NPORT-EX 2 MW15TCW063023.htm
Opportunistic
High
Income
Credit
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
1
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
BONDS
–
79.12%
BANK
LOANS
—
8.56%*  
Consumer
Discretionary
—
1.49%
City
Brewing
Co.
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
8.32%
04/05/28
1
$
12,449‌
$
8,217‌
Hanesbrands,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
8.55%
03/08/30
1
4,988‌
5,012‌
Naked
Juice,
LLC,
Term
Loan,
2nd
Lien
(SOFR
plus
6.10%)
11.00%
01/24/30
1
12,000‌
9,639‌
New
Trojan
Parent,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
3.36%)
8.46%
-
8.47%
01/06/28
1
11,946‌
6,746‌
29,614‌
Entertainment
—
0.39%
Crown
Finance
U.S.,
Inc.,
Delayed-Draw
Term
Loan,
1st
Lien
(Luxembourg)
(SOFR
plus
10.10%)
15.19%
-
15.24%
09/07/23
1,2
7,747‌
7,841‌
Food
—
0.54%
Sovos
Brands
Intermediate,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
8.77%
06/08/28
1
10,777‌
10,700‌
Health
Care
—
0.54%
Cano
Health,
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
4.00%)
9.20%
11/23/27
1
12,741‌
10,771‌
Industrials
—
2.31%
Patriot
Container
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.85%)
9.05%
03/20/25
1
4,476‌
4,150‌
Protective
Industrial
Products,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.11%)
9.19%
12/29/27
1
12,772‌
12,197‌
SPX
flow,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.60%)
9.58%
04/05/29
1
6,536‌
6,467‌
Transcendia
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
9.23%
05/30/24
1
16,690‌
12,553‌
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Industrials
(continued)
Zep,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
9.24%
08/12/24
1
$
12,309‌
$
10,574‌
45,941‌
Information
Technology
—
1.17%
Magenta
Buyer
LLC,
Term
Loan,
1st
Lien
(LIBOR
plus
4.75%)
10.03%
07/27/28
1
12,805‌
9,684‌
MH
Sub
I
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
4.25%)
9.35%
04/25/28
1
3,082‌
2,961‌
Open
Text
Corp.,
Term
Loan,
1st
Lien
(Canada)
(SOFR
plus
3.60%)
8.74%
01/31/30
1,2
10,448‌
10,506‌
23,151‌
Materials
—
1.02%
Geon
Performance
Solutions,
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.50%)
10.04%
08/18/28
1
12,773‌
12,617‌
Iris
Holding,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
4.75%)
9.90%
06/28/28
1
3,970‌
3,381‌
Polar
U.S.
Borrower
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
4.75%)
9.72%
-
9.73%
10/15/25
1
5,500‌
4,363‌
20,361‌
Retail
—
0.74%
Tacala
Investment
Corp.,
Term
Loan
B,
2nd
Lien
(LIBOR
plus
7.50%)
12.69%
02/04/28
1
15,500‌
14,686‌
Services
—
0.36%
Neptune
Bidco
U.S.,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
5.10%)
10.00%
04/11/29
1
8,000‌
7,070‌
Total
Bank
Loans
(Cost
$183,119)
170,135‌
CORPORATES
—
61.77%*  
Banking
—
2.31%
Bank
of
America
Corp.,
Series
RR
4.38%
3,4
6,000‌
5,195‌
Opportunistic
High
Income
Credit
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
2
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Banking
(continued)
Bank
of
New
York
Mellon
Corp.
(The),
Series
I
3.75%
3,4
$
6,000‌
$
4,924‌
U.S.
Bancorp
3.70%
3,4
14,000‌
10,339‌
UBS
Group
AG
(Switzerland)
6.37%
07/15/26
2,3,5
5,000‌
4,972‌
6.54%
08/12/33
2,3,5
20,000‌
20,558‌
45,988‌
Communications
—
13.49%
Altice
France
SA
(France)
5.13%
01/15/29
2,5
13,000‌
9,230‌
5.50%
10/15/29
2,5
11,000‌
7,923‌
8.13%
02/01/27
2,5
6,000‌
5,257‌
Cable
One,
Inc.
4.00%
11/15/30
5
21,000‌
16,485‌
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.
4.50%
08/15/30
5
29,000‌
24,183‌
4.75%
03/01/30
5
6,000‌
5,136‌
Cogent
Communications
Group,
Inc.
7.00%
06/15/27
5
4,000‌
3,874‌
CommScope,
Inc.
4.75%
09/01/29
5
7,000‌
5,530‌
Consolidated
Communications,
Inc.
6.50%
10/01/28
5
7,000‌
5,530‌
CSC
Holdings
LLC
6.50%
02/01/29
5
30,000‌
24,281‌
7.50%
04/01/28
5
17,000‌
9,716‌
Diamond
Sports
Group,
LLC/Diamond
Sports
Finance
Co.
