NPORT-EX 2 edf2.htm PART F
WCM Alternatives: Event-Driven Fund
         
SCHEDULE OF INVESTMENTS
         
March 31, 2021 (Unaudited)
         
           
   
Shares
     
Value
 
LONG INVESTMENTS - 90.29%
             
COMMON STOCKS - 17.55%
             
AEROSPACE & DEFENSE - 0.75%
             
Aerojet Rocketdyne Holdings, Inc. (e)
   
45,643
     
$
2,143,395
 
APPLICATION SOFTWARE - 0.47%
                 
Pluralsight, Inc. Class A (a)
   
60,929
       
1,361,154
 
SEMrush Holdings, Inc. Class A (a)
   
150
       
1,786
 
               
1,362,940
 
BIOTECHNOLOGY - 0.49%
                 
Alexion Pharmaceuticals, Inc. (a)
   
145
       
22,172
 
China Biologic Products Holdings, Inc. - ADR (a)
   
11,701
       
1,385,515
 
               
1,407,687
 
CHEMICALS - 1.61%
                 
DuPont de Nemours, Inc. (e)(j)
   
25,257
       
1,951,861
 
International Flavors & Fragrances, Inc. (e)(j)
   
19,125
       
2,670,041
 
               
4,621,902
 
CONTAINERS & PACKAGING - 0.25%
                 
Crown Holdings, Inc. (e)(j)
   
7,500
       
727,800
 
ELECTRONIC EQUIPMENT & INSTRUMENTS - 1.00%
                 
Coherent, Inc. (a)(e)(j)
   
11,323
       
2,863,474
 
ENTERTAINMENT - 0.19%
                 
Glu Mobile, Inc. (a)
   
44,253
       
552,277
 
HEALTH CARE EQUIPMENT - 0.08%
                 
Varian Medical Systems, Inc. (a)
   
1,377
       
243,082
 
INSURANCE - 0.02%
                 
Syncora Holdings Ltd. - ADR (a)
   
226,178
       
70,115
 
INSURANCE BROKERS - 0.23%
                 
Willis Towers Watson plc - ADR (e)
   
2,850
       
652,308
 
INTEGRATED TELECOMMUNICATION SERVICES - 0.21%
                 
Cincinnati Bell, Inc. (a)
   
38,981
       
598,358
 
INTERACTIVE MEDIA & SERVICES - 0.56%
                 
IAC/InterActiveCorp (a)(e)(j)
   
4,078
       
882,112
 
Sogou, Inc. - ADR (a)
   
97,660
       
737,333
 
               
1,619,445
 
INTERNET & DIRECT MARKETING RETAIL - 0.56%
                 
eBay, Inc. (e)(j)
   
26,200
       
1,604,488
 
LIFE & HEALTH INSURANCE - 1.68%
                 
American Equity Investment Life Holding Company (j)
   
2,918
       
92,005
 
Athene Holding Ltd. - ADR (a)
   
92,798
       
4,677,018
 
Genworth Financial, Inc. Class A (a)
   
15,670
       
52,024
 
Oscar Health, Inc. Class A (a)
   
300
       
8,064
 
               
4,829,111
 
LIFE SCIENCES TOOLS & SERVICES - 0.42%
                 
PRA Health Sciences, Inc. (a)(e)
   
7,809
       
1,197,354
 
METALS & MINING - 0.10%
                 
Pan American Silver Corporation (a)(b)
   
322,499
       
280,574
 
OIL & GAS REFINING & MARKETING - 0.11%
                 
Marathon Petroleum Corporation (j)
   
5,700
       
304,893
 
OIL, GAS & CONSUMABLE FUELS - 0.79%
                 
Royal Dutch Shell plc Class B - ADR (e)
   
61,718
       
2,273,074
 
PHARMACEUTICALS - 2.41%
                 
Aphria, Inc. - ADR (a)(e)
   
115,977
       
2,130,498
 
GW Pharmaceuticals plc - ADR (a)(e)
   
15,791
       
3,425,068
 
TPCO Holding Corporation - ADR (a)
   
182,408
       
1,353,467
 
               
6,909,033
 
RAILROADS - 1.28%
                 
Kansas City Southern (e)
   
13,951
       
3,681,948
 
REITS - 0.29%
                 
Brookfield Property Partners LP (b)
   
47,156
       
838,905
 
RESEARCH & CONSULTING SERVICES - 1.72%
                 
CoreLogic, Inc. (e)(j)
   
62,451
       
4,949,242
 
SEMICONDUCTORS - 1.43%
                 
Inphi Corporation (a)(e)
   
3,836
       
684,381
 
Magnachip Semiconductor Corporation (a)
   
77,664
       
1,933,834
 
Maxim Integrated Products, Inc. (a)(e)
   
13,206
       
1,206,632
 
Xilinx, Inc. (a)
   
2,386
       
295,625
 
               
4,120,472
 
SPECIALITY CHEMICALS - 0.00%
                 
Diversey Holdings Ltd. - ADR (a)
   
43
       
633
 
SPECIALTY STORES - 0.14%
                 
The Michaels Cos, Inc. (a)(j)
   
17,892
       
392,551
 
WIRELESS TELECOMMUNICATION SERVICES - 0.76%
                 
Vodafone Group plc - ADR (e)(j)
   
117,800
       
2,171,054
 
TOTAL COMMON STOCKS (Cost $49,193,359)
             
50,416,115
 
   
Shares/Units
           
SPECIAL PURPOSE ACQUISITION COMPANIES - 46.48% (a)
                 
26 Capital Acquisition Corporation
   
51,600
       
518,064
 
890 5th Avenue Partners, Inc. Class A (e)
   
52,000
       
517,400
 
Accelerate Acquisition Corporation
   
95,761
       
950,907
 
ACE Convergence Acquisition Corporation Class A - ADR
   
84,443
       
841,897
 
Ackrell Spac Partners I Company (e)
   
112,200
       
1,138,830
 
Ajax I Class A - ADR (e)
   
284,542
       
2,919,401
 
Altimar Acquisition Corporation II - ADR
   
19,400
       
197,878
 
Altimar Acquisition Corporation III - ADR
   
12,014
       
120,140
 
Altitude Acquisition Corporation Class A
   
37,388
       
375,002
 
Anzu Special Acquisition Corporation I
   
56,956
       
568,421
 
Apollo Strategic Growth Capital Class A - ADR
   
64,557
       
639,114
 
Archimedes Tech SPAC Partners Company
   
56,647
       
560,239
 
Ares Acquisition Corporation - ADR
   
108,633
       
1,086,330
 
Arrowroot Acquisition Corporation (f)
   
