NPORT-EX 1 d743781dnportex.htm WESTCHESTER CAPITAL FUNDS Westchester Capital Funds
WCM Alternatives: Event-Driven Fund
       
SCHEDULE OF INVESTMENTS
       
March 31, 2019 (Unaudited)
       
         
   
Shares
   
Value
 
LONG INVESTMENTS - 99.71%
           
COMMON STOCKS - 44.89%
           
AEROSPACE & DEFENSE - 1.94%
           
L3 Technologies, Inc. (e)
   
16,648
   
$
3,435,648
 
ASSET MANAGEMENT & CUSTODY BANKS - 4.65%
               
The Blackstone Group LP (e)(l)
   
188,400
     
6,588,348
 
Oaktree Capital Group LLC
   
32,966
     
1,636,762
 
             
8,225,110
 
BIOTECHNOLOGY - 2.66%
               
Celgene Corporation (a)(e)
   
49,861
     
4,703,887
 
BROADCASTING - 2.71%
               
CBS Corporation Class B (l)
   
100,629
     
4,782,896
 
BUILDING PRODUCTS - 0.78%
               
USG Corporation
   
32,021
     
1,386,509
 
CASINOS & GAMING - 4.59%
               
Caesars Entertainment Corporation (a)
   
444,536
     
3,863,018
 
MGM Resorts International (e)(l)
   
165,600
     
4,249,296
 
             
8,112,314
 
COMMUNICATIONS EQUIPMENT - 0.13%
               
ARRIS International plc (a)(b)(e)
   
6,994
     
221,080
 
DATA PROCESSING & OUTSOURCED SERVICES - 8.01%
               
First Data Corporation Class A (a)(e)
   
403,321
     
10,595,242
 
Travelport Worldwide Ltd. (b)
   
7,416
     
116,654
 
Worldpay, Inc. Class A (a)
   
30,460
     
3,457,210
 
             
14,169,106
 
DIVERSIFIED CHEMICALS - 3.57%
               
DowDuPont, Inc. (e)(l)
   
79,659
     
4,246,621
 
Huntsman Corporation (e)(l)
   
91,800
     
2,064,582
 
             
6,311,203
 
GOLD - 4.17%
               
Goldcorp, Inc. (b)(e)
   
644,299
     
7,370,781
 
INTEGRATED TELECOMMUNICATION SERVICES - 0.11%
               
AT&T, Inc. (l)
   
6,484
     
203,338
 
INTERNET & DIRECT MARKETING RETAIL - 0.90%
               
Liberty Expedia Holdings, Inc. Class A (a)
   
36,926
     
1,580,433
 
Reebonz Holding Ltd. (a)(b)
   
597
     
7,080
 
             
1,587,513
 
LIFE & HEALTH INSURANCE - 0.03%
               
Genworth Financial, Inc. Class A (a)
   
15,670
     
60,016
 
MANAGED HEALTH CARE - 0.77%
               
WellCare Health Plans, Inc. (a)
   
5,042
     
1,360,080
 
MOVIES & ENTERTAINMENT - 1.28%
               
The Madison Square Garden Company Class A (a)(l)
   
7,700
     
2,257,101
 
OIL & GAS EXPLORATION & PRODUCTION - 1.29%
               
EnCana Corporation (b)(e)
   
314,758
     
2,278,848
 
OIL & GAS STORAGE & TRANSPORTATION - 0.58%
               
Columbia Pipeline Group, Inc. (a)(d)(g)(i)
   
38,718
     
1,024,101
 
REGIONAL BANKS - 1.90%
               
SunTrust Banks, Inc.
   
56,674
     
3,357,935
 
SEMICONDUCTOR EQUIPMENT - 0.48%
               
Versum Materials, Inc.
   
16,994
     
854,968
 
SEMICONDUCTORS - 1.25%
               
Integrated Device Technology, Inc. (a)
   
9,646
     
472,558
 
Mellanox Technologies Ltd. (a)(b)(e)(l)
   
14,700
     
1,739,892
 
             
2,212,450
 
STEEL - 0.65%
               
SunCoke Energy Partners LP (e)
   
92,503
     
1,151,662
 
SYSTEMS SOFTWARE - 2.44%
               
Dell Technologies, Inc. Class C (a)(e)(l)
   
39,000
     
2,288,910
 
Red Hat, Inc. (a)(e)
   
11,043
     
2,017,556
 
             
4,306,466
 
TOTAL COMMON STOCKS (Cost $77,429,172)
           
79,373,012
 

SPECIAL PURPOSE ACQUISITION COMPANIES - 14.42% (a)
           
Alberton Acquisition Corporation (b)
   
242,664
     
2,414,507
 
Big Rock Partners Acquisition Corporation (f)
   
45,950
     
476,042
 
Black Ridge Acquisition Corporation
   
40,778
     
416,152
 
CF Finance Acquisition Corporation
   
108,500
     
1,106,700
 
ChaSerg Technology Acquisition Corporation Class A (f)
   
22,830
     
225,446
 
CM Seven Star Acquisition Corporation (b)(e)(f)
   
97,424
     
1,006,390
 
Collier Creek Holdings Class A (b)
   
42,300
     
420,462
 
FinTech Acquisition Corporation III Class A
   
168,874
     
1,646,521
 
GigCapital, Inc.
   
