Form NPORT-P FPA FUNDS TRUST For: Mar 31

  
    NPORT-P
    false
    
      
      
        
          0000924727
          XXXXXXXX
        
      
      
      
      
        S000064044
        C000227168
        C000207154
      
      
      
    
  
  
    
      FPA FUNDS TRUST
      811-08544
      0000924727
      549300H7BXP5EUEHOJ64
      11601 WILSHIRE BOULEVARD
      SUITE 1200
      LOS ANGELES
      
      90025
      310-473-0225
      FPA Flexible Fixed Income Fund
      S000064044
      549300DRXGWEWOEBJV78
      2022-12-31
      2022-03-31
      N
    
    
      757287815.15
      15556040.57
      741731774.58
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      14302025.85000000
      0.00000000
      0.00000000
      722.68000000
      
        
          USD
          
          
        
      
      
      
      N
      
        
          
          
        
        
          
            
            
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        MF1 Multifamily Housing Mortgage Loan Trust
        N/A
        
        58003UAA6
        
          
        
        585000.00000000
        PA
        USD
        579027.50000000
        0.078064270649
        Long
        ABS-CBDO
        CORP
        US
        
        N
        
        2
        
          2035-11-15
          Floating
          2.14300000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cascade Funding Mortgage Trust
        N/A
        
        12527LAA0
        
          
        
        793530.66000000
        PA
        USD
        783864.66000000
        0.105680339829
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2036-06-25
          Variable
          0.89800000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Golub Capital Partners CLO Ltd
        N/A
        
        38176KAC7
        
          
        
        3006000.00000000
        PA
        USD
        2994601.25000000
        0.403731018762
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2031-04-20
          Floating
          2.25400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Madison Park Funding Ltd
        N/A
        
        55818MBA4
        
          
        
        538843.54000000
        PA
        USD
        537892.48000000
        0.072518462661
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2030-04-19
          Floating
          1.19800000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Greystone Commercial Real Estate Notes
        N/A
        
        39809PAA3
        
          
        
        3000000.00000000
        PA
        USD
        2952816.00000000
        0.398097547010
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2039-07-15
          Floating
          1.41700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BTC HOLDINGS FUND I, LLC
        N/A
        
        000000000
        
          
        
        1448266.96000000
        PA
        USD
        1448266.96000000
        0.195254809033
        Long
        LON
        CORP
        US
        Y
        
        3
        
          2027-01-28
          Variable
          2.78000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Drive Auto Receivables Trust
        N/A
        
        262108AE3
        
          
        
        2000000.00000000
        PA
        USD
        1970717.40000000
        0.265691381647
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2027-06-15
          Fixed
          1.02000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        J.C. Penney Corporation, Inc.
        8TDNUQ07MEFMWW1VHP39
        
        46611NAJ2
        
          
        
        480180.72000000
        PA
        USD
        48.02000000
        0.000006474038
        Long
        LON
        CORP
        US
        Y
        
        2
        
          2023-06-23
          Variable
          1.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Capital Automotive Reit
        N/A
        
        12510HAA8
        
          
        
        294118.95000000
        PA
        USD
        287274.18000000
        0.038730197336
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2050-02-15
          Fixed
          2.69000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LoanCore 2018-CRE1 Issuer, Ltd.
        N/A
        
        53946CAA7
        
          
        
        841172.42000000
        PA
        USD
        833080.76000000
        0.112315635995
        Long
        ABS-CBDO
        CORP
        US
        
        N
        
        2
        
          2035-07-15
          Floating
          0.96400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Santander Retail Auto Lease Trust
        N/A
        
        80287CAC3
        
          
        
        2084000.00000000
        PA
        USD
        2019445.39000000
        0.272260871006
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2025-07-21
          Fixed
          1.34000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Velocity Commercial Capital Loan Trust
        N/A
        
        92243TAA8
        
          
        
        66939.85000000
        PA
        USD
        66956.62000000
        0.009027066426
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2045-06-25
          Variable
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        
        3137B2J84
        
          
        
        92698.08000000
        PA
        USD
        95112.16000000
        0.012822985782
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2028-06-15
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ivy Hill Middle Market Credit Fund Ltd
        5493003XZKSFJKWICW70
        
        46600DAE8
        
          
        
        1086000.00000000
        PA
        USD
        1041279.61000000
        0.140384926962
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2033-07-20
          Floating
          8.42400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PFS Financing Corp.
        N/A
        
        69335PDP7
        
          
        
        2988000.00000000
        PA
        USD
        2937344.73000000
        0.396011716184
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2025-06-15
          Fixed
          1.27000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HPEFS Equipment Trust
        N/A
        
        40440YAE9
        
          
        
        1300000.00000000
        PA
        USD
        1265408.43000000
        0.170601890517
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2031-03-20
          Fixed
          0.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Wheels SPV LLC
        N/A
        
        96328DBU7
        
          
        
        3542000.00000000
        PA
        USD
        3446743.22000000
        0.464688629788
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2029-08-20
          Fixed
          0.62000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cerberus
        N/A
        
        15674TAA7
        
          
        
        1214910.92000000
        PA
        USD
        1212985.29000000
        0.163534222419
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2033-08-13
          Floating
          1.74100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Woodmont Trust
        N/A
        
        97988UAN5
        
          
        
        2657000.00000000
        PA
        USD
        2648114.99000000
        0.357017870981
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2031-07-15
          Floating
          1.60400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LoanCore 2021-CRE5 Issuer, Ltd
        N/A
        
        53947XAA0
        
          
        
        363000.00000000
        PA
        USD
        356601.65000000
        0.048076900871
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2036-07-15
          Floating
          1.69700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Kubota Credit Owner Trust
        N/A
        
        50117WAD6
        
          
        
        762000.00000000
        PA
        USD
        757216.01000000
        0.102087578819
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-07-15
          Fixed
          2.26000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DT Auto Owner Trust
        N/A
        
        26253WAE8
        
          
        
        704000.00000000
        PA
        USD
        674971.83000000
        0.090999449279
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2027-09-15
          Fixed
          1.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fortress Credit Opportunities CLO LP
        N/A
        
        34963VAA3
        
          
        
        3796000.00000000
        PA
        USD
        3766334.26000000
        0.507775774083
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2030-01-15
          Floating
          1.58700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Golub Capital Partners Funding
        N/A
        
        38177UAA8
        
          
        
        2267000.00000000
        PA
        USD
        2229710.12000000
        0.300608683140
        Long
        ABS-O
        CORP
        KY
        N
        
        2
        
          2029-01-22
          Fixed
          3.20800000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cascade Funding Mortgage Trust
        N/A
        
        12530BAA7
        
          
        
        1072059.33000000
        PA
        USD
        1055285.35000000
        0.142273175582
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2031-10-27
          Variable
          1.15100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GM Financial Automobile Leasing Trust
        2549001DWK2615D9KR84
        
        36265MAF2
        
          
        
        2044000.00000000
        PA
        USD
        2011067.07000000
        0.271131309042
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-02-20
          Fixed
          2.64000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        RCO Mortgage LLC
        N/A
        
        74938JAA8
        
          
        
        2418594.56000000
        PA
        USD
        2329823.67000000
        0.314105954449
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2026-09-25
          Variable
          2.11600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AmeriCredit Automobile Receivables Trust
        N/A
        
        03066JAC7
        
          
        
        1153000.00000000
        PA
        USD
        1120086.92000000
        0.151009698975
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-08-18
          Fixed
          0.76000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Golub Capital Partners Funding
        N/A
        
        38178XAC7
        
          
        
        5697000.00000000
        PA
        USD
        5399308.39000000
        0.727932734586
        Long
        ABS-O
        CORP
        US
        
        N
        
        2
        
          2029-10-19
          Fixed
          3.99400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        American Credit Acceptance Receivables Trust
        N/A
        
        02530WAE4
        
          
        
        2838000.00000000
        PA
        USD
        2753899.28000000
        0.371279669333
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2028-03-13
          Fixed
          2.12000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BX Trust
        N/A
        
        05609VAN5
        
          
        
        1410000.00000000
        PA
        USD
        1356685.93000000
        0.182907888875
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2036-09-15
          Floating
          2.39700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hertz Vehicle Financing LLC
        5493004IHDYOZ9K9WF47
        
        42806MAA7
        
          
        
        4442000.00000000
        PA
        USD
        4198984.40000000
        0.566105503890
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2025-12-26
          Fixed
          1.21000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Barings Middle Market CLO Ltd.
        549300NSFWDKJE15UK02
        
        06761EAA3
        
          
        
        1460000.00000000
        PA
        USD
        1412593.80000000
        0.190445366965
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2033-07-20
          Floating
          8.90400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Frontier Communications Corp.
        N/A
        
        35906EAQ3
        
          
        
        1118547.50000000
        PA
        USD
        1098972.92000000
        0.148163117404
        Long
        LON
        CORP
        US
        Y
        
        2
        
          2028-05-01
          Variable
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        OFSI Fund LTD
        254900VR4BMP1BVIS878
        
        67111CAL2
        
          
        
        2453983.07000000
        PA
        USD
        2446957.32000000
        0.329897869264
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2029-08-16
          Floating
          1.24100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        OCP CLO Ltd
        254900M77QLN2EBJHE11
        
        67097LAH9
        
          
        
        3328000.00000000
        PA
        USD
        3301139.71000000
        0.445058419112
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2030-07-15
          Floating
          1.20100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AIR CANADA 2020-1C PTT
        N/A
        
        008911BD0
        
          
        
        1030000.00000000
        PA
        USD
        1189916.67000000
        0.160424119712
        Long
        DBT
        CORP
        CA
        N
        
        2
        
          2026-07-15
          Fixed
          10.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Westlake Automobile Receivables Trust
        N/A
        
        96043FAE3
        
          
        
        1738000.00000000
        PA
        USD
        1685797.43000000
        0.227278578021
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-03-16
          Fixed
          0.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        General Motors
        N/A
        
        361886CN2
        
          
        
        6890000.00000000
        PA
        USD
        6685254.00000000
        0.901303440018
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2025-10-15
          Fixed
          0.96000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ABPCI Direct Lending Fund CLO Ltd
        N/A
        
        000840AC2
        
          
        
        3062000.00000000
        PA
        USD
        2885218.49000000
        0.388984076033
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2032-04-20
          Floating
          7.85400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ABG Intermediate Holdings 2 LLC
        54930020NXD0RJB64985
        
        00076VAW0
        
          
        
        3666576.07000000
        PA
        USD
        3632953.57000000
        0.489793439421
        Long
        LON
        CORP
        US
        Y
        
        2
        
          2024-09-29
          Variable
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Citigroup Commercial Mortgage Trust
        N/A
        
        17320DAN8
        
          
        
        800000.00000000
        PA
        USD
        798148.24000000
        0.107606046734
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2046-04-10
          Fixed
          3.42200000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Brightwood Capital MM CLO 2021-2 Ltd
        N/A
        
        10949WAA0
        
          
        
        4401000.00000000
        PA
        USD
        4387779.40000000
        0.591558775068
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2030-11-15
          Floating
          1.89100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AmeriCredit Automobile Receivables Trust
        N/A
        
        03066EAF1
        
          
        
        342000.00000000
        PA
        USD
        336435.11000000
        0.045358055503
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-02-18
          Fixed
          1.48000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Oasis Securitisation
        N/A
        
        67422AAA4
        
          
        
        256449.70000000
        PA
        USD
        255752.29000000
        0.034480427934
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2033-02-15
          Fixed
          2.57900000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Oportun Funding LLC
        N/A
        
        68377WAA9
        
          
        
        4976000.00000000
        PA
        USD
        4803991.12000000
        0.647672283248
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2031-10-08
          Fixed
          2.18000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Elm Trust
        N/A
        
        28924AAB7
        
          
        
        330000.00000000
        PA
        USD
        313895.80000000
        0.042319314172
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2029-10-20
          Fixed
          2.28600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Flagship Credit Auto Trust
        N/A
        
        33845AAB3
        
          
        
        456000.00000000
        PA
        USD
        435892.13000000
        0.058766813683
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2027-02-15
          Fixed
          1.49000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        American Credit Acceptance Receivables Trust
        N/A
        
        025297AC6
        
          
        
        1033000.00000000
        PA
        USD
        1026846.01000000
        0.138438994417
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-06-15
          Fixed
          1.85000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Vericrest Opportunity Loan Transferee
        N/A
        
        92873AAA6
        
          
        
        1400295.26000000
        PA
        USD
        1344247.04000000
        0.181230882384
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2051-02-27
          Variable
          2.24000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        
        3136ADTP4
        
          
        
        503922.24000000
        PA
        USD
        509415.65000000
        0.068679227108
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2043-02-25
          Fixed
          1.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        American Credit Acceptance Receivables Trust
        N/A
        
        025286AB1
        
          
        
        806000.00000000
        PA
        USD
        791503.93000000
        0.106710263349
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-02-13
          Fixed
          0.66000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Finance of America HECM Buyout
        N/A
        
        31737VAA4
        
          
        
        1117926.60000000
        PA
        USD
        1081087.01000000
        0.145751745718
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2030-07-25
          Variable
          1.71000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        General Motors
        N/A
        
        361886CH5
        
          
        
        990000.00000000
        PA
        USD
        961373.36000000
        0.129611996269
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2025-08-15
          Fixed
          0.68000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Elm Trust
        N/A
        
        289338AC9
        
          
        
        897000.00000000
        PA
        USD
        857959.33000000
        0.115669755483
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2029-08-20
          Fixed
          4.48100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PFS Financing Corp.
        N/A
        
        69335PEE1
        
          
        
        713000.00000000
        PA
        USD
        677306.65000000
        0.091314228837
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-08-15
          Fixed
          1.09000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Westlake Automobile Receivables Trust
        N/A
        
        96042QAG5
        
          
        
        934000.00000000
        PA
        USD
        926617.48000000
        0.124926221547
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2025-11-17
          Fixed
          0.78000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Neuberger Berman CLO Ltd
        549300UTI4Y2IA4RUP16
        
        64129KBE6
        
          
        
        3102000.00000000
        PA
        USD
        3085171.65000000
        0.415941686163
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2029-10-15
          Floating
          1.16100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fortress Credit Opportunities CLO LP
        254900FRBH7KBHJT7O18
        
        34961WAC9
        
          
        
        2624000.00000000
        PA
        USD
        2604259.65000000
        0.351105310470
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2031-04-15
          Floating
          1.54100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Palmer Square Loan Funding Ltd
        N/A
        
        69700VAA7
        
          
        
        98363.38000000
        PA
        USD
        98363.18000000
        0.013261287081
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2027-04-20
          Floating
          1.30400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Capstone Acquisition Holdings, Inc.
        N/A
        
        000000000
        
          
        
        239929.95000000
        PA
        USD
        239630.04000000
        0.032306832228
        Long
        LON
        CORP
        US
        Y
        
        2
        
          2027-11-12
          Variable
          2.20300000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NextGear Floorplan Master Owner Trust
        N/A
        
        65341KBT2
        
          
        
        4685000.00000000
        PA
        USD
        4685590.78000000
        0.631709593761
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2027-03-15
          Fixed
          2.80000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Dell Equipment Finance Trust
        N/A
        
        24703WAD1
        
          
        
        1109000.00000000
        PA
        USD
        1092678.40000000
        0.147314492576
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2027-08-23
          Fixed
          2.72000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Oportun Funding LLC
        N/A
        
        68377GAA4
        
          
        
        1020000.00000000
        PA
        USD
        993130.55000000
        0.133893488729
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2031-05-08
          Fixed
          1.47000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Navistar Financial Dealer Note Master Trust
        N/A
        
        63938PBP3
        
          
        
        1563000.00000000
        PA
        USD
        1568583.82000000
        0.211475883029
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2025-07-25
          Floating
          2.60700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Emerald TopCo Inc
        549300HC42NZULO53062
        
        29102TAB8
        
          
        
        2097305.34000000
        PA
        USD
        2068467.39000000
        0.278869998682
        Long
        LON
        CORP
        US
        Y
        
        2
        
          2026-07-24
          Variable
          3.70900000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VMC Finance LLC
        N/A
        
        91835TAA4
        
          
        
        1436527.76000000
        PA
        USD
        1407797.49000000
        0.189798730248
        Long
        ABS-CBDO
        CORP
        US
        N
        
        2
        
          2037-01-18
          Floating
          2.11800000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Parliament CLO Ltd
        5493009BTB3REE8RVW84
        
        701631AD5
        
          
        
        2646000.00000000
        PA
        USD
        2607566.85000000
        0.351551185935
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2032-08-20
          Floating
          4.18000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Golub Capital Partners Funding
        N/A
        
        38178HAC2
        
          
        
        1924000.00000000
        PA
        USD
        1823182.40000000
        0.245800768213
        Long
        ABS-O
        CORP
        KY
        N
        
        2
        
          2029-04-20
          Fixed
          3.81600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Westlake Automobile Receivables Trust
        N/A
        
        96042QAJ9
        
          
        
        783000.00000000
        PA
        USD
        771110.77000000
        0.103960865157
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2025-11-17
          Fixed
          1.24000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GM Financial Securitized Term Auto Receivables Tr
        N/A
        
        380146AC4
        
          
        
        2070000.00000000
        PA
        USD
        2011797.40000000
        0.271229771859
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-11-16
          Fixed
          1.26000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        
        3136ABJH7
        
          
        
        99328.74000000
        PA
        USD
        99889.90000000
        0.013467118899
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2042-04-25
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Santander Retail Auto Lease Trust
        N/A
        
        80286CAC4
        
          
        
        2420000.00000000
        PA
        USD
        2352780.14000000
        0.317200937135
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2025-03-20
          Fixed
          0.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BRAVO Residential Funding Trust
        N/A
        
        10568GAD9
        
          
        
        234506.37000000
        PA
        USD
        234065.94000000
        0.031556682350
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2058-03-25
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hertz Vehicle Financing LLC
        5493004IHDYOZ9K9WF47
        
        42806MBA6
        
          
        
        4846000.00000000
        PA
        USD
        4852057.50000000
        0.654152574594
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-09-25
          Fixed
          3.73000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Vantage Data Centers LLC
        5493000RL8X7WTQ7HO20
        
        92212KAB2
        
          
        
        1068000.00000000
        PA
        USD
        1003742.71000000
        0.135324216165
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2045-09-15
          Fixed
          1.64500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Westlake Automobile Receivables Trust
        N/A
        
        96043JAG0
        
          
        
        3653000.00000000
        PA
        USD
        3549796.91000000
        0.478582289670
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2027-01-15
          Fixed
          1.29000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PFS Financing Corp.
        N/A
        
        69335PDU6
        
          
        
        4503000.00000000
        PA
        USD
        4409059.76000000
        0.594427785232
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2025-10-15
          Fixed
          1.57000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Towd Point Mortgage Trust
        N/A
        
        89173HAA4
        
          
        
        374857.67000000
        PA
        USD
        374442.22000000
        0.050482159836
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2057-04-25
          Variable
          2.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Drive Auto Receivables Trust
        N/A
        
        262081AE2
        
          
        
        3814000.00000000
        PA
        USD
        3642754.45000000
        0.491114790392
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2027-01-15
          Fixed
          1.47000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Prestige Auto Receivables Trust
        N/A
        
        74113XAC0
        
          
        
        658000.00000000
        PA
        USD
        640980.17000000
        0.086416706411
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2025-07-15
          Fixed
          0.83000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BDS Ltd
        N/A
        
        05492KAC3
        
          
        
        268000.00000000
        PA
        USD
        264531.14000000
        0.035663989202
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2036-08-15
          Floating
          1.84100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TVEST 2020A, LLC
        N/A
        
        90115AAA8
        
          
        
        303118.22000000
        PA
        USD
        302963.60000000
        0.040845439063
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2032-07-15
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Golub Capital Partners CLO Ltd
        N/A
        
        38175BAA2
        
          
        
