Source Capital
SCHEDULE OF INVESTMENTS
As of March 31, 2025 (Unaudited)
| Principal Amount | Value | |||||||
| BONDS & DEBENTURES — 24.9% | ||||||||
| ASSET-BACKED SECURITIES — 9.3% | ||||||||
| COLLATERALIZED LOAN OBLIGATION — 3.9% | ||||||||
| ABPCI Direct Lending Fund LLC | ||||||||
| $ | 2,056,000 | Series 2016-1A, Class E2, 13.285% (3-Month Term SOFR+899.161 basis points), 7/20/2033(a),(b) | $ | 2,058,874 | ||||
| Barings Middle Market Ltd. | ||||||||
| 1,040,000 | Series 2021-IA, Class D, 13.205% (3-Month Term SOFR+891.161 basis points), 7/20/2033(a),(b) | 1,040,147 | ||||||
| Fortress Credit Opportunities Ltd. | ||||||||
| 5,186,000 | Series 2017-9A, Class ER, 12.624% (3-Month Term SOFR+832.161 basis points), 10/15/2033(a),(b) | 5,161,563 | ||||||
| Ivy Hill Middle Market Credit Fund Ltd. | ||||||||
| 2,380,000 | Series 20A, Class E, 14.293% (3-Month Term SOFR+1,000 basis points), 4/20/2035(a),(b) | 2,380,286 | ||||||
| Parliament Ltd. | ||||||||
| 1,854,000 | Series 2021-2A, Class D, 8.284% (3-Month Term SOFR+396.161 basis points), 8/20/2032(a),(b) | 1,845,195 | ||||||
| TCP Waterman LLC | ||||||||
| 1,571,000 | Series 2017-1A, Class ER, 12.743% (3-Month Term SOFR+842.161 basis points), 8/20/2033(a),(b) | 1,546,725 | ||||||
| 14,032,790 | ||||||||
| EQUIPMENT — 0.8% | ||||||||
| Coinstar Funding LLC | ||||||||
| 2,826,540 | Series 2017-1A, Class A2, 5.216%, 4/25/2047(a) | 2,582,305 | ||||||
| Prop 2017-1A | ||||||||
| 259,138 | 5.300%, 3/15/2042(c),(d) | 228,819 | ||||||
| 2,811,124 | ||||||||
| OTHER — 4.6% | ||||||||
| ABPCI Direct Lending Fund LLC | ||||||||
| 3,228,850 | Series 2022-2A, Class C, 8.236%, 3/1/2032(a) | 2,993,186 | ||||||
| ABPCI Direct Lending Fund Ltd. | ||||||||
| 259,312 | Series 2020-1A, Class A, 3.199%, 12/29/2030(a) | 254,430 | ||||||
| 2,619,793 | Series 2020-1A, Class B, 4.935%, 12/29/2030(a) | 2,560,011 | ||||||
| Cologix Data Centers US Issuer LLC | ||||||||
| 1,765,000 | Series 2021-1A, Class C, 5.990%, 12/26/2051(a) | 1,662,829 | ||||||
| Diamond Infrastructure Funding LLC | ||||||||
| 384,000 | Series 2021-1A, Class C, 3.475%, 4/15/2049(a) | 361,152 | ||||||
| Diamond Issuer LLC | ||||||||
| 1,000,000 | Series 2021-1A, Class C, 3.787%, 11/20/2051(a) | 911,784 | ||||||
| Elm Trust | ||||||||
| 22,411 | Series 2020-3A, Class A2, 2.954%, 8/20/2029(a) | 22,113 | ||||||
| 60,229 | Series 2020-3A, Class B, 4.481%, 8/20/2029(a) | 59,067 | ||||||
| 408,275 | Series 2020-4A, Class B, 3.866%, 10/20/2029(a) | 399,371 | ||||||
| Golub Capital Partners Funding Ltd. | ||||||||
Source Capital
SCHEDULE OF INVESTMENTS - Continued
As of March 31, 2025 (Unaudited)
| Principal Amount | Value | |||||||
| BONDS & DEBENTURES (Continued) | ||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||
| OTHER (Continued) | ||||||||
| $ | 558,155 | Series 2020-1A, Class B, 4.496%, 1/22/2029(a) | $ | 553,295 | ||||
| 1,139,486 | Series 2021-1A, Class B, 3.816%, 4/20/2029(a) | 1,115,350 | ||||||
| 3,030,002 | Series 2021-2A, Class B, 3.994%, 10/19/2029(a) | 2,931,339 | ||||||
| Hotwire Funding LLC | ||||||||
| 750,000 | Series 2021-1, Class C, 4.459%, 11/20/2051(a) | 724,473 | ||||||
