Opportunistic
High
Income
Credit
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
1
/
December
2022
Issues
Maturity
Date
Principal
Amount
Value
BONDS
–
79.72%
BANK
LOANS
—
5.73%*
Consumer
Discretionary
—
0.25%
Naked
Juice,
LLC,
Term
Loan,
2nd
Lien
(SOFR
plus
6.50%)
10.68%
01/24/30
1
$
9,000
$
7,274
Entertainment
—
0.36%
Cineworld
Finance
U.S.,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
2.50%)
9.00%
02/28/25
1
15,802
2,987
Crown
Finance
U.S.,
Inc.,
Delayed-Draw
Term
Loan,
1st
Lien
(Luxembourg)
(SOFR
plus
9.00%)
14.28%
09/07/23
1
7,756
7,638
10,625
Food
—
0.36%
Sovos
Brands
Intermediate,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
7.91%
06/08/28
1
10,777
10,525
Health
Care
—
0.34%
Cano
Health,
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
4.00%)
8.42%
11/23/27
1
12,805
10,219
Industrials
—
1.42%
Protective
Industrial
Products,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
8.38%
12/29/27
1
12,837
11,810
SPX
FLOW,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.50%)
8.92%
04/05/29
1
7,481
7,007
Transcendia
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
7.88%
05/30/24
1
16,779
12,563
Zep,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
8.58%
08/12/24
1
12,309
10,734
42,114
Information
Technology
—
0.89%
Central
Parent,
Inc.,
Term
Loan,
1st
Lien
(Canada)
(SOFR
plus
4.50%)
9.08%
07/06/29
1
5,000
4,963
Magenta
Buyer
LLC,
Term
Loan,
1st
Lien
(LIBOR
plus
4.75%)
9.17%
07/27/28
1
12,870
11,080
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Information
Technology
(continued)
Open
Text
Corp.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
7.86%
11/16/29
1
$
10,500
$
10,281
26,324
Insurance
—
0.13%
Asurion
LLC,
Term
Loan
B3,
2nd
Lien
(LIBOR
plus
5.25%)
9.63%
01/31/28
1
5,000
3,929
Materials
—
0.55%
Geon
Performance
Solutions,
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.50%)
9.23%
08/18/28
1
12,838
12,516
Iris
Holding,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
4.75%)
8.94%
06/28/28
1
3,990
3,639
16,155
Retail
—
0.56%
Staples,
Inc.,
Term
Loan
B2,
1st
Lien
(LIBOR
plus
4.50%)
8.94%
09/12/24
1
2,487
2,465
Tacala
Investment
Corp.,
Term
Loan
B,
2nd
Lien
(LIBOR
plus
7.50%)
11.88%
02/04/28
1
15,500
14,126
16,591
Services
—
0.24%
Neptune
Bidco
U.S.,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.00%)
5.50%
04/11/29
1
8,000
7,170
Transportation
—
0.63%
Kenan
Advantage
Group,
Inc.
(The),
Term
Loan,
2nd
Lien
(LIBOR
plus
7.25%)
11.63%
09/01/27
1
20,000
18,567
Total
Bank
Loans
(Cost
$194,546)
169,493
CORPORATES
—
65.28%*
Automotive
—
1.94%
Allison
Transmission,
Inc.
3.75%
01/30/31
2
9,000
7,448
Ford
Motor
Credit
Co.
LLC
3.37%
11/17/23
51,000
49,916
57,364
Opportunistic
High
Income
Credit
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
December
2022
/
2
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Banking
—
1.90%
Bank
of
America
Corp.,
Series
RR
4.38%
3,4
$
10,000
$
8,526
Bank
of
New
York
Mellon
Corp.
(The),
Series
I
3.75%
3,4
10,000
8,200
Credit
Suisse
Group
AG
(Switzerland)
6.54%
08/12/33
2,4,5
31,000
27,282
U.S.
Bancorp
3.70%
3,4
15,000
12,354
56,362
Communications
—
12.47%
Altice
France
SA
(France)
5.13%
01/15/29
2,5
13,000
9,880
5.50%
10/15/29
2,5
14,000
10,733
8.13%
02/01/27
2,5
6,000
5,490
Cable
One,
Inc.
4.00%
11/15/30
2
36,000
28,575
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.
4.50%
08/15/30
2
23,000
19,061
5.50%
05/01/26
2
61,000
59,475
CommScope,
Inc.
4.75%
09/01/29
2
17,000
13,854
CSC
Holdings
LLC
3.38%
02/15/31
2
43,000
28,112
7.50%
04/01/28
2
19,000
12,962
Diamond
Sports
Group,
LLC/Diamond
Sports
Finance
Co.
5.38%
08/15/26
2
26,000
3,088
DISH
DBS
Corp.
5.13%
06/01/29
13,000
8,484
5.25%
12/01/26
2
16,000
13,507
DISH
Network
Corp.
