# EDGAR Filing Document

**Accession Number:** 0000099203
**File Stem:** 0001752724-23-047731
**Filing Date:** 2023-2
**Character Count:** 207601
**Document Hash:** 9e519da96b332bda5736270500f91585
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-047731.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-047731

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FPA NEW INCOME INC
- **CENTRAL INDEX KEY:** 0000099203
- **IRS NUMBER:** 941632698
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01735
- **FILM NUMBER:** 23686135

**BUSINESS ADDRESS:**
- **STREET 1:** 11601 WILSHIRE BOULEVARD
- **STREET 2:** SUITE 1200
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90025
- **BUSINESS PHONE:** 310-473-0225

**MAIL ADDRESS:**
- **STREET 1:** 11601 WILSHIRE BOULEVARD
- **STREET 2:** SUITE 1200
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90025

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TRANSAMERICA NEW INCOME INC
- **DATE OF NAME CHANGE:** 19840826

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TRANSAMERICA INVESTORS FUND INC
- **DATE OF NAME CHANGE:** 19820524

## Series and Classes Contracts Data

### FPA New Income, Inc. (Series ID: S000010870)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000030124 | FPA New Income, Inc. | fpnix           |

## Nport-Ex

**FPA NEW INCOME, INC.**

**PORTFOLIO OF INVESTMENTS**

December 31, 2022

(Unaudited)

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS** | Shares or<br> Principal<br> Amount | Fair Value |
| **INDUSTRIALS — 0.6%** |  |  |
| Boart Longyear Group Ltd.(a)(m) | 43018605 | $55210186 |
|  |  | $55210186 |
| **ENERGY — 0.6%** |  |  |
| PHI Group, Inc., Restricted(a)(b)(c)(d)(m) | 3806420 | $47580250 |
|  |  | $47580250 |
| **RETAILING — 0.1%** |  |  |
| Copper Earn Out Trust(b)(c)(d) | 69361 | $242763 |
| Copper Property CTL Pass Through Trust(b)(c)(d) | 520208 | 6892756 |
|  |  | $7135519 |
| **TOTAL COMMON STOCKS — 1.3%** (Cost $139,264,410) |  | $109925955 |
| **BONDS & DEBENTURES** |  |  |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 12.3%** |  |  |
| **AGENCY — 3.5%** |  |  |
| Federal Home Loan Mortgage Corp. K057 A2 — 2.570% 7/25/2026 | $87324000 | $81979116 |
| Federal Home Loan Mortgage Corp. K058 A2 — 2.653% 8/25/2026 | 13173000 | 12362664 |
| Federal Home Loan Mortgage Corp. K054 A2 — 2.745% 1/25/2026 | 3600000 | 3389324 |
| Federal Home Loan Mortgage Corp. K066 A2 — 3.117% 6/25/2027 | 7223000 | 6841876 |
| Federal Home Loan Mortgage Corp. K065 A2 — 3.243% 4/25/2027 | 9702802 | 9140257 |
| Federal Home Loan Mortgage Corp. K051 A2 — 3.308% 9/25/2025 | 38614000 | 37068282 |
| Federal Home Loan Mortgage Corp. K061 A2 — 3.347% 11/25/2026 | 78855000 | 74939013 |
| Federal Home Loan Mortgage Corp. K073 A2 — 3.350% 1/25/2028 | 2600000 | 2476849 |
| Federal Home Loan Mortgage Corp. K062 A2 — 3.413% 12/25/2026 | 41061276 | 39435303 |
| Federal Home Loan Mortgage Corp. K063 A2 — 3.430% 1/25/2027 | 16539000 | 15893969 |
| Federal Home Loan Mortgage Corp. K072 A2 — 3.444% 12/25/2027 | 11587000 | 11093016 |
|  |  | $294619669 |
| **AGENCY STRIPPED — 0.4%** |  |  |
| Government National Mortgage Association 2012-45 IO — 0.000% 4/16/2053(e) | $1079479 | $2 |
| Government National Mortgage Association 2013-45 IO — 0.091% 12/16/2053(e) | 22592381 | 33830 |
| Government National Mortgage Association 2012-125 IO — 0.174% 2/16/2053(e) | 38293762 | 222762 |
| Government National Mortgage Association 2014-110 IO — 0.181% 1/16/2057(e) | 13858845 | 142447 |
| Government National Mortgage Association 2014-157 IO — 0.192% 5/16/2055(e) | 25088163 | 221180 |
| Government National Mortgage Association 2013-125 IO — 0.204% 10/16/2054(e) | 8170330 | 114069 |
| Government National Mortgage Association 2015-169 IO — 0.261% 7/16/2057(e) | 45856303 | 698148 |
| Government National Mortgage Association 2015-41 IO — 0.276% 9/16/2056(e) | 7435144 | 110508 |
| Government National Mortgage Association 2015-19 IO — 0.296% 1/16/2057(e) | 28475094 | 479771 |
| Government National Mortgage Association 2015-108 IO — 0.336% 10/16/2056(e) | 1541013 | 77657 |
| Government National Mortgage Association 2014-153 IO — 0.341% 4/16/2056(e) | 29820844 | 423736 |
| Government National Mortgage Association 2015-150 IO — 0.364% 9/16/2057(e) | 7732318 | 178125 |
| Government National Mortgage Association 2012-79 IO — 0.384% 3/16/2053(e) | 40088011 | 409808 |
| Government National Mortgage Association 2012-25 IO — 0.398% 8/16/2052(e) | 1068723 | 1224 |
| Government National Mortgage Association 2012-150 IO — 0.436% 11/16/2052(e) | 17769170 | 139325 |

---

**FPA NEW INCOME, INC.**

**PORTFOLIO OF INVESTMENTS** (Continued)

December 31, 2022

(Unaudited)

---

| | | |
|:---|:---|:---|
| **BONDS & DEBENTURES - Continued** | Principal <br> Amount | Fair Value |
| Government National Mortgage Association 2015-7 IO — 0.454% 1/16/2057(e) | $17156047 | $366700 |
| Government National Mortgage Association 2016-65 IO — 0.497% 1/16/2058(e) | 29796499 | 758214 |
| Government National Mortgage Association 2014-175 IO — 0.564% 4/16/2056(e) | 71114386 | 1681848 |
| Government National Mortgage Association 2014-138 IO — 0.566% 4/16/2056(e) | 5977535 | 130637 |
| Government National Mortgage Association 2014-77 IO — 0.600% 12/16/2047(e) | 13457873 | 163279 |
| Government National Mortgage Association 2012-114 IO — 0.611% 1/16/2053(e) | 16450139 | 288909 |
| Government National Mortgage Association 2014-187 IO — 0.631% 5/16/2056(e) | 74102268 | 1861530 |
| Government National Mortgage Association 2016-125 IO — 0.815% 12/16/2057(e) | 60374948 | 2363764 |
| Government National Mortgage Association 2020-75 IO — 0.869% 2/16/2062(e) | 101654699 | 6638784 |
| Government National Mortgage Association 2020-42 IO — 0.936% 3/16/2062(e) | 128124208 | 8522335 |
| Government National Mortgage Association 2016-106 IO — 0.969% 9/16/2058(e) | 86339350 | 3892894 |
| Government National Mortgage Association 2020-71 IO — 1.087% 1/16/2062(e) | 56230958 | 4073517 |
| Government National Mortgage Association 2020-43 IO — 1.260% 11/16/2061(e) | 42972290 | 3359071 |
|  |  | $37354074 |
| **NON-AGENCY — 8.4%** |  |  |
| A10 Bridge Asset Financing 2021-D A1FX — 2.589% 10/1/2038(f) | $9246280 | $8775369 |
| ACRE Commercial Mortgage Ltd. 2021-FL4 A, 1M USD LIBOR + 0.830% — 5.169% 12/18/2037(e)(f) | 8997477 | 8908489 |
| ACRES Commercial Realty Ltd. 2021-FL1 A, 1M USD LIBOR + 1.200% — 5.526% 6/15/2036(e)(f) | 59792000 | 58116269 |
| ACRES Commercial Realty Ltd. 2021-FL2 A, 1M USD LIBOR + 1.400% — 5.726% 1/15/2037(e)(f) | 13444000 | 12837434 |
| Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL1 A, 1M USD LIBOR + 0.970% — 5.240% 12/15/2035(e)(f) | 54525000 | 52972510 |
| Arbor Realty Commercial Real Estate Notes Ltd. 2022-FL1 A, SOFR30A + 1.450% — 5.257% 1/15/2037(e)(f) | 57822000 | 55973419 |
| Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL2 A, 1M USD LIBOR + 1.100% — 5.418% 5/15/2036(e)(f) | 45859000 | 44519972 |
| Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL4 A, 1M USD LIBOR + 1.350% — 5.668% 11/15/2036(e)(f) | 59062000 | 56924038 |
| Arbor Realty Commercial Real Estate Notes Ltd. 2022-FL2 A, 1M TSFR + 1.850% — 6.186% 5/15/2037(e)(f) | 35540000 | 34719335 |
| AREIT Trust 2019-CRE3 A, 1M TSFR + 1.384% — 5.710% 9/14/2036(e)(f) | 436459 | 428658 |
| BBCMS Trust 2015-SRCH A1 — 3.312% 8/10/2035(f) | 12208413 | 11502920 |
| BDS Ltd. 2021-FL8 A, 1M USD LIBOR + 0.920% — 5.259% 1/18/2036(e)(f) | 17835583 | 17188346 |
| BDS Ltd. 2019-FL4 AS, 1M USD LIBOR + 1.400% — 5.726% 8/15/2036(e)(f) | 6613000 | 6557974 |
| BX Commercial Mortgage Trust 2021-VOLT E, 1M USD LIBOR + 2.000% — 6.318% 9/15/2036(e)(f) | 28900000 | 26886575 |
| COMM Mortgage Trust 2014-CR20 A3 — 3.326% 11/10/2047 | 9279100 | 8892465 |
| HERA Commercial Mortgage Ltd. 2021-FL1 A, 1M USD LIBOR + 1.050% — 5.389% 2/18/2038(e)(f) | 54659000 | 52792854 |
| Independence Plaza Trust 2018-INDP A — 3.763% 7/10/2035(f) | 11081000 | 10345896 |
| JPMBB Commercial Mortgage Securities Trust 2015-C30 ASB — 3.559% 7/15/2048 | 3391287 | 3306062 |
| JPMBB Commercial Mortgage Securities Trust 2015-C31 A3 — 3.801% 8/15/2048 | 7598510 | 7201692 |
| KREF Ltd. 2021-FL2 A, 1M USD LIBOR + 1.070% — 5.396% 2/15/2039(e)(f) | 19179000 | 18490635 |
| LCCM Trust 2021-FL2 A, 1M USD LIBOR + 1.200% — 5.518% 12/13/2038(e)(f) | 9154000 | 8935445 |
| LoanCore Issuer Ltd. 2021-CRE4 A, SOFR30A + 0.914% — 4.722% 7/15/2035(e)(f) | 12677103 | 12298834 |
| LoanCore Issuer Ltd. 2021-CRE5 A, 1M USD LIBOR + 1.300% — 5.618% 7/15/2036(e)(f) | 8879000 | 8531568 |

---

**FPA NEW INCOME, INC.**

**PORTFOLIO OF INVESTMENTS** (Continued)

December 31, 2022

(Unaudited)

---

| | | |
|:---|:---|:---|
| **BONDS & DEBENTURES - Continued** | Principal <br> Amount | Fair Value |
| MF1 Ltd. 2020-FL4 A, 1M TSFR + 1.814% — 6.150% 11/15/2035(e)(f) | $12610646 | $12359876 |
| Progress Residential Trust 2021-SFR9 A — 2.013% 11/17/2040 | 8797640 | 7240175 |
| Progress Residential Trust 2021-SFR11 A — 2.283% 1/17/2039(f) | 8719675 | 7182597 |
| Progress Residential Trust 2021-SFR10 A — 2.393% 12/17/2040(f) | 57444661 | 47102037 |
| Ready Capital Mortgage Financing LLC 2021-FL5 A, 1M USD LIBOR + 1.000% — 5.389% 4/25/2038(e)(f) | 18652009 | 18094174 |
| Shelter Growth CRE Issuer Ltd. 2021-FL3 A, 1M USD LIBOR + 1.080% — 5.398% 9/15/2036(e)(f) | 11877096 | 11455012 |
| STWD Ltd. 2021-FL2, 1M USD LIBOR + 1.200% — 5.526% 4/18/2038(e)(f) | 33755000 | 32603752 |
| TRTX Issuer Ltd. 2022-FL5 A, SOFR30A + 1.650% — 5.458% 2/15/2039(e)(f) | 37857000 | 36436159 |
| VMC Finance LLC 2021-HT1 A, 1M USD LIBOR + 1.650% — 5.989% 1/18/2037(e)(f) | 20143100 | 19443381 |
|  |  | $719023922 |
| **TOTAL COMMERICAL MORTGAGE-BACKED SECURITIES** (Cost $1,107,562,687) |  | $1050997665 |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 7.4%** |  |  |
| **AGENCY COLLATERALIZED MORTGAGE OBLIGATION — 0.1%** |  |  |
| Federal Home Loan Mortgage Corp. 4170 QE — 2.000% 5/15/2032 | $681418 | $655931 |
| Federal Home Loan Mortgage Corp. 3979 HD — 2.500% 12/15/2026 | 470916 | 456630 |
| Federal Home Loan Mortgage Corp. 4304 DA — 2.500% 1/15/2027 | 135442 | 133083 |
| Federal Home Loan Mortgage Corp. 4010 DE — 2.500% 2/15/2027 | 571590 | 553500 |
| Federal Home Loan Mortgage Corp. 3914 MA — 3.000% 6/15/2026 | 442900 | 430518 |
| Federal Home Loan Mortgage Corp. 3862 MB — 3.500% 5/15/2026 | 3893878 | 3811667 |
| Federal Home Loan Mortgage Corp. 3828 VE — 4.500% 1/15/2024 | 229123 | 228034 |
| Federal National Mortgage Association 2014-21 ED — 2.250% 4/25/2029 | 65601 | 64307 |
| Federal National Mortgage Association 2013-135 KM — 2.500% 3/25/2028 | 158598 | 156569 |
| Federal National Mortgage Association 2013-93 PJ — 3.000% 7/25/2042 | 724731 | 696658 |
| Federal National Mortgage Association 2011-80 KB — 3.500% 8/25/2026 | 2558293 | 2504990 |
| Federal National Mortgage Association 144 PD — 3.500% 4/25/2042 | 1487291 | 1433343 |
| Federal National Mortgage Association 2010-43 MK — 5.500% 5/25/2040 | 496462 | 499182 |
|  |  | $11624412 |
| **AGENCY POOL ADJUSTABLE RATE — 0.0%** |  |  |
| Federal National Mortgage Association 865963, 12M USD LIBOR + 1.906% — 2.499% 3/1/2036(e) | $273767 | $268034 |
| **AGENCY POOL FIXED RATE — 2.1%** |  |  |
| Federal Home Loan Mortgage Corp. ZA2796 — 2.500% 11/1/2027 | $2051831 | $1946455 |
| Federal Home Loan Mortgage Corp. J22472 — 2.500% 2/1/2028 | 1467679 | 1393511 |
| Federal Home Loan Mortgage Corp. ZS8495 — 2.500% 8/1/2028 | 733895 | 695746 |
| Federal Home Loan Mortgage Corp. J32374 — 2.500% 11/1/2028 | 81922248 | 77731196 |
| Federal Home Loan Mortgage Corp. G15169 — 4.500% 9/1/2026 | 293808 | 291599 |
| Federal Home Loan Mortgage Corp. G15272 — 4.500% 9/1/2026 | 68140 | 67735 |
| Federal Home Loan Mortgage Corp. G15875 — 4.500% 9/1/2026 | 337778 | 335509 |
| Federal Home Loan Mortgage Corp. G15036 — 5.000% 6/1/2024 | 8807 | 8787 |
| Federal Home Loan Mortgage Corp. G13667 — 5.000% 8/1/2024 | 109 | 109 |
| Federal Home Loan Mortgage Corp. G15173 — 5.000% 6/1/2026 | 16427 | 16378 |
| Federal Home Loan Mortgage Corp. G15407 — 5.000% 6/1/2026 | 108034 | 107712 |
| Federal Home Loan Mortgage Corp. G15230 — 5.500% 12/1/2024 | 38732 | 38700 |

---

**FPA NEW INCOME, INC.**

**PORTFOLIO OF INVESTMENTS** (Continued)

December 31, 2022

(Unaudited)

