PartnerSelect Equity Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2021 (Unaudited)

Shares			Value
	COMMON STOCKS: 93.8%
	Communication Services: 12.8%
	3,535	Alphabet, Inc. - Class A*	$	7,291,008
	1,656	Alphabet, Inc. - Class C*		3,425,651
	4,200	Charter Communications, Inc. - Class A*		2,591,484
	8,878	Facebook, Inc. - Class A*		2,614,837
	13,786	Netflix, Inc.*		7,191,605
	31,252	Sea Ltd. - ADR*		6,976,384
	33,525	Tencent Holdings Ltd.		2,630,342
	25,800	Tencent Holdings Ltd. - ADR		2,058,840
				34,780,151
	Consumer Discretionary: 17.6%
	23,072	Alibaba Group Holding Ltd. - ADR*		5,231,114
	2,963	Amazon.com, Inc.*		9,167,759
	2,500	Booking Holdings, Inc.*		5,824,600
	18,000	Dollar General Corp.		3,647,160
	108,600	General Motors Co.		6,240,156
	37,165	Hilton Worldwide Holdings, Inc.		4,493,992
	37,300	Lear Corp.		6,760,625
	42,440	Prosus N.V. - ADR		943,441
	28,355	Thor Industries, Inc.		3,820,553
	25,000	TJX Cos., Inc. (The)		1,653,750
				47,783,150
	Consumer Staples: 3.8%
	143,354	Beiersdorf AG - ADR		3,030,504
	39,244	Cal-Maine Foods, Inc.*		1,507,754
	10,400	Constellation Brands, Inc. - Class A		2,371,200
	9,984	Diageo Plc - ADR		1,639,473
	11,022	Sanderson Farms, Inc.		1,717,007
				10,265,938
	Energy: 0.8%
	31,000	EOG Resources, Inc.		2,248,430
	Financials: 23.8%
	91,900	Ally Financial, Inc.		4,154,799
	43,500	American International Group, Inc.		2,010,135
	89,000	Bank of America Corp.		3,443,410
	41,015	Bank of New York Mellon Corp. (The)		1,939,599
	18	Berkshire Hathaway, Inc. - Class A*		6,942,636
	21,250	Berkshire Hathaway, Inc. - Class B*		5,428,737
	99,190	Capital One Financial Corp.		12,619,944
	53,000	Charles Schwab Corp. (The)		3,454,540
	22,355	Chubb Ltd.		3,531,419
	42,300	Citigroup, Inc.		3,077,325
	5,471	Everest Re Group Ltd.		1,355,769
	12,460	JPMorgan Chase & Co.		1,896,786
	15,823	Northern Trust Corp.		1,663,156
	26,000	Reinsurance Group of America, Inc.		3,277,300
	16,283	Travelers Cos., Inc. (The)		2,448,963
	40,320	US Bancorp		2,230,099

Shares			Value
	Financials (continued)
	130,370	Wells Fargo & Co.	$	5,093,556
				64,568,173
	Health Care: 10.9%
	19,354	Baxter International, Inc.		1,632,316
	16,287	DENTSPLY SIRONA, Inc.		1,039,274
	7,462	DexCom, Inc.*		2,681,768
	23,622	Edwards Lifesciences Corp.*		1,975,744
	5,500	Humana, Inc.		2,305,875
	3,169	ICU Medical, Inc.*		651,039
	5,437	Illumina, Inc.*		2,088,134
	50,500	Koninklijke Philips N.V.*		2,887,146
	72,965	LivaNova Plc*		5,379,710
	23,250	Quest Diagnostics, Inc.		2,983,905
	70,505	Smith & Nephew Plc - ADR		2,672,140
	8,750	UnitedHealth Group, Inc.		3,255,613
				29,552,664
	Industrials: 7.9%
	18,675	Carlisle Cos., Inc.		3,073,531
	21,950	Carrier Global Corp.		926,729
	412,000	CK Hutchison Holdings Ltd.		3,282,858
	16,000	Eaton Corp. Plc		2,212,480
	29,250	Ferguson Plc		3,498,330
	243,000	General Electric Co.		3,190,590
	110,100	Howmet Aerospace, Inc.		3,537,513
	21,950	Raytheon Technologies Corp.		1,696,077
				21,418,108
	Information Technology: 12.5%
	14,354	Atlassian Corp. Plc - Class A*		3,025,249
	6,749	Intuit, Inc.		2,585,272
	12,211	ServiceNow, Inc.*		6,106,843
	19,719	Square, Inc. - Class A*		4,477,199
	42,160	TE Connectivity Ltd.		5,443,278
	9,184	Twilio, Inc. - Class A*		3,129,540
	43,177	Visa, Inc. - Class A		9,141,866
				33,909,247
	Real Estate: 2.4%
	49,400	CBRE Group, Inc. - Class A*		3,908,034
	94,137	Equity Commonwealth - REIT		2,617,009
				6,525,043
	Utilities: 1.3%
	21,055	SJW Group		1,326,254
	80,160	United Utilities Group Plc - ADR		2,093,579
				3,419,833
	TOTAL COMMON STOCKS (Cost $145,352,526)			254,470,737
	PREFERRED STOCK: 1.7%
	Information Technology: 1.7%
	71,000	Samsung Electronics Co. Ltd. - (Preference Shares)		4,579,633
	TOTAL PREFERRED STOCK (Cost $2,334,934)			4,579,633

PartnerSelect Equity Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2021 (Unaudited)(Continued)

Principal Amount			Value
	SHORT-TERM INVESTMENTS: 4.6%
	REPURCHASE AGREEMENTS: 4.6%
	$12,543,016	Fixed Income Clearing Corp. 0.000%, 3/31/2021, due 04/01/2021 [collateral: par value $12,890,800, U.S. Treasury Note, 0.750%, due 03/31/2026 value $12,794,384] (proceeds $12,543,016)	$	12,543,016
	TOTAL SHORT-TERM INVESTMENTS (Cost $12,543,016)			12,543,016
	TOTAL INVESTMENTS (Cost: $160,230,476): 100.1%			271,593,386
	Liabilities in Excess of Other Assets: (0.1)%			(361,414	)
	NET ASSETS: 100.0%		$	271,231,972

Percentages are stated as a percent of net assets.

ADR	American Depositary Receipt
REIT	Real Estate Investment Trust
*	Non-Income Producing Security.

The cost basis of investments for federal income tax purposes at March 31, 2021 was as follows*:

Cost of investments	$	160,230,476
Gross unrealized appreciation		111,900,145
Gross unrealized depreciation		(537,235	)
Net unrealized appreciation	$	111,362,910

* 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 March 31, 2021 (Unaudited)

Shares			Value
	COMMON STOCKS: 97.8%
	Australia: 2.2%
	2,036,203	Incitec Pivot Ltd.*	$	4,511,858
	738,632	Redbubble Ltd.*		2,817,781
				7,329,639
	Austria: 1.4%
	191,085	S&T AG*		4,758,104
	Belgium: 0.8%
	123,750	Fagron		2,751,486
	Bermuda: 1.1%
	496,949	Frontline Ltd.		3,553,185
	Canada: 1.7%
	205,141	CAE, Inc.		5,843,222
	Cayman Islands: 1.5%
	123,801	Trip.com Group Ltd. - ADR*		4,906,234
	China: 0.8%
	1,995,000	China Longyuan Power Group Corp. Ltd. - Class H		2,709,695
	Denmark: 1.4%
	30,380	Carlsberg A/S - Class B		4,675,618
	Finland: 2.1%
	155,572	Sampo Oyj - Class A		7,029,510
	France: 17.7%
	121,900	BNP Paribas S.A.*		7,428,055
	2,295,008	Bollore S.A.		11,100,486
	185,021	Constellium SE*		2,719,809
	379,429	Elis S.A.*		6,203,563
	308,865	Engie S.A.*		4,391,420
	44,344	Safran S.A.*		6,044,376
	56,179	Vinci S.A.		5,764,453
	486,568	Vivendi S.A.		16,001,954
				59,654,116
	Germany: 6.2%
	27,435	Allianz SE		6,994,170
	76,835	Daimler AG		6,859,639
	91,637	LPKF Laser & Electronics AG		2,567,029
	37,175	SAP SE		4,559,384
				20,980,222
	Ireland: 2.3%
	67,248	Ryanair Holdings Plc - ADR*		7,733,520
	Israel: 1.8%
	1,478,254	Israel Discount Bank Ltd. - Class A		6,145,014
	Japan: 13.7%
	258,000	Asahi Group Holdings Ltd.		10,883,664
	38,700	Cocokara fine, Inc.		2,978,135
	150,600	Matsumotokiyoshi Holdings Co. Ltd.		6,713,912
	330,448	Nexon Co. Ltd.		10,727,570
	13,200	Nintendo Co. Ltd.		7,377,963
	224,800	Park24 Co. Ltd.*		4,205,916
	43,300	Toyota Motor Corp.		3,373,629
				46,260,789

Shares			Value
	Mexico: 2.2%
	824,170	Grupo Televisa SAB - ADR*	$	7,302,146
	Netherlands: 5.7%
	299,641	CNH Industrial N.V.*		4,643,892
	173,968	EXOR N.V.		14,699,794
				19,343,686
	Norway: 0.8%
	183,874	Atlantic Sapphire A/S*		2,597,227
	South Africa: 1.5%
	20,875	Naspers Ltd. - Class N		4,995,727
	South Korea: 0.5%
	5,210	NAVER Corp.		1,735,516
	Spain: 3.2%
	37,300	Amadeus IT Group S.A.*		2,645,291
	1,023,255	Codere S.A.*(a)		790,225
	186,818	Siemens Gamesa Renewable Energy S.A.		7,241,093
				10,676,609
	Sweden: 7.8%
	743,763	Modern Times Group MTG AB - Class B*		10,791,104
	201,737	Nordic Entertainment Group AB - Class B*		8,996,065
	1,518,370	Telia Co. AB		6,588,018
				26,375,187
	Switzerland: 6.0%
	15,325	Cie Financiere Richemont S.A.		1,476,759
	697,233	Credit Suisse Group AG		7,331,813
	1,584,300	Glencore Plc*		6,213,751
	81,658	Julius Baer Group Ltd.		5,241,236
				20,263,559
	United Kingdom: 15.4%
	104,769	Coca-Cola European Partners Plc		5,439,093
	415,027	Gamesys Group Plc		11,063,676
	299,790	GlaxoSmithKline Plc		5,327,813
	1,855,960	Informa Plc*		14,335,653
	15,716,850	Lloyds Banking Group Plc*		9,224,183
	303,234	Prudential Plc		6,445,485
				51,835,903
	TOTAL COMMON STOCKS (Cost $246,112,461)			329,455,914

PartnerSelect International Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2021 (Unaudited)(Continued)

Principal Amount			Value
	SHORT-TERM INVESTMENTS: 2.1%
	REPURCHASE AGREEMENTS: 2.1%
	$7,014,132	Fixed Income Clearing Corp. 0.000%, 3/31/2021, due 04/01/2021 [collateral: par value $7,208,600, U.S. Treasury Note, 0.750%, due 03/31/2026 value $7,154,684] (proceeds $7,014,132)	$	7,014,132
	TOTAL SHORT-TERM INVESTMENTS (Cost $7,014,132)			7,014,132
	TOTAL INVESTMENTS (Cost: $253,126,593): 99.9%			336,470,046
	Other Assets in Excess of Liabilities: 0.1%			371,708
	NET ASSETS: 100.0%		$	336,841,754

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 March 31, 2021 was as follows*:

Cost of investments	$	253,126,593
Gross unrealized appreciation		92,324,921
Gross unrealized depreciation		(8,892,685	)
Net unrealized appreciation	$	83,432,236

* 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 FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS at March 31, 2021 (Unaudited)

At March 31, 2021, the Fund had the following forward foreign currency exchange contracts:

Asset Derivatives

Liability Derivatives

Counterparty

Settlement Date

Fund Receiving

U.S. $ Value at March 31, 2021

Fund Delivering

U.S. $ Value at March 31, 2021

Unrealized Appreciation

Unrealized Depreciation

State Street Bank and Trust Company

6/16/2021

USD

$

1,450,734

CHF

$

1,361,951

$

88,783

$

—

PartnerSelect Oldfield International Value Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2021 (Unaudited)

Shares			Value
	COMMON STOCKS: 87.2%
	Brazil: 4.2%
	86,000	Embraer S.A. - ADR*	$	860,860
	Finland: 1.7%
	87,887	Nokia Oyj*		351,439
	France: 4.6%
	9,657	Sanofi		955,616
	Germany: 16.3%
	14,705	Bayer AG		931,984
	86,682	E.ON SE		1,010,385
	3,766	Fresenius SE & Co. KGaA		167,999
	7,650	Siemens AG		1,257,943
				3,368,311
	Italy: 3.8%
	63,811	Eni SpA		786,517
	Japan: 22.4%
	9,800	East Japan Railway Co.		694,689
	54,900	Kansai Electric Power Co., Inc. (The)		594,748
	25,700	Mitsubishi Heavy Industries Ltd.		801,549
	163,700	Mitsubishi UFJ Financial Group, Inc.		875,899
	146,900	Nomura Holdings, Inc.		772,326
	11,400	Toyota Motor Corp.		888,207
				4,627,418
	Netherlands: 5.5%
	13,438	EXOR N.V.		1,135,472
	South Korea: 6.7%
	53,300	Korea Electric Power Corp. - ADR*		546,858
	456	Samsung Electronics Co. Ltd. - GDR		831,744
				1,378,602
	Sweden: 3.2%
	60,491	Svenska Handelsbanken AB - Class A		658,135
	United Kingdom: 18.8%
	586,772	BT Group Plc*		1,253,304
	65,268	easyJet Plc*		880,935
	1,864,444	Lloyds Banking Group Plc*		1,094,238
	205,351	Tesco Plc		648,431
				3,876,908
	TOTAL COMMON STOCKS (Cost $16,745,328)			17,999,278

Shares			Value
	PREFERRED STOCK: 4.5%
	Germany: 4.5%
	8,662	Porsche Automobil Holding SE - (Preference Shares)	$	919,929
	TOTAL PREFERRED STOCK (Cost $661,540)			919,929
	TOTAL INVESTMENTS (Cost: $17,406,868): 91.7%			18,919,207
	Other Assets in Excess of Liabilities: 8.3%			1,718,845
	NET ASSETS: 100.0%		$	20,638,052

Percentages are stated as a percent of net assets.

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
*	Non-Income Producing Security.

The cost basis of investments for federal income tax purposes at March 31, 2021 was as follows*:

Cost of investments	$	17,406,868
Gross unrealized appreciation		1,657,667
Gross unrealized depreciation		(145,328	)
Net unrealized appreciation	$	1,512,339

* 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 SBH Focused Small Value Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2021 (Unaudited)

Shares			Value
	COMMON STOCKS: 96.2%
	Consumer Discretionary: 10.8%
	34,701	Gildan Activewear, Inc.	$	1,063,933
	39,368	Harley-Davidson, Inc.		1,578,657
	65,981	Quotient Technology, Inc.*		1,078,129
	47,751	Six Flags Entertainment Corp.		2,218,989
	40,576	Under Armour, Inc. - Class A*		899,164
				6,838,872
	Consumer Staples: 9.9%
	250,736	Coty, Inc. - Class A		2,259,131
	53,935	Hain Celestial Group, Inc. (The)*		2,351,566
	8,850	Inter Parfums, Inc.		627,731
	19,350	TreeHouse Foods, Inc.*		1,010,844
				6,249,272
	Energy: 1.3%
	23,911	Dril-Quip, Inc.*		794,563
	Financials: 13.5%
	25,452	Glacier Bancorp, Inc.		1,452,800
	19,848	Lakeland Financial Corp.		1,373,283
	36,533	National Bank Holdings Corp. - Class A		1,449,630
	39,515	Seacoast Banking Corp. of Florida*		1,432,024
	81,386	Umpqua Holdings Corp.		1,428,324
	40,976	United Community Banks, Inc.		1,398,101
				8,534,162
	Health Care: 6.5%
	21,979	Magellan Health, Inc.*		2,049,322
	48,212	Orthofix Medical, Inc.*		2,089,990
				4,139,312
	Industrials: 31.3%
	25,481	AAR Corp.		1,061,284
	31,970	AZZ, Inc.		1,609,689
	29,824	Beacon Roofing Supply, Inc.*		1,560,392
	31,055	CIRCOR International, Inc.*		1,081,335
	17,859	Columbus McKinnon Corp.		942,241
	23,616	EnerSys		2,144,333
	44,240	Quanex Building Products Corp.		1,160,415
	16,185	Regal Beloit Corp.		2,309,276
	106,786	REV Group, Inc.		2,046,020
	54,521	SP Plus Corp.*		1,787,743
	46,590	SPX Corp.*		2,714,799
	60,844	Sterling Construction Co., Inc.*		1,411,581
				19,829,108
	Information Technology: 10.5%
	55,405	Box, Inc. - Class A*		1,272,099
	16,918	FARO Technologies, Inc.*		1,464,591
	69,116	NCR Corp.*		2,622,952
	28,854	Progress Software Corp.		1,271,307
				6,630,949
	Materials: 10.2%
	31,722	Compass Minerals International, Inc.		1,989,604

Shares			Value
	Materials (continued)
	65,120	Element Solutions, Inc.	$	1,191,045
	86,391	Ferro Corp.*		1,456,552
	105,573	Glatfelter Corp.		1,810,577
				6,447,778
	Real Estate: 2.2%
	50,010	Equity Commonwealth - REIT		1,390,278
	TOTAL COMMON STOCKS (Cost $47,307,939)			60,854,294
	TOTAL INVESTMENTS (Cost: $47,307,939): 96.2%			60,854,294
	Other Assets in Excess of Liabilities: 3.8%			2,433,227
	NET ASSETS: 100.0%		$	63,287,521

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 March 31, 2021 was as follows*:

Cost of investments	$	47,307,939
Gross unrealized appreciation		13,635,576
Gross unrealized depreciation		(89,221	)
Net unrealized appreciation	$	13,546,355

* 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 March 31, 2021 (Unaudited)

Shares			Value
	COMMON STOCKS: 31.0%
	Communication Services: 3.8%
	1,292	Activision Blizzard, Inc.	$	120,156
	3,366	Alphabet, Inc. - Class A*		6,942,442
	3,366	Alphabet, Inc. - Class C*(a)		6,963,009
	10,290	Baidu, Inc. - ADR*		2,238,589
	280,093	Boingo Wireless, Inc.*(a)		3,940,908
	10,653	Charter Communications, Inc. - Class A*		6,573,114
	54,867	Cineplex, Inc.*		519,779
	63,157	Clear Channel Outdoor Holdings, Inc.*		113,683
	161,189	Comcast Corp. - Class A(a)		8,721,937
	114,390	Escrow Altegrity, Inc.*(b)		1,664,374
	23,357	Facebook, Inc. - Class A*(a)		6,879,337
	1,724	Fox Corp. - Class A		62,254
	352,772	Glu Mobile, Inc.*		4,402,595
	24,160	iHeartMedia, Inc. - Class A*		438,504
	5,123	Interpublic Group of Cos., Inc. (The)		149,592
	88,147	Nexon Co. Ltd.		2,861,579
	1,022	Nexstar Media Group, Inc. - Class A		143,519
	37,364	SoftBank Group Corp.		3,152,382
	30,921	TEGNA, Inc.		582,242
	2,288	Verizon Communications, Inc.		133,047
				56,603,042
	Consumer Discretionary: 3.5%
	13,351	Alibaba Group Holding Ltd. - ADR*		3,027,072
	47	Amazon.com, Inc.*		145,422
	1,798	Booking Holdings, Inc.*		4,189,052
	17,282	Callaway Golf Co.(a)		462,294
	41,340	Canoo, Inc.*		373,300
	32,340	Cie Financiere Richemont S.A.		3,116,372
	38,115	Cooper Tire & Rubber Co.		2,133,678
	575	Dollar General Corp.		116,507
	1,620	DR Horton, Inc.		144,374
	97,763	Entain Plc*		2,047,681
	364,235	Extended Stay America, Inc.		7,193,641
	152,507	Grubhub, Inc.*		9,150,420
	454	Home Depot, Inc. (The)		138,584
	4,807	Just Eat Takeaway.com N.V.*(c)		443,893
	753	Lowe’s Cos., Inc.		143,206
	845	LVMH Moet Hennessy Louis Vuitton SE		563,836
	20,313	Marriott International, Inc. - Class A		3,008,558
	3,597	McDonald’s Corp.		806,232
	265,083	Michaels Cos., Inc. (The)*		5,815,921
	24,658	Naspers Ltd. - Class N		5,901,061
	2,688	NIKE, Inc. - Class B		357,208
	24,640	Prosus N.V.		2,743,598
	5,183	Starbucks Corp.		566,346
	686	Target Corp.		135,876
				52,724,132
	Consumer Staples: 0.4%
	2,927	Altria Group, Inc.		149,745
	11,560	Coca-Cola Co. (The)		609,328
	370	Costco Wholesale Corp.		130,418

Shares			Value
	Consumer Staples (continued)
	1,072	Estee Lauder Cos., Inc. (The) - Class A	$	311,791
	3,124	JDE Peet’s N.V.*		114,849
	1,457	Philip Morris International, Inc.		129,294
	5,565	Procter & Gamble Co. (The)		753,668
	43,478	Unilever Plc		2,429,771
	3,996	Walmart, Inc.		542,777
	89,046	Whole Earth Brands, Inc.*		1,161,160
				6,332,801
	Energy: 0.5%
	18,829	Battalion Oil Corp.*		204,859
	30,049	California Resources Corp.*		722,979
	1,345	Chevron Corp.		140,943
	1	Diamondback Energy, Inc.		37
	249,789	Enable Midstream Partners L.P.		1,618,633
	4,665	Enterprise Products Partners L.P.		102,723
	2,435	Exxon Mobil Corp.		135,946
	213,693	Kinder Morgan, Inc.		3,557,988
	12,288	Lonestar Resources US, Inc.*(b)		66,601
	8,129	Western Midstream Partners L.P.		151,118
	23,688	Whiting Petroleum Corp.*		839,740
				7,541,567
	Financials: 4.7%
	748	Allstate Corp. (The)		85,945
	94,188	Altimar Acquisition Corp. - Class A*		930,577
	162,229	American International Group, Inc.(a)		7,496,602
	26,062	Aon Plc - Class A		5,997,127
	2,599	Artisan Partners Asset Management, Inc. - Class A		135,590
	68,000	Avanti Acquisition Corp.*		703,800
	3,759	Bank of America Corp.		145,436
	344,331	Boston Private Financial Holdings, Inc.		4,586,489
	107,060	Bull Horn Holdings Corp.*		1,092,012
	33,137	CC Neuberger Principal Holdings II - Class A*		326,731
	117,101	Cerved Group SpA*		1,297,011
	2,109	Charles Schwab Corp. (The)		137,465
	99,463	Citigroup, Inc.(a)		7,235,933
	26,892	Class Acceleration Corp.*		266,231
	69,030	DPCM Capital, Inc.*		707,557
	60,800	Fast Sponsor Capital(b)		60,800
	12,920	Fintech Evolution Acquisition Group*		127,520
	13,548	G Squared Ascend I, Inc.*		135,480
	54,487	Golden Falcon Acquisition Corp.*		547,594
	70,002	Groupe Bruxelles Lambert S.A.		7,256,811
	71,058	Hudson Executive Investment Corp. - Class A*		704,895
	80,665	Jefferies Financial Group, Inc.(a)		2,428,016
	344	JPMorgan Chase & Co.		52,367
	51,232	Kingswood Acquisition Corp.*		527,690
	55,159	Lefteris Acquisition Corp.*		565,380

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2021 (Unaudited)(Continued)

Shares			Value
	COMMON STOCKS (CONTINUED)
	Financials (continued)
	35,526	Live Oak Acquisition Corp. II*	$	371,602
	12,824	LPL Financial Holdings, Inc.		1,823,060
	25,944	MedTech Acquisition Corp.*		260,737
	1,716	Morgan Stanley		133,265
	48,220	Oaktree Acquisition Corp. II*		491,844
	41,370	Omnichannel Acquisition Corp.*		419,906
	1,495	Progressive Corp. (The)		142,937
	29,786	Roman DBDR Tech Acquisition Corp.*		303,817
	81,635	Roth Ch Acquisition II Co.*		865,331
	8,129	Roth Ch Acquisition III Co.*		81,209
	375	S&P Global, Inc.		132,326
	60,747	Seaport Global Acquisition Corp.*		627,517
	3,290	Signature Bank		743,869
	45,039	Spartacus Acquisition Corp.*		457,146
	29,683	Sustainable Opportunities Acquisition Corp. - Class A*		294,752
	10,838	Tailwind International Acquisition Corp.*		107,188
	56,847	Trebia Acquisition Corp. - Class A*		566,196
	2,327	Truist Financial Corp.		135,711
	71,246	Vy Global Growth*		740,958
	129,236	Wells Fargo & Co.(a)		5,049,251
	53,833	Willis Towers Watson Plc(a)		12,321,297
				69,620,978
	Health Care: 3.3%
	1,086	Abbott Laboratories		130,146
	95,866	Alexion Pharmaceuticals, Inc.*(a)		14,658,870
	440	Anthem, Inc.		157,938
	2,138	Bristol-Myers Squibb Co.		134,972
	57,825	Cantel Medical Corp.*(a)		4,616,748
	453,693	Change Healthcare, Inc.*		10,026,615
	9,763	CVS Health Corp.		734,470
	19,278	Five Prime Therapeutics, Inc.*		726,202
	213,395	GenMark Diagnostics, Inc.*		5,100,141
	2,008	Gilead Sciences, Inc.		129,777
	10,421	- W Pharmaceuticals Plc - ADR*		2,260,315
	725	HCA Holdings, Inc.		136,547
	270	Humana, Inc.		113,198
	4,845	Johnson & Johnson		796,276
	61,761	Magellan Health, Inc.*		5,758,596
	1,727	Merck & Co., Inc.		133,134
	81,771	Olympus Corp.		1,694,058
	12,269	Pandion Therapeutics, Inc.*		736,753
	3,740	Pfizer, Inc.		135,500
	9,646	PRA Health Sciences, Inc.*		1,479,021
	326,095	Stemline Therapeutics, Inc.(b)		116,220
	260	Thermo Fisher Scientific, Inc.		118,659
	395	UnitedHealth Group, Inc.		146,968
				50,041,124
	Industrials: 3.7%
	133,547	Aegion Corp.*		3,839,476

Shares			Value
	Industrials (continued)
	77,703	Aerojet Rocketdyne Holdings, Inc.	$	3,648,933
	8,082	Akasol AG*(c)		1,133,810
	88,890	Cubic Corp.(a)		6,628,527
	243	Cummins, Inc.		62,964
	415	Deere & Co.		155,268
	4,675	Expeditors International of Washington, Inc.		503,451
	43,978	Fly Leasing Ltd. - ADR*		741,029
	10,454	GEA Group AG		429,142
	126,298	Howmet Aerospace, Inc.		4,057,955
	113,748	IHS Markit Ltd.		11,008,531
	11,714	Kansas City Southern		3,091,559
	45,460	LG Corp.		3,631,177
	384	Lockheed Martin Corp.		141,888
	2,391	Masco Corp.		143,221
	565,709	McDermott International Ltd.*		452,567
	570,744	McDermott International Ltd.*		456,595
	243,122	Meggitt Plc*		1,601,484
	474	Parker-Hannifin Corp.		149,514
	42,919	Rush Enterprises, Inc. - Class A(a)		2,138,654
	1,995	Ryder System, Inc.		150,922
	22,050	Samsung C&T Corp.		2,425,646
	226,647	Signature Aviation Plc*		1,264,357
	17,500	Sound Holding FP Luxemburg*(b)		468,598
	11,022	Triumph Group, Inc.		202,584
	584	Union Pacific Corp.		128,719
	810	United Parcel Service, Inc. - Class B		137,692
	69,388	Univar Solutions, Inc.*		1,494,618
	55,470	Westinghouse Air Brake Technologies Corp.		4,391,005
				54,679,886
	Information Technology: 8.3%
	507	Accenture Plc - Class A		140,059
	2,027	Alteryx, Inc. - Class A*		168,160
	48,439	Analog Devices, Inc.		7,511,920
	5,642	Apple, Inc.		689,170
	1,134	Applied Materials, Inc.		151,502
	542	Autodesk, Inc.*		150,215
	16,813	Broadcom, Inc.		7,795,516
	2,815	Cisco Systems, Inc.		145,564
	41,666	Coherent, Inc.*(a)		10,536,915
	29,490	Dialog Semiconductor Plc*		2,224,419
	67,707	FLIR Systems, Inc.(a)		3,823,414
	2,104	Intel Corp.		134,656
	6,872	International Business Machines Corp.		915,763
	319	Intuit, Inc.		122,196
	1,224	KLA Corp.		404,410
	225	Lam Research Corp.		133,929
	1,663	MasterCard, Inc. - Class A		592,111
	65,083	Maxim Integrated Products, Inc.(a)		5,946,634
	560	Microsoft Corp.		132,031
	159,124	MINDBODY, Inc. - Class A*		5,808,026
	907	MTS Systems Corp.		52,787
	217,374	NIC, Inc.		7,375,500
	515	NVIDIA Corp.		274,974
	13,363	NXP Semiconductors N.V.		2,690,506

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2021 (Unaudited)(Continued)

Shares			Value
	COMMON STOCKS (CONTINUED)
	Information Technology (continued)
	16,072	Open Text Corp.	$	766,795
	2,067	Oracle Corp.		145,041
	589	PayPal Holdings, Inc.*		143,033
	204,891	Perspecta, Inc.(a)		5,952,083
	731,504	Pluralsight, Inc. - Class A*		16,341,799
	2,728	Qualcomm, Inc.		361,705
	137,072	RealPage, Inc.*		11,952,678
	675	salesforce.com, Inc.*		143,012
	691	Skyworks Solutions, Inc.		126,785
	231,459	Slack Technologies, Inc. - Class A*		9,404,179
	8,845	SolarWinds Corp.*		154,257
	95	SS&C Technologies Holdings, Inc.		6,638
	22,180	Talend S.A. - ADR*		1,411,535
	57,820	TE Connectivity Ltd.(a)		7,465,140
	737	Texas Instruments, Inc.		139,286
	382	Ubiquiti, Inc.		113,951
	2,046	Visa, Inc. - Class A		433,200
	96,582	Xilinx, Inc.(a)		11,966,510
				124,948,004
	Materials: 2.0%
	268,578	Cemex SAB de C.V. - ADR*		1,871,989
	125,909	Forterra, Inc.*		2,927,384
	1,584,325	Glencore Plc*		6,213,849
	32,829	HeidelbergCement AG		2,986,803
	58,729	Hexion Holdings Corp. - Class B*		895,617
	22,076	International Flavors & Fragrances, Inc.		3,082,030
	139,464	LafargeHolcim Ltd.		8,225,807
	2,272	Newmont Corp.		136,934
	438,808	Scapa Group Plc*		1,298,727
	69,511	Tikkurila Oyj*		2,763,654
				30,402,794
	Real Estate: 0.3%
	578	American Tower Corp.		138,177
	41,411	CA Immobilien Anlagen AG		1,755,878
	737	Crown Castle International Corp.		126,860
	501,296	RDI REIT Plc		841,092
	260,410	Swire Pacific Ltd. - Class A		1,952,719
				4,814,726
	Utilities: 0.5%
	6,635	Duke Energy Corp.		640,477
	92,560	FirstEnergy Corp.		3,210,907
	200,775	PG&E Corp.*		2,351,075
	58,527	Suez S.A.		1,241,496
				7,443,955
	TOTAL COMMON STOCKS (Cost $389,833,446)			465,153,009
	RIGHTS/WARRANTS: 0.0%
	64,680	Cie Financiere Richemont S.A. (Expiration date 11/22/23)*		24,728
	TOTAL RIGHTS/WARRANTS (Cost $0)			24,728

Shares			Value
	PREFERRED STOCKS: 0.4%
	Consumer Discretionary: 0.0%
	3,965	Porsche Automobil Holding SE - (Preference Shares)	$	421,094
	Consumer Staples: 0.1%
		Bunge Ltd.
	16,579	4.875%, 03/01/2069(d)		1,918,671
	Energy: 0.0%
		El Paso Energy Capital Trust I
	528	4.750%, 03/31/2028		26,469
	Financials: 0.2%
		Bank of America Corp.
	665	7.250%, 02/01/2070(d)		929,670
		Wells Fargo & Co.
	891	7.500%, 12/15/2069(d)		1,262,912
				2,192,582
	Health Care: 0.1%
		Boston Scientific Corp.
	6,716	5.500%, 06/01/2023		720,358
	Industrials: 0.0%
		Element Communication Aviation
	170	12.000%, 03/16/2040(b)		182,886
	328	McDermott International Ltd. - (Preference Shares)(b)		229,735
				412,621
	Utilities: 0.0%
		NextEra Energy, Inc.
	5,237	5.279%, 03/01/2023		259,389
	TOTAL PREFERRED STOCKS (Cost $6,701,785)			5,951,184
Principal Amount^
	ASSET-BACKED SECURITIES: 8.9%
		Accelerated Assets LLC
	$173,952	Series 2018-1-B 4.510%, 12/02/2033(c)		179,877
		Adams Outdoor Advertising L.P.
	886,628	Series 2018-1-A 4.810%, 11/15/2048(c)		951,777
		AGL CLO 3 Ltd.
	320,000	Series 2020-3A-C 2.391%, 01/15/2033(c)(e) 3 mo. USD LIBOR + 2.150%		320,596
	470,000	Series 2020-3A-D 3.541%, 01/15/2033(c)(e) 3 mo. USD LIBOR + 3.300%		471,434
		AIM Aviation Finance Ltd.
	637,452	Series 2015-1A-B1 5.072%, 02/15/2040(c)(f)		250,189
		Aimco CLO 14 Ltd.
	1,010,000	Series 2021-14A-D 1.542%, 04/20/2034(c)(e)(g) -1*3 mo. USD LIBOR + 2.900%		1,010,101
		American Credit Acceptance Receivables Trust
	670,000	Series 2020-3-D 2.400%, 06/15/2026(c)		692,393
	615,000	Series 2020-4-D 1.770%, 12/14/2026(c)		625,474

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2021 (Unaudited)(Continued)

Principal Amount^			Value
	ASSET-BACKED SECURITIES (CONTINUED)
		American Homes 4 Rent
	$875,000	Series 2014-SFR2-E 6.231%, 10/17/2036(c)	$	956,249
	600,000	Series 2014-SFR3-E 6.418%, 12/17/2036(c)		661,092
	845,000	Series 2015-SFR1-E 5.639%, 04/17/2052(c)		911,201
		AmeriCredit Automobile Receivables Trust
	185,000	Series 2020-2-D 2.130%, 03/18/2026		190,658
		AMSR Trust
	1,800,000	Series 2020-SFR5-G 4.112%, 11/17/2037(c)		1,840,257
		Anchorage Capital CLO 9 Ltd.
	1,800,000	Series 2016-9A-DR 4.241%, 07/15/2032(c)(e) 3 mo. USD LIBOR + 4.000%		1,803,119
		Apidos CLO XX
	265,000	Series 2015-20A-BRR 2.173%, 07/16/2031(c)(e) 3 mo. USD LIBOR + 1.950%		265,173
		Apidos CLO XXI
	500,000	Series 2015-21A-ER 8.473%, 07/18/2027(c)(e) 3 mo. USD LIBOR + 8.250%		457,974
		Apidos CLO XXIII
	855,000	Series 2015-23A-CR 2.241%, 04/15/2033(c)(e) 3 mo. USD LIBOR + 2.000%		857,295
		Apidos CLO XXIV
	1,000,000	Series 2016-24A-DR 6.024%, 10/20/2030(c)(e) 3 mo. USD LIBOR + 5.800%		937,618
		Apres Static CLO 2 Ltd.
	500,000	Series 2020-1A-D 5.091%, 04/15/2028(c)(e) 3 mo. USD LIBOR + 4.850%		500,425
		Arbys Funding LLC
	253,725	Series 2020-1A-A2 3.237%, 07/30/2050(c)		260,083
		Ascentium Equipment Receivables Trust
	95,000	Series 2017-2A-C 2.870%, 08/10/2022(c)		96,146
		Atrium XIII
	500,000	Series 13A-E 6.268%, 11/21/2030(c)(e) 3 mo. USD LIBOR + 6.050%		487,162
		Atrium XIV LLC
	750,000	Series 14A-E 5.873%, 08/23/2030(c)(e) 3 mo. USD LIBOR + 5.650%		719,930
		Avid Automobile Receivables Trust
	180,000	Series 2019-1-C 3.140%, 07/15/2026(c)		184,835
		Avis Budget Rental Car Funding AESOP LLC
	215,000	Series 2020-2A-B 2.960%, 02/20/2027(c)		224,658