11.75%
11/15/27
2
5,000
5,155
Gray
Escrow
II,
Inc.
5.38%
11/15/31
2
17,000
12,328
Intelsat
Jackson
Holdings
SA
(Luxembourg)
6.50%
03/15/30
2,5
10,000
8,987
Level
3
Financing,
Inc.
4.25%
07/01/28
2
28,000
22,077
Lumen
Technologies,
Inc.
4.50%
01/15/29
2
36,000
25,020
National
CineMedia
LLC
5.75%
08/15/26
9,000
249
Scripps
Escrow
II,
Inc.
5.38%
01/15/31
2
17,000
13,727
Scripps
Escrow,
Inc.
5.88%
07/15/27
2
6,000
5,400
Sinclair
Television
Group,
Inc.
4.13%
12/01/30
2
7,000
5,257
T-Mobile
USA,
Inc.
2.63%
04/15/26
30,000
27,502
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Communications
(continued)
Vmed
O2
UK
Financing
I
PLC
(United
Kingdom)
4.75%
07/15/31
2,5
$
5,000
$
4,100
VZ
Secured
Financing
BV
(Netherlands)
5.00%
01/15/32
2,5
12,000
9,821
Zayo
Group
Holdings,
Inc.
4.00%
03/01/27
2
22,000
16,296
369,140
Consumer
Discretionary
—
2.46%
Everi
Holdings,
Inc.
5.00%
07/15/29
2
9,000
7,796
Hilton
Domestic
Operating
Co.,
Inc.
3.63%
02/15/32
2
18,000
14,446
Triton
Water
Holdings,
Inc.
6.25%
04/01/29
2
26,000
21,223
WarnerMedia
Holdings,
Inc.
5.14%
03/15/52
2
30,000
22,070
Wyndham
Hotels
&
Resorts,
Inc.
4.38%
08/15/28
2
8,000
7,181
72,716
Consumer
Products
—
0.22%
Newell
Brands,
Inc.
5.75%
04/01/46
8,000
6,391
Electric
—
0.53%
Pike
Corp.
5.50%
09/01/28
2
18,000
15,766
Energy
—
6.41%
Energy
Transfer
LP,
Series
B
6.63%
3,4
34,000
25,373
Global
Partners
LP/GLP
Finance
Corp.
6.88%
01/15/29
22,000
20,182
NGL
Energy
Operating
LLC/NGL
Energy
Finance
Corp.
7.50%
02/01/26
2
8,000
7,132
SM
Energy
Co.
6.50%
07/15/28
17,000
16,285
TransMontaigne
Partners
LP/TLP
Finance
Corp.
6.13%
02/15/26
24,000
20,760
Transocean
Phoenix
2
Ltd.
(Cayman
Islands)
7.75%
10/15/24
2,5
4,000
3,979
Transocean
Proteus
Ltd.
(Cayman
Islands)
6.25%
12/01/24
2,5
22,000
21,706
USA
Compression
Partners
LP/USA
Compression
Finance
Corp.
6.88%
04/01/26
2,000
1,922
6.88%
09/01/27
15,000
14,049
Venture
Global
Calcasieu
Pass
LLC
3.88%
08/15/29
2
5,000
4,384
3.88%
11/01/33
2
17,000
13,899
Opportunistic
High
Income
Credit
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
3
/
December
2022
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Energy
(continued)
4.13%
08/15/31
2
$
47,000
$
40,118
189,789
Entertainment
—
0.38%
Cinemark
USA,
Inc.
5.25%
07/15/28
2
15,000
11,250
Finance
—
1.62%
American
Express
Co.,
Series
D
3.55%
3,4
10,000
8,206
Charles
Schwab
Corp.
(The)
5.00%
3,4
13,000
11,901
Jane
Street
Group/JSG
Finance,
Inc.
4.50%
11/15/29
2
24,000
20,989
JPMorgan
Chase
&
Co.,
Series
KK
3.65%
3,4
8,000
6,870
47,966
Food
—
5.86%
H-Food
Holdings
LLC/Hearthside
Finance
Co.,
Inc.
8.50%
06/01/26
2
6,000
3,490
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
USA
Finance,
Inc.
(Canada)
3.75%
12/01/31
2,5
20,000
16,333
5.75%
04/01/33
2,5
32,000
30,602
Kraft
Heinz
Foods
Co.
4.25%
03/01/31
4,000
3,742
5.00%
06/04/42
3,000
2,727
Pilgrim's
Pride
Corp.
3.50%
03/01/32
2
59,000
46,178
5.88%
09/30/27
2
12,000
11,781
Post
Holdings,
Inc.
5.75%
03/01/27
2
28,000
27,160
Simmons
Foods,
Inc./Simmons
Prepared
Foods,
Inc./
Simmons
Pet
Food,
Inc./Simmons
Feed
4.63%
03/01/29
2
29,000
23,913
TreeHouse
Foods,
Inc.
