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Asset-Based Income Fund | September 30, 2023 | |||||
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Schedule of Investments (Unaudited)
| Issuer | Asset | Effective Interest Rate | Maturity Date | Par | Fair Value | |||||||||||||||
Asset-Backed Securities — 49.1% | ||||||||||||||||||||
Communications Equipment — 3.8% | ||||||||||||||||||||
ALLO Issuer LLC (a) | Class A2, Series 2023-1A | 6.20 | % | 6/20/2053 | 17,069,000 | $ | 16,030,269 | |||||||||||||
Consumer Finance — 21.8% | ||||||||||||||||||||
College Ave Student Loans LLC (a) | Class C, Series 2023-A | 6.06 | % | 5/25/2055 | 3,000,000 | 2,867,179 | ||||||||||||||
College Ave Student Loans LLC (a) | Class D, Series 2023-A | 6.89 | % | 5/25/2055 | 2,000,000 | 1,919,498 | ||||||||||||||
College Ave Student Loans LLC (a) | Class E, Series 2023-A | 8.49 | % | 5/25/2055 | 4,000,000 | 3,875,488 | ||||||||||||||
CPC Asset Securitization II LLC (a) | Class A, Series 2023-1A | 7.53 | % | 3/15/2029 | 11,930,000 | 11,928,528 | ||||||||||||||
GoodLeap Sustainable Home Solutions Trust (a) | Class A, Series 2023-2GS | 5.70 | % | 5/20/2055 | 9,723,907 | 9,082,343 | ||||||||||||||
Marlette Funding Trust (a) | Class C, Series 2023-3A | 7.06 | % | 9/15/2033 | 13,670,000 | 13,608,973 | ||||||||||||||
Marlette Funding Trust (a) | Class D, Series 2023-2A | 7.92 | % | 6/15/2033 | 5,480,000 | 5,492,761 | ||||||||||||||
Marlette Funding Trust (a) | Class D, Series 2023-3A | 8.04 | % | 9/15/2033 | 3,500,000 | 3,514,175 | ||||||||||||||
Mosaic Solar Loan Trust (a) | Class B, Series 2023-3A | 7.37 | % | 11/20/2053 | 18,002,563 | 17,501,094 | ||||||||||||||
Octane Receivables Trust (a) | Class D, Series 2022-2A | 7.70 | % | 2/20/2030 | 10,000,000 | 10,012,646 | ||||||||||||||
OneMain Financial Issuance Trust (a) | Class C, Series 2023-1A | 6.38 | % | 6/14/2038 | 7,500,000 | 7,321,780 | ||||||||||||||
SMB Private Education Loan Trust (a) | Class C, Series 2023-B | 6.36 | % | 10/16/2056 | 5,000,000 | 4,830,492 | ||||||||||||||
Diversified Real Estate Activities — 3.5% | ||||||||||||||||||||
FirstKey Homes Trust (a) | Class E2, Series 2022-SFR1 | 5.00 | % | 5/17/2039 | 1,500,000 | 1,346,195 | ||||||||||||||
FRTKL (a) | Class E1, Series 2021-SFR1 | 2.37 | % | 9/17/2038 | 6,750,000 | 5,750,955 | ||||||||||||||
FRTKL (a) | Class E2, Series 2021-SFR1 | 2.52 | % | 9/17/2038 | 8,900,000 | 7,566,511 | ||||||||||||||
Diversified REITs — 10.2% | ||||||||||||||||||||
AMSR Trust (a) | Class E2, Series 2022-SFR3 | 4.00 | % | 10/17/2039 | 1,250,000 | 1,081,591 | ||||||||||||||
AMSR Trust (a) | Class E2, Series 2023-SFR1 | 4.00 | % | 4/17/2040 | 5,939,000 | 5,032,074 | ||||||||||||||
Bridge Trust (a) | Class E1, Series 2022-SFR1 | 6.30 | % | 11/17/2037 | 15,000,000 | 14,436,335 | ||||||||||||||
FirstKey Homes Trust (a) | Class E2, Series 2022-SFR3 | 3.50 | % | 7/17/2038 | 20,000,000 | 17,653,102 | ||||||||||||||
Progress Residential Trust (a) | Class E2, Series 2022-SFR3 | 5.60 | % | 4/17/2039 | 2,166,000 | 1,995,402 | ||||||||||||||
Progress Residential Trust (a) | Class E2, Series 2023-SFR1 | 6.60 | % | 3/17/2040 | 2,500,000 | 2,319,848 | ||||||||||||||
Integrated Telecommunication Services — 1.0% |
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Hotwire Funding LLC (a) | Class B, Series 2023-1A | 7.00 | % | 5/20/2053 | 4,500,000 | 4,350,904 | ||||||||||||||