Principal Amount^			Value
	$355,000	Series 2020-2A-C 4.250%, 02/20/2027(c)	$	383,567
		Barings CLO Ltd.
	1,000,000	Series 2018-3A-E 5.974%, 07/20/2029(c)(e) 3 mo. USD LIBOR + 5.750%		941,238
	500,000	Series 2018-4A-E 6.061%, 10/15/2030(c)(e) 3 mo. USD LIBOR + 5.820%		484,752
	1,100,000	Series 2019-4A-C 3.041%, 01/15/2033(c)(e) 3 mo. USD LIBOR + 2.800%		1,104,694
		Battalion CLO XIV Ltd.
	250,000	Series 2019-14A-E 6.904%, 04/20/2032(c)(e) 3 mo. USD LIBOR + 6.680%		250,348
		Bayview Opportunity Master Fund V Trust
	329,360	Series 2020-RN3-A1 3.228%, 09/25/2035(c)(f)		333,547
		Blackbird Capital Aircraft Lease Securitization Ltd.
	258,854	Series 2016-1A-A 4.213%, 12/16/2041(c)(f)		261,070
		BlueMountain CLO XXIV Ltd.
	510,000	Series 2019-24A-C 2.924%, 04/20/2031(c)(e) 3 mo. USD LIBOR + 2.700%		510,313
		Brex Commercial Charge Card Master Trust
	165,000	Series 2021-1-A 2.090%, 07/17/2024(c)(g)		165,258
		Bristol Park CLO Ltd.
	260,000	Series 2016-1A-CR 2.191%, 04/15/2029(c)(e) 3 mo. USD LIBOR + 1.950%		260,163
		Buttermilk Park CLO Ltd.
	750,000	Series 2018-1A-E 5.991%, 10/15/2031(c)(e) 3 mo. USD LIBOR + 5.750%		723,736
		California Republic Auto Receivables Trust
	520,000	Series 2018-1-D 4.330%, 04/15/2025		540,180
		Canyon Capital CLO Ltd.
	1,000,000	Series 2016-1A-ER 5.991%, 07/15/2031(c)(e) 3 mo. USD LIBOR + 5.750%		945,397
	500,000	Series 2018-1A-E 5.991%, 07/15/2031(c)(e) 3 mo. USD LIBOR + 5.750%		466,321
		Carlyle Global Market Strategies CLO Ltd.
	500,000	Series 2014-2RA-D 5.544%, 05/15/2031(c)(e) 3 mo. USD LIBOR + 5.350%		444,754
		CarMax Auto Owner Trust
	305,000	Series 2018-4-D 4.150%, 04/15/2025		321,817
		Carvana Auto Receivables Trust
	3,000	Series 2021-N1-R 0.010%, 01/10/2028(c)		1,500,000

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2021 (Unaudited)(Continued)

Principal Amount^			Value
	ASSET-BACKED SECURITIES (CONTINUED)
		Castlelake Aircraft Securitization Trust
	$3,810,233	Series 2018-1-C 6.625%, 06/15/2043(c)	$	3,051,867
		Castlelake Aircraft Structured Trust
	3,000,000	Series 2019-1A-E 0.010%, 04/15/2039(c)		930,000
	1,309,367	Series 2021-1A-A 3.474%, 01/15/2046(c)		1,335,341
		Catskill Park CLO Ltd.
	1,000,000	Series 2017-1A-D 6.224%, 04/20/2029(c)(e) 3 mo. USD LIBOR + 6.000%		980,918
		CCG Receivables Trust
	100,000	Series 2018-1-C 3.420%, 06/16/2025(c)		100,481
		Chenango Park CLO Ltd.
	500,000	Series 2018-1A-D 6.041%, 04/15/2030(c)(e) 3 mo. USD LIBOR + 5.800%		488,018
		Chesapeake Funding II LLC
	250,000	Series 2018-1A-C 3.570%, 04/15/2030(c)		253,978
	640,000	Series 2018-1A-D 3.920%, 04/15/2030(c)		649,349
		CIFC Funding Ltd.
	205,000	Series 2013-2A-A3LR 2.176%, 10/18/2030(c)(e) 3 mo. USD LIBOR + 1.950%		204,827
		Citigroup Mortgage Loan Trust, Inc.
	951,565	Series 2019-E-A1 3.228%, 11/25/2070(c)(f)		957,196
		CLI Funding VIII LLC
	1,260,000	Series 2021-1A-A 1.640%, 02/18/2046(c)		1,233,605
		Colony American Finance Ltd.
	16,213	Series 2016-1-C 4.638%, 06/15/2048(c)(f)		16,189
		Cook Park CLO Ltd.
	1,000,000	Series 2018-1A-E 5.623%, 04/17/2030(c)(e) 3 mo. USD LIBOR + 5.400%		953,797
		Corevest American Finance Trust
	305,000	Series 2020-4-C 2.250%, 12/15/2052(c)		293,548
		Credit Acceptance Auto Loan Trust
	605,000	Series 2020-1A-C 2.590%, 06/15/2029(c)		624,153
	275,000	Series 2020-3A-C 2.280%, 02/15/2030(c)		281,294
		CSAB Mortgage-Backed Trust
	1,857,684	Series 2006-2-A6B 6.200%, 09/25/2036(f)		193,182
		DB Master Finance LLC
	327,020	Series 2019-1A-A23 4.352%, 05/20/2049(c)		354,379
		Dell Equipment Finance Trust
	200,000	Series 2020-2-D 1.920%, 03/23/2026(c)		204,113
		Diamond Resorts Owner Trust
	67,668	Series 2017-1A-C 6.070%, 10/22/2029(c)		69,323
	288,149	Series 2018-1-C 4.530%, 01/21/2031(c)		297,061

Principal Amount^			Value
	$224,938	Series 2019-1A-B 3.530%, 02/20/2032(c)	$	230,970
		Domino’s Pizza Master Issuer LLC
	712,950	Series 2017-1A-A23 4.118%, 07/25/2047(c)		769,571
	518,075	Series 2018-1A-A2II 4.328%, 07/25/2048(c)		559,602
	495,000	Series 2019-1A-A2 3.668%, 10/25/2049(c)		521,659
		Dorchester Park CLO Ltd.
	500,000	Series 2015-1A-ER 5.224%, 04/20/2028(c)(e) 3 mo. USD LIBOR + 5.000%		492,345
		Dryden 40 Senior Loan Fund
	1,000,000	Series 2015-40A-ER 5.944%, 08/15/2031(c)(e) 3 mo. USD LIBOR + 5.750%		965,931
		Dryden 45 Senior Loan Fund
	275,000	Series 2016-45A-ER 6.091%, 10/15/2030(c)(e) 3 mo. USD LIBOR + 5.850%		267,070
		Dryden 55 CLO Ltd.
	500,000	Series 2018-55A-F 7.441%, 04/15/2031(c)(e) 3 mo. USD LIBOR + 7.200%		448,921
		DT Auto Owner Trust
	270,000	Series 2020-3A-D 1.840%, 06/15/2026(c)		274,313
		Earnest Student Loan Program LLC
	13,000	Series 2016-D-R 0.010%, 01/25/2041(c)		169,963
		Education Funding Trust
	580,911	Series 2020-A-A 2.790%, 07/25/2041(c)		597,182
		Exeter Automobile Receivables Trust
	305,000	Series 2020-2A-D 4.730%, 04/15/2026(c)		329,389
		Fillmore Park CLO Ltd.
	500,000	Series 2018-1A-E 5.641%, 07/15/2030(c)(e) 3 mo. USD LIBOR + 5.400%		479,193
		First Investors Auto Owner Trust
	160,000	Series 2019-2A-D 2.800%, 12/15/2025(c)		164,889
	365,000	Series 2019-2A-E 3.880%, 01/15/2026(c)		377,251
		FirstKey Homes Trust
	775,000	Series 2020-SFR1-F1 3.638%, 09/17/2025(c)		798,584
	1,010,000	Series 2020-SFR2-F1 3.017%, 10/19/2037(c)		1,027,637
		Flagship Credit Auto Trust
	300,000	Series 2016-3-E 6.250%, 10/15/2023(c)		306,006
	595,000	Series 2020-1-D 2.480%, 03/16/2026(c)		613,544
		Galaxy XXVI CLO Ltd.
	715,000	Series 2018-26A-E 6.032%, 11/22/2031(c)(e) 3 mo. USD LIBOR + 5.850%		673,614
		Gilbert Park CLO Ltd.
	500,000	Series 2017-1A-E 6.641%, 10/15/2030(c)(e) 3 mo. USD LIBOR + 6.400%		496,826

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2021 (Unaudited)(Continued)

Principal Amount^			Value
	ASSET-BACKED SECURITIES (CONTINUED)
		Global Container Assets 2014 Holdings Ltd.
	$805,508	Series 2014-1-C 6.000%, 01/05/2030(b)(c)	$	302,468
	369,466	Series 2014-1-D 7.500%, 01/05/2030(b)(c)		56,417
	1,185,000	Series 2014-1-E 0.000%, 01/05/2030(b)(c)		0
		Global Container Assets Ltd.
	113,868	Series 2015-1A-B 4.500%, 02/05/2030(c)		114,083
		GLS Auto Receivables Issuer Trust
	1,135,000	Series 2020-3A-C 1.920%, 05/15/2025(c)		1,158,897
		Goldentree Loan Management US CLO 3 Ltd.
	500,000	Series 2018-3A-D 3.074%, 04/20/2030(c)(e) 3 mo. USD LIBOR + 2.850%		495,499
		GSAA Home Equity Trust
	602,710	Series 2006-10-AF5 6.448%, 06/25/2036(f)		243,616
		Hardee’s Funding LLC
	264,338	Series 2020-1A-A2 3.981%, 12/20/2050(c)		273,895
		Highbridge Loan Management Ltd.
	500,000	Series 2013-2A-DR 6.824%, 10/20/2029(c)(e) 3 mo. USD LIBOR + 6.600%		479,247
		Hilton Grand Vacations Trust
	112,015	Series 2018-AA-C 4.000%, 02/25/2032(c)		117,144
		Horizon Aircraft Finance I Ltd.
	2,760,467	Series 2018-1-C 6.657%, 12/15/2038(c)		2,466,659
		HPEFS Equipment Trust
	265,000	Series 2020-1A-D 2.260%, 02/20/2030(c)		271,553
		HPS Loan Management Ltd.
	2,000,000	Series 6A-2015-DR 5.295%, 02/05/2031(c)(e) 3 mo. USD LIBOR + 5.100%		1,805,604
		Kestrel Aircraft Funding Ltd.
	504,572	Series 2018-1A-A 4.250%, 12/15/2038(c)		506,278
		LCM 26 Ltd.
	500,000	Series 26A-E 5.524%, 01/20/2031(c)(e) 3 mo. USD LIBOR + 5.300%		439,404
		LCM 30 Ltd.
	300,000	Series 30A-D 3.974%, 04/20/2031(c)(e) 3 mo. USD LIBOR + 3.750%		300,214
		LCM Loan Income Fund I Income Note Issuer Ltd.
	500,000	Series 27A-E 5.823%, 07/16/2031(c)(e) 3 mo. USD LIBOR + 5.600%		451,287
		LCM XVII L.P.
	1,000,000	Series 17A-ER 6.241%, 10/15/2031(c)(e) 3 mo. USD LIBOR + 6.000%		909,955

Principal Amount^			Value
		LCM XX L.P.
	$500,000	Series 20A-ER 5.674%, 10/20/2027(c)(e) 3 mo. USD LIBOR + 5.450%	$	467,462
		Legacy Mortgage Asset Trust
	518,197	Series 2019-GS4-A1 3.438%, 05/25/2059(c)(f)		520,741
		Lehman XS Trust
	2,337,810	Series 2005-6-3A3A 6.260%, 11/25/2035(f)		1,500,595
	169,992	Series 2006-8-3A3 5.244%, 06/25/2036(f)		179,323
		Madison Park Funding XIV Ltd.
	1,000,000	Series 2014-14A-ER 6.022%, 10/22/2030(c)(e) 3 mo. USD LIBOR + 5.800%		958,603
		Madison Park Funding XXII Ltd.
	1,000,000	Series 2016-22A-ER 6.941%, 01/15/2033(c)(e) 3 mo. USD LIBOR + 6.700%		991,055
		Madison Park Funding XXVI Ltd.
	445,000	Series 2007-4A-DR 3.212%, 07/29/2030(c)(e) 3 mo. USD LIBOR + 3.000%		445,234
		Madison Park Funding XXX Ltd.
	395,000	Series 2018-30A-D 2.741%, 04/15/2029(c)(e) 3 mo. USD LIBOR + 2.500%		384,990
		Madison Park Funding XXXI Ltd.
	270,000	Series 2018-31A-C 2.368%, 01/23/2031(c)(e) 3 mo. USD LIBOR + 2.150%		270,152
		MAPS Ltd.
	573,944	Series 2018-1A-A 4.212%, 05/15/2043(c)		580,378
	266,401	Series 2019-1A-A 4.458%, 03/15/2044(c)		270,270
		Mercury Financial Credit Card Master Trust
	260,000	Series 2021-1A-B 2.330%, 03/20/2026(c)		260,571
		Mosaic Solar Loans LLC
	1,418,691	Series 2017-2A-B 4.770%, 06/22/2043(c)		1,539,582
		MVW LLC
	84,038	Series 2020-1A-C 4.210%, 10/20/2037(c)		88,953
		MVW Owner Trust
	84,476	Series 2019-1A-C 3.330%, 11/20/2036(c)		86,257
		Myers Park CLO Ltd.
	1,000,000	Series 2018-1A-E 5.724%, 10/20/2030(c)(e) 3 mo. USD LIBOR + 5.500%		961,974
		Navient Private Education Refi Loan Trust
	260,000	Series 2018-A-B 3.680%, 02/18/2042(c)		265,044
	855,000	Series 2019-FA-B 3.120%, 08/15/2068(c)		879,428
	180,000	Series 2019-GA-B 3.080%, 10/15/2068(c)		182,571
	220,000	Series 2020-FA-B 2.690%, 07/15/2069(c)		218,594

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2021 (Unaudited)(Continued)

Principal Amount^			Value
	ASSET-BACKED SECURITIES (CONTINUED)
		Neuberger Berman CLO XVI-S Ltd.
	$500,000	Series 2017-16SA-ER 6.450%, 04/15/2034(c)(e) 3 mo. USD LIBOR + 6.250%	$	500,250
		Neuberger Berman CLO XXIII Ltd.
	1,000,000	Series 2016-23A-ER 5.973%, 10/17/2027(c)(e) 3 mo. USD LIBOR + 5.750%		983,404
		Neuberger Berman Loan Advisers CLO 24 Ltd.
	1,000,000	Series 2017-24A-E 6.243%, 04/19/2030(c)(e) 3 mo. USD LIBOR + 6.020%		981,933
		Neuberger Berman Loan Advisers CLO 26 Ltd.
	1,000,000	Series 2017-26A-INC 0.000%, 10/18/2030(c)(h)		752,185
		New Residential Mortgage Loan Trust
	163,033	Series 2020-NPL2-A1 3.228%, 08/25/2060(c)(f)		164,503
		Octagon Investment Partners 26 Ltd.
	1,000,000	Series 2016-1A-FR 8.331%, 07/15/2030(c)(e) 3 mo. USD LIBOR + 8.090%		897,339
		Octagon Investment Partners 29 Ltd.
	1,000,000	Series 2016-1A-ER 7.468%, 01/24/2033(c)(e) 3 mo. USD LIBOR + 7.250%		1,001,788
		Octagon Investment Partners 39 Ltd.
	275,000	Series 2018-3A-E 5.974%, 10/20/2030(c)(e) 3 mo. USD LIBOR + 5.750%		264,658
		Octagon Investment Partners XVI Ltd.
	1,000,000	Series 2013-1A-ER 5.973%, 07/17/2030(c)(e) 3 mo. USD LIBOR + 5.750%		950,848
	1,500,000	Series 2013-1A-SUB 0.000%, 07/17/2030(c)(h)		399,284
		Octagon Investment Partners XXI Ltd.
	500,000	Series 2014-1A-DRR 7.194%, 02/14/2031(c)(e) 3 mo. USD LIBOR + 7.000%		496,165
		Octagon Investment Partners XXII Ltd.
	835,000	Series 2014-1A-CRR 2.122%, 01/22/2030(c)(e) 3 mo. USD LIBOR + 1.900%		829,728
		OHA Credit Funding 5 Ltd.
	475,000	Series 2020-5A-C 2.223%, 04/18/2033(c)(e) 3 mo. USD LIBOR + 2.000%		476,583
		OneMain Financial Issuance Trust
	675,000	Series 2015-3A-B 4.160%, 11/20/2028(c)		675,995
	290,000	Series 2020-1A-B 4.830%, 05/14/2032(c)		312,332
	265,000	Series 2020-2A-C 2.760%, 09/14/2035(c)		272,780

Principal Amount^			Value
		OZLM XXIII Ltd.
	$255,000	Series 2019-23A-E 7.041%, 04/15/2032(c)(e) 3 mo. USD LIBOR + 6.800%	$	254,404
		Palmer Square CLO Ltd.
	260,000	Series 2015-2A-BR2 2.174%, 07/20/2030(c)(e) 3 mo. USD LIBOR + 1.950%		260,169
		Parallel Ltd.
	700,000	Series 2017-1A-CR 2.224%, 07/20/2029(c)(e) 3 mo. USD LIBOR + 2.000%		689,284
	1,005,000	Series 2018-2A-B 2.374%, 10/20/2031(c)(e) 3 mo. USD LIBOR + 2.150%		986,216
		Pikes Peak CLO 3
	895,000	Series 2019-3A-E 7.078%, 04/25/2030(c)(e) 3 mo. USD LIBOR + 6.860%		878,398
		Planet Fitness Master Issuer LLC
	770,250	Series 2019-1A-A2 3.858%, 12/05/2049(c)		740,663
		PNMAC FMSR Issuer Trust
	7,300,000	Series 2018-FT1-A 2.459%, 04/25/2023(c)(e) 1 mo. USD LIBOR + 2.350%		7,240,804
		Prestige Auto Receivables Trust
	330,000	Series 2019-1A-E 3.900%, 05/15/2026(c)		340,576
		Preston Ridge Partners Mortgage LLC
	276,840	Series 2020-1A-A1 2.981%, 02/25/2025(c)(f)		277,733
		Progress Residential Trust
	260,000	Series 2018-SFR2-E 4.656%, 08/17/2035(c)		262,697
	170,000	Series 2018-SFR3-E 4.873%, 10/17/2035(c)		172,868
	630,000	Series 2019-SFR1-E 4.466%, 08/17/2035(c)		647,502
	235,000	Series 2019-SFR3-D 2.871%, 09/17/2036(c)		237,381
	255,000	Series 2020-SFR3-F 2.796%, 10/17/2027(c)		255,415
	140,000	Series 2021-SFR1-F 2.757%, 04/17/2038(c)		136,864
	170,000	Series 2021-SFR2-E2 2.647%, 04/19/2038(c)(g)		171,296
	7,000,000	Series 2021-SFR2-G 4.254%, 04/19/2038(c)(g)		7,056,959
		Republic FInance Issuance Trust
	1,000,000	Series 2019-A-A 3.430%, 11/22/2027(c)		1,014,702
		Rockford Tower CLO Ltd.
	700,000	Series 2017-2A-CR 2.141%, 10/15/2029(c)(e) 3 mo. USD LIBOR + 1.900%		700,414
		S-Jets Ltd.
	1,103,837	Series 2017-1-A 3.967%, 08/15/2042(c)		1,084,437
		Santander Drive Auto Receivables Trust
	890,000	Series 2020-1-D 5.350%, 03/15/2028		982,408

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2021 (Unaudited)(Continued)

Principal Amount^			Value
	ASSET-BACKED SECURITIES (CONTINUED)
		Santander Drive Auto Receivables Trust (Continued)
	$300,000	Series 2020-2-D 2.220%, 09/15/2026	$	308,140
		SCF Equipment Leasing LLC
	295,000	Series 2021-1A-E 3.560%, 08/20/2032(c)		290,588
		Sierra Timeshare Receivables Funding LLC
	412,629	Series 2020-2A-C 3.510%, 07/20/2037(c)		425,716
		SLM Private Credit Student Loan Trust
	211,000	Series 2003-A-A3 3.510%, 06/15/2032(e) 28 day ARS		211,585
	639,000	Series 2003-B-A3 3.453%, 03/15/2033(e) 28 day ARS		640,769
	55,000	Series 2003-B-A4 3.513%, 03/15/2033(e) 28 day ARS		55,152
		SoFi Consumer Loan Program Trust
	368,101	Series 2018-2-B 3.790%, 04/26/2027(c)		372,831
	380,000	Series 2019-4-C 2.840%, 08/25/2028(c)		389,463
		SoFi Professional Loan Program LLC
	128,403	Series 2016-A-B 3.570%, 01/26/2038(c)		130,562
	133,000	Series 2017-F-R1 0.010%, 01/25/2041(c)		4,505,334
	63,038	Series 2019-B-R1 0.010%, 08/17/2048(c)		1,494,867
		SoFi Professional Loan Program Trust
	360,000	Series 2020-A-BFX 3.120%, 05/15/2046(c)		368,904
	45,000	Series 2020-A-R1 0.010%, 05/15/2046(c)		2,741,794
		SpringCastle America Funding LLC
	849,457	Series 2020-AA-A 1.970%, 09/25/2037(c)		857,486
		Sprite Ltd.
	2,566,484	Series 2017-1-A 4.250%, 12/15/2037(c)		2,598,077
	292,457	Series 2017-1-B 5.750%, 12/15/2037(c)		271,444
		Stewart Park CLO Ltd.
	500,000	Series 2015-1A-ER 5.521%, 01/15/2030(c)(e) 3 mo. USD LIBOR + 5.280%		469,493
		Textainer Marine Containers VII Ltd.
	108,009	Series 2020-1A-A 2.730%, 08/21/2045(c)		110,053
	592,000	Series 2021-1A-A 1.680%, 02/20/2046(c)		575,986
	238,400	Series 2021-1A-B 2.520%, 02/20/2046(c)		233,412

Principal Amount^			Value
		THL Credit Wind River CLO Ltd.
	$2,000,000	Series 2014-2A-INC 0.010%, 01/15/2031(c)	$	568,518
	500,000	Series 2018-2A-E 5.991%, 07/15/2030(c)(e) 3 mo. USD LIBOR + 5.750%		467,974
		TICP CLO VII Ltd.
	280,000	Series 2017-7A-CR 2.391%, 04/15/2033(c)(e) 3 mo. USD LIBOR + 2.150%		280,780
		TICP CLO XV Ltd.
	250,000	Series 2020-15A-C 2.374%, 04/20/2033(c)(e) 3 mo. USD LIBOR + 2.150%		250,624
		Tidewater Auto Receivables Trust
	110,000	Series 2018-AA-D 4.300%, 11/15/2024(c)		111,802
		TIF Funding II LLC
	937,729	Series 2021-1A-A 1.650%, 02/20/2046(c)		905,612
		Towd Point Mortgage Trust
	310,000	Series 2018-5-M1 3.250%, 07/25/2058(c)(h)		320,036
	385,000	Series 2019-2-M1 3.750%, 12/25/2058(c)(h)		406,309
		Trestles CLO II Ltd.
	335,000	Series 2018-2A-D 5.968%, 07/25/2031(c)(e) 3 mo. USD LIBOR + 5.750%		316,005
		Tricon American Homes
	250,000	Series 2020-SFR1-E 3.544%, 07/17/2038(c)		257,143
		Tricon American Homes Trust
	290,000	Series 2020-SFR2-E1 2.730%, 11/17/2039(c)		283,732
		Tryon Park CLO Ltd.
	1,000,000	Series 2013-1A-DR 6.191%, 04/15/2029(c)(e) 3 mo. USD LIBOR + 5.950%		982,987
		Voya CLO Ltd.
	500,000	Series 2018-2A-E 5.491%, 07/15/2031(c)(e) 3 mo. USD LIBOR + 5.250%		466,924
		WAVE Trust
	536,027	Series 2017-1A-A 3.844%, 11/15/2042(c)		527,579
		Webster Park CLO Ltd.
	1,000,000	Series 2015-1A-DR 5.724%, 07/20/2030(c)(e) 3 mo. USD LIBOR + 5.500%		962,893
		Wendy’s Funding LLC
	1,020,713	Series 2018-1A-A2II 3.884%, 03/15/2048(c)		1,079,685
	181,925	Series 2019-1A-A2II 4.080%, 06/15/2049(c)		192,689
		Westlake Automobile Receivables Trust
	390,000	Series 2020-3A-D 1.650%, 02/17/2026(c)		395,796
		Willis Engine Structured Trust
	233,938	Series 2020-A-A 3.228%, 03/15/2045(c)		231,430

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2021 (Unaudited)(Continued)

Principal Amount^			Value
	ASSET-BACKED SECURITIES (CONTINUED)
		York CLO Ltd.
	$1,783,000	Series 2019-1A-D 4.222%, 07/22/2032(c)(e) 3 mo. USD LIBOR + 4.000%	$	1,787,520
	TOTAL ASSET-BACKED SECURITIES (Cost $143,158,776)			133,172,606
	BANK LOANS: 2.1%
		AAdvantage Loyalty IP Ltd.
	225,000	0.000%, 04/20/2028(i)		230,802
		Air Methods Corp.
	1,173,661	4.500%, 04/22/2024(e) 3 mo. LIBOR + 3.500%		1,138,821
		American Tire Distributors Holdings, Inc.
	1,139,687	8.500%, 09/02/2024(e) 3 mo. LIBOR + 7.500%		1,116,894
		American Trailer World Corp.
	315,000	4.500%, 02/17/2028(e) 1 mo. LIBOR + 3.750%		313,427
		AmWINS Group, Inc.
	134,357	3.000%, 02/19/2028(e) 3 mo. LIBOR + 2.250%		133,549
		Applied Systems, Inc.
	1,060,000	0.000%, 09/19/2025(i)		1,070,600
		Asurion LLC
	160,000	5.359%, 01/31/2028(e) 1 mo. LIBOR + 5.250%		163,180
		BJ Services LLC
	1,240,577	8.500%, 01/03/2023(b)(e)(j) 3 mo. LIBOR + 7.000%		1,178,549
		Blackhawk Network Holdings, Inc.
	125,000	7.125%, 06/15/2026(e) 1 mo. LIBOR + 7.000%		124,583
		Bright Bidco B.V.
	870,480	4.500%, 06/30/2024(e) 3 mo. LIBOR + 3.500%		668,094
		Cengage Learning, Inc.
	1,031,057	5.250%, 06/07/2023(e) 3 mo. LIBOR + 4.250%		1,022,251
		ClubCorp Holdings, Inc.
	478,760	2.953%, 09/18/2024(e) 3 mo. LIBOR + 2.750%		451,305
		Colorado Buyer, Inc.
	468,603	4.000%, 05/01/2024(e) 3 mo. LIBOR + 3.000%		450,817
		Constant Contact, Inc.
	1,260,000	8.250%, 02/10/2029(e) 1 mo. LIBOR + 7.500%		1,247,400
		Curium BidCo S.A R.L.
	405,000	8.500%, 10/27/2028(e) 3 mo. LIBOR + 7.750%		414,113
		Cvent, Inc.
	1,239,801	3.900%, 11/29/2024(e) 2 mo. LIBOR + 3.750%		1,209,842
		DCert Buyer, Inc.
	485,000	7.109%, 02/16/2029(e) 1 mo. LIBOR + 7.000%		489,549
		DG Investment Intermediate Holdings 2, Inc.
	420,000	0.000%, 03/18/2029(i)		422,100

Principal Amount^			Value
		Dhanani Group, Inc.
	$107,329	3.859%, 07/20/2025(e) 1 mo. LIBOR + 3.750%	$	106,323
		Envision Healthcare Corp.
	687,225	3.859%, 10/10/2025(e) 1 mo. LIBOR + 3.750%		595,167
		Envision HealthcareCorp.
	790,000	0.000%, 10/10/2025(i)		642,665
		Finastra USA, Inc.
	461,484	4.500%, 06/13/2024(e) 3 mo. LIBOR + 3.500%		452,942
	405,000	8.250%, 06/13/2025(e) 6 mo. LIBOR + 7.250%		408,088
		Flexential Intermediate Corp.
	438,189	3.703%, 08/01/2024(e) 3 mo. LIBOR + 3.500%		410,528
		Gainwell Acquisition Corp.
	560,000	0.000%, 10/01/2027(i)		558,600
	179,550	4.750%, 10/01/2027(e) 3 mo. LIBOR + 4.000%		179,101
		Global Medical Response, Inc.
	246,183	5.250%, 03/14/2025(e) 3 mo. LIBOR + 4.250%		245,041
		Grab Holdings, Inc.
	640,000	5.500%, 01/29/2026(e) 6 mo. LIBOR + 4.500%		653,600
		Gulf Finance LLC
	522,810	6.250%, 08/25/2023(e) 3 mo. LIBOR + 5.250%		435,145
		ION Trading Finance Ltd.
	375,000	0.000%, 03/26/2028(i)		375,469
		ION Trading Technologies S.A.R.L.
	359,342	5.000%, 11/21/2024(e) 1 mo. LIBOR + 4.000%		359,998
		Ivanti Software, Inc.
	320,000	5.750%, 12/01/2027(e) 3 mo. LIBOR + 4.750%		321,701
		Lealand Finance Company B.V.
	59,736	3.109%, 06/30/2024(e) 1 mo. LIBOR + 3.000%		48,685
	900,483	1.109%-3.000%, 06/30/2025(e) 1 mo. LIBOR + 1.000%		510,272
		McDermott Technology Americas, Inc.
	311,809	0.000%, 05/10/2023(b)(i) 3 mo. LIBOR + 0.500%		240,093
	1,614,796	0.000%, 05/10/2023(b)(i) 3 mo. LIBOR + 0.500%		1,243,393
		Mediaco Holding, Inc.
	2,192,101	8.509%, 11/21/2024(b)(e) 1 mo. LIBOR + 8.400%		2,038,654
		Minotaur Acquisition, Inc.
	1,075,789	5.109%, 03/27/2026(e) 1 mo. LIBOR + 5.000%		1,076,241
		Mitchell International, Inc.
	845,000	7.359%, 12/01/2025(e) 1 mo. LIBOR + 7.250%		845,528
		MLN U.S. Holding Co. LLC
	464,829	4.603%, 11/30/2025(e) 1 mo. LIBOR + 4.500%		412,082
		OneDigital Borrower LLC
	728,125	5.250%, 11/16/2027(e) 3 mo. LIBOR + 4.500%		729,341
		Playtika Holding Corp.
	690,000	0.000%, 03/13/2028(i)		686,981

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2021 (Unaudited)(Continued)

Principal Amount^			Value
	BANK LOANS (CONTINUED)
		Riverbed Technology, Inc.
	$698,250	7.000%, 12/31/2025(e) 3 mo. LIBOR + 6.000%	$	672,439
		Solenis Holdings LLC
	170,000	8.690%, 06/26/2026(e) 3 mo. LIBOR + 8.500%		170,651
		Team Health Holdings, Inc.
	832,000	3.750%, 02/06/2024(e) 1 mo. LIBOR + 2.750%		776,127
		Tibco Software, Inc.
	390,000	7.360%, 03/03/2028(e) 1 mo. LIBOR + 7.250%		395,144
		Travelport Finance (Luxembourg) S.A.R.L.
	215,000	0.000%, 02/28/2025(i)		219,389
	798,430	9.000%, 02/28/2025(e) 3 mo. LIBOR + 7.000%		814,730
	310,780	5.203%, 05/29/2026(e) 3 mo. LIBOR + 5.000%		253,820
		Triton Water Holdings, Inc.
	270,000	0.000%, 03/31/2028(i)		269,303
		Vantage Specialty Chemicals, Inc.
	999,765	4.500%, 10/28/2024(e) 3 mo. LIBOR + 3.500%		946,447
		Waterbridge Midstream Operating LLC
	673,291	6.750%, 06/22/2026(e) 6 mo. LIBOR + 5.750%		640,468
		Weber-Stephen Products LLC
	274,313	4.000%, 10/30/2027(e) 1 mo. LIBOR + 3.250%		274,621
		Western Digital Corp.
	697,768	1.865%, 04/29/2023(e) 1 mo. LIBOR + 1.750%		698,595
		Ziggo B.V.
	490,000 (EUR)	3.000%, 01/31/2029(e) 6 mo. EURIBOR + 3.000%		572,963
	TOTAL BANK LOANS (Cost $33,150,149)			32,126,211
	CONVERTIBLE BONDS: 1.3%
	Communications: 0.4%
		DISH Network Corp.
	210,000	0.000%, 12/15/2025(c)(k)		223,230
	3,880,000	3.375%, 08/15/2026		3,739,544
		Expedia Group, Inc.
	270,000	0.000%, 02/15/2026(c)(k)		296,055
		Liberty Media Corp.
	385,000	0.500%, 12/01/2050(c)		446,739
		Palo Alto Networks, Inc.
	230,000	0.375%, 06/01/2025(c)		284,625
		Twitter, Inc.
	420,000	0.000%, 03/15/2026(c)(k)		399,000
		Uber Technologies, Inc.
	380,000	0.000%, 12/15/2025(c)(k)		401,137
				5,790,330
	Consumer, Cyclical: 0.2%
		Cineplex, Inc.
	1,041,000 (CAD)	5.750%, 09/30/2025(c)		1,052,220

