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LOGO   Asset-Based Income Fund    September 30, 2025 (Unaudited)
      

 

Schedule of Investments

(in thousands, except share data )

 

Issuer    Asset    Effective
Interest Rate		     Maturity Date      Par      Fair Value  

Asset-Backed Securities — 31.7%

              

Auto Loan — 0.2%

              

Western Funding Auto Loan Trust (a)

    Class D, Series 2025-1      5.79%       1/15/2036        945      $ 957  

Data Center — 2.2%

              

Centersquare Issuer LLC

    Class A2, Series 2025-4A      5.20%       8/25/2055        12,645        11,950  

Fiber — 2.3%

              

Metro Communications Issuer LLC (b)(c)

    Class BI, Series 2025-1A      7.82%       2/25/2055        1,801        1,847  

Metro Communications Issuer LLC (b)(c)

    Class A2I, Series 2025-1A      6.51%       2/25/2055        9,880          10,121  

Metro Communications Issuer LLC (a)(b)(d)(f)

    Class A2II, Series 2025-1A      6.04%       2/25/2055        3,002        1,074  

Metro Communications Issuer LLC (a)(b)(d)(f)

    Class BII, Series 2025-1A      7.39%       2/25/2055        546        196  

Fund Finance — 2.6%

              

New Mountain Guardian IV Rated Feeder III Ltd. (a)(b)(d)(f)

    Class A1, Series 2024-2A      7.50% (SOFR + 3.20%)       11/19/2037        20,000        14,403  

Infrastructure Credit — 0.7%

              

Identity Digital Capital LLC (b)(c)

    Class A2, Series 2025-1      6.79%       3/20/2065        4,003        4,073  

Music IP — 1.8%

              

Lyra Music Assets Delaware LP (c)

    Class A2, Series 2024-3A      5.76%       12/22/2064        9,986        10,144  

Point of Sale — 0.3%

              

Sunbit Asset Securitization Trust (a)

    Class B, Series 2025-1      5.69%       7/15/2030        1,115        1,122  

Sunbit Asset Securitization Trust (a)

    Class C, Series 2025-1      6.12%       7/15/2030        459        462  

Rooftop Solar Lease — 9.0%

              

SSI ABS Issuer LLC (a)

    Class A, Series 2025-1      6.15%       7/25/2065        3,027        3,070  

SSI ABS Issuer LLC (a)

    Class B, Series 2025-1      7.82%       7/25/2065        2,845        2,887  

Sunnova Energy Corp. (b)

    Class A, Series 2024-3      6.45%       7/30/2059        19,805        19,368  

Sunnova Energy Corp. (b)

    Class B, Series 2024-3      8.78%       7/30/2059        869        852  

Sunnova SOL IX Issuer LLC (b)(c)

    Class A, Series 2025-1      6.28%       1/30/2060        8,757        8,541  

Sunnova SOL IX Issuer LLC (b)(c)

    Class B, Series 2025-1      8.65%       1/30/2060        670        657  

Sunrun Demeter Issuer LLC (a)

    Class A, Series 2021-2A      2.27%       1/30/2057        10,216        9,203  

Sunrun Lucius Issuer LLC (a)

    Class A1, Series 2025-3A      6.15%       1/30/2061        4,921        4,919  

Single Family Rental — 5.2%

              

AMSR Trust (a)

    Class E2, Series 2022-SFR3      4.00%       10/17/2039        1,250        1,209  

AMSR Trust (a)

    Class E2, Series 2023-SFR1      4.00%       4/17/2040        5,939        5,649  

FirstKey Homes Trust (a)

    Class E2, Series 2022-SFR3      3.50%       7/17/2038        20,000        19,583  

Progress Residential Trust (a)

    Class E2, Series 2023-SFR1      6.60%       3/17/2040        2,500        2,514  

Small Business Loans — 0.2%

              

Libertas Asset Securitization LLC (a)

    Class A, Series 2025-1A      6.34%       1/15/2031        461        465  

Libertas Asset Securitization LLC (a)

    Class B, Series 2025-1A      6.54%       1/15/2031        369        372  

SME Short Term — 2.3%

              

KCG Securitization LLC (a)(b)