91,466
       
907,800
 
Artius Acquisition, Inc. - ADR
   
146,583
       
1,480,488
 
Ascendant Digital Acquisition Corporation Class A - ADR
   
56,927
       
563,577
 
Atlas Crest Investment Corporation II
   
53,300
       
533,266
 
Aurora Acquisition Corporation - ADR
   
20,637
       
213,593
 
Austerlitz Acquisition Corporation I - ADR
   
56,566
       
567,923
 
Austerlitz Acquisition Corporation II - ADR
   
56,500
       
566,695
 
Authentic Equity Acquisition Corporation - ADR
   
51,000
       
504,390
 
Avanti Acquisition Corporation Class A - ADR
   
171,808
       
1,678,564
 
Bespoke Capital Acquisition Corporation Class A - ADR
   
81,328
       
811,653
 
Biotech Acquisition Company - ADR
   
10,000
       
98,900
 
BlueRiver Acquisition Corporation - ADR
   
26,000
       
259,220
 
BowX Acquisition Corporation Class A
   
34,898
       
407,609
 
Bridgetown 2 Holdings Ltd. Class A - ADR
   
10,000
       
102,400
 
Bright Lights Acquisition Corporation Class A
   
21,110
       
202,656
 
Bright Lights Acquisition Corporation
   
205,886
       
2,036,213
 
Build Acquisition Corporation
   
9,251
       
91,307
 
Burgundy Technology Acquisition Corporation - ADR
   
25,936
       
282,573
 
Burgundy Technology Acquisition Corporation Class A - ADR
   
75,744
       
749,108
 
CA Healthcare Acquisition Corporation
   
27,128
       
268,567
 
Carney Technology Acquisition Corporation II
   
30,113
       
302,937
 
CC Neuberger Principal Holdings II Class A - ADR (e)
   
249,991
       
2,464,911
 
CC Neuberger Principal Holdings III - ADR
   
54,900
       
548,451
 
CF Acquisition Corporation IV
   
84,803
       
829,797
 
CF Acquisition Corporation VI
   
28,500
       
282,720
 
CF Acquisition Corporation VIII
   
57,044
       
565,876
 
CHP Merger Corporation (f)
   
54,178
       
559,117
 
CHP Merger Corporation Class A
   
72,602
       
719,486
 
Class Acceleration Corporation
   
53,000
       
524,700
 
Climate Real Impact Solutions II Acquisition Corporation
   
27,128
       
271,280
 
Cohn Robbins Holdings Corporation Class A - ADR
   
110,022
       
1,081,516
 
Colicity, Inc. Class A (e)
   
54,772
       
553,197
 
Colonnade Acquisition Corporation II - ADR
   
56,454
       
556,072
 
Compute Health Acquisition Corporation Class C
   
55,400
       
558,986
 
Concord Acquisition Corporation
   
111,474
       
1,090,216
 
Conx Corporation Class A (e)
   
231,080
       
2,303,868
 
Corner Growth Acquisition Corporation - ADR
   
62,019
       
626,392
 
COVA Acquisition Corporation - ADR
   
55,500
       
552,225
 
Crucible Acquisition Corporation
   
5,600
       
58,408
 
D & Z Media Acquisition Corporation
   
15,838
       
156,638
 
D8 Holdings Corporation Class A - ADR
   
10,300
       
102,382
 
Decarbonization Plus Acquisition Corporation II
   
27,600
       
277,656
 
Deep Lake Capital Acquisition Corporation - ADR
   
122,341
       
1,230,750
 
Delwinds Insurance Acquisition Corporation
   
52,374
       
523,216
 
DFP Healthcare Acquisitions Corporation Class A (e)(f)
   
120,954
       
1,204,702
 
DiamondHead Holdings Corporation
   
27,100
       
268,561
 
DigitalOcean Holdings, Inc.
   
100
       
4,213
 
Dragoneer Growth Opportunities Corporation III - ADR
   
13,118
       
132,623
 
E.Merge Technology Acquisition Corporation Class A
   
73,998
       
721,480
 
Equity Distribution Acquisition Corporation Class A
   
195,973
       
1,942,092
 
ESM Acquisition Corporation - ADR
   
56,454
       
561,153
 
Falcon Capital Acquisition Corporation Class A
   
112,397
       
1,120,598
 
Far Peak Acquisition Corporation Class A - ADR
   
56,216
       
549,230
 
Far Peak Acquisition Corporation - ADR
   
122,741
       
1,239,684
 
FinServ Acquisition Corporation II
   
28,500
       
284,002
 
Fintech Evolution Acquisition Group - ADR
   
36,677
       
362,002
 
FirstMark Horizon Acquisition Corporation Class A
   
14,900
       
156,748
 
Foley Trasimene Acquisition Corporation
   
43,003
       
431,750
 
Foresight Acquisition Corporation
   
33,133
       
328,348
 
Fortistar Sustainable Solutions Corporation
   
47,426
       
469,992
 
Fortress Capital Acquisition Corporation - ADR
   
124,986
       
1,251,110
 
Fortress Value Acquisition Corporation IV
   
16,404
       
162,400
 
Frazier Lifesciences Acquisition Corporation Class A - ADR
   
53,515
       
543,712
 
FTAC Athena Acquisition Corporation - ADR
   
65,285
       
652,850
 
FTAC Hera Acquisition Corporation - ADR
   
37,333
       
372,957
 
Fusion Acquisition Corporation Class A
   
163,353
       
1,626,996
 
Fusion Acquisition Corporation II
   
15,500
       
153,915
 
G Squared Ascend I, Inc. - ADR
   
86,194
       
861,940
 
Galileo Acquisition Corporation - ADR
   
126,337
       
1,263,370
 
GigCapital4, Inc.
   
28,088
       
277,229
 
Goal Acquisitions Corporation
   
272,843
       
2,731,158
 
Golden Falcon Acquisition Corporation Class A
   
125,274
       
1,211,400
 
Gores Holdings V, Inc.
   
2
       
18
 
Gores Holdings V, Inc. Class A
   
65,639
       
655,077
 
Gores Technology Partners, Inc.
   
1,000
       
10,010
 
GS Acquisition Holdings Corporation Class A
   
150,429
       
1,568,974
 
Haymaker Acquisition Corporation III
   
28,814
       
286,411
 
Healthcare Services Acquisition Corporation Class A
   
128,000
       
1,239,040
 
Hennessy Capital Investment Corporation V
   
44,900
       
454,388
 
HH&L Acquisition Company - ADR
   
27,208
       
274,801
 
Highcape Capital Acquisition Corporation Class A
   
101,454
       
1,209,332
 
Highland Transcend Partners I Corporation - ADR
   
20,000
       
201,200
 
Hudson Executive Investment Corporation Class A
   
125,119
       
1,241,180
 
Hudson Executive Investment Corporation II
   
54,000
       
529,740
 
Independence Holdings Corporation - ADR
   
56,180
       
561,800
 
INSU Acquisition Corporation III
   
61,265
       
618,777
 
InterPrivate II Acquisition Corporation
   
55,833
       
552,188
 
InterPrivate III Financial Partners, Inc.
   
55,833
       
550,513
 
InterPrivate IV InfraTech Partners, Inc.
   
