ORINDA INCOME OPPORTUNITIES FUND
|
||||||||
SCHEDULE OF INVESTMENTS
|
||||||||
MAY 31, 2021 (UNAUDITED)
|
||||||||
NUMBER OF
|
||||||||
SHARES
|
VALUE
|
|||||||
REITS - 96.3%
|
||||||||
Financials - 29.1%
|
||||||||
American Homes 4 Rent - Series E, 6.35%
|
11,174
|
$
|
283,373
|
|||||
AGNC Investment Corp.
|
125,000
|
2,317,500
|
||||||
AGNC Investment Corp. - Series C, 7.00% (3 Month LIBOR USD + 5.11%) (a)(b)
|
157,542
|
4,105,545
|
||||||
AGNC Investment Corp. - Series D, 6.88% (3 Month LIBOR USD + 4.33%) (a)(b)
|
60,000
|
1,542,000
|
||||||
AGNC Investment Corp. - Series E, 6.50% (3 Month LIBOR USD + 4.99%) (a)
|
46,015
|
1,168,781
|
||||||
AGNC Investment Corp. - Series F, 6.13% (3 Month LIBOR USD + 4.70%) (a)
|
31,100
|
781,854
|
||||||
Annaly Capital Management, Inc.
|
126,000
|
1,168,020
|
||||||
Annaly Capital Management, Inc. - Series F, 6.95% (3 Month LIBOR USD + 4.99%) (a)(b)
|
95,097
|
2,430,679
|
||||||
Annaly Capital Management, Inc. - Series G, 6.50% (3 Month LIBOR USD + 4.17%) (a)
|
39,250
|
996,950
|
||||||
Annaly Capital Management, Inc. - Series I, 6.75% (3 Month LIBOR USD + 4.99%) (a)(b)
|
98,581
|
2,531,560
|
||||||
Apollo Commercial Real Estate Finance, Inc.
|
74,152
|
1,160,479
|
||||||
Arbor Realty Trust, Inc.
|
124,150
|
2,264,496
|
||||||
Arbor Realty Trust, Inc., - Series D, 6.38%
|
80,000
|
2,051,200
|
||||||
Blackstone Mortgage Trust, Inc.
|
73,628
|
2,358,305
|
||||||
Brixmor Property Group, Inc.
|
30,800
|
699,468
|
||||||
Chimera Investment Corp. - Series A, 8.00% (b)
|
74,755
|
1,898,777
|
||||||
Chimera Investment Corp. - Series B, 8.00% (3 Month LIBOR USD + 5.79%) (a)(b)
|
41,312
|
1,039,410
|
||||||
Chimera Investment Corp. - Series C, 7.75% (3 Month LIBOR USD + 4.74%) (a)
|
74,632
|
1,862,815
|
||||||
Chimera Investment Corp. - Series D, 8.00% (3 Month LIBOR USD + 5.38%) (a)(b)
|
79,733
|
2,008,474
|
||||||
Healthcare Realty Trust, Inc.
|
22,100
|
670,514
|
||||||
Invesco Mortgage Capital, Inc. - Series C, 7.50% (3 Month LIBOR USD + 5.29%) (a)
|
35,500
|
888,210
|
||||||
KKR Real Estate Finance Trust, Inc.
|
109,000
|
2,330,420
|
||||||
KKR Real Estate Finance Trust, Inc. - Series A, 6.50% (b)
|
90,000
|
2,305,800
|
||||||
New Residential Investment Corp. - Series A, 7.50% (3 Month LIBOR USD + 5.80%) (a)(b)
|
94,243
|
2,365,499
|
||||||
New Residential Investment Corp. - Series B, 7.13% (3 Month LIBOR USD + 5.64%) (a)(b)
|
108,751
|
2,688,325
|
||||||
New Residential Investment Corp. - Series C, 6.38% (3 Month LIBOR USD + 4.97%) (a)(b)
|
108,129
|
2,509,674
|
||||||
PennyMac Mortgage Investment Trust - Series A, 8.13% (3 Month LIBOR USD + 5.83%) (a)(b)
|
60,110
|
1,562,860
|
||||||
PennyMac Mortgage Investment Trust - Series B, 8.00% (3 Month LIBOR USD + 5.99%) (a)(b)
|
92,248
|
2,407,673
|
||||||
Realty Income Corp.