    Class A, Series 2024-1A      8.23%       9/17/2029        938        949  

Mulligan Asset Securitization II LLC (a)

    Class A, Series 2024-1      6.00%       10/15/2031        9,500        9,540  

RFS Asset Securitization V LLC (a)

    Class B, Series 2025-1      6.20%       5/15/2032        1,250        1,258  

RFS Asset Securitization V LLC (a)

    Class C, Series 2025-1      7.65%       5/15/2032        1,000        1,007  

 

1

LOGO   Asset-Based Income Fund    September 30, 2025 (Unaudited)
      

 

Issuer    Asset    Effective
Interest Rate		     Maturity Date      Par      Fair Value  

Solar Loan — 2.0%

              

Mosaic Solar Loan Trust (a)

    Class B, Series 2023-3A      7.37%       11/20/2053        6,469      $ 6,549  

Sunnova Helios XI Issuer LLC (a)

    Class B, Series 2023-A      5.60%       5/20/2050        5,675        4,256  

Student Loans — 2.0%

              

College Ave Student Loans LLC (a)

    Class D, Series 2023-A      6.89%       5/25/2055        1,747        1,789  

College Ave Student Loans LLC (a)

    Class E, Series 2023-A      8.49%       5/25/2055        3,762        3,884  

Navient Education Loan Trust (a)

    Class D, Series 2025-A      6.03%       10/17/2033        756        763  

Navient Refinance Loan Trust (a)

    Class C, Series 2025-A      6.14%       2/16/2055        2,287        2,343  

SMB Private Education Loan Trust (a)

    Class D, Series 2025-B      6.63%       3/17/2053        2,982        3,044  

Unsecured Consumer — 0.9%

              

Upstart Securitization Trust (a)

    Class B, Series 2024-1      6.24%       11/20/2034        5,100        5,169  
             

 

 

  

TOTAL ASSET-BACKED SECURITIES (Amortized Cost $173,537)

            $  176,131  

Mortgage-Backed Securities — 38.5%

              

Home Equity Investments — 10.5%

              

HTAP Issuer Trust (a)

    Class A, Series 2025-2      6.50%       6/25/2043        21,198        21,153  

HTAP Issuer Trust (a)

    Class B, Series 2025-2      8.00%       6/25/2043        1,184        1,179  

Point Securitization Trust (a)(e)

    Class A1, Series 2023-1      6.50%       11/25/2053        99        99  

Unison Trust (a)

    Class A, Series 2023-2      6.50%       11/25/2053        18,451        18,346  

Unison Trust (c)

    Class A, Series 2025-1      6.00%       7/25/2055        11,036          10,303  

Unlock HEA Trust (a)

    Class A, Series 2024-1      7.00%       4/25/2039        4,222        4,237  

Unlock HEA Trust (a)

    Class A, Series 2024-2      6.50%       10/25/2039        1,021        1,020  

Unlock HEA Trust (a)

    Class A, Series 2025-1      6.75%       7/25/2041        2,024        2,031  

Investor Loans — 0.2%

              

Morgan Stanley Residential Mortgage Loan Trust (a)(d)

    Class M1, Series 2025-DSC3      5.78%       9/25/2070        1,041        1,041  

Non-Qualified Mortgage — 16.2%

              

Angel Oak Mortgage Trust (a)(d)

    Class M1, Series 2025-8      6.22%       7/25/2070        2,153        2,184  

Angel Oak Mortgage Trust (a)(d)

    Class M1A, Series 2024-13      6.44%       12/26/2069        7,000        7,092  

Angel Oak Mortgage Trust (a)(d)

    Class M1B, Series 2024-12      7.08%       10/25/2069        3,000        3,043  

Angel Oak Mortgage Trust (a)(d)

    Class M1B, Series 2024-13      6.89%       12/26/2069        2,000        2,022  

Chase Home Lending Mortgage Trust (a)(d)

    Class B3, Series 2025-9      6.63%       6/25/2056        1,305        1,328  

Colt Mortgage Loan Trust (a)(d)

    Class M1, Series 2024-7      6.45%       12/26/2069        7,000        7,096  

Cross Mortgage Trust (a)(d)

    Class B1A, Series 2024-H8      6.96%       12/25/2069        1,976        1,998  

Cross Mortgage Trust (a)(d)

