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Asset-Based Income Fund | September 30, 2024 (Unaudited) | |||||
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Schedule of Investments
(in thousands, except share data )
| Issuer | Asset | Effective Interest Rate | Maturity Date | Par | Fair Value | |||||||||||||
Asset-Backed Securities — 50.7% | ||||||||||||||||||
Auto — 5.9% | ||||||||||||||||||
Ally Auto Receivables Trust | Class A3, Series 2022-3 | 5.07% | 4/15/2027 | 1,926 | $ | 1,930 | ||||||||||||
Exeter Automobile Receivables Trust | Class C, Series 2022-1A | 2.56% | 6/15/2028 | 2,702 | 2,687 | |||||||||||||
Hyundai Auto Receivables Trust | Class A3, Series 2022-A | 2.22% | 10/15/2026 | 1,179 | 1,166 | |||||||||||||
Octane Receivables Trust (a) | Class D, Series 2022-2A | 7.70% | 2/20/2030 | 10,000 | 10,534 | |||||||||||||
Santander Drive Auto Receivables Trust (b) | Class B, Series 2022-2 | 3.44% | 9/15/2027 | 2,013 | 2,002 | |||||||||||||
VStrong Auto Receivables Trust (a) | Class C, Series 2024-A | 6.44% | 7/15/2030 | 1,933 | 2,023 | |||||||||||||
VStrong Auto Receivables Trust (a) | Class D, Series 2024-A | 7.29% | 7/15/2030 | 1,933 | 2,070 | |||||||||||||
Westlake Automobile Receivables Trust (a) | Class C, Series 2021-3A | 1.58% | 1/15/2027 | 3,123 | 3,103 | |||||||||||||
Infrastructure Credit — 9.9% | ||||||||||||||||||
Adams Outdoor Advertising LP (a) | Class A2, Series 2023-1 | 6.97% | 7/15/2053 | 20,000 | 21,285 | |||||||||||||
ALLO Issuer LLC (a) | Class A2, Series 2023-1A | 6.20% | 6/20/2053 | 17,069 | 17,529 | |||||||||||||
Hotwire Funding LLC (a) | Class B, Series 2023-1A | 7.00% | 5/20/2053 | 4,500 | 4,673 | |||||||||||||
Rooftop/C&I Solar Financing — 1.3% | ||||||||||||||||||
Sunnova Helios XI Issuer LLC (a) | Class B, Series 2023-A | 5.60% | 5/20/2050 | 5,965 | 5,781 | |||||||||||||
Single Family Rental — 12.7% | ||||||||||||||||||
AMSR Trust (a) | Class E2, Series 2022-SFR3 | 4.00% | 10/17/2039 | 1,250 | 1,181 | |||||||||||||
AMSR Trust (a) | Class E2, Series 2023-SFR1 | 4.00% | 4/17/2040 | 5,939 | 5,546 | |||||||||||||
Bridge Trust (a) | Class E1, Series 2022-SFR1 | 6.30% | 11/17/2037 | 15,000 | 14,724 | |||||||||||||
FirstKey Homes Trust (a) | Class E2, Series 2022-SFR3 | 3.50% | 7/17/2038 | 20,000 | 19,062 | |||||||||||||
FRTKL (a) | Class E1, Series 2021-SFR1 | 2.37% | 9/17/2038 | 1,750 | 1,620 | |||||||||||||
FRTKL (a) | Class E2, Series 2021-SFR1 | 2.52% | 9/17/2038 | 8,900 | 8,225 | |||||||||||||
Progress Residential Trust (a) | Class E2, Series 2022-SFR3 | 5.60% | 4/17/2039 | 2,166 | 2,142 | |||||||||||||
Progress Residential Trust (a) | Class E2, Series 2023-SFR1 | 6.60% | 3/17/2040 | 2,500 | 2,531 | |||||||||||||
Small Business Loans — 7.8% | ||||||||||||||||||
CPC Asset Securitization II LLC (a) | Class A, Series 2023-1A | 7.53% | 3/15/2029 | 11,930 | 12,205 | |||||||||||||
Fora Financial Asset Securitization LLC (a) | Class A, Series 2024-1A | 6.33% | 8/15/2029 | 2,579 | 2,596 | |||||||||||||
