A3 Alternative Income Fund
SCHEDULE OF INVESTMENTS
As of December 31, 2021 (Unaudited)
Number of Shares | Value | |
BUSINESS DEVELOPMENT COMPANIES — 18.0% | ||
30,100 | Ares Capital Corp. | $637,819 |
41,000 | Owl Rock Capital Corp. | 580,560 |
73,470 | PennantPark Investment Corp. | 509,147 |
TOTAL BUSINESS DEVELOPMENT COMPANIES | ||
(Cost $1,676,071) | 1,727,526 | |
CLOSED-END FUNDS — 4.3% | ||
29,882 | Eagle Point Credit Co., Inc. | 418,348 |
3 | OFS Credit Co., Inc. | 40 |
TOTAL CLOSED-END FUNDS | ||
(Cost $415,171) | 418,388 | |
EXCHANGE-TRADED FUNDS — 2.5% | ||
7,300 | Alerian MLP ETF | 239,002 |
TOTAL EXCHANGE-TRADED FUNDS | ||
(Cost $247,910) | 239,002 | |
PREFERRED STOCKS — 2.7% | ||
FINANCIAL — 2.7% | ||
10,100 | Oxford Lane Capital Corp. 6.250%, 2/28/2027 (Callable 2/28/2023)1 | 255,530 |
TOTAL PREFERRED STOCKS | ||
(Cost $244,604) | 255,530 | |
REAL ESTATE INVESTMENT TRUSTS — 4.6% | ||
16,400 | Ares Commercial Real Estate Corp. | 238,456 |
13,200 | Ready Capital Corp. | 206,316 |
TOTAL REAL ESTATE INVESTMENT TRUSTS | ||
(Cost $445,482) | 444,772 |
Principal Amount | ||
SYNDICATED PARTICIPATIONS — 0.2% | ||
Global Merchant Cash, Inc. | ||
$90,309 | 1.30, 6/22/20222,3,4,5,6 | 7,017 |
29,967 | 1.39, 6/22/20222,3,4,5,6 | 2,415 |
29,927 | 1.30, 10/15/20222,3,4,5,6 | 2,418 |
65,100 | 1.40, 12/21/20222,3,4,5,6 | 5,208 |
6,230 | 1.35, 12/31/20222,3,4,5,6 | 499 |
TOTAL SYNDICATED PARTICIPATIONS | ||
(Cost $195,948) | 17,557 | |
U.S. GOVERNMENT AND AGENCIES — 54.5% | ||
COLLATERALIZED MORTGAGE OBLIGATIONS — 54.5% | ||
Government National Mortgage Association | ||
1,386,694 | 1.936%, 11/20/2067 (Callable 6/20/2032)1,7,8 | 99,215 |
1,316,916 | 2.275%, 1/20/2068 (Callable 10/20/2030)1,7,8 | 126,683 |
541,100 | 2.138%, 10/20/2067 (Callable 3/20/2034)1,7,8 | 54,541 |
A3 Alternative Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of December 31, 2021 (Unaudited)
Principal Amount | Value | |
U.S. GOVERNMENT AND AGENCIES (Continued) | ||
COLLATERALIZED MORTGAGE OBLIGATIONS (Continued) | ||
$5,411,931 | 1.936%, 12/20/2066 (Callable 11/20/2031)1,7,8,9 | $376,277 |
2,988,896 | 2.253%, 2/20/2067 (Callable 9/20/2031)1,7,8,9 | 239,067 |
2,377,991 | 0.804%, 9/20/2069 1,7,8,10 | 122,038 |
2,640,058 | 0.748%, 7/20/2069 1,7,8,10 | 125,097 |
1,117,574 | 2.148%, 10/20/2066 (Callable 11/20/2030)1,7,8 | 88,453 |
786,901 | 1.666%, 2/20/2066 (Callable 1/20/2034)1,7,8 | 54,355 |
821,241 | 2.133%, 4/20/2066 (Callable 5/20/2029)1,7,8 | 60,347 |
1,394,894 | 1.181%, 8/20/2063 (Callable 3/20/2031)1,7,8 | 35,493 |
684,316 | 1.738%, 4/20/2065 (Callable 11/20/2031)1,7,8 | 43,017 |
543,686 | 2.421%, 1/20/2067 (Callable 8/20/2033)1,7,8 | 39,775 |
1,486,195 | 1.861%, 10/20/2066 (Callable 9/20/2037)1,7,8 | 90,972 |
396,369 | 1.894%, 7/20/2065 (Callable 8/20/2034)1,7,8 | 29,634 |
930,924 | 1.919%, 9/20/2065 (Callable 2/20/2035)1,7,8 | 60,837 |
671,278 | 1.621%, 9/20/2065 (Callable 5/20/2034)1,7,8 | 34,428 |
640,257 | 1.765%, 1/20/2066 (Callable 2/20/2031)1,7,8 | 42,250 |
1,203,795 | 1.619%, 7/20/2065 (Callable 11/20/2036)1,7,8 | 64,851 |
1,016,123 | 1.823%, 4/20/2067 (Callable 7/20/2033)1,7,8 | 57,766 |
1,565,836 | 1.860%, 8/20/2067 (Callable 12/20/2030)1,7,8 | 91,240 |
1,624,062 | 1.458%, 3/20/2064 (Callable 5/20/2032)1,7,8 | 60,017 |