        3439000.00000000
        PA
        USD
        3423173.72000000
        0.461510998627
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2031-02-05
          Floating
          1.61500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured Pass Through Certs.
        S6XOOCT0IEG5ABCC6L87
        
        3137BFXS5
        
          
        
        128114.26000000
        PA
        USD
        127669.78000000
        0.017212391915
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2024-06-25
          Fixed
          2.26700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Oportun Funding LLC
        N/A
        
        68377BAA5
        
          
        
        532000.00000000
        PA
        USD
        522285.15000000
        0.070414288277
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2028-03-08
          Fixed
          1.21000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Monroe Capital Income Plus ABS Funding LLC
        N/A
        
        61033MAB0
        
          
        
        3700000.00000000
        PA
        USD
        3640800.00000000
        0.490851292175
        Long
        ABS-O
        CORP
        US
        N
        
        3
        
          2032-03-30
          Fixed
          4.05000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Zais Clo 7 llc
        549300XFDOUEB0QTZS87
        
        98887VAA1
        
          
        
        620582.62000000
        PA
        USD
        617541.77000000
        0.083256750103
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2030-04-15
          Floating
          1.53100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Santander Drive Auto Receivables Trust
        N/A
        
        80285VAC3
        
          
        
        1781000.00000000
        PA
        USD
        1749591.00000000
        0.235879203232
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2025-08-15
          Fixed
          0.51000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HPEFS Equipment Trust
        N/A
        
        40438PAE2
        
          
        
        711000.00000000
        PA
        USD
        709756.60000000
        0.095689118940
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2030-07-22
          Fixed
          2.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Westlake Automobile Receivables Trust
        N/A
        
        96043FAD5
        
          
        
        1809000.00000000
        PA
        USD
        1773488.06000000
        0.239100995909
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-03-16
          Fixed
          0.64000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PFS Financing Corp.
        N/A
        
        69335PDQ5
        
          
        
        5819000.00000000
        PA
        USD
        5742861.29000000
        0.774250407871
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2025-06-15
          Fixed
          1.77000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PFS Financing Corp.
        N/A
        
        69335PDT9
        
          
        
        898000.00000000
        PA
        USD
        876014.72000000
        0.118103976399
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2025-10-15
          Fixed
          1.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Telos CLO Ltd
        5493001KXOX6VRHBB435
        
        87974KAQ7
        
          
        
        21163.51000000
        PA
        USD
        21157.06000000
        0.002852386903
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2028-04-17
          Floating
          1.19100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cerberus
        N/A
        
        15674HAA3
        
          
        
        2733000.00000000
        PA
        USD
        2733549.33000000
        0.368536096697
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2032-10-15
          Floating
          2.14100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Pretium Mortgage Credit Partners LLC
        N/A
        
        74143KAA6
        
          
        
        5601394.66000000
        PA
        USD
        5419790.72000000
        0.730694154644
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2051-10-25
          Variable
          2.48700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Westlake Automobile Receivables Trust
        N/A
        
        96042RAD0
        
          
        
        1558000.00000000
        PA
        USD
        1511863.88000000
        0.203828921965
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-07-15
          Fixed
          0.62000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HANJIN INTERNATIONAL
        N/A
        
        000000000
        
          
        
        1627000.00000000
        PA
        USD
        1610730.00000000
        0.217158015228
        Long
        LON
        CORP
        US
        Y
        
        2
        
          2022-12-23
          Variable
          5.96000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        American Credit Acceptance Receivables Trust
        N/A
        
        02528BAE4
        
          
        
        4750000.00000000
        PA
        USD
        4676433.90000000
        0.630475066630
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2027-03-15
          Fixed
          0.83000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        THL Credit Lake Shore MM CLO I Ltd.
        N/A
        
        510760AA9
        
          
        
        1228000.00000000
        PA
        USD
        1222557.50000000
        0.164824744186
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2031-10-17
          Floating
          1.72100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Pretium Mortgage Credit Partners LLC
        N/A
        
        69362GAA9
        
          
        
        2013126.47000000
        PA
        USD
        1954987.78000000
        0.263570720171
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2051-07-25
          Variable
          2.48700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        New Residential Advance Receivables Trust Advance
        549300RNWDDBV4LFKJ17
        
        62942QCW1
        
          
        
        2720000.00000000
        PA
        USD
        2627296.69000000
        0.354211155574
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2053-09-15
          Fixed
          1.47500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Santander Drive Auto Receivables Trust
        N/A
        
        80286XAE4
        
          
        
        740000.00000000
        PA
        USD
        720721.30000000
        0.097167375687
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-06-15
          Fixed
          0.90000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GS Mortgage Securities Trust
        549300L45M7638EL0H21
        
        36250GAQ8
        
          
        
        299055.22000000
        PA
        USD
        299948.92000000
        0.040439001035
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2050-05-10
          Fixed
          3.12000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Westlake Automobile Receivables Trust
        N/A
        
        96043JAE5
        
          
        
        3401000.00000000
        PA
        USD
        3333692.85000000
        0.449447221252
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2025-06-16
          Fixed
          0.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CIM Trust
        N/A
        
        12553WAA3
        
          
        
        334193.77000000
        PA
        USD
        336055.80000000
        0.045306917071
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2057-12-25
          Variable
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cascade Funding Mortgage Trust
        N/A
        
        12530BAB5
        
          
        
        1183000.00000000
        PA
        USD
        1138320.69000000
        0.153467969016
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2031-10-27
          Variable
          2.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hyundai Auto Receivables Trust
        N/A
        
        44935FAD6
        
          
        
        1523000.00000000
        PA
        USD
        1465086.71000000
        0.197522441428
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-05-15
          Fixed
          0.74000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Prestige Auto Receivables Trust
        N/A
        
        74113XAD8
        
          
        
        1965000.00000000
        PA
        USD
        1892678.18000000
        0.255170163240
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-04-15
          Fixed
          1.19000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Santander Retail Auto Lease Trust
        N/A
        
        80287CAE9
        
          
        
        612000.00000000
        PA
        USD
        590708.83000000
        0.079639143184
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-01-20
          Fixed
          1.61000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Towd Point Mortgage Trust
        N/A
        
        89176VAK8
        
          
        
        62526.56000000
        PA
        USD
        62481.59000000
        0.008423744558
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2058-07-25
          Variable
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fixed Income Clearing Corp
        549300H47WTHXPU08X20
        
        000000000
        
          
        
        46809000.00000000
        PA
        USD
        46809000.00000000
        6.310771845591
        Long
        RA
        CORP
        US
        N
        
        2
        
          Repurchase
          
          N
          0.00000000
          2022-04-01
          
            
              41101800.00000000
              USD
              47745268.00000000
              USD
              UST
            
          
        
        
          N
          N
          N
        
      
      
        Ivy Hill Middle Market Credit Fund Ltd
        549300UJCX58VC2FZI80
        
        46604EAQ5
        
          
        
        6250000.00000000
        PA
        USD
        6000037.50000000
        0.808922808167
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2034-04-23
          Floating
          8.49800000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CarMax Auto Owner Trust
        N/A
        
        14315EAE0
        
          
        
        95000.00000000
        PA
        USD
        96048.70000000
        0.012949249754
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2024-05-15
          Fixed
          3.67000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Santander Drive Auto Receivables Trust
        N/A
        
        80286MAD0
        
          
        
        3700000.00000000
        PA
        USD
        3681327.58000000
        0.496315205329
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2027-09-15
          Fixed
          3.44000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BDS Ltd
        N/A
        
        05492KAA7
        
          
        
        833446.68000000
        PA
        USD
        829343.62000000
        0.111811796180
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2036-08-15
          Floating
          1.54100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PFS Financing Corp.
        N/A
        
        69335PDY8
        
          
        
        197000.00000000
        PA
        USD
        191389.56000000
        0.025803068785
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-02-15
          Fixed
          1.57000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BDS Ltd
        N/A
        
        05493JAA9
        
          
        
        933322.17000000
        PA
        USD
        920151.69000000
        0.124054506161
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2036-01-18
          Floating
          1.38800000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VCAT Asset Securitization, LLC
        N/A
        
        91822YAA8
        
          
        
        1165716.54000000
        PA
        USD
        1129868.89000000
        0.152328500506
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2051-03-27
          Variable
          2.11500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HPEFS Equipment Trust
        N/A
        
        40441RAE3
        
          
        
        1076000.00000000
        PA
        USD
        1039879.86000000
        0.140196213191
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2029-05-21
          Fixed
          1.96000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Polaris Newco LLC
        254900LEPDAG7EDOA064
        
        73108RAB4
        
          
        
        2423792.50000000
        PA
        USD
        2405008.11000000
        0.324242292486
        Long
        LON
        CORP
        US
        Y
        
        2
        
          2028-06-02
          Variable
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        COMM Mortgage Trust
        549300FVY7JUBJ0PIH53
        
        12625FAE6
        
          
        
        1153225.69000000
        PA
        USD
        1155109.48000000
        0.155731427395
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2046-03-10
          Fixed
          3.21300000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Avis Budget Rental Car Funding AESOP LLC
        IHXLB8SL0QWSSG2VG640
        
        05377RCU6
        
          
        
        268000.00000000
        PA
        USD
        269189.81000000
        0.036292069347
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2024-03-20
          Fixed
          2.97000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ABPCI Direct Lending Fund ABS Ltd
        N/A
        
        00090NAA8
        
          
        
        1670000.00000000
        PA
        USD
        1670000.00000000
        0.225148774426
        Long
        ABS-O
        CORP
        US
        N
        
        3
        
          2032-03-01
          Floating
          2.37200000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Exeter Automobile Receivables Trust
        N/A
        
        30166RAE7
        
          
        
        500000.00000000
        PA
        USD
        490559.35000000
        0.066137027806
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-01-15
          Fixed
          0.74000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Drive Auto Receivables Trust
        N/A
        
        262104AE2
        
          
        
        2324000.00000000
        PA
        USD
        2220927.11000000
        0.299424561022
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2027-10-15
          Fixed
          0.87000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cerberus
        549300JQX1QYDKIWTG58
        
        15672VAA4
        
          
        
        1247000.00000000
        PA
        USD
        1242502.07000000
        0.167513663642
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2030-10-15
          Floating
          1.65400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Applied Systems, Inc.
        549300NSKGF0SY5SWQ62
        
        03827FAX9
        
          
        
        2414000.00000000
        PA
        USD
        2407361.50000000
        0.324559575644
        Long
        LON
        CORP
        US
        Y
        
        2
        
          2024-09-19
          Variable
          4.00600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ocwen Master Advance Receivables Trust
        549300THGK42AVJMPW70
        
        67575NBW2
        
          
        
        2616600.13000000
        PA
        USD
        2616600.13000000
        0.352769049361
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2052-08-15
          Fixed
          1.27800000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Chesapeake Funding II LLC
        5493000HT7H4OFOD6Z12
        
        165183CM4
        
          
        
        368000.00000000
        PA
        USD
        362366.69000000
        0.048854141405
        Long
        ABS-O
        CORP
        US
        
        N
        
        2
        
          2032-08-15
          Fixed
          2.14000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Citigroup Commercial Mortgage Trust
        N/A
        
        17320DAJ7
        
          
        
        18784.79000000
        PA
        USD
        18797.48000000
        0.002534269212
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2046-04-10
          Fixed
          2.69000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Exeter Automobile Receivables Trust
        N/A
        
        30166AAD6
        
          
        
        4737000.00000000
        PA
        USD
        4621686.74000000
        0.623094075026
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-01-15
          Fixed
          0.69000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Lake Shore MM CLO IV LLC
        N/A
        
        51075LAA4
        
          
        
        881000.00000000
        PA
        USD
        878400.17000000
        0.118425581875
        Long
        ABS-CBDO
        CORP
        US
        
        N
        
        2
        
          2033-10-15
          Floating
          1.31200000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TCP Whitney CLO LTD
        549300HQR4ENRKHLM113
        
        87240GAG6
        
          
        
        2429000.00000000
        PA
        USD
        2328922.77000000
        0.313984495449
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2033-08-20
          Floating
          8.64000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JP Morgan Chase Commercial Mortgage Sec Trust
        N/A
        
        46639YAP2
        
          
        
        92885.45000000
        PA
        USD
        92361.17000000
        0.012452098341
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2046-04-15
          Fixed
          2.69400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cologix Data Centers Issuer LLC
        N/A
        
        19521UAA1
        
          
        
        2673000.00000000
        PA
        USD
        2579889.52000000
        0.347819738673
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2051-12-26
          Fixed
          3.30000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Golub Capital Partners TALF LP
        N/A
        
        38177NAA4
        
          
        
        770234.16000000
        PA
        USD
        770551.50000000
        0.103885464585
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2030-02-05
          Floating
          2.16500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cologix Data Centers Issuer LLC
        N/A
        
        19521UAE3
        
          
        
        3235000.00000000
        PA
        USD
        3030120.01000000
        0.408519644680
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2051-12-26
          Fixed
          5.99000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BX Trust
        N/A
        
        05609VAQ8
        
          
        
        2319000.00000000
        PA
        USD
        2237115.41000000
        0.301607061564
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2036-09-15
          Floating
          2.79700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Monroe Capital ABS Funding LTD
        N/A
        
        610331AC4
        
          
        
        907000.00000000
        PA
        USD
        857845.14000000
        0.115654360430
        Long
        ABS-O
        CORP
        KY
        N
        
        2
        
          2031-04-22
          Fixed
          3.90800000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Packers Holdings, LLC
        549300X0L6OJNRPME518
        
        69519UAF9
        
          
        
        2439110.89000000
        PA
        USD
        2396426.45000000
        0.323085316300
        Long
        LON
        CORP
        US
        Y
        
        2
        
          2028-03-09
          Variable
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DT Auto Owner Trust
        N/A
        
        23344QAC3
        
          
        
        800000.00000000
        PA
        USD
        758811.60000000
        0.102302695665
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2027-05-17
          Fixed
          0.87000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        
        3137AYHU8
        
          
        
        340507.50000000
        PA
        USD
        340103.18000000
        0.045852583326
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2033-02-15
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government National Mortgage Association
        549300M8ZYFG0OCMTT87
        
        38380PLB8
        
          
        
        5499722.78000000
        PA
        USD
        400446.92000000
        0.053988103749
        Long
        ABS-MBS
        USGA
        US
        N
        
        2
        
          2062-02-16
          Variable
          0.90000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FRONTIER COMMUNICATIONS
        N/A
        
        35906ABE7
        
          
        
        2598000.00000000
        PA
        USD
        2585010.00000000
        0.348510079868
        Long
        DBT
        CORP
        US
        Y
        
        2
        
          2027-10-15
          Fixed
          5.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AREIT CRE Trust
        N/A
        
        00217LAA0
        
          
        
        75870.57000000
        PA
        USD
        75607.94000000
        0.010193434148
        Long
        ABS-CBDO
        CORP
        US
        N
        
        2
        
          2036-09-14
          Floating
          1.18400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Exeter Automobile Receivables Trust
        N/A
        
        30165JAE6
        
          
        
        2169000.00000000
        PA
        USD
        2078999.51000000
        0.280289935155
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2027-10-15
          Fixed
          1.46000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Westlake Automobile Receivables Trust
        N/A
        
        96043JAJ4
        
          
        
        3647000.00000000
        PA
        USD
        3502195.50000000
        0.472164685405
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2027-01-15
          Fixed
          1.58000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Enterprise Fleet Financing LLC
        RKWYUSIDZTWNAX1D9U96
        
        29373MAB5
        
          
        
        2941000.00000000
        PA
        USD
        2848124.10000000
        0.383983024269
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2027-08-20
          Fixed
          0.77000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GM Financial Automobile Leasing Trust
        N/A
        
        362569AF2
        
          
        
        1000000.00000000
        PA
        USD
        989928.10000000
        0.133461735620
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2024-10-21
          Fixed
          1.11000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Blackrock DLF VIII-L CLO Trust
        N/A
        
        09262BAA7
        
          
        
        798615.78000000
        PA
        USD
        798588.63000000
        0.107665419949
        Long
        ABS-CBDO
        CORP
        US
        N
        
        2
        
          2032-04-17
          Floating
          1.59100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Preston Ridge Partners Mortgage Trust
        N/A
        
        69360XAA4
        
          
        
        2623749.01000000
        PA
        USD
        2530838.38000000
        0.341206682352
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2026-10-25
          Variable
          2.36300000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        
        3138EHXE7
        
          
        
        117295.29000000
        PA
        USD
        120622.07000000
        0.016262222292
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2027-03-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Diamond Issuer LLC
        N/A
        
        25267TAS0
        
          
        
        1718000.00000000
        PA
        USD
        1616095.11000000
        0.217881337349
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2051-11-20
          Fixed
          3.78700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DT Auto Owner Trust
        N/A
        
        26253AAC0
        
          
        
        2884000.00000000
        PA
        USD
        2834619.00000000
        0.382162271746
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-06-15
          Fixed
          1.47000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PFP III
        N/A
        
        69290LAA5
        
          
        
        2227823.82000000
        PA
        USD
        2195121.15000000
        0.295945411162
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2038-04-14
          Floating
          1.24700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VCP RRL ABS I, Ltd
        N/A
        
        92243RAA2
        
          
        
        2294040.31000000
        PA
        USD
        2215148.26000000
        0.298645458630
        Long
        ABS-O
        CORP
        US
        
        N
        
        2
        
          2031-10-20
          Fixed
          2.15200000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government National Mortgage Association
        549300M8ZYFG0OCMTT87
        
        38378X2M2
        
          
        
        1665980.13000000
        PA
        USD
        43669.34000000
        0.005887484060
        Long
        ABS-MBS
        USGA
        US
        N
        
        2
        
          2057-01-16
          Variable
          0.55300000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Madison Park Funding Ltd
        N/A
        
        55820TAJ7
        
          
        
        3380000.00000000
        PA
        USD
        3356356.90000000
        0.452502779984
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2031-07-27
          Floating
          1.23800000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Windstream Services, LLC
        549300KT9GVEBYCD2N29
        
        97381JAE3
        
          
        
        837161.26000000
        PA
        USD
        829836.10000000
        0.111878192149
        Long
        LON
        CORP
        US
        Y
        
        2
        
          2027-09-21
          Variable
          7.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cascade Funding Mortgage Trust
        N/A
        
        12526PAA2
        
          
        
        1313335.70000000
        PA
        USD
        1299006.55000000
        0.175131576469
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2031-02-25
          Variable
          0.80100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cerberus
        N/A
        
        15673EAA1
        
          
        
        2412000.00000000
        PA
        USD
        2412484.81000000
        0.325250298379
        Long
        ABS-CBDO
        CORP
        KY
        
        N
        
        2
        
          2031-10-15
          Floating
          2.09100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Acres PLC
        N/A
        
        00103CAA7
        
          
        
        2604000.00000000
        PA
        USD
        2580981.42000000
        0.347966948222
        Long
        ABS-CBDO
        CORP
        KY
        
        N
        
        2
        
          2036-06-15
          Floating
          1.64100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government National Mortgage Association
        549300M8ZYFG0OCMTT87
        
        38380PBP8
        
          
        
        3592147.24000000
        PA
        USD
        264611.58000000
        0.035674834093
        Long
        ABS-MBS
        USGA
        US
        N
        
        2
        
          2062-03-16
          Variable
          0.93600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        General Motors
        N/A
        
        361886CM4
        
          
        
        1850000.00000000
        PA
        USD
        1792142.73000000
        0.241616011531
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2025-10-15
          Fixed
          0.69000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ABPCI Direct Lending Fund CLO Ltd
        N/A
        
        000806AJ8
        
          
        
        2378000.00000000
        PA
        USD
        2366740.17000000
        0.319083023150
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2031-11-18
          Floating
          1.66800000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HERA Commercial Mortgage Ltd
        N/A
        
        42704RAA9
        
          
        
