# EDGAR Filing Document

**Accession Number:** 0000924727
**File Stem:** 0001193125-26-236266
**Filing Date:** 2026-5
**Character Count:** 213721
**Document Hash:** f27693186841bc060859c03e5ac34541
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-236266.hdr.sgml**: 20260522

**ACCESSION NUMBER**: 0001193125-26-236266

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260522

**DATE AS OF CHANGE**: 20260522

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Investment Managers Series Trust III
- **CENTRAL INDEX KEY:** 0000924727

**ORGANIZATION NAME:**
- **EIN:** 043236699
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08544
- **FILM NUMBER:** 261012699

**BUSINESS ADDRESS:**
- **STREET 1:** 235 W. GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212
- **BUSINESS PHONE:** 626-385-5777

**MAIL ADDRESS:**
- **STREET 1:** 235 W. GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FPA FUNDS TRUST
- **DATE OF NAME CHANGE:** 20021028

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** UAM FUNDS TRUST
- **DATE OF NAME CHANGE:** 19951101

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** REGIS FUND II
- **DATE OF NAME CHANGE:** 19940606

## Series and Classes Contracts Data

### FPA Flexible Fixed Income Fund (Series ID: S000064044)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000207154 | Institutional Class | FPFIX           |
| C000227168 | Advisor Class       | FFIAX           |
| C000262097 | Investor Class      | FFIRX           |

## Nport-Ex

**FPA Flexible Fixed Income Fund**

**SCHEDULE OF INVESTMENTS**

**As of March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **BONDS & DEBENTURES — 91.3%** |  |
|  | **ASSET-BACKED SECURITIES — 18.1%** |  |
|  | **AUTO — 3.2%** |  |
|  | Ally Auto Receivables Trust |  |
| $931000 | Series 2023-1, Class A4, 5.270%, 11/15/2028 | $942173 |
|  | BMW Vehicle Owner Trust |  |
| 701000 | Series 2023-A, Class A4, 5.250%, 11/26/2029 | 709568 |
|  | CarMax Auto Owner Trust |  |
| 2027000 | Series 2023-2, Class A4, 5.010%, 11/15/2028 | 2044571 |
| 904000 | Series 2023-1, Class A4, 4.650%, 1/16/2029 | 906819 |
| 2146000 | Series 2023-3, Class A4, 5.260%, 2/15/2029 | 2172803 |
|  | Ford Credit Auto Owner Trust |  |
| 1343000 | Series 2023-A, Class A4, 4.560%, 12/15/2028 | 1347064 |
| 734000 | Series 2023-B, Class A4, 5.060%, 2/15/2029 | 739782 |
|  | GM Financial Consumer Automobile Receivables Trust |  |
| 1424000 | Series 2023-3, Class A4, 5.340%, 12/18/2028 | 1439877 |
|  | GM Financial Revolving Receivables Trust |  |
| 3383000 | Series 2021-1, Class A, 1.170%, 6/12/2034<sup>(a)</sup> | 3344816 |
| 5133000 | Series 2023-1, Class A, 5.120%, 4/11/2035<sup>(a)</sup> | 5221200 |
| 1403000 | Series 2023-2, Class A, 5.770%, 8/11/2036<sup>(a)</sup> | 1453428 |
| 8349000 | Series 2024-1, Class A, 4.980%, 12/11/2036<sup>(a)</sup> | 8544330 |
|  | Hyundai Auto Receivables Trust |  |
| 1112000 | Series 2023-B, Class A4, 5.310%, 8/15/2029 | 1127028 |
|  | Mercedes-Benz Auto Receivables Trust |  |
| 816000 | Series 2023-1, Class A4, 4.310%, 4/16/2029 | 817374 |
| 1038000 | Series 2024-1, Class A4, 4.790%, 7/15/2031 | 1048433 |
|  | Nissan Auto Receivables Owner Trust |  |
| 1485000 | Series 2023-A, Class A4, 4.850%, 6/17/2030 | 1491483 |
|  | Porsche Financial Auto Securitization Trust |  |
| 1721000 | Series 2023-1A, Class A4, 4.720%, 6/23/2031<sup>(a)</sup> | 1729010 |
|  | SFS Auto Receivables Securitization Trust |  |
| 919000 | Series 2023-1A, Class A4, 5.470%, 12/20/2029<sup>(a)</sup> | 930537 |
| 1665000 | Series 2026-1A, Class A4, 4.070%, 1/20/2032<sup>(a)</sup> | 1649227 |
|  | Toyota Auto Loan Extended Note Trust |  |
| 5017000 | Series 2022-1A, Class A, 3.820%, 4/25/2035<sup>(a)</sup> | 5001233 |
| 4553000 | Series 2023-1A, Class A, 4.930%, 6/25/2036<sup>(a)</sup> | 4637128 |
| 8239000 | Series 2024-1A, Class A, 5.160%, 11/25/2036<sup>(a)</sup> | 8470653 |
|  | Toyota Auto Receivables Owner Trust |  |
| 1343000 | Series 2023-A, Class A4, 4.420%, 8/15/2028 | 1348614 |
| 1973000 | Series 2023-B, Class A4, 4.660%, 9/15/2028 | 1983766 |
| 2714000 | Series 2023-C, Class A4, 5.010%, 2/15/2029 | 2745200 |
|  | Volkswagen Auto Loan Enhanced Trust |  |
| 1181000 | Series 2023-1, Class A4, 5.010%, 1/22/2030 | 1189794 |
|  | World Omni Auto Receivables Trust |  |
| 1251000 | Series 2023-A, Class A4, 4.660%, 5/15/2029 | 1256416 |
| 2055000 | Series 2023-B, Class A4, 4.680%, 5/15/2029 | 2064411 |

---

**FPA Flexible Fixed Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **BONDS & DEBENTURES (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
|  | **AUTO (Continued)** |  |
| $1107000 | Series 2023-C, Class A4, 5.030%, 11/15/2029 | $1117219 |
|  |  | **67473957** |
|  | **COLLATERALIZED LOAN OBLIGATION — 1.8%** |  |
|  | Barings Middle Market Ltd. |  |
| 1460000 | Series 2021-IA, Class D, 12.579% (3-Month Term SOFR+891.161 basis points), 7/20/2033<sup>(a),(b)</sup> | 1436388 |
|  | Cerberus Loan Funding LLC |  |
| 901000 | Series 2023-1A, Class A, 6.072% (3-Month Term SOFR+240 basis points), 3/22/2035<sup>(a),(b)</sup> | 903148 |
| 5057000 | Series 2023-2A, Class A1, 6.222% (3-Month Term SOFR+255 basis points), 7/15/2035<sup>(a),(b)</sup> | 5070811 |
| 5734000 | Series 2023-4A, Class A, 6.097% (3-Month Term SOFR+242.5 basis points), 10/15/2035<sup>(a),(b)</sup> | 5765646 |
|  | Fortress Credit Opportunities Ltd. |  |
| 4946871 | Series 2017-9A, Class A1TR, 5.484% (3-Month Term SOFR+181.161 basis points), 10/15/2033<sup>(a),(b)</sup> | 4950922 |
| 8814000 | Series 2017-9A, Class ER, 11.994% (3-Month Term SOFR+832.161 basis points), 10/15/2033<sup>(a),(b)</sup> | 8673346 |
|  | Golub Capital Partners Ltd. |  |
| 4361000 | Series 2023-67A, Class A1, 6.160% (3-Month Term SOFR+250 basis points), 5/9/2036<sup>(a),(b)</sup> | 4371100 |
| 5388000 | Series 2019-46A, Class A1R, 5.478% (3-Month Term SOFR+181 basis points), 4/20/2037<sup>(a),(b)</sup> | 5394234 |
|  |  | **36565595** |
|  | **EQUIPMENT — 7.1%** |  |
|  | Avis Budget Rental Car Funding AESOP LLC |  |
| 1059000 | Series 2023-1A, Class A, 5.250%, 4/20/2029<sup>(a)</sup> | 1073340 |
| 3527000 | Series 2023-4A, Class A, 5.490%, 6/20/2029<sup>(a)</sup> | 3602469 |
| 4981000 | Series 2023-6A, Class A, 5.810%, 12/20/2029<sup>(a)</sup> | 5137951 |
| 3599000 | Series 2023-8A, Class A, 6.020%, 2/20/2030<sup>(a)</sup> | 3735531 |
| 1728000 | Series 2024-1A, Class A, 5.360%, 6/20/2030<sup>(a)</sup> | 1767571 |
| 7423000 | Series 2024-3A, Class A, 5.230%, 12/20/2030<sup>(a)</sup> | 7567134 |
| 2699000 | Series 2026-2A, Class A, 4.600%, 8/20/2032<sup>(a)</sup> | 2669701 |
|  | Barings Equipment Finance LLC |  |
| 889000 | Series 2026-A, Class A4, 4.240%, 11/13/2045<sup>(a)</sup> | 880038 |
|  | CNH Equipment Trust |  |
| 581000 | Series 2022-B, Class A4, 3.910%, 3/15/2028 | 579856 |
| 644000 | Series 2023-A, Class A4, 4.770%, 10/15/2030 | 647901 |
| 1805000 | Series 2023-B, Class A4, 5.460%, 3/17/2031 | 1838804 |
|  | Enterprise Fleet Financing LLC |  |
| 693438 | Series 2022-3, Class A3, 4.290%, 7/20/2029<sup>(a)</sup> | 693560 |

---

**FPA Flexible Fixed Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **BONDS & DEBENTURES (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
|  | **EQUIPMENT (Continued)** |  |
| $2417464 | Series 2023-1, Class A3, 5.420%, 10/22/2029<sup>(a)</sup> | $2432742 |
| 1601000 | Series 2022-4, Class A3, 5.650%, 10/22/2029<sup>(a)</sup> | 1608916 |
| 3800000 | Series 2023-2, Class A3, 5.500%, 4/22/2030<sup>(a)</sup> | 3844313 |
| 3748000 | Series 2023-3, Class A3, 6.410%, 6/20/2030<sup>(a)</sup> | 3850484 |
| 1693000 | Series 2024-4, Class A4, 4.700%, 6/20/2031<sup>(a)</sup> | 1713123 |
| 3339000 | Series 2025-4, Class A4, 4.280%, 6/20/2032<sup>(a)</sup> | 3313462 |
| 4003000 | Series 2026-1, Class A4, 4.290%, 9/20/2032<sup>(a)</sup> | 3970998 |
|  | Ford Credit Floorplan Master Owner Trust |  |
| 10771000 | Series 2018-4, Class A, 4.060%, 11/15/2030 | 10692395 |
| 6057000 | Series 2024-2, Class A, 5.240%, 4/15/2031<sup>(a)</sup> | 6218096 |
| 3949000 | Series 2024-4, Class A, 4.400%, 9/15/2031<sup>(a)</sup> | 3949625 |
|  | GMF Floorplan Owner Revolving Trust |  |
| 2130000 | Series 2023-2, Class A, 5.340%, 6/15/2030<sup>(a)</sup> | 2179268 |
| 6852000 | Series 2024-2A, Class A, 5.060%, 3/15/2031<sup>(a)</sup> | 7008439 |
|  | GreatAmerica Leasing Receivables Funding LLC |  |
| 1675000 | Series 2023-1, Class A4, 5.060%, 3/15/2030<sup>(a)</sup> | 1691611 |
| 1385000 | Series 2025-2, Class A4, 4.290%, 9/15/2032<sup>(a)</sup> | 1386689 |
|  | Hertz Vehicle Financing LLC |  |
| 3499000 | Series 2021-2A, Class A, 1.680%, 12/27/2027<sup>(a)</sup> | 3447017 |
| 3489000 | Series 2022-2A, Class A, 2.330%, 6/26/2028<sup>(a)</sup> | 3412652 |
|  | John Deere Owner Trust |  |
| 1372000 | Series 2023-A, Class A4, 5.010%, 12/17/2029 | 1380947 |
| 1203000 | Series 2023-B, Class A4, 5.110%, 5/15/2030 | 1213648 |
| 1664000 | Series 2023-C, Class A4, 5.390%, 8/15/2030 | 1690316 |
|  | Kubota Credit Owner Trust |  |
| 1359000 | Series 2023-2A, Class A4, 5.230%, 6/15/2028<sup>(a)</sup> | 1372578 |
| 876000 | Series 2023-1A, Class A4, 5.070%, 2/15/2029<sup>(a)</sup> | 881463 |
|  | M&T Equipment Notes |  |
| 1028000 | Series 2023-1A, Class A4, 5.750%, 7/15/2030<sup>(a)</sup> | 1037957 |
| 2469000 | Series 2024-1A, Class A4, 4.940%, 8/18/2031<sup>(a)</sup> | 2498637 |
|  | MMAF Equipment Finance LLC |  |
| 2626000 | Series 2023-A, Class A4, 5.500%, 12/13/2038<sup>(a)</sup> | 2669408 |
| 736000 | Series 2020-A, Class A5, 1.560%, 10/9/2042<sup>(a)</sup> | 715031 |
| 5085000 | Series 2024-A, Class A4, 5.100%, 7/13/2049<sup>(a)</sup> | 5188243 |
| 4370000 | Series 2025-A, Class A4, 5.020%, 6/13/2050<sup>(a)</sup> | 4455082 |
| 4330000 | Series 2025-B, Class A4, 4.290%, 9/13/2050<sup>(a)</sup> | 4286653 |
|  | Verizon Master Trust |  |
| 6196000 | Series 2023-3, Class A, 4.730%, 4/21/2031<sup>(a)</sup> | 6261974 |
| 8097000 | Series 2023-6, Class A, 5.350%, 9/22/2031<sup>(a)</sup> | 8333505 |
| 10281000 | Series 2024-2, Class A, 4.830%, 12/22/2031<sup>(a)</sup> | 10444044 |
| 4579000 | Series 2024-7, Class A, 4.350%, 8/20/2032<sup>(a)</sup> | 4570153 |

