Monachil Credit Income Fund |
CONSOLIDATED SCHEDULE OF INVESTMENTS - (Unaudited) |
As of March 31, 2024 |
Principal | |||||||
Amount1 | Value | ||||||
AUTO - 10.68% | |||||||
2,900,300 | Series 2023-2 Asset-Specific Trust Interest of INNOVATE MASTER TRUST 4 | ||||||
17.500%, 11/7/2036 | $ | 1,847,529 | |||||
470,867 | Capsource Venture Investments III, LLC | ||||||
14.000%, 3/21/2034 | 369,651 | ||||||
TOTAL AUTO | |||||||
(Cost $2,215,023) | 2,217,180 | ||||||
COLLATERALIZED LOAN OBLIGATION - 23.63% | |||||||
250,000 | Barrow Hanley CLO II Ltd. 4,5 | ||||||
8.839% (3-Month Term SOFR+350 basis points), 10/20/2035 | 252,051 | ||||||
500,000 | Barrow Hanley CLO II Ltd. 4,5 | ||||||
11.089% (3-Month Term SOFR+575 basis points), 10/20/2035 | 509,580 | ||||||
250,000 | Barrow Hanley CLO II Ltd. 4,5 | ||||||
13.709% (3-Month Term SOFR+837 basis points), 10/20/2035 | 254,197 | ||||||
250,000 | BCC Middle Market CLO 2023-1, LLC 3,4,5 | ||||||
9.216% (3-Month Term SOFR+380 basis points), 7/20/2035 | 254,563 | ||||||
250,000 | BCC Middle Market CLO 2023-1, LLC 3,4,5 | ||||||
9.966% (3-Month Term SOFR+455 basis points), 7/20/2035 | 252,179 | ||||||
250,000 | BCC Middle Market CLO 2023-1, LLC 3,4,5 | ||||||
12.066% (3-Month Term SOFR+665 basis points), 7/20/2035 | 251,579 | ||||||
250,000 | BCC Middle Market CLO 2023-1, LLC 3,4,5 | ||||||
15.256% (3-Month Term SOFR+984 basis points), 7/20/2035 | 249,035 | ||||||
250,000 | Birch Grove CLO 6 Ltd. 4,5 | ||||||
11.148% (3-Month Term SOFR+583 basis points), 7/20/2035 | 252,620 | ||||||
250,000 | Canyon Capital CLO 2023-1 Ltd. 4,5 | ||||||
8.410% (3-Month Term SOFR+300 basis points), 10/15/2036 | 251,402 | ||||||
250,000 | Canyon Capital CLO 2023-1 Ltd. 4,5 | ||||||
10.410% (3-Month Term SOFR+500 basis points), 10/15/2036 | 254,189 | ||||||
250,000 | Canyon Capital CLO 2023-1 Ltd. 4,5 | ||||||
13.390% (3-Month Term SOFR+798 basis points), 10/15/2036 | 254,334 | ||||||
250,000 | CIFC-LBC Middle Market CLO 2023-1, LLC 4,5 | ||||||
9.618% (3-Month Term SOFR+430 basis points), 10/20/2035 | 252,307 | ||||||
500,000 | CIFC-LBC Middle Market CLO 2023-1, LLC 4,5 | ||||||
11.818% (3-Month Term SOFR+650 basis points), 10/20/2035 | 502,350 | ||||||
250,000 | CIFC-LBC Middle Market CLO 2023-1, LLC 4,5 | ||||||
14.618% (3-Month Term SOFR+930 basis points), 10/20/2035 | 251,329 | ||||||
250,000 | Dryden 107 CLO Ltd. 4,5 | ||||||
8.307% (3-Month Term SOFR+300 basis points), 8/15/2035 | 252,126 | ||||||
250,000 | Dryden 107 CLO Ltd. 4,5 | ||||||
10.457% (3-Month Term SOFR+515 basis points), 8/15/2035 | 253,549 | ||||||
250,000 | Fortress Credit BSL XIX Ltd. 4,5 | ||||||
11.589% (3-Month Term SOFR+627 basis points), 7/24/2036 | 253,306 | ||||||
100,000 | SCF Equipment Leasing 2023-1 3,4 | ||||||
7.000%, 8/22/2033 | 102,247 | ||||||
TOTAL COLLATERALIZED LOAN OBLIGATION | |||||||
(Cost $4,824,438) | 4,902,943 |
Monachil Credit Income Fund |
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued) |
As of March 31, 2024 |
Principal | |||||||
Amount1 | Value | ||||||
CONSUMER ABS - 34.02% | |||||||
100,000 | Aligned Data Centers Issuer, LLC 3,4 | ||||||
6.000%, 8/17/2048 | $ | 100,197 | |||||
99,509 | Auxilior Term Funding 2023-1 LLC 3,4 | ||||||
5.864%, 11/15/2024 | 99,537 | ||||||
200,000 | Auxilior Term Funding 2023-1 LLC 3,4 | ||||||
6.180%, 12/15/2028 | 201,206 | ||||||
200,000 | Auxilior Term Funding 2023-1 LLC 3,4 | ||||||