5.38%
08/15/26
5,6,7
22,000‌
756‌
DISH
DBS
Corp.
5.13%
06/01/29
9,000‌
4,253‌
5.25%
12/01/26
5
10,000‌
8,040‌
DISH
Network
Corp.
11.75%
11/15/27
5
3,000‌
2,938‌
Frontier
Communications
Holdings
LLC
5.00%
05/01/28
5
8,000‌
6,908‌
6.75%
05/01/29
5
6,000‌
4,661‌
8.63%
03/15/31
5
6,000‌
5,810‌
Gray
Escrow
II,
Inc.
5.38%
11/15/31
5
14,000‌
9,348‌
Intelsat
Jackson
Holdings
SA
(Luxembourg)
6.50%
03/15/30
2,5
22,000‌
20,009‌
Level
3
Financing,
Inc.
4.25%
07/01/28
5
5,000‌
3,233‌
10.50%
05/15/30
5
19,000‌
19,332‌
Northwest
Fiber
LLC/Northwest
Fiber
Finance
Sub,
Inc.
4.75%
04/30/27
5
8,000‌
7,080‌
Scripps
Escrow
II,
Inc.
5.38%
01/15/31
5
10,000‌
7,065‌
Scripps
Escrow,
Inc.
5.88%
07/15/27
5
6,000‌
4,890‌
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Communications
(continued)
Sirius
XM
Radio,
Inc.
3.88%
09/01/31
5
$
15,000‌
$
11,614‌
Vmed
O2
UK
Financing
I
PLC
(United
Kingdom)
4.75%
07/15/31
2,5
14,000‌
11,585‌
VZ
Secured
Financing
BV
(Netherlands)
5.00%
01/15/32
2,5
16,000‌
12,937‌
Zayo
Group
Holdings,
Inc.
4.00%
03/01/27
5
15,000‌
10,611‌
268,215‌
Consumer
Discretionary
—
3.30%
Central
Garden
&
Pet
Co.
4.13%
04/30/31
5
5,000‌
4,129‌
Everi
Holdings,
Inc.
5.00%
07/15/29
5
5,000‌
4,400‌
Hilton
Domestic
Operating
Co.,
Inc.
3.63%
02/15/32
5
15,000‌
12,520‌
Triton
Water
Holdings,
Inc.
6.25%
04/01/29
5
19,000‌
16,346‌
WarnerMedia
Holdings,
Inc.
5.14%
03/15/52
20,000‌
16,321‌
Wyndham
Hotels
&
Resorts,
Inc.
4.38%
08/15/28
5
13,000‌
11,888‌
65,604‌
Consumer
Products
—
0.24%
Newell
Brands,
Inc.
6.00%
04/01/46
6,000‌
4,754‌
Diversified
REITs
—
0.49%
VICI
Properties
LP/VICI
Note
Co.,
Inc.
5.75%
02/01/27
5
10,000‌
9,824‌
Electric
—
0.09%
Pike
Corp.
5.50%
09/01/28
5
2,000‌
1,798‌
Energy
—
5.46%
Energy
Transfer
LP,
Series
B
6.63%
3,4
22,000‌
16,914‌
Global
Partners
LP/GLP
Finance
Corp.
6.88%
01/15/29
16,000‌
14,875‌
NGL
Energy
Operating
LLC/NGL
Energy
Finance
Corp.
7.50%
02/01/26
5
7,000‌
6,902‌
SM
Energy
Co.
6.50%
07/15/28
13,000‌
12,523‌
TransMontaigne
Partners
LP/TLP
Finance
Corp.
6.13%
02/15/26
12,000‌
10,406‌
Transocean
Titan
Financing
Ltd.
(Cayman
Islands)
8.38%
02/01/28
2,5
13,000‌
13,276‌
Venture
Global
Calcasieu
Pass
LLC
4.13%
08/15/31
5
39,000‌
33,668‌
108,564‌
Opportunistic
High
Income
Credit
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
3
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Entertainment
—
0.53%
Banijay
Entertainment
SASU
(France)
5.38%
03/01/25
2,5
$
8,000‌
$
7,849‌
Cinemark
USA,
Inc.
5.25%
07/15/28
5
3,000‌
2,655‌
10,504‌
Finance
—
2.67%
American
Express
Co.,
Series
D
3.55%
3,4
7,000‌
5,859‌
Charles
Schwab
Corp.
(The)
Series
K
5.00%
3,4
9,000‌
7,564‌
GGAM
Finance
Ltd.
(Cayman
Islands)
8.00%
06/15/28
2,5
7,000‌
7,021‌
Icahn
Enterprises
LP/Icahn
Enterprises
Finance
Corp.
4.38%
02/01/29
7,000‌
5,513‌
5.25%
05/15/27
2,000‌
1,729‌
6.25%
05/15/26
2,000‌
1,824‌
Jane
Street
Group/JSG
Finance,
Inc.
