| Opportunistic Credit Interval Fund | Consolidated Schedule of Investments |
December 31, 2024 (Unaudited)
| Coupon | Reference Rate & Spread | Maturity | Principal | Value | ||||||||||||
| BANK LOANS (80.99%) | ||||||||||||||||
| Communication Services (6.33%) | ||||||||||||||||
| Neptune Bidco US Inc., Second Lien Term Loan(a)(b) | 14.51 | % | 3M SOFR + 9.75%, 0.75% Floor | 10/11/2029 | $ | 2,000,000 | $ | 1,926,000 | ||||||||
| Neptune Bidco US Inc., First Lien Term Loan A(a)(b) | 9.51 | % | 3M SOFR + 4.75%, 0.50% Floor | 10/11/2028 | 2,482,374 | 2,231,927 | ||||||||||
| Neptune Bidco US Inc., First Lien Term Loan(a)(b) | 9.76 | % | 3M SOFR + 5.00%, 0.50% Floor | 04/11/2029 | 2,626,792 | 2,364,586 | ||||||||||
| Next Flight Ventures, First Lien Term Loan(a)(b)(c) | 14.59 | % | 3M SOFR + 10.00% | 12/26/2025 | 1,188,112 | 1,157,340 | ||||||||||
| Next Flight Ventures, Delayed Draw Term Loan(a)(b)(c)(d) | 14.70 | % | 3M SOFR + 10.00% | 12/26/2025 | 248,583 | 241,043 | ||||||||||
| Synamedia Americas Holdings, Inc., First Lien Term Loan(a)(b) | 12.11 | % | 3M SOFR + 7.75%, 1.00% Floor | 12/05/2028 | 1,631,466 | 1,599,652 | ||||||||||
| 9,520,548 | ||||||||||||||||
| Consumer Discretionary (1.78%) | ||||||||||||||||
| PMP OPCO, LLC, First Lien Term Loan(a)(b)(e) | 12.86 | % | 1M SOFR + 8.50%, 2.00% Floor | 05/31/2029 | 1,958,906 | 1,853,713 | ||||||||||
| PMP OPCO, LLC, Delayed Draw Term Loan(a)(b)(d)(e) | – | % | 1M SOFR + 8.50%, 2.00% Floor | 05/31/2029 | – | (57,356 | ) | |||||||||
| PMP OPCO, LLC, Revolver(a)(b)(d)(e) | – | % | 1M SOFR + 8.50%, 2.00% Floor | 05/31/2029 | – | (11,747 | ) | |||||||||
| Riddell Inc., First Lien Term Loan(a)(b)(e) | 10.48 | % | 1M SOFR + 6.00%, 1.00% Floor | 03/29/2029 | 892,045 | 892,045 | ||||||||||
| Riddell Inc., Delayed Draw Term Loan(a)(b)(d)(e) | – | % | 1M SOFR + 6.00%, 1.00% Floor | 03/29/2029 | – | – | ||||||||||
| 2,676,655 | ||||||||||||||||
| Consumer Staples (8.77%) | ||||||||||||||||
| Alphia, Inc., First Lien Term Loan(a)(b) | 9.36 | % | 1M SOFR + 5.00% | 10/03/2030 | 2,977,500 | 2,906,784 | ||||||||||
| Florida Food Products LLC, First Lien Term Loan(a)(b) | 9.59 | % | 3M SOFR + 5.00%, 0.75% Floor | 10/18/2028 | 4,061,148 | 3,472,282 | ||||||||||
| Global Integrated Flooring Systems Inc., First Lien Term Loan(a)(b)(c) | 14.96 | % | 3M SOFR + 8.36%, 1.00% PIK | 06/30/2025 | 1,201,854 | 665,346 | ||||||||||
| Global Integrated Flooring Systems Inc., Revolver(a)(b)(c) | 14.72 | % | 1M SOFR + 8.36%, 1.00% PIK | 06/30/2025 | 12,194 | 6,751 | ||||||||||
| Jackson Ranch LLC, First Lien Term Loan(a)(b)(c) | 13.00 | % | 13.00% PIK | 09/20/2027 | 1,373,963 | 1,373,963 | ||||||||||