55,833
       
552,747
 
Isleworth Healthcare Acquisition Corporation
   
7,075
       
68,557
 
Jack Creek Investment Corporation - ADR
   
54,000
       
535,140
 
Jaws Mustang Acquisition Corporation - ADR
   
25,000
       
253,750
 
Jaws Spitfire Acquisition Corporation - ADR
   
14,836
       
158,003
 
Kairos Acquisition Corporation - ADR (e)
   
129,553
       
1,296,826
 
Kensington Capital Acquisition Corporation II
   
56,300
       
577,638
 
Khosla Ventures Acquisition Company
   
13,503
       
136,380
 
Khosla Ventures Acquisition Company III Class A
   
38,902
       
387,464
 
KL Acquisition Corporation Class A
   
159,999
       
1,551,990
 
KludeIn I Acquisition Corporation
   
20,000
       
199,000
 
Legato Merger Corporation
   
19,214
       
194,638
 
Lerer Hippeau Acquisition Corporation Class A
   
55,833
       
552,747
 
LGL Systems Acquisition Corporation Class A (e)
   
119,152
       
1,184,371
 
Liberty Media Acquisition Corporation
   
2,792
       
29,902
 
Longview Acquisition Corporation II
   
43,846
       
440,214
 
Marlin Technology Corporation - ADR
   
174,681
       
1,678,684
 
Marlin Technology Corporation Class A - ADR
   
2
       
20
 
Marquee Raine Acquisition Corporation - ADR
   
132,736
       
1,347,270
 
Mason Industrial Technology, Inc.
   
53,675
       
533,530
 
Medicus Sciences Acquisition Corporation - ADR
   
60,000
       
591,000
 
Montes Archimedes Acquisition Corporation Class A
   
119,312
       
1,166,871
 
Motive Capital Corporation Class A - ADR
   
50,286
       
492,803
 
The Music Acquisition Corporation
   
54,900
       
547,902
 
Nebula Caravel Acquisition Corporation
   
56,348
       
558,972
 
New Vista Acquisition Corporation - ADR
   
135,609
       
1,354,734
 
Newbury Street Acquisition Corporation
   
57,099
       
564,709
 
NextGen Acquisition Corporation Class A - ADR
   
30,653
       
304,078
 
NextGen Acquisition Corporation II - ADR
   
101,946
       
1,009,265
 
Noble Rock Acquisition Corporation - ADR
   
83,381
       
824,638
 
North Atlantic Acquisition Corporation - ADR
   
55,461
       
551,837
 
Northern Genesis Acquisition Corporation II
   
58,700
       
601,088
 
Northern Star Investment Corporation II
   
110,310
       
1,103,100
 
Novus Capital Corporation II
   
27,600
       
276,000
 
Omega Alpha SPAC - ADR
   
113,424
       
1,122,898
 
One Equity Partners Open Water I Corporation
   
84,160
       
839,075
 
Pathfinder Acquisition Corporation - ADR
   
55,514
       
549,589
 
Peridot Acquisition Corporation II - ADR
   
46,817
       
465,361
 
Pershing Square Tontine Holdings Ltd. Class A (j)
   
12,829
       
308,024
 
Pioneer Merger Corporation - ADR
   
54,104
       
540,499
 
Pivotal Investment Corporation III
   
53,401
       
534,010
 
Plum Acquisition Corporation I - ADR
   
86,629
       
861,959
 
Pontem Corporation Class A - ADR
   
149,373
       
1,445,931
 
Power & Digital Infrastructure Acquisition Corporation
   
28,000
       
281,400
 
Prime Impact Acquisition I - ADR
   
13,873
       
137,343
 
Prime Impact Acquisition I Class A - ADR
   
108,775
       
1,058,381
 
Priveterra Acquisition Corporation
   
55,621
       
552,873
 
Progress Acquisition Corporation
   
6,042
       
59,514
 
Property Solutions Acquisition Corporation II
   
28,061
       
275,840
 
Prospector Capital Corporation Class A - ADR
   
122,268
       
1,189,668
 
Qell Acquisition Corporation Class A - ADR
   
39,996
       
407,159
 
Queen's Gambit Growth Capital - ADR
   
32,232
       
325,221
 
RedBall Acquisition Corporation Class A - ADR
   
36,523
       
363,404
 
Reinvent Technology Partners Class Y - ADR
   
59,599
       
598,374
 
Revolution Acceleration Acquisition Corporation Class A
   
26,528
       
268,994
 
RMG Acquisition Corporation III - ADR
   
104,475
       
1,039,526
 
Rocket Internet Growth Opportunities Corporation - ADR
   
66,999
       
670,660
 
Roman DBDR Tech Acquisition Corporation
   
56,518
       
562,354
 
Ross Acquisition Corporation II - ADR
   
49,115
       
489,185
 
ScION Tech Growth I - ADR (e)
   
368,025
       
3,606,645
 
ScION Tech Growth II - ADR
   
56,000
       
557,760
 
SCP & CO Healthcare Acquisition Company
   
54,000
       
538,380
 
SCVX Corporation Class A - ADR
   
21,403
       
211,034
 
Senior Connect Acquisition Corporation I Class A
   
50,288
       
488,799
 
Simon Property Group Acquisition Holdings, Inc.
   
54,720
       
549,936
 
Soaring Eagle Acquisition Corporation - ADR
   
57,000
       
576,840
 
Spartan Acquisition Corporation III
   
56,149
       
563,174
 
Sports Entertainment Acquisition Corporation
   
46,146
       
473,458
 
Starboard Value Acquisition Corporation Class A
   
88,104
       
874,873
 
Supernova Partners Acquisition Company III Ltd. - ADR
   
66,817
       
668,170
 
Sustainable Development Acquisition I Corporation
   
50,000
       
497,500
 
SVF Investment Corporation 2 - ADR
   
4,000
       
40,400
 
SVF Investment Corporation 3 - ADR
   
4,000
       
40,400
 
Tailwind Acquisition Corporation Class A
   
73,616
       
730,271
 
Thimble Point Acquisition Corporation
   
108,519
       
1,085,190
 
Thunder Bridge Capital Partners III, Inc.
   
143,492
       
1,419,136
 
Tishman Speyer Innovation Corporation II
   
107,879
       
1,078,790
 
TPG Pace Tech Opportunities Corporation Class A - ADR
   
138,798
       
1,375,488
 
Trebia Acquisition Corporation Class A - ADR
   
131,943
       
1,314,152
 
Tribe Capital Growth Corporation I
   
50,250
       
505,013
 
Tuscan Holdings Corporation II
   
134,424
       
1,356,338
 
TWC Tech Holdings II Corporation Class A
   
183,422
       
1,804,872
 
Twelve Seas Investment Company II
   
11,061
       
108,951
 
TZP Strategies Acquisition Corporation - ADR
   
30,925
       
308,013
 
VectoIQ Acquisition Corporation II
   
116,523
       
1,180,378
 
VG Acquisition Corporation Class A - ADR
   
52,394
       
532,847
 
Virgin Group Acquisition Corporation II - ADR
   
100,683
       
999,782
 
Virtuoso Acquisition Corporation
   
68,746
       
677,836
 
Vy Global Growth Class A - ADR
   
129,873
       
1,314,315
 
Yucaipa Acquisition Corporation Class A - ADR
   
116,429
       
1,146,826
 
TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES (Cost $134,828,449)
             
133,539,263
 
   
Shares
           
PRIVATE INVESTMENT IN PUBLIC EQUITY - 0.27% (a)(f)(l)
                 
Ascendant Digital Acquisition Corporation Class A (b)
   
27,000
       
270,000
 
Tuscan Holdings Corporation
   
50,000
       
500,000
 
TOTAL PRIVATE INVESTMENT IN PUBLIC EQUITY  (Cost $770,000)
             
770,000
 
                   
CLOSED-END FUNDS - 2.17% (e)
                 
Apollo Senior Floating Rate Fund, Inc.
   