4.50%
11/15/29
5
19,000‌
16,405‌
JPMorgan
Chase
&
Co.,
Series
KK
3.65%
3,4
8,000‌
7,061‌
52,976‌
Food
—
5.46%
B&G
Foods,
Inc.
5.25%
04/01/25
4,000‌
3,838‌
Chobani
LLC/Chobani
Finance
Corp,
Inc.
4.63%
11/15/28
5
2,000‌
1,823‌
H-Food
Holdings
LLC/Hearthside
Finance
Co.,
Inc.
8.50%
06/01/26
5
6,000‌
2,378‌
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
USA
Finance,
Inc.
(Canada)
3.75%
12/01/31
2,5
20,000‌
16,542‌
5.75%
04/01/33
2,5
15,000‌
14,158‌
Pilgrim's
Pride
Corp.
3.50%
03/01/32
30,000‌
23,929‌
5.88%
09/30/27
5
20,000‌
19,764‌
6.25%
07/01/33
11,000‌
10,715‌
Simmons
Foods,
Inc./Simmons
Prepared
Foods,
Inc./
Simmons
Pet
Food,
Inc./Simmons
Feed
4.63%
03/01/29
5
19,000‌
15,399‌
108,546‌
Gaming
—
0.14%
Penn
Entertainment,
Inc.
5.63%
01/15/27
5
3,000‌
2,809‌
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Health
Care
—
9.75%
1375209
BC
Ltd.
(Canada)
9.00%
01/30/28
2,5
$
13,000‌
$
13,048‌
Bausch
Health
Cos.,
Inc.
(Canada)
14.00%
10/15/30
2,5
1,000‌
600‌
Cano
Health
LLC
6.25%
10/01/28
5
11,000‌
6,895‌
Catalent
Pharma
Solutions,
Inc.
5.00%
07/15/27
5
22,000‌
20,213‌
Centene
Corp.
2.63%
08/01/31
7,000‌
5,596‌
3.00%
10/15/30
5,000‌
4,171‌
4.25%
12/15/27
33,000‌
30,885‌
Embecta
Corp.
6.75%
02/15/30
5
12,000‌
10,920‌
Fortrea
Holdings,
Inc.
7.50%
07/01/30
5
3,000‌
3,073‌
Grifols
Escrow
Issuer
SA
(Spain)
4.75%
10/15/28
2,5
9,000‌
7,818‌
HCA,
Inc.
3.50%
09/01/30
3,000‌
2,631‌
5.63%
09/01/28
10,000‌
10,030‌
5.88%
02/01/29
2,000‌
2,009‌
Heartland
Dental
LLC/Heartland
Dental
Finance
Corp.
10.50%
04/30/28
5
2,000‌
1,990‌
Kevlar
SpA
(Italy)
6.50%
09/01/29
2,5
6,000‌
5,145‌
ModivCare
Escrow
Issuer,
Inc.
5.00%
10/01/29
5
22,000‌
16,309‌
Molina
Healthcare,
Inc.
3.88%
11/15/30
5
10,000‌
8,625‌
Option
Care
Health,
Inc.
4.38%
10/31/29
5
7,000‌
6,186‌
Organon
&
Co./Organon
Foreign
Debt
Co.-Issuer
BV
5.13%
04/30/31
5
8,000‌
6,620‌
Prestige
Brands,
Inc.
3.75%
04/01/31
5
6,000‌
4,975‌
Prime
Healthcare
Services,
Inc.
7.25%
11/01/25
5
14,000‌
13,335‌
Tenet
Healthcare
Corp.
4.88%
01/01/26
13,000‌
12,679‌
193,753‌
Industrials
—
4.30%
Ardagh
Packaging
Finance
PLC/Ardagh
Holdings
USA,
Inc.
(Canada)
5.25%
08/15/27
2,5
14,000‌
11,878‌
Artera
Services
LLC
9.03%
12/04/25
5
5,000‌
4,382‌
Ball
Corp.
3.13%
09/15/31
6,000‌
4,942‌
Opportunistic
High
Income
Credit
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
4
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Industrials
(continued)
General
Electric
Co.,
Series
D
8.88%
3,4
$
7,000‌
$
7,022‌
Graham
Packaging
Co.,
Inc.
7.13%
08/15/28
5
8,000‌
6,841‌
II-VI,
Inc.
5.00%
12/15/29
5
3,000‌
2,713‌
OT
Merger
Corp.
7.88%
10/15/29
5
18,000‌
11,049‌
Pactiv
Evergreen
Group
Issuer
LLC/Pactiv
Evergreen
Group
Issuer,
Inc.
4.38%
10/15/28
5
11,000‌
9,625‌
Titan
Acquisition
Ltd./Titan
Co-Borrower
LLC
(Canada)
7.75%
04/15/26
2,5
3,000‌
2,726‌
TransDigm,
Inc.
