NPORT-EX 2 cef.htm PART F
WCM Alternatives Credit Event Fund
       
SCHEDULE OF INVESTMENTS
       
March 31, 2021 (Unaudited)
       
         
   
Shares
   
Value
 
LONG INVESTMENTS - 100.38%
           
COMMON STOCKS - 0.79% (a)
           
APPLICATION SOFTWARE - 0.01%
           
SEMrush Holdings, Inc. Class A
   
150
   
$
1,787
 
LIFE & HEALTH INSURANCE - 0.04%
               
Oscar Health, Inc. Class A
   
200
     
5,376
 
OTHER FINANCIAL INVESTMENT ACTIVITIES - 0.27%
               
Fortress Value Acquisition Corp IV
   
1,409
     
13,949
 
Legato Merger Corp.
   
1,929
     
19,541
 
             
33,490
 
PHARMACEUTICALS - 0.47%
               
TPCO Holding Corporation - ADR (f)
   
8,003
     
59,382
 
SPECIALITY CHEMICALS - 0.00%
               
Diversey Holdings Ltd. - ADR
   
2
     
29
 
TOTAL COMMON STOCKS (Cost $111,270)
           
100,064
 
   
Shares/Units
         
SPECIAL PURPOSE ACQUISITION COMPANIES - 41.84% (a)
               
26 Capital Acquisition Corporation
   
2,000
     
20,080
 
890 5th Avenue Partners, Inc. Class A
   
3,000
     
29,850
 
Accelerate Acquisition Corporation
   
4,800
     
47,664
 
Ajax I Class A - ADR
   
1,020
     
10,465
 
Altimar Acquisition Corporation II - ADR
   
1,500
     
15,300
 
Altimar Acquisition Corporation III - ADR
   
491
     
4,910
 
Anzu Special Acquisition Corporation I
   
2,341
     
23,363
 
Apollo Strategic Growth Capital Class A - ADR
   
2,397
     
23,730
 
Archimedes Tech SPAC Partners Company
   
4,790
     
47,373
 
Ares Acquisition Corporation - ADR
   
4,300
     
43,000
 
Arrowroot Acquisition Corporation (f)
   
1,984
     
19,691
 
Ascendant Digital Acquisition Corporation Class A - ADR
   
4,478
     
44,332
 
Atlas Crest Investment Corporation II
   
5,300
     
53,027
 
Aurora Acquisition Corporation - ADR
   
1,214
     
12,565
 
Austerlitz Acquisition Corporation I - ADR
   
4,629
     
46,475
 
Austerlitz Acquisition Corporation II - ADR
   
4,600
     
46,138
 
Authentic Equity Acquisition Corporation - ADR
   
5,000
     
49,450
 
BlueRiver Acquisition Corporation - ADR
   
2,100
     
20,937
 
Bright Lights Acquisition Corp.
   
3,900
     
38,571
 
Build Acquisition Corporation
   
779
     
7,689
 
CA Healthcare Acquisition Corp.
   
1,100
     
10,890
 
Carney Technology Acquisition Corp II
   
1,233
     
12,404
 
CC Neuberger Principal Holdings II Class A - ADR
   
1,906
     
18,793
 
CC Neuberger Principal Holdings III - ADR
   
5,400
     
53,946
 
CF Acquisition Corporation VI
   
2,350
     
23,312
 
CF Acquisition Corporation VIII
   
4,911
     
48,717
 
CHP Merger Corporation Class A
   
1,150
     
11,397
 
Class Acceleration Corporation
   
2,100
     
20,790
 
Climate Real Impact Solutions II Acquisition Corporation
   
1,100
     
11,000
 
Colonnade Acquisition Corporation II - ADR
   
4,782
     
47,103
 
Compute Health Acquisition Corporation Class C
   
5,600
     
56,504
 
Concord Acquisition Corp.
   
2,244
     
21,946
 
Conx Corporation Class A
   
4,300
     
42,871
 
COVA Acquisition Corporation - ADR
   
5,600
     
55,720
 
D & Z Media Acquisition Corporation
   
628
     
6,211
 
Decarbonization Plus Acquisition Corporation II
   
2,800
     
28,168
 
Deep Lake Capital Acquisition Corporation - ADR
   
5,200
     
52,312
 
Delwinds Insurance Acquisition Corp.
   
2,145
     
21,429
 
DFP Healthcare Acquisitions Corporation Class A
   
9,272
     
92,349
 
DigitalOcean Holdings, Inc.
   
