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 Asset-Based Income Fund

   March 31, 2024  

 

 

Schedule of Investments (Unaudited)

 

Issuer   Asset     Effective
Interest Rate		     Maturity Date     Par     Fair Value

Asset-Backed Securities — 55.4%

 

        

Auto — 7.8%

          

Ally Auto Receivables Trust

     Class A3, Series 2022-3       5.07%       4/15/2027       2,500,000      $ 2,492,486   

Exeter Automobile Receivables Trust

     Class C, Series 2022-1A       2.56%       6/15/2028       6,231,520       6,147,118  

Hyundai Auto Receivables Trust

     Class A3, Series 2022-A       2.22%       10/15/2026       2,002,306       1,959,677  

Octane Receivables Trust (a)

    Class D, Series 2022-2A       7.70%       2/20/2030       10,000,000       10,269,420  

Santander Drive Auto Receivables Trust (b)

    Class B, Series 2022-2       3.44%       9/15/2027       3,000,000       2,954,448  

VStrong Auto Receivables Trust (a)

    Class C, Series 2024-A       6.44%       7/15/2030       1,933,000       1,932,776  

VStrong Auto Receivables Trust (a)

    Class D, Series 2024-A       7.29%       7/15/2030       1,933,000       1,932,985  

Westlake Automobile Receivables Trust (a)

    Class C, Series 2021-3A       1.58%       1/15/2027       6,250,000       6,121,969  

Infrastructure Credit — 9.7%

 

        

Adams Outdoor Advertising LP (a)

    Class A2, Series 2023-1       6.97%       7/15/2053       20,000,000       20,804,840  

ALLO Issuer LLC (a)

    Class A2, Series 2023-1A       6.20%       6/20/2053       17,069,000       17,003,419  

Hotwire Funding LLC (a)

    Class B, Series 2023-1A       7.00%       5/20/2053       4,500,000       4,387,698  

Single Family Rental — 12.8%

 

        

AMSR Trust (a)

    Class E2, Series 2022-SFR3       4.00%       10/17/2039       1,250,000       1,130,427  

AMSR Trust (a)

    Class E2, Series 2023-SFR1       4.00%       4/17/2040       5,939,000       5,273,225  

Bridge Trust (a)

    Class E1, Series 2022-SFR1       6.30%       11/17/2037       15,000,000       14,461,024  

FirstKey Homes Trust (a)

    Class E2, Series 2022-SFR1       5.00%       5/19/2039       1,500,000       1,437,537  

FirstKey Homes Trust (a)

    Class E2, Series 2022-SFR3       3.50%       7/17/2038       20,000,000       18,406,924  

FRTKL (a)

    Class E1, Series 2021-SFR1       2.37%       9/17/2038       1,750,000       1,555,671  

FRTKL (a)

    Class E2, Series 2021-SFR1       2.52%       9/17/2038       8,900,000       7,896,586  

Progress Residential Trust (a)

    Class E2, Series 2022-SFR3       5.60%       4/17/2039       2,166,000       2,069,678  

Progress Residential Trust (a)

    Class E2, Series 2023-SFR1       6.60%       3/17/2040       2,500,000       2,445,959  

Small Business Loans — 8.4%

 

        

CPC Asset Securitization I LLC (a)

    Class A, Series 2021-1A       3.58%       11/16/2026       13,000,000       12,584,859  

CPC Asset Securitization II LLC (a)

    Class A, Series 2023-1A       7.53%       3/15/2029       11,930,000       11,995,543  

Libertas Asset Securitization LLC (a)

    Class A1, Series 2023-1A       7.67%       7/16/2029       11,500,000       11,529,557  

Solar Development Lending — 7.6%

 

        

GoodLeap Sustainable Home Solutions Trust (a)

    Class A, Series 2023-2GS       5.70%       5/20/2055       9,502,137       9,416,782  

Mosaic Solar Loan Trust (a)

    Class B, Series 2023-3A       7.37%       11/20/2053       16,696,463       17,442,026  

Sunnova Helios XI Issuer LLC (a)

    Class B, Series 2023-A       5.60%       5/20/2050       6,233,792       6,068,553  

Student Loans — 3.3%

 

        