Fora Financial Asset Securitization LLC (a) | Class B, Series 2024-1A | 6.62% | 8/15/2029 | 861 | 867 | |||||||||||||
Libertas Asset Securitization LLC (a)(c) | Class A1, Series 2023-1A | 7.67% | 7/16/2029 | 17,955 | 18,251 | |||||||||||||
Solar Development Lending — 5.5% | ||||||||||||||||||
GoodLeap Sustainable Home Solutions Trust (a) | Class A, Series 2023-2GS | 5.70% | 5/20/2055 | 9,106 | 9,182 | |||||||||||||
Mosaic Solar Loan Trust (a) | Class B, Series 2023-3A | 7.37% | 11/20/2053 | 14,732 | 15,100 | |||||||||||||
Student Loans — 3.3% | ||||||||||||||||||
College Ave Student Loans LLC (a) | Class C, Series 2023-A | 6.06% | 5/25/2055 | 3,000 | 2,997 | |||||||||||||
College Ave Student Loans LLC (a) | Class D, Series 2023-A | 6.89% | 5/25/2055 | 2,000 | 2,026 | |||||||||||||
College Ave Student Loans LLC (a) | Class E, Series 2023-A | 8.49% | 5/25/2055 | 4,000 | 4,082 | |||||||||||||
SMB Private Education Loan Trust (a) | Class C, Series 2023-B | 6.36% | 10/16/2056 | 5,000 | 5,137 | |||||||||||||
Unsecured Consumer — 4.3% | ||||||||||||||||||
Marlette Funding Trust (a) | Class C, Series 2023-3A | 7.06% | 9/15/2033 | 7,170 | 7,365 | |||||||||||||
Marlette Funding Trust (a) | Class D, Series 2023-3A | 8.04% | 9/15/2033 | 3,500 | 3,670 | |||||||||||||
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Asset-Based Income Fund | September 30, 2024 (Unaudited) | |||||
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| Issuer | Asset | Effective Interest Rate | Maturity Date | Par | Fair Value | |||||||||||||
OneMain Financial Issuance Trust (a) | Class C, Series 2023-1A | 6.38% | 6/14/2038 | 7,500 | $ | 7,922 | ||||||||||||
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TOTAL ASSET-BACKED SECURITIES (Amortized Cost $212,827) | $ | 221,214 | ||||||||||||||||
Mortgage-Backed Securities — 32.8% | ||||||||||||||||||
Home Equity Investments — 4.8% | ||||||||||||||||||
Unison Trust (a)(c)(d) | Class A, Series 2023-1 | 6.50% | 5/25/2033 | 13,894 | 13,312 | |||||||||||||
Unison Trust (a) | Class A, Series 2023-2 | 6.50% | 11/25/2053 | 3,081 | 2,971 | |||||||||||||
Unlock HEA Trust (a) | Class A, Series 2024-1 | 7.00% | 4/25/2039 | 4,800 | 4,827 | |||||||||||||
Investor Loans — 2.8% | ||||||||||||||||||
Verus Securitization Trust (a)(e) | Class M1, Series 2022-INV1 | 5.82% | 8/25/2067 | 10,927 | 10,893 | |||||||||||||
Verus Securitization Trust (a)(e) | Class M1, Series 2022-INV2 | 6.80% | 10/25/2067 | 1,500 | 1,511 | |||||||||||||
Non-Qualified Mortgage — 17.8% | ||||||||||||||||||
Credit Suisse Mortgage Trust (a)(e) | Class M1, Series 2022-ATH3 | 7.10% | 8/25/2067 | 20,876 | 21,074 | |||||||||||||
GCAT Trust (a)(e) | Class M1, Series 2022-NQM4 | 5.75% | 8/25/2067 | 7,500 | 7,396 | |||||||||||||
Imperial Fund Mortgage Trust (a)(d) | Class M1, Series 2022-NQM5 | 6.25% | 8/25/2067 | 4,000 | 3,992 | |||||||||||||
Imperial Fund Mortgage Trust (a)(e) | Class M1, Series 2022-NQM7 | 7.52% | 11/25/2067 | 16,788 | 17,073 | |||||||||||||