---

| | | |
|:---|:---|:---|
| **BONDS & DEBENTURES - Continued** | Principal <br> Amount | Fair Value |
| Federal Home Loan Mortgage Corp. G15458 — 5.500% 12/1/2024 | $2464 | $2462 |
| Federal Home Loan Mortgage Corp. G14460 — 6.000% 1/1/2024 | 1092 | 1093 |
| Federal National Mortgage Association AQ9360 — 2.500% 1/1/2028 | 824209 | 781880 |
| Federal National Mortgage Association FS0499 — 2.500% 11/1/2030 | 42587938 | 40320897 |
| Federal National Mortgage Association FS0452 — 2.500% 10/1/2031 | 5134626 | 4870927 |
| Federal National Mortgage Association FS0494 — 2.500% 2/1/2035 | 51304713 | 48669857 |
| Federal National Mortgage Association FM1102 — 4.000% 3/1/2031 | 2328279 | 2291137 |
| Federal National Mortgage Association AL4056 — 5.000% 6/1/2026 | 24080 | 23993 |
| Federal National Mortgage Association AL5867 — 5.500% 8/1/2023 | 1574 | 1571 |
| Federal National Mortgage Association AL0471 — 5.500% 7/1/2025 | 4896 | 4884 |
| Federal National Mortgage Association AL4433 — 5.500% 9/1/2025 | 7798 | 7789 |
| Federal National Mortgage Association AL4901 — 5.500% 9/1/2025 | 3976 | 3968 |
| Federal National Mortgage Association 890225 — 6.000% 5/1/2023 | 2732 | 2723 |
| Government National Mortgage Association 782281 — 6.000% 3/15/2023 | 2505 | 2500 |
|  |  | $179619118 |
| **AGENCY STRIPPED — 0.0%** |  |  |
| Federal Home Loan Mortgage Corp. 217 PO — 0.000% 1/1/2032(g) | $70023 | $57082 |
| Federal Home Loan Mortgage Corp. 3917 AI — 4.500% 7/15/2026 | 241175 | 670 |
| Federal Home Loan Mortgage Corp. 217 IO — 6.500% 1/1/2032 | 67424 | 13065 |
| Federal National Mortgage Association 2010-25 NI — 5.000% 3/25/2025 | 43 |  |
| Federal National Mortgage Association 2003-64 XI — 5.000% 7/25/2033 | 190003 | 28553 |
|  |  | $99370 |
| **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATION — 5.2%** |  |  |
| Cascade Funding Mortgage Trust 2021-HB6 A — 0.898% 6/25/2036(e)(f) | $14389507 | $13613262 |
| CFMT LLC 2021-HB5 A — 0.801% 2/25/2031(f) | 25357262 | 24447953 |
| CFMT LLC 2020-HB4 A — 0.946% 12/26/2030(f) | 6670049 | 6466649 |
| CFMT LLC 2021-HB7 A — 1.151% 10/27/2031(f) | 17374907 | 16296664 |
| CFMT LLC 2021-HB7 M1 — 2.125% 10/27/2031(f) | 15406000 | 14134245 |
| Citigroup Mortgage Loan Trust, Inc. 2014-A A — 4.000% 1/25/2035(e)(f) | 2626648 | 2435946 |
| PRET LLC 2021-NPL5 A1 — 2.487% 10/25/2051(f)(h) | 62792892 | 55148611 |
| Pretium Mortgage Credit Partners I LLC 2021-NPL2 A1 — 1.992% 6/27/2060(f)(h) | 27008516 | 23859334 |
| Pretium Mortgage Credit Partners I LLC 2021-NPL4 A1 — 2.363% 10/27/2060(f)(h) | 44214758 | 38875190 |
| Pretium Mortgage Credit Partners I LLC 2021-NPL6 A1 — 2.487% 7/25/2051(f)(h) | 17923170 | 16159434 |
| PRPM LLC 2021-2 A1 — 2.115% 3/25/2026(e)(f) | 18746114 | 17003558 |
| PRPM LLC 2021-9 A1 — 2.363% 10/25/2026(f)(h) | 21610159 | 19574149 |
| PRPM LLC 2021-10 A1 — 2.487% 10/25/2026(f)(h) | 27982385 | 25161433 |
| PRPM LLC 2021-11 A1 — 2.487% 11/25/2026(f)(h) | 34189856 | 30919022 |
| RCO VII Mortgage LLC 2021-2 A1 — 2.116% 9/25/2026(f)(h) | 18226522 | 16735033 |
| Towd Point Mortgage Trust 2018-2 A1 — 3.250% 3/25/2058(e)(f) | 23905614 | 22646522 |
| Towd Point Mortgage Trust 2018-5 A1A — 3.250% 7/25/2058(e)(f) | 13899718 | 12991462 |
| VCAT LLC 2021 NPL2 A1 — 2.115% 3/27/2051(f)(h) | 19324219 | 17389552 |
| VCAT LLC 2021-NPL1 A1 — 2.289% 12/26/2050(f)(h) | 3868663 | 3647074 |
| VOLT C LLC 2021-NPL9 — 1.992% 5/25/2051(f)(h) | 17782775 | 16048903 |
| VOLT XCIV LLC 2021-NPL3 A1 — 2.240% 2/27/2051(f)(h) | 24958070 | 22379445 |

---

**FPA NEW INCOME, INC.**

**PORTFOLIO OF INVESTMENTS** (Continued)

December 31, 2022

(Unaudited)

---

| | | |
|:---|:---|:---|
| **BONDS & DEBENTURES - Continued** | Principal <br> Amount | Fair Value |
| VOLT XCV LLC 2021-NPL4 — 2.240% 3/27/2051(f)(h) | $24868788 | $22946100 |
|  |  | $438879541 |
| **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** (Cost $685,487,852) |  | $630490475 |
| **ASSET-BACKED SECURITIES — 63.4%** |  |  |
| **AUTO — 20.4%** |  |  |
| American Credit Acceptance Receivables Trust 2021-3 C — 0.980% 11/15/2027(f) | $40171000 | $39045252 |
| American Credit Acceptance Receivables Trust 2021-4 C — 1.320% 2/14/2028(f) | 36195000 | 34658102 |
| American Credit Acceptance Receivables Trust 2022-1 C — 2.120% 3/13/2028(f) | 45613000 | 42754520 |
| AmeriCredit Automobile Receivables Trust 2020-2 C — 1.480% 2/18/2026 | 6808000 | 6449417 |
| BMW Vehicle Lease Trust 2022-1 A4 — 1.230% 5/27/2025 | 30512000 | 28744733 |
| BMW Vehicle Owner Trust 2022-A A4 — 3.440% 12/26/2028 | 25298000 | 24299265 |
| Capital One Prime Auto Receivables Trust 2022-2 A4 — 3.690% 12/15/2027 | 15513000 | 14808145 |
| CarMax Auto Owner Trust 2022-1 A3 — 1.470% 12/15/2026 | 61620000 | 58506551 |
| CarMax Auto Owner Trust 2020-3 C — 1.690% 4/15/2026 | 1064000 | 1007242 |
| CarMax Auto Owner Trust 2022-3 A4 — 4.060% 2/15/2028 | 63819000 | 60684434 |
| CarMax Auto Owner Trust 2022-3 B — 4.690% 2/15/2028 | 19152000 | 18444707 |
| Drive Auto Receivables Trust 2021-2 C — 0.870% 10/15/2027 | 51629000 | 49667712 |
| Drive Auto Receivables Trust 2021-3 C — 1.470% 1/15/2027 | 72790000 | 68018208 |
| DT Auto Owner Trust 2021-3A C — 0.870% 5/17/2027(f) | 18106000 | 16973777 |
| DT Auto Owner Trust 2021-4A B — 1.020% 5/15/2026(f) | 13540000 | 13011316 |
| DT Auto Owner Trust 2021-4A C — 1.500% 9/15/2027(f) | 13540000 | 12444025 |
| DT Auto Owner Trust 2022-1A C — 2.960% 11/15/2027(f) | 18926000 | 17991835 |
| Exeter Automobile Receivables Trust 2021-4A C — 1.460% 10/15/2027 | 41400000 | 39052649 |
| Exeter Automobile Receivables Trust 2022-1A B — 2.180% 6/15/2026 | 90942000 | 88664367 |
| Exeter Automobile Receivables Trust 2022-1A C — 2.560% 6/15/2028 | 49707000 | 47112483 |
| Flagship Credit Auto Trust 2021-2 C — 1.270% 6/15/2027(f) | 17609000 | 16521734 |
| Flagship Credit Auto Trust 2021-4 B — 1.490% 2/15/2027(f) | 8567000 | 7999345 |
| Ford Credit Auto Lease Trust 2021-B B — 0.660% 1/15/2025 | 22156000 | 20994525 |
| Ford Credit Auto Lease Trust 2021-B C — 0.900% 5/15/2026 | 21928000 | 20686621 |
| Ford Credit Auto Owner Trust 2020-B B — 1.190% 1/15/2026 | 400000 | 380740 |
| Ford Credit Auto Owner Trust 2022-A A3 — 1.290% 6/15/2026 | 33165000 | 31510080 |
| GM Financial Automobile Leasing Trust 2021-2 B — 0.690% 5/20/2025 | 4991000 | 4790055 |
| GM Financial Automobile Leasing Trust 2022-1 A3 — 1.900% 3/20/2025 | 91758000 | 88726664 |
| GM Financial Automobile Leasing Trust 2022-1 A4 — 1.960% 2/20/2026 | 43831000 | 41887801 |
| GM Financial Automobile Leasing Trust 2022-1 B — 2.230% 2/20/2026 | 12446000 | 11894905 |
| GM Financial Automobile Leasing Trust 2022-1 C — 2.640% 2/20/2026 | 32069000 | 30514943 |
| GM Financial Consumer Automobile Receivables Trust 2022-1 A3 — 1.260% 11/16/2026 | 29166000 | 27600862 |
| GM Financial Consumer Automobile Receivables Trust 2020-3 C — 1.370% 1/16/2026 | 2760000 | 2605875 |
| GM Financial Consumer Automobile Receivables Trust 2022-3 A4 — 3.710% 12/16/2027 | 25555000 | 24789502 |
| Honda Auto Receivables Owner Trust 2021-4 A3 — 0.880% 1/21/2026 | 44179000 | 41903534 |
| Honda Auto Receivables Owner Trust 2022-2 A4 — 3.760% 12/18/2028 | 6350000 | 6054607 |
| Hyundai Auto Lease Securitization Trust 2022-A A4 — 1.320% 12/15/2025(f) | 35890000 | 34198045 |
| Hyundai Auto Receivables Trust 2021-C A3 — 0.740% 5/15/2026 | 29067000 | 27402432 |
| Hyundai Auto Receivables Trust 2022-B A4 — 3.800% 8/15/2028 | 14340000 | 13942289 |
| Nissan Auto Receivables Owner Trust 2022-B — 4.450% 11/15/2029 | 13366000 | 13068211 |
| Prestige Auto Receivables Trust 2021-1A B — 1.190% 4/15/2026(f) | 37756000 | 35994558 |

---

**FPA NEW INCOME, INC.**

**PORTFOLIO OF INVESTMENTS** (Continued)

December 31, 2022

(Unaudited)

---

| | | |
|:---|:---|:---|
| **BONDS & DEBENTURES - Continued** | Principal<br> Amount | Fair Value |
| Prestige Auto Receivables Trust 2021-1A C — 1.530% 2/15/2028(f) | $13545000 | $12600490 |
| Santander Drive Auto Receivables Trust 2021-4 C — 1.260% 2/16/2027 | 63342000 | 60284798 |
| Santander Drive Auto Receivables Trust 2022-1 B — 2.360% 8/17/2026 | 99413000 | 96205827 |
| Santander Drive Auto Receivables Trust 2022-1 C — 2.560% 4/17/2028 | 33202000 | 31669532 |
| Santander Retail Auto Lease Trust 2021-A C — 1.140% 3/20/2026(f) | 1886000 | 1777959 |
| Santander Retail Auto Lease Trust 2022-A A3 — 1.340% 7/21/2025(f) | 34544000 | 32868557 |
| Santander Retail Auto Lease Trust 2022-A A4 — 1.420% 1/20/2026(f) | 18847000 | 17680420 |
| Santander Retail Auto Lease Trust 2022-A B — 1.610% 1/20/2026(f) | 10319000 | 9603598 |
| Toyota Auto Receivables Owner Trust 2022-C A4 — 3.770% 2/15/2028 | 10600000 | 10113511 |
| Volkswagen Auto Loan Enhanced Trust 2021-1 A3 — 1.020% 6/22/2026 | 52430000 | 49750581 |
| Westlake Automobile Receivables Trust 2021-2A C — 0.890% 7/15/2026(f) | 50584000 | 47914950 |
| Westlake Automobile Receivables Trust 2021-3A B — 1.290% 1/15/2027(f) | 69723000 | 66395512 |
| Westlake Automobile Receivables Trust 2021-3A C — 1.580% 1/15/2027(f) | 69605000 | 65110703 |
| Westlake Automobile Receivables Trust 2022-1A C — 3.110% 3/15/2027(f) | 52910000 | 50188653 |
| World Omni Auto Receivables Trust 2020-C C — 1.390% 5/17/2027 | 3415000 | 3139168 |
|  |  | $1741110327 |
| **COLLATERALIZED LOAN OBLIGATION — 13.5%** |  |  |
| ABPCI Direct Lending Fund CLO X LP 2020-10A A1A, 3M USD LIBOR + 1.950% — 6.193% 1/20/2032(e)(f) | $19397000 | $18989644 |
| ABPCI Direct Lending Fund IX LLC 2020-9A A1R, 3M USD LIBOR + 1.400% — 5.758% 11/18/2031(e)(f) | 43972000 | 42711806 |
| Blackrock Mount Adams CLO IX LP 2021-9A A1, 3M USD LIBOR + 1.370% — 6.123% 9/22/2031(e)(f) | 31531000 | 30647911 |
| Brightwood Capital MM CLO Ltd. 2021-2A A, 3M USD LIBOR + 1.650% — 5.729% 11/15/2030(e)(f) | 85599000 | 84173349 |
| BTC Holdings Fund I LLC — 6.950% 1/28/2027(c)(d) | 4389147 | 4389147 |
| BTC Offshore Holdings Fund, 3M USD LIBOR + 2.650% — 6.850% 10/20/2029(c)(d)(e) | 18000000 | 18000000 |
| Cerberus Loan Funding XXVI LP 2019-1A AR, 3M USD LIBOR + 1.500% — 5.579% 4/15/2031(e)(f) | 10764000 | 10578482 |
| Cerberus Loan Funding XXVIII LP 2020-1A A, 3M USD LIBOR + 1.850% — 5.929% 10/15/2031(e)(f) | 61193911 | 60475005 |
| Cerberus Loan Funding XXIX LP 2020-2A A, 3M USD LIBOR + 1.900% — 5.979% 10/15/2032(e)(f) | 113123000 | 111436788 |
| Cerberus Loan Funding XXXI LP 2021-1A A, 3M USD LIBOR + 1.500% — 5.579% 4/15/2032(e)(f) | 45105851 | 44373602 |
| Fortress Credit Opportunities IX CLO Ltd. 2017-9A A1TR, 3M USD LIBOR + 1.550% — 5.629% 10/15/2033(e)(f) | 118776000 | 114287217 |
| Fortress Credit Opportunities XI CLO Ltd. 2018-11A A1T, 3M USD LIBOR + 1.300% — 5.379% 4/15/2031(e)(f) | 37820000 | 36914249 |
| Fortress Credit Opportunities XVII CLO Ltd. 2022-17A A, 3M TSFR + 1.370% — 5.234% 1/15/2030(e)(f) | 52514893 | 51409822 |
| Golub Capital Partners CLO 36m Ltd. 2018-36A A, 3M USD LIBOR + 1.300% — 5.832% 2/5/2031(e)(f) | 67200000 | 65877437 |
| Golub Capital Partners CLO 42M Ltd. 2019-42A A2, 3M USD LIBOR + 2.000% — 6.243% 4/20/2031(e)(f) | 13772000 | 13331530 |
| Golub Capital Partners CLO 45M Ltd. 2019-45A B1 — 6.793% 10/20/2031(e) | 17314000 | 16722658 |
| Lake Shore MM CLO III LLC 2019-2A A2R — 2.525% 10/17/2031(f) | 11083000 | 9951370 |
| Lake Shore MM CLO III LLC 2019-2A A1R, 3M USD LIBOR + 1.480% — 5.559% 10/17/2031(e)(f) | 23662000 | 22983019 |

---

**FPA NEW INCOME, INC.**

**PORTFOLIO OF INVESTMENTS** (Continued)

December 31, 2022

(Unaudited)