4.63%
01/15/29
6,000‌
5,345‌
6.25%
03/15/26
5
5,000‌
5,000‌
6.75%
08/15/28
5
11,000‌
11,076‌
Trivium
Packaging
Finance
BV
(Netherlands)
5.50%
08/15/26
2,5
3,000‌
2,884‌
85,483‌
Information
Technology
—
3.07%
Alteryx,
Inc.
8.75%
03/15/28
5
5,000‌
4,924‌
MSCI,
Inc.
3.63%
11/01/31
5
29,000‌
24,786‌
NCR
Corp.
5.25%
10/01/30
5
30,000‌
26,126‌
Open
Text
Corp.
(Canada)
6.90%
12/01/27
2,5
5,000‌
5,087‌
60,923‌
Insurance
—
0.63%
Acrisure
LLC/Acrisure
Finance,
Inc.
6.00%
08/01/29
5
11,000‌
9,515‌
7.00%
11/15/25
5
3,000‌
2,903‌
12,418‌
Materials
—
3.42%
ASP
Unifrax
Holdings,
Inc.
7.50%
09/30/29
5
11,000‌
6,906‌
ATI,
Inc.
5.13%
10/01/31
5,000‌
4,463‌
Axalta
Coating
Systems,
LLC
3.38%
02/15/29
5
8,000‌
6,823‌
Herens
Holdco
SARL
(Luxembourg)
4.75%
05/15/28
2,5
13,000‌
10,048‌
International
Flavors
&
Fragrances,
Inc.
2.30%
11/01/30
5
9,000‌
7,139‌
SCIH
Salt
Holdings,
Inc.
4.88%
05/01/28
5
4,000‌
3,540‌
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Materials
(continued)
SK
Invictus
Intermediate
II
SARL
(Luxembourg)
5.00%
10/30/29
2,5
$
16,000‌
$
12,729‌
Valvoline,
Inc.
3.63%
06/15/31
5
20,000‌
16,278‌
67,926‌
Office
REITs
—
0.24%
Hudson
Pacific
Properties
LP
3.25%
01/15/30
2,000‌
1,270‌
4.65%
04/01/29
5,000‌
3,533‌
4,803‌
Retail
—
3.22%
Fertitta
Entertainment,
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.
6.75%
01/15/30
5
16,000‌
13,640‌
FirstCash,
Inc.
5.63%
01/01/30
5
3,000‌
2,713‌
Michaels
Cos.,
Inc.
(The)
7.88%
05/01/29
5
10,000‌
6,750‌
Papa
John's
International,
Inc.
3.88%
09/15/29
5
12,000‌
10,164‌
Yum!
Brands,
Inc.
3.88%
11/01/23
31,000‌
30,768‌
64,035‌
Services
—
2.96%
Adtalem
Global
Education,
Inc.
5.50%
03/01/28
5
8,000‌
7,274‌
Global
Payments,
Inc.
5.30%
08/15/29
3,000‌
2,933‌
HealthEquity,
Inc.
4.50%
10/01/29
5
5,000‌
4,429‌
Hertz
Corp.
(The)
5.00%
12/01/29
5
10,000‌
8,200‌
Prime
Security
Services
Borrower
LLC/Prime
Finance,
Inc.
3.38%
08/31/27
5
4,000‌
3,535‌
Upbound
Group,
Inc.
6.38%
02/15/29
5
3,000‌
2,670‌
WASH
Multifamily
Acquisition,
Inc.
5.75%
04/15/26
5
10,000‌
9,391‌
Waste
Pro
USA,
Inc.
