VIRTUS EQUITY TRUST SEMIANNUAL REPORT
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SEMIANNUAL REPORT
VIRTUS EQUITY TRUST
March 31, 2021
Virtus Tactical Allocation Fund
As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the
Fund’s shareholder reports like this one will no longer be sent by mail, unless specifically requested
from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the
reports will be made available on a website, and you will be notified by mail each time a report is
posted and provided with a website link to access the report. If you already elected to receive
shareholder reports electronically, you will not be affected by this change and you need not take any
action.
You may elect at any time to receive not only shareholder reports but also certain other
communications from the Fund electronically, or you may elect to receive paper copies of all future
shareholder reports free of charge to you. If you own your shares directly with the Fund, you may make
such elections by calling the Fund at 1-800-243-1574 or, with respect to requesting electronic
delivery, by visiting www.virtus.com. An election made directly with the Fund will apply to all Virtus
Mutual Funds in which you own shares directly. If you own your shares through a financial
intermediary, please contact your financial intermediary to make your request and to determine
whether your election will apply to all funds in which you own shares through that intermediary.
Not FDIC Insured • No Bank Guarantee • May Lose ValueTable of Contents Virtus Tactical Allocation Fund (“Tactical Allocation Fund”) Message to Shareholders ..................................................................... 1 Disclosure of Fund Expenses .............................................................. 2 Key Investment Terms ........................................................................ 4 Schedule of Investments ..................................................................... 6 Statement of Assets and Liabilities ..................................................... 33 Statement of Operations ..................................................................... 35 Statements of Changes in Net Assets ................................................. 36 Financial Highlights ........................................................................... 38 Notes to Financial Statements ............................................................ 41 Results of Shareholder Meeting .......................................................... 54 Consideration of Advisory and Subadvisory Agreements by the Board of Trustees ............................................................................ 55 PROXY VOTING PROCEDURES AND VOTING RECORD (FORM N-PX) The subadvisers vote proxies, if any, relating to portfolio securities in accordance with procedures that have been approved by the Board of Trustees of the Trust (“Trustees”, or the “Board”). You may obtain a description of these procedures, along with information regarding how the Fund voted proxies during the most recent 12-month period ended June 30, free of charge, by calling toll-free 1-800-243-1574. This information is also available through the Securities and Exchange Commission’s (the “SEC”) website at https://www.sec.gov. PORTFOLIO HOLDINGS INFORMATION The Trust files a complete schedule of portfolio holdings for the Fund with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT-P. Form N-PORT-P is available on the SEC’s website at https://www.sec.gov. This report is not authorized for distribution to prospective investors in the Tactical Allocation Fund unless preceded or accompanied by an effective prospectus which includes information concerning the sales charge, the Fund’s record and other pertinent information.
MESSAGE TO SHAREHOLDERS
To My Fellow Shareholders of Virtus Funds:
I am pleased to present this semiannual report, which reviews the
performance of your Fund for the six months ended March 31, 2021.
Monetary support and fiscal stimulus drove strong returns for global
markets during the period as optimism about vaccinations increased and
economic indicators improved. For the six months, U.S. small-cap stocks,
which gained 48.06% as measured by the Russell 2000® Index, strongly
outperformed large-capitalization stocks, which returned 19.07%, as
measured by the S&P 500® Index. Within international equities, developed
markets, as measured by the MSCI EAFE® Index (net), returned 20.08%,
and emerging markets, as measured by the MSCI Emerging Markets
Index (net), gained 22.43%.
In fixed income markets, the yield on the 10-year Treasury rose sharply to
1.74% on March 31, 2021, from 0.69% on September 30, 2020, based on inflation fears. The
broader U.S. fixed income market, as represented by the Bloomberg Barclays U.S. Aggregate
Bond Index, was down 2.73% for the six-month period, but non-investment grade bonds, as
measured by the Bloomberg Barclays U.S. Corporate High Yield Bond Index, were up 7.36%.
On behalf of the Virtus Funds and our investment managers, I thank you for entrusting us with
your assets. To learn more about the other investment strategies we offer, please visit Virtus.com.
Please call our customer service team at 800-243-1574 if you have questions about your account
or require assistance. We appreciate your business and remain committed to your long-term
financial success.
Sincerely,
George R. Aylward
President, Virtus Funds
May 2021
Performance data quoted represents past results. Past performance is no guarantee of future
results, and current performance may be higher or lower than the performance shown above.
Investing involves risk, including the risk of loss of principal invested.
1TACTICAL ALLOCATION FUND
DISCLOSURE OF FUND EXPENSES (Unaudited)
FOR THE SIX-MONTH PERIOD OF OCTOBER 1, 2020 TO MARCH 31, 2021
We believe it is important for you to understand the impact of costs on your investment. All
mutual funds have operating expenses. As a shareholder of the Tactical Allocation Fund (the
“Fund”), you may incur two types of costs: (1) transaction costs, including sales charges on
purchases of Class A shares and contingent deferred sales charges on Class C shares; and (2)
ongoing costs, including investment advisory fees, distribution and service fees, and other
expenses. Class I shares and Class R6 shares are sold without sales charges and do not incur
distribution and service fees. Class R6 shares also do not incur shareholder servicing fees. For
further information regarding applicable sales charges, see Note 1 in the Notes to Financial
Statements. These examples are intended to help you understand your ongoing costs (in dollars)
of investing in the Fund and to compare these costs with the ongoing costs of investing in other
mutual funds. These examples are based on an investment of $1,000 invested at the beginning
of the period and held for the entire six-month period.
Please note that the expenses shown in the accompanying tables are meant to highlight
your ongoing costs only and do not reflect any transactional costs, such as sales charges or
contingent deferred sales charges. Therefore, the accompanying tables are useful in comparing
ongoing costs only, and will not help you determine the relative total costs of owning different
funds. In addition, if these transactional costs were included, your costs would have been higher.
The calculations assume no shares were bought or sold during the period. Your actual costs may
have been higher or lower, depending on the amount of your investment and the timing of any
purchases or redemptions.
Actual Expenses
The table below provides information about actual account values and actual expenses.
You may use the information below, together with the amount you invested, to estimate the
expenses that you paid over the period. Simply divide your account value by $1,000 (for
example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the
number in the table under the heading entitled “Expenses Paid During Period” to estimate the
expenses you paid on your account during this period.
Expenses
Beginning Ending Annualized Paid
Account Value Account Value Expense During
October 1, 2020 March 31, 2021 Ratio Period*
Class A . . . . . . . . . . . . . . . . $1,000.00 $1,088.10 1.00% $5.21
Class C . . . . . . . . . . . . . . . . 1,000.00 1,083.90 1.75 9.09
Class I . . . . . . . . . . . . . . . . . 1,000.00 1,089.40 0.77 4.01
Class R6** . . . . . . . . . . . . . 1,000.00 1,054.00 0.60 2.73
*
Expenses are equal to the Fund’s annualized expense ratio, which is net of waived fees and reimbursed
expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of
days (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the
one-half year period.
**
October 21, 2020, is the date the Class started accruing expenses. Expenses are equal to the Class’s
annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by
the average account value over the period, multiplied by the number of days (162) expenses were accrued
in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period.
2TACTICAL ALLOCATION FUND
DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued)
FOR THE SIX-MONTH PERIOD OF OCTOBER 1, 2020 TO MARCH 31, 2021
The Fund may invest in other funds, and the annualized expense ratios noted above do not reflect fees and
expenses associated with any underlying funds. If such fees and expenses had been included, the expenses
would have been higher.
You can find more information about the Fund’s expenses in the Financial Statements section that follows. For
additional information on operating expenses and other shareholder costs, refer to the Fund’s prospectus.
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and hypothetical
expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per
year before expenses, which is not your Fund’s actual return. The hypothetical account values
and expenses may not be used to estimate the actual ending account balance or expenses you
paid for the period. You may use this information to compare the ongoing costs of investing in
your Fund and other funds. To do so, compare these 5% hypothetical examples with the 5%
hypothetical examples that appear in the shareholder reports of other mutual funds.
Expenses
Beginning Ending Annualized Paid
Account Value Account Value Expense During
October 1, 2020 March 31, 2021 Ratio Period*
Class A . . . . . . . . . . . . . . . . $1,000.00 $1,019.95 1.00% $5.04
Class C . . . . . . . . . . . . . . . . 1,000.00 1,016.21 1.75 8.80
Class I . . . . . . . . . . . . . . . . . 1,000.00 1,021.09 0.77 3.88
Class R6 . . . . . . . . . . . . . . . 1,000.00 1,019.53 0.60 2.69
*
Expenses are equal to the Fund’s annualized expense ratio, which is net of waived fees and reimbursed
expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of
days (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the
one-half year period.
The Fund may invest in other funds, and the annualized expense ratios noted above do not reflect fees and
expenses associated with any underlying funds. If such fees and expenses had been included, the expenses
would have been higher.
You can find more information about the Fund’s expenses in the Financial Statements section that follows. For
additional information on operating expenses and other shareholder costs, refer to the Fund’s prospectus.
