Denali Structured Return Strategy Fund
Schedule of Investments
December 31, 2025 (Unaudited)
	Shares / Units		First Acquisition Date	Cost / Principal		Value
INVESTMENTS IN PRIVATE INVESTMENT VEHICLES - 36.2%
Non-Listed BDC's - 0.4%
Direct Lending
Monroe Capital Income Plus Corp (a)		48,356	8/9/2024	$	500,000	$	486,056
Total Investment in Non-Listed BDC's					500,000		486,056
Partnerships - 35.8%
Asset Backed Lending - 9.0%
BasePoint Income Solutions Evergreen Fund LP (a)(b)			9/30/2025		2,300,000		2,344,928
Coromandel Credit Income Evergreen Fund LP (a)(b)			8/4/2025		9,500,000		9,869,104
Consumer Lending - 8.1%
HSFA, LLC (a)(b)			3/12/2024		10,674,500		11,051,181
Diversified Alternative Credit - 4.9%
Bay Point Capital Partners II, LP (a)(b)			7/31/2025		285,793		295,533
Ivy Evergreen Fund QP, LP (a)(b)			12/1/2025		2,903,771		2,927,768
Revere Specialty Finance Fund LP (a)(b)			5/1/2024		3,200,000		3,387,130
Legal Finance - 5.3%
EAJF Leveraged Feeder (a)(b)			5/1/2025		5,700,000		6,473,154
Virage Opportunity Fund LP (a)(b)			11/15/2024		482,611		482,611
Real Estate - 6.2%
Oak Institutional Credit Solutions, LLC (a)(b)			4/23/2024		3,625,000		3,729,284
Revere Tactical Opportunities Fund IV (a)(b)			3/6/2025		1,800,000		1,867,001
Tailor Ridge Real Estate Lending Fund LP (a)(b)			9/2/2025		2,800,000		2,880,324
Specialty Finance - 2.3%
Aero Capital Solutions Fund IV LP (a)(b)			2/7/2025		1,497,128		1,796,820
Delgatto Diamond Finance Fund LP (a)(b)			7/2/2024		1,285,847		1,403,667
Total Investment in Partnerships					46,054,650		48,508,505
Total Investment in Private Investment Vehicles							48,994,561
INVESTMENTS IN LOANS - 38.7%
Senior Secured Debt - 22.4%
Asset Backed Lending - 2.5%
Coromandel LS 15 LLC, 03/01/2027, 12.87%, SOFR + 9.00% (c)(d)			8/4/2025		2,705,715		2,707,389
Coromandel LS 16 LLC, 03/08/2027, 12.87%, SOFR + 9.00% (c)(d)			8/8/2025		200,000		200,248
Coromandel LS 17 LLC, 04/15/2027, 12.87%, SOFR + 9.00% (c)(d)			9/15/2025		500,000		499,811
Direct Lending - 8.7%
CA CO SPV, LLC, 06/30/2027, 12.00% (c)(e)			7/3/2024		4,600,000		4,660,853
CA Credit SPV, LLC, 06/30/2027, 12.50% (c)			6/6/2024		1,400,000		1,418,036
RIM SPV, LLC, 09/30/2028, 14.00% (c)(e)			2/21/2025		5,650,000		5,731,631
Legal Finance - 1.5%
Virage Opportunity Fund Credit Facility, 12/20/2028, 18.25% (c)			12/20/2024		2,065,211		2,097,067
Media Finance - 0.5%
C-Cubed 308 Productions, 10/17/2026, 21.60% (c)(f)			10/17/2025		650,000		647,857
Specialty Finance - 3.5%
Assil, 03/10/2026, 13.20% (c)			6/5/2025		1,500,000		1,500,738
Jewel, 06/09/2026, 13.20% (c)			12/9/2025		250,000		250,131
Safdico2, 04/18/2026, 13.20% (c)			10/16/2025		750,000		750,169
Safdico3, 05/28/2026, 13.20% (c)			11/28/2025		1,000,000		1,000,558
Sddia3, 06/03/2026, 13.20% (c)			12/3/2025		325,000		325,126
Yafasj2, 03/27/2026, 13.20% (c)			6/18/2025		500,000		500,299
Yafasj3, 04/08/2026, 13.20% (c)			10/8/2025		375,000		375,191
Trade Receivables Finance - 5.7%
Altriarch Specialty Finance SPV II, LLC, 12/31/2026, 8.00% (c)(e)			4/19/2024		6,696,652		6,782,375
CRWD Specialty Finance LLC, 05/15/2026, 18.00% (c)			5/17/2024		1,000,000		1,002,094