    Class B1A, Series 2025-H7      6.09%       9/25/2070        522        520  

GCAT Trust (a)(d)

    Class M1, Series 2022-NQM4      5.73%       8/25/2067        7,500        7,487  

GS Mortgage-Backed Securities Trust (a)(d)

    Class B3, Series 2025-PJ5      6.60%       10/25/2055        722        695  

GS Mortgage-Backed Securities Trust (a)(d)

    Class B3, Series 2025-PJ7      6.57%       12/25/2055        962        936  

Homes Trust (a)(d)

    Class M2, Series 2024-NQM2      7.10%       10/25/2069        5,000        5,073  

HOMES Trust (a)(d)

    Class M1, Series 2025-NQM4      5.96%       8/25/2070        609        612  

Imperial Fund Mortgage Trust (a)(e)

    Class M1, Series 2022-NQM5      6.25%       8/25/2067        4,000        3,989  

Imperial Fund Mortgage Trust (a)

    Class M1, Series 2022-NQM7      7.50%       11/25/2067        16,788        16,789  

JP Morgan Mortgage Trust (a)(d)

    Class B3, Series 2025-4      6.33%       11/25/2055        808        756  

JP Morgan Mortgage Trust (a)(d)

    Class B3, Series 2025-INV1      6.90%       11/25/2055        884        916  

JP Morgan Mortgage Trust (a)(d)

    Class M1A, Series 2025-NQM3      5.97%       11/25/2065        1,652        1,666  

 

2

LOGO   Asset-Based Income Fund    September 30, 2025 (Unaudited)
      

 

Issuer    Asset    Effective
Interest Rate		   Maturity Date    Par      Fair Value  

JP Morgan Mortgage Trust (a)(d)

    Class M1B, Series 2024-NQM1    6.86%   2/25/2064      1,680      $ 1,696  

JP Morgan Mortgage Trust (a)(d)

    Class M1B, Series 2025-NQM3    6.42%   11/25/2065      322        325  

Morgan Stanley Residential Mortgage Loan

              

Trust (a)(d)

    Class B1A, Series 2024-NQM5    7.16%   10/25/2069      2,000        2,031  

Morgan Stanley Residential Mortgage Loan

              

Trust (a)(d)

    Class M1, Series 2024-NQM5    6.52%   10/25/2069      3,600        3,657  

Morgan Stanley Residential Mortgage Loan

              

Trust (a)(d)

    Class M1, Series 2025-NQM5    6.14%   7/25/2070      1,363        1,378  

Morgan Stanley Residential Mortgage Loan

              

Trust (a)(d)

    Class M1, Series 2025-NQM7    5.84%   9/25/2070      2,332        2,332  

New Residential Mortgage Loan Trust (a)(d)

    Class M1, Series 2024-NQM3    6.39%   11/25/2064      3,885        3,942  

New Residential Mortgage Loan Trust (a)(d)

    Class M1, Series 2025-NQM4    6.08%   7/25/2065      1,487        1,500  

PRKCM Trust (a)(d)

    Class M1, Series 2022-AFC2    6.00%   8/25/2057      2,420        2,424  

Provident Funding Mortgage Trust (a)(d)

    Class B1, Series 2025-2    6.28%   6/25/2055      935        956  

Provident Funding Mortgage Trust (a)(d)

    Class B2, Series 2025-2    6.28%   6/25/2055      983        997  

Provident Funding Mortgage Trust (a)(d)

    Class B3, Series 2025-2    6.28%   6/25/2055      1,033        1,029  

PRPM Trust (a)(d)

    Class M1, Series 2025-NQM3    6.19%   5/25/2070      551        558  

SAIF Securitization Trust (a)(d)

    Class M1, Series 2025-HYB1    6.07%   10/25/2055      1,520        1,492  

SAIF Securitization Trust (a)(d)

    Class M2, Series 2025-HYB1    6.07%   10/25/2055      1,014        969  

Second Lien/HELOC — 7.3%

              

Chase Home Lending Mortgage Trust (a)(d)

    Class M2, Series 2025-RPL1    4.06%   5/25/2064      1,152        698  

EFMT (a)(d)

    Class M1, Series 2025-CES4    6.11%   6/25/2060      3,360        3,384  

SAIF Securitization Trust (a)(e)

