Form NPORT-P FPA FUNDS TRUST For: Mar 31

May 27, 2022 3:57 PM EDT

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    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
        MF1 Ltd.
        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
        Cascade Funding Mortgage Trust
        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
        Golub Capital Partners CLO 42M Ltd.
        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
        Madison Park Funding XIII Ltd.
        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
        Greystone CRE Notes Ltd.
        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
        BTC Holdings Fund I LLC
        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
        Drive Auto Receivables Trust
        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
        JC Penney Corp., Inc.
        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
        CARS-DB4 LP
        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
        LoanCore Issuer Ltd.
        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
        Santander Retail Auto Lease Trust
        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
        VCC Trust
        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
        Federal Home Loan Mortgage Corp. REMICS
        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
        IVY Hill Middle Market Credit Fund XII Ltd.
        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
        PFS Financing Corp.
        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
        HPEFS Equipment Trust
        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
        Wheels SPV 2 LLC
        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
        Cerberus Loan Funding XXXIV LP
        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
        Woodmont Trust
        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
        LoanCore Issuer Ltd.
        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
        Kubota Credit Owner Trust
        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
        DT Auto Owner Trust
        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
        Fortress Credit Opportunities XVII CLO Ltd.
        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
        Golub Capital Partners ABS Funding Ltd.
        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
        CFMT LLC
        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
        GM Financial Automobile Leasing Trust
        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
        RCO VII Mortgage LLC
        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
        AmeriCredit Automobile Receivables Trust
        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
        Golub Capital Partners ABS Funding Ltd.
        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
        American Credit Acceptance Receivables Trust
        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
        BX Commercial Mortgage Trust
        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
        Hertz Vehicle Financing LLC
        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
        Barings Middle Market CLO Ltd.
        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
        Frontier Communications Corp.
        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
        OFSI BSL VIII Ltd.
        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
        OCP CLO Ltd.
        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
        Air Canada Pass-Through Trust
        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
        Westlake Automobile Receivables Trust
        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
        GMF Floorplan Owner Revolving Trust
        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
        ABPCI Direct Lending Fund CLO II LLC
        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
        ABG Intermediate Holdings 2 LLC
        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
        Citigroup Commercial Mortgage Trust
        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
        Brightwood Capital MM CLO Ltd.
        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
        AmeriCredit Automobile Receivables Trust
        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
        Oasis Securitization Funding LLC
        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
        Oportun Issuance Trust
        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
        Elm Trust
        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
        Flagship Credit Auto Trust
        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
        American Credit Acceptance Receivables Trust
        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
        VOLT XCIV LLC
        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
        Federal National Mortgage Association REMICS
        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
        American Credit Acceptance Receivables Trust
        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
        Finance of America HECM Buyout
        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
        GMF Floorplan Owner Revolving Trust
        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
        Elm Trust
        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
        PFS Financing Corp.
        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
        Westlake Automobile Receivables Trust
        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
        Neuberger Berman CLO XV
        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
        Fortress Credit Opportunities XI CLO Ltd.
        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
        Palmer Square Loan Funding Ltd.
        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
        Capstone Acquisition Holdings, Inc.
        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
        NextGear Floorplan Master Owner Trust
        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
        Dell Equipment Finance Trust
        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
        Oportun Issuance Trust
        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
        Navistar Financial Dealer Note Master Trust
        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
        Emerald TopCo, Inc.
        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
        VMC Finance LLC
        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
        Parliament CLO II Ltd.
        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
        Golub Capital Partners ABS Funding Ltd.
        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
        Westlake Automobile Receivables Trust
        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
        GM Financial Consumer Automobile Receivables Trust
        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
        Federal National Mortgage Association REMICS
        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
        Santander Retail Auto Lease Trust
        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
        BRAVO Residential Funding Trust
        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
        Hertz Vehicle Financing LLC
        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
        Vantage Data Centers Issuer LLC
        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
        Westlake Automobile Receivables Trust
        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
        PFS Financing Corp.
        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
        Towd Point Mortgage Trust
        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
        Drive Auto Receivables Trust
        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
        Prestige Auto Receivables Trust
        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
        BDS Ltd.
        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
        TVEST LLC
        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
        Golub Capital Partners CLO 36m Ltd.
        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
        Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
        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
        Oportun Funding XIV LLC
        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
        Monroe Capital Income Plus ABS Funding LLC
        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
        Zais CLO 7 Ltd.
        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
        Santander Drive Auto Receivables Trust
        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
        HPEFS Equipment Trust
        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
        Westlake Automobile Receivables Trust
        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
        PFS Financing Corp.
        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
        PFS Financing Corp.
        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
        Telos CLO Ltd.
        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
        Cerberus Loan Funding XXIX LP
        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
        PRET LLC
        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
        Westlake Automobile Receivables Trust
        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
        Hanjin International
        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
        American Credit Acceptance Receivables Trust
        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
        Lake Shore MM CLO III LLC
        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
        PRET LLC
        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
        NRZ Advance Receivables Trust
        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
        Santander Drive Auto Receivables Trust
        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
        GS Mortgage Securities Trust
        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
        Westlake Automobile Receivables Trust
        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
        CIM Trust
        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
        CFMT LLC
        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
        Hyundai Auto Receivables Trust
        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
        Prestige Auto Receivables Trust
        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
        Santander Retail Auto Lease Trust
        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