Total Investment in Senior Secured Debt					30,167,578		30,449,573
Senior Unsecured Debt - 3.8%
Diversified Alternative Credit
Ivy Battery, LLC, 11/23/2026, 12.25% (c)			4/23/2024		5,151,613		5,153,988
Total Investment in Senior Unsecured Debt					5,151,613		5,153,988
Subordinate Debt - 12.5%
Real Estate - 3.1%
EWP LS Funding, LLC, 12/15/2027, 7.50% + 7.50% PIK (c)(f)			12/17/2025		1,250,000		1,250,295
EWP Oceana Garage SPV LLC A, 10/30/2027, 5.00% + 11.00% PIK (c)(f)			10/30/2025		2,000,000		2,002,306
EWP Oceana Garage SPV LLC B, 10/30/2027, 18.00% (c)			10/30/2025		1,000,000		1,000,941
Trade Receivables Finance - 9.4%
PFF LLC 1, 05/18/2026, 12.11%, (c)			12/18/2024		1,506,125		1,515,659
PFF LLC 2, 06/19/2025, 11.86%, (c)			12/18/2024		1,506,125		1,510,853
PFF LLC 3, 05/18/2026, 11.61%, (c)			6/18/2024		1,506,125		1,515,721
PFF LLC 4, 05/13/2026, 11.99%, (c)			12/13/2024		750,000		753,930
PFF LLC 5, 06/18/2026, 12.36%, (c)			12/18/2024		1,506,125		1,510,741
PFF LLC 6, 01/24/2026, 12.01%, (c)			1/24/2025		1,000,000		1,000,340
PFF LLC 7, 08/20/2026, 12.28%, (c)			2/20/2025		1,000,000		1,003,936
PFF LLC 8, 09/11/2026, 11.94%, (c)			3/11/2025		500,000		501,443
PFF LLC 9, 05/09/2026, 11.63%, (c)			5/9/2025		500,000		500,892
PFF LLC 10, 05/21/2027, 12.25%, (c)			5/21/2025		600,000		603,219
PFF LLC 11, 01/25/2026, 11.16%, (c)			5/9/2025		1,000,000		1,000,341
PFF LLC 12, 08/15/2026, 11.72%, (c)			5/21/2025		500,000		501,036
PFF LLC 13, 10/24/2026, 15.00%, (c)			5/21/2025		1,000,000		999,273
Total Investment in Subordinated Debt					17,124,500		17,170,926
Total Investment in Loans							52,774,487
INVESTMENTS IN LOAN PARTICIPATION - 7.4%
Other - 2.3%
Real Estate
Revere Capital Los Alamos MF LLC, 10.20% (c)(e)(g)			6/27/2024		3,114,714		3,127,578
Total Investment in Other					3,114,714		3,127,578
Senior Secured Debt - 4.2%
Consumer Lending - 0.2%
Revere BCF Funding, LLC, 03/01/2029, 15.17%, SOFR + 11.30% (c)(d)(g)			8/1/2025		306,040		305,735
Direct Lending - 1.8%
IVY Auto 1, 12/24/2026, 13.50% (c)(g)			10/24/2024		500,000		502,086
IVY Auto 2, 01/07/2027, 13.50% (c)(g)			11/8/2024		300,000		300,041
IVY Auto 3, 03/12/2026, 13.50% (c)(g)			1/13/2025		300,000		300,388
IVY Auto 4, 05/25/2026, 13.50% (c)(g)			3/26/2025		250,000		250,521
IVY Auto 5, 07/07/2026, 13.50% (c)(g)			5/9/2025		300,000		300,714
IVY Auto 6, 07/20/2026, 13.50% (c)(g)			5/21/2025		500,000		501,432
IVY Auto 7, 08/10/2026, 13.50% (c)(g)			6/11/2025		250,000		250,734
Diversified Alternative Credit - 0.4%
IVY Iron, LLC, 01/03/2027, 13.50% (c)(g)			11/4/2024		500,000		500,044
Real Estate - 0.6%
Ciel at Cedar Mill Senior Living, 10/03/2027, 8.87%, SOFR + 5.00% (c)(d)(e)(g)			10/30/2025		750,000		750,546
Real Estate Debt - 1.2%
Coromandel LS LLC Beta Corp, 06/30/2028, 13.82%, SOFR + 9.95% (c)(d)(g)			4/29/2025		1,006,250		1,007,370
Coromandel LS LLC Beta SPV, 06/30/2028, 13.82%, SOFR + 9.95% (c)(d)(g)			4/29/2025		743,750		743,242
Total Investment in Senior Secured Debt					5,706,040		5,712,853
Subordinated Debt - 0.9%
Real Estate
Dodson Courtyard Apartments Owner, LLC, 02/27/2027, 10.62%, SOFR + 6.75% (c)(d)(g)			12/5/2025		750,000		749,903