---

**FPA Flexible Fixed Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **BONDS & DEBENTURES (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
|  | **EQUIPMENT (Continued)** |  |
|  | Volvo Financial Equipment LLC |  |
| $812000 | Series 2025-2A, Class A4, 4.060%, 6/15/2033<sup>(a)</sup> | $808625 |
|  |  | **148721950** |
|  | **OTHER — 6.0%** |  |
|  | ABPCI Direct Lending Fund LLC |  |
| 1267593 | Series 2022-2A, Class A1, 5.770% (3-Month Term SOFR+210 basis points), 3/1/2032<sup>(a),(b)</sup> | 1263553 |
| 5296566 | Series 2022-2A, Class C, 8.236%, 3/1/2032<sup>(a)</sup> | 5100170 |
|  | ABPCI Direct Lending Fund Ltd. |  |
| 683665 | Series 2020-1A, Class A, 3.199%, 12/29/2030<sup>(a)</sup> | 622885 |
| 1742708 | Series 2020-1A, Class B, 4.935%, 12/29/2030<sup>(a)</sup> | 1568435 |
| 8058000 | American Tower Trust 1 5.490%, 3/15/2028<sup>(a)</sup> | 8135405 |
| 570580 | Brazos Securitization LLC 5.014%, 9/1/2031<sup>(a)</sup> | 573753 |
|  | Centerpoint Energy Restoration Bond Co. II LLC |  |
| 10409000 | 4.255%, 12/15/2035 | 10239854 |
|  | Cleco Securitization II LLC |  |
| 7283154 | 4.680%, 12/1/2036 | 7292054 |
|  | Cleco Securitization LLC |  |
| 1156698 | 4.016%, 3/1/2031 | 1143685 |
|  | Consumers 2023 Securitization Funding LLC |  |
| 2542000 | 5.210%, 9/1/2031 | 2550586 |
|  | Diamond Infrastructure Funding LLC |  |
| 512000 | Series 2021-1A, Class C, 3.475%, 4/15/2049<sup>(a)</sup> | 502222 |
|  | Diamond Issuer LLC |  |
| 1718000 | Series 2021-1A, Class C, 3.787%, 11/20/2051<sup>(a)</sup> | 1664094 |
|  | DTE Electric Securitization Funding II LLC |  |
| 2451758 | 5.970%, 3/1/2033 | 2576185 |
|  | Duke Energy Carolinas Nc Storm Funding II LLC |  |
| 5175000 | 4.226%, 7/1/2037 | 5097375 |
|  | Golub Capital Partners Funding Ltd. |  |
| 489517 | Series 2020-1A, Class A2, 3.208%, 1/22/2029<sup>(a)</sup> | 474242 |
| 347929 | Series 2020-1A, Class B, 4.496%, 1/22/2029<sup>(a)</sup> | 347317 |
| 1911390 | Series 2021-1A, Class A2, 2.773%, 4/20/2029<sup>(a)</sup> | 1821089 |
| 1066235 | Series 2021-1A, Class B, 3.816%, 4/20/2029<sup>(a)</sup> | 969037 |
| 3546003 | Series 2021-2A, Class A, 2.944%, 10/19/2029<sup>(a)</sup> | 3346696 |
| 4126139 | Series 2021-2A, Class B, 3.994%, 10/19/2029<sup>(a)</sup> | 3835799 |
|  | Hotwire Funding LLC |  |
| 1250000 | Series 2021-1, Class C, 4.459%, 11/20/2051<sup>(a)</sup> | 1239142 |
| 1385000 | Series 2023-1A, Class A2, 5.687%, 5/20/2053<sup>(a)</sup> | 1396155 |

---

**FPA Flexible Fixed Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **BONDS & DEBENTURES (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
|  | **OTHER (Continued)** |  |
|  | Kansas Gas Service Securitization I LLC |  |
| $4604544 | 5.486%, 8/1/2032 | $4742716 |
|  | Lightpath Fiber Issuer LLC |  |
| 4398000 | Series 2026-1A, Class A2, 5.597%, 3/25/2056<sup>(a)</sup> | 4393847 |
|  | MetroNet Infrastructure Issuer LLC |  |
| 838000 | Series 2026-1A, Class C, 7.100%, 4/20/2056<sup>(a)</sup> | 830263 |
|  | Monroe Capital Funding Ltd. |  |
| 1064724 | Series 2021-1A, Class A2, 2.815%, 4/22/2031<sup>(a)</sup> | 980717 |
| 365461 | Series 2021-1A, Class B, 3.908%, 4/22/2031<sup>(a)</sup> | 338429 |
|  | Monroe Capital Income Plus Funding LLC |  |
| 2598265 | Series 2022-1A, Class A, 4.050%, 4/30/2032<sup>(a)</sup> | 2538154 |
|  | Oklahoma Development Finance Authority |  |
| 1694071 | 4.135%, 12/1/2033 | 1685101 |
| 603655 | 4.285%, 2/1/2034 | 601855 |
| 1463168 | 3.877%, 5/1/2037 | 1441614 |
|  | PG&E Recovery Funding LLC |  |
| 3124999 | 5.045%, 7/15/2032 | 3164062 |
| 4534710 | 4.838%, 6/1/2033 | 4601801 |
|  | PG&E Wildfire Recovery Funding LLC |  |
| 2788262 | 4.022%, 6/1/2031 | 2753409 |
|  | SBA Tower Trust |  |
| 1380000 | 1.631%, 11/15/2026<sup>(a)</sup> | 1353001 |
| 1767000 | 2.328%, 1/15/2028<sup>(a)</sup> | 1687867 |
| 1049000 | 6.599%, 1/15/2028<sup>(a)</sup> | 1062117 |
|  | SCE Recovery Funding LLC |  |
| 13270000 | 4.453%, 3/15/2036 | 13153888 |
|  | SpringCastle America Funding LLC |  |
| 494452 | Series 2020-AA, Class A, 1.970%, 9/25/2037<sup>(a)</sup> | 463373 |
|  | Texas Electric Market Stabilization Funding N LLC |  |
| 4713287 | 4.265%, 8/1/2036<sup>(a)</sup> | 4676574 |
|  | Texas Natural Gas Securitization Finance Corp. |  |
| 664822 | 5.102%, 4/1/2035 | 681402 |
|  | VCP RRL Ltd. |  |
| 557356 | Series 2021-1A, Class A, 2.152%, 10/20/2031<sup>(a)</sup> | 521169 |
| 907060 | Series 2021-1A, Class B, 2.848%, 10/20/2031<sup>(a)</sup> | 818491 |
| 1408125 | Series 2021-1A, Class C, 5.425%, 10/20/2031<sup>(a)</sup> | 1240802 |
|  | Virginia Power Fuel Securitization LLC |  |
| 8504000 | 4.877%, 5/1/2031 | 8546520 |

---

**FPA Flexible Fixed Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **BONDS & DEBENTURES (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
|  | **OTHER (Continued)** |  |
|  | WEPCo Environmental Trust Finance LLC |  |
| $757070 | Series 2021-1, Class A, 1.578%, 12/15/2035 | $680344 |
|  |  | **124717249** |
|  | **TOTAL ASSET-BACKED SECURITIES** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $375,628,681) | **377478751** |
|  | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 11.9%** |  |
|  | **AGENCY — 7.6%** |  |
|  | Federal Home Loan Mortgage Corp. |  |
| 784000 | Series K068, Class A2, 3.244%, 8/25/2027 | 774981 |
| 1135000 | Series K072, Class A2, 3.444%, 12/25/2027 | 1122910 |
| 3064000 | Series K073, Class A2, 3.350%, 1/25/2028 | 3025715 |
| 1691000 | Series K076, Class A2, 3.900%, 4/25/2028 | 1682174 |
| 377000 | Series K077, Class A2, 3.850%, 5/25/2028<sup>(b)</sup> | 374663 |
| 3220000 | Series K079, Class A2, 3.926%, 6/25/2028 | 3202687 |
| 2683000 | Series K080, Class A2, 3.926%, 7/25/2028<sup>(b)</sup> | 2667043 |
| 7407000 | Series K081, Class A2, 3.900%, 8/25/2028<sup>(b)</sup> | 7360477 |
| 5016000 | Series K082, Class A2, 3.920%, 9/25/2028<sup>(b)</sup> | 4984681 |
| 2785000 | Series K083, Class A2, 4.050%, 9/25/2028<sup>(b)</sup> | 2776061 |
| 7311000 | Series K084, Class A2, 3.780%, 10/25/2028<sup>(b)</sup> | 7255400 |
| 2867000 | Series K085, Class A2, 4.060%, 10/25/2028<sup>(b)</sup> | 2857661 |
| 3232000 | Series K089, Class A2, 3.563%, 1/25/2029 | 3181564 |
| 509000 | Series K088, Class A2, 3.690%, 1/25/2029 | 503459 |
| 5136000 | Series K090, Class A2, 3.422%, 2/25/2029 | 5037971 |
| 2866000 | Series K091, Class A2, 3.505%, 3/25/2029 | 2814806 |
| 669000 | Series K092, Class A2, 3.298%, 4/25/2029 | 652921 |
| 550119 | Series K093, Class A2, 2.982%, 5/25/2029 | 533241 |
| 10160420 | Series K095, Class A2, 2.785%, 6/25/2029 | 9748787 |
| 10437000 | Series K094, Class A2, 2.903%, 6/25/2029 | 10049805 |
| 5934750 | Series K097, Class A2, 2.508%, 7/25/2029 | 5635871 |
| 13412000 | Series K096, Class A2, 2.519%, 7/25/2029 | 12754529 |
| 2622000 | Series K099, Class A2, 2.595%, 9/25/2029 | 2492557 |
| 6883000 | Series K101, Class A2, 2.524%, 10/25/2029 | 6503113 |
| 4314000 | Series K102, Class A2, 2.537%, 10/25/2029 | 4097418 |
| 6001000 | Series K103, Class A2, 2.651%, 11/25/2029 | 5700150 |
| 894000 | Series K107, Class A2, 1.639%, 1/25/2030 | 822467 |
| 449000 | Series K105, Class A2, 1.872%, 1/25/2030 | 413081 |
| 1718000 | Series K106, Class A2, 2.069%, 1/25/2030 | 1597803 |
| 2381000 | Series K104, Class A2, 2.253%, 1/25/2030 | 2238054 |
| 1265000 | Series K108, Class A2, 1.517%, 3/25/2030 | 1146618 |
| 8157000 | Series K751, Class A2, 4.412%, 3/25/2030 | 8201179 |
| 1920000 | Series K109, Class A2, 1.558%, 4/25/2030 | 1736459 |
| 2981000 | Series K151, Class A3, 3.511%, 4/25/2030 | 2904064 |

---

**FPA Flexible Fixed Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |
|  | **AGENCY (Continued)** |  |
| $258000 | Series K111, Class A2, 1.350%, 5/25/2030 | $230956 |
| 1407000 | Series K114, Class A2, 1.366%, 6/25/2030 | 1259669 |
| 564000 | Series K116, Class A2, 1.378%, 7/25/2030 | 504954 |
| 2774000 | Series K752, Class A2, 4.284%, 7/25/2030 | 2774682 |
| 9296000 | Series K117, Class A2, 1.406%, 8/25/2030 | 8276528 |
| 2108000 | Series K120, Class A2, 1.500%, 10/25/2030 | 1877034 |
| 11142000 | Series K754, Class A2, 4.940%, 11/25/2030<sup>(b)</sup> | 11446787 |
|  | Freddie Mac Multifamily Structured Pass-Through Certificates |  |
| 2550000 | Series K100, Class A2, 2.673%, 9/25/2029 | 2421878 |
| 695000 | Series K110, Class A2, 1.477%, 4/25/2030 | 627471 |
| 1000000 | Series K113, Class A2, 1.341%, 6/25/2030 | 900240 |
| 1978000 | Series K115, Class A2, 1.383%, 6/25/2030 | 1770845 |
|  |  | **158941414** |
|  | **AGENCY STRIPPED — 0.1%** |  |
|  | Government National Mortgage Association |  |
| 1231616 | Series 2015-19, Class IO, 0.292%, 1/16/2057<sup>(b)</sup> | 15058 |
| 710711 | Series 2015-7, Class IO, 0.488%, 1/16/2057<sup>(b)</sup> | 13079 |
| 1911415 | Series 2020-43, Class IO, 1.257%, 11/16/2061<sup>(b)</sup> | 153869 |
| 2332853 | Series 2020-71, Class IO, 1.056%, 1/16/2062<sup>(b)</sup> | 145012 |
| 4684394 | Series 2020-75, Class IO, 0.877%, 2/16/2062<sup>(b)</sup> | 264956 |
| 3268875 | Series 2020-42, Class IO, 0.939%, 3/16/2062<sup>(b)</sup> | 210199 |
|  |  | **802173** |
|  | **NON-AGENCY — 4.2%** |  |
|  | Arbor Multifamily Mortgage Securities Trust |  |
| 6960000 | Series 2020-MF1, Class A5, 2.756%, 5/15/2053<sup>(a)</sup> | 6473743 |
|  | Arbor Realty Commercial Real Estate Notes Ltd. |  |
| 1109297 | Series 2022-FL1, Class A, 5.122% (30-Day SOFR Average+145 basis points), 1/15/2037<sup>(a),(b)</sup> | 1109297 |
|  | BANK5 |  |
| 5385000 | Series 2025-5YR18, Class A3, 5.145%, 12/15/2058 | 5476013 |
|  | BBCMS Mortgage Trust |  |
| 1000000 | Series 2025-5C34, Class A3, 5.659%, 5/15/2058 | 1034070 |
|  | BBCMS Trust |  |
| 296538 | Series 2015-SRCH, Class A1, 3.312%, 8/10/2035<sup>(a)</sup> | 292738 |
| 2296000 | Series 2025-5C36, Class A3, 5.517%, 8/15/2058 | 2361836 |
|  | Benchmark Mortgage Trust |  |
| 2591000 | Series 2024-V11, Class A3, 5.909%, 11/15/2057<sup>(b)</sup> | 2687138 |
|  | BMO Mortgage Trust |  |
| 2581000 | Series 2024-5C7, Class A3, 5.566%, 11/15/2057<sup>(b)</sup> | 2646119 |
| 1258000 | Series 2024-5C8, Class A3, 5.625%, 12/15/2057<sup>(b)</sup> | 1292032 |
| 2696000 | Series 2025-5C13, Class A3, 5.227%, 12/15/2058<sup>(b)</sup> | 2736560 |