| SPB C-2024, LLC, First Lien Term Loan(a)(b)(c) | 13.00 | % | 13.00% PIK | 08/19/2027 | 4,720,017 | 4,779,018 | ||||||||||
| 13,204,144 | ||||||||||||||||
| Financials (26.73%) | ||||||||||||||||
| AIS Holdco, LLC, First Lien Term Loan(a)(b) | 10.33 | % | 3M SOFR + 6.00%, 1.25% Floor | 05/21/2029 | 2,098,740 | 2,072,506 | ||||||||||
| AIS Holdco, LLC, Revolver(a)(b)(d) | – | % | 3M SOFR + 6.00%, 1.25% Floor | 05/21/2029 | – | (1,250 | ) | |||||||||
| BetaNXT, Inc., First Lien Term Loan(a)(b) | 10.08 | % | 3M SOFR + 5.75% | 07/01/2029 | 5,349,907 | 5,142,866 | ||||||||||
| Cor Leonis Limited, Revolver(a)(b)(d) | 11.58 | % | 1M SOFR + 7.25%, 1.50% Floor | 05/15/2028 | 214,523 | 214,523 | ||||||||||
| Expert Experience Credit Motors, LLC, Revolver(a)(b)(d) | 15.02 | % | 1M SOFR + 10.50% | 03/29/2026 | 4,672,189 | 4,672,189 | ||||||||||
| Fortis Payment Systems, LLC, First Lien Term Loan(a)(b) | 9.68 | % | 3M SOFR + 5.25%, 1.00% Floor | 02/13/2026 | 1,860,938 | 1,851,633 | ||||||||||
| Fortis Payment Systems, LLC, Delayed Draw Term Loan(a)(b)(d) | 9.68 | % | 3M SOFR + 5.25%, 1.00% Floor | 02/13/2026 | 347,539 | 347,183 | ||||||||||
| Lion FIV Debtco Limited, Revolver(a)(b) | 15.81 | % | 3M SOFR + 11.00% | 10/18/2025 | 1,279,847 | 1,262,347 | ||||||||||
| Meridian Venture Partners II LP, First Lien Term Loan(a)(b)(c) | 15.50 | % | 15.50% PIK | 04/15/2027 | 2,576,420 | 2,521,026 | ||||||||||
| OCCAMS Advisory Inc., First Lien Term Loan(a)(b)(c) | 10.00 | % | 10.00% PIK | 12/23/2027 | 3,500,000 | 2,800,000 | ||||||||||
| PMA Parent Holdings LLC, First Lien Term Loan(a)(b) | 9.58 | % | 3M SOFR + 5.25%, 0.75% Floor | 01/31/2031 | 2,802,632 | 2,760,592 | ||||||||||
| Opportunistic Credit Interval Fund | Schedule of Investments |
December 31, 2024 (Unaudited)
| Coupon | Reference Rate & Spread | Maturity | Principal | Value | ||||||||||||
| PMA Parent Holdings LLC, Revolver(a)(b)(d) | – | % | 3M SOFR + 5.25%, 0.75% Floor | 01/31/2031 | $ | – | $ | – | ||||||||
| PocketWatch, Inc., First Lien Term Loan(a)(b) | – | % | N/A | 07/15/2027 | 1,408,623 | 1,408,623 | ||||||||||
| Resolute Investment Managers Inc., First Lien Term Loan(a)(b) | 11.37 | % | 3M SOFR + 6.50% | 04/30/2027 | 4,982,437 | 4,899,405 | ||||||||||
| RHF VIII Holdings LLC, Revolver(a)(b)(d) | 11.72 | % | 1M SOFR + 7.13%, 2.50% Floor | 07/02/2026 | 3,450,000 | 3,437,500 | ||||||||||
| Royal Palm Equity Partners I L.P., First Lien Term Loan(a)(b)(c)(d) | 11.63 | % | 3M SOFR + 8.00%, 11.63% PIK, 2.50% Floor | 10/24/2033 | 2,726 | 2,372 | ||||||||||
| Royal Palm Equity Partners I L.P., Delayed Draw Term Loan(a)(b)(c)(d) | 11.63 | % | 3M SOFR + 8.00%, 11.63% PIK, 2.50% Floor | 10/24/2033 | 13,629 | 11,861 | ||||||||||