122,996
     
1,254,559
 
Gordon Pointe Acquisition Corporation (f)
   
4,482
     
45,784
 
Graf Industrial Corporation
   
197,624
     
1,944,620
 
Hennessy Capital Acquisition Corporation IV
   
167,614
     
1,689,549
 
Legacy Acquisition Corporation Class A
   
144,392
     
1,449,696
 
Modern Media Acquisition Corporation (e)
   
106,188
     
1,100,108
 
Monocle Acquisition Corporation (f)
   
15,759
     
158,299
 
Mudrick Capital Acquisition Corporation Class A
   
19,411
     
195,663
 
Pensare Acquisition Corporation
   
86,576
     
887,404
 
Pure Acquisition Corporation (f)
   
44,644
     
448,672
 
Regalwood Global Energy Ltd. Class A (b)
   
97,770
     
987,477
 
Thunder Bridge Acquisition Ltd. Class A (b)
   
184,355
     
1,880,421
 
Trident Acquisitions Corporation Class A
   
161,127
     
1,641,884
 
Trinity Merger Corporation Class A
   
171,957
     
1,757,401
 
Tuscan Holdings Corporation
   
168,926
     
1,761,560
 
Vantage Energy Acquisition Corporation Class A
   
32,635
     
333,530
 
VectoIQ Acquisition Corporation (f)
   
25,000
     
250,375
 
SPECIAL PURPOSE ACQUISITION COMPANIES (Cost $24,521,207)
           
25,499,222
 
                 
CLOSED-END FUNDS - 7.74%
               
Altaba, Inc. (a)(e)
   
106,545
     
7,897,115
 
Apollo Senior Floating Rate Fund, Inc.
   
22,543
     
334,313
 
Apollo Tactical Income Fund, Inc.
   
21,782
     
319,977
 
Ares Dynamic Credit Allocation Fund
   
4,683
     
69,496
 
BlackRock Debt Strategies Fund, Inc. (e)
   
80,837
     
866,573
 
BlackRock Floating Rate Income Strategies Fund, Inc.
   
19,222
     
240,275
 
Eaton Vance Floating-Rate Income Trust
   
57,056
     
752,569
 
First Trust Senior Floating Rate Income Fund II
   
22,317
     
263,787
 
Invesco Dynamic Credit Opportunities Fund
   
53,124
     
576,395
 
Invesco Senior Income Trust
   
173,546
     
728,893
 
Nuveen Credit Strategies Income Fund
   
1,574
     
12,167
 
Voya Prime Rate Trust
   
147,638
     
705,710
 
Western Asset High Income Opportunity Fund, Inc. (e)
   
191,266
     
923,815
 
TOTAL CLOSED-END FUNDS (Cost $13,095,195)
           
13,691,085
 
                 
PREFERRED STOCKS - 3.10%
               
Colony Capital, Inc., 8.750%, Series E (e)
   
37,590
     
946,140
 
Freddie Mac, 8.375%, Series Z (a)
   
442,420
     
4,441,897
 
Pebblebrook Hotel Trust, 6.375%, Series E
   
3,515
     
92,444
 
TOTAL PREFERRED STOCKS (Cost $4,288,765)
           
5,480,481
 
                 
CONTINGENT VALUE RIGHTS - 0.00% (a)(e)(g)
               
Media General, Inc.
   
42,852
     
1,286
 
TOTAL CONTINGENT VALUE RIGHTS (Cost $0)
           
1,286
 

RIGHTS - 0.06% (a)
           
Big Rock Partners Acquisition Corporation
           
Expiration: December 2022 (f)
   
45,950
     
16,083
 
Bison Capital Acquisition Corporation
               
Expiration: December 2019 (b)
   
35,538
     
12,438
 
Black Ridge Acquisition Corporation
               
Expiration: July 2019
   
40,778
     
14,272
 
CM Seven Star Acquisition Corporation
               
Expiration: August 2022 (b)
   
97,424
     
32,150
 
Modern Media Acquisition Corporation
               
Expiration: July 2019
   
71,496
     
23,594
 
TOTAL RIGHTS (Cost $102,320)
           
98,537
 
                 
WARRANTS - 0.21% (a)
               
Agiliti, Inc.
               
Expiration: July 2022, Exercise Price: $11.50 (f)
   
4,238
     
2,649
 
Big Rock Partners Acquisition Corporation
               
Expiration: December 2022, Exercise Price: $11.50
   
22,975
     
4,135
 
Bison Capital Acquisition Corporation
               
Expiration: June 2022, Exercise Price: $11.50 (b)
   
17,769
     
3,554
 
Black Ridge Acquisition Corporation
               
Expiration: July 2024, Exercise Price: $11.50
   
40,778
     
12,233
 
ChaSerg Technology Acquisition Corporation
               
Expiration: April 2025, Exercise Price: $11.50
   
11,415
     
7,420
 
CM Seven Star Acquisition Corporation
               
Expiration: August 2022, Exercise Price: $11.50 (b)(f)
   
48,712
     
8,525
 
Collier Creek Holdings Class A
               
Expiration: November 2023, Exercise Price: $11.50 (b)(f)
   
14,100
     
17,343
 
FinTech Acquisition Corporation III
               
Expiration: December 2023, Exercise Price: $11.50
   
84,437
     
76,838
 
Graf Industrial Corporation
               
Expiration: December 2025, Exercise Price: $11.50
   
197,624
     
65,216
 
Legacy Acquisition Corporation Class A
               
Expiration: November 2022, Exercise Price: $11.50
   
144,392
     
43,317
 
Modern Media Acquisition Corporation
               
Expiration: May 2022, Exercise Price: $11.50
   
35,748
     
11,082
 
Mudrick Capital Acquisition Corporation Class A
               
Expiration: February 2025, Exercise Price: $11.50
   
19,411
     
10,676
 
Pensare Acquisition Corporation
               
Expiration: July 2022, Exercise Price: $11.50
   
24,263
     
4,853
 
Pure Acquisition Corporation
               
Expiration: April 2023, Exercise Price: $11.50 (f)
   
22,218
     
25,995
 
Reebonz Holding Ltd.
               