    Class A3, Series 2025-CES1    5.99%   6/25/2065      590        592  

SAIF Securitization Trust (a)(d)

    Class M1, Series 2025-CES1    6.24%   6/25/2065      590        592  

Saluda Grade Alternative Mortgage Trust (a)(d)

    Class A2, Series 2023-SEQ3    6.89%   6/1/2053      5,829        5,920  

Saluda Grade Alternative Mortgage Trust (a)(d)

    Class A3, Series 2023-SEQ3    7.12%   6/1/2053      10,127        10,305  

Saluda Grade Alternative Mortgage Trust (a)(d)

    Class M1, Series 2023-SEQ3    8.71%   6/1/2053      3,722        3,846  

Towd Point Mortgage Trust (a)(d)

    Class M1, Series 2024-CES3    6.81%   5/25/2064      2,439        2,488  

Towd Point Mortgage Trust (a)(d)

    Class M2, Series 2025-CES3    5.92%   8/25/2065      1,517        1,527  

Vista Point Securitization Trust (a)(e)

    Class M1, Series 2024-CES1    7.48%   5/25/2054      10,069        10,222  

Vista Point Securitization Trust (a)(d)

    Class M1, Series 2024-CES3    6.59%   1/25/2055      1,250        1,264  

Single Family Rental — 4.3%

              

AMSR Trust (a)

    Class E2, Series 2024-SFR2    4.15%   11/17/2041      10,000        9,402  

AMSR Trust (a)

    Class E2, Series 2025-SFR2    4.28%   11/17/2030      1,573        1,461  

Progress Residential Trust (a)

    Class E, Series 2025-SFR5    4.85%   10/17/2042      3,225        3,108  

Progress Residential Trust (a)(d)

    Class E2, Series 2024-SFR5    3.63%   8/9/2029      10,044        9,288  
             

 

 

  

TOTAL MORTGAGE-BACKED SECURITIES (Amortized Cost $209,846)

            $ 212,994  

Senior Loans — 15.5%

              

Aviation Lending — 3.7%

              

Genesis Aircraft Services Ltd (b)(d)(f)

    TL 1L DD 08/23    8.22% - 8.69%   8/31/2029      3,971        2,915  

Lesha - Project Skyline (b)

    TL 1L 12/24 (MSN 36010)    6.67%   2/28/2032      3,139        3,166  

Lesha - Project Skyline (b)

    TL 1L 12/24 (MSN 36011)    6.72%   2/28/2029      4,068        4,080  

Lesha - Project Skyline (b)

    TL 1L 12/24 (MSN 36095)    6.62%   3/31/2029      2,928        2,964  

Lesha - Project Skyline (b)

    TL 1L 12/24 (MSN 36104)    6.61%   8/31/2030      3,526        3,569  

Lesha - Project Skyline (b)

    TL 1L 12/24 (MSN 38245)    6.70%   2/28/2031      4,329        4,355  

 

3

LOGO   Asset-Based Income Fund    September 30, 2025 (Unaudited)
      

 

Issuer    Asset    Effective
Interest Rate		     Maturity Date      Par      Fair Value  

Fund Finance — 4.8%

              

Ardian US LLC (b)(d)

    TL 1L A 07/25      6.50% (SOFR + 2.50%)       12/31/2028        12,160      $ 12,160  

GSAM Vintage Platform IX NAV (b)(d)

    TL 1L 02/25 (Vintage IX A AB)      6.55% (SOFR + 2.55%)       10/18/2030        927        927  

GSAM Vintage Platform IX NAV (b)(d)

    TL 1L 02/25 (Vintage IX B AB)      6.65% (SOFR + 2.65%)       10/18/2030        8,536        8,536  

GSAM Vintage Platform IX NAV (b)(d)

    TL 1L 02/25 (Vintage IX B2 AB)      6.65% (SOFR + 2.65%)       10/18/2030        566        566  

GSAM Vintage Platform IX NAV (b)(d)

    TL 1L DD 02/25 (Vintage IX A AB)      6.55% (SOFR + 2.55%)       10/18/2030        286        286  

GSAM Vintage Platform IX NAV (b)(d)(f)