| Royal Palm Equity Partners I L.P., Initial, First Lien Term Loan(a)(b)(c) | 11.63 | % | 3M SOFR + 8.00%, 11.63% PIK, 2.50% Floor | 10/24/2033 | 613,132 | 610,189 | ||||||||||
| Royal Palm Equity Partners II L.P., First Lien Term Loan(a)(b)(c) | 12.63 | % | 3M SOFR + 8.00%, 12.63% PIK, 2.50% Floor | 10/24/2028 | 42,162 | 41,904 | ||||||||||
| Russell Investments US Institutional Holdco, Inc., First Lien Term Loan(a)(b)(c) | 11.09 | % | 1M SOFR + 5.00%, 1.50% PIK, 1.00% Floor | 05/31/2027 | 4,603,204 | 4,417,924 | ||||||||||
| TA/WEG HOLDINGS, LLC, 2024 Delayed Draw Term Loan(a)(b)(d) | 9.44 | % | 3M SOFR + 5.00% | 10/04/2027 | 1,755,555 | 1,762,454 | ||||||||||
| TA/WEG HOLDINGS, LLC, Revolver(a)(b)(d) | – | % | 3M SOFR + 5.00% | 10/04/2027 | – | – | ||||||||||
| 40,235,847 | ||||||||||||||||
| Health Care (8.56%) | ||||||||||||||||
| CCMG Buyer, LLC, First Lien Term Loan(a)(b) | 9.90 | % | 1M SOFR + 5.50%, 1.00% Floor | 05/08/2030 | 1,575,417 | 1,575,417 | ||||||||||
| CCMG Buyer, LLC, Revolver(a)(b)(d) | – | % | 1M SOFR + 5.50%, 1.00% Floor | 05/08/2030 | – | – | ||||||||||
| Dentive LLC, First Lien Term Loan(a)(b) | 11.08 | % | 3M SOFR + 6.75%, 0.75% Floor | 12/26/2028 | 237,015 | 233,697 | ||||||||||
| Dentive LLC, Delayed Draw Term Loan(a)(b)(d) | 11.08 | % | 3M SOFR + 6.75%, 0.75% Floor | 12/26/2028 | 117,741 | 116,093 | ||||||||||
| Dentive LLC, Delayed Draw Term Loan(a)(b)(d) | 11.08 | % | 3M SOFR + 6.75%, 0.75% Floor | 12/26/2028 | 1,626,277 | 1,598,032 | ||||||||||
| IDC Infusion Services, Inc., First Lien Term Loan(a)(b) | 10.83 | % | 3M SOFR + 6.50%, 1.00% Floor | 07/07/2028 | 362,297 | 364,109 | ||||||||||
| IDC Infusion Services, Inc., Delayed Draw Term Loan(a)(b)(d) | 10.83 | % | 3M SOFR + 6.50%, 1.00% Floor | 07/07/2028 | 116,883 | 117,873 | ||||||||||
| IDC Infusion Services, Second Amendment, First Lien Term Loan(a)(b) | 10.26 | % | 3M SOFR + 6.00%, 1.00% Floor | 07/07/2028 | 3,491,250 | 3,460,876 | ||||||||||
| PhyNet Dermatology LLC, First Lien Term Loan(a)(b) | 11.12 | % | 3M SOFR + 6.50%, 1.00% Floor | 10/20/2029 | 481,671 | 478,058 | ||||||||||
| PhyNet Dermatology LLC, Delayed Draw Term Loan(a)(b)(d) | – | % | 3M SOFR + 6.50%, 1.00% Floor | 10/20/2029 | – | 2,534 | ||||||||||
| Radiology Partners, Inc, First Lien Term Loan(a)(b)(c) | 9.78 | % | 3M SOFR + 3.50%, 1.50% PIK, 1.00% Floor | 01/31/2029 | 2,005,355 | 1,986,805 | ||||||||||
| South Florida ENT Associates, First Lien Term Loan(a)(b) | 11.62 | % | 3M SOFR + 7.00%, 1.00% Floor | 12/31/2025 | 390,498 | 388,819 | ||||||||||
| South Florida ENT Associates, Delayed Draw Term Loan(a)(b)(d) | 10.84 | % | 1M SOFR + 6.25% | 12/31/2025 | 85,300 | 84,227 | ||||||||||
| USN Opco, LLC, First Lien Term Loan(a)(b) | 10.23 | % | 3M SOFR + 5.75%, 1.00% Floor | 12/21/2026 | 2,481,250 | 2,481,250 | ||||||||||
