APOLLO TACTICAL INCOME FUND INC SWAP (JPM)

WCM Alternatives Credit Event Fund
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)

	Shares		Value
LONG INVESTMENTS - 103.22%
SPECIAL PURPOSE ACQUISITION COMPANIES - 13.02% (a)
CF Finance Acquisition Corporation Class A		4,323	$	44,484
CHP Merger Corporation Class A		1,150		11,155
CHP Merger Corporation		1		10
Churchill Capital Corporation III		8,972		89,720
CIIG Merger Corporation Class A (e)		9,110		87,182
dMY Technology Group, Inc.		7,823		76,900
FinTech Acquisition Corporation III Class A		4,230		42,342
Flying Eagle Acquisition Corporation		8,037		80,129
Gores Holdings IV, Inc.		11,761		118,434
Juniper Industrial Holdings, Inc. Class A		4,552		43,790
Legacy Acquisition Corporation Class A		8,245		85,501
Leisure Acquisition Corporation (e)		116		1,189
Merida Merger Corporation I		5,915		57,316
PropTech Acquisition Corporation Class A (e)		5,888		57,614
SCVX Corporation (b)		4,975		49,601
Software Acquisition Group, Inc. (e)		836		8,481
Tuscan Holdings Corporation II		4,200		40,950
TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES (Cost $895,509)				894,798

CLOSED-END FUNDS - 0.03%
Ares Dynamic Credit Allocation Fund		173		1,867
TOTAL CLOSED-END FUNDS (Cost $2,766)				1,867

PREFERRED STOCKS - 1.85% (a)
Freddie Mac, 8.375%, Series Z		20,943		127,543
TOTAL PREFERRED STOCKS (Cost $229,843)				127,543

WARRANTS - 0.74% (a)
Act II Global Acquisition Corporation Class A
Expiration: April 2024, Exercise Price: $11.50 (b)(e)		5,734		3,727
CF Finance Acquisition Corporation Class A
Expiration: April 2025, Exercise Price: $11.50		11,580		5,790
CHP Merger Corporation
Expiration: November 2024, Exercise Price: $11.50		575		311
CIIG Merger Corporation Class A
Expiration: December 2026, Exercise Price: $11.50 (e)		4,555		2,710
FinTech Acquisition Corporation III Class A
Expiration: December 2023, Exercise Price: $11.50		7,553		4,532
Haymaker Acquisition Corporation II Class A
Expiration: October 2026, Exercise Price: $11.50		2,676		2,809
Hennessy Capital Acquisition Corporation IV Class A
Expiration: September 2025, Exercise Price: $11.50		7,411		2,594
Juniper Industrial Holdings, Inc. Class A
Expiration: November 2026, Exercise Price: $11.50		2,276		1,275
KLDiscovery, Inc.
Expiration: December 2025, Exercise Price: $11.50		41,725		7,928
Merida Merger Corporation I
Expiration: November 2026, Exercise Price: $11.50		2,957		1,479
PropTech Acquisition Corporation Class A
Expiration: October 2026, Exercise Price: $11.50 (e)		2,944		1,473
Repay Holdings Corporation
Expiration: July 2024, Exercise Price: $11.50		5,911		7,743
Tuscan Holdings Corporation
Expiration: April 2026, Exercise Price: $11.50		13,713		5,348
Tuscan Holdings Corporation II
Expiration: July 2025, Exercise Price: $11.50 (e)		9,600		2,886
TOTAL WARRANTS (Cost $99,379)				50,605

	Principal Amount
BANK LOANS - 24.51% (e)(g)
Avaya Holdings Corporation
4.955% (3 Month U.S. LIBOR + 4.250%), 12/15/2024	$	190,443		164,733
Cengage Learning Holdings II, Inc.
5.250% (3 Month U.S. LIBOR + 4.250%), 6/7/2023		124,907		100,862
CEOC LLC
3.603% (3 Month U.S. LIBOR + 2.000%), 10/6/2024		255,000		210,375
Claire's Stores, Inc.
8.421% (1 Month U.S. LIBOR + 6.500%), 12/18/2026		419,000		349,865

Heritage Power LLC
7.771% (1 Month U.S. LIBOR + 6.000%), 8/2/2026		297,667			245,575
McGraw-Hill Global Education Holdings LLC
5.000% (3 Month U.S. LIBOR + 4.000%), 5/4/2022		92,482			76,298
Refinitiv U.S. Holdings, Inc.
4.239% (3 Month U.S. LIBOR + 4.250%), 10/1/2025		149,862			144,679
RentPath LLC
0.000% (3 Month U.S. LIBOR + 4.750%), 12/17/2021		473,000			371,304
8.660% (1 Month U.S. LIBOR + 7.000%), 12/14/2025		22,094			21,100
TOTAL BANK LOANS (Cost $1,886,657)					1,684,791

