| NOMURA ALTERNATIVE INCOME FUND | |||||||||||||
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | |||||||||||||
| June 30, 2023 | |||||||||||||
| Shares/Principal Amount ($) | Value | ||||||||||||
| PRIVATE INVESTMENT FUNDS — 31.2% | |||||||||||||
| - | ACORE Credit Partners II, LP(a)(b) | $ 2,750,719 | |||||||||||
| - | Atalaya A4 Evergreen (Cayman) LP(a)(c) | 3,589,122 | |||||||||||
| - | Maranon Senior Credit Strategies Fund XIV, L.P(a)(c)(d) | 15,050,000 | |||||||||||
| - | Medalist Partners Asset Based Private Credit Fund III LP Onshore Feeder, L.P. – Class B (a)(b)(e) | 10,134,709 | |||||||||||
| TOTAL PRIVATE INVESTMENT FUNDS (Cost $31,662,018) | 31,524,550 | ||||||||||||
| UNITED STATES GOVERNMENT & AGENCIES — 10.8% | |||||||||||||
| FEDERAL NATIONAL MORTGAGE ASSOCIATION — 5.1% | |||||||||||||
| $2,330,576 | Fannie Mae Pool BM1718, 2.88%, 09/01/47(f) | 2,308,708 | |||||||||||
| $2,851,087 | Fannie Mae REMICS Series 23-17 JA, 5.50%, 06/25/50 | 2,834,278 | |||||||||||
| 5,142,986 | |||||||||||||
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION — 5.7% | |||||||||||||
| $2,903,237 | Ginnie Mae II Pool 786445, 2.91%, 08/20/49(f) | 2,852,711 | |||||||||||
| $2,938,273 | Government National Mortgage Association Series 209 PL, 5.50%, 11/20/50 | 2,943,886 | |||||||||||
| 5,796,597 | |||||||||||||
| TOTAL UNITED STATES GOVERNMENT & AGENCIES (Cost $10,977,310) | 10,939,583 | ||||||||||||
| SHORT-TERM INVESTMENTS — 57.8% | |||||||||||||
| MONEY MARKET FUND – 3.1% | |||||||||||||
| 3,145,344 | First American Treasury Obligations Fund, Class X, 5.04% (Cost $3,145,344)(g) | 3,145,344 | |||||||||||
| UNITED STATES TREASURY BILLS — 54.7% | |||||||||||||
| $16,000,000 | United States Treasury Bill, 4.78%, 08/10/23 | 15,913,444 | |||||||||||
| $10,000,000 | United States Treasury Bill, 4.93%, 09/05/23 | 9,908,993 | |||||||||||
| $15,000,000 | United States Treasury Bill, 5.08%, 10/05/23 | 14,797,312 | |||||||||||
| $15,000,000 | United States Treasury Bill, 5.18%, 11/09/23 | 14,720,554 | |||||||||||
| TOTAL UNITED STATES TREASURY BILLS (Cost $55,341,629) | 55,340,303 | ||||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $58,486,973) | 58,485,647 | ||||||||||||
NOMURA ALTERNATIVE INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023
| Value | |||||||||||||
| TOTAL INVESTMENTS - 99.8% (Cost $101,126,301) | $100,949,780 | ||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES- 0.2%(h) | $240,108 | ||||||||||||
| NET ASSETS - 100.0% | $ 101,189,888 | ||||||||||||
| OPEN FUTURES CONTRACTS | |||||||||||||
| Number of Contracts | Open Short Futures Contracts | Expiration | Notional Amount | Value and Unrealized Appreciation | |||||||||
| 10 | CBOT 5 Year US Treasury Note Future | 9/30/23 | $ 1,070,938 | $ 14,531 | |||||||||
| CBOT | - Chicago Board of Trade |
| LP | - Limited Partnership |
| REMIC | - Real Estate Mortgage Investment Conduit |
| (a) | Restricted security. Please refer to Restricted Securities Table in the Notes to the Consolidated Schedule of Investments. |
| (b) | Investment is valued using net assets value per share (or its equivalent) as a practical expedient. |
| (c) | Level 3 securities fair valued using significant unobservable inputs. |
| (d) | Non-controlling affiliated investment for which ownership is 5% or more of the investment's capital. |
| (e) | The Fund’s interest in this investment is held through a wholly-owned subsidiary of the fund, NAIF Splitter LLC. |
| (f) | Variable rate security. |
| (g) | Rate disclosed is the seven day effective yield as of June 30, 2023. |
| (h) | Includes cash held as collateral for futures contracts. |
NOMURA ALTERNATIVE INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023
Restricted Securities – Restricted securities are securities that may be resold only upon registration under federal securities laws or in transactions exempt from such registration. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer’s expense either upon demand by the Fund or in connection with another registered offering of the securities. Many restricted securities may be resold in the secondary market in transactions exempt from registration. Such restricted securities may be determined to be liquid under criteria established by the Board. The restricted securities may be valued at the price provided by dealers in the secondary market or, if no market prices are available, the fair value as determined in good faith using methods approved by the Board. The Portfolio Funds generally are restricted securities that are subject to substantial holding periods and are not traded in public markets, so that the Fund may not be able to resell some of its investments for extended periods, which may be several years.
Additional information on each restricted investment held by the Fund at June 30, 2023 is as follows:
| Security | Acquisition Date | Cost | Value | % of Net Assets |
| ACORE Credit Partners II, LP | 3/21/2023 | $ 2,796,724 | $ 2,750,719 | 2.7% |
| Atalaya A4 Evergreen (Cayman) LP | 4/4/2023 | 3,589,122 | 3,589,122 | 3.6% |
| Maranon Senior Credit Strategies Fund XIV, L.P. | 6/1/2023 | 15,050,000 | 15,050,000 | 14.9% |
| Medalist Partners Asset Based Private Credit Fund III LP Onshore Feeder L.P. - Class B | 3/24/2023 | 10,226,172 | 10,134,709 | 10.0% |
| $ 31,662,018 | $ 31,524,550 |
