ORINDA INCOME OPPORTUNITIES FUND
|
||||||||
SCHEDULE OF INVESTMENTS
|
||||||||
NOVEMBER 30, 2021 (UNAUDITED)
|
||||||||
NUMBER OF
|
||||||||
SHARES
|
VALUE
|
|||||||
COMMON STOCKS - 0.3%
|
||||||||
Financials - 0.3%
|
||||||||
Newlake Capital Partners, Inc.
|
20,000
|
$
|
577,000
|
|||||
TOTAL COMMON STOCKS
|
577,000
|
|||||||
(Cost $603,350)
|
||||||||
REITS - 101.1%
|
||||||||
Financials - 30.5%
|
||||||||
AGNC Investment Corp.
|
74,220
|
1,134,824
|
||||||
AGNC Investment Corp. - Series C, 7.00% (3 Month LIBOR USD + 5.11%) (a)(b)
|
157,542
|
3,981,086
|
||||||
AGNC Investment Corp. - Series D, 6.88% (3 Month LIBOR USD + 4.33%) (a)(b)
|
60,000
|
1,521,000
|
||||||
AGNC Investment Corp. - Series E, 6.50% (3 Month LIBOR USD + 4.99%) (a)
|
46,015
|
1,164,640
|
||||||
AGNC Investment Corp. - Series F, 6.13% (3 Month LIBOR USD + 4.70%) (a)
|
31,100
|
772,524
|
||||||
Annaly Capital Management, Inc. - Series F, 6.95% (3 Month LIBOR USD + 4.99%) (a)
|
95,097
|
2,378,376
|
||||||
Annaly Capital Management, Inc. - Series G, 6.50% (3 Month LIBOR USD + 4.17%) (a)
|
39,250
|
978,110
|
||||||
Annaly Capital Management, Inc. - Series I, 6.75% (3 Month LIBOR USD + 4.99%) (a)
|
138,501
|
3,513,770
|
||||||
Apollo Commercial Real Estate Finance, Inc.
|
74,152
|
1,003,277
|
||||||
Arbor Realty Trust, Inc.
|
88,000
|
1,544,400
|
||||||
Arbor Realty Trust, Inc. - Series D, 6.38%
|
89,043
|
2,225,185
|
||||||
Arbor Realty Trust, Inc. - Series E, 6.25%
|
92,000
|
2,282,520
|
||||||
Blackstone Mortgage Trust, Inc.
|
43,628
|
1,308,840
|
||||||
Chimera Investment Corp. - Series A, 8.00% (b)
|
74,755
|
1,919,708
|
||||||
Chimera Investment Corp. - Series B, 8.00% (3 Month LIBOR USD + 5.79%) (a)(b)
|
41,312
|
1,050,564
|
||||||
Chimera Investment Corp. - Series C, 7.75% (3 Month LIBOR USD + 4.74%) (a)
|
74,632
|
1,914,311
|
||||||
Chimera Investment Corp. - Series D, 8.00% (3 Month LIBOR USD + 5.38%) (a)(b)
|
79,733
|
2,033,191
|
||||||
Franklin BSP Realty Trust, Inc. - Series E, 7.50%
|
48,338
|
1,191,532
|
||||||
Healthcare Realty Trust, Inc.
|
27,100
|
848,772
|
||||||
Invesco Mortgage Capital, Inc. - Series C, 7.50% (3 Month LIBOR USD + 5.29%) (a)
|
35,500
|
895,310
|
||||||
KKR Real Estate Finance Trust, Inc.
|
161,260
|
3,326,794
|
||||||
KKR Real Estate Finance Trust, Inc. - Series A, 6.50% (b)
|
102,500
|
2,636,300
|
||||||
New Residential Investment Corp. - Series A, 7.50% (3 Month LIBOR USD + 5.80%) (a)(b)
|
65,433
|
1,665,270
|
||||||
New Residential Investment Corp. - Series B, 7.13% (3 Month LIBOR USD + 5.64%) (a)(b)
|
76,829
|
1,906,127
|
||||||
New Residential Investment Corp. - Series C, 6.38% (3 Month LIBOR USD + 4.97%) (a)(b)
|
108,129
|
2,454,528
|
||||||
New Residential Investment Corp. - Series D, 7.00% (5 Year CMT Rate + 6.22%) (a)
|
26,000
|
646,620
|
||||||
PennyMac Mortgage Investment Trust - Series A, 8.13% (3 Month LIBOR USD + 5.83%) (a)(b)
|
60,110
|
1,549,636
|
||||||
PennyMac Mortgage Investment Trust - Series B, 8.00% (3 Month LIBOR USD + 5.99%) (a)(b)
|
92,248
|
2,332,952
|
||||||
PennyMac Mortgage Investment Trust - Series C, 6.75%
|
67,000
|
1,675,000
|
||||||
Realty Income Corp.