CONVERTIBLE BONDS - 1.11% (e)
Caesars Entertainment Corporation
5.000%, 10/1/2024		71,000			75,973
TOTAL CONVERTIBLE BONDS (Cost $111,586)					75,973

CORPORATE BONDS - 39.88% (e)
Acadia Healthcare Company, Inc.
5.125%, 7/1/2022 (d)		153,000			147,119
APX Group, Inc.
7.875%, 12/1/2022		383,000			366,715
Bombardier, Inc.
6.000%, 10/15/2022 (b)(f)		131,000			99,233
7.500%, 3/15/2025 (b)(f)		255,000			178,500
Cincinnati Bell, Inc.
8.000%, 10/15/2025 (f)		227,000			234,660
Delphi Technologies plc
5.000%, 10/1/2025 (b)(f)		113,000			90,965
EIG Investors Corporation
10.875%, 2/1/2024		58,000			49,807
Genesis Energy LP / Genesis Energy Finance Corporation
6.000%, 5/15/2023		315,000			231,240
Global A&T Electronics Ltd.
8.500%, 1/12/2023 (b)		439,000			357,297
Intel Corporation
2.450%, 11/15/2029		72,000			73,545
Nielsen Finance LLC / Nielsen Finance Company
5.000%, 4/15/2022 (d)(f)		323,000			299,473
Refinitiv U.S. Holdings, Inc.
8.250%, 11/15/2026 (f)		273,000			288,698
Stars Group Holdings BV / Stars Group US Co-Borrower LLC
7.000%, 7/15/2026 (b)(f)		294,000			278,051
T-Mobile USA, Inc.
6.375%, 3/1/2025		44,000			45,265
TOTAL CORPORATE BONDS (Cost $3,162,583)					2,740,568

	Shares
ESCROW NOTES - 6.81% (a)(e)
Altaba, Inc.		22,540			467,705
TOTAL ESCROW NOTES (Cost $477,584)					467,705


SHORT-TERM INVESTMENTS - 15.27%
MONEY MARKET FUNDS - 15.27% (c)
First American Government Obligations Fund, Institutional Share Class, 0.41%		35,188			35,188
The Government & Agency Portfolio, Institutional Share Class, 0.44%		338,000			338,000
JPMorgan U.S. Government Money Market Fund, Institutional Share Class, 0.36% (d)		338,000			338,000
Morgan Stanley Institutional Liquidity Fund - Government Portfolio, Institutional Share Class, 0.26%		338,000			338,000
TOTAL SHORT-TERM INVESTMENTS (Cost $1,049,188)					1,049,188
TOTAL LONG INVESTMENTS (Cost $7,915,095) - 103.22%					7,093,038

	Principal Amount
SHORT INVESTMENTS - (7.95)%
U.S. GOVERNMENT NOTES/BONDS - (7.95)% (e)(h)
1.75%, 11/15/2029	$	(68,000	)		(74,763	)
1.38%, 1/31/2025		(450,000	)		(471,551	)
TOTAL U.S. GOVERNMENT NOTES/BONDS (Proceeds $525,065)					(546,314	)
TOTAL SHORT INVESTMENTS (Proceeds $525,065) - (7.95)%					(546,314	)
TOTAL NET INVESTMENTS (Cost $7,390,030) - 95.27%					6,546,724
OTHER ASSETS IN EXCESS OF LIABILITIES - 4.73%					324,897
TOTAL NET ASSETS - 100.00%				$	6,871,621

LIBOR		- London Interbank Offered Rate
plc		- Public Limited Company
(a)		Non-income producing security.
(b)		Foreign Security.
(c)		The rate quoted is the annualized seven-day yield as of March 31, 2020.
(d)		All or a portion of the shares have been committed as collateral for open securities sold short and swap contracts.
(e)		Level 2 Security. Please see footnote (i) on the Schedule of Investments for more information.
(f)		Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutional buyers. As of March 31, 2020, these securities represent 21.39% of total net assets.
(g)		The coupon rate shown on variable rate securities represents the rate as of March 31, 2020.
(h)		The rate shown represents yield to maturity.
(i)		Investment Valuation
		The following is a summary of the Fund’s pricing procedures. It is intended to be a general discussion and may not necessarily reflect all pricing procedures followed by the Fund.

