PartnerSelect Equity Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2020 (Unaudited)

Shares			Value
	COMMON STOCKS: 95.4%
	Communication Services: 12.4%
	4,621	Alphabet, Inc. - Class A*	$	6,772,538
	3,351	Alphabet, Inc. - Class C*		4,924,630
	2,800	Charter Communications, Inc. - Class A*		1,748,152
	72,400	Discovery, Inc. - Class C*		1,419,040
	6,568	Facebook, Inc. - Class A*		1,720,159
	10,448	Netflix, Inc.*		5,224,313
	23,123	Sea Ltd. - ADR*		3,561,867
	264,000	Sirius XM Holdings, Inc.		1,415,040
	24,725	Tencent Holdings Ltd.		1,631,850
				28,417,589
	Consumer Discretionary: 19.9%
	22,184	Alibaba Group Holding Ltd. - ADR*		6,521,652
	3,103	Amazon.com, Inc.*		9,770,509
	3,075	Booking Holdings, Inc.*		5,260,341
	11,000	Dollar General Corp.		2,305,820
	108,600	General Motors Co.		3,213,474
	37,165	Hilton Worldwide Holdings, Inc.		3,170,918
	37,300	Lear Corp.		4,067,565
	51,200	Naspers Ltd. - Class N, ADR		1,818,112
	47,364	Nordstrom, Inc.		564,579
	51,200	Prosus N.V. - ADR*		948,736
	78,800	Revolve Group, Inc.*		1,294,684
	28,355	Thor Industries, Inc.		2,701,097
	43,500	TJX Cos., Inc. (The)		2,420,775
	32,400	YETI Holdings, Inc.*		1,468,368
				45,526,630
	Consumer Staples: 3.9%
	38,276	Beiersdorf AG - ADR		873,458
	23,960	Cal-Maine Foods, Inc.*		919,345
	10,400	Constellation Brands, Inc. - Class A		1,970,904
	12,935	Diageo Plc - ADR		1,780,632
	10,903	Monster Beverage Corp.*		874,421
	60,300	Nomad Foods Ltd.*		1,536,444
	8,520	Sanderson Farms, Inc.		1,005,105
				8,960,309
	Energy: 1.6%
	28,900	Concho Resources, Inc.		1,275,068
	31,000	EOG Resources, Inc.		1,114,140
	137,000	Parsley Energy, Inc. - Class A		1,282,320
				3,671,528
	Financials: 22.0%
	101,200	Ally Financial, Inc.		2,537,084
	43,500	American International Group, Inc.		1,197,555
	52,400	Arch Capital Group Ltd.*		1,532,700
	44,000	Bank of America Corp.		1,059,960
	49,475	Bank of New York Mellon Corp. (The)		1,698,971
	19	Berkshire Hathaway, Inc. - Class A*		6,080,019
	24,350	Berkshire Hathaway, Inc. - Class B*		5,185,089
	117,020	Capital One Financial Corp.		8,409,057

Shares			Value
	Financials (continued)
	89,696	Charles Schwab Corp. (The)	$	3,249,686
	32,854	Chubb Ltd.		3,815,006
	42,300	Citigroup, Inc.		1,823,553
	15,030	JPMorgan Chase & Co.		1,446,938
	13,203	MetLife, Inc.		490,756
	11,367	Northern Trust Corp.		886,285
	32,367	Pinnacle Financial Partners, Inc.		1,151,942
	26,000	Reinsurance Group of America, Inc.		2,474,940
	18,959	Travelers Cos., Inc. (The)		2,051,174
	48,640	US Bancorp		1,743,744
	157,280	Wells Fargo & Co.		3,697,653
				50,532,112
	Health Care: 10.6%
	24,600	AdaptHealth Corp.*		536,526
	14,883	Alexion Pharmaceuticals, Inc.*		1,703,062
	38,393	DENTSPLY SIRONA, Inc.		1,678,926
	2,169	DexCom, Inc.*		894,127
	17,477	Edwards Lifesciences Corp.*		1,395,014
	2,282	ICU Medical, Inc.*		417,058
	4,023	Illumina, Inc.*		1,243,429
	57,849	Koninklijke Philips N.V.*		2,726,334
	90,945	LivaNova Plc*		4,111,623
	24,285	Merit Medical Systems, Inc.*		1,056,398
	75,150	Mylan N.V.*		1,114,474
	26,900	Quest Diagnostics, Inc.		3,079,781
	30,589	Smith & Nephew Plc - ADR		1,196,030
	10,000	UnitedHealth Group, Inc.		3,117,700
				24,270,482
	Industrials: 8.9%
	6,811	3M Co.		1,090,986
	30,314	Allison Transmission Holdings, Inc.		1,065,234
	18,675	Carlisle Cos., Inc.		2,285,260
	26,480	Carrier Global Corp.		808,699
	22,500	Eaton Corp. Plc		2,295,675
	33,500	Ferguson Plc		3,380,272
	431,000	General Electric Co.		2,685,130
	13,300	Honeywell International, Inc.		2,189,313
	110,100	Howmet Aerospace, Inc.		1,840,872
	13,240	Otis Worldwide Corp.		826,441
	26,480	Raytheon Technologies Corp.		1,523,659
	12,200	Southwest Airlines Co.		457,500
				20,449,041
	Information Technology: 14.0%
	7,811	Amphenol Corp. - Class A		845,697
	10,620	Atlassian Corp. Plc - Class A*		1,930,610
	36,232	Genpact Ltd.		1,411,236
	4,993	Intuit, Inc.		1,628,767
	68,082	NCR Corp.*		1,507,335
	6,230	Palo Alto Networks, Inc.*		1,524,793
	9,035	ServiceNow, Inc.*		4,381,975
	14,590	Square, Inc. - Class A*		2,371,604
	64,660	TE Connectivity Ltd.		6,319,868
	40,012	Visa, Inc. - Class A		8,001,200
	20,000	Zendesk, Inc.*		2,058,400
				31,981,485

PartnerSelect Equity Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2020 (Unaudited)(Continued)

Shares			Value
	COMMON STOCKS (CONTINUED)
	Materials: 1.1%
	31,159	Agnico Eagle Mines Ltd.	$	2,480,568
	Real Estate: 1.0%
	49,400	CBRE Group, Inc. - Class A*		2,320,318
	TOTAL COMMON STOCKS (Cost $155,138,221)			218,610,062
	PREFERRED STOCK: 1.6%
	Information Technology: 1.6%
	85,000	Samsung Electronics Co. Ltd. - (Preference Shares)		3,670,372
	TOTAL PREFERRED STOCK (Cost $2,778,154)			3,670,372
Principal Amount
	SHORT-TERM INVESTMENTS: 2.8%
	REPURCHASE AGREEMENTS: 2.8%
	$6,442,496	Fixed Income Clearing Corp. 0.000%, 9/30/2020, due 10/01/2020 [collateral: par value $4,644,200, U.S. Treasury Bonds, 3.125%, due 05/15/2048 value $6,572,120] (proceeds $6,442,496)		6,442,496
	TOTAL SHORT-TERM INVESTMENTS (Cost $6,442,496)			6,442,496
	TOTAL INVESTMENTS (Cost: $164,358,871): 99.8%			228,722,930
	Other Assets in Excess of Liabilities: 0.2%			446,454
	NET ASSETS: 100.0%		$	229,169,384

Percentages are stated as a percent of net assets.

ADR	American Depositary Receipt
*	Non-Income Producing Security.

The cost basis of investments for federal income tax purposes at September 30, 2020 was as follows*:

Cost of investments	$	164,358,871
Gross unrealized appreciation		76,373,380
Gross unrealized depreciation		(12,009,321	)
Net unrealized appreciation	$	64,364,059

* Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.

PartnerSelect International Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2020 (Unaudited)

Shares			Value
	COMMON STOCKS: 96.2%
	Australia: 1.3%
	2,387,917	Incitec Pivot Ltd.	$	3,484,298
	Austria: 1.5%
	199,748	S&T AG*		4,193,649
	Belgium: 2.3%
	250,942	Fagron		6,326,663
	Bermuda: 2.9%
	554,649	Frontline Ltd.		3,605,219
	219,926	Jardine Strategic Holdings Ltd.		4,357,065
				7,962,284
	Canada: 1.1%
	212,617	CAE, Inc.		3,108,510
	Cayman Islands: 2.7%
	237,321	Trip.com Group Ltd. - ADR*		7,390,176
	Denmark: 1.2%
	24,103	Carlsberg A/S - Class B		3,245,446
	Finland: 2.3%
	161,242	Sampo Oyj - Class A		6,378,486
	France: 17.3%
	180,700	BNP Paribas S.A.*		6,545,482
	1,661,966	Bollore S.A.		6,202,880
	185,021	Constellium SE*		1,452,415
	449,429	Elis S.A.*		5,665,402
	320,122	Engie S.A.*		4,278,217
	51,486	Safran S.A.*		5,065,984
	44,581	Vinci S.A.		3,718,221
	531,238	Vivendi S.A.		14,805,497
				47,734,098
	Germany: 3.3%
	17,380	Allianz SE		3,333,522
	80,250	Daimler AG		4,326,746
	58,479	LPKF Laser & Electronics AG		1,552,516
				9,212,784
	Ireland: 2.2%
	74,925	Ryanair Holdings Plc - ADR*		6,125,868
	Israel: 1.5%
	1,532,129	Israel Discount Bank Ltd. - Class A		4,132,355
	Japan: 14.0%
	258,000	Asahi Group Holdings Ltd.		8,974,106
	38,700	Cocokara fine, Inc.		2,499,149
	133,100	Matsumotokiyoshi Holdings Co. Ltd.		4,849,257
	417,548	Nexon Co. Ltd.		10,355,985
	17,900	Nintendo Co. Ltd.		10,162,308
	29,300	Toyota Motor Corp.		1,935,320
				38,776,125
	Mexico: 2.0%
	919,346	Grupo Televisa SAB - ADR*		5,681,558
	Netherlands: 6.4%
	680,841	CNH Industrial N.V.*		5,290,771
	163,073	EXOR N.V.		8,873,245

Shares			Value
	Netherlands (continued)
	270,290	OCI N.V.*	$	3,469,833
				17,633,849
	Norway: 0.8%
	183,874	Atlantic Sapphire A/S*		2,160,088
	South Africa: 1.2%
	18,855	Naspers Ltd. - Class N		3,336,037
	South Korea: 0.3%
	3,145	NAVER Corp.		796,286
	Spain: 3.7%
	32,600	Amadeus IT Group S.A.		1,809,014
	1,023,255	Codere S.A.*(a)		1,511,512
	255,512	Siemens Gamesa Renewable Energy S.A.		6,886,403
				10,206,929
	Sweden: 7.9%
	754,209	Modern Times Group MTG AB - Class B		10,539,348
	191,224	Nordic Entertainment Group AB - Class B*		8,095,618
	770,639	Telia Co. AB		3,166,557
				21,801,523
	Switzerland: 6.1%
	26,410	Cie Financiere Richemont S.A.		1,772,716
	536,633	Credit Suisse Group AG		5,382,427
	2,988,300	Glencore Plc*		6,197,132
	81,658	Julius Baer Group Ltd.		3,488,569
				16,840,844
	United Kingdom: 13.4%
	46,100	Ashtead Group Plc		1,653,384
	108,587	Coca-Cola European Partners Plc		4,270,138
	225,948	Compass Group Plc		3,395,158
	168,785	easyJet Plc		1,096,871
	443,232	Gamesys Group Plc		6,804,788
	1,606,857	Informa Plc*		7,798,729
	22,012,250	Lloyds Banking Group Plc*		7,477,473
	314,285	Prudential Plc		4,491,487
				36,988,028
	United States: 0.8%
	333,287	Genco Shipping & Trading Ltd.		2,299,680
	TOTAL COMMON STOCKS (Cost $259,392,369)			265,815,564

PartnerSelect International Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2020 (Unaudited)(Continued)

Principal Amount			Value
	SHORT-TERM INVESTMENTS: 2.9%
	REPURCHASE AGREEMENTS: 2.9%
	$7,990,174	Fixed Income Clearing Corp. 0.000%, 09/30/2020, due 10/01/2020 [collateral: par value $5,759,800, U.S. Treasury Bond, 3.125%, due 05/15/2048 value $8,150,832] (proceeds $7,990,174)	$	7,990,174
	TOTAL SHORT-TERM INVESTMENTS (Cost $7,990,174)			7,990,174
	TOTAL INVESTMENTS (Cost: $267,382,543): 99.1%			273,805,738
	Other Assets in Excess of Liabilities: 0.9%			2,498,696
	NET ASSETS: 100.0%		$	276,304,434

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

* Non-Income Producing Security.

(a) Security is valued using significant unobservable inputs in good faith in accordance with procedures approved by the Board of Trustees.

CURRENCY ABBREVIATIONS:

CHF Swiss Franc

USD U.S. Dollar

The cost basis of investments for federal income tax purposes at September 30, 2020 was as follows*:

Cost of investments	$	267,382,543
Gross unrealized appreciation		39,239,918
Gross unrealized depreciation		(32,844,150	)
Net unrealized appreciation	$	6,395,768

* Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.

PartnerSelect International Fund

SCHEDULE OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS at September 30, 2020 (Unaudited)

At September 30, 2020, the Fund had the following forward foreign currency exchange contracts:

Asset Derivatives

Liability Derivatives

Counterparty

Settlement Date

Fund Receiving

U.S. $ Value at September 30, 2020

Fund Delivering

U.S. $ Value at September 30, 2020

Unrealized Appreciation

Unrealized Depreciation

State Street Bank and Trust Company

12/16/2020

USD

$

903,838

CHF

$

931,265

$

—

$

(27,427

)

PartnerSelect SBH Focused Small Value Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2020 (Unaudited)

Shares			Value
	COMMON STOCKS: 91.9%
	Consumer Discretionary: 4.1%
	5,508	Core-Mark Holding Co., Inc.	$	159,346
	8,668	Tapestry, Inc.		135,481
	10,659	Under Armour, Inc. - Class A*		119,701
				414,528
	Consumer Staples: 6.7%
	11,872	Hain Celestial Group, Inc. (The)*		407,210
	6,863	TreeHouse Foods, Inc.*		278,157
				685,367
	Financials: 14.0%
	7,361	Glacier Bancorp, Inc.		235,920
	5,955	Lakeland Financial Corp.		245,346
	8,776	National Bank Holdings Corp. - Class A		230,370
	17,149	Seacoast Banking Corp. of Florida*		309,196
	15,691	Umpqua Holdings Corp.		166,638
	7,749	United Community Banks, Inc.		131,191
	5,255	WesBanco, Inc.		112,247
				1,430,908
	Health Care: 8.5%
	4,548	Magellan Health, Inc.*		344,648
	12,043	MEDNAX, Inc.*		196,060
	10,510	Orthofix Medical, Inc.*		327,281
				867,989
	Industrials: 26.0%
	4,473	AZZ, Inc.		152,619
	6,081	CIRCOR International, Inc.*		166,315
	6,007	Columbus McKinnon Corp.		198,832
	6,066	EnerSys		407,150
	15,162	Quanex Building Products Corp.		279,587
	4,585	Regal Beloit Corp.		430,394
	19,643	REV Group, Inc.		154,983
	12,251	SPX Corp.*		568,201
	20,923	Sterling Construction Co., Inc.*		296,270
				2,654,351
	Information Technology: 15.8%
	7,860	Belden, Inc.		244,603
	4,734	CommVault Systems, Inc.*		193,147
	7,361	FARO Technologies, Inc.*		448,874
	20,037	NCR Corp.*		443,619
	7,600	Progress Software Corp.		278,768
				1,609,011
	Materials: 13.7%
	8,396	Compass Minerals International, Inc.		498,303
	26,230	Ferro Corp.*		325,252
	25,828	Glatfelter Corp.		355,652
	4,645	Schnitzer Steel Industries, Inc. - Class A		89,323

Shares			Value
	Materials (continued)
	3,491	Silgan Holdings, Inc.	$	128,364
				1,396,894
	Real Estate: 3.1%
	12,014	Equity Commonwealth - REIT		319,933
	TOTAL COMMON STOCKS (Cost $9,522,683)			9,378,981
	TOTAL INVESTMENTS (Cost: $9,522,683): 91.9%			9,378,981
	Other Assets in Excess of Liabilities: 8.1%			827,743
	NET ASSETS: 100.0%		$	10,206,724

Percentages are stated as a percent of net assets.

REIT	Real Estate Investment Trust
*	Non-Income Producing Security.

The cost basis of investments for federal income tax purposes at September 30, 2020 was as follows*:

Cost of investments	$	9,522,683
Gross unrealized appreciation		242,545
Gross unrealized depreciation		(386,247	)
Net unrealized depreciation	$	(143,702	)

* Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.

PartnerSelect Smaller Companies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2020 (Unaudited)

Shares			Value
	COMMON STOCKS: 88.0%
	Communication Services: 4.8%
	23,900	EW Scripps Co. (The) - Class A	$	273,416
	20,000	Millicom International Cellular S.A.*		605,600
				879,016
	Consumer Discretionary: 6.6%
	35,000	American Eagle Outfitters, Inc.		518,350
	12,000	Cheesecake Factory, Inc. (The)		332,880
	6,425	Chewy, Inc. - Class A*		352,283
				1,203,513
	Consumer Staples: 4.4%
	15,723	Hain Celestial Group, Inc. (The)*		539,299
	6,496	TreeHouse Foods, Inc.*		263,283
				802,582
	Energy: 2.4%
	89,472	WPX Energy, Inc.*		438,413
	Financials: 6.6%
	13,172	AllianceBernstein Holding L.P.		356,171
	12,983	Bank of NT Butterfield & Son Ltd. (The)		289,261
	11,000	StoneX Group, Inc.*		562,760
				1,208,192
	Health Care: 10.4%
	27,212	Change Healthcare, Inc.*		394,846
	6,000	Integer Holdings Corp.*		354,060
	6,082	Magellan Health, Inc.*		460,894
	11,479	MEDNAX, Inc.*		186,878
	16,396	Orthofix Medical, Inc.*		510,572
				1,907,250
	Industrials: 19.8%
	5,350	ASGN, Inc.*		340,046
	13,500	Avis Budget Group, Inc.*		355,320
	4,312	Axon Enterprise, Inc.*		391,098
	1,800	Carlisle Cos., Inc.		220,266
	71,856	GP Strategies Corp.*		692,692
	22,600	Macquarie Infrastructure Corp.		607,714
	5,160	Regal Beloit Corp.		484,369
	11,916	SPX Corp.*		552,664
				3,644,169
	Information Technology: 20.6%
	6,440	Brooks Automation, Inc.		297,914
	1,180	CACI International, Inc. - Class A*		251,529
	18,133	Dropbox, Inc. - Class A*		349,242
	8,607	FARO Technologies, Inc.*		524,855
	5,400	FLIR Systems, Inc.		193,590
	3,750	Jabil, Inc.		128,475
	26,965	NCR Corp.*		597,005
	6,003	Progress Software Corp.		220,190
	30,000	ViaSat, Inc.*		1,031,700

Shares			Value
	Information Technology (continued)
	1,422	WEX, Inc.*	$	197,615
				3,792,115
	Materials: 10.0%
	20,097	Compass Minerals International, Inc.		1,192,757
	12,650	Norbord, Inc.		373,175
	27,200	PQ Group Holdings, Inc.*		279,072
				1,845,004
	Real Estate: 2.4%
	16,453	Equity Commonwealth - REIT		438,143
	TOTAL COMMON STOCKS (Cost $16,563,665)			16,158,397
Principal Amount
	SHORT-TERM INVESTMENTS: 10.9%
	REPURCHASE AGREEMENTS: 10.9%
	$1,995,393	Fixed Income Clearing Corp. 0.000%, 9/30/2020, due 10/01/2020 [collateral: par value $1,438,600, U.S. Treasury Bonds, 3.125%, due 05/15/2048 value $2,035,798] (proceeds $1,995,393)		1,995,393
	TOTAL SHORT-TERM INVESTMENTS (Cost $1,995,393)			1,995,393
	TOTAL INVESTMENTS (Cost: $18,559,058): 98.9%			18,153,790
	Other Assets in Excess of Liabilities: 1.1%			205,130
	NET ASSETS: 100.0%		$	18,358,920

Percentages are stated as a percent of net assets.

L.P.	Limited Partnership
REIT	Real Estate Investment Trust
*	Non-Income Producing Security.

The cost basis of investments for federal income tax purposes at September 30, 2020 was as follows*:

Cost of investments	$	18,559,058
Gross unrealized appreciation		2,186,874
Gross unrealized depreciation		(2,592,142	)
Net unrealized depreciation	$	(405,268	)

* Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2020 (Unaudited)

Shares			Value
	COMMON STOCKS: 30.1%
	Communication Services: 5.6%
	517,216	58.COM, Inc.*	$	14,482,048
	594	Activision Blizzard, Inc.		48,084
	4,866	Alphabet, Inc. - Class A*		7,131,610
	4,209	Alphabet, Inc. - Class C*(a)		6,185,546
	59,132	Altice Europe N.V.*		283,671
	71,186	AT&T, Inc.		2,029,513
	37,976	Baidu, Inc. - ADR*		4,807,382
	11,624	Charter Communications, Inc. - Class A*		7,257,328
	332,510	Cincinnati Bell, Inc.*(a)		4,987,650
	96,423	Cineplex, Inc.		521,773
	63,157	Clear Channel Outdoor Holdings, Inc.*		63,157
	205,790	Comcast Corp. - Class A(a)		9,519,845
	114,390	Escrow Altegrity, Inc.*(b)		2,576,635
	25,413	Facebook, Inc. - Class A*(a)		6,655,665
	253	Fox Corp. - Class A		7,041
	49,435	GCI Liberty, Inc. - Class A*(a)		4,051,693
	10,549	IAC / InterActiveCorp*		1,263,559
	26,858	iHeartMedia, Inc. - Class A*		218,087
	121,400	Nexon Co. Ltd.		3,014,164
	535	Nexstar Media Group, Inc. - Class A		48,113
	85,901	PLAY Communications S.A.(c)		858,143
	36,600	SoftBank Group Corp.		2,241,990
	22,236	Sunrise Communications Group AG(c)		2,637,062
	70,816	TEGNA, Inc.		832,088
	813	Verizon Communications, Inc.		48,365
				81,770,212
	Consumer Discretionary: 3.2%
	8,528	Alibaba Group Holding Ltd. - ADR*		2,507,062
	442	Best Buy Co., Inc.		49,190
	2,502	Booking Holdings, Inc.*		4,280,121
	579	BorgWarner, Inc.		22,431
	45,872	Callaway Golf Co.		877,990
	32,730	Cie Financiere Richemont S.A.		2,197,194
	509,342	Delphi Technologies Plc*		8,511,105
	147	Dollar General Corp.		30,814
	116	Domino’s Pizza, Inc.		49,333
	603	DR Horton, Inc.		45,605
	856	eBay, Inc.		44,598
	119,860	Grubhub, Inc.*(a)		8,669,474
	185	Home Depot, Inc. (The)		51,376
	194,290	Hudson Ltd. - Class A*		1,476,604
	312	Lowe’s Cos., Inc.		51,748
	387	LVMH Moet Hennessy Louis Vuitton SE		181,208
	21,923	Marriott International, Inc. - Class A		2,029,631
	2,987	McDonald’s Corp.		655,617
	27,196	Naspers Ltd. - Class N		4,821,091
	123,420	NetEnt AB		1,053,377
	1,773	NIKE, Inc. - Class B		222,582
	27,320	Porsche Automobil Holding SE - (Preference Shares)*		1,630,255
	30,130	Prosus N.V.*		2,779,911
	1,059	PulteGroup, Inc.		49,021
	1,835	Starbucks Corp.		157,663

Shares			Value
	Consumer Discretionary (continued)
	117	Target Corp.	$	18,418
	14,178	Tiffany & Co.		1,642,521
	95,000	Velodyne Lidar, Inc.*		1,775,550
	202,544	William Hill Plc		727,292
	394	Yum! Brands, Inc.		35,972
				46,644,754
	Consumer Staples: 0.2%
	1,115	Altria Group, Inc.		43,084
	11,560	Coca-Cola Co. (The)		570,717
	1,819	Costco Wholesale Corp.		645,745
	844	Estee Lauder Cos., Inc. (The) - Class A		184,203
	303	Kimberly-Clark Corp.		44,741
	1,364	Kroger Co. (The)		46,253
	600	Philip Morris International, Inc.		44,994
	4,597	Procter & Gamble Co. (The)		638,937
	4,374	Walmart, Inc.		611,966
	110,963	Whole Earth Brands, Inc.*		925,432
				3,756,072
	Energy: 1.7%
	18,829	Battalion Oil Corp.*		148,749
	131,897	ChampionX Corp.*(a)		1,053,857
	577	Chevron Corp.		41,544
	236,232	CNX Resources Corp.*		2,230,026
	220	Dommo Energia S.A. - ADR*(b)		447
	2,723	Enterprise Products Partners L.P.		42,996
	279,175	Kinder Morgan, Inc.		3,442,228
	1,578	McDermott International, Inc.*		0
	258,191	Montage Resources Corp.*(a)		1,133,458
	1,504,210	Noble Energy, Inc.		12,860,995
	35,178	Whiting Petroleum Corp.*		608,228
	2,363	Williams Cos., Inc. (The)		46,433
	578,882	WPX Energy, Inc.*		2,836,522
				24,445,483
	Financials: 6.0%
	305	Aflac, Inc.		11,087
	520	Allstate Corp. (The)		48,953
	120,460	Alpha Healthcare Acquisition Corp.*		1,194,963
	253,240	American International Group, Inc.(a)		6,971,697
	18,080	Aon Plc - Class A		3,729,904
	42,774	Artius Acquisition, Inc.*		444,422
	95,045	Bank of America Corp.		2,289,634
	42,820	CC Neuberger Principal Holdings II*		442,331
	64,010	CF Finance Acquisition Corp. - Class A*		665,704
	71,362	Churchill Capital Corp. IV*		715,047
	58,277	CIT Group, Inc.(a)		1,032,086
	105,692	Citigroup, Inc.(a)		4,556,382
	92,739	Conyers Park II Acquisition Corp. - Class A*		942,228
	366,078	E*TRADE Financial Corp.		18,322,204
	122,830	Fast Acquisition Corp.*		1,224,615
	60,800	Fast Sponsor Capital(b)		60,800
	106,066	Flying Eagle Acquisition Corp. - Class A*		1,289,763

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2020 (Unaudited)(Continued)

Shares			Value
	COMMON STOCKS (CONTINUED)
	Financials (continued)
	56,847	Foley Trasimene Acquisition Corp. - Class A*	$	588,935
	73,460	Groupe Bruxelles Lambert S.A.		6,629,578
	64,933	Hennessy Capital Acquisition Corp. IV - Class A*		723,354
	71,058	Hudson Executive Investment Corp. - Class A*		698,145
	198,940	Jefferies Financial Group, Inc.(a)		3,580,920
	99,369	LF Capital Acquisition Corp. - Class A*		1,047,349
	49,535	Live Oak Acquisition Corp. - Class A*		499,313
	16,500	LPL Financial Holdings, Inc.		1,265,055
	1,200	MetLife, Inc.		44,604
	349,541	National General Holdings Corp.		11,797,009
	71,789	Oaktree Acquisition Corp. II*		738,709
	35,682	Pivotal Investment Corp. II - Class A*		411,413
	525	Progressive Corp. (The)		49,702
	141	S&P Global, Inc.		50,845
	9,650	Signature Bank		800,853
	35,382	Sustainable Opportunities Acquisition Corp. - Class A*		360,896
	56,847	Trebia Acquisition Corp. - Class A*		578,702
	134,809	Trine Acquisition Corp. - Class A*		1,455,937
	1,323	Truist Financial Corp.		50,340
	161,743	Wells Fargo & Co.(a)		3,802,578
	39,543	Willis Towers Watson Plc(a)		8,257,369
				87,373,426
	Health Care: 3.2%
	517	AbbVie, Inc.		45,284
	143,793	Aimmune Therapeutics, Inc.*		4,953,669
	207	Amgen, Inc.		52,611
	174	Anthem, Inc.		46,735
	823	Bristol-Myers Squibb Co.		49,619
	74,097	Cellular Biomedicine Group, Inc.*		1,358,939
	274	Cigna Corp.		46,418
	9,763	CVS Health Corp.		570,159
	325	Eli Lilly & Co.		48,107
	748	Gilead Sciences, Inc.		47,266
	119	Humana, Inc.		49,253
	48,476	Immunomedics, Inc.*		4,121,914
	4,386	Johnson & Johnson		652,988
	609	Merck & Co., Inc.		50,517
	557,815	Metlifecare Ltd.*		2,192,863
	83,439	Momenta Pharmaceuticals, Inc.*		4,378,879
	122,430	Olympus Corp.		2,529,636
	107,275	Oxford Immunotec Global Plc*		1,255,117
	359,517	Pacific Biosciences of California, Inc.*(a)		3,548,433
	88,051	Paratek Pharmaceuticals, Inc.*(a)		476,356
	46,226	QIAGEN N.V.*		2,400,751
	326,095	Stemline Therapeutics, Inc.(b)		110,807

Shares			Value
	Health Care (continued)
	8,121	Teladoc Health, Inc.*	$	1,780,448
	150	UnitedHealth Group, Inc.		46,766
	51,995	Varian Medical Systems, Inc.*		8,943,140
	215,475	Wright Medical Group N.V.*		6,580,606
				46,337,281
	Industrials: 1.8%
	6,133	3M Co.		982,384
	53,715	AECOM*		2,247,436
	13,082	CoreLogic, Inc.(a)		885,259
	665	CSX Corp.		51,651
	2,405	Expeditors International of Washington, Inc.		217,701
	13,410	GEA Group AG		471,793
	176	Honeywell International, Inc.		28,971
	230,565	Howmet Aerospace, Inc.		3,855,047
	34,216	Jardine Strategic Holdings Ltd.		677,819
	46,010	LG Corp.		2,915,212
	127	Lockheed Martin Corp.		48,677
	734	Masco Corp.		40,465
	565,709	Mcdermott International Ltd.*(b)		1,357,702
	252,570	Meggitt Plc		840,047
	28,613	Rush Enterprises, Inc. - Class A(a)		1,446,101
	22,310	Samsung C&T Corp.		2,003,035
	17,500	Sound Holding FP Luxemburg*(b)		326,050
	263	Union Pacific Corp.		51,777
	308	United Parcel Service, Inc. - Class B		51,322
	100,600	Univar Solutions, Inc.*		1,698,128
	60,023	Vivint Solar, Inc.*		2,541,974
	56,140	Westinghouse Air Brake Technologies Corp.		3,473,943
				26,212,494
	Information Technology: 6.1%
	213,783	Acacia Communications, Inc.*(a)		14,408,974
	209	Accenture Plc - Class A		47,232
	60,290	Analog Devices, Inc.		7,038,255
	1,572	Apple, Inc.		182,053
	789	Applied Materials, Inc.		46,906
	21,107	Broadcom, Inc.		7,689,702
	1,166	Cisco Systems, Inc.		45,929
	154	Citrix Systems, Inc.		21,207
	30,330	Cloudera, Inc.*(a)		330,294
	347	Fidelity National Information Services, Inc.		51,082
	439,301	Gilat Satellite Networks Ltd.*		2,394,190
	105,402	HIQ International AB*		843,150
	2,749	HP, Inc.		52,204
	993	Intel Corp.		51,418
	6,872	International Business Machines Corp.		836,116
	162	Intuit, Inc.		52,846
	966	KLA Corp.		187,153
	145	Lam Research Corp.		48,104
	257,265	LogMeIn, Inc.*		22,137,653
	758	MasterCard, Inc. - Class A		256,333
	84,038	Maxim Integrated Products, Inc.		5,681,809
	20,707	Microsoft Corp.		4,355,303

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2020 (Unaudited)(Continued)

Shares			Value
	COMMON STOCKS (CONTINUED)
	Information Technology (continued)
	159,124	MINDBODY, Inc. - Class A*	$	5,808,026
	101,989	MobileIron, Inc.*		714,943
	2,177	NortonLifeLock, Inc.		45,369
	102	NVIDIA Corp.		55,204
	14,112	NXP Semiconductors N.V.		1,761,319
	869	Oracle Corp.		51,879
	40,293	Perspecta, Inc.		783,699
	2,266	Qualcomm, Inc.		266,663
	71,789	Reinvent Technology Partners*		824,848
	71,869	Rosetta Stone, Inc.*		2,154,633
	72,257	TE Connectivity Ltd.(a)		7,062,399
	359	Texas Instruments, Inc.		51,262
	57,663	Virtusa Corp.*		2,834,713
	957	Visa, Inc. - Class A		191,371
				89,364,241
	Materials: 1.4%
	38,047	Ahlstrom-Munksjo Oyj		801,987
	268,578	Cemex SAB de C.V. - ADR		1,020,596
	1,865,150	Glencore Plc*		3,877,719
	40,662	HeidelbergCement AG		2,494,098
	58,729	Hexion Holdings Corp. - Class B*		583,649
	576,676	IPL Plastics, Inc.*		4,323,772
	148,749	LafargeHolcim Ltd.		6,795,746
	722	Newmont Corp.		45,811
				19,943,378
	Real Estate: 0.7%
	199	American Tower Corp.		48,104
	72,528	Front Yard Residential Corp.		633,895
	1,623	Iron Mountain, Inc.		43,480
	263,550	Swire Pacific Ltd. - Class A		1,265,040
	234,579	Taubman Centers, Inc.(a)		7,809,135
				9,799,654
	Utilities: 0.2%
	7,283	Dominion Energy, Inc.		574,847
	6,635	Duke Energy Corp.		587,596
	145,400	PG&E Corp.*		1,365,306
				2,527,749
	TOTAL COMMON STOCKS (Cost $409,840,247)			438,174,744
	RIGHTS/WARRANTS: 0.0%
	17,471	Avaya Holdings Corp. (Expiration date 12/15/22)*		24,285
	18,949	Foley Trasimene Acquisition Corp. (Expiration date 07/17/25)*		42,825
	24,900	Fortress Value Acquisition Corp. (Expiration date 05/04/27)*		81,921
	35,529	Hudson Executive Investment Corp. (Expiration date 06/21/25)*		41,924
	70,679	Live Oak Acquisition Corp. (Expiration date 05/08/27)*		69,265
	53,010	Sustainable Opportunities Acquisition Corp. (Expiration date 06/26/25)*		95,418
	18,949	Trebia Acquisition Corp. (Expiration date 12/31/25)*		28,424

Shares			Value
	TOTAL RIGHTS/WARRANTS (Cost $212,331)		$	384,062
	PREFERRED STOCKS: 0.2%
	Consumer Staples: 0.1%
		Bunge Ltd.
	16,579	4.875%, 12/20/2165(d)		1,628,887
	Energy: 0.0%
		Chesapeake Energy Corp.
	506	5.750%, 08/15/2166(b)(d)		0
		El Paso Energy Capital Trust I
	528	4.750%, 03/31/2028		24,695
				24,695
	Financials: 0.1%
		Bank of America Corp.
	245	7.250%, 07/31/2168(d)		364,560
		National General Holdings Corp.
	9,105	7.500%, 10/30/2020(d)		229,446
		Wells Fargo & Co.
	528	7.500%, 12/31/2049(d)		708,602
				1,302,608
	Industrials: 0.0%
		Element Communication Aviation
	170	12.000%, 03/16/2040(b)		197,030
	TOTAL PREFERRED STOCKS (Cost $4,925,290)			3,153,220
Principal Amount^
	ASSET-BACKED SECURITIES: 9.8%
		Accelerated Assets LLC
	195,858	Series 2018-1-B 4.510%, 12/02/2033(c)		198,486
		Adams Outdoor Advertising L.P.
	902,123	Series 2018-1-A 4.810%, 11/15/2048(c)		940,273
		AGL CLO 3 Ltd.
	320,000	Series 2020-3A-C 2.425%, 01/15/2033(c)(e) 3 mo. USD LIBOR + 2.150%		315,128
	470,000	Series 2020-3A-D 3.575%, 01/15/2033(c)(e) 3 mo. USD LIBOR + 3.300%		437,219
		AIM Aviation Finance Ltd.
	637,452	Series 2015-1A-B1 5.072%, 02/15/2040(c)(f)		227,378
		Ajax Mortgage Loan Trust
	302,044	Series 2017-B-A 3.163%, 09/25/2056(c)(g)		304,239
		American Credit Acceptance Receivables Trust
	670,000	Series 2020-3-D 2.400%, 06/15/2026(c)		680,165
		American Homes 4 Rent
	875,000	Series 2014-SFR2-E 6.231%, 10/17/2036(c)		990,082
	600,000	Series 2014-SFR3-E 6.418%, 12/17/2036(c)		678,844

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	ASSET-BACKED SECURITIES (CONTINUED)
		American Homes 4 Rent (Continued)
	$845,000	Series 2015-SFR1-E 5.639%, 04/17/2052(c)	$	937,802
		Americredit Automobile Receivables Trust
	1,010,000	Series 2018-3-D 4.040%, 11/18/2024		1,068,730
		AmeriCredit Automobile Receivables Trust
	130,000	Series 2020-2-D 2.130%, 03/18/2026		131,871
		Anchorage Capital CLO 9 Ltd.
	1,800,000	Series 2016-9A-DR 4.275%, 07/15/2032(c)(e) 3 mo. USD LIBOR + 4.000%		1,776,696
		Apidos CLO XX
	265,000	Series 2015-20A-BRR 2.221%, 07/16/2031(c)(e) 3 mo. USD LIBOR + 1.950%		262,286
		Apidos CLO XXI
	500,000	Series 2015-21A-ER 8.522%, 07/18/2027(c)(e) 3 mo. USD LIBOR + 8.250%		428,104
		Apidos CLO XXIII
	855,000	Series 2015-23A-CR 3.601%, 04/15/2033(c)(e) 3 mo. USD LIBOR + 2.000%		835,558
		Apidos CLO XXIV
	1,000,000	Series 2016-24A-DR 6.072%, 10/20/2030(c)(e) 3 mo. USD LIBOR + 5.800%		881,561
		Apres Static CLO 2 Ltd.
	500,000	Series 2020-1A-D 5.284%, 04/15/2028(c)(e) 3 mo. USD LIBOR + 4.850%		499,282
		Arbys Funding LLC
	255,000	Series 2020-1A-A2 3.237%, 07/30/2050(c)		264,048
		Ascentium Equipment Receivables Trust
	95,000	Series 2017-2A-C 2.870%, 08/10/2022(c)		96,650
		Atrium XIII
	500,000	Series 13A-E 6.306%, 11/21/2030(c)(e) 3 mo. USD LIBOR + 6.050%		454,372
		Atrium XIV LLC
	750,000	Series 14A-E 5.921%, 08/23/2030(c)(e) 3 mo. USD LIBOR + 5.650%		671,231
		Avid Automobile Receivables Trust
	180,000	Series 2019-1-C 3.140%, 07/15/2026(c)		184,600
		Avis Budget Rental Car Funding AESOP LLC
	215,000	Series 2020-2A-B 2.960%, 02/20/2027(c)		218,986
		Barings CLO Ltd.
	1,000,000	Series 2018-3A-E 6.022%, 07/20/2029(c)(e) 3 mo. USD LIBOR + 5.750%		844,878
	500,000	Series 2018-4A-E 6.095%, 10/15/2030(c)(e) 3 mo. USD LIBOR + 5.820%		448,244

Principal Amount^			Value
	$1,100,000	Series 2019-4A-C 3.075%, 01/15/2033(c)(e) 3 mo. USD LIBOR + 2.800%	$	1,102,812
		Battalion CLO XIV Ltd.
	250,000	Series 2019-14A-E 6.952%, 04/20/2032(c)(e) 3 mo. USD LIBOR + 6.680%		242,785
		Bayview Opportunity Master Fund V Trust
	395,000	Series 2020-RN3-A1 3.105%, 09/25/2035(c)(f)		398,162
		Blackbird Capital Aircraft Lease Securitization Ltd.
	269,792	Series 2016-1A-A 4.213%, 12/16/2041(c)(f)		244,140
	250,521	Series 2016-1A-B 5.682%, 12/16/2041(c)(f)		176,048
		BlueMountain CLO XXIV Ltd.
	510,000	Series 2019-24A-C 2.972%, 04/20/2031(c)(e) 3 mo. USD LIBOR + 2.700%		504,407
		Bristol Park CLO Ltd.
	260,000	Series 2016-1A-CR 2.225%, 04/15/2029(c)(e) 3 mo. USD LIBOR + 1.950%		257,952
		Buttermilk Park CLO Ltd.
	750,000	Series 2018-1A-E 6.025%, 10/15/2031(c)(e) 3 mo. USD LIBOR + 5.750%		669,604
		California Republic Auto Receivables Trust
	520,000	Series 2018-1-D 4.330%, 04/15/2025		539,608
		Canyon Capital CLO Ltd.
	1,000,000	Series 2016-1A-ER 6.025%, 07/15/2031(c)(e) 3 mo. USD LIBOR + 5.750%		862,419
	500,000	Series 2018-1A-E 6.025%, 07/15/2031(c)(e) 3 mo. USD LIBOR + 5.750%		431,717
		Carlyle Global Market Strategies CLO Ltd.
	508,509	Series 2014-2RA-D 5.630%, 05/15/2031(c)(e) 3 mo. USD LIBOR + 5.350%		389,973
		CarMax Auto Owner Trust
	445,000	Series 2018-2-D 3.990%, 04/15/2025		463,863
	305,000	Series 2018-4-D 4.150%, 04/15/2025		317,981
		Castlelake Aircraft Securitization Trust
	3,686,423	Series 2018-1-C 6.625%, 06/15/2043(c)		1,873,796
		Castlelake Aircraft Structured Trust
	3,000,000	Series 2019-1A-E 0.000%, 04/15/2039(c)		1,159,289
		Catskill Park CLO Ltd.
	1,000,000	Series 2017-1A-D 6.272%, 04/20/2029(c)(e) 3 mo. USD LIBOR + 6.000%		904,811
		CCG Receivables Trust
	100,000	Series 2018-1-C 3.420%, 06/16/2025(c)		101,523