Principal Amount^			Value
	Consumer, Cyclical (continued)
		JetBlue Airways Corp.
	$195,000	0.500%, 04/01/2026(c)	$	215,241
		Marriott Vacations Worldwide Corp.
	385,000	0.000%, 01/15/2026(c)(k)		457,909
		Peloton Interactive, Inc.
	210,000	0.000%, 02/15/2026(c)(k)		199,631
		Southwest Airlines Co.
	585,000	1.250%, 05/01/2025		1,007,297
				2,932,298
	Consumer, Non-cyclical: 0.7%
		BioMarin Pharmaceutical, Inc.
	2,595,000	1.250%, 05/15/2027(c)		2,557,632
		Chegg, Inc.
	130,000	0.000%, 09/01/2026(c)(k)		140,400
		Dermira, Inc.
	3,806,000	3.000%, 05/15/2022		3,858,333
		Guardant Health, Inc.
	215,000	0.000%, 11/15/2027(c)(k)		276,813
		Halozyme Therapeutics, Inc.
	255,000	0.250%, 03/01/2027(c)		233,484
		Livongo Health, Inc.
	80,000	0.875%, 06/01/2025(c)		136,048
		Neurocrine Biosciences, Inc.
	345,000	2.250%, 05/15/2024		467,259
		Shift4 Payments, Inc.
	340,000	0.000%, 12/15/2025(c)(k)		426,904
		SmileDirectClub, Inc.
	195,000	0.000%, 02/01/2026(c)(k)		171,722
		Teladoc Health, Inc.
	1,260,000	1.250%, 06/01/2027(c)		1,406,538
				9,675,133
	Energy: 0.0%
		Sunrun, Inc.
	130,000	0.000%, 02/01/2026(c)(k)		117,413
	Industrial: 0.0%
		Greenbrier Cos., Inc. (The)
	180,000	2.875%, 02/01/2024		196,650
	Technology: 0.0%
		Bentley Systems, Inc.
	25,000	0.125%, 01/15/2026(c)		25,964
		LivePerson, Inc.
	300,000	0.000%, 12/15/2026(c)(k)		303,750
		Lumentum Holdings, Inc.
	180,000	0.500%, 12/15/2026		210,258
				539,972
	TOTAL CONVERTIBLE BONDS (Cost $18,562,189)			19,251,796
	CORPORATE BONDS: 27.9%
	Basic Materials: 2.5%
		ABJA Investment Co. Pte Ltd.
	210,000	5.450%, 01/24/2028		216,666
		Alcoa Nederland Holding B.V.
	400,000	5.500%, 12/15/2027(c)		431,060
		Allegheny Technologies, Inc.
	1,902,000	5.875%, 12/01/2027		1,972,136

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2021 (Unaudited)(Continued)

Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Basic Materials (continued)
		Alpek SAB de C.V.
	$200,000	3.250%, 02/25/2031(c)	$	198,078
		Braskem Idesa SAPI
	300,000	7.450%, 11/15/2029(c)		298,500
	200,000	7.450%, 11/15/2029		199,000
		Braskem Netherlands Finance B.V.
	800,000	4.500%, 01/31/2030(c)		804,960
	400,000	5.875%, 01/31/2050		402,560
	200,000	5.875%, 01/31/2050(c)		201,280
		Carpenter Technology Corp.
	568,000	6.375%, 07/15/2028		610,742
		Cleveland-Cliffs, Inc.
	2,548,000	5.875%, 06/01/2027		2,640,365
		Compass Minerals International, Inc.
	462,000	6.750%, 12/01/2027(c)		495,121
		CSN Islands XII Corp.
	600,000	7.000%, 06/23/2021(d)		602,688
		First Quantum Minerals Ltd.
	600,000	7.500%, 04/01/2025(c)		620,250
	1,445,000	6.875%, 03/01/2026(c)		1,498,284
	740,000	6.875%, 10/15/2027(c)		794,575
		FMG Resources August 2006 Pty Ltd.
	2,499,000	4.500%, 09/15/2027(c)		2,674,255
	495,000	4.375%, 04/01/2031(c)		504,900
		Freeport-McMoRan, Inc.
	655,000	4.125%, 03/01/2028		689,764
	30,000	4.375%, 08/01/2028		31,879
	450,000	4.250%, 03/01/2030		479,673
	5,069,000	4.625%, 08/01/2030		5,525,210
	215,000	5.400%, 11/14/2034		256,364
		Illuminate Buyer LLC / Illuminate Holdings IV, Inc.
	410,000	9.000%, 07/01/2028(c)		461,885
		Kraton Polymers LLC / Kraton Polymers Capital Corp.
	1,000,000	4.250%, 12/15/2025(c)		1,005,000
		Mercer International, Inc.
	600,000	5.125%, 02/01/2029(c)		622,350
		Metinvest B.V.
	200,000	8.500%, 04/23/2026		223,838
	200,000	7.750%, 10/17/2029		212,862
		Novelis Corp.
	310,000	4.750%, 01/30/2030(c)		319,915
		Olin Corp.
	3,100,000	9.500%, 06/01/2025(c)		3,828,500
	1,000,000	5.625%, 08/01/2029		1,079,830
		Rayonier AM Products, Inc.
	1,640,000	5.500%, 06/01/2024(c)		1,576,450
		Resolute Forest Products, Inc.
	1,500,000	4.875%, 03/01/2026(c)		1,505,625
		Suzano Austria GmbH
	510,000	3.750%, 01/15/2031		528,138
		Unigel Luxembourg S.A.
	500,000	8.750%, 10/01/2026		540,657
		United States Steel Corp.
	1,385,000	6.875%, 08/15/2025		1,415,027
	928,000	6.250%, 03/15/2026		943,660
		UPL Corp. Ltd.
	600,000	5.250%, 02/27/2025(d)(h) 5 year CMT + 3.865%		594,690
		Vedanta Resources Finance II Plc
	250,000	9.250%, 04/23/2026(c)		211,555

Principal Amount^			Value
	Basic Materials (continued)
	$200,000	9.250%, 04/23/2026	$	169,244
		Volcan Cia Minera S.A.A.
	95,000	4.375%, 02/11/2026(c)		97,640
				37,485,176
	Communications: 4.3%
		AMC Networks, Inc.
	997,000	4.250%, 02/15/2029		970,829
		Bharti Airtel Ltd.
	320,000	3.250%, 06/03/2031(c)		312,996
		CCO Holdings LLC / CCO Holdings Capital Corp.
	1,930,000	4.250%, 02/01/2031(c)		1,936,697
		Cengage Learning, Inc.
	460,000	9.500%, 06/15/2024(c)		469,488
		Cincinnati Bell, Inc.
	3,484,000	7.000%, 07/15/2024(c)		3,601,585
		Clear Channel Worldwide Holdings, Inc.
	685,000	5.125%, 08/15/2027(c)		690,343
		CommScope Technologies LLC
	640,000	5.000%, 03/15/2027(c)		635,203
		CommScope, Inc.
	290,000	6.000%, 03/01/2026(c)		306,613
	1,510,000	7.125%, 07/01/2028(c)		1,605,734
		CSC Holdings LLC
	680,000	4.125%, 12/01/2030(c)		676,110
	1,180,000	4.625%, 12/01/2030(c)		1,162,300
		Embarq Corp.
	925,000	7.995%, 06/01/2036		1,066,090
		Endure Digital, Inc.
	590,000	6.000%, 02/15/2029(c)		576,725
		Expedia Group, Inc.
	365,000	4.625%, 08/01/2027(c)		406,125
	220,000	3.800%, 02/15/2028		233,033
	1,550,000	3.250%, 02/15/2030		1,562,848
	270,000	2.950%, 03/15/2031(c)		266,271
		Frontier Communications Corp.
	195,000	6.750%, 05/01/2029(c)		206,032
		Go Daddy Operating Co. LLC / GD Finance Co., Inc.
	530,000	3.500%, 03/01/2029(c)		522,620
		Gogo Intermediate Holdings LLC / Gogo Finance Co., Inc.
	875,000	9.875%, 05/01/2024(c)		922,578
		GrubHub Holdings, Inc.
	1,000,000	5.500%, 07/01/2027(c)		1,041,250
		iHeartCommunications, Inc.
	165,000	6.375%, 05/01/2026		175,416
	2,895,000	8.375%, 05/01/2027		3,112,125
	350,000	5.250%, 08/15/2027(c)		360,605
	735,000	4.750%, 01/15/2028(c)		741,755
		Intelsat Jackson Holdings S.A.
	825,000	8.500%, 10/15/2024(c)(j)		519,234
		Kenbourne Invest S.A.
	825,000	6.875%, 11/26/2024(c)		880,985
		Match Group Holdings II LLC
	2,300,000	5.000%, 12/15/2027(c)		2,417,438
	2,520,000	5.625%, 02/15/2029(c)		2,709,000
		Netflix, Inc.
	190,000	4.875%, 04/15/2028		216,323
	555,000	5.875%, 11/15/2028		672,004
	80,000	6.375%, 05/15/2029		99,300

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2021 (Unaudited)(Continued)

Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Communications (continued)
		Netflix, Inc. (Continued)
	$35,000	5.375%, 11/15/2029(c)	$	41,433
	470,000	4.875%, 06/15/2030(c)		541,811
		Oi S.A.
	550,000	10.000%, 07/27/2025(l) PIK rate 12.000%		581,625
		Outfront Media Capital LLC / Outfront Media Capital Corp.
	280,000	4.625%, 03/15/2030(c)		269,850
		Plantronics, Inc.
	700,000	4.750%, 03/01/2029(c)		689,500
		T-Mobile USA, Inc.
	1,445,000	3.375%, 04/15/2029		1,462,593
	715,000	3.500%, 04/15/2031		722,365
		Telecom Italia SpA
	4,169,000	5.303%, 05/30/2024(c)		4,521,697
		TV Azteca SAB de C.V.
	400,000	8.250%, 08/09/2024(j)		200,000
		Twitter, Inc.
	2,095,000	3.875%, 12/15/2027(c)		2,199,205
		Uber Technologies, Inc.
	220,000	7.500%, 05/15/2025(c)		237,701
	4,654,000	8.000%, 11/01/2026(c)		5,046,681
	3,128,000	7.500%, 09/15/2027(c)		3,460,506
	3,960,000	6.250%, 01/15/2028(c)		4,286,462
		Verizon Communications, Inc.
	1,095,000	3.550%, 03/22/2051		1,092,151
		ViacomCBS, Inc.
	4,500,000	4.200%, 05/19/2032		5,050,803
		Viasat, Inc.
	2,100,000	6.500%, 07/15/2028(c)		2,214,671
		Virgin Media Finance Plc
	285,000	5.000%, 07/15/2030(c)		285,000
				63,979,709
	Consumer, Cyclical: 4.4%
		1011778 BC ULC / New Red Finance, Inc.
	540,000	4.375%, 01/15/2028(c)		543,461
		Adient Global Holdings Ltd.
	1,000,000	4.875%, 08/15/2026(c)		1,027,500
		Allison Transmission, Inc.
	430,000	3.750%, 01/30/2031(c)		417,369
		American Airlines, Inc. / AAdvantage Loyalty IP Ltd.
	135,000	5.500%, 04/20/2026(c)		140,906
	415,000	5.750%, 04/20/2029(c)		442,826
		Bally’s Corp.
	2,365,000	6.750%, 06/01/2027(c)		2,540,909
		Beacon Roofing Supply, Inc.
	1,100,000	4.875%, 11/01/2025(c)		1,126,746
		Beazer Homes USA, Inc.
	451,000	7.250%, 10/15/2029		492,718
		Boyd Gaming Corp.
	4,248,000	4.750%, 12/01/2027		4,337,654
		Brinker International, Inc.
	2,870,000	5.000%, 10/01/2024(c)		3,000,944
		Carnival Corp.
	622,000	11.500%, 04/01/2023(c)		713,873
	95,000	7.625%, 03/01/2026(c)		102,177
	940,000	5.750%, 03/01/2027(c)		967,457

Principal Amount^			Value
	Consumer, Cyclical (continued)
		Carvana Co.
	$605,000	5.625%, 10/01/2025(c)	$	621,480
	4,605,000	5.875%, 10/01/2028(c)		4,757,748
		Churchill Downs, Inc.
	4,669,000	4.750%, 01/15/2028(c)		4,839,652
		Dana, Inc.
	1,000,000	5.625%, 06/15/2028		1,071,635
		Dealer Tire LLC / DT Issuer LLC
	565,000	8.000%, 02/01/2028(c)		598,335
		Forestar Group, Inc.
	1,294,000	5.000%, 03/01/2028(c)		1,345,961
		General Motors Co.
	645,000	5.400%, 04/01/2048		760,599
	1,575,000	5.950%, 04/01/2049		1,997,816
		General Motors Financial Co., Inc.
	310,000	5.750%, 09/30/2027(d)(h) 3 mo. USD LIBOR + 3.598%		325,903
	255,000	6.500%, 09/30/2028(d)(h) 3 mo. USD LIBOR + 3.436%		276,994
	100,000	5.700%, 09/30/2030(d)(h) 5 year CMT + 4.997%		108,250
		Hilton Domestic Operating Co., Inc.
	375,000	3.625%, 02/15/2032(c)		364,444
		Hyatt Hotels Corp.
	195,000	5.375%, 04/23/2025		218,822
	355,000	5.750%, 04/23/2030		415,117
		IAA, Inc.
	2,000,000	5.500%, 06/15/2027(c)		2,101,250
		Installed Building Products, Inc.
	1,545,000	5.750%, 02/01/2028(c)		1,620,025
		L Brands, Inc.
	2,197,000	9.375%, 07/01/2025(c)		2,738,011
	1,278,000	6.625%, 10/01/2030(c)		1,450,530
		Lithia Motors, Inc.
	2,972,000	4.625%, 12/15/2027(c)		3,096,824
	1,000,000	4.375%, 01/15/2031(c)		1,039,820
		Marriott International, Inc.
	275,000	4.625%, 06/15/2030		307,780
		Mattel, Inc.
	1,200,000	5.875%, 12/15/2027(c)		1,319,634
		Murphy Oil USA, Inc.
	125,000	3.750%, 02/15/2031(c)		123,100
		NCL Corp. Ltd.
	610,000	5.875%, 03/15/2026(c)		619,083
		NCL Finance Ltd.
	200,000	6.125%, 03/15/2028(c)		204,125
		Newell Brands, Inc.
	1,000,000	4.875%, 06/01/2025		1,105,000
		Park River Holdings, Inc.
	120,000	5.625%, 02/01/2029(c)		116,475
		PetSmart, Inc. / PetSmart Finance Corp.
	500,000	7.750%, 02/15/2029(c)		543,925
		Royal Caribbean Cruises Ltd.
	814,000	11.500%, 06/01/2025(c)		950,345
	985,000	5.500%, 04/01/2028(c)		991,895
		Scientific Games International, Inc.
	635,000	7.000%, 05/15/2028(c)		679,640
		Scotts Miracle-Gro Co. (The)
	1,572,000	4.500%, 10/15/2029		1,625,613
		Six Flags Entertainment Corp.
	2,836,000	4.875%, 07/31/2024(c)		2,867,905

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2021 (Unaudited)(Continued)

Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Consumer, Cyclical (continued)
		Stars Group Holdings B.V. / Stars Group US Co-Borrower LLC
	$4,194,000	7.000%, 07/15/2026(c)	$	4,390,594
		Travel & Leisure Co.
	35,000	6.000%, 04/01/2027		38,749
	130,000	4.625%, 03/01/2030(c)		134,976
		Tupy Overseas S.A.
	200,000	4.500%, 02/16/2031(c)		194,398
		United Airlines Pass Through Trust
	1,677,756	Series 2019-2-B 3.500%, 05/01/2028		1,633,497
	160,000	Series 2020-1-B 4.875%, 01/15/2026		166,000
		Wolverine Escrow LLC
	109,000	9.000%, 11/15/2026(c)		109,101
		Wyndham Destinations, Inc.
	420,000	6.625%, 07/31/2026(c)		477,372
		Yum! Brands, Inc.
	1,476,000	4.750%, 01/15/2030(c)		1,562,789
	1,005,000	4.625%, 01/31/2032(g)		1,028,658
				66,794,410
	Consumer, Non-cyclical: 3.8%
		Acadia Healthcare Co., Inc.
	850,000	5.500%, 07/01/2028(c)		896,431
	1,650,000	5.000%, 04/15/2029(c)		1,716,363
		Adani Ports & Special Economic Zone Ltd.
	480,000	4.200%, 08/04/2027(c)		510,633
		Air Methods Corp.
	230,000	8.000%, 05/15/2025(c)		216,775
		Amaggi Luxembourg International S.A.R.L
	300,000	5.250%, 01/28/2028(c)		307,262
		AMN Healthcare, Inc.
	1,820,000	4.625%, 10/01/2027(c)		1,864,362
		ASGN, Inc.
	2,743,000	4.625%, 05/15/2028(c)		2,834,534
		Atento Luxco 1 S.A.
	200,000	8.000%, 02/10/2026(c)		210,202
		Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
	850,000	5.750%, 07/15/2027(c)		889,206
		B&G Foods, Inc.
	900,000	5.250%, 09/15/2027		937,404
		Centene Corp.
	120,000	3.000%, 10/15/2030		119,951
	825,000	2.500%, 03/01/2031		786,844
		Charles River Laboratories International, Inc.
	4,733,000	4.250%, 05/01/2028(c)		4,882,989
	100,000	3.750%, 03/15/2029(c)		100,283
	110,000	4.000%, 03/15/2031(c)		111,958
		CHS/Community Health Systems, Inc.
	305,000	6.875%, 04/15/2029(c)		319,182
		Encompass Health Corp.
	1,549,000	4.750%, 02/01/2030		1,596,076
		Fomento Economico Mexicano SAB de C.V.
	858,000	3.500%, 01/16/2050		856,747

Principal Amount^			Value
	Consumer, Non-cyclical (continued)
		Garda World Security Corp.
	$285,000	8.750%, 05/15/2025(c)	$	299,069
		HCA, Inc.
	560,000	3.500%, 09/01/2030		567,112
		Hologic, Inc.
	4,035,000	4.625%, 02/01/2028(c)		4,249,359
		Horizon Therapeutics USA, Inc.
	3,230,000	5.500%, 08/01/2027(c)		3,453,484
		Korn Ferry
	1,800,000	4.625%, 12/15/2027(c)		1,840,500
		Kraft Heinz Foods Co.
	400,000	4.375%, 06/01/2046		417,993
	1,885,000	4.875%, 10/01/2049		2,113,423
		Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.
	430,000	7.000%, 12/31/2027(c)		412,637
		MARB BondCo Plc
	725,000	3.950%, 01/29/2031(c)		691,886
		Minerva Luxembourg S.A.
	300,000	4.375%, 03/18/2031(c)		293,663
		NESCO Holdings II, Inc.
	110,000	5.500%, 04/15/2029(c)(g)		112,943
		Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics S.A.
	51,000	7.375%, 06/01/2025(c)		54,926
	165,000	7.250%, 02/01/2028(c)		181,093
		Post Holdings, Inc.
	1,600,000	5.625%, 01/15/2028(c)		1,686,568
		Providence Service Corp. (The)
	2,360,000	5.875%, 11/15/2025(c)		2,488,325
		Pyxus Holdings, Inc.
	245,100	10.000%, 08/24/2024		227,330
		Radiology Partners, Inc.
	590,000	9.250%, 02/01/2028(c)		643,837
		Rent-A-Center, Inc.
	70,000	6.375%, 02/15/2029(c)		74,375
		RP Escrow Issuer LLC
	120,000	5.250%, 12/15/2025(c)		124,500
		Sabre GLBL, Inc.
	130,000	9.250%, 04/15/2025(c)		155,188
	180,000	7.375%, 09/01/2025(c)		196,425
		Smithfield Foods, Inc.
	95,000	3.000%, 10/15/2030(c)		94,655
		TBLA International Pte Ltd.
	400,000	7.000%, 01/24/2023		343,000
		Teleflex, Inc.
	3,700,000	4.625%, 11/15/2027		3,925,940
	500,000	4.250%, 06/01/2028(c)		518,750
		Tenet Healthcare Corp.
	840,000	5.125%, 05/01/2025		852,852
	1,591,000	6.125%, 10/01/2028(c)		1,659,015
		Teva Pharmaceutical Finance Netherlands II B.V.
	1,455,000 (EUR)	6.000%, 01/31/2025		1,885,233
		Teva Pharmaceutical Finance Netherlands III B.V.
	725,000	7.125%, 01/31/2025		802,343
	925,000	3.150%, 10/01/2026		885,687
	4,795,000	4.100%, 10/01/2046		4,222,237
		TriNet Group, Inc.
	485,000	3.500%, 03/01/2029(c)		475,033
		Triton Water Holdings, Inc.
	340,000	6.250%, 04/01/2029(c)		347,012

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2021 (Unaudited)(Continued)

Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Consumer, Non-cyclical (continued)
		Upjohn, Inc.
	$655,000	4.000%, 06/22/2050(c)	$	667,248
		Walnut Bidco Plc
	500,000	9.125%, 08/01/2024		533,875
				56,654,718
	Diversified: 0.0%
		ABM Investama Tbk PT
	200,000	7.125%, 08/01/2022		178,600
	Energy: 3.0%
		Aker BP ASA
	1,175,000	3.750%, 01/15/2030(c)		1,213,852
	300,000	4.000%, 01/15/2031(c)		313,128
		Antero Midstream Partners L.P. / Antero Midstream Finance Corp.
	50,000	5.750%, 01/15/2028(c)		50,031
		Antero Resources Corp.
	3,200,000	5.000%, 03/01/2025		3,207,264
	970,000	7.625%, 02/01/2029(c)		1,034,869
		Bayan Resources Tbk PT
	200,000	6.125%, 01/24/2023		203,777
		Baytex Energy Corp.
	450,000	8.750%, 04/01/2027(c)		409,781
		Calumet Specialty Products Partners L.P. / Calumet Finance Corp.
	1,100,000	11.000%, 04/15/2025(c)		1,157,739
		DCP Midstream Operating L.P.
	550,000	5.625%, 07/15/2027		597,668
		Diamondback Energy, Inc.
	2,300,000	3.500%, 12/01/2029		2,387,240
		Energean Israel Finance Ltd.
	325,000	5.375%, 03/30/2028(c)		330,080
	425,000	5.875%, 03/30/2031(c)		425,502
		EQT Corp.
	30,000	5.000%, 01/15/2029		32,175
		FS Luxembourg S.A.R.L.
	400,000	10.000%, 12/15/2025(c)		441,170
		Global Partners L.P. / GLP Finance Corp.
	1,000,000	6.875%, 01/15/2029		1,075,125
		Gran Tierra Energy, Inc.
	550,000	7.750%, 05/23/2027(c)		447,150
		Gray Oak Pipeline LLC
	70,000	3.450%, 10/15/2027(c)		72,309
		Gulfport Energy Corp.
	145,000	6.625%, 05/01/2023(j)		130,047
	287,000	6.000%, 10/15/2024(j)		257,583
	137,000	6.375%, 05/15/2025(j)		123,728
	144,000	6.375%, 01/15/2026(j)		129,960
		Indika Energy Capital III Pte Ltd.
	200,000	5.875%, 11/09/2024		201,050
		Kinder Morgan, Inc.
	165,000	5.050%, 02/15/2046		186,343
		Kosmos Energy Ltd.
	400,000	7.125%, 04/04/2026		388,816
		Laredo Petroleum, Inc.
	1,000,000	10.125%, 01/15/2028		960,510
		Leviathan Bond Ltd.
	460,000	6.125%, 06/30/2025(c)		499,399
	335,000	6.500%, 06/30/2027(c)		367,462

Principal Amount^			Value
	Energy (continued)
		Matador Resources Co.
	$3,165,000	5.875%, 09/15/2026	$	3,085,875
		Medco Oak Tree Pte Ltd.
	550,000	7.375%, 05/14/2026		587,895
		MEG Energy Corp.
	3,400,000	7.125%, 02/01/2027(c)		3,567,875
		Nabors Industries Ltd.
	1,900,000	7.500%, 01/15/2028(c)		1,566,312
		NGL Energy Operating LLC / NGL Energy Finance Corp.
	685,000	7.500%, 02/01/2026(c)		704,139
		Ovintiv Exploration, Inc.
	3,900,000	5.375%, 01/01/2026		4,284,673
		Parkland Corp.
	1,379,000	5.875%, 07/15/2027(c)		1,472,944
		PBF Holding Co. LLC / PBF Finance Corp.
	160,000	9.250%, 05/15/2025(c)		163,376
		PDC Energy, Inc.
	3,600,000	5.750%, 05/15/2026		3,738,600
		Peru LNG Srl
	700,000	5.375%, 03/22/2030		629,429
		Petroleos Mexicanos
	3,235,000	5.950%, 01/28/2031		3,111,730
	1,420,000	6.625%, 06/15/2035		1,353,040
		Sabine Pass Liquefaction LLC
	985,000	4.500%, 05/15/2030		1,106,640
		Saudi Arabian Oil Co.
	935,000	3.250%, 11/24/2050(c)		844,979
		Southwestern Energy Co.
	1,000,000	7.750%, 10/01/2027		1,070,625
		Targa Resources Partners L.P. / Targa Resources Partners Finance Corp.
	175,000	4.000%, 01/15/2032(c)		164,810
		UEP Penonome II S.A.
	400,000	6.500%, 10/01/2038(c)		404,756
		YPF S.A.
	450,000	6.950%, 07/21/2027(c)		276,093
				44,777,549
	Financial: 4.2%
		AerCap Ireland Capital DAC / AerCap Global Aviation Trust
	300,000	6.500%, 07/15/2025		349,738
	1,000,000	1.750%, 01/30/2026		971,502
	245,000	3.650%, 07/21/2027		257,159
	665,000	3.875%, 01/23/2028		696,851
		Agile Group Holdings Ltd.
	200,000	6.875%, 03/07/2023(d)(h) -1*5 year CMT + 9.216%		202,743
	200,000	7.750%, 05/25/2025(d)(h) -1*5 year CMT + 11.083%		205,735
		Air Lease Corp.
	560,000	4.650%, 06/15/2026(d)(h) 5 year CMT + 4.076%		553,000
	1,185,000	3.125%, 12/01/2030		1,182,082
		Aircastle Ltd.
	1,295,000	4.250%, 06/15/2026		1,372,056
		Ally Financial, Inc.
	1,500,000	8.000%, 11/01/2031		2,089,994
		Alpha Holding S.A. de C.V.
	600,000	9.000%, 02/10/2025(c)		438,000

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2021 (Unaudited)(Continued)

Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Financial (continued)
		Antares Holdings L.P.
	$255,000	3.950%, 07/15/2026(c)	$	258,131
		Assurant, Inc.
	1,960,000	3.700%, 02/22/2030		2,086,423
		Athene Holding Ltd.
	355,000	3.500%, 01/15/2031		365,003
		Aviation Capital Group LLC
	140,000	1.950%, 01/30/2026(c)		136,436
		Banco do Brasil S.A.
	350,000	6.250%, 04/15/2024(d)(h) 10 year CMT + 4.398%		344,855
	200,000	9.000%, 06/18/2024(d)(h) 10 year CMT + 6.362%		218,548
		Banco do Estado do Rio Grande do Sul S.A.
	550,000	5.375%, 01/28/2031(c)(h) 5 year CMT + 4.928%		540,400
		Banco GNB Sudameris S.A.
	200,000	6.500%, 04/03/2027(h) 5 year CMT + 4.561%		203,870
		Banco Hipotecario S.A.
	12,020,000 (ARS)	38.125%, 11/07/2022(c)(e) BADLARPP + 4.000%		88,301
		Banco Industrial S.A.
	300,000	4.875%, 01/29/2031(c)(h) 5 year CMT + 4.442%		309,523
		Banco Macro S.A.
	7,805,000 (ARS)	17.500%, 05/08/2022(c)		46,010
	250,000	6.750%, 11/04/2026(h) 5 year USD Swap + 5.463%		201,253
		Banco Mercantil del Norte S.A.
	500,000	7.625%, 01/10/2028(d)(h) 10 year CMT + 5.353%		548,612
		Banco Santander Mexico S.A.
	500,000	8.500%, 01/20/2022(d)(h) 5 year CMT + 6.472%		527,500
		Banco Santander S.A.
	200,000	2.749%, 12/03/2030		190,445
		Bangkok Bank PCL
	350,000	5.000%, 09/23/2025(c)(d)(h) 5 year CMT + 4.729%		369,138
		Barclays Plc
	400,000	5.088%, 06/20/2030(h) 3 mo. USD LIBOR + 3.054%		453,070
	740,000	3.564%, 09/23/2035(h) 5 year CMT + 2.900%		741,991
		Central China Real Estate Ltd.
	200,000	7.250%, 07/16/2024		174,000
		Credito Real SAB de C.V.
	550,000	9.125%, 11/29/2022(d)(h) 5 year CMT + 7.026%		494,216
		Credivalores-Crediservicios SAS
	300,000	9.750%, 07/27/2022		287,043
	300,000	8.875%, 02/07/2025(c)		259,442
		Crown Castle International Corp.
	35,000	4.150%, 07/01/2050		37,107
		Deutsche Bank AG
	310,000	3.547%, 09/18/2031(h) SOFR + 3.043%		320,258
	615,000	3.729%, 01/14/2032(h) SOFR + 2.757%		599,246
		Docuformas SAPI de C.V.
	550,000	10.250%, 07/24/2024(c)		545,600

Principal Amount^			Value
	Financial (continued)
		Enova International, Inc.
	$1,120,000	8.500%, 09/01/2024(c)	$	1,152,082
	985,000	8.500%, 09/15/2025(c)		1,024,695
		FS KKR Capital Corp.
	1,185,000	3.400%, 01/15/2026		1,175,641
		Gilex Holding S.A.R.L.
	510,000	8.500%, 05/02/2023		524,938
		Global Atlantic Fin Co.
	570,000	4.400%, 10/15/2029(c)		601,227
		Icahn Enterprises L.P. / Icahn Enterprises Finance Corp.
	4,264,000	4.750%, 09/15/2024		4,434,560
	925,000	6.250%, 05/15/2026		971,102
	537,000	5.250%, 05/15/2027		555,795
	610,000	4.375%, 02/01/2029(c)		596,861
		International Finance Corp.
	25,580,000 (INR)	5.850%, 11/25/2022		351,619
		Intesa Sanpaolo SpA
	1,921,000	5.017%, 06/26/2024(c)		2,097,495
		Iron Mountain, Inc.
	740,000	5.250%, 07/15/2030(c)		764,457
		iStar, Inc.
	4,022,000	4.750%, 10/01/2024		4,191,648
	750,000	4.250%, 08/01/2025		757,050
	589,000	5.500%, 02/15/2026		600,412
		Itau Unibanco Holding S.A.
	550,000	4.625%, 02/27/2025(d)(h) 5 year CMT + 3.222%		516,010
		Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.
	250,000	5.250%, 10/01/2025(c)		250,469
	170,000	4.250%, 02/01/2027(c)		167,875
		LMIRT Capital Pte Ltd.
	200,000	7.250%, 06/19/2024		205,427
		MGM Growth Properties Operating Partnership L.P. / MGP Finance Co-Issuer, Inc.
	3,597,000	5.625%, 05/01/2024		3,867,650
	200,000	4.625%, 06/15/2025(c)		211,140
	1,414,000	5.750%, 02/01/2027		1,561,056
		National Health Investors, Inc.
	100,000	3.000%, 02/01/2031		93,595
		Navient Corp.
	35,000	6.750%, 06/15/2026		38,006
	860,000	5.000%, 03/15/2027		863,337
		Operadora de Servicios Mega S.A. de C.V. SOFOM ER
	400,000	8.250%, 02/11/2025(c)		404,332
		Owl Rock Capital Corp.
	945,000	3.400%, 07/15/2026		957,639
		Quicken Loans LLC
	2,015,000	5.250%, 01/15/2028(c)		2,124,566
		Quicken Loans LLC / Quicken Loans Co-Issuer, Inc.
	1,065,000	3.625%, 03/01/2029(c)		1,032,384
	1,115,000	3.875%, 03/01/2031(c)		1,078,762
		Realogy Group LLC / Realogy Co-Issuer Corp.
	150,000	5.750%, 01/15/2029(c)		148,125
		RKP Overseas Finance 2016 A Ltd.
	200,000	7.950%, 02/17/2022(d)		196,500

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2021 (Unaudited)(Continued)

Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Financial (continued)
		RKPF Overseas 2019 E Ltd.
	$300,000	7.750%, 11/18/2024(d)(h) 5 year CMT + 6.003%	$	294,150
		Ronshine China Holdings Ltd.
	200,000	7.350%, 12/15/2023		190,000
	350,000	6.750%, 08/05/2024		323,727
		Societe Generale S.A.
	1,605,000	3.653%, 07/08/2035(c)(h) 5 year CMT + 3.000%		1,604,503
		Standard Chartered Plc
	830,000	3.265%, 02/18/2036(c)(h) 5 year CMT + 2.300%		806,554
		Starwood Property Trust, Inc.
	3,700,000	4.750%, 03/15/2025		3,853,198
		Theta Capital Pte Ltd.
	200,000	8.125%, 01/22/2025		204,981
		TMB Bank PCL
	400,000	4.900%, 12/02/2024(d)(h) 5 year CMT + 3.256%		401,236
		Unifin Financiera SAB de C.V.
	600,000	8.875%, 01/29/2025(d)(h) 5 year CMT + 6.308%		494,616
		Uniti Group L.P. / Uniti Group Finance, Inc. / CSL Capital LLC
	300,000	6.500%, 02/15/2029(c)		298,575
		VICI Properties L.P. / VICI Note Co., Inc.
	2,190,000	4.250%, 12/01/2026(c)		2,244,005
		Yuzhou Group Holdings Co. Ltd.
	300,000	8.300%, 05/27/2025		258,725
	200,000	7.375%, 01/13/2026		172,989
				63,328,995
	Industrial: 2.9%
		Advanced Drainage Systems, Inc.
	1,585,000	5.000%, 09/30/2027(c)		1,666,041
		Aeropuertos Dominicanos Siglo XXI S.A.
	350,000	6.750%, 03/30/2029		366,112
		ATS Automation Tooling Systems, Inc.
	1,800,000	4.125%, 12/15/2028(c)		1,787,625
		Ball Corp.
	3,888,000	4.875%, 03/15/2026		4,354,482
		Boeing Co. (The)
	1,375,000	2.196%, 02/04/2026		1,371,097
	460,000	2.250%, 06/15/2026		455,145
	195,000	2.950%, 02/01/2030		192,907
	850,000	5.150%, 05/01/2030		978,669
	60,000	3.250%, 02/01/2035		57,630
	5,000	3.500%, 03/01/2039		4,811
	230,000	5.705%, 05/01/2040		281,374
	235,000	3.375%, 06/15/2046		208,234
	60,000	3.650%, 03/01/2047		55,230
	25,000	3.625%, 03/01/2048		23,088
	295,000	3.900%, 05/01/2049		285,874
	435,000	3.750%, 02/01/2050		418,514
	2,055,000	5.805%, 05/01/2050		2,597,395
	80,000	3.825%, 03/01/2059		74,360
	455,000	3.950%, 08/01/2059		436,770
	350,000	5.930%, 05/01/2060		448,903

Principal Amount^			Value
	Industrial (continued)
		Bombardier, Inc.
	$643,000	7.500%, 03/15/2025(c)	$	633,355
		Builders FirstSource, Inc.
	1,274,000	5.000%, 03/01/2030(c)		1,337,445
		C10 Capital SPV Ltd.
	300,000	4.913%, 06/30/2021(d)(h) 3 mo. USD LIBOR + 4.710%		303,150
		C5 Capital SPV Ltd.
	200,000	4.480%, 06/30/2021(d)(h) 3 mo. USD LIBOR + 4.277%		193,000
		Cemex SAB de C.V.
	400,000	5.450%, 11/19/2029(c)		438,966
	820,000	5.200%, 09/17/2030(c)		889,901
	910,000	3.875%, 07/11/2031(c)		890,026
		Embraer Netherlands Finance B.V.
	230,000	5.050%, 06/15/2025		239,205
		FedEx Corp.
	265,000	4.100%, 02/01/2045		286,897
	30,000	4.050%, 02/15/2048		32,654
	330,000	5.250%, 05/15/2050		421,213
		General Electric Co.
	200,000	4.350%, 05/01/2050		221,725
		GMR Hyderabad International Airport Ltd.
	735,000	5.375%, 04/10/2024		755,175
	580,000	4.750%, 02/02/2026(c)		583,109
		Hornbeck Offshore Services, Inc.
	186,000	5.875%, 04/01/2020(j)		930
		Howmet Aerospace, Inc.
	2,404,000	6.875%, 05/01/2025		2,788,640
		HTA Group Ltd.
	1,100,000	7.000%, 12/18/2025(c)		1,172,545
		Indian Railway Finance Corp. Ltd.
	550,000	2.800%, 02/10/2031(c)		524,552
		Leonardo US Holdings, Inc.
	438,000	6.250%, 01/15/2040(c)		520,169
		MasTec, Inc.
	1,800,000	4.500%, 08/15/2028(c)		1,869,750
		McDermott International, Inc.
	581,126	1.000%, 05/10/2023(b)		447,467
		Park-Ohio Industries, Inc.
	1,420,000	6.625%, 04/15/2027		1,437,750
		PowerTeam Services LLC
	425,000	9.033%, 12/04/2025(c)		472,940
		Sensata Technologies B.V.
	285,000	4.000%, 04/15/2029(c)		290,673
		Sensata Technologies, Inc.
	418,000	4.375%, 02/15/2030(c)		439,228
	412,000	3.750%, 02/15/2031(c)		406,722
		Silgan Holdings, Inc.
	2,128,000	4.125%, 02/01/2028		2,191,457
		Simpar Europe S.A.
	200,000	5.200%, 01/26/2031(c)		196,308
		Spirit AeroSystems, Inc.
	1,465,000	7.500%, 04/15/2025(c)		1,577,629
	80,000	4.600%, 06/15/2028		78,550
		Standard Industries, Inc.
	270,000	4.375%, 07/15/2030(c)		272,844
		Stoneway Capital Corp.
	177,117	10.000%, 03/01/2027(j)		67,304
		Tervita Corp.
	430,000	11.000%, 12/01/2025(c)		489,125

