| NOMURA ALTERNATIVE INCOME FUND | ||||||||||||||
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | ||||||||||||||
| December 31, 2024 | ||||||||||||||
| Shares/Principal Amount ($) | Fair Value | |||||||||||||
| PRIVATE INVESTMENT FUNDS — 60.9%(a) | ||||||||||||||
| – | ACORE Credit Partners II, LP(b) | $ 6,409,314 | ||||||||||||
| – | AG Asset Based Credit Fund, L.P.(b) | 18,808,583 | ||||||||||||
| – | Alcova Capital Yield Premium Fund, L.P.(b) | 6,009,610 | ||||||||||||
| – | Bastion Funding V L.P.(d) | 3,000,000 | ||||||||||||
| – | Blue Owl A4 Evergreen (Cayman) LP(b) | 11,360,870 | ||||||||||||
| – | Crestline Opportunity Fund V Offshore TE/SWF, L.P.(b) | 2,631,996 | ||||||||||||
| – | Maranon Senior Credit Strategies Fund XIV, L.P.(b) | 19,838,573 | ||||||||||||
| – | Medalist Partners Asset Based Private Credit Fund III LP Onshore Feeder, L.P., Class B(b)(c) | 19,048,998 | ||||||||||||
| – | Sound Point Discovery Fund LLC(b) | 1,506,463 | ||||||||||||
| – | SP Technology Payments II, LLC(b) | 1,516,013 | ||||||||||||
| TOTAL PRIVATE INVESTMENT FUNDS (Cost $89,051,155) | 90,130,420 |
| ||||||||||||
| Spread | ||||||||||||||
| LOANS — 21.3%(a)(d) | ||||||||||||||
| $ 500,000 | 2 Hopmeadow Street Realty Company, LLC, 10/06/25(e) | SOFR + 6.19% | 500,000 | |||||||||||
| $ 1,000,000 | 28 Pearl Street Development LLC, 12/05/25(e) | SOFR + 6.22603%, floor of 4.27397% | 1,000,000 | |||||||||||
| $ 600,000 | 40 Connecticut Ave Associates LLC, 10/16/26(e) | SOFR + 6.66% | 600,000 | |||||||||||
| $ 700,000 | 61 West Street Associates LLC, 12/16/25(e) | SOFR + 6.50% | 700,000 | |||||||||||
| $ 750,000 | Beezle Azul LLC, 07/10/25(e) | SOFR + 6.20%, floor of 4.30% | 750,000 | |||||||||||
| $ 540,000 | Bojadzic Construction LLC, 10/07/25(e) | SOFR + 6.50%, floor of 4.25% | 540,000 | |||||||||||
| $ 1,250,000 | Bristol Industrial Senior Loan, 03/31/25 | 15.00% | 1,211,750 | |||||||||||
| $ 1,500,000 | Cashco Financial, Inc., 04/16/27(e) | SOFR + 10.25% | 1,511,250 | |||||||||||
| $ 1,500,000 | CH SPV A Holding LLC, 02/14/27(e) | SOFR + 11.25% | 1,511,250 | |||||||||||
| $ 750,000 | Cliffhanger 2 Productions, LLC, 01/31/25(f) | 10.00% | 857,432 | |||||||||||
| $ 750,000 | CR Steak LV LLC, 08/04/26 | 12.00% | 740,382 | |||||||||||
| $ 625,000 | Dorset Crossing, LLC, 08/04/25(e) | SOFR + 5.86% | 625,000 | |||||||||||
| $ 1,065,073 | Future Family Loan Portfolio, Class A, 05/16/30 | 12.00% | 1,083,286 | |||||||||||
| $ 46,094 | Future Family Loan Portfolio, Class B, 05/16/30 | 15.00% | 46,637 | |||||||||||
| $ 380,963 | IHC California LLC & Iron Horse Credit LLC, 06/30/28(e) | SOFR + 9.50% | 380,963 | |||||||||||
| $ 1,500,000 | Nexgen Financial, 03/28/28(e) | SOFR + 12.25% | 1,511,250 | |||||||||||
| $ 1,500,000 | OnRamp Funding, 02/28/27(e) | SOFR + 12.50% | 1,511,250 | |||||||||||
| $ 1,500,000 | Opus Trust I/II, 02/23/26(e) | SOFR + 10.50% | 1,511,250 | |||||||||||
| $ 1,250,000 | OTG Productions LLC, 09/30/25(e)(g) | SOFR + 12.00% | 1,250,000 | |||||||||||
| $ 3,000,000 | PFF, LLC, Promissory Note, 12/20/27(a)(d) | 12.00% | 3,000,000 | |||||||||||