        2823000.00000000
        PA
        USD
        2784344.94000000
        0.375384341809
        Long
        ABS-CBDO
        CORP
        KY
        
        N
        
        2
        
          2038-02-18
          Floating
          1.51800000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Dell Equipment Finance Trust
        N/A
        
        24704GAE3
        
          
        
        2200000.00000000
        PA
        USD
        2169421.54000000
        0.292480599368
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2024-01-22
          Fixed
          1.37000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MIDCAP FINANCIAL ISSR TR
        N/A
        
        59567LAA2
        
          
        
        7484000.00000000
        PA
        USD
        7034960.00000000
        0.948450671940
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-05-01
          Fixed
          6.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MCF CLO LLC
        N/A
        
        55281XAM3
        
          
        
        7029000.00000000
        PA
        USD
        7004461.76000000
        0.944338910648
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2031-07-17
          Floating
          1.69200000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MF1 Multifamily Housing Mortgage Loan Trust
        N/A
        
        55284AAA6
        
          
        
        2750000.00000000
        PA
        USD
        2707345.85000000
        0.365003353339
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2036-10-16
          Floating
          1.51100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Arbor Realty Collateralized Loan Obligation Ltd
        N/A
        
        03881CAA9
        
          
        
        2210000.00000000
        PA
        USD
        2195768.04000000
        0.296032624629
        Long
        ABS-CBDO
        CORP
        KY
        
        N
        
        2
        
          2035-12-15
          Floating
          1.36700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ford Credit Auto Lease Trust
        N/A
        
        345329AF3
        
          
        
        1044000.00000000
        PA
        USD
        997806.65000000
        0.134523918779
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-05-15
          Fixed
          0.90000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Exeter Automobile Receivables Trust
        N/A
        
        30167JAD6
        
          
        
        6048000.00000000
        PA
        USD
        5959670.77000000
        0.803480580749
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-06-15
          Fixed
          2.18000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BTC OFFSHORE HOLDINGS FUND
        N/A
        
        000000000
        
          
        
        2000000.00000000
        PA
        USD
        2000000.00000000
        0.269639250810
        Long
        LON
        CORP
        US
        Y
        
        3
        
          2029-10-20
          Variable
          2.91000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Towd Point Mortgage Trust
        N/A
        
        89176EAA8
        
          
        
        29283.82000000
        PA
        USD
        29192.40000000
        0.003935708432
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2058-01-25
          Variable
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ARI Fleet Lease Trust
        N/A
        
        00217TAD7
        
          
        
        1239000.00000000
        PA
        USD
        1231018.11000000
        0.165965400457
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2028-11-15
          Fixed
          2.06000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NextGear Floorplan Master Owner Trust
        N/A
        
        65341KBQ8
        
          
        
        253000.00000000
        PA
        USD
        241494.29000000
        0.032558169715
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-07-15
          Fixed
          0.85000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Flagship Credit Auto Trust
        N/A
        
        33844WAE0
        
          
        
        1004000.00000000
        PA
        USD
        954054.31000000
        0.128625244690
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2027-06-15
          Fixed
          1.27000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LoanCore 2018-CRE1 Issuer, Ltd.
        N/A
        
        53947DAA4
        
          
        
        484532.35000000
        PA
        USD
        482205.96000000
        0.065010826895
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2034-04-15
          Floating
          1.44700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        
        3137BE2Z6
        
          
        
        509548.33000000
        PA
        USD
        511128.54000000
        0.068910158296
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2026-02-15
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        COPPER EARNOUT TR
        N/A
        
        21751C209
        
          
        
        7803.00000000
        NS
        USD
        91685.25000000
        0.012360971060
        Long
        EC
        CORP
        US
        Y
        
        3
        
          N
          N
          N
        
      
      
        Honda Auto Receivables Owner Trust
        N/A
        
        43815GAC3
        
          
        
        2354000.00000000
        PA
        USD
        2277417.32000000
        0.307040549973
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-01-21
          Fixed
          0.88000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government National Mortgage Association
        549300M8ZYFG0OCMTT87
        
        38380PHG2
        
          
        
        2984120.74000000
        PA
        USD
        237852.63000000
        0.032067202478
        Long
        ABS-MBS
        USGA
        US
        N
        
        2
        
          2062-01-16
          Variable
          1.10300000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government National Mortgage Association
        549300M8ZYFG0OCMTT87
        
        38379KAT5
        
          
        
        1434158.52000000
        PA
        USD
        27055.26000000
        0.003647580018
        Long
        ABS-MBS
        USGA
        US
        N
        
        2
        
          2057-01-16
          Variable
          0.30400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cimpress Public Limited Company
        549300IW5HMWD8APDH34
        
        000000000
        
          
        
        1212905.00000000
        PA
        USD
        1197743.69000000
        0.161479355617
        Long
        LON
        CORP
        US
        
        Y
        
        2
        
          2028-05-17
          Variable
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ladder Capital Commercial Mortgage Securities LLC
        N/A
        
        50202KAA4
        
          
        
        390000.00000000
        PA
        USD
        387411.38000000
        0.052230657129
        Long
        ABS-CBDO
        CORP
        US
        N
        
        2
        
          2038-12-13
          Floating
          1.59700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DT Auto Owner Trust
        N/A
        
        26253WAC2
        
          
        
        704000.00000000
        PA
        USD
        682644.09000000
        0.092033820498
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-05-15
          Fixed
          1.02000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Santander Drive Auto Receivables Trust
        N/A
        
        80286EAE6
        
          
        
        2116000.00000000
        PA
        USD
        2072201.34000000
        0.279373408422
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2028-04-17
          Fixed
          2.56000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        OWL ROCK CORE INCOME COR
        5493003I42XBWPE05N35
        
        69120VAE1
        
          
        
        5052000.00000000
        PA
        USD
        4859386.94000000
        0.655140726949
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-02-08
          Fixed
          4.70000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Wells Fargo Commercial Mortgage Trust
        5493007CD1Q2V06I4172
        
        94989AAV7
        
          
        
        537896.71000000
        PA
        USD
        541005.27000000
        0.072938127843
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2047-12-15
          Fixed
          3.24400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Arbor Realty Collateralized Loan Obligation Ltd
        N/A
        
        03880RAA7
        
          
        
        3148000.00000000
        PA
        USD
        3119432.84000000
        0.420560766965
        Long
        ABS-CBDO
        CORP
        KY
        
        N
        
        2
        
          2036-11-15
          Floating
          1.74700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VCP RRL ABS I, Ltd
        N/A
        
        92243RAE4
        
          
        
        5617419.43000000
        PA
        USD
        5449228.27000000
        0.734662914108
        Long
        ABS-O
        CORP
        US
        
        N
        
        2
        
          2031-10-20
          Fixed
          5.42500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Santander Retail Auto Lease Trust
        N/A
        
        80287CAD1
        
          
        
        1118000.00000000
        PA
        USD
        1083295.04000000
        0.146049431496
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-01-20
          Fixed
          1.42000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Owl Rock CLO Ltd
        N/A
        
        691204AA9
        
          
        
        800000.00000000
        PA
        USD
        800076.00000000
        0.107865946615
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2032-04-20
          Floating
          2.05400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Golub Capital Partners Funding
        N/A
        
        38177UAC4
        
          
        
        1404000.00000000
        PA
        USD
        1388999.66000000
        0.187264413849
        Long
        ABS-O
        CORP
        KY
        N
        
        2
        
          2029-01-22
          Fixed
          4.49600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Arbor Realty Collateralized Loan Obligation Ltd
        N/A
        
        03880XAA4
        
          
        
        3442000.00000000
        PA
        USD
        3423985.60000000
        0.461620455984
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2037-01-15
          Floating
          1.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ellington CLO LTD
        25490064KF1PM0300Z69
        
        28853RAL3
        
          
        
        1071950.27000000
        PA
        USD
        1071176.32000000
        0.144415590205
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2029-04-15
          Floating
          1.82100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        
        3137B3SE9
        
          
        
        75628.38000000
        PA
        USD
        77042.28000000
        0.010386811329
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2031-08-15
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Enterprise Fleet Financing LLC
        N/A
        
        29374YAB8
        
          
        
        4034000.00000000
        PA
        USD
        3905610.29000000
        0.526552916276
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2027-05-20
          Fixed
          0.48000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ROYAL CARIBBEAN CRUISES
        K2NEH8QNVW44JIWK7Z55
        
        780153AZ5
        
          
        
        354000.00000000
        PA
        USD
        387630.00000000
        0.052260131395
        Long
        DBT
        CORP
        LR
        
        N
        
        2
        
          2025-06-01
          Fixed
          11.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fortress Credit Opportunities CLO LP
        2549008RD44HDM6DNP14
        
        34961JAY0
        
          
        
        5645000.00000000
        PA
        USD
        5607686.55000000
        0.756026200060
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2033-10-15
          Floating
          1.67200000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SMB Private Education Loan Trust
        N/A
        
        78448YAA9
        
          
        
        64877.47000000
        PA
        USD
        64826.96000000
        0.008739946463
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2053-01-15
          Floating
          0.89700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Parliament Funding II Ltd
        N/A
        
        70163QAE8
        
          
        
        2164000.00000000
        PA
        USD
        2153811.89000000
        0.290376112203
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2031-10-20
          Floating
          1.49000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GM Financial Automobile Leasing Trust
        2549001DWK2615D9KR84
        
        36265MAD7
        
          
        
        2794000.00000000
        PA
        USD
        2749091.76000000
        0.370631521287
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-02-20
          Fixed
          1.96000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hotwire Funding LLC
        N/A
        
        44148JAC3
        
          
        
        1250000.00000000
        PA
        USD
        1160851.38000000
        0.156505548202
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2051-11-20
          Fixed
          4.45900000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CIM Trust
        N/A
        
        12553HAA6
        
          
        
        140243.59000000
        PA
        USD
        139991.70000000
        0.018873628553
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2057-04-25
          Variable
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cascade Funding Mortgage Trust
        N/A
        
        12529LAA8
        
          
        
        381273.58000000
        PA
        USD
        378372.09000000
        0.051011983437
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2030-12-26
          Variable
          0.94600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JPMBB Commercial Mortgage Securities Trust
        N/A
        
        46644UBB3
        
          
        
        596365.31000000
        PA
        USD
        600035.04000000
        0.080896499322
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2048-07-15
          Fixed
          3.55900000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Conn Funding II, L.P
        N/A
        
        20825XAC2
        
          
        
        144777.90000000
        PA
        USD
        144759.19000000
        0.019516379769
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2025-06-16
          Fixed
          4.27000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DT Auto Owner Trust
        N/A
        
        23344QAB5
        
          
        
        908000.00000000
        PA
        USD
        876263.13000000
        0.118137466942
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2025-11-17
          Fixed
          0.58000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Octagon Investment Partners XV Ltd
        549300VYCI9AZ4NZBX86
        
        67590EBG8
        
          
        
        4686000.00000000
        PA
        USD
        4667405.95000000
        0.629257921792
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2030-07-19
          Floating
          1.21800000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        World Omni Auto Receivables Trust
        N/A
        
        98162YAF0
        
          
        
        252000.00000000
        PA
        USD
        254380.82000000
        0.034295526862
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2025-06-16
          Fixed
          3.34000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cerberus
        549300U8RSYT04O8Z019
        
        15673YAN9
        
          
        
        436000.00000000
        PA
        USD
        434371.54000000
        0.058561808309
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2031-04-15
          Floating
          1.74100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Nissan Auto Receivables Owner Trust
        N/A
        
        65479KAE0
        
          
        
        252000.00000000
        PA
        USD
        254064.28000000
        0.034252851058
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2025-09-15
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Drive Auto Receivables Trust
        N/A
        
        262081AC6
        
          
        
        1907000.00000000
        PA
        USD
        1866669.62000000
        0.251663698923
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2025-10-15
          Fixed
          0.79000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        
        3137BAZV7
        
          
        
        34670.17000000
        PA
        USD
        34657.00000000
        0.004672443757
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2025-10-15
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        A10 Securitization
        N/A
        
        04681EAC1
        
          
        
        2295000.00000000
        PA
        USD
        2295000.00000000
        0.309411040304
        Long
        ABS-CBDO
        CORP
        US
        N
        
        3
        
          2038-10-01
          Fixed
          2.58900000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PRESS GANEY HOLDINGS INC
        549300HC42NZULO53062
        
        29102TAF9
        
          
        
        1000000.00000000
        PA
        USD
        990000.00000000
        0.133471429151
        Long
        LON
        CORP
        US
        Y
        
        2
        
          2026-07-24
          Variable
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Preston Ridge Partners Mortgage Trust
        N/A
        
        69360HAA9
        
          
        
        2531705.13000000
        PA
        USD
        2453867.60000000
        0.330829510625
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2026-10-25
          Variable
          2.48700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Heartland Dental, LLC
        5493008FRC0GRKBN1075
        
        42236WAQ0
        
          
        
        3636541.70000000
        PA
        USD
        3602467.30000000
        0.485683291920
        Long
        LON
        CORP
        US
        Y
        
        2
        
          2025-04-30
          Variable
          4.44700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        COPPER PPTY CTL PASS THRU TR
        N/A
        
        217519107
        
          
        
        58520.00000000
        NS
        USD
        921690.00000000
        0.124261900539
        Long
        EC
        CORP
        US
        Y
        
        3
        
          N
          N
          N
        
      
      
        BXMT Ltd
        N/A
        
        05609GAA6
        
          
        
        2899000.00000000
        PA
        USD
        2882319.44000000
        0.388593227198
        Long
        ABS-CBDO
        CORP
        US
        
        N
        
        2
        
          2038-05-15
          Floating
          1.44700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        American Credit Acceptance Receivables Trust
        N/A
        
        02530TAE1
        
          
        
        1827000.00000000
        PA
        USD
        1755604.86000000
        0.236689989584
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2028-02-14
          Fixed
          1.32000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        THL Credit Lake Shore MM CLO I Ltd.
        N/A
        
        510760AJ0
        
          
        
        575000.00000000
        PA
        USD
        546025.75000000
        0.073614987076
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2031-10-17
          Fixed
          2.52500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        American Credit Acceptance Receivables Trust
        N/A
        
        02530QAC1
        
          
        
        3501000.00000000
        PA
        USD
        3465128.40000000
        0.467167312868
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-12-14
          Fixed
          1.31000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Diamond Infrastructure Funding LLC
        N/A
        
        25265LAE0
        
          
        
        512000.00000000
        PA
        USD
        484790.27000000
        0.065359242601
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2049-04-15
          Fixed
          3.47500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Starwood Commercial Mortgage Trust
        N/A
        
        78486BAA2
        
          
        
        1468000.00000000
        PA
        USD
        1456069.56000000
        0.196306752643
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2038-04-18
          Floating
          1.66800000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Santander Drive Auto Receivables Trust
        N/A
        
        80285VAE9
        
          
        
        3197000.00000000
        PA
        USD
        3051468.40000000
        0.411397826623
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2027-02-16
          Fixed
          1.26000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Donlen Fleet Lease Funding
        549300ZWUQETU54FDP26
        
        257812AD9
        
          
        
        2284855.77000000
        PA
        USD
        2242214.65000000
        0.302294539191
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2034-12-11
          Fixed
          0.56000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GREAT AMERICA LEASING RECEIVABLES
        N/A
        
        39154TAY4
        
          
        
        252000.00000000
        PA
        USD
        253579.13000000
        0.034187443317
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2025-02-18
          Fixed
          3.37000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Santander Drive Auto Receivables Trust
        N/A
        
        80285VAD1
        
          
        
        4910000.00000000
        PA
        USD
        4745103.05000000
        0.639733015710
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-06-15
          Fixed
          0.88000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cerberus
        N/A
        
        15674EAA0
        
          
        
        1598000.00000000
        PA
        USD
        1594533.94000000
        0.214974468486
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2032-04-15
          Floating
          1.74100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Capital One Multi-Asset Execution Trust
        R42WS16M9R97TJJKGU15
        
        14041NFU0
        
          
        
        49000.00000000
        PA
        USD
        49086.57000000
        0.006617832979
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2024-08-15
          Fixed
          1.72000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BMW Vehicle Lease Trust
        N/A
        
        05601XAD1
        
          
        
        1810000.00000000
        PA
        USD
        1744026.59000000
        0.235129011560
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2025-05-27
          Fixed
          1.23000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hyundai Auto Lease Securitization Trust
        N/A
        
        44891WAD1
        
          
        
        2128000.00000000
        PA
        USD
        2069670.67000000
        0.279032224441
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2025-12-15
          Fixed
          1.32000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TPG Real Estate Finance
        N/A
        
        87276VAA3
        
          
        
        337041.21000000
        PA
        USD
        336202.79000000
        0.045326734207
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2034-10-15
          Floating
          1.31400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Venture CDO Ltd
        549300A6M3BR8FZNXO79
        
        92329VAS1
        
          
        
        367331.79000000
        PA
        USD
        366939.48000000
        0.049470643239
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2029-04-20
          Floating
          1.27400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HPEFS Equipment Trust
        N/A
        
        40441RAC7
        
          
        
        3943000.00000000
        PA
        USD
        3834777.66000000
        0.517003287633
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2029-05-21
          Fixed
          1.38000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Vericrest Opportunity Loan Transferee
        N/A
        
        92873BAA4
        
          
        
        1401094.80000000
        PA
        USD
        1370249.14000000
        0.184736475766
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2051-03-27
          Variable
          2.24000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ARAMARK SERVICES INC
        42YMHYH0XMHJEXDUB065
        
        038522AR9
        
          
        
        1410000.00000000
        PA
        USD
        1443910.50000000
        0.194667472728
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-05-01
          Fixed
          6.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PHI Group Inc/DE
        5493002853B5XXHLIP12
        
        69360B104
        
          
        
        75292.00000000
        NS
        USD
        1151967.60000000
        0.155307840310
        Long
        EC
        CORP
        US
        Y
        
        3
        
          N
          N
          N
        
      
      
        General Motors
        N/A
        
        361886CD4
        
          
        
        1953000.00000000
        PA
        USD
        1954653.02000000
        0.263525587953
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-04-15
          Fixed
          2.90000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GOLUB CAPITAL BDC
        2549005WE0QLGK9APF78
        
        38173MAA0
        
          
        
        1487000.00000000
        PA
        USD
        1472800.93000000
        0.198562469679
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-04-15
          Fixed
          3.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Towd Point Mortgage Trust
        N/A
        
        89178BAA2
        
          
        
        6759112.59000000
        PA
        USD
        6668224.15000000
        0.899007482020
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2059-10-25
          Variable
          2.90000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Arbor Realty Collateralized Loan Obligation Ltd
        N/A
        
        03881EAA5
        
          
        
        2370000.00000000
        PA
        USD
        2342330.49000000
        0.315792119236
        Long
        ABS-CBDO
        CORP
        KY
        
        N
        
        2
        
          2036-05-15
          Floating
          1.49700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GHX Ultimate Parent Corporation
        549300DSS2JT4D8XDT30
        
        36172KAC5
        
          
        
        3647694.49000000
        PA
        USD
        3588419.45000000
        0.483789366045
        Long
        LON
        CORP
        US
        Y
        
        2
        
          2024-06-28
          Variable
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PFS Financing Corp.
        N/A
        
        69335PEG6
        
          
        
        1380000.00000000
        PA
        USD
        1352598.03000000
        0.182356759728
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2027-02-16
          Fixed
          2.77000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Westlake Automobile Receivables Trust
        N/A
        
        96042WAF4
        
          
        
        3419000.00000000
        PA
        USD
        3379529.35000000
        0.455626881012
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2027-03-15
          Fixed
          3.11000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DT Auto Owner Trust
        N/A
        
        23345YAE1
        
          
        
        1212000.00000000
        PA
        USD
        1191496.47000000
        0.160637107757
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2027-11-15
          Fixed
          2.96000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Encina Equipment Finance
        N/A
        