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2021 (Unaudited)(Continued)

Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Industrial (continued)
		TransDigm, Inc.
	$860,000	4.625%, 01/15/2029(c)	$	847,994
		Triumph Group, Inc.
	595,000	6.250%, 09/15/2024(c)		605,978
	150,000	7.750%, 08/15/2025		151,125
		WESCO Distribution, Inc.
	3,575,000	7.250%, 06/15/2028(c)		4,005,448
				44,145,210
	Technology: 2.2%
		Austin BidCo, Inc.
	435,000	7.125%, 12/15/2028(c)		443,428
		Black Knight InfoServ LLC
	2,562,000	3.625%, 09/01/2028(c)		2,520,649
		Broadcom, Inc.
	140,000	4.750%, 04/15/2029		157,435
	470,000	5.000%, 04/15/2030		534,780
	95,000	4.150%, 11/15/2030		102,768
	1,735,000	4.300%, 11/15/2032		1,890,000
		Castle US Holding Corp.
	850,000	9.500%, 02/15/2028(c)		868,594
		Entegris, Inc.
	4,381,000	4.375%, 04/15/2028(c)		4,528,421
		Fair Isaac Corp.
	3,444,000	5.250%, 05/15/2026(c)		3,822,840
	160,000	4.000%, 06/15/2028(c)		164,388
		Flexential Intermediate Corp.
	585,000	11.250%, 08/01/2024(c)		629,241
		Microchip Technology, Inc.
	3,845,000	4.250%, 09/01/2025(c)		4,017,346
		MSCI, Inc.
	3,596,000	4.000%, 11/15/2029(c)		3,704,419
	140,000	3.625%, 09/01/2030(c)		142,600
		NCR Corp.
	1,000,000	5.250%, 10/01/2030(c)		1,014,500
		Playtika Holding Corp.
	130,000	4.250%, 03/15/2029(c)		128,320
		PTC, Inc.
	4,625,000	4.000%, 02/15/2028(c)		4,703,047
		Qorvo, Inc.
	508,000	3.375%, 04/01/2031(c)		498,419
		Seagate HDD Cayman
	725,000	3.125%, 07/15/2029(c)		701,582
	725,000	3.375%, 07/15/2031(c)		697,957
		SS&C Technologies, Inc.
	1,000,000	5.500%, 09/30/2027(c)		1,065,250
				32,335,984
	Utilities: 0.6%
		AES Andres B.V. / Dominican Power Partners / Empresa Generadora de Electricidad It
	450,000	7.950%, 05/11/2026		468,711
		AES Argentina Generacion S.A.
	150,000	7.750%, 02/02/2024		120,752
		AES Corp. (The)
	260,000	3.950%, 07/15/2030(c)		277,707
		Calpine Corp.
	275,000	5.125%, 03/15/2028(c)		276,668
	1,185,000	3.750%, 03/01/2031(c)		1,131,201

Principal Amount^			Value
	Utilities (continued)
		Capex S.A.
	$150,000	6.875%, 05/15/2024	$	133,502
		Edison International
	1,435,000	5.375%, 03/15/2026(d)(h) 5 year CMT + 4.698%		1,463,700
		Empresa Electrica Guacolda S.A.
	300,000	4.560%, 04/30/2025		252,510
		IPALCO Enterprises, Inc.
	110,000	4.250%, 05/01/2030(c)		120,195
		NextEra Energy Operating Partners L.P.
	1,900,000	4.250%, 07/15/2024(c)		2,002,125
	1,748,000	3.875%, 10/15/2026(c)		1,836,492
		Pacific Gas and Electric Co.
	300,000	4.300%, 03/15/2045		291,378
	35,000	4.950%, 07/01/2050		36,077
	685,000	3.500%, 08/01/2050		598,865
		Pampa Energia S.A.
	150,000	9.125%, 04/15/2029(c)		126,000
		Southern California Edison Co.
	35,000	4.000%, 04/01/2047		36,011
	45,000	4.125%, 03/01/2048		47,053
	125,000	3.650%, 02/01/2050		123,352
				9,342,299
	TOTAL CORPORATE BONDS (Cost $406,123,591)			419,022,650
	GOVERNMENT SECURITIES & AGENCY ISSUE: 2.0%
		Brazil Notas do Tesouro Nacional
	7,438,000 (BRL)	Series F 10.000%, 01/01/2025		1,419,127
		Export-Import Bank of Korea
	22,200,000 (INR)	6.750%, 08/09/2022		308,081
		Financiera de Desarrollo Territorial S.A.
	3,329,000,000 (COP)	7.875%, 08/12/2024(c)		972,077
		Mexican Bonos
	28,809,000 (MXN)	Series M 6.750%, 03/09/2023		1,456,720
		Mexico Government International Bond
	1,485,000	3.771%, 05/24/2061		1,316,096
		Provincia de Buenos Aires Government Bonds
	72,825,000 (ARS)	37.932%, 05/31/2022 BADLARPP + 3.830%		474,882
	15,545,000 (ARS)	37.855%, 04/12/2025(c) BADLARPP + 3.750%		92,126
		Ukraine Government International Bond
	200,000	7.253%, 03/15/2033		199,491
		United States Treasury Bond
	27,950,000	1.625%, 11/15/2050		23,207,234
	TOTAL GOVERNMENT SECURITIES & AGENCY ISSUE (Cost $38,602,044)			29,445,834
	LIMITED PARTNERSHIPS: 0.1%
	35,594	GACP II L.P.(b)		1,246,473

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2021 (Unaudited)(Continued)

Principal Amount^			Value
	LIMITED PARTNERSHIPS (CONTINUED)
	1,300,000	U.S. Farming Realty Trust II L.P.(b)	$	905,329
	TOTAL LIMITED PARTNERSHIPS (Cost $2,024,924)			2,151,802
	MORTGAGE-BACKED SECURITIES: 14.8%
		Adjustable Rate Mortgage Trust
	286,802	Series 2006-1-2A1 3.539%, 03/25/2036(h)		206,337
		Alternative Loan Trust
	105,730	Series 2003-22CB-1A1 5.750%, 12/25/2033		109,462
	410,432	Series 2004-13CB-A4 0.000%, 07/25/2034(m)		343,839
	70,104	Series 2004-16CB-1A1 5.500%, 07/25/2034		72,150
	80,020	Series 2004-16CB-3A1 5.500%, 08/25/2034		82,414
	160,036	Series 2004-J10-2CB1 6.000%, 09/25/2034		166,555
	50,154	Series 2005-J1-2A1 5.500%, 02/25/2025		50,783
	2,278,413	Series 2006-13T1-A13 6.000%, 05/25/2036		1,544,060
	378,651	Series 2006-31CB-A7 6.000%, 11/25/2036		303,759
	3,817,701	Series 2006-36T2-2A1 6.250%, 12/25/2036		2,471,529
	435,721	Series 2006-J1-2A1 7.000%, 02/25/2036		96,071
	205,758	Series 2007-16CB-2A1 0.559%, 08/25/2037(e) 1 mo. USD LIBOR + 0.450%		78,786
	59,582	Series 2007-16CB-2A2 53.678%, 08/25/2037(e) -8.3333*1 mo. USD LIBOR + 54.583%		133,585
	380,092	Series 2007-19-1A34 6.000%, 08/25/2037		274,245
	1,109,606	Series 2007-20-A12 6.250%, 08/25/2047		878,749
	404,363	Series 2007-22-2A16 6.500%, 09/25/2037		244,653
	2,469,646	Series 2007-HY2-1A 2.796%, 03/25/2047(h)		2,469,396
		Alternative Loan Trust Resecuritization
	496,270	Series 2008-2R-2A1 6.000%, 08/25/2037(h)		318,494
	3,570,859	Series 2008-2R-4A1 6.250%, 08/25/2037(h)		2,697,168
		American Home Mortgage Investment Trust
	272,319	Series 2006-1-11A1 0.389%, 03/25/2046(e) 1 mo. USD LIBOR + 0.280%		260,205
		AREIT Trust
	1,000,000	Series 2019-CRE3-D 2.756%, 09/14/2036(c)(e) 1 mo. USD LIBOR + 2.650%		987,746

Principal Amount^			Value
		Banc of America Alternative Loan Trust
	$55,036	Series 2003-8-1CB1 5.500%, 10/25/2033	$	56,811
	586,286	Series 2006-7-A4 6.498%, 10/25/2036(f)		266,371
		Banc of America Funding Trust
	51,251	Series 2005-7-3A1 5.750%, 11/25/2035		55,253
	312,420	Series 2006-B-7A1 2.640%, 03/20/2036(h)		287,203
	2,728,559	Series 2007-1-TA4 6.090%, 01/25/2037(f)		2,745,531
	40,336	Series 2007-4-5A1 5.500%, 11/25/2034		40,162
	2,331,277	Series 2010-R5-1A3 6.000%, 10/26/2037(c)(h)		2,279,561
		Banc of America Merrill Lynch Commercial Mortgage Securities Trust
	1,474,000	Series 2019-AHT-D 2.606%, 03/15/2034(c)(e) 1 mo. USD LIBOR + 2.500%		1,460,275
		Banc of America Mortgage Trust
	16,437	Series 2005-A-2A1 2.560%, 02/25/2035(h)		17,030
		Bancorp Commercial Mortgage Trust
	665,000	Series 2019-CRE5-D 2.456%, 03/15/2036(c)(e) 1 mo. USD LIBOR + 2.350%		659,180
		BBCMS Mortgage Trust
	710,000	Series 2020-BID-B 2.646%, 10/15/2037(c)(e) 1 mo. USD LIBOR + 2.540%		716,480
		BBCMS Trust
	750,000	Series 2018-CBM-E 3.656%, 07/15/2037(c)(e) 1 mo. USD LIBOR + 3.550%		731,117
		BCAP LLC Trust
	175,990	Series 2010-RR6-6A2 9.300%, 07/26/2037(c)(h)		138,799
	2,529,823	Series 2011-R11-2A4 5.500%, 12/26/2035(c)		2,086,930
		Bear Stearns Adjustable Rate Mortgage Trust
	3,396,235	Series 2005-12-25A1 1.912%, 02/25/2036(h)		2,835,130
		Bear Stearns Asset-Backed Securities I Trust
	481,365	Series 2006-AC1-1A1 6.250%, 02/25/2036(f)		325,185
		Benchmark Mortgage Trust
	547,000	Series 2020-B18-AGNF 4.139%, 07/15/2053(c)		553,231
		BF Mortgage Trust
	666,000	Series 2019-NYT-F 3.106%, 12/15/2035(c)(e) 1 mo. USD LIBOR + 3.000%		646,340
		BHP Trust
	497,000	Series 2019-BXHP-E 2.674%, 08/15/2036(c)(e) 1 mo. USD LIBOR + 2.568%		497,572

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2021 (Unaudited)(Continued)

Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
		BX Commercial Mortgage Trust
	$1,274,000	Series 2019-IMC-G 3.706%, 04/15/2034(c)(e) 1 mo. USD LIBOR + 3.600%	$	1,216,218
		BX Trust
	850,000	Series 2017-SLCT-F 4.356%, 07/15/2034(c)(e) 1 mo. USD LIBOR + 4.250%		853,482
		Carbon Capital VI Commercial Mortgage Trust
	649,000	Series 2019-FL2-B 2.956%, 10/15/2035(c)(e) 1 mo. USD LIBOR + 2.850%		620,580
		CF Trust
	1,420,000	Series 2019-MF1-F 3.950%, 08/21/2032(c)(e) 1 mo. USD LIBOR + 2.950%		1,425,237
		CFCRE Commercial Mortgage Trust
	16,323,000	Series 2016-C7-XE 0.972%, 12/10/2054(c)(h)(n)		785,185
	7,346,000	Series 2016-C7-XF 0.972%, 12/10/2054(c)(h)(n)		343,325
		CG-CCRE Commercial Mortgage Trust
	104,703	Series 2014-FL2-COL1 3.606%, 11/15/2031(c)(e) 1 mo. USD LIBOR + 3.500%		95,127
	204,419	Series 2014-FL2-COL2 4.606%, 11/15/2031(c)(e) 1 mo. USD LIBOR + 4.500%		135,969
		Chase Mortgage Finance Trust
	2,981,278	Series 2007-S2-1A9 6.000%, 03/25/2037		2,150,694
	1,495,291	Series 2007-S3-1A15 6.000%, 05/25/2037		1,050,693
		CIM Trust
	670,000	Series 2021-NR2-A1 2.568%, 07/25/2059(c)(f)		670,000
		Citicorp Mortgage Securities Trust
	2,040,228	Series 2006-7-1A1 6.000%, 12/25/2036		2,012,426
		Citigroup Commercial Mortgage Trust
	668,000	Series 2015-GC27-D 4.420%, 02/10/2048(c)(h)		650,927
	800,000	Series 2018-C6-D 5.066%, 11/10/2051(c)(h)		776,312
	1,497,000	Series 2018-TBR-F 3.756%, 12/15/2036(c)(e) 1 mo. USD LIBOR + 3.650%		1,429,971
		Citigroup Mortgage Loan Trust, Inc.
	200,689	Series 2005-5-2A2 5.750%, 08/25/2035		157,782
	2,390,375	Series 2005-5-3A2A 2.800%, 10/25/2035(h)		1,685,023
	2,451,702	Series 2011-12-1A2 3.304%, 04/25/2036(c)(h)		1,900,824
	296,281	Series 2018-A-A1 4.000%, 01/25/2068(c)(h)		297,575
		CitiMortgage Alternative Loan Trust
	214,870	Series 2006-A5-1A13 0.559%, 10/25/2036(e) 1 mo. USD LIBOR + 0.450%		174,419

Principal Amount^			Value
	$211,453	Series 2006-A5-1A2 6.441%, 10/25/2036(e)(n) -1*1 mo. USD LIBOR + 6.550%	$	33,206
	1,905,702	Series 2007-A6-1A5 6.000%, 06/25/2037		1,908,294
		COMM Mortgage Trust
	40,000	Series 2012-LC4-C 5.536%, 12/10/2044(h)		39,013
	1,868,035	Series 2014-UBS4-F 3.750%, 08/10/2047(c)		304,672
	3,353,939	Series 2014-UBS4-G 3.750%, 08/10/2047(c)		201,524
	7,000	Series 2014-UBS4-V 0.000%, 08/10/2047(c)(h)		1
	537,000	Series 2015-CR25-C 4.534%, 08/10/2048(h)		567,638
	1,989,000	Series 2018-HCLV-D 2.283%, 09/15/2033(c)(e) 1 mo. USD LIBOR + 2.177%		1,955,618
		Connecticut Avenue Securities Trust
	345,000	Series 2020-R01-1M2 2.159%, 01/25/2040(c)(e) 1 mo. USD LIBOR + 2.050%		346,040
		Countrywide Home Loan GMSR Issuer Trust
	1,980,000	Series 2018-GT1-A 2.859%, 05/25/2023(c)(e) 1 mo. USD LIBOR + 2.750%		1,973,122
		Countrywide Home Loan Mortgage Pass-Through Trust
	6,222	Series 2004-HYB4-2A1 2.866%, 09/20/2034(h)		6,268
	556,357	Series 2005-23-A1 5.500%, 11/25/2035		433,979
	2,401,899	Series 2006-9-A1 6.000%, 05/25/2036		1,755,047
	148,640	Series 2007-10-A5 6.000%, 07/25/2037		108,089
	617,706	Series 2007-13-A5 6.000%, 08/25/2037		471,690
		Credit Suisse Commercial Mortgage Securities Corp.
	175,000	Series 2019-SKLZ-D 3.706%, 01/15/2034(c)(e) 1 mo. USD LIBOR + 3.600%		173,052
		Credit Suisse First Boston Mortgage Securities Corp.
	1,192,455	Series 2005-11-7A1 6.000%, 12/25/2035		883,530
		Credit Suisse First Boston Mortgage- Backed Pass-Through Certificates
	44,927	Series 2003-27-4A4 5.750%, 11/25/2033		45,852
	2,384,574	Series 2005-10-10A3 6.000%, 11/25/2035		974,850
		Credit Suisse Mortgage-Backed Trust
	751,730	Series 2006-6-1A10 6.000%, 07/25/2036		579,079
	650,041	Series 2007-1-4A1 6.500%, 02/25/2022		128,044
	42,663	Series 2007-2-2A5 5.000%, 03/25/2037		40,479

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2021 (Unaudited)(Continued)

Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
		Credit Suisse Mortgage-Backed Trust (Continued)
	$1,323,681	Series 2011-17R-1A2 5.750%, 02/27/2037(c)	$	1,348,364
	630,000	Series 2014-USA-A2 3.953%, 09/15/2037(c)		662,238
	635,000	Series 2014-USA-D 4.373%, 09/15/2037(c)		606,562
	1,475,000	Series 2014-USA-E 4.373%, 09/15/2037(c)		1,238,135
	628,781	Series 2019-RP10-A1 3.048%, 12/26/2059(c)(h)		633,103
	431,864	Series 2020-RPL3-A1 2.691%, 03/25/2060(c)(h)		437,431
	1,100,000	Series 2021-NQM1-B2 3.831%, 05/25/2065(c)(h)		1,100,688
	490,000	Series 2021-RPL1-A2 3.937%, 09/27/2060(c)		487,936
		DBUBS Mortgage Trust
	310,000	Series 2017-BRBK-D 3.530%, 10/10/2034(c)(h)		322,642
		Deephaven Residential Mortgage Trust
	4,711,000	Series 2020-2-B3 5.906%, 05/25/2065(c)(h)		4,739,323
		Deutsche Mortgage and Asset Receiving Corp.
	2,501,822	Series 2014-RS1-1A2 6.492%, 07/27/2037(c)(h)		2,315,095
		Deutsche Mortgage Securities, Inc. Mortgage Loan Trust
	88,484	Series 2006-PR1-3A1 11.976%, 04/15/2036(c)(e) -1.4*1 mo. USD LIBOR + 12.124%		80,759
		DSLA Mortgage Loan Trust
	116,318	Series 2005-AR5-2A1A 0.440%, 09/19/2045(e) 1 mo. USD LIBOR + 0.330%		89,947
		Dukinfield II Plc
	336,672 (GBP)	Series 2-A 1.334%, 12/20/2052(e) 3 mo. GBP LIBOR + 1.250%		466,139
		Federal Home Loan Mortgage Corp. REMICS
	498,282	Series 3118-SD 6.594%, 02/15/2036(e)(n) -1*1 mo. USD LIBOR + 6.700%		88,565
	199,140	Series 3301-MS 5.994%, 04/15/2037(e)(n) -1*1 mo. USD LIBOR + 6.100%		33,603
	255,912	Series 3303-SE 5.974%, 04/15/2037(e)(n) -1*1 mo. USD LIBOR + 6.080%		42,092
	166,343	Series 3303-SG 5.994%, 04/15/2037(e)(n) -1*1 mo. USD LIBOR + 6.100%		32,836

Principal Amount^			Value
	$41,384	Series 3382-SB 5.894%, 11/15/2037(e)(n) -1*1 mo. USD LIBOR + 6.000%	$	5,745
	223,281	Series 3382-SW 6.194%, 11/15/2037(e)(n) -1*1 mo. USD LIBOR + 6.300%		38,866
	48,438	Series 3384-S 6.284%, 11/15/2037(e)(n) -1*1 mo. USD LIBOR + 6.390%		6,139
	143,449	Series 3384-SG 6.204%, 08/15/2036(e)(n) -1*1 mo. USD LIBOR + 6.310%		31,394
	1,701,482	Series 3404-SA 5.894%, 01/15/2038(e)(n) -1*1 mo. USD LIBOR + 6.000%		307,509
	64,434	Series 3417-SX 6.074%, 02/15/2038(e)(n) -1*1 mo. USD LIBOR + 6.180%		8,555
	52,346	Series 3423-GS 5.544%, 03/15/2038(e)(n) -1*1 mo. USD LIBOR + 5.650%		6,761
	452,696	Series 3423-TG 0.350%, 03/15/2038(e)(n) -1*1 mo. USD LIBOR + 6.000%		4,248
	2,156,503	Series 3435-S 5.874%, 04/15/2038(e)(n) -1*1 mo. USD LIBOR + 5.980%		448,723
	44,707	Series 3445-ES 5.894%, 05/15/2038(e)(n) -1*1 mo. USD LIBOR + 6.000%		2,396
	315,962	Series 3523-SM 5.894%, 04/15/2039(e)(n) -1*1 mo. USD LIBOR + 6.000%		48,280
	168,311	Series 3560-KS 6.294%, 11/15/2036(e)(n) -1*1 mo. USD LIBOR + 6.400%		25,471
	89,395	Series 3598-SA 6.244%, 11/15/2039(e)(n) -1*1 mo. USD LIBOR + 6.350%		13,566
	109,953	Series 3641-TB 4.500%, 03/15/2040		124,628
	363,109	Series 3728-SV 4.344%, 09/15/2040(e)(n) -1*1 mo. USD LIBOR + 4.450%		45,517
	172,922	Series 3758-S 5.924%, 11/15/2040(e)(n) -1*1 mo. USD LIBOR + 6.030%		29,830

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2021 (Unaudited)(Continued)

Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
		Federal Home Loan Mortgage Corp. REMICS (Continued)
	$523,070	Series 3770-SP 6.394%, 11/15/2040(e)(n) -1*1 mo. USD LIBOR + 6.500%	$	50,052
	237,484	Series 3815-ST 5.744%, 02/15/2041(e)(n) -1*1 mo. USD LIBOR + 5.850%		44,651
	529,594	Series 3859-SI 6.494%, 05/15/2041(e)(n) -1*1 mo. USD LIBOR + 6.600%		103,455
	153,975	Series 3872-SL 5.844%, 06/15/2041(e)(n) -1*1 mo. USD LIBOR + 5.950%		25,177
	121,882	Series 3900-SB 5.864%, 07/15/2041(e)(n) -1*1 mo. USD LIBOR + 5.970%		18,905
	30,573	Series 3946-SM 14.382%, 10/15/2041(e) -3*1 mo. USD LIBOR + 14.700%		40,701
	611,840	Series 3972-AZ 3.500%, 12/15/2041		664,727
	2,223,872	Series 3984-DS 5.844%, 01/15/2042(e)(n) -1*1 mo. USD LIBOR + 5.950%		323,181
	5,436,404	Series 4080-DS 6.594%, 03/15/2041(e)(n) -1*1 mo. USD LIBOR + 6.700%		811,829
	2,468,487	Series 4239-OU 0.000%, 07/15/2043(m)		1,822,048
	2,438,522	Series 4291-MS 5.794%, 01/15/2054(e)(n) -1*1 mo. USD LIBOR + 5.900%		445,318
	1,508,577	Series 4314-MS 5.994%, 07/15/2043(e)(n) -1*1 mo. USD LIBOR + 6.100%		150,972
		Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
	34,329	Series 2018-DNA1-M2 1.909%, 07/25/2030(e) 1 mo. USD LIBOR + 1.800%		34,204
		Federal National Mortgage Association
	9,491,085	Series 2019-M24-2XA 1.149%, 03/25/2031(h)(n)		882,459
	32,229,835	Series 2020-M10-X4 0.866%, 07/25/2032(h)(n)		2,419,768
	33,986,571	Series 2020-M10-X9 0.851%, 12/25/2027(h)(n)		1,429,268
	9,398,463	Series 2020-M13-X2 1.297%, 09/25/2030(h)(n)		820,423
	21,061,864	Series 2020-M6-X 1.360%, 10/25/2024(h)(n)		747,540

Principal Amount^			Value
		Federal National Mortgage Association Connecticut Avenue Securities
	$310,507	Series 2017-C05-1M2 2.309%, 01/25/2030(e) 1 mo. USD LIBOR + 2.200%	$	314,778
		Federal National Mortgage Association REMICS
	245,148	Series 2003-84-PZ 5.000%, 09/25/2033		280,446
	435,406	Series 2005-42-SA 6.691%, 05/25/2035(e)(n) -1*1 mo. USD LIBOR + 6.800%		44,223
	1,810,856	Series 2006-92-LI 6.471%, 10/25/2036(e)(n) -1*1 mo. USD LIBOR + 6.580%		337,066
	471,308	Series 2007-39-AI 6.011%, 05/25/2037(e)(n) -1*1 mo. USD LIBOR + 6.120%		90,051
	138,815	Series 2007-57-SX 6.511%, 10/25/2036(e)(n) -1*1 mo. USD LIBOR + 6.620%		24,627
	27,327	Series 2007-68-SA 6.541%, 07/25/2037(e)(n) -1*1 mo. USD LIBOR + 6.650%		4,472
	29,123	Series 2008-1-CI 6.191%, 02/25/2038(e)(n) -1*1 mo. USD LIBOR + 6.300%		4,926
	1,415,123	Series 2008-33-SA 5.891%, 04/25/2038(e)(n) -1*1 mo. USD LIBOR + 6.000%		247,911
	45,214	Series 2008-56-SB 5.951%, 07/25/2038(e)(n) -1*1 mo. USD LIBOR + 6.060%		5,133
	2,830,147	Series 2009-110-SD 6.141%, 01/25/2040(e)(n) -1*1 mo. USD LIBOR + 6.250%		507,133
	35,040	Series 2009-111-SE 6.141%, 01/25/2040(e)(n) -1*1 mo. USD LIBOR + 6.250%		6,391
	168,086	Series 2009-86-CI 5.691%, 09/25/2036(e)(n) -1*1 mo. USD LIBOR + 5.800%		14,169
	79,699	Series 2009-87-SA 5.891%, 11/25/2049(e)(n) -1*1 mo. USD LIBOR + 6.000%		15,496
	49,842	Series 2009-90-IB 5.611%, 04/25/2037(e)(n) -1*1 mo. USD LIBOR + 5.720%		6,785
	47,430	Series 2010-11-SC 4.691%, 02/25/2040(e)(n) -1*1 mo. USD LIBOR + 4.800%		4,545

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2021 (Unaudited)(Continued)

Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
		Federal National Mortgage Association REMICS (Continued)
	$32,739	Series 2010-115-SD 6.491%, 11/25/2039(e)(n) -1*1 mo. USD LIBOR + 6.600%	$	6,027
	2,840,358	Series 2010-123-SK 5.941%, 11/25/2040(e)(n) -1*1 mo. USD LIBOR + 6.050%		588,480
	533,014	Series 2010-134-SE 6.541%, 12/25/2025(e)(n) -1*1 mo. USD LIBOR + 6.650%		44,067
	182,947	Series 2010-15-SL 4.841%, 03/25/2040(e)(n) -1*1 mo. USD LIBOR + 4.950%		25,543
	54,224	Series 2010-9-GS 4.641%, 02/25/2040(e)(n) -1*1 mo. USD LIBOR + 4.750%		5,210
	6,420	Series 2011-110-LS 9.870%, 11/25/2041(e) -2*1 mo. USD LIBOR + 10.100%		7,643
	146,546	Series 2011-111-VZ 4.000%, 11/25/2041		161,944
	660,821	Series 2011-141-PZ 4.000%, 01/25/2042		723,404
	45,404	Series 2011-5-PS 6.291%, 11/25/2040(e)(n) -1*1 mo. USD LIBOR + 6.400%		2,718
	1,797,486	Series 2011-93-ES 6.391%, 09/25/2041(e)(n) -1*1 mo. USD LIBOR + 6.500%		341,783
	1,181,831	Series 2012-106-SA 6.051%, 10/25/2042(e)(n) -1*1 mo. USD LIBOR + 6.160%		215,181
	2,851,849	Series 2014-50-WS 6.091%, 08/25/2044(e)(n) -1*1 mo. USD LIBOR + 6.200%		480,938
		First Horizon Alternative Mortgage Securities Trust
	704,861	Series 2006-FA6-1A4 6.250%, 11/25/2036		487,368
	270,825	Series 2007-FA4-1A7 6.000%, 08/25/2037		174,469
		First Horizon Mortgage Pass-Through Trust
	122,700	Series 2006-1-1A10 6.000%, 05/25/2036		83,665
		Fontainebleau Miami Beach Trust
	574,000	Series 2019-FBLU H 3.963%, 12/10/2036(c)(h)		550,624
		FREMF Mortgage Trust
	1,500,063	Series 2016-KF14-B 8.919%, 01/25/2023(c)(e) 1 mo. USD LIBOR + 8.800%		1,508,014

Principal Amount^			Value
		GCAT LLC
	$931,635	Series 2020-4-A1 2.611%, 12/25/2025(c)(f)	$	937,129
		GCAT Trust
	83,979	Series 2019-RPL1-A1 2.650%, 10/25/2068(c)(h)		86,876
		Government National Mortgage Association
	489,169	Series 2007-21-S 6.094%, 04/16/2037(e)(n) -1*1 mo. USD LIBOR + 6.200%		78,967
	175,749	Series 2008-69-SB 7.519%, 08/20/2038(e)(n) -1*1 mo. USD LIBOR + 7.630%		39,143
	207,252	Series 2009-104-SD 6.244%, 11/16/2039(e)(n) -1*1 mo. USD LIBOR + 6.350%		35,422
	386,324	Series 2010-134-EI 4.500%, 11/20/2039(n)		11,616
	28,319	Series 2010-98-IA 5.641%, 03/20/2039(h)(n)		2,928
	413,259	Series 2011-45-GZ 4.500%, 03/20/2041		443,362
	112,090	Series 2011-69-OC 0.000%, 05/20/2041(m)		103,350
	2,275,034	Series 2011-69-SC 5.269%, 05/20/2041(e)(n) -1*1 mo. USD LIBOR + 5.380%		340,862
	378,388	Series 2011-89-SA 5.339%, 06/20/2041(e)(n) -1*1 mo. USD LIBOR + 5.450%		74,086
	1,608,235	Series 2013-102-BS 6.039%, 03/20/2043(e)(n) -1*1 mo. USD LIBOR + 6.150%		203,819
	31,053,865	Series 2013-155-IB 0.006%, 09/16/2053(h)(n)		210,747
	2,996,020	Series 2014-145-CS 5.494%, 05/16/2044(e)(n) -1*1 mo. USD LIBOR + 5.600%		456,947
	1,906,516	Series 2014-156-PS 6.139%, 10/20/2044(e)(n) -1*1 mo. USD LIBOR + 6.250%		413,311
	4,393,208	Series 2014-4-SA 5.994%, 01/16/2044(e)(n) -1*1 mo. USD LIBOR + 6.100%		909,267
	7,684,082	Series 2014-41-SA 5.989%, 03/20/2044(e)(n) -1*1 mo. USD LIBOR + 6.100%		1,657,108
	3,135,947	Series 2014-5-SA 5.439%, 01/20/2044(e)(n) -1*1 mo. USD LIBOR + 5.550%		579,131

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2021 (Unaudited)(Continued)

Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
		Government National Mortgage Association (Continued)
	$3,653,558	Series 2014-58-SG 5.494%, 04/16/2044(e)(n) -1*1 mo. USD LIBOR + 5.600%	$	606,654
	3,172,429	Series 2014-76-SA 5.489%, 01/20/2040(e)(n) -1*1 mo. USD LIBOR + 5.600%		553,406
	4,001,231	Series 2014-95-CS 6.144%, 06/16/2044(e)(n) -1*1 mo. USD LIBOR + 6.250%		758,910
	15,793,062	Series 2016-162-IO 0.852%, 09/16/2058(h)(n)		896,509
	4,287,029	Series 2018-105-SH 6.139%, 08/20/2048(e)(n) -1*1 mo. USD LIBOR + 6.250%		714,435
	50,083,788	Series 2018-111-SA 4.439%, 08/20/2048(e)(n) -1*1 mo. USD LIBOR + 4.550%		5,140,194
	17,873,565	Series 2018-134-CS 6.089%, 10/20/2048(e)(n) -1*1 mo. USD LIBOR + 6.200%		2,647,776
	10,321,959	Series 2019-22-SA 5.489%, 02/20/2045(e)(n) -1*1 mo. USD LIBOR + 5.600%		2,153,805
	5,971,817	Series 2019-61-NS 5.989%, 02/20/2049(e)(n) -1*1 mo. USD LIBOR + 6.100%		1,184,035
	10,517,817	Series 2020-112-BS 6.139%, 08/20/2050(e)(n) -1*1 mo. USD LIBOR + 6.250%		1,911,479
	7,766,123	Series 2020-142-SD 6.189%, 09/20/2050(e)(n) -1*1 mo. USD LIBOR + 6.300%		1,834,842
	9,854,193	Series 2020-146-SH 6.189%, 10/20/2050(e)(n) -1*1 mo. USD LIBOR + 6.300%		2,362,092
	10,601,058	Series 2020-168-IA 0.989%, 12/16/2062(h)(n)		919,311
	14,443,315	Series 2020-47-SA 5.889%, 05/20/2044(e)(n) -1*1 mo. USD LIBOR + 6.000%		2,590,432
	8,426,748	Series 2020-47-SL 5.259%, 07/20/2044(e)(n) -1*1 mo. USD LIBOR + 5.370%		1,525,054
	7,968,059	Series 2021-1-QS 6.189%, 01/20/2051(e)(n) -1*1 mo. USD LIBOR + 6.300%		1,922,755
	11,488,000	Series 2021-52-IO 0.848%, 04/16/2063(h)(n)		941,706

Principal Amount^			Value
		GPMT Ltd.
	$1,507,000	Series 2018-FL1-D 3.060%, 11/21/2035(c)(e) 1 mo. USD LIBOR + 2.950%	$	1,496,862
		GS Mortgage Securities Corp. Trust
	1,503,000	Series 2018-TWR-G 4.031%, 07/15/2031(c)(e) 1 mo. USD LIBOR + 3.925%		1,313,108
		GS Mortgage Securities Trust
	130,000	Series 2011-GC5-C 5.406%, 08/10/2044(c)(h)		110,193
	1,010,000	Series 2011-GC5-D 5.406%, 08/10/2044(c)(h)		631,504
	100,000	Series 2014-GC18-B 4.885%, 01/10/2047(h)		100,743
	1,967,000	Series 2014-GC26-D 4.514%, 11/10/2047(c)(h)		1,368,324
		GSCG Trust
	710,000	Series 2019-600C-H 3.985%, 09/06/2034(c)(h)		647,420
		GSR Mortgage Loan Trust
	38,739	Series 2005-4F-6A1 6.500%, 02/25/2035		39,482
	644,131	Series 2005-9F-2A1 6.000%, 01/25/2036		450,575
	119,655	Series 2005-AR6-4A5 2.978%, 09/25/2035(h)		120,302
	244,776	Series 2006-7F-3A4 6.250%, 08/25/2036		127,239
		HarborView Mortgage Loan Trust
	256,639	Series 2004-11-2A2A 0.750%, 01/19/2035(e) 1 mo. USD LIBOR + 0.640%		245,102
	3,600,508	Series 2007-7-2A1B 1.109%, 10/25/2037(e) 1 mo. USD LIBOR + 1.000%		3,561,345
		Hawaii Hotel Trust
	1,297,000	Series 2019-MAUI-F 2.856%, 05/15/2038(c)(e) 1 mo. USD LIBOR + 2.750%		1,286,150
		Hospitality Mortgage Trust
	1,055,155	Series 2019-HIT-G 4.006%, 11/15/2036(c)(e) 1 mo. USD LIBOR + 3.900%		979,337
		Impac Secured Assets Trust
	5,944,932	Series 2007-2-1A1C 0.489%, 05/25/2037(e) 1 mo. USD LIBOR + 0.380%		5,340,146
		IndyMac INDX Mortgage Loan Trust
	162,384	Series 2004-AR7-A5 1.329%, 09/25/2034(e) 1 mo. USD LIBOR + 1.220%		156,586
	267,702	Series 2005-AR11-A3 2.994%, 08/25/2035(h)		243,775
	613,640	Series 2006-AR2-2A1 0.529%, 02/25/2046(e) 1 mo. USD LIBOR + 0.420%		504,195
	3,563,849	Series 2006-R1-A3 2.987%, 12/25/2035(h)		3,422,604
	1,281,160	Series 2007-AR5-2A1 3.222%, 05/25/2037(h)		1,221,462