11,127
       
165,347
 
BlackRock Floating Rate Income Strategies Fund, Inc.
   
9,611
       
124,943
 
BlackRock MuniYield Quality Fund III, Inc.
   
77,879
       
1,110,554
 
First Trust Senior Floating Rate Income Fund II
   
5,810
       
71,231
 
Invesco Senior Income Trust
   
64,480
       
270,816
 
Nuveen Intermediate Duration Municipal Term Fund
   
185,935
       
2,655,152
 
Nuveen Municipal Credit Income Fund
   
48,255
       
779,801
 
Nuveen New York AMT-Free Quality Municipal Income Fund
   
58,257
       
795,208
 
Voya Prime Rate Trust
   
55,805
       
258,935
 
TOTAL CLOSED-END FUNDS (Cost $6,099,930)
             
6,231,987
 
                   
PREFERRED STOCKS - 1.89%
                 
Brookfield Property REIT, Inc. 6.375% Series A
   
2,092
       
51,735
 
Freddie Mac, 8.375%, Series Z (a)(e)
   
537,348
       
2,708,234
 
GMAC Capital Trust I, 5.983% ( 3 Month U.S. LIBOR +5.785%), 2/15/2040, Series 2 (e)
   
39,471
       
1,005,721
 
Pebblebrook Hotel Trust, 6.375%, Series E
   
3,515
       
86,575
 
Qurate Retail, Inc. 8.000%
   
15,411
       
1,566,528
 
TOTAL PREFERRED STOCKS (Cost $6,126,560)
             
5,418,793
 
                   
CONTINGENT VALUE RIGHTS - 0.12% (a)(f)
                 
Alder Biopharmaceuticals, Inc.
   
194,778
       
223,995
 
Ligand Pharmaceuticals
   
113,683
       
127,893
 
Media General, Inc. (e)
   
42,852
       
1,286
 
TOTAL CONTINGENT VALUE RIGHTS (Cost $0)
             
353,174
 
                   
RIGHTS - 0.06% (a)
                 
Bristol-Myers Squibb Company
   
169,085
       
173,312
 
TOTAL RIGHTS (Cost $0)
             
173,312
 
                   
WARRANTS - 1.38% (a)
                 
ACE Convergence Acquisition Corporation Class A
                 
Expiration: September 2027, Exercise Price: $11.50 (b)
   
48,601
       
94,772
 
Ajax I Class A
                 
Expiration: December 2026, Exercise Price: $11.50 (b)
   
65,868
       
111,317
 
Akazoo S.A.
                 
Expiration: December 2024, Exercise Price: $11.50 (b)(d)(g)
   
35,748
       
 
Altitude Acquisition Corporation Class A
                 
Expiration: November 2027, Exercise Price: $11.50
   
8,107
       
13,782
 
Apollo Strategic Growth Capital Class A
                 
Expiration: October 2027, Exercise Price: $11.50 (b)
   
21,519
       
27,114
 
ArcLight Clean Transition Corporation
                 
Expiration: September 2027, Exercise Price: $11.50 (b)
   
87,500
       
500,500
 
Ascendant Digital Acquisition Corporation Class A
                 
Expiration: December 2025, Exercise Price: $11.50 (b)
   
35,022
       
35,372
 
Avanti Acquisition Corporation Class A
                 
Expiration: December 2025, Exercise Price: $11.50 (b)
   
23,300
       
24,465
 
BowX Acquisition Corporation Class A
                 
Expiration: December 2025, Exercise Price: $11.50
   
22,422
       
47,983
 
CC Neuberger Principal Holdings II Class A
                 
Expiration: July 2025, Exercise Price: $11.50 (b)
   
26,370
       
29,023
 
CEC BRANDS LLC
                 
Expiration: December 2025 , Exercise Price: $21.88 (d)(g)
   
45,120
       
56,400
 
ChargePoint Holdings, Inc.
                 
Expiration: February 2026, Exercise Price: $11.50
   
45,400
       
687,810
 
CHP Merger Corporation Class A
                 
Expiration: November 2024, Exercise Price: $11.50
   
20,060
       
16,048
 
Churchill Capital Corporation IV Class A
                 
Expiration: September 2025, Exercise Price: $11.50
   
2,058
       
22,947
 
Cohn Robbins Holdings Corporation Class A
                 
Expiration: August 2025, Exercise Price: $11.50 (b)
   
36,674
       
44,009
 
Conx Corporation Class A
                 
Expiration: October 2027, Exercise Price: $11.50
   
57,770
       
71,057
 
D8 Holdings Corporation Class A
                 
Expiration: August 2027, Exercise Price: $11.50 (b)
   
5,150
       
5,922
 
Dragoneer Growth Opportunities Corporation Class A
                 
Expiration: August 2025, Exercise Price: $11.50 (b)
   
800
       
1,272
 
E.Merge Technology Acquisition Corporation Class A
                 
Expiration: July 2025, Exercise Price: $11.50
   
24,666
       
23,433
 
Falcon Capital Acquisition Corporation Class A
                 
Expiration: August 2027, Exercise Price: $11.50
   
3,209
       
4,942
 
Foley Trasimene Acquisition Corporation
                 
Expiration: July 2025, Exercise Price: $11.50
   
7,595
       
12,152
 
Fusion Acquisition Corporation Class A
                 
Expiration: June 2027, Exercise Price: $11.50
   
53,893
       
62,516
 
Galileo Acquisition Corporation
                 
Expiration: October 2026, Exercise Price: $11.50 (b)
   
126,337
       
69,485
 
GCM Grosvenor, Inc. Class A
                 
Expiration: November 2025, Exercise Price: $11.50
   
50,877
       
59,526
 
Golden Falcon Acquisition Corporation Class A
                 
Expiration: November 2026, Exercise Price: $11.50
   
62,637
       
44,472
 
Gores Holdings V, Inc. Class A
                 
Expiration: August 2027, Exercise Price: $11.50
   
5,119
       
7,934
 
Healthcare Services Acquisition Corporation Class A
                 
Expiration: December 2027, Exercise Price: $11.50
   
64,000
       
40,320
 
Highcape Capital Acquisition Corporation Class A
                 
Expiration: September 2027, Exercise Price: $11.50
   
24,671
       
80,674
 
Hudson Executive Investment Corporation
                 
Expiration: June 2025, Exercise Price: $11.50
   
55,361
       
80,273
 
International General Insurance Holdings Ltd.
                 