Expiration: December 2023, Exercise Price: $11.50 (b)(f)
   
23,859
     
1,906
 
Regalwood Global Energy Ltd. Class A
               
Expiration: December 2022, Exercise Price: $11.50 (b)(f)
   
32,590
     
32,590
 
Trinity Merger Corporation Class A
               
Expiration: May 2025, Exercise Price: $11.50
   
99,243
     
35,727
 
TOTAL WARRANTS (Cost $425,265)
           
364,059
 
                 
   
Principal Amount
         
BANK LOANS - 0.79% (f)(j)
               
Tribune Media Company
               
5.499% (1 Month LIBOR + 3.000%), 1/27/2024
 
$
1,384,000
     
1,385,730
 
TOTAL BANK LOANS (Cost $1,384,849)
           
1,385,730
 
                 
CONVERTIBLE BONDS - 0.20% (f)
               
Caesars Entertainment Corporation
               
5.000%, 10/1/2024
   
251,397
     
357,952
 
TOTAL CONVERTIBLE BONDS (Cost $258,741)
           
357,952
 

CORPORATE BONDS - 12.67% (f)
               
Arconic, Inc.
               
5.400%, 4/15/2021
   
795,000
         
820,194
 
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc.
                   
7.250%, 5/15/2024 (b)(h)
   
2,971,000
         
3,140,941
 
Dynegy, Inc.
                   
5.875%, 6/1/2023
   
601,000
         
616,776
 
EIG Investors Corporation
                   
10.875%, 2/1/2024
   
2,068,000
         
2,186,910
 
Enbridge, Inc.
                   
6.000% (Fixed at 6.000% until 2027), 1/15/2077 (b)(e)(j)
   
1,151,000
         
1,144,065
 
First Data Corporation
                   
5.750%, 1/15/2024 (h)
   
996,000
         
1,027,872
 
GenOn Energy, Inc. / NRG Americas, Inc.
                   
9.392% (6 Month LIBOR + 6.500%), 12/1/2023 (j)
   
1,474,000
         
1,470,315
 
MEG Energy Corporation
                   
6.500%, 1/15/2025 (b)(h)
   
1,246,000
         
1,231,982
 
Momentive Performance Materials, Inc.
                   
3.880%, 10/24/2021
   
1,938,000
         
2,095,463
 
Multi-Color Corporation
                   
4.875%, 11/1/2025 (h)
   
437,000
         
452,295
 
Nielsen Finance LLC / Nielsen Finance Company
                   
5.000%, 4/15/2022 (h)
   
4,022,000
         
4,001,890
 
Rent-A-Center, Inc.
                   
6.625%, 11/15/2020
   
382,000
         
382,955
 
4.750%, 5/1/2021
   
512,000
         
503,040
 
Sinclair Television Group, Inc.
                   
6.125%, 10/1/2022 (e)
   
1,600,000
         
1,632,000
 
T-Mobile USA, Inc.
                   
6.500%, 1/15/2024
   
217,000
         
225,680
 
Univar USA, Inc.
                   
6.750%, 7/15/2023 (h)
   
1,435,000
         
1,473,745
 
TOTAL CORPORATE BONDS (Cost $22,407,482)
               
22,406,123
 
                     
 
Contracts (100 shares per contract)
 
Notional Amount
         
PURCHASED CALL OPTIONS - 0.01% (a)
                   
Bristol-Myers Squibb Company
                   
Expiration: April 2019, Exercise Price: $55.00
   
95
   
$
453,245
     
665
 
Expiration: June 2019, Exercise Price: $55.00
   
23
     
109,733
     
989
 
SPDR S&P 500 ETF Trust
                       
Expiration: April 2019, Exercise Price: $287.00
   
123
     
3,474,504
     
15,436
 
                     
17,090
 
PURCHASED PUT OPTIONS - 0.24% (a)
                       
Bayer AG
                       
Expiration: April 2019, Exercise Price: EUR 60.00 (b)(f)
   
328
     
1,889,280
     
112,956
 
Expiration: May 2019, Exercise Price: EUR 54.00 (b)(f)
   
124
     
714,240
     
30,463
 
The Blackstone Group LP
                       
Expiration: April 2019, Exercise Price: $29.00
   
535
     
1,870,895
     
1,872
 
Expiration: April 2019, Exercise Price: $30.00
   
235
     
821,795
     
1,880
 
Expiration: June 2019, Exercise Price: $29.00
   
793
     
2,773,121
     
16,653
 
Bristol-Myers Squibb Company
                       
Expiration: June 2019, Exercise Price: $45.00
   
34
     
162,214
     
4,794
 
Caesars Entertainment Corporation
                       
Expiration: April 2019, Exercise Price: $8.00
   
3,034
     
2,636,546
     
30,340
 
Expiration: May 2019, Exercise Price: $7.00
   
1,013
     
880,297
     
14,688
 
CBS Corporation Class B
                       
Expiration: April 2019, Exercise Price: $42.50
   
338
     
1,606,514
     
2,704
 
Expiration: May 2019, Exercise Price: $40.00
   
76
     
361,228
     
1,406
 
Expiration: June 2019, Exercise Price: $40.00
   
738
     
3,507,714
     
26,937
 
DowDuPont, Inc.
                       