		Equity securities, including common and preferred stocks, closed-end funds and ETFs, that trade on an exchange will typically be valued based on the last reported sale price. Securities listed on NASDAQ are typically valued using the NASDAQ Official Closing Price. The securities valued using quoted prices in active markets are classified as Level 1 investments. If, on a particular day, an exchange-listed security does not trade, then the mean between the closing bid and asked prices will typically be used to value the security. These securities are classified as Level 2 investments. Fixed income securities having a maturity of greater than 60 days are typically valued based on evaluations provided by an independent pricing vendor. Investments in United States government securities (other than short-term securities) are valued at the mean between the 4:00 p.m. New York time bid and asked prices supplied by a third party vendor. Short-term fixed-income securities having a maturity of less than 60 days are valued at market quotations or based on valuations supplied by a third party pricing service. If a reliable price from a third party pricing service is unavailable, amortized cost may be used if it is determined that the instrument’s amortized cost value represents approximately the fair value of the security. These securities are classified as Level 2 investments.

		Investments in Special Purpose Acquisition Companies, including their related units, shares, rights and warrants (each a “SPAC interest”), will typically be valued by reference to the last reported transaction for the composite exchange. These securities are classified as Level 1 investments. If, on a particular day, no reliable market transaction is readily available and reported for the composite exchange, then the mean between the closing bid and asked prices on the composite exchange will be used to value the SPAC interest, or the SPAC interest will be fair valued in accordance with the Fund’s pricing procedures. These securities are classified as Level 2 investments.

		Exchange-traded options are typically valued at the higher of the intrinsic value of the option (i.e., what a Fund would pay or can receive upon the option being exercised) or the last reported composite sale price when such sale falls between the bid and asked prices. Notwithstanding the above, options that trade principally on a European exchange are typically valued at the “settlement price” as reported by the exchange on which the option principally trades. If the settlement price for a European exchange-traded option is unreliable or unavailable, the option will generally be valued at the last reported sale price. When the last sale of an exchange-traded option is outside the bid and asked prices, the Fund will typically value the option at the higher of the intrinsic value of the option or the mean between the highest end of day option bid price and the lowest end of day option ask price. On the stipulated expiration date, expiring options will be priced at intrinsic value. Options for which there is an active market are classified as Level 1 investments, but options not listed on an exchange and/or are fair valued in accordance with the Fund’s pricing procedures are classified as Level 2 investments.

		Investments in registered open-end investment companies, including Money Market Funds, are typically valued at their reported net asset value (“NAV”) per share. These securities are generally classified as Level 1 investments.

		Forward currency contracts are valued daily at the prevailing forward exchange rate. These securities are generally classified as Level 2.

		In general, swap prices are determined using the same methods as would be used to price the underlying security. When the underlying security is the subject of a completed corporate reorganization for which the final deal terms are known, the swap is priced at the value of the consideration to be received by the Fund. The credit quality of counterparties and collateral is monitored and the valuation of a swap may be adjusted if it is believed that the credit quality of the counterparty or collateral affects the market value of the swap position. These securities are generally classified as Level 2 investments.

		The Fund typically fair values securities and assets for which (a) market quotations are not readily available or (b) market quotations are believed to be unrepresentative of market value. For example, the Fund may fair value a security that primarily trades on an exchange that closes before the New York Stock Exchange (“NYSE”) if a significant event occurs after the close of the exchange on which the security primarily trades but before the NYSE closes. Fair valuations are determined in good faith by the Valuation Group (the “Valuation Group”), a committee comprised of persons who are officers of the Trust or representatives of the Adviser, acting pursuant to procedures adopted by the Board. When fair value pricing is employed, the prices of securities used by the Fund to calculate its NAV may differ from quoted or published prices for the same securities. In addition, due to the subjective nature of fair value pricing, it is possible that the value determined for a particular asset may be materially different from the value realized upon such asset’s sale. These securities are generally classified as Level 2 or 3 depending on the inputs as described below.

		The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determination. Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
		Level 1 — 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 are those inputs that reflect the applicable Fund’s own assumptions that market participants would use to price the asset or liability based on the best available information.

		The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

		The following tables provide the fair value measurements of applicable Fund assets and liabilities by level within the fair value hierarchy for the Fund as of March 31, 2020. These assets and liabilities are measured on a recurring basis.