3TACTICAL ALLOCATION FUND
KEY INVESTMENT TERMS (Unaudited)
MARCH 31, 2021
American Depositary Receipt (“ADR”)
Represents shares of foreign companies traded in U.S. dollars on U.S. exchanges that are held
by a U.S. bank or a trust. Foreign companies use ADRs in order to make it easier for Americans
to buy their shares.
Bloomberg Barclays U.S. Aggregate Bond Index
The Bloomberg Barclays U.S. Aggregate Bond Index measures the U.S. investment grade fixed
rate bond market. The index is calculated on a total return basis. The index is unmanaged, its
returns do not reflect any fees, expenses, or sales charges, and it is not available for direct
investment.
Bloomberg Barclays U.S. Corporate High Yield Bond Index
The Bloomberg Barclays U.S. Corporate High Yield Bond Index measures the U.S.
dollar-denominated, high yield, fixed-rate corporate bond market. The index is calculated on a
total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales
charges, and it is not available for direct investment.
Build America Municipal Insured (“BAM”)
Build America Municipal Insured Bonds are municipal bonds insured against default by Build
America Mutual, a Financial Guaranty insurance company.
Crest Depository Interest (“CDI”)
A Crest Depository Interest is a UK financial security that represents a stock traded on a stock
exchange outside the UK. CDIs are issued by CREST, and one CDI is the equivalent of one
share of an eligible foreign stock.
Exchange-Traded Funds (“ETFs”)
An open-end fund that is traded on a stock exchange. Most ETFs have a portfolio of stocks or
bonds that track a specific market index.
Federal Reserve (the “Fed”)
The Central Bank of the U.S., the Fed is responsible for controlling money supply, interest rates
and credit with the goal of keeping the U.S. economy and currency stable. Governed by a
seven-member board, the system includes 12 regional Federal Reserve Banks, 25 branches and
all national and state banks that are part of the system.
Global Depositary Receipt (GDR)
A certificate issued by a bank that represents shares in a foreign stock on two or more global
markets.
London Interbank Offered Rate (“LIBOR”)
A benchmark rate that some of the world’s leading banks charge each other for short-term loans
and that serves as the first step to calculating interest rates on various loans throughout the
world.
Morgan Stanley Structured Asset Security (“MASTR”)
A flexible and evolving segment of the capital markets, structured investments typically combine
a debt security or certificate of deposit (CD) with exposure to other underlying asset classes
(such as equities, commodities, currencies or interest rates) to create a way for investors to
express a market view (bullish, bearish or market neutral), complement an investment objective
(conservative, moderate or aggressive), hedge an existing position or gain exposure to a variety
of underlying asset classes.
4TACTICAL ALLOCATION FUND
KEY INVESTMENT TERMS (Unaudited) (Continued)
MARCH 31, 2021
MSCI EAFE® Index (net)
The MSCI EAFE® (Europe, Australasia, Far East) Index (net) is a free float-adjusted market
capitalization-weighted index that measures developed foreign market equity performance,
excluding the U.S. and Canada. The index is calculated on a total return basis with net dividends
reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales
charges, and it is not available for direct investment.
MSCI Emerging Markets Index (net)
The MSCI Emerging Markets Index (net) is a free float-adjusted market capitalization-weighted
index designed to measure equity market performance in the global emerging markets. The
index is calculated on a total return basis with net dividends reinvested. The index is unmanaged,
its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct
investment.
Real Estate Investment Trust (“REIT”)
A publicly traded company that owns, develops, and operates income-producing real estate such
as apartments, office buildings, hotels, shopping centers, and other commercial properties.
Russell 2000® Index
The Russell 2000® Index is a market capitalization-weighted index of the 2,000 smallest
companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The
index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its
returns do not reflect any fees, expenses, or sales charges, and it is not available for direct
investment.
S&P 500® Index
The S&P 500® Index is a free-float market capitalization-weighted index of 500 of the largest U.S.
companies. The index is calculated on a total return basis with dividends reinvested. The index is
unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available
for direct investment.
5TACTICAL ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Unaudited)
MARCH 31, 2021
($ reported in thousands)
Asset Allocation
The following table presents the asset allocation
within certain sectors as a percentage of total
investments as of March 31, 2021.
Common Stocks 66%
Information Technology 19%
Consumer Discretionary 14
Communication Services 11
All other Common Stocks 22
Corporate Bonds and Notes 11
Financials 3
Information Technology 1
Energy 1
All other Corporate Bonds and
Notes 6
Mortgage-Backed Securities 8
U.S. Government Securities 4
Asset-Backed Securities 3
Leveraged Loans 3
Short-Term Investment 2
Other (includes securities lending
collateral) 3
Total 100%
Par Value Value Par Value Value
U.S. GOVERNMENT SECURITIES—3.7% MUNICIPAL BONDS—0.4%
U.S. Treasury Bonds
3.000%, 8/15/48 $10,430 $ 11,704 California—0.1%
2.000%, 2/15/50 2,045 1,870 Santa Clara Valley Water
1.375%, 8/15/50 12,745 9,945 District Series B,
1.875%, 2/15/51 1,505 1,336 Taxable
U.S. Treasury Notes 2.967%, 6/1/50 $ 510 $ 500
0.250%, 11/15/23 4,645 4,643 University of California,
0.250%, 5/31/25 1,610 1,579 Series B-A, Taxable
2.875%, 8/15/28 475 523 4.428%, 5/15/48 380 412
1.500%, 2/15/30 3,225 3,185 912
TOTAL U.S. GOVERNMENT
SECURITIES
(Identified Cost $35,978) 34,785
See Notes to Financial Statements
6TACTICAL ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
MARCH 31, 2021
($ reported in thousands)
Par Value Value Par Value Value
Idaho—0.0% FOREIGN GOVERNMENT SECURITIES—0.6%
Idaho Health Facilities Emirate of Dubai
Authority Saint Luke’s Government
Health System International Bonds
Revenue Taxable RegS
5.020%, 3/1/48 $ 450 $ 519 5.250%, 1/30/43(1) $ 540 $ 583
Federative Republic of
Illinois—0.0% Brazil
Sales Tax Securitization 3.875%, 6/12/30 590 572
Corp. Series B, Oman Government
Second Lien, Taxable International Bond
(BAM Insured) 144A
3.411%, 1/1/43 70 72 7.375%, 10/28/32(2) 580 643
Republic of South Africa
Texas—0.2% International Bond
City of San Antonio, 4.850%, 9/27/27 620 640
General Obligation Republic of Turkey
Taxable 5.875%, 6/26/31 1,125 1,015
1.963%, 2/1/33 530 518 Republic of Venezuela
State of Texas, General 9.375%, 1/13/34 (3)
130 13
Obligation Taxable RegS
3.211%, 4/1/44 180 188 8.250%, 10/13/24(1)(3) 40 4
Texas Public Finance RegS
Authority Revenue 7.650%, 4/21/25 (1)(3)
320 32
Taxable Saudi Arabia
2.140%, 2/1/35 585 560 Government
Texas Transportation International Bond
Commission State 144A
Highway Fund 3.250%, 10/22/30(2) 485 511
Revenue Taxable State of Qatar 144A
4.000%, 10/1/33 160 191 4.400%, 4/16/50(2) 615 714
1,457 United Mexican States
2.659%, 5/24/31 645 608
Virginia—0.1%
City of Bristol, General TOTAL FOREIGN GOVERNMENT
Obligation Taxable SECURITIES
(State AID (Identified Cost $5,997) 5,335
Withholding Insured)
4.210%, 1/1/42 640 666
TOTAL MUNICIPAL BONDS
(Identified Cost $3,542) 3,626
See Notes to Financial Statements
7TACTICAL ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
MARCH 31, 2021
($ reported in thousands)
Par Value Value Par Value Value
MORTGAGE-BACKED SECURITIES—8.2% Non-Agency—continued
Ajax Mortgage Loan
Agency—0.5% Trust
Federal Home Loan 2021-A, A1 144A
Mortgage Corporation 1.065%, 9/25/65(2)(4) $ 743 $ 737
Pool #A46224 2019-D, A1 144A
5.000%, 7/1/35 $ 77 $ 90 2.956%, 9/25/65(2)(4) 648 655
Pool #A62213 American Homes 4 Rent
6.000%, 6/1/37 120 143 Trust
Federal National 2014-SFR2, C 144A
Mortgage Association 4.705%, 10/17/36(2) 1,050 1,126
Pool #254549 2015-SFR1, A 144A
6.000%, 12/1/32 21 25 3.467%, 4/17/52(2) 958 1,025
Pool #735061 2015-SFR2, C 144A
6.000%, 11/1/34 155 185 4.691%, 10/17/52(2) 335 362
Pool #880117 AMSR Trust
5.500%, 4/1/36 4 4 2020-SFR1, B 144A
Pool #938574 2.120%, 4/17/37(2) 530 532
5.500%, 9/1/36 93 109 2020-SFR2, C 144A
Pool #310041 2.533%, 7/17/37(2) 400 408
6.500%, 5/1/37 130 155 2020-SFR2, D 144A
Pool #909092 3.282%, 7/17/37(2) 770 794
6.000%, 9/1/37 8 9 Angel Oak Mortgage
Pool #972569 Trust LLC
5.000%, 3/1/38 90 101 2019-3, A1 144A
Pool #909175 2.930%, 5/25/59(2)(4) 272 273
5.500%, 4/1/38 77 90 2020-4, A1 144A
Pool #929625 1.469%, 6/25/65(2)(4) 1,374 1,379
5.500%, 6/1/38 92 108 Angel Oak SB
Pool #909220 Commercial
6.000%, 8/1/38 63 74 Mortgage Trust
Pool #CA4128 2020-SBC1, A1 144A
3.000%, 9/1/49 503 525 2.068%, 5/25/50(2)(4) 1,004 1,005
Pool #CA4978 Arroyo Mortgage Trust
3.000%, 1/1/50 542 566 2018-1, A1 144A
Pool #MA3905 3.763%, 4/25/48(2)(4) 1,988 1,997
3.000%, 1/1/50 2,325 2,424 2019-1, A1 144A
4,608 3.805%, 1/25/49(2)(4) 148 152
2019-2, A1 144A
Non-Agency—7.7% 3.347%, 4/25/49(2)(4) 2,274 2,322
ACRES Commercial Banc of America
Realty Corp. Funding Trust
2020-RSO8, A (1 2004-B, 2A1
month LIBOR + 2.673%, 11/20/34(4) 59 64
1.150%) 144A 2005-1, 1A1
1.258%, 3/15/35(2)(4) 410 410 5.500%, 2/25/35 138 142
See Notes to Financial Statements
8TACTICAL ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
MARCH 31, 2021
($ reported in thousands)
Par Value Value Par Value Value
Non-Agency—continued Non-Agency—continued
Bayview Opportunity CHL Mortgage
Master Fund IVa Trust Pass-Through Trust
2016-SPL1, B1 144A 2004-6, 1A2
4.250%, 4/28/55(2) $ 510 $ 533 3.273%, 5/25/34(4) $ 151 $ 152
2017-SPL5, B1 144A Citigroup Commercial
4.000%, 6/28/57(2)(4) 100 105 Mortgage Trust
Bayview Opportunity 2019-SST2, A (1
Master Fund IVb Trust month LIBOR +
2016-SPL2, B1 144A 0.920%) 144A
4.250%, 6/28/53(2)(4) 245 256 1.026%, 12/15/36(2)(4) 675 675
BBCMS Mortgage Trust Citigroup Mortgage
2018-TALL, A (1 Loan Trust, Inc.
