Denali Structured Return Strategy Fund
Schedule of Investments
June 30, 2025 (Unaudited)
	Shares / Units		First Acquisition Date	Cost / Principal		Value		Percent of Net Assets
INVESTMENTS IN PRIVATE INVESTMENT VEHICLES - 24.9%
Partnerships
Consumer Lending
HFSA, LLC (c)		9,425	3/12/2024	$	9,424,500	$	9,747,968		8.8	%
Legal Finance
EAJF Leveraged Feeder LP (b)(c)			5/1/2024		5,700,000		6,169,030		5.6
Virage Opportunity Fund LP (b)(c)			11/15/2024		381,334		381,334		0.3
Real Estate Debt
Oak Institutional Credit Solutions (b)(c)			4/23/2024		3,125,000		3,197,316		2.9
Revere Tactical Opportunities Fund IV (b)(c)			3/6/2025		1,500,000		1,550,543		1.4
Specialty Finance
Aero Capital Solutions Fund IV LP (b)(c)			2/7/2025		1,497,129		1,620,877		1.5
Delgatto Diamond Finance Fund LP (b)(c)			7/2/2024		900,000		970,587		0.9
Revere Specialty Finance Fund LP (b)(c)			5/1/2024		3,200,000		3,324,160		3.0
Total Investment in Partnerships					25,727,963		26,961,815		24.4

Non-Listed BDCs
Direct Lending BDCs
Monroe Capital Income Plus Corp (c)		48,356	8/9/2024		500,000		513,189		0.5
Total Investment in Non-Listed BDCs					500,000		513,189		0.5

Total Investment in Private Investment Vehicles							27,475,004		24.9

INVESTMENTS IN CREDIT FACILITIES - 49.7%
Senior Debt
Legal Finance
Virage Opportunity Fund Credit Facility, 12/20/2027, 18.25% (a)			12/20/2024		1,433,767		1,433,767		1.3
Total Investment in Senior Debt					1,433,767		1,433,767		1.3

Senior Secured Debt
Direct Lending
CA CO SPV, LLC, 06/30/2027, 12.00% (a)(f)			7/3/2024		4,100,000		4,100,000		3.7
Specialty Finance
Coromandel LS 1 LLC, 04/19/2027, 12.45%, SOFR + 8.00% (a)(d)			4/19/2024		3,500,000		3,500,000		3.2
Coromandel LS 2 LLC, 05/17/2027, 12.45%, SOFR + 8.00% (a)(d)			5/17/2024		500,000		500,000		0.5
Coromandel LS 3 LLC, 06/14/2027, 12.45%, SOFR + 8.00% (a)(d)			6/14/2024		300,000		300,000		0.3
Coromandel LS 4 LLC, 07/12/2027, 12.45%, SOFR + 8.00% (a)(d)			7/12/2024		250,000		250,000		0.2
Coromandel LS 5 LLC, 10/15/2027, 12.45%, SOFR + 8.00% (a)(d)			10/11/2024		200,000		200,000		0.2
Coromandel LS 6 LLC, 11/27/2027, 13.45%, SOFR + 9.00% (a)(d)			11/27/2024		1,700,000		1,700,000		1.5
Coromandel LS 7 LLC, 12/06/2027, 13.45%, SOFR + 9.00% (a)(d)			12/6/2024		300,000		300,000		0.3
Coromandel LS 8 LLC, 01/02/2028, 13.45%, SOFR + 9.00% (a)(d)			1/2/2025		750,000		750,000		0.7
Coromandel LS 9 LLC, 01/27/2028, 13.45%, SOFR + 9.00% (a)(d)			1/27/2025		500,000		500,000		0.5
Coromandel LS 10 LLC, 04/14/2028, 13.45%, SOFR + 9.00% (a)(d)			4/15/2025		500,000		500,000		0.5
Coromandel LS 11 LLC, 04/08/2028, 13.45%, SOFR + 9.00% (a)(d)			5/8/2025		250,000		250,000		0.2
Coromandel LS 12 LLC, 05/22/2028, 13.45%, SOFR + 9.00% (a)(d)			5/23/2025		500,000		500,000		0.5
Coromandel LS 13 LLC, 06/10/2028, 13.45%, SOFR + 9.00% (a)(d)			6/11/2025		700,000		700,000		0.6
Coromandel LS LLC Beta, 04/29/28, 14.39%, SOFR + 9.94% (a)(d)			4/29/2025		1,750,000		1,750,000		1.6
IVY Auto 1, 12/25/2025, 13.50% (a)			10/25/2024		500,000		500,000		0.5
IVY Auto 2, 01/08/2026, 13.50% (a)			11/8/2024		300,000		300,000		0.3
IVY Auto 3, 03/13/2026, 13.50% (a)			1/13/2025		300,000		300,000		0.3
IVY Auto 4, 05/25/2026, 13.50% (a)			3/26/2025		250,000		250,000		0.2
IVY Auto 5, 07/09/2026, 13.50% (a)			5/9/2025		300,000		300,000		0.3
IVY Auto 6, 07/22/2026, 13.50% (a)			5/21/2025		500,000		500,000		0.5
IVY Auto 7, 08/11/2026, 13.50% (a)			6/11/2025		250,000		250,000		0.2
RevTek SPV, 02/21/2028, 14.00% (a)			2/21/2025		4,600,000		4,600,000		4.2
Trade Receivables Finance
IVY Cooper 1, 12/24/2025, 14.00% (a)			10/25/2024		750,000		750,000		0.7
IVY Cooper 2, 03/13/2026, 14.00% (a)			1/13/2025		300,000		300,000		0.3
IVY Cooper Plus, 06/11/2026, 15.50% (a)			4/11/2025		500,000		500,000		0.5
Total Investment in Senior Secured Debt					24,350,000		24,350,000		22.5