        Towd Point Mortgage Trust
        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
        Repurchase Agreement
        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
        Ivy Hill Middle Market Credit Fund IX Ltd.
        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
        Carmax Auto Owner Trust
        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
        Santander Drive Auto Receivables Trust
        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
        BDS Ltd.
        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
        PFS Financing Corp.
        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
        BDS Ltd.
        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
        VCAT LLC
        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
        HPEFS Equipment Trust
        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
        Polaris Newco LLC
        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
        COMM Mortgage Trust
        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
        Avis Budget Rental Car Funding AESOP LLC
        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
        ABPCI Direct Lending Fund ABS II LLC
        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
        Exeter Automobile Receivables Trust
        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
        Drive Auto Receivables Trust
        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
        Cerberus Loan Funding XXV LP
        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
        Applied Systems, Inc.
        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
        Ocwen Master Advance Receivables Trust
        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
        Chesapeake Funding II LLC
        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
        Citigroup Commercial Mortgage Trust
        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
        Exeter Automobile Receivables Trust
        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
        Lake Shore MM CLO IV Ltd.
        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
        TCP Whitney CLO Ltd.
        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
        JP Morgan Chase Commercial Mortgage Securities Trust
        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
        Cologix Data Centers U.S. Issuer LLC
        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
        Golub Capital Partners TALF LLC
        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
        Cologix Data Centers U.S. Issuer LLC
        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
        BX Commercial Mortgage Trust
        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
        Monroe Capital ABS Funding Ltd.
        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
        Packers Holdings LLC
        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
        DT Auto Owner Trust
        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
        Federal Home Loan Mortgage Corp. REMICS
        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
        Government National Mortgage Association
        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
        Frontier Communications Holdings LLC
        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
        AREIT Trust
        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
        Exeter Automobile Receivables Trust
        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
        Westlake Automobile Receivables Trust
        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
        Enterprise Fleet Financing LLC
        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
        GM Financial Automobile Leasing Trust
        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
        BlackRock DLF VIII-L CLO Trust
        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
        PRPM LLC
        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
        Federal National Mortgage Association
        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
        Diamond Issuer
        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
        DT Auto Owner Trust
        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
        PFP Ltd.
        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
        VCP RRL ABS I Ltd.
        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
        Government National Mortgage Association
        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
        Madison Park Funding XXIII Ltd.
        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
        Windstream Services LLC
        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
        CFMT LLC
        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
        Cerberus Loan Funding XXVIII LP
        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
        ACRES Commercial Realty Ltd.
        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
        Government National Mortgage Association
        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
        GMF Floorplan Owner Revolving Trust
        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
        ABPCI Direct Lending Fund IX LLC
        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
        HERA Commercial Mortgage Ltd.
        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
        Dell Equipment Finance Trust
        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
        Midcap Financial Issuer Trust
        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
        MCF CLO IX Ltd.
        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
        MF1 Ltd.
        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
        Arbor Realty Commercial Real Estate Notes Ltd.
        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
        Ford Credit Auto Lease Trust
        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
        Exeter Automobile Receivables Trust
        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
        BTC Offshore Holdings Fund
        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
        Towd Point Mortgage Trust
        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
        ARI Fleet Lease Trust
        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
        NextGear Floorplan Master Owner Trust
        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
        Flagship Credit Auto Trust
        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
        LoanCore Issuer Ltd.
        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
        Federal Home Loan Mortgage Corp. REMICS
        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
        Copper Earnout Trust
        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
        Honda Auto Receivables Owner Trust
        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
        Government National Mortgage Association
        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
        Government National Mortgage Association
        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
        Cimpress Public Ltd. Co.
        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
        LCCM Trust
        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
        DT Auto Owner Trust
        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
        Santander Drive Auto Receivables Trust
        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
        OWL Rock Core Income Corp.
        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
        Wells Fargo Commercial Mortgage Trust
        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
        Arbor Realty Commercial Real Estate Notes Ltd.
        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
        VCP RRL ABS I Ltd.
        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
        Santander Retail Auto Lease Trust
        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
        Owl Rock CLO III Ltd.
        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
        Golub Capital Partners ABS Funding Ltd.
        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
        Arbor Realty Commercial Real Estate Notes Ltd.
        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
        Ellington CLO IV Ltd.
        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
        Federal Home Loan Mortgage Corp. REMICS
        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
        Enterprise Fleet Financing LLC
        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
        Royal Caribbean Cruises Ltd.
        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
        Fortress Credit Opportunities IX CLO Ltd.
        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
        SMB Private Education Loan Trust
        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
        Parliament Funding II Ltd.
        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
        GM Financial Automobile Leasing Trust
        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
        Hotwire Funding LLC
        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
        CIM Trust
        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
        CFMT LLC
        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
        JPMBB Commercial Mortgage Securities Trust
        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
        Conn's Receivables Funding LLC
        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
        DT Auto Owner Trust
        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
        Octagon Investment Partners XV Ltd.
        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
        World Omni Auto Receivables Trust
        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
        Cerberus Loan Funding XXVI LP
        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
        Nissan Auto Receivables Owner Trust
        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
        Drive Auto Receivables Trust
        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
        Federal Home Loan Mortgage Corp. REMICS
        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
        A10 Bridge Asset Financing
        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
        Azalea Topco, Inc.
        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
        PRPM LLC
        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
        Heartland Dental LLC
        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
        Copper Property CTL Pass-Through Trust
        217519107
        