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2021 (Unaudited)(Continued)

Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
		JP Morgan Chase Commercial Mortgage Securities Trust
	$1,285,000	Series 2011-C3-E 5.789%, 02/15/2046(c)(h)	$	396,766
	135,000	Series 2012-C8-C 4.623%, 10/15/2045(c)(h)		126,575
	310,000	Series 2012-LC9-C 4.419%, 12/15/2047(c)(h)		316,946
	1,531,000	Series 2019-MFP-F 3.106%, 07/15/2036(c)(e) 1 mo. USD LIBOR + 3.000%		1,507,800
	683,000	Series 2019-MFP-G 4.156%, 07/15/2036(c)(e) 1 mo. USD LIBOR + 4.050%		669,584
	683,000	Series 2019-MFP-XG 0.500%, 07/15/2036(c)(h)(n)		2,557
	219,000	Series 2019-UES-C 4.343%, 05/05/2032(c)		226,283
	224,000	Series 2019-UES-D 4.452%, 05/05/2032(c)(h)		226,058
	261,000	Series 2019-UES-E 4.452%, 05/05/2032(c)(h)		256,043
	274,000	Series 2019-UES-F 4.452%, 05/05/2032(c)(h)		260,102
	299,000	Series 2019-UES-G 4.452%, 05/05/2032(c)(h)		272,255
		JP Morgan Mortgage Trust
	298,509	Series 2004-S1-2A1 6.000%, 09/25/2034		312,481
	2,048,267	Series 2005-ALT1-3A1 2.635%, 10/25/2035(h)		1,793,037
	34,640	Series 2007-A1-4A2 2.964%, 07/25/2035(h)		33,876
	11,901	Series 2007-S1-1A2 5.500%, 03/25/2022		11,842
	673,829	Series 2007-S3-1A97 6.000%, 08/25/2037		505,076
		JP Morgan Resecuritization Trust
	7,193,298	Series 2015-4-1A7 0.308%, 06/26/2047(c)(e) 1 mo. USD LIBOR + 0.190%		5,540,052
		JPMBB Commercial Mortgage Securities Trust
	1,616,000	Series 2014-C23-D 3.972%, 09/15/2047(c)(h)		1,617,088
	300,000	Series 2014-C23-E 3.364%, 09/15/2047(c)(h)		216,722
	78,000	Series 2015-C27-D 3.854%, 02/15/2048(c)(h)		69,946
	4,749,500	Series 2015-C27-XFG 1.354%, 02/15/2048(c)(h)(n)		210,986
		Legacy Mortgage Asset Trust
	1,027,717	Series 2020-GS1-A1 2.882%, 10/25/2059(c)(f)		1,039,444
	3,300,000	Series 2020-GS3-A2 4.000%, 05/25/2060(c)(f)		3,336,099
	195,281	Series 2020-GS5-A1 3.250%, 06/25/2060(c)		199,090
		Lehman Mortgage Trust
	1,212,444	Series 2006-2-2A3 5.750%, 04/25/2036		1,214,621

Principal Amount^			Value
		Lehman XS Trust
	$1	Series 2006-12N-A2A1 0.409%, 08/25/2046(b)(e) 1 mo. USD LIBOR + 0.300%	$	0
	104,927	Series 2006-2N-1A1 0.629%, 02/25/2046(e) 1 mo. USD LIBOR + 0.520%		96,849
		LHOME Mortgage Trust
	3,700,000	Series 2021-RTL1-M 4.458%, 09/25/2026(c)(h)		3,728,272
		Master Alternative Loan Trust
	28,469	Series 2003-9-4A1 5.250%, 11/25/2033		29,220
	25,274	Series 2004-5-1A1 5.500%, 06/25/2034		25,962
	30,852	Series 2004-5-2A1 6.000%, 06/25/2034		31,942
	113,757	Series 2004-8-2A1 6.000%, 09/25/2034		117,045
		Mello Warehouse Securitization Trust
	1,250,000	Series 2020-1-G 5.609%, 10/25/2053(c)(e) 1 mo. USD LIBOR + 5.500%		1,252,349
		Merrill Lynch Mortgage Investors Trust
	5,833	Series 2006-2-2A 2.309%, 05/25/2036(h)		5,936
		Mill City Mortgage Loan Trust
	305,000	Series 2021-NMR1-M3 2.500%, 11/25/2060(c)(h)		295,022
		Morgan Stanley Bank of America Merrill Lynch Trust
	560,000	Series 2013-C11-B 4.353%, 08/15/2046(h)		398,722
		Morgan Stanley Capital Barclays Bank Trust
	551,000	Series 2016-MART-D 3.309%, 09/13/2031(c)		545,184
		Morgan Stanley Capital I Trust
	687,000	Series 2007-IQ15-C 6.163%, 06/11/2049(c)(h)		681,691
	200,000	Series 2011-C2-B 5.200%, 06/15/2044(c)(h)		202,246
	285,000	Series 2011-C2-D 5.455%, 06/15/2044(c)(h)		262,008
	540,000	Series 2011-C2-E 5.455%, 06/15/2044(c)(h)		354,887
	1,508,000	Series 2019-PLND-F 2.906%, 05/15/2036(c)(e) 1 mo. USD LIBOR + 2.800%		1,301,373
		Morgan Stanley Mortgage Loan Trust
	2,087,056	Series 2005-9AR-2A 2.654%, 12/25/2035(h)		2,025,802
	2,588,900	Series 2006-11-2A2 6.000%, 08/25/2036		1,733,421
	300,931	Series 2006-7-3A 5.111%, 06/25/2036(h)		240,270
	244,203	Series 2007-13-6A1 6.000%, 10/25/2037		186,111
		Morgan Stanley Re-REMIC Trust
	9,163	Series 2010-R9-3C 6.000%, 11/26/2036(c)(h)		9,063

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2021 (Unaudited)(Continued)

Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
		Motel 6 Trust
	$582,740	Series 2017-M6MZ-M 7.033%, 08/15/2024(c)(e) 1 mo. USD LIBOR + 6.927%	$	567,772
		Preston Ridge Partners Mortgage LLC
	260,000	Series 2020-3-A2 5.071%, 09/25/2025(c)(f)		261,287
	1,000,000	Series 2020-5-A2 5.437%, 11/25/2025(c)(f)		1,005,009
	400,000	Series 2021-2-A2 3.770%, 03/25/2026(c)(f)		403,202
		Prime Mortgage Trust
	1,180,053	Series 2006-DR1-2A1 5.500%, 05/25/2035(c)		1,079,381
		RCO V Mortgage LLC
	335,743	Series 2020-1-A1 3.105%, 09/25/2025(c)(f)		338,748
		Residential Accredit Loans, Inc.
	363,504	Series 2006-QS17-A5 6.000%, 12/25/2036		352,411
	444,569	Series 2006-QS7-A3 6.000%, 06/25/2036		419,044
	498,644	Series 2007-QS1-2A10 6.000%, 01/25/2037		475,288
	436,004	Series 2007-QS8-A8 6.000%, 06/25/2037		421,058
		Residential Asset Securitization Trust
	232,612	Series 2006-A8-1A1 6.000%, 08/25/2036		190,781
	242,999	Series 2007-A1-A8 6.000%, 03/25/2037		141,055
	15,977,392	Series 2007-A9-A1 0.659%, 09/25/2037(e) 1 mo. USD LIBOR + 0.550%		3,667,492
	15,977,392	Series 2007-A9-A2 6.341%, 09/25/2037(e)(n) -1*1 mo. USD LIBOR + 6.450%		5,501,995
		Residential Funding Mortgage Securities I Trust
	418,030	Series 2006-S4-A5 6.000%, 04/25/2036		407,030
		Starwood Retail Property Trust
	235,000	Series 2014-STAR-C 2.856%, 11/15/2027(b)(c)(e) 1 mo. USD LIBOR + 2.750%		104,557
	980,000	Series 2014-STAR-D 3.606%, 11/15/2027(b)(c)(e) 1 mo. USD LIBOR + 3.500%		235,621
	950,000	Series 2014-STAR-E 4.506%, 11/15/2027(b)(c)(e) 1 mo. USD LIBOR + 4.400%		82,902
		Structured Adjustable Rate Mortgage Loan Trust
	668,969	Series 2005-14-A1 0.419%, 07/25/2035(e) 1 mo. USD LIBOR + 0.310%		495,891
	291,755	Series 2005-15-1A1 2.988%, 07/25/2035(h)		222,393
	260,311	Series 2005-22-3A1 3.651%, 12/25/2035(h)		216,518

Principal Amount^			Value
	$691,593	Series 2008-1-A2 2.727%, 10/25/2037(h)	$	636,454
		Structured Asset Securities Corp. Trust
	7,720,192	Series 2007-4-1A3 6.141%, 03/28/2045(c)(e)(n) -1*1 mo. USD LIBOR + 6.250%		771,214
		Tharaldson Hotel Portfolio Trust
	1,382,807	Series 2018-THL-F 4.207%, 11/11/2034(c)(e) 1 mo. USD LIBOR + 4.102%		1,258,680
		UBS-Barclays Commercial Mortgage Trust
	305,000	Series 2012-C2-E 4.885%, 05/10/2063(c)(h)		80,063
	1,000,000	Series 2013-C5-C 4.084%, 03/10/2046(c)(h)		981,711
		VOLT XCII LLC
	3,000,000	Series 2021-NPL1-A2 4.949%, 02/27/2051(c)(f)		2,992,379
		VOLT XCIII LLC
	887,286	Series 2021-NPL2-A1 1.893%, 02/27/2051(c)(f)		883,449
		VOLT XCIV LLC
	675,000	Series 2021-NPL3-A2 4.949%, 02/27/2051(c)(f)		672,969
		VOLT XCVI LLC
	345,000	Series 2021-NPL5-A2 4.826%, 03/27/2051(c)(f)		344,510
		Washington Mutual Mortgage Pass-Through Certificates Trust
	535,385	Series 2006-5-1A5 6.000%, 07/25/2036		494,636
	440,752	Series 2006-8-A6 4.242%, 10/25/2036(f)		228,931
	2,599,143	Series 2007-5-A3 7.000%, 06/25/2037		1,816,672
		Wells Fargo Alternative Loan Trust
	146,617	Series 2007-PA2-3A1 0.459%, 06/25/2037(e) 1 mo. USD LIBOR + 0.350%		126,072
	215,989	Series 2007-PA2-3A2 6.541%, 06/25/2037(e)(n) -1*1 mo. USD LIBOR + 6.650%		31,017
		Wells Fargo Commercial Mortgage Trust
	19,971,000	Series 2015-C28-XE 1.094%, 05/15/2048(c)(h)(n)		822,090
	398,000	Series 2015-NXS4-D 3.699%, 12/15/2048(h)		393,664
	750,000	Series 2016-C33-D 3.123%, 03/15/2059(c)		707,961
	135,000	Series 2016-C36-B 3.671%, 11/15/2059(h)		132,261
	130,000	Series 2016-C36-C 4.229%, 11/15/2059(h)		112,830
	1,225,000	Series 2019-JWDR-C 3.038%, 09/15/2031(c)(h)		1,203,368
		Wells Fargo Mortgage-Backed Securities Trust
	91,298	Series 2006-AR19-A1 2.810%, 12/25/2036(h)		91,043

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2021 (Unaudited)(Continued)

Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
		WFRBS Commercial Mortgage Trust
	$850,000	Series 2011-C3-D 5.849%, 03/15/2044(c)(h)	$	479,180
	395,000	Series 2011-C4-E 5.226%, 06/15/2044(c)(h)		245,939
	1,020,000	Series 2012-C10-C 4.362%, 12/15/2045(h)		917,248
	500,000	Series 2012-C6-D 5.580%, 04/15/2045(c)(h)		507,100
	185,000	Series 2012-C7-C 4.808%, 06/15/2045(h)		134,471
	400,000	Series 2012-C7-D 4.808%, 06/15/2045(c)(h)		234,143
	290,000	Series 2012-C7-E 4.808%, 06/15/2045(c)(h)		57,419
	200,000	Series 2014-C20-B 4.378%, 05/15/2047		207,339
	250,000	Series 2014-C24-B 4.204%, 11/15/2047(h)		252,454
	TOTAL MORTGAGE-BACKED SECURITIES (Cost $212,453,606)			222,477,323
	SHORT-TERM INVESTMENTS: 11.1%
	REPURCHASE AGREEMENTS: 8.9%
	$133,467,903	Fixed Income Clearing Corp. 0.000%, 3/31/2021, due 04/01/2021 [collateral: par value $129,831,600 U.S. Treasury Note, 1.750%, due 12/31/2024, value $136,143,724] (proceeds $133,467,903)		133,467,903
	TREASURY BILLS: 2.2%
		United States Treasury Bill
	6,900,000	0.010%, 06/17/2021(a)(o)		6,899,849
	4,000,000	0.019%, 08/12/2021(a)(o)		3,999,719
	5,600,000	0.020%, 09/09/2021(a)(o)		5,599,499
	8,808,000	0.024%, 10/07/2021(a)(o)		8,806,902
	1,440,000	0.119%, 11/04/2021(a)(o)		1,438,976
	7,000,000	0.051%, 01/27/2022(o)		6,997,073
	TOTAL TREASURY BILLS (Cost $33,732,278)			33,742,018
	TOTAL SHORT-TERM INVESTMENTS (Cost $167,200,181)			167,209,921
	TOTAL PURCHASED OPTIONS (Premiums paid $632,790): 0.0%			537,282
	TOTAL INVESTMENTS (Cost: $1,418,443,481): 99.6%			1,496,524,346
	Other Assets in Excess of Liabilities: 0.4%			5,971,287
	NET ASSETS: 100.0%		$	1,502,495,633

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
EONIA	Euro Overnight Index Average
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
REIT	Real Estate Investment Trust
REMICS	Real Estate Mortgage Investment Conduit
SOFR	Secured Overnight Financing Rate
SONIA	Sterling Over Night Index Average
*	Non-Income Producing Security.
^	The principal amount is stated in U.S. Dollars unless otherwise indicated.
(a)	Securities with an aggregate fair value of $113,468,919 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 March 31, 2021.
(f)	Coupon increases periodically based upon a predetermined schedule. Stated interest rate in effect at March 31, 2021.
(g)	When issued security.
(h)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect at March 31, 2021.
(i)	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.
(j)	Security is currently in default and/or non-income producing.
(k)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(l)	Pay-in-kind security.
(m)	Principal Only security.
(n)	Interest Only security. Security with a notional or nominal principal amount.
(o)	The rate shown represents yield-to-maturity.

CURRENCY ABBREVIATIONS:
ARS	Argentine Peso
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
COP	Colombian Peso
EUR	Euro
GBP	British Pound
INR	Indian Rupee
MXN	Mexican Peso
USD	U.S. Dollar

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2021 (Unaudited)(Continued)

UNFUNDED LOAN COMMITMENTS — At March 31, 2021, 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)
OneDigital Borrower LLC, 5.250%, 11/16/2027	$	71,875	$	71,995	$	120

The cost basis of investments for federal income tax purposes at March 31, 2021 was as follows*:

Cost of investments	$	1,330,985,537
Gross unrealized appreciation		146,419,971
Gross unrealized depreciation		(71,188,222	)
Net unrealized appreciation	$	75,231,749

* 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 PURCHASED OPTIONS at March 31, 2021 (Unaudited)

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Fair Value		Premiums Paid		Unrealized Appreciation/ (Depreciation)
COMMON STOCKS
Call
Corelogic, Inc.	Morgan Stanley & Co.	$	80.00		5/21/2021		592	$	4,691,600	$	53,280	$	53,434	$	(154	)
II-VI, Inc.	Morgan Stanley & Co.		75.00		4/16/2021		353		2,413,461		31,770		51,977		(20,207	)
Pluralsight, Inc.	Morgan Stanley & Co.		22.50		4/16/2021		199		444,566		1,990		3,637		(1,647	)
Talend S.A.	Morgan Stanley & Co.		70.00		4/16/2021		134		852,776		4,020		3,627		393
Tegna, Inc.	Morgan Stanley & Co.		18.00		4/16/2021		551		1,037,533		68,324		45,731		22,593
United Airlines Holdings, Inc.	Morgan Stanley & Co.		57.50		6/18/2021		255		1,467,270		144,075		157,408		(13,333	)
Put
Chargepoint Holdings, Inc.	Morgan Stanley & Co.		17.50		8/20/2021		139		371,130		25,437		51,238		(25,801	)
Churchill Capital Corp. IV	Morgan Stanley & Co.		17.50		7/16/2021		149		345,382		30,396		40,117		(9,721	)
Star Peak Energy Transition Co.	Morgan Stanley & Co.		17.50		7/16/2021		178		473,124		31,150		44,635		(13,485	)
Total											390,442		451,804		(61,362	)
EXCHANGE TRADED FUNDS
Call
Financial Select Sector SPDR Fund	Morgan Stanley & Co.		36.00		6/18/2021		1,300		4,426,500		80,600		122,246		(41,646	)
Put
Defiance Nextgen SPAC Derived ETF	Morgan Stanley & Co.		20.00		8/20/2021		192		507,264		30,240		28,674		1,566
Defiance Nextgen SPAC Derived ETF	Morgan Stanley & Co.		21.00		8/20/2021		192		507,264		36,000		30,066		5,934
Total											146,840		180,986		(34,146	)
Total Purchased Options										$	537,282	$	632,790	$	(95,508	)

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES SOLD SHORT at March 31, 2021 (Unaudited)

Shares			Value
	COMMON STOCKS: (5.6)%
	(4,249)	Acushnet Holdings Corp.	$	(175,611	)
	(166,450)	Advanced Micro Devices, Inc.*		(13,066,325	)
	(41,006)	Analog Devices, Inc.		(6,359,210	)
	(57,125)	Aon Plc Class A		(13,145,034	)
	(203,648)	AstraZeneca Plc ADR		(10,125,378	)
	(348)	Bayerische Motoren Werke AG		(36,161	)
	(31,934)	Cincinnati Bell, Inc.*		(490,187	)
	(425)	Daimler AG		(37,943	)
	(214,626)	Energy Transfer Equity L.P.		(1,648,328	)
	(40)	Faurecia SE*		(2,129	)
	(3,329)	Ford Motor Co.*		(40,780	)
	(696)	General Motors Co.		(39,992	)
	(34,570)	Goodyear Tire & Rubber Co. (The)*		(607,395	)
	(3,979)	ICON Plc*		(781,356	)
	(35,283)	II-VI, Inc.*		(2,412,299	)
	(819)	Jazz Pharmaceuticals Plc*		(134,619	)
	(97,633)	Just Eat Takeaway.com N.V.*(c)		(9,015,735	)
	(2,293)	Nexstar Media Group, Inc. Class A		(322,006	)
	(32,282)	S&P Global, Inc.		(11,391,349	)
	(17,957)	salesforce.com, Inc.*		(3,804,550	)
	(14,110)	Softbank Corp.		(183,544	)
	(2,853)	Stellantis N.V.		(50,546	)
	(19,537)	STERIS Plc		(3,721,408	)
	(7,857)	SVB Financial Group*		(3,878,687	)
	(4,861)	Teledyne Technologies, Inc.*		(2,010,753	)
	(102)	Tesla, Inc.*		(68,129	)
	(400)	Toyota Motor Corp.		(31,165	)
	TOTAL COMMON STOCKS (Proceeds $83,562,438)			(83,580,619	)
	EXCHANGE-TRADED FUNDS: (0.2)%
	(2,296)	iShares Russell 2000 Growth ETF		(690,499	)
	(7,214)	SPDR S&P 500 ETF Trust		(2,859,125	)
	TOTAL EXCHANGE-TRADED FUNDS (Proceeds $3,079,969)			(3,549,624	)
Principal Amount
	CORPORATE BONDS : (0.1)%
		Western Digital Corp.
	(702,000)	4.750%, 02/15/2026		(774,797	)
	TOTAL CORPORATE BONDS (Proceeds $689,686)			(774,797	)
	TOTAL SECURITIES SOLD SHORT (Proceeds $87,332,093)		$	(87,905,040	)

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS at March 31, 2021 (Unaudited)

At March 31, 2021, the Fund had the following forward foreign currency exchange contracts:

								Asset Derivatives		Liability Derivatives
Counterparty	Settlement Date	Fund Receiving	U.S. $ Value at March 31, 2021		Fund Delivering	U.S. $ Value at March 31, 2021		Unrealized Appreciation		Unrealized Depreciation
Bank of America N.A.	4/26/2021	USD	$	519,388	CAD	$	521,028	$	—	$	(1,640)
	4/26/2021	USD		1,987,834	EUR		1,916,484		71,350		—
	6/2/2021	USD		131,252	BRL		130,319		933		—
	6/2/2021	USD		186,219	BRL		185,616		603		—
	6/2/2021	USD		201,652	BRL		201,994		—		(342)
	6/2/2021	USD		151,278	BRL		153,213		—		(1,935)
Barclays Bank Plc	4/26/2021	USD		603,227	EUR		581,643		21,584		—
Deutsche Bank AG	4/30/2021	USD		552,213	GBP		556,104		—		(3,891)
Goldman Sachs & Co.	6/15/2021	CAD		26,013	USD		25,893		120		—
	6/15/2021	CAD		23,547	USD		23,528		19		—
	6/15/2021	CAD		66,742	USD		66,754		—		(12)
	6/15/2021	CAD		41,763	USD		41,813		—		(50)
	6/15/2021	CAD		51,866	USD		51,985		—		(119)
	6/15/2021	CAD		24,978	USD		25,171		—		(193)
	6/15/2021	CAD		56,799	USD		57,189		—		(390)
	6/15/2021	EUR		2,239,269	USD		2,279,273		—		(40,004)
	6/15/2021	GBP		44,577	USD		44,885		—		(308)
	6/15/2021	GBP		183,966	USD		186,348		—		(2,382)
	6/15/2021	USD		50,689	CAD		50,196		493		—
	6/15/2021	USD		30,916	CAD		30,706		210		—
	6/15/2021	USD		27,070	CAD		26,967		103		—
	6/15/2021	USD		35,525	CAD		35,479		46		—
	6/15/2021	USD		210,526	EUR		207,730		2,796		—
	6/15/2021	USD		380,856	EUR		378,289		2,567		—
	6/15/2021	USD		181,256	EUR		178,793		2,463		—
	6/15/2021	USD		136,808	EUR		137,153		—		(345)
HSBC Holdings Plc	5/17/2021	USD		469,055	EUR		453,761		15,294		—
JPMorgan Chase Bank N.A.	4/1/2021	EUR		315,278	USD		314,817		461		—
	5/6/2021	EUR		578,083	USD		582,262		—		(4,179)
	5/6/2021	EUR		671,001	USD		680,492		—		(9,491)
	5/6/2021	EUR		559,925	USD		574,791		—		(14,866)
	5/6/2021	EUR		729,554	USD		754,976		—		(25,422)
	5/6/2021	USD		7,976,408	EUR		7,713,178		263,230		—
	5/6/2021	USD		372,502	EUR		360,074		12,428		—
	5/6/2021	USD		178,114	EUR		172,631		5,483		—
	5/6/2021	USD		169,166	EUR		163,766		5,400		—
	5/6/2021	USD		152,652	EUR		147,925		4,727		—
	5/6/2021	USD		946,549	EUR		943,778		2,771		—
	5/6/2021	USD		118,866	EUR		116,446		2,420		—
	5/6/2021	USD		132,860	EUR		131,017		1,843		—
	5/6/2021	USD		175,279	EUR		173,541		1,738		—
	5/6/2021	USD		219,731	EUR		218,828		903		—
	5/6/2021	USD		234,659	EUR		234,008		651		—
	5/6/2021	USD		315,044	EUR		315,474		—		(430)
	5/6/2021	USD		255,130	EUR		255,723		—		(593)
Morgan Stanley & Co.	4/8/2021	USD		1,024,247	COP		963,906		60,341		—
	4/30/2021	EUR		600,493	USD		615,666		—		(15,173)
	4/30/2021	USD		618,713	EUR		600,493		18,220		—
	6/15/2021	USD		1,733,866	CAD		1,736,083		—		(2,217)
	6/15/2021	USD		12,116,415	EUR		11,900,934		215,481		—
	6/15/2021	USD		3,278,428	GBP		3,238,245		40,183		—
Standard Chartered Bank	4/6/2021	EUR		3,830,207	USD		3,924,845		—		(94,638)
	4/6/2021	USD		4,016,818	EUR		3,830,207		186,611		—
			$	49,935,272		$	49,212,420	$	941,472	$	(218,620	)

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN FUTURES CONTRACTS at March 31, 2021 (Unaudited)

Description	Number of Contracts			Notional Amount			Notional Value			Expiration Date		Unrealized Appreciation/ (Depreciation)
Futures Contracts - Long
2YR U.S. Treasury Notes		618		$	123,600,000		$	136,409,016			6/30/2021	$	(89,357	)
10YR U.S. Treasury Notes		38			3,800,000			4,975,625			6/21/2021		(29,382	)
Total Long												$	(118,739	)
Futures Contracts - Short
5YR U.S. Treasury Notes		(989	)	$	(98,900,000	)	$	(122,041,055	)		6/30/2021	$	1,146,540
Ultra-Long U.S. Treasury Bonds		(58	)		(5,800,000	)		(10,510,688	)		6/21/2021		179,171
Ultra 10YR. U.S. Treasury Notes		(119	)		(11,900,000	)		(17,098,813	)		6/21/2021		68,160
U.S. Long Bond Futures		(42	)		(4,200,000	)		(6,492,937	)		6/21/2021		242,721
Total Short												$	1,636,592
Total Futures Contracts												$	1,517,853

SCHEDULE OF INVESTMENTS IN SWAPS at March 31, 2021 (Unaudited)     

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

Description	Maturity Date		Fixed Deal (Pay) Rate			Implied Credit Spread at March 31, 2021			Notional Amount(4)			Periodic Payment Frequency		Fair Value			Upfront Premiums Paid / (Received)			Unrealized Appreciation / (Depreciation)
Buy Protection
American Axle & Manufacturing, Inc. 6.250%, 03/15/2026		6/20/2026		(5.000	%)		4.394	%		$	(6,100,000)		Quarterly	$	(160,164	)	$	(183,576	)	$	23,412
Anheuser-Busch InBev S.A. 1.150%, 01/22/2027		6/20/2026		(1.000	%)		0.560	%		EUR	(5,600,000)		Quarterly		(151,300	)		(147,679	)		(3,621	)
Apache Corp. 4.875%, 11/15/2027		6/20/2026		(1.000	%)		3.153	%		$	(650,000)		Quarterly		63,546			65,000			(1,454	)
Bank of America Corp. 1.218%, 04/24/2023		6/20/2026		(1.000	%)		0.500	%			(2,700,000)		Quarterly		(68,655	)		(68,400	)		(255	)
Barrick Gold Corp. 5.800%, 11/15/2034		6/20/2026		(1.000	%)		0.558	%			(6,000,000)		Quarterly		(134,740	)		(126,630	)		(8,110	)
Bayer AG 0.375%, 07/06/2024		6/20/2026		(1.000	%)		0.570	%		EUR	(5,700,000)		Quarterly		(150,406	)		(141,054	)		(9,352	)
Best Buy Co., Inc. 4.450%, 10/01/2028		6/20/2026		(5.000	%)		0.559	%		$	(2,450,000)		Quarterly		(551,739	)		(550,639	)		(1,100	)
Block Financial LLC 5.500%, 11/01/2022		6/20/2026		(5.000	%)		0.944	%			(2,950,000)		Quarterly		(596,919	)		(580,691	)		(16,228	)
Bouygues S.A. 3.625%, 01/16/2023		6/20/2026		(1.000	%)		0.387	%		EUR	(5,900,000)		Quarterly		(223,663	)		(210,115	)		(13,548	)
BP Capital Markets Plc 1.876%, 04/07/2024		6/20/2026		(1.000	%)		0.538	%			(5,700,000)		Quarterly		(161,651	)		(171,709	)		10,058
British Telecommunications Plc 5.750%, 12/07/2028		6/20/2026		(1.000	%)		0.716	%			(5,900,000)		Quarterly		(102,167	)		(55,129	)		(47,038	)
Cardinal Health, Inc. 3.410%, 06/15/2027		6/20/2026		(1.000	%)		0.554	%		$	(4,450,000)		Quarterly		(100,643	)		(63,751	)		(36,892	)
Carnival Corp. 6.650%, 01/15/2028		6/20/2026		(1.000	%)		4.029	%			(5,100,000)		Quarterly		676,678			733,125			(56,447	)
Carrefour S.A. 1.250%, 06/03/2025		6/20/2026		(1.000	%)		0.542	%		EUR	(2,000,000)		Quarterly		(56,240	)		(49,994	)		(6,246	)
CDX North America High Yield Index Series 35 5.000%, 12/20/2025		12/20/2025		(5.000	%)		2.877	%		$	(57,000,000)		Quarterly		(5,163,137	)		(2,351,307	)		(2,811,830	)
Citigroup, Inc. 2.876%, 07/24/2023		6/20/2026		(1.000	%)		0.566	%			(6,700,000)		Quarterly		(147,295	)		(146,372	)		(923	)
Clariant AG 1.125%, 04/15/2026		12/20/2025		(1.000	%)		0.761	%		EUR	(1,400,000)		Quarterly		(18,472	)		(22,340	)		3,868

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SWAPS at March 31, 2021 (Unaudited)(Continued)

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

Description	Maturity Date		Fixed Deal (Pay) Rate			Implied Credit Spread at March 31, 2021			Notional Amount(4)			Periodic Payment Frequency		Fair Value			Upfront Premiums Paid / (Received)			Unrealized Appreciation / (Depreciation)
Buy Protection (Continued)
Commerzbank AG 0.500%, 12/06/2021		6/20/2026		(1.000	%)		0.899	%		EUR	(6,000,000)		Quarterly	$	(181,425	)	$	(32,776	)	$	(148,649	)
Compass Group Plc 1.875%, 01/27/2023		6/20/2026		(1.000	%)		0.397	%			(5,300,000)		Quarterly		(197,665	)		(177,020	)		(20,645	)
Continental AG 0.375%, 06/27/2025		6/20/2026		(1.000	%)		0.756	%			(5,000,000)		Quarterly		(74,189	)		(68,450	)		(5,739	)
Credit Agricole S.A. 3.375%, 01/10/2022		6/20/2026		(1.000	%)		0.507	%			(4,150,000)		Quarterly		(125,741	)		(123,313	)		(2,428	)
Credit Suisse Group AG 4.282%, 01/09/2028		6/20/2026		(1.000	%)		0.709	%			(750,000)		Quarterly		(13,320	)		(12,799	)		(521	)
CVS Health Corp. 3.500%, 07/20/2022		6/20/2026		(1.000	%)		0.463	%		$	(1,900,000)		Quarterly		(52,027	)		(51,311	)		(716	)
DISH DBS Corp. 6.750%, 06/01/2021		6/20/2026		(5.000	%)		4.444	%			(1,700,000)		Quarterly		(40,833	)		(31,674	)		(9,159	)
Domtar Corp. 4.400%, 04/01/2022		6/20/2026		(1.000	%)		0.800	%			(5,300,000)		Quarterly		(53,309	)		(22,111	)		(31,198	)
Enbridge, Inc. 3.500%, 06/10/2024		6/20/2026		(1.000	%)		0.843	%			(6,250,000)		Quarterly		(49,265	)		(81,962	)		32,697
FirstEnergy Corp. 7.375%, 11/15/2031		6/20/2026		(1.000	%)		0.660	%			(6,300,000)		Quarterly		(108,205	)		(55,994	)		(52,211	)
Gap, Inc. (The) 8.875%, 05/15/2027		6/20/2026		(1.000	%)		1.672	%			(3,600,000)		Quarterly		116,868			122,413			(5,545	)
Host Hotels & Resorts L.P. 3.875%, 04/01/2024		6/20/2026		(1.000	%)		1.196	%			(2,900,000)		Quarterly		28,043			17,593			10,450
HSBC Holdings Plc 0.875%, 09/06/2024		6/20/2026		(1.000	%)		0.470	%		EUR	(5,700,000)		Quarterly		(186,248	)		(179,019	)		(7,229	)
Imperial Brands Finance Plc 1.375%, 01/27/2025		6/20/2026		(1.000	%)		0.852	%			(5,900,000)		Quarterly		(53,032	)		(9,836	)		(43,196	)
ING Groep N.V. 0.750%, 03/09/2022		6/20/2026		(1.000	%)		0.454	%			(5,800,000)		Quarterly		(195,245	)		(196,617	)		1,372
KB Home 7.000%, 12/15/2021		6/20/2026		(5.000	%)		1.903	%		$	(2,100,000)		Quarterly		(311,412	)		(291,587	)		(19,825	)
Kinder Morgan, Inc. 4.300%, 03/01/2028		6/20/2026		(1.000	%)		0.837	%			(4,100,000)		Quarterly		(33,615	)		(50,919	)		17,304
Kohl’s Corp. 4.250%, 07/17/2025		6/20/2026		(1.000	%)		1.209	%			(1,950,000)		Quarterly		20,063			41,197			(21,134	)
Kroger Co. (The) 4.500%, 01/15/2029		6/20/2026		(1.000	%)		0.433	%			(7,000,000)		Quarterly		(202,333	)		(183,908	)		(18,425	)
Leonardo SpA 1.500%, 06/07/2024		6/20/2026		(5.000	%)		1.922	%		EUR	(2,750,000)		Quarterly		(489,725	)		(491,646	)		1,921
Lloyds Banking Group Plc 3.100%, 07/06/2021		6/20/2026		(1.000	%)		0.463	%			(5,800,000)		Quarterly		(192,075	)		(175,523	)		(16,552	)
Lumen Technologies, Inc. 7.500%, 04/01/2024		6/20/2026		(1.000	%)		2.953	%		$	(5,550,000)		Quarterly		496,098			505,083			(8,985	)
McKesson Corp. 7.650%, 03/01/2027		6/20/2026		(1.000	%)		0.448	%			(6,900,000)		Quarterly		(194,209	)		(151,902	)		(42,307	)
MDC Holdings, Inc. 5.500%, 01/15/2024		6/20/2026		(1.000	%)		1.059	%			(1,850,000)		Quarterly		5,361			13,848			(8,487	)
Meritor, Inc. 6.250%, 02/15/2024		12/20/2025		(5.000	%)		1.940	%			(5,250,000)		Quarterly		(702,631	)		(721,226	)		18,595
METRO AG 1.375%, 10/28/2021		6/20/2026		(1.000	%)		1.563	%		EUR	(750,000)		Quarterly		24,801			30,424			(5,623	)
Murphy Oil Corp. 4.000%, 06/01/2022		6/20/2026		(1.000	%)		4.508	%		$	(650,000)		Quarterly		97,920			97,500			420
Natwest Group Plc 2.000%, 03/04/2025		6/20/2026		(1.000	%)		0.586	%		EUR	(5,300,000)		Quarterly		(134,547	)		(138,237	)		3,690