| 12,887,790 | ||||||||||||||||
| Industrials (7.34%) | ||||||||||||||||
| Astro Acquisition, LLC, First Lien Term Loan(a)(b) | 9.82 | % | 3M SOFR + 5.50%, 1.00% Floor | 12/13/2027 | 3,970,000 | 3,947,371 | ||||||||||
| Opportunistic Credit Interval Fund | Consolidated Schedule of Investments |
December 31, 2024 (Unaudited)
| Coupon | Reference Rate & Spread | Maturity | Principal | Value | ||||||||||||
| Marvel APS (Autorola Group Holding A/S), Delayed Draw Term Loan(a)(b)(c)(f) | 10.00 | % | 10.00% PIK | 12/21/2027 | $ | 3,364,715 | $ | 3,777,414 | ||||||||
| Material Handling Systems, Inc., First Lien Term Loan(a)(b) | 9.76 | % | PRIME + 8.00%, 0.50% Floor | 06/08/2029 | 1,563,942 | 1,371,969 | ||||||||||
| Tactical Air Support, Inc., First Lien Term Loan(a)(b) | 13.28 | % | 3M SOFR + 8.50%, 1.00% Floor | 12/22/2028 | 1,692,857 | 1,678,129 | ||||||||||
| Tactical Air Support, Inc., Delayed Draw Term Loan(a)(b) | 13.08 | % | 1M SOFR + 8.50%, 1.00% Floor | 12/22/2028 | 282,143 | 279,688 | ||||||||||
| 11,054,571 | ||||||||||||||||
| Information Technology (18.32%) | ||||||||||||||||
| Athos Merger Sub LLC, First Lien Term Loan(a)(b) | 9.78 | % | 3M SOFR + 5.00% | 07/31/2026 | 234,296 | 221,410 | ||||||||||
| Athos Merger Sub LLC, Second Lien Term Loan(a)(b) | 13.03 | % | 3M SOFR + 8.25% | 07/30/2027 | 160,771 | 146,527 | ||||||||||
| DCert Buyer, Inc., First Amendment Term Loan Refinancing, Second Lien Term Loan(a)(b) | 11.36 | % | 1M SOFR + 7.00% | 02/16/2029 | 3,532,961 | 2,982,049 | ||||||||||
| DRI HOLDING INC., First Lien Term Loan(a)(b) | 9.71 | % | 1M SOFR + 5.25%, 0.50% Floor | 12/15/2028 | 498,181 | 484,950 | ||||||||||
| Enverus Holdings, Inc., Initial First Lien Term Loan(a)(b) | 9.86 | % | 1M SOFR + 5.50%, 0.75% Floor | 12/12/2029 | 807,923 | 802,914 | ||||||||||
| Enverus Holdings, Inc., Revolver(a)(b)(d) | 9.86 | % | 1M SOFR + 5.50%, 0.75% Floor | 12/12/2029 | 2,214 | 1,753 | ||||||||||
| HDC / HW Intermediate Holdings, LLC, First Lien Term Loan A(a)(b)(c) | 8.75 | % | 3M SOFR + 6.25%, 2.50% PIK, 5.25% Floor | 06/21/2026 | 932,717 | 754,400 | ||||||||||
| HDC / HW Intermediate Holdings, LLC, First Lien Term Loan B(a)(b)(c)(g) | – | % | 3M SOFR + 6.25%, 2.50% PIK, 5.25% Floor | 06/21/2026 | 650,155 | – | ||||||||||
| Help Systems Holdings, Inc., First Lien Term Loan(a)(b) | 8.69 | % | 3M SOFR + 4.00%, 0.75% Floor | 11/19/2026 | 2,476,603 | 2,189,862 | ||||||||||
| Ivanti Software, Inc., First Lien Term Loan(a)(b) | 9.12 | % | 3M SOFR + 4.25%, 0.75% Floor | 12/01/2027 | 2,443,954 | 1,695,493 | ||||||||||
| Kofax, Inc., First Lien Term Loan(a)(b) | 9.94 | % | 3M SOFR + 5.25%, 0.50% Floor | 07/20/2029 | 2,562,311 | 2,306,080 | ||||||||||