---

**FPA Flexible Fixed Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |
|  | **NON-AGENCY (Continued)** |  |
|  | BX Trust |  |
| $5125000 | Series 2019-OC11, Class A, 3.202%, 12/9/2041<sup>(a)</sup> | $4832831 |
|  | BXMT Ltd. |  |
| 1205292 | Series 2021-FL4, Class A, 5.093% (1-Month Term SOFR+141.448 basis points), 5/15/2038<sup>(a),(b)</sup> | 1200775 |
|  | CHI Commercial Mortgage Trust |  |
| 7209000 | Series 2025-SFT, Class A, 5.117%, 4/15/2042<sup>(a),(b)</sup> | 7279009 |
|  | Hudson Yards Mortgage Trust |  |
| 1100000 | Series 2025-SPRL, Class A, 5.467%, 1/13/2040<sup>(a),(b)</sup> | 1124889 |
|  | Manhattan West Mortgage Trust |  |
| 4991000 | Series 2020-1MW, Class A, 2.130%, 9/10/2039<sup>(a)</sup> | 4806306 |
|  | MF1 Ltd. |  |
| 470082 | Series 2021-FL7, Class A, 4.874% (1-Month Term SOFR+119.448 basis points), 10/16/2036<sup>(a),(b)</sup> | 469784 |
|  | Progress Residential Trust |  |
| 1827622 | Series 2024-SFR5, Class A, 3.000%, 8/9/2029<sup>(a)</sup> | 1725606 |
| 1410235 | Series 2021-SFR11, Class A, 2.283%, 1/17/2039<sup>(a)</sup> | 1331624 |
| 3738266 | Series 2021-SFR10, Class A, 2.393%, 12/17/2040<sup>(a)</sup> | 3537913 |
| 2110173 | Series 2024-SFR3, Class A, 3.000%, 6/17/2041<sup>(a)</sup> | 1998254 |
| 9769610 | Series 2024-SFR4, Class A, 3.100%, 7/17/2041<sup>(a)</sup> | 9267188 |
| 7296320 | Series 2025-SFR2, Class A, 3.305%, 4/17/2042<sup>(a)</sup> | 6882959 |
| 2751000 | Series 2025-SFR3, Class A, 3.390%, 7/17/2042<sup>(a)</sup> | 2601177 |
| 2561000 | Series 2025-SFR6, Class A, 4.000%, 12/17/2042<sup>(a)</sup> | 2472223 |
|  | ROCK Trust |  |
| 4311000 | Series 2024-CNTR, Class A, 5.388%, 11/13/2041<sup>(a)</sup> | 4377884 |
|  | SLG Office Trust |  |
| 5585000 | Series 2021-OVA, Class A, 2.586%, 7/15/2041<sup>(a)</sup> | 4957150 |
|  | TRTX Issuer Ltd. |  |
| 1200604 | Series 2022-FL5, Class A, 5.328% (1-Month Term SOFR+165 basis points), 2/15/2039<sup>(a),(b)</sup> | 1200405 |
|  | WHARF Commercial Mortgage Trust |  |
| 1900000 | Series 2025-DC, Class A, 4.993%, 7/15/2040<sup>(a),(b)</sup> | 1922968 |
|  |  | **88098491** |
|  | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $243,042,114) | **247842078** |
|  | **CORPORATE BANK DEBT — 0.5%** |  |
|  | Capstone Acquisition Holdings, Inc. Term Loan |  |
| 1819093 | 8.268% (1-Month Term SOFR+460 basis points), 11/12/2029<sup>(b),(c),(d),(e)</sup> | 1847278 |
|  | JC Penney Corp., Inc. |  |
| 464034 | 5.568% (3-Month USD Libor+425 basis points), 6/23/2027<sup>\*,(b),(c),(d),(e),(f)</sup> | 47 |
|  | Lealand Finance Company B.V. Senior Exit LC |  |
| 341263 | 4.750%, 6/30/2027<sup>(b),(c),(d),(e),(g),(h)</sup> | (36686) |

---

**FPA Flexible Fixed Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **CORPORATE BANK DEBT (Continued)** |  |
|  | McDermott Technology Americas, Inc. |  |
| $13737 | 7.782% (1-Month Term SOFR+400 basis points), 12/31/2027<sup>(b),(c),(d),(e),(i)</sup> | $11264 |
|  | WH Borrower LLC |  |
| 8287075 | 8.155% (3-Month Term SOFR+450 basis points), 2/20/2032<sup>(b),(c),(e)</sup> | 8287075 |
|  | **TOTAL CORPORATE BANK DEBT** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $10,063,146) | **10108978** |
|  | **CORPORATE BONDS — 2.5%** |  |
|  | **COMMUNICATIONS — 0.4%** |  |
| 2000000 | DISH Network Corp. 11.750%, 11/15/2027<sup>(a)</sup> | 2060000 |
|  | EchoStar Corp. |  |
| 1014000 | 3.875%, 11/30/2030 | 3622110 |
| 1636000 | Frontier Communications Holdings LLC 6.000%, 1/15/2030<sup>(a)</sup> | 1641922 |
|  |  | **7324032** |
|  | **CONSUMER DISCRETIONARY — 0.4%** |  |
|  | Air Canada Pass-Through Trust |  |
| 1548008 | Series 2017-1, Class AA, 3.300%, 7/15/2031<sup>(a)</sup> | 1459705 |
| 5947000 | VT Topco, Inc. 8.500%, 8/15/2030<sup>(a)</sup> | 6006470 |
|  |  | **7466175** |
|  | **FINANCIALS — 1.7%** |  |
|  | Apollo Debt Solutions BDC Senior Notes |  |
| 3644000 | 8.620%, 9/28/2028<sup>(d),(e)</sup> | 3644000 |
|  | Blue Owl Credit Income Corp. |  |
| 5727000 | 7.950%, 6/13/2028 | 5864425 |
|  | Drawbridge Special Opportunities Fund LP |  |
| 2474000 | 5.950%, 9/17/2030<sup>(a)</sup> | 2323287 |
|  | Five Point Operating Co. LP |  |
| 400000 | 8.000%, 10/1/2030<sup>(a)</sup> | 397868 |
|  | Hlend Senior Notes |  |
| 5000000 | 8.170%, 3/15/2028<sup>(d),(e)</sup> | 5000000 |
|  | HPS Corporate Lending Fund |  |
| 2981000 | 6.750%, 1/30/2029 | 3019951 |
|  | Midcap Financial Issuer Trust |  |
| 10563000 | 6.500%, 5/1/2028<sup>(a)</sup> | 10253972 |
|  | Oaktree Strategic Credit Fund |  |
| 4032000 | 8.400%, 11/14/2028 | 4228331 |
|  | OCREDIT BDC Senior Notes |  |
| 1557000 | 7.770%, 3/7/2029<sup>(d),(e)</sup> | 1557000 |
|  |  | **36288834** |

---

**FPA Flexible Fixed Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **CORPORATE BONDS (Continued)** |  |
|  | **HEALTH CARE — 0.0%** |  |
|  | Heartland Dental LLC/Heartland Dental Finance Corp. |  |
| $938000 | 10.500% (1-Month Term SOFR+500 basis points), 4/30/2028<sup>(a),(e)</sup> | $**963795** |
|  | **TOTAL CORPORATE BONDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $48,694,295) | **52042836** |
|  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 26.3%** |  |
|  | **AGENCY COLLATERALIZED MORTGAGE OBLIGATION — 1.0%** |  |
|  | Fannie Mae REMICS |  |
| 9705000 | Series 2026-21, Class A, 2.000%, 9/25/2045<sup>(d)</sup> | 8839132 |
|  | Federal National Mortgage Association |  |
| 834758 | Series 3810, Class PE, 4.000%, 2/15/2041 | 818288 |
| 36289 | Series 2012-144, Class PD, 3.500%, 4/25/2042 | 35809 |
| 9092339 | Series 2024-70, Class EC, 3.000%, 11/25/2047 | 8478684 |
|  | Freddie Mac REMICS |  |
| 64878 | Series 4162, Class P, 3.000%, 2/15/2033 | 63704 |
|  | GS Mortgage-Backed Securities Trust |  |
| 2524146 | Series 2024-95, Class AB, 2.500%, 6/20/2045<sup>(a)</sup> | 2330115 |
|  |  | **20565732** |
|  | **AGENCY POOL ADJUSTABLE RATE — 0.9%** |  |
|  | Fannie Mae Pool |  |
| 317555 | 1.730% (30-Day SOFR Average+211 basis points), 7/1/2051<sup>(b)</sup> | 289938 |
| 2540341 | 1.968% (30-Day SOFR Average+207.554 basis points), 8/1/2051<sup>(b)</sup> | 2336351 |
| 209686 | 1.608% (30-Day SOFR Average+209.4 basis points), 9/1/2051<sup>(b)</sup> | 190157 |
| 1389396 | 1.957% (30-Day SOFR Average+212 basis points), 1/1/2052<sup>(b)</sup> | 1268430 |
| 2433254 | 1.887% (30-Day SOFR Average+233.461 basis points), 4/1/2052<sup>(b)</sup> | 2216474 |
|  | Freddie Mac Non Gold Pool |  |
| 936237 | 1.662% (30-Day SOFR Average+213 basis points), 9/1/2051<sup>(b)</sup> | 849296 |
| 1191075 | 2.554% (30-Day SOFR Average+213 basis points), 3/1/2052<sup>(b)</sup> | 1103636 |
| 793238 | 2.520% (30-Day SOFR Average+214 basis points), 5/1/2052<sup>(b)</sup> | 735256 |
| 8497616 | 2.155% (30-Day SOFR Average+217.793 basis points), 7/1/2052<sup>(b)</sup> | 7762362 |
| 1032545 | 3.313% (30-Day SOFR Average+222.211 basis points), 11/1/2052<sup>(b)</sup> | 986621 |
| 1226657 | 2.161% (30-Day SOFR Average+217.884 basis points), 5/1/2053<sup>(b)</sup> | 1120729 |
|  |  | **18859250** |
|  | **AGENCY POOL FIXED RATE — 14.8%** |  |
|  | Fannie Mae Pool |  |
| 1763668 | 1.500%, 12/1/2035 | 1594019 |
| 2243781 | 1.000%, 4/1/2036 | 1949862 |
| 3647669 | 1.000%, 9/1/2036 | 3159218 |
| 2251222 | 1.000%, 11/1/2036 | 1942485 |
| 12907803 | 1.000%, 12/1/2036 | 11137773 |
| 667750 | 1.000%, 12/1/2036 | 576181 |
| 17332283 | 1.000%, 3/1/2037 | 14955530 |
| 1612941 | 2.000%, 6/1/2040 | 1422016 |