Investments at Fair Value	Level 1		Level 2			Level 3		Total
Assets
Special Purpose Acquisition Companies	$	740,332	$	154,466		$	-	$	894,798
Closed-End Funds		1,867		-			-		1,867
Preferred Stocks		127,543		-			-		127,543
Warrants		39,809		10,796			-		50,605
Bank Loans		-		1,684,791			-		1,684,791
Convertible Bonds		-		75,973			-		75,973
Corporate Bonds		-		2,740,568			-		2,740,568
Escrow Notes		-		467,705			-		467,705
Short-Term Investments		1,049,188		-			-		1,049,188
Total	$	1,958,739	$	5,134,299		$	-	$	7,093,038


Liabilities
Short U.S. Government Notes/Bonds	$	-	$	(546,314	)	$	-	$	(546,314	)
Swap Contracts*		-		(150,925	)		-		(150,925	)
Total	$	-	$	(697,239	)	$	-	$	(697,239	)

* Swap contracts are valued at the net unrealized appreciation (depreciation) on the instrument by counterparty.

		The Level 2 securities are priced using inputs such as current yields, discount rates, credit quality, yields on comparable securities, trading volume, maturity date, market bid and asked prices, prices on comparable securities and other significant inputs. Level 3 securities are valued by using broker quotes or such other pricing sources or data as are permitted by the Fund’s pricing procedures. At March 31, 2020, the value of these securities was $-. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs as described in footnote (i). The appropriateness of fair values for these securities is monitored by the Valuation Group on an ongoing basis.

		During the period ended March 31, 2020, the value of securities transferred out of Level 2 and into Level 3 was $-.

		The Global Industry Classification Standard (GICS^®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC, doing business as U.S Bank Global Fund Services.

WCM Alternatives: Credit Event Fund
SCHEDULE OF INVESTMENTS
Open Swap Contracts
March 31, 2020 (Unaudited)

Counterparty

Security

Termination Date

Pay/Receive on Financing

Rate

Financing

Rate

Payment Frequency

Notional Amount

Unrealized

Appreciation (Depreciation)*

LONG TOTAL RETURN SWAP CONTRACTS

Act II Global Acquisition Corporation Class A

3/24/2021

Pay

1.100% +1 Month U.S. LIBOR

Monthly

11,468

$ 109,749

3,406

Alberton Acquisition Corporation

1/16/2021

Pay

1.100% +1 Month U.S. LIBOR

Monthly

19,986

207,147

2,128

JPM

Apollo Tactical Income Fund, Inc.

12/27/2020

Pay

0.300% + 3 Month U.S. LIBOR

Quarterly

358

5,461

(1,408)

JPM

Ares Dynamic Credit Allocation Fund

2/7/2021

Pay

0.300% + 3 Month U.S. LIBOR

Quarterly

755

(237)

JPM

Blackrock Corporate High Yield Fund

2/28/2021

Pay

0.300% + 3 Month U.S. LIBOR

Quarterly

1,537

16,082

(2,563)

BlackRock Debt Strategies Fund, Inc.

3/24/2021

Pay

1.100% +1 Month U.S. LIBOR

Monthly

10,536

73,647

15,360

JPM

BlackRock Floating Rate Income Strategies Fund, Inc.

8/30/2020

Pay

0.300% + 3 Month U.S. LIBOR

Quarterly

2,826

35,897

(7,624)

JPM

BlackRock MuniYield Quality Fund III, Inc.

3/24/2021

Pay

0.300% + 3 Month U.S. LIBOR

Quarterly

672

7,423

1,163

BlackRock MuniYield Quality Fund III, Inc.

3/24/2021

Pay

1.100% +1 Month U.S. LIBOR

Monthly

6,882

76,750

11,178

Broadmark Realty Capital, Inc.

1/16/2021

Pay

0.600% +1 Month U.S. LIBOR

Monthly

18,866

230,890

(89,536)

CF Finance Acquisition Corporation Class A

11/19/2020

Pay

1.100% +1 Month U.S. LIBOR

Monthly

15,440

157,179

1,259

JPM

Eaton Vance Floating-Rate Income Trust

2/4/2021

Pay

0.800% + 3 Month U.S. LIBOR

Quarterly

2,639

25,888

1,148

JPM

Eaton Vance Senior Floating-Rate Income Trust

8/30/2020

Pay

0.841% + 3 Month U.S. LIBOR

Quarterly

1,819

23,728

(5,772)

FinTech Acquisition Corporation III Class A

11/19/2020

Pay

1.100% +1 Month U.S. LIBOR

Monthly

15,106

151,815

(1,029)