| Monroe Capital Funding Ltd. | ||||||||
| 652,919 | Series 2021-1A, Class B, 3.908%, 4/22/2031(a) | 640,702 | ||||||
| VCP RRL Ltd. | ||||||||
| 545,957 | Series 2021-1A, Class B, 2.848%, 10/20/2031(a) | 509,608 | ||||||
| 1,150,037 | Series 2021-1A, Class C, 5.425%, 10/20/2031(a) | 1,035,830 | ||||||
| 16,734,540 | ||||||||
| TOTAL ASSET-BACKED SECURITIES | ||||||||
| (Cost $34,354,136) | 33,578,454 | |||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.5% | ||||||||
| NON-AGENCY — 0.5% | ||||||||
| BX Commercial Mortgage Trust | ||||||||
| 1,311,000 | Series 2021-VOLT, Class F, 6.833% (1-Month Term SOFR+251.448 basis points), 9/15/2036(a),(b) | 1,295,041 | ||||||
| Eleven Madison Mortgage Trust | ||||||||
| 344,000 | Series 2015-11MD, Class A, 3.555%, 9/10/2035(a),(b) | 338,697 | ||||||
| 1,633,738 | ||||||||
| TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | ||||||||
| (Cost $1,619,867) | 1,633,738 | |||||||
| CONVERTIBLE BONDS — 1.6% | ||||||||
| Delivery Hero AG | ||||||||
| 500,000 | 1.000%, 1/23/2027 | 506,474 | ||||||
| 100,000 | 1.500%, 1/15/2028 | 96,587 | ||||||
| 1,200,000 | 3.250%, 2/21/2030 | 1,251,075 | ||||||
| Wayfair, Inc. | ||||||||
| 3,933,000 | 0.625%, 10/1/2025 | 3,824,823 | ||||||
| 122,000 | 1.000%, 8/15/2026 | 114,070 | ||||||
| TOTAL CONVERTIBLE BONDS | ||||||||
| (Cost $5,490,316) | 5,793,029 | |||||||
| CORPORATE BANK DEBT — 4.7% | ||||||||
| Capstone Acquisition Holdings, Inc. Term Loan | ||||||||
| 2,285,282 | 8.925% (1-Month Term SOFR+460 basis points), 11/12/2029(b),(c),(d),(e),(f) | 2,269,747 | ||||||
| Cornerstone OnDemand, Inc. | ||||||||
| 72,141 | 8.311% (1-Month Term SOFR+375 basis points), 10/16/2028(b),(d),(e) | 62,311 | ||||||
| Delta Commercial Funding LP | ||||||||
| 3,100,000 | 9.100% (1-Month Term SOFR+480 basis points), 12/31/2027(b),(c),(d),(e),(f),(g) | 2,901,600 | ||||||
Source Capital
SCHEDULE OF INVESTMENTS - Continued
As of March 31, 2025 (Unaudited)
| Principal Amount | Value | |||||||
| CORPORATE BANK DEBT (Continued) | ||||||||
| EQS Legacy Holdings LLC Term Loan | ||||||||
| $ | 8,575,000 | 11.000%, 3/27/2032(b),(c),(d),(e) | $ | 8,575,000 | ||||
| JC Penney Corp., Inc. | ||||||||
| 462,319 | 5.568% (3-Month USD Libor+425 basis points), 6/23/2025*,(b),(c),(d),(e),(h) | 46 | ||||||
| Lealand Finance Company B.V. Senior Exit LC | ||||||||
| 1,493,118 | 3.500%, 6/30/2027(b),(c),(d),(e),(f),(g) | (642,041 | ) | |||||
| 4,666,312 | 5.250%, 6/30/2027(b),(c),(d),(e),(f),(g) | (1,026,589 | ) | |||||
| Lealand Reficar LC Term Loan | ||||||||
| 31,128 | 12.843% (3-Month Term SOFR+750 basis points), 6/30/2027(b),(c),(d),(e),(f),(i) | 23,346 | ||||||
| McDermott LC | ||||||||
| 991,165 | 8.572% (3-Month Term SOFR+426.161 basis points), 6/30/2027(b),(c),(d),(e),(f) | 564,964 | ||||||
| McDermott Technology Americas, Inc. | ||||||||
| 141,927 | 7.439% (1-Month Term SOFR+300 basis points), 6/30/2027(b),(d),(e) | 73,092 | ||||||
| 1,580,169 | 8.440% (1-Month Term SOFR+400 basis points), 12/31/2027(b),(c),(d),(e),(i) | 639,969 | ||||||
| Project Myrtle | ||||||||
| 3,000,000 | 7.500% (1-Month Term SOFR+317.9 basis points), 6/15/2025(b),(c),(d),(e),(g) | 2,188,999 | ||||||