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SWAPS at March 31, 2021 (Unaudited)(Continued)

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

Description	Maturity Date		Fixed Deal (Pay) Rate			Implied Credit Spread at March 31, 2021			Notional Amount(4)				Periodic Payment Frequency		Fair Value			Upfront Premiums Paid / (Received)			Unrealized Appreciation / (Depreciation)
Buy Protection (Continued)
Nokia Oyj 2.000%, 03/15/2024		6/20/2026		(5.000	%)		1.247	%		EUR	(4,600,000	)		Quarterly	$	(1,028,203	)	$	(1,016,844	)	$	(11,359	)
Nordstrom, Inc. 6.950%, 03/15/2028		6/20/2026		(1.000	%)		2.405	%		$	(1,200,000	)		Quarterly		78,988			130,500			(51,512	)
NRG Energy, Inc. 7.250%, 05/15/2026		6/20/2026		(5.000	%)		1.690	%			(1,500,000	)		Quarterly		(239,910	)		(258,080	)		18,170
Omnicom Group, Inc. / Omnicom Capital, Inc. 3.650%, 11/01/2024		6/20/2026		(1.000	%)		0.443	%			(6,650,000	)		Quarterly		(188,734	)		(129,108	)		(59,626	)
Orange S.A. 0.750%, 09/11/2023		6/20/2026		(1.000	%)		0.372	%		EUR	(2,400,000	)		Quarterly		(93,243	)		(90,731	)		(2,512	)
Pitney Bowes, Inc. 6.200%, 04/01/2023		6/20/2026		(1.000	%)		5.099	%		$	(3,250,000	)		Quarterly		558,399			558,000			399
Realogy Group LLC / Realogy Co-Issuer Corp. 4.875%, 06/01/2023		6/20/2026		(5.000	%)		4.381	%			(650,000	)		Quarterly		(17,436	)		(12,314	)		(5,122	)
Rite Aid Corp. 7.700%, 02/15/2027		6/20/2026		(5.000	%)		7.512	%			(3,250,000	)		Quarterly		310,942			178,806			132,136
Rolls-Royce Plc 2.125%, 06/18/2021		6/20/2026		(1.000	%)		2.831	%		EUR	(6,450,000	)		Quarterly		657,013			699,448			(42,435	)
Royal Caribbean Cruises Ltd. 5.250%, 11/15/2022		6/20/2026		(5.000	%)		4.522	%		$	(1,100,000	)		Quarterly		(22,618	)		(11,755	)		(10,863	)
SES S.A. 0.875%, 11/04/2027		6/20/2026		(1.000	%)		0.913	%		EUR	(600,000	)		Quarterly		(3,145	)		(1,469	)		(1,676	)
Shell International Finance B.V. 0.750%, 05/12/2024		6/20/2026		(1.000	%)		0.428	%			(5,700,000	)		Quarterly		(201,153	)		(216,071	)		14,918
Standard Chartered Plc 1.383%, 09/10/2022		6/20/2026		(1.000	%)		0.520	%			(5,850,000	)		Quarterly		(172,686	)		(172,476	)		(210	)
T-Mobile USA, Inc. 4.000%, 04/15/2022		6/20/2026		(5.000	%)		1.170	%		$	(1,050,000	)		Quarterly		(198,660	)		(197,377	)		(1,283	)
Telecom Italia SpA 3.625%, 01/19/2024		6/20/2026		(1.000	%)		1.917	%		EUR	(3,100,000	)		Quarterly		164,465			185,500			(21,035	)
Telefonica Emisiones S.A. 1.528%, 01/17/2025		6/20/2026		(1.000	%)		0.723	%			(5,850,000	)		Quarterly		(98,846	)		(66,148	)		(32,698	)
Tesco Plc 6.125%, 02/24/2022		6/20/2026		(1.000	%)		0.710	%			(6,000,000	)		Quarterly		(106,096	)		(95,253	)		(10,843	)
UniCredit SpA 2.125%, 10/24/2026		6/20/2026		(1.000	%)		0.697	%			(5,900,000	)		Quarterly		(108,951	)		(91,998	)		(16,953	)
United States Steel Corp. 6.650%, 06/01/2037		6/20/2026		(5.000	%)		3.908	%		$	(650,000	)		Quarterly		(31,326	)		(15,473	)		(15,853	)
Valeo S.A. 3.250%, 01/22/2024		6/20/2026		(1.000	%)		1.567	%		EUR	(5,600,000	)		Quarterly		186,471			196,348			(9,877	)
Valero Energy Corp. 8.750%, 06/15/2030		6/20/2026		(1.000	%)		1.079	%		$	(4,750,000	)		Quarterly		18,445			20,147			(1,702	)
Vodafone Group Plc 1.750%, 08/25/2023		6/20/2026		(1.000	%)		0.520	%		EUR	(5,650,000	)		Quarterly		(166,686	)		(149,602	)		(17,084	)
Wells Fargo & Co. 3.069%, 01/24/2023		6/20/2026		(1.000	%)		0.619	%		$	(6,800,000	)		Quarterly		(131,269	)		(137,889	)		6,620
WPP Finance S.A. 2.250%, 09/22/2026		6/20/2026		(1.000	%)		0.648	%		EUR	(3,400,000	)		Quarterly		(73,185	)		(58,259	)		(14,926	)
Total Buy Protection															$	(10,756,288	)	$	(7,243,131	)	$	(3,513,157	)
Sell Protection
Aegon N.V. 6.125%, 12/15/2031		6/20/2026		1.000	%		0.529	%		EUR	1,150,000			Quarterly	$	33,263		$	29,682		$	3,581

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SWAPS at March 31, 2021 (Unaudited)(Continued)

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

Description	Maturity Date		Fixed Deal (Pay) Rate			Implied Credit Spread at March 31, 2021			Notional Amount(4)			Periodic Payment Frequency		Fair Value			Upfront Premiums Paid / (Received)			Unrealized Appreciation / (Depreciation)
Sell Protection (Continued)
Altria Group, Inc. 4.750%, 05/05/2021		6/20/2026		1.000	%		0.476	%		$	2,000,000		Quarterly	$	53,377		$	49,890		$	3,487
Anglo American Capital Plc 4.125%, 04/15/2021		6/20/2026		5.000	%		1.036	%		EUR	4,900,000		Quarterly		1,167,564			1,219,103			(51,539	)
ArcelorMittal S.A. 1.000%, 05/19/2023		6/20/2026		5.000	%		1.365	%			4,950,000		Quarterly		1,066,223			1,058,460			7,763
Assicurazioni Generali SpA 5.125%, 09/16/2024		6/20/2026		1.000	%		0.531	%			5,800,000		Quarterly		167,237			159,884			7,353
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 5.250%, 03/15/2025		6/20/2026		5.000	%		2.899	%		$	1,050,000		Quarterly		101,335			108,171			(6,836	)
Aviva Plc 0.625%, 10/27/2023		6/20/2026		1.000	%		0.511	%		EUR	2,700,000		Quarterly		81,251			79,159			2,092
Avnet, Inc. 4.875%, 12/01/2022		6/20/2026		1.000	%		0.889	%		$	2,050,000		Quarterly		11,445			10,273			1,172
Beazer Homes USA, Inc. 6.750%, 03/15/2025		6/20/2026		5.000	%		3.140	%			6,000,000		Quarterly		507,423			461,785			45,638
BMW Finance N.V. 0.750%, 07/12/2024		6/20/2026		1.000	%		0.425	%		EUR	5,800,000		Quarterly		206,089			210,225			(4,136	)
CDX North America High Yield Index Series 36 5.000%, 06/20/2026		6/20/2026		5.000	%		3.080	%		$	34,700,000		Quarterly		3,096,975			3,096,975			—
Cie de Saint-Gobain 0.875%, 09/21/2023		6/20/2026		1.000	%		0.458	%		EUR	1,600,000		Quarterly		53,484			55,531			(2,047	)
Cie Generale des Etablissements Michelin SCA 1.125%, 05/28/2022		6/20/2026		1.000	%		0.387	%			4,200,000		Quarterly		159,320			173,366			(14,046	)
Clariant AG 1.125%, 04/15/2026		12/20/2025		1.000	%		0.761	%			5,800,000		Quarterly		76,530			122,412			(45,882	)
CNH Industrial Finance Europe S.A. 2.875%, 05/17/2023		6/20/2026		5.000	%		0.922	%			4,800,000		Quarterly		1,182,562			1,239,681			(57,119	)
Conagra Brands, Inc. 7.000%, 10/01/2028		6/20/2026		1.000	%		0.468	%		$	5,600,000		Quarterly		151,642			117,517			34,125
Daimler AG 1.400%, 01/12/2024		6/20/2026		1.000	%		0.539	%		EUR	5,800,000		Quarterly		164,146			152,101			12,045
Dell, Inc. 7.100%, 04/15/2028		6/20/2026		1.000	%		1.207	%		$	7,200,000		Quarterly		(73,219	)		(96,840	)		23,621
Deutsche Bank AG 1.125%, 08/30/2023		6/20/2026		1.000	%		0.993	%		EUR	4,850,000		Quarterly		134,772			3,303			131,469
DR Horton, Inc. 4.750%, 02/15/2023		6/20/2026		1.000	%		0.471	%		$	6,250,000		Quarterly		168,427			166,199			2,228
Expedia Group, Inc. 4.500%, 08/15/2024		6/20/2026		1.000	%		0.971	%			7,000,000		Quarterly		10,244			19,451			(9,207	)
Ford Motor Co. 4.346%, 12/08/2026		6/20/2026		5.000	%		2.502	%			6,200,000		Quarterly		723,063			836,858			(113,795	)
Freeport-McMoRan, Inc. 3.550%, 03/01/2022		6/20/2026		1.000	%		1.379	%			7,150,000		Quarterly		(132,476	)		(86,441	)		(46,035	)
General Electric Co. 2.700%, 10/09/2022		6/20/2026		1.000	%		0.853	%			7,000,000		Quarterly		51,563			35,119			16,444
General Motors Co. 4.875%, 10/02/2023		6/20/2026		5.000	%		1.074	%			5,800,000		Quarterly		1,129,539			1,124,489			5,050

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SWAPS at March 31, 2021 (Unaudited)(Continued)

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

Description	Maturity Date		Fixed Deal (Pay) Rate			Implied Credit Spread at March 31, 2021			Notional Amount(4)			Periodic Payment Frequency		Fair Value			Upfront Premiums Paid / (Received)			Unrealized Appreciation / (Depreciation)
Sell Protection (Continued)
Glencore Finance Europe Ltd. 1.875%, 09/13/2023		6/20/2026		5.000	%		1.210	%		EUR	4,900,000		Quarterly	$	1,107,881		$	1,158,360		$	(50,479	)
Goldman Sachs Group, Inc. (The) 2.908%, 06/05/2023		6/20/2026		1.000	%		0.620	%		$	5,700,000		Quarterly		109,601			113,681			(4,080	)
HCA, Inc. 5.875%, 02/15/2026		6/20/2026		5.000	%		1.090	%			1,050,000		Quarterly		203,512			206,107			(2,595	)
HeidelbergCement AG 2.250%, 03/30/2023		6/20/2026		5.000	%		0.823	%		EUR	5,000,000		Quarterly		1,267,269			1,268,716			(1,447	)
Hess Corp. 3.500%, 07/15/2024		6/20/2026		1.000	%		1.378	%		$	5,800,000		Quarterly		(107,090	)		(126,996	)		19,906
Howmet Aerospace, Inc. 5.125%, 10/01/2024		6/20/2026		1.000	%		1.806	%			3,350,000		Quarterly		(129,601	)		(114,621	)		(14,980	)
Iberdrola International B.V. 1.125%, 01/27/2023		6/20/2026		1.000	%		0.455	%		EUR	1,500,000		Quarterly		50,369			53,293			(2,924	)
ITV Plc 2.125%, 09/21/2022		6/20/2026		5.000	%		1.096	%			3,550,000		Quarterly		830,937			826,384			4,553
Koninklijke KPN N.V. 5.625%, 09/30/2024		6/20/2026		1.000	%		0.828	%			5,900,000		Quarterly		61,554			10,072			51,482
L Brands, Inc. 5.625%, 10/15/2023		6/20/2026		1.000	%		1.812	%		$	7,350,000		Quarterly		(286,408	)		(302,583	)		16,175
LafargeHolcim Ltd. 3.000%, 11/22/2022		6/20/2026		1.000	%		0.713	%		EUR	5,850,000		Quarterly		102,293			95,642			6,651
LANXESS AG 0.250%, 10/07/2021		6/20/2026		1.000	%		0.539	%			1,850,000		Quarterly		52,350			55,972			(3,622	)
Marriott International, Inc. 2.300%, 01/15/2022		6/20/2026		1.000	%		0.834	%		$	6,900,000		Quarterly		57,641			69,831			(12,190	)
MBIA, Inc. 6.625%, 10/01/2028		6/20/2026		5.000	%		4.237	%			5,200,000		Quarterly		172,741			101,197			71,544
McDonald’s Corp. 3.500%, 07/01/2027		6/20/2026		1.000	%		0.249	%			4,350,000		Quarterly		167,993			145,875			22,118
Meritor, Inc. 6.250%, 02/15/2024		12/20/2025		5.000	%		1.940	%			7,050,000		Quarterly		943,532			1,041,915			(98,383	)
MetLife, Inc. 3.600%, 11/13/2025		6/20/2026		1.000	%		0.633	%			7,000,000		Quarterly		129,924			130,285			(361	)
MGM Resorts International 5.750%, 06/15/2025		6/20/2026		5.000	%		2.167	%			1,150,000		Quarterly		154,278			157,862			(3,584	)
Motorola Solutions, Inc. 7.500%, 05/15/2025		6/20/2026		1.000	%		0.421	%			5,100,000		Quarterly		150,764			131,062			19,702
Navient Corp. 5.500%, 01/25/2023		6/20/2026		5.000	%		3.789	%			1,300,000		Quarterly		69,727			63,142			6,585
Newell Brands, Inc. 4.350%, 04/01/2023		6/20/2026		1.000	%		1.113	%			4,700,000		Quarterly		(26,264	)		(51,471	)		25,207
Next Group Plc 5.375%, 10/26/2021		6/20/2026		1.000	%		0.913	%		EUR	5,900,000		Quarterly		30,869			(913	)		31,782
Occidental Petroleum Corp. 5.550%, 03/15/2026		6/20/2026		1.000	%		3.124	%		$	3,750,000		Quarterly		(362,079	)		(421,875	)		59,796
Olin Corp. 5.500%, 08/15/2022		6/20/2026		1.000	%		1.960	%			3,350,000		Quarterly		(153,527	)		(174,238	)		20,711
OneMain Finance Corp. 5.625%, 03/15/2023		6/20/2026		5.000	%		2.414	%			4,650,000		Quarterly		563,602			537,844			25,758
Ovintiv, Inc. 3.900%, 11/15/2021		6/20/2026		1.000	%		2.012	%			4,050,000		Quarterly		(195,212	)		(243,000	)		47,788

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SWAPS at March 31, 2021 (Unaudited)(Continued)

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

Description	Maturity Date		Fixed Deal (Pay) Rate			Implied Credit Spread at March 31, 2021			Notional Amount(4)			Periodic Payment Frequency		Fair Value			Upfront Premiums Paid / (Received)			Unrealized Appreciation / (Depreciation)
Sell Protection (Continued)
Publicis Groupe S.A. 1.125%, 12/16/2021		6/20/2026		1.000	%		0.638	%		EUR	5,950,000		Quarterly	$	131,627		$	125,660		$	5,967
Renault S.A. 1.000%, 11/28/2025		6/20/2026		1.000	%		1.941	%			6,150,000		Quarterly		(334,541	)		(359,724	)		25,183
Rexel S.A. 2.125%, 06/15/2025		6/20/2026		5.000	%		1.271	%			1,250,000		Quarterly		277,342			279,876			(2,534	)
Ryder System, Inc. 3.875%, 12/01/2023		6/20/2026		1.000	%		0.816	%		$	5,900,000		Quarterly		54,640			53,525			1,115
Sherwin-Williams Co. (The) 7.375%, 02/01/2027		6/20/2026		1.000	%		0.509	%			6,800,000		Quarterly		169,906			144,660			25,246
Southwest Airlines Co. 5.125%, 06/15/2027		6/20/2026		1.000	%		0.889	%			4,600,000		Quarterly		25,532			33,234			(7,702	)
Stellantis N.V. 5.250%, 04/15/2023		6/20/2026		5.000	%		1.230	%		EUR	4,950,000		Quarterly		1,112,497			1,152,649			(40,152	)
Stora Enso Oyj 2.125%, 06/16/2023		6/20/2026		5.000	%		0.676	%			4,800,000		Quarterly		1,267,442			1,293,939			(26,497	)
Teck Resources Ltd. 6.125%, 10/01/2035		6/20/2026		5.000	%		1.513	%		$	5,750,000		Quarterly		976,029			1,082,298			(106,269	)
Telefonaktiebolaget LM Ericsson 4.125%, 05/15/2022		6/20/2026		1.000	%		0.692	%		EUR	5,800,000		Quarterly		108,837			99,406			9,431
Tenet Healthcare Corp. 6.875%, 11/15/2031		6/20/2026		5.000	%		3.269	%		$	4,200,000		Quarterly		328,867			331,455			(2,588	)
thyssenkrupp AG 2.500%, 02/25/2025		6/20/2026		1.000	%		2.476	%		EUR	1,150,000		Quarterly		(95,896	)		(99,922	)		4,026
UBS Group AG 3.491%, 05/23/2023		6/20/2026		1.000	%		0.489	%			5,000,000		Quarterly		157,238			172,477			(15,239	)
United Rentals North America, Inc. 4.875%, 01/15/2028		6/20/2026		5.000	%		1.142	%		$	950,000		Quarterly		181,300			174,914			6,386
Vivendi SE 0.750%, 05/26/2021		6/20/2026		1.000	%		0.640	%		EUR	4,150,000		Quarterly		91,283			88,334			2,949
Volkswagen International Finance N.V. 0.875%, 01/16/2023		6/20/2026		1.000	%		0.628	%			5,800,000		Quarterly		132,207			101,580			30,627
Volvo Treasury AB 1.625%, 05/26/2025		6/20/2026		1.000	%		0.453	%			1,950,000		Quarterly		65,741			69,027			(3,286	)
Xerox Corp. 3.800%, 05/15/2024		6/20/2026		1.000	%		1.980	%		$	3,200,000		Quarterly		(149,593	)		(151,035	)		1,442
Yum! Brands, Inc. 7.750%, 04/01/2025		6/20/2026		1.000	%		1.003	%			3,000,000		Quarterly		(439	)		(27,653	)		27,214
Total Sell Protection														$	19,758,454		$	19,642,596		$	115,858
Total														$	9,002,166		$	12,399,465		$	(3,397,299	)

(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 and CDX North America High Yield Index Series 36.

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

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SWAPS at March 31, 2021 (Unaudited)(Continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Description	Maturity Date		Counterparty		Fixed Deal (Pay) Rate			Implied Credit Spread at March 31, 2021			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		6/20/2026		Barclays Bank Plc		(1.000	%)		1.139	%	$		(5,710,000	)		Quarterly	$	40,082		$	22,998		$	17,084
Cellnex Telecom S.A. 3.125%, 07/27/2022		6/20/2026		JPMorgan Chase Bank N.A.		(5.000	%)		1.404	%		EUR	(2,400,000	)		Quarterly		(510,599	)		(506,352	)		(4,247	)
Elis S.A. 1.750%, 04/11/2024		6/20/2026		JPMorgan Chase Bank N.A.		(5.000	%)		1.931	%			(1,100,000	)		Quarterly		(195,195	)		(187,648	)		(7,547	)
Murphy Oil Corp. 4.000%, 06/01/2022		6/20/2026		JPMorgan Chase Bank N.A.		(1.000	%)		4.508	%	$		(1,200,000	)		Quarterly		180,776			174,000			6,776
Total Buy Protection																	$	(484,936	)	$	(497,002	)	$	12,066
Sell Protection
ADLER Real Estate AG 1.500%, 12/06/2021		6/20/2026		JPMorgan Chase Bank N.A.		5.000	%		1.944	%		EUR	3,300,000			Quarterly	$	582,948		$	585,949		$	(3,001	)
Crown European Holdings S.A. 3.375%, 05/15/2025		6/20/2026		JPMorgan Chase Bank N.A.		5.000	%		1.570	%			1,900,000			Quarterly		382,780			387,050			(4,270	)
Hapag-Lloyd AG 5.125%, 07/15/2024		6/20/2026		JPMorgan Chase Bank N.A.		5.000	%		1.893	%			1,400,000			Quarterly		251,973			268,602			(16,629	)
Premier Foods Finance Plc 5.028%, 07/15/2022		6/20/2026		JPMorgan Chase Bank N.A.		5.000	%		2.401	%			2,500,000			Quarterly		368,247			358,399			9,848
Total Sell Protection																	$	1,585,948		$	1,600,000		$	(14,052	)
Total																	$	1,101,012		$	1,102,998		$	(1,986	)

(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(1)			Periodic Payment Frequency	Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation / (Depreciation)
Aggreko Plc GBP		3/5/2022	Goldman Sachs & Co.		Pays	1 Month GBP LIBOR + 0.450%		GBP (1,068,528	)	Monthly	$	—		$	—		$	—
Arrow Electronics, Inc. GBP		3/31/2022	Goldman Sachs & Co.		Pays	1 Month GBP LIBOR + 0.850%		(531,158	)	Monthly		20			—			20
Gamesys Group Plc GBP		3/25/2022	Goldman Sachs & Co.		Pays	1 Month GBP LIBOR + 0.750%		(21,212	)	Monthly		241			—			241
iBoxx USD Liquid High Yield USD		6/21/2021	JPMorgan Chase Bank N.A.		Receives	3 Month USD LIBOR + 0.000%	$	140,000,001		Quarterly		(1,170,528	)		—			(1,170,528	)
Canadian Pacific Railway Ltd. USD		2/28/2022	Morgan Stanley & Co.		Receives	FEDL01 - 0.400%		2,172,573		Monthly		—			(23,855	)		23,855

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SWAPS at March 31, 2021 (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(1)			Periodic Payment Frequency	Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation / (Depreciation)
Gamesys Group Plc GBP		3/25/2022	Morgan Stanley & Co.	Pays	1 Month SONIA + 0.900%		GBP (531,377	)	Monthly	$	—		$	—		$	—
iShares Russell 2000 Value ETF USD		2/28/2022	Morgan Stanley & Co.	Receives	FEDL01 - 0.400%	$	1,007,486		Monthly		—			9,197			(9,197	)
Natixis S.A. EUR		6/30/2021	Morgan Stanley & Co.	Pays	1 Month EONIA + 0.500%		EUR (953,882	)	Monthly		—			—			—
Total										$	(1,170,267	)	$	(14,658	)	$	(1,155,609	)

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

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN WRITTEN OPTIONS at March 31, 2021 (Unaudited)

Description	Counterparty		Exercise Price		Expiration Date		Number of Contracts	Notional Amount			Fair Value			Premiums Received			Unrealized Appreciation/ (Depreciation)
COMMON STOCKS
Call
Accenture Plc		Morgan Stanley & Co.	$	275.00		4/16/2021	(2)	$	(55,250	)	$	(1,062	)	$	(583	)	$	(479	)
Activision Blizzard, Inc.		Morgan Stanley & Co.		110.00		4/16/2021	(9)		(83,700	)		(72	)		(742	)		670
American Tower Corp.		Morgan Stanley & Co.		240.00		4/16/2021	(2)		(47,812	)		(788	)		(613	)		(175	)
Applied Materials, Inc.		Morgan Stanley & Co.		135.00		4/16/2021	(8)		(106,880	)		(3,720	)		(1,952	)		(1,768	)
Bank of America Corp.		Morgan Stanley & Co.		37.00		4/16/2021	(27)		(104,463	)		(5,805	)		(2,503	)		(3,302	)
Chevron Corp.		Morgan Stanley & Co.		105.00		4/16/2021	(8)		(83,832	)		(1,904	)		(2,270	)		366
Comcast Corp.		Morgan Stanley & Co.		55.00		4/16/2021	(10)		(54,110	)		(540	)		(987	)		447
Crown Castle International Corp.		Morgan Stanley & Co.		175.00		4/16/2021	(4)		(68,852	)		(760	)		(771	)		11
Cummins, Inc.		Morgan Stanley & Co.		270.00		4/16/2021	(1)		(25,911	)		(202	)		(367	)		165
Deere & Co.		Morgan Stanley & Co.		350.00		4/16/2021	(1)		(37,414	)		(2,730	)		(997	)		(1,733	)
DR Horton, Inc.		Morgan Stanley & Co.		90.00		4/16/2021	(10)		(89,120	)		(2,150	)		(1,029	)		(1,121	)
Exxon Mobil Corp.		Morgan Stanley & Co.		60.00		4/16/2021	(15)		(83,745	)		(435	)		(1,916	)		1,481
Fox Corp.		Morgan Stanley & Co.		37.00		4/16/2021	(10)		(36,110	)		(1,000	)		(1,327	)		327
Gilead Sciences, Inc.		Morgan Stanley & Co.		70.00		4/16/2021	(12)		(77,556	)		(144	)		(792	)		648
HCA Healthcare, Inc.		Morgan Stanley & Co.		190.00		4/16/2021	(4)		(75,336	)		(1,704	)		(1,528	)		(176	)
Intel Corp.		Morgan Stanley & Co.		70.00		4/16/2021	(15)		(96,000	)		(255	)		(1,091	)		836
Intuit, Inc.		Morgan Stanley & Co.		440.00		4/16/2021	(1)		(38,306	)		(40	)		(787	)		747
JPMorgan Chase & Co.		Morgan Stanley & Co.		160.00		4/16/2021	(2)		(30,446	)		(234	)		(529	)		295
KLA Corp.		Morgan Stanley & Co.		380.00		4/16/2021	(2)		(66,080	)		(225	)		(833	)		608
Lam Research Corp.		Morgan Stanley & Co.		660.00		4/16/2021	(1)		(59,524	)		(415	)		(1,392	)		977
Lowe’s Cos., Inc.		Morgan Stanley & Co.		195.00		4/16/2021	(4)		(76,072	)		(752	)		(843	)		91
Mastercard, Inc.		Morgan Stanley & Co.		365.00		4/16/2021	(2)		(71,210	)		(750	)		(1,253	)		503
Microsoft Corp.		Morgan Stanley & Co.		255.00		4/16/2021	(2)		(47,154	)		(80	)		(533	)		453
Morgan Stanley		Morgan Stanley & Co.		85.00		4/16/2021	(12)		(93,192	)		(456	)		(1,705	)		1,249
Nexstar Media Group, Inc.		Morgan Stanley & Co.		140.00		4/16/2021	(6)		(84,258	)		(3,240	)		(3,280	)		40
Nike, Inc.		Morgan Stanley & Co.		155.00		4/16/2021	(4)		(53,156	)		(20	)		(731	)		711
NVIDIA Corp.		Morgan Stanley & Co.		690.00		4/16/2021	(1)		(53,393	)		(25	)		(1,397	)		1,372
Oracle Corp.		Morgan Stanley & Co.		67.50		4/16/2021	(13)		(91,221	)		(3,965	)		(2,141	)		(1,824	)
Pfizer, Inc.		Morgan Stanley & Co.		37.00		4/16/2021	(13)		(47,099	)		(312	)		(451	)		139
Philip Morris International, Inc.		Morgan Stanley & Co.		90.00		4/16/2021	(8)		(70,992	)		(656	)		(800	)		144

PartnerSelect Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN WRITTEN OPTIONS at March 31, 2021 (Unaudited) (Continued)

Description	Counterparty		Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Fair Value			Premiums Received			Unrealized Appreciation/ (Depreciation)
Skyworks Solutions, Inc.		Morgan Stanley & Co.	$	210.00		4/16/2021		(4	)	$	(73,392	)	$	(140	)	$	(1,587	)	$	1,447
Target Corp.		Morgan Stanley & Co.		210.00		4/16/2021		(4	)		(79,228	)		(228	)		(1,208	)		980
TE Connectivity Ltd.		Morgan Stanley & Co.		140.00		4/16/2021		(1	)		(12,911	)		(20	)		(237	)		217
Texas Instruments, Inc.		Morgan Stanley & Co.		190.00		4/16/2021		(4	)		(75,596	)		(1,420	)		(807	)		(613	)
Ubiquiti, Inc.		Morgan Stanley & Co.		380.00		4/16/2021		(2	)		(59,660	)		(200	)		(1,593	)		1,393
Union Pacific Corp.		Morgan Stanley & Co.		220.00		4/16/2021		(3	)		(66,123	)		(1,365	)		(1,169	)		(196	)
United Airlines Holdings, Inc.		Morgan Stanley & Co.		72.50		6/18/2021		(255	)		(1,467,270	)		(39,525	)		(58,067	)		18,542
United Parcel Service, Inc.		Morgan Stanley & Co.		175.00		4/16/2021		(2	)		(33,998	)		(212	)		(386	)		174
Total														(77,551	)		(101,197	)		23,646
EXCHANGE TRADED FUNDS
Call
Financial Select Sector SPDR Fund		Morgan Stanley & Co.		40.00		6/18/2021		(1,300	)		(4,426,500	)		(10,400	)		(24,654	)		14,254
Total Written Options													$	(87,951	)	$	(125,851	)	$	37,900

PartnerSelect High Income Alternatives Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2021 (Unaudited)

Shares			Value
	COMMON STOCKS: 0.0%
	Consumer Staples: 0.0%
	648	Moran Foods LLC*	$	3,079
	TOTAL COMMON STOCKS (Cost $0)			3,079
	PREFERRED STOCKS: 2.4%
	Financials: 2.2%
		American Financial Group, Inc.
	2,000	4.500%, 09/15/2060		53,020
		Assurant, Inc.
	2,000	5.250%, 01/15/2061		51,440
		Bank of America Corp.
	4,000	4.375%, 11/03/2025(a)		100,000
		Bank of America Corp.
	6,000	4.125%, 02/02/2026(a)		148,680
		CNO Financial Group, Inc.
	2,000	5.125%, 11/25/2060		50,400
		Equitable Holdings, Inc.
	2,800	4.300%, 03/15/2026(a)		69,720
		Federal Agricultural Mortgage Corp.
	2,000	5.750%, 07/17/2025(a)		54,232
		First Republic Bank
	2,400	4.125%, 10/30/2025(a)		60,000
		First Republic Bank
	8,000	4.250%, 03/30/2026(a)		206,560
		Horizon Technology Finance Corp.
	6,400	4.875%, 03/30/2026		162,528
		PartnerRe Ltd.
	2,000	4.875%, 03/15/2026(a)		53,300
		Prudential Financial, Inc.
	4,400	4.125%, 09/01/2060		111,452
		Selective Insurance Group, Inc.
	2,000	4.600%, 12/15/2025(a)		49,900
		Trinity Capital, Inc.
	17,000	7.000%, 01/16/2025(b)		449,225
		W R Berkley Corp.
	1,600	4.250%, 09/30/2060		40,752
		W R Berkley Corp.
	6,000	4.125%, 03/30/2061		149,880
		Wells Fargo & Co.
	6,000	4.700%, 12/15/2025(a)		152,700
				1,963,789
	Real Estate: 0.2%
		Public Storage
	4,875	4.625%, 06/17/2025(a)		130,942
		Public Storage
	2,400	4.125%, 08/14/2025(a)		61,944
				192,886
	TOTAL PREFERRED STOCKS (Cost $2,096,875)			2,156,675
	CLOSED-END FUNDS: 0.6%
	2,941	Ares Dynamic Credit Allocation Fund, Inc.		44,203
	16,320	BlackRock Corporate High Yield Fund, Inc.		191,597
	5,222	BlackRock Credit Allocation Income Trust		76,659
	2,239	BlackRock Debt Strategies Fund, Inc.		24,629

Shares			Value
	5,918	Blackstone Strategic Credit Fund	$	78,887
	4,125	Eaton Vance Ltd. Duration Income Fund		52,099
	3,370	Guggenheim Strategic Opportunities Fund		70,736
	2,197	Western Asset High Income Opportunity Fund, Inc.		11,161
	TOTAL CLOSED-END FUNDS (Cost $399,876)			549,971
Principal Amount^
	ASSET-BACKED SECURITIES: 18.3%
		AASET Trust
	$220,258	Series 2019-2-B 4.458%, 10/16/2039(b)		208,718
	244,877	Series 2020-1A-B 4.335%, 01/16/2040(b)		231,623
		AASET US Ltd.
	212,339	Series 2018-2A-A 4.454%, 11/18/2038(b)		214,395
		ABPCI Direct Lending Fund ABS I Ltd.
	120,000	Series 2020-1A-B 4.935%, 12/20/2030(b)		119,515
		ABPCI Direct Lending Fund CLO I LLC
	250,000	Series 2017-1A-DR 4.693%, 04/20/2032(b)(c) 3 mo. USD LIBOR + 4.500%		250,000
		Adams Outdoor Advertising L.P.
	379,306	Series 2018-1-A 4.810%, 11/15/2048(b)		407,177
		AIM Aviation Finance Ltd.
	156,817	Series 2015-1A-A1 4.213%, 02/15/2040(b)(d)		126,709
		Anchorage Credit Funding 3 Ltd.
	250,000	Series 2016-3A-BR 3.471%, 01/28/2039(b)		248,127
		Anchorage Credit Funding 4 Ltd.
	250,000	Series 2016-4A-CR 3.523%, 04/27/2039(b)		247,529
		Applebee’s Funding LLC / IHOP Funding LLC
	99,500	Series 2019-1A-A2I 4.194%, 06/07/2049(b)		102,620
		Atlas Senior Loan Fund Ltd.
	350,000	Series 2018-9A-C 2.024%, 04/20/2028(b)(c) 3 mo. USD LIBOR + 1.800%		344,843
		Business Jet Securities LLC
	125,626	Series 2020-1A-B 3.967%, 11/15/2035(b)		129,310
		CARS-DB4 L.P.
	220,000	Series 2020-1A-B1 4.170%, 02/15/2050(b)		226,688
	100,000	Series 2020-1A-B3 4.950%, 02/15/2050(b)		99,650
		Castlelake Aircraft Securitization Trust
	178,890	Series 2018-1-A 4.125%, 06/15/2043(b)		179,583
		Castlelake Aircraft Structured Trust
	225,604	Series 2021-1A-B 6.656%, 01/15/2046(b)		233,191

PartnerSelect High Income Alternatives Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2021 (Unaudited)(Continued)