| Morae Global Corporation, First Lien Term Loan(a)(b) | 12.77 | % | 3M SOFR + 8.00%, 2.00% Floor | 10/26/2026 | 1,297,656 | 1,277,283 | ||||||||||
| Morae Global Corporation, Revolver(a)(b)(d) | – | % | 3M SOFR + 8.00%, 2.00% Floor | 10/26/2026 | – | (1,963 | ) | |||||||||
| PEAK Technology Partners, Inc., First Lien Term Loan(a)(b) | 9.60 | % | 1M SOFR + 5.25%, 1.00% Floor | 07/22/2027 | 613,466 | 612,730 | ||||||||||
| Riskonnect Parent LLC, First Lien Term Loan(a)(b) | 9.48 | % | 3M SOFR + 5.00%, 0.75% Floor | 12/07/2028 | 1,215,992 | 1,206,386 | ||||||||||
| Riskonnect Parent LLC, Delayed Draw Term Loan(a)(b)(d) | – | % | 3M SOFR + 5.00%, 0.75% Floor | 12/07/2028 | – | 10,500 | ||||||||||
| Tank Holding Corp., First Lien Term Loan(a)(b) | 10.25 | % | 6M SOFR + 5.75%, 0.75% Floor | 03/31/2028 | 1,829,488 | 1,803,957 | ||||||||||
| Tank Holding Corp., Revolver(a)(b)(d) | – | % | 6M SOFR + 5.75%, 0.75% Floor | 03/31/2028 | – | (96 | ) | |||||||||
| Taoglas Group Holdings Limited, First Lien Term Loan(a)(b) | 11.58 | % | 3M SOFR + 7.25%, 1.00% Floor | 02/28/2029 | 308,508 | 296,353 | ||||||||||
| Taoglas Group Holdings Limited, Revolver(a)(b)(d) | 11.76 | % | 3M SOFR + 7.25%, 1.00% Floor | 02/28/2029 | 81,348 | 77,960 | ||||||||||
| VTX Intermediate Holdings, Inc., Second Lien Term Loan(a)(b)(c) | 12.50 | % | 12.50% PIK | 12/12/2030 | 4,948,093 | 4,849,131 | ||||||||||
| VTX Intermediate Holdings, Inc., First Lien Term Loan(a)(b)(c) | 11.65 | % | 1M SOFR + 6.00%, 1.00% PIK, 2.00% Floor | 12/12/2029 | 3,051,907 | 3,021,388 | ||||||||||
| Zywave, Inc., First Lien Term Loan(a)(b) | 8.98 | % | 3M SOFR + 4.50%, 0.75% Floor | 11/12/2027 | 2,959,014 | 2,838,804 | ||||||||||
| 27,577,871 | ||||||||||||||||
| Opportunistic Credit Interval Fund | Schedule of Investments |
December 31, 2024 (Unaudited)
| Coupon | Reference Rate & Spread | Maturity | Principal | Value | ||||||||||||
| Real Estate (3.16%) | ||||||||||||||||
| RHF VI Funding LLC, Revolver(a)(b)(d) | 12.09 | % | 3M SOFR + 7.50% | 08/19/2025 | $ | 4,750,000 | $ | 4,750,000 | ||||||||
| 4,750,000 | ||||||||||||||||
| TOTAL BANK LOANS | ||||||||||||||||
| (Cost $122,596,805) | 121,907,426 | |||||||||||||||
| BONDS & NOTES (4.63%) | ||||||||||||||||
| Asset Backed Securities (0.20%) | ||||||||||||||||
| Mount Logan Funding 2018-1 LP(a)(b)(e) | 22.14 | % | N/A | 01/22/2033 | 479,858 | 305,238 | ||||||||||
| Notes (4.43%) | ||||||||||||||||
| Financials (4.43%) | ||||||||||||||||
| EJF CRT 2024-R1 LLC(a)(b) | 12.18 | % | N/A | 12/17/2055 | 6,662,456 | 6,662,456 | ||||||||||
| TOTAL BONDS & NOTES | ||||||||||||||||
| (Cost $7,071,164) | 6,967,694 | |||||||||||||||
| EQUIPMENT FINANCING (1.75%) | ||||||||||||||||