Expiration: March 2025, Exercise Price: $11.50 (b)(f)
   
20,975
       
18,668
 
Isleworth Healthcare Acquisition Corporation
                 
Expiration: August 2027, Exercise Price: $11.50
   
3,538
       
1,650
 
Juniper Industrial Holdings, Inc. Class A
                 
Expiration: November 2026, Exercise Price: $11.50
   
4,492
       
12,353
 
Kaixin Auto Holdings
                 
Expiration: April 2024, Exercise Price: $11.50 (b)
   
48,712
       
7,185
 
KL Acquisition Corporation Class A
                 
Expiration: January 2028, Exercise Price: $11.50
   
53,333
       
34,666
 
LGL Systems Acquisition Corporation Class A
                 
Expiration: November 2026, Exercise Price: $11.50
   
59,576
       
75,066
 
Marlin Technology Corporation Class A
                 
Expiration: March 2026, Exercise Price: $11.50 (b)
   
58,227
       
42,506
 
Montes Archimedes Acquisition Corporation Class A
                 
Expiration: December 2025, Exercise Price: $11.50
   
59,656
       
50,708
 
Motive Capital Corporation Class A
                 
Expiration: December 2025, Exercise Price: $11.50 (b)
   
16,762
       
14,751
 
Northern Star Investment Corporation II
                 
Expiration: January 2028, Exercise Price: $11.50
   
10,860
       
14,878
 
Opendoor Technologies, Inc.
                 
Expiration: December 2025, Exercise Price: $11.50
   
22,098
       
225,621
 
Pontem Corporation Class A
                 
Expiration: January 2027, Exercise Price: $11.50 (b)
   
49,791
       
37,343
 
Prospector Capital Corporation Class A
                 
Expiration: December 2025, Exercise Price: $11.50 (b)
   
40,756
       
41,164
 
Reebonz Holdings Ltd.
                 
Expiration: December 2023, Exercise Price: $92.00 (b)(f)
   
23,859
       
206
 
Revolution Acceleration Acquisition Corporation Class A
                 
Expiration: December 2026, Exercise Price: $11.50
   
11,756
       
23,277
 
ScION Tech Growth I
                 
Expiration: November 2025, Exercise Price: $11.50 (b)
   
122,675
       
112,861
 
SCVX Corporation
                 
Expiration: January 2025, Exercise Price: $11.50 (b)
   
10,701
       
10,701
 
Senior Connect Acquisition Corporation I Class A
                 
Expiration: December 2027, Exercise Price: $11.50
   
25,144
       
17,865
 
Star Peak Energy Transition Corporation
                 
Expiration: August 2025, Exercise Price: $11.50
   
51,163
       
723,956
 
TPG Pace Tech Opportunities Corporation Class A
                 
Expiration: October 2027, Exercise Price: $11.50 (b)
   
672
       
907
 
Trebia Acquisition Corporation Class A
                 
Expiration: December 2025, Exercise Price: $11.50 (b)
   
43,981
       
65,972
 
Tuscan Holdings Corporation II
                 
Expiration: July 2025, Exercise Price: $11.50
   
48,478
       
38,782
 
VG Acquisition Corporation Class A
                 
Expiration: September 2025, Exercise Price: $11.50 (b)
   
18,591
       
31,233
 
Whole Earth Brands, Inc.
                 
Expiration: June 2025, Exercise Price: $11.50
   
40,886
       
85,861
 
TOTAL WARRANTS (Cost $7,307,743)
             
3,963,700
 
                   
   
Principal Amount
           
BANK LOANS - 3.25%
                 
Cengage Learning Holdings II, Inc.
                 
5.250% (3 Month U.S. LIBOR + 4.250%), 6/7/2023 (f)(i)
 
$
963,977
       
955,691
 
Claire's Stores, Inc.
                 
6.808% (1 Month U.S. LIBOR + 6.500%), 12/18/2026 (f)(i)
   
259,380
       
247,708
 
Cyxtera DC Holdings, Inc.
                 
8.250% (3 Month U.S. LIBOR + 7.250%), 5/1/2025 (f)(i)
   
568,000
       
563,740
 
Heritage Power LLC
                 
7.000% (1 Month U.S. LIBOR + 6.000%), 8/2/2026 (f)(i)
   
3,507,525
       
3,358,455
 
McGraw-Hill Global Education Holdings LLC
                 
5.750% (3 Month U.S. LIBOR + 4.000%), 5/4/2022 (f)(i)
   
867,055
       
869,764
 
RentPath LLC
                 
8.000% (1 Month U.S. LIBOR + 7.000%), 12/14/2025 (f)(i)
   
138,073
       
139,454
 
8.000% (3 Month U.S. LIBOR + 4.750%), 12/17/2021  (f)(i)
   
2,217,000
       
2,017,470
 
Watts Guerra LLP
                 
8.000%, 12/31/2022 (d)(g)(k)
   
1,191,000
       
1,191,000
 
TOTAL BANK LOANS (Cost $9,304,218)
             
9,343,282
 
                   
CONVERTIBLE BONDS - 0.20% (f)
                 
Pluralsight, Inc.
                 
0.375%, 3/1/2024
   
569,000
       
561,887
 
TOTAL CONVERTIBLE BONDS (Cost $562,029)
             
561,887
 
                   
CORPORATE BONDS - 7.56% (f)
                 
APX Group, Inc.
                 
7.875%, 12/1/2022 (e)
   
3,322,000
       
3,340,687
 
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc.
                 
6.000%, 2/15/2025 (b)(h)
   
545,000
       
562,167
 
Bombardier, Inc.
                 
6.125%, 1/15/2023 (b)(h)
   
756,000
       
787,941
 
7.875%, 4/15/2027 (b)(e)(h)
   
1,474,000
       
1,447,792
 
Cincinnati Bell, Inc.
                 
7.000%, 7/15/2024 (h)
   
1,059,000
       
1,094,741
 
Diamond Resorts International, Inc.
                 
7.750%, 9/1/2023 (h)
   
685,000
       
714,534
 
10.750%, 9/1/2024 (h)
   
588,000
       
624,541
 
Genesis Energy LP / Genesis Energy Finance Corporation
                 
5.625%, 6/15/2024 (e)
   
3,324,000
       
3,255,443
 
Gogo Intermediate Holdings LLC / Gogo Finance Company, Inc.
                 
9.875%, 5/1/2024 (e)(h)
   
1,355,000
       
1,428,678
 
Golden Nugget, Inc.
                 
6.750%, 10/15/2024 (h)
   
1,316,000
       
1,332,345
 
Ingram Micro, Inc.
                 
5.450%, 12/15/2024 (e)
   
1,019,000
       
1,162,191
 
Michaels Stores, Inc.
                 
4.750%, 10/1/2027 (e)(h)
   
1,271,000
       
1,384,119
 
Navistar International Corporation Class B
                 
6.625%, 11/1/2025 (e)(h)
   
1,923,000
       
1,997,574
 
Nielsen Finance LLC / Nielsen Finance Company
                 
5.000%, 4/15/2022 (e)(h)
   
1,440,000
       
1,441,736
 
Oasis Midstream Partners LP / OMP Finance Corporation
                 
8.000%, 4/1/2029 (h)
   
355,000
       
364,763
 
Solera LLC / Solera Finance, Inc.
                 
10.500%, 3/1/2024 (h)
   
350,000
       
362,023
 
Stars Group Holdings BV / Stars Group US Co-Borrower LLC
                 
7.000%, 7/15/2026 (b)(h)
   
390,000
       
408,281
 
TOTAL CORPORATE BONDS (Cost $20,740,640)
             
21,709,556
 
                   
   
Contracts (100
shares per contract)
 
Notional Amount
       
PURCHASED OPTIONS - 1.34% (a)
                 
PURCHASED CALL OPTIONS - 0.03% (a)
                 
Analog Devices, Inc.
                 