Senior Unsecured Debt
Diversified Alternative Credit
IVY Battery, LLC 1, 06/23/2025, 12.25% (a)			4/23/2024		1,200,000		1,200,000		1.1
IVY Battery, LLC 2, 07/17/2025, 12.25% (a)			5/17/2024		600,000		600,000		0.5
IVY Battery, LLC 3, 08/24/2025, 12.25% (a)			6/24/2024		400,000		400,000		0.4
IVY Battery, LLC 4, 09/19/2025, 12.25% (a)			7/19/2024		500,000		500,000		0.5
IVY Battery, LLC 5, 10/05/2025, 12.25% (a)			8/5/2024		300,000		300,000		0.3
IVY Battery, LLC 6, 10/20/2025, 12.25% (a)			8/20/2024		300,000		300,000		0.3
IVY Battery, LLC 7, 12/16/2025, 12.25% (a)			10/11/2024		200,000		200,000		0.2
IVY Battery, LLC 8, 01/08/2026, 12.25% (a)			11/8/2024		500,000		500,000		0.5
IVY Battery, LLC 9, 01/13/2026, 12.25% (a)			11/13/2024		500,000		500,000		0.5
IVY Battery, LLC 10, 02/06/2026, 12.25% (a)			12/6/2024		500,000		500,000		0.5
IVY Battery, LLC 11, 03/02/2026, 12.25% (a)			1/2/2025		750,000		750,000		0.7
IVY Battery, LLC 12, 03/13/2026, 12.25% (a)			1/13/2025		400,000		400,000		0.4
IVY Battery, LLC 13, 04/11/2026, 12.25% (a)			2/11/2025		750,000		750,000		0.7
IVY Battery, LLC 14, 05/26/2026, 12.25% (a)			3/26/2025		300,000		300,000		0.3
IVY Battery, LLC 15, 07/09/2026, 12.25% (a)			5/9/2025		250,000		250,000		0.2
IVY Battery, LLC 16, 07/22/2026, 12.25% (a)			5/21/2025		500,000		500,000		0.5
Trade Receivables Finance
Altriarch SPV 2, 12/31/2025, 8.00% (a)(f)			4/19/2024		7,600,000		7,600,000		6.9
IVY Iron, LLC, 01/04/2026, 13.50% (a)			11/4/2024		500,000		500,000		0.5
Total Investment in Senior Unsecured Debt					16,050,000		16,050,000		15.0

Subordinated Debt
Trade Receivables Finance
PFF LLC 1, 12/18/2025, 12.11%, (a)			12/18/2024		1,506,125		1,506,125		1.4
PFF LLC 2, 09/18/2025, 11.86%, (a)			12/18/2024		1,506,125		1,506,125		1.4
PFF LLC 3, 06/18/2025, 11.61%, (a)			6/18/2024		1,506,125		1,506,125		1.4
PFF LLC 4, 12/13/2025, 11.99%, (a)			12/13/2024		750,000		750,000		0.7
PFF LLC 5, 06/18/2026, 12.36%, (a)			12/18/2024		1,506,125		1,506,125		1.4
PFF LLC 6, 01/24/2026, 12.02%, (a)			1/24/2025		1,000,000		1,000,000		0.9
PFF LLC 7, 08/20/2026, 12.28%, (a)			2/20/2025		1,000,000		1,000,000		0.9
PFF LLC 8, 09/11/2026, 11.99%, (a)			3/11/2025		500,000		500,000		0.5
PFF LLC 9, 05/09/2026, 11.53%, (a)			5/9/2025		500,000		500,000		0.5
PFF LLC 10, 05/22/2027, 12.22%, (a)			5/21/2025		600,000		600,000		0.5
Direct Lending
CA Credit SPV, LLC, 05/31/2027, 12.50% (a)			6/6/2024		1,400,000		1,400,000		1.3
Total Investment in Subordinated Debt					11,774,500		11,774,500		10.9

