Opportunistic Credit Interval Fund NPORT-P Opportunistic Credit Interval Fund (Dec 2022 report)

Opportunistic Credit Interval Fund

PORTFOLIO OF INVESTMENTS

December 31, 2022 (Unaudited)

	Coupon			Reference Rate & Spread	Maturity		Principal		Value
BANK LOANS (91.43%)
Consumer Discretionary (8.11%)
Global Integrated Flooring Systems Inc., First Lien Term Loan(a)(b)		11.99	%	3M US L + 8.25%		02/15/2023	$	1,336,806	$	676,825
Global Integrated Flooring Systems Inc., Revolver(a)(b)		12.63	%	1M US L + 8.25%		02/15/2023		11,905		6,027
Shock Doctor Sports Inc., First Lien Term Loan(a)(b)		9.37	%	3M SOFR + 5.00%		05/14/2024		99,750		98,134
										780,986
Consumer Staples (1.03%)
Patriot Pickle, Inc., First Lien Term Loan(a)(b)		9.23	%	3M SOFR + 4.50%		04/13/2027		99,748		99,000
Financials (32.41%)
Fortis Payment Systems, LLC, Delayed Draw Term Loan(a)(b)		9.93	%	3M US L + 5.25%		02/13/2026		47,139		46,611
Fortis Payment Systems, LLC, First Lien Term Loan(a)(b)		9.93	%	3M US L + 5.25%		02/13/2026		52,607		52,018
Grindr Capital LLC, Delayed Draw Term Loan(a)(b)		12.52	%	3M SOFR + 8.00%		11/14/2027		1,750,000		1,739,150
HDC / HW Intermediate Holdings, LLC, First Lien Term Loan(a)(b)(g)		14.34	%	3M SOFR + 7.50%, 2.00% PIK, 1.00% Floor		12/21/2023		1,254,113		987,614
HDC / HW Intermediate Holdings, LLC, Revolver(a)(b)(g)		14.34	%	3M SOFR + 7.50%, 2.00% PIK, 1.00% Floor		12/21/2023		128,792		101,424
PEAK Technology Partners, Inc., First Lien Term Loan(a)(b)		10.45	%	3M SOFR + 6.40%		07/22/2027		100,000		97,140
Source Advisors, LLC, First Lien Term Loan(a)(b)		9.59	%	3M SOFR + 4.75%		04/06/2028		99,750		97,506
										3,121,463
Health Care (2.04%)
Aspen Surgical, Inc., First Lien Term Loan(a)(b)		7.68	%	3M SOFR + 5.00%, 1.00% Floor		08/01/2025		99,749		97,625
Global Nephrology Solutions, LLC, First Lien Term Loan(a)(b)		10.48	%	3M US L + 5.75%, 1.00% Floor		12/22/2026		99,889		98,730
										196,355
Industrials (8.76%)
Accordion Partners, LLC, Delayed Draw Term Loan A(a)(c)		–	%	3M SOFR + 6.25%, 0.75% Floor		08/29/2029		–		(136	)
Accordion Partners, LLC, Delayed Draw Term Loan B(a)(c)		–	%	3M SOFR + 6.25%, 0.75% Floor		08/29/2029		–		(171	)
Accordion Partners, LLC, First Lien Term Loan A(a)(b)		10.83	%	3M SOFR + 6.25%, 0.75% Floor		08/29/2029		83,577		82,014
CIM Sense, LLC, Delayed Draw Term Loan(a)(b)		9.92	%	3M SOFR + 5.50%, 1.00% Floor		12/17/2026		55,354		52,520
CIM Sense, LLC, First Lien Term Loan(a)(b)		9.92	%	3M SOFR + 5.50%, 1.00% Floor		12/17/2026		44,438		42,163