        29253EAB8
        
          
        
        945000.00000000
        PA
        USD
        931522.79000000
        0.125587553604
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-12-15
          Fixed
          0.74000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CCG Receivables Trust
        N/A
        
        12511EAC0
        
          
        
        2687000.00000000
        PA
        USD
        2615102.60000000
        0.352567152928
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2029-03-14
          Fixed
          0.54000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ivy Hill Middle Market Credit Fund Ltd
        N/A
        
        46600QAA7
        
          
        
        3766000.00000000
        PA
        USD
        3598514.68000000
        0.485150401172
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2033-04-22
          Floating
          8.00900000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HPEFS Equipment Trust
        N/A
        
        40441RAD5
        
          
        
        1619000.00000000
        PA
        USD
        1572165.73000000
        0.211958794793
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2029-05-21
          Fixed
          1.79000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Madison Park Funding Ltd
        254900B0583OW8RQ8N33
        
        55820RAJ1
        
          
        
        535000.00000000
        PA
        USD
        533299.24000000
        0.071899203765
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2029-04-25
          Floating
          1.22800000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ReadyCap Commercial Mortgage Trust
        N/A
        
        75574YAA1
        
          
        
        968223.03000000
        PA
        USD
        964975.42000000
        0.130097624649
        Long
        ABS-CBDO
        CORP
        US
        N
        
        2
        
          2038-04-25
          Floating
          1.45700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Volkswagen Auto Loan Enhanced Trust
        N/A
        
        92868KAC7
        
          
        
        2858000.00000000
        PA
        USD
        2760405.87000000
        0.372156885359
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-06-22
          Fixed
          1.02000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Dell Equipment Finance Trust
        N/A
        
        24704GAF0
        
          
        
        6801000.00000000
        PA
        USD
        6738956.52000000
        0.908543593648
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-03-23
          Fixed
          1.92000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KREF 2021-FL2 Ltd
        54930083ELM2GCMVTQ91
        
        48275RAA5
        
          
        
        834000.00000000
        PA
        USD
        819915.16000000
        0.110540654735
        Long
        ABS-CBDO
        CORP
        KY
        
        N
        
        2
        
          2039-02-15
          Floating
          1.51100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PFS Financing Corp.
        N/A
        
        69335PED3
        
          
        
        1925000.00000000
        PA
        USD
        1809341.38000000
        0.243934727081
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-08-15
          Fixed
          0.77000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Santander Retail Auto Lease Trust
        N/A
        
        80286TAF0
        
          
        
        114000.00000000
        PA
        USD
        109637.49000000
        0.014781285332
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-03-20
          Fixed
          1.14000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PFS Financing Corp.
        N/A
        
        69335PEF8
        
          
        
        6716000.00000000
        PA
        USD
        6581309.95000000
        0.887289742134
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2027-02-16
          Fixed
          2.47000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Drive Auto Receivables Trust
        N/A
        
        262104AD4
        
          
        
        3025000.00000000
        PA
        USD
        2949261.87000000
        0.397618380535
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2025-12-15
          Fixed
          0.58000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ford Credit Auto Lease Trust
        N/A
        
        34531RAG2
        
          
        
        348000.00000000
        PA
        USD
        346999.40000000
        0.046782329123
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2025-02-15
          Fixed
          1.70000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        First Investors Auto Owner Trust
        N/A
        
        32057JAA1
        
          
        
        4999915.99000000
        PA
        USD
        4884481.43000000
        0.658523956691
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2027-03-15
          Fixed
          0.48000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        
        3136A6FU3
        
          
        
        122962.19000000
        PA
        USD
        124743.11000000
        0.016817819362
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2027-05-25
          Fixed
          1.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PetVet Care Centers, LLC
        549300V0HK8MSXZNOM91
        
        70476XAK1
        
          
        
        2424038.27000000
        PA
        USD
        2403846.03000000
        0.324085621296
        Long
        LON
        CORP
        US
        Y
        
        2
        
          2025-02-14
          Variable
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DT Auto Owner Trust
        N/A
        
        23345EAE5
        
          
        
        4000000.00000000
        PA
        USD
        3839784.40000000
        0.517678294444
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2027-02-16
          Fixed
          1.10000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        American Credit Acceptance Receivables Trust
        N/A
        
        02530TAC5
        
          
        
        502000.00000000
        PA
        USD
        488829.03000000
        0.065903746711
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-02-13
          Fixed
          0.86000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WH Borrower, LLC
        N/A
        
        000000000
        
          
        
        2833000.00000000
        PA
        USD
        2776340.00000000
        0.374305118797
        Long
        LON
        CORP
        US
        Y
        
        2
        
          2027-02-15
          Variable
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Westlake Automobile Receivables Trust
        N/A
        
        96042PAE2
        
          
        
        530000.00000000
        PA
        USD
        529837.77000000
        0.071432529676
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2025-07-15
          Fixed
          2.01000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Verizon Owner Trust
        549300P0XXSIS1ESEJ26
        
        92349GAA9
        
          
        
        38901.31000000
        PA
        USD
        38949.23000000
        0.005251120598
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2023-12-20
          Fixed
          2.33000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ABPCI Direct Lending Fund CLO Ltd
        N/A
        
        00086BAC6
        
          
        
        2944000.00000000
        PA
        USD
        2823452.03000000
        0.380656745034
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2033-07-20
          Floating
          8.98400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Acres PLC
        N/A
        
        00500JAA1
        
          
        
        809000.00000000
        PA
        USD
        804836.48000000
        0.108507752746
        Long
        ABS-CBDO
        CORP
        KY
        
        N
        
        2
        
          2037-01-15
          Floating
          1.84100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Owl Rock CLO Ltd
        N/A
        
        69120WAA7
        
          
        
        3634000.00000000
        PA
        USD
        3617309.04000000
        0.487684249747
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2032-06-21
          Floating
          1.57200000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MCDERMOTT SUPER SENIOR EXIT LC
        N/A
        
        000000000
        
          
        
        640000.00000000
        PA
        USD
        515200.00000000
        0.069459071008
        Long
        LON
        CORP
        US
        Y
        
        2
        
          2024-06-30
          Variable
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Pretium Mortgage Credit Partners LLC
        N/A
        
        741391AB2
        
          
        
        5354045.60000000
        PA
        USD
        5185285.01000000
        0.699078182667
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2060-10-27
          Variable
          2.36300000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VCP RRL ABS I, Ltd
        N/A
        
        92243RAC8
        
          
        
        1938657.37000000
        PA
        USD
        1825410.70000000
        0.246101186784
        Long
        ABS-O
        CORP
        US
        
        N
        
        2
        
          2031-10-20
          Fixed
          2.84800000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NATURAL RESRCE PART LP
        N/A
        
        63902MAE8
        
          
        
        831000.00000000
        PA
        USD
        849697.50000000
        0.114555898657
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-06-30
          Fixed
          9.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        American Credit Acceptance Receivables Trust
        N/A
        
        025291AB1
        
          
        
        400000.00000000
        PA
        USD
        397207.88000000
        0.053551417589
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2025-05-13
          Fixed
          0.68000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CoreVest American Finance Ltd
        N/A
        
        21872BAA4
        
          
        
        266947.46000000
        PA
        USD
        267425.64000000
        0.036054224608
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2051-06-15
          Fixed
          3.80400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        American Credit Acceptance Receivables Trust
        N/A
        
        025286AC9
        
          
        
        1731000.00000000
        PA
        USD
        1671708.75000000
        0.225379147461
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2027-11-15
          Fixed
          0.98000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CarMax Auto Owner Trust
        N/A
        
        14315FAG2
        
          
        
        61000.00000000
        PA
        USD
        58522.32000000
        0.007889957260
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-04-15
          Fixed
          1.69000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        American Credit Acceptance Receivables Trust
        N/A
        
        025291AC9
        
          
        
        2670000.00000000
        PA
        USD
        2605079.48000000
        0.351215839644
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2027-07-13
          Fixed
          0.97000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government National Mortgage Association
        549300M8ZYFG0OCMTT87
        
        38380PAD6
        
          
        
        2233500.47000000
        PA
        USD
        185183.77000000
        0.024966406502
        Long
        ABS-MBS
        USGA
        US
        N
        
        2
        
          2061-11-16
          Variable
          1.26700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ford Credit Floorplan Master Owner Trust
        5493001DTG5N7T8BG747
        
        34528QHM9
        
          
        
        1000000.00000000
        PA
        USD
        972126.90000000
        0.131061784504
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2025-09-15
          Fixed
          0.98000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Verizon Owner Trust
        549300WANFF5OIMC3D47
        
        92348AAC9
        
          
        
        925000.00000000
        PA
        USD
        921772.21000000
        0.124272984061
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2024-04-22
          Fixed
          2.06000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        American Credit Acceptance Receivables Trust
        N/A
        
        02530WAC8
        
          
        
        1350000.00000000
        PA
        USD
        1321555.77000000
        0.178171653863
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-09-14
          Fixed
          1.68000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PFS Financing Corp.
        N/A
        
        69335PEB7
        
          
        
        310000.00000000
        PA
        USD
        295948.32000000
        0.039899641641
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-04-15
          Fixed
          0.96000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Pretium Mortgage Credit Partners LLC
        N/A
        
        741386AA4
        
          
        
        2074596.56000000
        PA
        USD
        1990107.16000000
        0.268305501827
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2060-06-27
          Variable
          1.99200000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Golub Capital Partners CLO Ltd
        254900AGTMBDCCW4M473
        
        38175DAE0
        
          
        
        1993000.00000000
        PA
        USD
        1972452.17000000
        0.265925262689
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2030-07-20
          Floating
          3.05400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Pawnee Equipment Receivables
        N/A
        
        704100AB2
        
          
        
        1089000.00000000
        PA
        USD
        1055437.35000000
        0.142293668165
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2027-07-15
          Fixed
          1.10000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BlackRock Mt. Adams CLO IX LP
        N/A
        
        09261TAA9
        
          
        
        1395000.00000000
        PA
        USD
        1390195.62000000
        0.187425652728
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2031-09-22
          Floating
          2.30400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ABPCI Direct Lending Fund CLO X LP
        N/A
        
        000848AA9
        
          
        
        678000.00000000
        PA
        USD
        678086.78000000
        0.091419405671
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2032-01-20
          Floating
          2.20400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Citigroup Commercial Mortgage Trust
        N/A
        
        17320DAG3
        
          
        
        90000.00000000
        PA
        USD
        89987.97000000
        0.012132144406
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2046-04-10
          Fixed
          3.09300000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WINDSTREAM RIGHTS OFFERING
        N/A
        
        000000000
        
          
        
        11258.00000000
        NS
        USD
        166055.50000000
        0.022387540306
        N/A
        DE
        
        US
        Y
        
        3
        
          
            
              N/A
              N/A
            
            
              
                Windstream Holdings, Inc.
                Windstream Holdings, Inc.
                
                  
                  
                
              
            
            2099-12-31
            
              
            
            XXXX
            -206725.30000000
          
        
        
          N
          N
          N
        
      
      
        Santander Drive Auto Receivables Trust
        N/A
        
        80287EAD7
        
          
        
        5042000.00000000
        PA
        USD
        4955513.57000000
        0.668100483197
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2025-12-15
          Fixed
          0.60000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HPEFS Equipment Trust
        549300NXXXDG2TJQD265
        
        40438DAF6
        
          
        
        4500000.00000000
        PA
        USD
        4516974.45000000
        0.608976803313
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2029-09-20
          Fixed
          2.72000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VCAT Asset Securitization, LLC
        N/A
        
        91790CAA4
        
          
        
        4475908.99000000
        PA
        USD
        4350678.43000000
        0.586556836191
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2050-12-26
          Variable
          2.28900000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TPG Real Estate Finance
        N/A
        
        87277JAA9
        
          
        
        2356000.00000000
        PA
        USD
        2356980.80000000
        0.317767268543
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2039-02-15
          Floating
          1.70000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Golub Capital Partners Funding
        N/A
        
        38178XAA1
        
          
        
        4896000.00000000
        PA
        USD
        4635787.39000000
        0.624995119377
        Long
        ABS-O
        CORP
        US
        
        N
        
        2
        
          2029-10-19
          Fixed
          2.94400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        New Residential AP Advance Receivables Trust
        N/A
        
        64831JAA7
        
          
        
        734000.00000000
        PA
        USD
        721115.95000000
        0.097220582252
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2052-12-16
          Fixed
          1.03500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ABPCI Direct Lending Fund ABS Ltd
        N/A
        
        00090NAG5
        
          
        
        6978000.00000000
        PA
        USD
        6978000.00000000
        0.940771346077
        Long
        ABS-O
        CORP
        US
        N
        
        3
        
          2032-03-01
          Fixed
          8.23700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HPEFS Equipment Trust
        N/A
        
        40438FAF1
        
          
        
        1000000.00000000
        PA
        USD
        997903.80000000
        0.134537016506
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2030-02-20
          Fixed
          2.26000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Toyota Auto Receivables Owner Trust
        N/A
        
        89239AAE3
        
          
        
        252000.00000000
        PA
        USD
        254100.97000000
        0.034257797590
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2024-05-15
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Legal Fee Funding
        N/A
        
        524708AA2
        
          
        
        224027.86000000
        PA
        USD
        227124.82000000
        0.030620883152
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2036-07-20
          Fixed
          8.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cerberus
        N/A
        
        15674UAA4
        
          
        
        4092314.69000000
        PA
        USD
        4086507.70000000
        0.550941437329
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2033-11-22
          Floating
          1.64100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Drive Auto Receivables Trust
        N/A
        
        262081AD4
        
          
        
        3814000.00000000
        PA
        USD
        3688038.07000000
        0.497219911077
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-05-15
          Fixed
          1.11000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DT Auto Owner Trust
        N/A
        
        23344GAC5
        
          
        
        190000.00000000
        PA
        USD
        187243.90000000
        0.025244152457
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2025-09-15
          Fixed
          0.62000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DataBank Issuer LLC
        N/A
        
        23802WAE1
        
          
        
        1500000.00000000
        PA
        USD
        1368830.10000000
        0.184545161325
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2051-02-27
          Fixed
          4.43000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Springcastle SPV
        N/A
        
        85022WAP9
        
          
        
        1794839.80000000
        PA
        USD
        1770096.68000000
        0.238643771328
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2037-09-25
          Fixed
          1.97000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FRONTIER COMMUNICATIONS
        N/A
        
        35908MAB6
        
          
        
        1636000.00000000
        PA
        USD
        1509210.00000000
        0.203471126857
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-01-15
          Fixed
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VCP CLO II Ltd
        N/A
        
        91824EAA0
        
          
        
        4460000.00000000
        PA
        USD
        4256913.90000000
        0.573915537380
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2031-04-15
          Floating
          8.64100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FIC Funding, LLC
        N/A
        
        30260GAA4
        
          
        
        431400.51000000
        PA
        USD
        426988.45000000
        0.057566422881
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2033-04-15
          Fixed
          1.13000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ACRE COMMERCIAL MORTGAGE TRUST
        N/A
        
        00489TAA4
        
          
        
        483041.82000000
        PA
        USD
        479506.05000000
        0.064646826040
        Long
        ABS-CBDO
        CORP
        KY
        
        N
        
        2
        
          2037-12-18
          Floating
          1.29800000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Gracie Point International Funding
        N/A
        
        38411EAA0
        
          
        
        1802714.46000000
        PA
        USD
        1802159.95000000
        0.242966529379
        Long
        ABS-O
        CORP
        US
        
        N
        
        2
        
          2023-11-01
          Floating
          0.98100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Mediaco TL 11/24 Var
        N/A
        
        000000000
        
          
        
        1171526.92000000
        PA
        USD
        1089520.04000000
        0.146888683664
        Long
        LON
        CORP
        US
        Y
        
        3
        
          2024-11-25
          Variable
          9.40000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CD&R SMOKEY BUYER INC
        N/A
        
        12510CAA9
        
          
        
        2426000.00000000
        PA
        USD
        2492715.00000000
        0.336066902541
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-07-15
          Fixed
          6.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GM Financial Automobile Leasing Trust
        N/A
        
        380144AE5
        
          
        
        284000.00000000
        PA
        USD
        275060.16000000
        0.037083507735
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2025-05-20
          Fixed
          0.69000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fanniemae Strip
        B1V7KEBTPIMZEU4LTD58
        
        31364HP50
        
          
        
        143107.44000000
        PA
        USD
        132054.71000000
        0.017803566535
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2027-07-25
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Shelter Growth CRE
        N/A
        
        822866AA7
        
          
        
        855219.70000000
        PA
        USD
        846143.42000000
        0.114076738923
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2036-09-15
          Floating
          1.47700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Vericrest Opportunity Loan Transferee
        N/A
        
        91835DAA9
        
          
        
        1237435.71000000
        PA
        USD
        1195106.75000000
        0.161123844354
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2051-05-25
          Variable
          1.99200000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        A10 Securitization
        N/A
        
        66981EAA1
        
          
        
        379602.24000000
        PA
        USD
        379114.38000000
        0.051112058697
        Long
        ABS-CBDO
        CORP
        US
        N
        
        2
        
          2040-08-15
          Fixed
          2.02100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DT Auto Owner Trust
        N/A
        
        23345EAC9
        
          
        
        394000.00000000
        PA
        USD
        385655.91000000
        0.051993985321
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2027-01-15
          Fixed
          0.81000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Verizon Owner Trust
        549300AUOVO1I366IH69
        
        92347YAD6
        
          
        
        200000.00000000
        PA
        USD
        201083.24000000
        0.027109967092
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2023-09-20
          Fixed
          3.22000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ford Credit Auto Lease Trust
        N/A
        
        345329AE6
        
          
        
        1055000.00000000
        PA
        USD
        1020616.18000000
        0.137599091070
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2025-01-15
          Fixed
          0.66000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        World Omni Auto Receivables Trust
        N/A
        
        98163LAE0
        
          
        
        300000.00000000
        PA
        USD
        281679.84000000
        0.037975970512
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2027-06-15
          Fixed
          1.04000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Santander Drive Auto Receivables Trust
        N/A
        
        80286EAD8
        
          
        
        6336000.00000000
        PA
        USD
        6219363.74000000
        0.838492289685
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-08-17
          Fixed
          2.36000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Polyconcept Investments B.V.
        549300WD5JEKCROPPM83
        
        73172NAB4
        
          
        
        747168.31000000
        PA
        USD
        741564.55000000
        0.099977454844
        Long
        LON
        CORP
        US
        Y
        
        2
        
          2023-08-16
          Variable
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GM Financial Automobile Leasing Trust
        2549001DWK2615D9KR84
        
        36265MAE5
        
          
        
        793000.00000000
        PA
        USD
        779896.23000000
        0.105145317583
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-02-20
          Fixed
          2.23000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Parliament CLO Ltd
        5493009BTB3REE8RVW84
        
        701631AA1
        
          
        
        1756000.00000000
        PA
        USD
        1739605.98000000
        0.234533026576
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2032-08-20
          Floating
          1.83000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PFS Financing Corp.
        N/A
        
        69335PDX0
        
          
        
        3998000.00000000
        PA
        USD
        3828122.18000000
        0.516105998312
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-02-15
          Fixed
          0.97000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Exeter Automobile Receivables Trust
        N/A
        
        30165JAD8
        
          
        
        2241000.00000000
        PA
        USD
        2187571.65000000
        0.294927590400
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-05-15
          Fixed
          1.05000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Dell Equipment Finance Trust
        N/A
        
        24702VAJ1
        
          
        
        665000.00000000
        PA
        USD
        636886.13000000
        0.085864749472
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-12-22
          Fixed
          0.94000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Verizon Owner Trust
        549300WANFF5OIMC3D47
        
        92348AAD7
        
          
        
        290000.00000000
        PA
        USD
        289981.21000000
        0.039095158106
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2024-04-22
          Fixed
          2.16000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        World Omni Auto Receivables Trust
        N/A
        