5.50%
02/15/26
5
22,000‌
20,433‌
58,865‌
Total
Corporates
(Cost
$1,304,181)
1,227,788‌
MORTGAGE-BACKED
—
8.79%**  
Non-Agency
Commercial
Mortgage-Backed
—
1.47%
Commercial
Mortgage
Trust,
Series
2012-CR3,
Class
XA
(IO)
1.38%
10/15/45
3
70,201‌
160‌
Commercial
Mortgage
Trust,
Series
2013-CR11,
Class
XA
(IO)
0.94%
08/10/50
3
113,673‌
2‌
Opportunistic
High
Income
Credit
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
5
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Commercial
Mortgage-Backed
(continued)
GS
Mortgage
Securities
Trust,
Series
2013-GC14,
Class
XA
(IO)
0.40%
08/10/46
3
$
262,826‌
$
352‌
Impact
Funding
Affordable
Multifamily
Housing
Mortgage
Loan
Trust,
Series
2010-1,
Class
A1
5.31%
01/25/51
5
4,855‌
4,702‌
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2013-C17,
Class
XA
(IO)
0.83%
01/15/47
3
598,132‌
474‌
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2014-C25,
Class
XA
(IO)
0.95%
11/15/47
3
150,848‌
1,188‌
Queens
Center
Mortgage
Trust,
Series
2013-QCA,
Class
B
3.38%
01/11/37
5
25,000‌
21,873‌
WF-RBS
Commercial
Mortgage
Trust,
Series
2013-C14,
Class
XA
(IO)
0.56%
06/15/46
3
50,772‌
109‌
WF-RBS
Commercial
Mortgage
Trust,
Series
2013-C17,
Class
XA
(IO)
1.15%
12/15/46
3
490,723‌
440‌
29,300‌
Non-Agency
Mortgage-Backed
—
7.22%
American
Home
Mortgage
Assets
Trust,
Series
2007-1,
Class
A1
(Federal
Reserve
US
12-Month
Cumulative
Average
plus
0.70%)
4.68%
02/25/47
1
25,143‌
10,127‌
CIM
Trust,
Series
2022-NR1,
Class
A1
(STEP-reset
date
08/25/23)
5.00%
07/25/62
5
30,051‌
27,540‌
IndyMac
Index
Mortgage
Loan
Trust,
Series
2007-AR7,
Class
1A1
3.06%
11/25/37
3
8,491‌
6,947‌
JPMorgan
Mortgage
Trust,
Series
2006-A4,
Class
1A1
4.44%
06/25/36
3
21,247‌
15,720‌
MASTR
Adjustable
Rate
Mortgages
Trust,
Series
2004-13,
Class
3A1
4.56%
11/21/34
3
34,027‌
32,273‌
MASTR
Alternative
Loan
Trust,
Series
2006-2,
Class
2A2
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
7.10%,
7.10%
Cap)
1.95%
03/25/36
1,8,9
218,248‌
14,396‌
WaMu
Asset-Backed
Certificates,
Series
2007-HE2,
Class
2A2
(LIBOR
USD
1-Month
plus
0.19%)
5.34%
04/25/37
1
46,728‌
17,707‌
WaMu
Mortgage
Pass-Through
Certificates,
Series
2005-AR9,
Class
A1A
(LIBOR
USD
1-Month
plus
0.64%)
5.79%
07/25/45
1
19,997‌
18,791‌
143,501‌
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
U.S.
Agency
Commercial
Mortgage-Backed
—
0.10%
Ginnie
Mae,
Series
2012-27,
Class
IO
(IO)
0.27%
04/16/53
3
$
244,896‌
$
584‌
Ginnie
Mae,
Series
2013-163,
Class
IO
(IO)
1.01%
02/16/46
3
115,282‌
1,378‌
1,962‌
Total
Mortgage-Backed
(Cost
$267,799)
174,763‌
Total
Bonds
—
79.12%
(Cost
$1,755,099)
1,572,686‌
Issues
Shares
Value
COMMON
STOCK
—
10.56%
Communication
Services
—
2.24%
Altice
USA,
Inc.,
Class
A
7
1,736‌
5,243‌
AT&T,
Inc.
372‌
5,933‌
Nexstar
Media
Group,
Inc.,
Class
A
59‌
9,826‌
T-Mobile
U.S.,
Inc.
7
138‌
19,168‌
Warner
Bros.
Discovery,
Inc.
7
340‌
4,264‌
44,434‌
Consumer
Discretionary
—
1.54%
Newell
Brands,
Inc.
416‌
3,619‌
Qurate
Retail,
Inc.
7
3,324‌
3,290‌
Spectrum
Brands
Holdings,
Inc.
84‌
6,556‌
Upbound
Group,
Inc.
553‌
17,215‌
30,680‌
Diversified
REITs
—
0.83%
Gaming
and
Leisure
Properties,
Inc.
340‌
16,477‌
Financials
—
1.64%
FirstCash
Holdings,
Inc.
240‌
22,399‌
Wells
Fargo
&
Co.
237‌
10,115‌
32,514‌
Gaming
—
0.43%
Penn
Entertainment,
Inc.
7
354‌
8,507‌
Health
Care
—
1.27%
Bausch
+
Lomb
Corp.
2,7
(Canada)
365‌
7,326‌
Bausch
Health
Cos.,
Inc.
2,7
(Canada)
940‌
7,520‌
Centene
Corp.
7
154‌
10,387‌
25,233‌
Industrials
—
0.45%
TransDigm
Group,
Inc.
10‌
8,942‌
Information
Technology
—
0.75%
CommScope
Holding
Co.,
Inc.
7
818‌
4,605‌
NCR
Corp.
7
239‌
6,023‌
Opportunistic
High
Income
Credit
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
6
Issues
Shares
Value
COMMON
STOCK
—
10.56%
(continued)
Information
Technology
—
0.75%
(continued)
SS&C
Technologies
Holdings,
Inc.
72‌
$
4,363‌
14,991‌
Office
REITs
—
0.10%
Hudson
Pacific
Properties,
Inc.
492‌
2,076‌
Transportation
—
1.06%
Hertz
Global
Holdings,
Inc.
7
1,149‌
21,130‌
Utilities
—
0.25%
FirstEnergy
Corp.