month LIBOR + 2015-A, A1 144A
0.722%) 144A 3.500%, 6/25/58(2)(4) 10 10
0.828%, 3/15/37(2)(4) 800 792 2018-RP1, A1 144A
BPR Trust 2021-KEN, A 3.000%, 9/25/64(2)(4) 723 745
(1 month LIBOR + COLT Mortgage Loan
1.250%) 144A Trust Funding LLC
1.356%, 2/15/29(2)(4) 920 920 2020-1, A1 144A
BRAVO Residential 2.488%, 2/25/50(2)(4) 327 330
Funding Trust COLT Trust 2020-RPL1,
2021-A, A1 144A A1 144A
1.991%, 1/25/24(2)(4)(5) 451 451 1.390%, 1/25/65(2)(4) 200 199
BX Commercial COMM Mortgage Trust
Mortgage Trust 2020-CBM, B 144A
2020-BXLP, D (1 3.099%, 2/10/37(2) 490 489
month LIBOR + CoreVest American
1.250%) 144A Finance Trust
1.356%, 12/15/36(2)(4) 454 454 2020-4, A 144A
BX Trust 2019-OC11, D 1.174%, 12/15/52(2) 612 603
144A 2018-2, A 144A
4.075%, 12/9/41(2)(4) 1,379 1,432 4.026%, 11/15/52(2) 513 548
Cascade MH Asset Trust 2019-3, C 144A
2021-MH1, A1 144A 3.265%, 10/15/52(2) 295 299
1.753%, 2/25/46(2) 1,340 1,335 2020-1, A1 144A
CF Hippolyta LLC 1.832%, 3/15/50(2) 555 564
2020-1, A1 144A 2020-3, A 144A
1.690%, 7/15/60(2) 406 409 1.358%, 8/15/53(2) 819 808
See Notes to Financial Statements
9TACTICAL ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
MARCH 31, 2021
($ reported in thousands)
Par Value Value Par Value Value
Non-Agency—continued Non-Agency—continued
Credit Suisse Mortgage GCAT LLC 2019-NQM1,
Capital Certificates A1 144A
2019-ICE4, A (1 2.985%, 2/25/59(2)(4) $ 186 $ 187
month LIBOR + GCT Commercial
0.980%) 144A Mortgage Trust
1.086%, 5/15/36(2)(4) $ 530 $ 530 2021-GCT, A (1
Credit Suisse Mortgage month LIBOR +
Capital Trust 0.800%) 144A
2014-IVR2, A2 144A 0.906%, 2/15/38(2)(4) 1,080 1,080
3.762%, 4/25/44(2)(4) 18 18 GS Mortgage Securities
2020-RPL4, A1 144A Trust
2.000%, 1/25/60(2)(4) 469 482 2012-ALOH, A 144A
2020-NQM1, A1 144A 3.551%, 4/10/34(2) 187 190
1.208%, 5/25/65(2)(4) 250 251 2020-GC45, AS
2021-NQM2, A1 144A 3.173%, 2/13/53(4) 565 598
1.179%, 2/25/66(2)(4) 770 770 GS Mortgage-Backed
CSMC Trust 2017-RPL1, Securities Trust
A1 144A 2020-NQM1, A3 144A
2.750%, 7/25/57(2)(4) 694 720 2.352%, 9/27/60(2)(4) 601 611
Deephaven Residential Hilton USA Trust
Mortgage Trust 2016-SFP, B 144A
2017-1A, A2 144A 3.323%, 11/5/35(2) 500 501
2.928%, 12/26/46(2)(4) 10 10 Home Partners of
Ellington Financial America Trust
Mortgage Trust 2020-2, A 144A
2019-2, A3 144A 1.532%, 1/17/41(2) 616 602
3.046%, 11/25/59(2)(4) 116 119 Homeward
FirstKey Homes Trust Opportunities Fund I
2020-SFR2, B 144A Trust
1.567%, 10/19/37(2) 645 642 2018-2, A1 144A
Flagstar Mortgage Trust 3.985%, 11/25/58(2)(4) 2,262 2,301
2017-1, 1A3 144A 2019-1, A1 144A
3.500%, 3/25/47(2)(4) 246 248 3.454%, 1/25/59(2)(4) 265 268
Galton Funding JPMorgan Chase
Mortgage Trust (WaMu) Mortgage
2017-1, A21 144A Pass-Through
3.500%, 7/25/56(2)(4) 71 72 Certificates
2018-1, A23 144A 2003-S11, 3A5
3.500%, 11/25/57(2)(4) 90 92 5.950%, 11/25/33 100 103
2018-2, A41 144A JPMorgan Chase
4.500%, 10/25/58(2)(4) 132 133 Mortgage Trust
2019-H1, A1 144A 2014-2, 2A2 144A
2.657%, 10/25/59(2)(4) 116 118 3.500%, 6/25/29(2)(4) 39 40
2020-H1, A1 144A 2014-1, 2A12 144A
2.310%, 1/25/60(2)(4) 456 464 3.500%, 1/25/44(2)(4) 39 39
See Notes to Financial Statements
10TACTICAL ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
MARCH 31, 2021
($ reported in thousands)
Par Value Value Par Value Value
Non-Agency—continued Non-Agency—continued
2016-SH1, M2 144A Mill City Mortgage Loan
3.750%, 4/25/45(2)(4) $ 223 $ 227 Trust
2016-SH2, M2 144A 2017-1, M2 144A
3.750%, 12/25/45(2)(4) 411 426 3.250%, 11/25/58(2)(4) $ 395 $ 417
2017-1, A2 144A 2019-1, M2 144A
3.500%, 1/25/47(2)(4) 254 257 3.500%, 10/25/69(2)(4) 509 534
2017-3, 2A2 144A Morgan Stanley - Bank
2.500%, 8/25/47(2)(4) 95 96 of America (Merrill
2017-5, A1 144A Lynch) Trust
3.115%, 10/26/48(2)(4) 356 366 2013-C13, AS
2017-4, A3 144A 4.266%, 11/15/46 275 294
3.500%, 11/25/48(2)(4) 731 742 2015-C22, AS
KKR Industrial Portfolio 3.561%, 4/15/48 835 890
Trust 2021-KDIP, C (1 New Residential
month LIBOR + Mortgage Loan Trust
1.000%) 144A 2016-4A, B1A 144A
1.106%, 12/15/37(2)(4) 870 869 4.500%, 11/25/56(2)(4) 376 414
KNDL Mortgage Trust 2017-2A, A3 144A
2019-KNSQ, A (1 4.000%, 3/25/57(2)(4) 127 135
month LIBOR + 2014-1A, A 144A
0.800%) 144A 3.750%, 1/25/54(2)(4) 252 267
0.906%, 5/15/36(2)(4) 565 565 2015-2A, A1 144A
LHOME Mortgage Trust 3.750%, 8/25/55(2)(4) 165 175
2019-RTL1, A1 144A 2016-1A, A1 144A
4.580%, 10/25/23(2)(4) 407 409 3.750%, 3/25/56(2)(4) 81 86
2021-RTL1, A1 144A 2016-4A, A1 144A
2.090%, 9/25/26(2)(4) 480 480 3.750%, 11/25/56(2)(4) 59 63
MASTR Alternative Loan 2019-NQM4, A1 144A
Trust 2005-2, 2A1 2.492%, 9/25/59(2)(4) 196 199
6.000%, 1/25/35 51 53 2020-1A, A1B 144A
Mello Warehouse 3.500%, 10/25/59(2)(4) 428 452
Securitization Trust NovaStar Mortgage
2019-1, C (1 month Funding Trust 2004-4,
LIBOR + 1.200%) M5 (1 month LIBOR +
144A 1.725%)
1.309%, 6/25/52(2)(4) 340 340 1.834%, 3/25/35(4) 96 97
2021-1, C (1 month OBX Trust
LIBOR + 1.100%) 2019-INV1, A3 144A
144A 4.500%, 11/25/48(2)(4) 229 237
1.209%, 2/25/55(2)(4) 400 400 2018-EXP2, 1A1
MetLife Securitization 144A
Trust 4.000%, 7/25/58(2)(4) 303 306
2017-1A, M1 144A Preston Ridge Partners
3.553%, 4/25/55(2)(4) 860 901 Mortgage LLC
2019-1A, A1A 144A 2020-1A, A1 144A
3.750%, 4/25/58(2)(4) 401 417 2.981%, 2/25/25(2)(4) 582 583
See Notes to Financial Statements