|
33,952
|
2,322,317
|
||||||
Starwood Property Trust, Inc.
|
100,000
|
2,539,000
|
||||||
TPG RE Finance Trust, Inc.
|
11,053
|
144,131
|
||||||
Two Harbors Investment Corp. - Series A, 8.13% (3 Month LIBOR USD + 5.66%) (a)(b)
|
46,764
|
1,227,087
|
||||||
Two Harbors Investment Corp. - Series C, 7.25% (3 Month LIBOR USD + 5.01%) (a)(b)
|
34,322
|
849,469
|
||||||
57,480,665
|
||||||||
Real Estate - 67.2%
|
||||||||
American Assets Trust, Inc.
|
90,454
|
3,306,094
|
||||||
American Finance Trust, Inc. - Series A, 7.50%
|
41,000
|
1,063,130
|
||||||
American Homes 4 Rent - Series D, 6.50% (b)
|
115,590
|
2,923,271
|
||||||
American Homes 4 Rent - Series G, 5.88% (b)
|
40,222
|
1,065,079
|
||||||
American Homes 4 Rent - Series H, 6.25%
|
19,659
|
541,016
|
||||||
Apple Hospitality REIT, Inc.
|
38,400
|
609,408
|
||||||
Armada Hoffler Properties, Inc.
|
30,300
|
402,081
|
||||||
Armada Hoffler Properties, Inc. - Series A, 6.75%
|
47,760
|
1,320,564
|
||||||
Bluerock Residential Growth REIT, Inc. - Series C, 7.63%
|
9,728
|
248,010
|
||||||
Bluerock Residential Growth REIT, Inc. - Series D, 7.13% (b)
|
52,200
|
1,320,660
|
||||||
Boston Properties, Inc.
|
10,000
|
1,175,600
|
||||||
Brandywine Realty Trust
|
111,200
|
1,563,472
|
||||||
Brookfield Property REIT, Inc.
|
53,492
|
1,002,440
|
||||||
Centerspace - Series C, 6.63% (b)
|
49,046
|
1,298,738
|
||||||
City Office REIT, Inc. (b)
|
153,459
|
1,773,986
|
||||||
City Office REIT, Inc. - Series A, 6.63% (b)
|
74,817
|
1,916,812
|
||||||
Colony Capital, Inc. - Series H, 7.13% (b)
|
120,411
|
3,004,254
|
||||||
Colony Capital, Inc. - Series I, 7.15% (b)
|
128,488
|
3,205,776
|
||||||
Colony Capital, Inc. - Series J, 7.13%
|
139,201
|
3,473,065
|
||||||
Columbia Property Trust, Inc.
|
78,000
|
1,364,220
|
||||||
Corporate Office Properties Trust
|
77,500
|
2,139,000
|
||||||
Cousins Properties, Inc.
|
20,000
|
741,800
|
||||||
DiamondRock Hospitality Co., 8.25%
|
58,715
|
1,705,671
|
||||||
Digital Realty Trust, Inc. - Series K, 5.85% (b)
|
38,877
|
1,100,608
|
||||||
Easterly Government Properties, Inc.
|
55,300
|
1,146,369
|
||||||
Federal Realty Investment Trust
|
29,200
|
3,338,728
|
||||||
Gaming and Leisure Properties, Inc.
|
27,500
|
1,274,900
|
||||||
Global Medical REIT, Inc.
|
91,000
|
1,310,400
|
||||||
Global Net Lease, Inc. - Series A, 7.25% (b)
|
74,191
|
1,957,159
|
||||||
Global Net Lease, Inc. - Series B, 6.88%
|
50,904
|
1,369,699
|
||||||
Healthpeak Properties, Inc.