        98163CAH3
        
          
        
        176000.00000000
        PA
        USD
        169580.84000000
        0.022862825324
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2027-05-17
          Fixed
          1.39000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HPEFS Equipment Trust
        N/A
        
        40438PAF9
        
          
        
        2000000.00000000
        PA
        USD
        2007485.80000000
        0.270648483562
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2030-07-22
          Fixed
          2.79000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Asurion LLC
        549300KNQVXGIOXWK278
        
        04649VAW0
        
          
        
        4990683.65000000
        PA
        USD
        4924157.84000000
        0.663873115424
        Long
        LON
        CORP
        US
        Y
        
        2
        
          2024-11-03
          Variable
          3.10400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        American Money Management Corporation
        549300I1YCI83LUUYL82
        
        00176JAT3
        
          
        
        2201592.98000000
        PA
        USD
        2200010.03000000
        0.296604528132
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2029-04-14
          Floating
          1.21800000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Dell Equipment Finance Trust
        N/A
        
        24703QAE2
        
          
        
        2100000.00000000
        PA
        USD
        2040975.51000000
        0.275163553719
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-05-22
          Fixed
          0.81000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Dell Equipment Finance Trust
        N/A
        
        24703WAE9
        
          
        
        1139000.00000000
        PA
        USD
        1122362.63000000
        0.151316509345
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2027-08-23
          Fixed
          2.94000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hyundai Auto Lease Securitization Trust
        N/A
        
        44891TAE6
        
          
        
        187000.00000000
        PA
        USD
        182989.49000000
        0.024670574494
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2025-10-15
          Fixed
          0.61000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VCP CLO II Ltd
        N/A
        
        91824DAA2
        
          
        
        6216000.00000000
        PA
        USD
        6212997.67000000
        0.837634018512
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2031-04-15
          Floating
          1.91100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Dell Equipment Finance Trust
        N/A
        
        24703WAC3
        
          
        
        7144000.00000000
        PA
        USD
        7055540.13000000
        0.951225277357
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2027-08-23
          Fixed
          2.49000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        
        3140X4GL4
        
          
        
        51709.84000000
        PA
        USD
        53176.46000000
        0.007169230417
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2031-03-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PFS Financing Corp.
        N/A
        
        69335PDZ5
        
          
        
        2543000.00000000
        PA
        USD
        2409566.76000000
        0.324856887971
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-04-15
          Fixed
          0.71000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BPCRE Holder LLC
        N/A
        
        05601GAA4
        
          
        
        76362.52000000
        PA
        USD
        75465.70000000
        0.010174257404
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2037-02-15
          Floating
          1.29100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Prestige Auto Receivables Trust
        N/A
        
        74113XAE6
        
          
        
        705000.00000000
        PA
        USD
        670418.55000000
        0.090385577775
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2028-02-15
          Fixed
          1.53000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Preston Ridge Partners Mortgage Trust
        N/A
        
        69362QAA7
        
          
        
        3197736.25000000
        PA
        USD
        3060034.69000000
        0.412552730632
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2026-11-25
          Variable
          2.48700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AXIOM GLOBAL INC
        549300W2I02HCGWMMJ20
        
        05464KAC7
        
          
        
        3103083.97000000
        PA
        USD
        3017749.16000000
        0.406851811318
        Long
        LON
        CORP
        US
        Y
        
        2
        
          2026-10-01
          Variable
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Elm Trust
        N/A
        
        28924AAC5
        
          
        
        985000.00000000
        PA
        USD
        935905.73000000
        0.126178459933
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2029-10-20
          Fixed
          3.86600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ABPCI Direct Lending Fund ABS Ltd
        N/A
        
        00090TAC1
        
          
        
        3273000.00000000
        PA
        USD
        3090386.24000000
        0.416644715234
        Long
        ABS-O
        CORP
        US
        
        N
        
        2
        
          2030-12-20
          Fixed
          4.93500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Preston Ridge Partners Mortgage Trust
        N/A
        
        69359UAA3
        
          
        
        7357890.11000000
        PA
        USD
        7108100.04000000
        0.958311384735
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2026-03-25
          Variable
          2.11500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        OWL ROCK CORE INCOME COR
        5493003I42XBWPE05N35
        
        69120VAJ0
        
          
        
        7439000.00000000
        PA
        USD
        7422605.19000000
        1.000712851246
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-03-21
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Woodmont Trust
        N/A
        
        97988UAY1
        
          
        
        1679000.00000000
        PA
        USD
        1673385.42000000
        0.225605195482
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2031-07-15
          Floating
          1.69400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CIMPRESS PLC
        549300X1IFD75XISOR81
        
        17186HAC6
        
          
        
        2535000.00000000
        PA
        USD
        2405081.25000000
        0.324252153194
        Long
        DBT
        CORP
        IE
        N
        
        2
        
          2026-06-15
          Fixed
          7.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Towd Point Mortgage Trust
        N/A
        
        89175VAA1
        
          
        
        608433.28000000
        PA
        USD
        605788.18000000
        0.081672135502
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2058-03-25
          Variable
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Exeter Automobile Receivables Trust
        N/A
        
        30167JAE4
        
          
        
        3168000.00000000
        PA
        USD
        3098800.43000000
        0.417779113178
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2028-06-15
          Fixed
          2.56000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fortress Credit Opportunities CLO LP
        2549008RD44HDM6DNP14
        
        34961MAE7
        
          
        
        8814000.00000000
        PA
        USD
        8360140.70000000
        1.127111037508
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2033-10-15
          Floating
          8.18200000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CarMax Auto Owner Trust
        N/A
        
        14317CAC6
        
          
        
        3713000.00000000
        PA
        USD
        3594474.36000000
        0.484605686743
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-12-15
          Fixed
          1.47000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Owl Rock Technology Financing
        N/A
        
        69120LAA1
        
          
        
        3099000.00000000
        PA
        USD
        3089994.31000000
        0.416591875378
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2031-01-15
          Floating
          3.07600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Nissan Auto Lease Trust
        N/A
        
        65480DAC7
        
          
        
        3510000.00000000
        PA
        USD
        3421510.09000000
        0.461286708653
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2024-08-15
          Fixed
          0.52000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CarMax Auto Owner Trust
        N/A
        
        14315XAF5
        
          
        
        1940000.00000000
        PA
        USD
        1928763.91000000
        0.260035227841
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2025-11-17
          Fixed
          2.34000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Westlake Automobile Receivables Trust
        N/A
        
        96042RAE8
        
          
        
        2450000.00000000
        PA
        USD
        2346080.07000000
        0.316297636207
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-07-15
          Fixed
          0.89000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CONSOLIDATED COMMUNICATI
        549300WW675Y48HDVX34
        
        20903XAF0
        
          
        
        1119000.00000000
        PA
        USD
        1029647.85000000
        0.138816737436
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-10-01
          Fixed
          6.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Verizon Owner Trust
        549300XY7L2MRX0BQH89
        
        92348TAD6
        
          
        
        230000.00000000
        PA
        USD
        228824.88000000
        0.030850084604
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2024-07-22
          Fixed
          2.06000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GM Financial Securitized Term Auto Receivables Tr
        N/A
        
        362590AF8
        
          
        
        142000.00000000
        PA
        USD
        138322.84000000
        0.018648633473
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-01-16
          Fixed
          1.37000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ford Credit Auto Owner Trust
        N/A
        
        345286AC2
        
          
        
        1998000.00000000
        PA
        USD
        1947189.06000000
        0.262519299662
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-06-15
          Fixed
          1.29000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Golub Capital Partners Funding
        N/A
        
        38178HAA6
        
          
        
        3868000.00000000
        PA
        USD
        3690072.00000000
        0.497494124758
        Long
        ABS-O
        CORP
        KY
        N
        
        2
        
          2029-04-20
          Fixed
          2.77300000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hyundai Auto Lease Securitization Trust
        N/A
        
        44891VAD3
        
          
        
        124000.00000000
        PA
        USD
        120336.43000000
        0.016223712415
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2025-08-15
          Fixed
          0.38000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Elm Trust
        N/A
        
        289338AB1
        
          
        
        362000.00000000
        PA
        USD
        346386.14000000
        0.046699649640
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2029-08-20
          Fixed
          2.95400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ABPCI Direct Lending Fund ABS Ltd
        N/A
        
        00090TAA5
        
          
        
        1284000.00000000
        PA
        USD
        1216667.04000000
        0.164030594575
        Long
        ABS-O
        CORP
        US
        
        N
        
        2
        
          2030-12-20
          Fixed
          3.19900000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Monroe Capital ABS Funding LTD
        N/A
        
        610331AA8
        
          
        
        2912000.00000000
        PA
        USD
        2754364.70000000
        0.371342417083
        Long
        ABS-O
        CORP
        KY
        N
        
        2
        
          2031-04-22
          Fixed
          2.81500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Coinstar Funding, LLC
        N/A
        
        19260MAA4
        
          
        
        2536507.50000000
        PA
        USD
        2535086.55000000
        0.341779419040
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2047-04-25
          Fixed
          5.21600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hawaii Hotel Trust 2019-MAUI
        N/A
        
        41975AAE2
        
          
        
        1384000.00000000
        PA
        USD
        1366702.21000000
        0.184258279992
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2038-05-15
          Floating
          2.04700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cerberus
        N/A
        
        15673EAD5
        
          
        
        2236000.00000000
        PA
        USD
        2237223.09000000
        0.301621578941
        Long
        ABS-CBDO
        CORP
        KY
        
        N
        
        2
        
          2031-10-15
          Floating
          5.54100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        New Residential Advance Receivables Trust Advance
        549300RNWDDBV4LFKJ17
        
        62942QDB6
        
          
        
        508200.00000000
        PA
        USD
        505484.28000000
        0.068149201277
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2052-10-15
          Fixed
          1.31700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DT Auto Owner Trust
        N/A
        
        23344GAE1
        
          
        
        168000.00000000
        PA
        USD
        162476.11000000
        0.021904968287
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-10-15
          Fixed
          0.84000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Conn Funding II, L.P
        N/A
        
        20825GAB1
        
          
        
        2369000.00000000
        PA
        USD
        2302698.56000000
        0.310448957280
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-05-15
          Fixed
          2.87000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Capstone Acquisition Holdings, Inc.
        N/A
        
        000000000
        
          
        
        1802832.57000000
        PA
        USD
        1800579.03000000
        0.242753390337
        Long
        LON
        CORP
        US
        Y
        
        2
        
          2027-11-12
          Variable
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fortress Credit Opportunities CLO LP
        254900D3ZKYJFB38KE25
        
        34960JAU9
        
          
        
        4000000.00000000
        PA
        USD
        3976392.00000000
        0.536095679904
        Long
        ABS-CBDO
        CORP
        KY
        N
        
        2
        
          2030-07-10
          Floating
          1.83100000
          N
          N
          N
        
        
          N
          N
          N
        
      
    
    
      2022-04-28
      FPA FUNDS TRUST
      Lake Setzler
      Lake Setzler
      Treasurer
    
  
  XXXX

 

FPA FLEXIBLE FIXED INCOME FUND

PORTFOLIO OF INVESTMENTS

March 31, 2022

(Unaudited)

 

COMMON STOCKS		Shares or Principal Amount				Fair Value
ENERGY — 0.2%
PHI Group, Inc., Restricted(a)(b)(c)			75,292			$	1,151,968
						$	1,151,968
RETAILING — 0.1%
Copper Earn Out Trust(a)(b)(c)			7,803			$	91,685
Copper Property CTL Pass Through Trust(a)(b)(c)			58,520				921,690
						$	1,013,375
TOTAL COMMON STOCKS — 0.3% (Cost $1,555,635)						$	2,165,343
RIGHTS — 0.0%
MIDSTREAM - OIL & GAS — 0.0%
Windstream Holdings, Inc.(a)(b)(c)(d) (Cost $372,781)			11,258			$	166,056
						$	166,056
BONDS & DEBENTURES
COMMERCIAL MORTGAGE-BACKED SECURITIES — 7.3%
AGENCY — 0.0%
Freddie Mac Multifamily Structured Pass Through Certificates K042 A1 — 2.267% 6/25/2024		$	128,114			$	127,670
						$	127,670
AGENCY STRIPPED — 0.2%
Government National Mortgage Association 2015-19 IO — 0.304% 1/16/2057(e)		$	1,434,159			$	27,055
Government National Mortgage Association 2015-7 IO — 0.553% 1/16/2057(e)			1,665,980				43,669
Government National Mortgage Association 2020-75 IO — 0.900% 2/16/2062(e)			5,499,723				400,447
Government National Mortgage Association 2020-42 IO — 0.936% 3/16/2062(e)			3,592,147				264,611
Government National Mortgage Association 2020-71 IO — 1.103% 1/16/2062(e)			2,984,121				237,853
Government National Mortgage Association 2020-43 IO — 1.267% 11/16/2061(e)			2,233,500				185,184
						$	1,158,819
NON-AGENCY — 7.1%
A10 Bridge Asset Financing 2021-D A1FX — 2.589% 10/1/2038(c)(f)		$	2,295,000			$	2,295,000
A10 Bridge Asset Financing LLC 2020-C A — 2.021% 8/15/2040(f)			379,602				379,114
ACRE Commercial Mortgage Ltd. 2021-FL4 A, 1M USD LIBOR + 0.830% — 1.298% 12/18/2037(e)(f)			483,042				479,506
ACRES Commercial Realty Ltd. 2021-FL1 A, 1M USD LIBOR + 1.200% — 1.641% 6/15/2036(e)(f)			2,604,000				2,580,981
ACRES Commercial Realty Ltd. 2021-FL2 A, 1M USD LIBOR + 1.400%, FRN — 1.841% 1/15/2037(e)(f)			809,000				804,836
Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL1 A, 1M USD LIBOR + 0.970% — 1.367% 12/15/2035(e)(f)			2,210,000				2,195,768
Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL2 A, 1M USD LIBOR + 1.100% — 1.497% 5/15/2036(e)(f)			2,370,000				2,342,331
Arbor Realty Commercial Real Estate Notes Ltd. 2022-FL1 A, 1M USD LIBOR + 1.450% — 1.500% 1/15/2037(e)(f)			3,442,000				3,423,986

 

 

FPA FLEXIBLE FIXED INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2022

(Unaudited)

 

BONDS & DEBENTURES - Continued		Principal Amount				Fair Value
Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL4 A, 1M USD LIBOR + 1.350% — 1.747% 11/15/2036(e)(f)		$	3,148,000			$	3,119,433
AREIT Trust 2019-CRE3 A, 1M USD LIBOR + 1.1340% — 1.184% 9/14/2036(e)(f)			75,871				75,608
BDS 2021-FL8 A, 1M USD LIBOR + 0.920% — 1.388% 1/18/2036(e)(f)			933,322				920,152
BDS Ltd. 2019-FL4 A, 1M USD LIBOR + 1.100% — 1.541% 8/15/2036(e)(f)			833,447				829,344
BDS Ltd. 2019-FL4 AS, 1M USD LIBOR + 1.400% — 1.841% 8/15/2036(e)(f)			268,000				264,531
BPCRE Ltd. 2021-FL1 A, 1M USD LIBOR + 0.850% — 1.291% 2/15/2037(e)(f)			76,363				75,466
BX Commercial Mortgage Trust 2021-VOLT E, 1M USD LIBOR + 2.000% — 2.397% 9/15/2036(e)(f)			1,410,000				1,356,686
BX Commercial Mortgage Trust 2021-VOLT F, 1M USD LIBOR + 2.400% — 2.797% 9/15/2036(e)(f)			2,319,000				2,237,115
BXMT Ltd. 2021-FL4 A, 1M USD LIBOR + 1.050% — 1.447% 5/15/2038(e)(f)			2,899,000				2,882,319
Citigroup Commercial Mortgage Trust 2013-GC11 AAB — 2.690% 4/10/2046			18,785				18,797
Citigroup Commercial Mortgage Trust 2013-GC11 A4 — 3.093% 4/10/2046			90,000				89,988
Citigroup Commercial Mortgage Trust 2013-GC11 AS — 3.422% 4/10/2046			800,000				798,148
COMM 2013-CCRE7 Mortgage Trust 2013-CR7 A4 — 3.213% 3/10/2046			1,153,226				1,155,109
COMM Mortgage Trust 2013-LC6 A4 — 2.941% 1/10/2046			—				—
CoreVest American Finance Trust 2018-1 A — 3.804% 6/15/2051(f)			266,947				267,426
Greystone CRE Notes Ltd. 2021-FL3 A, 1M USD LIBOR + 1.020% — 1.417% 7/15/2039(e)(f)			3,000,000				2,952,816
GS Mortgage Securities Corp. II 2015-GC30 AAB — 3.120% 5/10/2050			299,055				299,949
Hawaii Hotel Trust 2019-MAUI C, 1M USD LIBOR + 1.650% — 2.047% 5/15/2038(e)(f)			1,384,000				1,366,702
HERA Commercial Mortgage Ltd. 2021-FL1 A, 1M USD LIBOR + 1.050% — 1.518% 2/18/2038(e)(f)			2,823,000				2,784,345
JP Morgan Chase Commercial Mortgage Securities Trust 2013-LC11 A4 — 2.694% 4/15/2046			92,885				92,361
JPMBB Commercial Mortgage Securities Trust 2015-C30 ASB — 3.559% 7/15/2048			596,365				600,035
KREF Ltd. 2021-FL2 A, 1M USD LIBOR + 1.070% — 1.511% 2/15/2039(e)(f)			834,000				819,915
LCCM Trust 2021-FL2 A, 1M USD LIBOR + 1.200% — 1.597% 12/13/2038(e)(f)			390,000				387,411
LoanCore Issuer Ltd. 2021-CRE4 A, 1M USD LIBOR + 0.914% — 0.964% 7/15/2035(e)(f)			841,172				833,081
LoanCore Issuer Ltd. 2019-CRE3 A, 1M USD LIBOR + 1.050% — 1.447% 4/15/2034(e)(f)			484,532				482,206
LoanCore Issuer Ltd. 2021-CRE5 A, 1M USD LIBOR + 1.300% — 1.697% 7/15/2036(e)(f)			363,000				356,602
MF1 Ltd. 2021-FL7 A, 1M USD LIBOR + 1.080% — 1.511% 10/16/2036(e)(f)			2,750,000				2,707,346
MF1 Ltd. 2020-FL4 A, 1M USD LIBOR + 1.814% — 2.143% 11/15/2035(e)(f)			585,000				579,028
PFP Ltd. 2021-7 A, 1M USD LIBOR + 0.850% — 1.247% 4/14/2038(e)(f)			2,227,824				2,195,121
Ready Capital Mortgage Financing LLC 2021-FL5 A, 1M USD LIBOR + 1.000% — 1.457% 4/25/2038(e)(f)			968,223				964,975
Shelter Growth CRE Issuer Ltd. 2021-FL3 A, 1M USD LIBOR + 1.080% — 1.477% 9/15/2036(e)(f)			855,220				846,143
STWD Ltd. 2021-FL2, 1M USD LIBOR + 1.200% — 1.668% 4/18/2038(e)(f)			1,468,000				1,456,070
TRTX Issuer Ltd. 2019-FL3 A, 1M USD LIBOR + 1.264% — 1.314% 10/15/2034(e)(f)			337,041				336,203
TRTX Issuer Ltd. 2022-FL5 A, 1M USD LIBOR + 1.650% — 1.700% 2/15/2039(e)(f)			2,356,000				2,356,981
VCC Trust 2020-MC1 A — 4.500% 6/25/2045(e)(f)			66,940				66,957
VMC Finance LLC 2021-HT1 A, 1M USD LIBOR + 1.650% — 2.118% 1/18/2037(e)(f)			1,436,528				1,407,798

 

 

FPA FLEXIBLE FIXED INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2022

(Unaudited)