---

**FPA Flexible Fixed Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |
|  | **AGENCY POOL FIXED RATE (Continued)** |  |
| $602277 | 2.000%, 9/1/2040 | $530448 |
| 655897 | 2.000%, 10/1/2040 | 577381 |
| 416509 | 1.500%, 11/1/2040 | 354807 |
| 3581184 | 2.000%, 11/1/2040 | 3148621 |
| 1978050 | 1.500%, 12/1/2040 | 1683690 |
| 2481590 | 2.000%, 12/1/2040 | 2180383 |
| 745914 | 1.500%, 1/1/2041 | 634430 |
| 2696932 | 1.500%, 2/1/2041 | 2292039 |
| 7083285 | 1.500%, 3/1/2041 | 6015748 |
| 264773 | 1.500%, 4/1/2041 | 224721 |
| 6196673 | 1.500%, 5/1/2041 | 5251587 |
| 1510055 | 2.500%, 5/1/2041 | 1359583 |
| 6896575 | 1.500%, 7/1/2041 | 5833805 |
| 917128 | 2.000%, 7/1/2041 | 802071 |
| 8607021 | 2.000%, 9/1/2041 | 7565627 |
| 6972107 | 1.500%, 10/1/2041 | 5879385 |
| 14746610 | 1.500%, 11/1/2041 | 12436809 |
| 2969631 | 1.500%, 11/1/2041 | 2502425 |
| 2521788 | 1.500%, 12/1/2041 | 2125187 |
| 12497399 | 1.500%, 1/1/2042 | 10514232 |
| 1464293 | 1.500%, 1/1/2042 | 1233300 |
| 2681690 | 1.500%, 2/1/2042 | 2277174 |
| 839230 | 1.500%, 3/1/2042 | 708240 |
| 2673466 | 1.500%, 3/1/2042 | 2270233 |
| 4749993 | 1.500%, 3/1/2042 | 4015077 |
| 7064524 | 1.500%, 3/1/2042 | 5967210 |
| 4661844 | 1.500%, 3/1/2042 | 3925235 |
| 8709269 | 1.500%, 3/1/2042 | 7343340 |
| 2145468 | 2.000%, 8/1/2042 | 1872355 |
| 7248209 | 2.000%, 8/1/2042 | 6302805 |
| 2982895 | 3.500%, 4/1/2044 | 2809724 |
| 4732862 | 4.000%, 6/1/2045 | 4612376 |
| 10682299 | 4.000%, 3/1/2046 | 10415458 |
| 1011002 | 4.000%, 7/1/2046 | 984863 |
| 683278 | 4.000%, 7/1/2046 | 658729 |
| 1146929 | 4.000%, 10/1/2046 | 1117169 |
| 638384 | 4.000%, 10/1/2046 | 622251 |
| 961988 | 4.000%, 3/1/2048 | 936251 |
| 12435709 | 4.000%, 1/1/2049 | 12104993 |
| 5082956 | 4.500%, 1/1/2050 | 5059599 |
| 4473126 | 4.500%, 1/1/2050 | 4453354 |
|  | Freddie Mac Pool |  |
| 1153759 | 1.000%, 5/1/2036 | 1001565 |

---

**FPA Flexible Fixed Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)**<br> **AGENCY POOL FIXED RATE (Continued)** |  |
| $799861 | 1.000%, 7/1/2036 | $692500 |
| 1161329 | 1.000%, 10/1/2036 | 1008004 |
| 2578902 | 2.000%, 6/1/2040 | 2273803 |
| 568602 | 2.000%, 8/1/2040 | 501028 |
| 344697 | 4.000%, 10/1/2040 | 336220 |
| 10125138 | 1.500%, 11/1/2040 | 8625414 |
| 307904 | 4.000%, 11/1/2040 | 300430 |
| 734360 | 2.000%, 12/1/2040 | 645170 |
| 491075 | 1.500%, 2/1/2041 | 418004 |
| 6372464 | 1.500%, 2/1/2041 | 5415326 |
| 4202928 | 1.500%, 3/1/2041 | 3569114 |
| 16698703 | 1.500%, 3/1/2041 | 14179707 |
| 3714689 | 1.500%, 4/1/2041 | 3149478 |
| 15246054 | 1.500%, 5/1/2041 | 12918250 |
| 11994621 | 1.500%, 6/1/2041 | 10154619 |
| 7211924 | 1.500%, 7/1/2041 | 6099660 |
| 7272787 | 1.500%, 8/1/2041 | 6150875 |
| 982941 | 2.000%, 8/1/2041 | 858651 |
| 4597444 | 1.500%, 9/1/2041 | 3882430 |
| 3162669 | 1.500%, 10/1/2041 | 2667013 |
| 517634 | 1.500%, 11/1/2041 | 438551 |
| 2567274 | 1.500%, 11/1/2041 | 2163466 |
| 8013879 | 1.500%, 12/1/2041 | 6749171 |
| 4405962 | 1.500%, 12/1/2041 | 3738469 |
| 640590 | 1.500%, 1/1/2042 | 541438 |
| 5932854 | 1.500%, 1/1/2042 | 5007151 |
| 4695083 | 1.500%, 4/1/2042 | 3990162 |
| 3880433 | 2.000%, 5/1/2042 | 3384213 |
| 2618801 | 2.000%, 8/1/2042 | 2282628 |
| 2681487 | 2.000%, 8/1/2042 | 2344198 |
| 6359463 | 4.500%, 12/1/2045 | 6331390 |
|  |  | **310157897** |
|  | **AGENCY STRIPPED — 0.0%** |  |
|  | Fannie Mae Interest Strip |  |
| 14265 | Series 284, Class 1, 0.000%, 7/25/2027 | **13955** |
|  | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATION — 9.6%** |  |
|  | GS Mortgage-Backed Securities Trust |  |
| 1645613 | Series 2021-PJ4, Class A8, 2.500%, 9/25/2051<sup>(a),(b)</sup> | 1483243 |
| 6261106 | Series 2021-PJ5, Class A8, 2.500%, 10/25/2051<sup>(a),(b)</sup> | 5637031 |
| 5836219 | Series 2021-PJ6, Class A8, 2.500%, 11/25/2051<sup>(a),(b)</sup> | 5243149 |
| 3947126 | Series 2021-PJ7, Class A8, 2.500%, 1/25/2052<sup>(a),(b)</sup> | 3539831 |

---

**FPA Flexible Fixed Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |
|  | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATION (Continued)** |  |
| $2718008 | Series 2021-PJ10, Class A8, 2.500%, 3/25/2052<sup>(a),(b)</sup> | $2433281 |
| 4367999 | Series 2022-PJ1, Class A8, 2.500%, 5/28/2052<sup>(a),(b)</sup> | 3896618 |
| 5892020 | Series 2022-PJ2, Class A24, 3.000%, 6/25/2052<sup>(a),(b)</sup> | 5387589 |
| 1613971 | Series 2022-PJ3, Class A22, 2.500%, 8/25/2052<sup>(a),(b)</sup> | 1443205 |
| 5212700 | Series 2022-PJ3, Class A24, 3.000%, 8/25/2052<sup>(a),(b)</sup> | 4764038 |
| 5360494 | Series 2022-PJ4, Class A22, 2.500%, 9/25/2052<sup>(a),(b)</sup> | 4781433 |
| 1084987 | Series 2022-PJ4, Class A24, 3.000%, 9/25/2052<sup>(a),(b)</sup> | 989603 |
| 12683054 | Series 2022-PJ5, Class A22, 2.500%, 10/25/2052<sup>(a),(b)</sup> | 11271105 |
| 7806778 | Series 2022-PJ6, Class A15, 2.500%, 1/25/2053<sup>(a),(b)</sup> | 6950204 |
|  | J.P. Morgan Mortgage Trust |  |
| 5007266 | Series 2021-4, Class A4, 2.500%, 8/25/2051<sup>(a),(b)</sup> | 4536066 |
| 522498 | Series 2021-5, Class A4, 2.500%, 8/25/2051<sup>(a),(b)</sup> | 473595 |
| 9274410 | Series 2021-6, Class A4, 2.500%, 10/25/2051<sup>(a),(b)</sup> | 8369219 |
| 3140514 | Series 2021-7, Class A4, 2.500%, 11/25/2051<sup>(a),(b)</sup> | 2829917 |
| 2161927 | Series 2021-10, Class A4A, 2.000%, 12/25/2051<sup>(a),(b)</sup> | 1899877 |
| 6169930 | Series 2021-10, Class A4, 2.500%, 12/25/2051<sup>(a),(b)</sup> | 5539928 |
| 1903123 | Series 2021-8, Class A4, 2.500%, 12/25/2051<sup>(a),(b)</sup> | 1715238 |
| 9680029 | Series 2021-11, Class A4, 2.500%, 1/25/2052<sup>(a),(b)</sup> | 8710602 |
| 9309547 | Series 2021-13, Class A4, 2.500%, 4/25/2052<sup>(a),(b)</sup> | 8390306 |
| 4779798 | Series 2021-15, Class A4, 2.500%, 6/25/2052<sup>(a),(b)</sup> | 4280769 |
| 21720783 | Series 2022-1, Class A4, 2.500%, 7/25/2052<sup>(a),(b)</sup> | 19422420 |
| 513718 | Series 2022-3, Class A4A, 2.500%, 8/25/2052<sup>(a),(b)</sup> | 459018 |
| 877140 | Series 2022-4, Class A4, 3.000%, 10/25/2052<sup>(a),(b)</sup> | 801144 |
| 106214 | Series 2022-8, Class A4A, 4.000%, 1/25/2053<sup>(a),(b)</sup> | 101542 |
| 398583 | Series 2024-7, Class A4, 3.000%, 4/25/2053<sup>(a),(b)</sup> | 360923 |
| 3897003 | Series 2024-3, Class A4, 3.000%, 5/25/2054<sup>(a),(b)</sup> | 3557445 |
| 4255806 | Series 2025-1, Class A4, 3.684%, 1/25/2063<sup>(a),(b)</sup> | 3979847 |
|  | OBX Trust |  |
| 13624406 | Series 2021-J1, Class A4, 2.500%, 5/25/2051<sup>(a),(b)</sup> | 12283255 |
| 1851355 | Series 2021-J3, Class A4, 2.500%, 10/25/2051<sup>(a),(b)</sup> | 1664302 |
| 6287763 | Series 2022-J1, Class A3, 3.000%, 2/25/2052<sup>(a),(b)</sup> | 5728293 |
|  | Pretium Mortgage Credit Partners LLC |  |
| 889778 | Series 2024-RPL1, Class A1, 3.900%, 10/25/2063<sup>(a),(b)</sup> | 852447 |
|  | RCKT Mortgage Trust |  |
| 8389093 | Series 2021-2, Class A5, 2.500%, 6/25/2051<sup>(a),(b)</sup> | 7514453 |
| 8457396 | Series 2021-3, Class A5, 2.500%, 7/25/2051<sup>(a),(b)</sup> | 7627666 |
|  | Sequoia Mortgage Trust |  |
| 2383759 | Series 2021-4, Class A4, 2.500%, 6/25/2051<sup>(a),(b)</sup> | 2144895 |
| 1787946 | Series 2021-5, Class A5, 2.000%, 7/25/2051<sup>(a),(b)</sup> | 1574871 |
| 953571 | Series 2021-5, Class A4, 2.500%, 7/25/2051<sup>(a),(b)</sup> | 857863 |
| 8664612 | Series 2021-6, Class A4, 2.500%, 10/25/2051<sup>(a),(b)</sup> | 7754814 |
| 3635135 | Series 2021-9, Class A4, 2.500%, 1/25/2052<sup>(a),(b)</sup> | 3250006 |
| 698615 | Series 2022-1, Class A4, 2.500%, 2/25/2052<sup>(a),(b)</sup> | 623554 |

---

**FPA Flexible Fixed Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |
|  | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATION (Continued)** |  |
| $8106793 | Series 2025-S1, Class A4, 2.500%, 9/25/2054<sup>(a),(b)</sup> | $7224814 |
|  | Towd Point Mortgage Trust |  |
| 83691 | Series 2018-2, Class A1, 3.250%, 3/25/2058<sup>(a),(b)</sup> | 83043 |
| 3126704 | Series 2019-4, Class A1, 2.900%, 10/25/2059<sup>(a),(b)</sup> | 3013536 |
| 521586 | Series 2020-4, Class A1, 1.750%, 10/25/2060<sup>(a)</sup> | 477953 |
| 1402389 | Series 2023-1, Class A1, 3.750%, 1/25/2063<sup>(a)</sup> | 1351465 |
|  | Wells Fargo Mortgage Backed Securities |  |
| 972744 | Series 2021-2, Class A3, 2.500%, 6/25/2051<sup>(a),(b)</sup> | 872212 |
| 404827 | Series 2022-1, Class A3, 2.500%, 8/25/2051<sup>(a),(b)</sup> | 361462 |
| 2106724 | Series 2022-2, Class A4, 2.500%, 12/25/2051<sup>(a),(b)</sup> | 1876209 |
|  |  | **200385299** |
|  | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $539,080,671) | **549982133** |
|  | **U.S. TREASURY NOTES & BONDS — 32.0%** |  |
|  | U.S. Treasury Note |  |
| 139750000 | 3.625%, 10/31/2030 | 137948538 |
| 47761000 | 3.500%, 11/30/2030 | 46884137 |
| 123798000 | 3.625%, 12/31/2030 | 122124796 |
| 178681000 | 3.750%, 1/31/2031 | 177173379 |
| 187968000 | 3.500%, 2/28/2031 | 184326120 |
|  | **TOTAL U.S. TREASURY NOTES & BONDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $674,285,714) | **668456970** |
|  | **TOTAL BONDS & DEBENTURES** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,890,794,621) | **1905911746** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  |  |
|  | **COMMON STOCKS — 0.1%** |  |
|  | **REAL ESTATE SERVICES — 0.0%** |  |
| 58520 | Copper Property CTL Pass Through Trust<sup>(e)</sup> | **635527** |
|  | **TELECOMMUNICATIONS — 0.0%** |  |
| 11258 | Uniti Group, Inc.\* | **105600** |
|  | **TRANSPORTATION & LOGISTICS — 0.1%** |  |
| 75292 | PHI Group, Inc.<sup>(d),(e)</sup> | **2254996** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,733,607) | **2996123** |
|  | **PREFERRED STOCKS — 0.0%** |  |
|  | **INDUSTRIALS — 0.0%** |  |
| 72 | Uniti Group, Inc. - Series A, 11.000%<sup>(d),(e)</sup> | **71820** |
|  | **TOTAL PREFERRED STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $148,804) | **71820** |

---

**FPA Flexible Fixed Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **WARRANTS — 0.0%** |  |
| 2193 | Uniti Group, Inc. , Expiration Date: August 11, 2035<sup>\*,(d),(e)</sup> | $17763 |
|  | **TOTAL WARRANTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $0) | **17763** |
|  | **SHORT-TERM INVESTMENTS — 8.2%** |  |
|  | **MONEY MARKET INVESTMENTS — 0.4%** |  |
| 8149109 | Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 3.46%<sup>(j)</sup> | **8149109** |

---

---

| | | |
|:---|:---|:---|
| Principal <br>Amount |  |  |
|  | **TREASURY BILLS — 7.8%** |  |
|  | U.S. Treasury Bill |  |
| $54461000 | 3.67%, 4/2/2026<sup>(k)</sup> | 54455529 |
| 35668000 | 3.65%, 4/9/2026<sup>(k)</sup> | 35639466 |
| 72119000 | 3.66%, 4/16/2026<sup>(k)</sup> | 72010671 |
|  |  | **162105666** |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $170,254,775) | **170254775** |
|  | **TOTAL INVESTMENTS — 99.6%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,062,931,807) | **2079252227** |
|  | Other Assets in Excess of Liabilities — 0.4% | 8899044 |
|  | **TOTAL NET ASSETS — 100.0%** | $**2088151271** |

---

BDC – Business Development Company

IO – Interest Only

LLC – Limited Liability Company

LP – Limited Partnership

\* Non-income producing security.