4.00%
09/01/28
9,000
7,664
173,590
Gaming
—
0.54%
Boyd
Gaming
Corp.
4.75%
06/15/31
2
5,000
4,375
Caesars
Entertainment,
Inc.
4.63%
10/15/29
2
11,000
8,968
Penn
Entertainment,
Inc.
5.63%
01/15/27
2
3,000
2,725
16,068
Health
Care
—
12.01%
1375209
BC
Ltd.
(Canada)
9.00%
01/30/28
2,5
15,000
14,681
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Health
Care
(continued)
180
Medical,
Inc.
3.88%
10/15/29
2
$
16,000
$
13,835
Bausch
Health
Cos.,
Inc.
(Canada)
11.00%
09/30/28
2,5
7,000
5,494
14.00%
10/15/30
2,5
1,000
598
Cano
Health
LLC
6.25%
10/01/28
2
19,000
11,590
Catalent
Pharma
Solutions,
Inc.
3.50%
04/01/30
2
7,000
5,536
5.00%
07/15/27
2
29,000
27,030
Centene
Corp.
2.45%
07/15/28
9,000
7,601
2.63%
08/01/31
7,000
5,518
3.00%
10/15/30
22,000
18,084
4.25%
12/15/27
33,000
31,022
Embecta
Corp.
6.75%
02/15/30
2
19,000
17,342
Grifols
Escrow
Issuer
SA
(Spain)
4.75%
10/15/28
2,5
19,000
16,451
HCA,
Inc.
3.50%
09/01/30
3,000
2,594
5.63%
09/01/28
10,000
9,979
5.88%
02/01/29
8,000
8,010
ModivCare
Escrow
Issuer,
Inc.
5.00%
10/01/29
2
9,000
7,590
ModivCare,
Inc.
5.88%
11/15/25
2
13,000
12,228
Molina
Healthcare,
Inc.
3.88%
11/15/30
2
71,000
60,705
Organon
&
Co./Organon
Foreign
Debt
Co.-Issuer
BV
5.13%
04/30/31
2
17,000
14,779
Prestige
Brands,
Inc.
3.75%
04/01/31
2
9,000
7,433
Prime
Healthcare
Services,
Inc.
7.25%
11/01/25
2
20,000
16,875
Tenet
Healthcare
Corp.
4.63%
07/15/24
15,000
14,651
4.88%
01/01/26
2
10,000
9,541
6.13%
10/01/28
2
18,000
16,185
355,352
Industrials
—
3.46%
Ardagh
Packaging
Finance
PLC/Ardagh
Holdings
USA,
Inc.
(Canada)
5.25%
08/15/27
2,5
26,000
19,639
Artera
Services
LLC
9.03%
12/04/25
2
9,000
7,552
Ball
Corp.
3.13%
09/15/31
10,000
8,041
Energizer
Holdings,
Inc.
4.38%
03/31/29
2
7,000
5,898
Graham
Packaging
Co.,
Inc.
7.13%
08/15/28
2
9,000
7,536
Opportunistic
High
Income
Credit
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
December
2022
/
4
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Industrials
(continued)
Graphic
Packaging
International
LLC
4.13%
08/15/24
$
30,000
$
29,475
II-VI,
Inc.
5.00%
12/15/29
2
3,000
2,607
OT
Merger
Corp.
7.88%
10/15/29
2
28,000
14,486
Titan
Acquisition
Ltd./Titan
Co-Borrower
LLC
(Canada)
7.75%
04/15/26
2,5
5,000
4,524
Trivium
Packaging
Finance
BV
(Netherlands)
5.50%
08/15/26
2,5
3,000
2,757
102,515
Information
Technology
—
2.88%
Gen
Digital,
Inc.
6.75%
09/30/27
2
7,000
6,881
MSCI,
Inc.
3.63%
11/01/31
2
35,000
28,995
NCR
Corp.
5.25%
10/01/30
2
16,000
13,226
6.13%
09/01/29
2
31,000
29,039
Open
Text
Corp.
(Canada)
6.90%
12/01/27
2,5
7,000
7,070
85,211
Insurance
—
1.47%
Acrisure
LLC/Acrisure
Finance,
Inc.
6.00%
08/01/29
2
18,000
14,467
7.00%
11/15/25
2
3,000
2,764
Alliant
Holdings
Intermediate
LLC/Alliant
Holdings
Co.-Issuer
6.75%
10/15/27
2
8,000
7,225
AssuredPartners,
Inc.
5.63%
01/15/29
2
23,000
18,960
43,416
Materials
—
3.56%
ASP
Unifrax
Holdings,
Inc.
7.50%
09/30/29
2
16,000
10,260
ATI,
Inc.