|
18,202
|
1,236,280
|
||||||
Starwood Property Trust, Inc.
|
85,000
|
2,121,600
|
||||||
TPG RE Finance Trust, Inc. - Series C, 6.25% (b)
|
50,000
|
1,205,500
|
||||||
56,418,547
|
||||||||
Real Estate - 70.6%
|
||||||||
Alpine Income Property Trust, Inc.
|
24,493
|
438,425
|
||||||
American Assets Trust, Inc.
|
97,034
|
3,337,970
|
||||||
American Finance Trust, Inc. - Series A, 7.50%
|
41,000
|
1,077,070
|
||||||
American Homes 4 Rent - Series F, 5.88%
|
80,725
|
2,046,379
|
||||||
American Homes 4 Rent - Series G, 5.88% (b)
|
40,222
|
1,021,639
|
||||||
American Homes 4 Rent - Series H, 6.25%
|
19,659
|
516,049
|
||||||
Armada Hoffler Properties, Inc.
|
106,119
|
1,480,360
|
||||||
Armada Hoffler Properties, Inc. - Series A, 6.75%
|
51,171
|
1,309,978
|
||||||
Bluerock Residential Growth REIT, Inc. - Series C, 7.63%
|
9,428
|
238,905
|
||||||
Bluerock Residential Growth REIT, Inc. - Series D, 7.13% (b)
|
52,627
|
1,328,832
|
||||||
Boston Properties, Inc.
|
15,199
|
1,639,060
|
||||||
Brandywine Realty Trust
|
151,450
|
1,946,132
|
||||||
Centerspace - Series C, 6.63% (b)
|
49,046
|
1,260,482
|
||||||
Chatham Lodging Trust - Series A, 6.63% (b)
|
80,000
|
2,052,000
|
||||||
City Office REIT, Inc.
|
22,187
|
370,079
|
||||||
Corporate Office Properties Trust
|
99,000
|
2,540,340
|
||||||
DiamondRock Hospitality Co., 8.25%
|
58,715
|
1,581,782
|
||||||
Digital Realty Trust, Inc. - Series K, 5.85%
|
38,877
|
1,062,120
|
||||||
DigitalBridge Group, Inc. - Series H, 7.13% (b)
|
90,583
|
2,245,552
|
||||||
DigitalBridge Group, Inc. - Series I, 7.15% (b)
|
94,400
|
2,378,880
|
||||||
DigitalBridge Group, Inc. - Series J, 7.13%
|
100,216
|
2,586,575
|
||||||
Easterly Government Properties, Inc.
|
127,656
|
2,676,946
|
||||||
Federal Realty Investment Trust
|
17,573
|
2,155,680
|
||||||
Gaming and Leisure Properties, Inc.
|
23,000
|
1,037,760
|
||||||
Global Medical REIT, Inc.
|
43,676
|
713,666
|
||||||
Global Net Lease, Inc.
|
95,403
|
1,354,723
|
||||||
Global Net Lease, Inc. - Series A, 7.25%
|
71,191
|
1,816,794
|
||||||
Hersha Hospitality Trust - Series C, 6.88%
|
48,948
|
1,150,278
|
||||||
Hersha Hospitality Trust - Series E, 6.50%
|
159,755
|
3,727,979
|
||||||
Highwoods Properties, Inc.
|
118,760
|
5,130,432
|
||||||
Iron Mountain, Inc.
|
22,000
|
999,680
|
||||||
iStar, Inc. - Series D, 8.00% (b)
|
51,662
|
1,343,729
|
||||||
iStar, Inc. - Series I, 7.50%
|
35,793
|
899,836
|
||||||
Kimco Realty Corp.
|
53,636
|
1,202,519
|
||||||
LTC Properties, Inc.
|
63,700
|
2,023,112
|
||||||
Macerich Co. (The)
|
85,000
|
1,603,100
|
||||||
Medical Properties Trust, Inc.