100
     
4,213
 
Dragoneer Growth Opportunities Corp III - ADR
   
1,119
     
11,313
 
Equity Distribution Acquisition Corporation Class A
   
8,398
     
83,224
 
ESM Acquisition Corporation - ADR
   
4,782
     
47,533
 
Falcon Capital Acquisition Corporation Class A
   
4,011
     
39,990
 
Far Peak Acquisition Corporation - ADR
   
9,410
     
95,041
 
FinServ Acquisition Corporation II
   
2,300
     
22,920
 
Fintech Evolution Acquisition Group - ADR
   
1,493
     
14,736
 
FirstMark Horizon Acquisition Corporation Class A
   
7,500
     
78,900
 
Foley Trasimene Acquisition Corporation
   
14,640
     
146,986
 
Foresight Acquisition Corporation
   
3,374
     
33,436
 
Fortistar Sustainable Solutions Corp.
   
1,909
     
18,918
 
Frazier Lifesciences Acquisition Corporation Class A - ADR
   
9,203
     
93,502
 
FTAC Athena Acquisition Corporation - ADR
   
2,400
     
24,000
 
FTAC Hera Acquisition Corporation - ADR
   
3,000
     
29,970
 
Fusion Acquisition Corporation II
   
2,500
     
24,825
 
G Squared Ascend I, Inc. - ADR
   
5,600
     
56,000
 
GigCapital4, Inc.
   
2,285
     
22,553
 
Golden Falcon Acquisition Corporation Class A
   
9,636
     
93,180
 
Gores Holdings V, Inc. Class A
   
2,814
     
28,084
 
GS Acquisition Holdings Corporation Class A
   
4,209
     
43,900
 
Haymaker Acquisition Corporation III
   
1,167
     
11,600
 
Healthcare Services Acquisition Corporation Class A
   
7,500
     
72,600
 
Hennessy Capital Investment Corporation V
   
1,800
     
18,216
 
Highcape Capital Acquisition Corporation Class A
   
14,656
     
174,700
 
Highland Transcend Partners I Corporation - ADR
   
8,984
     
90,379
 
Hudson Executive Investment Corporation II
   
5,500
     
53,955
 
Independence Holdings Corporation - ADR
   
4,615
     
46,150
 
InterPrivate II Acquisition Corporation
   
2,291
     
22,658
 
InterPrivate III Financial Partners, Inc.
   
2,291
     
22,589
 
InterPrivate IV InfraTech Partners, Inc.
   
2,291
     
22,681
 
Jack Creek Investment Corporation - ADR
   
4,400
     
43,604
 
Jaws Mustang Acquisition Corporation - ADR
   
2,000
     
20,300
 
Jaws Spitfire Acquisition Corporation - ADR
   
4,998
     
53,229
 
Kairos Acquisition Corp. - ADR
   
9,879
     
98,889
 
Kensington Capital Acquisition Corporation II
   
4,600
     
47,196
 
Khosla Ventures Acquisition Co.
   
552
     
5,575
 
Khosla Ventures Acquisition Company III Class A
   
1,110
     
11,056
 
KL Acquisition Corporation Class A
   
11,670
     
113,199
 
KludeIn I Acquisition Corporation
   
5,000
     
49,750
 
Lerer Hippeau Acquisition Corporation Class A
   
4,582
     
45,362
 
Liberty Media Acquisition Corp.
   
226
     
2,421
 
Longview Acquisition Corporation II
   
3,693
     
37,078
 
Marlin Technology Corporation - ADR
   
5,199
     
49,962
 
Marlin Technology Corporation Class A - ADR
   
1
     
10
 
Mason Industrial Technology, Inc.
   
