Exhibit D

Notice of Withdrawal of Tender

Regarding Shares in

Dynamic Alternatives Fund

Tendered Pursuant to the Offer to Purchase
Commencing October 23, 2026

The Offer and Withdrawal Rights Will Expire at,
and This Notice of Withdrawal Must Be Received by
Dynamic Alternatives Fund by,
11:59 P.M., Eastern Time, on November 24, 2026,
Unless the Offer Is Extended.

Complete this form only if you would like to rescind your previous Tender Request.

Complete this Notice of Withdrawal and Return or Deliver to

Dynamic Alternatives Fund:

Overnight Delivery:

Dynamic Alternatives Fund

c/o Ultimus Fund Solutions, LLC

225 Pictoria Dr, Suite 450

Cincinnati, OH 45246

Regular Delivery:

Dynamic Alternatives Fund

c/o Ultimus Fund Solutions, LLC

PO Box 46707

Cincinnati, Ohio 45246

Email or Fax:

Email: service@dynamicalternativesfund.com

Fax: 402-963-9094

 

 

For additional information:

Phone: 833-617-2624

 

 

D-1 
 

Complete this form only if you would like to rescind your previous tender request.

 

Ladies and Gentlemen:

The undersigned previously tendered all or some of its shares in Dynamic Alternatives Fund (the “Fund”) for purchase by the Fund by submitting a Letter of Transmittal Regarding Shares in the Fund Dated ____________ (the “Letter of Transmittal”).

Such tender was in the amount of:

[_]All of the undersigned’s shares.
[_]That amount of the undersigned’s shares having the following dollar value:

$_______________

[_]That amount of the undersigned’s shares whose value is in excess of the required minimum initial investment applicable for the Fund.

As indicated immediately below, the undersigned hereby wishes to withdraw its tender of shares in the Fund such that:

[_]NONE of the undersigned’s shares will be purchased by the Fund.
[_]SOME of the undersigned’s shares will be purchased by the Fund and the dollar value of those shares still to be purchased by the Fund is:

Shares $__________________.*

*   NOTE: This option may be used only to decrease the dollar value of the shares to be purchased by the Fund. If an increase in the dollar value of the shares to be purchased by the Fund is indicated on this form, the Fund shall consider this form null and void and shall process the undersigned’s initial tender request as set forth in its previously submitted Letter of Transmittal.

The undersigned recognizes that, upon the submission on a timely basis of this Notice of Withdrawal of Tender, properly executed, all or some of the undersigned’s shares in the Fund (as indicated above) previously tendered will not be purchased by the Fund upon expiration of the tender offer described above.

Account Number: __________________

 

 

PLEASE BE SURE TO COMPLETE BOTH SIDES OF THIS FORM.

D-2 
 

SIGNATURE(S):

Date: ________________________

 

 

FOR INDIVIDUAL INVESTORS AND JOINT TENANTS:

 

 

Signature Print Name of Investor

(SIGNATURE OF OWNER(S) EXACTLY
AS APPEARED ON APPLICATION FORM UPON PURCHASE OF SHARES)

 

  

Joint Tenant Signature if necessary
(SIGNATURE OF OWNER(S) EXACTLY
AS APPEARED ON APPLICATION FORM UPON PURCHASE OF SHARES)

 

 Print Name of Joint Tenant
   

 

FOR OTHER INVESTORS:

 

 

 

 

 

 

Signature
(SIGNATURE OF OWNER(S) EXACTLY
AS APPEARED ON APPLICATION FORM UPON PURCHASE OF SHARES)

 

 Print Name of Signatory and Title

Co-signatory if necessary
(SIGNATURE OF OWNER(S) EXACTLY
AS APPEARED ON APPLICATION FORM UPON PURCHASE OF SHARES)

 

 Print Name and Title of Co-Signatory
   
   
   

 

 

D-3