| Vision Solutions, Inc. | ||||||||
| 72,131 | 8.552% (3-Month Term SOFR+400 basis points), 4/24/2028(b),(d),(e) | 69,126 | ||||||
| WH Borrower LLC | ||||||||
| 1,210,000 | 9.075% (1-Month Term SOFR+475 basis points), 2/20/2032(b),(d),(e) | 1,203,950 | ||||||
| TOTAL CORPORATE BANK DEBT | ||||||||
| (Cost $19,361,073) | 16,903,520 | |||||||
| CORPORATE BONDS — 8.8% | ||||||||
| COMMUNICATIONS — 0.5% | ||||||||
| Consolidated Communications, Inc. | ||||||||
| 1,272,000 | 6.500%, 10/1/2028(a) | 1,225,890 | ||||||
| Frontier Communications Holdings LLC | ||||||||
| 453,000 | 5.875%, 10/15/2027(a) | 452,796 | ||||||
| 1,678,686 | ||||||||
| CONSUMER DISCRETIONARY — 0.6% | ||||||||
| Air Canada Pass Through Trust | ||||||||
| 1,500,000 | Series 2020-1, Class C, 10.500%, 7/15/2026(a) | 1,590,000 | ||||||
| VT Topco, Inc. | ||||||||
| 421,000 | 8.500%, 8/15/2030(a) | 438,893 | ||||||
| 2,028,893 | ||||||||
| ENERGY — 3.6% | ||||||||
| Tidewater, Inc. | ||||||||
| 9,600,000 | 8.500%, 11/16/2026 | 9,858,000 | ||||||
| 3,000,000 | 10.375%, 7/3/2028(a) | 3,195,000 | ||||||
| 13,053,000 | ||||||||
| FINANCIALS — 3.6% | ||||||||
| Apollo Debt Solutions BDC Senior Notes | ||||||||
| 2,333,000 | 8.620%, 9/28/2028(c),(d) | 2,333,000 | ||||||
Source Capital
SCHEDULE OF INVESTMENTS - Continued
As of March 31, 2025 (Unaudited)
| Principal Amount | Value | |||||||
| CORPORATE BONDS (Continued) | ||||||||
| FINANCIALS (Continued) | ||||||||
| Charles Schwab Corp. | ||||||||
| $ | 549,000 | 4.000% (USD 5 Year Tsy+316.8 basis points)(b),(j) | $ | 534,756 | ||||
| 75,000 | 5.000% (3-Month USD Libor+257.5 basis points)(b),(j) | 72,375 | ||||||
| Hlend Senior Notes | ||||||||
| 3,500,000 | 8.170%, 3/15/2028(c),(d) | 3,500,000 | ||||||
| HPS Corporate Lending Fund | ||||||||
| 520,000 | 6.750%, 1/30/2029 | 534,579 | ||||||
| Midcap Financial Issuer Trust | ||||||||
| 3,466,000 | 6.500%, 5/1/2028(a) | 3,318,695 | ||||||
| Oaktree Strategic Credit Fund | ||||||||
| 1,615,000 | 8.400%, 11/14/2028 | 1,747,608 | ||||||
| OCREDIT BDC Senior Notes | ||||||||
| 552,000 | 7.770%, 3/7/2029(c),(d) | 552,000 | ||||||
| Vornado Realty LP | ||||||||
| 250,000 | 2.150%, 6/1/2026 | 241,527 | ||||||
| 12,834,540 | ||||||||
| HEALTH CARE — 0.5% | ||||||||
| Heartland Dental LLC/Heartland Dental Finance Corp. | ||||||||
| 1,796,000 | 10.500% (1-Month Term SOFR+500 basis points), 4/30/2028(a),(d) | 1,885,800 | ||||||
| TOTAL CORPORATE BONDS | ||||||||
| (Cost $30,629,780) | 31,480,919 | |||||||
| TOTAL BONDS & DEBENTURES | ||||||||
| (Cost $91,455,172) | 89,389,660 | |||||||
| Number of Shares | ||||||||
| CLOSED-END FUNDS — 0.0% | ||||||||
| 142,220 | Altegrity, Inc.(c),(d) | 174,931 | ||||||
| TOTAL CLOSED-END FUNDS | ||||||||
| (Cost $0) | 174,931 | |||||||
| COMMON STOCKS — 38.1% | ||||||||
| AEROSPACE & DEFENSE — 1.7% | ||||||||
| 11,254 | Howmet Aerospace, Inc. | 1,459,981 | ||||||
| 18,432 | Safran S.A. | 4,823,253 | ||||||
| 6,283,234 | ||||||||
| APPAREL & TEXTILE PRODUCTS — 0.7% | ||||||||
| 14,586 | Cie Financiere Richemont S.A. - Class A | 2,521,678 | ||||||
| ASSET MANAGEMENT — 0.0% | ||||||||