PRKCM Trust (a)(e) | Class M1, Series 2022-AFC2 | 6.09% | 8/25/2057 | 2,420 | 2,412 | |||||||||||||
Verus Securitization Trust (a)(e) | Class M1, Series 2022-8 | 6.10% | 9/25/2067 | 1,530 | 1,524 | |||||||||||||
Verus Securitization Trust (a)(e) | Class M1, Series 2023-1 | 6.92% | 12/25/2067 | 2,000 | 2,016 | |||||||||||||
Verus Securitization Trust (a)(e) | Class M1, Series 2023-2 | 7.54% | 3/25/2068 | 4,000 | 4,085 | |||||||||||||
Verus Securitization Trust (a)(e) | Class M1, Series 2023-3 | 7.93% | 3/25/2068 | 2,000 | 2,055 | |||||||||||||
Verus Securitization Trust (a)(e) | Class M1, Series 2023-4 | 7.40% | 5/25/2068 | 10,000 | 10,213 | |||||||||||||
Verus Securitization Trust (a)(e) | Class M1, Series 2023-INV1 | 7.55% | 2/25/2068 | 6,300 | 6,408 | |||||||||||||
Second Lien/HELOC — 7.4% | ||||||||||||||||||
FIGRE Trust (a)(e) | Class A, Series 2023-HE2 | 6.51% | 5/25/2053 | 3,617 | 3,702 | |||||||||||||
FIGRE Trust (a)(e) | Class B, Series 2023-HE2 | 7.69% | 5/25/2053 | 4,312 | 4,506 | |||||||||||||
Saluda Grade Alternative Mortgage | Class A2, Series 2023-SEQ3 | 6.89% | 6/1/2053 | 5,829 | 5,992 | |||||||||||||
Saluda Grade Alternative Mortgage | Class A3, Series 2023-SEQ3 | 7.12% | 6/1/2053 | 10,127 | 10,399 | |||||||||||||
Saluda Grade Alternative Mortgage | Class M1, Series 2023-SEQ3 | 8.71% | 6/1/2053 | 3,722 | 3,903 | |||||||||||||
Towd Point Mortgage Trust (a)(e) | Class M1, Series 2024-CES3 | 6.81% | 5/25/2064 | 3,939 | 4,028 | |||||||||||||
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TOTAL MORTGAGE-BACKED SECURITIES (Amortized Cost $139,716) |
| $ | 144,292 | |||||||||||||||
Senior Loans — 7.3% | ||||||||||||||||||
Aviation Leasing — 2.3% | ||||||||||||||||||
Genesis Aircraft Services Ltd (c)(e)(f) | TL 1L DD 08/23 | 8.22% - 8.69% | 7/31/2029 | 9,767 | 9,984 | |||||||||||||
Small Business Loans — 4.3% | ||||||||||||||||||
BHG Funding LLC (c) | TL 1L A2 05/23 | 7.07% | 5/19/2036 | 15,584 | 15,335 | |||||||||||||
BHG Funding LLC (c) | TL 2L B2 05/23 | 8.12% | 5/19/2036 | 1,694 | 1,662 | |||||||||||||
BHG Funding LLC (c)(e) | TL 3L C2 05/23 | 11.61% | 5/19/2036 | 1,695 | 1,590 | |||||||||||||
Solar Development Lending — 0.7% | ||||||||||||||||||
SunPower Financial (b)(c)(e)(f) | Revolver 1L 06/23 | 6.43% - 7.02% (Treasury + 2.50%) | 8/30/2054 | 1,479 | 1,479 | |||||||||||||
SunPower Financial (b)(c)(e) | TL 1L 11/23 | 6.65% - 7.02% (Treasury + 2.50%) | 8/30/2054 | 1,942 | 1,942 | |||||||||||||
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TOTAL SENIOR LOANS (Amortized Cost $32,161) | $ | 31,992 | ||||||||||||||||
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Asset-Based Income Fund | September 30, 2024 (Unaudited) | |||||
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| Issuer | Asset | Effective Interest Rate | Shares | Fair Value | ||||||||||||||
Private Equity — 0.2% | ||||||||||||||||||
Solar Development Lending — 0.2% | ||||||||||||||||||