Total Investment in Credit Facilities							53,608,267		49.7

INVESTMENTS IN PROFIT SHARE INTEREST - 9.7%
Preferred Equity
Real Estate
Revere Capital Los Alamos MF LLC, 07/30/2025, 16.00% (a)(e)(f)			6/27/2024		2,800,000		2,800,000		2.5
Revere Specialty The Hill (a)(c)(e)(f)			4/25/2025		1,500,000		1,500,000		1.4
Total Investment in Preferred Equity					4,300,000		4,300,000		3.9

Specialty Finance
Bijan & Co, Inc, 09/11/2025, 1.15% monthly profit share interest (a)(e)(f)			9/10/2024		225,000		225,000		0.2
iSparkle Ltd, 09/13/2025, 1.15% monthly profit share interest (a)(e)(f)			9/13/2024		100,000		100,000		0.1
LuxTech Geneva SA, 04/25/2025, 1.15% monthly profit share interest (a)(e)(f)			10/25/2024		25,000		25,000		0.0
LuxTech Geneva SA, 06/12/2025, 1.15% monthly profit share interest (a)(e)(f)			12/11/2024		100,000		100,000		0.1
Safdico Botswana Ltd, 04/30/2025, 1.15% monthly profit share interest (a)(e)(f)			10/31/2024		675,000		675,000		0.6
PGA Mastermind, LLC, 08/11/2025, 1.15% monthly profit share interest (a)(e)(f)			2/11/2025		750,000		750,000		0.7
Aurostar DMCC, 08/28/2025, 1.15% monthly profit share interest (a)(e)(f)			2/28/2025		1,000,000		1,000,000		0.9
Rio Diamond, 10/01/2025, 1.15% monthly profit share interest (a)(e)(f)			4/4/2025		300,000		300,000		0.3
XL Diamond, 12/27/2025, 1.15% monthly profit share interest (a)(e)(f)			5/30/2025		370,000		370,000		0.3
Wrista 2, 12/18/2025, 1.15% monthly profit share interest (a)(e)(f)			6/18/2025		1,000,000		1,000,000		0.9
Zoya, 12/022025, 1.15% monthly profit share interest (a)(e)(f)			6/5/2025		300,000		300,000		0.3
Consumer Lending
Winston Legal Capital, LLC (a)(f)			2/28/2025		1,500,000		1,500,000		1.4
Total Investment in Specialty Finance					6,345,000		6,345,000		5.8

Total Investment in Profit Share Interest							10,645,000		9.7

INVESTMENTS IN LOAN PARTICIPATION - 1.8%
Senior Secured Debt
Specialty Finance
Coromandel Alpha Participation, 01/24/2026, 17.45%, SOFR + 13.00% (a)(d)(e)			8/30/2024		950,000		950,000		0.9
Trade Receivables Finance
CRWD Specialty Finance LLC, 05/01/2025, 18.00% (a)(e)			5/17/2024		1,000,000		1,000,000		0.9
Total Investment in Senior Secured Debt					1,950,000		1,950,000		1.8

Total Investment in Loan Participation							1,950,000		1.8

INVESTMENTS IN PUBLIC SECURITIES - 4.7%
Open-End Funds
Holbrook Structured Income Fund - Class I		274,928			2,700,000		2,688,799		2.4
Total Investment in Open-End Funds					2,700,000		2,688,799		2.4

Closed-End Funds
Cliffwater Enhanced Lending Fund - Class I		229,667			2,502,904		2,563,083		2.3
Total Investment in Closed-End Funds					2,502,904		2,563,083		2.3

Total Investment in Public Securities							5,251,882		4.7

INVESTMENTS IN MONEY MARKET INSTRUMENTS - 4.4%
First American Treasury Obligations Fund - Class X, 4.24% (g)		4,829,682			4,829,681		4,829,681		4.4
Total Investment in Money Market Instruments					4,829,681		4,829,681		4.4