Principal Amount^			Value
	ASSET-BACKED SECURITIES  (CONTINUED)
		CFG Investments Ltd.
	$400,000	Series 2019-1-B 7.620%, 08/15/2029(b)	$	395,633
		CHCP Ltd.
	100,000	Series 2021-FL1-D 3.106%, 02/15/2038(b)(c) 1 mo. USD LIBOR + 3.000%		100,562
		Drug Royalty III L.P.
	291,346	Series 2018-1A-A1 1.841%, 10/15/2031(b)(c) 3 mo. USD LIBOR + 1.600%		288,368
		Dryden 86 CLO Ltd.
	280,000	Series 2020-86A-D 4.473%, 07/17/2030(b)(c) 3 mo. USD LIBOR + 4.250%		281,119
		Elm Trust
	110,000	Series 2020-4A-B 3.866%, 10/20/2029(b)		109,728
		Falcon Aerospace Ltd.
	345,560	Series 2017-1-B 6.300%, 02/15/2042(b)		337,831
		Firstkey Revolving Trust
	159,827	3.250%, 12/25/2023		160,019
		FREED ABS Trust
	343,841	Series 2018-2-B 4.610%, 10/20/2025(b)		346,955
		GAIA Aviation Ltd.
	175,669	Series 2019-1-A 3.967%, 12/15/2044(b)(d)		175,627
		GoldentTree Loan Management US CLO 1 Ltd.
	250,000	Series 2017-1A-CR 2.074%, 04/20/2029(b)(c) 3 mo. USD LIBOR + 1.850%		249,235
	250,000	Series 2021-9A-D 3.025%, 01/20/2033(b)(c) 3 mo. USD LIBOR + 2.900%		250,146
		Golub Capital Partners ABS Funding Ltd.
	150,000	Series 2020-1A-B 4.496%, 01/22/2029(b)		150,117
		GSAMP Trust
	262,361	Series 2007-NC1-A1 0.239%, 12/25/2046(c) 1 mo. USD LIBOR + 0.130%		176,452
		Hercules Capital Funding Trust
	263,091	Series 2018-1A-A 4.605%, 11/22/2027(b)		265,525
	88,573	Series 2019-1A-A 4.703%, 02/20/2028(b)		89,453
		Hull Street CLO Ltd.
	300,000	Series 2014-1A-CR 2.926%, 10/18/2026(b)(c) 3 mo. USD LIBOR + 2.700%		300,147
		JOL Air Ltd.
	217,131	Series 2019-1-A 3.967%, 04/15/2044(b)		218,895
		Lake Shore MM CLO III LLC
	250,000	Series 2020-1A-B 3.429%, 10/15/2029(b)(c) 3 mo. USD LIBOR + 3.200%		251,894

Principal Amount^			Value
		Madison Park Funding XLVIII Ltd.
	$250,000	Series 2021-48A-D 3.142%, 04/19/2033(b)(c) 3 mo. USD LIBOR + 3.000%	$	248,779
		Marathon CLO V Ltd.
	500,000	Series 2013-5A-A2R 1.632%, 11/21/2027(b)(c) 3 mo. USD LIBOR + 1.450%		490,691
	250,000	Series 2013-5A-BR 2.032%, 11/21/2027(b)(c) 3 mo. USD LIBOR + 1.850%		243,225
		Marathon CRE Ltd.
	100,000	Series 2018-FL1-C 2.708%, 06/15/2028(b)(c) 1 mo. USD LIBOR + 2.600%		99,704
		MCA Fund Holding LLC
	242,670	Series 2020-1-B 4.247%, 11/15/2035(b)		241,039
		MidOcean Credit CLO VII
	500,000	Series 2017-7A-CR 2.441%, 07/15/2029(b)(c) 3 mo. USD LIBOR + 2.200%		495,179
		Monroe Capital ABS Funding Ltd.
	180,000	Series 2021-1A-A2 2.815%, 04/22/2031(b)		178,288
		Monroe Capital CLO Ltd.
	250,000	Series 2014-1A-CR 2.622%, 10/22/2026(b)(c) 3 mo. USD LIBOR + 2.400%		246,650
		Morgan Stanley ABS Capital I, Inc. Trust
	317,838	Series 2006-HE8-A2D 0.329%, 10/25/2036(c) 1 mo. USD LIBOR + 0.220%		188,727
	385,966	Series 2007-HE4-A2C 0.339%, 02/25/2037(c) 1 mo. USD LIBOR + 0.230%		166,820
		Morgan Stanley IXIS Real Estate Capital Trust
	394,047	Series 2006-2-A4 0.329%, 11/25/2036(c) 1 mo. USD LIBOR + 0.220%		185,966
		NADG NNN Operating L.P.
	159,000	Series 2019-1-A 3.368%, 12/28/2049(b)		164,116
		Nassau CFO LLC
	203,487	Series 2019-1-A 3.980%, 08/15/2034(b)		206,183
		NewStar Clarendon Fund CLO LLC
	250,000	Series 2014-1A-BR 2.268%, 01/25/2027(b)(c) 3 mo. USD LIBOR + 2.050%		250,096
	300,000	Series 2014-1A-CR 3.268%, 01/25/2027(b)(c) 3 mo. USD LIBOR + 3.050%		298,972
		Newtek Small Business Loan Trust
	140,525	Series 2018-1-A 2.700%, 02/25/2044(b)(c) 1 mo. PRIME—0.550%		137,273
	63,875	Series 2018-1-B 4.000%, 02/25/2044(b)(c) 1 mo. PRIME + 0.750%		58,706

PartnerSelect High Income Alternatives Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2021 (Unaudited)(Continued)

Principal Amount^			Value
	ASSET-BACKED SECURITIES  (CONTINUED)
		Northwoods Capital 20 Ltd.
	$250,000	Series 2019-20A-DR 4.488%, 01/25/2032(b)(c) 3 mo. USD LIBOR + 4.270%	$	248,817
		Oportun Funding X LLC
	400,000	Series 2018-C-B 4.590%, 10/08/2024(b)		403,700
		Oxford Finance Funding LLC
	260,000	Series 2019-1A-A2 4.459%, 02/15/2027(b)		269,404
	430,000	Series 2020-1A-B 4.037%, 02/15/2028(b)		444,583
		Palmer Square Loan Funding Ltd.
	250,000	Series 2021-1A-C 3.055%, 04/20/2029(b)(c) 3 mo. USD LIBOR + 2.900%		247,769
	200,000	Series 2021-2A-SUB 0.000%, 05/20/2029(b)(e)(f)		200,000
		PennantPark CLO Ltd.
	250,000	Series 2020-2A-D 6.690%, 01/15/2032(b)(c) 3 mo. USD LIBOR + 6.500%		250,068
		Raspro Trust
	373,311	Series 2005-1A-B 1.149%, 03/23/2024(b)(c) 3 mo. USD LIBOR + 0.925%		376,867
		ReadyCap Lending Small Business Loan Trust
	165,539	Series 2019-2-A 2.750%, 12/27/2044(b)(c) 1 mo. PRIME - 0.500%		158,245
		Republic Finance Issuance Trust
	240,000	Series 2020-A-B 3.540%, 11/20/2030(b)		247,487
		Saganaw Insurance Recievables LLC
	104,482	Series 2019-1A-A 5.125%, 12/01/2023(b)		106,096
		Sapphire Aviation Finance I Ltd.
	162,592	Series 2018-1A-A 4.250%, 03/15/2040(b)		162,044
		Sapphire Aviation Finance II Ltd.
	233,783	Series 2020-1A-B 4.335%, 03/15/2040(b)		213,553
		Secured Tenant Site Contract Revenue Notes
	118,772	Series 2018-1A-C 3.970%, 06/15/2048(b)		122,144
		Stack Infrastructure Issuer LLC
	450,417	Series 2019-1A-A2 4.540%, 02/25/2044(b)		480,583
		Sunbird Engine Finance LLC
	200,499	Series 2020-1A-B 4.703%, 02/15/2045(b)		148,249
		VB-S1 Issuer LLC
	100,000	Series 2020-1A-D 4.090%, 06/15/2050(b)		104,466
	150,000	Series 2020-1A-F 6.657%, 06/15/2050(b)		162,162
		Venture XIII CLO Ltd.
	250,000	Series 2013-13A-SUB 0.000%, 09/10/2029(b)(e)		63,569

Principal Amount^			Value
		Wachovia Asset Securitization Issuance II LLC Trust
	$224,979	Series 2007-HE2A-A 0.248%, 07/25/2037(b)(c) 1 mo. USD LIBOR + 0.130%	$	213,950
		WRG Debt Funding IV LLC
	400,000	Series 2020-1-B 6.535%, 07/15/2028(b)		405,050
	TOTAL ASSET-BACKED SECURITIES (Cost $16,518,924)			16,446,604
	BANK LOANS: 20.4%
		AAdvantage Loyalty IP Ltd.
	520,000	0.000%, 04/20/2028(g)		533,408
	180,000	5.500%, 04/20/2028(c) 3 mo. LIBOR + 4.750%		184,641
		Accuride Corp.
	48,852	6.250%, 11/17/2023(c) 3 mo. LIBOR + 5.250%		46,348
		AI Aqua Merger Sub, Inc.
	50,000	0.000%, 12/13/2023(g)		50,261
	50,000	0.000%, 12/13/2023(g)		50,261
		Allen Media LLC
	524,616	5.703%, 02/10/2027(c) 3 mo. LIBOR + 5.500%		524,879
		Alterra Mountain Co.
	99,000	5.500%, 08/01/2026(c) 1 mo. LIBOR + 4.500%		99,495
		American Trailer World Corp.
	100,000	4.500%, 02/17/2028(c) 1 mo. LIBOR + 3.750%		99,501
		Amerilife Holdings LLC
	9,987	4.109%, 03/18/2027(c) 3 mo. LIBOR + 4.000%		9,985
	52,343	4.109%, 03/18/2027(c) 3 mo. LIBOR + 4.000%		52,332
		Anchor Packaging, Inc.
	98,843	4.109%, 07/18/2026(c) 1 mo. LIBOR + 4.000%		99,090
		API Technologies Corp.
	98,250	4.359%, 05/09/2026(c) 1 mo. LIBOR + 4.250%		96,899
		Arctic Glacier U.S.A., Inc.
	100,000	4.500%, 03/20/2024(c) 3 mo. LIBOR + 3.500%		94,792
		Aria Energy Operating LLC
	287,683	5.500%, 05/27/2022(c) 1 mo. LIBOR + 4.500%		288,042
		Ascend Learning LLC
	74,625	4.750%, 07/12/2024(c) 1 mo. LIBOR + 3.750%		74,765
		Aston FinCo S.A.R.L.
	99,000	4.360%, 10/09/2026(c) 3 mo. LIBOR + 4.250%		98,598
		BCP Renaissance Parent LLC
	675,179	4.500%, 10/31/2024(c) 3 mo. LIBOR + 3.500%		661,956
		BCPE Empire Holdings, Inc.
	98,561	4.109%, 06/11/2026(c) 1 mo. LIBOR + 4.000%		98,100
		Berlin Packaging LLC
	98,982	3.120%-3.210%, 11/07/2025(c) 1 mo. LIBOR + 3.000%		97,365

PartnerSelect High Income Alternatives Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2021 (Unaudited)(Continued)

Principal Amount^			Value
	BANK LOANS (CONTINUED)
		BIFM CA Buyer, Inc.
	$98,992	3.607%, 06/01/2026(c) 1 mo. LIBOR + 3.500%	$	98,436
		Blue Ribbon LLC
	10,000	5.000%-6.250%, 11/15/2021(c) 3 mo. LIBOR + 4.000%		9,813
		BWAY Holding Co.
	57,981	3.443%, 04/03/2024(c) 3 mo. LIBOR + 3.250%		56,829
		Cambrex Corp.
	99,750	4.500%, 12/04/2026(c) 1 mo. LIBOR + 3.500%		99,896
		Cast and Crew Payroll LLC
	98,865	3.859%, 02/09/2026(c) 1 mo. LIBOR + 3.750%		97,614
		Castlelake Aircraft Securitization Trust
	287,158	3.967%, 07/15/2042		287,342
		CCRR Parent, Inc.
	100,000	5.000%, 03/06/2028(c) 3 mo. LIBOR + 4.250%		100,250
		CD&R Hydra Buyer, Inc.
	98,223	5.250%, 12/11/2024(c) 1 mo. LIBOR + 4.250%		96,157
		Cengage Learning, Inc.
	99,478	5.250%, 06/07/2023(c) 3 mo. LIBOR + 4.250%		98,628
		Charter NEX US, Inc.
	99,750	5.000%, 12/01/2027(c) 1 mo. LIBOR + 4.250%		100,080
		CHG Healthcare Services, Inc.
	98,972	4.000%, 06/07/2023(c) 6 mo. LIBOR + 3.000%		98,786
		Clarios Global L.P.
	664,521	0.000%, 04/30/2026(g)		658,707
	761,486	3.609%, 04/30/2026(c) 1 mo. LIBOR + 3.500%		754,823
		Cologix, Inc.
	100,000	4.750%, 03/20/2024(c) 1 mo. LIBOR + 3.750%		100,081
		Comet Acquisition, Inc.
	97,750	3.453%, 10/24/2025(c) 3 mo. LIBOR + 3.250%		96,895
		CP Atlas Buyer, Inc.
	100,000	4.250%, 11/23/2027(c) 3 mo. LIBOR + 3.750%		99,493
		CPM Holdings, Inc.
	97,750	3.615%, 11/15/2026(c) 1 mo. LIBOR + 3.500%		95,526
		Cross Financial Corp.
	100,000	0.000%, 09/15/2027(g)		100,625
		Deerfield Dakota Holding LLC
	99,250	4.750%, 04/09/2027(c) 1 mo. LIBOR + 3.750%		99,498
		Denali Water Solutions
	100,000	5.000%, 03/17/2028(c) 3 mo. LIBOR + 4.250%		99,844
		DG Investment Intermediate Holdings 2, Inc.
	162,684	0.000%, 03/17/2028(g)		162,125
	37,316	0.000%, 03/17/2028(g)		37,188

Principal Amount^			Value
		Diamond (BC) B.V.
	$97,481	3.109%, 09/06/2024(c) 1 mo. LIBOR + 3.000%	$	97,147
		DiversiTech Holdings, Inc.
	99,744	4.250%, 06/03/2024(c) 3 mo. LIBOR + 3.250%		99,432
		DXP Enterprises, Inc.
	99,750	5.750%, 12/16/2027(c) 1 mo. LIBOR + 4.750%		99,999
		Eastern Power LLC
	655,346	4.750%, 10/02/2025(c) 3 mo. LIBOR + 3.750%		619,754
		Emerald TopCo, Inc.
	89,087	3.712%, 07/24/2026(c) 3 mo. LIBOR + 3.500%		88,419
		Entrans International LLC
	20,000	0.000%, 11/01/2024(g)		19,600
	69,000	6.109%, 11/01/2024(c) 1 mo. LIBOR + 6.000%		67,620
		EyeCare Partners LLC
	80,023	3.859%, 02/18/2027(c) 1 mo. LIBOR + 3.750%		79,396
	18,919	3.859%, 02/18/2027(c) 1 mo. LIBOR + 3.750%		18,771
		First Brands
	100,000	0.000%, 03/30/2027(g)		100,125
		Fluid-Flow Products, Inc.
	36,000	0.000%, 03/16/2028(g)		35,843
	164,000	0.000%, 03/16/2028(g)		163,282
		Franchise Group Intermediate Holdco LLC
	100,000	5.500%, 03/10/2026(c) 3 mo. LIBOR + 4.750%		100,250
		GrafTech Finance, Inc.
	41,161	3.500%, 02/12/2025(c) 1 mo. LIBOR + 3.000%		41,225
		GT Polaris, Inc.
	99,750	5.000%, 09/24/2027(c) 3 mo. LIBOR + 4.000%		99,825
		Hamilton Projects Acquiror LLC
	139,050	5.750%, 06/17/2027(c) 3 mo. LIBOR + 4.750%		139,832
		HC Group Holdings II, Inc.
	199,495	3.859%, 08/06/2026(c) 1 mo. LIBOR + 3.750%		198,965
		Help At Home, Inc.
	90,000	6.000%, 10/29/2027(c) 3 mo. LIBOR + 5.000%		90,450
		Higginbotham Insurance Agency, Inc.
	78,035	6.500%, 11/25/2026(c) 1 mo. LIBOR + 5.750%		76,864
		IBC Capital Ltd.
	79,684	3.940%, 09/11/2023(c) 3 mo. LIBOR + 3.750%		79,186
		Illuminate Buyer LLC
	49,875	3.609%, 06/30/2027(c) 1 mo. LIBOR + 3.500%		49,719
		Ilpea Parent, Inc.
	700,000	5.750%, 03/02/2023(c) 1 mo. LIBOR + 4.750%		699,562
		Jefferies Finance LLC
	49,750	4.500%, 09/30/2027(c) 1 mo. LIBOR + 3.750%		49,439

PartnerSelect High Income Alternatives Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2021 (Unaudited)(Continued)

Principal Amount^			Value
	BANK LOANS (CONTINUED)
		JetBlue Airways Corp.
	$48,125	6.250%, 06/17/2024(c) 3 mo. LIBOR + 5.250%	$	49,358
		Kronos Acquisition Holdings Inc.
	109,163	4.250%, 12/22/2026(c) 3 mo. LIBOR + 3.750%		107,749
		LSF11 Skyscraper Holdco S.A.R.L.
	100,000	0.000%, 09/29/2027(g)		100,000
		LTI Holdings, Inc.
	97,500	3.609%, 09/06/2025(c) 1 mo. LIBOR + 3.500%		96,210
		Mavis Tire Express Services Corp.
	129,675	5.000%, 03/20/2025(c) 1 mo. LIBOR + 4.000%		129,635
		MB2 Dental Solutions LLC
	4,187	8.250%, 01/29/2027(c) 3 mo. LIBOR + 1.000%		4,145
	110,645	7.000%, 01/29/2027(c) 3 mo. LIBOR + 6.000%		108,494
		McGraw-Hill Global Education Holdings LLC
	100,000	5.750%, 11/01/2024(c) 3 mo. LIBOR + 4.750%		100,042
		MDVIP, Inc.
	99,742	5.250%, 11/14/2024(c) 1 mo. LIBOR + 4.250%		99,618
		Mileage Plus Holdings LLC
	100,000	6.250%, 06/21/2027(c) 3 mo. LIBOR + 5.250%		106,414
		MMM Holdings, Inc.
	733,924	6.750%, 12/24/2026(c) 3 mo. LIBOR + 5.750%		735,758
		Moran Foods LLC
	11,264	8.000%, 04/01/2024(c) 3 mo. LIBOR + 7.000%		11,771
	13,812	11.750%, 10/01/2024(c) 3 mo. LIBOR + 10.750%		12,086
		NA Rail Hold Co. LLC
	99,497	4.703%, 10/19/2026(c) 3 mo. LIBOR + 4.500%		100,368
		National Mentor Holdings, Inc.
	90,000	4.500%, 02/18/2028(c) 3 mo. LIBOR + 3.750%		89,561
		NFP Corp.
	48,870	3.359%, 02/15/2027(c) 1 mo. LIBOR + 3.250%		48,217
		NIC Acquisition Corp.
	200,000	4.500%, 12/29/2027(c) 6 mo. LIBOR + 3.750%		200,334
		NorthRiver Midstream Finance L.P.
	585,244	3.488%, 10/01/2025(c) 3 mo. LIBOR + 3.250%		578,160
		Packaging Coordinators Midco, Inc.
	100,000	4.500%, 11/30/2027(c) 3 mo. LIBOR + 3.750%		100,078
		Packers Holdings LLC
	100,000	4.000%, 03/09/2028(c) 3 mo. LIBOR + 3.250%		99,042
		PAI Holdco, Inc.
	100,000	5.000%, 10/28/2027(c) 3 mo. LIBOR + 4.000%		100,469
		Park River Holdings, Inc.
	200,000	4.000%, 12/28/2027(c) 3 mo. LIBOR + 3.250%		199,172

Principal Amount^			Value
		Pelican Products, Inc.
	$79,338	4.500%, 05/01/2025(c) 3 mo. LIBOR + 3.500%	$	78,768
		Peraton Holding Corp.
	63,767	0.000%, 02/01/2028(g)		63,873
	36,233	4.500%, 02/01/2028(c) 3 mo. LIBOR + 3.750%		36,294
		PetVet Care Centers LLC
	199,040	4.250%, 02/14/2025(c) 1 mo. LIBOR + 3.500%		198,866
	119,549	4.250%, 02/14/2025(c) 1 mo. LIBOR + 3.500%		119,445
		Planview Parent, Inc.
	20,000	4.750%, 12/17/2027(c) 3 mo. LIBOR + 4.000%		20,021
	79,750	4.750%, 12/17/2027(c) 3 mo. LIBOR + 4.000%		79,833
		Playpower, Inc.
	95,346	5.699%, 05/08/2026(c) 3 mo. LIBOR + 5.500%		94,273
		PQ Corp.
	38,637	4.000%, 02/07/2027(c) 3 mo. LIBOR + 3.000%		38,737
		Project Ruby Ultimate Parent Corp.
	100,000	4.000%, 03/03/2028(c) 3 mo. LIBOR + 3.250%		99,750
		Protective Industrial Products, Inc.
	200,000	4.750%, 01/20/2028(c) 1 mo. LIBOR + 4.000%		200,084
		Provation Software Group, Inc.
	100,000	5.500%, 12/22/2027(c) 6 mo. LIBOR + 4.750%		99,000
		Quirch Foods Holdings LLC
	100,000	6.250%, 10/19/2027(c) 3 mo. LIBOR + 5.250%		100,813
		RCP Vega, Inc.
	89,320	4.859%, 04/30/2026(c) 1 mo. LIBOR + 4.750%		88,650
		RealPage, Inc.
	100,000	0.000%, 02/17/2028(g)		99,667
		RS Ivy Holdco, Inc.
	99,750	6.500%, 12/23/2027(c) 3 mo. LIBOR + 5.500%		100,124
		Samsonite International S.A.
	148,875	5.500%, 04/25/2025(c) 1 mo. LIBOR + 4.500%		150,271
		SCP Eye Care Services LLC
	85,227	5.250%, 03/15/2028(c) 6 mo. LIBOR + 4.500%		85,334
		ScribeAmerica Intermediate Holdco LLC
	48,619	4.609%, 04/03/2025(c) 1 mo. LIBOR + 4.500%		46,674
		Service Logic Acquisition, Inc.
	2,687	4.159%-4.750%, 10/29/2027(c) 3 mo. LIBOR + 4.000%		2,690
	77,612	4.750%, 10/29/2027(c) 3 mo. LIBOR + 4.000%		77,709
		SkyMiles IP Ltd.
	265,000	0.000%, 10/20/2027(g)		278,647
		Southern Veterinary Partners LLC
	87,659	5.000%, 10/05/2027(c) 6 mo. LIBOR + 4.000%		88,015

PartnerSelect High Income Alternatives Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2021 (Unaudited)(Continued)

Principal Amount^			Value
	BANK LOANS (CONTINUED)
		SP PF Buyer LLC
	$149,618	4.615%, 12/22/2025(c) 1 mo. LIBOR + 4.500%	$	144,880
		Syndigo LLC
	150,000	5.250%, 12/15/2027(c) 3 mo. LIBOR + 4.500%		150,375
		System One Holdings LLC
	120,000	0.000%, 03/02/2028(g)		120,600
	605,000	5.250%, 03/02/2028(c) 3 mo. LIBOR + 4.500%		608,025
		Teneo Holdings LLC
	50,000	0.000%, 07/11/2025(g)		50,044
	49,250	6.250%, 07/11/2025(c) 1 mo. LIBOR + 5.250%		49,293
		Thoughtworks, Inc.
	100,000	3.750%, 03/23/2028(c) 3 mo. LIBOR + 3.250%		99,917
		Tibco Software, Inc.
	99,250	3.860%, 06/30/2026(c) 1 mo. LIBOR + 3.750%		98,195
		Tivity Health, Inc.
	314,716	5.359%, 03/06/2026(c) 1 mo. LIBOR + 5.250%		314,667
		TransDigm, Inc.
	98,997	2.359%, 05/30/2025(c) 1 mo. LIBOR + 2.250%		97,122
		TricorBraun Holdings, Inc.
	612	0.000%, 03/03/2028(g)		607
	612	3.750%, 03/03/2028(c) 3 mo. LIBOR + 3.250%		607
	81,637	3.750%, 03/03/2028(c) 3 mo. LIBOR + 3.250%		80,974
		Triton Water Holdings, Inc.
	100,000	0.000%, 03/31/2028(g)		99,742
		Truck Hero, Inc.
	100,000	4.500%, 01/31/2028(c) 1 mo. LIBOR + 3.750%		99,910
		TVC Albany, Inc.
	97,500	3.610%, 07/23/2025(c) 1 mo. LIBOR + 3.500%		96,982
		UGI Energy Services LLC
	235,800	3.859%, 08/13/2026(c) 1 mo. LIBOR + 3.750%		235,653
		USI, Inc.
	49,875	3.453%, 12/02/2026(c) 3 mo. LIBOR + 3.250%		49,456
		Venture Global Calcasieu Pass LLC
	56,139	2.481%-2.486%, 08/19/2026(c) 1 mo. LIBOR + 2.375%		53,052
		Vertical Midco GmbH
	99,699	4.478%, 07/30/2027(c) 6 mo. LIBOR + 4.250%		100,067
		Women’s Care Enterprises LLC
	200,000	5.250%, 01/15/2028(c) 3 mo. LIBOR + 4.500%		200,583
		Wrench Group LLC
	99,750	5.500%, 04/30/2026(c) 3 mo. LIBOR + 4.500%		100,373
		Xplornet Communications, Inc.
	148,875	4.859%, 06/10/2027(c) 1 mo. LIBOR + 4.750%		149,166

Principal Amount^			Value
		Yak Access LLC
	$100,000	10.191%, 07/10/2026(c) 3 mo. LIBOR + 10.000%	$	82,313
		Zep Inc.
	49,742	5.000%, 08/12/2024(c) 3 mo. LIBOR + 4.000%		49,346
	TOTAL BANK LOANS (Cost $18,266,959)			18,380,227
	CORPORATE BONDS: 37.1%
	Basic Materials: 0.9%
		Alcoa Nederland Holding B.V.
	200,000	5.500%, 12/15/2027(b)(h)		215,530
		Carpenter Technology Corp.
	75,000	6.375%, 07/15/2028		80,644
		Clearwater Paper Corp.
	50,000	4.750%, 08/15/2028(b)		50,469
		Illuminate Buyer LLC / Illuminate Holdings IV, Inc.
	50,000	9.000%, 07/01/2028(b)		56,327
		INEOS Quattro Finance 2 Plc
	200,000	3.375%, 01/15/2026(b)		200,250
		Kaiser Aluminum Corp.
	50,000	6.500%, 05/01/2025(b)		53,110
		Minerals Technologies, Inc.
	75,000	5.000%, 07/01/2028(b)		77,531
		Valvoline, Inc.
	100,000	3.625%, 06/15/2031(b)		96,875
				830,736
	Communications: 2.0%
		Altice France S.A.
	200,000	5.125%, 01/15/2029(b)(h)		202,875
		AMC Networks, Inc.
	50,000	4.250%, 02/15/2029		48,687
		CCO Holdings LLC / CCO Holdings Capital Corp.
	85,000	4.250%, 02/01/2031(b)		85,295
		Houghton Mifflin Harcourt Publishers, Inc.
	50,000	9.000%, 02/15/2025(b)		53,625
		Lamar Media Corp.
	30,000	4.875%, 01/15/2029		31,463
		LCPR Senior Secured Financing DAC
	200,000	5.125%, 07/15/2029(b)		204,024
		Level 3 Financing, Inc.
	200,000	4.250%, 07/01/2028(b)		202,462
		Match Group, Inc.
	50,000	4.625%, 06/01/2028(b)		51,182
		McGraw Hill LLC / McGraw-Hill Global Education Finance, Inc.
	50,000	8.000%, 11/30/2024(b)		50,565
		QualityTech L.P. / QTS Finance Corp.
	50,000	3.875%, 10/01/2028(b)		49,812
		Radiate Holdco LLC / Radiate Finance, Inc.
	100,000	4.500%, 09/15/2026(b)		101,375
		Switch Ltd.
	100,000	3.750%, 09/15/2028(b)		98,659

PartnerSelect High Income Alternatives Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2021 (Unaudited)(Continued)

Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Communications (continued)
		T-Mobile USA, Inc.
	$100,000	3.500%, 04/15/2031	$	101,030
		TEGNA, Inc.
	260,000	5.000%, 09/15/2029		270,062
		ViacomCBS, Inc.
	60,000	4.950%, 05/19/2050		70,302
		Virgin Media Vendor Financing Notes IV DAC
	200,000	5.000%, 07/15/2028(b)		203,926
				1,825,344
	Consumer, Cyclical: 3.9%
		1011778 BC ULC / New Red Finance, Inc.
	100,000	4.000%, 10/15/2030(b)		96,625
		Air Canada Pass Through Trust
	25,000	Series 2020-2-A 5.250%, 04/01/2029(b)		26,924
		Aramark Services, Inc.
	100,000	6.375%, 05/01/2025(b)(h)		106,125
	5,000	5.000%, 02/01/2028(b)		5,195
		Boyd Gaming Corp.
	25,000	8.625%, 06/01/2025(b)		27,831
		Boyne USA, Inc.
	50,000	7.250%, 05/01/2025(b)		52,131
		CD&R Smokey Buyer, Inc.
	25,000	6.750%, 07/15/2025(b)		26,844
		Cedar Fair L.P. / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Corp.
	50,000	5.500%, 05/01/2025(b)		52,607
		Clarios Global L.P. / Clarios US Finance Co.
	10,000	8.500%, 05/15/2027(b)		10,784
		Crocs, Inc.
	100,000	4.250%, 03/15/2029(b)		98,051
		Delta Air Lines, Inc.
	270,000	7.000%, 05/01/2025(b)(h)		311,144
		Delta Air Lines, Inc. / SkyMiles IP Ltd.
	150,000	4.750%, 10/20/2028(b)(h)		163,163
		Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd.
	205,000	5.750%, 01/20/2026(b)		218,130
		Hilton Domestic Operating Co., Inc.
	150,000	4.000%, 05/01/2031(b)		150,281
	50,000	3.625%, 02/15/2032(b)		48,593
		Hyatt Hotels Corp.
	95,000	5.750%, 04/23/2030		111,088
		JB Poindexter & Co., Inc.
	75,000	7.125%, 04/15/2026(b)		79,406
		JetBlue Pass Through Trust
	70,000	Series 2020-1-A 4.000%, 11/15/2032		75,734
		Lithia Motors, Inc.
	50,000	4.375%, 01/15/2031(b)		51,991
		Live Nation Entertainment, Inc.
	100,000	6.500%, 05/15/2027(b)		111,005
		Marriott International, Inc.
	70,000	4.625%, 06/15/2030		78,344
	130,000	2.850%, 04/15/2031		127,858

Principal Amount^			Value
	Consumer, Cyclical (continued)
	$50,000	3.500%, 10/15/2032	$	51,729
		Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.
	100,000	6.500%, 06/20/2027(b)		109,625
		Murphy Oil USA, Inc.
	175,000	3.750%, 02/15/2031(b)		172,340
		Nordstrom, Inc.
	160,000	4.375%, 04/01/2030		163,485
		Performance Food Group, Inc.
	50,000	6.875%, 05/01/2025(b)		53,469
		PetSmart, Inc. / PetSmart Finance Corp.
	250,000	4.750%, 02/15/2028(b)(h)		256,515
		Powdr Corp.
	25,000	6.000%, 08/01/2025(b)		26,440
		Scotts Miracle-Gro Co. (The)
	50,000	4.000%, 04/01/2031(b)		49,394
		Six Flags Theme Parks, Inc.
	55,000	7.000%, 07/01/2025(b)		59,625
		Suburban Propane Partners L.P. / Suburban Energy Finance Corp.
	25,000	5.750%, 03/01/2025		25,497
		Superior Plus L.P. / Superior General Partner, Inc.
	100,000	4.500%, 03/15/2029(b)		101,270
		Tempur Sealy International, Inc.
	50,000	4.000%, 04/15/2029(b)		49,875
		Walgreens Boots Alliance, Inc.
	50,000	4.100%, 04/15/2050		50,618
		Williams Scotsman International, Inc.
	54,000	4.625%, 08/15/2028(b)		55,046
		Wolverine World Wide, Inc.
	100,000	6.375%, 05/15/2025(b)		106,750
		Yum! Brands, Inc.
	100,000	4.625%, 01/31/2032(f)		102,354
				3,463,886
	Consumer, Non-cyclical: 3.5%
		Acadia Healthcare Co., Inc.
	50,000	5.500%, 07/01/2028(b)		52,731
		Altria Group, Inc.
	10,000	4.450%, 05/06/2050		10,358
		Avantor Funding, Inc.
	75,000	4.625%, 07/15/2028(b)		78,421
		Carriage Services, Inc.
	60,000	6.625%, 06/01/2026(b)		63,214
		Central Garden & Pet Co.
	125,000	4.125%, 10/15/2030		126,484
		Charles River Laboratories International, Inc.
	100,000	4.000%, 03/15/2031(b)		101,780
		CPI CG, Inc.
	100,000	8.625%, 03/15/2026(b)		105,029
		CVS Pass-Through Trust
	146,099	5.926%, 01/10/2034(b)		168,485
		DaVita, Inc.
	160,000	4.625%, 06/01/2030(b)		162,944
		Endo Luxembourg Finance Co. I Sarl / Endo US, Inc.
	100,000	6.125%, 04/01/2029(b)		101,147
		FAGE International S.A. / FAGE USA Dairy Industry, Inc.
	200,000	5.625%, 08/15/2026(b)(h)		206,750

PartnerSelect High Income Alternatives Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2021 (Unaudited)(Continued)

Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Consumer, Non-cyclical (continued)
		KeHE Distributors LLC / KeHE Finance Corp.
	$9,000	8.625%, 10/15/2026(b)	$	10,034
		Kraft Heinz Foods Co.
	50,000	5.000%, 06/04/2042		56,214
	80,000	4.375%, 06/01/2046		83,599
	25,000	4.875%, 10/01/2049		28,029
		Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.
	50,000	7.000%, 12/31/2027(b)		47,981
		Legends Hospitality Holding Co. LLC / Legends Hospitality Co-Issuer, Inc.
	200,000	5.000%, 02/01/2026(b)		203,750
		MEDNAX, Inc.
	500,000	6.250%, 01/15/2027(b)		535,285
		Nathan’s Famous, Inc.
	50,000	6.625%, 11/01/2025(b)		51,500
		Nielsen Finance LLC / Nielsen Finance Co.
	150,000	5.625%, 10/01/2028(b)		157,969
		Post Holdings, Inc.
	100,000	4.500%, 09/15/2031(b)		99,025
		Prestige Brands, Inc.
	100,000	3.750%, 04/01/2031(b)		95,625
		Prime Security Services Borrower LLC / Prime Finance, Inc.
	75,000	5.750%, 04/15/2026(b)		81,036
		Rent-A-Center, Inc.
	100,000	6.375%, 02/15/2029(b)		106,250
		Sabre GLBL, Inc.
	50,000	9.250%, 04/15/2025(b)		59,687
	75,000	7.375%, 09/01/2025(b)		81,844
		Sotheby’s
	50,000	7.375%, 10/15/2027(b)		54,152
		Spectrum Brands, Inc.
	50,000	5.500%, 07/15/2030(b)		53,594
		Tenet Healthcare Corp.
	25,000	4.625%, 06/15/2028(b)		25,656
		US Foods, Inc.
	100,000	6.250%, 04/15/2025(b)		107,333
	50,000	4.750%, 02/15/2029(b)		50,062
				3,165,968
	Energy: 4.7%
		Apache Corp.
	235,000	4.625%, 11/15/2025		242,414
		Baker Hughes a GE Co. LLC / Baker Hughes Co-Obligor, Inc.
	10,000	4.486%, 05/01/2030		11,397
		BP Capital Markets Plc
	250,000	4.875%, 03/22/2030(a)(e) 5 year CMT + 4.398%		268,438
		Cheniere Corpus Christi Holdings LLC
	100,000	3.520%, 12/31/2039		95,182
		Enable Midstream Partners L.P.
	605,000	4.150%, 09/15/2029		629,608
		Energy Transfer Operating L.P.
	500,000	6.250%, 02/15/2023(a)(e) 3 mo. USD LIBOR + 4.028%		408,850