---

| | | |
|:---|:---|:---|
| **BONDS & DEBENTURES - Continued** | Principal <br> Amount | Fair Value |
| Lake Shore MM CLO IV Ltd. 2021-1A X, 3M USD LIBOR + 1.180% — 5.259% 10/15/2033(e)(f) | $13834399 | $13658149 |
| LCM XX LP 20A AR, 3M USD LIBOR + 1.040% — 5.283% 10/20/2027(e)(f) | 2228504 | 2211262 |
| Nassau Ltd. 2017-IA A1AS, 3M USD LIBOR + 1.150% — 5.229% 10/15/2029(e)(f) | 19886413 | 19696816 |
| Owl Rock CLO VI Ltd. 2021-6A A, 3M USD LIBOR + 1.450% — 6.196% 6/21/2032(e)(f) | 66692000 | 65339553 |
| Parliament CLO II Ltd. 2021-2A A, 3M USD LIBOR + 1.350% — 6.025% 8/20/2032(e)(f) | 40733000 | 39582456 |
| Parliament Funding II Ltd. 2020-1A AR, 3M USD LIBOR + 1.250% — 5.493% 10/20/2031(e)(f) | 40598000 | 39715359 |
| Saranac CLO III Ltd. 2014-3A ALR, 3M USD LIBOR + 1.600% — 6.353% 6/22/2030(e)(f) | 23377015 | 23056820 |
| TICP CLO III-2 Ltd. 2018-3R A, 3M USD LIBOR + 0.840% — 5.083% 4/20/2028(e)(f) | 2415150 | 2406922 |
| VCP CLO II Ltd. 2021-2A A1, 3M USD LIBOR + 1.670% — 5.749% 4/15/2031(e)(f) | 101155000 | 100058379 |
| Woodmont Trust 2019-6A A1R, 3M USD LIBOR + 1.480% — 5.559% 7/15/2031(e)(f) | 62588000 | 61213693 |
| Woodmont Trust 2019-6A A1R2, 3M USD LIBOR + 1.480% — 5.559% 7/15/2031(e)(f) | 16952000 | 16579768 |
| Zais CLO 7 Ltd. 2017-2A A, 3M USD LIBOR + 1.290% — 5.369% 4/15/2030(e)(f) | 13920642 | 13702129 |
|  |  | $1154474342 |
| **CREDIT CARD — 1.2%** |  |  |
| American Express Credit Account Master Trust 2022-2 A — 3.390% 5/15/2027 | $53566000 | $52009833 |
| Discover Card Execution Note Trust 2022-A2 A — 3.320% 5/15/2027 | 50645000 | 49337037 |
|  |  | $101346870 |
| **EQUIPMENT — 12.6%** |  |  |
| ARI Fleet Lease Trust 2022-A A3 — 3.430% 1/15/2031(f) | $10094000 | $9688586 |
| Avis Budget Rental Car Funding AESOP LLC 2021-2A A — 1.660% 2/20/2028(f) | 4211000 | 3650315 |
| Avis Budget Rental Car Funding AESOP LLC 2019-3A A — 2.360% 3/20/2026(f) | 8591000 | 7991037 |
| CNH Equipment Trust 2021-B A3 — 0.440% 8/17/2026 | 2000000 | 1890549 |
| CNH Equipment Trust 2022-A A3 — 2.940% 7/15/2027 | 19831000 | 18997533 |
| CNH Equipment Trust 2022-B A4 — 3.910% 3/15/2028 | 7414000 | 7081702 |
| Coinstar Funding LLC 2017-1A A2 — 5.216% 4/25/2047(f) | 12120570 | 9273206 |
| Dell Equipment Finance Trust 2021-2 C — 0.940% 12/22/2026(f) | 11180000 | 10568894 |
| Dell Equipment Finance Trust 2020-2 D — 1.920% 3/23/2026(f) | 5444000 | 5339379 |
| Dell Equipment Finance Trust 2022-1 A3 — 2.490% 8/23/2027(f) | 110213000 | 106672110 |
| Dell Equipment Finance Trust 2022-1 B — 2.720% 8/23/2027(f) | 17115000 | 16416698 |
| Dell Equipment Finance Trust 2022-1 C — 2.940% 8/23/2027(f) | 17567000 | 16831988 |
| Dell Equipment Finance Trust 2022-2 B — 4.400% 7/22/2027(f) | 5100000 | 4954957 |
| Dell Equipment Finance Trust 2022-2 C — 4.740% 7/22/2027(f) | 4700000 | 4566713 |
| Enterprise Fleet Financing LLC 2022-3 A3 — 4.290% 7/20/2029(f) | 9703000 | 9194621 |
| Enterprise Fleet Financing LLC 2022-2 — 4.790% 5/21/2029(f) | 32246000 | 31319250 |
| Enterprise Fleet Financing LLC 2022-4 A3 — 5.650% 10/22/2029 | 18980000 | 18896708 |
| Enterprise Fleet Funding LLC 2021-1 A3 — 0.700% 12/21/2026(f) | 2050000 | 1901822 |
| Ford Credit Floorplan Master Owner Trust A 2020-2 A — 1.060% 9/15/2027 | 5070000 | 4562548 |
| GMF Floorplan Owner Revolving Trust 2019-2 A — 2.900% 4/15/2026(f) | 30866000 | 29966160 |
| GreatAmerica Leasing Receivables Funding LLC 2022-1 A4 — 5.350% 7/16/2029 | 17738000 | 17637371 |
| Hertz Vehicle Financing III LP 2021-2A A — 1.680% 12/27/2027(f) | 44631000 | 38656605 |
| Hertz Vehicle Financing LLC 2021-1A A — 1.210% 12/26/2025(f) | 73571000 | 67983341 |
| Hertz Vehicle Financing LLC 2022-4A A — 3.730% 9/25/2026(f) | 80995000 | 77411328 |
| HPEFS Equipment Trust 2022-1A A3 — 1.380% 5/21/2029(f) | 65430000 | 62965206 |

---

**FPA NEW INCOME, INC.**

**PORTFOLIO OF INVESTMENTS** (Continued)

December 31, 2022

(Unaudited)

---

| | | |
|:---|:---|:---|
| **BONDS & DEBENTURES - Continued** | Principal <br> Amount | Fair Value |
| HPEFS Equipment Trust 2022-1A B — 1.790% 5/21/2029(f) | $26862000 | $25412295 |
| HPEFS Equipment Trust 2022-1A C — 1.960% 5/21/2029(f) | 17858000 | 16447572 |
| HPEFS Equipment Trust 2022-2A B — 4.200% 9/20/2029(f) | 9732000 | 9308772 |
| HPEFS Equipment Trust 2022-2A C — 4.430% 9/20/2029(f) | 5634000 | 5353429 |
| John Deere Owner Trust 2022 2022-A A3 — 2.320% 9/16/2026 | 39342000 | 37703701 |
| John Deere Owner Trust 2022-B 2022-B A4 — 3.800% 5/15/2029 | 17226000 | 16666718 |
| Kubota Credit Owner Trust 2022-1A A3 — 2.670% 10/15/2026(f) | 88222000 | 84315406 |
| Kubota Credit Owner Trust 2022-2A A4 — 4.170% 6/15/2028(f) | 34050000 | 32928383 |
| NextGear Floorplan Master Owner Trust 2021-1A A — 0.850% 7/15/2026(f) | 3947000 | 3666440 |
| NextGear Floorplan Master Owner Trust 2022-1A A2 — 2.800% 3/15/2027(f) | 72271000 | 67787350 |
| Pawneee Equipment Receivables LLC 2021-1 A2 — 1.100% 7/15/2027(f) | 16120581 | 15391054 |
| Prop 2017-1A — 5.300% 3/15/2042(c) | 16906856 | 14032691 |
| Verizon Master Trust 2022-4 A — 3.400% 11/20/2028(h) | 77914000 | 75472565 |
| Verizon Master Trust 2022-4 B — 3.640% 11/20/2028(h) | 34616000 | 33335284 |
| Verizon Master Trust 2022-6 A — 3.670% 1/22/2029(h) | 37943000 | 36937385 |
| Verizon Master Trust 2022-4 C — 3.890% 11/20/2028(h) | 8987000 | 8649891 |
| Wheels SPV 2 LLC 2020-1A A3 — 0.620% 8/20/2029(f) | 6513000 | 6215710 |
|  |  | $1074043273 |
| **OTHER — 15.7%** |  |  |
| ABPCI Direct Lending Fund ABS I Ltd. 2020-1A A — 3.199% 12/20/2030(f) | $37774000 | $34399951 |
| ABPCI Direct Lending Fund ABS II LLC 2022-2A A1, 3M TSFR + 2.100% — 6.154% 3/1/2032(e)(f) | 26204000 | 25505873 |
| Brazos Securitization LLC — 5.014% 3/1/2034(f) | 10409000 | 10236025 |
| Cleco Securitization I LLC — 4.016% 3/1/2033 | 23362000 | 21911178 |
| Cologix Data Centers US Issuer LLC 2021-1A A2 — 3.300% 12/26/2051(f) | 58068000 | 50577373 |
| DataBank Issuer 2021-1A A2 — 2.060% 2/27/2051(f) | 14750000 | 12741465 |
| Elm Trust 2020-4A A2 — 2.286% 10/20/2029(f) | 9925000 | 9228904 |
| Elm Trust 2020-3A A2 — 2.954% 8/20/2029(f) | 11435000 | 10675450 |
| FCI Funding LLC 2021-1A A — 1.130% 4/15/2033(f) | 6096215 | 5953724 |
| Golub Capital Partners ABS Funding Ltd. 2021-1A A2 — 2.773% 4/20/2029(f) | 56366000 | 50968848 |
| Golub Capital Partners ABS Funding Ltd. 2021-2A A — 2.944% 10/19/2029(f) | 95445000 | 81383651 |
| Golub Capital Partners ABS Funding Ltd. 2020-1A A2 — 3.208% 1/22/2029(f) | 44967000 | 41053972 |
| Gracie Point International Funding 2021-1A, 1M USD LIBOR + 0.750% — 4.870% 11/1/2023(e)(f) | 23479970 | 23385801 |
| Kansas Gas Service Securitization I LLC — 5.486% 8/1/2034 | 29418000 | 29742278 |
| Louisiana Local Government Environmental Facilities & Community Development Auth Rev., (TXBL-LA ULT RESTORATION CORP P), — 3.615% 2/1/2029 | 48703000 | 47361479 |
| Monroe Capital ABS Funding Ltd. 2021-1A A2 — 2.815% 4/22/2031(f) | 45379000 | 40983635 |
| Oasis Securitization Funding LLC 2021-1A A — 2.579% 2/15/2033(f) | 1711442 | 1686430 |
| Oklahoma Development Finance Authority — 3.877% 5/1/2037 | 26761000 | 25066765 |
| Oklahoma Development Finance Authority — 4.135% 12/1/2033 | 30374000 | 27755976 |
| Oklahoma Development Finance Authority — 4.285% 2/1/2034 | 11541000 | 11066393 |
| Oportun Funding XIV LLC 2021-A — 1.210% 3/8/2028(f) | 10137000 | 9388037 |
| Oportun Issuance Trust 2021-C A — 2.180% 10/8/2031(f) | 64181000 | 56119950 |
| Owl Rock Technology Financing LLC 2020-1A A, 3M USD LIBOR + 2.950% — 7.029% 1/15/2031(e)(f) | 85004000 | 83816834 |
| PFS Financing Corp. 2021-A A — 0.710% 4/15/2026(f) | 42758000 | 40275543 |
| PFS Financing Corp. 2021-B A — 0.770% 8/15/2026(f) | 52919000 | 48456399 |

---

**FPA NEW INCOME, INC.**

**PORTFOLIO OF INVESTMENTS** (Continued)

December 31, 2022

(Unaudited)

---

| | | |
|:---|:---|:---|
| **BONDS & DEBENTURES - Continued** | Principal <br> Amount | Fair Value |
| PFS Financing Corp. 2021-A B — 0.960% 4/15/2026(f) | $5986000 | $5631430 |
| PFS Financing Corp. 2020-G A — 0.970% 2/15/2026(f) | 63808000 | 60166005 |
| PFS Financing Corp. 2021-B B — 1.090% 8/15/2026(f) | 11978000 | 10923840 |
| PFS Financing Corp. 2020-G B — 1.570% 2/15/2026(f) | 3303000 | 3148731 |
| PFS Financing Corp. 2022-A A — 2.470% 2/15/2027(f) | 105379000 | 98215736 |
| PFS Financing Corp. 2022-A B — 2.770% 2/15/2027(f) | 21651000 | 20275945 |
| PFS Financing Corp. 2022-C A — 3.890% 5/15/2027(f) | 77233000 | 73617932 |
| PFS Financing Corp. 2022-D A — 4.270% 8/15/2027(f) | 71781000 | 69785905 |
| PFS Financing Corp. 2022-C B — 4.390% 5/15/2027(f) | 11913000 | 11330965 |
| PG&E Recovery Funding LLC — 5.045% 7/15/2034 | 26507000 | 26532881 |
| PG&E Wildfire Recovery Funding LLC — 4.022% 6/1/2033 | 53606000 | 51537269 |
| SBA Tower Trust — 1.631% 5/15/2051(f) | 5410000 | 4546825 |
| SBA Tower Trust — 2.328% 7/15/2052(f) | 16130000 | 13318131 |
| SBA Tower Trust — 6.599% 1/15/2028 | 12423000 | 12392647 |
| SpringCastle America Funding LLC 2020-AA A — 1.970% 9/25/2037(f) | 18036318 | 16399728 |
| TVEST LLC 2020-A A — 4.500% 7/15/2032(f) | 3388021 | 3337631 |
| Vantage Data Centers Issuer LLC 2020-1A A2, 1M USD LIBOR + 1.650% — 1.645% 9/15/2045(f) | 19214000 | 17066002 |
| VCP RRL ABS I Ltd. 2021-1A A — 2.152% 10/20/2031(f) | 40512973 | 36705329 |
|  |  | $1334674866 |
| **TOTAL ASSET-BACKED SECURITIES** (Cost $5,660,469,647) |  | $5405649678 |
| **CORPORATE BONDS & NOTES — 2.4%** |  |  |
| **COMMUNICATIONS — 0.3%** |  |  |
| Amazon.com, Inc. — 1.650% 5/12/2028 | $22427000 | $19294256 |
| Frontier Communications Holdings LLC — 5.875% 10/15/2027(f) | 5925000 | 5498222 |
|  |  | $24792478 |
| **FINANCIAL — 2.1%** |  |  |
| Ares Capital Corp. — 3.250% 7/15/2025 | $37309000 | $34435651 |
| Blackstone Private Credit Fund — 4.700% 3/24/2025 | 12460000 | 12000642 |
| OWL Rock Core Income Corp. — 4.700% 2/8/2027 | 40949000 | 36709640 |
| OWL Rock Core Income Corp. — 5.500% 3/21/2025 | 45959000 | 44531279 |
| OWL Rock Core Income Corp. — 7.750% 9/16/2027(f) | 49529000 | 49187250 |
|  |  | $176864462 |
| **TOTAL CORPORATE BONDS & NOTES** (Cost $209,130,014) |  | $201656940 |
| **CORPORATE BANK DEBT — 2.3%** |  |  |
| ABG Intermediate Holdings 2 LLC, 1M USD LIBOR + 3.250% — 7.321% 9/29/2024(d)(e)(i) | $38164232 | $37878000 |
| Asurion LLC, 1M USD LIBOR + 3.000% — 7.384% 11/3/2024(d)(e)(i) | 58555361 | 56740145 |
| Axiom Global, Inc., 1M USD LIBOR + 5.500% — 9.042% 10/1/2026(d)(e)(i) | 22836712 | 21866152 |
| Capstone Acquisition Holdings, Inc. 2020 Delayed Draw Term Loan, 1M USD LIBOR + 4.750% — 9.134% 11/12/2027(d)(e)(i)(j) | 1080938 | 1022838 |
| Capstone Acquisition Holdings, Inc. 2020 Term Loan, 1M USD LIBOR + 4.750% — 9.134% 11/12/2027(d)(e)(i) | 18582485 | 17583676 |
| Frontier Communications Corp., 3M USD LIBOR + 3.750% — 8.500% 5/1/2028(d)(e)(i) | 23382518 | 22252440 |
| Heartland Dental LLC, 1M USD LIBOR + 4.000% — 8.044% 4/30/2025(d)(e)(i) | 38409627 | 35624929 |

---

**FPA NEW INCOME, INC.**

**PORTFOLIO OF INVESTMENTS** (Continued)

December 31, 2022

(Unaudited)

---

| | | |
|:---|:---|:---|
| **BONDS & DEBENTURES - Continued** | Principal <br> Amount | Fair Value |
| JC Penney Corp., Inc., 1M USD LIBOR + 9.500% — 9.500% 6/23/2023(d)(e)(i) | $27218054 | $2722 |
| Lealand Finance Company B.V. Super Senior Exit LC — 0.500% 6/30/2024(d)(e)(i)(j)(l) | 16770000 | (3521700) |
| Windstream Services LLC, 1M USD LIBOR + 6.250% — 10.673% 9/21/2027(d)(e)(i) | 13133499 | 11902233 |
| **TOTAL CORPORATE BANK DEBT** (Cost $212,632,478) |  | $201351435 |
| **U.S. TREASURY — 7.0%** |  |  |
| U.S. Treasury Notes — 2.750% 7/31/2027 | $628247000 | $594406538 |
| **TOTAL U.S. TREASURIES** (Cost $605,469,186) |  | $594406538 |
| **TOTAL BONDS & DEBENTURES — 94.8%** (Cost $8,480,751,864) |  | $8084552731 |
| **TOTAL INVESTMENT SECURITIES — 96.1%** (Cost $8,620,016,274) |  | $8194478686 |
| **SHORT-TERM INVESTMENTS — 3.2%** |  |  |
| State Street Bank Repurchase Agreement — 1.28% 1/3/2023 |  |  |
| &nbsp;&nbsp;&nbsp;(Dated 12/30/2022, repurchase price of $269,863,375, collateralized by $288,238,400 principal amount U.S. Treasury Bill — 0.000% 2023, fair value $270,761,171)(k) | $269825000 | $269825000 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $269,825,000) |  | $269825000 |
| **TOTAL INVESTMENTS — 99.3%** (Cost $8,889,841,274) |  | $8464303686 |
| Other Assets and Liabilities, net — 0.7% |  | 63496036 |
| **NET ASSETS — 100.0%** |  | $8527799722 |

---

(a) Non-income producing security.