5.13%
10/01/31
12,000
10,575
Axalta
Coating
Systems,
LLC
3.38%
02/15/29
2
14,000
11,641
Herens
Holdco
SARL
(Luxembourg)
4.75%
05/15/28
2,5
29,000
23,463
SCIH
Salt
Holdings,
Inc.
4.88%
05/01/28
2
4,000
3,450
SK
Invictus
Intermediate
II
SARL
(Luxembourg)
5.00%
10/30/29
2,5
16,000
13,141
Valvoline,
Inc.
3.63%
06/15/31
2
28,000
23,011
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Materials
(continued)
WR
Grace
Holdings,
LLC
5.63%
08/15/29
2
$
12,000
$
9,717
105,258
Real
Estate
Investment
Trust
(REIT)
—
0.61%
Iron
Mountain,
Inc.
5.25%
07/15/30
2
5,000
4,346
VICI
Properties
LP/VICI
Note
Co.,
Inc.
5.75%
02/01/27
2
14,000
13,677
18,023
Retail
—
4.11%
Bloomin'
Brands,
Inc./OSI
Restaurant
Partners
LLC
5.13%
04/15/29
2
19,000
16,150
Fertitta
Entertainment,
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.
6.75%
01/15/30
2
27,000
21,879
FirstCash,
Inc.
5.63%
01/01/30
2
5,000
4,478
Michaels
Cos.,
Inc.
(The)
7.88%
05/01/29
2
15,000
10,049
Papa
John's
International,
Inc.
3.88%
09/15/29
2
12,000
10,049
Yum!
Brands,
Inc.
3.88%
11/01/23
60,000
59,100
121,705
Services
—
2.85%
ADT
Security
Corp.
(The)
4.13%
06/15/23
11,000
10,940
Adtalem
Global
Education,
Inc.
5.50%
03/01/28
2
7,000
6,431
GFL
Environmental,
Inc.
(Canada)
4.00%
08/01/28
2,5
5,000
4,300
Global
Payments,
Inc.
5.30%
08/15/29
5,000
4,858
Hertz
Corp.
(The)
5.00%
12/01/29
2
14,000
10,656
Prime
Security
Services
Borrower
LLC/Prime
Finance,
Inc.
3.38%
08/31/27
2
4,000
3,490
Rent-A-Center,
Inc.
6.38%
02/15/29
2
6,000
4,898
S&P
Global,
Inc.
2.90%
03/01/32
2
10,000
8,543
WASH
Multifamily
Acquisition,
Inc.
5.75%
04/15/26
2
3,000
2,831
Waste
Pro
USA,
Inc.
5.50%
02/15/26
2
31,000
27,446
84,393
Total
Corporates
(Cost
$2,115,732)
1,932,275
Opportunistic
High
Income
Credit
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
5
/
December
2022
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
—
8.71%**
Non-Agency
Commercial
Mortgage-Backed
—
1.36%
BCRR
Trust,
Series
2016-FRR3,
Class
E
(-1.00
X
LIBOR
USD
1-Month
plus
18.35%)
5.59%
05/26/26
1,2
$
13,295
$
11,749
Citigroup
Commercial
Mortgage
Trust,
Series
2013-GC11,
Class
XA
(IO)
1.26%
04/10/46
4
229,141
197
Commercial
Mortgage
Trust,
Series
2012-CR3,
Class
XA
(IO)
1.53%
10/15/45
4
71,953
183
Commercial
Mortgage
Trust,
Series
2012-CR5,
Class
XA
(IO)
1.09%
12/10/45
4
7,758
—
Commercial
Mortgage
Trust,
Series
2013-CR11,
Class
XA
(IO)
0.90%
08/10/50
4
605,936
1,925
Commercial
Mortgage
Trust,
Series
2016-CR28,
Class
XA
(IO)
0.63%
02/10/49
4
700,197
11,570
GS
Mortgage
Securities
Trust,
Series
2013-GC14,
Class
XA
(IO)
0.51%
08/10/46
4
470,403
665
Impact
Funding
Affordable
Multifamily
Housing
Mortgage
Loan
Trust,
Series
2010-1,
Class
A1
5.31%
01/25/51
2
6,095
5,940
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2013-C17,
Class
XA
(IO)
0.69%
01/15/47
4
650,807
2,545
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2014-C25,
Class
XA
(IO)
0.81%
11/15/47
4
152,856
1,808
WF-RBS
Commercial
Mortgage
Trust,
Series
2012-C10,
Class
XA
(IO)
1.18%
12/15/45
2,4
245,558
8
WF-RBS
Commercial
Mortgage
Trust,
Series
2013-C11,
Class
XA
(IO)
0.94%
03/15/45
2,4
101,494
3
WF-RBS
Commercial
Mortgage
Trust,
Series
2013-C13,
Class
XA
(IO)
1.16%
05/15/45