| 14,610 | Pershing Square Tontine Holdings Ltd.(c),(d) | — | ||||||
| BANKING — 2.9% | ||||||||
| 100,173 | Citigroup, Inc. | 7,111,281 | ||||||
| 46,603 | Wells Fargo & Co. | 3,345,630 | ||||||
| 10,456,911 | ||||||||
Source Capital
SCHEDULE OF INVESTMENTS - Continued
As of March 31, 2025 (Unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS (Continued) | ||||||||
| BEVERAGES — 3.3% | ||||||||
| 80,538 | Heineken Holding N.V. | $ | 5,826,116 | |||||
| 167,093 | JDE Peet's N.V. | 3,653,353 | ||||||
| 22,509 | Pernod Ricard S.A. | 2,221,206 | ||||||
| 11,700,675 | ||||||||
| CABLE & SATELLITE — 2.8% | ||||||||
| 5,983 | Charter Communications, Inc. - Class A* | 2,204,915 | ||||||
| 215,600 | Comcast Corp. - Class A | 7,955,640 | ||||||
| 10,160,555 | ||||||||
| CHEMICALS — 1.7% | ||||||||
| 77,685 | International Flavors & Fragrances, Inc. | 6,029,133 | ||||||
| COMMERCIAL SUPPORT SERVICES — 0.7% | ||||||||
| 47,135 | Eurofins Scientific S.E. | 2,508,634 | ||||||
| CONSTRUCTION MATERIALS — 2.1% | ||||||||
| 71,438 | Holcim AG* | 7,630,712 | ||||||
| E-COMMERCE DISCRETIONARY — 0.7% | ||||||||
| 12,523 | Amazon.com, Inc.* | 2,382,626 | ||||||
| ELECTRIC UTILITIES — 0.0% | ||||||||
| 9,047 | PG&E Corp. | 155,427 | ||||||
| ELECTRICAL EQUIPMENT — 2.0% | ||||||||
| 50,190 | TE Connectivity Ltd. | 7,092,851 | ||||||
| ENGINEERING & CONSTRUCTION — 0.8% | ||||||||
| 98,012 | McDermott International, Ltd.*,(c),(d) | 1,274,149 | ||||||
| 21,370 | Samsung C&T Corp. | 1,696,538 | ||||||
| 2,970,687 | ||||||||
| ENTERTAINMENT CONTENT — 0.7% | ||||||||
| 4,347 | Epic Games, Inc.(c),(d) | 1,156,302 | ||||||
| 112,607 | Nexon Co., Ltd. | 1,531,557 | ||||||
| 2,687,859 | ||||||||
| HEALTH CARE FACILITIES & SVCS — 0.2% | ||||||||
| 4,812 | ICON PLC* | 842,052 | ||||||
| HOME CONSTRUCTION — 0.2% | ||||||||
| 14,338 | Fortune Brands Innovations, Inc. | 872,897 | ||||||
| INSURANCE — 1.5% | ||||||||
| 13,605 | Aon PLC - Class A | 5,429,619 | ||||||
| INTERNET MEDIA & SERVICES — 5.3% | ||||||||
| 31,853 | Alphabet, Inc. - Class A | 4,925,748 | ||||||
| 19,721 | Alphabet, Inc. - Class C | 3,081,012 | ||||||
| 8,390 | Delivery Hero S.E.* | 199,317 | ||||||
| 10,387 | Meta Platforms, Inc. - Class A | 5,986,651 | ||||||
| 86,481 | Prosus N.V.* | 3,981,324 | ||||||
Source Capital
SCHEDULE OF INVESTMENTS - Continued
As of March 31, 2025 (Unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS (Continued) | ||||||||
| INTERNET MEDIA & SERVICES (Continued) | ||||||||
| 11,246 | Uber Technologies, Inc.* | $ | 819,384 | |||||
| 18,993,436 | ||||||||
| LEISURE FACILITIES & SERVICES — 1.2% | ||||||||
| 8,054 | Marriott International, Inc. - Class A | 1,918,463 | ||||||
| 14,129 | Vail Resorts, Inc. | 2,260,922 | ||||||
| 4,179,385 | ||||||||
| METALS & MINING — 0.8% | ||||||||
| 788,595 | Glencore PLC* | 2,855,486 | ||||||
| OIL & GAS PRODUCERS — 0.8% | ||||||||
| 3,767 | Gulfport Energy Corp.* | 693,656 | ||||||
| 78,127 | Kinder Morgan, Inc. | 2,228,963 | ||||||
| 2,922,619 | ||||||||
| OIL & GAS SERVICES & EQUIP — 0.3% | ||||||||
| 65,541 | NOV, Inc. | 997,534 | ||||||
| OTHER COMMON STOCK — 0.5% | ||||||||