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	ASSET-BACKED SECURITIES (CONTINUED)
		Chenango Park CLO Ltd.
	$500,000	Series 2018-1A-D 6.075%, 04/15/2030(c)(e) 3 mo. USD LIBOR + 5.800%	$	449,059
		Chesapeake Funding II LLC
	180,000	Series 2017-2A-D 3.710%, 05/15/2029(c)		181,177
	250,000	Series 2018-1A-C 3.570%, 04/15/2030(c)		255,160
	640,000	Series 2018-1A-D 3.920%, 04/15/2030(c)		646,654
		CIFC Funding Ltd.
	205,000	Series 2013-2A-A3LR 2.222%, 10/18/2030(c)(e) 3 mo. USD LIBOR + 1.950%		198,245
		Citigroup Mortgage Loan Trust, Inc.
	982,559	Series 2019-E-A1 3.228%, 11/25/2070(c)(f)		1,003,406
		Coinstar Funding LLC
	1,025,550	Series 2017-1A-A2 5.216%, 04/25/2047(c)		975,631
		Colony American Finance Ltd.
	480,000	Series 2015-1-D 5.649%, 10/15/2047(c)		487,147
	230,000	Series 2016-1-C 4.638%, 06/15/2048(c)(f)		230,323
		Cook Park CLO Ltd.
	1,000,000	Series 2018-1A-E 5.673%, 04/17/2030(c)(e) 3 mo. USD LIBOR + 5.400%		878,598
		Credit Acceptance Auto Loan Trust
	605,000	Series 2020-1A-C 2.590%, 06/15/2029(c)		613,331
		Credit Suisse Mortgage-Backed Trust
	930,000	Series 2018-RPL8-A2 4.167%, 07/25/2058(c)(g)		929,798
		CSAB Mortgage-Backed Trust
	1,857,684	Series 2006-2-A6B 5.700%, 09/25/2036(f)		207,533
		DB Master Finance LLC
	328,680	Series 2019-1A-A23 4.352%, 05/20/2049(c)		359,306
		Dell Equipment Finance Trust
	200,000	Series 2020-2-D 1.920%, 03/23/2026(c)		200,245
		Diamond Resorts Owner Trust
	78,301	Series 2017-1A-C 6.070%, 10/22/2029(c)		79,595
	335,649	Series 2018-1-C 4.530%, 01/21/2031(c)		339,742
	269,418	Series 2019-1A-B 3.530%, 02/20/2032(c)		273,090
		Domino’s Pizza Master Issuer LLC
	714,788	Series 2017-1A-A23 4.118%, 07/25/2047(c)		773,756
	323,400	Series 2018-1A-A2II 4.328%, 07/25/2048(c)		353,169
	496,250	Series 2019-1A-A2 3.668%, 10/25/2049(c)		529,294
		Dorchester Park CLO Ltd.
	500,000	Series 2015-1A-ER 5.272%, 04/20/2028(c)(e) 3 mo. USD LIBOR + 5.000%		449,118

Principal Amount^			Value
		Dryden 40 Senior Loan Fund
	$1,000,000	Series 2015-40A-ER 6.030%, 08/15/2031(c)(e) 3 mo. USD LIBOR + 5.750%	$	892,929
		Dryden 45 Senior Loan Fund
	275,000	Series 2016-45A-ER 6.125%, 10/15/2030(c)(e) 3 mo. USD LIBOR + 5.850%		245,006
		Dryden 55 CLO Ltd.
	500,000	Series 2018-55A-F 7.475%, 04/15/2031(c)(e) 3 mo. USD LIBOR + 7.200%		378,495
		DT Auto Owner Trust
	410,000	Series 2018-2A-D 4.150%, 03/15/2024(c)		423,306
	55,000	Series 2020-2A-D 4.730%, 03/16/2026(c)		59,271
	270,000	Series 2020-3A-D 1.840%, 06/15/2026(c)		271,208
		Earnest Student Loan Program LLC
	13,000	Series 2016-D-R 0.000%, 01/25/2041(c)		184,304
		Education Funding Trust
	707,999	Series 2020-A-A 2.790%, 07/25/2041(c)		716,362
		Exeter Automobile Receivables Trust
	305,000	Series 2020-2A-D 4.730%, 04/15/2026(c)		329,458
	195,000	Series 2020-3A-C 1.320%, 07/15/2025		195,654
		Fairstone Financial Issuance Trust
	670,000 (CAD)	Series 2019-1A-A 3.948%, 03/21/2033(c)		503,677
		Fillmore Park CLO Ltd.
	500,000	Series 2018-1A-E 5.675%, 07/15/2030(c)(e) 3 mo. USD LIBOR + 5.400%		449,877
		First Investors Auto Owner Trust
	160,000	Series 2019-2A-D 2.800%, 12/15/2025(c)		164,378
	365,000	Series 2019-2A-E 3.880%, 01/15/2026(c)		371,392
		FirstKey Homes Trust
	775,000	Series 2020-SFR1-F1 3.638%, 09/17/2025(c)		803,215
		Flagship Credit Auto Trust
	300,000	Series 2016-3-E 6.250%, 10/15/2023(c)		307,973
	700,000	Series 2019-2-D 3.530%, 05/15/2025(c)		725,171
	595,000	Series 2020-1-D 2.480%, 03/16/2026(c)		602,254
		Galaxy XXVI CLO Ltd.
	715,000	Series 2018-26A-E 6.106%, 11/22/2031(c)(e) 3 mo. USD LIBOR + 5.850%		628,453
		Genesis Sales Finance Master Trust
	145,000	Series 2019-AA-A 4.680%, 08/20/2023(c)		145,780
		Gilbert Park CLO Ltd.
	500,000	Series 2017-1A-E 6.675%, 10/15/2030(c)(e) 3 mo. USD LIBOR + 6.400%		465,792

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	ASSET-BACKED SECURITIES (CONTINUED)
		Global Container Assets 2014 Holdings Ltd.
	$782,149	Series 2014-1-C 6.000%, 01/05/2030(b)(c)	$	263,459
	356,130	Series 2014-1-D 7.500%, 01/05/2030(b)(c)		40,766
	1,185,000	Series 2014-1-E 0.000%, 01/05/2030(b)(c)		0
		Global Container Assets Ltd.
	133,410	Series 2015-1A-B 4.500%, 02/05/2030(c)		132,748
		GLS Auto Receivables Issuer Trust
	1,135,000	Series 2020-3A-C 1.920%, 05/15/2025(c)		1,144,492
		Goldentree Loan Management US CLO 3 Ltd.
	500,000	Series 2018-3A-D 3.122%, 04/20/2030(c)(e) 3 mo. USD LIBOR + 2.850%		475,174
		GSAA Home Equity Trust
	634,384	Series 2006-10-AF5 6.448%, 06/25/2036(f)		263,647
		Harbour Aircraft Investments Ltd.
	297,254	Series 2017-1-C 8.000%, 11/15/2037		147,147
		Harley Marine Financing LLC
	924,473	Series 2018-1A-A2 5.682%, 05/15/2043(c)		830,085
		Highbridge Loan Management Ltd.
	500,000	Series 2013-2A-DR 6.872%, 10/20/2029(c)(e) 3 mo. USD LIBOR + 6.600%		428,483
		Hilton Grand Vacations Trust
	131,926	Series 2018-AA-C 4.000%, 02/25/2032(c)		134,979
		Horizon Aircraft Finance I Ltd.
	2,670,343	Series 2018-1-C 6.657%, 12/15/2038(c)		1,121,628
		HPEFS Equipment Trust
	265,000	Series 2020-1A-D 2.260%, 02/20/2030(c)		266,891
		HPS Loan Management Ltd.
	2,000,000	Series 6A-2015-DR 5.349%, 02/05/2031(c)(e) 3 mo. USD LIBOR + 5.100%		1,648,495
		InSite Issuer LLC
	3,500,000	Series 2016-1A-C 6.414%, 11/15/2046(c)		3,594,385
		Invitation Homes Trust
	714,902	Series 2018-SFR1-E 2.151%, 03/17/2037(c)(e) 1 mo. USD LIBOR + 2.000%		718,134
	1,225,000	Series 2018-SFR2-E 2.152%, 06/17/2037(c)(e) 1 mo. USD LIBOR + 2.000%		1,231,841
		JP Morgan Mortgage Acquisition Trust
	1,000,000	Series 2007-CH1-AF5 4.854%, 11/25/2036(f)		1,090,111
		Kestrel Aircraft Funding Ltd.
	521,073	Series 2018-1A-A 4.250%, 12/15/2038(c)		460,147

Principal Amount^			Value
		LCM 26 Ltd.
	$500,000	Series 26A-E 5.572%, 01/20/2031(c)(e) 3 mo. USD LIBOR + 5.300%	$	403,768
		LCM 30 Ltd.
	300,000	Series 30A-D 4.022%, 04/20/2031(c)(e) 3 mo. USD LIBOR + 3.750%		287,972
		LCM Loan Income Fund I Income Note Issuer Ltd.
	500,000	Series 27A-E 5.871%, 07/16/2031(c)(e) 3 mo. USD LIBOR + 5.600%		396,123
		LCM XVII L.P.
	1,000,000	Series 17A-ER 6.275%, 10/15/2031(c)(e) 3 mo. USD LIBOR + 6.000%		807,544
		LCM XX L.P.
	500,000	Series 20A-ER 5.722%, 10/20/2027(c)(e) 3 mo. USD LIBOR + 5.450%		406,568
		Lehman XS Trust
	2,503,486	Series 2005-6-3A3A 5.760%, 11/25/2035(f)		1,611,219
	364,838	Series 2006-8-3A3 4.821%, 06/25/2036(f)		374,763
		Madison Park Funding XIV Ltd.
	1,000,000	Series 2014-14A-ER 6.058%, 10/22/2030(c)(e) 3 mo. USD LIBOR + 5.800%		882,805
		Madison Park Funding XXII Ltd.
	1,000,000	Series 2016-22A-ER 6.975%, 01/15/2033(c)(e) 3 mo. USD LIBOR + 6.700%		924,907
		Madison Park Funding XXXI Ltd.
	270,000	Series 2018-31A-C 2.406%, 01/23/2031(c)(e) 3 mo. USD LIBOR + 2.150%		264,513
		MAPS Ltd.
	612,767	Series 2018-1A-A 4.212%, 05/15/2043(c)		569,994
	277,422	Series 2019-1A-A 4.458%, 03/15/2044(c)		259,603
		Mosaic Solar Loans LLC
	1,587,687	Series 2017-2A-B 4.770%, 06/22/2043(c)		1,659,607
		MVW LLC
	96,793	Series 2020-1A-C 4.210%, 10/20/2037(c)		100,764
		MVW Owner Trust
	112,185	Series 2019-1A-C 3.330%, 11/20/2036(c)		113,669
		Myers Park CLO Ltd.
	1,000,000	Series 2018-1A-E 5.772%, 10/20/2030(c)(e) 3 mo. USD LIBOR + 5.500%		897,402
		Navient Private Education Refi Loan Trust
	260,000	Series 2018-A-B 3.680%, 02/18/2042(c)		265,083
	855,000	Series 2019-FA-B 3.120%, 08/15/2068(c)		873,473
	180,000	Series 2019-GA-B 3.080%, 10/15/2068(c)		179,213
	220,000	Series 2020-FA-B 2.690%, 07/15/2069(c)		220,728

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	ASSET-BACKED SECURITIES (CONTINUED)
		Neuberger Berman CLO XVI-S Ltd.
	$500,000	Series 2017-16SA-E 5.675%, 01/15/2028(c)(e) 3 mo. USD LIBOR + 5.400%	$	463,468
		Neuberger Berman CLO XXIII Ltd.
	1,000,000	Series 2016-23A-ER 6.023%, 10/17/2027(c)(e) 3 mo. USD LIBOR + 5.750%		911,727
		Neuberger Berman Loan Advisers CLO 24 Ltd.
	1,000,000	Series 2017-24A-E 6.292%, 04/19/2030(c)(e) 3 mo. USD LIBOR + 6.020%		931,725
		Neuberger Berman Loan Advisers CLO 26 Ltd.
	1,000,000	Series 2017-26A-INC 0.000%, 10/18/2030(c)(g)		578,120
		Neuberger Berman Loan Advisers CLO 30 Ltd.
	2,210,000	Series 2018-30A-E 7.022%, 01/20/2031(c)(e) 3 mo. USD LIBOR + 6.750%		2,142,193
		NRZ Excess Spread-Collateralized Notes
	1,507,044	Series 2018-PLS2-D 4.593%, 02/25/2023(c)		1,457,477
		OCP CLO Ltd.
	520,000	Series 2015-8A-CR 3.073%, 04/17/2027(c)(e) 3 mo. USD LIBOR + 2.800%		502,247
		Octagon Investment Partners 26 Ltd.
	1,000,000	Series 2016-1A-FR 8.365%, 07/15/2030(c)(e) 3 mo. USD LIBOR + 8.090%		703,321
		Octagon Investment Partners 29 Ltd.
	1,000,000	Series 2016-1A-ER 7.514%, 01/24/2033(c)(e) 3 mo. USD LIBOR + 7.250%		963,321
		Octagon Investment Partners 39 Ltd.
	275,000	Series 2018-3A-E 6.022%, 10/20/2030(c)(e) 3 mo. USD LIBOR + 5.750%		251,766
		Octagon Investment Partners XVI Ltd.
	1,000,000	Series 2013-1A-ER 6.023%, 07/17/2030(c)(e) 3 mo. USD LIBOR + 5.750%		862,556
	1,500,000	Series 2013-1A-SUB 0.000%, 07/17/2030(c)(g)		358,743
		Octagon Investment Partners XXI Ltd.
	500,000	Series 2014-1A-DRR 7.265%, 02/14/2031(c)(e) 3 mo. USD LIBOR + 7.000%		466,358
		Octagon Investment Partners XXII Ltd.
	835,000	Series 2014-1A-CRR 2.158%, 01/22/2030(c)(e) 3 mo. USD LIBOR + 1.900%		804,076

Principal Amount^			Value
		OHA Credit Funding 5 Ltd.
	$475,000	Series 2020-5A-C 3.306%, 04/18/2033(c)(e) 3 mo. USD LIBOR + 2.000%	$	465,525
		OneMain Financial Issuance Trust
	675,000	Series 2015-3A-B 4.160%, 11/20/2028(c)		682,469
	290,000	Series 2020-1A-B 4.830%, 05/14/2032(c)		312,611
	265,000	Series 2020-2A-C 2.760%, 09/14/2035(c)		268,706
		Oxford Finance Funding LLC
	180,000	Series 2019-1A-A2 4.459%, 02/15/2027(c)		186,337
		OZLM XXIII Ltd.
	255,000	Series 2019-23A-E 7.075%, 04/15/2032(c)(e) 3 mo. USD LIBOR + 6.800%		242,777
		Palmer Square CLO Ltd.
	260,000	Series 2015-2A-BR2 2.222%, 07/20/2030(c)(e) 3 mo. USD LIBOR + 1.950%		257,850
		Parallel Ltd.
	700,000	Series 2017-1A-CR 2.272%, 07/20/2029(c)(e) 3 mo. USD LIBOR + 2.000%		660,670
	1,005,000	Series 2018-2A-B 2.422%, 10/20/2031(c)(e) 3 mo. USD LIBOR + 2.150%		935,511
		Park Place Securities, Inc. Asset-Backed Pass-Through Certificates
	8,000,000	Series 2005-WHQ1-M5 1.273%, 03/25/2035(e) 1 mo. USD LIBOR + 1.125%		7,951,395
		Pikes Peak CLO 3
	525,000	Series 2019-3A-E 7.105%, 04/25/2030(c)(e) 3 mo. USD LIBOR + 6.860%		505,219
		Planet Fitness Master Issuer LLC
	674,900	Series 2019-1A-A2 3.858%, 12/05/2049(c)		635,706
		PNMAC FMSR Issuer Trust
	7,300,000	Series 2018-FT1-A 2.498%, 04/25/2023(c)(e) 1 mo. USD LIBOR + 2.350%		7,042,176
		Prestige Auto Receivables Trust
	330,000	Series 2019-1A-E 3.900%, 05/15/2026(c)		333,996
		Preston Ridge Partners Mortgage LLC
	275,000	Series 2018-1A-A2 5.000%, 04/25/2023(c)(g)		276,034
	434,824	Series 2019-4A-A1 3.351%, 11/25/2024(c)(f)		436,670
	307,763	Series 2020-1A-A1 2.981%, 02/25/2025(c)(f)		307,191
		Progress Residential Trust
	210,000	Series 2017-SFR2-E 4.142%, 12/17/2034(c)		211,506
	125,000	Series 2018-SFR2-E 4.656%, 08/17/2035(c)		128,590
	170,000	Series 2018-SFR3-E 4.873%, 10/17/2035(c)		175,433
	530,000	Series 2019-SFR1-E 4.466%, 08/17/2035(c)		548,772

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	ASSET-BACKED SECURITIES (CONTINUED)
		Progress Residential Trust (Continued)
	$235,000	Series 2019-SFR3-D 2.871%, 09/17/2036(c)	$	240,332
	255,000	Series 2020-SFR3-F 2.796%, 10/17/2027(c)(h)		256,938
		Republic FInance Issuance Trust
	1,000,000	Series 2019-A-A 3.430%, 11/22/2027(c)		1,017,258
		Rockford Tower CLO Ltd.
	700,000	Series 2017-2A-CR 2.175%, 10/15/2029(c)(e) 3 mo. USD LIBOR + 1.900%		690,297
		S-Jets Ltd.
	1,134,996	Series 2017-1-A 3.967%, 08/15/2042(c)		1,039,262
		Santander Drive Auto Receivables Trust
	875,000	Series 2019-2-D 3.220%, 07/15/2025		904,689
	885,000	Series 2020-1-D 5.350%, 03/15/2028		957,668
	300,000	Series 2020-2-D 2.220%, 09/15/2026		306,693
		SCF Equipment Leasing LLC
	1,135,000	Series 2018-1A-C 4.210%, 04/20/2027(c)		1,164,917
		Sierra Timeshare Receivables Funding LLC
	152,123	Series 2020-2A-C 3.510%, 07/20/2037(c)		154,189
		SLM Private Credit Student Loan Trust
	256,000	Series 2003-A-A3 3.170%, 06/15/2032(e) 28 day ARS		251,509
	677,000	Series 2003-B-A3 3.180%, 03/15/2033(e) 28 day ARS		665,050
	59,000	Series 2003-B-A4 3.200%, 03/15/2033(e) 28 day ARS		57,959
		SoFi Consumer Loan Program Trust
	435,000	Series 2018-2-B 3.790%, 04/26/2027(c)		446,244
	380,000	Series 2019-4-C 2.840%, 08/25/2028(c)		375,633
		SoFi Professional Loan Program LLC
	162,984	Series 2016-A-B 3.570%, 01/26/2038(c)		165,845
	133,000	Series 2017-F-R1 0.000%, 01/25/2041(c)		6,050,953
	63,855	Series 2019-B-R1 0.000%, 08/17/2048(c)		2,090,852
		SoFi Professional Loan Program Trust
	360,000	Series 2020-A-BFX 3.120%, 05/15/2046(c)		375,688
	45,000	Series 2020-A-R1 0.000%, 05/15/2046(c)		2,728,993

Principal Amount^			Value
		Soundview Home Loan Trust
	$4,751,230	Series 2007-OPT3-2A3 0.328%, 08/25/2037(e) 1 mo. USD LIBOR + 0.180%	$	4,584,866
		SpringCastle America Funding LLC
	1,005,000	Series 2020-AA-A 1.970%, 09/25/2037(c)		1,010,626
		Sprite Ltd.
	292,457	Series 2017-1-B 5.750%, 12/15/2037(c)		186,722
		Stewart Park CLO Ltd.
	500,000	Series 2015-1A-ER 5.555%, 01/15/2030(c)(e) 3 mo. USD LIBOR + 5.280%		438,749
		Taco Bell Funding LLC
	702,488	Series 2018-1A-A2II 4.940%, 11/25/2048(c)		761,599
		Terwin Mortgage Trust
	695,407	Series 2006-3-2A2 0.358%, 04/25/2037(c)(e) 1 mo. USD LIBOR + 0.210%		683,252
		Textainer Marine Containers VII Ltd.
	114,033	Series 2020-1A-A 2.730%, 08/21/2045(c)		116,850
		THL Credit Wind River CLO Ltd.
	2,000,000	Series 2014-2A-INC 0.000%, 01/15/2031(c)		422,576
	500,000	Series 2018-2A-E 6.025%, 07/15/2030(c)(e) 3 mo. USD LIBOR + 5.750%		430,287
		TICP CLO VII Ltd.
	280,000	Series 2017-7A-CR 2.425%, 04/15/2033(c)(e) 3 mo. USD LIBOR + 2.150%		273,934
		TICP CLO XV Ltd.
	250,000	Series 2020-15A-C 3.785%, 04/20/2033(c)(e) 3 mo. USD LIBOR + 2.150%		248,550
		Tidewater Auto Receivables Trust
	110,000	Series 2018-AA-D 4.300%, 11/15/2024(c)		113,212
		Towd Point Mortgage Trust
	310,000	Series 2018-5-M1 3.250%, 07/25/2058(c)(g)		316,468
	385,000	Series 2019-2-M1 3.750%, 12/25/2058(c)(g)		416,161
		Trestles CLO II Ltd.
	335,000	Series 2018-2A-D 5.995%, 07/25/2031(c)(e) 3 mo. USD LIBOR + 5.750%		290,540
		Tricon American Homes
	250,000	Series 2020-SFR1-E 3.544%, 07/17/2038(c)		265,135
		Tryon Park CLO Ltd.
	1,000,000	Series 2013-1A-DR 6.225%, 04/15/2029(c)(e) 3 mo. USD LIBOR + 5.950%		888,092
		Vericrest Opportunity Loan Trust
	1,121,355	Series 2019-NPL5-A1A 3.352%, 09/25/2049(c)(f)		1,124,601
		VOLT LXXXIII LLC
	312,513	Series 2019-NPL9-A1A 3.327%, 11/26/2049(c)(f)		313,839

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	ASSET-BACKED SECURITIES (CONTINUED)
		Voya CLO Ltd.
	$500,000	Series 2018-2A-E 5.525%, 07/15/2031(c)(e) 3 mo. USD LIBOR + 5.250%	$	422,169
		WAVE Trust
	282,273	Series 2017-1A-B 5.682%, 11/15/2042(c)		209,819
		Webster Park CLO Ltd.
	1,000,000	Series 2015-1A-DR 5.772%, 07/20/2030(c)(e) 3 mo. USD LIBOR + 5.500%		882,362
		Wendy’s Funding LLC
	865,525	Series 2018-1A-A2II 3.884%, 03/15/2048(c)		912,168
	185,725	Series 2019-1A-A2II 4.080%, 06/15/2049(c)		200,154
		World Financial Network Credit Card Master Trust
	1,765,000	Series 2019-C-M 2.710%, 07/15/2026		1,813,241
		York CLO Ltd.
	1,783,000	Series 2019-1A-D 4.258%, 07/22/2032(c)(e) 3 mo. USD LIBOR + 4.000%		1,735,107
	TOTAL ASSET-BACKED SECURITIES (Cost $154,976,653)			143,151,555
	BANK LOANS: 1.8%
		Air Methods Corp.
	1,179,758	4.500%, 04/22/2024(e) 3 mo. LIBOR + 3.500%		1,038,924
		American Tire Distributors Holdings, Inc.
	1,145,491	8.500%, 09/02/2024(e) 3 mo. LIBOR + 7.500%		984,303
		Avaya, Inc.
	238,601	4.401%, 12/15/2024(e) 1 mo. LIBOR + 4.250%		237,744
	296,399	4.401%, 12/15/2027(e) 3 mo. LIBOR + 4.250%		296,399
		BI-LO Holding LLC
	837,073	9.000%, 05/31/2024(e) 1 mo. LIBOR + 8.000%		838,521
		BJ Services LLC
	3,135,000	8.500%, 01/03/2023(b)(e) 3 mo. LIBOR + 7.000%		2,646,121
		California Resources Corp.
	4,092,000	0.000%, 12/31/2022(e)(i) 12 mo. LIBOR + 0.000%		1,539,042
		Cengage Learning, Inc.
	1,036,469	5.250%, 06/07/2023(e) 3 mo. LIBOR + 4.250%		869,525
		Colorado Buyer, Inc.
	471,037	4.000%, 05/01/2024(e) 6 mo. LIBOR + 3.000%		408,665
		Cvent, Inc.
	451,192	3.897%, 11/29/2024(e) 1 mo. LIBOR + 3.750%		410,100
		Dell International LLC
	445,489	2.750%, 09/19/2025(e) 1 mo. LIBOR + 2.000%		444,137

Principal Amount^			Value
		Dhanani Group, Inc.
	$107,881	3.897%, 07/20/2025(e) 1 mo. LIBOR + 3.750%	$	103,948
		Finastra USA, Inc.
	464,003	4.500%, 06/13/2024(e) 3 mo. LIBOR + 3.500%		435,119
		Flexential Intermediate Corp.
	440,459	3.720%, 08/01/2024(e) 3 mo. LIBOR + 3.500%		379,896
		Gavilan Resources LLC
	1,025,000	0.000%, 03/01/2024(e)(i) 12 mo. LIBOR + 0.000%		12,812
		Global Medical Response, Inc.
	247,455	5.250%, 03/14/2025(e) 3 mo. LIBOR + 4.250%		240,650
		Golden Nugget, Inc.
	219,383	3.250%, 10/04/2023(e) 1 mo. LIBOR + 2.500%		197,075
		Granite Holdings US Acquisition Co.
	455,400	5.470%, 09/30/2026(e) 3 mo. LIBOR + 5.250%		432,630
		Gray Television, Inc.
	556,000	2.405%, 02/07/2024(e) 1 mo. LIBOR + 2.250%		545,475
	362,000	2.655%, 01/02/2026(e) 1 mo. LIBOR + 2.500%		356,570
		Gulf Finance LLC
	525,478	6.250%, 08/25/2023(e) 1 mo. LIBOR + 5.250%		372,872
		Hof Village LLC
	267,237	12.000%, 10/31/2020(b)(e) 1 mo. LIBOR + 12.000%		227,151
		ION Trading Technologies S.A.R.L.
	361,236	5.000%, 11/21/2024(e) 3 mo. LIBOR + 4.000%		356,018
		Klockner-Pentaplast of America, Inc.
	77,594	5.250%, 06/30/2022(e) 6 mo. LIBOR + 4.250%		75,590
		Kronos Acquisition Holdings, Inc.
	529,339	5.000%, 05/15/2023(e) 3 mo. LIBOR + 4.000%		527,349
		Lower Cadence Holdings LLC
	286,375	4.147%, 05/22/2026(e) 1 mo. LIBOR + 4.000%		265,828
		McDermott Technology Americas, Inc.
	807,398	0.000%, 05/10/2023(b)(j)		605,548
	807,398	0.000%, 06/30/2024(b)(j)		726,658
	45,791	0.000%, 06/30/2024(j)		40,067
	5,446	3.147%, 06/30/2024 1 mo. LIBOR + 3.000%		4,766
	876,960	0.000%, 06/30/2025(j)		666,490
	402,416	4.147%, 06/30/2025(e) 1 mo. LIBOR + 4.000%		305,836
		Mediaco Holding, Inc.
	2,192,101	8.400%, 11/21/2024(b)(e) 1 mo. LIBOR + 7.500%		1,956,527
		Milano Acquisition Corp.
	180,000	0.000%, 08/17/2027(j)		178,537
		Minotaur Acquisition, Inc.
	1,081,278	5.147%, 03/27/2026(e) 1 mo. LIBOR + 5.000%		1,034,426
		Mitchell International, Inc.
	845,000	7.397%, 12/01/2025(e) 1 mo. LIBOR + 7.250%		805,285

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	BANK LOANS (CONTINUED)
		MLN U.S. Holding Co. LLC
	$467,207	4.656%, 11/30/2025(e) 1 mo. LIBOR + 4.500%	$	401,506
		MPH Acquisition Holdings LLC
	1,094,041	3.750%, 06/07/2023(e) 3 mo. LIBOR + 2.750%		1,078,610
		Playtika Holding Corp.
	118,462	0.000%, 12/10/2024(j)		118,788
		Radiology Partners, Inc.
	508,265	5.295%-5.985%, 07/09/2025(e) 1 mo. LIBOR + 4.250%		489,078
		Solenis Holdings LLC
	539,481	4.256%, 06/26/2025(e) 3 mo. LIBOR + 4.000%		528,748
	170,000	8.756%, 06/26/2026(e) 3 mo. LIBOR + 8.500%		159,120
		Team Health Holdings, Inc.
	836,333	3.750%, 02/06/2024(e) 1 mo. LIBOR + 2.750%		705,192
		Tibco Software, Inc.
	195,000	7.400%, 03/03/2028(e) 1 mo. LIBOR + 7.250%		191,953
		Titan Acquisition Ltd.
	314,193	3.361%, 03/28/2025(e) 3 mo. LIBOR + 3.000%		297,813
		Travelport Finance (Luxembourg) S.A.R.L.
	286,824	0.000%, 02/28/2025(j)		276,517
	529,650	5.220%, 05/29/2026(e) 3 mo. LIBOR + 5.000%		401,210
		Vantage Specialty Chemicals, Inc.
	184,526	0.000%, 10/28/2024(j)		167,457
		Western Digital Corp.
	772,884	1.906%, 04/29/2023(e) 1 mo. LIBOR + 1.750%		769,572
		Ziggo B.V.
	490,000 (EUR)	3.000%, 01/31/2029(e) 6 mo. EURIBOR + 3.000%		562,135
	TOTAL BANK LOANS (Cost $33,278,946)			26,714,303
	CONVERTIBLE BONDS: 0.7%
	Communications: 0.2%
		DISH Network Corp.
	3,725,000	3.375%, 08/15/2026		3,428,850
	Consumer, Cyclical: 0.1%
		Cineplex, Inc.
	1,041,000 (CAD)	5.750%, 09/30/2025(c)		781,883
	Consumer, Non-cyclical: 0.4%
		BioMarin Pharmaceutical, Inc.
	2,215,000	1.250%, 05/15/2027(c)		2,177,326
		Chegg, Inc.
	130,000	0.000%, 09/01/2026(c)(k)		130,195
		Dermira, Inc.
	3,806,000	3.000%, 05/15/2022(a)		3,858,332
				6,165,853
	Energy: 0.0%
		Chesapeake Energy Corp.
	440,000	5.500%, 09/15/2026(i)		16,544

Principal Amount^			Value
	Industrial: 0.0%
		Greenbrier Cos., Inc. (The)
	$180,000	2.875%, 02/01/2024	$	165,328
	TOTAL CONVERTIBLE BONDS (Cost $11,145,619)			10,558,458
	CORPORATE BONDS: 29.7%
	Basic Materials: 2.1%
		ABJA Investment Co. Pte Ltd.
	210,000	5.450%, 01/24/2028		203,967
		Allegheny Technologies, Inc.
	555,000	5.875%, 12/01/2027		534,368
		Braskem Idesa SAPI
	300,000	7.450%, 11/15/2029(c)		285,450
	200,000	7.450%, 11/15/2029		190,300
		Braskem Netherlands Finance B.V.
	600,000	4.500%, 01/31/2030(c)		561,000
	400,000	5.875%, 01/31/2050		366,600
		Chemours Co. (The)
	2,670,000	7.000%, 05/15/2025		2,706,045
		Compass Minerals International, Inc.
	462,000	6.750%, 12/01/2027(c)		499,741
		CSN Islands XII Corp.
	600,000	7.000%, 12/23/2020(d)		527,250
		First Quantum Minerals Ltd.
	600,000	7.500%, 04/01/2025(c)		594,216
	1,445,000	6.875%, 03/01/2026(c)		1,395,328
	740,000	6.875%, 10/15/2027(c)(h)		714,100
		FMG Resources August 2006 Pty Ltd.
	2,831,000	4.500%, 09/15/2027(c)		3,026,905
		Freeport-McMoRan, Inc.
	95,000	5.000%, 09/01/2027		99,329
	655,000	4.125%, 03/01/2028		664,416
	30,000	4.375%, 08/01/2028		31,075
	450,000	4.250%, 03/01/2030		461,673
	2,569,000	4.625%, 08/01/2030		2,705,735
	150,000	5.450%, 03/15/2043		166,596
		Hecla Mining Co.
	2,524,000	7.250%, 02/15/2028		2,739,171
		Illuminate Buyer LLC / Illuminate Holdings IV, Inc.
	410,000	9.000%, 07/01/2028(c)		441,263
		Metinvest B.V.
	200,000	8.500%, 04/23/2026		202,070
	200,000	7.750%, 10/17/2029		191,750
		Mineral Resources Ltd.
	3,637,000	8.125%, 05/01/2027(c)		3,957,474
		New Gold, Inc.
	3,270,000	7.500%, 07/15/2027(c)		3,494,812
		Newcrest Finance Pty Ltd.
	305,000	3.250%, 05/13/2030(c)		333,370
		Novelis Corp.
	145,000	4.750%, 01/30/2030(c)		142,714
		Nutrition & Biosciences, Inc.
	560,000	2.300%, 11/01/2030(c)		565,456
		Reliance Steel & Aluminum Co.
	95,000	2.150%, 08/15/2030		93,158
		Sasol Financing USA LLC
	200,000	5.875%, 03/27/2024		193,500
		Steel Dynamics, Inc.
	510,000	3.250%, 01/15/2031		547,352

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Basic Materials (continued)
		Unigel Luxembourg S.A.
	$500,000	8.750%, 10/01/2026	$	484,005
		United States Steel Corp.
	128,000	6.250%, 03/15/2026		86,960
		UPL Corp. Ltd.
	600,000	5.250%, 02/27/2025(d)(g) 5 year CMT + 3.865%		567,660
		Vedanta Resources Finance II Plc
	250,000	9.250%, 04/23/2026(c)		188,250
	200,000	9.250%, 04/23/2026		150,600
				30,113,659
	Communications: 4.7%
		CCO Holdings LLC / CCO Holdings Capital Corp.
	515,000	4.500%, 08/15/2030(c)		541,420
	2,810,000	4.250%, 02/01/2031(c)		2,918,218
	2,597,000	4.500%, 05/01/2032(c)		2,713,865
		Cincinnati Bell, Inc.
	3,484,000	7.000%, 07/15/2024(c)		3,597,247
		Clear Channel Worldwide Holdings, Inc.
	685,000	5.125%, 08/15/2027(c)		658,628
		CommScope Technologies LLC
	405,000	5.000%, 03/15/2027(c)		389,559
		CommScope, Inc.
	410,000	6.000%, 03/01/2026(c)		427,964
	1,510,000	7.125%, 07/01/2028(c)		1,553,518
		CSC Holdings LLC
	630,000	6.500%, 02/01/2029(c)		699,694
	680,000	4.125%, 12/01/2030(c)		693,770
	1,180,000	4.625%, 12/01/2030(c)		1,190,484
		DISH DBS Corp.
	2,289,000	7.750%, 07/01/2026		2,519,331
		eBay, Inc.
	65,000	4.000%, 07/15/2042		72,751
		Expedia Group, Inc.
	1,175,000	6.250%, 05/01/2025(c)		1,297,651
	600,000	7.000%, 05/01/2025(c)		649,524
	365,000	4.625%, 08/01/2027(c)		383,403
	1,215,000	3.250%, 02/15/2030		1,173,471
		GrubHub Holdings, Inc.
	2,230,000	5.500%, 07/01/2027(c)		2,316,412
		GTT Communications, Inc.
	400,000	7.875%, 12/31/2024(c)		207,500
		iHeartCommunications, Inc.
	165,000	6.375%, 05/01/2026		172,202
	2,895,000	8.375%, 05/01/2027		2,856,829
	350,000	5.250%, 08/15/2027(c)		341,842
	735,000	4.750%, 01/15/2028(c)		693,941
		Intelsat Jackson Holdings S.A.
	825,000	8.500%, 10/15/2024(c)(i)		534,105
		Kenbourne Invest S.A.
	825,000	6.875%, 11/26/2024(c)		862,806
		Match Group Holdings II LLC
	2,300,000	5.000%, 12/15/2027(c)		2,434,688
	2,520,000	5.625%, 02/15/2029(c)		2,724,271
	300,000	4.125%, 08/01/2030(c)		303,984
		MDC Partners, Inc.
	426,000	6.500%, 05/01/2024(c)		389,368

Principal Amount^			Value
	Communications (continued)
		NBCUniversal Enterprise, Inc.
	$520,000	5.250%, 03/19/2021(c)(d)	$	525,850
		Netflix, Inc.
	190,000	4.875%, 04/15/2028		212,635
	2,546,000	5.875%, 11/15/2028		3,042,445
	2,896,000	4.875%, 06/15/2030(c)		3,306,870
		Network i2i Ltd.
	550,000	5.650%, 01/15/2025(c)(d)(g) 5 year CMT + 4.277%		552,750
		Nokia Oyj
	480,000 (EUR)	2.000%, 03/11/2026		576,374
		Oi S.A.
	550,000	10.000%, 07/27/2025(l) PIK rate 12.000%		531,438
		Outfront Media Capital LLC / Outfront Media Capital Corp.
	280,000	4.625%, 03/15/2030(c)		269,150
		Sirius XM Radio, Inc.
	2,483,000	5.000%, 08/01/2027(c)		2,592,165
	1,327,000	5.500%, 07/01/2029(c)		1,425,696
		Telecom Italia SpA
	2,803,000	5.303%, 05/30/2024(c)		3,038,522
		TV Azteca SAB de C.V.
	400,000	8.250%, 08/09/2024		250,458
		Twitter, Inc.
	1,495,000	3.875%, 12/15/2027(c)		1,538,916
		Uber Technologies, Inc.
	220,000	7.500%, 05/15/2025(c)		234,714
	4,654,000	8.000%, 11/01/2026(c)		4,964,841
	4,938,000	7.500%, 09/15/2027(c)		5,289,832
	535,000	6.250%, 01/15/2028(c)		550,555
		VeriSign, Inc.
	3,140,000	4.750%, 07/15/2027		3,334,287
		ViaSat, Inc.
	320,000	5.625%, 09/15/2025(c)		314,000
		Virgin Media Finance Plc
	285,000	5.000%, 07/15/2030(c)		283,931
				68,153,875
	Consumer, Cyclical: 5.6%
		1011778 BC ULC / New Red Finance, Inc.
	1,105,000	4.375%, 01/15/2028(c)		1,128,746
		Allison Transmission, Inc.
	587,000	5.875%, 06/01/2029(c)		635,642
		AutoNation, Inc.
	135,000	4.750%, 06/01/2030		159,306
		Beazer Homes USA, Inc.
	451,000	7.250%, 10/15/2029		485,120
		Boyd Gaming Corp.
	1,501,000	4.750%, 12/01/2027		1,475,948
		Brinker International, Inc.
	2,870,000	5.000%, 10/01/2024(c)		2,933,700
		Carnival Corp.
	622,000	11.500%, 04/01/2023(c)		697,946
		Carvana Co.
	605,000	5.625%, 10/01/2025(c)(h)		597,435
	605,000	5.875%, 10/01/2028(c)(h)		599,180
		Churchill Downs, Inc.
	898,000	5.500%, 04/01/2027(c)		939,411
	4,669,000	4.750%, 01/15/2028(c)		4,703,154
		FCE Bank Plc
	3,195,000 (EUR)	1.134%, 02/10/2022		3,677,306