11TACTICAL ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
MARCH 31, 2021
($ reported in thousands)
Par Value Value Par Value Value
Non-Agency—continued Non-Agency—continued
2020-2, A1 144A 2020-3, A1 144A
3.671%, 8/25/25(2)(4) $ 193 $ 196 1.486%, 4/25/65(2)(4) $ 395 $ 399
2020-3, A1 144A Towd Point Mortgage
2.857%, 9/25/25(2)(4) 1,068 1,075 Trust
2020-6, A1 144A 2016-4, B1 144A
2.363%, 11/25/25(2)(4) 1,093 1,096 3.848%, 7/25/56(2)(4) 585 626
2021-2, A1 144A 2015-3, A1B 144A
2.115%, 3/25/26(2)(4)(5) 1,080 1,080 3.000%, 3/25/54(2)(4) 1 1
Pretium Mortgage Credit 2016-1, M1 144A
Partners I LLC 3.500%, 2/25/55(2)(4) 160 168
2020-NPL3, A1 144A 2015-5, A2 144A
3.105%, 6/27/60(2)(4) 986 996 3.500%, 5/25/55(2)(4) 580 592
2021-NPL1, A1 144A 2016-3, M1 144A
2.240%, 9/27/60(2)(4)(6) 525 525 3.500%, 4/25/56(2)(4) 1,080 1,137
Progress Residential 2017-4, A2 144A
Trust 3.000%, 6/25/57(2)(4) 670 703
2021-SFR2, D 144A 2018-SJ1, A1 144A
2.197%, 4/19/38(2) 750 749 4.000%, 10/25/58(2)(4) 22 22
2018-SFR2, B 144A 2019-1, A1 144A
3.841%, 8/17/35(2) 475 477 3.735%, 3/25/58(2)(4) 645 683
2019-SFR2, A 144A 2018-6, A1B 144A
3.147%, 5/17/36(2) 387 396 3.750%, 3/25/58(2)(4) 420 451
2019-SFR3, B 144A 2018-6, A2 144A
2.571%, 9/17/36(2) 460 465 3.750%, 3/25/58(2)(4) 1,270 1,363
Provident Funding 2020-MH1, A2 144A
Mortgage Trust 2.500%, 2/25/60(2)(4) 1,115 1,121
2019-1, A2 144A 2019-2, A2 144A
3.000%, 12/25/49(2)(4) 483 488 3.750%, 12/25/58(2)(4) 500 538
RCKT Mortgage Trust 2015-2, 1M1 144A
2020-1, A1 144A 3.250%, 11/25/60(2)(4) 585 604
3.000%, 2/25/50(2)(4) 718 732 Towd Point Trust
RCO V Mortgage LLC 2019-HE1, A1 (1
2019-2, A1 144A month LIBOR +
3.475%, 11/25/24(2)(4) 548 551 0.900%) 144A
Residential Mortgage 1.009%, 4/25/48(2)(4) 504 505
Loan Trust 2019-2, A1 Tricon American Homes
144A Trust
2.913%, 5/25/59(2)(4) 371 378 2019-SFR1, C 144A
Sequoia Mortgage Trust 3.149%, 3/17/38(2) 435 450
2013-8, B1 2020-SFR2, D 144A
3.511%, 6/25/43(4) 138 142 2.281%, 11/17/39(2) 640 621
Starwood Mortgage TVC Mortgage Trust
Residential Trust 2020-RTL1, M 144A
2019-IMC1, A1 144A 5.193%, 9/25/24(2)(4) 510 487
3.468%, 2/25/49(2)(4) 366 366 VCAT LLC
2020-2, A1 144A 2020-NPL1, A1 144A
2.718%, 4/25/60(2)(4) 464 472 3.671%, 8/25/50(2)(4) 184 185
See Notes to Financial Statements
12TACTICAL ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
MARCH 31, 2021
($ reported in thousands)
Par Value Value Par Value Value
Non-Agency—continued Automobiles—continued
2021-NPL1, A2 144A American Credit
4.826%, 12/26/50(2)(4) $ 620 $ 619 Acceptance
2021-NPL2, A1 144A Receivables Trust
2.115%, 3/27/51(2)(4) 450 450 2018-4, C 144A
Vericrest Opportunity 3.970%, 1/13/25(2) $ 272 $ 274
Loan Trust 2019-2, C 144A
2020-NPL2, A1A 3.170%, 6/12/25(2) 565 572
144A AmeriCredit Automobile
2.981%, 2/25/50(2)(4) 262 263 Receivables Trust
Vericrest Opportunity 2020-3, C
Loan Trust XCII LLC 1.060%, 8/18/26 1,245 1,248
2021-NPL1, A1 144A Avis Budget Rental Car
1.893%, 2/27/51(2)(4) 743 743 Funding LLC (AESOP)
Verus Securitization 2016-1A, A 144A
Trust 2.990%, 6/20/22(2) 450 452
2019-INV1, A1 144A Capital Auto Receivables
3.402%, 12/25/59(2)(4) 200 202 Asset Trust
2019-INV2, A1 144A 2017-1, C 144A
2.913%, 7/25/59(2)(4) 334 341 2.700%, 9/20/22(2) 430 433
Visio Trust 2020-1R, A2 2017-1, D 144A
144A 3.150%, 2/20/25(2) 135 136
1.567%, 11/25/55(2) 417 419 Carvana Auto
Wells Fargo Commercial Receivables Trust
Mortgage Trust 2019-1A, E 144A
2014-C24, AS 5.640%, 1/15/26(2) 1,010 1,075
3.931%, 11/15/47 265 281 2019-3A, D 144A
Wells Fargo Mortgage 3.040%, 4/15/25(2) 575 596
Backed Securities 2020-P1, B
Trust 2020-4, A1 0.920%, 11/9/26 775 764
144A CIG Auto Receivables
3.000%, 7/25/50(2)(4) 235 240 Trust 2020-1A, E
72,776 144A
4.430%, 2/12/27(2) 545 561
TOTAL MORTGAGE-BACKED CPS Auto Receivables
SECURITIES Trust 2020-C, C 144A
(Identified Cost $76,588) 77,384 1.710%, 8/17/26(2) 540 550
Credit Acceptance Auto
Loan Trust 2020-3A,
ASSET-BACKED SECURITIES—3.3% B 144A
Automobiles—2.0% 1.770%, 12/17/29(2) 540 549
ACC Trust 2019-1, A Drive Auto Receivables
144A Trust 2019-4, C
3.750%, 5/20/22(2) 52 53 2.510%, 11/17/25 580 592
See Notes to Financial Statements
13TACTICAL ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
MARCH 31, 2021
($ reported in thousands)
Par Value Value Par Value Value
Automobiles—continued Automobiles—continued
DT Auto Owner Trust 2019-1A, A 144A
2019-2A, B 144A 3.710%, 3/25/23(2) $ 89 $ 89
2.990%, 4/17/23(2) $ 391 $ 393 OneMain Direct Auto
Exeter Automobile Receivables Trust
Receivables Trust 2018-1A, C 144A
2018-4A, D 144A 3.850%, 10/14/25(2) 355 361
4.350%, 9/16/24(2) 160 166 Oscar US Funding
2019-1A, D 144A XII LLC 2021-1A, A4
4.130%, 12/16/24(2) 155 161 144A
2019-2A, C 144A 1.000%, 4/10/28(2) 550 547
3.300%, 3/15/24(2) 570 579 Santander Drive Auto
2019-4A, C 144A Receivables Trust
2.440%, 9/16/24(2) 690 701 2020-4, C
Flagship Credit Auto 1.010%, 1/15/26 1,390 1,395
Trust Skopos Auto
2020-3, C 144A Receivables Trust
1.730%, 9/15/26(2) 540 551 2019-1A, C 144A
2020-4, C 144A 3.630%, 9/16/24(2) 575 590
1.280%, 2/16/27(2) 965 970 United Auto Credit
Foursight Capital Securitization Trust
Automobile 2019-1, D 144A
Receivables Trust 3.470%, 8/12/24(2) 565 571
2019-1, E 144A Veros Automobile
4.300%, 9/15/25(2) 745 784 Receivables Trust
GLS Auto Receivables 2020-1, B 144A
Issuer Trust 2.190%, 6/16/25(2) 585 591