JPM

First Trust Senior Floating Rate Income Fund II

2/4/2021

Pay

0.800% + 3 Month U.S. LIBOR

Quarterly

3,374

31,785

285

GMAC Capital Trust I

2/19/2021

Pay

0.500% +1 Month U.S. LIBOR

Monthly

8,875

233,235

(51,573)

Haymaker Acquisition Corporation II Class A

3/24/2021

Pay

1.100% +1 Month U.S. LIBOR

Monthly

9,882

93,780

2,935

Hennessy Capital Acquisition Corporation IV Class A

3/24/2021

Pay

1.100% +1 Month U.S. LIBOR

Monthly

10,276

102,555

1,304

Invesco Dynamic Credit Opportunities Fund

3/24/2021

Pay

1.100% +1 Month U.S. LIBOR

Monthly

9,304

67,919

6,306

JPM

Invesco Municipal Opportunity Trust

2/4/2021

Pay

0.300% + 3 Month U.S. LIBOR

Quarterly

1,107

12,876

(211)

Invesco Municipal Opportunity Trust

2/19/2021

Pay

0.500% +1 Month U.S. LIBOR

Monthly

835

9,631

(76)

JPM

Invesco Senior Income Trust

8/7/2020

Pay

1.000% + 3 Month U.S. LIBOR

Quarterly

13,151

55,067

(12,761)

JPM

Invesco Value Municipal Income Trust

2/7/2021

Pay

0.300% + 3 Month U.S. LIBOR

Quarterly

923

13,160

(117)

JPM

Nuveen AMT-Free Municipal Credit Income Fund

11/27/2020

Pay

0.300% + 3 Month U.S. LIBOR

Quarterly

1,582

24,661

(1,454)

JPM

Nuveen AMT-Free Quality Municipal Income Fund

3/24/2021

Pay

0.300% + 3 Month U.S. LIBOR

Quarterly

1,229

14,556

2,079

Nuveen AMT-Free Quality Municipal Income Fund

3/24/2021

Pay

1.100% +1 Month U.S. LIBOR

Monthly

9,665

116,201

14,627

JPM

Nuveen California Quality Municipal Income Fund

11/27/2020

Pay

0.300% + 3 Month U.S. LIBOR

Quarterly

1,701

24,674

(1,427)

JPM

Nuveen Credit Strategies Income Fund

5/23/2020

Pay

0.800% + 3 Month U.S. LIBOR

Quarterly

13,309

100,459

(25,061)

JPM

Nuveen Intermediate Duration Municipal Term Fund

10/4/2020

Pay

0.300% + 3 Month U.S. LIBOR

Quarterly

4,858

66,275

(3,224)

JPM

Nuveen Municipal Credit Income Fund

10/4/2020

Pay

0.300% + 3 Month U.S. LIBOR

Quarterly

4,117

65,721

(7,847)

JPM

Nuveen New York AMT-Free Quality Municipal Income Fund

3/24/2021

Pay

0.300% + 3 Month U.S. LIBOR

Quarterly

654

7,350

824

Nuveen New York AMT-Free Quality Municipal Income Fund

3/24/2021

Pay

1.100% +1 Month U.S. LIBOR

Monthly

6,880

78,367

7,609

Nuveen New Jersey Quality Municipal Income Fund

3/11/2021

Pay

0.500% +1 Month U.S. LIBOR

Monthly

712

9,578

(13)

Pure Acquisition Corporation

11/19/2020

Pay

1.100% +1 Month U.S. LIBOR

Monthly

22,482

232,111

988

JPM

SLM Corporation, 4.311%, Series B

2/10/2021

Pay

1.100% + 3 Month U.S. LIBOR

Quarterly

2,007

116,406

(49,381)

Tuscan Holdings Corporation

3/24/2021

Pay

1.100% +1 Month U.S. LIBOR

Monthly

10,713

104,773

2,003

Tuscan Holdings Corporation II

1/16/2021

Pay

1.100% +1 Month U.S. LIBOR

Monthly

15,000

149,100

(3,266)

SHORT TOTAL RETURN SWAP CONTRACTS

Eldorado Resorts, Inc.

12/20/2020

Receive

(0.520)% + U.S. Federal Funds

Monthly

(902)

(52,000)

39,053

(150,925)

- Goldman, Sachs & Co.

JPM

- JPMorgan Chase & Co., Inc.

LIBOR

- London Interbank Offered Rate

U.S. Federal Funds

- U.S. Federal Funds Effective Rate

Based on the net swap value held at each counterparty, unrealized appreciation (depreciation) is a receivable (payable).