(b) 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 0.64% of total net assets at December 31, 2022.

(c) Investments categorized as a significant unobservable input (Level 3) (See Note 1 of the Notes to Financial Statements).

(d) Restricted
securities. These restricted securities constituted 3.27% of total net assets at December 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 Directors.

(e) Variable/Floating
Rate Security — The rate shown is based on the latest available information as of December 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 December 31, 2022.

(i) For corporate bank debt, the rate shown may represent a weighted average interest rate.

(j) 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.

(k) Security pledged as collateral.

**FPA NEW INCOME, INC.**

**PORTFOLIO OF INVESTMENTS** (Continued)

December 31, 2022

(Unaudited)

(l) As of December 31,
2022, the Fund had entered into commitments to fund various delayed draw debt-related investments. Such commitments are subject to the
satisfaction of certain conditions set forth in the documents governing those investments and there can be no assurance that such conditions
will be satisified. At December 31, 2022, unfunded commitments totaled $16,770,000.

(m) Affiliated Security.

**FPA NEW INCOME, INC.**

**PORTFOLIO OF INVESTMENTS – RESTRICTED SECURITIES**

December 31, 2022

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer | Acquisition Date (s) | Cost | Fair Value | Fair Value as a % of <br> Net Assets |
| ABG Intermediate Holdings 2 LLC, 1M USD LIBOR + 3.250% — 7.634% 9/29/2024 | 02/28/2022, 03/01/2022 | $37936335 | $37878000 | 0.44% |
| Asurion LLC, 1M USD LIBOR + 3.000% — 7.384% 11/3/2024 | 08/17/2021 | 58300996 | 56740145 | 0.67% |
| Axiom Global, Inc., 1M USD LIBOR + 5.500% — 9.042% 10/1/2026 | 11/18/2021, 11/19/2021 | 22655037 | 21866152 | 0.26% |
| BTC Holdings Fund I LLC — 6.950% 1/28/2027 | 09/01/2021 | 4389147 | 4389147 | 0.05% |
| BTC Offshore Holdings Fund, 3M USD LIBOR + 2.650% — 6.850% 10/20/2029 | 10/25/2021, 01/20/2022 | 18000000 | 18000000 | 0.21% |
| Capstone Acquisition Holdings, Inc. 2020 Delayed Draw Term Loan, 1M USD LIBOR + 4.750% — 9.134% 11/12/2027 | 04/30/2021 | 1077171 | 1022838 | 0.01% |
| Capstone Acquisition Holdings, Inc. 2020 Term Loan, 1M USD LIBOR + 4.750% — 9.134% 11/12/2027 | 04/30/2021 | 18461950 | 17583676 | 0.21% |
| Copper Earn Out Trust | 12/07/2020 |  | 242763 | 0.00% |
| Copper Property CTL Pass Through Trust | 10/05/2017, 10/06/2017, 10/11/2017, 11/19/2018, 11/27/2018, 01/11/2019, 02/08/2019, 03/11/2019, 05/29/2019, 06/08/2020 | 25752396 | 6892756 | 0.08% |
| Frontier Communications Corp., 3M USD LIBOR + 3.750% — 8.500% 5/1/2028 | 04/09/2021 | 23201845 | 22252440 | 0.26% |
| Heartland Dental LLC, 1M USD LIBOR + 3.750% — 8.387% 4/30/2025 | 08/02/2021, 08/03/2021, 08/12/2021 | 38281180 | 35624929 | 0.42% |
| JC Penney Corp., Inc., 1M USD LIBOR + 9.500% — 9.500% 6/23/2023 | 02/03/2021 |  | 2722 | 0.00% |
| Lealand Finance Company B.V. Super Senior Exit LC — 0.500% 6/30/2024 | 02/28/2020 | (59105) | (3521700) | (0.04)% |
| PHI Group, Inc., Restricted | 08/19/2019 | 31131405 | 47580250 | 0.56% |
| Windstream Services LLC, 1M USD LIBOR + 6.250% — 10.673% 9/21/2027 | 08/11/2020 | 12777069 | 11902233 | 0.14% |
| **TOTAL RESTRICTED SECURITIES** |  | $291905426 | $278456351 | 3.27% |

---

**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 Directors. 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 December 31, 2022 (see Portfolio of Investments for industry categories):

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Energy |  |  | $47580250 | $47580250 |
| &nbsp;&nbsp;&nbsp;Industrials | $55210186 |  |  | 55210186 |
| &nbsp;&nbsp;&nbsp;Retailing |  |  | 7135519 | 7135519 |
| Commercial Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Agency |  | $294619669 |  | 294619669 |
| &nbsp;&nbsp;&nbsp;Agency Stripped |  | 37354074 |  | 37354074 |
| &nbsp;&nbsp;&nbsp;Non-Agency |  | 719023922 |  | 719023922 |
| Residential Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Agency Collateralized Mortgage Obligation |  | 11624412 |  | 11624412 |
| &nbsp;&nbsp;&nbsp;Agency Pool Adjustable Rate |  | 268034 |  | 268034 |
| &nbsp;&nbsp;&nbsp;Agency Pool Fixed Rate |  | 179619118 |  | 179619118 |
| &nbsp;&nbsp;&nbsp;Agency Stripped |  | 99370 |  | 99370 |
| &nbsp;&nbsp;&nbsp;Non-Agency Collateralized Mortgage Obligation |  | 438879541 |  | 438879541 |
| Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Auto |  | 1741110327 |  | 1741110327 |
| &nbsp;&nbsp;&nbsp;Collateralized Loan Obligation |  | 1132085195 | 22389147 | 1154474342 |
| &nbsp;&nbsp;&nbsp;Credit Card |  | 101346870 |  | 101346870 |
| &nbsp;&nbsp;&nbsp;Equipment |  | 1060010582 | 14032691 | 1074043273 |
| &nbsp;&nbsp;&nbsp;Other |  | 1334674866 |  | 1334674866 |
| Corporate Bonds & Notes |  | 201656940 |  | 201656940 |
| Corporate Bank Debt |  | 201351435 |  | 201351435 |
| U.S. Treasury |  | 594406538 |  | 594406538 |
| Short-Term Investments |  | 269825000 |  | 269825000 |
|  | $55210186 | $8317955893 | $91137607 | $8464303686 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Beginning<br> Value at<br> September 30,<br> 2022** | **Net Realized<br> and<br> Unrealized<br> Gains<br> (Losses)** | **Purchases** | **(Sales)** | **Gross<br> Transfers<br> In/(Out)** | **Ending Value<br> at December <br> 31, 2022** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)<br> related to<br> Investments<br> held at<br> December <br> 31, 2022** |
| Common Stocks | $54724440 | $(8671) |  |  |  | $54715769 | $(8671) |
| Asset-Backed Securities Collateralized Loan Obligation | 22787445 |  |  | $(398298) |  | 22389147 |  |
| Asset-Backed Securities Equipment | 14837423 | (657079) |  | (147653) |  | 14032691 | (657222) |
| Corporate Bank Debt | 10660190 | 802380 |  | (11462570) |  |  |  |
|  | $103009498 | $136630 |  | $(12008521) |  | $91137607 | $(665893) |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Financial Assets** | **Fair Value at<br> December 31,<br> 2022** | **Valuation Technique(s)** | **Unobservable Inputs** | **Price/Range** | **Weighted Average Price** |
| Common Stocks | $7135519 | Pricing Model (a) | Quotes/Prices | $3.50 - $13.25 | $12.60 |
|  | 47580250 | Pricing Model (b) | Last Reported Trade | $12.50 | $12.50 |
| Asset-Backed Securities - Collateralized Loan Obligation | $22389147 | Third-Party Broker Quote (c) | Quotes/Prices | $100.00 | $100.00 |
| Asset-Backed Securities - Equipment | $14032691 | Third-Party Broker Quote (c) | Quotes/Prices | $83.00 | $83.00 |

---

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

(b) The Pricing Model technique for Level 3 securities involves the last reported trade in the security.

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** FPA NEW INCOME INC

- **b. Investment Company Act file number:** 811-01735

- **c. CIK number of Registrant:** 0000099203

- **d. LEI of Registrant:** 549300EH2YCK6M0NO786

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 11601 WILSHIRE BOULEVARD

  - **City:** LOS ANGELES

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 90025

  - **Telephone number:** 310-473-0225

**Item A.2. Information about the Series.**

- **a. Name of Series:** FPA New Income, Inc.

- **b. EDGAR series identifier (if any):** S000010870

- **c. LEI of Series:** 549300EH2YCK6M0NO786

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $8545677306.46

**Total Liabilities:** $22684608.98

**Net Assets:** $8522992697.48

**Cash Not Reported:** $30340.81

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -12840.08000000 | **1-Year:** -472175.17000000 | **5-Year:** -331956.34000000 | **10-Year:** -16934.52000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -3053.52000000 | **1-Year:** -47208.82000000 | **5-Year:** -63558.39000000 | **10-Year:** -21507.26000000 | **30-Year:** -2279.65000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000030124 | -0.39%               | 0.91%                | 0.08%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-14169857.01            | $-41993289.87                              |
| Month 2  | $-10678307.65            | $62604061.35                               |
| Month 3  | $-2544853.97             | $-10129813.86                              |