<sup>(a)</sup> Security exempt from registration under Section 4(a)(2) and/or Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $559,677,194, which represents 26.80% of Total Net Assets.

<sup>(b)</sup> Variable or floating rate security.

<sup>(c)</sup> Bank loans generally pay interest at rates which are periodically determined by reference to a base lending rate plus a premium. All loans carry a variable rate of interest. These base lending rates are generally (i) the Prime Rate offered by one or more major United States banks, (ii) the lending rate offered by one or more European banks such as the London Interbank Offered Rate ("LIBOR"), (iii) the Certificate of Deposit rate, or (iv) Secured Overnight Financing Rate ("SOFR"). Bank Loans, while exempt from registration, under the Securities Act of 1933, contain certain restrictions on resale and cannot be sold publicly. Floating rate bank loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy.

<sup>(d)</sup> The value of these securities was determined using significant unobservable inputs. These are reported as Level 3 securities in the Fair Value Hierarchy.

**FPA Flexible Fixed Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026 (Unaudited)**

<sup>(e)</sup> Restricted securities. These restricted securities, most of which are considered liquid by the Adviser, are not registered and may not be sold to the public. There are legal and/or contractual restrictions on resale. The Fund does not have the right to demand that such securities be registered. The values of these securities are determined by valuations provided by pricing services, brokers, dealers, market makers, or in good faith under policies adopted by authority of the Fund's Board of Trustees. The total value of these securities is $24,253,879, which represents 1.16% of Total Net Assets.

<sup>(f)</sup> Security is in default.

<sup>(g)</sup> As of March 31, 2026, the Fund had entered into commitments to fund various delayed draw debt-related investments. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing those investments and there can be no assurance that such conditions will be satisfied.

<sup>(h)</sup> All or a portion of the loan is unfunded.

<sup>(i)</sup> Payment-in-kind interest is generally paid by issuing additional par/shares of the security rather than paying cash.

<sup>(j)</sup> The rate is the annualized seven-day yield at period end.

<sup>(k)</sup> Treasury bill discount rate.

**FPA Flexible Fixed Income Fund<br> SCHEDULE OF INVESTMENTS - Continued<br> As of March 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Security** | **Initial Acquisition Date** | **Cost** | **Fair Value** | **Fair Value as a % of Net Assets** |
| Apollo Debt Solutions BDC Senior Notes, 8.620%, 9/28/2028 | 8/10/2023 | $3644000 | $3644000 | 0.17% |
| Capstone Acquisition Holdings, Inc. Term Loan, 8.268% (1-Month Term SOFR+460 basis points), 11/12/2029 | 11/12/2020 | 1809355 | 1847278 | 0.09% |
| Copper Property CTL Pass Through Trust | 1/17/2019 | 939850 | 635527 | 0.03% |
| Heartland Dental LLC/Heartland Dental Finance Corp., 10.500% (1-Month Term SOFR+500 basis points), 4/30/2028 | 5/25/2023 | 924767 | 963795 | 0.05% |
| Hlend Senior Notes, 8.170%, 3/15/2028 | 2/16/2023 | 5000000 | 5000000 | 0.24% |
| JC Penney Corp., Inc., 5.568%, (3-Month USD Libor+425 basis points), 6/23/2027 | 2/3/2021 |  | 47 | 0.00% |
| Lealand Finance Company B.V. Senior Exit LC, 4.750%, 6/30/2027 | 2/28/2020 | (297) | (36686) | 0.00% |
| McDermott Technology Americas, Inc., 7.782% (1-Month Term SOFR+400 basis points), 12/31/2027 | 3/25/2024 | 8448 | 11264 | 0.00% |
| OCREDIT BDC Senior Notes, 7.770%, 3/07/2029 | 2/22/2024 | 1557000 | 1557000 | 0.07% |
| PHI Group, Inc. | 8/19/2019 | 615785 | 2254996 | 0.11% |
| Uniti Group, Inc. | 11/16/2020 |  | 17763 | 0.00% |
| Uniti Group, Inc. - Series A | 11/16/2020 | 148804 | 71820 | 0.00% |
| WH Borrower LLC, 8.155% (3-Month Term SOFR+450 basis points), 2/20/2032 | 2/12/2025 | 8245640 | 8287075 | 0.40% |
|  |  | $22893352 | $24253879 | 1.16% |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Investment Managers Series Trust III

- **b. Investment Company Act file number:** 811-08544

- **c. CIK number of Registrant:** 0000924727

- **d. LEI of Registrant:** 549300H7BXP5EUEHOJ64

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

  - **Street Address 1:** 235 W. Galena Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53212

  - **Telephone number:** 626-385-5777

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

- **a. Name of Series:** FPA Flexible Fixed Income Fund

- **b. EDGAR series identifier (if any):** S000064044

- **c. LEI of Series:** 549300DRXGWEWOEBJV78

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $2094673078.85

**Total Liabilities:** $7186128.87

**Net Assets:** $2087486949.98

**Delayed Delivery Securities:** $5490410.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 270.828817587008 | **1-Year:** 41533.206304247249 | **5-Year:** 340859.462199680148 | **10-Year:** 181879.415527029122 | **30-Year:** 168620.300943799513

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

- **3-Month:** 0.000000000000 | **1-Year:** 566.468734802017 | **5-Year:** 5333.899941862251 | **10-Year:** 884.018277667618 | **30-Year:** 566.587078483514