127‌
4,938‌
Total
Common
Stock
(Cost
$318,793)
209,922‌
MASTER
LIMITED
PARTNERSHIPS
—
2.41%
Energy
—
2.41%
Enterprise
Products
Partners
LP
664‌
17,497‌
NGL
Energy
Partners
LP
7
2,525‌
9,822‌
Sunoco
LP
164‌
7,144‌
USA
Compression
Partners
LP
676‌
13,344‌
47,807‌
Total
Master
Limited
Partnerships
(Cost
$28,731)
47,807‌
Issues
Maturity
Date
Principal
Amount
/
Shares
Value
SHORT-TERM
INVESTMENTS
—
6.40%
Money
Market
Funds
—
6.40%
Fidelity
Investments
Money
Market
Funds
-
Government
Portfolio
4.99%
10
126,271‌
126,271‌
Issues
Maturity
Date
Principal
Amount/Shares
Value
SHORT-TERM
INVESTMENTS
(continued)
Money
Market
Funds
(continued)
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
5.02%
10
1,000‌
$
1,000‌
Total
Short-Term
Investments
(Cost
$127,271)
127,271‌
Total
Investments
-
98.49%
(Cost
$2,229,894)
1,957,686‌
Cash
and
Other
Assets,
Less
Liabilities
-
1.51%
30,013‌
Net
Assets
-
100.00%
$
1,987,699‌
1
Floating
rate
security.
The
rate
disclosed
was
in
effect
at
June
30,
2023.
2
Foreign
denominated
security
issued
by
foreign
domiciled
entity.
3
Variable
rate
security.
Interest
rate
disclosed
is
as
of
the
most
recent
information
available.
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.
4
Perpetual
security
with
no
stated
maturity
date.
5
Securities
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
The
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
6
Security
is
currently
in
default
with
regard
to
scheduled
interest
or
principal
payments.
7
Non-income producing
security.
8
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
9
Illiquid
security
as
determined
under
procedures
approved
by
the
Board
of
Trustees.
The
aggregate
value
of
illiquid
securities
is
$14,396,
which
is
0.72%
of
total
net
assets.
10
Represents
the
current
yield
as
of
June
30,
2023.
*
Securities
with
a
call
or
reset
feature
will
have
an
effective
maturity
date
sooner
than
the
stated
maturity.
**
Securities
backed
by
mortgage
or
consumer
loans
where
payment
is
periodically
made
will
have
an
effective
maturity
date
sooner
than
the
stated
maturity
date.
Note:
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
for
more
meaningful
presentation
for
investors.
(IO):
Interest
Only
(LIBOR):
London
InterBank
Offer
Rate
(REIT):
Real
Estate
Investment
Trust
(SOFR):
Secured
Overnight
Financing
Rate
(STEP):
Step
Coupon
Bond
(USD):
U.S.
Dollar
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
FUTURES
CONTRACTS:
LONG
POSITIONS
U.S.
Treasury
Two-Year
Note
3
09/29/23
$
610,031‌
$
(9,018‌)
$
(9,018‌)
U.S.
Treasury
Five-Year
Note
2
09/29/23
214,188‌
(4,228‌)
(4,228‌)
824,219‌
(13,246‌)
(13,246‌)
FUTURES
CONTRACTS:
SHORT
POSITIONS
U.S.
Treasury
Ten-Year
Ultra
Bond
1
09/20/23
(118,438‌)
1,118‌
1,118‌
TOTAL
FUTURES
CONTRACTS
$
705,781‌
$
(12,128‌)
$
(12,128‌)
Opportunistic
High
Income
Credit
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
7
/
June
2023
SIGNIFICANT
ACCOUNTING
POLICIES
The
following
is
a
summary
of
significant
accounting
policies
consistently
followed
by
the
Fund:
Net
Asset
Value
The
Net
Asset
Value
(“NAV”)
of
each
class
of
the
Fund
is
determined
by
dividing
the
net
assets
attributable
to
each
class
of
shares
of
the
Fund
by
the
number
of
issued
and
outstanding
shares
of
the
class
of
the
Fund
on
each
business
day
as
of
4
p.m.
ET.
Security
Valuation
Pursuant
to
Rule
2a-5
under
the
1940
Act,
the
Board
of
Trustees
(the
"Board"
or
the
"Board
of
Trustees")
has
designated
the
Adviser
as
the
"valuation
designee"
with
respect
to
the
fair
valuation
of
the
Fund's
portfolio
securities,
subject
to
oversight
by
and
periodic
reporting
to
the
Board. Fixed
income
securities
for
which
market
quotations
are
readily
available were
valued
during
the
period at
prices
as
provided
by
independent
pricing
vendors
or
broker
quotes.
The
Fund
received
pricing
information
from
independent
pricing
vendors
selected
and
overseen
by
the
valuation
designee.
Securities
with
a
demand
feature
exercisable
within
one
to
seven
days
are
valued
at
par.