### Schedule of Portfolio Investments

| Name                                                                             | Title                                                                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Verizon Master Trust                                                             | Verizon Master Trust                                                                  | CUSIP: 92348KAT0<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-O            | CORP              | US        |  34616000 | PA      | $33335284.16  | 0.39%             | 2028-11-20      | Variable      | 3.64%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust                                      | MF1 Ltd.                                                                              | CUSIP: 58003UAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  12610646 | PA      | $12359875.96  | 0.15%             | 2035-11-15      | Floating      | 6.15%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                                                   | Cascade Funding Mortgage Trust                                                        | CUSIP: 12527LAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  14389507 | PA      | $13613262.39  | 0.16%             | 2036-06-25      | Variable      | 0.90%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd                                                   | Golub Capital Partners CLO 42M Ltd.                                                   | CUSIP: 38176KAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  13772000 | PA      | $13331530.12  | 0.16%             | 2031-04-20      | Floating      | 6.24%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                                                                  | SBA Tower Trust                                                                       | CUSIP: 78403DAR1<br>LEI: N/A                  | Long             | DBT              |  | US        |  16130000 | PA      | $13318131.30  | 0.16%             | 2028-01-15      | Fixed         | 2.33%                 | No            |                  2 | On Loan: No      |
| BTC HOLDINGS FUND I, LLC                                                         | BTC Holdings Fund I LLC                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4389147 | PA      | $4389147.27   | 0.05%             | 2027-01-28      | Variable      | 6.95%                 | Yes           |                  3 | On Loan: No      |
| J.C. Penney Corporation, Inc.                                                    | JC Penney Corp., Inc.                                                                 | CUSIP: 46611NAJ2<br>LEI: 8TDNUQ07MEFMWW1VHP39 | Long             | LON              | CORP              | US        |  27218054 | PA      | $2721.81      | 0.00%             | 2023-06-23      | Variable      | 1.00%                 | Yes           |                  2 | On Loan: No      |
| Nassau LTD                                                                       | Nassau Ltd.                                                                           | CUSIP: 631707AL0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  19886413 | PA      | $19696815.79  | 0.23%             | 2029-10-15      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                                                | Citigroup Mortgage Loan Trust, Inc.                                                   | CUSIP: 17322GAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2626648 | PA      | $2435946.09   | 0.03%             | 2035-01-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Federal Home Loan Mortgage Corp. REMICS                                               | CUSIP: 3137AEGV1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    241175 | PA      | $669.89       | 0.00%             | 2026-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LoanCore 2018-CRE1 Issuer, Ltd.                                                  | LoanCore Issuer Ltd.                                                                  | CUSIP: 53946CAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  12677103 | PA      | $12298833.89  | 0.14%             | 2035-07-15      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| Santander Retail Auto Lease Trust                                                | Santander Retail Auto Lease Trust                                                     | CUSIP: 80287CAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  34544000 | PA      | $32868557.28  | 0.39%             | 2025-07-21      | Fixed         | 1.34%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.                                 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates     | CUSIP: 3137BRQJ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  87324000 | PA      | $81979116.27  | 0.96%             | 2026-07-25      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| PG&E WILDFIRE RECOVERY                                                           | PG&E Wildfire Recovery Funding LLC                                                    | CUSIP: 693342AF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  53606000 | PA      | $51537269.41  | 0.60%             | 2031-06-01      | Fixed         | 4.02%                 | No            |                  2 | On Loan: No      |
| Wheels SPV LLC                                                                   | Wheels SPV 2 LLC                                                                      | CUSIP: 96328DBU7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6513000 | PA      | $6215709.56   | 0.07%             | 2029-08-20      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                                                      | Hertz Vehicle Financing III LP                                                        | CUSIP: 42806MAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  44631000 | PA      | $38656605.08  | 0.45%             | 2027-12-27      | Fixed         | 1.68%                 | No            |                  2 | On Loan: No      |
| Woodmont Trust                                                                   | Woodmont Trust                                                                        | CUSIP: 97988UAN5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  62588000 | PA      | $61213692.70  | 0.72%             | 2031-07-15      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| LoanCore 2021-CRE5 Issuer, Ltd                                                   | LoanCore Issuer Ltd.                                                                  | CUSIP: 53947XAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   8879000 | PA      | $8531568.28   | 0.10%             | 2036-07-15      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Fixed Income Clearing Corp                                                       | FIXED INC CLEARING CORP.REPO                                                          | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        | 269825000 | PA      | $269825000.00 | 3.17%             |  |  |  | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                                                              | DT Auto Owner Trust                                                                   | CUSIP: 26253WAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  13540000 | PA      | $12444025.01  | 0.15%             | 2027-09-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Federal National Mortgage Association                                                 | CUSIP: 31409BB89<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    273767 | PA      | $268033.55    | 0.00%             | 2036-03-01      | Floating      | 2.50%                 | No            |                  2 | On Loan: No      |
| Fortress Credit Opportunities XIX CLO LLC                                        | Fortress Credit Opportunities XVII CLO Ltd.                                           | CUSIP: 34963VAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  52514893 | PA      | $51409821.68  | 0.60%             | 2030-01-15      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                                                                  | SBA Tower Trust                                                                       | CUSIP: 78403DAZ3<br>LEI: N/A                  | Long             | DBT              |  | US        |  12423000 | PA      | $12392646.88  | 0.15%             | 2028-01-15      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners Funding                                                   | Golub Capital Partners ABS Funding Ltd.                                               | CUSIP: 38177UAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |  44967000 | PA      | $41053971.66  | 0.48%             | 2029-01-22      | Fixed         | 3.21%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                                                   | CFMT LLC                                                                              | CUSIP: 12530BAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  17374907 | PA      | $16296663.72  | 0.19%             | 2031-10-27      | Variable      | 1.15%                 | No            |                  2 | On Loan: No      |
| GM Financial Automobile Leasing Trust                                            | GM Financial Automobile Leasing Trust                                                 | CUSIP: 36265MAF2<br>LEI: 2549001DWK2615D9KR84 | Long             | ABS-O            | CORP              | US        |  32069000 | PA      | $30514942.67  | 0.36%             | 2026-02-20      | Fixed         | 2.64%                 | No            |                  2 | On Loan: No      |
| RCO Mortgage LLC                                                                 | RCO VII Mortgage LLC                                                                  | CUSIP: 74938JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  18226522 | PA      | $16735033.14  | 0.20%             | 2026-09-25      | Variable      | 2.12%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust                                     | American Credit Acceptance Receivables Trust                                          | CUSIP: 02530WAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  45613000 | PA      | $42754519.95  | 0.50%             | 2028-03-13      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                         | BX Commercial Mortgage Trust                                                          | CUSIP: 05609VAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  28900000 | PA      | $26886574.57  | 0.32%             | 2036-09-15      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust                                       | JPMBB Commercial Mortgage Securities Trust                                            | CUSIP: 46644YAU4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7598510 | PA      | $7201692.29   | 0.08%             | 2048-08-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                                                      | Hertz Vehicle Financing LLC                                                           | CUSIP: 42806MAA7<br>LEI: 5493004IHDYOZ9K9WF47 | Long             | ABS-O            | CORP              | US        |  73571000 | PA      | $67983341.41  | 0.80%             | 2025-12-26      | Fixed         | 1.21%                 | No            |                  2 | On Loan: No      |
| BRAZOS SECURITIZATN LLC                                                          | Brazos Securitization LLC                                                             | CUSIP: 106230AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10409000 | PA      | $10236025.32  | 0.12%             | 2031-09-01      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| Frontier Communications Corp.                                                    | Frontier Communications Corp.                                                         | CUSIP: 35906EAQ3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  23442015 | PA      | $22309062.41  | 0.26%             | 2028-05-01      | Variable      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| HPEFS Equipment Trust                                                            | HPEFS Equipment Trust                                                                 | CUSIP: 40441TAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9732000 | PA      | $9308771.86   | 0.11%             | 2029-09-20      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Capital One Prime Auto Receivables Trust                                         | Capital One Prime Auto Receivables Trust                                              | CUSIP: 14043GAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  15513000 | PA      | $14808145.13  | 0.17%             | 2027-12-15      | Fixed         | 3.69%                 | No            |                  2 | On Loan: No      |
| ABG Intermediate Holdings 2 LLC                                                  | ABG Intermediate Holdings 2 LLC                                                       | CUSIP: 00076VAW0<br>LEI: 54930020NXD0RJB64985 | Long             | LON              | CORP              | US        |  38164232 | PA      | $37877999.80  | 0.44%             | 2024-09-27      | Variable      | 7.63%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Federal Home Loan Mortgage Corp. REMICS                                               | CUSIP: 3137AKNB3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    470916 | PA      | $456629.90    | 0.01%             | 2026-12-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Brightwood Capital MM CLO 2021-2 Ltd                                             | Brightwood Capital MM CLO Ltd.                                                        | CUSIP: 10949WAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  85599000 | PA      | $84173348.66  | 0.99%             | 2030-11-15      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Federal Home Loan Mortgage Corp.                                                      | CUSIP: 31307AW99<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1467679 | PA      | $1393511.28   | 0.02%             | 2028-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AmeriCredit Automobile Receivables Trust                                         | AmeriCredit Automobile Receivables Trust                                              | CUSIP: 03066EAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6808000 | PA      | $6449417.19   | 0.08%             | 2026-02-18      | Fixed         | 1.48%                 | No            |                  2 | On Loan: No      |
| Oasis Securitisation                                                             | Oasis Securitization Funding LLC                                                      | CUSIP: 67422AAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1711442 | PA      | $1686430.37   | 0.02%             | 2033-02-15      | Fixed         | 2.58%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                                                              | Oportun Issuance Trust                                                                | CUSIP: 68377WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  64181000 | PA      | $56119949.84  | 0.66%             | 2031-10-08      | Fixed         | 2.18%                 | No            |                  2 | On Loan: No      |
| Elm Trust                                                                        | Elm Trust                                                                             | CUSIP: 28924AAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9925000 | PA      | $9228904.17   | 0.11%             | 2029-10-20      | Fixed         | 2.29%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                                                       | Flagship Credit Auto Trust                                                            | CUSIP: 33845AAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8567000 | PA      | $7999344.58   | 0.09%             | 2027-02-15      | Fixed         | 1.49%                 | No            |                  2 | On Loan: No      |
| Vericrest Opportunity Loan Transferee                                            | VOLT XCIV LLC                                                                         | CUSIP: 92873AAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  24958070 | PA      | $22379444.98  | 0.26%             | 2051-02-27      | Variable      | 2.24%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Auth | Louisiana Local Government Environmental Facilities & Community Development Authority | CUSIP: 54627RAL4<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |  48703000 | PA      | $47361479.27  | 0.56%             | 2029-02-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                                       | Progress Residential Trust                                                            | CUSIP: 74333XAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8719675 | PA      | $7182597.23   | 0.08%             | 2039-01-17      | Fixed         | 2.28%                 | No            |                  2 | On Loan: No      |
| OWL ROCK CORE INCOME COR                                                         | OWL Rock Core Income Corp.                                                            | CUSIP: 69120VAF8<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |  40949000 | PA      | $36709640.12  | 0.43%             | 2027-02-08      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Government National Mortgage Association                                              | CUSIP: 38378XUN9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  25088163 | PA      | $221179.75    | 0.00%             | 2055-05-16      | Variable      | 0.19%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                                                              | PFS Financing Corp.                                                                   | CUSIP: 69335PEE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  11978000 | PA      | $10923840.18  | 0.13%             | 2026-08-15      | Fixed         | 1.09%                 | No            |                  2 | On Loan: No      |
| Fortress Credit Opportunities XIX CLO LLC                                        | Fortress Credit Opportunities XI CLO Ltd.                                             | CUSIP: 34961WAC9<br>LEI: 254900FRBH7KBHJT7O18 | Long             | ABS-CBDO         | CORP              | KY        |  37820000 | PA      | $36914248.82  | 0.43%             | 2031-04-15      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                                                              | PFS Financing Corp.                                                                   | CUSIP: 69335PEL5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  11913000 | PA      | $11330965.37  | 0.13%             | 2027-05-15      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| Capstone Acquisition Holdings, Inc.                                              | Capstone Acquisition Holdings, Inc.                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1083675 | PA      | $1025427.09   | 0.01%             | 2027-11-12      | Variable      | 9.13%                 | Yes           |                  2 | On Loan: No      |
| NextGear Floorplan Master Owner Trust                                            | NextGear Floorplan Master Owner Trust                                                 | CUSIP: 65341KBT2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  72271000 | PA      | $67787350.52  | 0.80%             | 2027-03-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                                                     | Dell Equipment Finance Trust                                                          | CUSIP: 24703WAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  17115000 | PA      | $16416697.73  | 0.19%             | 2027-08-23      | Fixed         | 2.72%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Federal Home Loan Mortgage Corp. REMICS                                               | CUSIP: 3137AEU86<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    442900 | PA      | $430517.99    | 0.01%             | 2026-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Federal Home Loan Mortgage Corp. REMICS                                               | CUSIP: 3137B7RR2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    135442 | PA      | $133083.38    | 0.00%             | 2027-01-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Federal Home Loan Mortgage Corp.                                                      | CUSIP: 3128MCJL0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       109 | PA      | $108.62       | 0.00%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                           | Oklahoma Development Finance Authority                                                | CUSIP: 6789084C5<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |  26761000 | PA      | $25066764.84  | 0.29%             | 2037-05-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.                                 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates     | CUSIP: 3137BM7C4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  38614000 | PA      | $37068281.58  | 0.43%             | 2025-09-25      | Fixed         | 3.31%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Federal National Mortgage Association                                                 | CUSIP: 3138EGKG8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         0 | PA      | $0.00         | 0.00%             | 2022-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Federal National Mortgage Association REMICS                                          | CUSIP: 31398RDH5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    496462 | PA      | $499181.89    | 0.01%             | 2040-05-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                                                     | Dell Equipment Finance Trust                                                          | CUSIP: 24702CAJ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4700000 | PA      | $4566712.70   | 0.05%             | 2027-07-22      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                                                   | Enterprise Fleet Financing LLC                                                        | CUSIP: 29374JAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  32246000 | PA      | $31319249.96  | 0.37%             | 2029-05-21      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| VMC Finance LLC                                                                  | VMC Finance LLC                                                                       | CUSIP: 91835TAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  20143100 | PA      | $19443380.97  | 0.23%             | 2037-01-18      | Floating      | 5.99%                 | No            |                  2 | On Loan: No      |
| GM Financial Securitized Term Auto Receivables Tr                                | GM Financial Consumer Automobile Receivables Trust                                    | CUSIP: 380146AC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  29166000 | PA      | $27600862.03  | 0.32%             | 2026-11-16      | Fixed         | 1.26%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.                                 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates     | CUSIP: 3137FEBQ2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  11587000 | PA      | $11093016.06  | 0.13%             | 2027-12-25      | Fixed         | 3.44%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Federal National Mortgage Association REMICS                                          | CUSIP: 3136ABJH7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1487291 | PA      | $1433342.82   | 0.02%             | 2042-04-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                                                      | Hertz Vehicle Financing LLC                                                           | CUSIP: 42806MBA6<br>LEI: 5493004IHDYOZ9K9WF47 | Long             | ABS-O            | CORP              | US        |  80995000 | PA      | $77411327.63  | 0.91%             | 2026-09-25      | Fixed         | 3.73%                 | No            |                  2 | On Loan: No      |
| Vantage Data Centers LLC                                                         | Vantage Data Centers LLC                                                              | CUSIP: 92212KAB2<br>LEI: 5493000RL8X7WTQ7HO20 | Long             | ABS-O            | CORP              | US        |  19214000 | PA      | $17066001.61  | 0.20%             | 2045-09-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                                            | Westlake Automobile Receivables Trust                                                 | CUSIP: 96043JAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  69723000 | PA      | $66395511.66  | 0.78%             | 2027-01-15      | Fixed         | 1.29%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Federal National Mortgage Association                                                 | CUSIP: 3138MRMJ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    824209 | PA      | $781880.28    | 0.01%             | 2028-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Federal Home Loan Mortgage Corp.                                                      | CUSIP: 3128MEJB8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2464 | PA      | $2462.30      | 0.00%             | 2024-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Federal Home Loan Mortgage Corp.                                                      | CUSIP: 31329LC91<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2051831 | PA      | $1946455.05   | 0.02%             | 2027-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                                                     | Drive Auto Receivables Trust                                                          | CUSIP: 262081AE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  72790000 | PA      | $68018207.88  | 0.80%             | 2027-01-15      | Fixed         | 1.47%                 | No            |                  2 | On Loan: No      |
| BDS Ltd                                                                          | BDS Ltd.                                                                              | CUSIP: 05492KAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   6613000 | PA      | $6557973.89   | 0.08%             | 2036-08-15      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| TVEST 2020A, LLC                                                                 | TVEST LLC                                                                             | CUSIP: 90115AAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3388021 | PA      | $3337630.92   | 0.04%             | 2032-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd                                                   | Golub Capital Partners CLO 36M Ltd.                                                   | CUSIP: 38175BAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  67200000 | PA      | $65877436.80  | 0.77%             | 2031-02-05      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                                                              | Oportun Funding XIV LLC                                                               | CUSIP: 68377BAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10137000 | PA      | $9388036.88   | 0.11%             | 2028-03-08      | Fixed         | 1.21%                 | No            |                  2 | On Loan: No      |
| Zais Clo 7 llc                                                                   | Zais CLO 7 Ltd.                                                                       | CUSIP: 98887VAA1<br>LEI: 549300XFDOUEB0QTZS87 | Long             | ABS-CBDO         | CORP              | KY        |  13920642 | PA      | $13702129.31  | 0.16%             | 2030-04-15      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| BMW Vehicle Owner Trust                                                          | BMW Vehicle Owner Trust                                                               | CUSIP: 05602RAE1<br>LEI: 5493002H8OC00FUV1078 | Long             | ABS-O            | CORP              | US        |  25298000 | PA      | $24299265.32  | 0.29%             | 2028-12-26      | Fixed         | 3.44%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Federal Home Loan Mortgage Corp.                                                      | CUSIP: 3128MEGQ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    108034 | PA      | $107712.32    | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Government National Mortgage Association                                              | CUSIP: 38378BWM7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  40088011 | PA      | $409807.71    | 0.00%             | 2053-03-16      | Variable      | 0.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Government National Mortgage Association                                              | CUSIP: 38379Y6T0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  60374948 | PA      | $2363763.76   | 0.03%             | 2057-12-16      | Variable      | 0.81%                 | No            |                  2 | On Loan: No      |