2019-4A, C 144A 18,938
3.060%, 8/15/25(2) 745 775
2020-4A, C 144A Credit Card—0.2%
1.140%, 11/17/25(2) 930 934 Fair Square Issuance
GLS Auto Receivables Trust 2020-AA, A
Trust 144A
2017-1A, C 144A 2.900%, 9/20/24(2) 645 652
3.500%, 7/15/22(2) 37 37 Genesis Private Label
2018-1A, B 144A Amortizing Trust
3.520%, 8/15/23(2) 130 132 2020-1, B 144A
2018-3A, C 144A 2.830%, 7/20/30(2) 625 628
4.180%, 7/15/24(2) 640 663
Hertz Vehicle Financing
II LP
2016-4A, A 144A
2.650%, 7/25/22(2) 93 93
See Notes to Financial Statements
14TACTICAL ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
MARCH 31, 2021
($ reported in thousands)
Par Value Value Par Value Value
Credit Card—continued Other—continued
Genesis Sales Finance Mariner Finance
Master Trust Issuance Trust
2020-AA, A 144A 2020-AA, A 144A
1.650%, 9/22/25(2) $ 775 $ 780 2.190%, 8/21/34(2) $ 555 $ 563
2,060 MVW LLC 2020-1A, A
144A
Other—1.1% 1.740%, 10/20/37(2) 361 367
Aqua Finance Trust MVW Owner Trust
2017-A, A 144A 2016-1A, A 144A
3.720%, 11/15/35(2) 48 50 2.250%, 12/20/33(2) 107 109
2019-A, C 144A Oasis LLC 2020-1A, A
4.010%, 7/16/40(2) 720 761 144A
2020-AA, B 144A 3.820%, 1/15/32(2) 244 245
2.790%, 7/17/46(2) 755 770 Octane Receivables
Arby’s Funding LLC Trust
2020-1A, A2 144A 2019-1A, A 144A
3.237%, 7/30/50(2) 537 548 3.160%, 9/20/23(2) 210 212
Bankers Healthcare 2020-1A, A 144A
Group Securitization 1.710%, 2/20/25(2) 512 516
Trust 2020-A, A 144A OneMain Financial
2.560%, 9/17/31(2) 407 408 Issuance Trust
Consumer Loan 2018-1A, A 144A
Underlying Bond 3.300%, 3/14/29(2) 454 455
Credit Trust 2019-P1, Orange Lake Timeshare
B 144A Trust 2019-A, B 144A
3.280%, 7/15/26(2) 695 704 3.360%, 4/9/38(2) 383 397
Diamond Resorts Owner Small Business Lending
Trust 2017-1A, A Trust 2019-A, A 144A
144A 2.850%, 7/15/26(2) 101 101
3.270%, 10/22/29(2) 97 99 Trinity Rail Leasing LLC
Foundation Finance 2019-1A, A 144A
Trust 3.820%, 4/17/49(2) 359 367
2017-1A, A 144A Westgate Resorts LLC
3.300%, 7/15/33(2) 689 701 2020-1A, A 144A
2021-1A, A 144A 2.713%, 3/20/34(2) 678 692
1.270%, 5/15/41(2) 750 746 9,577
Jersey Mike’s Funding
2019-1A, A2 144A TOTAL ASSET-BACKED SECURITIES
4.433%, 2/15/50(2) 570 603 (Identified Cost $30,218) 30,575
Lendmark Funding Trust
2018-2A, A 144A
4.230%, 4/20/27(2) 160 163
See Notes to Financial Statements
15TACTICAL ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
MARCH 31, 2021
($ reported in thousands)
Par Value Value Par Value Value
CORPORATE BONDS AND NOTES—11.5% Communication
Services—continued
Communication Services—0.7% Virgin Media Finance plc
Cable Onda S.A. 144A 144A
4.500%, 1/30/30(2) $ 460 $ 488 5.000%, 7/15/30(2) $ 620 $ 619
CCO Holdings LLC 144A
4.750%, 3/1/30 (2)
290 300 6,961
Consolidated
Communications, Inc. Consumer Discretionary—0.9%
American Axle &
144A
6.500%, 10/1/28(2) 470 508 Manufacturing, Inc.
Diamond Sports 6.500%, 4/1/27(7) 445 462
Group LLC American Builders &
144A Contractors Supply
5.375%, 8/15/26(2) 255 184 Co., Inc. 144A
144A 4.000%, 1/15/28(2) 590 590
6.625%, 8/15/27(2) 140 73 Aramark Services, Inc.
DISH DBS Corp. 144A
5.000%, 3/15/23 300 313 6.375%, 5/1/25(2) 290 307
Block Financial LLC
7.750%, 7/1/26 60 66
3.875%, 8/15/30 735 758
Level 3 Financing, Inc.
Caesars Entertainment,
144A
Inc. 144A
4.250%, 7/1/28(2) 650 657
Live Nation 6.250%, 7/1/25(2) 145 155
Entertainment, Inc. Crocs, Inc. 144A
144A 4.250%, 3/15/29(2) 485 473
FirstCash, Inc. 144A
4.750%, 10/15/27(2) 80 81
Meredith Corp. 4.625%, 9/1/28(2) 180 184
6.875%, 2/1/26 266 274 Ford Motor Co.
9.000%, 4/22/25 652 790
Radiate Holdco LLC
144A Gateway Casinos &
4.500%, 9/15/26(2) 150 152 Entertainment Ltd.
Sprint Spectrum Co. LLC 144A
144A 8.250%, 3/1/24(2) 385 367
Hanesbrands, Inc. 144A
4.738%, 3/20/25(2) 600 642
Telesat Canada 144A 5.375%, 5/15/25(2) 560 593
M/I Homes, Inc.
6.500%, 10/15/27(2) 305 306
T-Mobile USA, Inc. 144A 4.950%, 2/1/28 435 450
3.875%, 4/15/30(2) 865 939 Marriott International,
TripAdvisor, Inc. 144A Inc.
7.000%, 7/15/25(2) 445 481 2.850%, 4/15/31 82 80
Univision Marriott Ownership
Communications, Inc. Resorts, Inc.
144A 4.750%, 1/15/28 335 338
6.625%, 6/1/27(2) 430 459 Nissan Motor Co. Ltd.
Verizon 144A
Communications, Inc. 4.810%, 9/17/30(2) 605 664
2.550%, 3/21/31 419 419
See Notes to Financial Statements
16TACTICAL ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
MARCH 31, 2021
($ reported in thousands)
Par Value Value Par Value Value
Consumer Energy—continued
Discretionary—continued Alliance Resource
PulteGroup, Inc. Operating Partners LP
6.375%, 5/15/33 $ 280 $ 356 144A
QVC, Inc. 7.500%, 5/1/25(2) $ 460 $ 428
4.375%, 3/15/23 440 461 Boardwalk Pipelines LP
Scientific Games 4.950%, 12/15/24 550 616
International, Inc. Cheniere Energy, Inc.
144A 144A
5.000%, 10/15/25(2) 370 383 4.625%, 10/15/28(2) 235 244
144A Chesapeake Energy
8.250%, 3/15/26(2) 210 225 Corp. 144A
144A 5.500%, 2/1/26(2) 460 479
7.000%, 5/15/28(2) 80 85 CrownRock LP 144A
Tenneco, Inc. 144A 5.625%, 10/15/25(2) 345 352
5.125%, 4/15/29(2) 540 533 EQM Midstream
Under Armour, Inc. Partners LP
3.250%, 6/15/26 340 340 144A
8,594 6.000%, 7/1/25(2) 55 59
144A
Consumer Staples—0.4% 6.500%, 7/1/27(2) 65 71
Albertsons Cos., Inc. 144A
144A 4.500%, 1/15/29(2) 155 151
3.250%, 3/15/26(2) 310 309 144A
144A 4.750%, 1/15/31(2) 140 136
4.625%, 1/15/27(2) 455 472 HollyFrontier Corp.