| — | Other Common Stock(k) | 1,910,175 | ||||||
| REAL ESTATE OWNERS & DEVELOPERS — 0.1% | ||||||||
| 60,408 | Swire Pacific Ltd. - Class A | 532,544 | ||||||
| REAL ESTATE SERVICES — 0.1% | ||||||||
| 16,058 | Copper Property CTL Pass Through Trust(d) | 207,510 | ||||||
| RETAIL - DISCRETIONARY — 1.5% | ||||||||
| 23,348 | CarMax, Inc.* | 1,819,276 | ||||||
| 22,158 | Ferguson Enterprises, Inc. | 3,550,376 | ||||||
| 5,369,652 | ||||||||
| SEMICONDUCTORS — 3.0% | ||||||||
| 37,312 | Analog Devices, Inc. | 7,524,711 | ||||||
| 3,596 | Broadcom, Inc. | 602,079 | ||||||
| 13,587 | NXP Semiconductors N.V. | 2,582,345 | ||||||
| 10,709,135 | ||||||||
| SOFTWARE — 0.1% | ||||||||
| 10,312 | Windstream Holdings, Inc.(c) | 185,616 | ||||||
| TECHNOLOGY HARDWARE — 0.8% | ||||||||
| 41,644 | Nintendo Co., Ltd. | 2,806,993 | ||||||
| TECHNOLOGY SERVICES — 0.6% | ||||||||
| 45,096 | LG Corp. | 1,978,405 | ||||||
| TRANSPORTATION & LOGISTICS — 0.6% | ||||||||
| 84,452 | PHI Group, Inc.*,(c),(d) | 2,069,074 | ||||||
Source Capital
SCHEDULE OF INVESTMENTS - Continued
As of March 31, 2025 (Unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS (Continued) | ||||||||
| TRANSPORTATION EQUIPMENT — 0.4% | ||||||||
| 7,391 | Westinghouse Air Brake Technologies Corp. | $ | 1,340,358 | |||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $92,456,178) | 136,783,472 | |||||||
| LIMITED PARTNERSHIPS — 18.8% | ||||||||
| 2,300,000 | BH3 Debt Opportunity Fund II-Parallel, LP(d),(l) | 1,038,803 | ||||||
| 55,000 | Blue Torch Credit Opportunities Fund II LP(d),(l) | 3,520,116 | ||||||
| 60,000 | Clover Private Credit Opportunities Fund LP(d),(l) | 4,921,587 | ||||||
| 8,869,515 | FPS Holdco II LLC(d),(l) | 8,869,515 | ||||||
| 55,000 | HIG WhiteHorse Direct Lending 2020 LP(d),(l) | 4,675,274 | ||||||
| 6,000,000 | Jett Texas LLC(d),(l) | 6,000,000 | ||||||
| 80,000 | Metro Partners Fund VII LP(d),(l) | 9,055,012 | ||||||
| 80,000 | MSD Private Credit Opportunities Fund II LP(d),(l) | 5,473,137 | ||||||
| 30,000 | MSD Real Estate Credit Opportunities Fund(d),(l) | 1,269,986 | ||||||
| 55,000 | Nebari Natural Resources Credit Fund I LP(d),(l) | 3,152,319 | ||||||
| 30,000 | Piney Lake Opportunities Fund LP(d),(l) | 3,260,364 | ||||||
| 18,000 | Post Road Special Opportunity Fund II LP(d),(l) | 1,722,819 | ||||||
| 35,000 | Silverpeak Credit Opportunities LP(d),(l) | 1,642,551 | ||||||
| 48,500 | Silverpeak Special Situations(d),(l) | 4,702,246 | ||||||
| 14,000,000 | Tioga Partners IV, LP(d),(l) | 5,092,500 | ||||||
| 3,000,000 | Trevian Capital Debt Fund, LP(d),(l) | 3,000,000 | ||||||
| TOTAL LIMITED PARTNERSHIPS | ||||||||
| (Cost $62,106,271) | 67,396,229 | |||||||
| PREFERRED STOCKS — 0.0% | ||||||||
| ENERGY — 0.0% | ||||||||
| 21 | Gulfport Energy Corp., 10.000%(c) | 23,368 | ||||||
| TOTAL PREFERRED STOCKS | ||||||||
| (Cost $19,249) | 23,368 | |||||||
| WARRANTS (SPAC) — 0.0% | ||||||||
| 31,567 | Electriq Power Holdings, Inc., Expiration Date: January 25, 2028*,(c) | — | ||||||
| 24,015 | MariaDB PLC, Expiration Date: December 16, 2027*,(c) | — | ||||||
| 5,407 | Northern Star Investment Corp. IV, Expiration Date: December 31, 2027*,(c) | — | ||||||