Expiration: June 2021, Exercise Price: $180.00
   
146
 
 $            2,264,168
   
18,980
 
Marvell Technology Group Ltd. - ADR
                 
Expiration: August 2021, Exercise Price: $65.00
   
527
 
2,581,246
   
62,186
 
               
81,166
 
PURCHASED PUT OPTIONS - 1.34% (a)
                 
AECOM
                 
Expiration: June 2021, Exercise Price: $45.00
   
457
 
2,929,827
   
4,570
 
ArcLight Clean Transition Corporation
                 
Expiration: May 2021, Exercise Price: $35.00
   
875
 
1,564,500
   
1,566,250
 
Bayer AG
                 
Expiration: April 2021, Exercise Price: EUR 45.00 (b)
   
1,188
 
1,886,544
   
5,573
 
ChargePoint Holdings, Inc.
                 
Expiration: April 2021, Exercise Price: $40.00
   
454
 
1,212,180
   
625,385
 
Crown Holdings, Inc.
                 
Expiration: April 2021, Exercise Price: $82.50 (f)
   
75
 
727,800
   
1,125
 
Expiration: April 2021, Exercise Price: $85.00
   
666
 
6,462,864
   
11,655
 
Dell Technologies, Inc.
                 
Expiration: April 2021, Exercise Price: $60.00
   
455
 
4,010,825
   
5,460
 
Deutsche Telekom AG
                 
Expiration: April 2021, Exercise Price: EUR 13.40 (b)
   
2,765
 
4,747,505
   
3,243
 
Expiration: May 2021, Exercise Price: EUR 14.80 (b)
   
3,092
 
5,308,964
   
29,008
 
DuPont de Nemours, Inc.
                 
Expiration: April 2021, Exercise Price: $55.00
   
252
 
1,947,456
   
12,978
 
eBay, Inc.
                 
Expiration: May 2021, Exercise Price: $45.00
   
262
 
1,604,488
   
3,406
 
Electricite de France SA
                 
Expiration: April 2021, Exercise Price: EUR 9.20 (b)
   
1,674
 
1,915,056
   
9,815
 
The Hartford Financial Services Group, Inc.
                 
Expiration: May 2021, Exercise Price: $60.00
   
684
 
4,568,436
   
87,552
 
IAC/InterActiveCorp
                 
Expiration: May 2021, Exercise Price: $185.00
   
103
 
2,227,993
   
41,972
 
International Flavors & Fragrances, Inc.
                 
Expiration: May 2021, Exercise Price: $120.00
   
190
 
2,652,590
   
19,475
 
Jazz Pharmaceuticals plc - ADR
                 
Expiration: June 2021, Exercise Price: $140.00
   
10
 
164,370
   
2,200
 
Marathon Petroleum Corporation
                 
Expiration: April 2021, Exercise Price: $45.00
   
57
 
304,893
   
855
 
Pershing Square Tontine Holdings Ltd.
                 
Expiration: September 2021, Exercise Price: $30.00
   
81
 
194,481
   
66,825
 
SPDR S&P 500 ETF Trust
                 
Expiration: April 2021, Exercise Price: $390.00
   
49
 
1,942,017
   
14,161
 
Expiration: May 2021, Exercise Price: $390.00
   
97
 
3,844,401
   
70,131
 
Star Peak Energy Transition Corporation
                 
Expiration: April 2021, Exercise Price: $50.00
   
511
 
1,358,238
   
1,203,405
 
Vivendi SE
                 
Expiration: May 2021, Exercise Price: EUR 25.00 (b)
   
426
 
1,192,800
   
5,995
 
Vodafone Group plc
                 
Expiration: April 2021, Exercise Price: $16.00
   
2,903
 
5,350,229
   
5,806
 
XPO Logistics, Inc.
                 
Expiration: May 2021, Exercise Price: $100.00
   
482
 
5,943,060
   
56,394
 
               
3,853,239
 
TOTAL PURCHASED OPTIONS (Cost $4,085,304)
             
3,934,405
 
                   
   
Shares
           
ESCROW NOTES - 5.48% (a)(f)
                 
Altaba, Inc.
   
1,085,083
       
15,747,267
 
AMR Corporation
   
28,850
       
3,174
 
TOTAL ESCROW NOTES (Cost $13,999,291)
             
15,750,441
 
                   
                   
SHORT-TERM INVESTMENTS - 2.51%
                 
MONEY MARKET FUNDS - 2.51% (c)(e)
                 
Goldman Sachs Government Fund, FST Share Class, 0.04%
   
7,206,412
       
7,206,412
 
TOTAL SHORT-TERM INVESTMENTS
                 
(Cost $7,206,412)
             
7,206,412
 
TOTAL LONG INVESTMENTS
                 
(Cost $260,223,935) - 90.29%
             
259,372,327
 
                   
SHORT INVESTMENTS - (2.93)%
                 
COMMON STOCKS - (2.93)%
                 
AEROSPACE & DEFENSE - (0.03)%
                 
Teledyne Technologies, Inc.
   
(185
)
     
(76,525
)
ELECTRONIC COMPONENTS - (0.64)%
                 
II-VI, Inc.
   
(27,060
)
     
(1,850,092
)
FINANCIAL EXCHANGES & DATA - (1.04)%
                 
S&P Global, Inc.
   
(8,447
)
     
(2,980,693
)
LIFE SCIENCES TOOLS & SERVICES - (0.07)%
                 
ICON plc - ADR
   
(949
)
     
(186,355
)
PHARMACEUTICALS - (0.06)%
                 
AstraZeneca plc - ADR
   
(310
)
     
(15,413
)
Jazz Pharmaceuticals plc - ADR (j)
   
(918
)
     
(150,892
)
               
(166,305
)
RAILROADS - (0.90)%
                 
Canadian Pacific Railway Ltd. - ADR
   
(6,822
)
     
(2,587,516
)
REAL ESTATE MANAGEMENT & DEVELOPMENT - (0.16)%
                 
Opendoor Technologies, Inc.
   
(22,098
)
     
(468,257
)
SEMICONDUCTORS - (0.03)%
                 
Marvell Technology Group Ltd. - ADR (j)
   
(1,825
)
     
(89,389
)
TOTAL COMMON STOCKS
                 
  (Proceeds $8,403,810)
             
(8,405,132
)
TOTAL SHORT INVESTMENTS
                 
  (Proceeds $8,403,810) - (2.93)%
             
(8,405,132
)
                   
TOTAL NET INVESTMENTS
                 
  (Cost $251,820,125) - 87.36%
             
250,967,195
 
OTHER ASSETS IN EXCESS OF LIABILITIES - 12.64%
             
36,312,773
 
TOTAL NET ASSETS - 100.00%
            
$
287,279,968
 

ADR
 
- American Depository Receipt
           
ETF
 
- Exchange-Traded Fund
 
EUR
 
- Euro
           
LIBOR
 
- London Interbank Offered Rate
 
plc
 
- Public Limited Company
 
REITs
 
- Real Estate Investment Trusts
 
(a)
 
Non-income producing security.
 