|
121,645
|
2,589,822
|
||||||
Monmouth Real Estate Investment Corp. - Series C, 6.13%
|
60,000
|
1,500,600
|
||||||
National Health Investors, Inc.
|
23,100
|
1,206,744
|
||||||
National Retail Properties, Inc.
|
70,149
|
3,093,571
|
||||||
National Storage Affiliates Trust - Series A, 6.00%
|
40,295
|
1,041,626
|
||||||
Omega Healthcare Investors, Inc.
|
127,200
|
3,553,968
|
||||||
Orion Office REIT, Inc.
|
1,820
|
32,345
|
||||||
Paramount Group, Inc.
|
34,000
|
270,640
|
||||||
Pebblebrook Hotel Trust - Series E, 6.38% (b)
|
96,492
|
2,385,282
|
||||||
Pebblebrook Hotel Trust - Series F, 6.30%
|
92,505
|
2,270,998
|
||||||
Pebblebrook Hotel Trust - Series G, 6.38% (b)
|
95,700
|
2,430,780
|
||||||
Pebblebrook Hotel Trust - Series H, 5.70%
|
100,000
|
2,443,000
|
||||||
Piedmont Office Realty Trust, Inc.
|
202,560
|
3,520,493
|
||||||
Postal Realty Trust, Inc.
|
115,375
|
2,001,756
|
||||||
PS Business Parks, Inc. - Series Z, 4.88% (b)
|
37,900
|
995,254
|
||||||
Regency Centers Corp.
|
3,800
|
263,492
|
||||||
RLJ Lodging Trust - Series A, 1.95% (b)(c)
|
215,432
|
6,034,250
|
||||||
RPT Realty - Series D, 7.25%
|
11,056
|
633,730
|
||||||
Sabra Health Care REIT, Inc.
|
209,950
|
2,714,653
|
||||||
Seritage Growth Properties - Series A, 7.00%
|
32,452
|
786,636
|
||||||
Simon Property Group, Inc.
|
5,500
|
840,620
|
||||||
SITE Centers Corp.
|
54,000
|
813,240
|
||||||
SL Green Realty Corp.
|
10,159
|
705,339
|
||||||
SL Green Realty Corp. - Series I, 6.50% (b)
|
30,156
|
778,025
|
||||||
Spirit Realty Capital, Inc.
|
25,200
|
1,122,912
|
||||||
STAG Industrial, Inc.
|
72,893
|
3,176,677
|
||||||
Summit Hotel Properties, Inc. - Series E, 6.25%
|
45,932
|
1,153,858
|
||||||
Summit Hotel Properties, Inc. - Series F, 5.88%
|
108,000
|
2,679,480
|
||||||
Sunstone Hotel Investors, Inc. - Series H, 6.13%
|
60,000
|
1,526,400
|
||||||
Sunstone Hotel Investors, Inc. - Series I, 5.70%
|
50,000
|
1,245,250
|
||||||
UMH Properties, Inc. - Series C, 6.75%
|
94,739
|
2,424,371
|
||||||
UMH Properties, Inc. - Series D, 6.38%
|
54,000
|
1,414,260
|
||||||
Urban Edge Properties
|
93,500
|
1,611,005
|
||||||
VICI Properties, Inc.