| Cerberus                                                                         | Cerberus Loan Funding XXIX LP                                                         | CUSIP: 15674HAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        | 113123000 | PA      | $111436788.56 | 1.31%             | 2032-10-15      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                                             | PRET LLC                                                                              | CUSIP: 74143KAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  62792892 | PA      | $55148611.24  | 0.65%             | 2051-10-25      | Variable      | 2.49%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                                         | Avis Budget Rental Car Funding AESOP LLC                                              | CUSIP: 05377RER1<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   4211000 | PA      | $3650315.04   | 0.04%             | 2028-02-20      | Fixed         | 1.66%                 | No            |                  2 | On Loan: No      |
| Freddiemac Strip                                                                 | Federal Home Loan Mortgage Corp. Strips                                               | CUSIP: 3128CVSX3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     70023 | PA      | $57082.10     | 0.00%             | 2032-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE                                                           | Blackstone Private Credit Fund                                                        | CUSIP: 09261HAT4<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |  12460000 | PA      | $12000642.16  | 0.14%             | 2025-03-24      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| HPEFS Equipment Trust                                                            | HPEFS Equipment Trust                                                                 | CUSIP: 40441TAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5634000 | PA      | $5353429.05   | 0.06%             | 2029-09-20      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| THL Credit Lake Shore MM CLO I Ltd.                                              | Lake Shore MM CLO III LLC                                                             | CUSIP: 510760AA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  23662000 | PA      | $22983018.91  | 0.27%             | 2031-10-17      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                                             | PRET LLC                                                                              | CUSIP: 69362GAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  17923170 | PA      | $16159433.65  | 0.19%             | 2051-07-25      | Variable      | 2.49%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Government National Mortgage Association                                              | CUSIP: 38378XR94<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  74102268 | PA      | $1861530.50   | 0.02%             | 2056-05-16      | Variable      | 0.63%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust                                                     | Ford Credit Auto Owner Trust                                                          | CUSIP: 34533GAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $380740.16    | 0.00%             | 2026-01-15      | Fixed         | 1.19%                 | No            |                  2 | On Loan: No      |
| Prosper Marketplace Issuance Trust                                               | Prosper Marketplace Issuance Trust                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  16906856 | PA      | $14032690.88  | 0.16%             | 2042-03-15      | Fixed         | 5.30%                 | No            |                  3 | On Loan: No      |
| Cascade Funding Mortgage Trust                                                   | CFMT LLC                                                                              | CUSIP: 12530BAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15406000 | PA      | $14134245.48  | 0.17%             | 2031-10-27      | Variable      | 2.12%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.                                 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates     | CUSIP: 3137F2LJ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   7223000 | PA      | $6841876.24   | 0.08%             | 2027-06-25      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust                                                   | Hyundai Auto Receivables Trust                                                        | CUSIP: 44935FAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  29067000 | PA      | $27402431.74  | 0.32%             | 2026-05-15      | Fixed         | 0.74%                 | No            |                  2 | On Loan: No      |
| Prestige Auto Receivables Trust                                                  | Prestige Auto Receivables Trust                                                       | CUSIP: 74113XAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  37756000 | PA      | $35994558.01  | 0.42%             | 2026-04-15      | Fixed         | 1.19%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Government National Mortgage Association                                              | CUSIP: 38379KV54<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   7732318 | PA      | $178124.76    | 0.00%             | 2057-09-16      | Variable      | 0.36%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.                                 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates     | CUSIP: 3137BVZ82<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  16539000 | PA      | $15893969.08  | 0.19%             | 2027-01-25      | Variable      | 3.43%                 | No            |                  2 | On Loan: No      |
| Santander Retail Auto Lease Trust                                                | Santander Retail Auto Lease Trust                                                     | CUSIP: 80287CAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10319000 | PA      | $9603598.18   | 0.11%             | 2026-01-20      | Fixed         | 1.61%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                        | Towd Point Mortgage Trust                                                             | CUSIP: 89176VAK8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13899718 | PA      | $12991462.03  | 0.15%             | 2058-07-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                                                   | Enterprise Fleet Financing LLC                                                        | CUSIP: 29374GAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  18980000 | PA      | $18896708.17  | 0.22%             | 2029-10-22      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Federal National Mortgage Association REMICS                                          | CUSIP: 3136A0SC2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2558293 | PA      | $2504989.98   | 0.03%             | 2026-08-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PG&E RECOVERY FND LLC                                                            | PG&E Recovery Funding LLC                                                             | CUSIP: 71710TAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  26507000 | PA      | $26532881.43  | 0.31%             | 2032-07-15      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                                                              | PFS Financing Corp.                                                                   | CUSIP: 69335PDY8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3303000 | PA      | $3148731.40   | 0.04%             | 2026-02-15      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.                                 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates     | CUSIP: 3137BTUM1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  78855000 | PA      | $74939013.39  | 0.88%             | 2026-11-25      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| BDS Ltd                                                                          | BDS Ltd.                                                                              | CUSIP: 05493JAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  17835583 | PA      | $17188346.01  | 0.20%             | 2036-01-18      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| VCAT Asset Securitization, LLC                                                   | VCAT LLC                                                                              | CUSIP: 91822YAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  19324219 | PA      | $17389551.90  | 0.20%             | 2051-03-27      | Variable      | 2.12%                 | No            |                  2 | On Loan: No      |
| HPEFS Equipment Trust                                                            | HPEFS Equipment Trust                                                                 | CUSIP: 40441RAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  17858000 | PA      | $16447571.59  | 0.19%             | 2029-05-21      | Fixed         | 1.96%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Federal National Mortgage Association REMICS                                          | CUSIP: 3136AHYG9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    158598 | PA      | $156569.30    | 0.00%             | 2028-03-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ABPCI Direct Lending Fund ABS Ltd                                                | ABPCI Direct Lending Fund ABS II LLC                                                  | CUSIP: 00090NAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  26204000 | PA      | $25505873.03  | 0.30%             | 2032-03-01      | Floating      | 6.15%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                                                     | Drive Auto Receivables Trust                                                          | CUSIP: 262104AE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  51629000 | PA      | $49667712.39  | 0.58%             | 2027-10-15      | Fixed         | 0.87%                 | No            |                  2 | On Loan: No      |
| CLECO SECURITIZATION I                                                           | Cleco Securitization I LLC                                                            | CUSIP: 185512AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  23362000 | PA      | $21911177.75  | 0.26%             | 2031-03-01      | Fixed         | 4.02%                 | No            |                  2 | On Loan: No      |
| Applied Systems, Inc.                                                            | Applied Systems, Inc.                                                                 | CUSIP: 03827FAX9<br>LEI: 549300NSKGF0SY5SWQ62 | Long             | LON              | CORP              | US        |         0 | PA      | $0.00         | 0.00%             | 2024-09-19      | Variable      | 9.08%                 | Yes           |                  2 | On Loan: No      |
| PFS Financing Corp.                                                              | PFS Financing Corp.                                                                   | CUSIP: 69335PEP6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  71781000 | PA      | $69785904.53  | 0.82%             | 2027-08-15      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd                                  | Arbor Realty Commercial Real Estate Notes Ltd.                                        | CUSIP: 03881JAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  35540000 | PA      | $34719335.20  | 0.41%             | 2037-05-15      | Floating      | 6.19%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                                                   | Enterprise Fleet Funding LLC                                                          | CUSIP: 29374EAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2050000 | PA      | $1901822.31   | 0.02%             | 2026-12-21      | Fixed         | 0.70%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                           | Oklahoma Development Finance Authority                                                | CUSIP: 6789083Z5<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |  11541000 | PA      | $11066392.53  | 0.13%             | 2034-02-01      | Fixed         | 4.29%                 | No            |                  2 | On Loan: No      |
| Lake Shore MM CLO IV LLC                                                         | Lake Shore MM CLO IV Ltd.                                                             | CUSIP: 51075LAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  13834399 | PA      | $13658149.06  | 0.16%             | 2033-10-15      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| Kubota Credit Owner Trust                                                        | Kubota Credit Owner Trust                                                             | CUSIP: 50117JAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  34050000 | PA      | $32928382.79  | 0.39%             | 2028-06-15      | Fixed         | 4.17%                 | No            |                  2 | On Loan: No      |
| Cologix Data Centers Issuer LLC                                                  | Cologix Data Centers U.S. Issuer LLC                                                  | CUSIP: 19521UAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  58068000 | PA      | $50577373.17  | 0.59%             | 2051-12-26      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| CNH Equipment Trust                                                              | CNH Equipment Trust                                                                   | CUSIP: 12663JAD3<br>LEI: 549300BIZ8MA1TOD5D46 | Long             | ABS-O            | CORP              | US        |   7414000 | PA      | $7081701.55   | 0.08%             | 2028-03-15      | Fixed         | 3.91%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                                       | Progress Residential Trust                                                            | CUSIP: 74333WAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  57444661 | PA      | $47102036.83  | 0.55%             | 2040-12-17      | Fixed         | 2.39%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Federal Home Loan Mortgage Corp. REMICS                                               | CUSIP: 3137AYYL9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    681418 | PA      | $655931.52    | 0.01%             | 2032-05-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                                                              | DT Auto Owner Trust                                                                   | CUSIP: 23344QAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  18106000 | PA      | $16973777.50  | 0.20%             | 2027-05-17      | Fixed         | 0.87%                 | No            |                  2 | On Loan: No      |
| CNH Equipment Trust                                                              | CNH Equipment Trust                                                                   | CUSIP: 12660DAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  19831000 | PA      | $18997532.82  | 0.22%             | 2027-07-15      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Government National Mortgage Association                                              | CUSIP: 38380PLB8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        | 101654699 | PA      | $6638783.74   | 0.08%             | 2062-02-16      | Variable      | 0.87%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                                                          | Frontier Communications Holdings LLC                                                  | CUSIP: 35906ABE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5925000 | PA      | $5498222.25   | 0.06%             | 2027-10-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| AREIT CRE Trust                                                                  | AREIT Trust                                                                           | CUSIP: 00217LAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    436459 | PA      | $428657.53    | 0.01%             | 2036-09-14      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                                              | Exeter Automobile Receivables Trust                                                   | CUSIP: 30165JAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  41400000 | PA      | $39052648.98  | 0.46%             | 2027-10-15      | Fixed         | 1.46%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                                            | Westlake Automobile Receivables Trust                                                 | CUSIP: 96043JAJ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  69605000 | PA      | $65110702.60  | 0.76%             | 2027-01-15      | Fixed         | 1.58%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Federal Home Loan Mortgage Corp.                                                      | CUSIP: 3128MDE90<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1092 | PA      | $1093.12      | 0.00%             | 2024-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Federal Home Loan Mortgage Corp.                                                      | CUSIP: 3132A9NL7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    733895 | PA      | $695745.53    | 0.01%             | 2028-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Federal National Mortgage Association REMICS                                          | CUSIP: 3136AGLR1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    724731 | PA      | $696657.57    | 0.01%             | 2042-07-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust                                                          | Carmax Auto Owner Trust                                                               | CUSIP: 14318MAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  63819000 | PA      | $60684434.09  | 0.71%             | 2028-02-15      | Fixed         | 4.06%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Federal Home Loan Mortgage Corp.                                                      | CUSIP: 3128MD6J7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     16427 | PA      | $16378.02     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                                                                   | Amazon.com, Inc.                                                                      | CUSIP: 023135BY1<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |  22427000 | PA      | $19294255.35  | 0.23%             | 2028-05-12      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust                                            | Preston Ridge Partners Mortgage LLC                                                   | CUSIP: 69360XAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  21610159 | PA      | $19574149.43  | 0.23%             | 2026-10-25      | Variable      | 2.36%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Government National Mortgage Association                                              | CUSIP: 38378BE47<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  16450139 | PA      | $288908.86    | 0.00%             | 2053-01-16      | Variable      | 0.61%                 | No            |                  2 | On Loan: No      |
| VCP RRL ABS I, Ltd                                                               | VCP RRL ABS I Ltd.                                                                    | CUSIP: 92243RAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  40512973 | PA      | $36705328.78  | 0.43%             | 2031-10-20      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Federal National Mortgage Association                                                 | CUSIP: 3138EMNT4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3976 | PA      | $3967.89      | 0.00%             | 2025-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Government National Mortgage Association                                              | CUSIP: 38378X2M2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  17156047 | PA      | $366700.22    | 0.00%             | 2057-01-16      | Variable      | 0.45%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Government National Mortgage Association                                              | CUSIP: 38379KEL8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   7435144 | PA      | $110507.80    | 0.00%             | 2056-09-16      | Variable      | 0.28%                 | No            |                  2 | On Loan: No      |
| Windstream Services, LLC                                                         | Windstream Services LLC                                                               | CUSIP: 97381JAE3<br>LEI: 549300KT9GVEBYCD2N29 | Long             | LON              | CORP              | US        |  13167745 | PA      | $11933268.73  | 0.14%             | 2027-09-21      | Variable      | 10.67%                | Yes           |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                                                   | CFMT LLC                                                                              | CUSIP: 12526PAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  25357262 | PA      | $24447953.46  | 0.29%             | 2031-02-25      | Variable      | 0.80%                 | No            |                  2 | On Loan: No      |
| Cerberus                                                                         | Cerberus Loan Funding XXVIII LP                                                       | CUSIP: 15673EAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  61193911 | PA      | $60475004.78  | 0.71%             | 2031-10-15      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Federal Home Loan Mortgage Corp.                                                      | CUSIP: 3128MEA76<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     38732 | PA      | $38700.42     | 0.00%             | 2024-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Acres PLC                                                                        | ACRES Commercial Realty Ltd.                                                          | CUSIP: 00103CAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  59792000 | PA      | $58116269.41  | 0.68%             | 2036-06-15      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Government National Mortgage Association                                              | CUSIP: 38380PBP8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        | 128124208 | PA      | $8522335.42   | 0.10%             | 2062-03-16      | Variable      | 0.94%                 | No            |                  2 | On Loan: No      |
| ABPCI Direct Lending Fund CLO Ltd                                                | ABPCI Direct Lending Fund IX LLC                                                      | CUSIP: 000806AJ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  43972000 | PA      | $42711806.45  | 0.50%             | 2031-11-18      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| HERA Commercial Mortgage Ltd                                                     | HERA Commercial Mortgage Ltd.                                                         | CUSIP: 42704RAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  54659000 | PA      | $52792854.29  | 0.62%             | 2038-02-18      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd                                  | Arbor Realty Commercial Real Estate Notes Ltd.                                        | CUSIP: 03881CAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  54525000 | PA      | $52972509.68  | 0.62%             | 2035-12-15      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Government National Mortgage Association                                              | CUSIP: 38378BN62<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  38293762 | PA      | $222762.47    | 0.00%             | 2053-02-16      | Variable      | 0.17%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Lease Trust                                                     | Ford Credit Auto Lease Trust                                                          | CUSIP: 345329AF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  21928000 | PA      | $20686620.84  | 0.24%             | 2026-05-15      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                                              | Exeter Automobile Receivables Trust                                                   | CUSIP: 30167JAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  90942000 | PA      | $88664366.70  | 1.04%             | 2026-06-15      | Fixed         | 2.18%                 | No            |                  2 | On Loan: No      |
| BTC OFFSHORE HOLDINGS FUND                                                       | BTC Offshore Holdings Fund                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  18000000 | PA      | $18000000.00  | 0.21%             | 2029-10-20      | Variable      | 6.85%                 | Yes           |                  3 | On Loan: No      |
| Kubota Credit Owner Trust                                                        | Kubota Credit Owner Trust                                                             | CUSIP: 50117EAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  88222000 | PA      | $84315406.33  | 0.99%             | 2026-10-15      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| NextGear Floorplan Master Owner Trust                                            | NextGear Floorplan Master Owner Trust                                                 | CUSIP: 65341KBQ8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3947000 | PA      | $3666440.14   | 0.04%             | 2026-07-15      | Fixed         | 0.85%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                                                       | Flagship Credit Auto Trust                                                            | CUSIP: 33844WAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  17609000 | PA      | $16521734.06  | 0.19%             | 2027-06-15      | Fixed         | 1.27%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner Trust                                              | Toyota Auto Receivables Owner Trust                                                   | CUSIP: 89231CAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10600000 | PA      | $10113510.88  | 0.12%             | 2028-02-15      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Federal National Mortgage Association REMICS                                          | CUSIP: 3136AH7G9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     65601 | PA      | $64307.10     | 0.00%             | 2029-04-25      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| COPPER EARNOUT TR                                                                | Copper Earnout Trust                                                                  | CUSIP: 21751C209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     69361 | NS      | $242763.50    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TICP CLO Ltd                                                                     | TICP CLO III-2 Ltd.                                                                   | CUSIP: 87249FAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2415150 | PA      | $2406922.02   | 0.03%             | 2028-04-20      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                                                     | Dell Equipment Finance Trust                                                          | CUSIP: 24702CAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5100000 | PA      | $4954957.02   | 0.06%             | 2027-07-22      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Honda Auto Receivables Owner Trust                                               | Honda Auto Receivables Owner Trust                                                    | CUSIP: 43815PAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6350000 | PA      | $6054607.53   | 0.07%             | 2028-12-18      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| Honda Auto Receivables Owner Trust                                               | Honda Auto Receivables Owner Trust                                                    | CUSIP: 43815GAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  44179000 | PA      | $41903534.10  | 0.49%             | 2026-01-21      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Government National Mortgage Association                                              | CUSIP: 38380PHG2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  56230958 | PA      | $4073516.81   | 0.05%             | 2062-01-16      | Variable      | 1.09%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Government National Mortgage Association                                              | CUSIP: 38379KAT5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  28475094 | PA      | $479771.17    | 0.01%             | 2057-01-16      | Variable      | 0.30%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Government National Mortgage Association                                              | CUSIP: 38378B2X6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  17769170 | PA      | $139324.51    | 0.00%             | 2052-11-16      | Variable      | 0.44%                 | No            |                  2 | On Loan: No      |