| $ 700,000 | P-R Port Royal, LLC, 01/31/25 | 11.50% | 700,000 | |||||||||||
| NOMURA ALTERNATIVE INCOME FUND | ||||||||||
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued) | ||||||||||
| December 31, 2024 | ||||||||||
| Shares/Principal Amount ($) | Spread | Fair Value | ||||||||
| LOANS — 21.3% (Continued)(a)(d) | ||||||||||
| $ 500,000 | R&R Clinton Ventures III, 10/06/25(e) | SOFR + 6.20% | $ 500,000 | |||||||
| $ 589,601 | Raistone Purchasing LLC - Series XXXI, Perpetual Maturity(e)(h) | SOFR + 6.00% | 586,132 | |||||||
| $ 750,000 | Riddick 4 Production LLC, 01/31/25(f) | 10.00% | 857,432 | |||||||
| $ 1,400,000 | Royersford Industrial Senior Loan, 03/31/25 | 14.00% | 1,410,360 | |||||||
| $ 1,500,000 | Sezzle, Inc., 04/19/27(e) | SOFR + 10.19% | 1,511,250 | |||||||
| $ 700,000 | Silver Birch Realty LLC, 07/30/25(e) | SOFR + 6.20%, floor of 4.30% | 700,000 | |||||||
| $ 1,500,000 | Sound View Tower LLC, 02/18/25 | 11.50% | 1,500,000 | |||||||
| $ 250,000 | Tampa Industrial Senior Loan, 02/28/25 | 12.00% | 248,575 | |||||||
| $ 742,500 | Ultra Padel Club, 11/27/27 | 13.00% | 728,097 | |||||||
| $ 1,500,000 | Vernance Originations, LLC, 07/06/27(e) | SOFR + 11.00% | 1,511,250 | |||||||
| $ 744,296 | Yacht Management Services, 07/21/25(i) | 12.00% | 498,678 | |||||||
| TOTAL LOANS (Cost $31,848,718) | 31,593,474 | |||||||||
| U.S. GOVERNMENT & AGENCIES — 3.3% | ||||||||||
| AGENCY HYBRID ARMS — 1.4% | ||||||||||
| $ 2,049,527 | Fannie Mae REMICS Series 23-17 JA, 5.50%, 06/25/50 | 2,090,895 | ||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS — 0.3% | ||||||||||
| $ 5,013,927 | Government National Mortgage Association Series 2021-49 IP, 2.50%, 01/20/51 | 487,767 | ||||||||
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION — 1.6% | ||||||||||
| $ 2,292,136 | Ginnie Mae II Pool 786445, 08/20/49(e) | H15T1Y + 1.51% | 2,301,958 | |||||||
| TOTAL U.S. GOVERNMENT & AGENCIES (Cost $4,819,656) | 4,880,620 | |||||||||
| COLLATERALIZED LOAN OBLIGATIONS DEBT — 3.6%(j) | ||||||||||
| $ 400,000 | Allegro Clo VIII-S Ltd. Series 3A E1, 10/20/37(e) | TSFR3M + 6.60% | 409,125 | |||||||
| $ 600,000 | Allegro Clo VIII-S Ltd. Series 3A E2, 10/20/37(e) | TSFR3M + 8.00% | 602,722 | |||||||
| $ 750,000 | Babson CLO Ltd. Series 4A ER, 10/20/37(e) | TSFR3M + 6.75% | 770,970 | |||||||
| $ 1,500,000 | Maranon Loan Funding Ltd. Series 2A D, 01/15/36(e) | TSFR3M + 6.75% | 1,539,493 | |||||||
| $ 500,000 | Maranon Loan Funding Ltd. Series 2A E, 01/15/36(e) | TSFR3M + 10.00% | 509,095 | |||||||
| $ 1,000,000 | OHA Credit Partners XVII Ltd. Series 17A E, 01/18/38(e) | TSFR3M + 5.00% | 1,013,882 | |||||||
| $ 500,000 | Vibrant CLO XIII Ltd. Series 13A ER, 01/15/38(e) | TSFR3M + 7.59% | 505,048 | |||||||
| TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $5,226,190) | 5,350,335 | |||||||||
| NOMURA ALTERNATIVE INCOME FUND | |||||||||||
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued) | |||||||||||
| December 31, 2024 | |||||||||||
| Shares | Fair Value | ||||||||||
| SHORT-TERM INVESTMENT — 9.1% | |||||||||||