          
        
        58520.00000000
        NS
        USD
        921690.00000000
        0.124261900539
        Long
        EC
        CORP
        US
        Y
        
        3
        
          N
          N
          N
        
      
      
        BXMT Ltd
        N/A
        BXMT Ltd.
        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
        American Credit Acceptance Receivables Trust
        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
        Lake Shore MM CLO III LLC
        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
        American Credit Acceptance Receivables Trust
        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
        Diamond Infrastructure Funding LLC
        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
        STWD Ltd.
        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
        Santander Drive Auto Receivables Trust
        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
        Donlen Fleet Lease Funding 2 LLC
        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
        GreatAmerica Leasing Receivables Funding LLC
        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
        Santander Drive Auto Receivables Trust
        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
        Cerberus Loan Funding XXXI LP
        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
        Capital One Multi-Asset Execution Trust
        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
        BMW Vehicle Lease Trust
        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
        Hyundai Auto Lease Securitization Trust
        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
        TRTX Issuer Ltd.
        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
        Venture Xxv CLO Ltd.
        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
        HPEFS Equipment Trust
        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
        VOLT XCV LLC
        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
        Aramark Services, Inc.
        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
        PHI Group, Inc.
        69360B104
        
          
        
        75292.00000000
        NS
        USD
        1151967.60000000
        0.155307840310
        Long
        EC
        CORP
        US
        Y
        
        3
        
          N
          N
          N
        
      
      