4,330
     
43,040
 
Montes Archimedes Acquisition Corporation Class A
   
4,526
     
44,264
 
The Music Acquisition Corporation
   
5,400
     
53,892
 
Newbury Street Acquisition Corporation
   
4,871
     
48,174
 
NextGen Acquisition Corporation Class A - ADR
   
1,247
     
12,370
 
Noble Rock Acquisition Corporation - ADR
   
4,309
     
42,616
 
Northern Genesis Acquisition Corporation II
   
4,600
     
47,104
 
Northern Star Investment Corp II
   
2,200
     
22,000
 
Novus Capital Corp II
   
2,700
     
27,000
 
Omega Alpha SPAC - ADR
   
4,838
     
47,896
 
Peridot Acquisition Corporation II - ADR
   
3,846
     
38,229
 
Pioneer Merger Corporation - ADR
   
2,255
     
22,527
 
Pivotal Investment Corporation III
   
2,200
     
22,000
 
Pontem Corporation Class A - ADR
   
7,755
     
75,068
 
Power & Digital Infrastructure Acquisition Corporation
   
2,300
     
23,115
 
Prime Impact Acquisition I - ADR
   
525
     
5,198
 
Prime Impact Acquisition I Class A - ADR
   
4,129
     
40,175
 
Progress Acquisition Corporation
   
615
     
6,058
 
Property Solutions Acquisition Corporation II
   
2,293
     
22,540
 
Prospector Capital Corporation Class A - ADR
   
9,606
     
93,466
 
RedBall Acquisition Corporation Class A - ADR
   
1,361
     
13,542
 
Reinvent Technology Partners Y - ADR
   
4,610
     
46,284
 
Revolution Acceleration Acquisition Corporation Class A
   
1,305
     
13,233
 
RMG Acquisition Corporation III - ADR
   
5,600
     
55,720
 
Rocket Internet Growth Opportunities Corporation - ADR
   
4,871
     
48,759
 
Ross Acquisition Corporation II - ADR
   
4,228
     
42,111
 
ScION Tech Growth II - ADR
   
5,700
     
56,772
 
SCVX Corp. - ADR
   
4,222
     
41,629
 
Senior Connect Acquisition Corporation I Class A
   
4,582
     
44,537
 
Soaring Eagle Acquisition Corporation - ADR
   
4,700
     
47,564
 
Spartan Acquisition Corporation III
   
5,600
     
56,168
 
Sports Entertainment Acquisition Corporation
   
1,730
     
17,750
 
Starboard Value Acquisition Corporation Class A
   
6,754
     
67,067
 
Supernova Partners Acquisition Company III Ltd. - ADR
   
4,871
     
48,710
 
Sustainable Development Acquisition I Corporation
   
5,000
     
49,750
 
SVF Investment Corp 2 - ADR
   
1,000
     
10,100
 
SVF Investment Corp 3 - ADR
   
1,000
     
10,100
 
Tailwind Acquisition Corporation Class A
   
2,698
     
26,764
 
Thimble Point Acquisition Corporation
   
4,300
     
43,000
 
Thunder Bridge Capital Partners III, Inc.
   
2,536
     
25,081
 
Tishman Speyer Innovation Corporation II
   
2,200
     
22,000
 
TPG Pace Tech Opportunities Corporation Class A - ADR
   
224
     
2,220
 
Trebia Acquisition Corporation Class A - ADR
   
5,450
     
54,282
 
Tribe Capital Growth Corporation I
   
2,062
     
20,723
 
TWC Tech Holdings II Corporation Class A
   
4,788
     
47,114
 
Twelve Seas Investment Company II
   
904
     
8,904
 
TZP Strategies Acquisition Corporation - ADR
   
5,434
     
54,123
 
VectoIQ Acquisition Corporation II
   
2,000
     
20,260
 
VG Acquisition Corporation Class A - ADR
   
1,945
     
19,781
 
Virgin Group Acquisition Corporation II - ADR
   
4,916
     
48,816
 
Virtuoso Acquisition Corporation
   
4,120
     
40,623
 
Vy Global Growth Class A - ADR
   
4,461
     
45,145
 
Yucaipa Acquisition Corporation Class A - ADR
   
4,273
     
42,089
 
TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES (Cost $5,804,646)
           
5,294,308
 
   
Shares
         
PRIVATE INVESTMENT IN PUBLIC EQUITY - 0.58% (a)(k)
               
Ascendant Digital Acquisition Corporation Class A (b)
   
2,300
     
23,000
 
Tuscan Holdings Corporation
   
5,000
     
50,000
 
TOTAL PRIVATE INVESTMENT (Cost $73,000)
           
73,000
 
                 
CLOSED-END FUNDS - 0.09%
               
BlackRock MuniYield Quality Fund III, Inc.
   
835
     
11,907
 
TOTAL CLOSED-END FUNDS (Cost $11,464)
           
11,907
 
                 
PREFERRED STOCKS - 1.94%
               
Brookfield Property REIT, Inc., 6.375%, Series A
   
6,387
     
157,951
 
Freddie Mac, 8.375%, Series Z (a)
   
17,452
     
87,958
 
TOTAL PREFERRED STOCKS (Cost $115,598)
           
245,909
 
                 
WARRANTS - 0.99% (a)
               
Ajax I Class A
               
Expiration: December 2026, Exercise Price: $11.50 (b)
   
3,032
     
5,124
 
Apollo Strategic Growth Capital Class A
               
Expiration: October 2027, Exercise Price: $11.50 (b)
   
799
     
1,007
 
Artius Acquisition, Inc.
               