| MONEY MARKET FUND - 9.1% | |||||||||||
| 13,483,984 | First American Treasury Obligations Fund, Class X, 4.40% (Cost $13,483,984)(k) | 13,483,984 | |||||||||
| TOTAL INVESTMENTS - 98.2% (Cost $144,429,703) | $ 145,438,833 | ||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES - 1.8%(l) | 2,701,975 | ||||||||||
| NET ASSETS - 100.0% | $ 148,140,808 | ||||||||||
| H15T1Y | - 1 Year Treasury Rate | |
| LLC | - Limited Liability Company | |
| L.P. | - Limited Partnership | |
| Ltd. | - Limited Company | |
| REMIC | - Real Estate Mortgage Investment Conduit | |
| SOFR | - Secured Overnight Financing Rate | |
| TSFR3M | - 3 Month Term Secured Overnight Financing Rate | |
Reference Rates: 1 Year Treasury Rate as of December 31, 2024 was 4.16%. 3 Month Term Secured Overnight Financing Rate as of December 31, 2024 was 4.69%. Secured Overnight Financing Rate as of December 31, 2024 was 4.49%.
| ||
| (a) | Restricted Security. Please refer to the Restricted Securities Table below. |
| (b) | Investment is valued using the Fund’s pro rata net asset value (or its equivalent) as a practical expedient. |
| (c) | The Fund’s interest in this investment is held through a wholly-owned subsidiary of the Fund, NAIF Splitter LLC. |
| (d) | Level 3 securities fair valued using significant unobservable inputs. |
| (e) | Variable rate investment. Interest rate shown reflects the rate in effect at December 31, 2024 is based on the reference rate plus the displayed spread as of the security's last reset date. Interest rates reset periodically. |
| (f) | The interest rate and maturity date presented are adjusted periodically based on the terms set forth in the investment’s offering documents. Rate and maturity date shown are effective at period end. |
| (g) | The interest rate presented is adjusted periodically based on the terms of the loan agreement. Rate shown is effective at period end. |
| (h) | Income is being accreted over a period of 90 days from initial purchase of each set of receivables to contractual cost. |
| (i) | Contractual rate presented but as of December 31, 2024 the Fund has ceased income accrual as the security is in default. |
| (j) | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2024, the total market value of 144A securities is $5,350,335 or 3.6% of net assets. |
| (k) | Rate disclosed is the seven day effective yield as of December 31, 2024. |
| (l) | Includes cash held as collateral for futures contracts. |
| NOMURA ALTERNATIVE INCOME FUND |
| CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued) |
| December 31, 2024 |
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 private investment funds and loans 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 December 31, 2024 is as follows:
| Security | Acquisition Date | Cost | Value | % of Net Assets | ||||
| 2 Hopmeadow Street Realty Company, LLC | 7/29/2024 | $ 500,000 | $ 500,000 | 0.3% | ||||
| 28 Pearl Street Development LLC | 12/17/2024 | 1,000,000 | 1,000,000 | 0.7% | ||||
| 40 Connecticut Ave Associates LLC | 10/15/2024 | 600,000 | 600,000 | 0.4% | ||||