144A 5.875%, 4/1/26 630 714
3.500%, 3/15/29(2) 60 57 Indigo Natural
Anheuser-Busch InBev Resources LLC 144A
Worldwide, Inc. 5.375%, 2/1/29(2) 230 227
4.000%, 4/13/28 520 579 Kinder Morgan Energy
4.750%, 1/23/29 130 152 Partners LP
Bacardi Ltd. 144A 7.500%, 11/15/40 885 1,212
4.700%, 5/15/28(2) 520 595 Occidental Petroleum
BAT Capital Corp. Corp.
4.906%, 4/2/30 705 805 5.500%, 12/1/25 15 16
Post Holdings, Inc. 144A Odebrecht Oil & Gas
4.500%, 9/15/31(2) 370 366 Finance Ltd. 144A
Vector Group Ltd. 144A 0.000% (2)(5)(6) 25 —(8)
5.750%, 2/1/29(2) 145 149 Parsley Energy LLC
144A
3,484 4.125%, 2/15/28(2) 330 349
Patterson-UTI Energy,
Energy—1.1% Inc.
Aker BP ASA 144A 5.150%, 11/15/29 350 348
2.875%, 1/15/26(2) 770 795
See Notes to Financial Statements
17TACTICAL ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
MARCH 31, 2021
($ reported in thousands)
Par Value Value Par Value Value
Energy—continued Financials—continued
Pertamina Persero PT Bank of New York Mellon
144A Corp. (The) Series G
6.450%, 5/30/44(2) $ 980 $ 1,212 4.700% (5) $ 710 $ 769
Petroleos de Venezuela BBVA Bancomer S.A.
S.A. 144A 144A
6.000%, 5/16/24(2)(3) 255 11 5.125%, 1/18/33(2) 540 556
Petroleos Mexicanos Brighthouse Financial,
6.500%, 3/13/27 350 366 Inc.
7.690%, 1/23/50 560 518 3.700%, 6/22/27 111 117
Petronas Capital Ltd. 5.625%, 5/15/30 503 589
144A Brightsphere Investment
3.500%, 4/21/30(2) 530 567 Group, Inc.
Sabine Pass 4.800%, 7/27/26(7) 570 617
Liquefaction LLC Brookfield Finance, Inc.
6.250%, 3/15/22 425 441 4.250%, 6/2/26 1,045 1,177
4.200%, 3/15/28 210 230 Burford Capital Global
Targa Resources Finance LLC 144A
Partners LP 6.250%, 4/15/28(2) 200 205
5.875%, 4/15/26 430 450 Capital One Financial
Transocean Guardian Corp.
Ltd. 144A 4.200%, 10/29/25 300 332
5.875%, 1/15/24(2) 98 86 3.750%, 7/28/26 585 636
10,078 Charles Schwab Corp.
(The) Series H
Financials—3.7% 4.000% (5) 775 762
AerCap Ireland Capital Citadel LP 144A
DAC 4.875%, 1/15/27(2) 565 599
3.650%, 7/21/27 390 409 Citigroup, Inc.
Allstate Corp. (The) 3.200%, 10/21/26 525 564
Series B (3 month LIBOR +
5.750%, 8/15/53 565 597 1.250%)
Ares Finance Co. LLC 1.452%, 7/1/26(4) 1,200 1,229
144A Corporate Office
4.000%, 10/8/24(2) 705 751 Properties LP
Ascot Group Ltd. 144A 2.750%, 4/15/31 680 658
4.250%, 12/15/30(2) 745 771 Discover Bank
Athene Global Funding 4.682%, 8/9/28 1,435 1,531
144A Drawbridge Special
2.450%, 8/20/27(2) 775 784 Opportunities
Bank of America Corp. Fund LP 144A
3.004%, 12/20/23 275 286 3.875%, 2/15/26(2) 770 790
4.200%, 8/26/24 1,187 1,309 Fairfax Financial
(3 month LIBOR + Holdings Ltd.
0.770%) 4.850%, 4/17/28 585 650
0.965%, 2/5/26(4) 640 643
See Notes to Financial Statements
18TACTICAL ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
MARCH 31, 2021
($ reported in thousands)
Par Value Value Par Value Value
Financials—continued Financials—continued
Goldman Sachs Group, UBS AG
Inc. (The) (3 month 7.625%, 8/17/22 $ 1,430 $ 1,559
LIBOR + 1.170%) Voya Financial, Inc.
1.364%, 5/15/26(4) $ 685 $ 694 5.650%, 5/15/53 575 615
ICAHN Enterprises LP Wells Fargo & Co.
6.250%, 5/15/26 710 744 3.900%(5) 1,155 1,166
Jefferies Group LLC 2.393%, 6/2/28 1,310 1,343
4.850%, 1/15/27 340 391 Zions Bancorp NA
JPMorgan Chase & Co. 3.250%, 10/29/29 405 410
2.956%, 5/13/31 1,410 1,436 34,856
Ladder Capital Finance
Holdings LLLP 144A Health Care—0.7%
4.250%, 2/1/27(2) 500 493 Advanz Pharma Corp.,
Liberty Mutual Group, Ltd.
Inc. 144A 8.000%, 9/6/24 22 23
4.569%, 2/1/29(2) 627 727 Anthem, Inc.
Lincoln National Corp. (3 2.875%, 9/15/29 565 587
month LIBOR + Bausch Health Cos., Inc.
2.040%) 144A
2.264%, 4/20/67(4) 615 507 5.750%, 8/15/27(2) 200 215
MetLife, Inc. Series G Centene Corp.
3.850% (5) 695 718 4.625%, 12/15/29 220 238
Morgan Stanley 2.500%, 3/1/31 555 530
3.125%, 7/27/26 1,080 1,162 DaVita, Inc. 144A
6.375%, 7/24/42 580 846 4.625%, 6/1/30(2) 565 576
OneMain Finance Corp. HCA, Inc.
6.875%, 3/15/25 330 375 5.250%, 6/15/49 415 508
7.125%, 3/15/26 135 156 Illumina, Inc.
Prudential Financial, Inc. 2.550%, 3/23/31 370 367
5.875%, 9/15/42 285 301 Jaguar Holding Co. II
5.625%, 6/15/43 720 772 144A
Santander Holdings 5.000%, 6/15/28(2) 285 297
USA, Inc. Legacy LifePoint
3.700%, 3/28/22 359 369 Health LLC 144A
4.400%, 7/13/27 190 211 4.375%, 2/15/27(2) 305 299
Societe Generale S.A. Par Pharmaceutical, Inc.
144A 144A
4.750%, 11/24/25(2) 535 594 7.500%, 4/1/27(2) 215 228
SVB Financial Group Surgery Center
4.100% (5) 815 817 Holdings, Inc. 144A
Synovus Financial Corp. 6.750%, 7/1/25(2) 15 15
5.900%, 2/7/29 300 324 Tenet Healthcare Corp.
Toronto-Dominion Bank 144A
(The) 5.125%, 11/1/27(2) 352 368
3.625%, 9/15/31 725 795
See Notes to Financial Statements
19TACTICAL ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
MARCH 31, 2021
($ reported in thousands)
Par Value Value Par Value Value
Health Care—continued Industrials—continued
144A Kazakhstan Temir Zholy
7.500%, 4/1/25(2) $ 50 $ 54 Finance BV 144A
Teva Pharmaceutical 6.950%, 7/10/42(2) $ 440 $ 586
Finance Netherlands Spirit AeroSystems, Inc.
III B.V. 144A
3.150%, 10/1/26 515 492 5.500%, 1/15/25(2) 595 629
Universal Health Stanley Black & Decker,
Services, Inc. 144A Inc.
2.650%, 10/15/30(2) 790 763 4.000%, 3/15/60 580 613
Utah Acquisition Sub, TransDigm, Inc.
Inc. 5.500%, 11/15/27 450 466
3.950%, 6/15/26 670 738 6,573
6,298
Information Technology—1.1%
Industrials—0.7% Banff Merger Sub, Inc.
American Airlines, Inc. 144A
144A 9.750%, 9/1/26(2) 15 16
5.750%, 4/20/29(2) 45 48 Broadcom, Inc.
Ashtead Capital, Inc. 4.150%, 11/15/30 750 809
144A 144A
4.375%, 8/15/27(2) 905 943 2.450%, 2/15/31(2) 388 366
Aviation Capital Citrix Systems, Inc.
Group LLC 144A 3.300%, 3/1/30 975 1,003
3.500%, 11/1/27(2) 560 576 Dell International LLC
Avolon Holdings 144A
Funding Ltd. 144A 8.100%, 7/15/36(2) 210 308
4.375%, 5/1/26(2) 565 591 Flex Ltd.
Boeing Co. (The) 3.750%, 2/1/26 555 595
5.150%, 5/1/30 415 478 Hewlett Packard
BWX Technologies, Inc. Enterprise Co.
144A 4.900%, 10/15/25 675 770
4.125%, 4/15/29(2) 210 213 HP, Inc.
Dycom Industries, Inc. 3.400%, 6/17/30 835 872
144A Leidos, Inc. 144A
4.500%, 4/15/29(2) 230 231 2.300%, 2/15/31(2) 800 755
Fortress Transportation Microchip Technology,
& Infrastructure Inc. 144A
Investors LLC 144A 4.250%, 9/1/25(2) 580 606
6.500%, 10/1/25(2) 35 37 Motorola Solutions, Inc.