(b)
 
Foreign security.
 
(c)
 
The rate quoted is the annualized seven-day yield as of March 31, 2021.
 
(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, swap contracts, and forward currency exchange contracts.
 
(f)
 
Level 2 Security. Please see footnote (m) on the Schedule of Investments for more information.
 
(g)
 
Level 3 Security. Please see footnote (m) 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 4.86% of total net assets.
 
(i)
 
The coupon rate shown on variable rate securities represents the rate as of March 31, 2021.
 
(j)
 
This security is held in connection with a written option contract.
 
(k)
 
Default or other conditions exist and the security is not presently accruing income.
 
(l)
 
Represents unfunded commitments.
           
                 
(m)
 
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  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*
 
$
50,416,115
   
$
-
   
$
-
   
$
50,416,115
 
 
Special Purpose Acquisition Companies
   
130,867,644
     
2,671,619
     
-
     
133,539,263
 
 
Private Investment in Public Equity
   
-
     
770,000
     
-
     
770,000
 
 
Closed-End Funds
   
6,231,987
     
-
     
-
     
6,231,987
 
 
Preferred Stocks
   
5,418,793
     
-
     
-
     
5,418,793
 
 
Contingent Value Rights
   
-
     
353,174
     
-
     
353,174
 
 
Rights
   
173,312
     
-
     
-
     
173,312
 
 
Warrants
   
3,888,426
     
18,874
     
56,400
     
3,963,700
 
 
Bank Loans
   
-
     
8,152,282
     
1,191,000
     
9,343,282
 
 
Convertible Bonds
   
-
     
561,887
     
-
     
561,887
 
 
Corporate Bonds
   
-
     
21,709,556
     
-
     
21,709,556
 
 
Purchased Option Contracts
   
3,933,280
     
1,125
     
-
     
3,934,405
 
 
Escrow Notes
   
-
     
15,750,441
     
-
     
15,750,441
 
 
Short-Term Investments
   
7,206,412
     
-
     
-
     
7,206,412
 
 
Forward Currency Exchange Contracts**
   
-
     
343,604
     
-
     
343,604
 
 
Swap Contracts**
   
-
     
5,898,649
     
-
     
5,898,649
 
 
Total
 
$
208,135,969
   
$
56,231,211
   
$
1,247,400
   
$
265,614,580
 
 
 
                               
 
Liabilities
                               
 
Short Common Stocks*
 
$
(8,405,132
)
 
$
-
   
$
-
   
$
(8,405,132
)
 
Written Option Contracts
   
(5,196,482
)
   
-
     
-
     
(5,196,482
)
 
Forward Currency Exchange Contracts**
   
-
     
(31,027
)
   
-
     
(31,027
)
 
Total
 
$
(13,601,614
)
 
$
(31,027
)
 
$
-
   
$
(13,632,641
)
 
 
                               
 
* Please refer to the Schedules of Investments to view long/short common stocks segregated by industry type.
         
 
** Swap contracts and forward currency exchange contracts are valued at the net unrealized appreciation (depreciation) on the instrument by counterparty.
 
 
*** Amount less than $0.50.
                               

   
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 $1,247,400. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs as described in footnote (m). 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
 
Common Stocks
   
Private Investment in Public Equity
   
Warrants
   
Bank Loans
   
Total Investment
 
 
Balance as of December 31, 2020
 
$
3,236,912
   
$
5,211,131
   
$
43,800
   
$
1,191,000
   
$
9,682,843
 
 
Purchases on Investments
   
-
     
-
     
-
     
-
     
-
 
 
(Sales) of Investments
   
(3,495,157
)
   
(4,280,162
)
   
-
     
-
     
(7,775,319
)
 
Realized (Gain) Loss
   
327,245
     
3,050,452
     
-
     
-
     
3,377,697
 
 
Transfers Into Level 3
   
-
     
-
     
-
     
-
     
-
 
 
(Transfer Out) of Level 3
   
-
     
-
     
-
     
-
     
-
 
 
Change in Unrealized Appreciation (Depreciation)
   
(69,000
)
   
(3,981,421
)
   
12,600
     
-
     
(4,037,821
)
 
Balance as of March 31, 2021
 
$
-
   
$
-
   
$
56,400
   
$
1,191,000
   
$
1,247,400
 
 
 
                                       
 
Change in unrealized appreciation (depreciation)
    during the year for Level 3 investments held at
    March 31, 2021
 
$
-
   
$
-
   
$
(2,181,357
)
 
$
-
   
$
(2,181,357
)

   
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 $(4,037,821).
 

    Significant unobservable valuation inputs monitored by the Valuation Group under the supervision of the Board of Trustees for restricted securities or material Level 3 investments as of March 31, 2021 for the Fund are as follows:  

   
Description
 
Fair Value at March 31, 2021
 
Valuation Technique
 
Unobservable Input
  Input Values (Ranges)
   
Warrant
 
$
-
* 
Projected Final Exercise Price**
 
Value of Final Exercise Price
 
$0.00 - $0.01
   
Warrant
 
$
56,400
 
Projected Final Exercise Price
 
Expected Recovery
  $1.25

 *
Amount less than $0.50.
       
 
 
   
   
  **
Based on the evaluation of the likelihood that the warrant is exercised, the security is being priced at zero.
 
   
The table above does not include certain Level 3 investments that are valued by brokers. At March 31, 2021, the net value of these securities was $17,966,000. The inputs for these  investments are not readily available or cannot be reasonably estimated and are generally those inputs described herein.
 
       
   
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: Event-Driven Fund
             
SCHEDULE OF INVESTMENTS
             
Open Written Options
                 
March 31, 2021 (Unaudited)
             
               
   
Contracts (100 shares per contract)
   
Notional Amount
   
Value
 
WRITTEN CALL OPTIONS
             
AECOM
   
           
Expiration: June 2021, Exercise Price: $55.00
   
(457)

 
$
(2,929,827
)
 
$
(461,570
)
American Equity Investment Life Holding Company
     
               
Expiration: May 2021, Exercise Price: $25.00
   
(30)

   
(94,590
)
   
(19,590
)
Apollo Global Management, Inc.
     
               
Expiration: May 2021, Exercise Price: $47.00
   
(637)

   
(2,994,537
)
   
(181,545
)
Coherent, Inc.
     
               
Expiration: April 2021, Exercise Price: $220.00
   
(4)

   
(101,156
)
   
(13,220
)
CoreLogic, Inc.
     
               
Expiration: April 2021, Exercise Price: $80.00
   
(286)

   
(2,266,550
)
   
(10,010
)
Expiration: May 2021, Exercise Price: $80.00
   
(46)

   
(364,550
)
   
(3,220
)
Crown Holdings, Inc.
     
               
Expiration: April 2021, Exercise Price: $90.00
   
(75)

   
(727,800
)
   
(55,125
)
Expiration: April 2021, Exercise Price: $95.00
   
(666)

   
(6,462,864
)
   
(225,108
)
Dell Technologies, Inc.
     