        General Motors
        N/A
        GMF Floorplan Owner Revolving Trust
        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
        Golub Capital BDC, Inc.
        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
        Towd Point Mortgage Trust
        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
        Arbor Realty Commercial Real Estate Notes Ltd.
        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
        GHX Ultimate Parent Corp.
        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
        PFS Financing Corp.
        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
        Westlake Automobile Receivables Trust
        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
        DT Auto Owner Trust
        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
        Encina Equipment Finance LLC
        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
        CCG Receivables Trust
        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
        Ivy Hill Middle Market Credit Fund XVIII Ltd.
        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
        HPEFS Equipment Trust
        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
        Madison Park Funding XXV Ltd.
        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
        Ready Capital Mortgage Financing LLC
        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
        Volkswagen Auto Loan Enhanced Trust
        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
        Dell Equipment Finance Trust
        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
        KREF Ltd.
        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
        PFS Financing Corp.
        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
        Santander Retail Auto Lease Trust
        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
        PFS Financing Corp.
        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
        Drive Auto Receivables Trust
        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
        Ford Credit Auto Lease Trust
        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
        First Investors Auto Owner Trust
        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
        Federal National Mortgage Association REMICS
        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
        PetVet Care Centers LLC
        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
        DT Auto Owner Trust
        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
        American Credit Acceptance Receivables Trust
        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
        WH Borrower LLC
        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
        Westlake Automobile Receivables Trust
        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
        Verizon Owner Trust
        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
        ABPCI Direct Lending Fund CLO I LLC
        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
        ACRES Commercial Realty Ltd.
        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
        Owl Rock CLO VI Ltd.
        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
        McDermott International, Inc.
        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
        Pretium Mortgage Credit Partners I LLC
        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
        VCP RRL ABS I Ltd.
        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
        Natural Resource Partners LP/NRP Finance Corp.
        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
        American Credit Acceptance Receivables Trust
        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
        CoreVest American Finance Trust
        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
        American Credit Acceptance Receivables Trust
        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
        CarMax Auto Owner Trust
        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
        American Credit Acceptance Receivables Trust
        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
        Government National Mortgage Association
        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
        Ford Credit Floorplan Master Owner Trust
        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
        Verizon Owner Trust
        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
        American Credit Acceptance Receivables Trust
        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
        PFS Financing Corp.
        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
        Pretium Mortgage Credit Partners I LLC
        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
        Golub Capital Partners CLO 38M Ltd.
        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
        Pawneee Equipment Receivables LLC
        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
        BlackRock Mount Adams CLO IX LP
        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
        ABPCI Direct Lending Fund CLO X LP
        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
        Citigroup Commercial Mortgage Trust
        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
        Windstream Holdings, Inc.
        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
        Santander Drive Auto Receivables Trust
        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
        HPEFS Equipment Trust
        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
        VCAT LLC
        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
        TRTX Issuer Ltd.
        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
        Golub Capital Partners ABS Funding Ltd.
        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
        New Residential Advance Receivables Trust Advance Receivables Backed Notes
        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
        ABPCI Direct Lending Fund ABS II LLC
        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
        HPEFS Equipment Trust
        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
        Toyota Auto Receivables Owner Trust
        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
        Legal Fee Funding LLC
        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
        Cerberus Loan Funding XXXVI LP
        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
        Drive Auto Receivables Trust
        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
        DT Auto Owner Trust
        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
        DataBank Issuer
        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
        SpringCastle America Funding LLC
        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
        Frontier Communications Holdings LLC
        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
        VCP CLO II Ltd.
        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
        FCI Funding LLC
        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
        ACRE Commercial Mortgage Ltd.
        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
        GRACIE POINT INTERNATIONAL FUNDING
        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
        Mediaco Holding, Inc.
        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
        CD&R Smokey Buyer, Inc.
        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
        GM Financial Automobile Leasing Trust
        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
        Federal National Mortgage Association Interest Strip
        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
        Shelter Growth CRE Issuer Ltd.
        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
        VOLT C LLC
        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
        A10 Bridge Asset Financing LLC
        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
        DT Auto Owner Trust
        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
        Verizon Owner Trust
        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
        Ford Credit Auto Lease Trust
        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
        World Omni Auto Receivables Trust
        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
        Santander Drive Auto Receivables Trust
        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
        Polyconcept Investments BV
        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
        GM Financial Automobile Leasing Trust
        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
        Parliament CLO II Ltd.
        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
        PFS Financing Corp.
        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
        Exeter Automobile Receivables Trust
        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
        Dell Equipment Finance Trust
        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
        Verizon Owner Trust
        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
        World Omni Auto Receivables Trust
        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
        HPEFS Equipment Trust
        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
        Asurion LLC
        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
        AMMC CLO 16 Ltd.
        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
        Dell Equipment Finance Trust
        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
        Dell Equipment Finance Trust
        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
        Hyundai Auto Lease Securitization Trust
        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
        VCP CLO II Ltd.
        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
        Dell Equipment Finance Trust
        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
        Federal National Mortgage Association
        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
        PFS Financing Corp.
        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
        BPCRE Ltd.
        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
        Prestige Auto Receivables Trust
        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
        PRPM LLC
        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
        Axiom Global, Inc.
        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
        Elm Trust
        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
        ABPCI Direct Lending Fund ABS I Ltd.
        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
        PRPM LLC
        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
        OWL Rock Core Income Corp.
        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
        Woodmont Trust
        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
        Cimpress PLC
        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
        Towd Point Mortgage Trust
        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
        Exeter Automobile Receivables Trust
        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
        Fortress Credit Opportunities IX CLO Ltd.
        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
        CarMax Auto Owner Trust
        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
        Owl Rock Technology Financing LLC
        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
        Nissan Auto Lease Trust
        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
        Carmax Auto Owner Trust
        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
        Westlake Automobile Receivables Trust
        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
        Consolidated Communications, Inc.
        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
        Verizon Owner Trust
        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
        GM Financial Consumer Automobile Receivables Trust
        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
        Ford Credit Auto Owner Trust
        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
        Golub Capital Partners ABS Funding Ltd.
        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
        Hyundai Auto Lease Securitization Trust
        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
        Elm Trust
        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
        ABPCI Direct Lending Fund ABS I Ltd.
        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
        Monroe Capital ABS Funding Ltd.
        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
        Coinstar Funding LLC
        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
        Hawaii Hotel Trust
        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
        Cerberus Loan Funding XXVIII LP
        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
        NRZ Advance Receivables Trust
        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
        DT Auto Owner Trust
        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
        Conn's Receivables Funding LLC
        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
        Capstone Acquisition Holdings, Inc.
        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
        Fortress Credit Opportunities VI CLO Ltd.
        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     
  &nbs