Principal Amount^			Value
	Energy (continued)
		EnLink Midstream LLC
	$245,000	5.625%, 01/15/2028(b)	$	237,370
		EnLink Midstream Partners L.P.
	345,000	4.150%, 06/01/2025		338,172
		Global Partners L.P. / GLP Finance Corp.
	50,000	7.000%, 08/01/2027		52,844
	25,000	6.875%, 01/15/2029		26,878
		Harvest Midstream I L.P.
	500,000	7.500%, 09/01/2028(b)		538,600
		Midwest Connector Capital Co. LLC
	79,000	4.625%, 04/01/2029(b)		80,166
		Northriver Midstream Finance L.P.
	125,000	5.625%, 02/15/2026(b)		130,172
		NuStar Logistics L.P.
	100,000	6.375%, 10/01/2030		108,188
		Occidental Petroleum Corp.
	405,000	2.900%, 08/15/2024		401,015
	285,000	5.500%, 12/01/2025		301,242
	100,000	7.875%, 09/15/2031		117,750
		Ovintiv Exploration, Inc.
	210,000	5.625%, 07/01/2024		231,012
		Rattler Midstream L.P.
	25,000	5.625%, 07/15/2025(b)		26,150
				4,245,448
	Financial: 17.6%
		Aegon N.V.
	500,000	5.500%, 04/11/2048(e) 6 mo. USD LIBOR + 3.540%		562,967
		Alliance Data Systems Corp.
	375,000	4.750%, 12/15/2024(b)		385,547
		American Equity Investment Life Holding Co.
	25,000	5.000%, 06/15/2027		27,801
		AmWINS Group, Inc.
	100,000	7.750%, 07/01/2026(b)		107,356
		Apollo Management Holdings L.P.
	700,000	4.950%, 01/14/2050(b)(e) 5 year CMT + 3.266%		721,875
		Ascot Group Ltd.
	330,000	4.250%, 12/15/2030(b)		343,002
		Avolon Holdings Funding Ltd.
	120,000	3.950%, 07/01/2024(b)		125,518
	205,000	5.500%, 01/15/2026(b)		226,960
		AXIS Specialty Finance LLC
	400,000	4.900%, 01/15/2040(e) 5 year CMT + 3.186%		410,500
		Bank of New York Mellon Corp. (The)
	30,000	4.700%, 09/20/2025(a)(e) 5 year CMT + 4.358%		32,579
		Brazilian Merchant Voucher Receivables Ltd.
	200,000	1.000%, 04/07/2028		213,781
		Business Development Corp. of America
	375,000	4.750%, 12/30/2022(b)		375,134
	225,000	4.850%, 12/15/2024(b)		227,645
		Charles Schwab Corp. (The)
	100,000	5.375%, 06/01/2025(a)(e) 5 year CMT + 4.971%		111,100

PartnerSelect High Income Alternatives Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2021 (Unaudited)(Continued)

Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Financial (continued)
	$100,000	4.000%, 12/01/2030(a)(e) 10 year CMT + 3.079%	$	98,290
		CION Investment Corp.
	230,000	4.500%, 02/11/2026		225,301
		Citigroup, Inc.
	100,000	4.000%, 12/10/2025(a)(e) 5 year CMT + 3.597%		101,225
	150,000	3.875%, 02/18/2026(a)(e) 5 year CMT + 3.417%		149,675
		Credit Acceptance Corp.
	535,000	6.625%, 03/15/2026		564,425
		Cushman & Wakefield US Borrower LLC
	150,000	6.750%, 05/15/2028(b)		162,656
		Drawbridge Special Opportunities Fund L.P. / Drawbridge Special Opportunities Fin
	710,000	3.875%, 02/15/2026(b)		728,764
		Enstar Finance LLC
	200,000	5.750%, 09/01/2040(e) 5 year CMT + 5.468%		210,250
		Enstar Group Ltd.
	300,000	4.950%, 06/01/2029		336,225
		Equitable Holdings, Inc.
	150,000	4.950%, 09/15/2025(a)(e) 5 year CMT + 4.736%		159,000
		Fairfax India Holdings Corp.
	570,000	5.000%, 02/26/2028(b)		566,437
		Fidelis Insurance Holdings Ltd.
	630,000	6.625%, 04/01/2041(b)(e) 5 year CMT + 6.323%		628,798
		Gladstone Capital Corp.
	545,000	5.125%, 01/31/2026		573,612
		GLP Capital L.P. / GLP Financing II, Inc.
	50,000	5.300%, 01/15/2029		56,193
	140,000	4.000%, 01/15/2031		144,949
		Home Point Capital, Inc.
	200,000	5.000%, 02/01/2026(b)		198,250
		Host Hotels & Resorts L.P.
	150,000	3.500%, 09/15/2030(h)		150,381
		Hunt Cos., Inc.
	100,000	5.250%, 04/15/2029(b)		100,000
		Iron Mountain, Inc.
	25,000	4.500%, 02/15/2031(b)		24,746
	150,000	5.625%, 07/15/2032(b)		156,955
		Kennedy-Wilson, Inc.
	100,000	5.000%, 03/01/2031		101,400
		Kuvare US Holdings, Inc.
	100,000	7.000%, 02/17/2051(b)(e) 5 year CMT + 6.541%		102,271
		Liberty Mutual Group, Inc.
	220,000	4.300%, 02/01/2061(b)		198,076
		LPL Holdings, Inc.
	150,000	4.000%, 03/15/2029(b)		151,313
		Markel Corp.
	210,000	6.000%, 06/01/2025(a)(e) 5 year CMT + 5.662%		228,638
		MetLife, Inc.
	70,000	3.850%, 09/15/2025(a)(e) 5 year CMT + 3.576%		72,450
		Nationwide Mutual Insurance Co.
	130,000	4.350%, 04/30/2050(b)(h)		136,403

Principal Amount^			Value
	Financial (continued)
		NFP Corp.
	$100,000	7.000%, 05/15/2025(b)	$	107,625
	100,000	6.875%, 08/15/2028(b)		103,985
		OFS Capital Corp.
	620,000	4.750%, 02/10/2026		630,056
		OneAmerica Financial Partners, Inc.
	70,000	4.250%, 10/15/2050(b)		67,613
		OneMain Finance Corp.
	100,000	4.000%, 09/15/2030		97,375
		Owl Rock Technology Finance Corp.
	475,000	6.750%, 06/30/2025(b)		536,767
		Oxford Finance LLC / Oxford Finance Co-Issuer II, Inc.
	440,000	6.375%, 12/15/2022(b)		448,059
		PartnerRe Finance B LLC
	615,000	4.500%, 10/01/2050(e) 5 year CMT + 3.815%		627,450
		Quicken Loans LLC / Quicken Loans Co-Issuer, Inc.
	150,000	3.875%, 03/01/2031(b)		145,125
		Scentre Group Trust
	610,000	5.125%, 09/24/2080(b)(e) 5 year CMT + 4.685%		635,437
		Sirius International Group Ltd.
	700,000	4.600%, 11/01/2026(b)		711,812
		Stellus Capital Investment Corp.
	425,000	4.875%, 03/30/2026		435,763
		United Insurance Holdings Corp.
	530,000	6.250%, 12/15/2027		540,715
		United Shore Financial Services LLC
	100,000	5.500%, 11/15/2025(b)		104,375
		United Wholesale Mortgage LLC
	100,000	5.500%, 04/15/2029(b)		100,000
		Wells Fargo & Co.
	100,000	3.900%, 03/15/2026(a)(e) 5 year CMT + 3.453%		101,053
		Wilton RE Ltd.
	250,000	6.000%, 10/22/2030(a)(b)(e) 5 year CMT + 5.266%		245,682
				15,837,340
	Industrial: 1.9%
		Arcosa, Inc.
	100,000	4.375%, 04/15/2029(b)		100,000
		Boeing Co. (The)
	200,000	5.150%, 05/01/2030(h)		230,275
	100,000	5.705%, 05/01/2040		122,337
	100,000	5.805%, 05/01/2050(h)		126,394
		Cleaver-Brooks, Inc.
	100,000	7.875%, 03/01/2023(b)		98,364
		Flowserve Corp.
	60,000	3.500%, 10/01/2030		61,057
		GrafTech Finance, Inc.
	125,000	4.625%, 12/15/2028(b)		125,860
		Great Lakes Dredge & Dock Corp.
	50,000	8.000%, 05/15/2022		50,500
		Grinding Media, Inc. / Moly-Cop AltaSteel Ltd.
	50,000	7.375%, 12/15/2023(b)		50,875
		Harsco Corp.
	125,000	5.750%, 07/31/2027(b)		128,203
		Howmet Aerospace, Inc.
	25,000	6.875%, 05/01/2025		29,000

PartnerSelect High Income Alternatives Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2021 (Unaudited)(Continued)

Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Industrial (continued)
		James Hardie International Finance DAC
	$215,000	5.000%, 01/15/2028(b)	$	227,900
		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)		84,375
		PowerTeam Services LLC
	110,000	9.033%, 12/04/2025(b)		122,408
		Standard Industries, Inc.
	50,000	4.375%, 07/15/2030(b)		50,527
	25,000	3.375%, 01/15/2031(b)		23,719
		TopBuild Corp.
	50,000	3.625%, 03/15/2029(b)		49,500
				1,733,294
	Technology: 1.1%
		AMS AG
	265,000	7.000%, 07/31/2025(b)		284,461
		Boxer Parent Co., Inc.
	50,000	7.125%, 10/02/2025(b)		53,697
		Brunello Bidco SpA
	100,000 (EUR)	3.750%, 02/15/2028(b)(c) 3 mo. EURIBOR + 3.750%		117,576
		BY Crown Parent LLC / BY Bond Finance, Inc.
	50,000	4.250%, 01/31/2026(b)		51,750
		CDK Global, Inc.
	50,000	5.250%, 05/15/2029(b)		53,688
		Change Healthcare Holdings LLC / Change Healthcare Finance, Inc.
	25,000	5.750%, 03/01/2025(b)		25,515
		NCR Corp.
	50,000	8.125%, 04/15/2025(b)		54,875
	100,000	5.250%, 10/01/2030(b)		101,450
		Playtika Holding Corp.
	100,000	4.250%, 03/15/2029(b)		98,707
		Twilio, Inc.
	100,000	3.875%, 03/15/2031		102,386
				944,105
	Utilities: 1.5%
		Clearway Energy Operating LLC
	100,000	3.750%, 02/15/2031(b)		96,159
		Edison International
	700,000	5.375%, 03/15/2026(a)(e) 5 year CMT + 4.698%		714,000
		Terraform Global Operating LLC
	25,000	6.125%, 03/01/2026(b)		25,714
		Vistra Operations Co. LLC
	535,000	5.000%, 07/31/2027(b)		552,281
				1,388,154
	TOTAL CORPORATE BONDS (Cost $32,332,482)			33,434,275

Principal Amount^			Value
	GOVERNMENT SECURITIES & AGENCY ISSUE: 16.6%
		United States Treasury Note
	$2,000,000	2.625%, 06/15/2021	$	2,010,567
	1,900,000	2.750%, 09/15/2021		1,923,169
	2,600,000	2.625%, 12/15/2021		2,647,007
	1,900,000	2.375%, 03/15/2022		1,941,376
	2,500,000	1.750%, 06/15/2022(i)		2,549,805
	2,000,000	1.500%, 09/15/2022(i)		2,040,156
	1,800,000	1.625%, 12/15/2022		1,845,668
	TOTAL GOVERNMENT SECURITIES & AGENCY ISSUE (Cost $14,795,818)			14,957,748
	MORTGAGE-BACKED SECURITIES: 4.6%
		ACRE Commercial Mortgage Ltd.
	250,000	Series 2021-FL4-D 2.708%, 12/18/2037(b)(c) 1 mo. USD LIBOR + 2.600%		247,818
		Alternative Loan Trust
	165,198	Series 2007-OA4-A1 0.279%, 05/25/2047(c) 1 mo. USD LIBOR + 0.170%		157,004
	169,690	Series 2007-OA7-A1A 0.289%, 05/25/2047(c) 1 mo. USD LIBOR + 0.180%		162,294
		BX Commercial Mortgage Trust
	235,128	Series 2019-XL-F 2.106%, 10/15/2036(b)(c) 1 mo. USD LIBOR + 2.000%		235,431
	235,128	Series 2019-XL-G 2.406%, 10/15/2036(b)(c) 1 mo. USD LIBOR + 2.300%		235,481
		BXMT Ltd.
	250,000	Series 2020-FL2-D 2.058%, 02/16/2037(b)(c) 1 mo. USD LIBOR + 1.950%		247,816
	100,000	Series 2020-FL3-D 2.908%, 03/15/2037(b)(c) 1 mo. USD LIBOR + 2.800%		99,929
		Cascade Funding Mortgage Trust
	238,352	Series 2018-RM2-A 4.000%, 10/25/2068(b)(e)		248,894
		CD Mortgage Trust
	1,010,512	Series 2017-CD4-XA 1.289%, 05/10/2050(e)(j)		55,938
		CGMS Commercial Mortgage Trust
	260,000	Series 2017-MDRC-E 3.506%, 07/15/2030(b)(c) 1 mo. USD LIBOR + 3.400%		238,067
		Credit Suisse Mortgage-Backed Trust
	480,000	Series 2018-SITE-C 4.782%, 04/15/2036(b)(e)		471,437
		Freddie Mac Military Housing Bonds Resecuritization Trust Certificates
	2,823,457	Series 2015-R1-XA1 0.700%, 11/25/2055(b)(e)(j)		187,303
	4,513,055	Series 2015-R1-XA3 0.700%, 11/25/2052(b)(e)(j)		257,295

PartnerSelect High Income Alternatives Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2021 (Unaudited)(Continued)

Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
		GPMT Ltd.
	$200,000	Series 2018-FL1-C 2.260%, 11/19/2035(b)(c) 1 mo. USD LIBOR + 2.150%	$	199,028
		GS Mortgage Securities Corp. Trust
	250,000	Series 2020-DUNE-E 2.606%, 12/15/2036(b)(c) 1 mo. USD LIBOR + 2.500%		234,249
	250,000	Series 2020-UPTN-E 3.246%, 02/10/2037(b)(e)		236,857
		HarborView Mortgage Loan Trust
	291,578	Series 2006-12-2A2A 0.300%, 01/19/2038(c) 1 mo. USD LIBOR + 0.190%		280,021
		JP Morgan Chase Commercial Mortgage Securities Trust
	1,766,617	Series 2016-JP2-XA 1.792%, 08/15/2049(e)(j)		133,057
		JPMDB Commercial Mortgage Securities Trust
	204,863	Series 2017-C5-XA 0.951%, 03/15/2050(e)(j)		9,041
		Residential Accredit Loans, Inc. Trust
	405,792	Series 2006-QO6-A1 0.469%, 06/25/2046(c) 1 mo. USD LIBOR + 0.360%		138,445
		Wells Fargo Commercial Mortgage Trust
	941,809	Series 2016-BNK1-XA 1.736%, 08/15/2049(e)(j)		69,304
	TOTAL MORTGAGE-BACKED SECURITIES (Cost $4,325,886)			4,144,709
	MUNICIPAL BOND: 0.0%
	Indiana: 0.0%
		Knox County Industry Economic Development Revenue
	5,000	Series B 5.900%, 04/01/2034		5,196
	TOTAL MUNICIPAL BOND (Cost $4,689)			5,196
	SHORT-TERM INVESTMENTS: 5.3%
Shares
	MONEY MARKET FUND: 0.5%
	425,355	State Street Institutional Treasury Money Market Fund - Premier Class, 0.010%(k)		425,355
	TOTAL MONEY MARKET FUND (Cost $425,355)			425,355

Principal Amount^			Value
	REPURCHASE AGREEMENTS: 4.7%
	$4,273,640	Fixed Income Clearing Corp. 0.000%, 3/31/2021, due 04/01/2021 [collateral: par value $4,157,300, U.S. Treasury Note, 1.750%, due 12/31/2024, value $4,359,419] (proceeds $4,273,640)	$	4,273,640
	TREASURY BILLS: 0.1%
		United States Treasury Bill
	50,000	0.007%, 04/22/2021(i)(l)		50,000
	TOTAL TREASURY BILLS (Cost $49,996)			50,000
	TOTAL SHORT-TERM INVESTMENTS (Cost $4,748,991)			4,748,995
	TOTAL PURCHASED OPTIONS (Premiums paid $37,075): 0.2%			153,047
	TOTAL INVESTMENTS (Cost: $93,527,575): 105.5%			94,980,526
	Liabilities in Excess of Other Assets: (5.5)%			(4,962,003	)
	NET ASSETS: 100.0%		$	90,018,523

Percentages are stated as a percent of net assets.
CLO	Collateralized Loan Obligation
CMT	Constant Maturity Treasury Index
ETF	Exchange Traded Fund
EURIBOR	Euro Interbank Offered Rate
LIBOR	London Interbank Offered Rate
L.P.	Limited Partnership
*	Non-Income Producing Security.
^	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)	Floating Interest Rate at March 31, 2021.
(d)	Coupon increases periodically based upon a predetermined schedule. Stated interest rate in effect at March 31, 2021.
(e)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect at March 31, 2021.
(f)	When issued security.
(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 March 31, 2021 , the market value of securities pledged amounted to $2,105,555.
(i)	Securities with an aggregate fair value of $3,211,992 have been pledged as collateral for options, swaps, and futures positions.
(j)	Interest Only security. Security with a notional or nominal principal amount.
(k)	The rate disclosed is the 7 day net yield as of March 31, 2021.
(l)	The rate shown represents yield-to-maturity.

PartnerSelect High Income Alternatives Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2021 (Unaudited)(Continued)

CURRENCY ABBREVIATIONS:

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

UNFUNDED LOAN COMMITMENTS — At March 31, 2021, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following agreementeas:

Borrower	Principal Amount		Current Value		Unrealized Gain (Loss)
Seaport Financing LLC, 0.000%, 10/31/2023	$	100,000	$	98,680	$	(1,320	)
Venture Global Calcasieu Pass LLC, 2.481%, 08/19/2026		43,861		41,449		(2,412	)
Higginbotham Insurance Agency, Inc., 1.000%, 11/25/2026		21,965		21,800		(165	)
MB2 Dental Solutions LLC, 1.000%, 01/29/2027		35,168		34,816		(352	)
Southern Veterinary Partners LLC, 4.000%, 10/5/2027		12,121		12,170		49
Help At Home, Inc., 5.000%, 10/29/2027		10,000		10,050		50
Service Logic Acquisition, Inc., 4.750%, 10/29/2027		19,701		19,726		25
National Mentor Holdings, Inc., 0.500%, 02/18/2028		10,000		9,951		(49	)
TricorBraun Holdings, Inc., 0.500%, 03/3/2028		17,751		17,607		(144	)
SCP Eye Care Services LLC, 5.250%, 03/15/2028		14,773		14,792		19
TOTAL			$	281,041	$	(4,299	)

The cost basis of investments for federal income tax purposes at March 31, 2021 was as follows*:

Cost of investments	$	91,373,177
Gross unrealized appreciation		2,543,640
Gross unrealized depreciation		(838,661	)
Net unrealized appreciation	$	1,704,979

* 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 INVESTMENTS IN PURCHASED OPTIONS at March 31, 2021 (Unaudited)

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Fair 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		9,000,000	$	9,000,000	$	83,236	$	20,810	$	62,426
Two Year Ten Year USD Constant Maturity Swaption	Goldman Sachs International		0.61		7/29/2022		4,100,000		4,100,000		30,042		5,945		24,097
Two Year Ten Year USD Constant Maturity Swaption	Morgan Stanley & Co.		0.40		7/29/2022		4,300,000		4,300,000		39,769		10,320		29,449
Total Purchased Options										$	153,047	$	37,075	$	115,972

PartnerSelect High Income Alternatives Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2021 (Unaudited)(Continued)

REVERSE REPURCHASE AGREEMENTS at March 31, 2021 (Unaudited)

Principal Amount			Value
	$(142,000)	JPMorgan Chase & Co. 0.300%, 3/10/2021, due 03/10/2022	$	(142,000	)
	(152,000)	JPMorgan Chase & Co. 0.300%, 3/11/2021, due 03/11/2022		(152,000	)
	(211,000)	JPMorgan Chase & Co. 0.300%, 2/26/2021, due 02/26/2022		(211,000	)
	(118,000)	Barclays Capital Plc 0.350%, 3/5/2021, due 03/05/2022		(118,000	)
	(130,799)	BMO Capital Markets Corp. 0.350%, 3/17/2021, due 03/17/2022		(130,799	)
	(196,650)	BMO Capital Markets Corp. 0.450%, 3/12/2021, due 03/12/2022		(196,650	)
	(230,906)	BMO Capital Markets Corp. 0.450%, 3/8/2021, due 03/08/2022		(230,906	)
	(283,167)	BMO Capital Markets Corp. 0.450%, 3/5/2021, due 03/05/2022		(283,167	)
	(471,588)	BMO Capital Markets Corp. 0.450%, 3/15/2021, due 03/15/2022		(471,588	)
	TOTAL REVERSE REPURCHASE AGREEMENTS (Proceeds $1,936,110)		$	(1,936,110	)

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

PartnerSelect High Income Alternatives Fund

SCHEDULE OF INVESTMENTS IN FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS at March 31, 2021 (Unaudited)

At March 31, 2021, the Fund had the following forward foreign currency exchange contracts:

								Asset Derivatives		Liability Derivatives
Counterparty	Settlement Date	Fund Receiving	U.S. $ Value at March 31, 2021		Fund Delivering	U.S.0 $ Value at March 31, 2021		Unrealized Appreciation		Unrealized Depreciation
Bank of America N.A.	4/30/2021	USD	$	29,952	ILS	$	30,233	$	—	$	(281	)
	1/31/2022	USD		93,834	ILS		95,260		—		(1,426	)
Barclays Bank Plc	4/16/2021	USD		119,938	EUR		117,479		2,459		—
Citibank N.A.	4/30/2021	USD		406,847	ILS		411,175		—		(4,328	)
	7/1/2021	BRL		35,132	USD		38,193		—		(3,061	)
	7/1/2021	BRL		35,133	USD		38,665		—		(3,532	)
Goldman Sachs International	4/30/2021	ILS		318,963	USD		298,557		20,406		—
	4/30/2021	ILS		318,963	USD		298,892		20,071		—
	4/30/2021	USD		94,794	ILS		96,747		—		(1,953	)
	4/30/2021	USD		97,471	ILS		99,771		—		(2,300	)
	7/30/2021	USD		198,957	EUR		201,668		—		(2,711	)
	1/31/2022	ILS		109,549	USD		98,692		10,857		—
	1/31/2022	ILS		109,549	USD		99,610		9,939		—
	1/31/2022	USD		121,980	ILS		123,838		—		(1,858	)
JPMorgan Chase Bank N.A.	7/1/2021	USD		95,023	BRL		70,265		24,758		—
	7/30/2021	EUR		415,200	USD		399,948		15,252		—
	7/30/2021	USD		209,309	EUR		213,531		—		(4,222	)
			$	2,810,594		$	2,732,524	$	103,742	$	(25,672	)

SCHEDULE OF INVESTMENTS IN FUTURES CONTRACTS at March 31, 2021 (Unaudited)

Description	Number of Contracts		Notional Amount			Notional Value			Expiration Date		Unrealized Appreciation/ (Depreciation)
Futures Contracts - Short
5YR U.S. Treasury Notes		(26)	$	(2,600,000	)	$	(3,208,359	)		6/30/2021	$	27,199
10YR U.S. Treasury Notes		(17)		(1,700,000	)		(2,225,938	)		6/21/2021		52,378
Total Short											$	79,577
Total Futures Contracts											$	79,577

PartnerSelect High Income Alternatives Fund

SCHEDULE OF INVESTMENTS IN WRITTEN OPTIONS at March 31, 2021 (Unaudited)

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts		Notional Amount			FairValue			Premiums Received			Unrealized Appreciation/ (Depreciation)
INDEX OPTIONS
Put
Russell 2000 Index	UBS Securities LLC	$	2,105.00		4/1/2021		(1)	$	(222,152	)	$	(38	)	$	(5,819	)	$	5,781
Russell 2000 Index	UBS Securities LLC		2,205.00		4/1/2021		(1)		(222,152	)		(485	)		(4,839	)		4,354
Russell 2000 Index	UBS Securities LLC		2,110.00		4/9/2021		(1)		(222,152	)		(784	)		(4,049	)		3,265
Russell 2000 Index	UBS Securities LLC		2,135.00		4/9/2021		(2)		(444,304	)		(3,450	)		(7,238	)		3,788
Russell 2000 Index	UBS Securities LLC		2,120.00		4/16/2021		(1)		(222,152	)		(4,409	)		(4,409	)		—
Russell 2000 Index	UBS Securities LLC		2,135.00		4/16/2021		(1)		(222,152	)		(2,441	)		(4,469	)		2,028
Russell 2000 Index	UBS Securities LLC		2,235.00		4/16/2021		(1)		(222,152	)		(6,090	)		(4,649	)		(1,441	)
Russell 2000 Index	UBS Securities LLC		2,110.00		4/23/2021		(1)		(222,152	)		(2,940	)		(5,789	)		2,849
Russell 2000 Index	UBS Securities LLC		2,130.00		4/23/2021		(1)		(222,152	)		(4,709	)		(4,709	)		—
Russell 2000 Index	UBS Securities LLC		2,160.00		4/23/2021		(1)		(222,152	)		(4,186	)		(5,349	)		1,163
Russell 2000 Index	UBS Securities LLC		2,170.00		4/30/2021		(1)		(222,152	)		(4,960	)		(4,959	)		(1	)
S&P 500 Index	UBS Securities LLC		3,830.00		4/9/2021		(5)		(1,986,945	)		(3,200	)		(21,780	)		18,580
S&P 500 Index	UBS Securities LLC		3,855.00		4/9/2021		(4)		(1,589,556	)		(3,308	)		(18,996	)		15,688
S&P 500 Index	UBS Securities LLC		3,825.00		4/16/2021		(2)		(794,778	)		(2,682	)		(7,798	)		5,116
S&P 500 Index	UBS Securities LLC		3,865.00		4/16/2021		(3)		(1,192,167	)		(5,340	)		(12,177	)		6,837
S&P 500 Index	UBS Securities LLC		3,875.00		4/16/2021		(4)		(1,589,556	)		(7,880	)		(17,556	)		9,676
S&P 500 Index	UBS Securities LLC		3,825.00		4/23/2021		(2)		(794,778	)		(4,724	)		(9,088	)		4,364
S&P 500 Index	UBS Securities LLC		3,840.00		4/23/2021		(2)		(794,778	)		(4,680	)		(7,138	)		2,458
S&P 500 Index	UBS Securities LLC		3,845.00		4/23/2021		(5)		(1,986,945	)		(13,300	)		(21,843	)		8,543
S&P 500 Index	UBS Securities LLC		3,840.00		4/30/2021		(6)		(2,384,334	)		(21,000	)		(26,633	)		5,633
S&P 500 Index	UBS Securities LLC		3,850.00		4/30/2021		(1)		(397,389	)		(4,418	)		(4,418	)		—
S&P 500 Index	UBS Securities LLC		3,875.00		4/30/2021		(2)		(794,778	)		(9,714	)		(9,714	)		—
S&P 500 Index	UBS Securities LLC		3,895.00		5/7/2021		(1)		(397,389	)		(4,870	)		(4,869	)		(1	)
Total Written Options											$	(119,608	)	$	(218,288	)	$	98,680

Litman Gregory Funds Trust

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2021 (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. The Funds record their investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques used to determine fair value are further described below. 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 Schedules 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 March 31, 2021, the Funds’ ongoing exposure to the economic return on repurchase agreements is shown on the Schedules of Investments in Securities.

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 March 31, 2021, the High Income Alternatives Fund had outstanding reverse repurchase agreements for 57 days. The average amount of borrowings was $1,059,263 and the average interest rate was 0.43% during the 57 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 forward foreign currency exchange contracts. 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 forward foreign currency exchange contracts. 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 March 31, 2021, 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 Over the counter (“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 March 31, 2021, 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 March 31, 2021, 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.

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.

Repurchase agreements and reverse repurchase agreements are categorized as Level 2 of the fair value hierarchy.

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 March 31, 2021. 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	$	254,470,737	$	—	$	—	$	254,470,737
Preferred Stock		4,579,633		—		—		4,579,633
Total Equity		259,050,370		—		—		259,050,370
Short-Term Investments

Repurchase Agreements		—		12,543,016		—		12,543,016
Total Investments in Securities	$	259,050,370	$	12,543,016	$	—	$	271,593,386

^(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	$	7,329,639	$	—	$	—		$	7,329,639
Austria		4,758,104		—		—			4,758,104
Belgium		2,751,486		—		—			2,751,486
Bermuda		3,553,185		—		—			3,553,185
Canada		5,843,222		—		—			5,843,222
Cayman Islands		4,906,234		—		—			4,906,234
China		2,709,695		—		—			2,709,695
Denmark		4,675,618		—		—			4,675,618
Finland		7,029,510		—		—			7,029,510
France		59,654,116		—		—			59,654,116
Germany		20,980,222		—		—			20,980,222
Ireland		7,733,520		—		—			7,733,520
Israel		6,145,014		—		—			6,145,014
Japan		46,260,789		—		—			46,260,789
Mexico		7,302,146		—		—			7,302,146
Netherlands		19,343,686		—		—			19,343,686
Norway		2,597,227		—		—			2,597,227
South Africa		4,995,727		—		—			4,995,727
South Korea		1,735,516		—		—			1,735,516
Spain		9,886,384		—		790,225	**		10,676,609
Sweden		26,375,187		—		—			26,375,187
Switzerland		20,263,559		—		—			20,263,559
United Kingdom		51,835,903		—		—			51,835,903
Total Equity		328,665,689		—		790,225	**		329,455,914
Short-Term Investments
Repurchase Agreements		—		7,014,132		—			7,014,132
Total Short-Term Investments		—		7,014,132		—			7,014,132
Total Investments in Securities		$328,665,689	$	7,014,132	$	790,225	**	$	336,470,046
Other Financial Instruments*
Forward Foreign Currency Exchange Contracts	$	88,783	$	—	$	—		$	88,783

^* 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 .

Oldfield International 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
Common Stocks
Brazil	$	860,860	$	—	$	—	$	860,860
Finland		351,439		—		—		351,439
France		955,616		—		—		955,616
Germany		3,368,311		—		—		3,368,311
Italy		786,517		—		—		786,517
Japan		4,627,418		—		—		4,627,418
Netherlands		1,135,472		—		—		1,135,472
South Korea		1,378,602		—		—		1,378,602
Sweden		658,135		—		—		658,135

United Kingdom		3,876,908		—		—		3,876,908
Preferred Stock
Germany		919,929		—		—		919,929
Total Equity		18,919,207		—		—		18,919,207
Total Investments in Securities	$	18,919,207	$	—	$	—	$	18,919,207

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	$	60,854,294	$	—	$	—	$	60,854,294
Total Equity		60,854,294		—		—		60,854,294
Total Investments in Securities	$	60,854,294	$	—	$	—	$	60,854,294

^(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	$	456,968,390		$	5,808,026		$	2,376,593	**	$	465,153,009
Preferred Stocks		5,538,563			—			412,621	**		5,951,184
Limited Partnerships		—			—			2,151,802	**		2,151,802
Total Equity		462,506,953			5,808,026			4,941,016	**		473,255,995
Rights/Warrants		24,728			—			—			24,728
Fixed Income
Asset-Backed Securities		—			132,813,721			358,885	**		133,172,606
Bank Loans		—			27,425,522			4,700,689	**		32,126,211
Convertible Bonds		—			19,251,796			—			19,251,796
Corporate Bonds		—			418,575,183			447,467	**		419,022,650
Government Securities & Agency Issue		—			29,445,834			—			29,445,834
Mortgage-Backed Securities		—			222,054,243			423,080	(1)		222,477,323
Total Fixed Income		—			849,566,299			5,930,121	**		855,496,420
Short-Term Investments
Repurchase Agreements		—			133,467,903			—			133,467,903
Treasury Bills		—			33,742,018			—			33,742,018
Total Short-Term Investments		—			167,209,921			—			167,209,921
Purchased Options		537,282			—			—			537,282
Total Investments in Securities		$463,068,963		$	1,022,584,246		$	10,871,137	**	$	1,496,524,346
Fixed Income
Unfunded Loan Commitments		—			71,995			—			71,995
Total Investments in Securities in Assets		$463,068,963		$	1,022,656,241		$	10,871,137	**	$	1,496,596,341
Short Sales
Common Stocks		(83,580,619	)		—			—			(83,580,619	)
Exchange-Traded Funds		(3,549,624	)		—			—			(3,549,624	)
Corporate Bonds		—			(774,797	)		—			(774,797	)
Total Short Sales		(87,130,243	)		(774,797	)		—			(87,905,040	)
Total Investments in Securities in Liabilities		$(87,130,243)		$	(774,797	)	$	—		$	(87,905,040	)
Other Financial Instruments*
Forward Foreign Currency Exchange Contracts	$	722,852		$	—		$	—		$	722,852
Futures		1,517,853			—			—			1,517,853
Swaps - Credit Default		—			(3,399,285	)		—			(3,399,285	)
Swaps - Total Return		(1,170,528	)		14,919			—			(1,155,609	)
Written Options		(87,951	)		—			—			(87,951	)

^(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.

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	$	3,079		$	—		$	—	$	3,079
Preferred Stocks		2,156,675			—			—		2,156,675
Closed-End Funds		549,971			—			—		549,971
Total Equity		2,709,725			—			—		2,709,725
Fixed Income
Asset-Backed Securities		—			16,446,604			—		16,446,604
Bank Loans		—			18,380,227			—		18,380,227
Corporate Bonds		—			33,434,275			—		33,434,275
Government Securities & Agency Issue		—			14,957,748			—		14,957,748
Mortgage-Backed Securities		—			4,144,709			—		4,144,709
Municipal Bond		—			5,196			—		5,196
Total Fixed Income		—			87,368,759			—		87,368,759
Short-Term Investments
Money Market Fund		425,355			—			—		425,355
Repurchase Agreements		—			4,273,640			—		4,273,640
Treasury Bills		—			50,000			—		50,000
Total Short-Term Investments		425,355			4,323,640			—		4,748,995
Purchased Options		—			153,047			—		153,047
Total Investments in Securities		$3,135,080		$	91,845,446		$	—	$	94,980,526
Fixed Income
Unfunded Loan Commitments		—			281,041			—		281,041
Total Investments in Securities in Assets		$3,135,080		$	92,126,487		$	—	$	95,261,567
Reverse Repurchase Agreements		—			(1,936,110	)		—		(1,936,110	)
Total Investments in Securities in Liabilities		$—		$	(1,936,110	)	$	—	$	(1,936,110	)
Other Financial Instruments*
Forward Foreign Currency Exchange Contracts	$	78,070		$	—		$	—	$	78,070
Futures		79,577			—			—		79,577
Written Options		(119,608	)		—			—		(119,608	)

^(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.

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.

• 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.

• 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.

• 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.

• Public Health Emergency Risk. This is the risk that pandemics and other public health emergencies, including outbreaks of infectious diseases such as the current outbreak of the novel coronavirus (“COVID-19”), can result, and in the case of COVID-19 is resulting, in market volatility and disruption, and materially and adversely impact economic conditions in ways that cannot be predicted, all of which could result in substantial investment losses. Containment efforts and related restrictive actions by governments and businesses have significantly diminished and disrupted global economic activity across many industries. Less developed countries and their health systems may be more vulnerable to these impacts. The ultimate impact of COVID-19 or other health emergencies on global economic conditions and businesses is impossible to predict accurately. Ongoing and potential additional material adverse economic effects of indeterminate duration and severity are possible. The resulting adverse impact on the value of an investment in a Fund could be significant and prolonged.

• 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.