INVESTMENTS IN PURCHASED OPTIONS - 3.4%	Contracts		Notional
Call Options
S&P 500 Index
Expiration: 09/30/25; Exercise: $6,205.00 (h)		178	$ 110,449,000		3,797,781		3,796,206		3.4
Total Investment in Purchased Options					3,797,781		3,796,206		3.4

Total Investments - 98.6% (cost $106,261,596)							107,556,040		98.6
Other Assets in Excess of Liabilities - 1.4%							2,724,427		1.4
TOTAL NET ASSETS - 100.0%						$	110,280,467		100.0	%


Percentages are stated as a percent of net assets.

SOFR Secured Overnight Financing Rate
(a) Value was determined using significant unobservable inputs.
(b) Private investment company does not issue shares or units.
(c) Investment valued using net asset value per share (or its equivalent) as a practical expedient.
(d) Variable rate security. Rate shown is the rate in effect as of period end.
(e) The investment was made through a participation which is a form of indirect investment in loans made by third parties.
(f) The security receives profit sharing. The Fund may acquire income-generating equity membership interests into business entities that generate income from investment in into interest bearing notes or loans or from investment into other business or consumer lending portfolios.
(g) The rate shown represents the 7-day annualized effective yield as of June 30, 2025.
(h) Exchange traded. 100 shares per contract.

Denali Structured Return Strategy Fund
Schedule of Written Options
June 30, 2025 (Unaudited)
	Contracts			Notional			Premiums Received			Value			Percent of Net Assets
WRITTEN OPTIONS - (1.0)%
Written Options
S&P 500 Index
Expiration: 09/30/25; Exercise: $6,520.00 (a)		(178	)	$	(116,056,000	)	$	(1,076,681	)	$	(1,105,380	)		(1.0	)
Total Written Options								(1,076,681	)		(1,105,380	)		(1.0	)


Percentages are stated as a percent of net assets.

(a) Exchange traded. 100 shares per contract.

Fair Value of Financial Instruments (Unaudited)

The Fund has adopted the authoritative fair valuation accounting standards of ASC 820, Fair Value Measurements and Disclosures, which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below.

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 - Valuations based primarily on inputs that are unobservable and significant.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Adviser, in its capacity as the Valuation Designee (the “Valuation Designee”) assesses the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment. The following section describes the valuation techniques used by the Valuation Designee to measure different financial instruments at fair value and includes the level within the fair value hierarchy in which the financial instrument is categorized.

Investments whose values are based on quoted market prices in active markets are classified within Level 1. These investments generally include equity securities traded on a national securities exchange, registered investment companies, certain U.S. government securities and certain money market securities. The Valuation Designee does not adjust the quoted price for such instruments, even in situations where the Fund holds a large position and a sale could reasonably be expected to impact the quoted price.

Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs, are classified within Level 2. These investments generally include certain U.S. government and sovereign obligations, most government agency securities, and investment grade corporate bonds.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. These investments generally include private equity investments and less liquid corporate debt securities. When observable prices are not available for these investments, the Valuation Designee uses one or more valuation techniques (e.g., the market approach or income approach) for which sufficient data is available. The selection of appropriate valuation techniques may be affected by the availability of relevant inputs as well as the relative reliability of inputs. In some cases, one valuation technique may provide the best indication of fair value while in other circumstances, multiple valuation techniques may be appropriate. The results of the application of the various techniques may not be equally representative of fair value, due to factors such as assumptions made in the valuation. In some situations, the Valuation Designee may determine it appropriate to evaluate and weigh the results, as appropriate, to develop a range of possible values, with the fair value based on the Valuation Designee's assessment of the most representative point within the range.

The Fund has invested in credit facilities that are either secured by the borrower's assets or are unsecured in nature. The credit facilities have been made directly or through participation with private investment or operating companies. The investments in credit facilities will generally be held at cost subject to certain revisions, such as (i) a material change in interest rates for similar notes or (ii) if the Investment Manager becomes aware of a fundamental change that has not been reflected in the cost. The Fund has determined to value its investments in credit facilities generally at cost although some are above or below cost as of June 30, 2025. Investments in credit facilities are categorized in Level 3 of the fair value hierarchy.