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Consumer, Cyclical (continued)
		Ford Motor Co.
	$595,000	8.500%, 04/21/2023	$	649,499
	1,000,000	9.000%, 04/22/2025		1,147,795
	220,000	9.625%, 04/22/2030		284,428
		Forestar Group, Inc.
	1,294,000	5.000%, 03/01/2028(c)		1,309,974
		General Motors Co.
	205,000	6.250%, 10/02/2043		243,255
	465,000	5.200%, 04/01/2045		502,305
	110,000	6.750%, 04/01/2046		135,767
	1,650,000	5.400%, 04/01/2048		1,828,693
	1,545,000	5.950%, 04/01/2049		1,815,643
		Golden Entertainment, Inc.
	150,000	7.625%, 04/15/2026(c)		148,570
		Hilton Domestic Operating Co., Inc.
	3,673,000	4.875%, 01/15/2030		3,791,197
		Hyatt Hotels Corp.
	195,000	5.375%, 04/23/2025		210,179
	355,000	5.750%, 04/23/2030		408,383
		Installed Building Products, Inc.
	1,545,000	5.750%, 02/01/2028(c)		1,631,613
		KB Home
	1,563,000	6.875%, 06/15/2027		1,853,812
	979,000	4.800%, 11/15/2029		1,081,183
		KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC
	2,406,000	4.750%, 06/01/2027(c)		2,531,605
		L Brands, Inc.
	3,197,000	9.375%, 07/01/2025(c)		3,672,554
		Latam Finance Ltd.
	550,000	7.000%, 03/01/2026(i)		204,875
		Lithia Motors, Inc.
	2,600,000	4.625%, 12/15/2027(c)		2,691,000
	100,000	4.375%, 01/15/2031(c)		100,000
		M/I Homes, Inc.
	2,102,000	4.950%, 02/01/2028		2,171,629
		Marriott International, Inc.
	165,000	5.750%, 05/01/2025		184,401
	275,000	4.625%, 06/15/2030		295,191
		Meritor, Inc.
	1,000,000	6.250%, 06/01/2025(c)		1,047,500
		Michaels Stores, Inc.
	1,400,000	8.000%, 07/15/2027(c)		1,465,366
		Murphy Oil USA, Inc.
	2,780,000	4.750%, 09/15/2029		2,967,136
		Navistar International Corp.
	800,000	6.625%, 11/01/2025(c)		819,500
		Penn National Gaming, Inc.
	1,999,000	5.625%, 01/15/2027(c)		2,076,261
		PulteGroup, Inc.
	2,150,000	5.000%, 01/15/2027		2,436,219
		Resideo Funding, Inc.
	1,890,000	6.125%, 11/01/2026(c)		1,866,375
		Royal Caribbean Cruises Ltd.
	814,000	11.500%, 06/01/2025(c)		944,790
		Scientific Games International, Inc.
	2,921,000	8.250%, 03/15/2026(c)		3,054,767
		Scotts Miracle-Gro Co. (The)
	1,572,000	4.500%, 10/15/2029		1,670,297

Principal Amount^			Value
	Consumer, Cyclical (continued)
		Stars Group Holdings B.V. / Stars Group US Co-Borrower LLC
	$4,194,000	7.000%, 07/15/2026(c)	$	4,463,989
		Taylor Morrison Communities, Inc.
	2,031,000	5.875%, 06/15/2027(c)		2,238,731
	1,695,000	6.625%, 07/15/2027(c)		1,824,901
	637,000	5.750%, 01/15/2028(c)		694,728
		TRI Pointe Group, Inc.
	292,000	5.700%, 06/15/2028		320,470
		Twin River Worldwide Holdings, Inc.
	1,080,000	6.750%, 06/01/2027(c)		1,077,840
		United Airlines Pass Through Trust
	1,755,000	Series 2019-2-B 3.500%, 05/01/2028		1,259,186
		Vista Outdoor, Inc.
	389,000	5.875%, 10/01/2023		391,390
		Wyndham Destinations, Inc.
	380,000	6.625%, 07/31/2026(c)		398,804
		Yum! Brands, Inc.
	750,000	3.875%, 11/01/2023		778,984
	1,876,000	4.750%, 01/15/2030(c)		2,029,598
	510,000	3.625%, 03/15/2031		510,956
				81,264,233
	Consumer, Non-cyclical: 3.9%
		Adani Ports & Special Economic Zone Ltd.
	480,000	4.200%, 08/04/2027(c)		482,755
		Ajecorp B.V.
	150,000	6.500%, 05/14/2022		149,027
		ASGN, Inc.
	2,243,000	4.625%, 05/15/2028(c)		2,256,032
		Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
	850,000	5.750%, 07/15/2027(c)		767,949
		B&G Foods, Inc.
	1,250,000	5.250%, 09/15/2027		1,305,325
		Bausch Health Cos., Inc.
	170,000	6.250%, 02/15/2029(c)		175,100
		Carriage Services, Inc.
	1,090,000	6.625%, 06/01/2026(c)		1,142,930
		Charles River Laboratories International, Inc.
	3,933,000	4.250%, 05/01/2028(c)		4,134,291
		Encompass Health Corp.
	1,549,000	4.750%, 02/01/2030		1,574,140
		Fomento Economico Mexicano SAB de C.V.
	858,000	3.500%, 01/16/2050		913,991
		Herbalife Nutrition Ltd. / HLF Financing, Inc.
	3,040,000	7.875%, 09/01/2025(c)		3,268,000
		Hologic, Inc.
	4,035,000	4.625%, 02/01/2028(c)		4,252,648
		Horizon Therapeutics USA, Inc.
	3,230,000	5.500%, 08/01/2027(c)		3,433,296
		Kimberly-Clark de Mexico SAB de C.V.
	245,000	2.431%, 07/01/2031(c)		249,813
		Kraft Heinz Foods Co.
	400,000	4.375%, 06/01/2046		412,233
	1,885,000	4.875%, 10/01/2049(c)		1,995,525

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Consumer, Non-cyclical (continued)
		NBM US Holdings, Inc.
	$700,000	7.000%, 05/14/2026(c)	$	741,993
		Nielsen Co. Luxembourg S.A.R.L. (The)
	3,174,000	5.500%, 10/01/2021(c)		3,182,935
	900,000	5.000%, 02/01/2025(c)		918,562
		Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics S.A.
	85,000	7.375%, 06/01/2025(c)		86,434
	275,000	7.250%, 02/01/2028(c)		286,516
		Perrigo Finance Unlimited Co.
	265,000	3.150%, 06/15/2030		274,414
		Polaris Intermediate Corp.
	3,800,000	8.500%, 12/01/2022(c)(l) PIK rate 9.250%		3,871,250
		Post Holdings, Inc.
	60,000	5.750%, 03/01/2027(c)		63,244
	1,600,000	5.625%, 01/15/2028(c)		1,700,744
	1,850,000	5.500%, 12/15/2029(c)		1,981,859
		Pyxus Holdings, Inc.
	245,100	10.000%, 08/24/2024		214,463
		Radiology Partners, Inc.
	590,000	9.250%, 02/01/2028(c)		615,075
		Refinitiv US Holdings, Inc.
	1,568,000	6.250%, 05/15/2026(c)		1,680,700
		Sabre GLBL, Inc.
	130,000	9.250%, 04/15/2025(c)		143,318
	180,000	7.375%, 09/01/2025(c)		182,070
		Smithfield Foods, Inc.
	95,000	3.000%, 10/15/2030(c)		95,383
		Teleflex, Inc.
	3,700,000	4.625%, 11/15/2027		3,902,815
	500,000	4.250%, 06/01/2028(c)		518,125
		Tenet Healthcare Corp.
	840,000	5.125%, 05/01/2025		848,862
	55,000	6.125%, 10/01/2028(c)		53,591
		Teva Pharmaceutical Finance Netherlands II B.V.
	1,455,000 (EUR)	6.000%, 01/31/2025		1,753,615
		Teva Pharmaceutical Finance Netherlands III B.V.
	725,000	7.125%, 01/31/2025		762,686
	925,000	3.150%, 10/01/2026		817,779
	4,795,000	4.100%, 10/01/2046		3,999,989
		United Rentals North America, Inc.
	680,000	4.000%, 07/15/2030		697,850
		Upjohn, Inc.
	655,000	4.000%, 06/22/2050(c)		702,771
		Walnut Bidco Plc
	500,000	9.125%, 08/01/2024		514,465
				57,124,563
	Energy: 2.5%
		Aker BP ASA
	1,175,000	3.750%, 01/15/2030(c)		1,144,837
	150,000	4.000%, 01/15/2031(c)		147,829
		Antero Midstream Partners L.P. / Antero Midstream Finance Corp.
	2,200,000	5.750%, 01/15/2028(c)		1,814,780
		Antero Resources Corp.
	400,000	5.000%, 03/01/2025		250,750

Principal Amount^			Value
	Energy (continued)
		Bayan Resources Tbk PT
	$400,000	6.125%, 01/24/2023	$	379,229
		Cheniere Corpus Christi Holdings LLC
	1,405,000	3.700%, 11/15/2029(c)		1,463,029
		CNX Midstream Partners L.P. / CNX Midstream Finance Corp.
	200,000	6.500%, 03/15/2026(c)		203,212
		CNX Resources Corp.
	2,490,000	7.250%, 03/14/2027(c)		2,542,962
		DCP Midstream Operating L.P.
	150,000	5.625%, 07/15/2027		153,600
		Energy Transfer Operating L.P.
	840,000	5.000%, 05/15/2050		781,229
		Enviva Partners L.P. / Enviva Partners Finance Corp.
	500,000	6.500%, 01/15/2026(c)		527,813
		EQT Corp.
	1,804,000	3.900%, 10/01/2027		1,664,190
		Geopark Ltd.
	550,000	6.500%, 09/21/2024		521,950
		Gran Tierra Energy, Inc.
	550,000	7.750%, 05/23/2027(c)		189,063
		Gray Oak Pipeline LLC
	70,000	3.450%, 10/15/2027(c)		71,631
		Gulfport Energy Corp.
	145,000	6.625%, 05/01/2023		91,078
	287,000	6.000%, 10/15/2024		178,837
	137,000	6.375%, 05/15/2025		84,069
	144,000	6.375%, 01/15/2026		89,073
		Hess Midstream Operations L.P.
	750,000	5.625%, 02/15/2026(c)		765,454
		Hunt Oil Co. of Peru LLC Sucursal Del Peru
	250,000	6.375%, 06/01/2028		250,313
		Indika Energy Capital III Pte Ltd.
	200,000	5.875%, 11/09/2024		180,000
		Indo Energy Finance II B.V.
	228,000	6.375%, 01/24/2023		222,857
		Kinder Morgan, Inc.
	165,000	5.050%, 02/15/2046		186,957
		Kosmos Energy Ltd.
	400,000	7.125%, 04/04/2026		352,936
		Leviathan Bond Ltd.
	460,000	6.125%, 06/30/2025(c)		476,100
	335,000	6.500%, 06/30/2027(c)		348,400
		Lonestar Resources America, Inc.
	380,000	11.250%, 01/01/2023(c)		68,400
		Matador Resources Co.
	1,880,000	5.875%, 09/15/2026		1,575,111
		Medco Oak Tree Pte Ltd.
	550,000	7.375%, 05/14/2026		530,063
		MEG Energy Corp.
	1,110,000	7.125%, 02/01/2027(c)		998,256
		Northern Oil and Gas, Inc.
	971,000	8.500%, 05/15/2023(l) PIK rate 9.500%		808,964
		Parkland Fuel Corp.
	3,137,000	5.875%, 07/15/2027(c)		3,303,653
		PBF Holding Co. LLC / PBF Finance Corp.
	160,000	9.250%, 05/15/2025(c)		164,231
		Peru LNG Srl
	700,000	5.375%, 03/22/2030		538,650

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Energy (continued)
		Petroleos Mexicanos
	$3,235,000	5.950%, 01/28/2031(c)	$	2,736,001
	1,420,000	6.625%, 06/15/2035		1,181,440
		Range Resources Corp.
	1,986,000	9.250%, 02/01/2026(c)		2,044,031
		Sabine Pass Liquefaction LLC
	985,000	4.500%, 05/15/2030(c)		1,112,080
		Seven Generations Energy Ltd.
	356,000	5.375%, 09/30/2025(c)		338,419
		Southwestern Energy Co.
	1,850,000	7.750%, 10/01/2027		1,803,565
		Sunoco L.P. / Sunoco Finance Corp.
	2,900,000	6.000%, 04/15/2027		2,985,187
		Tennessee Gas Pipeline Co. LLC
	325,000	7.000%, 03/15/2027		401,440
		YPF S.A.
	450,000	6.950%, 07/21/2027(c)		301,050
				35,972,719
	Financial: 4.8%
		AerCap Ireland Capital DAC / AerCap Global Aviation Trust
	705,000	4.500%, 09/15/2023		727,220
	300,000	6.500%, 07/15/2025		324,331
	245,000	3.650%, 07/21/2027		224,683
	665,000	3.875%, 01/23/2028		613,330
		Agile Group Holdings Ltd.
	200,000	6.875%, 03/07/2023(d)(g) -1*5 year CMT + 9.216%		200,990
	200,000	7.750%, 05/25/2025(d)(g) -1*5 year CMT + 11.083%		201,490
		Air Lease Corp.
	740,000	3.375%, 07/01/2025		756,989
		Aircastle Ltd.
	1,295,000	4.250%, 06/15/2026		1,200,095
		Ally Financial, Inc.
	125,000	4.625%, 03/30/2025		137,502
	1,170,000	5.800%, 05/01/2025		1,351,331
		Alpha Holding S.A. de C.V.
	600,000	9.000%, 02/10/2025(c)		456,900
		American International Group, Inc.
	1,380,000	4.375%, 06/30/2050		1,620,037
		American Tower Corp.
	620,000	2.100%, 06/15/2030		625,618
		Assurant, Inc.
	1,960,000	3.700%, 02/22/2030		2,049,041
		Banco BTG Pactual S.A.
	550,000	7.750%, 02/15/2029(g) 5 year CMT + 5.257%		567,188
		Banco Hipotecario S.A.
	12,020,000 (ARS)	34.063%, 11/07/2022(c)(e) BADLARPP + 4.000%		86,826
		Banco Macro S.A.
	7,805,000 (ARS)	17.500%, 05/08/2022(c)		37,182
	250,000	6.750%, 11/04/2026(g) 5 year USD Swap + 5.463%		194,750
		Banco Mercantil del Norte S.A.
	500,000	7.625%, 01/10/2028(d)(g) 10 year CMT + 5.353%		499,700

Principal Amount^			Value
	Financial (continued)
		Banco Santander Mexico S.A.
	$500,000	8.500%, 01/20/2022(d)(g) 7 year CMT + 6.472%	$	516,300
		Bangkok Bank PCL
	550,000	5.000%, 09/23/2025(c)(d)(g) 5 year CMT + 4.729%		551,934
		Barclays Plc
	400,000	5.088%, 06/20/2030(g) 3 mo. USD LIBOR + 3.054%		448,385
	740,000	3.564%, 09/23/2035(g) 5 year CMT + 2.900%		732,223
		BBVA Bancomer S.A.
	210,000	1.875%, 09/18/2025(c)		205,433
		Brixmor Operating Partnership L.P.
	1,475,000	4.050%, 07/01/2030		1,580,144
		Central China Real Estate Ltd.
	200,000	7.250%, 07/16/2024		195,268
		CIFI Holdings Group Co. Ltd.
	450,000	5.375%, 08/24/2022(d)(g) -1*5 year CMT + 8.571%		446,625
		Credito Real SAB de C.V.
	550,000	9.125%, 11/29/2022(d)(g) 5 year CMT + 7.026%		419,381
		Credivalores-Crediservicios SAS
	300,000	9.750%, 07/27/2022		226,805
	300,000	8.875%, 02/07/2025(c)		209,250
		Crown Castle International Corp.
	1,905,000	2.250%, 01/15/2031		1,930,640
	35,000	4.150%, 07/01/2050		40,148
		Deutsche Bank AG
	460,000	2.222%, 09/18/2024(g) SOFR + 2.159%		463,528
	824,000	4.500%, 04/01/2025		829,595
	310,000	3.547%, 09/18/2031(g) SOFR + 3.043%		313,890
		Docuformas SAPI de C.V.
	550,000	10.250%, 07/24/2024(c)		407,688
		Enova International, Inc.
	1,120,000	8.500%, 09/01/2024(c)		1,051,282
	580,000	8.500%, 09/15/2025(c)		549,550
		Equinix, Inc.
	1,015,000	2.150%, 07/15/2030		1,029,771
		GE Capital Funding LLC
	1,485,000	4.400%, 05/15/2030(c)		1,597,833
		Gilex Holding S.A.R.L.
	510,000	8.500%, 05/02/2023		519,886
		Global Atlantic Fin Co.
	315,000	4.400%, 10/15/2029(c)		328,664
		goeasy Ltd.
	150,000	5.375%, 12/01/2024(c)		152,172
		Icahn Enterprises L.P. / Icahn Enterprises Finance Corp.
	3,569,000	4.750%, 09/15/2024		3,619,198
	2,275,000	6.250%, 05/15/2026		2,377,011
	1,037,000	5.250%, 05/15/2027		1,083,587
		Intesa Sanpaolo SpA
	921,000	5.017%, 06/26/2024(c)		968,732
	593,000	5.710%, 01/15/2026(c)		647,271
		Iron Mountain, Inc.
	740,000	5.000%, 07/15/2028(c)		759,418
	740,000	5.250%, 07/15/2030(c)		772,837

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Financial (continued)
		iStar, Inc.
	$4,772,000	4.750%, 10/01/2024	$	4,625,380
	750,000	4.250%, 08/01/2025		701,715
		Kennedy-Wilson, Inc.
	810,000	5.875%, 04/01/2024		806,962
		Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.
	165,000	5.250%, 03/15/2022(c)		162,162
	450,000	5.250%, 10/01/2025(c)		417,656
	1,755,000	4.250%, 02/01/2027(c)		1,522,462
		MGM Growth Properties Operating Partnership L.P. / MGP Finance Co-Issuer, Inc.
	1,890,000	5.625%, 05/01/2024		2,008,654
	200,000	4.625%, 06/15/2025(c)		204,200
	2,069,000	5.750%, 02/01/2027		2,232,585
		MPT Operating Partnership L.P. / MPT Finance Corp.
	1,273,000	5.000%, 10/15/2027		1,329,617
		Navient Corp.
	35,000	6.750%, 06/15/2026		34,978
	860,000	5.000%, 03/15/2027		808,753
		OneMain Finance Corp.
	50,000	6.875%, 03/15/2025		55,578
	545,000	8.875%, 06/01/2025		604,596
	445,000	7.125%, 03/15/2026		497,712
	205,000	6.625%, 01/15/2028		227,855
	1,055,000	5.375%, 11/15/2029		1,099,837
		Operadora de Servicios Mega S.A. de C.V. Sofom ER
	400,000	8.250%, 02/11/2025(c)		368,750
		Quicken Loans LLC
	2,015,000	5.250%, 01/15/2028(c)		2,126,903
		Quicken Loans LLC / Quicken Loans Co-Issuer, Inc.
	1,050,000	3.625%, 03/01/2029(c)		1,042,781
	1,055,000	3.875%, 03/01/2031(c)		1,044,450
		RKP Overseas Finance 2016 A Ltd.
	200,000	7.950%, 02/17/2022(d)		195,903
		RKPF Overseas 2019 E Ltd.
	300,000	7.750%, 11/18/2024(d)(g) 5 year CMT + 6.003%		292,650
		Ronshine China Holdings Ltd.
	200,000	7.350%, 12/15/2023		195,514
	350,000	6.750%, 08/05/2024		329,875
		SBA Communications Corp.
	2,137,000	3.875%, 02/15/2027(c)		2,171,726
		Scentre Group Trust
	1,465,000	5.125%, 09/24/2080(c)(g) 5 year CMT + 4.685%		1,439,553
		Starwood Property Trust, Inc.
	2,100,000	4.750%, 03/15/2025		2,017,312
		UniCredit SpA
	550,000	2.569%, 09/22/2026(c)(g) 1 year CMT + 2.300%		545,727
		Unifin Financiera SAB de C.V.
	600,000	8.875%, 01/29/2025(d)(g) 5 year CMT + 6.308%		418,500
		VICI Properties L.P. / VICI Note Co., Inc.
	2,190,000	4.250%, 12/01/2026(c)		2,203,633
	1,000,000	4.125%, 08/15/2030(c)		985,000

Principal Amount^			Value
	Financial (continued)
		Yuzhou Group Holdings Co. Ltd.
	$300,000	8.300%, 05/27/2025	$	303,395
	200,000	7.375%, 01/13/2026		192,495
				70,064,521
	Industrial: 3.0%
		Advanced Drainage Systems, Inc.
	590,000	5.000%, 09/30/2027(c)		618,650
		Aeropuertos Dominicanos Siglo XXI S.A.
	350,000	6.750%, 03/30/2029		326,746
		Aviation Capital Group LLC
	585,000	5.500%, 12/15/2024(c)		604,118
		Ball Corp.
	3,888,000	4.875%, 03/15/2026		4,341,613
		Boeing Co. (The)
	460,000	2.250%, 06/15/2026		448,110
	195,000	2.950%, 02/01/2030		188,879
	850,000	5.150%, 05/01/2030		957,923
	60,000	3.250%, 02/01/2035		56,462
	5,000	3.500%, 03/01/2039		4,548
	230,000	5.705%, 05/01/2040		272,315
	235,000	3.375%, 06/15/2046		202,393
	60,000	3.650%, 03/01/2047		53,234
	25,000	3.625%, 03/01/2048		22,043
	295,000	3.900%, 05/01/2049		272,350
	435,000	3.750%, 02/01/2050		399,462
	2,055,000	5.805%, 05/01/2050		2,495,646
	80,000	3.825%, 03/01/2059		70,646
	455,000	3.950%, 08/01/2059		412,671
	350,000	5.930%, 05/01/2060		435,425
		Bombardier, Inc.
	768,000	7.500%, 03/15/2025(c)		576,960
		Builders FirstSource, Inc.
	410,000	6.750%, 06/01/2027(c)		439,725
	1,274,000	5.000%, 03/01/2030(c)		1,320,979
		C10 Capital SPV Ltd.
	300,000	4.930%, 12/31/2020(d)(g) 3 mo. USD LIBOR + 4.710%		265,800
		C5 Capital SPV Ltd.
	200,000	4.497%, 12/31/2020(d)(g) 3 mo. USD LIBOR + 4.277%		166,000
		Cemex SAB de C.V.
	400,000	5.450%, 11/19/2029(c)		405,500
	820,000	5.200%, 09/17/2030(c)		825,043
		Embraer Netherlands Finance B.V.
	255,000	5.050%, 06/15/2025		245,182
		FedEx Corp.
	265,000	4.100%, 02/01/2045		304,474
	30,000	4.050%, 02/15/2048		34,712
	330,000	5.250%, 05/15/2050		448,117
		General Electric Co.
	420,000	3.625%, 05/01/2030		436,162
	200,000	4.350%, 05/01/2050		204,598
		GMR Hyderabad International Airport Ltd.
	735,000	5.375%, 04/10/2024		723,046
		Hornbeck Offshore Services, Inc.
	186,000	5.875%, 04/01/2020(i)		2,557
		Howmet Aerospace, Inc.
	3,720,000	6.875%, 05/01/2025		4,115,250
		HTA Group Ltd.
	1,300,000	7.000%, 12/18/2025(c)		1,366,625
		Leonardo US Holdings, Inc.
	438,000	6.250%, 01/15/2040(c)		500,910

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Industrial (continued)
		Masonite International Corp.
	$40,000	5.375%, 02/01/2028(c)	$	42,725
		Patrick Industries, Inc.
	355,000	7.500%, 10/15/2027(c)		386,062
		Sensata Technologies, Inc.
	3,191,000	4.375%, 02/15/2030(c)		3,358,623
		Silgan Holdings, Inc.
	4,261,000	4.125%, 02/01/2028		4,367,525
		Spirit AeroSystems, Inc.
	1,465,000	7.500%, 04/15/2025(c)		1,487,883
	80,000	4.600%, 06/15/2028		65,798
		Standard Industries, Inc.
	1,065,000	4.375%, 07/15/2030(c)		1,093,542
		Stoneway Capital Corp.
	177,117	10.000%, 03/01/2027(i)		74,212
		Tecnoglass, Inc.
	200,000	8.200%, 01/31/2022		207,705
		TransDigm, Inc.
	815,000	6.250%, 03/15/2026(c)		852,123
	2,461,000	7.500%, 03/15/2027		2,559,440
	3,002,000	5.500%, 11/15/2027		2,890,776
		Triumph Group, Inc.
	595,000	6.250%, 09/15/2024(c)		507,547
	150,000	7.750%, 08/15/2025		96,750
		Tutor Perini Corp.
	250,000	6.875%, 05/01/2025(c)		230,469
		Vulcan Materials Co.
	210,000	3.500%, 06/01/2030		235,661
		WESCO Distribution, Inc.
	570,000	7.250%, 06/15/2028(c)		625,336
				43,647,051
	Technology: 2.2%
		AMS AG
	2,291,000	7.000%, 07/31/2025(c)		2,432,023
		Black Knight InfoServ LLC
	4,127,000	3.625%, 09/01/2028(c)		4,178,587
		Broadcom Corp. / Broadcom Cayman Finance Ltd.
	20,000	3.500%, 01/15/2028		21,629
		Broadcom, Inc.
	1,640,000	4.750%, 04/15/2029		1,912,025
	470,000	5.000%, 04/15/2030		555,676
	95,000	4.150%, 11/15/2030		106,937
	1,735,000	4.300%, 11/15/2032		1,986,747
		Entegris, Inc.
	971,000	4.375%, 04/15/2028(c)		1,000,737
		Fair Isaac Corp.
	3,561,000	5.250%, 05/15/2026(c)		3,965,387
	160,000	4.000%, 06/15/2028(c)		165,300
		Flexential Intermediate Corp.
	585,000	11.250%, 08/01/2024(c)		591,216
		Microchip Technology, Inc.
	4,745,000	4.250%, 09/01/2025(c)		4,929,417
		Micron Technology, Inc.
	1,615,000	4.663%, 02/15/2030		1,899,697
		MSCI, Inc.
	4,096,000	4.000%, 11/15/2029(c)		4,307,722
	140,000	3.625%, 09/01/2030(c)		143,850

Principal Amount^			Value
	Technology (continued)
		NXP B.V. / NXP Funding LLC / NXP USA, Inc.
	$155,000	3.150%, 05/01/2027(c)	$	167,816
	90,000	3.400%, 05/01/2030(c)		98,802
		PTC, Inc.
	1,367,000	4.000%, 02/15/2028(c)		1,407,600
		Qorvo, Inc.
	420,000	3.375%, 04/01/2031(c)		427,612
		Seagate HDD Cayman
	285,000	4.125%, 01/15/2031(c)		308,079
		SS&C Technologies, Inc.
	2,026,000	5.500%, 09/30/2027(c)		2,155,603
				32,762,462
	Utilities: 0.9%
		AES Andres B.V. / Dominican Power Partners / Empresa Generadora de Electricidad It
	450,000	7.950%, 05/11/2026		459,005
		AES Argentina Generacion S.A.
	150,000	7.750%, 02/02/2024		104,906
		AES Corp. (The)
	60,000	6.000%, 05/15/2026		63,138
	260,000	3.950%, 07/15/2030(c)		287,777
		AES Gener S.A.
	200,000	7.125%, 03/26/2079(g) 5 year USD Swap + 4.644%		204,901
	400,000	6.350%, 10/07/2079(c)(g) 5 year CMT + 4.917%		404,250
		Calpine Corp.
	275,000	5.125%, 03/15/2028(c)		285,014
		Capex S.A.
	150,000	6.875%, 05/15/2024		126,675
		Clearway Energy Operating LLC
	1,400,000	4.750%, 03/15/2028(c)		1,446,816
		Edison International
	75,000	4.950%, 04/15/2025		82,260
		Empresa Electrica Guacolda S.A.
	300,000	4.560%, 04/30/2025		246,077
		Enel SpA
	740,000	8.750%, 09/24/2073(c)(g) 5 year USD Swap + 5.880%		866,118
		IPALCO Enterprises, Inc.
	110,000	4.250%, 05/01/2030(c)		124,947
		NextEra Energy Operating Partners L.P.
	1,000,000	4.250%, 07/15/2024(c)		1,044,475
	3,748,000	3.875%, 10/15/2026(c)		3,876,837
		Pacific Gas and Electric Co.
	685,000	3.500%, 08/01/2050		621,463
		Pampa Energia S.A.
	150,000	9.125%, 04/15/2029(c)		117,591
		Vistra Operations Co. LLC
	2,845,000	3.700%, 01/30/2027(c)		2,993,533
				13,355,783
	TOTAL CORPORATE BONDS (Cost $420,547,326)			432,458,866

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	GOVERNMENT SECURITIES & AGENCY ISSUE: 0.3%
		Dominican Republic International Bond
	$550,000	6.400%, 06/05/2049(c)	$	554,675
		Export-Import Bank of Korea
	895,000	0.750%, 06/25/2022(e) 3 mo. USD LIBOR + 0.525%		898,856
		Financiera de Desarrollo Territorial S.A.
	6,675,000,000 (COP)	7.875%, 08/12/2024(c)		1,895,492
		Provincia de Buenos Aires Government Bonds
	72,825,000 (ARS)	33.497%, 05/31/2022(e) BADLARPP + 3.830%		448,302
	15,545,000 (ARS)	33.378%, 04/12/2025(c)(e) BADLARPP + 3.750%		89,971
	TOTAL GOVERNMENT SECURITIES & AGENCY ISSUE (Cost $10,281,365)			3,887,296
	LIMITED PARTNERSHIPS: 0.2%
	35,594	GACP II L.P.		1,638,769
	1,300,000	U.S. Farming Realty Trust II L.P.(b)		883,186
	TOTAL LIMITED PARTNERSHIPS (Cost $2,678,718)			2,521,955
	MORTGAGE-BACKED SECURITIES: 18.6%
		Adjustable Rate Mortgage Trust
	1,848,902	Series 2005-2-6M2 1.128%, 06/25/2035(e) 1 mo. USD LIBOR + 0.980%		1,826,943
	306,646	Series 2006-1-2A1 3.986%, 03/25/2036(g)		220,253
		American Home Mortgage Investment Trust
	308,623	Series 2006-1-11A1 0.428%, 03/25/2046(b)(e) 1 mo. USD LIBOR + 0.280%		273,132
		AREIT Trust
	1,000,000	Series 2019-CRE3-D 2.802%, 09/14/2036(c)(e) 1 mo. USD LIBOR + 2.650%		906,441
		Banc of America Alternative Loan Trust
	61,406	Series 2003-8-1CB1 5.500%, 10/25/2033		61,845
	613,585	Series 2006-7-A4 5.998%, 10/25/2036(f)		276,334
		Banc of America Funding Trust
	58,354	Series 2005-7-3A1 5.750%, 11/25/2035		63,778
	89,921	Series 2006-6-1A2 6.250%, 08/25/2036		88,102
	626,802	Series 2006-7-T2A3 5.695%, 10/25/2036(g)		612,950
	318,199	Series 2006-B-7A1 3.692%, 03/20/2036(g)		288,018
	3,009,081	Series 2007-1-TA4 6.090%, 01/25/2037(f)		3,088,271
	58,552	Series 2007-4-5A1 5.500%, 11/25/2034(b)		57,779

Principal Amount^			Value
	$2,548,065	Series 2010-R5-1A3 6.000%, 10/26/2037(c)(g)	$	2,501,522
		Banc of America Merrill Lynch Commercial Mortgage Securities Trust
	1,474,000	Series 2019-AHT-D 2.652%, 03/15/2034(c)(e) 1 mo. USD LIBOR + 2.500%		1,289,426
		Banc of America Mortgage Trust
	18,714	Series 2005-A-2A1 3.690%, 02/25/2035(b)(g)		18,460
		Bancorp Commercial Mortgage Trust
	665,000	Series 2019-CRE5-D 2.502%, 03/15/2036(c)(e) 1 mo. USD LIBOR + 2.350%		608,013
		BBCMS Trust
	750,000	Series 2018-CBM-E 3.702%, 07/15/2037(c)(e) 1 mo. USD LIBOR + 3.550%		614,602
		BCAP LLC Trust
	199,557	Series 2010-RR6-6A2 9.300%, 07/26/2037(c)(g)		154,726
	2,765,870	Series 2011-R11-2A4 5.500%, 12/26/2035(c)		2,350,061
		Bear Stearns Adjustable Rate Mortgage Trust
	3,711,026	Series 2005-12-25A1 2.047%, 02/25/2036(g)		2,969,615
		Bear Stearns Asset-Backed Securities I Trust
	507,356	Series 2006-AC1-1A1 6.250%, 02/25/2036(f)		349,481
		Benchmark Mortgage Trust
	547,000	Series 2020-B18-AGNF 4.139%, 07/15/2053(c)		550,975
		BF Mortgage Trust
	666,000	Series 2019-NYT-F 3.152%, 12/15/2035(c)(e) 1 mo. USD LIBOR + 3.000%		644,666
		BHP Trust
	710,000	Series 2019-BXHP-E 2.720%, 08/15/2036(c)(e) 1 mo. USD LIBOR + 2.568%		647,229
		BX Commercial Mortgage Trust
	1,274,000	Series 2019-IMC-G 3.752%, 04/15/2034(c)(e) 1 mo. USD LIBOR + 3.600%		1,000,571
		Carbon Capital VI Commercial Mortgage Trust
	649,000	Series 2019-FL2-B 3.002%, 10/15/2035(c)(e) 1 mo. USD LIBOR + 2.850%		569,198
		CF Trust
	1,420,000	Series 2019-MF1-F 3.950%, 08/21/2032(c)(e) 1 mo. USD LIBOR + 2.950%		1,300,533
		CFCRE Commercial Mortgage Trust
	16,323,000	Series 2016-C7-XE 1.121%, 12/10/2054(c)(g)(m)		869,655
	7,346,000	Series 2016-C7-XF 1.121%, 12/10/2054(c)(g)(m)		379,486

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
		CG-CCRE Commercial Mortgage Trust
	$105,000	Series 2014-FL2-COL1 3.652%, 11/15/2031(c)(e) 1 mo. USD LIBOR + 3.500%	$	88,900
	205,000	Series 2014-FL2-COL2 4.652%, 11/15/2031(c)(e) 1 mo. USD LIBOR + 4.500%		156,594
		Chase Mortgage Finance Trust
	3,117,235	Series 2007-S2-1A9 6.000%, 03/25/2037		2,333,519
	1,560,359	Series 2007-S3-1A15 6.000%, 05/25/2037		1,100,832
		ChaseFlex Trust
	1,141,326	Series 2007-3-2A1 0.448%, 07/25/2037(e) 1 mo. USD LIBOR + 0.300%		1,009,324
		CIM Trust
	5,997,083	Series 2016-1RR-B2 6.343%, 07/26/2055(c)(g)		5,696,360
	10,000,000	Series 2016-2RR-B2 6.318%, 02/25/2056(c)(g)		9,553,365
	10,000,000	Series 2016-3RR-B2 6.299%, 02/27/2056(c)(g)		9,502,041
	7,860,000	Series 2017-3RR-B2 10.514%, 01/27/2057(c)(g)		7,721,005
		Citicorp Mortgage Securities Trust
	2,190,210	Series 2006-7-1A1 6.000%, 12/25/2036		2,117,029
		Citigroup Commercial Mortgage Trust
	668,000	Series 2015-GC27-D 4.569%, 02/10/2048(c)(g)		546,281
	800,000	Series 2018-C6-D 5.235%, 11/10/2051(c)(g)		747,190
	1,497,000	Series 2018-TBR-F 3.802%, 12/15/2036(c)(e) 1 mo. USD LIBOR + 3.650%		1,273,653
		Citigroup Mortgage Loan Trust, Inc.
	204,401	Series 2005-5-2A2 5.750%, 08/25/2035		166,958
	2,804,249	Series 2005-5-3A2A 2.908%, 10/25/2035(g)		1,994,743
	254,396	Series 2009-6-8A2 6.000%, 08/25/2022(c)(g)		263,657
	2,841,364	Series 2011-12-1A2 3.569%, 04/25/2036(c)(g)		2,115,237
	316,261	Series 2018-A-A1 4.000%, 01/25/2068(c)(g)		318,224
	730,309	Series 2018-C-A1 4.125%, 03/25/2059(c)(f)		749,836
		CitiMortgage Alternative Loan Trust
	237,099	Series 2006-A5-1A13 0.598%, 10/25/2036(e) 1 mo. USD LIBOR + 0.450%		185,167
	233,328	Series 2006-A5-1A2 6.402%, 10/25/2036(e)(m) -1*1 mo. USD LIBOR + 6.550%		37,928
	440,389	Series 2007-A4-1A13 5.750%, 04/25/2037		439,762
	225,492	Series 2007-A4-1A6 5.750%, 04/25/2037		225,034

Principal Amount^			Value
	$2,130,866	Series 2007-A6-1A5 6.000%, 06/25/2037	$	2,151,102
		COMM Mortgage Trust
	40,000	Series 2012-LC4-C 5.615%, 12/10/2044(g)		32,695
	1,868,035	Series 2014-UBS4-F 3.750%, 08/10/2047(c)		434,579
	3,353,947	Series 2014-UBS4-G 3.750%, 08/10/2047(c)		343,949
	7,000	Series 2014-UBS4-V 0.000%, 08/10/2047(c)(g)		1
	537,000	Series 2015-CR25-C 4.689%, 08/10/2048(g)		532,174
	1,989,000	Series 2018-HCLV-D 2.329%, 09/15/2033(c)(e) 1 mo. USD LIBOR + 2.177%		1,821,687
		Connecticut Avenue Securities Trust
	345,000	Series 2020-R01-1M2 2.198%, 01/25/2040(c)(e) 1 mo. USD LIBOR + 2.050%		339,998
		Countrywide Alternative Loan Trust
	113,096	Series 2003-22CB-1A1 5.750%, 12/25/2033		118,155
	467,048	Series 2004-13CB-A4 0.000%, 07/25/2034(n)		393,800
	85,662	Series 2004-16CB-1A1 5.500%, 07/25/2034		88,844
	91,071	Series 2004-16CB-3A1 5.500%, 08/25/2034		94,548
	196,405	Series 2004-J10-2CB1 6.000%, 09/25/2034		206,984
	4,559,306	Series 2005-64CB-1A10 5.750%, 12/25/2035		4,516,304
	64,790	Series 2005-J1-2A1 5.500%, 02/25/2025(b)		66,466
	2,417,633	Series 2006-13T1-A13 6.000%, 05/25/2036		1,700,035
	403,258	Series 2006-31CB-A7 6.000%, 11/25/2036		328,590
	3,954,613	Series 2006-36T2-2A1 6.250%, 12/25/2036		2,630,889
	435,746	Series 2006-J1-2A1 7.000%, 02/25/2036		99,582
	212,413	Series 2007-16CB-2A1 0.598%, 08/25/2037(e) 1 mo. USD LIBOR + 0.450%		76,007
	61,509	Series 2007-16CB-2A2 53.349%, 08/25/2037(e) -8.3333*1 mo. USD LIBOR + 54.583%		165,974
	397,939	Series 2007-19-1A34 6.000%, 08/25/2037		296,732
	1,164,958	Series 2007-20-A12 6.250%, 08/25/2047		905,119
	420,174	Series 2007-22-2A16 6.500%, 09/25/2037		251,022
	2,633,720	Series 2007-HY2-1A 3.517%, 03/25/2047(g)		2,543,084
	1,815,437	Series 2007-HY7C-A4 0.378%, 08/25/2037(e) 1 mo. USD LIBOR + 0.230%		1,697,429

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
		Countrywide Alternative Loan Trust Resecuritization
	$524,262	Series 2008-2R-2A1 6.000%, 08/25/2037(g)	$	345,279
	3,682,312	Series 2008-2R-4A1 6.250%, 08/25/2037(g)		3,034,926
		Countrywide Home Loan GMSR Issuer Trust
	1,980,000	Series 2018-GT1-A 2.898%, 05/25/2023(c)(e) 1 mo. USD LIBOR + 2.750%		1,904,933
		Countrywide Home Loan Mortgage Pass-Through Trust
	7,273	Series 2004-HYB4-2A1 2.967%, 09/20/2034(b)(g)		6,975
	564,258	Series 2005-23-A1 5.500%, 11/25/2035		448,881
	339,492	Series 2005-HYB8-4A1 3.658%, 12/20/2035(g)		322,069
	2,788,257	Series 2006-9-A1 6.000%, 05/25/2036		2,140,772
	168,015	Series 2007-10-A5 6.000%, 07/25/2037		129,207
	680,809	Series 2007-13-A5 6.000%, 08/25/2037		532,584
		Credit Suisse Commercial Mortgage Securities Corp.
	175,000	Series 2019-SKLZ-D 3.752%, 01/15/2034(c)(e) 1 mo. USD LIBOR + 3.600%		164,427
		Credit Suisse First Boston Mortgage Securities Corp.
	1,240,829	Series 2005-11-7A1 6.000%, 12/25/2035		950,805
		Credit Suisse First Boston Mortgage- Backed Pass-Through Certificates
	48,575	Series 2003-27-4A4 5.750%, 11/25/2033		51,413
	2,437,167	Series 2005-10-10A3 6.000%, 11/25/2035		1,076,437
		Credit Suisse Mortgage-Backed Trust
	765,441	Series 2006-6-1A10 6.000%, 07/25/2036		613,954
	650,430	Series 2007-1-4A1 6.500%, 02/25/2022		135,114
	64,051	Series 2007-2-2A5 5.000%, 03/25/2037		62,164
	1,493,613	Series 2011-17R-1A2 5.750%, 02/27/2037(c)		1,522,641
	630,000	Series 2014-USA-A2 3.953%, 09/15/2037(c)		645,485
	635,000	Series 2014-USA-D 4.373%, 09/15/2037(c)		494,737
	1,475,000	Series 2014-USA-E 4.373%, 09/15/2037(c)		1,028,161
	750,358	Series 2018-RPL2-A1 4.311%, 08/25/2062(c)(f)		757,415
	292,400	Series 2018-RPL7-A1 4.000%, 08/26/2058(c)		299,871
	657,248	Series 2019-RP10-A1 3.120%, 12/26/2059(c)(g)		663,212
	460,000	Series 2020-RPL3-A1 2.691%, 03/25/2060(c)(g)		461,136