| 5,878 | Ross Acquisition Corp. II, Expiration Date: February 12, 2026*,(c) | — | ||||||
| TOTAL WARRANTS (SPAC) | ||||||||
| (Cost $17,967) | — | |||||||
Source Capital
SCHEDULE OF INVESTMENTS - Continued
As of March 31, 2025 (Unaudited)
| Number of Shares | Value | |||||||
| SHORT-TERM INVESTMENTS — 17.4% | ||||||||
| MONEY MARKET INVESTMENTS — 17.4% | ||||||||
| 62,642,952 | Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 4.20%(m) | $ | 62,642,952 | |||||
| TOTAL SHORT-TERM INVESTMENTS | ||||||||
| (Cost $62,642,952) | 62,642,952 | |||||||
| TOTAL INVESTMENTS — 99.2% | ||||||||
| (Cost $308,697,789) | 356,410,612 | |||||||
| Other Assets in Excess of Liabilities — 0.8% | 2,858,401 | |||||||
| TOTAL NET ASSETS — 100.0% | $ | 359,269,013 | ||||||
BDC – Business Development Company
LLC – Limited Liability Company
LP – Limited Partnership
PLC – Public Limited Company
US – United States
| * | Non-income producing security. |
| (a) | 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 $47,090,447, which represents 13.11% of Net Assets. |
| (b | )Variable or floating rate security. |
| (c) | The value of these securities was determined using significant unobservable inputs. These are reported as Level 3 securities in the Fair Value Hierarchy. |
| (d) | Restricted securities. These restricted securities constituted 27.19% of total net assets at March 31, 2025, most of which are considered liquid by the Adviser. These securities are not registered and may not be sold to the public. There are legal and/or contractual restrictions on resale. The Fund does not have the right to demand that such securities be registered. The values of these securities are determined by valuations provided by pricing services, brokers, dealers, market makers, or in good faith under policies adopted by authority of the Fund's Board of Directors. |
| (e) | Bank loans generally pay interest at rates which are periodically determined by reference to a base lending rate plus a premium. All loans carry a variable rate of interest. These base lending rates are generally (i) the Prime Rate offered by one or more major United States banks, (ii) the lending rate offered by one or more European banks such as the London Interbank Offered Rate (“LIBOR”), (iii) the Certificate of Deposit rate, or (iv) Secured Overnight Financing Rate (“SOFR”). Bank Loans, while exempt from registration, under the Securities Act of 1933, contain certain restrictions on resale and cannot be sold publicly. Floating rate bank loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. |
| (f) | As of March 31, 2025, the Fund had entered into commitments to fund various delayed draw debt-related investments. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing those investments and there can be no assurance that such conditions will be satisfied. |
| (g) | All or a portion of the loan is unfunded. |
| (h) | Security is in default. |
| (i) | Payment-in-kind interest is generally paid by issuing additional par/shares of the security rather than paying cash. |
| (j) | Perpetual security. Maturity date is not applicable. |