10.970%, 12/15/2032 | 201,268 | ||||||
157,749 | Bank of America Auto Trust 2023-1 3,4 | ||||||
5.830%, 5/15/2026 | 157,918 | ||||||
500,000 | Blackrock MT Hood CLO X, LLC 3,4,5 | ||||||
11.878% (3-Month Term SOFR+656 basis points), 4/20/2035 | 503,856 | ||||||
68,413 | BMW Vehicle Owner Trust 2020-A 4 | ||||||
0.620%, 4/26/2027 | 68,150 | ||||||
250,000 | Carlyle US CLO 2023-2 Ltd. 4,5 | ||||||
10.318% (3-Month Term SOFR+500 basis points), 7/20/2036 | 255,937 | ||||||
325,000 | CarMax Auto Owner Trust 2021-2 4 | ||||||
0.810%, 12/15/2026 | 310,138 | ||||||
148,758 | Carvana Auto Receivables Trust 2021-P1 3,4 | ||||||
0.860%, 1/11/2027 | 144,128 | ||||||
100,000 | Carvana Auto Receivables Trust 2023-P4 3,4 | ||||||
6.550%, 12/10/2029 | 102,789 | ||||||
69,494 | Carvana Auto Receivables Trust 2023-P5 3,4 | ||||||
5.637%, 1/10/2025 | 69,499 | ||||||
100,000 | Carvana Auto Receivables Trust 2023-P5 3,4 | ||||||
5.770%, 4/12/2027 | 100,041 | ||||||
200,000 | Carvana Auto Receivables Trust 2024-P1 3,4 | ||||||
5.500%, 8/10/2027 | 199,984 | ||||||
100,000 | Carvana Auto Receivables Trust 2024-P1 3,4 | ||||||
5.570%, 7/10/2030 | 99,734 | ||||||
100,000 | Carvana Auto Receivables Trust 2024-P1 3,4 | ||||||
6.250%, 3/10/2031 | 99,650 | ||||||
250,000 | CFG Investments Ltd. 4 | ||||||
8.560%, 7/25/2034 | 250,077 | ||||||
250,000 | CNH Equipmet Trust 2023-B 4 | ||||||
5.900%, 2/16/2027 | 250,624 | ||||||
100,000 | CP EF Asset Securitization II LLC 4 | ||||||
7.560%, 3/15/2033 | 93,931 | ||||||
185,066 | DLLAA 2023-1, LLC 4 | ||||||
5.930%, 7/20/2026 | 185,461 | ||||||
302,441 | DT Auto Owner Trust 2023-3 3, 4 | ||||||
6.290%, 8/16/2027 | 303,373 | ||||||
31,063 | Enterprise Fleet Financing 2021-2 LLC 3,4 | ||||||
0.480%, 5/20/2027 | 30,552 | ||||||
60,859 | Enterprise Fleet Financing 2021-3 LLC 3,4 | ||||||
0.770%, 8/20/2027 | 59,814 |
Monachil Credit Income Fund |
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued) |
As of March 31, 2024 |
Principal | |||||||
Amount1 | Value | ||||||
CONSUMER ABS - 34.02% (continued) | |||||||
35,000 | Ford Credit Auto Lease Trust 2022-A 4 | ||||||
3.370%, 7/15/2025 | $ | 34,837 | |||||
500,000 | Foundation Finance Trust 2023-1 4 | ||||||
9.180%, 12/15/2043 | 504,984 | ||||||
152,181 | GLS Auto Receivables Issuer Trust 2023-2 4 | ||||||
5.700%, 1/15/2027 | 151,917 | ||||||
100,000 | GLS Auto Receivables Issuer Trust 2023-2 4 | ||||||
5.520%, 11/15/2027 | 99,705 | ||||||
100,000 | GLS Auto Receivables Issuer Trust 2023-2 4 | ||||||
5.690%, 3/15/2029 | 99,852 | ||||||
100,000 | GLS Auto Receivables Issuer Trust 2023-2 4 | ||||||
6.310%, 3/15/2029 | 100,984 | ||||||
43,644 | GM Financial Automobile Leasing Trust 2023-1 4 | ||||||
5.270%, 6/20/2025 | 43,617 | ||||||
78,869 | GM Financial Consumer Automobile Leasing Trust 2021-4 4 | ||||||
0.680%, 9/16/2026 | 76,599 | ||||||
100,000 | Goodleap Sustainable Home Solutions Trust 2023-4 4 | ||||||
7.970%, 3/20/2057 | 99,894 | ||||||
500,000 | Lendmark Funding Trust 2023-1 4 | ||||||
8.690%, 5/20/2033 | 517,505 | ||||||
250,000 | Man US CLO 2023-1 Ltd. 3,4,5 | ||||||
9.318% (3-Month Term SOFR+400 basis points), 7/20/2035 | 255,728 | ||||||
250,000 | Man US CLO 2023-1 Ltd. 3,4,5 | ||||||
11.168% (3-Month Term SOFR+585 basis points), 7/20/2035 | 252,416 | ||||||
112,500 | New Mountain Guardian IV Rated Feeder I Ltd. 3,4,5 | ||||||
9.822% (3-Month Term SOFR+450 basis points), 8/15/2036 | 112,500 | ||||||
