Pursuit Asset-Based Income Fund
Schedule of Investments
As of June 30, 2026 (Unaudited)
| Coupon Rate (%) | Maturity | Original Acquisition Date | Principal Amount | Cost | Value | |||||||||||||||||||
| Private Investments - 73.5%(1),(2) | ||||||||||||||||||||||||
| Construction & Manufacturing - 5.1% | ||||||||||||||||||||||||
| MEG1 SMB Financing 2025-2 001 | 15.5% | 5/29/2027 | 12/22/2025 | $ | 2,500,000 | $ | 2,500,000 | $ | 2,500,000 | |||||||||||||||
| Consumer Credit - 3.9% | ||||||||||||||||||||||||
| STP Mixed Advances Sr. 2026-1 | 19.0% | 10/30/2026 | 2/2/2026 | 600,000 | 600,000 | 600,000 | ||||||||||||||||||
| STP Mixed Advances Sr. 2026-2 | 19.0% | 11/25/2026 | 2/27/2026 | 300,000 | 300,000 | 300,000 | ||||||||||||||||||
| STP Mixed Advances Sr. 2026-6 | 19.5% | 2/28/2027 | 6/5/2026 | 1,000,000 | 1,000,000 | 1,000,000 | ||||||||||||||||||
| 1,900,000 | ||||||||||||||||||||||||
| Earned Wage Access - 5.1% | ||||||||||||||||||||||||
| BNI Earned Wage Access Sr. 2025-1 | 14.0% | 10/31/2026 | 10/31/2025 | 2,500,000 | 2,500,000 | 2,500,000 | ||||||||||||||||||
| E-Commerce - 0.6% | ||||||||||||||||||||||||
| LND E-Commerce Financing Sr. 2025-1 | 14.3% | 5/5/2027 | 5/7/2025 | 295,633 | 295,633 | 295,633 | ||||||||||||||||||
| Healthcare Receivables - 3.0% | ||||||||||||||||||||||||
| GFN Receivables Jr. 2025-2 | 15.8% | 8/11/2026 | 8/11/2025 | 212,317 | 212,317 | 212,317 | ||||||||||||||||||
| GFN Receivables Jr. 2025-3 | 15.8% | 8/29/2026 | 8/29/2025 | 1,262,500 | 1,262,500 | 1,262,500 | ||||||||||||||||||
| VRD Receivables Sr. 2025-1(3) | 16.0% | 3/5/2027 | 9/5/2025 | 22,142 | 22,142 | 22,142 | ||||||||||||||||||
| 1,496,959 | ||||||||||||||||||||||||
| Invoice Factoring - 7.5% | ||||||||||||||||||||||||
| CAP SMB Financing Sr. 2025-2 | 15.0% | 4/30/2027 | 10/31/2025 | 2,750,000 | 2,750,000 | 2,750,000 | ||||||||||||||||||
| FTL Receivables Sr. 2026-2 | 16.0% | 3/5/2027 | 6/3/2026 | 752,000 | 752,000 | 752,000 | ||||||||||||||||||
| MSE Receivables Financing Jr. 2025-2 | 15.8% | 11/14/2026 | 11/14/2025 | 176,000 | 176,000 | 176,000 | ||||||||||||||||||
| 3,678,000 | ||||||||||||||||||||||||
| Litigation Financing - 19.5% | ||||||||||||||||||||||||
| FEN Litigation Funding Sr. 2024-1 | 14.1% | 12/16/2026 | 12/16/2024 | 31,715 | 31,714 | 31,714 | ||||||||||||||||||
| FEN Litigation Funding Sr. 2025-1 | 14.0% | 3/16/2027 | 3/31/2025 | 402,406 | 402,406 | 402,406 | ||||||||||||||||||
| FEN Litigation Funding Sr. 2025-2 | 14.0% | 6/16/2027 | 6/23/2025 | 113,888 | 113,888 | 113,888 | ||||||||||||||||||
| FEN Litigation Funding Sr. 2025-3 | 14.0% | 7/16/2027 | 8/1/2025 | 322,548 | 322,548 | 322,548 | ||||||||||||||||||
| FEN Litigation Funding Sr. 2025-4 | 14.0% | 10/16/2027 | 10/22/2025 | 719,676 | 719,676 | 719,676 | ||||||||||||||||||