2,4
742,396
22
WF-RBS
Commercial
Mortgage
Trust,
Series
2013-C14,
Class
XA
(IO)
0.65%
06/15/46
4
1,003,330
557
WF-RBS
Commercial
Mortgage
Trust,
Series
2013-C17,
Class
XA
(IO)
1.04%
12/15/46
4
583,272
3,179
40,351
Non-Agency
Mortgage-Backed
—
7.23%
American
Home
Mortgage
Assets
Trust,
Series
2007-1,
Class
A1
(Federal
Reserve
US
12-Month
Cumulative
Average
plus
0.70%)
2.75%
02/25/47
1
25,362
10,468
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Angel
Oak
Mortgage
Trust,
Series
2021-2,
Class
A2
1.19%
04/25/66
2,4
$
52,816
$
42,151
CIM
Trust,
Series
2022-NR1,
Class
A1
(STEP-reset
date
02/25/23)
5.00%
07/25/62
2
31,989
29,077
Citigroup
Mortgage
Loan
Trust,
Inc.,
Series
2005-HE4,
Class
M2
(LIBOR
USD
1-Month
plus
0.68%)
5.06%
10/25/35
1
20,863
19,962
IndyMac
Index
Mortgage
Loan
Trust,
Series
2007-AR7,
Class
1A1
3.14%
11/25/37
4
9,024
7,356
JPMorgan
Mortgage
Trust,
Series
2006-A4,
Class
1A1
3.50%
06/25/36
4
21,925
16,299
MASTR
Adjustable
Rate
Mortgages
Trust,
Series
2004-13,
Class
3A1
3.87%
11/21/34
4
35,740
32,232
MASTR
Alternative
Loan
Trust,
Series
2006-2,
Class
2A2
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
7.10%,
7.10%
Cap)
2.71%
03/25/36
1,6,7
218,486
18,716
WaMu
Asset-Backed
Certificates,
Series
2007-HE2,
Class
2A2
(LIBOR
USD
1-Month
plus
0.19%)
4.58%
04/25/37
1
47,408
18,353
WaMu
Mortgage
Pass-Through
Certificates,
Series
2005-AR9,
Class
A1A
(LIBOR
USD
1-Month
plus
0.64%)
5.03%
07/25/45
1
21,058
19,248
213,862
U.S.
Agency
Commercial
Mortgage-Backed
—
0.12%
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
K028,
Class
X3
(IO)
1.64%
06/25/41
4
219,000
869
Ginnie
Mae,
Series
2012-27,
Class
IO
(IO)
0.28%
04/16/53
4
295,308
1,038
Ginnie
Mae,
Series
2013-163,
Class
IO
(IO)
1.02%
02/16/46
4
122,518
1,752
3,659
Total
Mortgage-Backed
(Cost
$394,569)
257,872
Total
Bonds
—
79.72%
(Cost
$2,704,847)
2,359,640
Issues
Shares
Value
COMMON
STOCK
—
9.50%
Communication
Services
—
2.33%
Altice
USA,
Inc.
8
1,736
7,986
AT&T,
Inc.
562
10,346
Opportunistic
High
Income
Credit
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
December
2022
/
6
Issues
Shares
Value
COMMON
STOCK
—
9.50%
(continued)
Communication
Services
—
2.33%
(continued)
Nexstar
Media
Group,
Inc.
107
$
18,728
T-Mobile
U.S.,
Inc.
8
192
26,880
Warner
Bros
Discovery,
Inc.
8
520
4,930
68,870
Consumer
Discretionary
—
1.30%
Newell
Brands,
Inc.
602
7,874
Qurate
Retail,
Inc.
8
3,324
5,418
Rent-A-Center,
Inc.
809
18,243
Spectrum
Brands
Holdings,
Inc.
115
7,006
38,541
Financials
—
1.19%
FirstCash
Holdings,
Inc.
240
20,858
Wells
Fargo
&
Co.
348
14,369
35,227
Gaming
—
0.38%
Penn
Entertainment,
Inc.
8
382
11,345
Health
Care
—
1.17%
Bausch
+
Lomb
Corp.
5,8
(Canada)
499
7,740
Bausch
Health
Cos.,
Inc.
8
1,127
7,078
Centene
Corp.
8
243
19,928
34,746
Industrials
—
0.28%
TransDigm
Group,
Inc.
13
8,186
Information
Technology
—
0.63%
CommScope
Holding
Co.,
Inc.
8
1,012
7,438
NCR
Corp.
8
239
5,595
SS&C
Technologies
Holdings,
Inc.
105
5,467
18,500
Real
Estate
Investment
Trust
(REIT)
—
1.05%
Gaming
and
Leisure
Properties,
Inc.
492
25,628
Hudson
Pacific
Properties,
Inc.
560
5,449
31,077
Transportation
—
0.90%
Hertz
Global
Holdings,
Inc.
8
1,725
26,548
Utilities
—
0.27%
FirstEnergy
Corp.