| Ladder Capital Commercial Mortgage Securities LLC                                | LCCM Trust                                                                            | CUSIP: 50202KAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   9154000 | PA      | $8935444.59   | 0.10%             | 2038-12-13      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                                       | Progress Residential Trust                                                            | CUSIP: 74333QAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8797640 | PA      | $7240175.09   | 0.08%             | 2040-11-17      | Fixed         | 2.01%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                                                              | DT Auto Owner Trust                                                                   | CUSIP: 26253WAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  13540000 | PA      | $13011315.81  | 0.15%             | 2026-05-15      | Fixed         | 1.02%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                                           | Santander Drive Auto Receivables Trust                                                | CUSIP: 80286EAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  33202000 | PA      | $31669531.81  | 0.37%             | 2028-04-17      | Fixed         | 2.56%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust                                                          | Carmax Auto Owner Trust                                                               | CUSIP: 14318MAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  19152000 | PA      | $18444707.06  | 0.22%             | 2028-02-15      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.                                 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates     | CUSIP: 3137F1G44<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   9702802 | PA      | $9140256.83   | 0.11%             | 2027-04-25      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| Nissan Auto Receivables Owner Trust                                              | Nissan Auto Receivables Owner Trust                                                   | CUSIP: 65480JAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  13366000 | PA      | $13068210.87  | 0.15%             | 2029-11-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Government National Mortgage Association                                              | CUSIP: 38378XRJ2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5977535 | PA      | $130636.63    | 0.00%             | 2056-04-16      | Variable      | 0.57%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd                                  | Arbor Realty Commercial Real Estate Notes Ltd.                                        | CUSIP: 03880RAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  59062000 | PA      | $56924038.29  | 0.67%             | 2036-11-15      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                                                              | PFS Financing Corp.                                                                   | CUSIP: 69335PEK7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  77233000 | PA      | $73617931.80  | 0.86%             | 2027-05-15      | Fixed         | 3.89%                 | No            |                  2 | On Loan: No      |
| Santander Retail Auto Lease Trust                                                | Santander Retail Auto Lease Trust                                                     | CUSIP: 80287CAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  18847000 | PA      | $17680419.70  | 0.21%             | 2026-01-20      | Fixed         | 1.42%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Federal Home Loan Mortgage Corp.                                                      | CUSIP: 3128MEXC0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    337778 | PA      | $335508.58    | 0.00%             | 2026-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Federal National Mortgage Association                                                 | CUSIP: 3138EL4T7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7798 | PA      | $7788.57      | 0.00%             | 2025-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                                         | Avis Budget Rental Car Funding AESOP LLC                                              | CUSIP: 05377RDQ4<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   8591000 | PA      | $7991037.21   | 0.09%             | 2026-03-20      | Fixed         | 2.36%                 | No            |                  2 | On Loan: No      |
| KANSAS GAS SVC SEC I LLC                                                         | Kansas Gas Service Securitization I LLC                                               | CUSIP: 484915AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  29418000 | PA      | $29742277.56  | 0.35%             | 2032-08-01      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd                                  | Arbor Realty Commercial Real Estate Notes Ltd.                                        | CUSIP: 03880XAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  57822000 | PA      | $55973419.10  | 0.66%             | 2037-01-15      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| Fortress Credit Opportunities XIX CLO LLC                                        | Fortress Credit Opportunities IX CLO Ltd.                                             | CUSIP: 34961JAY0<br>LEI: 2549008RD44HDM6DNP14 | Long             | ABS-CBDO         | CORP              | KY        | 118776000 | PA      | $114287217.41 | 1.34%             | 2033-10-15      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| Independence Plaza Trust                                                         | Independence Plaza Trust                                                              | CUSIP: 45378YAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11081000 | PA      | $10345896.43  | 0.12%             | 2035-07-10      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Government National Mortgage Association                                              | CUSIP: 38378N5W9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  13457873 | PA      | $163278.99    | 0.00%             | 2047-12-16      | Variable      | 0.60%                 | No            |                  2 | On Loan: No      |
| Parliament Funding II Ltd                                                        | Parliament Funding II Ltd.                                                            | CUSIP: 70163QAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  40598000 | PA      | $39715358.88  | 0.47%             | 2031-10-20      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| GM Financial Automobile Leasing Trust                                            | GM Financial Automobile Leasing Trust                                                 | CUSIP: 36265MAD7<br>LEI: 2549001DWK2615D9KR84 | Long             | ABS-O            | CORP              | US        |  43831000 | PA      | $41887800.83  | 0.49%             | 2026-02-20      | Fixed         | 1.96%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Federal Home Loan Mortgage Corp. REMICS                                               | CUSIP: 3137A7VZ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    229123 | PA      | $228033.90    | 0.00%             | 2024-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddiemac Strip                                                                 | Federal Home Loan Mortgage Corp. Strips                                               | CUSIP: 31282YDA4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     67424 | PA      | $13064.56     | 0.00%             | 2032-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Government National Mortgage Association                                              | CUSIP: 38378XGD7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  13858845 | PA      | $142446.75    | 0.00%             | 2057-01-16      | Variable      | 0.18%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Federal Home Loan Mortgage Corp. REMICS                                               | CUSIP: 3137AAQ22<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3893878 | PA      | $3811666.60   | 0.04%             | 2026-05-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                                                   | CFMT LLC                                                                              | CUSIP: 12529LAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6670049 | PA      | $6466648.90   | 0.08%             | 2030-12-26      | Variable      | 0.95%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust                                       | JPMBB Commercial Mortgage Securities Trust                                            | CUSIP: 46644UBB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3391287 | PA      | $3306061.87   | 0.04%             | 2048-07-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.                                 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates     | CUSIP: 3137FETN0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2600000 | PA      | $2476848.40   | 0.03%             | 2028-01-25      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Federal National Mortgage Association                                                 | CUSIP: 3138ELQJ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     24080 | PA      | $23992.94     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Verizon Master Trust                                                             | Verizon Master Trust                                                                  | CUSIP: 92348KAZ6<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-O            | CORP              | US        |  37943000 | PA      | $36937385.29  | 0.43%             | 2029-01-22      | Variable      | 3.67%                 | No            |                  2 | On Loan: No      |
| Ford Credit Floorplan Master Owner Trust                                         | Ford Credit Floorplan Master Owner Trust                                              | CUSIP: 34528QHQ0<br>LEI: 5493001DTG5N7T8BG747 | Long             | ABS-O            | CORP              | US        |   5070000 | PA      | $4562547.76   | 0.05%             | 2027-09-15      | Fixed         | 1.06%                 | No            |                  2 | On Loan: No      |
| Cerberus                                                                         | Cerberus Loan Funding XXVI LP                                                         | CUSIP: 15673YAN9<br>LEI: 549300U8RSYT04O8Z019 | Long             | ABS-CBDO         | CORP              | KY        |  10764000 | PA      | $10578482.46  | 0.12%             | 2031-04-15      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| Boart Longyear Group Ltd                                                         | Boart Longyear Group Ltd.                                                             | CUSIP: 000000000<br>LEI: 549300GTMW4DNIWH3044 | Long             | EC               | CORP              | CA        |  43018605 | NS      | $55210185.54  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| ARES CAPITAL CORP                                                                | Ares Capital Corp.                                                                    | CUSIP: 04010LAY9<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |  37309000 | PA      | $34435651.10  | 0.40%             | 2025-07-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| A10 Securitization                                                               | A10 Bridge Asset Financing LLC                                                        | CUSIP: 04681EAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   9246280 | PA      | $8775368.83   | 0.10%             | 2038-10-01      | Fixed         | 2.59%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust                                            | Preston Ridge Partners Mortgage LLC                                                   | CUSIP: 69360HAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  27982385 | PA      | $25161433.47  | 0.30%             | 2026-10-25      | Variable      | 2.49%                 | No            |                  2 | On Loan: No      |
| Heartland Dental, LLC                                                            | Heartland Dental LLC                                                                  | CUSIP: 42236WAQ0<br>LEI: 5493008FRC0GRKBN1075 | Long             | LON              | CORP              | US        |  38507113 | PA      | $35715347.65  | 0.42%             | 2025-04-30      | Variable      | 8.04%                 | Yes           |                  2 | On Loan: No      |
| Copper Property CTL Pass Through Trust                                           | Copper Property CTL Pass-Through Trust                                                | CUSIP: 217519107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    520208 | NS      | $6892756.00   | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| American Credit Acceptance Receivables Trust                                     | American Credit Acceptance Receivables Trust                                          | CUSIP: 02530TAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  36195000 | PA      | $34658102.39  | 0.41%             | 2028-02-14      | Fixed         | 1.32%                 | No            |                  2 | On Loan: No      |
| THL Credit Lake Shore MM CLO I Ltd.                                              | Lake Shore MM CLO III LLC                                                             | CUSIP: 510760AJ0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  11083000 | PA      | $9951370.29   | 0.12%             | 2031-10-17      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| Starwood Commercial Mortgage Trust                                               | Starwood Ltd.                                                                         | CUSIP: 78486BAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  33755000 | PA      | $32603751.97  | 0.38%             | 2038-04-18      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                                           | Santander Drive Auto Receivables Trust                                                | CUSIP: 80285VAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  63342000 | PA      | $60284798.37  | 0.71%             | 2027-02-16      | Fixed         | 1.26%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Government National Mortgage Association                                              | CUSIP: 38379UD37<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  86339350 | PA      | $3892894.50   | 0.05%             | 2058-09-16      | Variable      | 0.97%                 | No            |                  2 | On Loan: No      |
| Cerberus                                                                         | Cerberus Loan Funding XXXI LP                                                         | CUSIP: 15674EAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  45105851 | PA      | $44373602.37  | 0.52%             | 2032-04-15      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                           | U.S. Treasury Notes                                                                   | CUSIP: 91282CFB2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 628247000 | PA      | $594406538.17 | 6.97%             | 2027-07-31      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.                                 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates     | CUSIP: 3137BUX60<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  41061276 | PA      | $39435302.85  | 0.46%             | 2026-12-25      | Fixed         | 3.41%                 | No            |                  2 | On Loan: No      |
| BMW Vehicle Lease Trust                                                          | BMW Vehicle Lease Trust                                                               | CUSIP: 05601XAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  30512000 | PA      | $28744732.76  | 0.34%             | 2025-05-27      | Fixed         | 1.23%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                              | COMM Mortgage Trust                                                                   | CUSIP: 12592LBH4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9279100 | PA      | $8892464.76   | 0.10%             | 2047-11-10      | Fixed         | 3.33%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.                                 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates     | CUSIP: 3137BNGT5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3600000 | PA      | $3389324.04   | 0.04%             | 2026-01-25      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Lease Securitization Trust                                          | Hyundai Auto Lease Securitization Trust                                               | CUSIP: 44891WAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  35890000 | PA      | $34198044.91  | 0.40%             | 2025-12-15      | Fixed         | 1.32%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Government National Mortgage Association                                              | CUSIP: 38379UQY5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  29796499 | PA      | $758213.64    | 0.01%             | 2058-01-16      | Variable      | 0.50%                 | No            |                  2 | On Loan: No      |
| HPEFS Equipment Trust                                                            | HPEFS Equipment Trust                                                                 | CUSIP: 40441RAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  65430000 | PA      | $62965206.10  | 0.74%             | 2029-05-21      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Verizon Master Trust                                                             | Verizon Master Trust                                                                  | CUSIP: 92348KAS2<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-O            | CORP              | US        |  77914000 | PA      | $75472564.81  | 0.89%             | 2028-11-20      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| Vericrest Opportunity Loan Transferee                                            | VOLT XCV LLC                                                                          | CUSIP: 92873BAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  24868788 | PA      | $22946099.96  | 0.27%             | 2051-03-27      | Variable      | 2.24%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust                                                   | Hyundai Auto Receivables Trust                                                        | CUSIP: 44918MAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  14340000 | PA      | $13942288.70  | 0.16%             | 2028-08-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Federal National Mortgage Association                                                 | CUSIP: 3140XFRV5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  42587938 | PA      | $40320896.57  | 0.47%             | 2030-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PHI Group Inc/DE                                                                 | PHI Group, Inc.                                                                       | CUSIP: 69360B104<br>LEI: 5493002853B5XXHLIP12 | Long             | EC               | CORP              | US        |   3806420 | NS      | $47580250.00  | 0.56%             |  |  |  | Yes           |                  3 | On Loan: No      |
| General Motors                                                                   | GMF Floorplan Owner Revolving Trust                                                   | CUSIP: 361886CD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  30866000 | PA      | $29966160.42  | 0.35%             | 2026-04-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                                                                  | SBA Tower Trust                                                                       | CUSIP: 78403DAT7<br>LEI: N/A                  | Long             | DBT              |  | US        |   5410000 | PA      | $4546824.76   | 0.05%             | 2026-11-15      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| OWL ROCK CORE INCOME COR                                                         | OWL Rock Core Income Corp.                                                            | CUSIP: 69120VAL5<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |  45959000 | PA      | $44531279.07  | 0.52%             | 2025-03-21      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Saranac CLO LTD                                                                  | Saranac CLO III Ltd.                                                                  | CUSIP: 803169AN1<br>LEI: 5493000LWP4BVD5LGS13 | Long             | ABS-CBDO         | CORP              | JE        |  23377015 | PA      | $23056819.79  | 0.27%             | 2030-06-22      | Floating      | 6.35%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd                                  | Arbor Realty Commercial Real Estate Notes Ltd.                                        | CUSIP: 03881EAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  45859000 | PA      | $44519972.23  | 0.52%             | 2036-05-15      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                                                              | PFS Financing Corp.                                                                   | CUSIP: 69335PEG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  21651000 | PA      | $20275944.99  | 0.24%             | 2027-02-15      | Fixed         | 2.77%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                                                   | Enterprise Fleet Financing LLC                                                        | CUSIP: 29374FAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9703000 | PA      | $9194621.02   | 0.11%             | 2029-07-20      | Fixed         | 4.29%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Government National Mortgage Association                                              | CUSIP: 38378BSK6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1079479 | PA      | $2.05         | 0.00%             | 2053-04-16      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Government National Mortgage Association                                              | CUSIP: 38378BED7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1068723 | PA      | $1224.44      | 0.00%             | 2052-08-16      | Variable      | 0.40%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                                            | Westlake Automobile Receivables Trust                                                 | CUSIP: 96042WAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  52910000 | PA      | $50188653.52  | 0.59%             | 2027-03-15      | Fixed         | 3.11%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                                                              | DT Auto Owner Trust                                                                   | CUSIP: 23345YAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  18926000 | PA      | $17991835.35  | 0.21%             | 2027-11-15      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Federal Home Loan Mortgage Corp. REMICS                                               | CUSIP: 3137AMSD0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    571590 | PA      | $553500.44    | 0.01%             | 2027-02-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| OWL ROCK CORE INCOME COR                                                         | OWL Rock Core Income Corp.                                                            | CUSIP: 69120VAN1<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |  49529000 | PA      | $49187249.90  | 0.58%             | 2027-09-16      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| HPEFS Equipment Trust                                                            | HPEFS Equipment Trust                                                                 | CUSIP: 40441RAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  26862000 | PA      | $25412295.47  | 0.30%             | 2029-05-21      | Fixed         | 1.79%                 | No            |                  2 | On Loan: No      |
| ReadyCap Commercial Mortgage Trust                                               | Ready Capital Mortgage Financing LLC                                                  | CUSIP: 75574YAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  18652009 | PA      | $18094173.91  | 0.21%             | 2038-04-25      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Federal Home Loan Mortgage Corp.                                                      | CUSIP: 3128MDY98<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      8807 | PA      | $8786.91      | 0.00%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARI Fleet Lease Trust                                                            | ARI Fleet Lease Trust                                                                 | CUSIP: 00217QAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10094000 | PA      | $9688585.59   | 0.11%             | 2031-01-15      | Fixed         | 3.43%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Federal National Mortgage Association                                                 | CUSIP: 3140XFQE4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5134626 | PA      | $4870927.10   | 0.06%             | 2031-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Volkswagen Auto Loan Enhanced Trust                                              | Volkswagen Auto Loan Enhanced Trust                                                   | CUSIP: 92868KAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  52430000 | PA      | $49750580.58  | 0.58%             | 2026-06-22      | Fixed         | 1.02%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                                                     | Dell Equipment Finance Trust                                                          | CUSIP: 24704GAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5444000 | PA      | $5339378.84   | 0.06%             | 2026-03-23      | Fixed         | 1.92%                 | No            |                  2 | On Loan: No      |
| KREF 2021-FL2 Ltd                                                                | KREF Ltd.                                                                             | CUSIP: 48275RAA5<br>LEI: 54930083ELM2GCMVTQ91 | Long             | ABS-CBDO         | CORP              | KY        |  19179000 | PA      | $18490635.00  | 0.22%             | 2039-02-15      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| GM Financial Securitized Term Auto Receivables Tr                                | GM Financial Consumer Automobile Receivables Trust                                    | CUSIP: 36265WAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  25555000 | PA      | $24789502.53  | 0.29%             | 2027-12-16      | Fixed         | 3.71%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                                                              | PFS Financing Corp.                                                                   | CUSIP: 69335PED3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  52919000 | PA      | $48456398.94  | 0.57%             | 2026-08-15      | Fixed         | 0.77%                 | No            |                  2 | On Loan: No      |
| Santander Retail Auto Lease Trust                                                | Santander Retail Auto Lease Trust                                                     | CUSIP: 80286TAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1886000 | PA      | $1777958.60   | 0.02%             | 2026-03-20      | Fixed         | 1.14%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                                                              | PFS Financing Corp.                                                                   | CUSIP: 69335PEF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        | 105379000 | PA      | $98215736.02  | 1.15%             | 2027-02-15      | Fixed         | 2.47%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Federal National Mortgage Association                                                 | CUSIP: 3140XFRQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  51304713 | PA      | $48669856.75  | 0.57%             | 2035-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Government National Mortgage Association                                              | CUSIP: 38378KQ69<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   8170330 | PA      | $114069.25    | 0.00%             | 2054-10-16      | Variable      | 0.20%                 | No            |                  2 | On Loan: No      |