| FEN Litigation Funding Sr. 2026-2 | 18.0% | 3/16/2028 | 3/16/2026 | 545,507 | 545,507 | 545,507 | ||||||||||||||||||
| HLF Litigation Funding Sr. 2025-1 | 13.0% | 1/18/2027 | 7/18/2025 | 760,679 | 760,679 | 760,679 | ||||||||||||||||||
| HLF Litigation Funding Sr. 2025-2 | 13.0% | 3/26/2027 | 9/22/2025 | 350,000 | 350,000 | 350,000 | ||||||||||||||||||
| MUS2 Litigation Finance 2025-3 001(3) | 17.0% | 11/26/2027 | 12/11/2025 | 2,395,684 | 2,395,684 | 2,395,684 | ||||||||||||||||||
| NER Litigation Funding Sr. 2024-1 | 14.1% | 12/31/2026 | 12/31/2024 | 1,961,615 | 1,961,615 | 1,961,615 | ||||||||||||||||||
| NER Litigation Funding Sr. 2025-1 | 15.0% | 2/28/2027 | 2/28/2025 | 882,727 | 882,727 | 882,727 | ||||||||||||||||||
| NER Litigation Funding Sr. 2025-2 | 17.0% | 3/27/2027 | 3/31/2025 | 1,078,888 | 1,078,888 | 1,078,888 | ||||||||||||||||||
| 9,565,332 | ||||||||||||||||||||||||
| Merchant Financing - 15.1% | ||||||||||||||||||||||||
| FDA1 SMB Financing 2026-1 | 14.0% | 3/26/2027 | 6/24/2026 | 917,939 | 917,938 | 917,938 | ||||||||||||||||||
| FIJ SMB Financing Sr. 2026-2 | 17.0% | 6/30/2027 | 3/31/2026 | 470,000 | 470,000 | 470,000 | ||||||||||||||||||
| FUN1 SMB Financing 2026-1 001 | 14.0% | 12/25/2026 | 3/27/2026 | 110,000 | 110,000 | 110,000 | ||||||||||||||||||
| NEX SMB Financing 2026-2 | 16.5% | 12/1/2027 | 3/31/2026 | 3,728,658 | 3,728,658 | 3,728,658 | ||||||||||||||||||
| ORV SMB Financing SR. 2026-1 | 15.0% | 3/12/2027 | 3/12/2026 | 2,200,000 | 2,200,000 | 2,200,000 | ||||||||||||||||||
| 7,426,596 | ||||||||||||||||||||||||
| Royalties - 0.0% | ||||||||||||||||||||||||
| FAT Brands Royalty I Jr. 2025-1(4) | 17.0% | 7/25/2026 | 4/23/2025 | 738,402 | 738,402 | - | ||||||||||||||||||
| FAT Brands Royalty I Jr. 2025-3(4) | 17.0% | 7/25/2026 | 6/26/2025 | 692,784 | 692,784 | - | ||||||||||||||||||
| FAT Brands Royalty I Jr. 2025-4(4) | 17.0% | 7/25/2026 | 7/29/2025 | 497,423 | 497,423 | - | ||||||||||||||||||
| FAT Brands Royalty I Jr. 2025-5(4) | 17.0% | 7/25/2026 | 8/29/2025 | 456,671 | 456,671 | - | ||||||||||||||||||
| FAT Brands Royalty I Jr. 2025-6(4) | 20.0% | 7/25/2026 | 11/6/2025 | 750,000 | 750,000 | - | ||||||||||||||||||
| FAT Whole Business Securitization Jr. 2024-1(4) | 16.9% | 7/25/2026 | 10/31/2024 | 1,128,889 | 1,128,890 | - | ||||||||||||||||||
| FAT Whole Business Securitization Jr. 2024-2(4) | 16.9% | 7/25/2026 | 11/4/2024 | 97,959 | 97,959 | - | ||||||||||||||||||
| FAT Whole Business Securitization Jr. 2024-3(4) | 16.9% | 7/25/2026 | 12/2/2024 | 580,507 | 580,507 | - | ||||||||||||||||||
| FAT Whole Business Securitization Jr. 2024-6(4) | 18.7% | 7/25/2026 | 12/27/2024 | 1,477,086 | 1,477,086 | - | ||||||||||||||||||
| FAT Whole Business Securitization Jr. 2025-1(4) | 16.9% | 7/25/2026 | 1/24/2025 | 633,925 | 633,925 | - | ||||||||||||||||||
| - | ||||||||||||||||||||||||
Pursuit Asset-Based Income Fund