| Financials (1.75%) | ||||||||||||||||
| White Oak Equipment Finance 1, LLC(a)(b)(h) | 10.75 | % | N/A | 01/01/2027 | 2,634,135 | 2,634,135 | ||||||||||
| TOTAL EQUIPMENT FINANCING | ||||||||||||||||
| (Cost $2,634,135) | 2,634,135 | |||||||||||||||
| Shares | Value | |||||||
| COMMON EQUITY (1.03%) | ||||||||
| Communication Services (0.00%) | ||||||||
| Next Flight Ventures(a)(i) | 23 | – | ||||||
| NFV Co-Pilot, Inc.(a)(i) | 114 | – | ||||||
| – | ||||||||
| Consumer Discretionary (0.11%) | ||||||||
| IFRG Investor III, L.P.(a) | 1,250,000 | 166,602 | ||||||
| 166,602 | ||||||||
| Diversified (0.84%) | ||||||||
| Franklin BSP Capital Corp(a) | 88,106 | 1,267,955 | ||||||
| 1,267,955 | ||||||||
| Financials (0.08%) | ||||||||
| AQ Phoenix Parent, L.P.(a)(h) | 53,470 | 117,636 | ||||||
| 117,636 | ||||||||
| Information Technology (–%) | ||||||||
| HDC / HW Intermediate Holdings, LLC(a)(i) | 24,803 | – | ||||||
| VTX Holdings LLC(a) | 2,486,597 | – | ||||||
| – | ||||||||
| TOTAL COMMON EQUITY | ||||||||
| (Cost $2,364,225) | 1,552,193 | |||||||
| Opportunistic Credit Interval Fund | Consolidated Schedule of Investments |
December 31, 2024 (Unaudited)
| Shares | Value | |||||||||
| JOINT VENTURE (4.43%) | ||||||||||
| Joint Venture (4.43%) | ||||||||||
| Great Lakes Funding II LLC, Series A(a)(d)(e)(j)(k) | 6,678,805 | 6,669,568 | ||||||||
| 6,669,568 | ||||||||||
| TOTAL JOINT VENTURE | ||||||||||
| (Cost $6,678,805) | 6,669,568 | |||||||||
| Shares | Value | |||||||||
| PREFERRED STOCK (10.04%) | ||||||||||
| Communication Services (1.54%) | ||||||||||
| Highmount DP SPV, LLC, Class A, Preferred(a)(d)(h)(i) | 2,321,429 | 2,321,429 | ||||||||
| 2,321,429 | ||||||||||
| Consumer Discretionary (5.94%) | ||||||||||
| EBSC Holdings LLC, Preferred(a)(b)(c)(e)(i) | 10.00% PIK | 5,384,812 | 5,936,756 | |||||||
| Princeton Medspa Partners, LLC, Preferred(a)(b)(c)(e)(h)(i) | 12.50% PIK | 3,722,786 | 3,005,018 | |||||||
| 8,941,774 | ||||||||||
| Health Care (2.56%) | ||||||||||
| Epilog Partners SPV III, LLC, Preferred(a)(d)(h)(i) | 3,519,353 | 3,847,891 | ||||||||
| 3,847,891 | ||||||||||
| TOTAL PREFERRED STOCK | ||||||||||
| (Cost $14,884,647) | 15,111,094 | |||||||||
| WARRANTS (0.12%) | ||||||||||
| Information Technology (0.12%) | ||||||||||
| Morae Global Holdings Inc., Warrants(a) | 1.00 | 70,468 | ||||||||
| Princeton Medspa Partners, LLC, Warrants(a)(e)(h) | 0.09 | 102,144 | ||||||||
| 172,612 | ||||||||||
| TOTAL WARRANTS | ||||||||||
| (COST $52,194) | 172,612 | |||||||||
| Number
of Contracts | Value | |||||||||
| DERIVATIVES (0.00%) | ||||||||||
| Epilog Partners SPV III, LLC, Put Option(a)(h) | 3,500,000 | – | ||||||||
| Princeton Medspa Partners, LLC, Put Option(a)(e)(h) | 3,500,000 | – | ||||||||