Renewable Electricity — 1.4% | ||||||||||||||||||||
Sunnova Helios XI Issuer LLC (a) | Class B, Series 2023-A | 5.60 | % | 5/20/2050 | 6,363,980 | 5,922,966 | ||||||||||||||
Specialized Finance — 7.4% | ||||||||||||||||||||
Adams Outdoor Advertising LP (a) | Class A2, Series 2023-1 | 6.97 | % | 7/15/2053 | 20,000,000 | 19,713,920 | ||||||||||||||
Libertas Asset Securitization LLC (a) | Class A1, Series 2023-1A | 7.67 | % | 7/16/2029 | 11,500,000 | 11,456,330 | ||||||||||||||
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TOTAL ASSET-BACKED SECURITIES (Cost $209,699,630) |
| $ | 206,611,359 | |||||||||||||||||
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Mortgage-Backed Securities — 30.7% | ||||||||||||||||||||
Diversified Real Estate Activities —25.8% | ||||||||||||||||||||
FIGRE Trust (a)(b) | Class A, Series 2023-HE2 | 6.51 | % | 5/25/2053 | 4,403,793 | 4,367,640 | ||||||||||||||
FIGRE Trust (a)(b) | Class B, Series 2023-HE2 | 7.69 | % | 5/25/2053 | 5,251,056 | 5,195,333 | ||||||||||||||
GCAT Trust (a)(b) | Class M1, Series 2022-NQM4 | 5.74 | % | 8/25/2067 | 7,500,000 | 6,951,822 | ||||||||||||||
Imperial Fund Mortgage Trust (a)(c) | Class M1, Series 2022-NQM5 | 6.25 | % | 8/25/2067 | 4,000,000 | 3,837,680 | ||||||||||||||
Imperial Fund Mortgage Trust (a)(b) | Class M1, Series 2022-NQM7 | 7.53 | % | 11/25/2067 | 16,788,000 | 16,570,350 | ||||||||||||||
PRKCM Trust (a)(b) | Class M1, Series 2022-AFC2 | 6.14 | % | 8/25/2057 | 2,420,000 | 2,307,913 | ||||||||||||||
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Asset-Based Income Fund | September 30, 2023 | |||||
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| Issuer | Asset | Effective Interest Rate | Maturity Date | Par | Fair Value | |||||||||||||||
Saluda Grade Alternative Mortgage Trust (a)(b) | Class A2, Series 2023-SEQ3 | 6.89 | % | 6/1/2053 | 5,829,000 | $ | 5,738,881 | |||||||||||||
Saluda Grade Alternative Mortgage Trust (a)(b) | Class A3, Series 2023-SEQ3 | 7.12 | % | 6/1/2053 | 10,127,000 | 9,958,042 | ||||||||||||||
Saluda Grade Alternative Mortgage Trust (a)(b) | Class M1, Series 2023-SEQ3 | 8.71 | % | 6/1/2053 | 3,722,000 | 3,690,106 | ||||||||||||||
Unison Trust (a)(c)(d) | Class A, Series 2023-1 | 6.50 | % | 5/25/2033 | 14,199,316 | 12,701,288 | ||||||||||||||
Verus Securitization Trust (a)(b) | Class M1, Series 2022-8 | 6.16 | % | 9/25/2067 | 1,530,000 | 1,461,931 | ||||||||||||||
Verus Securitization Trust (a)(b) | Class M1, Series 2022-INV1 | 5.86 | % | 8/25/2067 | 10,927,000 | 10,343,307 | ||||||||||||||
Verus Securitization Trust (a)(b) | Class M1, Series 2022-INV2 | 6.81 | % | 10/25/2067 | 1,500,000 | 1,454,639 | ||||||||||||||
Verus Securitization Trust (a)(b) | Class M1, Series 2023-1 | 6.99 | % | 12/25/2067 | 2,000,000 | 1,946,661 | ||||||||||||||
Verus Securitization Trust (a)(b) | Class M1, Series 2023-2 | 7.64 | % | 3/25/2068 | 4,000,000 | 3,992,875 | ||||||||||||||
Verus Securitization Trust (a)(b) | Class M1, Series 2023-3 | 7.93 | % | 3/25/2068 | 2,000,000 | 1,995,367 | ||||||||||||||
Verus Securitization Trust (a)(b) | Class M1, Series 2023-4 | 7.40 | % | 5/25/2068 | 10,000,000 | 9,878,702 | ||||||||||||||
Verus Securitization Trust (a)(b) | Class M1, Series 2023-INV1 | 7.61 | % | 2/25/2068 | 6,300,000 | 6,255,552 | ||||||||||||||
Diversified REITs — 4.9% | ||||||||||||||||||||
Credit Suisse Mortgage Trust (a)(b) | Class M1, Series 2022-ATH3 | 7.10 | % | 8/25/2067 | 20,876,246 | 20,406,740 | ||||||||||||||