|
30,500
|
1,018,090
|
||||||
Hersha Hospitality Trust - Series C, 6.88%
|
27,688
|
676,972
|
||||||
Hersha Hospitality Trust - Series E, 6.50% (b)
|
73,755
|
1,752,419
|
||||||
Highwoods Properties, Inc.
|
116,752
|
5,333,231
|
||||||
Independence Realty Trust, Inc.
|
23,058
|
393,831
|
||||||
iStar, Inc. - Series D, 8.00% (b)
|
51,662
|
1,336,496
|
||||||
iStar, Inc. - Series I, 7.50%
|
35,793
|
915,227
|
||||||
Lexington Realty Trust
|
36,000
|
445,680
|
||||||
LTC Properties, Inc.
|
41,900
|
1,641,642
|
||||||
Macerich Co. (The)
|
218,469
|
3,475,842
|
||||||
Monmouth Real Estate Investment Corp. - Series C, 6.13%
|
60,000
|
1,510,800
|
||||||
Monmouth Real Estate Investment Corp.
|
24,600
|
463,464
|
||||||
National Health Investors, Inc.
|
23,100
|
1,522,521
|
||||||
National Retail Properties, Inc.
|
17,100
|
792,585
|
||||||
National Storage Affiliates Trust - Series A, 6.00%
|
40,295
|
1,077,891
|
||||||
NETSTREIT Corp.
|
48,003
|
1,071,427
|
||||||
Omega Healthcare Investors, Inc.
|
31,965
|
1,170,558
|
||||||
Paramount Group, Inc.
|
39,000
|
428,220
|
||||||
Pebblebrook Hotel Trust - Series C, 6.50%
|
13,942
|
355,939
|
||||||
Pebblebrook Hotel Trust - Series D, 6.38%
|
27,380
|
694,083
|
||||||
Pebblebrook Hotel Trust - Series E, 6.38% (b)
|
97,392
|
2,474,731
|
||||||
Pebblebrook Hotel Trust - Series F, 6.30%
|
92,505
|
2,374,603
|
||||||
Pebblebrook Hotel Trust - Series G, 6.38%
|
95,700
|
2,472,888
|
||||||
Piedmont Office Realty Trust, Inc.
|
182,360
|
3,371,836
|
||||||
Plymouth Industrial REIT, Inc.
|
47,739
|
913,724
|
||||||
Postal Realty Trust, Inc.
|
12,748
|
257,637
|
||||||
Preferred Apartment Communities, Inc.
|
186,271
|
1,827,319
|
||||||
PS Business Parks, Inc. - Series Z, 4.88% (b)
|
37,900
|
1,027,090
|
||||||
QTS Realty Trust, Inc.
|
19,197
|
1,216,706
|
||||||
QTS Realty Trust, Inc. - Series A, 7.13% (b)
|
75,230
|
2,050,017
|
||||||
QTS Realty Trust, Inc. - Series B, 6.50%
|
5,000
|
714,650
|
||||||
Regency Centers Corp.
|
36,400
|
2,351,440
|
||||||
Rexford Industrial Realty, Inc.
|
15,000
|
828,450
|
||||||
Rexford Industrial Realty, Inc. - Series A, 5.88%
|
36,600
|
930,006
|
||||||
RLJ Lodging Trust - Series A, 1.95% (b)(c)
|
215,432
|
5,967,466
|
||||||
RPT Realty - Series D, 7.25%
|
8,406
|
481,412
|
||||||
Sabra Health Care REIT, Inc.
|
173,700
|
3,034,539
|
||||||
Seritage Growth Properties - Series A, 7.00%
|
32,452
|
785,663
|
||||||
SITE Centers Corp.
|
39,000
|
583,830
|
||||||
SL Green Realty Corp.
|
9,000
|
712,980
|
||||||
SL Green Realty Corp. - Series I, 6.50% (b)
|
60,156
|
1,557,439
|
||||||
Summit Hotel Properties, Inc. - Series E, 6.25%
|
41,215
|
1,098,792
|
||||||
Sunstone Hotel Investors, Inc. - Series E, 6.95%
|
38,898
|
982,952
|
||||||
Sunstone Hotel Investors, Inc.