The
Fund
also
uses
a
benchmark
pricing
system
to
the
extent
vendors’
prices
for
their
securities
are
either
inaccurate
(such
as
when
the
reported
prices
are
different
from
recent
known
market
transactions)
or
are
not
available
from
another
pricing
source.
For
a
security
priced
using
this
system,
the
Adviser
initially
selects
a
proxy
composed
of
a
relevant
security
(e.g.,
U.S.
Treasury
Note)
or
benchmark
(e.g.,
LIBOR)
and
a
multiplier,
divisor
or
margin
that
the
Adviser
believes
would
together
best
reflect
changes
in
the
market
value
of
the
security.
The
value
of
the
security
changes
daily
based
on
changes
to
the
market
price
of
the
assigned
benchmark.
The
benchmark
pricing
system
is
continuously
reviewed
by
the
Adviser
and
implemented
according
to
the
pricing
policy
reviewed
by
the
Board.
S&P
500
Index
futures
contracts
are
valued
at
the
first
sale
price
after
4
p.m.
ET
on
the
Chicago
Mercantile
Exchange.
All
other
futures
contracts
are
valued
at
the
official
settlement
price
of
the
exchange
on
which
those
securities
are
traded.
Equity
securities,
including
depository
receipts,
are
valued
at
the
last
reported
sale
price
or
the
market’s
closing
price
on
the
exchange
or
market
on
which
such
securities
are
traded,
as
of
the
close
of
business
on
the
day
the
securities
are
being
valued
or,
lacking
any
sales,
at
the
average
of
the
bid
and
ask
prices.
In
cases
where
equity
securities
are
traded
on
more
than
one
exchange,
the
securities
are
valued
on
the
exchange
or
market
determined
by
the
Adviser
to
be
the
broadest
and
most
representative
market,
which
may
be
either
a
securities
exchange
or
the
over-the-counter
market.
Equity
options
are
valued
at
the
average
of
the
bid
and
ask
prices.
Securities
and
other
assets
that
could
not be
valued
as
described
above were
valued
for
the
period at
their
fair
value
as
determined
by
the
Adviser
in
accordance
with
procedures
approved by
and
under
the
general
oversight
of
the
Board.
Investments
in
registered
open-ended
investment
companies,
including
those
classified
as
money
market
funds,
are
valued
based
upon
the
reported
NAV
of
such
investments.
Fair
value
methods
used
by
the
Adviser
for
the
period included,
but were
not
limited
to,
obtaining
market
quotations
from
secondary
pricing
services,
broker-dealers,
or
widely
used
quotation
systems.
General
factors
considered
in
determining
the
fair
value
of
securities
include
fundamental
analytical
data,
the
nature
and
duration
of
any
restrictions
on
disposition
of
the
securities,
and
an
evaluation
of
the
forces
that
influence
the
market
in
which
the
investments
are
purchased
and
sold.
These
securities
are
either
categorized
as
Level
2
or
3
depending
on
the
relevant
inputs
used.
In
the
event
that
the
security
or
asset
could
not be
valued
pursuant
to
one
of
the
valuation
methods
used
by
the
Adviser,
the
value
of
the
security
or
asset was
determined
in
good
faith
by
the Adviser,
as
the
valuation
designee.
When
the
Fund
uses
these
fair
valuation
methods that
use
significant
unobservable
inputs
to
determine
NAV,
securities
will
be
priced
by
a
method
that
the
Adviser
believes
accurately
reflects
fair
value
and
are
categorized
as
Level
3
of
the
fair
value
hierarchy.
These
methods
may
require
subjective
determinations
about
the
value
of
a
security.
While
the
Fund’s
policy
is
intended
to
result
in
a
calculation
of
its
NAV
that
fairly
reflects
security
values
as
of
the
time
of
pricing,
the
Fund
cannot
guarantee
that
values
determined
by
the
Adviser
would
accurately
reflect
the
price
that
the
Fund
could
obtain
for
a
security
if
it
were
to
dispose
of
that
security
as
of
the
time
of
pricing
(for
instance,
in
a
forced
or
distressed
sale).
The
prices
used
by
the
Fund
may
differ
from
the
value
that
would
be
realized
if
the
securities
were
sold.
Fair
Value
Measurements
Various
inputs
are
used
in
determining
the
fair
value
of
investments,
which
are
as
follows:
*
Level
1
-
unadjusted
quoted
prices
in
active
markets
for
identical
securities
*
Level
2
-
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
*
Level
3
-
significant
unobservable
inputs
that
are
not
corroborated
by
observable
market
data
Opportunistic
High
Income
Credit
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
8
The
inputs
or
methodology
used
for
valuing
investments
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
investments
and
the
determination
of
the
significance
of
a
particular
input
to
the
fair
value
measurement
in
its
entirety
requires
judgment
and
consideration
of
factors
specific
to
each
security.