193
8,094
Total
Common
Stock
(Cost
$407,992)
281,134
MASTER
LIMITED
PARTNERSHIPS
—
2.24%
Energy
—
2.24%
Enterprise
Products
Partners
LP
1,025
24,723
NGL
Energy
Partners
LP
8
3,312
4,007
Sunoco
LP
416
17,930
Issues
Shares
Value
MASTER
LIMITED
PARTNERSHIPS
—
2.24%
(continued)
Energy
—
2.24%
(continued)
USA
Compression
Partners
LP
1,017
$
19,862
66,522
Total
Master
Limited
Partnerships
(Cost
$50,730)
66,522
Issues
Maturity
Date
Principal
Amount
/
Shares
Value
SHORT-TERM
INVESTMENTS
—
8.80%
Money
Market
Funds
—
0.41%
Fidelity
Investments
Money
Market
Funds
-
Government
Portfolio
4.06%
9
12,016
12,016
U.S.
Treasury
Bills
—
8.39%
U.S.
Treasury
Bills
4.53%
10
05/18/23
$
53,000
52,108
4.56%
10
05/25/23
200,000
196,472
248,580
Total
Short-Term
Investments
(Cost
$260,604)
260,596
Total
Investments
-
100.26%
(Cost
$3,424,173)
2,967,892
Liabilities
in
Excess
of
Other
Assets
-
(0.26)%
(7,829)
Net
Assets
-
100.00%
$
2,960,063
1
Floating
rate
security.
The
rate
disclosed
was
in
effect
at
December
31,
2022.
2
Securities
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
The
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
3
Perpetual
security
with
no
stated
maturity
date.
4
Variable
rate
security.
Interest
rate
disclosed
is
as
of
the
most
recent
information
available.
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.
5
Foreign
denominated
security
issued
by
foreign
domiciled
entity.
6
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
7
Illiquid
security
as
determined
under
procedures
approved
by
the
Board
of
Trustees.
The
aggregate
value
of
illiquid
securities
is
$18,716,
which
is
0.63%
of
total
net
assets.
8
Non-income producing
security.
9
Represents
the
current
yield
as
of
December
31,
2022.
10
Represents
annualized
yield
at
date
of
purchase.
*
Securities
with
a
call
or
reset
feature
will
have
an
effective
maturity
date
sooner
than
the
stated
maturity.
**
Securities
backed
by
mortgage
or
consumer
loans
where
payment
is
periodically
made
will
have
an
effective
maturity
date
sooner
than
the
stated
maturity
date.
Opportunistic
High
Income
Credit
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
7
/
December
2022
Note:
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
for
more
meaningful
presentation
for
investors.
(IO):
Interest
Only
(LIBOR):
London
InterBank
Offer
Rate
(S&P):
Standard
&
Poor’s
(SOFR):
Secured
Overnight
Financing
Rate
(STEP):
Step
Coupon
Bond
(USD):
U.S.
Dollar
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
FUTURES
CONTRACTS:
LONG
POSITIONS
U.S.
Treasury
Five-Year
Note
5
03/31/23
$
539,648
$
(322)
$
(322)
U.S.
Treasury
Two-Year
Note
2
03/31/23
410,156
473
473
949,804
151
151
FUTURES
CONTRACTS:
SHORT
POSITIONS
U.S.
Treasury
Ten-Year
Ultra
Bond
1
03/22/23
(118,281)
803
803
TOTAL
FUTURES
CONTRACTS
$
831,523
$
954
$
954
Opportunistic
High
Income
Credit
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
December
2022
/
8
SIGNIFICANT
ACCOUNTING
POLICIES
The
following
is
a
summary
of
significant
accounting
policies
consistently
followed
by
the
Fund:
Net
Asset
Value
The
Net
Asset
Value
(“NAV”)
of
each
class
of
the
Fund
is
determined
by
dividing
the
net
assets
attributable
to
each
class
of
shares
of
the
Fund
by
the
number
of
issued
and
outstanding
shares
of
the
class
of
the
Fund
on
each
business
day
as
of
4
p.m.
ET.
Security
Valuation
Pursuant
to
Rule
2a-5
under
the
1940
Act,
the
Board
of
Trustees
(the
"Board"
or
the
"Board
of
Trustees")
has
designated
the
Adviser
as
the
"valuation
designee"
with
respect
to
the
fair
valuation
of
the
Fund's
portfolio
securities,
subject
to
oversight
by
and
periodic
reporting
to
the
Board. Fixed
income
securities
for
which
market
quotations
are
readily
available were
valued
during
the
period at
prices
as
provided
by
independent
pricing
vendors
or
broker
quotes.
The
Fund
received
pricing
information
from
independent
pricing
vendors
selected
and
overseen
by
the
valuation
designee.
Securities
with
a
demand
feature
exercisable
within
one
to
seven
days
are
valued
at
par.