Expiration: July 2026, Exercise Price: $11.50 (b)
   
5,007
     
8,612
 
Ascendant Digital Acquisition Corporation Class A
               
Expiration: December 2025, Exercise Price: $11.50
   
3,987
     
4,027
 
Avanti Acquisition Corporation Class A
               
Expiration: December 2025, Exercise Price: $11.50 (b)
   
2,149
     
2,256
 
BowX Acquisition Corporation Class A
               
Expiration: December 2025, Exercise Price: $11.50
   
3,325
     
7,115
 
CC Neuberger Principal Holdings II Class A
               
Expiration: July 2025, Exercise Price: $11.50 (b)
   
1,956
     
2,153
 
CHP Merger Corporation Class A
               
Expiration: November 2024, Exercise Price: $11.50
   
575
     
460
 
Churchill Capital Corporation IV Class A
               
Expiration: September 2025, Exercise Price: $11.50
   
213
     
2,375
 
Conx Corporation Class A
               
Expiration: October 2027, Exercise Price: $11.50
   
1,075
     
1,322
 
Equity Distribution Acquisition Corporation Class A
               
Expiration: September 2025, Exercise Price: $11.50
   
2,729
     
2,947
 
Falcon Capital Acquisition Corporation Class A
               
Expiration: August 2027, Exercise Price: $11.50
   
109
     
168
 
Foley Trasimene Acquisition Corporation
               
Expiration: July 2025, Exercise Price: $11.50
   
4,880
     
7,808
 
Fusion Acquisition Corporation Class A
               
Expiration: June 2027, Exercise Price: $11.50
   
3,781
     
4,386
 
GCM Grosvenor, Inc. Class A
               
Expiration: November 2025, Exercise Price: $11.50
   
7,241
     
8,472
 
Golden Falcon Acquisition Corporation Class A
               
Expiration: November 2026, Exercise Price: $11.50
   
4,818
     
3,421
 
Healthcare Services Acquisition Corporation Class A
               
Expiration: December 2027, Exercise Price: $11.50
   
3,750
     
2,362
 
Highcape Capital Acquisition Corporation Class A
               
Expiration: September 2027, Exercise Price: $11.50
   
4,660
     
15,238
 
Hudson Executive Investment Corporation
               
Expiration: June 2025, Exercise Price: $11.50
   
9,468
     
13,729
 
Juniper Industrial Holdings, Inc. Class A
               
Expiration: November 2026, Exercise Price: $11.50
   
124
     
341
 
KL Acquisition Corporation Class A
               
Expiration: January 2028, Exercise Price: $11.50
   
3,890
     
2,529
 
Marlin Technology Corporation Class A
               
Expiration: Marlin 2026, Exercise Price: $11.50 (b)
   
1,733
     
1,265
 
Merida Merger Corporation I
               
Expiration: November 2026, Exercise Price: $11.50
   
2,759
     
3,200
 
Montes Archimedes Acquisition Corporation Class A
               
Expiration: December 2025, Exercise Price: $11.50
   
2,263
     
1,924
 
Northern Star Investment Corp II
               
Expiration: January 2028, Exercise Price: $11.50
   
440
     
603
 
Pontem Corporation Class A
               
Expiration: December 2027, Exercise Price: $11.50 (b)
   
2,585
     
1,939
 
Prospector Capital Corporation Class A
               
Expiration: December 2025, Exercise Price: $11.50 (b)
   
3,202
     
3,234
 
Revolution Acceleration Acquisition Corporation Class A
               
Expiration: December 2026, Exercise Price: $11.50
   
435
     
861
 
ScION Tech Growth I
               
Expiration: November 2025, Exercise Price: $11.50 (b)
   
6,275
     
5,773
 
SCVX Corporation
               
Expiration: January 2025, Exercise Price: $11.50 (b)
   
2,112
     
2,112
 
Senior Connect Acquisition Corporation I Class A
               
Expiration: December 2027, Exercise Price: $11.50
   
2,291
     
1,628
 
Tuscan Holdings Corporation II
               
Expiration: July 2025, Exercise Price: $11.50
   
6,372
     
5,098
 
VG Acquisition Corporation Class A
               
Expiration: September 2025, Exercise Price: $11.50 (b)
   
690
     
1,159
 
TOTAL WARRANTS (Cost $157,546)
           
124,648
 
                 
   
Principal Value
         
BANK LOANS - 13.92% (f)
               
Cengage Learning Holdings II, Inc.
               
5.250% (US LIBOR + 4.250%), 6/7/2023 (i)
 
$
96,750
     
95,919
 
Claire's Stores, Inc.
               
6.615% (1 Month LIBOR USD + 6.500%), 12/18/2026 (i)
   
414,810
     
396,143
 
Cyxtera DC Holdings, Inc.
               
