Dynamic Alternatives Fund NPORT-P Dynamic Alternatives Fund (Jun 2023 report)

Dynamic Alternatives Fund
Schedule of Investments
June 30, 2023
(Unaudited)
							Next
					Initial		Available
		% of			Acquisition	Redemption	Redemption
Portfolio Funds*	Shares	Net Assets	Cost(1)	Fair Value	Date	Frequency(2)	Date
Hedge Funds
Centiva Offshore Fund, Ltd., Class A, Series 0621	48,235	6.4%	$   5,062,774	$      5,196,925	11/1/2022	Quarterly	9/30/2023	(3)
Centiva Offshore Fund, Ltd., Class A, Series 0323	6,000	0.7%	600,000	604,506	3/1/2023	Quarterly	9/30/2023	(3)
Centiva Offshore Fund, Ltd., Class A, Series 0523	5,000	0.6%	500,000	507,030	5/1/2023	Quarterly	9/30/2023	(3)
Centiva Offshore Fund, Ltd., Class A, Series 0623	7,500	0.9%	750,000	756,566	6/1/2023	Quarterly	9/30/2023	(3)
	66,735	8.6%	6,912,774	7,065,027
Corbin Hedged Equity Fund, LP		10.6%	8,456,299	8,609,804	11/1/2022	Monthly	7/31/2023	(4)
Mission Crest Macro Fund, Ltd., Class C, Series 0123 (5)	5,000	5.9%	5,000,000	4,780,365	1/3/2023	Monthly	7/31/2023
Mission Crest Macro Fund, Ltd., Class C, Series 0323 (5)	600	0.7%	600,000	582,959	3/1/2023	Monthly	7/31/2023
	5,600	6.6%	5,600,000	5,363,324
Pinehurst Institutional Ltd., Class B1, Series 145 (5)	1,465	3.4%	2,662,774	2,799,376	11/1/2022	Quarterly	9/30/2023	(3)
Pinehurst Institutional Ltd., Class B1, Series 146 (5)	633	1.5%	1,150,000	1,208,420	12/1/2022	Quarterly	9/30/2023	(3)
Pinehurst Institutional Ltd., Class B1, Series 147 (5)	265	0.6%	500,000	505,230	3/1/2023	Quarterly	9/30/2023	(3)
Pinehurst Institutional Ltd., Class B1, Series 148 (5)	267	0.6%	500,000	509,199	5/1/2023	Quarterly	9/30/2023	(3)
Pinehurst Institutional Ltd., Class B1, Series 149 (5)	397	0.9%	750,000	757,425	6/1/2023	Quarterly	9/30/2023	(3)
	3,027	7.0%	5,562,774	5,779,650
Total Investments - Hedge Funds		32.8%	26,531,847	26,817,805
Private Equity
AMG Pantheon Fund, LLC, Class 2	397,509	10.8%	8,218,011	8,761,107	11/1/2022	Quarterly	9/30/2023
Structured Credit
Waterfall Eden Fund, Ltd., Class B, Series 1 (5)	5,500	6.7%	5,500,000	5,463,457	3/1/2023	Quarterly	9/30/2023	(3)
Waterfall Eden Fund, Ltd., Class B, Series 2 (5)	1,000	1.5%	1,200,000	1,205,603	4/1/2023	Quarterly	9/30/2023	(3)
Waterfall Eden Fund, Ltd., Class B, Series 3 (5)	750	0.9%	750,000	747,375	6/1/2023	Quarterly	9/30/2023	(3)
	7,250	9.1%	7,450,000	7,416,435
Private Credit
NB Credit Opportunities II Cayman LP (6)		3.0%	2,280,452	2,435,000	6/1/2023	N/A	N/A
Total Investments - Portfolio Funds		55.7%	44,480,310	45,430,347
Interval Funds
Private Credit
Cliffwater Corporate Lending Fund	1,203,967	15.9%	12,719,571	12,930,608	11/1/2022	Quarterly	8/14/2023
Business Development Companies
Blackstone Private Credit Fund, Class I	366,394	11.2%	9,100,000	9,108,559	2/1/2023	Quarterly	9/30/2023
Open-End Mutual Funds
Structured Credit
Axonic Strategic Income Fund, Institutional Class	658,932	7.1%	5,812,774	5,785,420
FPA New Income, Inc.	553,779	6.4%	5,250,000	5,260,901
Total Investments - Open-End Mutual Funds		13.5%	11,062,774	11,046,321
Money Market Funds
Goldman Sachs Financial Square Government Fund, Institutional Class, 5.14% (7)	7,459,417	9.2%	7,459,417	7,459,417
U.S. Treasury Obligations	Principal Amount
United States Treasury Bill, 4.84%, 7/25/2023 (8)	$   2,509,000	3.1%	2,500,936	2,501,322
Total Investments		108.6%	$ 87,323,008	$    88,476,574
Liabilities in Excess of Other Assets		(8.6)%		(7,021,349)
Net Assets		100.0%		$    81,455,225
* Non-income producing security.
(1) There were no unfunded capital commitments as of June 30, 2023.
(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) Security is being fair valued in accordance with the Fund’s valuation procedures.
(6) Subject to eight year hard lock-up, with three one-year extensions.
(7) Rate disclosed is the seven day effective yield as of June 30, 2023.
(8) The rate shown represents effective yield at time of purchase.