1,464,472 | 1.476%, 5/20/2064 (Callable 10/20/2032)1,7,8 | 85,340 |
2,261,023 | 1.953%, 6/20/2065 (Callable 8/20/2030)1,7,8 | 165,633 |
976,642 | 2.198%, 6/20/2066 (Callable 1/20/2031)1,7,8 | 68,389 |
2,027,241 | 2.399%, 2/20/2068 (Callable 7/20/2035)1,7,8 | 144,083 |
460,909 | 1.763%, 10/20/2062 (Callable 2/20/2030)1,7,8 | 19,913 |
659,830 | 2.209%, 8/20/2067 (Callable 1/20/2034)1,7,8 | 53,518 |
1,239,322 | 1.546%, 10/20/2064 (Callable 11/20/2039)1,7,8 | 62,580 |
3,079,883 | 1.137%, 11/20/2069 1,7,8,10 | 247,857 |
2,996,827 | 1.053%, 11/20/2069 1,7,8,10 | 211,700 |
3,589,430 | 1.025%, 12/20/2069 (Callable 11/20/2038)1,7,8 | 232,935 |
3,297,576 | 0.988%, 12/20/2069 (Callable 9/20/2033)1,7,8 | 192,997 |
2,481,845 | 1.089%, 6/20/2069 (Callable 11/20/2029)1,7,8 | 114,428 |
2,469,814 | 1.664%, 5/20/2063 (Callable 8/20/2029)1,7,8 | 104,547 |
3,544,965 | 1.664%, 5/20/2063 (Callable 5/20/2028)1,7,8 | 228,634 |
1,540,443 | 1.316%, 6/20/2063 (Callable 4/20/2034)1,7,8 | 67,862 |
1,402,289 | 1.573%, 11/20/2064 (Callable 2/20/2038)1,7,8 | 77,960 |
1,619,389 | 1.644%, 9/20/2066 (Callable 3/20/2034)1,7,8 | 80,682 |
4,092,856 | 0.924%, 3/20/2070 1,7,8,10 | 236,288 |
2,593,552 | 1.258%, 9/20/2069 1,7,8,10 | 184,861 |
3,344,368 | 1.080%, 7/20/2069 (Callable 10/20/2035)1,7,8 | 200,389 |
1,915,052 | 0.919%, 11/20/2069 1,7,8,10 | 107,026 |
4,423,691 | 0.691%, 4/20/2070 1,7,8,10 | 198,939 |
1,503,266 | 2.190%, 10/20/2067 (Callable 9/20/2032)1,7,8 | 135,233 |
A3 Alternative Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of December 31, 2021 (Unaudited)
Principal Amount | Value | |
U.S. GOVERNMENT AND AGENCIES (Continued) | ||
COLLATERALIZED MORTGAGE OBLIGATIONS (Continued) | ||
$710,189 | 1.723%, 3/20/2068 (Callable 10/20/2037)1,7,8 | $28,893 |
5,247,040 | ||
TOTAL U.S. GOVERNMENT AND AGENCIES | ||
(Cost $7,250,590) | 5,247,040 |
Number of Shares | ||
SHORT-TERM INVESTMENTS — 17.4% | ||
1,677,533 | Fidelity Investments Money Market Government Portfolio - Institutional Class, 0.01%9,11 | 1,677,533 |
TOTAL SHORT-TERM INVESTMENTS | ||
(Cost $1,677,533) | 1,677,533 | |
TOTAL INVESTMENTS — 104.2% | ||
(Cost $12,153,309) | 10,027,348 | |
Liabilities In Excess Of Other Assets — (4.2)% | (407,911) | |
TOTAL NET ASSETS — 100.0% | $9,619,437 |
ETF – Exchange-Traded Fund |
1 | Callable. |
2 | The factor listed represents the repayment amount divided by the advance amount, quoted in a decimal format. |
3 | Level 3 securities fair valued under procedures established by the Board of Trustees. The total value of these securities is $17,557, which represents 0.2% of total net assets of the Fund. |
4 | The maturity date listed is an estimate of the anticipated timing of full repayment. |
5 | Restricted security. The total value of these securities is $17,557, which represents 0.2% of total net assets of the Fund. |
6 | Defaulted. |
7 | Interest-only security. |
8 | Variable rate security. Rate shown is the rate in effect as of period end. |
9 | All or a portion of this security is segregated as collateral for futures and other derivative instruments. The market value of the securities pledged as collateral was $842,358, which represents 8.8% of total net assets of the Fund. |
10 | Call date not available. |
11 | The rate is the annualized seven-day yield at period end. |