Expiration: April 2019, Exercise Price: $45.00
   
511
     
2,724,141
     
3,066
 
Expiration: April 2019, Exercise Price: $47.50
   
354
     
1,887,174
     
4,956
 
FTSE 100 Index
                       
Expiration: April 2019, Exercise Price: GBP 7,300.00 (b)(f)(k)
   
3
     
284,623
     
3,849
 
Huntsman Corporation
                       
Expiration: May 2019, Exercise Price: $18.00
   
918
     
2,064,582
     
9,180
 
The Madison Square Garden Company Class A
                       
Expiration: May 2019, Exercise Price: $230.00
   
77
     
2,257,101
     
6,352
 
MGM Resorts International
                       
Expiration: April 2019, Exercise Price: $23.00
   
428
     
1,098,248
     
3,210
 
Expiration: April 2019, Exercise Price: $24.00
   
808
     
2,073,328
     
15,756
 
Expiration: May 2019, Exercise Price: $23.00
   
420
     
1,077,720
     
14,700
 
SPDR S&P 500 ETF Trust
                       
Expiration: May 2019, Exercise Price: $278.00
   
219
     
6,186,312
     
73,037
 
SPDR S&P Oil & Gas Exploration & Production ETF Trust
                       
Expiration: April 2019, Exercise Price: $30.00
   
807
     
2,480,718
     
41,561
 
Technology Select Sector SPDR Fund
                       
Expiration: April 2019, Exercise Price: $68.00
   
312
     
2,308,800
     
3,120
 
Expiration: May 2019, Exercise Price: $69.00
   
103
     
762,200
     
5,665
 
                     
429,145
 
TOTAL PURCHASED OPTIONS (Cost $702,758)
                   
446,235
 

   
Principal Amount
                 
ESCROW NOTES - 0.01% (a)(d)(g)
                       
AMR Corporation
 
$
28,850
             
5,770
 
Winthrop Realty Trust (e)
   
26,484
             
15,890
 
TOTAL ESCROW NOTES (Cost $75,779)
                   
21,660
 
                         
   
Shares
                 
SHORT-TERM INVESTMENTS - 15.37%
                       
MONEY MARKET FUNDS - 6.14% (c)(e)
                       
The Government & Agency Portfolio, Institutional Share Class, 2.32%
   
2,269,141
             
2,269,141
 
JPMorgan U.S. Government Money Market Fund, Institutional Share Class, 2.33%
   
8,595,000
             
8,595,000
 
                     
10,864,141
 
   
Principal Amount
                 
U.S. TREASURY BILLS - 9.23% (e)(f)
                       
United States Treasury Bills
                       
2.39%, 4/18/2019
 
$
505,000
             
504,430
 
2.38%, 4/25/2019
   
505,000
             
504,214
 
2.41%, 5/2/2019
   
340,000
             
339,311
 
2.43%, 5/9/2019
   
1,620,000
             
1,615,962
 
2.42%, 5/16/2019
   
530,000
             
528,432
 
2.41%, 5/23/2019
   
3,960,000
             
3,946,587
 
2.46%, 6/6/2019
   
1,640,000
             
1,632,912
 
2.44%, 6/13/2019
   
271,000
             
269,702
 
2.42%, 6/20/2019
   
1,397,000
             
1,389,676
 
2.42%, 7/11/2019
   
1,125,000
             
1,117,531
 
2.40%, 7/18/2019
   
1,030,000
             
1,022,727
 
2.41%, 7/25/2019
   
915,000
             
908,073
 
2.39%, 8/8/2019
   
380,000
             
376,767
 
2.42%, 8/22/2019
   
220,000
             
217,922
 
2.41%, 8/29/2019
   
1,350,000
             
1,336,766
 
2.41%, 9/12/2019
   
315,000
             
311,611
 
2.37%, 9/19/2019
   
300,000
             
296,619
 
                     
16,319,242
 
TOTAL SHORT-TERM INVESTMENTS (Cost $27,182,308)
                   
27,183,383
 
TOTAL LONG INVESTMENTS (Cost $171,873,841) - 99.71%
                   
176,308,765
 
   
Shares
                 
SHORT INVESTMENTS - (24.16)%
                       
COMMON STOCKS - (23.73)%
                       
AEROSPACE & DEFENSE - (1.95)%
                       
Harris Corporation
   
(21,642
)
           
(3,456,444
)
AIRLINES - (0.00)%
                       
American Airlines Group, Inc.
   
(194
)
           
(6,162
)
ASSET MANAGEMENT & CUSTODY BANKS - (0.47)%
                       
Brookfield Asset Management, Inc. Class A (b)
   
(17,750
)
           
(828,038
)
BROADCASTING - (0.91)%
                       
Discovery Communications, Inc. Class A
   
(10,767
)
           
(290,924
)
Fox Corporation Class A
   
(33,933
)
           
(1,245,681
)
Fox Corporation Class B
   
(2,141
)
           
(76,819
)
                     
(1,613,424
)
CABLE & SATELLITE - (0.38)%
                       
Sirius XM Holdings, Inc.
   
(117,749
)
           
(667,637
)
DATA PROCESSING & OUTSOURCED SERVICES - (7.92)%
                       
Fidelity National Information Services Inc.
   
(28,289
)
           
(3,199,486
)
Fiserv, Inc.
   