The
availability
of
observable
inputs
can
vary
from
security
to
security
and
is
affected
by
a
wide
variety
of
factors,
including,
for
example,
the
type
of
security,
whether
the
security
is
new
and
not
yet
established
in
the
marketplace,
the
liquidity
of
markets,
and
other
characteristics
particular
to
the
security.
To
the
extent
that
valuation
is
based
on
models
or
inputs
that
are
less
observable
or
unobservable
in
the
market,
the
determination
of
fair
value
requires
more
judgment.
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized as
Level
3.
In
periods
of
market
dislocation,
the
observability
of
prices
and
inputs
may
be
reduced
for
many
instruments.
This
condition,
as
well
as
changes
related
to
liquidity
of
investments,
could
cause
a
security
to
be
reclassified
between
Level
1,
Level
2,
or
Level
3.
In
certain
cases,
the
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes
the
level
in
the
fair
value
hierarchy
within
which
the
fair
value
measurement
falls
in
its
entirety
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
The
summary
of
inputs
used
to
value
the
Fund’s
investments
and
other
financial
instruments
carried
at
fair
value
as
of
June
30,
2023
is
as
follows:
OPPORTUNISTIC
HIGH
INCOME
CREDIT
FUND
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Investments
in
Securities
Assets:
Short-Term
Investments:
Money
Market
Funds
$
127,271‌
$
—‌
$
—‌
$
127,271‌
Long-Term
Investments:
Bank
Loans
—‌
170,135‌
—‌
170,135‌
Common
Stock
209,922‌
—‌
—‌
209,922‌
Corporates
—‌
1,227,788‌
—‌
1,227,788‌
Master
Limited
Partnerships
47,807‌
—‌
—‌
47,807‌
Mortgage-Backed
Securities
—‌
160,367‌
14,396‌
174,763‌
Other
Financial
Instruments
*
Assets:
Interest
rate
contracts
1,118‌
—‌
—‌
1,118‌
Liabilities:
Interest
rate
contracts
(
13,246‌
)
—‌
—‌
(
13,246‌
)
Total
$
372,872‌
$
1,558,290‌
$
14,396‌
$
1,945,558‌
*Other
financial
instruments
include
futures.
Interest
rate
contracts
include
futures.
Opportunistic
High
Income
Credit
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
9
/
June
2023
Certain
securities
held
by
the
Funds
are
categorized
as
Level
3
investments.
Their
prices
may
be
derived
by
utilizing
unobservable
prior
transaction
values
or
information
from
third
party
valuation
services.
The
value
of
Level
3
investments
could
be
significantly
affected
by
changes
in
these
unobservable
inputs.
For
the
period
ended
June
30,
2023
a
reconciliation
of
Level
3
investments
is
presented
when
the
Fund
had
a
significant
amount
of
Level
3
investments
at
the
beginning
and/or
end
of
the
period
in
relation
to
net
assets.
The
following
table
is
a
reconciliation
of
Level
3
investments
for
which
significant
unobservable
inputs
were
used
in
determining
fair
value:
OPPORTUNISTIC
HIGH
INCOME
CREDIT
FUND
MORTGAGE-
BACKED
SECURITIES
TOTAL
Balance
as
of
April
1,
2023
$
16,821‌
$
16,821‌
Accrued
discounts/premiums
(
1,201‌
)
(
1,201‌
)
Realized
gain
(loss)
—‌
—‌
Change
in
unrealized
(depreciation)*
(
1,224‌
)
(
1,224‌
)
Purchases
—‌
—‌
Sales
—‌
—‌
Transfers
into
Level
3**
—‌
—‌
Transfers
out
of
Level
3**
—‌
—‌
Balance
as
of
June
30,
2023
$
14,396‌
$
14,396‌
*The
change
in
unrealized
appreciation
(depreciation)
on
securities
still
held
at
June
30,
2023
was
$(1,224)
and
is
included
in
the
related
net
realized
gains
(losses)
and
net
change
in
appreciation
(depreciation)
in
the
Statements
of
Operations.
**There
were
no
transfers
between
level
2
and
3
for
the
period
ended
June
30,
2023.
Significant
unobservable
valuations
inputs
for
Level
3
investments
as
of
June
30,
2023,
are
as
follows:
OPPORTUNISTIC
HIGH
INCOME
CREDIT
FUND
FAIR
VALUE
AT
6/30/23
VALUATION
TECHNIQUE
*
UNOBSERVABLE
INPUT
RANGE
WEIGHTED
AVERAGE
INPUT
TO
VALUATION
IF
INPUT
INCREASES
Mortgage-Backed
Securities-Non-Agency
$14,396
Third-Party
Vendor
Vendor
Prices
$6.60
$6.60
Increase
*
The
valuation
technique
employed
on
the
Level
3
securities
involves
the
use
of
vendor
prices,
broker
quotes
and
benchmark
pricing.
The
Adviser
monitors
the
third-party
brokers
and
vendors
using
the
valuation
process.