The
Fund
also
uses
a
benchmark
pricing
system
to
the
extent
vendors’
prices
for
their
securities
are
either
inaccurate
(such
as
when
the
reported
prices
are
different
from
recent
known
market
transactions)
or
are
not
available
from
another
pricing
source.
For
a
security
priced
using
this
system,
the
Adviser
initially
selects
a
proxy
composed
of
a
relevant
security
(e.g.,
U.S.
Treasury
Note)
or
benchmark
(e.g.,
LIBOR)
and
a
multiplier,
divisor
or
margin
that
the
Adviser
believes
would
together
best
reflect
changes
in
the
market
value
of
the
security.
The
value
of
the
security
changes
daily
based
on
changes
to
the
market
price
of
the
assigned
benchmark.
The
benchmark
pricing
system
is
continuously
reviewed
by
the
Adviser
and
implemented
according
to
the
pricing
policy
reviewed
by
the
Board.
S&P
500
Index
futures
contracts
are
valued
at
the
first
sale
price
after
4
p.m.
ET
on
the
Chicago
Mercantile
Exchange.
All
other
futures
contracts
are
valued
at
the
official
settlement
price
of
the
exchange
on
which
those
securities
are
traded.
Equity
securities,
including
depository
receipts,
are
valued
at
the
last
reported
sale
price
or
the
market’s
closing
price
on
the
exchange
or
market
on
which
such
securities
are
traded,
as
of
the
close
of
business
on
the
day
the
securities
are
being
valued
or,
lacking
any
sales,
at
the
average
of
the
bid
and
ask
prices.
In
cases
where
equity
securities
are
traded
on
more
than
one
exchange,
the
securities
are
valued
on
the
exchange
or
market
determined
by
the
Adviser
to
be
the
broadest
and
most
representative
market,
which
may
be
either
a
securities
exchange
or
the
over-the-counter
market.
Equity
options
are
valued
at
the
average
of
the
bid
and
ask
prices.
Securities
and
other
assets
that
could
not be
valued
as
described
above were
valued
for
the
period at
their
fair
value
as
determined
by
the
Adviser
in
accordance
with
procedures
approved by
and
under
the
general
oversight
of
the
Board.
Investments
in
registered
open-ended
investment
companies,
including
those
classified
as
money
market
funds,
are
valued
based
upon
the
reported
NAV
of
such
investments.
Fair
value
methods
approved
by
the
Board
of
Trustees
for
the
period included,
but were
not
limited
to,
obtaining
market
quotations
from
secondary
pricing
services,
broker-dealers,
or
widely
used
quotation
systems.
General
factors
considered
in
determining
the
fair
value
of
securities
include
fundamental
analytical
data,
the
nature
and
duration
of
any
restrictions
on
disposition
of
the
securities,
and
an
evaluation
of
the
forces
that
influence
the
market
in
which
the
investments
are
purchased
and
sold.
These
securities
are
either
categorized
as
Level
2
or
3
depending
on
the
relevant
inputs
used.
In
the
event
that
the
security
or
asset
could
not be
valued
pursuant
to
one
of
the
valuation
methods
approved
by
the
Board,
the
value
of
the
security
or
asset was
determined
in
good
faith
by
the Adviser,
as
the
valuation
designee.
When
the
Fund
uses
these
fair
valuation
methods that
use
significant
unobservable
inputs
to
determine
NAV,
securities
will
be
priced
by
a
method
that
the
Adviser
believes
accurately
reflects
fair
value
and
are
categorized
as
Level
3
of
the
fair
value
hierarchy.
These
methods
may
require
subjective
determinations
about
the
value
of
a
security.
While
the
Fund’s
policy
is
intended
to
result
in
a
calculation
of
its
NAV
that
fairly
reflects
security
values
as
of
the
time
of
pricing,
the
Fund
cannot
guarantee
that
values
determined
by
the
Adviser
would
accurately
reflect
the
price
that
the
Fund
could
obtain
for
a
security
if
it
were
to
dispose
of
that
security
as
of
the
time
of
pricing
(for
instance,
in
a
forced
or
distressed
sale).
The
prices
used
by
the
Fund
may
differ
from
the
value
that
would
be
realized
if
the
securities
were
sold.
Fair
Value
Measurements
Various
inputs
are
used
in
determining
the
fair
value
of
investments,
which
are
as
follows:
*
Level
1
-
unadjusted
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
-
significant
unobservable
inputs
that
are
not
corroborated
by
observable
market
data
Opportunistic
High
Income
Credit
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
9
/
December
2022
The
inputs
or
methodology
used
for
valuing
investments
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
investments
and
the
determination
of
the
significance
of
a
particular
input
to
the
fair
value
measurement
in
its
entirety
requires
judgment
and
consideration
of
factors
specific
to
each
security.