(122,390
)
           
(10,804,589
)
                     
(14,004,075
)
GOLD - (3.78)%
                       
Newmont Mining Corporation
   
(186,774
)
           
(6,680,906
)
INTERNET & DIRECT MARKETING RETAIL - (5.27)%
                       
Alibaba Group Holding Ltd. - ADR
   
(41,163
)
           
(7,510,189
)
Expedia Group, Inc.
   
(15,132
)
           
(1,800,708
)
                     
(9,310,897
)
MANAGED HEALTH CARE - (0.51)%
                       
Centene Corporation
   
(17,044
)
           
(905,036
)
PHARMACEUTICALS - (1.26)%
                       
Bristol-Myers Squibb Company
   
(46,547
)
           
(2,220,757
)
REGIONAL BANKS - (0.28)%
                       
BB&T Corporation
   
(10,600
)
           
(493,218
)
REITs - (0.28)%
                       
Brookfield Property Partners LP (b)
   
(24,527
)
           
(504,520
)
SEMICONDUCTOR EQUIPMENT - (0.10)%
                       
Entegris, Inc.
   
(4,934
)
           
(176,095
)
STEEL - (0.62)%
                       
SunCoke Energy, Inc.
   
(129,437
)
           
(1,098,920
)
TOTAL COMMON STOCKS (Proceeds $39,650,366)
                   
(41,966,129
)
                         
EXCHANGE-TRADED FUNDS - (0.43)%
                       
VanEck Vectors Gold Miners ETF
   
(33,550
)
           
(752,191
)
 TOTAL EXCHANGE-TRADED FUNDS (Proceeds $776,556)
                   
(752,191
)
                         
TOTAL SHORT INVESTMENTS
                       
  (Proceeds $40,426,922) - (24.16)%
                   
(42,718,320
)
TOTAL NET INVESTMENTS
                       
  (Cost $131,446,919) - 75.55%
                   
133,590,445
 
OTHER ASSETS IN EXCESS OF LIABILITIES - 24.45%
                   
43,229,940
 
TOTAL NET ASSETS - 100.00%
                 
$
176,820,385
 

ADR
- American Depository Receipt
ETF
- Exchange-Traded Fund
EUR
- Euro
         
GBP
- Britsh Pounds
         
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, 2019.
(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 (n) on the Schedule of Investments for more information.
(g)
 
Level 3 Security. Please see footnote (n) 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, 2019, these securities represent 6.41% of total net assets.
(i)
 
Restricted security. The Fund may own investment securities that have other legal or contractual limitations, and thus are restricted as to resale. These securities are valued by the Valuation Group under the supervision of the Board of Trustees. As of March 31, 2019, this common stock had a cost of $983,662 and its market value represented 0.58% of total net assets. The Fund’s adviser perfected its appraisal rights over this security as of 6/20/2016. Please see footnote (n) on the Schedule of Investments for more information.
(j)
 
The coupon rate shown on variable rate securities represents the rate as of March 31, 2019.
(k)
 
This security has 10 shares per contract.
         
(l)
 
This security is held in connection with a written option contract.
         
(m)
 
As of March 31, 2019, the components of accumulated earnings (losses) for income tax purposes were as follows*:
         
 
 
     
 
 
 
Total Portfolio
 
 
Tax Cost (1)
 
$
128,868,323
 
 
 
       
 
 
       
 
Gross unrealized appreciation(2)
  $
11,156,413
 
 
Gross unrealized depreciation(2)
   
(8,276,157
)
 
Net unrealized appreciation
 
$
2,880,256
 

   
(1) Tax cost represents tax on investments, net of proceeds on securities sold short and premiums on written options.
       
   
(2) Includes investments, open written options, forward currency contracts, and open swap contracts appreciation and/or depreciation.
       
   
*Because tax adjustments are calculated annually at the end of the Fund’s fiscal year, the above table does not reflect tax adjustments for the current fiscal year. For the previous fiscal year’s federal income tax information, please refer to the Notes to the Financial Statements section in the Fund’s most recent annual report.
     
(n)
 
Investment Valuation
   
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 the 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. 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. Options for which there is an active market are classified as Level 1 investments, but options not listed on an exchange and/or are fair valued in accordance with the Fund’s pricing procedures are classified as Level 2 investments.

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

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

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


   
Due to the short-term nature of the reverse repurchase agreements, amortized cost approximates fair value at March 31, 2019. These securities are generally classified as Level 2 investments.

   
The Fund typically fair values securities and assets for which (a) market quotations are not readily available or (b) market quotations are believed to be unrepresentative of market value. For example, the Fund may fair value a security that primarily trades on an exchange that closes before the New York Stock Exchange (“NYSE”) if a significant event occurs after the close of the exchange on which the security primarily trades but before the NYSE closes. Fair valuations are determined in good faith by the Valuation Group (the “Valuation Group”), a committee comprised of persons who are officers of the Trust or representatives of the Adviser, acting pursuant to procedures adopted by the Board. When fair value pricing is employed, the prices of securities used by the Fund to calculate their 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, 2019. These assets and liabilities are measured on a recurring basis.