Principal Amount^			Value
		DBUBS Mortgage Trust
	$310,000	Series 2017-BRBK-D 3.648%, 10/10/2034(c)(g)	$	321,032
		Deutsche Mortgage and Asset Receiving Corp.
	2,767,787	Series 2014-RS1-1A2 6.495%, 07/27/2037(c)(g)		2,531,447
		Deutsche Mortgage Securities, Inc. Mortgage Loan Trust
	96,124	Series 2006-PR1-3A1 11.911%, 04/15/2036(c)(e) -1.4*1 mo. USD LIBOR + 12.124%		88,798
		DSLA Mortgage Loan Trust
	123,117	Series 2005-AR5-2A1A 0.486%, 09/19/2045(e) 1 mo. USD LIBOR + 0.330%		92,745
		Dukinfield II Plc
	362,156 (GBP)	Series 2-A 1.307%, 12/20/2052(e) 3 mo. GBP LIBOR + 1.250%		469,082
		Federal Home Loan Mortgage Corp. REMICS
	559,052	Series 3118-SD 6.548%, 02/15/2036(e)(m) -1*1 mo. USD LIBOR + 6.700%		102,110
	224,536	Series 3301-MS 5.948%, 04/15/2037(e)(m) -1*1 mo. USD LIBOR + 6.100%		45,464
	280,801	Series 3303-SE 5.928%, 04/15/2037(e)(m) -1*1 mo. USD LIBOR + 6.080%		54,242
	182,520	Series 3303-SG 5.948%, 04/15/2037(e)(m) -1*1 mo. USD LIBOR + 6.100%		36,450
	53,544	Series 3382-SB 5.848%, 11/15/2037(e)(m) -1*1 mo. USD LIBOR + 6.000%		7,509
	254,587	Series 3382-SW 6.148%, 11/15/2037(e)(m) -1*1 mo. USD LIBOR + 6.300%		50,857
	62,496	Series 3384-S 6.238%, 11/15/2037(e)(m) -1*1 mo. USD LIBOR + 6.390%		7,714
	160,994	Series 3384-SG 6.158%, 08/15/2036(e)(m) -1*1 mo. USD LIBOR + 6.310%		34,492
	1,879,442	Series 3404-SA 5.848%, 01/15/2038(e)(m) -1*1 mo. USD LIBOR + 6.000%		390,914
	94,936	Series 3417-SX 6.028%, 02/15/2038(e)(m) -1*1 mo. USD LIBOR + 6.180%		12,200

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
		Federal Home Loan Mortgage Corp. REMICS (Continued)
	$57,775	Series 3423-GS 5.498%, 03/15/2038(e)(m) -1*1 mo. USD LIBOR + 5.650%	$	7,175
	507,994	Series 3423-TG 0.350%, 03/15/2038(e)(m) -1*1 mo. USD LIBOR + 6.000%		4,090
	2,391,190	Series 3435-S 5.828%, 04/15/2038(e)(m) -1*1 mo. USD LIBOR + 5.980%		528,844
	80,070	Series 3445-ES 5.848%, 05/15/2038(e)(m) -1*1 mo. USD LIBOR + 6.000%		10,683
	345,004	Series 3523-SM 5.848%, 04/15/2039(e)(m) -1*1 mo. USD LIBOR + 6.000%		64,613
	193,566	Series 3560-KS 6.248%, 11/15/2036(e)(m) -1*1 mo. USD LIBOR + 6.400%		34,366
	110,260	Series 3598-SA 6.198%, 11/15/2039(e)(m) -1*1 mo. USD LIBOR + 6.350%		17,860
	135,280	Series 3641-TB 4.500%, 03/15/2040		154,910
	463,882	Series 3728-SV 4.298%, 09/15/2040(e)(m) -1*1 mo. USD LIBOR + 4.450%		61,680
	199,424	Series 3758-S 5.878%, 11/15/2040(e)(m) -1*1 mo. USD LIBOR + 6.030%		39,362
	645,232	Series 3770-SP 6.348%, 11/15/2040(e)(m) -1*1 mo. USD LIBOR + 6.500%		70,354
	265,663	Series 3815-ST 5.698%, 02/15/2041(e)(m) -1*1 mo. USD LIBOR + 5.850%		53,715
	576,183	Series 3859-SI 6.448%, 05/15/2041(e)(m) -1*1 mo. USD LIBOR + 6.600%		133,243
	171,357	Series 3872-SL 5.798%, 06/15/2041(e)(m) -1*1 mo. USD LIBOR + 5.950%		32,966
	137,365	Series 3900-SB 5.818%, 07/15/2041(e)(m) -1*1 mo. USD LIBOR + 5.970%		22,256
	30,651	Series 3946-SM 14.243%, 10/15/2041(e) -3*1 mo. USD LIBOR + 14.700%		50,412

Principal Amount^			Value
	$891,515	Series 3972-AZ 3.500%, 12/15/2041	$	975,077
	2,663,283	Series 3984-DS 5.798%, 01/15/2042(e)(m) -1*1 mo. USD LIBOR + 5.950%		497,061
	6,239,853	Series 4080-DS 6.548%, 03/15/2041(e)(m) -1*1 mo. USD LIBOR + 6.700%		898,150
	1,631,568	Series 4229-MS 7.433%, 07/15/2043(e) -1.75*1 mo. USD LIBOR + 7.700%		1,773,956
	3,733,102	Series 4239-OU 0.000%, 07/15/2043(n)		3,348,107
	2,683,806	Series 4291-MS 5.748%, 01/15/2054(e)(m) -1*1 mo. USD LIBOR + 5.900%		539,849
	2,245,240	Series 4314-MS 5.948%, 07/15/2043(e)(m) -1*1 mo. USD LIBOR + 6.100%		258,067
		Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
	34,880	Series 2018-DNA1-M2 1.948%, 07/25/2030(e) 1 mo. USD LIBOR + 1.800%		34,395
		Federal National Mortgage Association
	9,494,840	Series 2019-M24-2XA 1.149%, 03/25/2031(g)(m)		942,406
	33,934,365	Series 2020-M10-X4 0.999%, 07/25/2032(g)(m)		2,686,618
	34,195,253	Series 2020-M10-X9 0.988%, 12/25/2027(g)(m)		1,565,595
	22,076,388	Series 2020-M6-X 1.348%, 10/25/2024(g)(m)		933,198
		Federal National Mortgage Association Connecticut Avenue Securities
	316,665	Series 2017-C05-1M2 2.348%, 01/25/2030(e) 1 mo. USD LIBOR + 2.200%		313,577
		Federal National Mortgage Association REMICS
	281,149	Series 2003-84-PZ 5.000%, 09/25/2033		323,909
	534,475	Series 2005-42-SA 6.652%, 05/25/2035(e)(m) -1*1 mo. USD LIBOR + 6.800%		61,407
	2,038,566	Series 2006-92-LI 6.432%, 10/25/2036(e)(m) -1*1 mo. USD LIBOR + 6.580%		437,237
	526,103	Series 2007-39-AI 5.972%, 05/25/2037(e)(m) -1*1 mo. USD LIBOR + 6.120%		118,491

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
		Federal National Mortgage Association REMICS (Continued)
	$154,433	Series 2007-57-SX 6.472%, 10/25/2036(e)(m) -1*1 mo. USD LIBOR + 6.620%	$	31,195
	27,916	Series 2007-68-SA 6.502%, 07/25/2037(e)(m) -1*1 mo. USD LIBOR + 6.650%		4,582
	31,268	Series 2008-1-CI 6.152%, 02/25/2038(e)(m) -1*1 mo. USD LIBOR + 6.300%		5,728
	1,563,361	Series 2008-33-SA 5.852%, 04/25/2038(e)(m) -1*1 mo. USD LIBOR + 6.000%		322,723
	48,289	Series 2008-56-SB 5.912%, 07/25/2038(e)(m) -1*1 mo. USD LIBOR + 6.060%		6,639
	3,246,430	Series 2009-110-SD 6.102%, 01/25/2040(e)(m) -1*1 mo. USD LIBOR + 6.250%		621,901
	40,499	Series 2009-111-SE 6.102%, 01/25/2040(e)(m) -1*1 mo. USD LIBOR + 6.250%		6,460
	229,402	Series 2009-86-CI 5.652%, 09/25/2036(e)(m) -1*1 mo. USD LIBOR + 5.800%		32,318
	119,099	Series 2009-87-SA 5.852%, 11/25/2049(e)(m) -1*1 mo. USD LIBOR + 6.000%		21,171
	57,291	Series 2009-90-IB 5.572%, 04/25/2037(e)(m) -1*1 mo. USD LIBOR + 5.720%		8,978
	55,116	Series 2010-11-SC 4.652%, 02/25/2040(e)(m) -1*1 mo. USD LIBOR + 4.800%		5,956
	37,375	Series 2010-115-SD 6.452%, 11/25/2039(e)(m) -1*1 mo. USD LIBOR + 6.600%		6,713
	3,244,302	Series 2010-123-SK 5.902%, 11/25/2040(e)(m) -1*1 mo. USD LIBOR + 6.050%		668,010
	681,003	Series 2010-134-SE 6.502%, 12/25/2025(e)(m) -1*1 mo. USD LIBOR + 6.650%		62,241
	203,063	Series 2010-15-SL 4.802%, 03/25/2040(e)(m) -1*1 mo. USD LIBOR + 4.950%		30,808
	60,114	Series 2010-9-GS 4.602%, 02/25/2040(e)(m) -1*1 mo. USD LIBOR + 4.750%		6,871

Principal Amount^			Value
	$6,420	Series 2011-110-LS 9.790%, 11/25/2041(e) -2*1 mo. USD LIBOR + 10.100%	$	9,305
	240,490	Series 2011-111-VZ 4.000%, 11/25/2041		268,330
	1,047,673	Series 2011-141-PZ 4.000%, 01/25/2042		1,138,347
	102,963	Series 2011-5-PS 6.252%, 11/25/2040(e)(m) -1*1 mo. USD LIBOR + 6.400%		9,887
	1,931,295	Series 2011-93-ES 6.352%, 09/25/2041(e)(m) -1*1 mo. USD LIBOR + 6.500%		441,757
	1,319,827	Series 2012-106-SA 6.012%, 10/25/2042(e)(m) -1*1 mo. USD LIBOR + 6.160%		276,756
	2,994,607	Series 2012-131-BS 5.214%, 12/25/2042(e) -1.2*1 mo. USD LIBOR + 5.400%		3,161,759
	11,100,940	Series 2013-109-BO 0.000%, 07/25/2043(n)		9,961,424
	1,738,081	Series 2013-15-SC 5.274%, 03/25/2033(e) -1.2*1 mo. USD LIBOR + 5.460%		1,905,671
	3,199,680	Series 2014-50-WS 6.052%, 08/25/2044(e)(m) -1*1 mo. USD LIBOR + 6.200%		565,601
		First Horizon Alternative Mortgage Securities Trust
	755,272	Series 2006-FA6-1A4 6.250%, 11/25/2036		518,353
	284,438	Series 2007-FA4-1A7 6.000%, 08/25/2037		192,705
		First Horizon Mortgage Pass-Through Trust
	155,745	Series 2006-1-1A10 6.000%, 05/25/2036		117,417
		Fontainebleau Miami Beach Trust
	574,000	Series 2019-FBLU H 4.095%, 12/10/2036(c)(g)		484,500
		GCAT LLC
	329,765	Series 2020-1-A1 2.981%, 01/26/2060(c)(f)		326,007
		Government National Mortgage Association
	566,454	Series 2007-21-S 6.048%, 04/16/2037(e)(m) -1*1 mo. USD LIBOR + 6.200%		100,944
	198,680	Series 2008-69-SB 7.474%, 08/20/2038(e)(m) -1*1 mo. USD LIBOR + 7.630%		44,330
	233,399	Series 2009-104-SD 6.198%, 11/16/2039(e)(m) -1*1 mo. USD LIBOR + 6.350%		47,069
	650,377	Series 2010-134-EI 4.500%, 11/20/2039(m)		24,663

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
		Government National Mortgage Association (Continued)
	$33,833	Series 2010-98-IA 5.652%, 03/20/2039(g)(m)	$	3,740
	487,489	Series 2011-45-GZ 4.500%, 03/20/2041		523,021
	138,309	Series 2011-69-OC 0.000%, 05/20/2041(n)		134,853
	2,807,180	Series 2011-69-SC 5.224%, 05/20/2041(e)(m) -1*1 mo. USD LIBOR + 5.380%		475,728
	441,275	Series 2011-89-SA 5.294%, 06/20/2041(e)(m) -1*1 mo. USD LIBOR + 5.450%		75,457
	2,059,418	Series 2013-102-BS 5.994%, 03/20/2043(e)(m) -1*1 mo. USD LIBOR + 6.150%		296,128
	36,338,444	Series 2013-155-IB 0.107%, 09/16/2053(g)(m)		220,691
	3,652,077	Series 2014-145-CS 5.448%, 05/16/2044(e)(m) -1*1 mo. USD LIBOR + 5.600%		636,052
	2,294,383	Series 2014-156-PS 6.094%, 10/20/2044(e)(m) -1*1 mo. USD LIBOR + 6.250%		433,151
	5,171,679	Series 2014-4-SA 5.948%, 01/16/2044(e)(m) -1*1 mo. USD LIBOR + 6.100%		1,027,609
	9,052,208	Series 2014-41-SA 5.944%, 03/20/2044(e)(m) -1*1 mo. USD LIBOR + 6.100%		1,832,496
	3,802,798	Series 2014-5-SA 5.394%, 01/20/2044(e)(m) -1*1 mo. USD LIBOR + 5.550%		668,342
	4,089,605	Series 2014-58-SG 5.448%, 04/16/2044(e)(m) -1*1 mo. USD LIBOR + 5.600%		714,683
	3,857,564	Series 2014-76-SA 5.444%, 01/20/2040(e)(m) -1*1 mo. USD LIBOR + 5.600%		698,810
	4,546,971	Series 2014-95-CS 6.098%, 06/16/2044(e)(m) -1*1 mo. USD LIBOR + 6.250%		951,831
	5,355,788	Series 2018-105-SH 6.094%, 08/20/2048(e)(m) -1*1 mo. USD LIBOR + 6.250%		758,148
	65,932,573	Series 2018-111-SA 4.394%, 08/20/2048(e)(m) -1*1 mo. USD LIBOR + 4.550%		6,776,728

Principal Amount^			Value
	$21,842,871	Series 2018-134-CS 6.044%, 10/20/2048(e)(m) -1*1 mo. USD LIBOR + 6.200%	$	3,122,001
	11,985,447	Series 2019-22-SA 5.444%, 02/20/2045(e)(m) -1*1 mo. USD LIBOR + 5.600%		2,439,351
	7,028,836	Series 2019-61-NS 5.944%, 02/20/2049(e)(m) -1*1 mo. USD LIBOR + 6.100%		1,336,326
	10,845,418	Series 2020-112-BS 6.094%, 08/20/2050(e)(m) -1*1 mo. USD LIBOR + 6.250%		2,129,681
	17,011,964	Series 2020-47-SA 5.844%, 05/20/2044(e)(m) -1*1 mo. USD LIBOR + 6.000%		3,190,769
	10,135,479	Series 2020-47-SL 5.214%, 07/20/2044(e)(m) -1*1 mo. USD LIBOR + 5.370%		1,750,519
		GPMT Ltd.
	1,507,000	Series 2018-FL1-D 3.106%, 11/21/2035(c)(e) 1 mo. USD LIBOR + 2.950%		1,394,238
		GS Mortgage Securities Corp. Trust
	1,503,000	Series 2018-TWR-G 4.077%, 07/15/2031(c)(e) 1 mo. USD LIBOR + 3.925%		1,329,455
		GS Mortgage Securities Trust
	1,010,000	Series 2011-GC5-D 5.555%, 08/10/2044(c)(g)		807,173
	2,216,000	Series 2014-GC26-D 4.662%, 11/10/2047(c)(g)		1,382,444
		GSCG Trust
	710,000	Series 2019-600C-H 4.118%, 09/06/2034(c)(g)		615,426
		GSR Mortgage Loan Trust
	40,247	Series 2005-4F-6A1 6.500%, 02/25/2035(b)		40,229
	719,163	Series 2005-9F-2A1 6.000%, 01/25/2036		531,526
	94,516	Series 2005-AR4-6A1 3.341%, 07/25/2035(g)		95,330
	147,160	Series 2005-AR6-4A5 2.962%, 09/25/2035(g)		147,056
	256,945	Series 2006-7F-3A4 6.250%, 08/25/2036		143,213
		HarborView Mortgage Loan Trust
	276,689	Series 2004-11-2A2A 0.796%, 01/19/2035(b)(e) 1 mo. USD LIBOR + 0.640%		253,495
	4,028,742	Series 2007-7-2A1B 1.148%, 10/25/2037(e) 1 mo. USD LIBOR + 1.000%		3,545,287
		Hawaii Hotel Trust
	1,297,000	Series 2019-MAUI-F 2.902%, 05/15/2038(c)(e) 1 mo. USD LIBOR + 2.750%		1,129,420

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
		Hospitality Mortgage Trust
	$1,063,012	Series 2019-HIT-G 4.052%, 11/15/2036(c)(e) 1 mo. USD LIBOR + 3.900%	$	878,216
		Impac Secured Assets Trust
	6,519,162	Series 2007-2-1A1C 0.528%, 05/25/2037(e) 1 mo. USD LIBOR + 0.380%		5,620,581
		IndyMac INDA Mortgage Loan Trust
	259,497	Series 2006-AR3-1A1 3.699%, 12/25/2036(g)		236,564
		IndyMac INDX Mortgage Loan Trust
	182,453	Series 2004-AR7-A5 1.368%, 09/25/2034(e) 1 mo. USD LIBOR + 1.220%		168,415
	289,237	Series 2005-AR11-A3 3.233%, 08/25/2035(g)		257,911
	670,248	Series 2006-AR2-2A1 0.358%, 02/25/2046(e) 1 mo. USD LIBOR + 0.210%		541,347
	2,008,002	Series 2006-AR5-2A1 3.476%, 05/25/2036(g)		1,944,383
	3,807,254	Series 2006-R1-A3 3.265%, 12/25/2035(g)		3,504,171
	1,369,655	Series 2007-AR5-2A1 3.398%, 05/25/2037(g)		1,271,121
		JP Morgan Chase Commercial Mortgage Securities Trust
	1,285,000	Series 2011-C3-E 5.853%, 02/15/2046(c)(g)		378,173
	1,531,000	Series 2019-MFP-F 3.152%, 07/15/2036(c)(e) 1 mo. USD LIBOR + 3.000%		1,433,147
	683,000	Series 2019-MFP-G 4.202%, 07/15/2036(c)(e) 1 mo. USD LIBOR + 4.050%		619,587
	683,000	Series 2019-MFP-XG 0.500%, 07/15/2036(c)(g)(m)		2,543
	219,000	Series 2019-UES-C 4.343%, 05/05/2032(c)		217,354
	224,000	Series 2019-UES-D 4.601%, 05/05/2032(c)(g)		219,479
	261,000	Series 2019-UES-E 4.601%, 05/05/2032(c)(g)		251,626
	274,000	Series 2019-UES-F 4.601%, 05/05/2032(c)(g)		257,848
	299,000	Series 2019-UES-G 4.601%, 05/05/2032(c)(g)		270,332
		JP Morgan Mortgage Trust
	340,684	Series 2004-S1-2A1 6.000%, 09/25/2034		362,549
	2,300,332	Series 2005-ALT1-3A1 2.839%, 10/25/2035(g)		1,980,540
	44,645	Series 2007-A1-4A2 2.962%, 07/25/2035(b)(g)		43,536
	13,778	Series 2007-S1-1A2 5.500%, 03/25/2022		12,943
	721,386	Series 2007-S3-1A97 6.000%, 08/25/2037		532,482
	344,634	Series 2008-R2-2A 5.500%, 12/27/2035(c)(g)		350,147

Principal Amount^			Value
		JP Morgan Resecuritization Trust
	$7,248,034	Series 2015-4-1A7 0.365%, 06/26/2047(c)(e) 1 mo. USD LIBOR + 0.190%	$	5,099,192
		JPMBB Commercial Mortgage Securities Trust
	1,616,000	Series 2014-C23-D 4.121%, 09/15/2047(c)(g)		1,391,094
	300,000	Series 2014-C23-E 3.364%, 09/15/2047(c)(g)		177,405
	78,000	Series 2015-C27-D 3.945%, 02/15/2048(c)(g)		61,992
	4,749,500	Series 2015-C27-XFG 1.445%, 02/15/2048(c)(g)(m)		236,719
		Legacy Mortgage Asset Trust
	1,076,456	Series 2020-GS1-A1 2.882%, 10/25/2059(c)(f)		1,081,068
	203,718	Series 2020-GS5-A1 3.250%, 06/25/2060(c)		205,385
		Lehman Mortgage Trust
	1,310,133	Series 2006-2-2A3 5.750%, 04/25/2036		1,365,400
		Lehman XS Trust
	118,906	Series 2006-2N-1A1 0.408%, 02/25/2046(e) 1 mo. USD LIBOR + 0.260%		105,659
		Master Alternative Loan Trust
	31,518	Series 2003-9-4A1 5.250%, 11/25/2033		32,623
	27,309	Series 2004-5-1A1 5.500%, 06/25/2034		28,215
	34,825	Series 2004-5-2A1 6.000%, 06/25/2034		36,346
	137,786	Series 2004-8-2A1 6.000%, 09/25/2034		143,080
		Merrill Lynch Alternative Note Asset Trust
	348,931	Series 2007-AF1-1AF2 5.750%, 05/25/2037		339,082
		Merrill Lynch Mortgage Investors Trust
	8,184	Series 2006-2-2A 2.842%, 05/25/2036(b)(g)		8,009
		Morgan Stanley Capital Barclays Bank Trust
	551,000	Series 2016-MART-D 3.309%, 09/13/2031(c)		529,126
		Morgan Stanley Capital I Trust
	687,000	Series 2007-IQ15-C 6.345%, 06/11/2049(c)(g)		678,505
	285,000	Series 2011-C2-D 5.661%, 06/15/2044(c)(g)		206,843
	540,000	Series 2011-C2-E 5.661%, 06/15/2044(c)(g)		315,414
	1,508,000	Series 2019-PLND-F 2.952%, 05/15/2036(c)(e) 1 mo. USD LIBOR + 2.800%		1,265,091
		Morgan Stanley Mortgage Loan Trust
	2,218,186	Series 2005-9AR-2A 3.253%, 12/25/2035(g)		2,093,037
	2,782,646	Series 2006-11-2A2 6.000%, 08/25/2036		1,959,384
	360,043	Series 2006-7-3A 5.010%, 06/25/2036(g)		300,155

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
		Morgan Stanley Mortgage Loan Trust (Continued)
	$260,053	Series 2007-13-6A1 6.000%, 10/25/2037	$	205,555
		Morgan Stanley Re-REMIC Trust
	314,072	Series 2010-R9-3C 6.000%, 11/26/2036(c)(g)		322,282
		Motel 6 Trust
	968,617	Series 2017-M6MZ-M 7.079%, 08/15/2024(c)(e) 1 mo. USD LIBOR + 6.927%		807,303
		New Residential Mortgage Loan Trust
	185,757	Series 2020-NPL2-A1 3.228%, 08/25/2060(c)(f)		186,104
		Preston Ridge Partners Mortgage Trust
	260,000	Series 2020-3-A2 5.071%, 09/25/2025(c)		260,000
		Prime Mortgage Trust
	1,287,124	Series 2006-DR1-2A1 5.500%, 05/25/2035(c)		1,077,201
		RCO V Mortgage LLC
	365,000	Series 2020-1-A1 3.105%, 09/25/2025(c)(f)		367,921
		Residential Accredit Loans, Inc.
	891,580	Series 2006-QS10-A9 6.500%, 08/25/2036		906,459
	555,716	Series 2006-QS14-A18 6.250%, 11/25/2036		541,229
	415,605	Series 2006-QS17-A5 6.000%, 12/25/2036		405,441
	433,264	Series 2006-QS2-1A4 5.500%, 02/25/2036		424,825
	510,401	Series 2006-QS7-A3 6.000%, 06/25/2036		485,988
	546,921	Series 2007-QS1-2A10 6.000%, 01/25/2037		527,238
	853,519	Series 2007-QS3-A1 6.500%, 02/25/2037		837,674
	1,864,318	Series 2007-QS6-A6 6.250%, 04/25/2037		1,833,223
	476,234	Series 2007-QS8-A8 6.000%, 06/25/2037		464,395
	1,429,755	Series 2007-QS9-A33 6.500%, 07/25/2037		1,395,694
		Residential Asset Securitization Trust
	262,361	Series 2006-A8-1A1 6.000%, 08/25/2036		225,592
	251,352	Series 2007-A1-A8 6.000%, 03/25/2037		148,323
	467,072	Series 2007-A5-2A5 6.000%, 05/25/2037		377,762
	16,154,686	Series 2007-A9-A1 0.698%, 09/25/2037(e) 1 mo. USD LIBOR + 0.550%		3,548,377
	16,154,686	Series 2007-A9-A2 6.302%, 09/25/2037(e)(m) -1*1 mo. USD LIBOR + 6.450%		6,046,230
		Residential Funding Mortgage Securities I Trust
	499,955	Series 2006-S4-A5 6.000%, 04/25/2036		486,610

Principal Amount^			Value
		Starwood Retail Property Trust
	$235,000	Series 2014-STAR-C 2.902%, 11/15/2027(b)(c)(e) 1 mo. USD LIBOR + 2.750%	$	164,170
	980,000	Series 2014-STAR-D 3.652%, 11/15/2027(b)(c)(e) 1 mo. USD LIBOR + 3.500%		605,648
	950,000	Series 2014-STAR-E 4.552%, 11/15/2027(b)(c)(e) 1 mo. USD LIBOR + 4.400%		316,691
		Structured Adjustable Rate Mortgage Loan Trust
	735,458	Series 2005-14-A1 0.458%, 07/25/2035(e) 1 mo. USD LIBOR + 0.310%		537,018
	305,680	Series 2005-15-1A1 3.309%, 07/25/2035(g)		228,950
	413,096	Series 2005-22-3A1 4.107%, 12/25/2035(g)		348,623
	845,614	Series 2008-1-A2 3.200%, 10/25/2037(g)		749,219
		Structured Asset Securities Corp. Trust
	594,546	Series 2005-5-2A2 5.500%, 04/25/2035		580,956
	8,170,101	Series 2007-4-1A3 6.102%, 03/28/2045(c)(e)(m) -1*1 mo. LIBOR + 6.250%		874,076
		Tharaldson Hotel Portfolio Trust
	1,382,807	Series 2018-THL-F 4.111%, 11/11/2034(c)(e) 1 mo. USD LIBOR + 3.952%		1,098,445
		UBS-Barclays Commercial Mortgage Trust
	305,000	Series 2012-C2-E 5.045%, 05/10/2063(c)(g)		124,930
		Washington Mutual Mortgage Pass-Through Certificates Trust
	401,043	Series 2005-1-5A1 6.000%, 03/25/2035		406,340
	592,307	Series 2006-5-1A5 6.000%, 07/25/2036		556,652
	451,360	Series 2006-8-A6 4.240%, 10/25/2036(f)		237,312
	2,701,695	Series 2007-5-A3 7.000%, 06/25/2037		1,853,946
		Wells Fargo Alternative Loan Trust
	152,335	Series 2007-PA2-3A1 0.498%, 06/25/2037(e) 1 mo. USD LIBOR + 0.350%		130,416
	224,413	Series 2007-PA2-3A2 6.502%, 06/25/2037(e)(m) -1*1 mo. USD LIBOR + 6.650%		35,371
		Wells Fargo Commercial Mortgage Trust
	19,971,000	Series 2015-C28-XE 1.238%, 05/15/2048(c)(g)(m)		920,895
	398,000	Series 2015-NXS4-D 3.820%, 12/15/2048(g)		352,815
	750,000	Series 2016-C33-D 3.123%, 03/15/2059(c)		649,273
	1,225,000	Series 2019-JWDR-C 3.139%, 09/15/2031(c)(g)		1,164,729

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
		Wells Fargo Mortgage-Backed Securities Trust
	$104,783	Series 2006-AR19-A1 3.996%, 12/25/2036(g)	$	97,937
		WFRBS Commercial Mortgage Trust
	155,000	Series 2011-C2-D 5.856%, 02/15/2044(c)(g)		153,925
	510,000	Series 2011-C3-D 5.853%, 03/15/2044(c)(g)		254,515
	500,000	Series 2012-C6-D 5.765%, 04/15/2045(c)(g)		501,599
	160,000	Series 2012-C7-C 4.965%, 06/15/2045(g)		117,772
	290,000	Series 2012-C7-E 4.965%, 06/15/2045(c)(g)		114,583
	TOTAL MORTGAGE-BACKED SECURITIES (Cost $254,128,280)			270,911,313
	MUNICIPAL BONDS: 0.2%
	Puerto Rico: 0.2%
		Commonwealth of Puerto Rico
	1,330,000	Series A 8.000%, 07/01/2035(i)		847,875
		Puerto Rico Public Buildings Authority
	675,000	Series U 5.250%, 07/01/2042(i)		472,500
		Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue
	21,000	Series A-1 0.000%, 07/01/2024(k)		19,416
	40,000	Series A-1 0.000%, 07/01/2027(k)		34,005
	39,000	Series A-1 0.000%, 07/01/2029(k)		30,739
	50,000	Series A-1 0.000%, 07/01/2031(k)		36,562
	56,000	Series A-1 0.000%, 07/01/2033(k)		37,550
	41,000	Series A-1 4.500%, 07/01/2034		42,879
	21,000	Series A-1 4.550%, 07/01/2040		21,762
	536,000	Series A-1 0.000%, 07/01/2046(k)		151,988
	437,000	Series A-1 0.000%, 07/01/2051(k)		89,856
	151,000	Series A-1 4.750%, 07/01/2053		157,419
	383,000	Series A-1 5.000%, 07/01/2058		405,823
	210,000	Series A-2 4.329%, 07/01/2040		214,551
	7,000	Series A-2 4.536%, 07/01/2053		7,199
	84,000	Series A-2 4.784%, 07/01/2058		87,809
	TOTAL MUNICIPAL BONDS (Cost $1,656,172)			2,657,933

Principal Amount^			Value
	SHORT-TERM INVESTMENTS: 7.1%
	REPURCHASE AGREEMENTS: 4.8%
	$69,752,058	Fixed Income Clearing Corp. 0.000%, 9/30/2020, due 10/01/2020 [collateral: par value $68,829,300 U.S. Treasury Note, 2.375%, due 03/15/2022, value $71,151,877] (proceeds $69,752,058)	$	69,752,058
	TOTAL REPURCHASE AGREEMENTS (Cost $69,752,058)			69,752,058
	TREASURY BILLS: 2.3%
		United States Treasury Bill
	22,172,000	1.456%, 11/05/2020(a)(o)		22,170,329
	1,670,000	0.158%, 11/27/2020(a)(o)		1,669,574
	5,400,000	0.177%, 02/25/2021(a)(o)		5,397,988
	1,300,000	0.097%, 06/17/2021(o)		1,299,065
	2,860,000	0.116%, 09/09/2021(o)		2,856,839
	TOTAL TREASURY BILLS (Cost $33,361,302)			33,393,795
	TOTAL SHORT-TERM INVESTMENTS (Cost $103,113,360)			103,145,853
	TOTAL PURCHASED OPTIONS (Cost $214,917): 0.0%			205,310
	TOTAL INVESTMENTS BEFORE INVESTMENTS SOLD SHORT
	(Cost: $1,406,999,224): 98.7%			1,437,924,868
	Other Assets in Excess of Liabilities: 1.3%			19,068,629
	NET ASSETS: 100.0%		$	1,456,993,497

Percentages are stated as a percent of net assets.

ADR	American Depositary Receipt
BADLARPP	Argentina Badlar Floating Rate Notes
CLO	Collateralized Loan Obligation
CMT	Constant Maturity Treasury Index
ETF	Exchange Traded Fund
EURIBOR	Euro Interbank Offered Rate
FEDL01	Federal Funds Rate
LIBOR	London Interbank Offered Rate
L.P.	Limited Partnership
PIK	Payment-in-kind
REMICS	Real Estate Mortgage Investment Conduit
SOFR	Secured Overnight Financing Rate
*	Non-Income Producing Security.
^	The principal amount is stated in U.S. Dollars unless otherwise indicated.
(a)	Securities with an aggregate fair value of $101,618,978 have been pledged as collateral for options, total return swaps, credit default swaps, securities sold short and futures positions.
(b)	Security is valued using significant unobservable inputs in good faith in accordance with procedures approved by the Board of Trustees.
(c)	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under Securities Act of 1933.
(d)	Perpetual Call.
(e)	Floating Interest Rate at September 30, 2020.

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2020 (Unaudited)(Continued)

(f)	Coupon increases periodically based upon a predetermined schedule. Stated interest rate in effect at September 30, 2020.
(g)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect at September 30, 2020.
(h)	When issued security.
(i)	Security is currently in default and/or non-income producing.
(j)	This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date.
(k)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(l)	Pay-in-kind securities.
(m)	Interest Only security. Security with a notional or nominal principal amount.
(n)	Principal Only security.
(o)	The rate shown represents yield-to-maturity.

CURRENCY ABBREVIATIONS:
ARS	Argentine Peso
CAD	Canadian Dollar
CHF	Swiss Franc
COP	Colombian Peso
EUR	Euro
GBP	British Pound
NZD	New Zealand Dollar
PLN	Polish Zloty
SEK	Swedish Krona
USD	U.S. Dollar

UNFUNDED LOAN COMMITMENTS — At September 30, 2020, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following agreements:

Borrower	Principal Amount		Current Value		Unrealized Gain (Loss)
McDermott Technology Americas, Inc., 0.500%, 06/28/2024	$	294,000	$	269,010	$	(24,990	)

The cost basis of investments for federal income tax purposes at September 30, 2020 was as follows*:

Cost of investments	$	1,341,897,993
Gross unrealized appreciation		131,561,256
Gross unrealized depreciation		(111,514,682	)
Net unrealized appreciation	$	20,046,574

* Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.

PartnerSelect Alternative Strategies Fund

SCHEDULE OF PURCHASED OPTIONS at September 30, 2020 (Unaudited)

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid		Unrealized Appreciation/ (Depreciation)
COMMON STOCKS
Call
Immunomedics, Inc.	Goldman Sachs & Co.	$	90.00		11/20/2020		222	$	1,887,666	$	2,220	$	7,969	$	(5,749	)
Immunomedics, Inc.	Morgan Stanley & Co.		90.00		11/20/2020		28		238,084		280		1,005		(725	)
Total											2,500		8,974		(6,474	)
EXCHANGE TRADED FUNDS
Put
iShares Iboxx Investment Grade Corporate Bond ETF	Goldman Sachs & Co.		130.00		1/15/2021		512		6,897,152		86,784		88,016		(1,232	)
iShares Iboxx Investment Grade Corporate Bond ETF	Morgan Stanley & Co.		130.00		1/15/2021		83		1,118,093		14,069		14,269		(200	)
iShares Russell 2000 ETF	Goldman Sachs & Co.		142.00		1/15/2021		52		778,908		39,104		41,241		(2,137	)
iShares Russell 2000 ETF	Goldman Sachs & Co.		145.00		1/15/2021		53		793,887		42,665		41,841		824
iShares Russell 2000 ETF	Morgan Stanley & Co.		142.00		1/15/2021		14		209,706		10,528		11,103		(575	)
iShares Russell 2000 ETF	Morgan Stanley & Co.		145.00		1/15/2021		12		179,748		9,660		9,473		187
Total											202,810		205,943		(3,133	)
Total Purchased Options										$	205,310	$	214,917	$	(9,607	)

PartnerSelect Alternative Strategies Fund

SCHEDULE OF SECURITIES SOLD SHORT at September 30, 2020 (Unaudited)

Shares			Value
	COMMON STOCKS: (4.0)%
	(11,211)	Acushnet Holdings Corp.	$	(376,802	)
	(154,762)	Advanced Disposal Services, Inc.*		(4,678,455	)
	(5,334)	American Homes 4 Rent Class A		(151,912	)
	(39,719)	Analog Devices, Inc.		(4,636,796	)
	(39,242)	ANGI Homeservices, Inc. Class A*		(435,390	)
	(3,404)	Aon Plc Class A		(702,245	)
	(4,312)	Bayerische Motoren Werke AG		(313,370	)
	(2,108)	Booz Allen Hamilton Holding Corp.		(174,922	)
	(220,682)	BorgWarner, Inc.		(8,549,221	)
	(601)	CACI International, Inc. Class A*		(128,109	)
	(79,449)	Chevron Corp.		(5,720,328	)
	(31,934)	Cincinnati Bell, Inc.*		(479,010	)
	(236,227)	CNX Resources Corp.*		(2,229,983	)
	(37,171)	Comtech Telecommunications Corp.		(520,394	)
	(5,517)	Daimler AG		(297,748	)
	(298,996)	Devon Energy Corp.		(2,828,502	)
	(16,119)	Evolution Gaming Group AB(c)		(1,069,660	)
	(16,825)	Fiat Chrysler Automobiles N.V.*		(206,479	)
	(34,023)	Ford Motor Co.		(226,593	)
	(10,301)	General Motors Co.		(304,807	)
	(5,592)	Invitation Homes, Inc.		(156,520	)
	(6,392)	Jacobs Engineering Group, Inc.		(592,986	)
	(80,425)	Just Eat Takeaway.com N.V.*(c)		(9,028,847	)
	(28,672)	Liberty Broadband Corp. Class C*		(4,096,369	)
	(13,738)	Livongo Health, Inc.*		(1,924,007	)
	(8,003)	Luminex Corp.		(210,079	)
	(16,531)	Meridian Bioscience, Inc.*		(280,696	)
	(5,254)	Nexstar Media Group, Inc. Class A		(472,492	)
	(20,532)	OraSure Technologies, Inc.*		(249,874	)
	(1,749)	Science Applications International Corp.		(137,157	)
	(14,540)	Softbank Corp.		(162,122	)
	(481,681)	Southwestern Energy Co.*		(1,131,950	)
	(20,197)	Stantec, Inc.		(612,777	)
	(33,022)	Sunrun, Inc.*		(2,545,006	)
	(2,552)	Tesla, Inc.*		(1,094,834	)
	(6,768)	Tetra Tech, Inc.		(646,344	)
	(7,260)	Toyota Motor Corp.		(476,552	)
	(4,061)	Uber Technologies, Inc.*		(148,145	)
	(8,391)	WSP Global, Inc.		(550,667	)
	(98)	WW Grainger, Inc.		(34,963	)
	TOTAL COMMON STOCKS (Proceeds $55,823,494)		$	(58,583,113	)

Shares			Value
	EXCHANGE-TRADED FUNDS: (0.5)%
	(560)	Consumer Discretionary Select Sector SPDR Fund	$	(82,309	)
	(48,785)	Financial Select Sector SPDR Fund		(1,174,255	)
	(3,639)	Health Care Select Sector SPDR Fund		(383,842	)
	(2,399)	iShares MSCI Australia ETF		(47,308	)
	(4,795)	iShares Russell 2000 Growth ETF		(1,062,188	)
	(1,188)	iShares Russell 2000 Value ETF		(118,004	)
	(991)	iShares Russell Mid-Cap Growth ETF		(171,314	)
	(8,252)	iShares U.S. Real Estate ETF		(658,840	)
	(7,114)	SPDR S&P 500 ETF Trust		(2,382,407	)
	(9,629)	VanEck Vectors Oil Services ETF		(940,850	)
	TOTAL EXCHANGE-TRADED FUNDS (Proceeds $7,003,270)		$	(7,021,317	)
Principal Amount^
	CORPORATE BONDS: (0.2)%
		Dell International LLC / EMC Corp.
	(450,000)	7.125%, 06/15/2024(c)		(468,535	)
		Gray Television, Inc.
	(556,000)	5.125%, 10/15/2024(c)		(568,163	)
		Gray Television, Inc.
	(362,000)	5.875%, 07/15/2026(c)		(376,254	)
		Western Digital Corp.
	(848,000)	4.750%, 02/15/2026		(919,554	)
	TOTAL CORPORATE BONDS (Proceeds $2,257,403)		$	(2,332,506	)
	TOTAL SECURITIES SOLD SHORT (Proceeds $65,084,167)		$	(67,936,936	)

PartnerSelect Alternative Strategies Fund

SCHEDULE OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS at September 30, 2020 (Unaudited)