 

BONDS & DEBENTURES - Continued		Principal Amount				Fair Value
Wells Fargo Commercial Mortgage Trust 2014-LC18 ASB — 3.244% 12/15/2047		$	537,897			$	541,005
						$	53,024,694
TOTAL COMMERICAL MORTGAGE-BACKED SECURITIES (Cost $54,935,577)						$	54,311,183
RESIDENTIAL MORTGAGE-BACKED SECURITIES — 7.7%
AGENCY COLLATERALIZED MORTGAGE OBLIGATION — 0.2%
Fannie Mae REMICS 2012-47 HA — 1.500% 5/25/2027		$	122,962			$	124,743
Fannie Mae REMICS 2013-35 QB — 1.750% 2/25/2043			503,922				509,416
Fannie Mae REMICS 144 PD — 3.500% 4/25/2042			99,329				99,890
Freddie Mac REMICS 4220 EH — 2.500% 6/15/2028			92,698				95,112
Freddie Mac REMICS 4336 WV — 3.000% 10/15/2025			34,670				34,657
Freddie Mac REMICS 4387 VA — 3.000% 2/15/2026			509,548				511,129
Freddie Mac REMICS 4235 QE — 3.000% 8/15/2031			75,628				77,042
Freddie Mac REMICS 4162 P — 3.000% 2/15/2033			340,508				340,103
						$	1,792,092
AGENCY POOL FIXED RATE — 0.0%
Fannie Mae Pool AL1576 — 4.000% 3/1/2027		$	117,295			$	120,622
Fannie Mae Pool FM1102 — 4.000% 3/1/2031			51,710				53,176
						$	173,798
AGENCY STRIPPED — 0.0%
Fannie Mae Interest Strip 284 1 — 0.000% 7/25/2027(g)		$	143,107			$	132,055
						$	132,055
NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATION — 7.5%
Bravo Residential Funding Trust 2019-1 A1C — 3.500% 3/25/2058(f)		$	234,506			$	234,066
Cascade Funding Mortgage Trust 2021-HB6 A — 0.898% 6/25/2036(e)(f)			793,531				783,865
CFMT LLC 2021-HB5 A — 0.801% 2/25/2031(e)(f)			1,313,336				1,299,006
CFMT LLC 2020-HB4 A — 0.946% 12/26/2030(e)(f)			381,274				378,372
CFMT LLC 2021-HB7 A — 1.151% 10/27/2031(e)(f)			1,072,059				1,055,285
CFMT LLC 2021-HB7 M1 — 2.125% 10/27/2031(e)(f)			1,183,000				1,138,321
CIM Trust 2017-7 A — 3.000% 4/25/2057(e)(f)			140,244				139,992
CIM Trust 2018-R3 A1 — 5.000% 12/25/2057(e)(f)			334,194				336,056
Finance of America HECM Buyout 2020-HB2 A — 1.710% 7/25/2030(e)(f)			1,117,927				1,081,087
PRET LLC 2021-NPL5 A1 — 2.487% 10/25/2051(f)(h)			5,601,395				5,419,791
Pretium Mortgage Credit Partners I LLC 2021-NPL2 A1 — 1.992% 6/27/2060(f)(h)			2,074,597				1,990,107
Pretium Mortgage Credit Partners I LLC 2021-NPL4 A1 — 2.363% 10/27/2060(f)(h)			5,354,046				5,185,285
Pretium Mortgage Credit Partners I LLC 2021-NPL6 A1 — 2.487% 7/25/2051(f)(h)			2,013,126				1,954,988
PRPM LLC 2021-2 A1 — 2.115% 3/25/2026(e)(f)			7,357,890				7,108,100
PRPM LLC 2021-9 A1 — 2.363% 10/25/2026(e)(f)			2,623,749				2,530,838
PRPM LLC 2021-10 A1 — 2.487% 10/25/2026(f)(h)			2,531,705				2,453,868
PRPM LLC 2021-11 A1 — 2.487% 11/25/2026(f)(h)			3,197,736				3,060,035
RCO VII Mortgage LLC 2021-2 A1 — 2.116% 9/25/2026(f)(h)			2,418,595				2,329,824
Towd Point Mortgage Trust 2017-2 A1 — 2.750% 4/25/2057(e)(f)			374,858				374,442
Towd Point Mortgage Trust 2019-4 A1 — 2.900% 10/25/2059(e)(f)			6,759,113				6,668,224
Towd Point Mortgage Trust 2018-1 A1 — 3.000% 1/25/2058(e)(f)			29,284				29,192
Towd Point Mortgage Trust 2018-2 A1 — 3.250% 3/25/2058(e)(f)			608,433				605,788
Towd Point Mortgage Trust 2018-5 A1A — 3.250% 7/25/2058(e)(f)			62,527				62,482

 

 

FPA FLEXIBLE FIXED INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2022

(Unaudited)

 

BONDS & DEBENTURES - Continued		Principal Amount				Fair Value
VCAT LLC 2021 NPL2 A1 — 2.115% 3/27/2051(f)(h)		$	1,165,717			$	1,129,869
VCAT LLC 2021-NPL1 A1 — 2.289% 12/26/2050(f)(h)			4,475,909				4,350,678
VOLT C LLC 2021-NPL9 — 1.992% 5/25/2051(f)(h)			1,237,436				1,195,107
VOLT XCIV LLC 2021-NPL3 A1 — 2.240% 2/27/2051(f)(h)			1,400,295				1,344,247
VOLT XCV LLC 2021-NPL4 — 2.240% 3/27/2051(f)(h)			1,401,095				1,370,249
						$	55,609,164
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (Cost $59,139,098)						$	57,707,109
ASSET-BACKED SECURITIES — 69.3%
AUTO — 22.7%
American Credit Acceptance Receivables Trust 2021-3 B — 0.660% 2/13/2026(f)		$	806,000			$	791,504
American Credit Acceptance Receivables Trust 2021-2 B — 0.680% 5/13/2025(f)			400,000				397,208
American Credit Acceptance Receivables Trust 2021-1 C — 0.830% 3/15/2027(f)			4,750,000				4,676,434
American Credit Acceptance Receivables Trust 2021-4 B — 0.860% 2/13/2026(f)			502,000				488,829
American Credit Acceptance Receivables Trust 2021-2 C — 0.970% 7/13/2027(f)			2,670,000				2,605,080
American Credit Acceptance Receivables Trust 2021-3 C — 0.980% 11/15/2027(f)			1,731,000				1,671,709
American Credit Acceptance Receivables Trust 2020-4 C — 1.310% 12/14/2026(f)			3,501,000				3,465,128
American Credit Acceptance Receivables Trust 2021-4 C — 1.320% 2/14/2028(f)			1,827,000				1,755,605
American Credit Acceptance Receivables Trust 2022-1 B — 1.680% 9/14/2026(f)			1,350,000				1,321,556
American Credit Acceptance Receivables Trust 2020-3 C — 1.850% 6/15/2026(f)			1,033,000				1,026,846
American Credit Acceptance Receivables Trust 2022-1 C — 2.120% 3/13/2028(f)			2,838,000				2,753,899
AmeriCredit Automobile Receivables Trust 2021-3 A3 — 0.760% 8/18/2026			1,153,000				1,120,087
AmeriCredit Automobile Receivables Trust 2020-2 C — 1.480% 2/18/2026			342,000				336,435
BMW Vehicle Lease Trust 2022-1 A4 — 1.230% 5/27/2025			1,810,000				1,744,027
CarMax Auto Owner Trust 2022-1 A3 — 1.470% 12/15/2026			3,713,000				3,594,474
CarMax Auto Owner Trust 2020-3 C — 1.690% 4/15/2026			61,000				58,522
CarMax Auto Owner Trust 2020-1 C — 2.340% 11/17/2025			1,940,000				1,928,764
CarMax Auto Owner Trust 2018-4 B — 3.670% 5/15/2024			95,000				96,049
Drive Auto Receivables Trust 2021-2 B — 0.580% 12/15/2025			3,025,000				2,949,262
Drive Auto Receivables Trust 2021-3 A3 — 0.790% 10/15/2025			1,907,000				1,866,670
Drive Auto Receivables Trust 2021-2 C — 0.870% 10/15/2027			2,324,000				2,220,927
Drive Auto Receivables Trust 2021-1 C — 1.020% 6/15/2027			2,000,000				1,970,717
Drive Auto Receivables Trust 2021-3 B — 1.110% 5/15/2026			3,814,000				3,688,038
Drive Auto Receivables Trust 2021-3 C — 1.470% 1/15/2027			3,814,000				3,642,754
DT Auto Owner Trust 2021-3A B — 0.580% 11/17/2025(f)			908,000				876,263
DT Auto Owner Trust 2021-1A B — 0.620% 9/15/2025(f)			190,000				187,244
DT Auto Owner Trust 2021-2A B — 0.810% 1/15/2027(f)			394,000				385,656
DT Auto Owner Trust 2021-1A C — 0.840% 10/15/2026(f)			168,000				162,476
DT Auto Owner Trust 2021-3A C — 0.870% 5/17/2027(f)			800,000				758,812
DT Auto Owner Trust 2021-4A B — 1.020% 5/15/2026(f)			704,000				682,644
DT Auto Owner Trust 2021-2A C — 1.100% 2/16/2027(f)			4,000,000				3,839,784
DT Auto Owner Trust 2020-3A C — 1.470% 6/15/2026(f)			2,884,000				2,834,619
DT Auto Owner Trust 2021-4A C — 1.500% 9/15/2027(f)			704,000				674,972
DT Auto Owner Trust 2022-1A C — 2.960% 11/15/2027(f)			1,212,000				1,191,496
Exeter Automobile Receivables Trust 2021-3A B — 0.690% 1/15/2026			4,737,000				4,621,687
Exeter Automobile Receivables Trust 2021-1A C — 0.740% 1/15/2026			500,000				490,559
Exeter Automobile Receivables Trust 2021-4A B — 1.050% 5/15/2026			2,241,000				2,187,572
Exeter Automobile Receivables Trust 2021-4A C — 1.460% 10/15/2027			2,169,000				2,079,000
Exeter Automobile Receivables Trust 2022-1A B — 2.180% 6/15/2026			6,048,000				5,959,671

 

 

FPA FLEXIBLE FIXED INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2022

(Unaudited)

 

BONDS & DEBENTURES - Continued		Principal Amount				Fair Value
Exeter Automobile Receivables Trust 2022-1A C — 2.560% 6/15/2028		$	3,168,000			$	3,098,800
First Investors Auto Owner Trust 2021-2A A — 0.480% 3/15/2027(f)			4,999,916				4,884,481
Flagship Credit Auto Trust 2021-2 C — 1.270% 6/15/2027(f)			1,004,000				954,054
Flagship Credit Auto Trust 2021-4 B — 1.490% 2/15/2027(f)			456,000				435,892
Ford Credit Auto Lease Trust 2021-B B — 0.660% 1/15/2025			1,055,000				1,020,616
Ford Credit Auto Lease Trust 2021-B C — 0.900% 5/15/2026			1,044,000				997,807
Ford Credit Auto Lease Trust 2020-B C — 1.700% 2/15/2025			348,000				346,999
Ford Credit Auto Owner Trust 2022-A A3 — 1.290% 6/15/2026			1,998,000				1,947,189
GM Financial Automobile Leasing Trust 2021-2 B — 0.690% 5/20/2025			284,000				275,060
GM Financial Automobile Leasing Trust 2020-3 C — 1.110% 10/21/2024			1,000,000				989,928
GM Financial Automobile Leasing Trust 2022-1 A4 — 1.960% 2/20/2026			2,794,000				2,749,092
GM Financial Automobile Leasing Trust 2022-1 B — 2.230% 2/20/2026			793,000				779,896
GM Financial Automobile Leasing Trust 2022-1 C — 2.640% 2/20/2026			2,044,000				2,011,067
GM Financial Consumer Automobile Receivables Trust 2022-1 A3 — 1.260% 11/16/2026			2,070,000				2,011,797
GM Financial Consumer Automobile Receivables Trust 2020-3 C — 1.370% 1/16/2026			142,000				138,323
Honda Auto Receivables Owner Trust 2021-4 A3 — 0.880% 1/21/2026			2,354,000				2,277,417
Hyundai Auto Lease Securitization Trust 2021-B A4 — 0.380% 8/15/2025(f)			124,000				120,336
Hyundai Auto Lease Securitization Trust 2021-A B — 0.610% 10/15/2025(f)			187,000				182,990
Hyundai Auto Lease Securitization Trust 2022-A A4 — 1.320% 12/15/2025(f)			2,128,000				2,069,671
Hyundai Auto Receivables Trust 2021-C A3 — 0.740% 5/15/2026			1,523,000				1,465,087
Nissan Auto Lease Trust 2021-A A3 — 0.520% 8/15/2024			3,510,000				3,421,510
Nissan Auto Receivables Owner Trust 2019-A A4 — 3.000% 9/15/2025			252,000				254,064
Prestige Auto Receivables Trust 2021-1A A3 — 0.830% 7/15/2025(f)			658,000				640,980
Prestige Auto Receivables Trust 2021-1A B — 1.190% 4/15/2026(f)			1,965,000				1,892,678
Prestige Auto Receivables Trust 2021-1A C — 1.530% 2/15/2028(f)			705,000				670,419
Santander Drive Auto Receivables Trust 2021-4 A3 — 0.510% 8/15/2025			1,781,000				1,749,591
Santander Drive Auto Receivables Trust 2021-3 B — 0.600% 12/15/2025			5,042,000				4,955,514
Santander Drive Auto Receivables Trust 2021-4 B — 0.880% 6/15/2026			4,910,000				4,745,103
Santander Drive Auto Receivables Trust 2021-2 C — 0.900% 6/15/2026			740,000				720,721
Santander Drive Auto Receivables Trust 2021-4 C — 1.260% 2/16/2027			3,197,000				3,051,468
Santander Drive Auto Receivables Trust 2022-1 B — 2.360% 8/17/2026			6,336,000				6,219,364
Santander Drive Auto Receivables Trust 2022-1 C — 2.560% 4/17/2028			2,116,000				2,072,201
Santander Drive Auto Receivables Trust 2022-2 B — 3.440% 9/15/2027			3,700,000				3,681,328
Santander Retail Auto Lease Trust 2021-C A3 — 0.500% 3/20/2025(f)			2,420,000				2,352,780
Santander Retail Auto Lease Trust 2021-A C — 1.140% 3/20/2026(f)			114,000				109,638
Santander Retail Auto Lease Trust 2022-A A3 — 1.340% 7/21/2025(f)			2,084,000				2,019,445
Santander Retail Auto Lease Trust 2022-A A4 — 1.420% 1/20/2026(f)			1,118,000				1,083,295
Santander Retail Auto Lease Trust 2022-A B — 1.610% 1/20/2026(f)			612,000				590,709
Toyota Auto Receivables Owner Trust 2019-A A4 — 3.000% 5/15/2024			252,000				254,101
Volkswagen Auto Loan Enhanced Trust 2021-1 A3 — 1.020% 6/22/2026			2,858,000				2,760,406
Westlake Automobile Receivables Trust 2021-2A B — 0.620% 7/15/2026(f)			1,558,000				1,511,864
Westlake Automobile Receivables Trust 2021-1A B — 0.640% 3/16/2026(f)			1,809,000				1,773,488
Westlake Automobile Receivables Trust 2020-3A B — 0.780% 11/17/2025(f)			934,000				926,617
Westlake Automobile Receivables Trust 2021-2A C — 0.890% 7/15/2026(f)			2,450,000				2,346,080
Westlake Automobile Receivables Trust 2021-3A A3 — 0.950% 6/16/2025(f)			3,401,000				3,333,693
Westlake Automobile Receivables Trust 2021-1A C — 0.950% 3/16/2026(f)			1,738,000				1,685,797
Westlake Automobile Receivables Trust 2020-3A C — 1.240% 11/17/2025(f)			783,000				771,111
Westlake Automobile Receivables Trust 2021-3A B — 1.290% 1/15/2027(f)			3,653,000				3,549,797
Westlake Automobile Receivables Trust 2021-3A C — 1.580% 1/15/2027(f)			3,647,000				3,502,196
Westlake Automobile Receivables Trust 2020-2A C — 2.010% 7/15/2025(f)			530,000				529,838

 

 

FPA FLEXIBLE FIXED INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2022

(Unaudited)

 

BONDS & DEBENTURES - Continued		Principal Amount				Fair Value
Westlake Automobile Receivables Trust 2022-1A C — 3.110% 3/15/2027		$	3,419,000			$	3,379,529
World Omni Auto Receivables Trust 2021-B B — 1.040% 6/15/2027			300,000				281,680
World Omni Auto Receivables Trust 2020-C C — 1.390% 5/17/2027			176,000				169,581
World Omni Auto Receivables Trust 2019-A B — 3.340% 6/16/2025			252,000				254,381
						$	169,120,448
COLLATERALIZED LOAN OBLIGATION — 18.8%
ABPCI Direct Lending Fund CLO I LLC 2016-1A E2, 3M USD LIBOR + 8.730% — 8.984% 7/20/2033(e)(f)		$	2,944,000			$	2,823,452
ABPCI Direct Lending Fund CLO II LLC 2017-1A ER, 3M USD LIBOR + 7.600% — 7.854% 4/20/2032(e)(f)			3,062,000				2,885,218
ABPCI Direct Lending Fund CLO X LP 2020-10A A1A, 3M USD LIBOR + 1.950% — 2.204% 1/20/2032(e)(f)			678,000				678,087
ABPCI Direct Lending Fund IX LLC 2020-9A A1R, 3M USD LIBOR + 1.400% — 1.668% 11/18/2031(e)(f)			2,378,000				2,366,740
AMMC CLO 16 Ltd. 2015-16A AR2, 3M USD LIBOR + 0.980% — 1.218% 4/14/2029(e)(f)			2,201,593				2,200,010
Barings Middle Market CLO Ltd. 2021-IA D, 3M USD LIBOR + 83650% — 8.904% 7/20/2033(e)(f)			1,460,000				1,412,594
Blackrock DLF VIII-L CLO Trust 2021-1A A, 3M USD LIBOR + 1.350% — 1.591% 4/17/2032(e)(f)			798,616				798,589
Blackrock Mount Adams CLO IX LP 2021-9A A1, 3M USD LIBOR + 1.370% — 2.304% 9/22/2031(e)(f)			1,395,000				1,390,196
Brightwood Capital MM CLO Ltd. 2021-2A A, 3M USD LIBOR + 1.650% — 1.891% 11/15/2030(e)(f)			4,401,000				4,387,779
BTC Holdings Fund I LLC — 2.780% 1/28/2027(b)(c)			1,448,267				1,448,267
BTC Offshore Holdings Fund, 3M USD LIBOR + 2.650% — 2.910% 10/20/2029(b)(c)			2,000,000				2,000,000
Cerberus Loan Funding XXIX LP 2020-2A A, 3M USD LIBOR + 1.900% — 2.141% 10/15/2032(e)(f)			2,733,000				2,733,549
Cerberus Loan Funding XXV LP 2018-4RA A1TR, 3M USD LIBOR + 1.530% — 1.654% 10/15/2030(e)(f)			1,247,000				1,242,502
Cerberus Loan Funding XXVI LP 2019-1A AR, 3M USD LIBOR + 1.500% — 1.741% 4/15/2031(e)(f)			436,000				434,372
Cerberus Loan Funding XXVIII LP 2020-1A A, 3M USD LIBOR + 1.850% — 2.091% 10/15/2031(e)(f)			2,412,000				2,412,485
Cerberus Loan Funding XXVIII LP 2020-1A D, 3M USD LIBOR + 5.300% — 5.541% 10/15/2031(e)(f)			2,236,000				2,237,223
Cerberus Loan Funding XXXI LP 2021-1A A, 3M USD LIBOR + 1.500% — 1.741% 4/15/2032(e)(f)			1,598,000				1,594,534
Cerberus Loan Funding XXXIV LP 2021-4A A, 3M USD LIBOR + 1.500% — 1.741% 8/13/2033(e)(f)			1,214,911				1,212,985
Cerberus Loan Funding XXXVI LP 2021-6A A, 3M USD LIBOR + 1.400% — 1.641% 11/22/2033(e)(f)			4,092,315				4,086,508
Ellington CLO IV Ltd. 2019-4A AR, 3M USD LIBOR + 1.580% — 1.821% 4/15/2029(e)(f)			1,071,950				1,071,176
Fortress Credit Opportunities IX CLO Ltd. 2017-9A A1TR, 3M USD LIBOR + 1.550%, — 1.672% 10/15/2033(e)(f)			5,645,000				5,607,687
Fortress Credit Opportunities IX CLO Ltd. 2017-9A ER, 3M USD LIBOR + 8.060%, — 8.182% 10/15/2033(e)(f)			8,814,000				8,360,140