 
Investments at Fair Value
 
Level 1
   
Level 2
   
Level 3
   
Total
 
 
Assets
                       
 
Common Stocks*
 
$
78,348,911
   
$
-
   
$
1,024,101
   
$
79,373,012
 
 
Special Purpose Acquisition Companies
   
22,888,214
     
2,611,008
     
-
     
25,499,222
 
 
Closed End Funds
   
13,691,085
     
-
     
-
     
13,691,085
 
 
Preferred Stocks
   
5,480,481
     
-
     
-
     
5,480,481
 
 
Contingent Value Rights
   
-
     
-
     
1,286
     
1,286
 
 
Rights
   
82,454
     
16,083
     
-
     
98,537
 
 
Warrants
   
275,051
     
89,008
     
-
     
364,059
 
 
Bank Loans
   
-
     
1,385,730
     
-
     
1,385,730
 
 
Convertible Bonds
   
-
     
357,952
     
-
     
357,952
 
 
Corporate Bonds
   
-
     
22,406,123
     
-
     
22,406,123
 
 
Purchased Option Contracts
   
298,967
     
147,268
     
-
     
446,235
 
 
Escrow Notes
   
-
     
-
     
21,660
     
21,660
 
 
Short-Term Investments
   
10,864,141
     
16,319,242
     
-
     
27,183,383
 
 
Forward Currency Exchange Contracts**
   
-
     
12,332
     
-
     
12,332
 
 
Swap Contracts**
   
-
     
534,168
     
-
     
534,168
 
 
Total
 
$
131,929,304
   
$
43,878,914
   
$
1,047,047
   
$
176,855,265
 
                                   
 
Liabilities
                               
 
Short Common Stock*
 
$
(41,966,129
)
 
$
-
   
$
-
   
$
(41,966,129
)
 
Exchange-Traded Funds
   
(752,191
)
   
-
     
-
     
(752,191
)
 
Written Option Contracts
   
(1,854,404
)
   
(460,718
)
   
-
     
(2,315,122
)
 
Swap Contracts**
   
-
     
(73,244
)
   
-
     
(73,244
)
 
Total
 
$
(44,572,724
)
 
$
(533,962
)
 
$
-
   
$
(45,106,686
)
                                   
 
* 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.
 

   
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, 2019, the value of these securities was $1,047,047. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs as described in footnote (n). The appropriateness of fair values for these securities is monitored by the Valuation Group on an ongoing basis.

There were no transfers to level 3 securities during the three months ended March 31, 2019.

   
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 Stock
   
Contingent Value Rights
   
Escrow Notes
   
Total Investment
 
 
Balance as of December 31, 2018
 
$
1,016,674
   
$
1,286
   
$
60,608
   
$
1,078,568
 
 
Purchases on Investments*
           
-
     
-
     
-
 
 
(Sales) of Investments
   
-
     
-
     
-
     
-
 
 
Realized (Gain) Loss
   
-
     
-
     
-
     
-
 
 
Transfers Into Level 3
   
-
     
-
     
-
     
-
 
 
(Transfer Out) of Level 3
   
-
     
-
     
-
     
-
 
 
Change in Unrealized Appreciation (Depreciation)
   
7,427
     
-
**    
(38,948
)
   
(31,521
)
 
Balance as of March 31, 2019
 
$
1,024,101
   
$
1,286
   
$
21,660
   
$
1,047,047
 
                                   
 
Change in unrealized appreciation (depreciation)
    during the year for Level 3 investments held at
    March 31, 2019.
 
$
7,426
     
-
**
 
$
(20,294
)
 
$
(12,868
)
                                   
 
* Includes receipts from corporate actions.
                               
 
** Amount less than $0.50.
                               

   
The net change in unrealized appreciation (depreciation) on investments related to Level 3 securities held by the Fund at March 31, 2019 totals $(31,521).
     
   
Significant unobservable valuation inputs monitored by the Valuation Group under the supervision of the Board of Trustees for material Level 3 investments as of March 31, 2019 are as follows:

 
Description
 
Fair Value at
March 31, 2019
 
Valuation Technique
 
Unobservable Input
 
Common Stock
 
$
1,024,101
 
Discounted Cash Flow
Model
 
Discount Rates/
Terminal Value/
Cash Flow Projections

   
The table above does not include certain Level 3 investments that are valued by brokers and pricing services. At March 31, 2019, the value of these assets were $22,946. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in footnote (n).
               
   
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, 2019 (Unaudited)
         
           
 
Contracts (100
shares per
contract)
 
Notional
Amount
   
Value
WRITTEN CALL OPTIONS
         
Alibaba Group Holding Ltd. - ADR
           
Expiration: June 2019, Exercise Price: $170.00
(78)
$
  (1,423,110)
  $
    (140,400)
AT&T, Inc.
           
Expiration: April 2019, Exercise Price: $30.00
(81)
 
        (254,016)
   
          (11,340)
BB&T Corporation
           
Expiration: May 2019, Exercise Price: $42.00
(196)
 
        (911,988)
   
          (94,570)
Expiration: May 2019, Exercise Price: $47.00
(132)
 
        (614,196)
   
          (14,454)
Expiration: June 2019, Exercise Price: $47.00
(126)
 
        (586,278)
   
          (18,270)
Expiration: June 2019, Exercise Price: $48.00
(176)
 
        (818,928)
   
          (16,192)
The Blackstone Group LP
           
Expiration: April 2019, Exercise Price: $33.00
(235)
 
        (821,795)
   
          (51,935)
Expiration: April 2019, Exercise Price: $34.00
(488)
 
     (1,706,536)
   
          (67,832)
Expiration: April 2019, Exercise Price: $35.00
(195)
 
        (681,915)
   
          (14,625)
Expiration: June 2019, Exercise Price: $35.00
(533)
 
     (1,863,901)
   
          (63,960)
Bristol-Myers Squibb Company
           
Expiration: April 2019, Exercise Price: $65.00
(95)
 
        (453,245)
   
                  (95)
Expiration: June 2019, Exercise Price: $65.00
(23)
 