|
60,000
|
1,604,400
|
||||||
UMH Properties, Inc. - Series C, 6.75% (b)
|
94,739
|
2,452,793
|
||||||
UMH Properties, Inc. - Series D, 6.38% (b)
|
54,000
|
1,399,140
|
||||||
Urban Edge Properties
|
90,000
|
1,741,500
|
||||||
VEREIT, Inc.
|
12,620
|
600,333
|
||||||
Vornado Realty Trust
|
131,000
|
6,193,680
|
||||||
Vornado Realty Trust - Series K, 5.70% (b)
|
53,365
|
1,378,418
|
||||||
Vornado Realty Trust - Series L, 5.40% (b)
|
17,974
|
458,337
|
||||||
Vornado Realty Trust - Series M, 5.25% (b)
|
27,515
|
728,597
|
||||||
Weingarten Realty Investors
|
47,000
|
1,540,190
|
||||||
WP Carey, Inc.
|
22,563
|
1,702,378
|
||||||
132,554,864
|
||||||||
TOTAL REITS
|
190,035,529
|
|||||||
(Cost $167,576,000)
|
||||||||
PREFERRED STOCKS - 7.1%
|
||||||||
Energy - 0.7%
|
||||||||
Energy Transfer Partners LP - Series C, 7.38% (3 Month LIBOR USD + 4.53%) (a)(b)
|
33,032
|
811,596
|
||||||
Energy Transfer Partners LP - Series D, 7.63% (3 Month LIBOR USD + 4.74%) (a)
|
20,556
|
513,489
|
||||||
1,325,085
|
||||||||
Financials - 2.0%
|
||||||||
Capstead Mortgage Corp. - Series E, 7.50%
|
48,338
|
1,224,885
|
||||||
Invesco Mortgage Capital, Inc. - Series A, 7.75% (b)
|
48,724
|
1,229,794
|
||||||
Invesco Mortgage Capital, Inc. - Series B, 7.75% (3 Month LIBOR USD + 5.18%) (a)(b)
|
38,008
|
957,801
|
||||||
MFA Financial, Inc. - Series B, 7.50%
|
21,897
|
555,746
|
||||||
3,968,226
|
||||||||
Industrials - 1.2%
|
||||||||
Triton International Ltd., 7.38% (c)
|
51,600
|
1,426,224
|
||||||
Triton International Ltd., 6.88% (c)
|
35,606
|
955,665
|
||||||
2,381,889
|
||||||||
Real Estate - 3.2%
|
||||||||
Hersha Hospitality Trust - Series D, 6.50%
|
106,777
|
2,524,208
|
||||||
iStar, Inc. - Series G, 7.65%
|
22,245
|
567,403
|
||||||
Landmark Infrastructure Partners LP - Series B, 7.90%
|
33,399
|
845,997
|
||||||
Summit Hotel Properties, Inc. - Series D, 6.45%
|
19,791
|
504,473
|
||||||
VEREIT, Inc. - Series F, 6.70% (b)
|
74,081
|
1,881,657
|
||||||
6,323,738
|
||||||||
TOTAL PREFERRED STOCKS
|
13,998,938
|
|||||||
(Cost $12,449,846)
|
||||||||
CONVERTIBLE PREFERRED STOCKS -
0.9%
|
||||||||
Real Estate - 0.9%
|
||||||||
CorEnergy Infrastructure Trust, Inc. - Series A, 7.38%
|
80,173
|
1,815,117
|
||||||
TOTAL CONVERTIBLE PREFERRED STOCKS
|
1,815,117
|
|||||||
(Cost $1,974,694)
|
||||||||
EXCHANGE TRADED FUNDS - 1.0%
|
||||||||
iShares Preferred & Income Securities ETF
|
51,000
|
1,981,350
|
||||||
TOTAL EXCHANGE TRADED FUNDS
|
1,981,350
|
|||||||
(Cost $1,979,908)
|
||||||||
CLOSED-END MUTUAL FUNDS - 0.8%
|
||||||||
Nuveen Preferred Income Opportunities Fund (b)
|
170,000
|
1,666,000
|
||||||
TOTAL CLOSED-END MUTUAL FUNDS
|
1,666,000
|
|||||||
(Cost $1,383,440)
|
||||||||
SHORT-TERM INVESTMENTS - 1.1%
|
||||||||
First American Treasury Obligations Fund, 0.01% (d)
|
2,224,304
|
2,224,304
|
||||||
TOTAL SHORT-TERM INVESTMENTS
|
2,224,304
|
|||||||
(Cost $2,224,304)
|
||||||||
TOTAL INVESTMENTS
|
||||||||
(Cost $190,428,523) - 107.2%
|
211,721,238
|
|||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (7.2)%
|
(14,303,122
|
)
|
||||||
TOTAL NET ASSETS - 100.0%
|
$
|
197,418,116
|
||||||
Percentages are stated as a percent of net assets.