               
Expiration: April 2021, Exercise Price: $70.00
   
(455)

   
(4,010,825
)
   
(844,026
)
Deutsche Telekom AG
     
               
Expiration: April 2021, Exercise Price: EUR 15.00 (a)
   
(2,765)

   
(4,747,505
)
   
(703,628
)
DuPont de Nemours, Inc.
     
               
Expiration: April 2021, Exercise Price: $62.50
   
(252)

   
(1,947,456
)
   
(383,040
)
eBay, Inc.
     
               
Expiration: May 2021, Exercise Price: $50.00
   
(262)

   
(1,604,488
)
   
(328,286
)
Electricite de France SA
     
               
Expiration: April 2021, Exercise Price: EUR 11.00 (a)
   
(1,674)

   
(1,915,056
)
   
(192,384
)
Extended Stay America, Inc.
     
               
Expiration: April 2021, Exercise Price: $19.65
   
(116)

   
(229,100
)
   
(2,320
)
The Hartford Financial Services Group, Inc.
     
               
Expiration: May 2021, Exercise Price: $65.00
   
(252)

   
(1,683,108
)
   
(119,700
)
Expiration: May 2021, Exercise Price: $70.00
   
(470)

   
(3,139,130
)
   
(124,550
)
IAC/InterActiveCorp
     
               
Expiration: May 2021, Exercise Price: $210.00
   
(103)

   
(2,227,993
)
   
(201,365
)
International Flavors & Fragrances, Inc.
     
               
Expiration: May 2021, Exercise Price: $130.00
   
(190)

   
(2,652,590
)
   
(233,700
)
Jazz Pharmaceuticals plc - ADR
     
               
Expiration: June 2021, Exercise Price:  $170.00
   
(8)

   
(131,496
)
   
(6,712
)
Marathon Petroleum Corporation
     
               
Expiration: April 2021, Exercise Price: $50.00
   
(57)

   
(304,893
)
   
(24,054
)
Marvell Technology Group Ltd. - ADR
     
               
Expiration: August 2021, Exercise Price: $80.00
   
(527)

   
(2,581,246
)
   
(17,391
)
The Michaels Cos, Inc.
     
               
Expiration: April 2021, Exercise Price: $22.50
   
(179)

   
(392,726
)
   
(895
)
Pershing Square Tontine Holdings Ltd.
     
               
Expiration: September 2021, Exercise Price: $45.00
   
(81)

   
(194,481
)
   
(11,340
)
SPDR S&P 500 ETF Trust
     
               
Expiration: April 2021, Exercise Price: $400.00
   
(129)

   
(5,112,657
)
   
(30,228
)
Expiration: April 2021, Exercise Price: $405.00
   
(16)

   
(634,128
)
   
(1,888
)
Vodafone Group plc
     
               
Expiration: April 2021, Exercise Price: $18.00 (a)
   
(2,903)

   
(5,350,229
)
   
(174,180
)
XPO Logistics, Inc.
     
               
Expiration: May 2021, Exercise Price: $115.00
   
(482

   
(5,943,060
)
   
(623,226
)
       
           
(4,992,301
)
WRITTEN PUT OPTIONS

               
Bayer AG
     
               
Expiration: April 2021, Exercise Price: EUR 51.00 (a)
   
(1,188)

   
(1,886,544
)
   
(37,615
)
Deutsche Telekom AG
     
               
Expiration: May 2021, Exercise Price: EUR 16.00 (a)
   
(3,092)

   
(5,308,964
)
   
(97,902
)
Pershing Square Tontine Holdings Ltd.
     
               
Expiration: September 2021, Exercise Price: $22.50
   
(162)

   
(388,962
)
   
(40,986
)
SPDR S&P 500 ETF Trust
     
               
Expiration: April 2021, Exercise Price: $360.00
   
(17)

   
(673,761
)
   
(748
)
Expiration: April 2021, Exercise Price: $365.00
   
(17)

   
(673,761
)
   
(952
)
Vivendi SE
     
               
Expiration: May 2021, Exercise Price: EUR 27.00 (a)
   
(426)

   
(1,192,800
)
   
(25,978
)
                     
(204,181
)
TOTAL WRITTEN OPTIONS
                       
(Premiums received $4,712,830)
                 
$
(5,196,482
)
 
                       
ETF - Exchange-Traded Fund
                       
EUR - Euro
                       
(a) Foreign security.
 
                         

WCM Alternatives: Event-Driven Fund
                         
SCHEDULE OF INVESTMENTS
                         
Forward Currency Exchange Contracts
                         
March 31, 2021 (Unaudited)
                         
                                 
Unrealized
 
Settlement
             
USD Value at
         
USD Value at
   
Appreciation
 
Date
 
Counterparty
 
Currency to be Delivered
   
March 31, 2021
 
Currency to be Received
   
March 31, 2021
   
(Depreciation)*
 
4/9/2021
 
JPM
 
3,174,954
AUD
  $
                        2,411,670
 
2,262,688
USD
  $
                          2,262,688
  $
                           (148,982)
 
4/22/2021
 
GS
 
2,478,703
EUR
   
2,908,095
 
3,044,368
USD
   
3,044,368
   
136,273
 
4/28/2021
 
JPM
 
1,841,590
EUR
   
2,160,881
 
2,194,801
USD
   
2,194,801
   
33,920
 
5/10/2021
 
JPM
 
8,881,542
EUR
   
10,424,162
 
10,783,593
USD
   
10,783,593
   
359,431
 
5/10/2021
 
JPM
 
5,601,799
USD
   
5,601,799
 
4,693,380
EUR
   
5,508,565
   
(93,234)
 
5/17/2021
 
JPM
 
1,113,844
EUR
   
1,307,509
 
1,368,384
USD
   
1,368,384
   
60,875
 
5/17/2021
 
JPM
 
55,176
USD
   
55,176
 
44,878
EUR
   
52,681
   
(2,495)
 
5/26/2021
 
JPM
 
312,305
EUR
   
366,679
 
373,173
USD
   
373,173
   
6,494
 
6/16/2021
 
GS
 
3,196,554
EUR
   
3,754,818
 
3,886,636
USD
   
3,886,636
   
131,818
 
6/23/2021
 
JPM
 
2,659,918
EUR
   
3,124,937
 
3,179,225
USD
   
3,179,225
   
54,288
 
12/15/2021
 
GS
 
8,288,601
EUR
   
9,778,761
 
10,044,443
USD
   
10,044,443
   
265,682
 
5/12/2021
 
JPM
 
294,810
GBP
   
406,479
 
404,216
USD
   
404,216
   
(2,263)
 
5/12/2021
 
GS
 
2,643,100
GBP
   
3,644,258
 
3,480,050
USD
   
3,480,050
   
(164,208)
 
5/12/2021
 
GS
 
575,831
USD
   
575,831
 
430,804
GBP
   
593,984
   
18,153
 
5/13/2021
 
GS
 
1,063,110
GBP
   
1,465,800
 
1,421,686
USD
   
1,421,686
   
(44,114)
 
5/13/2021
 
JPM
 
1,654,460
GBP
   
2,281,145
 
2,212,201
USD
   
2,212,201
   
(68,944)
 
5/18/2021
 
JPM
 
4,529,054
GBP
   
6,244,672