At September 30, 2020, the Fund had the following forward foreign currency exchange contracts:

								Asset Derivatives		Liability Derivatives
Counterparty	Settlement Date	Fund Receiving	U.S. $ Value at September 30, 2020		Fund Delivering	U.S. $ Value at September 30, 2020		Unrealized Appreciation		Unrealized Depreciation
Bank of America N.A.	10/23/2020	USD	$	487,050	CAD	$	491,630	$	—	$	(4,580)
	10/23/2020	USD		1,685,989	EUR		1,724,101		—		(38,112	)
Barclays Bank Plc	10/23/2020	USD		567,765	EUR		580,565		—		(12,800	)
Deutsche Bank AG	10/30/2020	USD		523,638	GBP		520,611		3,027		—
Goldman Sachs & Co.	12/15/2020	CAD		65,617	USD		65,430		187		—
	12/15/2020	EUR		33,819	USD		33,664		155		—
	12/15/2020	EUR		62,119	USD		62,151		—		(32	)
	12/15/2020	EUR		425,090	USD		429,712		—		(4,622	)
	12/15/2020	USD		4,717,748	EUR		4,674,692		43,056		—
	12/15/2020	USD		64,208	EUR		64,585		—		(377	)
	12/15/2020	USD		579,962	SEK		564,488		15,474		—
HSBC Holdings Plc	11/13/2020	USD		194,605	EUR		193,605		1,000		—
JPMorgan Chase Bank N.A.	11/17/2020	EUR		748,849	USD		747,800		1,049		—
	11/17/2020	EUR		544,261	USD		549,081		—		(4,820	)
	11/17/2020	EUR		501,786	USD		506,998		—		(5,212	)
	11/17/2020	EUR		514,239	USD		520,542		—		(6,303	)
	11/17/2020	EUR		654,916	USD		661,828		—		(6,912	)
	11/17/2020	USD		515,776	EUR		510,892		4,884		—
	11/17/2020	USD		190,237	EUR		188,055		2,182		—
	11/17/2020	USD		240,686	EUR		238,887		1,799		—
	11/17/2020	USD		231,413	EUR		229,950		1,463		—
	11/17/2020	USD		231,413	EUR		229,950		1,463		—
	11/17/2020	USD		366,469	EUR		366,022		447		—
	11/17/2020	USD		218,720	EUR		219,680		—		(960	)
	11/17/2020	USD		790,344	EUR		794,282		—		(3,938	)
	11/17/2020	USD		953,765	EUR		957,837		—		(4,072	)
Morgan Stanley & Co.	10/8/2020	USD		1,754,807	COP		1,707,697		47,110		—
	12/15/2020	CAD		68,244	USD		68,971		—		(727	)
	12/15/2020	CAD		83,110	USD		83,943		—		(833	)
	12/15/2020	CAD		75,678	USD		76,555		—		(877	)
	12/15/2020	CAD		330,037	USD		333,965		—		(3,928	)
	12/15/2020	EUR		1,478,536	USD		1,473,733		4,803		—
	12/15/2020	EUR		48,029	USD		48,527		—		(498	)
	12/15/2020	EUR		49,320	USD		49,886		—		(566	)
	12/15/2020	EUR		103,571	USD		104,764		—		(1,193	)
	12/15/2020	EUR		119,777	USD		121,017		—		(1,240	)
	12/15/2020	SEK		8,208	USD		8,419		—		(211	)
	12/15/2020	USD		5,849,984	CAD		5,748,317		101,667		—
	12/15/2020	USD		2,562,388	CHF		2,543,864		18,524		—
	12/15/2020	USD		58,273	CHF		57,793		480		—
	12/15/2020	USD		40,691	CHF		40,564		127		—
	12/15/2020	USD		90,653	EUR		90,067		586		—
	12/15/2020	USD		56,419	EUR		56,013		406		—
	12/15/2020	USD		127,650	EUR		127,879		—		(229	)
	12/15/2020	USD		757,523	EUR		764,691		—		(7,168	)
	12/15/2020	USD		2,249,799	NZD		2,211,158		38,641		—
	12/15/2020	USD		720,393	PLN		716,473		3,920		—
	12/15/2020	USD		150,525	PLN		150,734		—		(209	)
	12/15/2020	USD		247,678	SEK		243,138		4,540		—
	12/15/2020	USD		12,820	SEK		12,574		246		—
	12/15/2020	USD		9,178	SEK		9,001		177		—
	12/15/2020	USD		7,099	SEK		6,935		164		—
	12/15/2020	USD		10,509	SEK		10,542		—		(33	)
	12/16/2020	EUR		2,372,117	USD		2,397,176		—		(25,059	)
	12/16/2020	USD		2,404,652	EUR		2,372,117		32,535		—
	12/31/2020	USD		502,896	EUR		505,184		—		(2,288	)
Standard Chartered Bank	10/2/2020	EUR		3,212,237	USD		3,205,663		6,574		—
	10/2/2020	USD		3,080,787	EUR		3,212,237		—		(131,450	)
	1/4/2021	USD		3,212,858	EUR		3,219,471		—		(6,613	)
			$	47,966,930		$	47,906,106	$	336,686	$	(275,862	)

PartnerSelect Alternative Strategies Fund

SCHEDULE OF FINANCIAL FUTURES CONTRACTS at September 30, 2020 (Unaudited)

Description	Number of Contracts			Notional Amount			Notional Value			Expiration Date		Unrealized Appreciation/ (Depreciation)
Futures Contracts - Long
2YR U.S. Treasury Notes		552		$	110,400,000		$	121,970,438			12/31/2020	$	46,453
Total Long												$	46,453
Futures Contracts - Short
5YR U.S. Treasury Notes		(786	)	$	(78,600,000	)	$	(99,060,563	)		12/31/2020	$	(85,803	)
10YR U.S. Treasury Notes		(59	)		(5,900,000	)		(8,232,344	)		12/21/2020		1,636
Ultra-Long U.S. Treasury Bonds		(19	)		(1,900,000	)		(4,214,437	)		12/21/2020		374
Ultra 10YR U.S. Treasury Notes		(107	)		(10,700,000	)		(17,111,641	)		12/21/2020		(19,620	)
Total Short												$	(103,413	)
Total Futures Contracts												$	(56,960)

SCHEDULE OF SWAPS at September 30, 2020 (Unaudited)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS (1)(2)(3)

Description	Maturity Date		Fixed Deal (Pay) Rate			Implied Credit Spread at September 30, 2020		Notional Amount(4)			Periodic Payment Frequency		Fair Value			Upfront Premiums Paid / (Received)			Unrealized Appreciation / (Depreciation)
Buy Protection
Airbus Finance B.V. 2.375%, 04/02/2024		12/20/2025		(1.000%	)		1.463%		EUR	(5,900,000)		Quarterly	$	161,088		$	(11,743	)	$	172,831
American Axle & Manufacturing, Inc. 6.250%, 03/15/2026		12/20/2025		(5.000%	)		5.413%		$	(6,800,000)		Quarterly		117,182			57,663			59,519
American International Group, Inc. 6.250%, 05/01/2036		12/20/2025		(1.000%	)		0.808%			(1,950,000)		Quarterly		(19,018	)		(20,438	)		1,420
Anheuser-Busch InBev S.A. 4.000%, 06/02/2021		12/20/2025		(1.000%	)		0.562%		EUR	(5,800,000)		Quarterly		(155,907	)		(189,135	)		33,228
Avnet, Inc. 4.875%, 12/01/2022		12/20/2025		(1.000%	)		0.937%		$	(6,750,000)		Quarterly		(21,350	)		(97,076	)		75,726
Banco Santander S.A. 1.375%, 02/09/2022		12/20/2025		(1.000%	)		1.025%		EUR	(5,850,000)		Quarterly		8,625			(39,710	)		48,335
Block Financial LLC 5.500%, 11/01/2022		12/20/2025		(5.000%	)		1.013%		$	(5,800,000)		Quarterly		(1,162,767	)		(1,187,048	)		24,281
Bouygues S.A. 3.625%, 01/16/2023		12/20/2025		(1.000%	)		0.344%		EUR	(5,900,000)		Quarterly		(239,767	)		(251,137	)		11,370
BP Capital Markets Plc 3.161%, 03/17/2021		12/20/2025		(1.000%	)		0.950%			(1,200,000)		Quarterly		(3,604	)		(12,963	)		9,359
BP Capital Markets Plc 1.876%, 04/07/2024		12/20/2025		(1.000%	)		0.950%			(4,150,000)		Quarterly		(12,462	)		3,806			(16,268	)
British Telecommunications Plc 5.750%, 12/07/2028		12/20/2025		(1.000%	)		1.039%			(6,000,000)		Quarterly		14,013			8,260			5,753
CDX North America HIgh Yield Index Series 34 5.000%, 06/20/2025		6/20/2025		(5.000%	)		3.823%		$	(70,840,000)		Quarterly		(3,456,855	)		6,517,280			(9,974,135	)
Centrica Plc 6.375%, 03/10/2022		12/20/2025		(1.000%	)		1.032%		EUR	(5,800,000)		Quarterly		11,253			(45,248	)		56,501
CIT Group, Inc. 5.000%, 08/15/2022		12/20/2025		(5.000%	)		2.552%		$	(6,000,000)		Quarterly		(691,494	)		(806,240	)		114,746
Citigroup, Inc. 2.876%, 07/24/2023		12/20/2025		(1.000%	)		0.637%			(4,600,000)		Quarterly		(85,376	)		(88,319	)		2,943

PartnerSelect Alternative Strategies Fund

SCHEDULE OF SWAPS at September 30, 2020 (Unaudited)(Continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS (1)(2)(3) (Continued)

Description	Maturity Date		Fixed Deal (Pay) Rate			Implied Credit Spread at September 30, 2020		Notional Amount(4)				Periodic Payment Frequency		Fair Value			Upfront Premiums Paid / (Received)			Unrealized Appreciation / (Depreciation)
Buy Protection (Continued)
Compass Group Plc 1.875%, 01/27/2023		12/20/2025		(1.000%	)		0.428%		EUR	(5,300,000	)		Quarterly	$	(187,059	)	$	(183,712	)	$	(3,347	)
Credit Agricole S.A. 3.375%, 01/10/2022		12/20/2025		(1.000%	)		0.626%			(4,150,000)			Quarterly		(94,966	)		(125,299	)		30,333
Devon Energy Corp. 7.950%, 04/15/2032		12/20/2025		(1.000%	)		2.066%		$	(4,550,000)			Quarterly		233,055			219,018			14,037
DISH DBS Corp. 6.750%, 06/01/2021		6/20/2025		(5.000%	)		4.142%			(1,500,000)			Quarterly		(52,014	)		(92,196	)		40,182
Domtar Corp. 4.400%, 04/01/2022		12/20/2025		(1.000%	)		0.886%			(6,800,000)			Quarterly		(39,093	)		(60,961	)		21,868
DXC Technology Co. 4.450%, 09/18/2022		12/20/2025		(5.000%	)		1.238%			(950,000)			Quarterly		(177,980	)		(177,512	)		(468	)
Eni SpA 2.625%, 11/22/2021		12/20/2025		(1.000%	)		1.003%		EUR	(850,000)			Quarterly		155			4,078			(3,923	)
Fortum Oyj 2.250%, 09/06/2022		12/20/2025		(1.000%	)		0.633%			(950,000)			Quarterly		(21,306	)		(20,497	)		(809	)
Goodyear Tire & Rubber Co. (The) 5.000%, 05/31/2026		12/20/2025		(5.000%	)		4.202%		$	(4,450,000)			Quarterly		(156,123	)		(268,892	)		112,769
HCA, Inc. 5.875%, 02/15/2026		12/20/2025		(5.000%	)		1.583%			(5,150,000)			Quarterly		(863,359	)		(968,560	)		105,201
Host Hotels & Resorts L.P. 3.875%, 04/01/2024		12/20/2025		(1.000%	)		1.822%			(4,800,000)			Quarterly		191,582			102,387			89,195
HP, Inc. 4.650%, 12/09/2021		12/20/2025		(1.000%	)		0.525%			(6,550,000)			Quarterly		(159,827	)		(179,956	)		20,129
HSBC Holdings Plc 0.875%, 09/06/2024		12/20/2025		(1.000%	)		0.686%		EUR	(5,900,000)			Quarterly		(113,116	)		(99,372	)		(13,744	)
Imperial Brands Finance Plc 1.375%, 01/27/2025		12/20/2025		(1.000%	)		0.857%			(1,100,000)			Quarterly		(9,527	)		(4,064	)		(5,463	)
ING Groep N.V. 0.750%, 03/09/2022		12/20/2025		(1.000%	)		0.600%			(5,800,000)			Quarterly		(141,956	)		(168,997	)		27,041
International Lease Finance Corp. 8.250%, 12/15/2020		12/20/2025		(5.000%	)		0.767%		$	(700,000)			Quarterly		(150,617	)		(154,910	)		4,293
International Paper Co. 3.000%, 02/15/2027		12/20/2025		(1.000%	)		0.426%			(6,850,000)			Quarterly		(202,995	)		(221,766	)		18,771
ITV Plc 2.125%, 09/21/2022		12/20/2025		(5.000%	)		1.820%		EUR	(5,150,000)			Quarterly		(951,257	)		(996,889	)		45,632
Kinder Morgan, Inc. 4.300%, 03/01/2028		12/20/2025		(1.000%	)		0.804%		$	(4,100,000)			Quarterly		(40,861	)		(62,658	)		21,797
Kohl’s Corp. 4.250%, 07/17/2025		12/20/2025		(1.000%	)		3.426%			(8,000,000)			Quarterly		880,722			630,000			250,722
Lincoln National Corp. 3.350%, 03/09/2025		12/20/2025		(1.000%	)		0.815%			(1,150,000)			Quarterly		(10,797	)		(8,741	)		(2,056	)
Lloyds Banking Group Plc 3.100%, 07/06/2021		12/20/2025		(1.000%	)		0.683%		EUR	(5,800,000)			Quarterly		(112,283	)		(65,541	)		(46,742	)
Loews Corp. 6.000%, 02/01/2035		12/20/2025		(1.000%	)		0.397%		$	(3,600,000)			Quarterly		(112,165	)		(120,366	)		8,201
Marathon Petroleum Corp. 3.625%, 09/15/2024		12/20/2025		(5.000%	)		0.907%			(900,000)			Quarterly		(186,106	)		(183,817	)		(2,289	)
Marks & Spencer Plc 3.000%, 12/08/2023		12/20/2025		(1.000%	)		3.283%		EUR	(6,500,000)			Quarterly		809,675			753,254			56,421
McKesson Corp. 7.650%, 03/01/2027		12/20/2025		(1.000%	)		0.529%		$	(6,900,000)			Quarterly		(166,862	)		(188,365	)		21,503
MGIC Investment Corp. 5.750%, 08/15/2023		12/20/2025		(5.000%	)		2.357%			(4,650,000)			Quarterly		(583,523	)		(615,721	)		32,198

PartnerSelect Alternative Strategies Fund

SCHEDULE OF SWAPS at September 30, 2020 (Unaudited)(Continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS (1)(2)(3) (Continued)

Description	Maturity Date		Fixed Deal (Pay) Rate			Implied Credit Spread at September 30, 2020		Notional Amount(4)			Periodic Payment Frequency		Fair Value			Upfront Premiums Paid / (Received)			Unrealized Appreciation / (Depreciation)
Buy Protection (Continued)
MGM Resorts International 5.750%, 06/15/2025		12/20/2025		(5.000%	)		3.213%		$	(1,400,000)		Quarterly	$	(114,596	)	$	(142,578	)	$	27,982
Naturgy Capital Markets S.A. 5.125%, 11/02/2021		12/20/2025		(1.000%	)		0.507%		EUR	(4,050,000)		Quarterly		(122,849	)		(121,712	)		(1,137	)
Natwest Group Plc 2.000%, 03/04/2025		12/20/2025		(1.000%	)		0.765%			(5,900,000)		Quarterly		(84,145	)		(61,729	)		(22,416	)
Navient Corp. 5.500%, 01/25/2023		12/20/2025		(5.000%	)		4.863%		$	(2,850,000)		Quarterly		(16,778	)		(77,585	)		60,807
Nordstrom, Inc. 6.950%, 03/15/2028		12/20/2025		(1.000%	)		6.193%			(7,800,000)		Quarterly		1,641,436			1,423,500			217,936
Olin Corp. 5.500%, 08/15/2022		12/20/2025		(1.000%	)		3.759%			(7,100,000)		Quarterly		876,765			877,817			(1,052	)
Omnicom Group, Inc. / Omnicom Capital, Inc. 3.650%, 11/01/2024		12/20/2025		(1.000%	)		0.455%			(6,650,000)		Quarterly		(186,743	)		(206,170	)		19,427
Pearson Funding Plc 1.375%, 05/06/2025		12/20/2025		(1.000%	)		0.904%		EUR	(1,450,000)		Quarterly		(8,407	)		(21,285	)		12,878
Radian Group, Inc. 4.500%, 10/01/2024		12/20/2025		(5.000%	)		3.507%		$	(550,000)		Quarterly		(37,153	)		(47,174	)		10,021
Renault S.A. 3.125%, 03/05/2021		12/20/2025		(1.000%	)		2.699%		EUR	(6,250,000)		Quarterly		593,965			516,946			77,019
Repsol International Finance B.V. 2.250%, 12/10/2026		12/20/2025		(1.000%	)		1.023%			(6,100,000)		Quarterly		8,571			9,048			(477	)
Rolls-Royce Plc 2.125%, 06/18/2021		12/20/2025		(1.000%	)		5.256%			(7,200,000)		Quarterly		1,540,277			1,589,371			(49,094	)
RR Donnelley & Sons Co. 7.875%, 03/15/2021		12/20/2025		(5.000%	)		8.210%		$	(4,750,000)		Quarterly		570,736			522,500			48,236
Ryder System, Inc. 3.875%, 12/01/2023		12/20/2025		(1.000%	)		0.894%			(5,650,000)		Quarterly		(30,294	)		(63,799	)		33,505
SES S.A. 4.750%, 03/11/2021		12/20/2025		(1.000%	)		1.151%		EUR	(5,900,000)		Quarterly		53,412			25,178			28,234
Shell International Finance B.V. 0.750%, 05/12/2024		12/20/2025		(1.000%	)		0.614%			(5,700,000)		Quarterly		(134,724	)		(160,187	)		25,463
Simon Property Group L.P. 2.750%, 06/01/2023		12/20/2025		(1.000%	)		1.572%		$	(7,100,000)		Quarterly		199,273			134,470			64,803
Societe Generale S.A. 3.250%, 01/12/2022		12/20/2025		(1.000%	)		0.814%		EUR	(5,250,000)		Quarterly		(59,397	)		(79,675	)		20,278
Standard Chartered Plc 1.450%, 09/10/2022		12/20/2025		(1.000%	)		0.685%			(5,900,000)		Quarterly		(113,553	)		(86,034	)		(27,519	)
Teck Resources Ltd 6.125%, 10/01/2035		12/20/2025		(5.000%	)		1.179%		$	(3,050,000)		Quarterly		(581,904	)		(604,105	)		22,201
Telecom Italia SpA 3.625%, 01/19/2024		12/20/2025		(1.000%	)		1.883%		EUR	(1,000,000)		Quarterly		51,121			53,753			(2,632	)
Telefonica Emisiones S.A. 1.528%, 01/17/2025		12/20/2025		(1.000%	)		0.916%			(5,900,000)		Quarterly		(30,007	)		(45,647	)		15,640
Teva Pharmaceutical Finance Co. B.V. 3.650%, 11/10/2021		6/20/2025		(1.000%	)		4.836%		$	(5,450,000)		Quarterly		825,601			808,750			16,851
thyssenkrupp AG 2.500%, 02/25/2025		12/20/2025		(1.000%	)		4.725%		EUR	(6,700,000)		Quarterly		1,282,271			945,756			336,515
UniCredit SpA 2.125%, 10/24/2026		12/20/2025		(1.000%	)		0.946%			(5,900,000)		Quarterly		(19,369	)		(46,155	)		26,786

PartnerSelect Alternative Strategies Fund

SCHEDULE OF SWAPS at September 30, 2020 (Unaudited)(Continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS (1)(2)(3) (Continued)

Description	Maturity Date		Fixed Deal (Pay) Rate			Implied Credit Spread at September 30, 2020		Notional Amount(4)				Periodic Payment Frequency		Fair Value			Upfront Premiums Paid / (Received)			Unrealized Appreciation / (Depreciation)
Buy Protection (Continued)
Valero Energy Corp. 8.750%, 06/15/2030		12/20/2025		(1.000%	)		1.000%		$	(3,250,000	)		Quarterly	$	35		$	1,118		$	(1,083	)
Vodafone Group Plc 1.750%, 08/25/2023		12/20/2025		(1.000%	)		0.711%		EUR	(3,750,000	)		Quarterly		(66,076	)		(60,343	)		(5,733	)
Wells Fargo & Co. 3.069%, 01/24/2023		12/20/2025		(1.000%	)		0.674%		$	(6,800,000	)		Quarterly		(113,087	)		(124,011	)		10,924
Wendel SE 2.750%, 10/02/2024		12/20/2025		(5.000%	)		0.812%		EUR	(900,000	)		Quarterly		(228,700	)		(235,382	)		6,682
Weyerhaeuser Co. 7.125%, 07/15/2023		12/20/2025		(1.000%	)		0.305%		$	(1,500,000	)		Quarterly		(54,068	)		(59,516	)		5,448
WPP Finance S.A. 2.250%, 09/22/2026		12/20/2025		(1.000%	)		0.984%		EUR	(4,100,000	)		Quarterly		(3,884	)		(26,448	)		22,564
Xerox Corp. 3.800%, 05/15/2024		12/20/2025		(1.000%	)		2.404%		$	(6,850,000	)		Quarterly		455,614			431,223			24,391
Total Buy Protection														$	(1,861,699	)	$	5,647,792		$	(7,509,491	)
Sell Protection
Amgen, Inc. 3.625%, 05/22/2024		12/20/2025		1.000%			0.327%		$	6,750,000			Quarterly	$	235,394		$	263,285		$	(27,891	)
Anglo American Capital Plc 4.125%, 04/15/2021		12/20/2025		5.000%			1.163%		EUR	4,900,000			Quarterly		1,123,361			1,191,721			(68,360	)
Apache Corp. 3.250%, 04/15/2022		12/20/2025		1.000%			4.381%		$	6,500,000			Quarterly		(958,452	)		(666,250	)		(292,202	)
Assicurazioni Generali SpA 5.125%, 09/16/2024		12/20/2025		1.000%			0.757%		EUR	5,800,000			Quarterly		85,674			110,737			(25,063	)
AT&T, Inc. 3.800%, 02/15/2027		12/20/2025		1.000%			0.914%		$	7,000,000			Quarterly		30,369			44,638			(14,269	)
Aviva Plc 0.625%, 10/27/2023		12/20/2025		1.000%			0.706%		EUR	2,700,000			Quarterly		48,341			42,631			5,710
BAT International Finance Plc 2.375%, 01/19/2023		12/20/2025		1.000%			0.714%			5,800,000			Quarterly		101,258			108,612			(7,354	)
Beazer Homes USA, Inc. 6.750%, 03/15/2025		12/20/2025		5.000%			3.083%		$	5,400,000			Quarterly		476,757			547,417			(70,660	)
Best Buy Co., Inc. 5.500%, 03/15/2021		12/20/2025		5.000%			0.434%			5,700,000			Quarterly		1,342,150			1,386,314			(44,164	)
BMW Finance N.V. 0.125%, 01/12/2021		12/20/2025		1.000%			0.602%		EUR	5,800,000			Quarterly		141,304			189,972			(48,668	)
Boeing Co. (The) 8.750%, 08/15/2021		12/20/2025		1.000%			3.086%		$	1,550,000			Quarterly		(148,845	)		(137,515	)		(11,330	)
Campbell Soup Co. 4.150%, 03/15/2028		12/20/2025		1.000%			0.501%			4,900,000			Quarterly		125,739			138,467			(12,728	)
Carrefour S.A. 1.250%, 06/03/2025		12/20/2025		1.000%			0.658%		EUR	5,800,000			Quarterly		121,009			166,316			(45,307	)
CCO Holdings LLC / CCO Holdings Capital Corp. 5.000%, 02/01/2028		12/20/2025		5.000%			1.349%		$	1,050,000			Quarterly		190,007			190,041			(34	)
CDX North America HIgh Yield Index Series 34 5.000%, 06/20/2025		6/20/2025		5.000%			3.823%			18,400,000			Quarterly		897,884			(1,266,840	)		2,164,724
CDX North America HIgh Yield Index Series 35 5.000%, 12/20/2025		12/20/2025		5.000%			4.094%			58,540,000			Quarterly		2,398,618			2,429,410			(30,792	)
Cie de Saint-Gobain 0.875%, 09/21/2023		12/20/2025		1.000%			0.522%		EUR	1,600,000			Quarterly		46,973			57,207			(10,234	)
Clariant AG 1.125%, 04/15/2026		12/20/2025		1.000%			0.785%			5,800,000			Quarterly		75,688			122,412			(46,724	)

PartnerSelect Alternative Strategies Fund

SCHEDULE OF SWAPS at September 30, 2020 (Unaudited)(Continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS (1)(2)(3) (Continued)

Description	Maturity Date		Fixed Deal (Pay) Rate		Implied Credit Spread at September 30, 2020		Notional Amount(4)			Periodic Payment Frequency		Fair Value			Upfront Premiums Paid / (Received)			Unrealized Appreciation / (Depreciation)
Sell Protection (Continued)
Conagra Brands, Inc. 7.000%, 10/01/2028		12/20/2025		1.000%		0.478%		$	4,900,000		Quarterly	$	131,577		$	147,808		$	(16,231	)
Continental AG 0.375%, 06/27/2025		12/20/2025		1.000%		0.903%		EUR	2,000,000		Quarterly		11,670			10,875			795
CSC Holdings LLC 10.875%, 10/15/2025		12/20/2025		5.000%		1.857%		$	1,250,000		Quarterly		190,557			207,601			(17,044	)
CSC Holdings LLC 5.375%, 02/01/2028		12/20/2025		5.000%		1.857%			600,000		Quarterly		91,467			90,125			1,342
Daimler AG 1.400%, 01/12/2024		12/20/2025		1.000%		0.746%		EUR	5,900,000		Quarterly		91,131			136,432			(45,301	)
Dell, Inc. 7.100%, 04/15/2028		12/20/2025		1.000%		2.559%		$	4,050,000		Quarterly		(297,169	)		(220,941	)		(76,228	)
Deutsche Bank AG 0.020%, 12/07/2020		12/20/2025		1.000%		1.408%		EUR	6,100,000		Quarterly		(147,233	)		(152,658	)		5,425
DISH DBS Corp. 6.750%, 06/01/2021		6/20/2025		5.000%		4.142%		$	7,000,000		Quarterly		242,728			(168,616	)		411,344
Dow Chemical Co. (The) 7.375%, 11/01/2029		12/20/2025		1.000%		0.751%			2,150,000		Quarterly		27,191			23,165			4,026
DR Horton, Inc. 4.750%, 02/15/2023		12/20/2025		1.000%		0.386%			6,250,000		Quarterly		198,323			224,229			(25,906	)
Enel SpA 5.250%, 05/20/2024		12/20/2025		1.000%		0.666%		EUR	5,800,000		Quarterly		118,134			137,076			(18,942	)
Expedia Group, Inc. 4.500%, 08/15/2024		12/20/2025		1.000%		2.253%		$	7,400,000		Quarterly		(442,146	)		(348,601	)		(93,545	)
Experian Finance Plc 3.500%, 10/15/2021		12/20/2025		1.000%		0.242%		EUR	5,300,000		Quarterly		249,786			268,622			(18,836	)
Fiat Chrysler Automobiles N.V. 5.250%, 04/15/2023		12/20/2025		5.000%		1.838%			3,650,000		Quarterly		669,636			673,328			(3,692	)
Freeport-McMoRan, Inc. 3.550%, 03/01/2022		12/20/2025		1.000%		1.632%		$	6,750,000		Quarterly		(208,806	)		(94,664	)		(114,142	)
General Motors Co. 4.875%, 10/02/2023		12/20/2025		5.000%		1.509%			3,600,000		Quarterly		618,510			649,829			(31,319	)
Glencore Finance Europe Ltd 1.875%, 09/13/2023		12/20/2025		5.000%		1.772%		EUR	4,300,000		Quarterly		807,732			822,967			(15,235	)
Goldman Sachs Group, Inc. (The) 2.908%, 06/05/2023		12/20/2025		1.000%		0.679%		$	6,850,000		Quarterly		112,104			127,354			(15,250	)
Halliburton Co. 8.750%, 02/15/2021		12/20/2025		1.000%		1.376%			2,850,000		Quarterly		(53,088	)		(3,616	)		(49,472	)
Halliburton Co. 2.920%, 03/01/2030		12/20/2025		1.000%		1.376%			4,100,000		Quarterly		(76,372	)		(30,857	)		(45,515	)
Hess Corp. 3.500%, 07/15/2024		12/20/2025		1.000%		1.968%			6,000,000		Quarterly		(280,186	)		(203,420	)		(76,766	)
Howmet Aerospace, Inc. 5.125%, 10/01/2024		12/20/2025		1.000%		2.595%			5,000,000		Quarterly		(374,832	)		(276,995	)		(97,837	)
Iberdrola International B.V. 2.875%, 11/11/2020		12/20/2025		1.000%		0.394%		EUR	1,500,000		Quarterly		56,206			59,815			(3,609	)
International Paper Co. 3.000%, 02/15/2027		12/20/2025		1.000%		0.426%		$	4,200,000		Quarterly		124,464			127,938			(3,474	)
Intesa Sanpaolo SpA 1.750%, 03/20/2028		12/20/2025		1.000%		0.894%		EUR	900,000		Quarterly		5,744			13,371			(7,627	)
Koninklijke KPN N.V. 5.625%, 09/30/2024		12/20/2025		1.000%		0.665%			5,900,000		Quarterly		120,691			142,221			(21,530	)

PartnerSelect Alternative Strategies Fund

SCHEDULE OF SWAPS at September 30, 2020 (Unaudited)(Continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS (1)(2)(3) (Continued)

Description	Maturity Date		Fixed Deal (Pay) Rate		Implied Credit Spread at September 30, 2020		Notional Amount(4)			Periodic Payment Frequency		Fair Value			Upfront Premiums Paid / (Received)			Unrealized Appreciation / (Depreciation)
Sell Protection (Continued)
Kraft Heinz Foods Co. 6.375%, 07/15/2028		12/20/2025		1.000%		1.125%		$	5,900,000		Quarterly	$	(36,940	)	$	17,969		$	(54,909	)
L Brands, Inc. 5.625%, 10/15/2023		12/20/2025		1.000%		3.873%			6,100,000		Quarterly		(780,666	)		(743,375	)		(37,291	)
LafargeHolcim Ltd 3.000%, 11/22/2022		12/20/2025		1.000%		0.779%		EUR	5,850,000		Quarterly		78,645			121,624			(42,979	)
LANXESS AG 0.250%, 10/07/2021		12/20/2025		1.000%		0.625%			1,850,000		Quarterly		42,398			37,050			5,348
Lennar Corp. 4.750%, 04/01/2021		12/20/2025		5.000%		1.031%		$	5,850,000		Quarterly		1,166,748			1,201,222			(34,474	)
Marriott International, Inc. 2.300%, 01/15/2022		12/20/2025		1.000%		1.660%			5,100,000		Quarterly		(164,588	)		(96,267	)		(68,321	)
MBIA, Inc. 6.625%, 10/01/2028		12/20/2025		5.000%		6.675%			6,900,000		Quarterly		(459,337	)		188,249			(647,586	)
McDonald’s Corp. 3.500%, 07/01/2027		12/20/2025		1.000%		0.276%			4,350,000		Quarterly		163,583			176,581			(12,998	)
MDC Holdings, Inc. 5.500%, 01/15/2024		12/20/2025		1.000%		0.908%			1,750,000		Quarterly		8,184			17,883			(9,699	)
Meritor, Inc. 6.250%, 02/15/2024		12/20/2025		5.000%		2.439%			4,950,000		Quarterly		599,840			712,786			(112,946	)
MGM Resorts International 5.750%, 06/15/2025		12/20/2025		5.000%		3.213%			1,000,000		Quarterly		81,854			81,065			789
Michelin Luxembourg SCS 1.125%, 05/28/2022		12/20/2025		1.000%		0.392%		EUR	4,200,000		Quarterly		157,710			182,757			(25,047	)
Mondelez International, Inc. 4.000%, 02/01/2024		12/20/2025		1.000%		0.390%		$	1,850,000		Quarterly		58,286			62,477			(4,191	)
Motorola Solutions, Inc. 7.500%, 05/15/2025		12/20/2025		1.000%		0.428%			5,100,000		Quarterly		150,425			169,976			(19,551	)
Newell Brands, Inc. 4.350%, 04/01/2023		12/20/2025		1.000%		1.491%			3,100,000		Quarterly		(74,953	)		(60,079	)		(14,874	)
Next Group Plc 5.375%, 10/26/2021		12/20/2025		1.000%		1.493%		EUR	6,000,000		Quarterly		(174,113	)		(133,571	)		(40,542	)
Ovintiv, Inc. 3.900%, 11/15/2021		12/20/2025		1.000%		4.981%		$	4,950,000		Quarterly		(838,609	)		(544,500	)		(294,109	)
Peugeot S.A. 2.375%, 04/14/2023		12/20/2025		5.000%		1.577%		EUR	5,050,000		Quarterly		1,014,514			1,040,834			(26,320	)
PulteGroup, Inc. 7.875%, 06/15/2032		12/20/2025		5.000%		0.900%		$	950,000		Quarterly		196,836			198,696			(1,860	)
Realogy Group LLC / Realogy Co-Issuer Corp. 4.875%, 06/01/2023		12/20/2025		5.000%		5.283%			300,000		Quarterly		(3,569	)		3,906			(7,475	)
Rentokil Initial Plc 3.250%, 10/07/2021		12/20/2025		1.000%		0.596%		EUR	950,000		Quarterly		23,534			23,229			305
Royal Caribbean Cruises Ltd 5.250%, 11/15/2022		12/20/2025		5.000%		11.534%		$	550,000		Quarterly		(118,704	)		(132,000	)		13,296
Sherwin-Williams Co. (The) 7.375%, 02/01/2027		12/20/2025		1.000%		0.458%			6,800,000		Quarterly		189,880			223,158			(33,278	)
Southwest Airlines Co. 2.650%, 11/05/2020		12/20/2025		1.000%		1.560%			4,600,000		Quarterly		(126,507	)		(121,423	)		(5,084	)
Stora Enso Oyj 2.125%, 06/16/2023		12/20/2025		5.000%		0.819%		EUR	4,800,000		Quarterly		1,217,409			1,301,879			(84,470	)

PartnerSelect Alternative Strategies Fund

SCHEDULE OF SWAPS at September 30, 2020 (Unaudited)(Continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS (1)(2)(3) (Continued)

Description	Maturity Date		Fixed Deal (Pay) Rate		Implied Credit Spread at September 30, 2020		Notional Amount(4)			Periodic Payment Frequency		Fair Value			Upfront Premiums Paid / (Received)			Unrealized Appreciation / (Depreciation)
Sell Protection (Continued)
Sudzucker International Finance B.V. 1.250%, 11/29/2023		12/20/2025		1.000%		0.807%		EUR	5,900,000		Quarterly	$	68,994		$	69,243		$	(249	)
Teck Resources Ltd 6.125%, 10/01/2035		12/20/2025		5.000%		1.179%		$	1,900,000		Quarterly		362,497			364,584			(2,087	)
Telecom Italia SpA 3.625%, 01/19/2024		12/20/2025		1.000%		1.883%		EUR	6,650,000		Quarterly		(339,957	)		(272,594	)		(67,363	)
Telefonaktiebolaget LM Ericsson 4.125%, 05/15/2022		12/20/2025		1.000%		0.780%			5,900,000		Quarterly		78,993			134,978			(55,985	)
Tesco Plc 6.125%, 02/24/2022		12/20/2025		1.000%		0.772%			5,800,000		Quarterly		80,541			115,305			(34,764	)
Teva Pharmaceutical Finance Co. B.V. 3.650%, 11/10/2021		6/20/2025		1.000%		4.836%		$	5,450,000		Quarterly		(825,600	)		(763,000	)		(62,600	)
Toll Brothers Finance Corp. 4.375%, 04/15/2023		12/20/2025		1.000%		1.234%			4,500,000		Quarterly		(52,379	)		(17,093	)		(35,286	)
UBS Group AG 3.491%, 05/23/2023		12/20/2025		1.000%		0.486%		EUR	2,550,000		Quarterly		80,654			78,053			2,601
United Rentals North America, Inc. 4.875%, 01/15/2028		12/20/2025		5.000%		1.192%		$	1,000,000		Quarterly		190,038			208,186			(18,148	)
United States Steel Corp. 6.650%, 06/01/2037		12/20/2025		5.000%		13.632%			3,150,000		Quarterly		(832,702	)		(740,250	)		(92,452	)
Valeo S.A. 3.250%, 01/22/2024		12/20/2025		1.000%		1.766%		EUR	6,150,000		Quarterly		(274,294	)		(191,814	)		(82,480	)
Verizon Communications, Inc. 4.125%, 03/16/2027		12/20/2025		1.000%		0.569%		$	6,900,000		Quarterly		152,507			164,321			(11,814	)
Vivendi S.A. 0.750%, 05/26/2021		12/20/2025		1.000%		0.464%		EUR	4,150,000		Quarterly		137,128			142,729			(5,601	)
Volkswagen International Finance N.V. 0.500%, 03/30/2021		12/20/2025		1.000%		1.042%			5,900,000		Quarterly		(14,994	)		27,154			(42,148	)
Volvo Treasury AB 0.046%, 02/08/2021		12/20/2025		1.000%		0.486%			1,950,000		Quarterly		61,681			68,780			(7,099	)
Williams Cos., Inc. (The) 4.550%, 06/24/2024		12/20/2025		1.000%		0.936%		$	2,800,000		Quarterly		9,079			32,746			(23,667	)
Yum! Brands, Inc. 3.875%, 11/01/2020		12/20/2025		1.000%		1.197%			3,000,000		Quarterly		(29,426	)		15,277			(44,703	)
Total Sell Protection												$	9,545,668		$	10,647,694		$	(1,102,026	)
Total												$	7,683,969		$	16,295,486		$	(8,611,517	)

(1) For centrally cleared swaps, when a credit event occurs as defined under the terms of the swap contract, the Fund as a seller of credit protection will either (i) pay a net amount equal to the par value of the defaulted reference entity and deliver the reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value.

(2) For centrally cleared swaps, implied credit spread, represented in absolute terms, utilized in determining the fair value of the credit default swap contracts as of period will serve as an indicator of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a referenced entity reflects the cost of buying/ selling protection and may include upfront payments required to be made to enter into the contract. Generally, wider credit spreads represent a perceived deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap contract.

(3) For centrally cleared swaps, the notional amount represents the maximum potential the Fund may receive as a buyer of credit protection if a credit event occurs, as defined under the terms of the swap contract, for each security included in the CDX North America High Yield Index Series 34, and CDX North America High Yield Index Series 35.

(4) Notional amounts are denominated in foreign currency where indicated.

PartnerSelect Alternative Strategies Fund

SCHEDULE OF SWAPS at September 30, 2020 (Unaudited)(Continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Description	Maturity Date		Counterparty	Fixed Deal (Pay) Rate			Implied Credit Spread at September 30, 2020		Notional Amount(1)				Periodic Payment Frequency	Fair Value			Upfront Premiums Paid / (Received)			Unrealized Appreciation / (Depreciation)
Buy Protection
Mexico Government International Bond 4.150%, 03/28/2027		12/20/2025	Barclays Bank Plc		(1.000%	)		1.499%	$		(5,710,000	)	Quarterly	$	142,725		$	89,916		$	52,809
Hapag-Lloyd AG 5.125%, 07/15/2024		12/20/2025	JPMorgan Chase Bank N.A.		(5.000%	)		3.939%		EUR	(350,000	)	Quarterly		(19,715	)		(18,529	)		(1,186	)
China Government International Bond 7.500%, 10/28/2027		12/20/2025	Morgan Stanley & Co.		(1.000%	)		0.498%	$		(5,600,000	)	Quarterly		(145,932	)		(168,741	)		22,809
Enel SpA 5.250%, 05/20/2024		12/20/2023	Morgan Stanley & Co.		(1.000%	)		0.397%		EUR	(1,660,000	)	Quarterly		(38,390	)		11,424			(49,814	)
Total Buy Protection														$	(61,312	)	$	(85,930	)	$	24,618
Sell Protection
ADLER Real Estate AG 1.500%, 12/06/2021		12/20/2025	JPMorgan Chase Bank N.A.		5.000%			3.151%		EUR	3,300,000		Quarterly	$	334,787		$	496,423		$	(161,636	)
Altice Finco S.A. 4.750%, 01/15/2028		12/20/2025	JPMorgan Chase Bank N.A.		5.000%			4.679%			5,500,000		Quarterly		90,983			250,055			(159,072	)
Crown European Holdings S.A. 3.375%, 05/15/2025		12/20/2025	JPMorgan Chase Bank N.A.		5.000%			1.505%			550,000		Quarterly		113,165			112,660			505
EDP Finance B.V. 1.875%, 09/29/2023		12/20/2025	JPMorgan Chase Bank N.A.		1.000%			0.599%			5,850,000		Quarterly		143,681			169,464			(25,783	)
Intrum AB 3.125%, 07/15/2024		12/20/2025	JPMorgan Chase Bank N.A.		5.000%			4.958%			1,950,000		Quarterly		4,149			72,570			(68,421	)
Netflix, Inc. 4.875%, 06/15/2030		12/20/2025	JPMorgan Chase Bank N.A.		5.000%			1.292%	$		5,800,000		Quarterly		1,068,648			1,138,257			(69,609	)
Premier Foods Finance Plc 5.082%, 07/15/2022		12/20/2025	JPMorgan Chase Bank N.A.		5.000%			1.857%		EUR	2,100,000		Quarterly		382,687			459,625			(76,938	)
Total Sell Protection														$	2,138,100		$	2,699,054		$	(560,954	)
Total														$	2,076,788		$	2,613,124		$	(536,336	)

(1) Notional amounts are denominated in foreign currency where indicated.