GFL Environmental, Inc. 4.600%, 2/23/28 517 588
144A 4.600%, 5/23/29 265 301
3.750%, 8/1/25(2) 460 467 NCR Corp. 144A
Howmet Aerospace, Inc. 5.125%, 4/15/29(2) 350 353
6.875%, 5/1/25 600 695
See Notes to Financial Statements
20TACTICAL ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
MARCH 31, 2021
($ reported in thousands)
Par Value Value Par Value Value
Information Materials—continued
Technology—continued Inversiones CMPC S.A.
Oracle Corp. 144A
2.875%, 3/25/31 $ 715 $ 728 3.850%, 1/13/30(2) $ 870 $ 927
Science Applications Louisiana-Pacific Corp.
International Corp. 144A
144A 3.625%, 3/15/29(2) 490 477
4.875%, 4/1/28(2) 580 600 Nutrition & Biosciences,
Seagate HDD Cayman Inc. 144A
144A 2.300%, 11/1/30(2) 635 616
3.375%, 7/15/31(2) 315 303 Olin Corp.
SK Hynix, Inc. 144A 5.625%, 8/1/29 630 679
1.500%, 1/19/26(2) 465 458 Resolute Forest
Vontier Corp. 144A Products, Inc. 144A
2.950%, 4/1/31(2) 643 627 4.875%, 3/1/26(2) 485 486
Xerox Holdings Corp. Syngenta Finance N.V.
144A 144A
5.500%, 8/15/28(2) 455 471 4.441%, 4/24/23(2) 200 210
10,529 Teck Resources Ltd.
6.125%, 10/1/35 540 662
Materials—0.9% 8,185
Ardagh Metal Packaging
Finance USA LLC Real Estate—0.8%
144A American Assets
4.000%, 9/1/29(2) 200 200 Trust LP
Ardagh Packaging 3.375%, 2/1/31 910 894
Finance plc 144A EPR Properties
4.125%, 8/15/26(2) 610 625 4.750%, 12/15/26 865 909
Avient Corp. 144A ESH Hospitality, Inc.
5.750%, 5/15/25(2) 565 600 144A
Chemours Co. (The) 4.625%, 10/1/27(2) 460 487
144A GLP Capital LP
5.750%, 11/15/28(2) 430 453 5.750%, 6/1/28 655 756
Cleveland-Cliffs, Inc. Iron Mountain, Inc.
144A 144A
6.750%, 3/15/26(2) 570 620 4.875%, 9/15/29(2) 595 602
Commercial Metals Co. iStar, Inc.
3.875%, 2/15/31 300 294 4.250%, 8/1/25 445 448
Freeport-McMoRan, Inc. MPT Operating
5.450%, 3/15/43 475 571 Partnership LP
Glencore Funding LLC 5.000%, 10/15/27 240 252
144A 4.625%, 8/1/29 140 147
1.625%, 9/1/25(2) 765 765 3.500%, 3/15/31 525 515
See Notes to Financial Statements
21TACTICAL ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
MARCH 31, 2021
($ reported in thousands)
Par Value Value Par Value Value
Real Estate—continued LEVERAGED LOANS(4)—3.1%
Office Properties Income
Trust Aerospace—0.2%
4.500%, 2/1/25 $ 555 $ 584 AI Convoy
Retail Opportunity (Luxembourg) S.a.r.l.
Investments Tranche B (6 month
Partnership LP LIBOR + 3.500%)
4.000%, 12/15/24 485 512 4.500%, 1/18/27 $ 347 $ 346
Retail Properties of American Airlines, Inc.
America, Inc. (3 month LIBOR +
4.750%, 9/15/30 780 826 4.750%)
Service Properties Trust 0.000%, 4/20/28(9) 455 465
4.950%, 2/15/27 640 633 Mileage Plus Holdings,
LLC (3 month LIBOR
7,565
+ 5.250%)
6.250%, 6/21/27 600 637
Utilities—0.5%
TransDigm, Inc. Tranche
American Electric Power
E (1 month LIBOR +
Co., Inc.
2.250%)
2.300%, 3/1/30 830 810
2.359%, 5/30/25 676 662
DPL, Inc.
4.350%, 4/15/29 402 432 2,110
Edison International
4.125%, 3/15/28 725 778 Chemicals—0.2%
Exelon Corp. Gemini HDPE LLC 2027
3.497%, 6/1/22 435 449 (3 month LIBOR +
FirstEnergy 3.000%)
Transmission LLC 3.500%, 12/31/27 180 179
144A Ineos U.S. Finance LLC
2.866%, 9/15/28(2) 392 395 2024 (1 month LIBOR
National Fuel Gas Co. + 2.000%)
2.950%, 3/1/31 245 236 2.109%, 4/1/24 257 254
Perusahaan Listrik Ineos U.S. Petrochem
Negara PT 144A LLC 2026, Tranche B
4.125%, 5/15/27(2) 210 225 (3 month LIBOR +
Southern Power Co. 2.750%)
4.150%, 12/1/25 585 651 3.250%, 1/29/26 460 458
Talen Energy Supply LLC Starfruit Finco B.V. (1
144A month LIBOR +
6.625%, 1/15/28(2) 310 310 2.750%)
TerraForm Power 2.860%, 10/1/25 632 622
Operating LLC 144A
5.000%, 1/31/28(2) 330 356
4,642
TOTAL CORPORATE BONDS AND
NOTES
(Identified Cost $104,464) 107,765
See Notes to Financial Statements
22TACTICAL ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
MARCH 31, 2021
($ reported in thousands)
Par Value Value Par Value Value
Chemicals—continued Financial—continued
Trinseo Materials Citadel Securities LP
Operating SCA 2021 (3 month LIBOR
Tranche B-2, First + 2.500%)
Lien (3 month LIBOR 2.615%, 2/2/28 $ 355 $ 351
+ 2.500%) 660
0.000%, 3/17/28(9) $ 265 $ 262
1,775 Food / Tobacco—0.2%
Aramark Services, Inc.
Consumer Durables—0.1% Tranche B-4 (1 month
CP Atlas Buyer, Inc. LIBOR + 1.750%)
Tranche B (3 month 1.859%, 1/15/27 99 98
LIBOR + 3.750%) CHG PPC Parent LLC
4.250%, 11/23/27 155 154 First Lien (1 month
Resideo Funding, Inc. LIBOR + 2.750%)
Tranche B (3 month 2.859%, 3/31/25 180 177
LIBOR + 2.250%) City Brewing Co. LLC
2.750%, 2/11/28 300 299 First Lien (3 month
Weber-Stephen LIBOR + 3.500%)
Products LLC Tranche 0.000%, 10/1/26(9) 110 110
B (3 month LIBOR + Hostess Brands LLC
3.250%) 2019, Tranche B (3
4.000%, 10/30/27 309 308 month LIBOR +
761 3.000%)
0.000%, 8/3/25(9) 597 593
Energy—0.0% JBS USA Lux S.A. (3
Buckeye Partners LP month LIBOR +
Tranche B, First Lien 2.000%)
(3 month LIBOR + 0.000%, 5/1/26(9) 603 599
2.250%) 1,577
2.359%, 11/1/26 104 104
CITGO Petroleum Corp. Forest Prod / Containers—0.2%
2019, Tranche B (3 Berry Global, Inc.
month LIBOR + Tranche Z (3 month
6.250%) LIBOR + 1.750%)
7.250%, 3/28/24 259 259 1.898%, 7/1/26 623 618
363 Reynolds Group
Holdings, Inc. (3
Financial—0.1% month LIBOR +
Avolon TLB Borrower 1 2.750%)
US LLC Tranche B-5 0.000%, 2/6/23(9) 600 597
(1 month LIBOR +
2.500%)
3.250%, 12/1/27 309 309
See Notes to Financial Statements
23TACTICAL ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
MARCH 31, 2021
($ reported in thousands)
Par Value Value Par Value Value
Forest Prod / Gaming / Leisure—continued
Containers—continued Station Casinos LLC
Schweitzer-Mauduit Tranche B-1 (1 month
International, Inc. LIBOR + 2.250%)
Tranche B (3 month 2.500%, 2/8/27 $ 163 $ 161
LIBOR + 4.000%) 3,271
0.000%, 1/27/28(9) $ 380 $ 378
Spectrum Holdings III Healthcare—0.3%
Corp. First Lien (3 AHP Health Partners,
month LIBOR + Inc. Tranche B-1 (1
3.250%) month LIBOR +
4.250%, 1/31/25 40 38 3.750%)
1,631 4.750%, 6/30/25 82 82
Bausch Health Cos., Inc.
Gaming / Leisure—0.3% (1 month LIBOR +
Aristocrat Technologies, 2.750%)
Inc. (3 month LIBOR 2.859%, 11/27/25 105 104
+ 3.750%) (1 month LIBOR +
4.750%, 10/19/24 289 289 3.000%)
Boyd Gaming Corp. 3.109%, 6/2/25 54 54
Tranche B (weekly Catalent Pharma
LIBOR + 2.250%) Solutions, Inc.