| TOTAL DERIVATIVES | ||||||||||
| (Cost $–) | – | |||||||||
| SHORT-TERM INVESTMENT (2.21%) | ||||||||||
| US BANK MMDA - USBGFS 9, 4.20%(l) | 3,330,078 | 3,330,078 | ||||||||
| TOTAL SHORT-TERM INVESTMENT | ||||||||||
| (Cost $3,330,078) | 3,330,078 | |||||||||
| Opportunistic Credit Interval Fund | Schedule of Investments |
December 31, 2024 (Unaudited)
| INVESTMENTS, AT VALUE (105.20%) | ||||||||||
| (Cost $159,612,053) | $ | 158,344,800 | ||||||||
| Other Liabilities In Excess Of Other Assets (-5.20%) | (7,822,207 | ) | ||||||||
| NET ASSETS (100.00%) | $ | 150,522,593 | ||||||||
| Investment Abbreviations: |
| SOFR - Secured Overnight Financing Rate |
| PIK - Payment in-kind |
| Reference Rates: |
| PRIME - US Prime Rate as of December 31, 2024 was 7.50% |
| 1M US SOFR - 1 Month US SOFR as of December 31, 2024 was 4.33% |
| 3M US SOFR - 3 Month US SOFR as of December 31, 2024 was 4.31% |
| 6M US SOFR - 6 Month US SOFR as of December 31, 2024 was 4.25% |
| (a) | As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 assets. |
| (b) | Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at December 31, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
| (c) | Payment in-kind security which may pay interest in additional par. |
| (d) | All or a portion of this commitment was unfunded as of December 31, 2024. |
| (e) | Affiliated company. |
| (f) | Principal balance denominated in euros. |
| (g) | Non-accrual |
| (h) | Investment is held through SOFIX Master Blocker, LLC, wholly owned subsidiary. |
| (i) | Non-income producing security. |
| (j) | Restricted security. |
| (k) | During the period ended December 31, 2024, the Fund invested $483,587 in Great Lakes Funding II, LLC - Series A units, received a return of capital distribution of $-, and reported change in unrealized depreciation of $164,117 on Great Lakes Funding II, LLC - Series A units. Additionally, Great Lakes Funding II LLC - Series A declared distributions of $235,112 during the period ended December 31, 2024. |
| (l) | Money market fund; interest rate reflects seven-day effective yield on December 31, 2024. |
| Opportunistic Credit Interval Fund | Consolidated Schedule of Investments |
December 31, 2024 (Unaudited)
Additional information on investments in private investment funds:
| Security | Value | Redemption Frequency | Redemption Notice(Days) | Unfunded Commitments as of December 31, 2024 | ||||||||
| Great Lakes Funding II LLC, Series A | $ | 6,669,568 | N/A | N/A | $ | 1,320,142 | ||||||
| Total | $ | 6,669,568 | $ | 1,320,142 | ||||||||
Unfunded Commitments:
| Security | Value | Maturity Date | Unfunded Commitments as of December 31, 2024 | |||||||