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

Referenced Obligation

Maturity Date

Counterparty

Fund Pays/ Receives Floating Rate

Floating Rate Index and Spread

Notional Amount

Periodic Payment Frequency

Fair Value

Upfront Premiums Paid (Received)

Unrealized Apreciation

Morgan Stanley USD

4/30/2021

Goldman Sachs & Co.

Receives

1 Month USD LIBOR - 0.400%

$

18,465,639

Monthly

$

—

$

—

$

—

iBoxx USD Liquid High Yield Index USD

12/21/2020

JPMorgan Chase Bank N.A.

Receives

3 Month USD LIBOR + 0.000%

140,000,001

Quarterly

1,132,895

—

1,132,895

PartnerSelect Alternative Strategies Fund

SCHEDULE OF SWAPS at September 30, 2020 (Unaudited)(Continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (Continued)

Referenced Obligation	Maturity Date		Counterparty	Fund Pays/ Receives Floating Rate	Floating Rate Index and Spread	Notional Amount		Periodic Payment Frequency	Fair Value		Upfront Premiums Paid (Received)		Unrealized Apreciation
Analog Devices, Inc. USD		8/31/2021	Morgan Stanley & Co.	Receives	FEDL01-0.400%	$	1,543,887	Monthly	$	—	$	—	$	—
AON Plc USD		3/31/2021	Morgan Stanley & Co.	Receives	FEDL01- 0.400%		8,108,003	Monthly		—		—		—
Chevron Corp. USD		7/31/2021	Morgan Stanley & Co.	Receives	FEDL01- 0.400%		7,178,616	Monthly		—		—		—
Total									$	1,132,895	$	—	$	1,132,895

PartnerSelect Alternative Strategies Fund

SCHEDULE OF WRITTEN OPTIONS at September 30, 2020 (Unaudited)

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts	Notional Amount			Market Value			Premiums Received			Unrealized Appreciation/ (Depreciation)
COMMON STOCKS
Call
Abbvie, Inc.	Morgan Stanley & Co.	$	100.00		10/16/2020	(2)	$	(17,518	)	$	(8	)	$	(207	)	$	199
Accenture Plc	Morgan Stanley & Co.		250.00		10/16/2020	(1)		(22,599	)		(10	)		(282	)		272
Activision Blizzard, Inc.	Morgan Stanley & Co.		90.00		10/16/2020	(2)		(16,190	)		(40	)		(341	)		301
Aflac, Inc.	Morgan Stanley & Co.		40.00		10/16/2020	(1)		(3,635	)		(8	)		(49	)		41
Allstate Corp. (The)	Morgan Stanley & Co.		100.00		10/16/2020	(3)		(28,242	)		(81	)		(331	)		250
Altria Group, Inc.	Morgan Stanley & Co.		45.00		10/16/2020	(4)		(15,456	)		(16	)		(255	)		239
American Tower Corp.	Morgan Stanley & Co.		260.00		10/16/2020	(1)		(24,173	)		(50	)		(407	)		357
Amgen, Inc.	Morgan Stanley & Co.		245.00		10/16/2020	(1)		(25,416	)		(1,092	)		(1,112	)		20
Anthem, Inc.	Morgan Stanley & Co.		300.00		10/16/2020	(1)		(26,859	)		(20	)		(287	)		267
Applied Materials, Inc.	Morgan Stanley & Co.		70.00		10/16/2020	(4)		(23,780	)		(20	)		(463	)		443
AT&T, Inc.	Morgan Stanley & Co.		31.00		10/16/2020	(8)		(22,808	)		(24	)		(278	)		254
Best Buy Co., Inc.	Morgan Stanley & Co.		130.00		10/16/2020	(3)		(33,387	)		(27	)		(317	)		290
Bristol-Myers Squibb Co.	Morgan Stanley & Co.		65.00		10/16/2020	(4)		(24,116	)		(40	)		(375	)		335
Chevron Corp.	Morgan Stanley & Co.		97.50		10/16/2020	(4)		(28,800	)		(8	)		(267	)		259
Cigna Corp.	Morgan Stanley & Co.		190.00		10/16/2020	(1)		(16,941	)		(32	)		(327	)		295
Citigroup, Inc.	Morgan Stanley & Co.		55.00		10/16/2020	(3)		(12,933	)		(12	)		(407	)		395
Comcast Corp.	Morgan Stanley & Co.		45.00		10/16/2020	(7)		(32,382	)		(924	)		(492	)		(432	)
CSX Corp.	Morgan Stanley & Co.		77.50		10/16/2020	(3)		(23,301	)		(603	)		(458	)		(145	)
DR Horton, Inc.	Morgan Stanley & Co.		82.50		10/16/2020	(3)		(22,689	)		(132	)		(428	)		296
Ebay, Inc.	Morgan Stanley & Co.		65.00		10/16/2020	(5)		(26,050	)		(25	)		(414	)		389
Eli Lilly & Co.	Morgan Stanley & Co.		160.00		10/16/2020	(1)		(14,802	)		(30	)		(222	)		192
Enterprise Products Partners L.P.	Morgan Stanley & Co.		20.00		10/16/2020	(16)		(25,264	)		(56	)		(235	)		179
Fidelity National Information	Morgan Stanley & Co.		150.00		10/16/2020	(2)		(29,442	)		(450	)		(453	)		3
Fox Corp.	Morgan Stanley & Co.		30.00		10/16/2020	(1)		(2,783	)		(21	)		(34	)		13
HP, Inc.	Morgan Stanley & Co.		20.00		10/16/2020	(10)		(18,990	)		(210	)		(577	)		367
Johnson & Johnson	Morgan Stanley & Co.		160.00		10/16/2020	(1)		(14,888	)		(22	)		(131	)		109
Kimberly-Clark Corp.	Morgan Stanley & Co.		165.00		10/16/2020	(2)		(29,532	)		(20	)		(225	)		205
Kroger Co. (The)	Morgan Stanley & Co.		39.00		10/16/2020	(8)		(27,128	)		(16	)		(414	)		398
Lowe’s Cos., Inc.	Morgan Stanley & Co.		175.00		10/16/2020	(1)		(16,586	)		(105	)		(297	)		192
Merck & Co., Inc.	Morgan Stanley & Co.		90.00		10/16/2020	(3)		(24,885	)		(18	)		(260	)		242

PartnerSelect Alternative Strategies Fund

SCHEDULE OF WRITTEN OPTIONS at September 30, 2020 (Unaudited) (Continued)

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Received			Unrealized Appreciation/ (Depreciation)
Metlife, Inc.	Morgan Stanley & Co.	$	42.50		10/16/2020		(7	)	$	(26,019	)	$	(28	)	$	(322	)	$	294
Microsoft Corp.	Morgan Stanley & Co.		230.00		10/16/2020		(1	)		(21,033	)		(42	)		(427	)		385
Newmont Corp.	Morgan Stanley & Co.		75.00		10/16/2020		(3	)		(19,035	)		(30	)		(235	)		205
Nexstar Media Group, Inc.	Morgan Stanley & Co.		105.00		10/16/2020		(2	)		(17,986	)		(30	)		(336	)		306
Nortonlifelock, Inc.	Morgan Stanley & Co.		25.00		10/16/2020		(10	)		(20,840	)		(40	)		(627	)		587
Oracle Corp.	Morgan Stanley & Co.		60.00		10/16/2020		(4	)		(23,880	)		(460	)		(381	)		(79	)
Philip Morris International, Inc.	Morgan Stanley & Co.		82.50		10/16/2020		(3	)		(22,497	)		(15	)		(284	)		269
Procter & Gamble Co. (The)	Morgan Stanley & Co.		145.00		10/16/2020		(3	)		(41,697	)		(120	)		(314	)		194
Progressive Corp. (The)	Morgan Stanley & Co.		95.00		10/16/2020		(3	)		(28,401	)		(645	)		(650	)		5
Pultegroup, Inc.	Morgan Stanley & Co.		50.00		10/16/2020		(5	)		(23,145	)		(210	)		(714	)		504
Qualcomm, Inc.	Morgan Stanley & Co.		125.00		10/16/2020		(2	)		(23,536	)		(200	)		(477	)		277
Texas Instruments, Inc.	Morgan Stanley & Co.		150.00		10/16/2020		(1	)		(14,279	)		(106	)		(215	)		109
Truist Financial Corp.	Morgan Stanley & Co.		42.50		10/16/2020		(6	)		(22,830	)		(60	)		(461	)		401
Union Pacific Corp.	Morgan Stanley & Co.		200.00		10/16/2020		(1	)		(19,687	)		(295	)		(403	)		108
United Parcel Service, Inc.	Morgan Stanley & Co.		170.00		10/16/2020		(1	)		(16,663	)		(270	)		(225	)		(45	)
Walmart, Inc.	Morgan Stanley & Co.		140.00		10/16/2020		(2	)		(27,982	)		(546	)		(241	)		(305	)
Williams Cos., Inc. (The)	Morgan Stanley & Co.		23.00		10/16/2020		(9	)		(17,685	)		(54	)		(229	)		175
Yum! Brands, Inc.	Morgan Stanley & Co.		100.00		10/16/2020		(1	)		(9,130	)		(10	)		(178	)		168
Total Written Options												$	(7,281	)	$	(17,064	)	$	9,783

PartnerSelect High Income Alternatives Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2020 (Unaudited)

Shares			Value
	COMMON STOCKS: 11.5%
	Consumer Staples: 0.0%
	648	Moran Foods LLC	$	0
	Energy: 1.6%
	36,777	Energy Transfer L.P.		199,331
	20,187	Enterprise Products Partners L.P.		318,753
	21,165	Kinder Morgan, Inc.		260,964
	9,000	ONEOK, Inc.		233,820
	16,443	Williams Cos., Inc. (The)		323,105
				1,335,973
	Financials: 9.9%
	63,699	Ares Capital Corp.		888,601
	83,175	Barings BDC, Inc.		665,400
	61,733	BlackRock Capital Investment Corp.		150,628
	40,873	Capital Southwest Corp.		574,266
	7,534	Ellington Financial, Inc.		92,367
	34,645	FS KKR Capital Corp. II		509,628
	69,820	Golub Capital BDC, Inc.		924,417
	19,267	Granite Point Mortgage Trust, Inc.		136,603
	31,085	New Residential Investment Corp.		247,126
	133,156	Oaktree Specialty Lending Corp.		644,475
	79,611	Oaktree Strategic Income Corp.		518,268
	27,442	Ready Capital Corp.		307,350
	10,312	Saratoga Investment Corp.		173,138
	43,347	Solar Capital Ltd.		687,050
	8,800	Starwood Property Trust, Inc.		132,792
	25,016	Stellus Capital Investment Corp.		217,639
	22,113	TPG RE Finance Trust, Inc.		187,076
	50,789	TriplePoint Venture Growth BDC Corp. - Class B		560,711
	54,892	WhiteHorse Finance, Inc.		537,393
				8,154,928
	TOTAL COMMON STOCKS (Cost $9,893,716)			9,490,901
	PREFERRED STOCKS: 1.2%
	Financials: 0.9%
		American Financial Group, Inc.
	2,000	4.500%, 09/15/2060		54,460
		Federal Agricultural Mortgage Corp.
	2,000	5.750%, 07/17/2025(a)		54,120
		First Republic Bank
	2,400	4.125%, 10/30/2025(a)		60,960
		Investcorp Credit Management BDC, Inc.
	2,277	6.125%, 07/01/2023		50,094
		Prudential Financial, Inc.
	4,400	4.125%, 09/01/2060		111,980
		Trinity Capital, Inc.
	17,000	7.000%, 01/16/2025(b)		405,875
		W R Berkley Corp.
	1,600	4.250%, 09/30/2060		41,680
				779,169

Shares			Value
	Real Estate: 0.3%
		Public Storage
	6,000	4.625%, 06/17/2025(a)	$	161,520
		Public Storage
	2,400	4.125%, 08/14/2025(a)		62,232
				223,752
	TOTAL PREFERRED STOCKS (Cost $1,002,099)			1,002,921
	CLOSED-END FUNDS: 0.6%
	2,859	Ares Dynamic Credit Allocation Fund, Inc.		36,252
	16,320	BlackRock Corporate High Yield Fund, Inc.		174,298
	5,273	BlackRock Credit Allocation Income Trust		74,982
	2,224	BlackRock Debt Strategies Fund, Inc.		22,107
	5,733	Blackstone / GSO Strategic Credit Fund		70,057
	4,482	Eaton Vance Ltd. Duration Income Fund		50,691
	3,370	Guggenheim Strategic Opportunities Fund		59,312
	2,302	Western Asset High Income Opportunity Fund, Inc.		11,280
	TOTAL CLOSED-END FUNDS (Cost $400,988)			498,979
	EXCHANGE-TRADED FUND: 0.3%
	1,700	iShares iBoxx $ Investment Grade Corporate Bond ETF		229,007
	TOTAL EXCHANGE-TRADED FUND (Cost $234,174)			229,007
Principal Amount^
	ASSET-BACKED SECURITIES: 20.5%
		AASET Trust
	$241,088	Series 2019-2-B 4.458%, 10/16/2039(b)		183,321
	244,877	Series 2020-1A-B 4.335%, 01/16/2040(b)		177,025
		AASET US Ltd.
	217,386	Series 2018-2A-A 4.454%, 11/18/2038(b)		203,271
		Adams Outdoor Advertising L.P.
	385,935	Series 2018-1-A 4.810%, 11/15/2048(b)		402,256
		AIM Aviation Finance Ltd.
	157,571	Series 2015-1A-A1 4.213%, 02/15/2040(b)(c)		134,085
		Atlas Senior Loan Fund Ltd.
	350,000	Series 2018-9A-C 2.072%, 04/20/2028(b)(d) 3 mo. USD LIBOR + 1.800%		331,537
		CARS-DB4 L.P.
	220,000	Series 2020-1A-B1 4.170%, 02/15/2050(b)		226,821
	100,000	Series 2020-1A-B3 4.950%, 02/15/2050(b)		103,451

PartnerSelect High Income Alternatives Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	ASSET-BACKED SECURITIES (CONTINUED)
		Castlelake Aircraft Securitization Trust
	$196,396	Series 2018-1-A 4.125%, 06/15/2043(b)	$	186,295
		CFG Investments Ltd.
	400,000	Series 2019-1-B 7.620%, 08/15/2029(b)		394,360
		Drug Royalty III L.P.
	334,810	Series 2018-1A-A1 1.875%, 10/15/2031(b)(d) 3 mo. USD LIBOR + 1.600%		329,897
		Dryden 86 CLO Ltd.
	280,000	Series 2020-86A-D 4.484%, 07/17/2030(b)(d) 3 mo. USD LIBOR + 4.250%		281,049
		Elm Trust
	300,000	Series 2018-2A-A2 4.605%, 10/20/2027(b)		300,104
	100,000	Series 2018-2A-B 5.584%, 10/20/2027(b)		99,541
		Falcon Aerospace Ltd.
	349,685	Series 2017-1-B 6.300%, 02/15/2042(b)		267,114
		Firstkey Revolving Trust
	245,205	5.470%, 07/31/2023		247,412
		FREED ABS Trust
	400,000	Series 2018-2-B 4.610%, 10/20/2025(b)		401,426
		GAIA Aviation Ltd.
	184,472	Series 2019-1-A 3.967%, 12/15/2044(b)(c)		164,212
		Global SC Finance II SRL
	230,000	Series 2014-1A-A1 3.190%, 07/17/2029(b)		234,083
		GoldentTree Loan Management US CLO 1 Ltd.
	250,000	Series 2017-1A-CR 2.122%, 04/20/2029(b)(d) 3 mo. USD LIBOR + 1.850%		248,513
		GSAMP Trust
	272,626	Series 2007-NC1-A1 0.278%, 12/25/2046(d) 1 mo. USD LIBOR + 0.130%		178,358
		Hercules Capital Funding Trust
	400,000	Series 2018-1A-A 4.605%, 11/22/2027(b)		404,019
	100,000	Series 2019-1A-A 4.703%, 02/20/2028(b)		101,045
		Highbridge Loan Management Ltd.
	500,000	Series 7A-2015-BR 1.460%, 03/15/2027(b)(d) 3 mo. USD LIBOR + 1.180%		491,800
		Hull Street CLO Ltd.
	300,000	Series 2014-1A-CR 2.972%, 10/18/2026(b)(d) 3 mo. USD LIBOR + 2.700%		293,206
		InSite Issuer LLC
	480,000	Series 2018-1A-C 6.115%, 12/15/2048(b)		519,395
		JOL Air Ltd.
	223,666	Series 2019-1-A 3.967%, 04/15/2044(b)		212,753

Principal Amount^			Value
		Lake Shore MM CLO III LLC
	$250,000	Series 2020-1A-B 0.000%, 10/15/2029(b)(d)(e) 3 mo. USD LIBOR + 3.200%	$	250,000
		LoanCore Issuer Ltd.
	250,000	Series 2018-CRE1-AS 1.652%, 05/15/2028(b)(d) 1 mo. USD LIBOR + 1.500%		248,553
	100,000	Series 2019-CRE2-AS 1.652%, 05/15/2036(b)(d) 1 mo. USD LIBOR + 1.500%		97,916
		Marathon CLO V Ltd.
	500,000	Series 2013-5A-A2R 1.697%, 11/21/2027(b)(d) 3 mo. USD LIBOR + 1.450%		480,023
	252,216	Series 2013-5A-BR 2.097%, 11/21/2027(b)(d) 3 mo. USD LIBOR + 1.850%		235,725
		Marathon CRE Ltd.
	100,000	Series 2018-FL1-C 2.751%, 06/15/2028(b)(d) 1 mo. USD LIBOR + 2.600%		95,293
		MidOcean Credit CLO VII
	500,000	Series 2017-7A-CR 2.475%, 07/15/2029(b)(d) 3 mo. USD LIBOR + 2.200%		477,223
		Monroe Capital CLO Ltd.
	250,000	Series 2014-1A-CR 2.658%, 10/22/2026(b)(d) 1 mo. USD LIBOR + 2.400%		240,149
		Morgan Stanley ABS Capital I, Inc. Trust
	329,994	Series 2006-HE8-A2D 0.368%, 10/25/2036(d) 1 mo. USD LIBOR + 0.220%		207,151
	395,789	Series 2007-HE4-A2C 0.378%, 02/25/2037(d) 1 mo. USD LIBOR + 0.230%		175,029
		Morgan Stanley IXIS Real Estate Capital Trust
	403,186	Series 2006-2-A4 0.368%, 11/25/2036(d) 1 mo. USD LIBOR + 0.220%		199,593
		NADG NNN Operating L.P.
	159,400	Series 2019-1-A 3.368%, 12/28/2049(b)		164,338
		Nassau CFO LLC
	222,460	Series 2019-1-A 3.980%, 08/15/2034(b)		226,423
		Neuberger Berman Loan Advisers CLO 36 Ltd.
	250,000	Series 2020-36A-C 3.525%, 04/20/2033(b)(d) 3 mo. USD LIBOR + 2.350%		250,199
		New Residential Advance Receivables Trust
	300,000	Series 2019-T4-DT4 2.804%, 10/15/2051(b)		300,321
		NewStar Clarendon Fund CLO LLC
	250,000	Series 2014-1A-BR 2.295%, 01/25/2027(b)(d) 3 mo. USD LIBOR + 2.050%		245,463

PartnerSelect High Income Alternatives Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	ASSET-BACKED SECURITIES (CONTINUED)
		NewStar Clarendon Fund CLO LLC (Continued)
	$300,000	Series 2014-1A-CR 3.295%, 01/25/2027(b)(d) 3 mo. USD LIBOR + 3.050%	$	292,610
		Newtek Small Business Loan Trust
	154,934	Series 2018-1-A 1.848%, 02/25/2044(b)(d) 1 mo. USD LIBOR + 1.700%		151,304
	70,425	Series 2018-1-B 3.148%, 02/25/2044(b)(d) 1 mo. USD LIBOR + 3.000%		64,156
		Oportun Funding X LLC
	400,000	Series 2018-C-B 4.590%, 10/08/2024(b)		402,984
		Oxford Finance Funding LLC
	260,000	Series 2019-1A-A2 4.459%, 02/15/2027(b)		269,154
	430,000	Series 2020-1A-B 4.037%, 02/15/2028(b)		432,416
		Raspro Trust
	443,606	Series 2005-1A-B 2.891%, 03/23/2024(b)(d) 3 mo. USD LIBOR + 0.925%		423,410
		ReadyCap Lending Small Business Loan Trust
	182,266	Series 2019-2-A 2.750%, 12/27/2044(b)(d) 3 mo. PRIME-0.500%		170,282
		Regional Management Issuance Trust
	480,000	Series 2018-2-B 4.940%, 01/18/2028(b)		488,360
		Republic FInance Issuance Trust
	240,000	Series 2019-A-A 3.430%, 11/22/2027(b)		244,142
		Saganaw Insurance Recievables LLC
	132,800	Series 2019-1A-A 5.125%, 12/01/2023(b)		134,329
		Sapphire Aviation Finance I Ltd.
	174,377	Series 2018-1A-A 4.250%, 03/15/2040(b)		162,622
		Sapphire Aviation Finance II Ltd.
	233,783	Series 2020-1A-B 4.335%, 03/15/2040(b)		162,905
		Secured Tenant Site Contract Revenue Notes
	120,022	Series 2018-1A-C 3.970%, 06/15/2048(b)		123,197
		SPS Servicer Advance Receivables Trust
	150,000	Series 2019-T1-DT1 2.630%, 10/15/2051(b)		150,165
		Stack Infrastructure Issuer LLC
	452,717	Series 2019-1A-A2 4.540%, 02/25/2044(b)		489,021
		Sunbird Engine Finance LLC
	248,274	Series 2020-1A-B 4.703%, 02/15/2045(b)		173,759
		TPG Real Estate Finance Issuer Ltd.
	470,000	Series 2018-FL2-A 1.281%, 11/15/2037(b)(d) 1 mo. USD LIBOR + 1.130%		466,431

Principal Amount^			Value
		VB-S1 Issuer LLC
	$100,000	Series 2020-1A-D 4.090%, 06/15/2050(b)	$	103,956
	150,000	Series 2020-1A-F 6.657%, 06/15/2050(b)		158,357
		Venture XIII CLO Ltd.
	250,000	Series 2013-13A-SUB 0.000%, 09/10/2029(b)(f)		60,423
		Wachovia Asset Securitization Issuance II LLC Trust
	251,796	Series 2007-HE2A-A 0.302%, 07/25/2037(b)(d) 1 mo. USD LIBOR + 0.130%		225,411
		Wingstop Funding LLC
	99,000	Series 2018-1-A2 4.970%, 12/05/2048(b)		102,026
		WRG Debt Funding IV LLC
	400,000	Series 2020-1-B 6.535%, 07/15/2028(b)		401,249
	TOTAL ASSET-BACKED SECURITIES (Cost $17,323,708)			16,862,417
	BANK LOANS: 14.0%
		Accuride Corp.
	49,107	6.250%, 11/17/2023(d) 3 mo. LIBOR + 5.250%		38,549
		Allen Media LLC
	527,266	5.720%, 02/10/2027(d) 3 mo. LIBOR + 5.500%		512,685
		Alpha 3 B.V.
	49,713	4.000%, 01/31/2024(d) 3 mo. LIBOR + 3.000%		49,071
		Alterra Mountain Co.
	99,500	5.500%, 08/01/2026(d) 1 mo. LIBOR + 4.500%		98,754
		Amerilife Holdings LLC
	5,320	4.155%, 03/18/2027(d) 1 mo. LIBOR + 4.000%		5,267
	52,789	4.155%, 03/18/2027(d) 1 mo. LIBOR + 4.000%		52,261
		Anchor Packaging, Inc.
	99,346	3.897%, 07/18/2026(d) 1 mo. LIBOR + 3.750%		98,229
		API Technologies Corp.
	98,750	4.397%, 05/09/2026(d) 1 mo. LIBOR + 4.250%		90,850
		Arctic Glacier U.S.A., Inc.
	100,000	4.500%, 03/20/2024(d) 3 mo. LIBOR + 3.500%		86,525
		Aria Energy Operating LLC
	291,853	5.500%, 05/27/2022(d) 1 mo. LIBOR + 4.500%		281,638
		Aston FinCo S.A.R.L.
	99,500	4.401%, 10/09/2026(d) 1 mo. LIBOR + 4.250%		98,007
		BCP Renaissance Parent LLC
	678,875	4.500%, 10/31/2024(d) 2 mo. LIBOR + 3.500%		632,416
		BCPE Empire Holdings, Inc.
	12,998	4.147%, 06/11/2026(d) 1 mo. LIBOR + 4.000%		12,695
	82,709	4.147%, 06/11/2026(d) 1 mo. LIBOR + 4.000%		80,779

PartnerSelect High Income Alternatives Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	BANK LOANS (CONTINUED)
		Berlin Packaging LLC
	$    99,491	3.161%-3.230%, 11/07/2025(d) 3 mo. LIBOR + 3.000%	$	96,703
		BIFM CA Buyer, Inc.
	99,496	3.756%, 06/01/2026(d) 3 mo. LIBOR + 3.500%		98,004
		Blue Ribbon LLC
	10,000	5.000%, 11/15/2021(d) 3 mo. LIBOR + 4.000%		9,316
		Bombardier Recreational Products, Inc.
	150,000	6.000%, 05/24/2027(d) 3 mo. LIBOR + 5.000%		151,938
		BWAY Holding Co.
	58,282	3.523%, 04/03/2024(d) 3 mo. LIBOR + 3.250%		54,919
		Cast and Crew Payroll LLC
	99,370	3.897%, 02/09/2026(d) 1 mo. LIBOR + 3.750%		95,370
		Castlelake Aircraft Securitization Trust
	306,916	3.967%, 07/15/2042		276,354
		CD&R Hydra Buyer, Inc.
	98,731	5.250%, 12/11/2024(d) 1 mo. LIBOR + 4.250%		94,300
		CenturyLink, Inc.
	312,813	2.147%, 01/31/2025(d) 1 mo. LIBOR + 2.000%		304,471
		Charter NEX US, Inc.
	49,872	3.397%, 05/16/2024(d) 1 mo. LIBOR + 3.250%		48,823
		CHG Healthcare Services, Inc.
	99,486	4.000%, 06/07/2023(d) 6 mo. LIBOR + 3.000%		98,003
		Cologix, Inc.
	100,000	4.750%, 03/20/2024(d) 1 mo. LIBOR + 3.750%		98,073
		Comet Acquisition, Inc.
	98,250	3.470%, 10/24/2025(d) 3 mo. LIBOR + 3.250%		96,531
		CPM Holdings, Inc.
	98,250	3.905%, 11/17/2025(d) 1 mo. LIBOR + 3.750%		92,539
		Cvent, Inc.
	74,864	3.897%, 11/29/2024(d) 1 mo. LIBOR + 3.750%		68,046
		Deerfield Dakota Holding LLC
	99,750	4.750%, 04/09/2027(d) 1 mo. LIBOR + 3.750%		99,376
		Diamond (BC) B.V.
	97,985	3.261%, 09/06/2024(d) 1 mo. LIBOR + 3.000%		91,983
		Eastern Power LLC
	655,346	4.750%, 10/02/2025(d) 1 mo. LIBOR + 3.750%		651,611
		Emerald TopCo, Inc.
	99,000	3.761%, 07/24/2026(d) 3 mo. LIBOR + 3.500%		95,597
		EyeCare Partners LLC
	80,676	3.897%, 02/18/2027(d) 1 mo. LIBOR + 3.750%		76,314

Principal Amount^			Value
		Frontera Generation Holdings LLC
	$    489,975	5.250%, 05/02/2025(d) 3 mo. LIBOR + 4.250%	$	170,021
		GlobalFoundries, Inc.
	98,750	5.000%, 06/05/2026(d) 3 mo. LIBOR + 4.750%		98,750
		GrafTech Finance, Inc.
	82,493	4.500%, 02/12/2025(d) 1 mo. LIBOR + 3.500%		81,771
		Hamilton Projects Acquiror LLC
	99,750	5.750%, 06/17/2027(d) 3 mo. LIBOR + 4.750%		99,688
		Helix Gen Funding LLC
	555,907	4.750%, 06/03/2024(d) 1 mo. LIBOR + 3.750%		551,774
		IBC Capital Ltd.
	80,094	3.983%, 09/11/2023(d) 3 mo. LIBOR + 3.750%		75,539
		Illuminate Buyer LLC
	50,000	4.147%, 06/16/2027(d) 1 Week LIBOR + 4.000%		49,693
		Informatica LLC
	99,500	3.397%, 02/25/2027(d) 1 mo. LIBOR + 3.250%		97,666
		Jefferies Finance LLC
	99,246	3.438%, 06/03/2026(d) 1 mo. LIBOR + 3.250%		95,524
	50,000	0.000%, 09/30/2027(g)		49,500
		JetBlue Airways Corp.
	49,375	6.250%, 06/17/2024(d) 3 mo. LIBOR + 5.250%		49,097
		LTI Holdings, Inc.
	98,000	3.647%, 09/06/2025(d) 1 mo. LIBOR + 3.500%		91,507
		Mileage Plus Holdings LLC
	100,000	6.250%, 06/25/2027(d) 3 mo. LIBOR + 5.250%		101,799
		MMM Holdings, Inc.
	750,750	6.750%, 12/24/2026(d) 3 mo. LIBOR + 5.750%		749,812
		Moran Foods LLC
	10,659	8.000%, 04/01/2024(d) 3 mo. LIBOR + 7.000%		10,659
	13,091	11.750%, 10/01/2024(d) 3 mo. LIBOR + 10.750%		11,913
		NFP Corp.
	49,117	3.397%, 02/15/2027(d) 1 mo. LIBOR + 3.250%		47,296
		NorthRiver Midstream Finance L.P.
	588,246	3.546%, 10/01/2025(d) 3 mo. LIBOR + 3.250%		570,919
		Packaging Coordinators Midco, Inc.
	100,000	0.000%, 09/25/2027(g)		99,688
		Panther BF Aggregator 2 L.P.
	777,473	3.647%, 04/30/2026(d) 1 mo. LIBOR + 3.500%		759,494
		Pelican Products, Inc.
	49,746	4.500%, 05/01/2025(d) 3 mo. LIBOR + 3.500%		47,725
		Playpower, Inc.
	95,846	5.720%, 05/08/2026(d) 1 mo. LIBOR + 5.500%		89,137

PartnerSelect High Income Alternatives Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	BANK LOANS (CONTINUED)
		Playtika Holding Corp.
	$    12,194	7.000%, 12/10/2024(d) 6 mo. LIBOR + 6.000%	$	12,227
		PQ Corp.
	49,875	4.000%, 02/07/2027(d) 3 mo. LIBOR + 3.000%		49,757
		RCP Vega,, Inc.
	89,773	4.897%, 04/30/2026(d) 1 mo. LIBOR + 4.750%		84,892
		Samsonite International S.A.
	149,625	4.646%-5.500%, 04/25/2025(d) 1 mo. LIBOR + 4.500%		146,445
		ScribeAmerica Intermediate Holdco LLC
	48,995	4.651%, 04/03/2025(d) 1 mo. LIBOR + 4.500%		45,075
		Stericycle, Inc.
	429,662	2.022%-2.023%, 11/17/2022(d) 1 mo. LIBOR + 1.875%		412,476
		Summit Midstream Partners Holdings LLC
	15,341	7.000%, 05/13/2022(d) 3 mo. LIBOR + 6.000%		3,509
		Teneo Holdings LLC
	49,500	6.250%, 07/11/2025(d) 1 mo. LIBOR + 5.250%		47,953
		Tibco Software, Inc.
	99,750	3.900%, 06/30/2026(d) 1 mo. LIBOR + 3.750%		97,630
		Tivity Health, Inc.
	715,650	5.397%, 03/06/2026(d) 1 mo. LIBOR + 5.250%		679,084
		TransDigm, Inc.
	99,499	2.397%, 05/30/2025(d) 1 mo. LIBOR + 2.250%		94,251
		TVC Albany, Inc.
	98,000	3.650%, 07/23/2025(d) 1 mo. LIBOR + 3.500%		94,447
		U.S. Foods, Inc.
	148,125	4.250%, 04/21/2027(d) 3 mo. LIBOR + 3.250%		144,422
		UGI Energy Services LLC
	237,000	3.897%, 08/13/2026(d) 1 mo. LIBOR + 3.750%		236,407
		USI, Inc.
	50,000	4.500%, 12/02/2026(d) 3 mo. LIBOR + 4.000%		49,641
		Venture Global Calcasieu Pass LLC
	100,000	0.000%, 08/19/2026(g)		91,750
		Vertical Midco GmbH
	100,000	4.570%, 07/30/2027(d) 3 mo. LIBOR + 4.250%		99,357
		Xplornet Communications, Inc.
	149,625	4.897%, 06/10/2027(d) 1 mo. LIBOR + 4.750%		147,381
		Yak Access LLC
	100,000	10.223%, 07/10/2026(d) 3 mo. LIBOR + 10.000%		73,667
		Zayo Group Holdings, Inc.
	99,500	3.147%, 03/09/2027(d) 1 mo. LIBOR + 3.000%		96,782
	TOTAL BANK LOANS (Cost $11,994,870)			11,542,122

Principal Amount^			Value
	CORPORATE BONDS: 28.9%
	Basic Materials: 1.1%
		Alcoa Nederland Holding B.V.
	$    200,000	5.500%, 12/15/2027(b)	$	208,690
		Arconic Corp.
	100,000	6.000%, 05/15/2025(b)		106,980
		Carpenter Technology Corp.
	75,000	6.375%, 07/15/2028		78,610
		Clearwater Paper Corp.
	50,000	4.750%, 08/15/2028(b)		50,219
		Illuminate Buyer LLC / Illuminate Holdings IV, Inc.
	50,000	9.000%, 07/01/2028(b)		53,812
		Kaiser Aluminum Corp.
	50,000	6.500%, 05/01/2025(b)		51,696
		Minerals Technologies, Inc.
	75,000	5.000%, 07/01/2028(b)		77,797
		Steel Dynamics, Inc.
	10,000	3.250%, 01/15/2031		10,732
		United States Steel Corp.
	140,000	12.000%, 06/01/2025(b)		149,240
		WR Grace & Co-Conn
	75,000	4.875%, 06/15/2027(b)		77,593
				865,369
	Communications: 2.9%
		Altice France S.A.
	200,000	5.125%, 01/15/2029(b)		199,625
		CCO Holdings LLC / CCO Holdings Capital Corp.
	125,000	4.250%, 02/01/2031(b)		129,814
		CSC Holdings LLC
	200,000	4.625%, 12/01/2030(b)		201,777
		Expedia Group, Inc.
	555,000	4.625%, 08/01/2027(b)		582,983
		Lamar Media Corp.
	30,000	4.875%, 01/15/2029(b)		31,275
		Level 3 Financing, Inc.
	200,000	4.250%, 07/01/2028(b)		203,264
		Match Group, Inc.
	50,000	4.625%, 06/01/2028(b)		51,594
		QualityTech L.P. / QTS Finance Corp.
	50,000	3.875%, 10/01/2028(b)(e)		50,455
		Radiate Holdco LLC / Radiate Finance, Inc.
	100,000	4.500%, 09/15/2026(b)		100,354
		Sirius XM Radio, Inc.
	80,000	4.125%, 07/01/2030(b)		81,600
		Switch Ltd.
	100,000	3.750%, 09/15/2028(b)		101,250
		TEGNA, Inc.
	260,000	5.000%, 09/15/2029(b)		256,994
		ViacomCBS, Inc.
	127,000	4.950%, 01/15/2031(h)		153,085
	60,000	4.950%, 05/19/2050		70,692
		Virgin Media Vendor Financing Notes IV DAC
	200,000	5.000%, 07/15/2028(b)		199,700
				2,414,462

PartnerSelect High Income Alternatives Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Consumer, Cyclical: 3.1%
		1011778 BC ULC / New Red Finance, Inc.
	$    100,000	4.000%, 10/15/2030(b)(e)	$	101,021
		Air Canada Pass Through Trust
	25,000	Series 2020-2-A 5.250%, 04/01/2029(b)		25,688
		Aramark Services, Inc.
	100,000	6.375%, 05/01/2025(b)		104,292
	5,000	5.000%, 02/01/2028(b)		5,046
		Boyd Gaming Corp.
	25,000	8.625%, 06/01/2025(b)		27,438
		Boyne USA, Inc.
	50,000	7.250%, 05/01/2025(b)		52,682
		CD&R Smokey Buyer, Inc.
	25,000	6.750%, 07/15/2025(b)		26,406
		Cedar Fair L.P. / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Corp.
	50,000	5.500%, 05/01/2025(b)		51,562
		Choice Hotels International, Inc.
	70,000	3.700%, 01/15/2031		73,796
		Clarios Global L.P. / Clarios US Finance Co.
	10,000	8.500%, 05/15/2027(b)		10,342
		Delta Air Lines, Inc.
	270,000	7.000%, 05/01/2025(b)(h)		296,876
		Delta Air Lines, Inc. / SkyMiles IP Ltd.
	335,000	4.750%, 10/20/2028(b)		348,321
		Hanesbrands, Inc.
	25,000	5.375%, 05/15/2025(b)		26,406
		Hyatt Hotels Corp.
	95,000	5.750%, 04/23/2030(h)		109,286
		JetBlue Pass Through Trust
	70,000	Series 2020-1-A 4.000%, 11/15/2032		72,775
		Lithia Motors, Inc.
	50,000	4.375%, 01/15/2031(b)		50,000
		Live Nation Entertainment, Inc.
	100,000	6.500%, 05/15/2027(b)		108,052
		Marriott International, Inc.
	50,000	5.750%, 05/01/2025		55,879
	70,000	4.625%, 06/15/2030		75,139
	50,000	3.500%, 10/15/2032		49,788
		Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.
	100,000	6.500%, 06/20/2027(b)		104,375
		Nordstrom, Inc.
	160,000	4.375%, 04/01/2030		129,487
		Performance Food Group, Inc.
	50,000	6.875%, 05/01/2025(b)		53,469
		Picasso Finance Sub, Inc.
	98,000	6.125%, 06/15/2025(b)		105,702
		Powdr Corp.
	25,000	6.000%, 08/01/2025(b)		25,656
		Six Flags Theme Parks, Inc.
	55,000	7.000%, 07/01/2025(b)		58,609
		Suburban Propane Partners L.P. / Suburban Energy Finance Corp.
	25,000	5.750%, 03/01/2025		25,529

Principal Amount^			Value
	Consumer, Cyclical (continued)
		Superior Plus L.P. / Superior General Partner, Inc.
	$    20,000	7.000%, 07/15/2026(b)	$	21,421
		Walgreens Boots Alliance, Inc.
	100,000	3.200%, 04/15/2030(h)		105,105
	50,000	4.100%, 04/15/2050		50,174
		Whirlpool Corp.
	10,000	4.600%, 05/15/2050		12,439
		Williams Scotsman International, Inc.
	52,000	4.625%, 08/15/2028(b)		52,308
		WMG Acquisition Corp.
	30,000	3.875%, 07/15/2030(b)		30,984
		Wolverine World Wide, Inc.
	100,000	6.375%, 05/15/2025(b)		105,937
				2,551,990
	Consumer, Non-cyclical: 2.6%
		Acadia Healthcare Co., Inc.
	50,000	5.500%, 07/01/2028(b)		51,519
		AdaptHealth LLC
	75,000	6.125%, 08/01/2028(b)		77,827
		Altria Group, Inc.
	10,000	4.450%, 05/06/2050		11,185
		Avanos Medical, Inc.
	32,000	6.250%, 10/15/2022		32,029
		Avantor Funding, Inc.
	75,000	4.625%, 07/15/2028(b)		77,906
		Carriage Services, Inc.
	10,000	6.625%, 06/01/2026(b)		10,486
		CVS Pass-Through Trust
	149,852	5.926%, 01/10/2034(b)		173,584
		DaVita, Inc.
	160,000	4.625%, 06/01/2030(b)		163,988
		Gartner, Inc.
	75,000	4.500%, 07/01/2028(b)		78,937
		Jaguar Holding Co. II / Pharmaceutical Product Development LLC
	75,000	4.625%, 06/15/2025(b)		77,372
		KeHE Distributors LLC / KeHE Finance Corp.
	10,000	8.625%, 10/15/2026(b)		10,848
		Kraft Heinz Foods Co.
	50,000	5.000%, 06/04/2042		54,831
	80,000	4.375%, 06/01/2046		82,447
	25,000	5.500%, 06/01/2050(b)		28,762
		MEDNAX, Inc.
	250,000	6.250%, 01/15/2027(b)		259,682
		Nathan’s Famous, Inc.
	50,000	6.625%, 11/01/2025(b)		51,000
		Nielsen Finance LLC / Nielsen Finance Co.
	150,000	5.625%, 10/01/2028(b)		155,520
		Sabre GLBL, Inc.
	75,000	7.375%, 09/01/2025(b)		75,863
		Smithfield Foods, Inc.
	40,000	3.000%, 10/15/2030(b)		40,161
		Sotheby’s
	50,000	7.375%, 10/15/2027(b)		50,085
		Spectrum Brands, Inc.
	50,000	5.500%, 07/15/2030(b)		52,844