SunPower Financial (b)(c) | Private Equity (SPV) | 837,452 | $ | 895 | ||||||||||||||
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TOTAL PRIVATE EQUITY (Cost $837) | $ | 895 | ||||||||||||||||
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TOTAL INVESTMENTS (Cost $385,541) — 91.0% | $ | 398,393 | ||||||||||||||||
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Money Market Fund — 10.4% | ||||||||||||||||||
U.S. Government Securities — 10.4% | ||||||||||||||||||
Fidelity Investments Money Market Treasury Portfolio (g) | Class I | 4.92% | 45,510,619 | 45,511 | ||||||||||||||
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TOTAL MONEY MARKET FUND (Cost $45,511) | $ | 45,511 | ||||||||||||||||
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TOTAL INVESTMENTS INCLUDING MONEY MARKET FUND (Cost $431,052) — 101.4% |
| $ | 443,904 | |||||||||||||||
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LIABILITIES EXCEEDING OTHER ASSETS, NET — (1.4)% | (6,143) | |||||||||||||||||
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NET ASSETS — 100.0% | $ | 437,761 | ||||||||||||||||
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| DD | Delayed draw term loan |
| SPV | Special Purpose Vehicle |
| TL | Term loan |
| Treasury | Five-Year Treasury Rate |
| 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) | Security considered restricted. |
| (c) | Value determined using significant unobservable inputs. |
| (d) | 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, 2024. |
| (e) | Variable rate securities. The effective rate shown is based on the latest available information as of September 30, 2024. Certain variable rate securities are based on a published reference rate and spread. Interest rates for certain variable rate securities are determined by the issuer, or agent, and are based on current market conditions, and these securities do not indicate a reference rate and spread in their description. |
| (f) | Investment is a partially funded commitment. |
| (g) | Rate represents the money market fund’s average 7-day yield as of September 30, 2024. |
The following are the details of the restricted securities of the Fund (in thousands, except share amounts):
| Issuer | Asset | Par/Shares | Cost | Value | Acquisition Date | % of Net Assets | ||||||||||||||||
Asset-Backed Securities | ||||||||||||||||||||||
Santander Drive Auto Receivables Trust | Class B, Series 2022-2 | 2,013 | $ | 1,977 | $ | 2,002 | 10/17/2023 | 0.5% | ||||||||||||||
Senior Loans | ||||||||||||||||||||||
SunPower Financial | Revolver 1L 06/23 | 1,479 | 1,479 | 1,479 | 6/7/2023 | 0.3% | ||||||||||||||||
SunPower Financial | TL 1L 11/23 | 1,942 | 1,942 | 1,942 | 11/3/2023 | 0.4% | ||||||||||||||||
Private Equity | ||||||||||||||||||||||
SunPower Financial | Private Equity (SPV) | 837,452 | 837 | 895 | 6/7/2023 | 0.2% | ||||||||||||||||
| $ | 6,235 | $ | 6,318 | |||||||||||||||||||
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