| (k) | As permitted by U.S. Securities and Exchange Commission regulations, "Other" Common Stocks include holdings in their first year of acquisition that have not previously been publicly disclosed. |
| (l) | Investment valued using net asset value per share (or its equivalent) as a practical expedient. |
| (m) | The rate is the annualized seven-day yield at period end. |
Source Capital
SCHEDULE OF INVESTMENTS - Continued
As of March 31, 2025 (Unaudited)
| Restricted Security | Initial Acquisition Date | Cost | Fair Value | Fair Value as a % of Total Net Assets | ||||||||||
| Altegrity, Inc. | 9/1/2021 | $ | - | $ | 174,931 | 0.05 | % | |||||||
| Apollo Debt Solutions BDC Senior Notes, 8.620%, 9/28/2028 | 8/10/2023 | 2,333,000 | 2,333,000 | 0.65 | % | |||||||||
| BH3 Debt Opportunity Fund II-Parallel, LP | 9/10/2024 | 1,037,152 | 1,038,803 | 0.28 | % | |||||||||
| Blue Torch Credit Opportunities Fund II LP | 2/16/2021 | 4,195,499 | 3,520,116 | 0.98 | % | |||||||||
| Capstone Acquisition Holdings, Inc. Term Loan, 8.925% (1-Month Term SOFR+460 basis points), 11/12/2029 | 11/12/2020 | 2,271,561 | 2,269,747 | 0.63 | % | |||||||||
| Clover Private Credit Opportunities Fund LP | 12/13/2021 | 4,834,197 | 4,921,587 | 1.37 | % | |||||||||
| Copper Property CTL Pass Through Trust | 10/5/2017 | 528,672 | 207,510 | 0.06 | % | |||||||||
| Cornerstone OnDemand, Inc., 8.311% (1-Month Term SOFR+375 basis points), 10/16/2028 | 12/7/2022 | 69,605 | 62,311 | 0.02 | % | |||||||||
| Delta Commercial Funding LP, 9.100% (1-Month Term SOFR+480 basis points), 12/31/2027 | 12/31/2024 | 2,873,700 | 2,901,600 | 0.81 | % | |||||||||
| Epic Games, Inc. | 6/25/2020 | 2,499,525 | 1,156,302 | 0.32 | % | |||||||||
| EQS Legacy Holdings LLC Term Loan, 11.000%, 3/27/2032 | 3/27/2025 | 8,575,000 | 8,575,000 | 2.39 | % | |||||||||
| FPS Holdco II LLC | 8/9/2024 | 8,869,515 | 8,869,515 | 2.47 | % | |||||||||
| Heartland Dental LLC/Heartland Dental Finance Corp., 10.500% (1-Month Term SOFR+500 basis points), 4/30/2028 | 5/5/2023 | 1,781,951 | 1,885,800 | 0.52 | % | |||||||||
| HIG WhiteHorse Direct Lending 2020 LP | 7/30/2021 | 4,722,177 | 4,675,274 | 1.30 | % | |||||||||
| Hlend Senior Notes, 8.170%, 3/15/2028 | 2/16/2023 | 3,500,000 | 3,500,000 | 0.97 | % | |||||||||
| JC Penney Corp., Inc., 5.568% (3-Month USD Libor+425 basis points), 6/23/2025 | 2/3/2021 | - | 46 | 0.00 | % | |||||||||
| Jett Texas LLC | 12/2/2024 | 6,000,000 | 6,000,000 | 1.67 | % | |||||||||
| Lealand Finance Company B.V. Senior Exit LC, 3.500%, 6/30/2027 | 11/12/2019 | (891,939 | ) | (642,041 | ) | -0.18 | % | |||||||
| Lealand Finance Company B.V. Senior Exit LC, 5.250%, 6/30/2027 | 2/28/2020 | (10,527 | ) | (1,026,589 | ) | -0.29 | % | |||||||
| Lealand Reficar LC Term Loan, 12.843% (3-Month Term SOFR+750 basis points), 6/30/2027 | 4/5/2024 | 31,128 | 23,346 | 0.01 | % | |||||||||
| McDermott International, Ltd. | 7/1/2020 | 2,078,929 | 1,274,149 | 0.35 | % | |||||||||
| McDermott LC, 8.572% (3-Month Term SOFR+426.161 basis points), 6/30/2027 | 12/31/2020 | 991,166 | 564,964 | 0.16 | % | |||||||||