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000207154 | 0.32%                | 1.10%                | -1.22%               |
| Class ID C000227168 | 0.31%                | 1.10%                | -1.13%               |
| Class ID C000262097 | 0.23%                | 1.20%                | -1.23%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $865503.04               | $34433952.51                               |
| Month 2  | $3370673.93              | $13270738.64                               |
| Month 3  | $773921.63               | $-31386728.00                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| DUKE ENERGY NC ST FDG II                       | Duke Energy Carolinas Nc Storm Funding II LLC                                   | CUSIP: 26443UAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5175000 | PA      | $5097375.00   | 0.24%             | 2037-07-01      | Fixed         | 4.23%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                                  | EchoStar Corp.                                                                  | CUSIP: 278768AB2<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |   1014000 | PA      | $3622109.40   | 0.17%             | 2030-11-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                 | Enterprise Fleet Financing 2025-4 LLC                                           | CUSIP: 29373NAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3339000 | PA      | $3313461.66   | 0.16%             | 2032-06-20      | Fixed         | 4.28%                 | Yes           |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                 | Enterprise Fleet Financing 2022-3 LLC                                           | CUSIP: 29374FAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    693439 | PA      | $693559.59    | 0.03%             | 2029-07-20      | Fixed         | 4.29%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac Pool                                                                | CUSIP: 3133KYU56<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  16698703 | PA      | $14179707.21  | 0.68%             | 2041-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac Pool                                                                | CUSIP: 3133KYU80<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3714689 | PA      | $3149478.11   | 0.15%             | 2041-04-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac Pool                                                                | CUSIP: 3133KYUH0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  10125138 | PA      | $8625414.47   | 0.41%             | 2040-11-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac Pool                                                                | CUSIP: 3133KYUP2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    734360 | PA      | $645169.81    | 0.03%             | 2040-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac Pool                                                                | CUSIP: 3133KYUY3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6372464 | PA      | $5415325.56   | 0.26%             | 2041-02-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac Pool                                                                | CUSIP: 3133KYV30<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2567274 | PA      | $2163466.18   | 0.10%             | 2041-11-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac Pool                                                                | CUSIP: 3133KYV63<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   8013879 | PA      | $6749170.50   | 0.32%             | 2041-12-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac Pool                                                                | CUSIP: 3133KYVB2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  15246054 | PA      | $12918249.76  | 0.62%             | 2041-05-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac Pool                                                                | CUSIP: 3133KYVE6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  11994621 | PA      | $10154618.80  | 0.49%             | 2041-06-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 3140X46S0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    683278 | PA      | $658729.42    | 0.03%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 3140XFG88<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1464293 | PA      | $1233300.39   | 0.06%             | 2042-01-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 3140XFK67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2969631 | PA      | $2502424.75   | 0.12%             | 2041-11-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 3140XG2M0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    667750 | PA      | $576181.30    | 0.03%             | 2036-12-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 3140XG2N8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  12907803 | PA      | $11137773.07  | 0.53%             | 2036-12-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 3140XHFH5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  17332283 | PA      | $14955529.62  | 0.72%             | 2037-03-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 3140XKCF5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  10682299 | PA      | $10415457.65  | 0.50%             | 2046-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 3140XL5Z7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    961988 | PA      | $936250.67    | 0.04%             | 2048-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 3140XM6A9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2145468 | PA      | $1872355.35   | 0.09%             | 2042-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 3140XNMK7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1146929 | PA      | $1117168.97   | 0.05%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 31418DZG0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6196673 | PA      | $5251586.52   | 0.25%             | 2041-05-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 31418EAA8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2521788 | PA      | $2125186.84   | 0.10%             | 2041-12-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 31418EAV2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  12497399 | PA      | $10514231.98  | 0.50%             | 2042-01-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                     | Progress Residential 2024-SFR4 Trust                                            | CUSIP: 74334JAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9769610 | PA      | $9267187.63   | 0.44%             | 2041-07-17      | Fixed         | 3.10%                 | Yes           |                  2 | On Loan: No      |
| Woodward Capital Management                    | RCKT Mortgage Trust 2021-2                                                      | CUSIP: 74936RAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8389093 | PA      | $7514453.17   | 0.36%             | 2051-06-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Woodward Capital Management                    | RCKT Mortgage Trust 2021-3                                                      | CUSIP: 74938DAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8457396 | PA      | $7627665.96   | 0.37%             | 2051-07-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| ROCC Trust                                     | ROCK Trust 2024-CNTR                                                            | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4311000 | PA      | $4377884.30   | 0.21%             | 2041-11-13      | Fixed         | 5.39%                 | Yes           |                  2 | On Loan: No      |
| SFS Auto Receivables Securitiz                 | SFS Auto Receivables Securitization Trust 2023-1                                | CUSIP: 78398AAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    919000 | PA      | $930537.13    | 0.04%             | 2029-12-20      | Fixed         | 5.47%                 | Yes           |                  2 | On Loan: No      |
| SBA TOWER TRUST                                | SBA Tower Trust                                                                 | CUSIP: 78403DAR1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1767000 | PA      | $1687866.85   | 0.08%             | 2028-01-15      | Fixed         | 2.33%                 | Yes           |                  2 | On Loan: No      |
| SBA TOWER TRUST                                | SBA Tower Trust                                                                 | CUSIP: 78403DAT7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1380000 | PA      | $1353000.85   | 0.06%             | 2026-11-15      | Fixed         | 1.63%                 | Yes           |                  2 | On Loan: No      |
| SBA TOWER TRUST                                | SBA Tower Trust                                                                 | CUSIP: 78403DAZ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1049000 | PA      | $1062116.70   | 0.05%             | 2028-01-15      | Fixed         | 6.60%                 | Yes           |                  2 | On Loan: No      |
| SCE RECOVERY FUNDING LLC                       | SCE Recovery Funding LLC                                                        | CUSIP: 78433LAJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  13270000 | PA      | $13153887.50  | 0.63%             | 2036-03-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| SLG Office Trust                               | SLG Office Trust 2021-OVA                                                       | CUSIP: 78449RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5585000 | PA      | $4957150.50   | 0.24%             | 2041-07-15      | Fixed         | 2.59%                 | Yes           |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                         | Sequoia Mortgage Trust 2021-9                                                   | CUSIP: 81748CAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3635135 | PA      | $3250005.81   | 0.16%             | 2052-01-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                         | Sequoia Mortgage Trust 2021-4                                                   | CUSIP: 81748WAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2383759 | PA      | $2144895.05   | 0.10%             | 2051-06-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                         | Sequoia Mortgage Trust 2021-5                                                   | CUSIP: 81748XAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    953571 | PA      | $857862.64    | 0.04%             | 2051-07-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                         | Sequoia Mortgage Trust 2021-5                                                   | CUSIP: 81748XAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1787946 | PA      | $1574871.01   | 0.08%             | 2051-07-25      | Variable      | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                         | Sequoia Mortgage Trust 2021-6                                                   | CUSIP: 81748YAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8664612 | PA      | $7754814.13   | 0.37%             | 2051-10-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                         | Sequoia Mortgage Trust 2022-1                                                   | CUSIP: 81749CAD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    698615 | PA      | $623553.77    | 0.03%             | 2052-02-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| UNITI GROUP, Inc. PFD SERIES A PREF STOCK   /  | UNITI GROUP, Inc. PFD SERIES A PREF STOCK   /                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |        72 | NS      | $71820.00     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| UNITI GROUP, Inc. WARRANTS 08/12/2035   /      | UNITI GROUP, Inc. WARRANTS 08/12/2035   /                                       | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      2193 | NC      | $17763.30     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137FEZU7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1691000 | PA      | $1682173.99   | 0.08%             | 2028-04-25      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137FG6X8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    377000 | PA      | $374663.39    | 0.02%             | 2028-05-25      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137FGZT5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3220000 | PA      | $3202686.70   | 0.15%             | 2028-06-25      | Fixed         | 3.93%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137FHPJ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2683000 | PA      | $2667043.39   | 0.13%             | 2028-07-25      | Variable      | 3.93%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137FJEH8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   7407000 | PA      | $7360476.63   | 0.35%             | 2028-08-25      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137FJKE8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5016000 | PA      | $4984680.60   | 0.24%             | 2028-09-25      | Variable      | 3.92%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                 | Enterprise Fleet Financing 2023-2 LLC                                           | CUSIP: 29375NAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3800000 | PA      | $3844313.32   | 0.18%             | 2030-04-22      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137FJXV6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2785000 | PA      | $2776060.71   | 0.13%             | 2028-09-25      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137FJZ93<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   7311000 | PA      | $7255399.85   | 0.35%             | 2028-10-25      | Variable      | 3.78%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                 | Enterprise Fleet Financing 2026-1 LLC                                           | CUSIP: 29376JAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4003000 | PA      | $3970998.02   | 0.19%             | 2032-09-20      | Fixed         | 4.29%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac Non Gold Pool                                                       | CUSIP: 31288QTU4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   8497616 | PA      | $7762361.57   | 0.37%             | 2052-07-01      | Floating      | 2.15%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137FK4M5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2867000 | PA      | $2857661.32   | 0.14%             | 2028-10-25      | Variable      | 4.06%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137FKZZ2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    509000 | PA      | $503458.98    | 0.02%             | 2029-01-25      | Fixed         | 3.69%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac Non Gold Pool                                                       | CUSIP: 31288QX54<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1032545 | PA      | $986621.27    | 0.05%             | 2052-11-01      | Floating      | 3.31%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac Non Gold Pool                                                       | CUSIP: 31288QZD5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1226657 | PA      | $1120729.39   | 0.05%             | 2053-05-01      | Floating      | 2.16%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137FL6P4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3232000 | PA      | $3181564.32   | 0.15%             | 2029-01-25      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137FLMV3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5136000 | PA      | $5037971.22   | 0.24%             | 2029-02-25      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137FLN91<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2866000 | PA      | $2814806.36   | 0.13%             | 2029-03-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137FLYV0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    669000 | PA      | $652921.12    | 0.03%             | 2029-04-25      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust                        | Carmax Auto Owner Trust 2023-3                                                  | CUSIP: 14319BAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2146000 | PA      | $2172802.90   | 0.10%             | 2029-02-15      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                 | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377RJK1<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   7423000 | PA      | $7567133.88   | 0.36%             | 2030-12-20      | Fixed         | 5.23%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                 | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377RLG7<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   2699000 | PA      | $2669701.28   | 0.13%             | 2032-08-20      | Fixed         | 4.60%                 | Yes           |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S                 | BBCMS Trust 2015-SRCH                                                           | CUSIP: 05547HAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    296538 | PA      | $292737.88    | 0.01%             | 2035-08-10      | Fixed         | 3.31%                 | Yes           |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S                 | BBCMS Mortgage Trust 2025-5C36                                                  | CUSIP: 05556CAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2296000 | PA      | $2361835.73   | 0.11%             | 2058-08-15      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| BMW Vehicle Owner Trust                        | BMW Vehicle Owner Trust 2023-A                                                  | CUSIP: 05592XAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    701000 | PA      | $709568.39    | 0.03%             | 2029-11-26      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac Pool                                                                | CUSIP: 3131WQYR2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    307904 | PA      | $300429.68    | 0.01%             | 2040-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac Pool                                                                | CUSIP: 3132A3KZ2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    344697 | PA      | $336220.40    | 0.02%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BX Trust 2019-OC11                             | BX Trust 2019-OC11                                                              | CUSIP: 05606FAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5125000 | PA      | $4832831.44   | 0.23%             | 2041-12-09      | Fixed         | 3.20%                 | Yes           |                  2 | On Loan: No      |
| BXMT Ltd                                       | BXMT 2021-FL4 Ltd.                                                              | CUSIP: 05609GAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1205292 | PA      | $1200774.79   | 0.06%             | 2038-05-15      | Floating      | 5.09%                 | Yes           |                  2 | On Loan: No      |
| CENTERPOINT ENERGY RE II                       | Centerpoint Energy Restoration Bond Co. II LLC                                  | CUSIP: 15201GAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10409000 | PA      | $10239853.75  | 0.49%             | 2035-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Cerberus                                       | Cerberus Loan Funding XLI LLC                                                   | CUSIP: 15674VAA2<br>LEI: 635400YAOHPN8ZVJAS71 | Long             | ABS-CBDO         | CORP              | US        |   5057000 | PA      | $5070810.67   | 0.24%             | 2035-07-15      | Floating      | 6.22%                 | Yes           |                  2 | On Loan: No      |
| Bank5                                          | BANK5 2025-5YR18                                                                | CUSIP: 06604CAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5385000 | PA      | $5476013.50   | 0.26%             | 2058-12-15      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Cerberus                                       | Cerberus Loan Funding XL LLC                                                    | CUSIP: 15675AAA7<br>LEI: 635400FRD1HEGKSHCI69 | Long             | ABS-CBDO         | CORP              | US        |    901000 | PA      | $903147.98    | 0.04%             | 2035-03-22      | Floating      | 6.07%                 | Yes           |                  2 | On Loan: No      |
| Cerberus                                       | Cerberus Loan Funding XLIII LLC                                                 | CUSIP: 156940AA6<br>LEI: 6354005VK9L5QCJ8WJ98 | Long             | ABS-CBDO         | CORP              | US        |   5734000 | PA      | $5765645.95   | 0.28%             | 2035-10-15      | Floating      | 6.10%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137FMCR1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    550119 | PA      | $533241.41    | 0.03%             | 2029-05-25      | Fixed         | 2.98%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137FMTY8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  10437000 | PA      | $10049805.04  | 0.48%             | 2029-06-25      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| CHI Commercial Mortgage Trust                  | CHI Commercial Mortgage Trust 2025-SFT                                          | CUSIP: 16706GAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7209000 | PA      | $7279008.76   | 0.35%             | 2042-04-15      | Variable      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| CLECO SECURITIZATION I                         | Cleco Securitization I LLC                                                      | CUSIP: 185512AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1156698 | PA      | $1143684.75   | 0.05%             | 2031-03-01      | Fixed         | 4.02%                 | No            |                  2 | On Loan: No      |