	Coupon			Reference Rate & Spread	Maturity		Principal/Shares		Value
Dentive LLC, Delayed Draw Term Loan(a)(c)		–	%	1M SOFR + 7.00%, 0.75% Floor		12/26/2028	$	–	$	(1,782	)
Dentive LLC, First Lien Term Loan(a)(b)		11.53	%	1M SOFR + 7.00%, 0.75% Floor		12/26/2028		241,237		234,000
Material Handling Systems, Inc., First Lien Term Loan(b)		10.08	%	3M SOFR + 5.50%		06/08/2029		500,000		435,000
										843,608
Information Technology (9.72%)
Kofax, Inc., First Lien Term Loan(b)		9.80	%	6M SOFR + 5.00%		07/19/2029		500,000		457,875
Neptune Bidco US Inc., First Lien Term Loan(b)		8.82	%	3M SOFR + 5.50%		04/11/2029		425,000		380,908
Smartdata Solutions, LLC, First Lien Term Loan(a)(b)		8.92	%	6M US L + 4.75%		09/30/2027		99,748		97,255
										936,038
Technology (29.36%)
Alegeus Technologies Holdings Corp., First Lien Term Loan(b)		10.95	%	3M US L + 8.25%		09/05/2024		365,000		357,335
Athos Merger Sub LLC, First Lien Term Loan, First Lien Term Loan(b)		9.38	%	1M US L + 5.00%		07/31/2026		600,000		583,032
Dcert Buyer, Inc., First Lien Term Loan, First Lien Term Loan(b)		8.70	%	6M SOFR + 4.00%		10/16/2026		390,000		377,604
Heads Up Technology, LLC, First Lien Term Loan(a)(b)		10.14	%	3M SOFR + 5.50%		08/10/2028		100,000		98,750
Help Systems Holdings, Inc., First Lien Term Loan(b)		8.19	%	3M SOFR + 4.00%, 0.75% Floor		11/30/2026		410,000		370,742
Ivanti Software, Inc., First Lien Term Loan(b)		9.01	%	3M US L + 4.25%, 0.75% Floor		12/01/2027		475,000		378,269
VeriFone Systems, Inc., First Lien Term Loan(b)		8.36	%	3M US L + 4.00%		08/20/2025		375,000		345,529
Vision Solutions, Inc., First Lien Term Loan(b)		8.36	%	3M US L + 4.00%, 0.75% Floor		04/24/2028		380,000		315,685
										2,826,946
TOTAL BANK LOANS
(Cost $7,552,519)										8,804,396
JOINT VENTURE (0.84%)
Great Lakes Funding II LLC, Series A(c)(d)(e)(h)								82,871		80,574
TOTAL JOINT VENTURE
(Cost $82,871)										80,574
SHORT-TERM INVESTMENT (33.66%)
First American Government Obligations Fund, 4.09%(f)								3,241,890		3,241,890
TOTAL SHORT-TERM INVESTMENT
(Cost $3,241,890)										3,241,890
INVESTMENTS, AT VALUE (125.93%)
(Cost $10,877,280)									$	12,126,860
Other Liabilities In Excess Of Other Assets (-25.93%)										(2,497,000	)
NET ASSETS (100.00%)									$	9,629,860

Investment Abbreviations: 

LIBOR - London Interbank Offered Rate 

SOFR - Secured Overnight Financing Rate 

PIK – Payment in-kind

Reference Rates: 

1M US L - 1 Month LIBOR as of December 31, 2022 was 4.39%

3M US L - 3 Month LIBOR as of December 31, 2022 was 4.77% 

6M US L - 6 Month LIBOR as of December 31, 2022 was 5.14% 

1M SOFR - 1 Month SOFR as of December 31, 2022 was 4.36% 

3M SOFR - 3 Month SOFR as of December 31, 2022 was 4.59% 

6M SOFR - 6 Month SOFR as of December 31, 2022 was 4.78%

^(a) As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 assets.

^(b) Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. 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. These securities do not indicate a reference rate and spread in their description above.

^(c) All or a portion of this commitment was unfunded as of December 31, 2022.

^(d) Restricted security. See chart below.

^(e) During the period ended December 31, 2022, the Fund invested $27,422 in Great Lakes Funding II LLC, Series A and reported change in unrealized depreciation of $750 on Great Lakes Funding II LLC, Series A. During the period ended December 31, 2022, the Fund received dividend distributions of $2,702 from Great Lakes Funding II LLC, Series A.

^(f) Money market fund; interest rate reflects seven-day effective yield on December 31, 2022.

^(g) Payment in kind security which may pay interest in additional par.

^(h) Affiliate company.

Additional information on investments in private investment funds and unfunded commitments: 

Security	Value		Redemption Frequency	Redemption Notice(Days)	Unfunded Commitments as of December 31, 2022
Great Lakes Funding II LLC, Series A	$	80,574	N/A	N/A	$	16,077
Total	$	80,574			$	16,077

Unfunded Commitments:

Security	Value			Maturity Date	Unfunded Commitments as of December 31, 2022
Accordion Partners, LLC, Delayed Draw Term Loan A	$	(136	)	8/29/2029	$	7,299
Accordion Partners, LLC, Delayed Draw Term Loan B		(171	)	8/29/2029		9,124
Dentive LLC, Delayed Draw Term Loan		(1,782	)	12/26/2028		118,763
Total	$	(2,089	)		$	135,186
Total Unfunded Commitments					$	151,263

Security determined to be restricted under the procedures approved by the Fund's Board of Trustees are as follows.

Date(s) of Purchase		Security	Cost		Value		% of Net Assets
	08/05/2022	Great Lakes Funding II LLC, Series A	$	82,871	$	80,574		0.84	%