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |   7500000 | NS      | $7500000.00   | 2.27%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A    | Cross Ocean Partners GSS Offshore Feeder LP                                      | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |    199461 | NS      | $21140842.05  | 6.39%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A    | FPA New Income, Inc.                                                             | CUSIP: N/A<br>LEI: N/A | Long             | EC               | RF                | US        |   1168488 | NS      | $11790047.92  | 3.56%             |  |  |  | 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      | $1052980.00   | 0.32%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A    | TWG Flying Wasp, LLC                                                             | CUSIP: N/A<br>LEI: N/A | Long             |  | PF                | US        |     69092 | NS      | $7322321.22   | 2.21%             |  |  |  | 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      | $12715147.68  | 3.84%             |  |  |  | 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        |     67792 | NS      | $8180000.00   | 2.47%             |  |  |  | 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      | $808985.12    | 0.24%             |  |  |  | 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      | $12281571.18  | 3.71%             |  |  |  | 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      | $549478.32    | 0.17%             |  |  |  | Yes           | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

**Name of Applicant:** Dynamic Alternatives Fund

**Signature:** Zachary P. Richmond

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

**Title:** Treasurer and Principal Financial Officer