College Ave Student Loans LLC (a)

    Class C, Series 2023-A       6.06%       5/25/2055       3,000,000       2,886,614  

College Ave Student Loans LLC (a)

    Class D, Series 2023-A       6.89%       5/25/2055       2,000,000       1,968,352  

College Ave Student Loans LLC (a)

    Class E, Series 2023-A       8.49%       5/25/2055       4,000,000       3,981,641  

SMB Private Education Loan Trust (a)

    Class C, Series 2023-B       6.36%       10/16/2056       5,000,000       4,976,055  

Unsecured Consumer — 5.8%

 

        

Marlette Funding Trust (a)

    Class C, Series 2023-3A       7.06%       9/15/2033       13,670,000       13,872,450  

Marlette Funding Trust (a)

    Class D, Series 2023-3A       8.04%       9/15/2033       3,500,000       3,595,249  

OneMain Financial Issuance Trust (a)

    Class C, Series 2023-1A       6.38%       6/14/2038       7,500,000       7,553,229  
         

 

 

 

TOTAL ASSET-BACKED SECURITIES (Cost $234,278,319)

 

          $  238,554,777  
         

 

 

 

 

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 Asset-Based Income Fund

   March 31, 2024  

 

 

 

Issuer   Asset     Effective
Interest Rate		   Maturity Date   Par     Fair Value

Mortgage-Backed Securities — 32.2%

 

        

Home Equity Investments — 4.8%

 

        

Unison Trust (a)(c)(d)

    Class A, Series 2023-1     6.50%   5/25/2033     14,007,665      $ 12,972,499   

Unison Trust (a)

    Class A, Series 2023-2     6.50%   11/25/2053     3,140,359       2,919,097  

Unlock HEA Trust (a)

    Class A, Series 2024-1     7.00%   4/25/2039     5,000,000       4,872,745  

Investor Loans — 2.8%

 

        

Verus Securitization Trust (a)(e)

    Class M1, Series 2022-INV1     5.85%   8/25/2067     10,927,000       10,698,985  

Verus Securitization Trust (a)(e)

    Class M1, Series 2022-INV2     6.80%   10/25/2067     1,500,000       1,481,917  

Non-Qualified Mortgage — 17.9%

 

        

Credit Suisse Mortgage Trust (a)(e)

    Class M1, Series 2022-ATH3     7.10%   8/25/2067     20,876,246       20,554,330  

GCAT Trust (a)(e)

    Class M1, Series 2022-NQM4     5.75%   8/25/2067     7,500,000       7,236,803  

Imperial Fund Mortgage Trust (a)(d)

    Class M1, Series 2022-NQM5     6.25%   8/25/2067     4,000,000       3,874,842  

Imperial Fund Mortgage Trust (a)(e)

    Class M1, Series 2022-NQM7     7.53%   11/25/2067     16,788,000       16,783,771  

PRKCM Trust (a)(e)

    Class M1, Series 2022-AFC2     6.21%   8/25/2057     2,420,000       2,378,517  

Verus Securitization Trust (a)(e)

    Class M1, Series 2022-8     6.13%   9/25/2067     1,530,000       1,476,116  

Verus Securitization Trust (a)(e)

    Class M1, Series 2023-1     6.96%   12/25/2067     2,000,000       1,994,473  

Verus Securitization Trust (a)(e)

    Class M1, Series 2023-2     7.59%   3/25/2068     4,000,000       4,030,661  

Verus Securitization Trust (a)(e)

    Class M1, Series 2023-3     7.93%   3/25/2068     2,000,000       2,029,862  

Verus Securitization Trust (a)(e)

    Class M1, Series 2023-4     7.40%   5/25/2068     10,000,000       10,057,880  

Verus Securitization Trust (a)(e)

    Class M1, Series 2023-INV1     7.57%   2/25/2068     6,300,000       6,353,492  

Second Lien/HELOC — 6.7%

 

        

FIGRE Trust (a)(e)

    Class A, Series 2023-HE2     6.51%   5/25/2053     4,010,166       4,063,045  

FIGRE Trust (a)(e)

    Class B, Series 2023-HE2     7.69%   5/25/2053     4,781,698       4,906,327  

Saluda Grade Alternative Mortgage Trust (a)(e)