8.250% (3 Month LIBOR USD + 7.250%), 5/1/2025 (i)
   
125,000
     
124,063
 
Golden Nugget LLC
               
3.250% (1 Month LIBOR USD + 2.500%), 10/4/2023 (i)
   
112,000
     
110,390
 
Heritage Power LLC
               
7.000% (1 Month LIBOR USD + 6.000%), 8/2/2026 (i)
   
293,928
     
281,435
 
McGraw-Hill Global Education Holdings LLC
               
5.750% (US LIBOR + 4.000%), 5/4/2022 (i)
   
80,201
     
80,452
 
RentPath LLC
               
8.000% (1 Month LIBOR USD + 7.000%), 2/14/2025 (i)
   
22,094
     
22,315
 
8.000% (3 Month LIBOR USD + 5.750%), 12/17/2021 (i)(j)
   
355,000
     
323,050
 
Watts Guerra LLP
               
8.000%, 12/31/2022 (d)(g)(j)
   
328,000
     
328,000
 
TOTAL BANK LOANS (Cost $1,436,599)
           
1,761,767
 
                 
CONVERTIBLE BONDS - 0.91% (f)
               
Pluralsight, Inc.
               
0.375%, 3/1/2024
   
117,000
     
115,538
 
TOTAL CONVERTIBLE BONDS (Cost $115,567)
           
115,538
 
                 
CORPORATE BONDS - 35.31% (f)
               
APX Group, Inc.
               
7.875%, 12/1/2022 (e)
   
383,000
     
385,154
 
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc.
               
6.000%, 2/15/2025 (b)(h)
   
22,000
     
22,693
 
Bombardier, Inc.
               
6.125%, 1/15/2023 (b)(e)(h)
   
131,000
     
136,535
 
7.875%, 4/15/2027 (b)(e)(h)
   
255,000
     
250,466
 
Cincinnati Bell, Inc.
               
8.000%, 10/15/2025 (e)(h)
   
227,000
     
241,878
 
Diamond Resorts International, Inc.
               
7.750%, 9/1/2023 (h)
   
118,000
     
123,088
 
10.750%, 9/1/2024 (h)
   
346,000
     
367,502
 
Genesis Energy LP / Genesis Energy Finance Corporation
               
5.625%, 6/15/2024 (e)
   
173,000
     
169,432
 
Gogo Intermediate Holdings LLC / Gogo Finance Company, Inc.
               
9.875%, 5/1/2024 (e)(h)
   
360,000
     
379,575
 
Golden Nugget, Inc.
               
6.750%, 10/15/2024 (h)
   
211,000
     
213,621
 
Ingram Micro, Inc.
               
5.450%, 12/15/2024 (e)
   
227,000
     
258,898
 
Michaels Stores, Inc.
               
4.750%, 10/1/2027 (h)
   
78,000
     
84,942
 
Navistar International Corporation Class B
               
6.625%, 11/1/2025 (e)(h)
   
212,000
     
220,221
 
Nielsen Finance LLC / Nielsen Finance Company
               
5.000%, 4/15/2022 (e)(h)
   
117,000
     
117,141
 
Oasis Midstream Partners LP / OMP Finance Corp.
               
8.000%, 4/1/2029 (h)
   
122,000
     
125,355
 
Solera LLC / Solera Finance, Inc.
               
10.500%, 3/1/2024 (h)
   
187,000
     
193,423
 
Stars Group Holdings BV / Stars Group US Co-Borrower LLC
               
7.000%, 7/15/2026 (b)(e)(h)
   
294,000
     
307,781
 
Tempo Acquisition LLC / Tempo Acquisition Finance Corporation
               
6.750%, 6/1/2025 (h)
   
323,000
     
330,469
 
WeWork Cos, Inc.
               
7.875%, 5/1/2025 (h)
   
269,000
     
266,983
 
WPX Energy, Inc.
               
5.875%, 6/15/2028 (e)
   
247,000
     
272,582
 
TOTAL CORPORATE BONDS (Cost $4,656,440)
           
4,467,739
 
                 
   
Shares
         
ESCROW NOTES - 4.00% (a)(b)(f)
               
Altaba, Inc.
   
34,838
     
505,586
 
TOTAL ESCROW NOTES (Cost $464,163)
           
505,586
 
                 
                 
SHORT-TERM INVESTMENTS - 2.18%
               
MONEY MARKET FUNDS - 2.18% (c)
               
Goldman Sachs Government Fund, FST Share Class, 0.04%
   
275,296
     
275,296
 
TOTAL SHORT-TERM INVESTMENTS (Cost $275,296)
           
275,296
 
TOTAL LONG INVESTMENTS (Cost $12,915,753) - 102.55%
           
12,700,466
 
   
Principal Amount
         
SHORT INVESTMENTS - (1.36)%
               
CORPORATE BONDS - (1.36)%
               
Devon Energy Corporation
               
5.850%, 12/15/2025
 
$
(148,000
)
   
(172,675
)
TOTAL SHORT INVESTMENTS (Proceeds $164,922) - (1.36)%
           
(172,675
)
                 
TOTAL NET INVESTMENTS
               
  (Cost $12,750,831) - 99.01%
           
12,527,791
 
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.99%
           
125,052
 
TOTAL NET ASSETS - 100.00%
         
$
12,652,843
 

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)
 
Security fair valued by the Valuation Group in good faith in accordance with the policies adopted by the Board of Trustees.
     