The Fund values private investment companies using the NAVs provided by the underlying private investment companies as a practical expedient. The Fund applies the practical expedient to private investment companies on an investment-by-investment basis, and consistently with the Fund's entire position in a particular investment, unless it is probable that the Fund will sell a portion of an investment at an amount different from the NAV of the investment. Each of these investments has certain restrictions with respect to rights of withdrawal by the Fund as specified in the respective agreements. Generally, the Fund is required to provide notice of its intent to withdraw after the investment has been maintained for a certain period of time.

The following is a summary of the inputs used to value the Fund's investments as of June 30, 2025. Assets valued using NAV as a practical expedient, an indicator of fair value, are listed in a separate column to permit reconciliation to totals in the Schedule of Investments.

Fair Value Measurements at Reporting Date Using:
	Quoted Prices In Active markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Practical Expedient			Total
Assets:
Private Investment Vehicles	$	-		$	-	$	-		$	27,475,004		$	27,475,004
Credit Facilities		-			-		53,608,267			-			53,608,267
Profit Share Interest		-			-		10,645,000			-			10,645,000
Loan Participation		-			-		1,950,000			-			1,950,000
Public Securities		5,251,882			-		-			-			5,251,882
Money Market Instruments		4,829,681			-		-			-			4,829,681
Purchased Options		3,796,206			-		-			-			3,796,206
Total Assets:	$	13,877,769		$	-	$	66,203,267		$	27,475,004		$	107,556,040

Liabilities:
Written Options	$	(1,105,380	)		-		-			-		$	(1,105,380	)
Total Liabilities:	$	(1,105,380	)	$	-	$	-		$	-		$	(1,105,380	)

Refer to the Schedule of Investments for classifications.


The following table presents the changes in assets and transfers in and out which are classified in Level 3 of the fair value hierarchy for the period ended June 30, 2025:

						Credit Facilities			Profit Share Interest			Loan Participation
March 31, 2025						$	44,249,500		$	6,765,000		$	1,950,000
Realized gains (losses)							-			-			-
Change in unrealized appreciation (depreciation)							-			-			-
Transfers into Level 3							-			-			-
Transfers out of Level 3							-			-			-
Purchases							9,425,000			6,270,000			-
Sales							(66,233	)		(2,390,000	)
June 30, 2025						$	53,608,267		$	10,645,000		$	1,950,000
Net change in unrealized appreciation (depreciation) attributable to Level 3 investments held at June 30, 2025						$	-		$	-		$	-


The following table summarizes the valuation techniques and significant unobservable inputs used for the Fund's investments that are categorized in Level 3 of the fair value hierarchy as of June 30, 2025:

Investments	Fair Value			Valuation Technique		Unobservable Inputs			Input Value			Impact on Valuation from an increase in Input
Credit Facilities	$	53,608,267		Market Approach		Transaction Price				100		Increase
Profit Share Interest		10,645,000		Market Approach		Transaction Price				100		Increase
Loan Participation		1,950,000		Market Approach		Transaction Price				100		Increase

Credit facilities may be structured to be fully funded at the time of investment or include unfunded loan commitments, which are contractual obligations for future funding. As of June 30, 2025, the Fund had unfunded loan commitments to credit facilities of $66,233.

The following table represents investment categories, unfunded commitments and redemptive restrictions of investments that are measured at NAV per share (or its equivalent) as a practical expedient as of June 30, 2025:

Investment Name

Investment

Strategy

Fair Value

Total Unfunded

Commitments

Redemption

Frequency

Redemption
Notice Period

Lockup Period

Gate

Aero Capital Solutions Fund IV LP

Aircraft Leasing

1,620,877

252,871

N/A

7 Years

N/A

Delgatto Diamond Finance Fund LP

Specialty Finance

970,587

Monthly

90 days

1 Year

EAJF Leveraged Feeder LP

Specialty Finance

6,169,030

Quarterly

60 days

3 Years

25%

HFSA LLC

Consumer Lending

9,747,968

Monthly, except for September, October, November and December

90 days

N/A

Monroe Capital Income Plus Corporation

Private Credit

513,189

Monthly, except for September, October, November and December

90 days

N/A

Oak Institutional Credit Solutions

Real Estate Debt

3,197,316

Quarterly

90 days

1 Year

N/A

Revere Specialty Finance Fund LP

Specialty Finance

3,324,160

Quarterly

60 days

2 Years

N/A

Revere Tactical Opportunities Fund IV

Real Estate Debt

1,550,543

Quarterly

60 days

2 Years

N/A

Virage Opportunities Fund

Litigation Finance

381,334

118,666

N/A

7 Years

N/A

Total

27,475,004

371,537