|
69,000
|
1,876,800
|
||||||
Vornado Realty Trust
|
218,000
|
8,750,520
|
||||||
Vornado Realty Trust - Series M, 5.25%
|
25,515
|
649,867
|
||||||
130,833,107
|
||||||||
TOTAL REITS
|
187,251,654
|
|||||||
(Cost $178,368,559)
|
||||||||
PREFERRED STOCKS - 4.2%
|
||||||||
Financials - 0.8%
|
||||||||
Invesco Mortgage Capital, Inc. - Series B, 7.75% (3 Month LIBOR USD + 5.18%) (a)(b)
|
38,008
|
953,621
|
||||||
MFA Financial, Inc. - Series B, 7.50%
|
21,897
|
546,330
|
||||||
1,499,951
|
||||||||
Industrials - 1.2%
|
||||||||
Triton International Ltd., 6.88% (c)
|
35,606
|
951,392
|
||||||
Triton International Ltd., 7.38% (c)
|
51,600
|
1,384,944
|
||||||
2,336,336
|
||||||||
Real Estate - 2.2%
|
||||||||
Hersha Hospitality Trust - Series D, 6.50%
|
137,777
|
3,203,315
|
||||||
iStar, Inc. - Series G, 7.65%
|
22,245
|
563,243
|
||||||
Landmark Infrastructure Partners LP - Series B, 7.90%
|
11,282
|
283,630
|
||||||
4,050,188
|
||||||||
TOTAL PREFERRED STOCKS
|
7,886,475
|
|||||||
(Cost $7,491,224)
|
||||||||
CONVERTIBLE PREFERRED STOCKS - 1.0%
|
||||||||
Real Estate - 1.0%
|
||||||||
CorEnergy Infrastructure Trust, Inc. - Series A, 7.38%
|
81,673
|
1,788,639
|
||||||
TOTAL CONVERTIBLE PREFERRED STOCKS
|
1,788,639
|
|||||||
(Cost $2,012,410)
|
||||||||
CLOSED-END MUTUAL FUNDS - 0.9%
|
||||||||
Nuveen Preferred Income Opportunities Fund (b)
|
170,000
|
1,592,900
|
||||||
TOTAL CLOSED-END MUTUAL FUNDS
|
1,592,900
|
|||||||
(Cost $1,383,440)
|
||||||||
SHORT-TERM INVESTMENTS - 1.2%
|
||||||||
First American Treasury Obligations Fund, 0.01% (d)
|
2,296,359
|
2,296,359
|
||||||
TOTAL SHORT-TERM INVESTMENTS
|
2,296,359
|
|||||||
(Cost $2,296,359)
|
||||||||
TOTAL INVESTMENTS
|
||||||||
(Cost $192,155,342) - 108.7%
|
201,393,027
|
|||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (8.7)%
|
(16,192,912
|
)
|
||||||
TOTAL NET ASSETS - 100.0%
|
$
|
185,200,115
|
Percentages are stated as a percent of net assets.
|
||||
(a)
|
Variable Rate Security. The rate shown represents the rate at November 30, 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 November 30, 2021.
|
|||
The accompanying notes are an integral part of the portfolio of investments.
|
ORINDA INCOME OPPORTUNITIES FUND
|
||||||
NOTES TO SCHEDULE OF INVESTMENTS
|
||||||
NOVEMBER 30, 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 November 30, 2021, in valuing the Fund's investments carried at fair value:
|
TOTAL
|
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
|||||||||||||
Common Stock
|
$
|
577,000
|
$
|
577,000
|
$
|
-
|
$
|
-
|
||||||||
Total Common Stock
|
577,000
|
577,000
|
-
|
-
|
||||||||||||
REITs
|
||||||||||||||||
Financials
|
56,418,547
|
56,418,547
|
-
|
-
|
||||||||||||
Real Estate
|
130,833,107
|
130,833,107
|
-
|
-
|
||||||||||||
Total REITs
|
187,251,654
|
187,251,654
|
-
|
-
|
||||||||||||
Preferred Stocks
|
||||||||||||||||
Financials
|
1,499,951
|
1,499,951
|
-
|
-
|
||||||||||||
Industrials
|
2,336,336
|
2,336,336
|
-
|
-
|
||||||||||||
Real Estate
|
4,050,188
|
4,050,188
|
-
|
-
|
||||||||||||
Total Preferred Stocks
|
7,886,475
|
7,886,475
|
-
|
-
|
||||||||||||
Convertible Preferred Stocks
|
||||||||||||||||
Real Estate
|
1,788,639
|
1,788,639
|
-
|
-
|
||||||||||||
Total Convertible Preferred Stocks
|
1,788,639
|
1,788,639
|
-
|
-
|
||||||||||||
Closed-End Mutual Funds
|
1,592,900
|
1,592,900
|
-
|
-
|
||||||||||||
Short-Term Investments
|
2,296,359
|
2,296,359
|
-
|
-
|
||||||||||||
Total Investments in Securities
|
$
|
201,393,027
|
$
|
201,393,027
|
$
|
-
|
$
|
-
|
At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether
or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the
classification of Level 1, 2 and 3 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.
|
|||||||||
Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may fluctuate from period to period.
Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further,
such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.
|
|||||||||
For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires the Fund to present a reconciliation of the beginning to ending balances for reported
market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end
of the period. A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all
Level 3 transfers are disclosed if the Fund had an amount of total Level 3 transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.
|
|||||||||
Foreign securities that utilize international fair value pricing are categorized as Level 2 in the hierarchy.
|
|||||||||
For the period ending November 30, 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.
|