Dynamic Alternatives Fund NPORT-P Dynamic Alternatives Fund (Dec 2022 report)

Dynamic Alternatives Fund
Schedule of Investments
December 31, 2022
(Unaudited)
									Next
							Initial		Available
		% of					Acquisition	Redemption	Redemption
Portfolio Funds*	Shares	Net Assets		Cost(1)		Fair Value	Date	Frequency(2)	Date
Hedged Funds
Centiva Offshore Fund, Ltd., Class A, Series 1122	26,628	6.1%	$	2,662,774	$	2,696,842	11/1/2022	Quarterly	3/31/2023(3)
Centiva Offshore Fund, Ltd., Class A, Series 1222	24,000	5.4%		2,400,000		2,417,713	12/1/2022	Quarterly	3/31/2023(3)
	50,628	11.5%		5,062,774		5,114,555
Pinehurst Institutional Ltd., Class B1, Series 145	1,465	6.0%		2,662,774		2,685,052	11/1/2022	Quarterly	3/31/2023(3)
Pinehurst Institutional Ltd., Class B1, Series 146	633	2.6%		1,150,000		1,159,550	12/1/2022	Quarterly	3/31/2023(3)
	2,098	8.6%		3,812,774		3,844,602
Corbin Hedged Equity Fund, LP		15.6%		6,706,299		6,946,904	11/1/2022	Monthly	1/31/2023(4)
Total Hedged Funds		35.7%		15,581,847		15,906,061
Private Equity
AMG Pantheon Fund, LLC, Class 2	299,350	13.8%		6,118,011		6,145,666	11/1/2022	Quarterly	3/31/2023
Total Investments - Portfolio Funds		49.5%		21,699,858		22,051,727
Interval Funds
Private Credit
Cliffwater Corporate Lending Fund	697,391	16.3%		7,369,571		7,273,784	11/1/2022	Quarterly	2/21/2023
Open-End Mutual Funds
Structured Credit
Axonic Strategic Income Fund, Institutional Class	431,072	8.4%		3,812,774		3,754,640
FPA New Income, Inc.	343,915	7.3%		3,250,000		3,253,439
Total Investments - Open-End Mutual Funds		15.7%		7,062,774		7,008,079
Money Market Funds
Goldman Sachs Financial Square Government Fund, Institutional Class, 4.32% (5)	12,608,103	28.3%		12,608,103		12,608,103
U.S. Treasury Obligations	Principal Amount
United States Treasury Bill, 3.78%, 1/24/2023 (6)	$ 11,033,000	24.7%		11,008,721		11,007,734
Total Investments		134.5%		$ 59,749,027		$    59,949,427
Liabilities in Excess of Other Assets		(34.5)%				(15,424,060)
Net Assets		100.0%				$    44,525,367
* Non-income producing security.
(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.
(3) Subject to 25% investor level quarterly gate.
(4) Subject to 10% investor level monthly gate.
(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.