PartnerSelect High Income Alternatives Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Consumer, Non-cyclical (continued)
		Sysco Corp.
	$260,000	5.950%, 04/01/2030(h)	$	330,387
		Tenet Healthcare Corp.
	25,000	4.625%, 06/15/2028(b)		25,407
		US Foods, Inc.
	100,000	6.250%, 04/15/2025(b)		106,008
		Vector Group Ltd.
	50,000	6.125%, 02/01/2025(b)		49,995
				2,128,673
	Energy: 1.9%
		Baker Hughes a GE Co. LLC / Baker Hughes Co-Obligor, Inc.
	10,000	4.486%, 05/01/2030		11,376
		BP Capital Markets Plc
	250,000	4.875%, 03/22/2030(a)(f) 5 year CMT + 4.398%		268,125
		Cheniere Corpus Christi Holdings LLC
	100,000	3.520%, 12/31/2039		99,003
		Enable Midstream Partners L.P.
	405,000	4.150%, 09/15/2029		376,027
		Energy Transfer Operating L.P.
	320,000	6.250%, 02/15/2023(a)(f) 3 mo. USD LIBOR + 4.028%		209,358
		Global Partners L.P. / GLP Finance Corp.
	25,000	6.875%, 01/15/2029(b)(e)		25,313
		Midwest Connector Capital Co. LLC
	59,000	4.625%, 04/01/2029(b)		59,711
		NuStar Logistics L.P.
	100,000	6.375%, 10/01/2030		104,000
		Occidental Petroleum Corp.
	315,000	2.900%, 08/15/2024		267,844
		Rattler Midstream L.P.
	25,000	5.625%, 07/15/2025(b)		25,248
		Sabine Pass Liquefaction LLC
	100,000	4.500%, 05/15/2030(b)(h)		112,902
				1,558,907
	Financial: 14.5%
		AerCap Ireland Capital DAC / AerCap Global Aviation Trust
	410,000	4.500%, 09/15/2023		422,923
	150,000	4.625%, 10/15/2027		145,498
		Alliance Data Systems Corp.
	375,000	4.750%, 12/15/2024(b)		352,191
		American Equity Investment Life Holding Co.
	25,000	5.000%, 06/15/2027		27,165
		American International Group, Inc.
	120,000	4.375%, 06/30/2050(h)		140,873
		AmWINS Group, Inc.
	50,000	7.750%, 07/01/2026(b)		53,678
		Apollo Management Holdings L.P.
	500,000	4.950%, 01/14/2050(b)(f) 5 year CMT + 3.266%		500,111
		Ares Finance Co. II LLC
	50,000	3.250%, 06/15/2030(b)(h)		52,237
		Avolon Holdings Funding Ltd.
	120,000	3.950%, 07/01/2024(b)		114,000
	205,000	5.500%, 01/15/2026(b)		206,467

Principal Amount^			Value
	Financial (continued)
		Bank of New York Mellon Corp. (The)
	$30,000	4.700%, 09/20/2025(a)(f) 5 year CMT + 4.358%	$	31,905
		Blackstone / GSO Secured Lending Fund
	185,000	3.650%, 07/14/2023(b)		186,559
		Brazilian Merchant Voucher Receivables Ltd.
	200,000	4.180%, 04/07/2028		209,771
		Business Development Corp. of America
	375,000	4.750%, 12/30/2022(b)		367,978
	225,000	4.850%, 12/15/2024(b)		221,076
		Charles Schwab Corp. (The)
	100,000	5.375%, 06/01/2025(a)(f)(h) 5 year CMT + 4.971%		108,605
		Credit Acceptance Corp.
	285,000	6.625%, 03/15/2026		295,509
		Credit Suisse Group AG
	250,000	4.194%, 04/01/2031(b)(f)(h) SOFR + 3.730%		289,313
		Cushman & Wakefield US Borrower LLC
	150,000	6.750%, 05/15/2028(b)		156,191
		Drawbridge Special Opportunities Fund L.P. / Drawbridge Special Opportunities Finance
	465,000	5.000%, 08/01/2021(b)		470,896
		Enstar Finance LLC
	200,000	5.750%, 09/01/2040(f) 5 year CMT + 5.468%		204,016
		Enstar Group Ltd.
	300,000	4.950%, 06/01/2029		337,340
		Equitable Holdings, Inc.
	150,000	4.950%, 09/15/2025(a)(f) 5 year CMT + 4.736%		153,375
		Fidelis Insurance Holdings Ltd.
	540,000	4.875%, 06/30/2030(b)		535,768
		Fidelity National Financial, Inc.
	50,000	3.400%, 06/15/2030		54,233
		First American Financial Corp.
	70,000	4.000%, 05/15/2030		77,291
		FS KKR Capital Corp. II
	325,000	4.250%, 02/14/2025(b)		307,211
		GLP Capital L.P. / GLP Financing II, Inc.
	50,000	5.300%, 01/15/2029		55,829
	140,000	4.000%, 01/15/2031(h)		146,007
		Host Hotels & Resorts L.P.
	150,000	3.500%, 09/15/2030		143,999
		HSBC Holdings Plc
	200,000	4.950%, 03/31/2030(h)		241,417
		Iron Mountain, Inc.
	25,000	4.500%, 02/15/2031(b)		25,282
	150,000	5.625%, 07/15/2032(b)		158,605
		Kennedy-Wilson, Inc.
	14,000	5.875%, 04/01/2024		13,948
		Lincoln National Corp.
	30,000	4.375%, 06/15/2050		35,028
		Macquarie Bank Ltd.
	200,000	3.624%, 06/03/2030(b)(h)		213,064
		Main Street Capital Corp.
	340,000	5.200%, 05/01/2024		357,756

PartnerSelect High Income Alternatives Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Financial (continued)
		Markel Corp.
	$    210,000	6.000%, 06/01/2025(a)(f) 5 year CMT + 5.662%	$	222,337
		MetLife, Inc.
	70,000	3.850%, 09/15/2025(a)(f) 5 year CMT + 3.576%		70,018
		Nationwide Mutual Insurance Co.
	130,000	4.350%, 04/30/2050(b)(h)		139,621
		NFP Corp.
	100,000	7.000%, 05/15/2025(b)		106,437
	75,000	6.875%, 08/15/2028(b)		76,022
		OneAmerica Financial Partners, Inc.
	70,000	4.250%, 10/15/2050(b)		70,713
		Owl Rock Capital Corp.
	30,000	4.000%, 03/30/2025		30,302
		Owl Rock Capital Corp. II
	120,000	4.625%, 11/26/2024(b)		120,761
		Owl Rock Technology Finance Corp.
	475,000	6.750%, 06/30/2025(b)		514,126
	65,000	4.750%, 12/15/2025(b)		64,375
		Oxford Finance LLC / Oxford Finance Co-Issuer II, Inc.
	440,000	6.375%, 12/15/2022(b)		430,547
		PartnerRe Finance B LLC
	320,000	4.500%, 10/01/2050(f) 5 year CMT + 3.815%		321,912
		Quicken Loans LLC / Quicken Loans Co-Issuer, Inc.
	150,000	3.875%, 03/01/2031(b)		148,500
		Scentre Group Trust
	410,000	5.125%, 09/24/2080(b)(f) 5 year CMT + 4.685%		402,878
		Sirius International Group Ltd.
	700,000	4.600%, 11/01/2026(b)		676,917
		Solar Capital Ltd.
	400,000	4.500%, 01/20/2023		400,243
		Standard Chartered Plc
	200,000	4.644%, 04/01/2031(b)(f)(h) 5 year CMT + 3.850%		230,667
		United Insurance Holdings Corp.
	530,000	6.250%, 12/15/2027		513,924
				11,953,415
	Industrial: 1.8%
		Aviation Capital Group LLC
	380,000	5.500%, 12/15/2024(b)		392,419
		Boeing Co. (The)
	200,000	5.150%, 05/01/2030(h)		225,394
	100,000	5.705%, 05/01/2040(h)		118,398
	100,000	5.805%, 05/01/2050(h)		121,443
		BWX Technologies, Inc.
	100,000	4.125%, 06/30/2028(b)		102,562
		Cleaver-Brooks, Inc.
	25,000	7.875%, 03/01/2023(b)		24,216
		Flowserve Corp.
	60,000	3.500%, 10/01/2030		59,487
		Great Lakes Dredge & Dock Corp.
	50,000	8.000%, 05/15/2022		51,449

Principal Amount^			Value
	Industrial (continued)
		Grinding Media, Inc. / Moly-Cop AltaSteel Ltd.
	$    50,000	7.375%, 12/15/2023(b)	$	50,750
		Hillenbrand, Inc.
	25,000	5.750%, 06/15/2025		26,703
		Howmet Aerospace, Inc.
	25,000	6.875%, 05/01/2025		27,656
		Mauser Packaging Solutions Holding Co.
	50,000	8.500%, 04/15/2024(b)		52,000
		New Enterprise Stone & Lime Co., Inc.
	75,000	9.750%, 07/15/2028(b)		81,375
		PowerTeam Services LLC
	60,000	9.033%, 12/04/2025(b)		63,487
		Standard Industries, Inc.
	25,000	5.000%, 02/15/2027(b)		26,073
	50,000	4.375%, 07/15/2030(b)		51,340
	25,000	3.375%, 01/15/2031(b)		24,722
		Textron, Inc.
	10,000	3.000%, 06/01/2030		10,554
				1,510,028
	Technology: 0.8%
		AMS AG
	265,000	7.000%, 07/31/2025(b)		281,312
		Boxer Parent Co., Inc.
	50,000	7.125%, 10/02/2025(b)		53,475
		Broadcom, Inc.
	110,000	4.150%, 11/15/2030(h)		123,821
		BY Crown Parent LLC / BY Bond Finance, Inc.
	50,000	4.250%, 01/31/2026(b)		50,969
		Change Healthcare Holdings LLC / Change Healthcare Finance, Inc.
	25,000	5.750%, 03/01/2025(b)		25,389
		NCR Corp.
	50,000	8.125%, 04/15/2025(b)		55,356
	100,000	5.250%, 10/01/2030(b)		100,188
				690,510
	Utilities: 0.2%
		AES Corp. (The)
	60,000	3.950%, 07/15/2030(b)		66,410
		Clearway Energy Operating LLC
	25,000	4.750%, 03/15/2028(b)		25,836
		Terraform Global Operating LLC
	25,000	6.125%, 03/01/2026(b)		25,527
				117,773
	TOTAL CORPORATE BONDS (Cost $22,903,625)			23,791,127
	GOVERNMENT SECURITIES & AGENCY ISSUE: 17.6%
		United States Treasury Note
	1,800,000	1.875%, 12/15/2020		1,806,506
	1,900,000	2.375%, 03/15/2021		1,919,681
	1,600,000	2.625%, 06/15/2021		1,628,364
	1,800,000	2.750%, 09/15/2021		1,845,035
	1,800,000	2.625%, 12/15/2021		1,854,035
	1,500,000	2.375%, 03/15/2022(i)		1,549,102

PartnerSelect High Income Alternatives Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	GOVERNMENT SECURITIES & AGENCY ISSUE (CONTINUED)
		United States Treasury Note (Continued)
	$1,500,000	1.750%, 06/15/2022(i)	$	1,541,455
	1,500,000	1.500%, 09/15/2022(i)		1,540,459
	800,000	1.625%, 12/15/2022(i)		826,422
	TOTAL GOVERNMENT SECURITIES & AGENCY ISSUE (Cost $14,214,567)			14,511,059
	MORTGAGE-BACKED SECURITIES: 9.8%
		Alternative Loan Trust
	180,146	Series 2007-OA4-A1 0.318%, 05/25/2047(d) 1 mo. USD LIBOR + 0.170%		165,628
	194,256	Series 2007-OA7-A1A 0.328%, 05/25/2047(d) 1 mo. USD LIBOR + 0.180%		179,191
		BX Commercial Mortgage Trust
	237,324	Series 2019-XL-F 2.152%, 10/15/2036(b)(d) 1 mo. USD LIBOR + 2.000%		235,165
	237,324	Series 2019-XL-G 2.452%, 10/15/2036(b)(d) 1 mo. USD LIBOR + 2.300%		234,382
		BXMT Ltd.
	250,000	Series 2020-FL2-D 2.101%, 02/16/2037(b)(d) 1 mo. USD LIBOR + 1.950%		240,175
		Cascade Funding Mortgage Trust
	272,560	Series 2018-RM2-A 4.000%, 10/25/2068(b)(f)		283,809
		CD Mortgage Trust
	1,016,967	Series 2017-CD4-XA 1.453%, 05/10/2050(f)(j)		62,291
		CGMS Commercial Mortgage Trust
	260,000	Series 2017-MDRC-E 3.552%, 07/15/2030(b)(d) 1 mo. USD LIBOR + 3.400%		224,302
		Citigroup Mortgage Loan Trust
	75	Series 2019-IMC1-A1 2.720%, 07/25/2049(b)(f)		77
		Credit Suisse Mortgage Trust
	135,477	Series 2018-RPL9-A1 3.850%, 09/25/2057(b)(f)		145,701
	480,000	Series 2018-SITE-C 4.941%, 04/15/2036(b)(f)		442,428
		Freddie Mac Military Housing Bonds Resecuritization Trust Certificates
	2,842,116	Series 2015-R1-XA1 0.700%, 11/25/2055(b)(f)(j)		208,236
	4,559,812	Series 2015-R1-XA3 0.700%, 11/25/2052(b)(f)(j)		284,133
		GPMT Ltd.
	200,000	Series 2018-FL1-C 2.306%, 11/19/2035(b)(d) 1 mo. USD LIBOR + 2.150%		190,985
		GS Mortgage Securities Corp. Trust
	250,000	Series 2020-DUNE-E 2.652%, 12/15/2036(b)(d) 1 mo. USD LIBOR + 2.500%		217,318
	250,000	Series 2020-UPTN-E 3.246%, 02/10/2037(b)(f)		234,614

Principal Amount^			Value
		HarborView Mortgage Loan Trust
	$317,380	Series 2006-12-2A2A 0.346%, 01/19/2038(d) 1 mo. USD LIBOR + 0.190%	$	288,583
		JP Morgan Chase Commercial Mortgage Securities Trust
	1,796,257	Series 2016-JP2-XA 1.949%, 08/15/2049(f)(j)		147,877
		JPMDB Commercial Mortgage Securities Trust
	212,641	Series 2017-C5-XA 1.086%, 03/15/2050(f)(j)		10,266
		LSTAR Securities Investment Ltd.
	707,315	Series 2019-5-A1 1.655%, 11/01/2024(b)(d) 1 mo. USD LIBOR + 1.500%		706,711
		LSTAR Securities Investment Trust
	270,765	Series 2019-1-A1 1.855%, 03/01/2024(b)(d) 1 mo. USD LIBOR + 1.700%		271,289
		Residential Accredit Loans, Inc. Trust
	420,855	Series 2006-QO6-A1 0.328%, 06/25/2046(d) 1 mo. USD LIBOR + 0.180%		146,546
		Uniform Mortgage-Backed Securities
	250,000	1.500%, 10/01/2035(k)		255,820
	1,170,000	2.500%, 10/01/2050(k)		1,227,860
	1,520,000	2.000%, 12/01/2050(k)		1,566,170
		Wells Fargo Commercial Mortgage Trust
	952,678	Series 2016-BNK1-XA 1.889%, 08/15/2049(f)(j)		77,973
	TOTAL MORTGAGE-BACKED SECURITIES (Cost $8,281,658)			8,047,530
	MUNICIPAL BOND: 0.0%
	Indiana: 0.0%
		Knox County Industry Economic Development Revenue
	5,000	Series B 5.900%, 04/01/2034		5,109
	TOTAL MUNICIPAL BOND (Cost $4,682)			5,109
Shares
	SHORT-TERM INVESTMENTS: 2.5%
	MONEY MARKET FUND: 1.1%
	875,014	State Street Institutional Treasury Money Market Fund - Premier Class, 0.020%(l)		875,014
	TOTAL MONEY MARKET FUND (Cost $875,014)			875,014

PartnerSelect High Income Alternatives Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	REPURCHASE AGREEMENTS: 1.3%
	$1,021,699	Fixed Income Clearing Corp. 0.000%, 9/30/2020, due 10/01/2020 [collateral: par value $1,008,300, U.S. Treasury Note, 2.375%, due 03/15/2022, value $1,042,324] (proceeds $1,021,699)	$	1,021,699
	TOTAL REPURCHASE AGREEMENTS (Cost $1,021,699)			1,021,699
	TREASURY BILLS: 0.1%
		United States Treasury Bill
	10,000	0.154%, 02/25/2021(i)(m)		9,996
	50,000	0.148%, 04/22/2021(i)(m)		49,972
	TOTAL TREASURY BILLS (Cost $59,952)			59,968
	TOTAL SHORT-TERM INVESTMENTS (Cost $1,956,665)			1,956,681
	TOTAL INTEREST RATE SWAPTIONS (Cost $61,700): 0.1%			93,344
	TOTAL INVESTMENTS (Cost: $88,272,452): 107.0%			88,031,197
	Liabilities in Excess of Other Assets: (7.0)%			(5,754,141	)
	NET ASSETS: 100.0%		$	82,277,056

Percentages are stated as a percent of net assets.
CLO	Collateralized Loan Obligation
CMT	Constant Maturity Treasury Index
ETF	Exchange Traded Fund
LIBOR	London Interbank Offered Rate
L.P.	Limited Partnership
SOFR	Secured Overnight Financing Rate

^	The principal amount is stated in U.S. Dollars unless otherwise indicated.
(a)	Perpetual Call.
(b)	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under Securities Act of 1933.
(c)	Coupon increases periodically based upon a predetermined schedule. Stated interest rate in effect at September 30, 2020.
(d)	Floating Interest Rate at September 30, 2020.
(e)	When issued security.
(f)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect at September 30, 2020.
(g)	This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date.
(h)	All or a portion of the security has been pledged as collateral against open reverse repurchase agreements. As of September 30, 2020 , the market value of securities pledged amounted to $2,847,866.
(i)	Securities with an aggregate fair value of $5,517,406 have been pledged as collateral for options, total return swaps, credit default swaps, interest rate swaps, and futures positions.
(j)	Interest Only security. Security with a notional or nominal principal amount.
(k)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.
(l)	The rate disclosed is the 7 day net yield as of September 30, 2020.
(m)	The rate shown represents yield-to-maturity.

CURRENCY ABBREVIATIONS:
BRL	Brazilian Real
EUR	Euro
ILS	Israeli New Shekel
USD	U.S. Dollar

UNFUNDED LOAN COMMITMENTS — At September 30, 2020, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following agreements:

Borrower	Principal Amount		Current Value		Unrealized Gain (Loss)
BCPE Empire Holdings, Inc., 4.117%, 06/11/2026	$	3,354	$	3,276	$	(78	)
EyeCare Partners LLC, 3.750%, 02/18/2027		18,919		17,896		(1,023	)
Amerilife Holdings LLC, 4.000%, 03/18/2027		4,667		4,620		(47	)
TOTAL			$	25,792	$	(1,148	)

The cost basis of investments for federal income tax purposes at September 30, 2020 was as follows*:

Cost of investments	$	85,111,996
Gross unrealized appreciation		3,210,216
Gross unrealized depreciation		(3,325,372	)
Net unrealized depreciation	$	(115,156	)

* Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.

PartnerSelect High Income Alternatives Fund

SCHEDULE OF PURCHASED OPTIONS at September 30, 2020 (Unaudited)

Description	Counterparty		Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid		Unrealized Appreciation/ (Depreciation)
INTEREST RATE SWAPTIONS
Call
Two Year Ten Year USD Constant Maturity Swaption		Bank of America N.A.		0.40		7/29/2022		11,000,000	$	11,000,000	$	38,606	$	25,410	$	13,196
Two Year Ten Year USD Constant Maturity Swaption		Goldman Sachs International		0.40		7/29/2022		2,000,000		2,000,000		7,019		4,540		2,479
Two Year Ten Year USD Constant Maturity Swaption		Goldman Sachs International		0.61		7/29/2022		7,000,000		7,000,000		16,133		10,150		5,983
Two Year Ten Year USD Constant Maturity Swaption		Morgan Stanley & Co.		0.40		7/29/2022		9,000,000		9,000,000		31,586		21,600		9,986
Total Purchased Options											$	93,344	$	61,700	$	31,644

PartnerSelect High Income Alternatives Fund

REVERSE REPURCHASE AGREEMENTS at September 30, 2020 (Unaudited)

Principal Amount^			Value
	$(334,200)	Bank of Montreal 0.530%, 8/13/2020, due 10/13/2020	$	(334,200	)
	(90,385)	Bank of Montreal 0.700%, 8/14/2020, due 10/13/2020		(90,385	)
	(877,109)	Bank of Montreal 0.550%, 9/14/2020, due 11/16/2020		(877,109	)
	(156,408)	Bank of Montreal 0.500%, 8/28/2020, due 08/28/2021		(156,408	)
	(1,174,988)	Royal Bank of Canada 0.540%, 8/3/2020, due 10/23/2020		(1,174,988	)
	(225,825)	Royal Bank of Canada 0.500%, 9/14/2020, due 11/16/2020		(225,825	)
	TOTAL REVERSE REPURCHASE AGREEMENTS (Proceeds $2,858,915)		$	(2,858,915	)

Securities pledged as collateral against open reverse repurchase agreements are noted in the Schedule of Investments.

PartnerSelect High Income Alternatives Fund

SCHEDULE OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS at September 30, 2020 (Unaudited)

At September 30, 2020, the Fund had the following forward foreign currency exchange contracts:

								Asset Derivatives		Liability Derivatives
Counterparty	Settlement Date	Fund Receiving	U.S. $ Value at September 30, 2020		Fund Delivering	U.S. $ Value at September 30, 2020		Unrealized Appreciation		Unrealized Depreciation
Bank of America N.A.	2/1/2021	USD	$	4,821	ILS	$	4,830	$	—	$	(9	)
	4/30/2021	USD		29,952	ILS		29,629		323		—
	1/31/2022	USD		93,834	ILS		93,423		411		—
Citibank N.A.	2/1/2021	USD		13	ILS		13		—		—
	4/30/2021	USD		406,848	ILS		402,959		3,889		—
	7/1/2021	BRL		35,149	USD		38,193		—		(3,044	)
	7/1/2021	BRL		35,149	USD		38,664		—		(3,515	)
Goldman Sachs International	2/1/2021	ILS		345,704	USD		330,597		15,107		—
	2/1/2021	ILS		345,703	USD		331,515		14,188		—
	2/1/2021	ILS		5,571	USD		5,138		433		—
	2/1/2021	ILS		5,570	USD		5,185		385		—
	2/1/2021	USD		593,208	ILS		588,431		4,777		—
	2/1/2021	USD		6,282	ILS		6,297		—		(15	)
	2/1/2021	USD		102,447	ILS		102,975		—		(528	)
	4/30/2021	ILS		312,589	USD		298,557		14,032		—
	4/30/2021	ILS		312,589	USD		298,892		13,697		—
	4/30/2021	USD		94,794	ILS		94,814		—		(20	)
	4/30/2021	USD		97,471	ILS		97,777		—		(306	)
	7/30/2021	USD		198,958	EUR		202,151		—		(3,193	)
	1/31/2022	ILS		107,436	USD		98,692		8,744		—
	1/31/2022	ILS		107,436	USD		99,610		7,826		—
	1/31/2022	USD		121,979	ILS		121,449		530		—
JPMorgan Chase Bank N.A.	7/1/2021	USD		95,023	BRL		70,299		24,724		—
	7/30/2021	EUR		416,193	USD		399,948		16,245		—
	7/30/2021	USD		209,309	EUR		214,042		—		(4,733	)
			$	4,084,028		$	3,974,080	$	125,311	$	(15,363	)

SCHEDULE OF FINANCIAL FUTURES CONTRACTS at September 30, 2020 (Unaudited)

Description	Number of Contracts			Notional Amount			Notional Value			Expiration Date		Unrealized Appreciation/ (Depreciation)
Futures Contracts—Long
Ultra 10YR U.S. Treasury Notes		1		$	100,000		$	159,922			12/21/2020	$	716
Total Long												$	716
Futures Contracts—Short
5YR U.S. Treasury Notes		(20	)	$	(2,000,000	)	$	(2,520,625	)		12/31/2020	$	(3,434	)
10YR U.S. Treasury Notes		(13	)		(1,300,000	)		(1,813,906	)		12/21/2020		(4,908	)
Total Short												$	(8,342	)
Total Futures Contracts												$	(7,626	)

SCHEDULE OF SWAPS at September 30, 2020 (Unaudited)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

		Rates Exchanged
Notional Amount	Maturity Date	Payment Received		Payment Made			Periodic Payment Frequency		Fair Value			Upfront Payment Made (Received)		Unrealized Appreciation/ (Depreciation)
$2,600,000	11/06/2021		3 Month LIBOR		3.144	%		Quarterly	$	(84,153	)	$	965	$	(85,118	)
$350,000	11/07/2023		3 Month LIBOR		3.180			Quarterly		(31,749	)		80		(31,829	)
$100,000	7/10/2030		3 Month LIBOR		0.634			Quarterly		701			476		225
$190,000	8/21/2030		3 Month LIBOR		0.673			Quarterly		754			229		525
$40,000	8/24/2030		3 Month LIBOR		0.645			Quarterly		275			300		(25	)
$60,000	7/09/2035		3 Month LIBOR		0.781			Quarterly		1,347			301		1,046
									$	(112,825	)	$	2,351	$	(115,176	)

PartnerSelect High Income Alternatives Fund

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS (1)(2)(3)

Description	Maturity Date		Fixed Deal (Pay) Rate			Implied Credit Spread at September 30, 2020			Notional Amount		Periodic Payment Frequency		Fair Value		Upfront Premiums Paid		Unrealized Depreciation
Sell Protection
CDX North America HIgh Yield Index Series 35 5.000%, 12/20/2025		12/20/2025		5.000	%		4.048	%	$	1,160,000		Quarterly	$	47,530	$	50,914	$	(3,384	)
Total Sell Protection													$	47,530	$	50,914	$	(3,384	)

(1) For centrally cleared swaps, when a credit event occurs as defined under the terms of the swap contract, the Fund as a seller of credit protection will either (i) pay a net amount equal to the par value of the defaulted reference entity and deliver the reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value.

(2) For centrally cleared swaps, implied credit spread, represented in absolute terms, utilized in determining the fair value of the credit default swap contracts as of period will serve as an indicator of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a referenced entity reflects the cost of buying/ selling protection and may include upfront payments required to be made to enter into the contract. Generally, wider credit spreads represent a perceived deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap contract.

(3) For centrally cleared swaps, the notional amount represents the maximum potential the Fund may receive as a buyer of credit protection if a credit event occurs, as defined under the terms of the swap contract, for each security included in the CDX North America High Yield Index Series 35.

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

Referenced Obligation	Maturity Date	Counterparty	Fund Pays/ Receives Floating Rate	Floating Rate Index and Spread	Notional Amount			Periodic Payment Frequency		Fair Value			Upfront Premiums Paid (Received)		Unrealized Depreciation
iShares iBoxx High Yield Corporate Bond ETF USD	11/3/2020	Bank of America N.A.	Pays	1 Month USD LIBOR + 0.270%	$	(1,778,814	)		Monthly	$	(24,465	)	$	—	$	(24,465	)

PartnerSelect High Income Alternatives Fund

SCHEDULE OF WRITTEN OPTIONS at September 30, 2020 (Unaudited)

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts		Notional Amount			Market Value			Premiums Received			Unrealized Appreciation/ (Depreciation)
INDEX OPTIONS
Put
Russell 2000 Index	UBS Securities LLC	$	1,475.00		10/2/2020		(1)	$	(150,769	)	$	(813	)	$	(3,619	)	$	2,806
Russell 2000 Index	UBS Securities LLC		1,460.00		10/9/2020		(5)		(753,845	)		(6,775	)		(19,025	)		12,250
Russell 2000 Index	UBS Securities LLC		1,440.00		10/16/2020		(2)		(301,538	)		(3,168	)		(7,198	)		4,030
Russell 2000 Index	UBS Securities LLC		1,490.00		10/16/2020		(2)		(301,538	)		(6,520	)		(5,978	)		(542	)
Russell 2000 Index	UBS Securities LLC		1,445.00		10/23/2020		(3)		(452,307	)		(7,851	)		(12,727	)		4,876
Russell 2000 Index	UBS Securities LLC		1,450.00		10/23/2020		(1)		(150,769	)		(2,752	)		(3,719	)		967
Russell 2000 Index	UBS Securities LLC		1,450.00		10/30/2020		(1)		(150,769	)		(3,343	)		(4,369	)		1,026
S&P 500 Index	UBS Securities LLC		3,170.00		10/9/2020		(4)		(1,345,200	)		(2,272	)		(18,076	)		15,804
S&P 500 Index	UBS Securities LLC		3,210.00		10/9/2020		(2)		(672,600	)		(2,702	)		(7,968	)		5,266
S&P 500 Index	UBS Securities LLC		3,215.00		10/9/2020		(1)		(336,300	)		(845	)		(3,692	)		2,847
S&P 500 Index	UBS Securities LLC		3,240.00		10/9/2020		(3)		(1,008,900	)		(5,400	)		(19,952	)		14,552
S&P 500 Index	UBS Securities LLC		3,240.00		10/16/2020		(8)		(2,690,400	)		(20,840	)		(43,859	)		23,019
S&P 500 Index	UBS Securities LLC		3,325.00		10/16/2020		(1)		(336,300	)		(4,730	)		(5,689	)		959
S&P 500 Index	UBS Securities LLC		3,170.00		10/23/2020		(10)		(3,363,000	)		(24,680	)		(67,872	)		43,192
S&P 500 Index	UBS Securities LLC		3,175.00		10/30/2020		(4)		(1,345,200	)		(12,544	)		(27,402	)		14,858
S&P 500 Index	UBS Securities LLC		3,185.00		10/30/2020		(2)		(672,600	)		(7,956	)		(13,659	)		5,703
S&P 500 Index	UBS Securities LLC		3,210.00		10/30/2020		(3)		(1,008,900	)		(12,240	)		(22,259	)		10,019
S&P 500 Index	UBS Securities LLC		3,215.00		10/30/2020		(2)		(672,600	)		(8,160	)		(14,478	)		6,318
Total Written Options											$	(133,591	)	$	(301,541	)	$	167,950

Litman Gregory Funds Trust

SCHEDULE OF INVESTMENTS (Continued)

September 30, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS

The following is a summary of the significant accounting policies followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

Security Valuation. Investments in securities and derivatives traded on a national securities exchange are valued at the last reported sales price at the close of regular trading on each day that the exchanges are open for trading. Securities listed on the NASDAQ Global Market, the NASDAQ Global Select Market and the NASDAQ Capital Market are valued using the NASDAQ Official Closing Price. Securities traded on an exchange for which there have been no sales are valued at the mean between the closing bid and asked prices. Debt securities maturing within 60 days or less are valued at amortized cost unless the Valuation Committee determines that amortized cost does not represent fair value. Securities for which market prices are not readily available or if a security’s value has materially changed after the close of the security’s primary market but before the close of trading on the New York Stock Exchange (“NYSE”), the securities are valued at fair value as determined in good faith by the Managers that selected the security for the Funds’ portfolio and the Trust’s Valuation Committee in accordance with procedures approved by the Board of Trustees (the “Board”). In determining fair value, the Funds take into account all relevant factors and available information. Consequently, the price of the security used by a Fund to calculate its net asset value may differ from quoted or published prices for the same security. Fair value pricing involves subjective judgments and there is no single standard for determining the fair value of a security. As a result, different mutual funds could reasonably arrive at a different value for the same security. For securities that do not trade during NYSE hours, fair value determinations are based on analyses of market movements after the close of those securities’ primary markets, and include reviews of developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. Pricing services are used to obtain closing market prices and to compute certain fair value adjustments utilizing computerized pricing models. It is possible that the fair value determined for a security is materially different from the value that could be realized upon the sale of that security or from the values that other mutual funds may determine.

Investments in other funds are valued at their respective net asset values as determined by those funds in accordance with the 1940 Act.

Debt securities generally trade in the over-the-counter market rather than on a securities exchange. The Funds’ pricing services use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Securities denominated in a foreign currency are converted into their U.S. dollar equivalent at the foreign exchange rate in effect at the close of the NYSE on the date that the values of the foreign debt securities are determined. Repurchase agreements are valued at cost, which approximates fair value.

Certain derivatives trade in the over-the-counter market. The Funds’ pricing services use various techniques including industry standard option pricing models and proprietary discounted cash flow models to determine the fair value of those instruments. The Funds’ net benefit or obligation under the derivative contract, as measured by the fair value of the contract, is included in net assets.

The Funds have procedures to determine the fair value of securities and other financial instruments for which market prices are not readily available or which may not be reliably priced. Under these procedures, the Funds primarily employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The Funds may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed.

Senior Term Loans. The Alternative Strategies Fund and the High Income Alternatives Fund may invest in bank debt, which includes interests in loans to companies or their affiliates undertaken to finance a capital restructuring or in connection with recapitalizations, acquisitions, leveraged buyouts, refinancings or other financially leveraged transactions and may include loans which are designed to provide temporary or bridge financing to a borrower pending the sale of identified assets, the arrangement of longer-term loans or the issuance and sale of debt obligations. These loans, which may bear fixed or floating rates, have generally been arranged through private negotiations between a corporate borrower and one or more financial institutions (“Lenders”), including banks. The Alternative Strategies Fund’s and the High Income Alternatives Fund’s investments may be in the form of participations in loans (“Participations”) or of assignments of all or a portion of loans from third parties (“Assignments”).

Unfunded Loan Commitments. The Alternative Strategies Fund and the High Income Alternatives Fund may enter into certain credit agreements, all or a portion of which may be unfunded. The Fund is obligated to fund these commitments at the borrower’s discretion. These commitments, if any, are disclosed in the Schedule of Investments.

Short Sales. Each Fund may sell a security it does not own in anticipation of a decline in the fair value of that security. When each Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. In addition, cash and certain investments in securities may be used to collateralize the securities sold short. Each day the securities sold short transaction is open, the liability to replace the borrowed security is marked to market and an unrealized gain or loss is recorded. While the transaction remains open, the Fund may also incur expenses for any dividends or interest which will be paid to the lender of the securities as well as a fee to borrow the delivered security. During the term of the short sale, the value of the securities pledged as collateral on short sales is required to exceed the value of the securities sold short. A gain, limited to the price at which each Fund sold the security short, or a loss, unlimited in size, will be recognized upon the termination of a short sale. Each Fund is also subject to the risk that it may be unable to reacquire a security to terminate a short position except at a price substantially in excess of the last quoted price.

Repurchase Agreements. Each Fund may enter into repurchase agreements through which the Fund acquires a security (the “underlying security”) from a seller, a well-established securities dealer or a bank that is a member of the Federal Reserve System. The bank or securities dealer agrees to repurchase the

underlying security at the same price, plus a specified amount of interest, at a later date, generally for a period of less than one week. It is the Trust’s policy that its Custodian takes possession of securities as collateral under repurchase agreements and to determine on a daily basis that the value of such securities, including recorded interest, is sufficient to cover the value of the repurchase agreements. The Trust’s policy states that the value of the collateral is at least 102% of the value of the repurchase agreement. If the counterparty defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the counterparty of the security, realization of the collateral by a Fund may be delayed or limited. At September 30, 2020, the Funds’ ongoing exposure to the economic return on repurchase agreements is shown on the Schedules of Investments.

Reverse repurchase agreements. The High Income Alternatives Fund may enter into reverse repurchase agreements with banks and brokers to enhance return. Under a reverse repurchase agreement a Fund sells portfolio assets subject to an agreement by that Fund to repurchase the same assets at an agreed upon price and date. The Fund can use the proceeds received from entering into a reverse repurchase agreement to make additional investments, which generally causes the Fund’s portfolio to behave as if it were leveraged. If the buyer in a reverse repurchase agreement files for bankruptcy or becomes insolvent, the Fund may be unable to recover the securities it sold and as a result may realize a loss on the transaction if the securities it sold are worth more than the purchase price it originally received from the buyer. Reverse repurchase agreements outstanding at the end of the period, if any, are shown on the Schedules of Investments. Cash received in exchange for securities transferred under reverse repurchase agreements are reflected as reverse repurchase agreements on the Statements of Assets and Liabilities.

For the period ended September 30, 2020, the High Income Alternatives Fund had outstanding reverse repurchase agreement balance for 182 days. The average amount of borrowings was $2,307,048 and the average interest rate was 0.80% during the 182 day period.

Foreign Currency Translation. The Funds’ records are maintained in U.S. dollars. The value of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the reporting period. The currencies are translated into U.S. dollars by using the exchange rates quoted at the close of the London Stock Exchange prior to when each Fund’s net asset value is next determined. Purchases and sales of investment securities, income and expenses are translated on the respective dates of such transactions.

The Funds do not isolate that portion of their net realized and unrealized gains and losses on investments resulting from changes in foreign exchange rates from the impact arising from changes in market prices. Such fluctuations are included with net realized and unrealized gain or loss from investments.

Net realized foreign currency transaction gains and losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the differences between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency transactions gains and losses arise from changes in the value of assets and liabilities, other than investments in securities, resulting from changes in the exchange rates.

Forward Foreign Currency Exchange Contracts. The Funds may utilize forward foreign currency exchange contracts (“forward contracts”) under which they are obligated to exchange currencies on specified future dates at specified rates, and are subject to foreign exchange rates fluctuations. All contracts are “marked-to-market” daily and any resulting unrealized gains or losses are recorded as unrealized appreciation or depreciation on foreign currency transactions. The Funds record realized gains or losses at the time the forward contract is settled. These gains and losses are reflected on the Statements of Operations as realized gain (loss) on foreign currency transactions. Counterparties to these forward contracts are major U.S. financial institutions.

Futures Contracts. The Alternative Strategies Fund and the High Income Alternatives Fund invest in financial futures contracts primarily for the purpose of hedging their existing portfolio securities, or securities that the Funds intend to purchase, against fluctuations in fair value caused by changes in prevailing market interest rates. Upon entering into a financial futures contract, a Fund is required to pledge to the broker an amount of cash, U.S. government securities, or other assets, equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as variation margin, are made or received by a Fund each day, depending on the daily fluctuations in the fair value of the underlying security. Each Fund recognizes a gain or loss equal to the daily variation margin. If market conditions move unexpectedly, a Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the underlying hedged assets.

Interest Rate Swaps. During the period ended September 30, 2020, the Alternative Strategies Fund and the High Income Alternatives Fund invested in interest rate swaps. An interest rate swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other. Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (“DCM”), acting in an agency capacity, and submitted to a central counterparty (“CCP”) (“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, and upfront payments, if any, are recorded as a receivable or payable for variation margin.

Credit Default Swaps. During the period ended September 30, 2020, the Alternative Strategies Fund and the High Income Alternatives Fund entered into credit default swaps to manage their exposure to the market or certain sectors of the market, to reduce their risk exposure to defaults of corporate issuers or indexes or to create exposure to corporate issuers or indexes to which they are not otherwise exposed. In a credit default swap, the protection buyer makes a stream of payments based on a fixed percentage applied to the contract notional amount to the protection seller in exchange for the right to receive a specified return upon the occurrence of a defined credit event on the reference obligation which may be either a single security or a basket of securities issued by corporate or sovereign issuers. Although contract-specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap’s notional amount is recorded as realized gain (for protection written) or loss (for protection sold). In the case of credit default swaps where a Fund is selling protection, the notional amount approximates the maximum loss. For centrally cleared swaps the daily change in valuation, and upfront payments, if any, are recorded as a receivable or payable for variation margin.