| CLECO SECURITIZATION II                        | Cleco Securitization II LLC                                                     | CUSIP: 185516AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7283154 | PA      | $7292053.76   | 0.35%             | 2036-12-01      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| CONSUMERS 23 SECURE FUND                       | Consumers 2023 Securitization Funding LLC                                       | CUSIP: 21071BAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2542000 | PA      | $2550586.37   | 0.12%             | 2031-09-01      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| DTE ELECT SECUR FND II                         | DTE Electric Securitization Funding II LLC                                      | CUSIP: 23346TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2451758 | PA      | $2576184.80   | 0.12%             | 2033-03-01      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| Diamond Infrastructure Funding                 | Diamond Infrastructure Funding LLC                                              | CUSIP: 25265LAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    512000 | PA      | $502222.34    | 0.02%             | 2049-04-15      | Fixed         | 3.48%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137FNAE0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  10160420 | PA      | $9748786.84   | 0.47%             | 2029-06-25      | Fixed         | 2.79%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137FNB82<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  13412000 | PA      | $12754529.01  | 0.61%             | 2029-07-25      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac Pool                                                                | CUSIP: 3132CXLX8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1161329 | PA      | $1008004.24   | 0.05%             | 2036-10-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac Pool                                                                | CUSIP: 3132D6AA8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1153759 | PA      | $1001565.37   | 0.05%             | 2036-05-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac Pool                                                                | CUSIP: 3132D6AJ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    799861 | PA      | $692500.34    | 0.03%             | 2036-07-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac Pool                                                                | CUSIP: 3132D9P40<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3880433 | PA      | $3384213.27   | 0.16%             | 2042-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Diamond Issuer LLC                             | Diamond Issuer LLC                                                              | CUSIP: 25267TAS0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1718000 | PA      | $1664094.31   | 0.08%             | 2051-11-20      | Fixed         | 3.79%                 | Yes           |                  2 | On Loan: No      |
| DISH NETWORK CORP                              | DISH Network Corp.                                                              | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2060000.00   | 0.10%             | 2027-11-15      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac Pool                                                                | CUSIP: 3132D9QJ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2618801 | PA      | $2282627.68   | 0.11%             | 2042-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac Pool                                                                | CUSIP: 3132D9RW6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    517634 | PA      | $438550.49    | 0.02%             | 2041-11-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| DRAWBRIDGE SPEC OPPOR FU                       | Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Fin | CUSIP: 26150TAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2474000 | PA      | $2323286.64   | 0.11%             | 2030-09-17      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| John Deere Owner Trust                         | John Deere Owner Trust 2023                                                     | CUSIP: 47800CAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1372000 | PA      | $1380947.22   | 0.07%             | 2029-12-17      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac Pool                                                                | CUSIP: 3132D9RZ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    640590 | PA      | $541438.44    | 0.03%             | 2042-01-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac Pool                                                                | CUSIP: 3132D9T95<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2681487 | PA      | $2344198.19   | 0.11%             | 2042-08-01      | Fixed         | 2.00%                 | 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        |   4604544 | PA      | $4742716.08   | 0.23%             | 2032-08-01      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| Kubota Credit Owner Trust                      | Kubota Credit Owner Trust 2023-2                                                | CUSIP: 500945AD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1359000 | PA      | $1372577.77   | 0.07%             | 2028-06-15      | Fixed         | 5.23%                 | Yes           |                  2 | On Loan: No      |
| Kubota Credit Owner Trust                      | Kubota Credit Owner Trust 2023-1                                                | CUSIP: 50117KAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    876000 | PA      | $881463.35    | 0.04%             | 2029-02-15      | Fixed         | 5.07%                 | Yes           |                  2 | On Loan: No      |
| LIGHTPATH FIBER ISSUER LLC                     | Lightpath Fiber Issuer LLC                                                      | CUSIP: 53229YAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4398000 | PA      | $4393846.97   | 0.21%             | 2056-03-25      | Fixed         | 5.60%                 | Yes           |                  2 | On Loan: No      |
| M&T Equipment Notes                            | M&T Equipment 2023-LEAF1 Notes                                                  | CUSIP: 551925AC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1028000 | PA      | $1037956.90   | 0.05%             | 2030-07-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga                 | MF1 2021-FL7 Ltd.                                                               | CUSIP: 55284AAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    470082 | PA      | $469784.07    | 0.02%             | 2036-10-16      | Floating      | 4.87%                 | Yes           |                  2 | On Loan: No      |
| MMAF Equipment Finance LLC                     | MMAF Equipment Finance LLC 2023-A                                               | CUSIP: 55317WAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2626000 | PA      | $2669407.78   | 0.13%             | 2038-12-13      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| MMAF Equipment Finance LLC                     | MMAF Equipment Finance LLC 2024-A                                               | CUSIP: 55318CAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5085000 | PA      | $5188242.79   | 0.25%             | 2049-07-13      | Fixed         | 5.10%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac Non Gold Pool                                                       | CUSIP: 3142BNCX0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    936237 | PA      | $849295.71    | 0.04%             | 2051-09-01      | Floating      | 1.66%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac Non Gold Pool                                                       | CUSIP: 3142BNFA7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1191075 | PA      | $1103636.37   | 0.05%             | 2052-03-01      | Floating      | 2.55%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac Non Gold Pool                                                       | CUSIP: 3142BNHB3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    793238 | PA      | $735255.87    | 0.04%             | 2052-05-01      | Floating      | 2.52%                 | No            |                  2 | On Loan: No      |
| FIVE POINT OPERATING CO                        | Five Point Operating Co. LP                                                     | CUSIP: 33834YAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $397868.00    | 0.02%             | 2030-10-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac Pool                                                                | CUSIP: 3132D9UR3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4405962 | PA      | $3738468.77   | 0.18%             | 2041-12-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac Pool                                                                | CUSIP: 3132D9WQ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4695083 | PA      | $3990162.43   | 0.19%             | 2042-04-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust                   | Ford Credit Auto Owner Trust 2023-A                                             | CUSIP: 344928AE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1343000 | PA      | $1347064.32   | 0.06%             | 2028-12-15      | Fixed         | 4.56%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust                   | Ford Credit Auto Owner Trust 2023-B                                             | CUSIP: 344930AE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    734000 | PA      | $739781.64    | 0.04%             | 2029-02-15      | Fixed         | 5.06%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities                  | GS Mortgage-Backed Securities Trust 2022-PJ3                                    | CUSIP: 362924BG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1613971 | PA      | $1443205.46   | 0.07%             | 2052-08-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities                  | GS Mortgage-Backed Securities Trust 2022-PJ3                                    | CUSIP: 362924BK7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5212700 | PA      | $4764037.63   | 0.23%             | 2052-08-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac Pool                                                                | CUSIP: 3132D9WU4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5932854 | PA      | $5007151.02   | 0.24%             | 2042-01-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac Pool                                                                | CUSIP: 3132DUCC9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6359463 | PA      | $6331389.98   | 0.30%             | 2045-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities                  | GS Mortgage-Backed Securities Trust 2022-PJ5                                    | CUSIP: 362925BG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12683054 | PA      | $11271104.97  | 0.54%             | 2052-10-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| GM Financial Revolving Receiva                 | GM Financial Revolving Receivables Trust 2023-1                                 | CUSIP: 38012RAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5133000 | PA      | $5221199.83   | 0.25%             | 2035-04-11      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Golub Capital Partners Funding                 | Golub Capital Partners ABS Funding 2020-1 Ltd.                                  | CUSIP: 38177UAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    489518 | PA      | $474241.70    | 0.02%             | 2029-01-22      | Fixed         | 3.21%                 | Yes           |                  2 | On Loan: No      |
| Golub Capital Partners Funding                 | Golub Capital Partners ABS Funding 2020-1 Ltd.                                  | CUSIP: 38177UAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    347929 | PA      | $347316.64    | 0.02%             | 2029-01-22      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Golub Capital Partners Funding                 | Golub Capital Partners ABS Funding 2021-1 Ltd.                                  | CUSIP: 38178HAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1911390 | PA      | $1821088.66   | 0.09%             | 2029-04-20      | Fixed         | 2.77%                 | Yes           |                  2 | On Loan: No      |
| Golub Capital Partners Funding                 | Golub Capital Partners ABS Funding 2021-1 Ltd.                                  | CUSIP: 38178HAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1066235 | PA      | $969037.12    | 0.05%             | 2029-04-20      | Fixed         | 3.82%                 | Yes           |                  2 | On Loan: No      |
| VT TOPCO INC                                   | VT Topco, Inc.                                                                  | CUSIP: 91838PAA9<br>LEI: 5493007T812R37X02Y38 | Long             | DBT              | CORP              | US        |   5947000 | PA      | $6006470.00   | 0.29%             | 2030-08-15      | Fixed         | 8.50%                 | Yes           |                  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        |    557356 | PA      | $521169.13    | 0.02%             | 2031-10-20      | Fixed         | 2.15%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac Pool                                                                | CUSIP: 3133D3VP7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    491075 | PA      | $418003.93    | 0.02%             | 2041-02-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac Pool                                                                | CUSIP: 3133D3XV2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4202928 | PA      | $3569114.44   | 0.17%             | 2041-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac Pool                                                                | CUSIP: 3133KYT90<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    568602 | PA      | $501028.11    | 0.02%             | 2040-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac Pool                                                                | CUSIP: 3133KYTV1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2578902 | PA      | $2273803.11   | 0.11%             | 2040-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 3140XPRW1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   7248209 | PA      | $6302804.90   | 0.30%             | 2042-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 3140XQ5L7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1763668 | PA      | $1594018.49   | 0.08%             | 2035-12-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 3140XQFP7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2681690 | PA      | $2277174.26   | 0.11%             | 2042-02-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 3140XRVQ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   8607021 | PA      | $7565626.51   | 0.36%             | 2041-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 3140XRYW9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2673466 | PA      | $2270233.06   | 0.11%             | 2042-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 31418D2U5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6896575 | PA      | $5833804.69   | 0.28%             | 2041-07-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 31418D5F5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6972107 | PA      | $5879384.50   | 0.28%             | 2041-10-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 31418D5Q1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3647669 | PA      | $3159218.00   | 0.15%             | 2036-09-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| VCP RRL ABS I, Ltd                             | VCP RRL ABS I Ltd.                                                              | CUSIP: 92243RAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    907060 | PA      | $818490.94    | 0.04%             | 2031-10-20      | Fixed         | 2.85%                 | Yes           |                  2 | On Loan: No      |
| VCP RRL ABS I, Ltd                             | VCP RRL ABS I Ltd.                                                              | CUSIP: 92243RAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1408125 | PA      | $1240802.03   | 0.06%             | 2031-10-20      | Fixed         | 5.42%                 | Yes           |                  2 | On Loan: No      |
| Verizon Master Trust                           | Verizon Master Trust                                                            | CUSIP: 92348KBP7<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-O            | CORP              | US        |   6196000 | PA      | $6261974.39   | 0.30%             | 2031-04-21      | Fixed         | 4.73%                 | Yes           |                  2 | On Loan: No      |
| Verizon Master Trust                           | Verizon Master Trust                                                            | CUSIP: 92348KCH4<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-O            | CORP              | US        |  10281000 | PA      | $10444044.32  | 0.50%             | 2031-12-22      | Fixed         | 4.83%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 31418D6K3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  14746610 | PA      | $12436808.91  | 0.60%             | 2041-11-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 31418D7A4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2251222 | PA      | $1942485.48   | 0.09%             | 2036-11-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 31418DP71<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1612941 | PA      | $1422016.43   | 0.07%             | 2040-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 31418DSS2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    602277 | PA      | $530447.89    | 0.03%             | 2040-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 31418DT93<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    416509 | PA      | $354806.50    | 0.02%             | 2040-11-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 31418DTJ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    655897 | PA      | $577380.93    | 0.03%             | 2040-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 31418DU42<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1978050 | PA      | $1683689.69   | 0.08%             | 2040-12-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 31418DU67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2481590 | PA      | $2180382.99   | 0.10%             | 2040-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 31418DUA8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3581184 | PA      | $3148621.01   | 0.15%             | 2040-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 31418DVZ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    745914 | PA      | $634429.92    | 0.03%             | 2041-01-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 31418DW40<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2696932 | PA      | $2292039.43   | 0.11%             | 2041-02-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 31418DX72<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2243781 | PA      | $1949862.45   | 0.09%             | 2036-04-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 31418DXQ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   7083285 | PA      | $6015747.96   | 0.29%             | 2041-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 31418DY89<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1510055 | PA      | $1359583.37   | 0.07%             | 2041-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 31418DYG1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    264773 | PA      | $224721.14    | 0.01%             | 2041-04-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| TEXAS ELECTRIC MKT STABL                       | Texas Electric Market Stabilization Funding N LLC                               | CUSIP: 88240TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4713287 | PA      | $4676574.14   | 0.22%             | 2036-08-01      | Fixed         | 4.26%                 | Yes           |                  2 | On Loan: No      |
| TEXAS NATURAL GAS SECURITIZTN                  | Texas Natural Gas Securitization Finance Corp.                                  | CUSIP: 88258MAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    664822 | PA      | $681402.18    | 0.03%             | 2035-04-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                      | Towd Point Mortgage Trust 2018-2                                                | CUSIP: 89175VAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     83691 | PA      | $83043.42     | 0.00%             | 2058-03-25      | Variable      | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                      | Towd Point Mortgage Trust 2019-4                                                | CUSIP: 89178BAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3126704 | PA      | $3013535.85   | 0.14%             | 2059-10-25      | Variable      | 2.90%                 | Yes           |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                      | Towd Point Mortgage Trust 2020-4                                                | CUSIP: 89179JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    521586 | PA      | $477953.36    | 0.02%             | 2060-10-25      | Fixed         | 1.75%                 | Yes           |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                      | Towd Point Mortgage Trust 2023-1                                                | CUSIP: 89181JAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1402389 | PA      | $1351465.09   | 0.06%             | 2063-01-25      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner                  | Toyota Auto Receivables 2023-A Owner Trust                                      | CUSIP: 891940AD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1343000 | PA      | $1348614.41   | 0.06%             | 2028-08-15      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner                  | Toyota Auto Receivables 2023-B Owner Trust                                      | CUSIP: 891941AE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1973000 | PA      | $1983765.67   | 0.10%             | 2028-09-15      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Loan Extended Note                 | Toyota Auto Loan Extended Note Trust 2022-1                                     | CUSIP: 89231EAA1<br>LEI: 549300VJ12IVOF78MZ11 | Long             | ABS-O            | CORP              | US        |   5017000 | PA      | $5001233.07   | 0.24%             | 2035-04-25      | Fixed         | 3.82%                 | Yes           |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner                  | Toyota Auto Receivables 2023-C Owner Trust                                      | CUSIP: 89231FAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2714000 | PA      | $2745199.87   | 0.13%             | 2029-02-15      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Loan Extended Note                 | Toyota Auto Loan Extended Note Trust 2024-1                                     | CUSIP: 89231JAA0<br>LEI: 254900CVU48B7WLCPS92 | Long             | ABS-O            | CORP              | US        |   8239000 | PA      | $8470653.49   | 0.41%             | 2036-11-25      | Fixed         | 5.16%                 | Yes           |                  2 | On Loan: No      |