(e)
 
All or a portion of the shares have been committed as collateral for open securities sold short, written option contracts, and swap contracts.
     
(f)
 
Level 2 Security. Please see footnote (l) on the Schedule of Investments for more information.
 
(g)
 
Level 3 Security. Please see footnote (l) on the Schedule of Investments for more information.
 
(h)
 
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, 2021, these securities represent 26.73% of total net assets.
(i)
 
The coupon rate shown on variable rate securities represents the rate as of March 31, 2021.
     
(j)
 
Default or other conditions exist and the security is not presently accruing income.
(k)
 
Represents unfunded commitments.
 
       
(l)
 
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 at bid prices calculated using an “interpolation” methodology that incorporates foreign-exchange prices for standard forward-settlement periods. 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 the swap’s 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.
 
           
   
Private Investment in Public Equity. The Fund may acquire equity securities of an issuer through a private investment in a public equity (PIPE) transaction, including through commitments to purchase securities on a when-issued basis. A PIPE typically involves the purchase of securities directly from a publicly traded company in a private placement transaction. Securities purchased through PIPE transactions will be restricted from trading and considered illiquid until a resale registration statement for the shares is filed and declared effective. At period end, the Fund had commitments to purchase when-issued securities through PIPE transactions with SPACs. The commitments are contingent upon the SPACs acquiring the securities of target companies.
 
           
   
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, 2021. These assets and liabilities are measured on a recurring basis.
 

 
Investments at Fair Value
 
Level 1
   
Level 2
   
Level 3
   
Total
 
 
Assets
                       
 
Common Stocks
 
$
40,682
   
$
59,382
   
$
-
     
100,064
 
 
Special Purpose Acquisition Companies
   
5,182,268
     
112,040
     
-
     
5,294,308
 
 
Private Investment in Public Entity
   
-
     
73,000.00
     
-
     
73,000
 
 
Closed-End Funds
   
11,907
     
-
     
-
     
11,907
 
 
Preferred Stocks
   
245,909
     
-
     
-
     
245,909
 
 
Warrants
   
124,648
     
-
     
-
     
124,648
 
 
Bank Loans
   
-
     
1,761,767
     
-
     
1,761,767
 
 
Convertible Bonds
   
-
     
115,538
     
-
     
115,538
 
 
Corporate Bonds
   
-
     
4,467,739
     
-
     
4,467,739
 
 
Escrow Notes
   
-
     
505,586
     
-
     
505,586
 
 
Short-Term Investments
   
275,296
     
-
     
-
     
275,296
 
 
Swap Contracts*
   
-
     
193,766
     
-
     
193,766
 
 
Total
 
$
5,880,710
   
$
7,288,818
   
$
-
   
$
13,169,528
 
 
 
                               
 
 
                               
 
Liabilities
                               
 
Short U.S. Government Notes/Bonds
 
$
-
   
$
(172,675
)
 
$
-
   
$
(172,675
)
 
Swap Contracts*
   
-
     
(136,091
)
   
-
   
$
(136,091
)
 
Total
 
$
-
   
$
(308,766
)
 
$
-
   
$
(308,766
)
 
 
                               
 
* 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, 2021, 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 (l). The appropriateness of fair values for these securities is monitored by the Valuation Group on an ongoing basis.
 
               
 
Level 3 Reconciliation Disclosure
 
     
 
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.
 

 
Description
 
Private Investment in Public Equity
   
Bank Loans
   
Total Investment
 
 
Balance as of December 31, 2020
 
$
1,292,085
   
$
328,000
   
$
1,620,085
 
 
Purchases on Investments
   
-
     
-
     
-
 
 
(Sales) of Investments
   
(874,942
)
   
-
     
(874,942
)
 
Realized (Gain) Loss
   
704,942
     
-
     
704,942
 
 
Transfers Into Level 3
   
-
     
-
     
-
 
 
(Transfer Out) of Level 3
   
-
     
(328,000
)
   
(328,000
)
 
Change in Unrealized Appreciation (Depreciation)
   
(1,122,085
)
   
-
     
(1,122,085
)
 
Balance as of March 31, 2021
 
$
-
   
$
-
   
$
-
 
                           
 
Change in unrealized appreciation (depreciation)
    during the year for Level 3 investments held at
    March 31, 2021
 
$
-
   
$
-
   
$
-
 

 
The realized and unrealized gains and losses from Level 3 transactions are included with the net realized gain (loss) on investments and net change in unrealized appreciation (depreciation) on investments on the Statement of Operations, respectively. The net change in unrealized appreciation on investments related to Level 3 securities held by the Fund at March 31, 2021 totals $(1,122,085).
 