| McDermott Technology Americas, Inc., 7.439% (1-Month Term SOFR+300 basis points), 6/30/2027 | 7/1/2020 | 141,925 | 73,092 | 0.02 | % | |||||||||
| McDermott Technology Americas, Inc., 8.440% (1-Month Term SOFR+400 basis points), 12/31/2027 | 7/1/2020 | 1,855,316 | 639,969 | 0.18 | % | |||||||||
| Metro Partners Fund VII LP | 5/13/2021 | 6,940,327 | 9,055,012 | 2.52 | % | |||||||||
| MSD Private Credit Opportunities Fund II LP | 3/8/2021 | 4,008,008 | 5,473,137 | 1.52 | % | |||||||||
| MSD Real Estate Credit Opportunities Fund | 6/11/2020 | 685,692 | 1,269,986 | 0.35 | % | |||||||||
| Nebari Natural Resources Credit Fund I LP | 8/18/2020 | 3,744,996 | 3,152,319 | 0.88 | % | |||||||||
| OCREDIT BDC Senior Notes, 7.770%, 3/7/2029 | 2/22/2024 | 552,000 | 552,000 | 0.15 | % | |||||||||
| Pershing Square Tontine Holdings Ltd. | 7/26/2022 | - | - | 0.00 | % | |||||||||
| PHI Group, Inc. | 8/19/2019 | 690,707 | 2,069,074 | 0.58 | % | |||||||||
| Piney Lake Opportunities Fund LP | 6/30/2021 | 2,142,718 | 3,260,364 | 0.91 | % | |||||||||
| Post Road Special Opportunity Fund II LP | 1/26/2021 | 1,541,180 | 1,722,819 | 0.48 | % | |||||||||
| Project Myrtle, 7.500% (1-Month Term SOFR+317.9 basis points), 6/15/2025 | 12/21/2022 | 2,186,462 | 2,188,999 | 0.61 | % | |||||||||
| Prop 2017-1A, 5.300%, 3/15/2042 | 2/9/2017 | 259,009 | 228,819 | 0.06 | % | |||||||||
| Silverpeak Credit Opportunities LP | 11/18/2019 | 927,432 | 1,642,551 | 0.46 | % | |||||||||
| Silverpeak Special Situations | 9/25/2020 | 4,207,378 | 4,702,246 | 1.31 | % | |||||||||
| Tioga Partners IV, LP | 1/15/2025 | 5,250,000 | 5,092,500 | 1.42 | % | |||||||||
| Trevian Capital Debt Fund, LP | 3/13/2025 | 3,000,000 | 3,000,000 | 0.84 | % | |||||||||
| Vision Solutions, Inc., 8.552% (3-Month Term SOFR+400 basis points), 4/24/2028 | 12/7/2022 | 63,726 | 69,126 | 0.02 | % | |||||||||
| WH Borrower LLC, 9.075% (1-Month Term SOFR+475 basis points), 2/20/2032 | 2/12/2025 | 1,203,950 | 1,203,950 | 0.34 | % | |||||||||
| $ | 95,691,137 | $ | 97,681,334 | 27.19 | % | |||||||||
Source Capital
SCHEDULE OF INVESTMENTS - Continued
As of March 31, 2025 (Unaudited)
| Affiliated Security | Shares Held as of December 31, 2024 | Beginning Value December 31, 2024 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) on Sales Affiliated Investment | Accretion of Discount (Amortization of Premium) and Return of Capital | Change in Unrealized Appreciation (Depreciation) | Transfer In (Out) | Ending Value March 31, 2025 | Shares as of March 31, 2025 | Income from Affiliated Investments | |||||||||||||||||||||||||||||||||
| FPS Holdco II LLC* | 7,842,816 | $ | 7,842,816 | $ | 1,026,699 | $ | - | $ | - | $ | - | $ | - | $ | (8,869,515 | ) | $ | - | 8,869,515 | $ | - | |||||||||||||||||||||||
| Total | $ | 7,842,816 | $ | 1,026,699 | $ | - | $ | - | $ | - | $ | - | $ | (8,869,515 | ) | $ | - | $ | - | |||||||||||||||||||||||||
| * | Affiliated security as of December 31, 2024, but no longer considered an affiliated investment as of March 31, 2025. The table above is to provide the change in affiliated securities during the reporting period. This investment is held in the portfolio, see Schedule of Investments for current value. |