Peachtree Group PCF IV LO Atlanta 3343 SIDE CAR LLC, 08/01/2028, 8.91%, SOFR + 5.04% (c)(d)(g)			10/16/2025		420,000		419,256
Total Investment in Subordinated Debt					1,170,000		1,169,159
Total Investment in Loan Participation							10,009,590
INVESTMENTS IN PROFIT SHARE INTEREST - 4.4%
Equity in Credit Enhancement - 1.1%
Consumer Lending
Winston Legal Capital LLC, 15.50% (c)(e)			2/28/2025		1,500,000		1,509,252
Total Investment in Equity in Credit Enhancement					1,500,000		1,509,252
Participation - 3.3%
Specialty Finance
Bijan & Co, Inc, 03/10/2026, 1.15% monthly profit share interest (c)(e)(g)			9/10/2024		225,000		225,000
BR Diamonds, 02/28/2026, 1.15% monthly profit share interest (c)(e)(g)			9/13/2024		162,500		162,500
LuxTech 2 Geneva SA, 04/28/2026, 1.15% monthly profit share interest (c)(e)(g)			10/25/2024		25,000		25,000
LuxTech 3 Geneva SA, 06/12/2026, 1.15% monthly profit share interest (c)(e)(g)			12/11/2024		100,000		100,000
PGA Mastermind, LLC, 02/12/2026, 1.15% monthly profit share interest (c)(e)(g)			2/11/2025		750,000		750,000
Rafka2, 01/25/2026, 1.15% monthly profit share interest (c)(e)(g)			5/30/2025		650,000		650,000
Rio Diamond, 04/02/2026, 1.15% monthly profit share interest (c)(e)(g)			4/4/2025		300,000		300,000
Rio Diamond 2, 07/10/2026, 1.15% monthly profit share interest (c)(e)(g)			5/30/2025		500,000		500,000
Safdico Botswana Ltd, 05/08/2026, 1.15% monthly profit share interest (c)(e)(g)			10/31/2024		675,000		675,000
Sddia, 07/07/2026, 1.15% monthly profit share interest (c)(e)(g)			6/18/2025		500,000		500,000
Zoya, 06/05/2026, 1.15% monthly profit share interest (c)(e)(g)			6/5/2025		300,000		300,000
Zoya 2, 02/04/2026, 1.15% monthly profit share interest (c)(e)(g)			6/5/2025		200,000		200,000
Total Investment in Specialty Finance					4,387,500		4,387,500
Total Investment in Profit Share Interest							5,896,752
INVESTMENTS IN EQUITY PARTICIPATION - 1.2%
Loan Portfolio
Real Estate
Revere UPL Participation (c)(e)(g)			4/25/2025		1,500,000		1,641,465
Total Investment in Senior Unsecured Debt					1,500,000		1,641,465
Total Investment in Equity Participation							1,641,465
INVESTMENTS IN PUBLIC SECURITIES - 3.8%
Closed-End Funds - 1.8%
Cliffwater Enhanced Lending Fund - Class I		229,667			2,472,588		2,482,699
Total Investment in Closed-End Funds					2,472,588		2,482,699
Open-End Funds - 2.0%
Holbrook Structured Income Fund - Class I		274,928			2,700,000		2,688,799
Total Investment in Open-End Funds					2,700,000		2,688,799
Total Investment in Public Securities							5,171,498
INVESTMENTS IN MONEY MARKET INSTRUMENTS - 3.0%
First American Treasury Obligations Fund - Class X, 3.68% (h)		4,035,922			4,035,922		4,035,922
Total Investment in Money Market Instruments					4,035,922		4,035,922
INVESTMENTS IN PURCHASED OPTIONS - 3.2%	Contracts		Notional Amount
Call Options - 3.2%
S&P 500 Index
Expiration: 03/31/26; Exercise: $6,860.00 (i)		197	$        134,856,350		4,293,447		4,294,403
Total Investment in Purchased Options					4,293,447		4,294,403
Total Investments - 97.9% (cost $129,878,552)							132,818,678
Other Assets in Excess of Liabilities - 2.1%							2,825,349
TOTAL NET ASSETS - 100.0%						$	135,644,027