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TOTAL MORTGAGE-BACKED SECURITIES (Cost $130,073,253) |
| $ | 129,054,829 | |||||||||||||||||
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Senior Loans — 8.9% | ||||||||||||||||||||
Aerospace & Defense — 2.0% | ||||||||||||||||||||
Genesis Aircraft Services Ltd (d)(e) | TL 1L DD 08/23 | 8.63 | % | 7/31/2029 | 8,655,336 | 8,426,931 | ||||||||||||||
Consumer Finance — 0.4% | ||||||||||||||||||||
SunPower Financial (b)(d)(e) | Revolver 1L 06/23 | 6.73 | % | 8/30/2054 | 741,204 | 635,108 | ||||||||||||||
SunPower Financial (d) | TL 1L 08/23 | 6.45 | % | 8/30/2054 | 887,182 | 884,875 | ||||||||||||||
Specialized Finance — 6.5% | ||||||||||||||||||||
BHG Funding LLC (d) | TL 1L A2 05/23 | 7.07 | % | 5/19/2036 | 24,506,490 | 24,202,608 | ||||||||||||||
BHG Funding LLC (d) | TL 2L B2 05/23 | 8.12 | % | 5/19/2036 | 1,694,412 | 1,672,046 | ||||||||||||||
BHG Funding LLC (b)(d) | TL 3L C2 05/23 | 15.01 | % | 5/19/2036 | 1,694,701 | 1,673,348 | ||||||||||||||
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TOTAL SENIOR LOANS (Cost $38,179,324) |
| $ | 37,494,916 | |||||||||||||||||
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| Shares | ||||||||||||||||||||
Private Equity — 0.2% | ||||||||||||||||||||
Consumer Finance — 0.2% | ||||||||||||||||||||
SunPower Financial (d) | Private Equity (SPV) | 837,452 | 833,801 | |||||||||||||||||
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TOTAL PRIVATE EQUITY (Cost $837,452) |
| $ | 833,801 | |||||||||||||||||
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Money Market Fund — 12.4% | ||||||||||||||||||||
U.S. Government Securities — 12.4% | ||||||||||||||||||||
Fidelity Investments Money Market Treasury Portfolio (f) | Class I | 5.22 | % | 51,997,702 | 51,997,702 | |||||||||||||||
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TOTAL MONEY MARKET FUND (Cost $51,997,702) |
| $ | 51,997,702 | |||||||||||||||||
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TOTAL INVESTMENTS (Cost $430,787,361) — 101.3% |
| $ | 425,992,607 | |||||||||||||||||
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LIABILITIES EXCEEDING OTHER ASSETS, NET — (1.3)% |
| (5,631,200 | ) | |||||||||||||||||
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NET ASSETS — 100.0% |
| $ | 420,361,407 | |||||||||||||||||
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Asset-Based Income Fund | September 30, 2023 | |||||
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| DD | Delayed draw term loan |
| TL | Term loan |
| 1L | First lien |
| 2L | Second lien |
| 3L | Third lien |
| (a) | Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold to qualified institutional buyers in transactions exempt from registration. |
| (b) | Variable rate security. Effective rate is not based on a published reference rate and spread, but is determined by the issuer, or agent, and is based on current market conditions. |
| (c) | Debt obligation initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at September 30, 2023. |
| (d) | Value determined using significant unobservable inputs. |
| (e) | Investment is an unfunded or partially funded commitment. |
| (f) | Rate represents the money market fund’s average 7-day yield as of September 30, 2023. |
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