    TL 1L DD 02/25 (Vintage IX B AB)      6.65% (SOFR + 2.65%)       10/18/2030        3,593        3,400  

GSAM Vintage Platform IX NAV (b)(d)(f)

    TL 1L DD 02/25 (Vintage IX B2 AB)      6.65% (SOFR + 2.65%)       10/18/2030        404        325  

Rooftop Solar Lease — 4.4%

              

Sunrun Charis Portfolio LLC (b)

    TL 1L 07/23      6.93%       4/30/2059        10,872        11,265  

Sunrun Romulus Portfolio LLC (b)

    TL 1L 02/24      6.48%       1/31/2054        12,928        13,142  

Small Business Loans — 2.1%

              

BHG Funding LLC (b)

    TL 1L A2 05/23      7.07%       5/19/2036        8,583        8,605  

BHG Funding LLC (b)

    TL 2L B2 05/23      8.12%       5/19/2036        1,694        1,697  

BHG Funding LLC (b)(d)

    TL 3L C2 05/23      9.69%       5/19/2036        1,695        1,528  

Solar Loan — 0.5%

              

SunPower Financial (b)(c)

    TL 01/25      6.69%       8/30/2054        2,987        2,987  
             

 

 

  

TOTAL SENIOR LOANS (Amortized Cost $86,168)

            $ 86,473  
                Shares                

Private Equity — 0.1%

              

Solar Loan — 0.1%

              

SunPower Financial (b)(c)

    Private Equity (SPV)        615,493           674  
             

 

 

  

TOTAL PRIVATE EQUITY (Cost $615)

            $ 674  
             

 

 

  

TOTAL INVESTMENTS (Cost $470,166) — 85.8%

            $ 476,272  
             

 

 

  

Money Market Fund — 10.2%

              

U.S. Government Securities — 10.2%

              

Fidelity Investments Money Market Treasury Portfolio (g)   Class I

      4.01%       56,662,042           56,662  
             

 

 

  

TOTAL MONEY MARKET FUND (Cost $56,662)

            $ 56,662  
             

 

 

  

TOTAL INVESTMENTS INCLUDING MONEY MARKET FUND (Cost $526,828) — 96.0%

 

         $ 532,992  
             

 

 

  

OTHER ASSETS EXCEEDING LIABILITIES, NET — 4.0%

              22,425  
             

 

 

  

NET ASSETS — 100.0%

            $ 555,359  
             

 

 

  

 

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

 

4

LOGO   Asset-Based Income Fund    September 30, 2025 (Unaudited)
      

 

(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)

Value determined using significant unobservable inputs.

 

(c)

Security considered restricted.

 

(d)

Variable rate securities. The effective rate shown is based on the latest available information as of September 30, 2025. 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.

 

(e)

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, 2025.

 

(f)

Investment is an unfunded or partially funded commitment.

 

(g)

Rate represents the money market fund’s average 7-day yield as of September 30, 2025.

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

             

Identity Digital Capital LLC

    Class A2, Series 2025-1     4,003     $ 4,003     $ 4,073       3/18/2025       0.7%  

Lyra Music Assets Delaware LP

    Class A2, Series 2024-3A     9,986       9,690       10,144       11/8/2024       1.8%  

Metro Communications Issuer LLC

    Class A2, Series 2025-1     1,801       1,801       1,847       2/13/2025       0.3%  

Metro Communications Issuer LLC

    Class A2I, Series 2025-1A     9,880       9,880       10,121       2/13/2025       1.8%  

Sunnova SOL IX Issuer LLC

    Class A, Series 2025-1     8,757       8,361       8,541       2/21/2025       1.5%  

Sunnova SOL IX Issuer LLC

    Class B, Series 2025-1     670       647       657       2/21/2025       0.1%  

Mortgage-Backed Securities

             

Unison Trust

    Class A, Series 2025-1     11,036       10,151       10,303       6/5/2025       1.9%  

Senior Loans

             

SunPower Financial

    TL 01/25     2,987       2,987       2,987       11/3/2023       0.5%  

Private Equity

             

SunPower Financial

    Private Equity (SPV)     615,493       615       674       6/7/2023       0.1%  
      

 

 

      
       $    48,135     $    49,347      
      

 

 

      

 

5