Percentages are stated as a percent of net assets.

LLC Limited Liability Company

LP Limited Partnership

PIK Payment in Kind

SOFR Secured Overnight Financing Rate

(a) Investment valued using net asset value per share (or its equivalent) as a practical expedient.

(b) Private investment company does not issue shares or units.

(c) Value was determined using significant unobservable inputs.

(d) Variable rate security. Rate shown is the rate in effect as of period end.

(e) 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.

(f) The stated investment interest rate reflects the total contractual coupon, which may include a combination of cash interest and PIK interest. PIK interest, if applicable, is accrued and added to the outstanding principal balance and may not be received in cash until repayment, refinancing, or maturity.

(g) The investment was made through a participation which is a form of indirect investment in loans made by third parties.

(h) The rate shown represents the 7-day annualized yield as of December 31, 2025.

(i) Exchange traded. 100 shares per contract.

Denali Structured Return Strategy Fund
Schedule of Written Options
December 31, 2025 (Unaudited)
	Contracts			Notional Amount			Value
WRITTEN OPTIONS - (0.8)%
Call Options - (0.8)%
S&P 500 Index
Expiration: 03/31/26; Exercise: $7,200.00 (a)		(197	)	$	(134,856,350	)	$	(1,046,070	)
Total Written Options (Premiums Received $1,119,833)								(1,046,070	)
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, certain money market securities, and purchased and written options. 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 loans that are either secured by the borrower's assets or are unsecured in nature. The loans have been made directly or through participation with private investment or operating companies. The investments in loans 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 loans generally at cost although some are above or below cost as of December 31, 2025. Investments in loans are categorized in Level 3 of the fair value hierarchy.