The
availability
of
observable
inputs
can
vary
from
security
to
security
and
is
affected
by
a
wide
variety
of
factors,
including,
for
example,
the
type
of
security,
whether
the
security
is
new
and
not
yet
established
in
the
marketplace,
the
liquidity
of
markets,
and
other
characteristics
particular
to
the
security.
To
the
extent
that
valuation
is
based
on
models
or
inputs
that
are
less
observable
or
unobservable
in
the
market,
the
determination
of
fair
value
requires
more
judgment.
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized as
Level
3.
In
periods
of
market
dislocation,
the
observability
of
prices
and
inputs
may
be
reduced
for
many
instruments.
This
condition,
as
well
as
changes
related
to
liquidity
of
investments,
could
cause
a
security
to
be
reclassified
between
Level
1,
Level
2,
or
Level
3.
In
certain
cases,
the
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes
the
level
in
the
fair
value
hierarchy
within
which
the
fair
value
measurement
falls
in
its
entirety
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
The
summary
of
inputs
used
to
value
the
Fund’s
investments
and
other
financial
instruments
carried
at
fair
value
as
of
December
31,
2022
is
as
follows:
OPPORTUNISTIC
HIGH
INCOME
CREDIT
FUND
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Investments
in
Securities
Assets:
Short-Term
Investments:
Money
Market
Funds
$
12,016
$
—
$
—
$
12,016
U.S.
Treasury
Bills
248,580
—
—
248,580
Long-Term
Investments:
Bank
Loans
—
169,493
—
169,493
Common
Stock
281,134
—
—
281,134
Corporates
—
1,932,275
—
1,932,275
Master
Limited
Partnerships
66,522
—
—
66,522
Mortgage-Backed
Securities
—
239,156
18,716
257,872
Other
Financial
Instruments
*
Assets:
Interest
rate
contracts
1,276
—
—
1,276
Liabilities:
Interest
rate
contracts
(
322
)
—
—
(
322
)
Total
$
609,206
$
2,340,924
$
18,716
$
2,968,846
*Other
financial
instruments
include
futures.
Interest
rate
contracts
include
futures.
Opportunistic
High
Income
Credit
Fund
Schedule
of
Portfolio
Investments
December
31,
2022
(Unaudited)
December
2022
/
10
Certain
securities
held
by
the
Funds
are
categorized
as
Level
3
investments.
Their
prices
may
be
derived
by
utilizing
unobservable
prior
transaction
values
or
information
from
third
party
valuation
services.
The
value
of
Level
3
investments
could
be
significantly
affected
by
changes
in
these
unobservable
inputs.
For
the
period
ended
December
31,
2022
a
reconciliation
of
Level
3
investments
is
presented
when
the
Fund
had
a
significant
amount
of
Level
3
investments
at
the
beginning
and/or
end
of
the
period
in
relation
to
net
assets.
The
following
table
is
a
reconciliation
of
Level
3
investments
for
which
significant
unobservable
inputs
were
used
in
determining
fair
value:
OPPORTUNISTIC
HIGH
INCOME
CREDIT
FUND
BANK
LOANS
CORPORATES
MORTGAGE-
BACKED
SECURITIES
Balance
as
of
April
1,
2022
$
31,515
$
25,166
$
30,081
Accrued
discounts/premiums
(
19
)
—
(
2,335
)
Realized
(loss)
(
13,335
)
(
3,044
)
—
Change
in
unrealized
appreciation
(depreciation)*
1,639
1,894
(
9,030
)
Purchases
—
—
—
Sales
(
19,800
)
(
24,016
)
—
Transfers
into
Level
3**
—
—
—
Transfers
out
of
Level
3**
—
—
—
Balance
as
of
December
31,
2022
$
—
$
—
$
18,716
*The
change
in
unrealized
appreciation
(depreciation)
on
securities
still
held
at
December
31,
2022
was
$(5,497)
and
is
included
in
the
related
net
realized
gains
(losses)
and
net
change
in
appreciation
(depreciation)
in
the
Statements
of
Operations.
**There
were
no
transfers
between
level
2
and
3
for
the
period
ended
December
31,
2022.
Significant
unobservable
valuations
inputs
for
Level
3
investments
as
of
December
31,
2022,
are
as
follows:
OPPORTUNISTIC
HIGH
INCOME
CREDIT
FUND
FAIR
VALUE
AT
12/31/22
VALUATION
TECHNIQUE
*
UNOBSERVABLE
INPUT
RANGE
WEIGHTED
AVERAGE
INPUT
TO
VALUATION
IF
INPUT
INCREASES
Mortgage-Backed
Securities-Non-Agency
$18,716
Third-Party
Vendor
Vendor
Prices
$8.57
$8.57
Increase
*
The
valuation
technique
employed
on
the
Level
3
securities
involves
the
use
of
vendor
prices,
broker
quotes
and
benchmark
pricing.
The
Adviser
monitors
the
third-party
brokers
and
vendors
using
the
valuation
process.