 

 

 

FPA FLEXIBLE FIXED INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2022

(Unaudited)

 

BONDS & DEBENTURES - Continued		Principal Amount				Fair Value
Fortress Credit Opportunities VI CLO Ltd. 2015-6A, 3M USD LIBOR + 1.600% — 1.831% 7/10/2030(e)(f)		$	4,000,000			$	3,976,392
Fortress Credit Opportunities XI CLO Ltd. 2018-11A A1T, 3M USD LIBOR + 1.300% — 1.541% 4/15/2031(e)(f)			2,624,000				2,604,260
Fortress Credit Opportunities XVII CLO Ltd. 2022-17A A, 3M USD LIBOR + 1.370% — 1.587% 1/15/2030(e)(f)			3,796,000				3,766,334
Golub Capital Partners CLO 36M Ltd. 2018-36A A, 3M USD LIBOR + 1.300% — 1.615% 2/5/2031(e)(f)			3,439,000				3,423,174
Golub Capital Partners CLO 38M Ltd. 2018-38A, 3M USD LIBOR + 2.800% — 3.054% 7/20/2030(e)(f)			1,993,000				1,972,452
Golub Capital Partners CLO 42M Ltd. 2019-42A A2, 3M USD LIBOR + 2.000% — 2.254% 4/20/2031(e)(f)			3,006,000				2,994,601
Golub Capital Partners TALF LLC 2020-2A A, 3M USD LIBOR + 1.850% — 2.165% 2/5/2030(e)(f)			770,234				770,551
Ivy Hill Middle Market Credit Fund IX Ltd. 9A ERR, 3M USD LIBOR + 8.220% — 8.498% 4/23/2034(e)(f)			6,250,000				6,000,037
IVY Hill Middle Market Credit Fund XII Ltd. 12A DR, 3M USD LIBOR + 8.170% — 8.424% 7/20/2033(e)(f)			1,086,000				1,041,280
Ivy Hill Middle Market Credit Fund XVIII Ltd. 18A E, 3M USD LIBOR + 7.750% — 8.009% 4/22/2033(e)(f)			3,766,000				3,598,515
Lake Shore MM CLO III LLC 2019-2A A1R, 3M USD LIBOR + 1.480% — 1.721% 10/17/2031(e)(f)			1,228,000				1,222,557
Lake Shore MM CLO III LLC 2019-2A A2R — 2.525% 10/17/2031(f)			575,000				546,026
Lake Shore MM CLO IV Ltd. 2021-1A X, 3M USD LIBOR + 1.180% — 1.312% 10/15/2033(e)(f)			881,000				878,400
Madison Park Funding XIII Ltd. 2014-13A AR2, 3M USD LIBOR + 0.950% — 1.198% 4/19/2030(e)(f)			538,844				537,892
Madison Park Funding XXIII Ltd. 2017-23A AR, 3M USD LIBOR + 0.970% — 1.238% 7/27/2031(e)(f)			3,380,000				3,356,357
Madison Park Funding XXV Ltd. 2017-25A, 3M USD LIBOR + 0.970% — 1.228% 4/25/2029(e)(f)			535,000				533,299
MCF CLO IX Ltd. 2019-1A A1R, 3M USD LIBOR + 1.500% — 1.692% 7/17/2031(e)(f)			7,029,000				7,004,462
Neuberger Berman CLO XV 2013-15A A1R2, 3M USD LIBOR + 0.920% — 1.161% 10/15/2029(e)(f)			3,102,000				3,085,172
OCP CLO Ltd. 2017-13A A1AR, 3M USD LIBOR + 0.960% — 1.201% 7/15/2030(e)(f)			3,328,000				3,301,140
Octagon Investment Partners XV Ltd. 2013-1A A1RR, 3M USD LIBOR + 0.970% — 1.218% 7/19/2030(e)(f)			4,686,000				4,667,406
OFSI BSL VIII Ltd. 2017-1A AR, 3M USD LIBOR + 1.000% — 1.241% 8/16/2029(e)(f)			2,453,983				2,446,957
Owl Rock CLO III Ltd. 2020-3A A1L, 3M USD LIBOR + 1.800% — 2.054% 4/20/2032(e)(f)			800,000				800,076
Owl Rock CLO VI Ltd. 2021-6A A, 3M USD LIBOR + 1.450% — 1.572% 6/21/2032(e)(f)			3,634,000				3,617,309
Palmer Square Loan Funding Ltd. 2019-1A A1, 3M USD LIBOR + 1.050% — 1.304% 4/20/2027(e)(f)			98,363				98,363
Parliament CLO II Ltd. 2021-2A A, 3M USD LIBOR + 1.350% — 1.830% 8/20/2032(e)(f)			1,756,000				1,739,606
Parliament CLO II Ltd. 2021-2A D, 3M USD LIBOR + 3.700% — 4.180% 8/20/2032(e)(f)			2,646,000				2,607,567

 

 

FPA FLEXIBLE FIXED INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2022

(Unaudited)

 

BONDS & DEBENTURES - Continued		Principal Amount				Fair Value
Parliament Funding II Ltd. 2020-1A AR, 3M USD LIBOR + 1.250% — 1.490% 10/20/2031(e)(f)		$	2,164,000			$	2,153,812
TCP Whitney CLO Ltd. 2017-1A ER, 3M USD LIBOR + 8.160% — 8.640% 8/20/2033(e)(f)			2,429,000				2,328,923
Telos CLO Ltd. 2014-5A A1R, 3M USD LIBOR + 0.950% — 1.191% 4/17/2028(e)(f)			21,164				21,157
VCP CLO II Ltd. 2021-2A A1, 3M USD LIBOR + 1.670% — 1.911% 4/15/2031(e)(f)			6,216,000				6,212,998
VCP CLO II Ltd. 2021-2A E, 3M USD LIBOR + 8.400% — 8.641% 4/15/2031(e)(f)			4,460,000				4,256,914
Venture XXV CLO Ltd. 2016-25A ARR, 3M USD LIBOR + 1.020% — 1.274% 4/20/2029(e)(f)			367,332				366,939
Woodmont Trust 2019-6A A1R, 3M USD LIBOR + 1.480% — 1.604% 7/15/2031(e)(f)			2,657,000				2,648,115
Woodmont Trust 2019-6A A1R2, 1M USD LIBOR + 1.480% — 1.694% 7/15/2031(e)(f)			1,679,000				1,673,385
Zais CLO 7 Ltd. 2017-2A A, 3M USD LIBOR + 1.290% — 1.531% 4/15/2030(e)(f)			620,583				617,542
						$	140,254,063
CREDIT CARD — 0.0%
Capital One Multi-Asset Execution Trust 2019-A2 A2 — 1.720% 8/15/2024		$	49,000			$	49,087
						$	49,087
EQUIPMENT — 11.9%
ARI Fleet Lease Trust 2020-A B — 2.060% 11/15/2028(f)		$	1,239,000			$	1,231,018
Avis Budget Rental Car Funding AESOP LLC 2017-2A A — 2.970% 3/20/2024(f)			268,000				269,190
CCG Receivables Trust 2021-2 A2 — 0.540% 3/14/2029(f)			2,687,000				2,615,103
Chesapeake Funding II LLC 2020-1A C — 2.140% 8/15/2032(f)			368,000				362,367
Coinstar Funding LLC 2017-1A A2 — 5.216% 4/25/2047(f)			2,536,508				2,535,087
Dell Equipment Finance Trust 2021-1 C — 0.810% 5/22/2026(f)			2,100,000				2,040,975
Dell Equipment Finance Trust 2021-2 C — 0.940% 12/22/2026(f)			665,000				636,886
Dell Equipment Finance Trust 2020-2 C — 1.370% 1/22/2024(f)			2,200,000				2,169,422
Dell Equipment Finance Trust 2020-2 D — 1.920% 3/23/2026(f)			6,801,000				6,738,957
Dell Equipment Finance Trust 2022-1 A3 — 2.490% 8/23/2027			7,144,000				7,055,540
Dell Equipment Finance Trust 2022-1 B — 2.720% 8/23/2027			1,109,000				1,092,678
Dell Equipment Finance Trust 2022-1 C — 2.940% 8/23/2027			1,139,000				1,122,363
Donlen Fleet Lease Funding 2 LLC 2021-2 A2 — 0.560% 12/11/2034(f)			2,284,856				2,242,215
Encina Equipment Finance LLC 2021-1A A2 — 0.740% 12/15/2026(f)			945,000				931,523
Enterprise Fleet Financing LLC 2021-2 A2 — 0.480% 5/20/2027(f)			4,034,000				3,905,610
Enterprise Fleet Financing LLC 2021-3 A2 — 0.770% 8/20/2027(f)			2,941,000				2,848,124
Ford Credit Floorplan Master Owner Trust 2020-1 B — 0.980% 9/15/2025			1,000,000				972,127
GMF Floorplan Owner Revolving Trust 2020-1 A — 0.680% 8/15/2025(f)			990,000				961,373
GMF Floorplan Owner Revolving Trust 2020-2 A — 0.690% 10/15/2025(f)			1,850,000				1,792,143
GMF Floorplan Owner Revolving Trust 2020-2 B — 0.960% 10/15/2025(f)			6,890,000				6,685,254
GMF Floorplan Owner Revolving Trust 2019-2 A — 2.900% 4/15/2026(f)			1,953,000				1,954,653
GreatAmerica Leasing Receivables Funding LLC 2019-1 B — 3.370% 2/18/2025(f)			252,000				253,579
Hertz Vehicle Financing LLC 2021-1A A — 1.210% 12/26/2025(f)			4,442,000				4,198,984
Hertz Vehicle Financing LLC 2022-4A A — 3.730% 9/25/2026			4,846,000				4,852,057
HPEFS Equipment Trust 2021-1A — 0.750% 3/20/2031(f)			1,300,000				1,265,408
HPEFS Equipment Trust 2022-1A A3 — 1.380% 5/21/2029(f)			3,943,000				3,834,778
HPEFS Equipment Trust 2022-1A B — 1.790% 5/21/2029(f)			1,619,000				1,572,166
HPEFS Equipment Trust 2022-1A C — 1.960% 5/21/2029(f)			1,076,000				1,039,880
HPEFS Equipment Trust 2020-2A C — 2.000% 7/22/2030(f)			711,000				709,757
HPEFS Equipment Trust 2020-1A D — 2.260% 2/20/2030(f)			1,000,000				997,904
HPEFS Equipment Trust 2019-1A D — 2.720% 9/20/2029(f)			4,500,000				4,516,974

 

 

 FPA FLEXIBLE FIXED INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2022
(Unaudited)

 

BONDS & DEBENTURES - Continued		Principal Amount				Fair Value
HPEFS Equipment Trust 2020-2A D — 2.790% 7/22/2030(f)		$	2,000,000			$	2,007,486
Kubota Credit Owner Trust 2020-1A A4 — 2.260% 7/15/2026(f)			762,000				757,216
Navistar Financial Dealer Note Master Trust 2020-1 C, 1M USD LIBOR + 2.150% — 2.607% 7/25/2025(e)(f)			1,563,000				1,568,584
NextGear Floorplan Master Owner Trust 2021-1A A — 0.850% 7/15/2026(f)			253,000				241,494
NextGear Floorplan Master Owner Trust 2022-1A A2 — 2.800% 3/15/2027			4,685,000				4,685,591
Pawneee Equipment Receivables LLC 2021-1 A2 — 1.100% 7/15/2027(f)			1,089,000				1,055,437
Verizon Owner Trust 2019-C B — 2.060% 4/22/2024			925,000				921,772
Verizon Owner Trust 2020-A C — 2.060% 7/22/2024			230,000				228,825
Verizon Owner Trust 2019-C C — 2.160% 4/22/2024			290,000				289,981
Verizon Owner Trust 2019-B A1A — 2.330% 12/20/2023			38,901				38,949
Verizon Owner Trust 2019-A C — 3.220% 9/20/2023			200,000				201,083
Wheels SPV 2 LLC 2020-1A A3 — 0.620% 8/20/2029(f)			3,542,000				3,446,743
						$	88,847,256
OTHER — 15.9%
ABPCI Direct Lending Fund ABS I Ltd. 2020-1A A — 3.199% 12/20/2030(f)		$	1,284,000			$	1,216,667
ABPCI Direct Lending Fund ABS I Ltd. 2020-1A B — 4.935% 12/20/2030(f)			3,273,000				3,090,386
ABPCI Direct Lending Fund ABS II LLC 2022-2A A1, 3M USD LIBOR + 2.100% — 2.372% 3/1/2032(c)(e)(f)			1,670,000				1,670,000
ABPCI Direct Lending Fund ABS II LLC 2022-2A C — 8.237% 3/1/2032(c)(f)			6,978,000				6,978,000
CARS-DB4 LP 2020-1A A1 — 2.690% 2/15/2050(f)			294,119				287,274
Cologix Data Centers US Issuer LLC 2021-1A A2 — 3.300% 12/26/2051(f)			2,673,000				2,579,890
Cologix Data Centers US Issuer LLC 2021-1A C — 5.990% 12/26/2051(f)			3,235,000				3,030,120
Conn's Receivables Funding LLC 2021-A B — 2.870% 5/15/2026(f)			2,369,000				2,302,699
Conn's Receivables Funding LLC 2020-A B — 4.270% 6/16/2025(f)			144,778				144,759
DataBank Issuer 2021-1A C — 4.430% 2/27/2051(f)			1,500,000				1,368,830
Diamond Infrastructure Funding LLC 2021-1A C — 3.475% 4/15/2049(f)			512,000				484,790
Diamond Issuer 2021-1A C — 3.787% 11/20/2051(f)			1,718,000				1,616,095
Elm Trust 2020-4A A2 — 2.286% 10/20/2029(f)			330,000				313,896
Elm Trust 2020-3A A2 — 2.954% 8/20/2029(f)			362,000				346,386
Elm Trust 2020-4A B — 3.866% 10/20/2029(f)			985,000				935,906
Elm Trust 2020-3A B — 4.481% 8/20/2029(f)			897,000				857,959
FCI Funding LLC 2021-1A A — 1.130% 4/15/2033(f)			431,401				426,989
Golub Capital Partners ABS Funding Ltd. 2021-1A A2 — 2.773% 4/20/2029(f)			3,868,000				3,690,072
Golub Capital Partners ABS Funding Ltd. 2021-2A A — 2.944% 10/19/2029(f)			4,896,000				4,635,787
Golub Capital Partners ABS Funding Ltd. 2020-1A A2 — 3.208% 1/22/2029(f)			2,267,000				2,229,710
Golub Capital Partners ABS Funding Ltd. 2021-1A B — 3.816% 4/20/2029(f)			1,924,000				1,823,182
Golub Capital Partners ABS Funding Ltd. 2021-2A B — 3.994% 10/19/2029(f)			5,697,000				5,399,308
Golub Capital Partners ABS Funding Ltd. 2020-1A B — 4.496% 1/22/2029(f)			1,404,000				1,389,000
Gracie Point International Funding 2021-1A, 1M USD LIBOR + 0.750% — 0.981% 11/1/2023(e)(f)			1,802,714				1,802,160
Hotwire Funding LLC 2021-1 C — 4.459% 11/20/2051(f)			1,250,000				1,160,851
Legal Fee Funding LLC 2006-1A A — 8.000% 7/20/2036(f)			224,028				227,125
Monroe Capital ABS Funding Ltd. 2021-1A A2 — 2.815% 4/22/2031(f)			2,912,000				2,754,365
Monroe Capital ABS Funding Ltd. 2021-1A B — 3.908% 4/22/2031(f)			907,000				857,845
Monroe Capital Income Plus ABS Funding LLC 2022-1A A — 4.050% 3/30/2032(c)			3,700,000				3,640,800
New Residential Advance Receivables Trust Advance Receivables Backed Notes 2020-APT1 AT1 — 1.035% 12/16/2052(f)			734,000				721,116
NRZ Advance Receivables Trust 2020-T3 AT3 — 1.317% 10/15/2052(f)			508,200				505,484

 

 

 FPA FLEXIBLE FIXED INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2022
(Unaudited)

 

BONDS & DEBENTURES - Continued		Principal Amount				Fair Value
NRZ Advance Receivables Trust 2020-T2 AT2 — 1.475% 9/15/2053(f)		$	2,720,000			$	2,627,297
Oasis Securitization Funding LLC 2021-1A A — 2.579% 2/15/2033(f)			256,450				255,752
Ocwen Master Advance Receivables Trust 2020-T1 AT1 — 1.278% 8/15/2052(f)			2,616,600				2,616,600
Oportun Funding XIV LLC 2021-A — 1.210% 3/8/2028(f)			532,000				522,285
Oportun Issuance Trust 2021-B — 1.470% 5/8/2031(f)			1,020,000				993,131
Oportun Issuance Trust 2021-C A — 2.180% 10/8/2031(f)			4,976,000				4,803,991
Owl Rock Technology Financing LLC 2020-1A A, 3M USD LIBOR + 2.950% — 3.076% 1/15/2031(e)(f)			3,099,000				3,089,994
PFS Financing Corp. 2021-A A — 0.710% 4/15/2026(f)			2,543,000				2,409,567
PFS Financing Corp. 2021-B A — 0.770% 8/15/2026(f)			1,925,000				1,809,341
PFS Financing Corp. 2021-A B — 0.960% 4/15/2026(f)			310,000				295,948
PFS Financing Corp. 2020-G A — 0.970% 2/15/2026(f)			3,998,000				3,828,122
PFS Financing Corp. 2020-E A — 1.000% 10/15/2025(f)			898,000				876,015
PFS Financing Corp. 2021-B B — 1.090% 8/15/2026(f)			713,000				677,307
PFS Financing Corp. 2020-A A — 1.270% 6/15/2025(f)			2,988,000				2,937,345
PFS Financing Corp. 2020-E B — 1.570% 10/15/2025(f)			4,503,000				4,409,060
PFS Financing Corp. 2020-G B — 1.570% 2/15/2026(f)			197,000				191,390
PFS Financing Corp. 2020-A B — 1.770% 6/15/2025(f)			5,819,000				5,742,861
PFS Financing Corp. 2022-A A — 2.470% 2/16/2027(f)			6,716,000				6,581,310
PFS Financing Corp. 2022-A B — 2.770% 2/16/2027(f)			1,380,000				1,352,598
SMB Private Education Loan Trust 2021-A A1, 1M USD LIBOR + 0.500% — 0.897% 1/15/2053(e)(f)			64,877				64,827
SpringCastle America Funding LLC 2020-AA A — 1.970% 9/25/2037(f)			1,794,840				1,770,097
TVEST LLC 2020-A A — 4.500% 7/15/2032(f)			303,118				302,964
Vantage Data Centers Issuer LLC 2020-1A A2 — 1.645% 9/15/2045(f)			1,068,000				1,003,743
VCP RRL ABS I Ltd. 2021-1A A — 2.152% 10/20/2031(f)			2,294,040				2,215,148
VCP RRL ABS I Ltd. 2021-1A B — 2.848% 10/20/2031(f)			3,618,524				3,407,148
VCP RRL ABS I Ltd. 2021-1A C — 5.425% 10/20/2031(f)			5,617,419				5,449,228
						$	118,720,520
TOTAL ASSET-BACKED SECURITIES (Cost $527,969,195)						$	516,991,374
CORPORATE BONDS & NOTES — 4.6%
COMMUNICATIONS — 0.7%
Consolidated Communications, Inc. — 6.500% 10/1/2028(f)		$	1,119,000			$	1,029,648
Frontier Communications Holdings LLC — 5.875% 10/15/2027(f)			2,598,000				2,585,010
Frontier Communications Holdings LLC — 6.000% 1/15/2030(f)			1,636,000				1,509,210
						$	5,123,868
CONSUMER, CYCLICAL — 0.7%
Air Canada Pass-Through Trust 2020-1C — 10.500% 7/15/2026(f)		$	1,030,000			$	1,189,917
Aramark Services, Inc. — 6.375% 5/1/2025(f)			1,410,000				1,443,910
CD&R Smokey Buyer, Inc. — 6.750% 7/15/2025(f)			2,426,000				2,492,715
Royal Caribbean Cruises Ltd. — 11.500% 6/1/2025(f)			354,000				387,630
						$	5,514,172
CONSUMER, NON-CYCLICAL — 0.3%
Cimpress PLC — 7.000% 6/15/2026(f)		$	2,535,000			$	2,405,081
						$	2,405,081