| DataBank Issuer LLC                                                              | DataBank Issuer                                                                       | CUSIP: 23802WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  14750000 | PA      | $12741464.48  | 0.15%             | 2051-02-27      | Fixed         | 2.06%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC                                      | BBCMS Trust                                                                           | CUSIP: 05547HAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12208413 | PA      | $11502920.52  | 0.13%             | 2035-08-10      | Fixed         | 3.31%                 | No            |                  2 | On Loan: No      |
| American Express Credit Account Master Trust                                     | American Express Credit Account Master Trust                                          | CUSIP: 02582JJT8<br>LEI: 549300Y4SA5G3GIJTP18 | Long             | ABS-O            | CORP              | US        |  53566000 | PA      | $52009832.71  | 0.61%             | 2027-05-15      | Fixed         | 3.39%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Government National Mortgage Association                                              | CUSIP: 38378XJ85<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  71114386 | PA      | $1681848.12   | 0.02%             | 2056-04-16      | Variable      | 0.56%                 | No            |                  2 | On Loan: No      |
| LCM Ltd Partnership                                                              | LCM XX LP                                                                             | CUSIP: 50188WAE8<br>LEI: 549300VQTTD2PAP2Y421 | Long             | ABS-CBDO         | CORP              | KY        |   2228504 | PA      | $2211261.90   | 0.03%             | 2027-10-20      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| Acres PLC                                                                        | ACRES Commercial Realty Ltd.                                                          | CUSIP: 00500JAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  13444000 | PA      | $12837433.61  | 0.15%             | 2037-01-15      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| Owl Rock CLO Ltd                                                                 | Owl Rock CLO VI Ltd.                                                                  | CUSIP: 69120WAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  66692000 | PA      | $65339552.93  | 0.77%             | 2032-06-21      | Floating      | 6.20%                 | No            |                  2 | On Loan: No      |
| MCDERMOTT SUPER SENIOR EXIT LC                                                   | McDermott International, Inc.                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  16770000 | PA      | $13248300.00  | 0.16%             | 2024-06-30      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Federal Home Loan Mortgage Corp.                                                      | CUSIP: 3128MECH2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     68140 | PA      | $67735.26     | 0.00%             | 2026-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                                             | Pretium Mortgage Credit Partners I LLC                                                | CUSIP: 741391AB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  44214758 | PA      | $38875189.51  | 0.46%             | 2060-10-27      | Variable      | 2.36%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust                                     | American Credit Acceptance Receivables Trust                                          | CUSIP: 025286AC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  40171000 | PA      | $39045251.91  | 0.46%             | 2027-11-15      | Fixed         | 0.98%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Federal Home Loan Mortgage Corp.                                                      | CUSIP: 31307NT79<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  81922248 | PA      | $77731195.68  | 0.91%             | 2028-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust                                                          | CarMax Auto Owner Trust                                                               | CUSIP: 14315FAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1064000 | PA      | $1007241.77   | 0.01%             | 2026-04-15      | Fixed         | 1.69%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Federal National Mortgage Association                                                 | CUSIP: 3138ENQV4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1574 | PA      | $1570.86      | 0.00%             | 2023-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Government National Mortgage Association                                              | CUSIP: 38380PAD6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  42972290 | PA      | $3359070.86   | 0.04%             | 2061-11-16      | Variable      | 1.26%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                                                              | PFS Financing Corp.                                                                   | CUSIP: 69335PEB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5986000 | PA      | $5631430.06   | 0.07%             | 2026-04-15      | Fixed         | 0.96%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                                             | Pretium Mortgage Credit Partners I LLC                                                | CUSIP: 741386AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  27008516 | PA      | $23859333.63  | 0.28%             | 2060-06-27      | Variable      | 1.99%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                           | Oklahoma Development Finance Authority                                                | CUSIP: 6789084F8<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |  30374000 | PA      | $27755976.25  | 0.33%             | 2033-12-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Pawnee Equipment Receivables                                                     | Pawnee Equipment Receivables LLC                                                      | CUSIP: 704100AB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  16120581 | PA      | $15391054.20  | 0.18%             | 2027-07-15      | Fixed         | 1.10%                 | No            |                  2 | On Loan: No      |
| BlackRock Mt. Adams CLO IX LP                                                    | BlackRock Mount Adams CLO IX LP                                                       | CUSIP: 09261TAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  31531000 | PA      | $30647911.28  | 0.36%             | 2031-09-22      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Government National Mortgage Association                                              | CUSIP: 36241KRA8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      2505 | PA      | $2500.12      | 0.00%             | 2023-03-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ABPCI Direct Lending Fund CLO X LP                                               | ABPCI Direct Lending Fund CLO X LP                                                    | CUSIP: 000848AA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  19397000 | PA      | $18989643.60  | 0.22%             | 2032-01-20      | Floating      | 6.19%                 | No            |                  2 | On Loan: No      |
| VCAT Asset Securitization, LLC                                                   | VCAT LLC                                                                              | CUSIP: 91790CAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3868663 | PA      | $3647073.92   | 0.04%             | 2050-12-26      | Variable      | 2.29%                 | No            |                  2 | On Loan: No      |
| TPG Real Estate Finance                                                          | TRTX Issuer Ltd.                                                                      | CUSIP: 87277JAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  37857000 | PA      | $36436158.65  | 0.43%             | 2039-02-15      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| John Deere Owner Trust                                                           | John Deere Owner Trust                                                                | CUSIP: 47787JAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  39342000 | PA      | $37703700.77  | 0.44%             | 2026-09-16      | Fixed         | 2.32%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd                                                   | Golub Capital Partners CLO 45M Ltd.                                                   | CUSIP: 38172HAC8<br>LEI: 254900SGGS5FSVUNJG17 | Long             | ABS-CBDO         | CORP              | KY        |  17314000 | PA      | $16722657.64  | 0.20%             | 2031-10-20      | Floating      | 6.79%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners Funding                                                   | Golub Capital Partners ABS Funding Ltd.                                               | CUSIP: 38178XAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  95445000 | PA      | $81383651.28  | 0.95%             | 2029-10-19      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Government National Mortgage Association                                              | CUSIP: 38378XTL5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  29820844 | PA      | $423736.30    | 0.00%             | 2056-04-16      | Variable      | 0.34%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Government National Mortgage Association                                              | CUSIP: 38378KEX3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  22592381 | PA      | $33829.83     | 0.00%             | 2053-12-16      | Variable      | 0.09%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.                                 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates     | CUSIP: 3137BSP72<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  13173000 | PA      | $12362664.22  | 0.15%             | 2026-08-25      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Springcastle SPV                                                                 | SpringCastle America Funding LLC                                                      | CUSIP: 85022WAP9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  18036318 | PA      | $16399727.79  | 0.19%             | 2037-09-25      | Fixed         | 1.97%                 | No            |                  2 | On Loan: No      |
| FCI Funding, LLC                                                                 | FCI Funding LLC                                                                       | CUSIP: 30260GAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6096215 | PA      | $5953724.32   | 0.07%             | 2033-04-15      | Fixed         | 1.13%                 | No            |                  2 | On Loan: No      |
| ACRE COMMERCIAL MORTGAGE TRUST                                                   | ACRE Commercial Mortgage Ltd.                                                         | CUSIP: 00489TAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   8997477 | PA      | $8908488.91   | 0.10%             | 2037-12-18      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| Gracie Point International Funding                                               | Gracie Point International Funding                                                    | CUSIP: 38411EAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  23479970 | PA      | $23385800.86  | 0.27%             | 2023-11-01      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Federal National Mortgage Association REMICS                                          | CUSIP: 31393DJR3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    190003 | PA      | $28552.76     | 0.00%             | 2033-07-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CNH Equipment Trust                                                              | CNH Equipment Trust                                                                   | CUSIP: 12657WAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1890549.00   | 0.02%             | 2026-08-17      | Fixed         | 0.44%                 | No            |                  2 | On Loan: No      |
| GM Financial Automobile Leasing Trust                                            | GM Financial Automobile Leasing Trust                                                 | CUSIP: 380144AE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4991000 | PA      | $4790054.85   | 0.06%             | 2025-05-20      | Fixed         | 0.69%                 | No            |                  2 | On Loan: No      |
| Shelter Growth CRE                                                               | Shelter Growth CRE Issuer Ltd.                                                        | CUSIP: 822866AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  11877096 | PA      | $11455012.18  | 0.13%             | 2036-09-15      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| Vericrest Opportunity Loan Transferee                                            | VOLT C LLC                                                                            | CUSIP: 91835DAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  17782775 | PA      | $16048902.89  | 0.19%             | 2051-05-25      | Variable      | 1.99%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Lease Trust                                                     | Ford Credit Auto Lease Trust                                                          | CUSIP: 345329AE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  22156000 | PA      | $20994524.87  | 0.25%             | 2025-01-15      | Fixed         | 0.66%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                                           | Santander Drive Auto Receivables Trust                                                | CUSIP: 80286EAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  99413000 | PA      | $96205827.27  | 1.13%             | 2026-08-17      | Fixed         | 2.36%                 | No            |                  2 | On Loan: No      |
| GM Financial Automobile Leasing Trust                                            | GM Financial Automobile Leasing Trust                                                 | CUSIP: 36265MAE5<br>LEI: 2549001DWK2615D9KR84 | Long             | ABS-O            | CORP              | US        |  12446000 | PA      | $11894904.81  | 0.14%             | 2026-02-20      | Fixed         | 2.23%                 | No            |                  2 | On Loan: No      |
| Parliament CLO Ltd                                                               | Parliament CLO II Ltd.                                                                | CUSIP: 701631AA1<br>LEI: 5493009BTB3REE8RVW84 | Long             | ABS-CBDO         | CORP              | KY        |  40733000 | PA      | $39582455.68  | 0.46%             | 2032-08-20      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| GREAT AMERICA LEASING RECEIVABLES                                                | GreatAmerica Leasing Receivables Funding LLC                                          | CUSIP: 39154TBX5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  17738000 | PA      | $17637370.55  | 0.21%             | 2029-07-16      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Government National Mortgage Association                                              | CUSIP: 38379KYD4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1541013 | PA      | $77657.06     | 0.00%             | 2056-10-16      | Variable      | 0.34%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Federal National Mortgage Association                                                 | CUSIP: 31410LA28<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2732 | PA      | $2723.34      | 0.00%             | 2023-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                                                              | PFS Financing Corp.                                                                   | CUSIP: 69335PDX0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  63808000 | PA      | $60166005.26  | 0.71%             | 2026-02-15      | Fixed         | 0.97%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Federal National Mortgage Association                                                 | CUSIP: 31418NBV1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         0 | PA      | $0.00         | 0.00%             | 2021-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                                                     | Dell Equipment Finance Trust                                                          | CUSIP: 24702VAJ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  11180000 | PA      | $10568894.49  | 0.12%             | 2026-12-22      | Fixed         | 0.94%                 | No            |                  2 | On Loan: No      |
| World Omni Auto Receivables Trust                                                | World Omni Auto Receivables Trust                                                     | CUSIP: 98163CAH3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3415000 | PA      | $3139168.06   | 0.04%             | 2027-05-17      | Fixed         | 1.39%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                         | Government National Mortgage Association                                              | CUSIP: 38379K3S5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  45856303 | PA      | $698148.46    | 0.01%             | 2057-07-16      | Variable      | 0.26%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                                                      | Asurion LLC                                                                           | CUSIP: 04649VAW0<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |  58708647 | PA      | $56888679.12  | 0.67%             | 2024-11-03      | Variable      | 7.38%                 | Yes           |                  2 | On Loan: No      |
| GM Financial Automobile Leasing Trust                                            | GM Financial Automobile Leasing Trust                                                 | CUSIP: 36265MAC9<br>LEI: 2549001DWK2615D9KR84 | Long             | ABS-O            | CORP              | US        |  91758000 | PA      | $88726664.36  | 1.04%             | 2025-03-20      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                                                     | Dell Equipment Finance Trust                                                          | CUSIP: 24703WAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  17567000 | PA      | $16831987.94  | 0.20%             | 2027-08-23      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| VCP CLO II Ltd                                                                   | VCP CLO II Ltd.                                                                       | CUSIP: 91824DAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        | 101155000 | PA      | $100058378.65 | 1.17%             | 2031-04-15      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                                                     | Dell Equipment Finance Trust                                                          | CUSIP: 24703WAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        | 110213000 | PA      | $106672109.80 | 1.25%             | 2027-08-23      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Federal National Mortgage Association                                                 | CUSIP: 3140X4GL4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2129888 | PA      | $2095911.22   | 0.02%             | 2031-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                      | Federal Home Loan Mortgage Corp.                                                      | CUSIP: 3128MD6E8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    293808 | PA      | $291598.51    | 0.00%             | 2026-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                                                              | PFS Financing Corp.                                                                   | CUSIP: 69335PDZ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  42758000 | PA      | $40275543.21  | 0.47%             | 2026-04-15      | Fixed         | 0.71%                 | No            |                  2 | On Loan: No      |
| Prestige Auto Receivables Trust                                                  | Prestige Auto Receivables Trust                                                       | CUSIP: 74113XAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  13545000 | PA      | $12600489.54  | 0.15%             | 2028-02-15      | Fixed         | 1.53%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust                                            | Preston Ridge Partners Mortgage LLC                                                   | CUSIP: 69362QAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  34189856 | PA      | $30919021.60  | 0.36%             | 2026-11-25      | Variable      | 2.49%                 | No            |                  2 | On Loan: No      |
| John Deere Owner Trust                                                           | John Deere Owner Trust                                                                | CUSIP: 47800AAD2<br>LEI: 549300MS3JZB0OWONQ39 | Long             | ABS-O            | CORP              | US        |  17226000 | PA      | $16666718.29  | 0.20%             | 2029-05-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| AXIOM GLOBAL INC                                                                 | Axiom Global, Inc.                                                                    | CUSIP: 05464KAC7<br>LEI: 549300W2I02HCGWMMJ20 | Long             | LON              | CORP              | US        |  22895570 | PA      | $21922508.24  | 0.26%             | 2026-10-01      | Variable      | 9.04%                 | Yes           |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust                                            | Preston Ridge Partners Mortgage LLC                                                   | CUSIP: 69359UAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  18746114 | PA      | $17003557.70  | 0.20%             | 2026-03-25      | Variable      | 2.12%                 | No            |                  2 | On Loan: No      |
| Woodmont Trust                                                                   | Woodmont Trust                                                                        | CUSIP: 97988UAY1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  16952000 | PA      | $16579767.98  | 0.19%             | 2031-07-15      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                        | Towd Point Mortgage Trust                                                             | CUSIP: 89175VAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  23905614 | PA      | $22646521.87  | 0.27%             | 2058-03-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                                              | Exeter Automobile Receivables Trust                                                   | CUSIP: 30167JAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  49707000 | PA      | $47112483.49  | 0.55%             | 2028-06-15      | Fixed         | 2.56%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust                                                          | CarMax Auto Owner Trust                                                               | CUSIP: 14317CAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  61620000 | PA      | $58506550.91  | 0.69%             | 2026-12-15      | Fixed         | 1.47%                 | No            |                  2 | On Loan: No      |
| Owl Rock Technology Financing                                                    | Owl Rock Technology Financing LLC                                                     | CUSIP: 69120LAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  85004000 | PA      | $83816834.14  | 0.98%             | 2031-01-15      | Floating      | 7.03%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                                            | Westlake Automobile Receivables Trust                                                 | CUSIP: 96042RAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  50584000 | PA      | $47914950.42  | 0.56%             | 2026-07-15      | Fixed         | 0.89%                 | No            |                  2 | On Loan: No      |
| Discover Card Execution Note Trust                                               | Discover Card Execution Note Trust                                                    | CUSIP: 254683CS2<br>LEI: 549300CKCX1QE4RUW216 | Long             | ABS-O            | CORP              | US        |  50645000 | PA      | $49337037.17  | 0.58%             | 2027-05-15      | Fixed         | 3.32%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Federal National Mortgage Association REMICS                                          | CUSIP: 31398MED4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        43 | PA      | $0.37         | 0.00%             | 2025-03-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GM Financial Securitized Term Auto Receivables Tr                                | GM Financial Consumer Automobile Receivables Trust                                    | CUSIP: 362590AF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2760000 | PA      | $2605874.98   | 0.03%             | 2026-01-16      | Fixed         | 1.37%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust                                                     | Ford Credit Auto Owner Trust                                                          | CUSIP: 345286AC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  33165000 | PA      | $31510079.77  | 0.37%             | 2026-06-15      | Fixed         | 1.29%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners Funding                                                   | Golub Capital Partners ABS Funding Ltd.                                               | CUSIP: 38178HAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |  56366000 | PA      | $50968848.40  | 0.60%             | 2029-04-20      | Fixed         | 2.77%                 | No            |                  2 | On Loan: No      |
| Elm Trust                                                                        | Elm Trust                                                                             | CUSIP: 289338AB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  11435000 | PA      | $10675449.56  | 0.13%             | 2029-08-20      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| ABPCI Direct Lending Fund ABS Ltd                                                | ABPCI Direct Lending Fund ABS I Ltd.                                                  | CUSIP: 00090TAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  37774000 | PA      | $34399950.77  | 0.40%             | 2030-12-20      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Monroe Capital ABS Funding LTD                                                   | Monroe Capital ABS Funding Ltd.                                                       | CUSIP: 610331AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |  45379000 | PA      | $40983635.44  | 0.48%             | 2031-04-22      | Fixed         | 2.81%                 | No            |                  2 | On Loan: No      |
| Coinstar Funding, LLC                                                            | Coinstar Funding LLC                                                                  | CUSIP: 19260MAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  12120570 | PA      | $9273205.70   | 0.11%             | 2047-04-25      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| Verizon Master Trust                                                             | Verizon Master Trust                                                                  | CUSIP: 92348KAU7<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-O            | CORP              | US        |   8987000 | PA      | $8649891.34   | 0.10%             | 2028-11-20      | Variable      | 3.89%                 | No            |                  2 | On Loan: No      |
| Capstone Acquisition Holdings, Inc.                                              | Capstone Acquisition Holdings, Inc.                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  18629889 | PA      | $17628532.28  | 0.21%             | 2027-11-12      | Variable      | 9.13%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                                                       | Federal National Mortgage Association                                                 | CUSIP: 3138EGQZ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4896 | PA      | $4884.43      | 0.00%             | 2025-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-01

**Name of Applicant:** FPA NEW INCOME INC

**Signature:** Lake Setzler

**Name of Signer:** Lake Setzler

**Title:** Treasurer