| AIS Holdco, LLC, Revolver | $ | (1,250 | ) | 05/21/2029 | $ | 100,000 | ||||
| CCMG Buyer, LLC, Revolver | - | 05/08/2030 | 250,000 | |||||||
| Cor Leonis Limited, Revolver | 214,523 | 05/15/2028 | 6,785,477 | |||||||
| Dentive LLC, Delayed Draw Term Loan | 1,714,125 | 12/26/2028 | 1,369,500 | |||||||
| Enverus Holdings, Inc., Revolver | 1,753 | 12/12/2029 | 74,324 | |||||||
| Epilog Partners SPV III, LLC, Preferred | 3,847,891 | N/A | 260,647 | |||||||
| Expert Experience Credit Motors, LLC, Revolver | 4,672,189 | 03/29/2026 | 577,811 | |||||||
| Fortis Payment Systems, LLC, Delayed Draw Term Loan | 347,183 | 02/13/2026 | 276,250 | |||||||
| Highmount DP SPV, LLC, Class A, Preferred | 2,321,429 | N/A | 2,678,571 | |||||||
| IDC Infusion Services, Inc., Delayed Draw Term Loan | 117,873 | 07/07/2028 | 16,234 | |||||||
| Morae Global Corporation, Revolver | (1,963 | ) | 10/26/2026 | 125,000 | ||||||
| Next Flight Ventures, Delayed Draw Term Loan | 241,043 | 12/26/2025 | 69,300 | |||||||
| PhyNet Dermatology LLC, Delayed Draw Term Loan | 2,534 | 10/20/2029 | 1,013,464 | |||||||
| PMA Parent Holdings LLC, Revolver | - | 01/31/2031 | 197,368 | |||||||
| PMP OPCO, LLC, Delayed Draw Term Loan | (57,356 | ) | 05/31/2029 | 1,312,500 | ||||||
| PMP OPCO, LLC, Revolver | (11,747 | ) | 05/31/2029 | 218,750 | ||||||
| RHF VI Funding LLC, Revolver | 4,750,000 | 08/19/2025 | 250,000 | |||||||
| RHF VIII Holdings LLC, Revolver | 3,437,500 | 07/02/2026 | 1,550,000 | |||||||
| Riddell Inc., Delayed Draw Term Loan | - | 03/29/2029 | 90,909 | |||||||
| Riskonnect Parent LLC, Delayed Draw Term Loan | 10,500 | 12/07/2028 | 5,000,000 | |||||||
| Royal Palm Equity Partners I L.P., Delayed Draw Term Loan | 11,861 | 10/24/2033 | 354,814 | |||||||
| Royal Palm Equity Partners I L.P., First Lien Term Loan | 2,372 | 10/24/2033 | 70,963 | |||||||
| South Florida ENT Associates, Delayed Draw Term Loan | 84,227 | 12/31/2025 | 83,426 | |||||||
| TA/WEG HOLDINGS, LLC, 2024 Delayed Draw Term Loan | 1,762,454 | 10/04/2027 | 689,888 | |||||||
| TA/WEG HOLDINGS, LLC, Revolver | - | 10/04/2027 | 207,900 | |||||||
| Tank Holding Corp., Revolver | (96 | ) | 03/31/2028 | 6,848 | ||||||
| Taoglas Group Holdings Limited, Revolver | 77,960 | 02/28/2029 | 4,648 | |||||||
| Total | $ | 23,545,005 | $ | 23,634,592 | ||||||
| Total Unfunded Commitments | $ | 24,954,734 | ||||||||
Securities determined to be restricted under the procedures approved by the Fund's Board of Trustees are as follows.
| Date(s) of Purchase | Security | Cost | Value | % of Net Assets | ||||||||||
| 08/05/2022-12/31/2024 | Great Lakes Funding II LLC, Series A | 6,678,805 | 6,669,568 | 4.43 | % | |||||||||
| Total | $ | 6,678,805 | $ | 6,669,568 | 4.43 | % | ||||||||