     
 
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 SWAP CONTRACTS
               
March 31, 2021 (Unaudited)
               
     
Pay/Receive
           
     
on
Financing
Payment
     
Unrealized
Counterparty
Security
Termination Date
Financing Rate
Rate
Frequency
Shares
Notional Amount
 
Appreciation (Depreciation)**
LONG TOTAL RETURN SWAP CONTRACTS
               
GS
Ackrell SPAC Partners I Company
3/17/2022
Pay
0.500% +1 Month U.S. LIBOR
Monthly
9,700
 $                99,425
$
                                        (987)
GS
Ajax I
2/19/2022
Pay
1.100% +1 Month U.S. LIBOR
Monthly
12,123
                 154,083
 
                                      (29,744)
GS
Artius Acquisition, Inc.
3/26/2022
Pay
0.500% +1 Month U.S. LIBOR
Monthly
15,021
                 151,261
 
                                             439
GS
Avanti Acquisition Corporation
1/26/2022
Pay
1.100% +1 Month U.S. LIBOR
Monthly
13,897
                 150,643
 
                                      (14,917)
JPM
BlackRock Floating Rate Income Strategies Fund, Inc.
9/3/2021
Pay
0.380% + Overnight Rate
Monthly
5,656
                   65,745
 
                                          7,770
GS
BlackRock MuniYield Quality Fund III, Inc.
3/25/2022
Pay
1.100% +1 Month U.S. LIBOR
Monthly
6,882
                   76,750
 
                                        21,355
JPM
BlackRock MuniYield Quality Fund, Inc.
10/7/2021
Pay
0.380% + Overnight Rate
Monthly
672
                     8,978
 
                                             603
GS
BowX Acquisition Corporation
1/26/2022
Pay
1.100% +1 Month U.S. LIBOR
Monthly
3,100
                   44,813
 
                                          3,058
GS
CC Neuberger Principal Holdings II Class A
12/18/2021
Pay
1.100% +1 Month U.S. LIBOR
Monthly
16,440
                 169,168
 
                                        (7,125)
GS
DiamondHead Holdings Corporation
3/17/2022
Pay
0.500% +1 Month U.S. LIBOR
Monthly
11,000
                 110,110
 
                                        (1,119)
GS
E.Merge Techology Acquisition Corporation
10/1/2021
Pay
1.100% +1 Month U.S. LIBOR
Monthly
15,700
                 158,256
 
                                             197
JPM
Eaton Vance Floating-Rate Income Trust
3/19/2022
Pay
0.800% + Overnight Rate
Monthly
7,491
                   94,766
 
                                        10,819
JPM
Eaton Vance Senior Floating-Rate Income Trust
9/3/2021
Pay
0.800% + Overnight Rate
Monthly
1,819
                   20,646
 
                                          4,430
JPM
First Trust Senior Floating Rate Income Fund II
3/19/2022
Pay
0.800% + Overnight Rate
Monthly
3,374
                   36,304
 
                                          5,046
GS
Fortress Capital Acquisition Corporation
3/17/2022
Pay
0.500% +1 Month U.S. LIBOR
Monthly
9,825
                   99,724
 
                                        (1,392)
GS
Fusion Acquisition Corporation
9/11/2021
Pay
1.100% +1 Month U.S. LIBOR
Monthly
7,562
                   74,183
 
                                          1,108
GS
GMAC Capital Trust I
2/22/2022
Pay
1.100% +1 Month U.S. LIBOR
Monthly
8,875
                 226,224
 
                                           (157)
GS
Goal Acquisitions Corporation
3/3/2022
Pay
0.500% +1 Month U.S. LIBOR
Monthly
10,907
                 111,797
 
                                        (2,636)
GS
Hudson Executive Investment Corporation
1/26/2022
Pay
1.100% +1 Month U.S. LIBOR
Monthly
18,936
                 216,628
 
                                      (28,847)
GS
Invesco Dynamic Credit Opportunities Fund
3/25/2022
Pay
1.100% +1 Month U.S. LIBOR
Monthly
765
                     7,968
 
                                             727
JPM
Invesco Municipal Opportunity Trust
3/15/2022
Pay
0.380% + Overnight Rate
Monthly
1,107
                   13,439
 
                                          1,148
GS
Invesco Municipal Opportunity Trust
3/12/2022
Pay
1.100% +1 Month U.S. LIBOR
Monthly
835
                     9,631
 