| 61 West Street Associates LLC | 7/29/2024 | 700,000 | 700,000 | 0.5% | ||||
| ACORE Credit Partners II, LP | 3/21/2023 | 6,488,343 | 6,409,314 | 4.3% | ||||
| AG Asset Based Credit Fund LP | 9/13/2023 | 17,651,603 | 18,808,583 | 12.7% | ||||
| Alcova Capital Yield Premium Fund, LP | 3/18/2024 | 6,000,000 | 6,009,610 | 4.1% | ||||
| Bastion Fund V L.P. | 10/15/2024 | 3,000,000 | 3,000,000 | 2.0% | ||||
| Beezle Azul LLC | 12/19/2024 | 750,000 | 750,000 | 0.5% | ||||
| Blue Owl A4 Evergreen (Cayman) LP | 4/4/2023 | 10,987,747 | 11,360,870 | 7.7% | ||||
| Bojadzic Construction LLC | 12/19/2024 | 540,000 | 540,000 | 0.4% | ||||
| Bristol Industrial Senior Loan | 3/13/2024 | 1,249,470 | 1,211,750 | 0.8% | ||||
| Cashco Financial, Inc. | 9/20/2024 | 1,510,611 | 1,511,250 | 1.0% | ||||
| CH SPV A Holding LLC | 9/20/2024 | 1,510,562 | 1,511,250 | 1.0% | ||||
| Cliffhanger 2 Productions, LLC | 7/29/2024 | 857,432 | 857,432 | 0.6% | ||||
| CR Steak LV LLC | 1/10/2024 | 743,679 | 740,382 | 0.5% | ||||
| Crestline Opportunity Fund V Offshore TE/SWF, LP | 9/21/2023 | 2,339,008 | 2,631,996 | 1.8% | ||||
| Dorset Crossing, LLC | 7/29/2024 | 625,000 | 625,000 | 0.4% | ||||
| Future Family Loan Portfolio, Class A | 5/16/2024 | 1,065,074 | 1,083,286 | 0.7% | ||||
| Future Family Loan Portfolio, Class B | 5/16/2024 | 46,094 | 46,637 | 0.0% | ||||
| IHC California LLC & Iron Horse Credit LLC | 8/9/2024 | 380,963 | 380,963 | 0.3% | ||||
| Maranon Senior Credit Strategies Fund XIV, LP | 6/1/2023 | 20,099,346 | 19,838,573 | 13.4% | ||||
| Medalist Partners Asset Based Private Credit Fund III LP Onshore Feeder, LP – Class B | 3/24/2023 | 19,485,108 | 19,048,998 | 12.9% | ||||
| Nexgen Financial | 9/20/2024 | 1,510,836 | 1,511,250 | 1.0% | ||||
| OnRamp Funding | 11/27/2024 | 1,511,046 | 1,511,250 | 1.0% | ||||
| Opus Trust I/II | 9/20/2024 | 1,509,954 | 1,511,250 | 1.0% | ||||
| OTG Productions LLC | 9/13/2024 | 1,250,000 | 1,250,000 | 0.8% | ||||
| PFF, LLC Promissory Note | 12/19/2024 | 3,000,000 | 3,000,000 | 2.0% | ||||
| P-R Port Royal, LLC | 7/29/2024 | 700,000 | 700,000 | 0.5% | ||||
| R&R Clinton Ventures III | 7/29/2024 | 500,000 | 500,000 | 0.3% | ||||
| Raistone Purchasing LLC | 8/6/2024 | 586,132 | 586,132 | 0.4% | ||||
| Riddick 4 Production LLC | 9/4/2024 | 857,432 | 857,432 | 0.6% | ||||
| Royersford Industrial Senior Loan | 3/13/2024 | 1,398,943 | 1,410,360 | 1.0% | ||||
| Sezzle, Inc. | 9/20/2024 | 1,510,613 | 1,511,250 | 1.0% | ||||
| Silver Birch Realty LLC | 12/19/2024 | 700,000 | 700,000 | 0.5% | ||||
| Sound View Tower LLC | 7/29/2024 | 1,500,000 | 1,500,000 | 1.0% | ||||
| Sound Point Discovery Fund LLC | 4/3/2024 | 1,500,000 | 1,506,463 | 1.0% | ||||
| SP Technology Payments II, LLC | 4/4/2024 | 1,500,000 | 1,516,013 | 1.0% | ||||
| Tampa Industrial Senior Loan | 3/13/2024 | 249,716 | 248,575 | 0.2% | ||||
| Ultra Padel Club | 1/10/2024 | 731,038 | 728,097 | 0.5% | ||||
| Vernance Originations, LLC | 11/27/2024 | 1,511,075 | 1,511,250 | 1.0% | ||||
| Yacht Management Services | 1/10/2024 | 743,048 | 498,678 | 0.4% | ||||
| $ 120,899,873 | $ 121,723,894 | 82.2% |