        (109,733)
   
                  (69)
Caesars Entertainment Corporation
           
Expiration: April 2019, Exercise Price: $9.00
(3,034)
 
     (2,636,546)
   
          (87,986)
Expiration: May 2019, Exercise Price: $8.00
(1,013)
 
        (880,297)
   
        (106,365)
CBS Corporation Class B
           
Expiration: April 2019, Exercise Price: $47.50
(338)
 
     (1,606,514)
   
          (35,828)
Expiration: May 2019, Exercise Price: $47.50
(76)
 
        (361,228)
   
          (14,136)
Expiration: June 2019, Exercise Price: $47.50
(215)
 
     (1,021,895)
   
          (50,310)
Expiration: June 2019, Exercise Price: $50.00
(377)
 
     (1,791,881)
   
          (49,387)
Dell Technologies, Inc. Class C
           
Expiration: April 2019, Exercise Price: $52.50
(96)
 
        (563,424)
   
          (61,440)
Expiration: April 2019, Exercise Price: $55.00
(294)
 
     (1,725,486)
   
        (117,600)
DowDuPont, Inc.
           
Expiration: April 2019, Exercise Price: $50.00
(308)
 
     (1,641,948)
   
        (113,344)
Expiration: April 2019, Exercise Price: $52.50
(500)
 
     (2,665,500)
   
          (89,000)
Expiration: April 2019, Exercise Price: $55.00
(57)
 
        (303,867)
   
            (3,762)
Huntsman Corporation
           
Expiration: May 2019, Exercise Price: $21.00
(918)
 
     (2,064,582)
   
        (192,780)
The Madison Square Garden Company Class A
           
Expiration: May 2019, Exercise Price: $260.00
(13)
 
        (381,069)
   
          (47,385)
Expiration: May 2019, Exercise Price: $270.00
(64)
 
     (1,876,032)
   
        (178,240)
Mellanox Technologies Ltd.
           
Expiration: April 2019, Exercise Price: $117.50 (a)(b)
(147)
 
     (1,739,892)
   
          (22,050)
MGM Resorts International
           
Expiration: April 2019, Exercise Price: $26.00
(428)
 
     (1,098,248)
   
          (22,256)
Expiration: April 2019, Exercise Price: $27.00
(808)
 
     (2,073,328)
   
          (16,968)
Expiration: May 2019, Exercise Price: $25.00
(420)
 
     (1,077,720)
   
          (69,090)
SPDR S&P 500 ETF Trust
           
Expiration: April 2019, Exercise Price: $280.00
(123)
 
     (3,474,504)
   
          (63,960)
Uniper SE
           
Expiration: April 2019, Exercise Price: EUR 25.00 (a)(b)
(407)
 
     (1,094,423)
   
          (89,941)
           
     (1,925,570)
 WRITTEN PUT OPTIONS
         
Bayer AG
           
Expiration: April 2019, Exercise Price: EUR 64.00 (a)(b)
(112)
 
        (645,120)
   
          (82,543)
Expiration: April 2019, Exercise Price: EUR 66.00 (a)(b)
(216)
 
     (1,244,160)
   
        (205,954)
Expiration: May 2019, Exercise Price: EUR 58.00 (a)(b)
(124)
 
        (714,240)
   
          (60,230)
Bristol-Myers Squibb Company
           
Expiration: June 2019, Exercise Price: $39.00
(34)
 
        (162,214)
   
               (748)
SPDR S&P 500 ETF Trust
           
Expiration: May 2019, Exercise Price: $270.00
(219)
 
     (6,186,312)
   
          (40,077)
           
        (389,552)
TOTAL WRITTEN OPTIONS
           
(Premiums received $2,578,596)
        $
   (2,315,122)
 
ADR - American Depository Receipt
           
ETF - Exchange-Traded Fund
           
EUR - Euro
           
   (a) Foreign Secuirty.
           
(b) Level 2 Security. Please see footnote (n) on the Schedule of Investments for more information.

WCM Alternatives: Event-Driven Fund
                 
SCHEDULE OF INVESTMENTS
                 
Forward Currency Exchange Contracts
                   
March 31, 2019 (Unaudited)
                 
                           
Unrealized
Settlement
           
USD Value at
       
USD Value at
 
Appreciation
Date
 
Counterparty
 
Currency to be Delivered
 
March 31, 2019
 
Currency to be Received
 
March 31, 2019
 
(Depreciation)*
4/10/2019
 
JPM
 
876,090
AUD
 
 $                     622,222
 
628,573
USD
 
$                    628,573
 
 $                                     6,351
5/29/2019
 
JPM
 
507,719
AUD
 
360,931
 
362,853
USD
 
362,853
 
1,922
4/12/2019
 
JPM
 
2,135,016
EUR
 
2,397,790
 
2,418,333
USD
 
2,418,333
 
20,543
4/23/2019
 
JPM
 
1,017,500
EUR
 
1,143,792
 
1,158,322
USD
 
1,158,322
 
14,530
9/25/2019
 
JPM
 
932,261
EUR
 
1,061,776
 
1,070,422
USD
 
1,070,422
 
8,646
5/17/2019
 
JPM
 
1,143,838
GBP
 
1,493,512
 
1,476,996
USD
 
1,476,996
 
(16,516)
5/17/2019
 
JPM
 
786,197
USD
 
786,197
 
603,725
GBP
 
788,285
 
2,088
7/2/2019
 
JPM
 
2,629,335
GBP
 
3,440,934
 
3,456,731
USD
 
3,456,731
 
15,797
7/2/2019
 
JPM
 
3,481,976
USD
 
3,481,976
 
2,629,335
GBP
 
3,440,934
 
(41,042)
5/8/2019
 
JPM
 
704,026
HKD
 
89,802
 
89,815
USD
 
89,815
 
13
             
$                14,878,932
       
$               14,891,264
 
$                                    12,332
         
AUD
- Australian Dollar
       
EUR
- Euro
       
GBP
- British Pound
       
HKD
- Hong Kong Dollar
       
JPM
- JPMorgan Chase & Co., Inc.
       