100,000 | OneMan Financial Issuance Trust 2023-2 4 | ||||||
7.520%, 9/15/2036 | 102,783 | ||||||
33,882 | Oportun Issuance Trust 2022-3 3,4 | ||||||
7.451%, 1/8/2030 | 33,917 | ||||||
165,891 | Santander Drive Auto Receivable Trust 2020-1 4 | ||||||
5.350%, 3/15/2028 | 165,770 | ||||||
108,181 | Upstart Securitization Trust 2021-3 3,4 | ||||||
1.660%, 7/20/2031 | 107,625 | ||||||
158,862 | Upstart Securitization Trust 2023-2 4 | ||||||
6.770%, 6/20/2033 | 159,197 | ||||||
250,000 | Upstart Securitization Trust 2023-2 4 | ||||||
7.920%, 6/20/2033 | 253,017 | ||||||
TOTAL CONSUMER ABS | |||||||
(Cost $6,984,286) | 7,060,711 |
Monachil Credit Income Fund |
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued) |
As of March 31, 2024 |
Principal | |||||||
Amount1 | Value | ||||||
CORPORATE BONDS - 2.80% | |||||||
200,000 | Ares Capital Corp. 4 | ||||||
3.250%, 7/15/2025 | $ | 193,287 | |||||
100,000 | Barings BDC, Inc. 4 | ||||||
3.300%, 11/23/2026 | 91,509 | ||||||
100,000 | Blackstone Private Credit Fund | ||||||
2.350%, 11/22/2024 | 97,688 | ||||||
200,000 | Sixth Street Specialty Lending, Inc. 4 | ||||||
3.875%, 11/1/2024 | 197,525 | ||||||
TOTAL CORPORATE BONDS | |||||||
(Cost $576,283) | 580,009 | ||||||
OTHER - 4.61% | |||||||
100,000 | Frontier Issuer, LLC 4 | ||||||
8.300%, 8/20/2053 | 101,921 | ||||||
201,684 | Lunar Aircraft 2020-1 LTD 3,4 | ||||||
3.376%, 2/15/2045 | 186,295 | ||||||
250,000 | MetroNet Infrastructure Issuer LLC 4 | ||||||
6.560%, 4/20/2053 | 254,057 | ||||||
250,000 | MetroNet Infrastructure Issuer LLC 4 | ||||||
8.010%, 4/20/2053 | 253,683 | ||||||
76,471 | Mileage Plus Holdings LLC 4,5 | ||||||
10.548%, (3-Month Term SOFR+ 525 basis points) 6/20/2027 | 78,843 | ||||||
79,381 | SkyMiles IP Ltd. 4,5 | ||||||
9.063% (1-Month Term SOFR+375 basis points), 9/16/2027 | 81,969 | ||||||
TOTAL OTHER | |||||||
(Cost $932,619) | 956,768 | ||||||
U.S. TREASURY BILL - 22.39% | |||||||
40,000 | 5.263%, 4/2/2024 | 39,994 | |||||
4,280,000 | 5.277%, 4/4/2024 | 4,278,151 | |||||
33,000 | 5.271%, 4/23/2024 | 328,939 | |||||
TOTAL U.S. TREASURY BILL | 4,647,084 | ||||||
(Cost $4,647,049) | |||||||
TOTAL INVESTMENTS - 98.13% | |||||||
(Cost $20,179,698) | 20,364,695 | ||||||
Other Assets in Excess of Liabilities - (1.87%) 2 | 387,278 | ||||||
TOTAL NET ASSETS - 100.00% | $ | 20,751,973 |
1 | Local Currency |
2 | Includes Cash, Cash equivalents, Dividends and interest, and Total liabilities. |
3 | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $4,387,504, which represents 21.14% of the total net assets of the Fund. |
4 | Callable |
5 | Floating rate security, upon which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end. |
Monachil Credit Income Fund |
CONSOLIDATED SCHEDULE OF INVESTMENTS - (Unaudited)(Continued) |
As of March 31, 2024 |
FUTURES CONTRACTS
Unrealized | ||||||||||||||||||||
Expiration | Number of | Notional | Value at | Appreciation | ||||||||||||||||
Short Contracts | Date | Contracts | Value | March 31, 2024 | (Depreciation) | |||||||||||||||
Equity Futures | ||||||||||||||||||||
CBOE IBOXX Ishares | April 2024 | (5) | (767,120 | ) | (773,350 | ) | (6,230 | ) | ||||||||||||
CBOE IBOXX Ishares | June 2024 | (5) | (778,240 | ) | (781,950 | ) | (3,710 | ) | ||||||||||||
Total Short Contracts | (1,545,360 | ) | (1,555,300 | ) | (9,940 | ) | ||||||||||||||
TOTAL FUTURES CONTRACTS | $ | (1,545,360 | ) | $ | (1,555,300 | ) | $ | (9,940 | ) |