The Fund values private investment companies using the net asset value (“NAV”) 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 December 31, 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:
	Level 1			Level 2		Level 3			Practical Expedient			Total
Assets:
Private Investment Vehicles	$	-		$	-	$	-		$	48,994,561		$	48,994,561
Loans		-			-		52,774,487			-			52,774,487
Loan Participation		-			-		10,009,590			-			10,009,590
Profit Share Interest		-			-		5,896,752			-			5,896,752
Equity Participation		-			-		1,641,465			-			1,641,465
Public Securities		5,171,498			-		-			-			5,171,498
Money Market Instruments		4,035,922			-		-			-			4,035,922
Purchased Options		4,294,403			-		-			-			4,294,403
Total Assets:	$	13,501,823		$	-	$	70,322,294		$	48,994,561		$	132,818,678
Liabilities:
Written Options	$	(1,046,070	)		-		-			-		$	(1,046,070	)
Total Liabilities:	$	(1,046,070	)	$	-	$	-		$	-		$	(1,046,070	)
Refer to the Schedule of Investments for industry 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 December 31, 2025:
						Loans			Loan Participation			Profit Share Interest			Equity Participation
March 31, 2025						$	43,399,500		$	3,700,000		$	5,865,000		$	-
Realized gains (losses)							(394,615	)		-			-			-
Change in unrealized appreciation (depreciation)							330,796			18,836			9,252			141,465
Transfers into Level 3							-			-			-			-
Transfers out of Level 3							-			-			-			-
Purchases							30,090,715			7,240,754			3,612,500			1,500,000
Sales							(20,651,909	)		(950,000	)		(3,590,000	)		-
December 31, 2025						$	52,774,487		$	10,009,590		$	5,896,752		$	1,641,465
Net change in unrealized appreciation (depreciation) attributable to Level 3 investments held at December 31, 2025						$	330,796		$	18,836		$	9,252		$	141,465
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 December 31, 2025:
Investments	Fair Value			Valuation Technique		Unobservable Inputs			Input Value			Impact on Valuation from an increase in Input
Loans	$	52,774,487		Market Approach		Transaction Price				100		Increase
Loan Participation		10,009,590		Market Approach		Transaction Price				100		Increase
Profit Share Interest		5,896,752		Market Approach		Transaction Price				100		Increase
Equity Participation		1,641,465		Market Approach		Transaction Price				100		Increase
Loans 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 December 31, 2025, the Fund had unfunded loan commitments to loans of $330,000.
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 December 31, 2025:

Investment Name	Investment Strategy	Fair Value		Total Unfunded Commitments		Redemption Frequency	Redemption Notice Period	Lockup Period	Gate
Aero Capital Solutions Fund IV LP	Specialty Finance	$	1,796,820	$	252,871	N/A	N/A	N/A	N/A
BasePoint Income Solutions Evergreen Fund LP	Asset Backed Lending		2,344,928		-	Quarterly	90 days	2 years	25%
Bay Point Capital Partners II, LP	Diversified Alternative Credit		295,533		-	Quarterly	30 days	1 year	25%
Coromandel Credit Income Evergreen Fund LP	Asset Backed Lending		9,869,104		-	Quarterly	90 days	2 years	25%
Delgatto Diamond Finance Fund LP	Specialty Finance		1,403,667		-	Monthly	90 days	1 year	25%
EAJF Leveraged Feeder	Legal Finance		6,473,154		-	Quarterly	60 days	3 years	12.5%
HFSA, LLC	Consumer Lending		11,051,181		-	Monthly except Sept, Oct, Nov, Dec	90 days	N/A	5%
Ivy Evergreen Fund QP, LP	Diversified Alternative Credit		2,927,768		-	Quarterly	N/A	0.5 years	N/A
Monroe Capital Income Plus Corp	Direct Lending		486,056		-	Quarterly	N/A	1 year	5%
Oak Institutional Credit Solutions, LLC	Real Estate		3,729,284		-	Quarterly	90 days	1 year	5%
Revere Specialty Finance Fund LP	Diversified Alternative Credit		3,387,130		-	Quarterly	60 days	2 years	N/A
Revere Tactical Opportunities Fund IV	Real Estate		1,867,001		-	Quarterly	60 days	2 years	N/A
Tailor Ridge Real Estate Lending Fund LP	Real Estate		2,880,324		-	Quarterly	90 days	1 year	25%
Virage Opportunities Fund LP	Legal Finance		482,611		17,390	N/A	N/A	N/A	N/A
	Total	$	48,994,561	$	270,261