USD
- U.S. Dollar
       
*
  Net unrealized appreciation (depreciation) is a receivable (payable).
       

WCM Alternatives: Event-Driven Fund
       
SCHEDULE OF INVESTMENTS
       
Open Swap Contracts
             
March 31, 2019 (Unaudited)
       
               
     



   
Counterparty
Security
Termination Date
Pay/Receive on
Financing Rate
Financing
Rate

Payment
Frequency
Shares
Notional Amount
Unrealized
Appreciation
(Depreciation)*
LONG TOTAL RETURN SWAP CONTRACTS
 
JPM
Altaba, Inc.
4/27/2019
Pay
0.622% +3 Month LIBOR
Quarterly
181,663
$        12,167,200
$            1,279,086
BAML
ARRIS International plc
11/9/2019
Pay
0.750% +1 Month LIBOR
Monthly
149,260
            4,497,884
                  215,770
JPM
AT&T, Inc.
6/15/2019
Pay
0.300% +3 Month LIBOR
Quarterly
28,318
               903,646
                  (16,835)
BAML
Brookfield Property REIT, Inc. Class A
8/30/2019
Pay
0.750% +1 Month LIBOR
Monthly
29,422
               574,989
                    27,298
BAML
CBS Corporation Class B
10/22/2019
Pay
0.400% +1 Month LIBOR
Monthly
6,606
               343,994
                  (30,314)
JPM
Discovery Communications, Inc. Class C
3/9/2020
Pay
0.300% +3 Month LIBOR
Quarterly
10,767
               292,539
                  (19,244)
BAML
DowDuPont, Inc.
10/22/2019
Pay
0.400% +1 Month LIBOR
Monthly
6,841
               383,575
                  (19,220)
BAML
EnCana Corporation
11/14/2019
Pay
0.750% +1 Month LIBOR
Monthly
29,737
               219,213
                    (4,165)
JPM
First Trust Senior Floating Rate Income Fund II
12/6/2019
Pay
0.800% +3 Month LIBOR
Quarterly
12,108
               143,025
                       (139)
JPM
Fox Corporation Class B
3/22/2020
Pay
0.300% +3 Month LIBOR
Quarterly
87,341
            3,271,203
               (138,736)
BAML
Gemalto NV
6/1/2019
Pay
0.350% +1 Month LIBOR
Monthly
41,853
            2,442,960
                  (51,631)
JPM
Healthscope Ltd.
1/15/2020
Pay
0.400% +3 Month LIBOR
Quarterly
356,859
               598,190
                    16,692
JPM
Hopewell Holdings Ltd.
3/7/2020
Pay
0.400% +3 Month LIBOR
Quarterly
18,145
                  84,582
                      4,521
JPM
Innogy SE
7/17/2019
Pay
0.400% +3 Month LIBOR
Quarterly
24,456
            1,044,750
                    84,579
JPM
Liberty Media Corporation- Liberty SiriusXM Class A
12/17/2019
Pay
0.300% +3 Month LIBOR
Quarterly
12,597
               485,740
                    (5,455)
JPM
Melrose Industries plc
9/4/2019
Pay
0.300% +3 Month LIBOR
Quarterly
256,581
               707,707
                  (96,619)
JPM
Navitas Ltd.
2/20/2020
Pay
0.400% +3 Month LIBOR
Quarterly
87,162
               350,241
                      6,982
BAML
Red Hat, Inc.
11/9/2019
Pay
0.750% +1 Month LIBOR
Monthly
60,966
          10,756,793
                  371,183
JPM
SLM Corporation, 4.331%, Series B
2/8/2020
Pay
1.100% +3 Month LIBOR
Quarterly
35,769
            2,378,639
                    16,220
JPM
Uniper SE
2/12/2020
Pay
0.400% +3 Month LIBOR
Quarterly
20,906
            2,218,072
                  103,497
BAML
USG Corporation
9/11/2019
Pay
0.750% +1 Month LIBOR
Monthly
40,700
            1,201,356
                    24,611
JPM
The Walt Disney Company
3/25/2020
Pay
0.300% +3 Month LIBOR
Quarterly
26,672
            1,149,697
                      4,063
                 
SHORT TOTAL RETURN SWAP CONTRACTS
 
JPM
Alibaba Group Holding Ltd. - ADR
4/9/2019
Receive
(0.600)% +3 Month LIBOR
Quarterly
(60,462)
          (9,710,215)
            (1,311,856)
BAML
Brookfield Property Partners LP
3/29/2020
Pay
(4.500)% +1 Month LIBOR
Monthly
(4,895)
             (101,326)
                         636
 
 $              460,924
ADR
- American Depository Receipt
             
BAML
- Bank of America Merrill Lynch & Co., Inc.
 
JPM
- JPMorgan Chase & Co., Inc.
 
LIBOR
- London Interbank Offered Rate
           
plc
- Public Limited Company
 
*
Based on the net swap value held at each counterparty, unrealized appreciation (depreciation) is a receivable (payable).