Total Return Swaps. Total return swap is the generic name for any non-traditional swap where one party agrees to pay the other the “total return” of a defined underlying asset, usually in return for receiving a stream of London Interbank Offered Rate (“LIBOR”) based cash flows. A total return swap may be applied to any underlying asset but is most commonly used with equity indices, single stocks, bonds and defined portfolios of loans and mortgages. Total return swap is a mechanism for the user to accept the economic benefits of asset ownership without utilizing the Statement of Assets and Liabilities. The other leg of the swap, usually LIBOR, is a spread to reflect the non-Statement of Assets and Liabilities nature of the product. No notional amounts are exchanged with total return

swaps. The total return receiver assumes the entire economic exposure - that is, both market and credit exposure - to the reference asset. The total return payer - often the owner of the reference obligation - gives up economic exposure to the performance of the reference asset and in return takes on counterparty credit exposure to the total return receiver in the event of a default or fall in value of the reference asset.

Purchasing Put and Call Options. Each Fund may purchase covered “put” and “call” options with respect to securities which are otherwise eligible for purchase by a Fund and with respect to various stock indices subject to certain restrictions. Each Fund will engage in trading of such derivative securities primarily for hedging purposes.

If a Fund purchases a put option, a Fund acquires the right to sell the underlying security at a specified price at any time during the term of the option (for “American-style” options) or on the option expiration date (for “European-style” options). Purchasing put options may be used as a portfolio investment strategy when a portfolio manager perceives significant short-term risk but substantial long-term appreciation for the underlying security. The put option acts as an insurance policy, as it protects against significant downward price movement while it allows full participation in any upward movement. If a Fund is holding a stock which it feels has strong fundamentals, but for some reason may be weak in the near term, a Fund may purchase a put option on such security, thereby giving itself the right to sell such security at a certain strike price throughout the term of the option. Consequently, a Fund will exercise the put only if the price of such security falls below the strike price of the put. The difference between the put’s strike price and the market price of the underlying security on the date a Fund exercises the put, less transaction costs, will be the amount by which a Fund will be able to hedge against a decline in the underlying security. If during the period of the option the market price for the underlying security remains at or above the put’s strike price, the put will expire worthless, representing a loss of the price a Fund paid for the put, plus transaction costs. If the price of the underlying security increases, the profit a Fund realizes on the sale of the security will be reduced by the premium paid for the put option less any amount for which the put may be sold.

If a Fund purchases a call option, it acquires the right to purchase the underlying security at a specified price at any time during the term of the option. The purchase of a call option is a type of insurance policy to hedge against losses that could occur if a Fund has a short position in the underlying security and the security thereafter increases in price. Each Fund will exercise a call option only if the price of the underlying security is above the strike price at the time of exercise. If during the option period the market price for the underlying security remains at or below the strike price of the call option, the option will expire worthless, representing a loss of the price paid for the option, plus transaction costs. If the call option has been purchased to hedge a short position of a Fund in the underlying security and the price of the underlying security thereafter falls, the profit a Fund realizes on the cover of the short position in the security will be reduced by the premium paid for the call option less any amount for which such option may be sold.

Prior to exercise or expiration, an option may be sold when it has remaining value by a purchaser through a “closing sale transaction,” which is accomplished by selling an option of the same series as the option previously purchased. Each Fund generally will purchase only those options for which a Manager believes there is an active secondary market to facilitate closing transactions.

Writing Call Options. Each Fund may write covered call options. A call option is “covered” if a Fund owns the security underlying the call or has an absolute right to acquire the security without additional cash consideration (or, if additional cash consideration is required, cash or cash equivalents in such amount as are held in a segregated account by the Custodian). The writer of a call option receives a premium and gives the purchaser the right to buy the security underlying the option at the exercise price. The writer has the obligation upon exercise of the option to deliver the underlying security against payment of the exercise price during the option period. If the writer of an exchange-traded option wishes to terminate his obligation, he may effect a “closing purchase transaction.” This is accomplished by buying an option of the same series as the option previously written. A writer may not effect a closing purchase transaction after it has been notified of the exercise of an option.

Effecting a closing transaction in the case of a written call option will permit a Fund to write another call option on the underlying security with either a different exercise price, expiration date or both. Also, effecting a closing transaction will permit the cash or proceeds from the concurrent sale of any securities subject to the option to be used for other investments of a Fund. If a Fund desires to sell a particular security from its portfolio on which it has written a call option, it will effect a closing transaction prior to or concurrent with the sale of the security.

Each Fund will realize a gain from a closing transaction if the cost of the closing transaction is less than the premium received from writing the option or if the proceeds from the closing transaction are more than the premium paid to purchase the option. Each Fund will realize a loss from a closing transaction if the cost of the closing transaction is more than the premium received from writing the option or if the proceeds from the closing transaction are less than the premium paid to purchase the option. However, because increases in the market price of a call option will generally reflect increases in the market price of the underlying security, any loss to a Fund resulting from the repurchase of a call option is likely to be offset in whole or in part by appreciation of the underlying security owned by a Fund.

Writing Put Options. Each Fund may write put options. By writing put options, the Fund takes on the risk of declines in the value of the underlying instrument, including the possibility of a loss up to the entire strike price of each option it sells, but without the corresponding opportunity to benefit from potential increases in the value of the underlying instrument. When the Fund writes a put option, it assumes the risk that it must purchase the underlying instrument at a strike price that may be higher than the market price of the instrument. If there is a broad market decline and the Fund is able to close out its written put options, it may result in substantial losses to the Fund.

Risks of Investing in Options. There are several risks associated with transactions in options on securities. Options may be more volatile than the underlying instruments and, therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves. There are also significant differences between the securities and options markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its objective. In addition, a liquid secondary market for particular options may be absent for reasons which include the following: there may be insufficient trading interest in certain options; restrictions may be imposed by an exchange on opening transactions or closing transactions or both; trading halts, suspensions or other restrictions may be imposed with respect to particular classes or series of option of underlying securities; unusual or unforeseen circumstances may interrupt normal operations on an exchange; the facilities of an exchange or clearing corporation may not at all times be adequate to handle current trading volume; or one or more exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the trading of options (or a particular class or series of options), in which event the secondary market on that exchange (or in that class or series of options) would cease to exist, although outstanding options that had been issued by a clearing corporation as a result of trades on that exchange would continue to be exercisable in accordance with their terms.

A decision as to whether, when and how to use options involves the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful to some degree because of market behavior or unexpected events. The extent to which a Fund may enter into options transactions may be limited by the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), with respect to qualification of a Fund as a regulated investment company.

Restricted Securities. A restricted security cannot be resold to the general public without prior registration under the Securities Act of 1933. If the security is subsequently registered and resold, the issuers would typically bear the expense of all registrations at no cost to the Fund. Restricted securities are valued according to the guidelines and procedures adopted by the Funds’ Board of Trustees. As of September 30, 2020, there were no restricted securities held in the Funds.

Illiquid Securities. Each Fund may not invest more than 15% of the value of its net assets in illiquid securities, including restricted securities that are not deemed to be liquid by the Sub-Advisors. The Advisor and the Sub-Advisors will monitor the amount of illiquid securities in a Fund’s portfolio, under the supervision of the Board, to ensure compliance with a Fund’s investment restrictions. In accordance with procedures approved by the Board, these securities may be valued using techniques other than market quotations, and the values established for these securities may be different than what would be produced through the use of another methodology or if they had been priced using market quotations. Illiquid securities and other portfolio securities that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that a Fund could sell a portfolio security for the value established for it at any time, and it is possible that a Fund would incur a loss because a portfolio security is sold at a discount to its established value.

Fair Value of Financial Investments

The Funds follow a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Funds’ own market assumptions (unobservable inputs). These inputs are used in determining the value of each Fund’s investments and are summarized in the following fair value hierarchy:

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, foreign exchange rates, and fair value estimates for foreign securities indices).

Level 3 – Significant unobservable inputs (including the Funds’ own assumptions in determining fair value of investments).

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. Treasury obligations, U.S. Treasury inflation protected securities, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services or sources. Independent pricing services typically use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. The service providers’ internal models use inputs that are observable such as, among other things, issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis are typically marked to market daily until settlement at the forward settlement date.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by pricing service providers that use broker dealer quotations or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche, current market data and incorporates deal collateral performance, as available.

Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all interest payments (interest-only, or “IO” and/or high coupon rate with relatively low principal amount, or “IOette”), and the other that receives substantially all principal payments (principal-only, or “PO”) from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security until maturity. These adjustments are included in interest income.

Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Shares of the unregistered Underlying Funds are valued at their closing net asset value (“NAV”) as reported on each business day, as a practical expedient for fair value. Each of the unregistered Underlying Funds is daily valued and offer daily liquidity and hold no unfunded commitments. The shares of the open-end registered Underlying Funds are valued at NAV each business day. If the Underlying Funds’ designated representative to the Trustee determines, based on its own due diligence and investment monitoring procedures, that the reported NAV per share does not represent fair value, Underlying Funds’ designated representative to the Trustee shall estimate the fair value of the Underlying Funds in good faith and in a manner that it reasonably chooses.

Financial derivative instruments, such as foreign currency contracts, options contracts, futures, or swap agreements, derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of broker dealer quotations or pricing service providers at the settlement price determined by the relevant exchange. Depending on the product and the terms of the transaction, the value of the derivative contracts can be estimated by a pricing service provider using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, curves, dividends and exchange rates. Derivatives that use similar valuation techniques and inputs as described above are categorized as Level 1 or Level 2 of the fair value hierarchy.

The following tables provide the fair value measurements of applicable Fund assets and liabilities by level within the fair value hierarchy for each Fund as of September 30, 2020. These assets and liabilities are measured on a recurring basis.

Equity Fund

Description	Level 1 - Quoted prices in active markets for identical assets		Level 2 - Significant other observable inputs		Level 3 - Significant unobservable inputs		Total
Equity(a)
Common Stocks	$	218,610,062	$	—	$	—	$	218,610,062
Preferred Stock		3,670,372		—		—		3,670,372
Total Equity		222,280,434		—		—		222,280,434
Short-Term Investments
Repurchase Agreements		—		6,442,496		—		6,442,496
Total Investments in Securities	$	222,280,434	$	6,442,496	$	—	$	228,722,930

^(a)  See Fund’s Schedule of Investments in Securities for sector classifications.

International Fund

Description	Level 1 - Quoted prices in active markets for identical assets			Level 2 - Significant other observable inputs		Level 3 - Significant unobservable inputs			Total
Equity
Common Stocks
Australia	$	—		$	3,484,298	$	—		$	3,484,298
Austria		—			4,193,649		—			4,193,649
Belgium		—			6,326,663		—			6,326,663
Bermuda		3,605,219			4,357,065		—			7,962,284
Canada		3,108,510			—		—			3,108,510
Cayman Islands		7,390,176			—		—			7,390,176
Denmark		—			3,245,446		—			3,245,446
Finland		—			6,378,486		—			6,378,486
France		1,452,415			46,281,683		—			47,734,098
Germany		—			9,212,784		—			9,212,784
Ireland		6,125,868			—		—			6,125,868
Israel		—			4,132,355		—			4,132,355
Japan		—			38,776,125		—			38,776,125
Mexico		5,681,558			—		—			5,681,558
Netherlands		—			17,633,849		—			17,633,849
Norway		—			2,160,088		—			2,160,088
South Africa		—			3,336,037		—			3,336,037
South Korea		—			796,286		—			796,286
Spain		—			8,695,417		1,511,512	**		10,206,929
Sweden		—			21,801,523		—			21,801,523
Switzerland		—			16,840,844		—			16,840,844
United Kingdom		—			36,988,028		—			36,988,028
United States		2,299,680			—		—			2,299,680
Total Equity		29,663,426			234,640,626		1,511,512	**		265,815,564
Short-Term Investments
Repurchase Agreements		—			7,990,174		—			7,990,174
Total Short-Term Investments		—			7,990,174		—			7,990,174
Total Investments in Securities	$	29,663,426		$	242,630,800	$	1,511,512	**	$	273,805,738
Other Financial Instruments*
Forward Foreign Currency Exchange Contracts	$	(27,427	)	$	—	$	—		$	(27,427	)

^*  Other financial instruments are derivative instruments, such as futures, forward foreign currency exchange, swaps contracts and written options. Futures, forward foreign currency exchange and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument, while written options are valued at fair value.

^**  Significant unobservable inputs were used in determining the value of portfolio securities for the International Fund.

SBH Focused Small Value Fund

Description	Level 1 - Quoted prices in active markets for identical assets		Level 2 - Significant other observable inputs		Level 3 - Significant unobservable inputs		Total
Equity(a)
Common Stocks	$	9,378,981	$	—	$	—	$	9,378,981
Total Equity		9,378,981		—		—		9,378,981
Total Investments in Securities	$	9,378,981	$	—	$	—	$	9,378,981

^(a)  See Fund’s Schedule of Investments in Securities for sector classifications.

Smaller Companies Fund

Description	Level 1 - Quoted prices in active markets for identical assets		Level 2 - Significant other observable inputs		Level 3 - Significant unobservable inputs		Total
Equity(a)
Common Stocks	$	16,158,397	$	—	$	—	$	16,158,397
Total Equity		16,158,397		—		—		16,158,397
Short-Term Investments
Repurchase Agreements		—		1,995,393		—		1,995,393
Total Investments in Securities		$16,158,397	$	1,995,393	$	—	$	18,153,790

^(a)  See Fund’s Schedule of Investments in Securities for sector classifications.

Alternative Strategies Fund

Description	Level 1 - Quoted prices in active markets for identical assets			Level 2 - Significant other observable inputs			Level 3 - Significant unobservable inputs			Total
Equity(a)
Common Stocks	$	405,796,624		$	27,945,679		$	4,432,441	**	$	438,174,744
Preferred Stocks		2,956,190			—			197,030	**		3,153,220
Limited Partnerships		—			—			883,186	**		883,186
Total Equity		408,752,814			27,945,679			5,512,657	**		442,211,150
Rights/Warrants		359,777			24,285			—			384,062
Fixed Income
Asset-Backed Securities		—			142,847,330			304,225	**		143,151,555
Bank Loans		—			20,552,298			6,162,005	**		26,714,303
Convertible Bonds		—			10,558,458			—			10,558,458
Corporate Bonds		—			432,458,866			—			432,458,866
Government Securities & Agency Issue		—			3,887,296			—			3,887,296
Mortgage-Backed Securities		—			269,056,723			1,854,590	(1)		270,911,313
Municipal Bonds		—			2,657,933			—			2,657,933
Total Fixed Income		—			882,018,904			8,320,820	**		890,339,724
Short-Term Investments
Repurchase Agreements		—			69,752,058			—			69,752,058
Treasury Bills		—			33,393,795			—			33,393,795
Total Short-Term Investments		—			103,145,853			—			103,145,853
Purchased Options		205,310			—			—			205,310
Investments Valued at NAV(2)		—			—			—			1,638,769
Total Investments in Securities	$	409,317,901		$	1,013,134,721		$	13,833,477	**	$	1,437,924,868
Fixed Income
Unfunded Loan Commitments		—			269,010			—			269,010
Total Investments in Securities in Assets	$	409,317,901		$	1,013,403,731		$	13,833,477	**	$	1,438,193,878
Short Sales
Common Stocks		(58,583,113	)		—			—			(58,583,113	)
Exchange-Traded Funds		(7,021,317	)		—			—			(7,021,317	)
Corporate Bonds		—			(2,332,506	)		—			(2,332,506	)
Total Short Sales		(65,604,430	)		(2,332,506	)		—			(67,936,936	)
Total Investments in Securities in Liabilities	$	(65,604,430	)	$	(2,332,506	)	$	—		$	(67,936,936	)
Other Financial Instruments*
Forward Foreign Currency Exchange Contracts	$	60,824		$	—		$	—		$	60,824
Futures		(56,960	)		—			—			(56,960	)
Swaps - Credit Default		—			(9,147,853	)		—			(9,147,853	)
Swaps - Total Return		—			1,132,895			—			1,132,895
Written Options		(7,281	)		—			—			(7,281	)

^(a)  See Fund’s Schedule of Investments in Securities for sector classifications.

^*  Other financial instruments are derivative instruments, such as futures, forward foreign currency exchange, swaps contracts and written options. Futures, forward foreign currency exchange and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument, while written options are valued at fair value.

^**  Significant unobservable inputs were used in determining the value of portfolio securities for the Alternative Strategies Fund .

⁽¹⁾  These securities were priced by a pricing service; however, the Advisor/Sub-Advisor used their fair value procedures based on other available inputs which more accurately reflected the current fair value of these securities.

⁽²⁾  As of September 30, 2020, certain of the Portfolio’s investments were valued using net asset value per unit as practical expedient (“NAV”) and have been excluded from the fair value hierarchy.

In Alternative Strategies Fund, securities valued at $103,730 were transferred from Level 1 to Level 3 due to bankruptcy filing and no availability of pricing from approved price source.

In Alternative Strategies Fund, securities valued at $2,218,177 were transferred from Level 2 to Level 3 due to inability to obtain pricing of private issue from approved price source.

In Alternative Strategies Fund, securities valued at $1,576,800 were transferred from Level 2 to Level 3 due to liquidity discount applied to reflect odd lot nature of the securities.

In Alternative Strategies Fund, securities valued at $2,139 were transferred from Level 2 to Level 3 due to default and inability to obtain pricing from approved price source.

In Alternative Strategies Fund, securities valued at $269,820 were transferred from Level 3 to Level 1 due to availability of observable inputs to obtain pricing from approved pricing source.

High Income Alternatives Fund

Description	Level 1 - Quoted prices in active markets for identical assets			Level 2 - Significant other observable inputs			Level 3 - Significant unobservable inputs		Total
Equity(a)
Common Stocks	$	9,490,901		$	—		$	—	$	9,490,901
Preferred Stocks		1,002,921			—			—		1,002,921
Closed-End Funds		498,979			—			—		498,979
Exchange-Traded Fund		229,007			—			—		229,007
Total Equity		11,221,808			—			—		11,221,808
Fixed Income
Asset-Backed Securities		—			16,862,417			—		16,862,417
Bank Loans		—			11,542,122			—		11,542,122
Corporate Bonds		—			23,791,127			—		23,791,127
Government Securities & Agency Issue		—			14,511,059			—		14,511,059
Mortgage-Backed Securities		—			8,047,530			—		8,047,530
Municipal Bond		—			5,109			—		5,109
Total Fixed Income		—			74,759,364			—		74,759,364
Short-Term Investments
Money Market Fund		875,014			—			—		875,014
Repurchase Agreements		—			1,021,699			—		1,021,699
Treasury Bills		—			59,968			—		59,968
Total Short-Term Investments		875,014			1,081,667			—		1,956,681
Interest Rate Swaptions		—			93,344			—		93,344
Total Investments in Securities	$	12,096,822		$	75,934,375		$	—	$	88,031,197
Fixed Income
Unfunded Loan Commitments		—			25,792			—		25,792
Total Investments in Securities in Assets	$	12,096,822		$	75,960,167		$	—	$	88,056,989
Reverse Repurchase Agreements		—			(2,858,915	)		—		(2,858,915	)
Total Investments in Securities in Liabilities	$	—		$	(2,858,915	)	$	—	$	(2,858,915	)
Other Financial Instruments*
Forward Foreign Currency Exchange Contracts	$	109,948		$	—		$	—	$	109,948
Futures		(7,626	)		—			—		(7,626	)
Swaps - Interest Rate		—			(115,176	)		—		(115,176	)
Swaps - Credit Default		—			(3,384	)		—		(3,384	)
Swaps - Total Return		—			(24,465	)		—		(24,465	)
Written Options		(133,591	)		—			—		(133,591	)

^(a)  See Fund’s Schedule of Investments in Securities for sector classifications.

^*  Other financial instruments are derivative instruments, such as futures, forward foreign currency exchange, swaps contracts and written options. Futures, forward foreign currency exchange and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument, while written options are valued at fair value.

In High Income Alternatives Fund, securities valued at $206,510 were transferred from Level 3 to Level 2 due to availability of observable inputs to obtain pricing from approved pricing source.

Principal Risks

Below are summaries of the principal risks of investing in one or more of the Funds, each of which could adversely affect a Fund’s net asset value, yield and total return. Each risk listed below does not necessarily apply to each Fund, and you should read a Fund’s prospectus carefully for a description of the principal risks associated with investing in a particular Fund.

• Asset-Backed Securities Risk. This is the risk that the impairment of the value of the collateral underlying a security in which the High Income Alternatives Fund invests, such as the non-payment of loans, will result in a reduction in the value of the security. The value of these securities may also fluctuate in response to the market’s perception of the value of issuers or collateral.

• Below Investment-Grade Fixed Income Securities Risk. This is the risk of investing in below investment-grade fixed income securities (also known as “junk bonds”), which may be greater than that of higher rated fixed income securities. These securities are rated Ba1 through C by Moody’s Investors Service (“Moody’s”) or BB+ through D by Standard & Poor’s Rating Group (“S&P”) (or comparably rated by another nationally recognized statistical rating organization), or, if not rated by Moody’s or S&P, are considered by the sub-advisors to be of similar quality. These securities have greater risk of default than higher rated securities. The market value of these securities is more sensitive to corporate developments and economic conditions and can be volatile. Market conditions can diminish liquidity and make accurate valuations difficult to obtain. There is no limit to the Alternative Strategies Fund’s ability to invest in below investment-grade fixed income securities; however, under normal market conditions, it does not expect to invest more than 50% of its total assets in below investment-grade fixed income securities.

• Capital Structure Arbitrage Risk. The perceived mispricing identified by the sub-advisor may not disappear or may even increase, in which case losses may be realized.

• Collateral Risk. If the Alternative Strategies Fund and High Income Alternatives Fund’s financial instruments are secured by collateral, the issuer may have difficulty liquidating the collateral and/or the Fund may have difficulty enforcing its rights under the terms of the securities if an issuer defaults. Collateral may be insufficient or the Fund’s right to the collateral may be set aside by a court. Collateral will generally consist of assets that may not be readily liquidated, including for example, equipment, inventory, work in the process of manufacture, real property and payments to become due under contracts or other receivable obligations. There is no assurance that the liquidation of those assets would satisfy an issuer’s obligations under a financial instrument. Non-affiliates and affiliates of issuers of financial instruments may provide collateral in the form of secured and unsecured guarantees and/or security interests in assets that they own, which may also be insufficient to satisfy an issuer’s obligations under a financial instrument.

• Collateralized Loan Obligations and Collateralized Debt Obligations Risk. Collateralized loan obligations (“CLOs”) bear many of the same risks as other forms of asset-backed securities, including interest rate risk, credit risk and default risk. As they are backed by pools of loans, CLOs also bear similar risks to investing in loans directly. CLOs issue classes or “tranches” that vary in risk and yield. CLOs may experience substantial losses attributable to loan defaults. Losses caused by defaults on underlying assets are borne first by the holders of subordinate tranches. The Alternative Strategies Fund and High Income Alternatives Fund’s investment in CLOs may decrease in market value when the CLO experiences loan defaults or credit impairment, the disappearance of a subordinate tranche, or market anticipation of defaults and investor aversion to CLO securities as a class.

Collateralized debt obligations (“CDOs”) are structured similarly to CLOs and bear the same risks as CLOs including interest rate risk, credit risk and default risk. CDOs are subject to additional risks because they are backed by pools of assets other than loans including securities (such as other asset-backed securities), synthetic instruments or bonds and may be highly leveraged. Like CLOs, losses incurred by a CDO are borne first by holders of subordinate tranches. Accordingly, the risks of CDOs depend largely on the type of underlying collateral and the tranche of CDOs in which the Fund invests. For example, CDOs that obtain their exposure through synthetic investments entail the risks associated with derivative instruments.

• Communications Services Sector Risk. A Fund may invest a portion of its assets in the communications services sector. Media and communications companies may be significantly affected by product and service obsolescence due to technological advancement or development, competitive pressures, substantial capital requirements, fluctuating demand and changes in regulation.

• Consumer Discretionary Sector Risk. A Fund may invest a portion of its assets in the consumer discretionary sector. The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products and services in the marketplace.

• Convertible Arbitrage Risk. Arbitrage strategies involve engaging in transactions that attempt to exploit price differences of identical, related or similar securities on different markets or in different forms. A Fund may realize losses or reduced rate of return if underlying relationships among securities in which investment positions are taken change in an adverse manner or a transaction is unexpectedly terminated or delayed. Trading to seek short-term capital appreciation can be expected to cause the Fund’s portfolio turnover rate to be substantially higher than that of the average equity-oriented investment company, resulting in higher transaction costs and additional capital gains tax liabilities.

• Convertible Securities Risk. This is the risk that the market value of convertible securities may fluctuate due to changes in, among other things, interest rates; other general economic conditions; industry fundamentals; market sentiment; the issuer’s operating results, financial statements, and credit ratings; and the market value of the underlying common or preferred stock.

• Credit Risk. This is the risk that a Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty of a derivatives contract or other transaction, is unable or unwilling (or is perceived to be unable or unwilling) to make timely payment of principal and/or interest, or to otherwise honor its obligations.

• Currency Risk. This is the risk that investing in foreign currencies may expose the Fund to fluctuations in currency exchange rates and that such fluctuations in the exchange rates may negatively affect an investment related to a currency or denominated in a foreign currency. The Alternative Strategies Fund may invest in foreign currencies for investment and hedging purposes. All of the Funds may invest in foreign currencies for hedging purposes.

• Cybersecurity Risk. Information and technology systems relied upon by the Funds, the Advisor, the sub-advisors, the Funds’ service providers (including, but not limited to, Fund accountants, custodians, transfer agents, administrators, distributors and other financial intermediaries) and/or the issuers of securities in which a Fund invests may be vulnerable to damage or interruption from computer viruses, network failures, computer and telecommunication failures, infiltration by unauthorized persons, security breaches, usage errors, power outages and catastrophic events such as fires, tornadoes, floods, hurricanes and earthquakes. Although the Advisor has implemented measures to manage risks relating to these types of events, if these systems are compromised, become inoperable for extended periods of time or cease to function properly, significant investment may be required to fix or replace them. The failure of these systems and/or of disaster recovery plans could cause significant interruptions in the operations of the Funds, the Advisor, the sub-advisors, the Funds’ service providers and/or issuers of securities in which a Fund invests and may result in a failure to maintain the security, confidentiality or privacy of sensitive data, including personal information relating to investors (and the beneficial owners of investors). Such a failure could also harm the reputation of the Funds, the Advisor, the sub-advisors, the Funds’ service providers and/or issuers of securities in which a Fund invests, subject such entities and their respective affiliates to legal claims or otherwise affect their business and financial performance.

• Debt Securities Risk. This is the risk that the value and liquidity of debt securities may be reduced under certain circumstances. The value of debt securities can fluctuate in response to issuer activity and changes in general economic and credit market conditions, including changes in interest rates. In recent years, dealer capacity in the debt and fixed income markets appears to have undergone fundamental changes, including a reduction in dealer market-making capacity. These changes have the potential to decrease substantially liquidity and increase volatility in the debt and fixed income markets.

• Derivatives Risk. This is the risk that an investment in derivatives may not correlate completely to the performance of the underlying securities and may be volatile and that the insolvency of the counterparty to a derivative instrument could cause the Fund to lose all or substantially all of its investment in the derivative instrument, as well as the benefits derived therefrom.

• Options Risk. This is the risk that an investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves and may be subject to a complete loss of the amounts paid as premiums to purchase the options.

• Futures Contracts Risk. This is the risk that an investment in futures contracts may be subject to losses that exceed the amount of the premiums paid and may subject the Fund’s net asset value to greater volatility.

• P-Notes Risk. This is the risk that the performance results of P-Notes will not replicate exactly the performance of the issuers or markets that the P-Notes seek to replicate. Investments in P-Notes involve risks normally associated with a direct investment in the underlying securities as well as additional risks, such as counterparty risk.

• Swaps Risk. Risks inherent in the use of swaps include: (1) swap contracts may not be assigned without the consent of the counterparty; (2) potential default of the counterparty to the swap; (3) absence of a liquid secondary market for any particular swap at any time; and (4) possible inability of the Fund to close out the swap transaction at a time that otherwise would be favorable for it to do so.

• Distressed Companies Risk. A Fund may invest a portion of its assets in securities of distressed companies. Debt obligations of distressed companies typically are unrated, lower rated, in default or close to default and may be difficult to value accurately or may become worthless.

• Emerging Markets Risk. A Fund may invest a portion of its assets in emerging market countries. Emerging market countries are those with immature economic and political structures, and investing in emerging markets entails greater risk than in developed markets. Such risks could include those related to government dependence on a few industries or resources, government-imposed taxes on foreign investment or limits on the removal of capital from a country, unstable government, and volatile markets.

• Equity Securities Risk. This is the risk that the value of equity securities may fluctuate, sometimes rapidly and unpredictably, due to factors affecting the general market, an entire industry or sector, or particular companies. These factors include, without limitation, adverse changes in economic conditions, the general outlook for corporate earnings, interest rates or investor sentiment; increases in production costs; and significant management decisions. This risk is greater for small- and medium-sized companies, which tend to be more vulnerable to adverse developments than larger companies.

• Event-Driven Risk. Event-driven strategies seek to profit from the market inefficiencies surrounding market events, such as mergers, acquisitions, asset sales, restructurings, refinancings, recapitalizations, reorganizations or other special situations. Event-driven investing involves attempting to predict the outcome of a particular transaction as well as the optimal time at which to commit capital to it. Event-driven opportunities involve difficult legal as well as financial analysis, as some of the principal impediments to the consummation of major corporate events are often legal or regulatory rather than economic. In addition, certain of the securities issued in the context of major corporate events include complex call, put and other features, and it is difficult to precisely evaluate the terms and embedded option characteristics of these securities. A Fund may take both long and short positions in a wide range of securities, derivatives and other instruments in implementing its event-driven strategies.

• Financial Sector Risk. A Fund may invest a portion of its assets in the financial services sector and, therefore, the performance of the Fund could be negatively impacted by events affecting this sector, including changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt and the availability and cost of capital.

• Foreign Investment and Emerging Markets Risks. This is the risk that an investment in foreign (non-U.S.) securities may cause the Funds to experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to factors such as currency conversion rate fluctuations, currency blockages, political and economic instability, differences in financial reporting, accounting and auditing standards, nationalization, expropriation or confiscatory taxation, and smaller and less-strict regulation of securities markets. These risks are greater in emerging markets. There is no limit to the Alternative Strategies Fund’s ability to invest in emerging market securities; however, under normal market conditions, it does not expect to invest more than 50% of its total assets in emerging market securities; however, some Funds may invest a portion of their assets in stocks of companies based outside of the United States.

• Healthcare Sector Risk. A Fund may invest a portion of its assets in the healthcare sector. The profitability of companies in the healthcare sector may be adversely affected by government regulations and government healthcare programs, increases or decreases in the cost of medical products and services and product liability claims, among other factors. Many healthcare companies are heavily dependent on patent protection, and the expiration of a company’s patent may adversely affect that company’s profitability. Healthcare companies are subject to competitive forces that may result in price discounting, and may be thinly capitalized and susceptible to product obsolescence.

• Industrial Sector Risk. A Fund may invest a portion of its assets in the industrial sector. Companies in the industrial sector could be affected by, among other things, government regulation, world events and global economic conditions, insurance costs, and labor relations issues.

• Interest Rate Risk. This is the risk that debt securities will decline in value because of changes in interest rates. A Fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a Fund with a shorter average portfolio duration.

• Investment Selection Risk. The specific investments held in the Fund’s investment portfolio may underperform other funds in the same asset class or benchmarks that are representative of the general performance of the asset class because of a portfolio manager’s choice of securities.

• Investment in Investment Companies Risk. This is the risk that investing in other investment companies, including ETFs, CEFs, BDCs, unit investment trusts and open-end funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying

securities held by the investment vehicle could decrease or the portfolio becomes illiquid. Moreover, the High Income Alternatives Fund and its shareholders will incur its pro rata share of the underlying vehicles’ expenses, which will reduce the Fund’s performance. In addition, investments in an ETF are subject to, among other risks, the risk that the ETF’s shares may trade at a discount or premium relative to the net asset value of the shares and the listing exchange may halt trading of the ETF’s shares. BDCs may carry risks similar to those of a private equity or venture capital fund. BDC company securities are not redeemable at the option of the shareholder and they may trade in the market at a discount to their net asset value. BDCs usually trade at a discount to their net asset value because they invest in unlisted securities and have limited access to capital markets. Shares of CEFs also frequently trade at a discount to their net asset value for those and other reasons.

• Investments in Loan Risk. Investments in loans, including loan syndicates and other direct lending opportunities, involve special types of risks, including credit risk, interest rate risk, counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate. Loans are often generally below investment grade and may be unrated. The High Income Alternatives Fund’s investments in loans can also be difficult to value accurately and may be more susceptible to liquidity risk than fixed-income instruments of similar credit quality and/or maturity. The Fund is also subject to the risk that the value of the collateral for the loan may be insufficient or unavailable to cover the borrower’s obligations should the borrower fail to make payments or become insolvent. Participations in loans may subject the Fund to the credit risk of both the borrower and the issuer of the participation and may make enforcement of loan covenants, if any, more difficult for the Fund as legal action may have to go through the issuer of the participations. Transactions in loans are often subject to long settlement periods, thus potentially limiting the ability of the Fund to invest sale proceeds in other investments and to use proceeds to meet its current redemption obligations. In addition, many banks have been weakened by the recent financial crisis, and it may be difficult for the Fund to obtain an accurate picture of a lending bank’s financial condition.

• Large Shareholder Purchase and Redemption Risk. This is the risk that a Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions may cause the Fund to sell its securities at times when it would not otherwise do so, which may negatively impact the Fund’s net asset value and liquidity. Similarly, large share purchases may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. In addition, a large redemption could result in the Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio.

• Leverage Risk. This is the risk that leverage may cause the effect of an increase or decrease in the value of the Alternative Strategies Fund’s portfolio securities to be magnified and the Fund to be more volatile than if leverage was not used. Leverage may result from certain transactions, including the use of derivatives and borrowing. Under normal circumstances, the Alternative Strategies Fund may borrow amounts up to one third of the value of its total assets except that it may exceed this limit to satisfy redemption requests or for other temporary purposes.

• LIBOR Risk. LIBOR is used extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial contracts, including corporate and municipal bonds, bank loans, asset-backed and mortgage-related securities, interest rate swaps and other derivatives. For example, debt securities in which a Fund invests may pay interest at floating rates based on LIBOR or may be subject to interest caps or floors based on LIBOR. A Fund’s derivative investments may also reference LIBOR. In addition, issuers of instruments in which a Fund invests may obtain financing at floating rates based on LIBOR, and a Fund may use leverage or borrowings based on LIBOR. In July 2017, the head of the United Kingdom Financial Conduct Authority announced the intention to phase out the use of LIBOR by the end of 2021. There is currently no definitive information regarding the future utilization of LIBOR or of any particular replacement reference rate. Abandonment of or modifications to LIBOR could have adverse impacts on newly issued financial instruments and existing financial instruments that reference LIBOR.

• Market Risk. As with all mutual funds that invest in common stocks, the value of an individual’s investment will fluctuate daily in response to the performance of the individual stocks held in a Fund. The stock market has been subject to significant volatility recently, which has increased the risks associated with an investment in a Fund.

• Market Volatility Associated with COVID-19. The financial markets have recently been impacted by the outbreak of an infectious respiratory illness caused by a novel coronavirus known as COVID-19, which was first detected in China in December 2019 and has spread internationally. This coronavirus has resulted in international border closings, enhanced health screenings, expanded healthcare services and expenses, quarantines and other restrictions on business and personal activities, cancellations, disruptions to supply chains and consumer activity, as well as general public concern and uncertainty. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in general in significant and unforeseen ways. The future impact of COVID-19 is currently unknown and it may exacerbate other risks that apply to the Fund, including political, social and economic risks. Any such impact could adversely affect the Fund’s performance, the performance of the securities in which the Fund invests and may lead to losses on your investment in the Fund.

• Materials Sector Risk. A Fund may invest a portion of its assets in the materials sector. Many companies in this sector are significantly affected by the level and volatility of commodity prices, the exchange value of the U.S. dollar, import controls, worldwide competition, environmental policies and consumer demand. At times, worldwide production of industrial materials has exceeded demand as a result of over-building or economic downturns, leading to poor investment returns or losses. Other risks may include liabilities for environmental damage and general civil liabilities, depletion of resources, and mandated expenditures for safety and pollution control. The materials sector may also be affected by economic cycles, technical progress, labor relations, and government regulations.

• Merger Arbitrage Risk. This is the risk that a proposed reorganization in which the Alternative Strategies Fund invests may be renegotiated or terminated.

• MLP Risk. Investing in MLP units involves some risks that differ from an investment in the equity securities of a company. Holders of MLP units have limited control and voting rights on matters affecting the partnership. Holders of units issued by a MLP are exposed to a remote possibility of liability for all of the obligations of that MLP in the event that a court determines that the rights of the holders of MLP units to vote to remove or replace the general partner of that MLP, to approve amendments to that MLP’s partnership agreement, or to take other action under the partnership agreement of that MLP would constitute “control” of the business of that MLP, or a court or governmental agency determines that the MLP is conducting business in a state without complying with the partnership statute of that state. Holders of MLP units are also exposed to the risk that they will be required to repay amounts to the MLP that are wrongfully distributed to them.

• Mortgage-Backed Securities Risk. This is the risk of investing in mortgaged-backed securities, which includes interest rate risk, prepayment risk and the risk of defaults on the mortgage loans underlying these securities.

• Mortgage REIT Risk. Investing in mREITs involves certain risks related to investing in real property mortgages. In addition, mREITs must satisfy highly technical and complex requirements in order to qualify for the favorable tax treatment accorded to REITs under the Internal Revenue Code of 1986 (the “Code”). No assurances can be given that a mREIT in which the High Income Alternatives Fund invests will be able to continue to qualify as a REIT or that complying with the REIT requirements under the Code will not adversely affect such REIT’s ability to execute its business plan.

• Multi-Style Management Risk. Because portions of a Fund’s assets are managed by different portfolio managers using different styles, the Fund could experience overlapping security transactions. Certain portfolio managers may be purchasing securities at the same time other portfolio managers may be selling those same securities, which may lead to higher transaction expenses compared to a Fund using a single investment management style.

• Municipal Securities Risk. Municipal securities can be significantly affected by litigation, political or economic events, as well as uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders. Municipal securities backed by current or anticipated revenues from specific projects or assets can be negatively affected by the inability of the issuer to collect revenues for the projects or from the assets.

• Portfolio Turnover Risk. This is the risk that a Fund may experience high portfolio turnover rates as a result of its investment strategies. High portfolio turnover rates may indicate higher transaction costs and may result in higher taxes when shares of a Fund are held in a taxable account as compared to shares in investment companies that hold investments for a longer period. High portfolio turnover involves correspondingly greater expenses to a Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which may result in adverse tax consequences to a Fund’s shareholders as compared to shares in investment companies that hold investments for a longer period.

• Short Sale Risk. This is the risk that the value of a security the Alternative Strategies Fund sells short does not go down as expected. The risk of loss is theoretically unlimited if the value of the security sold short continues to increase. In addition, short sales may cause the Alternative Strategies Fund to be compelled, at a time disadvantageous to it, to buy the security previously sold short, thus resulting in a loss. To meet current margin requirements, the Alternative Strategies Fund is required to deposit with the broker additional cash or securities so that the total deposit with the broker is maintained daily at 150% of the current market value of the securities sold short.

• Smaller Companies Risk. A Fund may invest a portion of its assets in the securities of small- and mid-sized companies. Securities of small and mid-cap companies are generally more volatile and less liquid than the securities of large-cap companies. This is because smaller companies may be more reliant on a few products, services or key personnel, which can make it riskier than investing in larger companies with more diverse product lines and structured management.

• Special Situations Risk. Investments in special situations (undervalued equities, merger arbitrage situations, distressed companies, etc.) may involve greater risks when compared to other investments a Fund may make due to a variety of factors. For example, mergers, acquisitions, reorganizations, liquidations or recapitalizations may fail or not be completed on the terms originally contemplated, and expected developments may not occur in a timely manner, if at all.

• Technology Investment Risk. A Fund may invest a portion of its assets in the technology sector, which is a very volatile segment of the market. The nature of technology is that it is rapidly changing. Therefore, products or services that may initially look promising may subsequently fail or become obsolete. In addition, many technology companies are younger, smaller and unseasoned companies which may not have established products, an experienced management team, or earnings history.

• Unfavorable Tax Treatment Risk. This is the risk that a material portion of the Alternative Strategies Fund’s return could be in the form of net investment income or short-term capital gains, some of which may be distributed to shareholders and taxed at ordinary income tax rates. Therefore, shareholders may have a greater need to pay regular taxes than compared to other investment strategies that hold investments longer. Due to this investment strategy, it may be preferable for certain shareholders to invest in the Fund through pre-tax or tax-deferred accounts as compared to investment through currently taxable accounts. Potential shareholders are encouraged to consult their tax advisors in this regard.

• Value Stock Risk. Value stocks are stocks of companies that may have experienced adverse business or industry developments or may be subject to special risks that have caused the stocks to be out of favor and, in the opinion of the manager, undervalued. The value of a security believed by a manager to be undervalued may never reach what is believed to be its full (intrinsic) value, or such security’s value may decrease.