                                          1,370
JPM
Invesco Senior Income Trust
3/19/2022
Pay
0.800% + Overnight Rate
Monthly
21,152
                   75,858
 
                                        12,950
JPM
Invesco Value Municipal Income Trust
3/15/2022
Pay
0.380% + Overnight Rate
Monthly
923
                   13,651
 
                                             809
GS
Medicus Sciences Acquisition Corporation
3/3/2022
Pay
0.500% +1 Month U.S. LIBOR
Monthly
11,000
                 114,620
 
                                        (6,289)
GS
Merida Merger Corporation I
9/25/2021
Pay
1.100% +1 Month U.S. LIBOR
Monthly
5,353
                   52,620
 
                                             250
GS
New Vista Acquisition Corporation
3/3/2022
Pay
0.500% +1 Month U.S. LIBOR
Monthly
11,033
                 114,854
 
                                        (4,653)
JPM
Nuveen AMT-Free Municipal Credit Income Fund
11/30/2021
Pay
0.380% + Overnight Rate
Monthly
1,582
                   24,727
 
                                          2,004
GS
Nuveen AMT-Free Quality Municipal Income Fund
3/25/2022
Pay
1.100% +1 Month U.S. LIBOR
Monthly
14,334
                 190,816
 
                                        21,543
JPM
Nuveen California Quality Municipal Income Fund
11/30/2021
Pay
0.380% + Overnight Rate
Monthly
1,701
                   24,869
 
                                             403
JPM
Nuveen Intermediate Duration Municipal Term Fund
10/7/2021
Pay
0.380% + Overnight Rate
Monthly
9,532
                 127,176
 
                                          8,914
JPM
Nuveen Municipal Credit Income Fund
10/7/2021
Pay
0.380% + Overnight Rate
Monthly
4,117
                   62,126
 
                                          4,392
GS
Nuveen New York AMT-Free Quality Municipal Income Fund
3/25/2022
Pay
1.100% +1 Month U.S. LIBOR
Monthly
6,880
                   78,367
 
                                        15,514
JPM
Nuveen New York AMT-Free Quality Municipal Income Fund
10/7/2021
Pay
0.380% + Overnight Rate
Monthly
654
                     8,574
 
                                             351
GS
Nuveen New York Quality Municipal Income Fund
3/12/2022
Pay
1.100% +1 Month U.S. LIBOR
Monthly
544
                     7,211
 
                                             664
GS
One Equity Partners Open Water I Corporation
1/28/2022
Pay
1.100% +1 Month U.S. LIBOR
Monthly
16,000
                 165,600
 
                                        (6,134)
GS
Pershing Square Tontine Holdings Ltd. Class A
9/16/2021
Pay
1.100% +1 Month U.S. LIBOR
Monthly
4,441
                   99,478
 
                                          7,107
GS
Qell Acquisition Corporation Class A
1/25/2022
Pay
1.100% +1 Month U.S. LIBOR
Monthly
4,997
                   71,307
 
                                      (20,455)
GS
Qurate Retail, Inc.
9/25/2021
Pay
1.100% +1 Month U.S. LIBOR
Monthly
1,761
                 164,628
 
                                        14,318
GS
Scion Tech Growth I
3/2/2022
Pay
0.500% +1 Month U.S. LIBOR
Monthly
18,825
                 190,886
 
                                        (6,432)
GS
SCP & CO Healthcare Acquisition Company
1/28/2022
Pay
1.100% +1 Month U.S. LIBOR
Monthly
16,000
                 164,320
 
                                        (4,854)
JPM
SLM Corporation, 4.311%, Series B
2/11/2022
Pay
0.800% + Overnight Rate
Monthly
2,007
                   65,228
 
                                        45,632
GS
Trebia Acquisition Corporation
6/30/2021
Pay
1.100% +1 Month U.S. LIBOR
Monthly
14,822
                 155,186
 
                                           (352)
JPM
Voya Prime Rate Trust
12/28/2021
Pay
0.380% + Overnight Rate
Monthly
1,433
                     6,446
 
                                             202
GS
Voya Prime Rate Trust
12/23/2021
Pay
1.100% +1 Month U.S. LIBOR
Monthly
4,313
                   19,363
 
                                             642
                $
                                     57,675
GS
- Goldman, Sachs & Co.
   
JPM
- JPMorgan Chase & Co., Inc.
               
LIBOR
- London Interbank Offered Rate
               
Overnight Rate
- Overnight Banking Fund Rate
               
*
There were no upfront premiums paid or received for the open swap contracts held.
   
**
Based on the net swap value held at each counterparty, unrealized appreciation (depreciation) is a receivable (payable).