Schedule of Investments - Continued
As of June 30, 2026 (Unaudited)
| Coupon Rate (%) | Maturity | Original Acquisition Date | Principal Amount | Cost | Value | |||||||||||||||||||
| Private Investments - 73.5%(1),(2) | ||||||||||||||||||||||||
| SMB Financing - 3.0% | ||||||||||||||||||||||||
| TSM SMB Financing Sr. 2026-1 | 16.0% | 2/24/2028 | 2/25/2026 | $ | 1,249,085 | $ | 1,249,085 | $ | 1,249,085 | |||||||||||||||
| TSM SMB Financing Sr. 2026-1 | 19.0% | 2/24/2028 | 2/25/2026 | 231,781 | 231,781 | 231,781 | ||||||||||||||||||
| 1,480,866 | ||||||||||||||||||||||||
| Supply Chain Finance - 3.0% | ||||||||||||||||||||||||
| QTX SMB Financing Jr. 2025-3 | 15.5% | 9/30/2026 | 3/31/2025 | 1,000,000 | 1,000,000 | 758,726 | ||||||||||||||||||
| QTX SMB Financing Jr. 2025-4 | 15.5% | 2/26/2027 | 8/26/2025 | 668,769 | 668,769 | 507,412 | ||||||||||||||||||
| QTX SMB Financing Jr. 2026-1 | 15.5% | 7/30/2027 | 2/6/2026 | 242,000 | 242,000 | 183,612 | ||||||||||||||||||
| 1,449,750 | ||||||||||||||||||||||||
| Working Capital Financing - 7.7% | ||||||||||||||||||||||||
| IHC Working Capital Financing Jr. 2025-1 | 13.5% | 12/31/2026 | 2/28/2025 | 325,000 | 325,000 | 325,000 | ||||||||||||||||||
| IHC Working Capital Financing Jr. 2025-2 | 14.0% | 11/25/2026 | 11/17/2025 | 900,000 | 900,000 | 900,000 | ||||||||||||||||||
| WSF SMB Financing Jr. 2025-1 | 13.5% | 5/30/2027 | 6/5/2025 | 2,079,869 | 2,079,869 | 2,079,869 | ||||||||||||||||||
| WSF SMB Financing Jr. 2025-2 | 13.5% | 7/2/2027 | 7/9/2025 | 500,000 | 500,000 | 500,000 | ||||||||||||||||||
| 3,804,869 | ||||||||||||||||||||||||
| Total Private Investments (Cost $43,612,671) | 36,098,005 | |||||||||||||||||||||||
| Credit Facilities - 32.4%(1),(2) | ||||||||||||||||||||||||
| Sports & Media Rights - 10.0% | ||||||||||||||||||||||||
| RHG1 Athlete Loans Sr. 2025-1(5) | 15.0% | 10/8/2027 | 10/10/2025 | 1,150,000 | 1,169,961 | 1,169,961 | ||||||||||||||||||
| RHG10 Athlete Loans Sr. 2026-1(5) | 15.0% | 10/8/2027 | 5/27/2026 | 213,400 | 211,366 | 211,366 | ||||||||||||||||||
| RHG11 Athlete Loans Sr. 2026-1(5) | 15.0% | 10/8/2027 | 6/9/2026 | 725,000 | 725,000 | 725,000 | ||||||||||||||||||
| RHG3 Athlete Loans Sr. 2025-1(5) | 15.0% | 10/8/2027 | 12/1/2025 | 302,926 | 301,083 | 301,083 | ||||||||||||||||||
| RHG4 Athlete Loans Sr. 2025-1(5) | 15.0% | 10/8/2027 | 12/12/2025 | 244,269 | 242,571 | 242,571 | ||||||||||||||||||
| RHG5 Athlete Loans Sr. 2025-1(5) | 15.0% | 10/8/2027 | 12/23/2025 | 107,462 | 106,692 | 106,692 | ||||||||||||||||||
| RHG6 Athlete Loans Sr. 2026-1(5) | 15.3% | 10/8/2027 | 2/10/2026 | 1,052,500 | 1,047,110 | 1,047,110 | ||||||||||||||||||
| RHG7 Athlete Loans Sr. 2026-1(5) | 15.0% | 10/8/2027 | 3/2/2026 | 242,500 | 240,561 | 240,561 | ||||||||||||||||||
| RHG8 Athlete Loans Sr. 2026-1(5) | 15.0% | 10/8/2027 | 3/30/2026 | 679,000 | 673,155 | 673,155 | ||||||||||||||||||