|
||||||
(a)
|
Variable Rate Security. The rate shown represents the rate at May 31, 2021.
|
|||||
(b)
|
All or a portion of the security has been segregated for open short positions.
|
|||||
(c)
|
U.S. traded security of a foreign issuer or corporation.
|
|||||
(d)
|
Seven-day yield as of May 31, 2021.
|
The accompanying notes are an integral part of the portfolio of investments.
|
ORINDA INCOME OPPORTUNITIES FUND
|
NOTES TO SCHEDULE OF INVESTMENTS
|
MAY 31, 2021 (UNAUDITED)
|
FAIR VALUE MEASUREMENTS — The inputs and valuation techniques used to measure fair value of the Fund’s investments are
|
||||||||
The inputs and valuation techniques used to measure the fair value of the Fund's investments are summarized into three levels as described in the
hierarchy below:
|
||||||||
• Level 1 — Prices are determined using quoted
prices in active markets for identical securities.
|
||||||||
• Level 2 — Prices are determined using other
significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
|
||||||||
• Level 3 — Prices are determined using
significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
|
||||||||
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in
those securities.
|
||||||||
The following is a summary of inputs used, as of May 31, 2021, in valuing the Fund's investments carried at fair value:
|
TOTAL
|
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
|||||||||||||
REITs
|
||||||||||||||||
Financials
|
$
|
57,480,665
|
$
|
57,480,665
|
$
|
-
|
$
|
-
|
||||||||
Real Estate
|
132,554,864
|
132,554,864
|
-
|
-
|
||||||||||||
Total REITs
|
190,035,529
|
190,035,529
|
-
|
-
|
||||||||||||
Preferred Stocks
|
||||||||||||||||
Energy
|
1,325,085
|
1,325,085
|
-
|
-
|
||||||||||||
Financials
|
3,968,226
|
3,968,226
|
-
|
-
|
||||||||||||
Industrials
|
2,381,889
|
2,381,889
|
-
|
|||||||||||||
Real Estate
|
6,323,738
|
5,477,741
|
845,997
|
-
|
||||||||||||
Total Preferred Stocks
|
13,998,938
|
13,152,941
|
845,997
|
-
|
||||||||||||
Convertible Preferred Stocks
|
||||||||||||||||
Real Estate
|
1,815,117
|
1,815,117
|
-
|
-
|
||||||||||||
Total Convertible Preferred Stocks
|
1,815,117
|
1,815,117
|
-
|
-
|
||||||||||||
Exchange Traded Funds
|
1,981,350
|
1,981,350
|
-
|
-
|
||||||||||||
Closed-End Mutual Funds
|
1,666,000
|
1,666,000
|
-
|
-
|
||||||||||||
Short-Term Investments
|
2,224,304
|
2,224,304
|
-
|
-
|
||||||||||||
Total Investments in Securities
|
$
|
211,721,238
|
$
|
210,875,241
|
$
|
845,997
|
$
|
-
|
Foreign securities that utilize international fair value pricing are categorized as Level 2 in the hierarchy.
|
||||||||
For the period ending May 31, 2021, the Fund had no Level 3 transfers.
|
||||||||
For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the
Securities and Exchange Commission.
|
||||||||
|