 

 

 FPA FLEXIBLE FIXED INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2022
(Unaudited)

 

BONDS & DEBENTURES - Continued		Principal Amount				Fair Value
ENERGY — 0.1%
Natural Resource Partners LP/NRP Finance Corp. — 9.125% 6/30/2025(f)		$	831,000			$	849,698
						$	849,698
FINANCIAL — 2.8%
Golub Capital BDC, Inc. — 3.375% 4/15/2024		$	1,487,000			$	1,472,801
Midcap Financial Issuer Trust — 6.500% 5/1/2028(f)			7,484,000				7,034,960
OWL Rock Core Income Corp. — 4.700% 2/8/2027(f)			5,052,000				4,859,387
OWL Rock Core Income Corp. — 5.500% 3/21/2025			7,439,000				7,422,605
						$	20,789,753
TOTAL CORPORATE BONDS & NOTES (Cost $35,084,987)						$	34,682,572
CORPORATE BANK DEBT — 5.7%
ABG Intermediate Holdings 2 LLC, 3M USD LIBOR + 3.250% — 4.000% 9/29/2024(b)(e)		$	3,666,576			$	3,632,954
Applied Systems, Inc., 3M USD LIBOR + 2.000% - 3.000% — 4.006% - 5.500% 9/19/2024(b)(e)			2,414,000				2,407,361
Asurion LLC, 1M USD LIBOR + 3.000% — 3.457% 11/3/2024(b)(e)			4,981,485				4,915,082
Axiom Global, Inc., 5.500% 10/1/2026(b)			3,103,084				3,017,749
Azalea Topco, Inc., 1M USD LIBOR + 3.750% — 3.709% 7/25/2060(b)(e)			1,000,000				990,000
Capstone Acquisition Holdings, Inc. 2020 Delayed Draw Term Loan, 1M USD LIBOR  + 4.750% — 5.750% 11/12/2027(b)(e)(i)			239,700				91,259
Capstone Acquisition Holdings, Inc. 2020 Term Loan, 1M USD LIBOR + 4.750% — 5.750% 11/12/2027(b)(e)			1,798,280				1,796,032
Cimpress Public Ltd., 1M USD LIBOR + 3.500% — 4.000% 5/17/2028(b)(e)			1,209,858				1,194,734
Emerald Topco, Inc., 1M USD LIBOR + 3.500% — 7/24/2026(b)(e)			2,097,305				2,068,467
Frontier Communications Corp., 3M USD LIBOR + 3.750% — 4.813% 5/1/2028(b)(e)			1,115,730				1,096,205
GHX Ultimate Parent Corp., 3M USD LIBOR + 3.250% — 4.256% 6/28/2024(b)(e)			3,639,507				3,580,365
Hanjin International Corp., 3M USD LIBOR + 5.000% — 5.960% 12/23/2022(b)(e)			1,627,000				1,610,730
Heartland Dental LLC, 1M USD LIBOR + 4.000% — 4.447% 4/30/2025(b)(e)			3,628,653				3,594,653
JC Penney Corp., Inc., 3M USD LIBOR + 4.250% — 5.250% 6/23/2023(b)(e)			480,181				48
McDermott Super Senior Exit LC — 0.500% 6/30/2024(b)(i)			640,000				(124,800	)
Mediaco Holding, Inc. Class A, 8.400%, PIK — 1.000% 11/25/2024(a)(b)(c)			1,171,527				1,089,520
Packers Holdings LLC, 6M USD LIBOR + 3.250% — 4.000% 3/9/2028(b)(e)			2,433,924				2,391,331
PetVet Care Centers LLC, 1M USD LIBOR + 3.500% — 4.250% 2/14/2025(b)(e)			2,421,077				2,400,909
Polaris Newco, LLC Term Loan B, 3M USD LIBOR + 4.000% — 4.500% 6/2/2028(b)(e)			2,418,585				2,399,841
Polyconcept North America Holdings, Inc., 6M USD LIBOR + 4.500% — 6.000% 8/16/2023(b)(e)			747,168				741,565
WH Borrower LLC — 2/15/2027(b)			2,833,000				2,776,340
Windstream Services LLC, 1M USD LIBOR + 6.250% — 7.250% 9/21/2027(b)(e)			835,001				827,695
TOTAL CORPORATE BANK DEBT (Cost $42,890,378)						$	42,498,040
TOTAL BONDS & DEBENTURES — 94.6% (Cost $720,019,235)						$	706,190,278
TOTAL INVESTMENT SECURITIES — 94.9% (Cost $721,947,651)						$	708,521,677

 

 

 FPA FLEXIBLE FIXED INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2022
(Unaudited)

 

SHORT-TERM INVESTMENTS — 6.3%		Principal Amount				Fair Value
State Street Bank Repurchase Agreement  — 0.00% 4/1/2022
(Dated 03/31/2022, repurchase price of $46,809,000, collateralized by $41,101,800 principal amount U.S. Treasury Notes — 0.500% — 2.250% 2024, fair value $47,745,268)(j)		$	46,809,000			$	46,809,000
TOTAL SHORT-TERM INVESTMENTS (Cost $46,809,000)						$	46,809,000
TOTAL INVESTMENTS — 101.2% (Cost $768,756,651)						$	755,330,677
Other Assets and Liabilities, net — (1.2)%							(8,733,592	)
NET ASSETS — 100.0%						$	746,597,085

 

(a)	These securities have been valued in good faith under policies adopted by authority of the Board of Trustees in accordance with the Fund's fair value procedures. These securities constituted 0.46% of total net assets at March 31, 2022.
(b)	Restricted securities. These restricted securities constituted 6.47% of total net assets at March 31, 2022, 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 Trustees.
(c)	Investments categorized as a significant unobservable input (Level 3) (See Note 1 of the Notes to Financial Statements).
(d)	Non-income producing security.
(e)	Variable/Floating Rate Security — The rate shown is based on the latest available information as of March 31, 2022. For Corporate Bank Debt, the rate shown may represent a weighted average interest rate. Certain variable rate securities are not based on a published rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
(f)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.
(g)	Zero coupon bond. Coupon amount represents effective yield to maturity.
(h)	Step Coupon - Coupon rate increases in increments to maturity. Rate disclosed is as of March 31, 2022.
(i)	All or a portion of this holding is subject to unfunded loan commitments. The stated interest rate reflects the weighted average of the reference rate and spread for the funded portion, if any, and the commitment fees on the portion of the loan that is unfunded.
(j)	Security pledged as collateral.

 

 

FPA FLEXIBLE FIXED INCOME FUND

PORTFOLIO OF INVESTMENTS – RESTRICTED SECURITIES

March 31, 2022

(Unaudited)

 

Issuer		Acquisition Date (s)		Cost				Fair Value				Fair Value as a % of Net Assets
ABG Intermediate Holdings 2 LLC, 3M USD LIBOR + 3.250% — 4.000% 9/29/2024		02/23/2022, 02/28/2022, 03/01/2022		$	3,602,906			$	3,632,954				0.49	%
Applied Systems, Inc., 3M USD LIBOR + 2.000% - 3.000% — 4.006% - 5.500% 9/19/2024		02/16/2022			2,408,636				2,407,361				0.32	%
Asurion LLC, 1M USD LIBOR + 3.000% — 3.457% 11/3/2024		03/08/2022			4,950,894				4,915,082				0.66	%
Axiom Global, Inc., 5.500% 10/1/2026		11/18/2021, 11/19/2021			3,073,439				3,017,749				0.41	%
Azalea Topco, Inc., 1M USD LIBOR + 3.750% — 3.709% 7/25/2060		02/17/2022			990,500				990,000				0.13	%
BTC Holdings Fund I LLC  - 2.780% 1/28/2027		09/01/2021			1,448,267				1,448,267				0.19	%
BTC Offshore Holdings Fund, 3M USD LIBOR + 2.650% — 2.910% 10/20/2029		01/20/2022			2,000,000				2,000,000				0.27	%
Capstone Acquisition Holdings, Inc. 2020 Delayed Draw Term Loan, 1M USD LIBOR  + 4.750% — 5.750% 11/12/2027		04/30/2021			90,594				91,259				0.01	%
Capstone Acquisition Holdings, Inc. 2020 Term Loan, 1M USD LIBOR + 4.750% — 5.750% 11/12/2027		04/30/2021			1,785,547				1,796,032				0.24	%
Cimpress Public Ltd., 1M USD LIBOR + 3.500% — 4.000% 5/17/2028		04/30/2021			1,199,231				1,194,734				0.16	%
Copper Earn Out Trust		12/07/2020			—				91,685				0.01	%
Copper Property CTL Pass Through Trust		01/17/2019, 02/08/2019, 03/11/2019, 06/08/2020, 07/10/2020			939,850				921,690				0.12	%
Emerald Topco, Inc., 1M USD LIBOR + 3.500% — 7/24/2026		09/20/2021			2,084,245				2,068,467				0.28	%
Frontier Communications Corp., 3M USD LIBOR + 3.750% — 4.813% 5/1/2028		04/09/2021			1,105,892				1,096,205				0.15	%
GHX Ultimate Parent Corp., 3M USD LIBOR + 3.250% — 4.256% 6/28/2024		12/02/2021, 02/24/2022			3,626,232				3,580,365				0.48	%
Hanjin International Corp., 3M USD LIBOR + 5.000% — 5.960% 12/23/2022		12/23/2020, 02/25/2021			1,623,878				1,610,730				0.22	%
Heartland Dental LLC, 1M USD LIBOR + 4.000% — 4.447% 4/30/2025		02/23/2022			3,611,281				3,594,653				0.48	%
JC Penney Corp., Inc., 3M USD LIBOR + 4.250% — 5.250% 6/23/2023		02/03/2021			—				48				0.00	%
McDermott Super Senior Exit LC — 0.500% 6/30/2024		02/28/2020			(3,392	)			(124,800	)			(0.02	)%
Mediaco Holding, Inc. Class A, 8.400%, PIK — 1.000% 11/25/2024		01/01/2022, 02/01/2022			1,164,751				1,089,520				0.15	%
PHI Group, Inc., Restricted		08/19/2019			615,785				1,151,968				0.16	%
Packers Holdings LLC, 6M USD LIBOR + 3.250% — 4.000% 3/9/2028		02/23/2022			2,418,613				2,391,331				0.32	%
PetVet Care Centers LLC, 1M USD LIBOR + 3.500% — 4.250% 2/14/2025		02/23/2022			2,415,295				2,400,909				0.32	%
Polaris Newco, LLC Term Loan B, 3M USD LIBOR + 4.000% — 4.500% 6/2/2028		02/23/2022			2,412,365				2,399,841				0.32	%

 

 

FPA FLEXIBLE FIXED INCOME FUND 

Portfolio of investments – RESTRICTED SECURITIES (Continued) 

March 31, 2022 

(Unaudited)

 

Issuer		Acquisition Date (s)			Cost				Fair Value				Fair Value as a % of Net Assets
Polyconcept North America Holdings, Inc., 6M USD LIBOR + 4.500% — 6.000% 8/16/2023		11/18/2019		$	744,323			$	741,565				0.10	%
WH Borrower LLC — 2/15/2027		02/09/2022			2,776,340				2,776,340				0.37	%
Windstream Holdings, Inc.		11/16/2020			372,781				166,056				0.02	%
Windstream Services LLC, 1M USD LIBOR + 6.250% — 7.250% 9/21/2027		08/11/2020			808,808				827,695				0.11	%
TOTAL RESTRICTED SECURITIES				$	48,267,061			$	48,277,706				6.47	%

 

 

NOTE 1 — Disclosure of Fair Value Measurements

 

The Fund uses the following methods and inputs to establish the fair value of its assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.

 

Equity securities are generally valued each day at the official closing price of, or the last reported sale price on, the exchange or market on which such securities principally are traded, as of the close of business on that day.

 

If there have been no sales that day, equity securities are generally valued at the last available bid price. Securities that are unlisted and fixed-income and convertible securities listed on a national securities exchange for which the over-the-counter ("OTC") market more accurately reflects the securities’ value in the judgment of the Fund's officers, are valued at the most recent bid price. However, most fixed income securities are generally valued at prices obtained from pricing vendors and brokers. Vendors value such securities based on one or more of the following inputs: transactions, bids, offers quotations from dealers and trading systems, spreads and other relationships observed in the markets among comparable securities, benchmarks, underlying equity of the issuer, and proprietary pricing models such as cash flows, financial or collateral performance and other reference data (includes prepayments, defaults, collateral, credit enhancements, and interest rate volatility). Short-term corporate notes with maturities of 60 days or less at the time of purchase are valued at amortized cost.

 

Securities for which representative market quotations are not readily available or are considered unreliable by the Adviser are valued as determined in good faith under procedures adopted by the authority of the Fund’s Board of Trustees. Various inputs may be reviewed in order to make a good faith determination of a security’s value. These inputs include, but are not limited to, the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations of investments that would have been used had greater market activity occurred.

 

The Fund classifies its assets based on three valuation methodologies. Level 1 values are based on quoted market prices in active markets for identical assets. Level 2 values are based on significant observable market inputs, such as quoted prices for similar assets and quoted prices in inactive markets or other market observable inputs as noted above including spreads, cash flows, financial performance, prepayments, defaults, collateral, credit enhancements, and interest rate volatility. Level 3 values are based on significant unobservable inputs that reflect the Fund’s determination of assumptions that market participants might reasonably use in valuing the assets. The valuation levels are not necessarily an indication of the risk associated with investing in those securities. The following table presents the valuation levels of the Fund's investments as of March 31, 2022:

 

 

Investments		Level 1				Level 2				Level 3				Total
Common Stocks
Energy			—				—			$	1,151,968			$	1,151,968
Retailing			—				—				1,013,375				1,013,375
Rights
Midstream - Oil & Gas			—				—				166,056				166,056
Commercial Mortgage-Backed Securities
Agency			—			$	127,670				—				127,670
Agency Stripped			—				1,158,819				—				1,158,819
Non-Agency			—				50,729,694				2,295,000				53,024,694
Residential Mortgage-Backed Securities
Agency Collateralized Mortgage Obligation			—				1,792,092				—				1,792,092
Agency Pool Fixed Rate			—				173,798				—				173,798
Agency Stripped			—				132,055				—				132,055
Non-Agency Collateralized Mortgage Obligation			—				55,609,164				—				55,609,164
Asset-Backed Securities
Auto			—				169,120,448				—				169,120,448
Collateralized Loan Obligation			—				136,805,796				3,448,267				140,254,063
Credit Card			—				49,087				—				49,087
Equipment			—				88,847,256				—				88,847,256
Other			—				106,431,720				12,288,800				118,720,520
Corporate Bonds & Notes			—				34,682,572				—				34,682,572
Corporate Bank Debt			—				41,408,520				1,089,520				42,498,040
Short-Term Investments			—				46,809,000				—				46,809,000
			—			$	733,877,691			$	21,452,986			$	755,330,677

 

 

The following table summarizes the Fund’s Level 3 investment securities and related transactions during the period ended March 31, 2022:

 

Investments		Beginning Value at December 31, 2021				Net Realized and Unrealized Gains (Losses)				Purchases				(Sales)				Gross Transfers In/(Out)				Ending Value at March 31, 2022				Net Change in Unrealized Appreciation (Depreciation) related to Investments held at March 31, 2022
Common Stocks		$	2,618,873			$	(453,530	)		$	188,003			$	(188,003	)			—			$	2,165,343			$	(277,179	)
Rights			163,241				2,815				—				—				—				166,056				2,815
Commercial Mortgage-Backed Securities Non-Agency			—				11				2,294,989				—								2,295,000				—
Residential Mortgage-Backed Securities Non-Agency Collateralized Mortgage Obligation			5,427,136				(186,925	)			—				(225,189	)		$	(5,015,022	)			—				—
Asset-Backed Securities Collateralized Loan Obligation			2,720,980				—				1,000,000				(272,713	)							3,448,267				—
Other			—				803				12,287,997				—				—				12,288,800				803
Corporate Bank Debt			1,100,801				551				2,015				(13,847	)			—				1,089,520				704
		$	12,031,031			$	(636,275	)		$	15,773,004			$	(699,752	)		$	(5,015,022	)		$	21,452,986			$	(272,857	)

 

There were transfers of $5,015,022 out of Level 3 into Level 2 during the period ended March 31, 2022. Transfers out of Level 3 were due to change in valuation technique from recent trade activity to vendor priced.

 

The following table summarizes the quantitative inputs and assumptions used for items categorized as items categorized as Level 3 of the fair value hierarchy as of March 31, 2022:

 

Financial Assets		Fair Value at March 31, 2021				Valuation Technique(s)		Unobservable Inputs		Price/Range		Weighted Average Price
Common Stocks		$	1,013,375			Pricing Model (a)		Quotes/Prices		$11.75 - $15.75		$	15.39
			1,151,968			Pricing Model (b)		Executed Trades		$15.30		$	15.30
Rights		$	166,056			Pricing Model (a)		Quotes/Prices		$14.75		$	14.75
Commercial Mortgage-Backed Securities Non Agency		$	2,295,000			Third-Party Broker Quote (c)		Quotes/Prices		$100.00		$	100.00
Asset Backed Securities
Collateralized Loan Obligation		$	3,448,267			Third-Party Broker Quote (c)		Quotes/Prices		$100.00		$	100.00
Other		$	12,288,800			Third-Party Broker Quote (c)		Quotes/Prices		$98.40 - $100.00		$	99.53
Corporate Bank Debt		$	1,089,520			Pricing Model (d)		Discounts		14.20%			14.20	%

 

(a)

The Pricing Model technique for Level 3 securities involves recently quoted funding prices of the security.

(b)

The Pricing Model technique for Level 3 securities involves the last executed trade in the security.

(c)

The Third Party Broker Quote technique involves obtaining an independent third-party broker quote for the security.

(d)

The Pricing Model technique for Level 3 securities involves external valuation by an independent third party who utilized a discounted cash flow model.

 

 

NOTE 2 — Federal Income Tax

 

The cost of investment securities held at March 31, 2022 (excluding short-term investments), was $721,948,314 for federal income tax purposes. Net unrealized depreciation consists of:

 

Gross unrealized appreciation:		$	1,443,020
Gross unrealized depreciation:			(14,869,657	)
Net unrealized depreciation:		$	(13,426,637	)