2.331%, 9/15/23 632 630 Tranche B-3 (1 month
CityCenter Holdings LLC LIBOR + 2.000%)
(3 month LIBOR + 2.500%, 2/22/28 296 296
2.250%) CHG Healthcare
0.000%, 4/18/24(9) 605 597 Services, Inc. (3
Hilton Worldwide month LIBOR +
Finance LLC Tranche 3.000%)
B-2 (3 month LIBOR + 4.000%, 6/7/23 312 310
1.750%) Greatbatch Ltd. Tranche
0.000%, 6/22/26(9) 605 599 B (1 month LIBOR +
Playtika Holding Corp. 2.500%)
Tranche B-1 (3 month 3.500%, 10/27/22 560 560
LIBOR + 2.750%) IQVIA, Inc. Tranche B-3
0.000%, 3/5/28(9) 450 447 (3 month LIBOR +
Pug LLC Tranche B (1 1.750%)
month LIBOR + 1.953%, 6/11/25 373 371
3.500%) LifePoint Health, Inc.
3.609%, 2/12/27 277 266 Tranche B, First Lien
Seminole Tribe of Florida (1 month LIBOR +
(1 month LIBOR + 3.750%)
1.750%) 3.865%, 11/17/25 435 434
1.859%, 7/8/24 282 282
See Notes to Financial Statements
24TACTICAL ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
MARCH 31, 2021
($ reported in thousands)
Par Value Value Par Value Value
Healthcare—continued Manufacturing—continued
PPD, Inc. (1 month Gardner Denver, Inc.
LIBOR + 2.250%) Tranche A (1 month
2.750%, 1/13/28 $ 420 $ 418 LIBOR + 2.750%)
2,629 2.859%, 3/1/27 $ 40 $ 39
Gates Global LLC
Housing—0.1% Tranche B-3 (1 month
CPG International LLC (3 LIBOR + 2.750%)
month LIBOR + 3.500%, 3/31/27 598 596
2.500%) Ingersoll-Rand Services
3.250%, 5/6/24(6) 51 51 Co. 2020, Tranche B-1
Summit Materials LLC (1 month LIBOR +
Tranche B (1 month 1.750%)
LIBOR + 2.000%) 1.859%, 3/1/27 45 44
2.109%, 11/21/24 601 599 Star US Bidco LLC (1
month LIBOR +
650 4.250%)
5.250%, 3/17/27 463 458
Information Technology—0.2%
Applied Systems, Inc. 1,356
First Lien (3 month
LIBOR + 3.000%) Media / Telecom -
3.524%, 9/19/24 399 397 Broadcasting—0.0%
Second Lien (3 month Nexstar Broadcasting,
LIBOR + 5.500%) Inc. Tranche B-4 (1
6.250%, 9/19/25 55 56 month LIBOR +
Boxer Parent Co., Inc. 2.500%)
2021 (1 month LIBOR 2.615%, 9/18/26 451 447
+ 3.750%) Media / Telecom - Cable/Wireless
3.859%, 10/2/25 553 550 Video—0.1%
Sophia LP (3 month CSC Holdings LLC 2018
LIBOR + 3.750%) (1 month LIBOR +
3.953%, 10/7/27 543 543 2.250%)
UKG, Inc. 2021 (3 month 2.356%, 1/15/26 419 413
LIBOR + 3.250%) Radiate Holdco LLC
4.000%, 5/4/26 269 269 Tranche B (1 month
Ultra Clean Holdings, LIBOR + 3.500%)
Inc. (3 month LIBOR 4.250%, 9/25/26 61 61
+ 3.750%) Virgin Media Bristol LLC
0.000%, 2/24/28(9) 185 185 Tranche B (3 month
2,000 LIBOR + 3.250%)
0.000%, 1/31/29(9) 70 69
Manufacturing—0.1% 543
Alliance Laundry
Systems LLC Tranche
B (3 month LIBOR +
3.500%)
4.250%, 10/8/27 219 219
See Notes to Financial Statements
25TACTICAL ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
MARCH 31, 2021
($ reported in thousands)
Par Value Value Par Value Value
Media / Telecom - Diversified Retail—continued
Media—0.0% PetsMart LLC (3 month
Newco Financing LIBOR + 3.750%)
Partnership Tranche 4.500%, 2/12/28 $ 300 $ 299
AV1 (1 month LIBOR 912
+ 3.500%)
3.606%, 1/31/29 $ 170 $ 170 Service—0.4%
UPC Financing AlixPartners LLP (1
Partnership Tranche month LIBOR +
AV (1 month LIBOR + 2.750%)
3.500%) 3.250%, 2/4/28 690 687
3.606%, 1/31/29 170 169 Dun & Bradstreet Corp.
339 (The) Tranche B (1
month LIBOR +
Media / Telecom - 3.250%)
Telecommunications—0.1% 3.359%, 2/6/26 740 735
CenturyLink, Inc. Peraton Corp.
Tranche B (1 month (3 month LIBOR +
LIBOR + 2.250%) 3.750%)
2.359%, 3/15/27 153 151 0.000%, 2/1/28(9) 210 210
Consolidated Tranche B, First Lien
Communications, Inc. (3 month LIBOR +
(1 month LIBOR + 3.750%)
4.750%) 4.500%, 2/1/28 119 119
5.750%, 10/2/27 103 104 PODS LLC (3 month
Zayo Group Holdings, LIBOR + 3.000%)
Inc. (1 month LIBOR 0.000%, 3/31/28(9) 330 328
+ 3.000%) Sedgwick Claims
3.109%, 3/9/27 377 373 Management
Services, Inc. (1
628 month LIBOR +
3.250%)
Media / Telecom - Wireless 3.359%, 12/31/25 630 621
Communications—0.1% TKC Holdings, Inc. First
SBA Senior Finance Lien (6 month LIBOR
II LLC Tranche B (1 + 3.750%)
month LIBOR + 4.750%, 2/1/23 286 279
1.750%) WEX, Inc.
1.860%, 4/11/25 622 614 Tranche B, First Lien
Retail—0.1% (3 month LIBOR +
Harbor Freight Tools 2.250%)
USA, Inc. 2020 (1 0.000%, 3/20/28(9) 225 224
month LIBOR +
3.000%)
3.750%, 10/19/27 613 613
See Notes to Financial Statements
26TACTICAL ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
MARCH 31, 2021
($ reported in thousands)
Par Value Value Shares Value
Service—continued PREFERRED STOCKS—0.4%
Tranche B-3 (3 month
LIBOR + 2.250%) Financials—0.3%
0.000%, 5/15/26(9) $ 454 $ 452 Discover Financial
Services Series D,
3,655 6.125% 175(10) $ 194
Fifth Third Bancorp
Transportation - Automotive—0.0% Series L, 4.500% 602 (10)
639
Cooper-Standard JPMorgan Chase & Co.
Automotive, Inc. Series HH, 4.600% 304(10) 308
Tranche B-1 (1 month KeyCorp Series D,
LIBOR + 2.000%) 5.000% 440 (10)
482
2.750%, 11/2/23 299 288 MetLife, Inc. Series D,
Navistar, Inc. Tranche B 5.875% 277(10) 307
(1 month LIBOR + Truist Financial Corp.
3.500%) Series Q, 5.100% 680 (10)
741
3.620%, 11/6/24 226 226 Zions Bancorp NA,
514 6.950% 6,400 179
2,850
Transportation - Land
Transportation—0.1% Industrials—0.1%
Genesee & Wyoming, General Electric Co.
Inc. (3 month LIBOR Series D, 3.514%(4) 725(10) 685
+ 2.000%)
0.000%, 12/30/26(9) 599 596 TOTAL PREFERRED STOCKS
(Identified Cost $3,301) 3,535
Utility—0.2%
APLP Holdings LP 2020,
Tranche B (3 month COMMON STOCKS—67.1%
LIBOR + 2.500%) Communication Services—10.8%
3.500%, 4/14/25 195 194 Activision Blizzard, Inc. 68,550 6,375
Astoria Energy LLC Adevinta ASA(11) 342,132 5,036
Tranche B (3 month Ascential plc(11) 740,523 3,430
LIBOR + 3.500%) Auto Trader Group
4.500%, 12/10/27 428 427 plc(11) 732,468 5,598
Brookfield WEC Clear Channel Outdoor
Holdings, Inc. (1 Holdings, Inc.
month LIBOR + Class A(11) 1,381 2
2.750%) CTS Eventim AG & Co.
3.250%, 8/1/25 623 618 KGaA (11)
47,640 2,762
Calpine Corp. 2019 (1 Facebook, Inc.
month LIBOR + Class A(11) 90,655 26,701
2.000%) Infrastrutture Wireless
2.110%, 4/5/26 447 442 Italiane SpA 228,950 2,551
1,681 Karnov Group AB 576,285 3,444
MarkLines Co., Ltd. 65,400 1,477
TOTAL LEVERAGED LOANS Netflix, Inc.(11) 30,700 16,015
(Identified Cost $28,704) 28,712 New Work SE 14,780 3,839
See Notes to Financial Statements
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