| RHG9 Athlete Loans Sr. 2026-1(5) | 15.0% | 10/8/2027 | 4/10/2026 | 185,461 | 183,816 | 183,816 | ||||||||||||||||||
| 4,901,315 | ||||||||||||||||||||||||
| Trade Financing - 22.4% | ||||||||||||||||||||||||
| BAM Receivable Financing Jr. 2025-1 | 13.0% | 10/16/2030 | 10/10/2025 | 3,000,000 | 3,026,882 | 3,026,882 | ||||||||||||||||||
| BAM Receivable Financing Jr. 2025-2 | 13.0% | 10/16/2030 | 11/21/2025 | 2,000,000 | 2,000,000 | 2,000,000 | ||||||||||||||||||
| BAM Receivable Financing Jr. 2025-3 | 12.5% | 10/16/2030 | 12/9/2025 | 1,500,000 | 1,500,000 | 1,500,000 | ||||||||||||||||||
| BAM Receivable Financing Jr. 2026-1 | 12.5% | 10/16/2030 | 2/2/2026 | 500,000 | 500,000 | 500,000 | ||||||||||||||||||
| BAM Receivable Financing Jr. 2026-2 | 12.5% | 10/16/2030 | 2/27/2026 | 1,000,000 | 1,000,000 | 1,000,000 | ||||||||||||||||||
| BAM Receivable Financing Jr. 2026-3 | 12.5% | 10/16/2030 | 3/6/2026 | 1,000,000 | 1,000,000 | 1,000,000 | ||||||||||||||||||
| BAM Receivable Financing Jr. 2026-4 | 12.5% | 10/16/2030 | 3/12/2026 | 500,000 | 500,000 | 500,000 | ||||||||||||||||||
| BAM Receivable Financing Jr. 2026-5 | 12.5% | 10/16/2030 | 3/17/2026 | 500,000 | 500,000 | 500,000 | ||||||||||||||||||
| BAM Receivable Financing Jr. 2026-6 | 12.5% | 10/16/2030 | 3/31/2026 | 1,000,000 | 1,000,000 | 1,000,000 | ||||||||||||||||||
| 11,026,882 | ||||||||||||||||||||||||
| Total Credit Facilities (Cost $15,928,197) | 15,928,197 | |||||||||||||||||||||||
| Short-Term Investment - 3.4% | ||||||||||||||||||||||||
| Money Market Fund - 3.4% | ||||||||||||||||||||||||
| Fidelity Investments Government Portfolio Fund - Class III, 3.23%(6) | $ | 1,666,580 | ||||||||||||||||||||||
| Total Short-Term Investment (Cost $1,666,580) | $ | 1,666,580 | ||||||||||||||||||||||
| Total Investments (Cost $61,207,448) – 109.3% | $ | 53,692,782 | ||||||||||||||||||||||
| Liabilities in excess of other assets - (9.3)% | (4,586,442 | ) | ||||||||||||||||||||||
| Net Assets - 100.0% | $ | 49,106,340 | ||||||||||||||||||||||
| (1) | All Investments in Private Investments and Credit Facilities are Level 3 securities fair valued using significant unobservable inputs. |
| (2) | All Investments in Private Investments and Credit Facilities are restricted securities. The total value of these securities is $52,026,202, which represents 105.9% of total net assets of the Fund. |
| (3) | Payment-in-kind (PIK) security which may pay interest in the form of additional principal amount. |
| (4) | An affiliate of Issuer filed for bankruptcy on January 26, 2026. Security is defaulted. |
| (5) | Investment is a portion of a multi-draw term loan. As of June 30, 2026, the Fund has an unfunded commitment (subject to its sole discretion) related to this issuer. |
| (6) | Represents the 7-day effective yield as of June 30, 2026. |