    Class A2, Series 2023-SEQ3     6.89%   6/1/2053     5,829,000       5,926,586  

Saluda Grade Alternative Mortgage Trust (a)(e)

    Class A3, Series 2023-SEQ3     7.12%   6/1/2053     10,127,000       10,254,191  

Saluda Grade Alternative Mortgage Trust (a)(e)

    Class M1, Series 2023-SEQ3     8.71%   6/1/2053     3,722,000       3,870,133  
         

 

 

 

TOTAL MORTGAGE-BACKED SECURITIES (Cost $136,845,439)

        $  138,736,272  
         

 

 

 

Senior Loans — 9.8%

          

Aviation Leasing — 3.3%

          

Genesis Aircraft Services Ltd (c)(e)(f)

     TL 1L DD 08/23     8.04% - 8.69%   7/31/2029     14,141,130       14,095,539  

Solar Development Lending — 0.9%

 

        

SunPower Financial (b)(c)(e)(f)

    Revolver 1L 06/23     6.73% (SOFR + 2.50%)   8/30/2054     1,583,510       1,583,510  

SunPower Financial (b)(c)

    TL 1L 11/23     6.65%   8/30/2054     1,942,302       1,942,302  

Unsecured Consumer — 5.6%

 

        

BHG Funding LLC (c)

    TL 1L A2 05/23     7.07%   5/19/2036     21,197,903       21,013,481  

BHG Funding LLC (c)

    TL 2L B2 05/23     8.12%   5/19/2036     1,694,412       1,680,518  

BHG Funding LLC (c)(e)

    TL 3L C2 05/23     13.47%   5/19/2036     1,694,701       1,683,686  
         

 

 

 

TOTAL SENIOR LOANS (Cost $42,253,959)

        $ 41,999,036  
         

 

 

 

 

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 Asset-Based Income Fund

   March 31, 2024  

 

 

 

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        $ 1,002,907  
         

 

 

 

TOTAL PRIVATE EQUITY (Cost $837,452)

 

          $ 1,002,907  
         

 

 

 

TOTAL INVESTMENTS (Cost $414,215,169) — 97.6%

 

          $ 420,292,992  
         

 

 

 

Money Market Fund — 3.8%

          

U.S. Government Securities — 3.8%

          

Fidelity Investments Money Market Treasury Portfolio (g)

    Class I       5.19%       16,445,324         16,445,324  
         

 

 

 

TOTAL MONEY MARKET FUND (Cost $16,445,324)

 

          $ 16,445,324  
         

 

 

 

TOTAL INVESTMENTS INCLUDING MONEY MARKET FUND (Cost $430,660,493) — 101.4%

 

      $ 436,738,316  
         

 

 

 

LIABILITIES EXCEEDING OTHER ASSETS, NET — (1.4)%

 

           (5,841,426 ) 
         

 

 

 

NET ASSETS — 100.0%

 

          $  430,896,890  
         

 

 

 

 

DD

Delayed draw term loan

 

SOFR

Secured Overnight Financing Rate

 

SPV

Special Purpose Vehicle

 

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)

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 March 31, 2024.

 

(e)

Variable rate securities. The effective rate shown is based on the latest available information as of March 31, 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 March 31, 2024.

The following are the details of the restricted securities of the Fund:

 

Issuer   Asset     Par/Shares     Cost     Fair Value     Acquisition Date     % of Net 
Assets 		  

Asset-Backed Securities

 

          
Santander Drive Auto Receivables Trust     Class B, Series 2022-2       3,000,000     $ 2,929,481     $ 2,954,448       10/17/2023       0.7%  

Senior Loans

            

SunPower Financial

     Revolver 1L 06/23       1,583,510       1,583,510       1,583,510       11/28/2023       0.4%  

SunPower Financial

     TL 1L 11/23       1,942,302       1,942,302       1,942,302       11/3/2023       0.5%  

Private Equity

            

SunPower Financial

     Private Equity (SPV)       837,452       837,452       1,002,907       6/7/2023       0.2%  
     

 

 

      
      $    7,292,745     $    7,483,167      
     

 

 

      

 

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