| Toyota Auto Loan Extended Note                 | Toyota Auto Loan Extended Note Trust 2023-1                                     | CUSIP: 89231WAA1<br>LEI: 5493000KI9FC40RVHF71 | Long             | ABS-O            | CORP              | US        |   4553000 | PA      | $4637127.60   | 0.22%             | 2036-06-25      | Fixed         | 4.93%                 | Yes           |                  2 | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                                                     | CUSIP: 912797QD2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  72119000 | PA      | $72010671.23  | 3.45%             | 2026-04-16      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                                                     | CUSIP: 912797SD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  54461000 | PA      | $54455529.10  | 2.61%             | 2026-04-02      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                                                     | CUSIP: 912797SL2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  35668000 | PA      | $35639465.60  | 1.71%             | 2026-04-09      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                | United States Treasury Note                                                     | CUSIP: 91282CPD7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 139750000 | PA      | $137948538.65 | 6.61%             | 2030-10-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                | United States Treasury Note                                                     | CUSIP: 91282CPN5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  47761000 | PA      | $46884136.70  | 2.25%             | 2030-11-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                | United States Treasury Note                                                     | CUSIP: 91282CPR6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 123798000 | PA      | $122124795.75 | 5.85%             | 2030-12-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                | United States Treasury Note                                                     | CUSIP: 91282CPW5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 178681000 | PA      | $177173379.06 | 8.49%             | 2031-01-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac Pool                                                                | CUSIP: 3133KYVJ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   7211924 | PA      | $6099659.93   | 0.29%             | 2041-07-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac Pool                                                                | CUSIP: 3133KYVM8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   7272787 | PA      | $6150874.69   | 0.29%             | 2041-08-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac Pool                                                                | CUSIP: 3133KYVN6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    982941 | PA      | $858650.69    | 0.04%             | 2041-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac Pool                                                                | CUSIP: 3133KYVR7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4597444 | PA      | $3882430.25   | 0.19%             | 2041-09-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac Pool                                                                | CUSIP: 3133KYVX4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3162669 | PA      | $2667012.84   | 0.13%             | 2041-10-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fanniemae Strip                                | Fannie Mae Interest Strip                                                       | CUSIP: 31364HP50<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     14265 | PA      | $13955.36     | 0.00%             | 2027-07-25      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                               | CUSIP: 3136ABJH7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     36289 | PA      | $35808.91     | 0.00%             | 2042-04-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                               | CUSIP: 3136BTAR4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   9092339 | PA      | $8478684.12   | 0.41%             | 2047-11-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                | United States Treasury Note                                                     | CUSIP: 91282CQD6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 187968000 | PA      | $184326120.00 | 8.83%             | 2031-02-28      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Verizon Master Trust                           | Verizon Master Trust                                                            | CUSIP: 92348KDJ9<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-O            | CORP              | US        |   4579000 | PA      | $4570153.37   | 0.22%             | 2032-08-20      | Fixed         | 4.35%                 | Yes           |                  2 | On Loan: No      |
| Verizon Master Trust                           | Verizon Master Trust                                                            | CUSIP: 92348VAA7<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-O            | CORP              | US        |   8097000 | PA      | $8333505.27   | 0.40%             | 2031-09-22      | Fixed         | 5.35%                 | Yes           |                  2 | On Loan: No      |
| VIRGINIA POWER FUEL SEC                        | Virginia Power Fuel Securitization LLC                                          | CUSIP: 92808VAB8<br>LEI: 254900BELJ95ONW6U791 | Long             | DBT              | CORP              | US        |   8504000 | PA      | $8546520.00   | 0.41%             | 2031-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Volkswagen Auto Loan Enhanced                  | Volkswagen Auto Loan Enhanced Trust 2023-1                                      | CUSIP: 92867WAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1181000 | PA      | $1189794.32   | 0.06%             | 2030-01-22      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| Volvo Financial Equipment LLC                  | Volvo Financial Equipment LLC Series 2025-2                                     | CUSIP: 92886CAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    812000 | PA      | $808625.17    | 0.04%             | 2033-06-15      | Fixed         | 4.06%                 | Yes           |                  2 | On Loan: No      |
| WHARF Commercial Mortgage Trus                 | WHARF Commercial Mortgage Trust 2025-DC                                         | CUSIP: 92987LAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1900000 | PA      | $1922967.77   | 0.09%             | 2040-07-15      | Variable      | 4.99%                 | Yes           |                  2 | On Loan: No      |
| LEALAND FINANCE Co. B.V. SUPER SNR EXIT LC   / | LEALAND FINANCE Co. B.V. SUPER SNR EXIT LC   /                                  | CUSIP: 935IFTII4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    341263 | PA      | $304577.49    | 0.01%             | 2027-06-30      | Fixed         | 0.00%                 | Yes           |                  3 | On Loan: No      |
| AMERICAN TOWER TRUST I                         | American Tower Trust #1                                                         | CUSIP: 03027WAM4<br>LEI: 5493004YGM0MQZJOEJ36 | Long             | DBT              | CORP              | US        |   8058000 | PA      | $8135405.15   | 0.39%             | 2028-03-15      | Fixed         | 5.49%                 | Yes           |                  2 | On Loan: No      |
| Arbor Realty Collateralized Lo                 | Arbor Realty Commercial Real Estate Notes 2022-FL1 Ltd.                         | CUSIP: 03880XAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1109297 | PA      | $1109296.87   | 0.05%             | 2037-01-15      | Floating      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Se                 | Wells Fargo Mortgage Backed Securities 2021-2 Trust                             | CUSIP: 949798AC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    972744 | PA      | $872212.36    | 0.04%             | 2051-06-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Se                 | Wells Fargo Mortgage Backed Securities 2022-2 Trust                             | CUSIP: 949930AD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2106724 | PA      | $1876209.17   | 0.09%             | 2051-12-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Arbor Multifamily Mortgage Sec                 | Arbor Multifamily Mortgage Securities Trust 2020-MF1                            | CUSIP: 03881BAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6960000 | PA      | $6473743.08   | 0.31%             | 2053-05-15      | Fixed         | 2.76%                 | Yes           |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                 | Enterprise Fleet Financing 2022-4 LLC                                           | CUSIP: 29374GAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1601000 | PA      | $1608916.14   | 0.08%             | 2029-10-22      | Fixed         | 5.65%                 | Yes           |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                 | Enterprise Fleet Financing 2023-3 LLC                                           | CUSIP: 29374LAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3748000 | PA      | $3850484.19   | 0.18%             | 2030-06-20      | Fixed         | 6.41%                 | Yes           |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                 | Enterprise Fleet Financing 2024-4 LLC                                           | CUSIP: 29374MAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1693000 | PA      | $1713123.17   | 0.08%             | 2031-06-20      | Fixed         | 4.70%                 | Yes           |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                 | Enterprise Fleet Financing 2023-1 LLC                                           | CUSIP: 29375CAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2417464 | PA      | $2432741.91   | 0.12%             | 2029-10-22      | Fixed         | 5.42%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137FBBX3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    784000 | PA      | $774981.02    | 0.04%             | 2027-08-25      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137FEBQ2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1135000 | PA      | $1122909.64   | 0.05%             | 2027-12-25      | Fixed         | 3.44%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137FETN0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3064000 | PA      | $3025714.71   | 0.14%             | 2028-01-25      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 3140XNNH3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4661844 | PA      | $3925235.17   | 0.19%             | 2042-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 3140XPK32<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4732862 | PA      | $4612375.85   | 0.22%             | 2045-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 3140XPPN3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    638384 | PA      | $622250.89    | 0.03%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 3140XPQB8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1011002 | PA      | $984863.22    | 0.05%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GM Financial Securitized Term                  | GM Financial Consumer Automobile Receivables Trust 2023-3                       | CUSIP: 36267KAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1424000 | PA      | $1439876.75   | 0.07%             | 2028-12-18      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| GM Financial Revolving Receiva                 | GM Financial Revolving Receivables Trust 2023-2                                 | CUSIP: 36268DAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1403000 | PA      | $1453428.59   | 0.07%             | 2036-08-11      | Fixed         | 5.77%                 | Yes           |                  2 | On Loan: No      |
| GM Financial Revolving Receiva                 | GM Financial Revolving Receivables Trust 2024-1                                 | CUSIP: 36269KAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8349000 | PA      | $8544329.86   | 0.41%             | 2036-12-11      | Fixed         | 4.98%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage A                 | Government National Mortgage Association                                        | CUSIP: 38380PAD6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1911415 | PA      | $153869.32    | 0.01%             | 2061-11-16      | Variable      | 1.26%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                 | Government National Mortgage Association                                        | CUSIP: 38380PBP8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3268875 | PA      | $210198.80    | 0.01%             | 2062-03-16      | Variable      | 0.94%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                 | Government National Mortgage Association                                        | CUSIP: 38380PHG2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2332853 | PA      | $145012.23    | 0.01%             | 2062-01-16      | Variable      | 1.06%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                         | Sequoia Mortgage Trust 2025-S1                                                  | CUSIP: 81749TAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8106793 | PA      | $7224813.98   | 0.35%             | 2054-09-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| SFS Auto Receivables Securitiz                 | SFS Auto Receivables Securitization Trust 2026-1                                | CUSIP: 81885FAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1665000 | PA      | $1649227.12   | 0.08%             | 2032-01-20      | Fixed         | 4.07%                 | Yes           |                  2 | On Loan: No      |
| Springcastle SPV                               | SpringCastle America Funding LLC                                                | CUSIP: 85022WAP9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    494452 | PA      | $463373.33    | 0.02%             | 2037-09-25      | Fixed         | 1.97%                 | Yes           |                  2 | On Loan: No      |
| TPG Real Estate Finance                        | TRTX 2022-FL5 Issuer Ltd.                                                       | CUSIP: 87277JAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1200604 | PA      | $1200405.23   | 0.06%             | 2039-02-15      | Floating      | 5.33%                 | Yes           |                  2 | On Loan: No      |
| Barings Middle Market CLO Ltd.                 | Barings Middle Market CLO Ltd. 2021-I                                           | CUSIP: 06761EAA3<br>LEI: 549300NSFWDKJE15UK02 | Long             | ABS-CBDO         | CORP              | KY        |   1460000 | PA      | $1436387.42   | 0.07%             | 2033-07-20      | Floating      | 12.58%                | Yes           |                  2 | On Loan: No      |
| MMAF Equipment Finance LLC                     | Barings Equipment Finance LLC 2025-A                                            | CUSIP: 06764MAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4370000 | PA      | $4455081.72   | 0.21%             | 2050-06-13      | Fixed         | 5.02%                 | Yes           |                  2 | On Loan: No      |
| MMAF Equipment Finance LLC                     | Barings Equipment Finance LLC 2026-A                                            | CUSIP: 06764QAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    889000 | PA      | $880038.17    | 0.04%             | 2045-11-13      | Fixed         | 4.24%                 | Yes           |                  2 | On Loan: No      |
| MMAF Equipment Finance LLC                     | Barings Equipment Finance LLC 2025-B                                            | CUSIP: 06764YAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4330000 | PA      | $4286652.80   | 0.21%             | 2050-09-13      | Fixed         | 4.29%                 | Yes           |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S                 | BBCMS Mortgage Trust 2025-5C34                                                  | CUSIP: 07337BAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1034069.90   | 0.05%             | 2058-05-15      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                       | Benchmark 2024-V11 Mortgage Trust                                               | CUSIP: 081921AZ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2591000 | PA      | $2687137.76   | 0.13%             | 2057-11-15      | Variable      | 5.91%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                             | BMO 2024-5C7 Mortgage Trust                                                     | CUSIP: 09660WAU5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2581000 | PA      | $2646118.89   | 0.13%             | 2057-11-15      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                             | BMO 2024-5C8 Mortgage Trust                                                     | CUSIP: 09661XAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1258000 | PA      | $1292032.30   | 0.06%             | 2057-12-15      | Variable      | 5.63%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                             | BMO 2025-5C13 Mortgage Trust                                                    | CUSIP: 09664JAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2696000 | PA      | $2736559.70   | 0.13%             | 2058-12-15      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| BRAZOS SECURITIZATN LLC                        | Brazos Securitization LLC                                                       | CUSIP: 106230AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    570580 | PA      | $573752.98    | 0.03%             | 2031-09-01      | Fixed         | 5.01%                 | Yes           |                  2 | On Loan: No      |
| CNH Equipment Trust                            | CNH Equipment Trust 2022-B                                                      | CUSIP: 12663JAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    581000 | PA      | $579856.07    | 0.03%             | 2028-03-15      | Fixed         | 3.91%                 | No            |                  2 | On Loan: No      |
| M&T Equipment Notes                            | M&T Equipment 2024-LEAF1 Notes                                                  | CUSIP: 55376YAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2469000 | PA      | $2498637.14   | 0.12%             | 2031-08-18      | Fixed         | 4.94%                 | Yes           |                  2 | On Loan: No      |
| Manhattan West                                 | Manhattan West 2020-1MW Mortgage Trust                                          | CUSIP: 563136AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4991000 | PA      | $4806306.05   | 0.23%             | 2039-09-10      | Fixed         | 2.13%                 | Yes           |                  2 | On Loan: No      |
| MERCEDES-BENZ AUTO RECEIVABLES                 | Mercedes-Benz Auto Receivables Trust 2023-1                                     | CUSIP: 58770AAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    816000 | PA      | $817374.23    | 0.04%             | 2029-04-16      | Fixed         | 4.31%                 | No            |                  2 | On Loan: No      |
| MERCEDES-BENZ AUTO RECEIVABLES                 | Mercedes-Benz Auto Receivables Trust 2024-1                                     | CUSIP: 587918AE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1038000 | PA      | $1048432.94   | 0.05%             | 2031-07-15      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| MetroNet Infrastructure Issuer                 | MetroNet Infrastructure Issuer LLC                                              | CUSIP: 59170JBL1<br>LEI: 5493000BIROCAEATAQ61 | Long             | ABS-O            | CORP              | US        |    838000 | PA      | $830263.25    | 0.04%             | 2056-04-20      | Fixed         | 7.10%                 | Yes           |                  2 | On Loan: No      |
| MIDCAP FINANCIAL ISSR TR                       | Midcap Financial Issuer Trust                                                   | CUSIP: 59567LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10563000 | PA      | $10253972.04  | 0.49%             | 2028-05-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| MMAF Equipment Finance LLC                     | MMAF Equipment Finance LLC 2020-A                                               | CUSIP: 60700MAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    736000 | PA      | $715030.48    | 0.03%             | 2042-10-09      | Fixed         | 1.56%                 | Yes           |                  2 | On Loan: No      |
| Monroe Capital ABS Funding LTD                 | Monroe Capital ABS Funding 2021-1 Ltd.                                          | CUSIP: 610331AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1064724 | PA      | $980716.98    | 0.05%             | 2031-04-22      | Fixed         | 2.81%                 | Yes           |                  2 | On Loan: No      |
| Monroe Capital ABS Funding LTD                 | Monroe Capital ABS Funding 2021-1 Ltd.                                          | CUSIP: 610331AC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    365461 | PA      | $338429.48    | 0.02%             | 2031-04-22      | Fixed         | 3.91%                 | Yes           |                  2 | On Loan: No      |
| Monroe Capital Income Plus ABS                 | Monroe Capital Income Plus ABS Funding LLC                                      | CUSIP: 61033MAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2598265 | PA      | $2538154.01   | 0.12%             | 2032-04-30      | Fixed         | 4.05%                 | Yes           |                  2 | On Loan: No      |
| Nissan Auto Receivables Owner                  | Nissan Auto Receivables 2023-A Owner Trust                                      | CUSIP: 65480WAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1485000 | PA      | $1491483.21   | 0.07%             | 2030-06-17      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                       | OBX 2021-J1 Trust                                                               | CUSIP: 67113XAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13624406 | PA      | $12283255.09  | 0.59%             | 2051-05-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                       | OBX 2022-J1 Trust                                                               | CUSIP: 67116WAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6287763 | PA      | $5728293.47   | 0.27%             | 2052-02-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| OAKTREE STRATEGIC CREDIT                       | Oaktree Strategic Credit Fund                                                   | CUSIP: 67403AAB5<br>LEI: 2549006RRE0JC7G43241 | Long             | DBT              | CORP              | US        |   4032000 | PA      | $4228331.39   | 0.20%             | 2028-11-14      | Fixed         | 8.40%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                 | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377RGC2<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   1059000 | PA      | $1073339.81   | 0.05%             | 2029-04-20      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                 | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377RGY4<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   3527000 | PA      | $3602468.98   | 0.17%             | 2029-06-20      | Fixed         | 5.49%                 | Yes           |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                       | OBX 2021-J3 Trust                                                               | CUSIP: 67448XAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1851355 | PA      | $1664302.20   | 0.08%             | 2051-10-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| OKLAHOMA ST DEV FIN AUTH                       | Oklahoma Development Finance Authority                                          | CUSIP: 6789083Z5<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |    603655 | PA      | $601855.12    | 0.03%             | 2034-02-01      | Fixed         | 4.29%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137FNX54<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5934750 | PA      | $5635870.65   | 0.27%             | 2029-07-25      | Fixed         | 2.51%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137FPJG1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2622000 | PA      | $2492557.10   | 0.12%             | 2029-09-25      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST DEV FIN AUTH                       | Oklahoma Development Finance Authority                                          | CUSIP: 6789084C5<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   1463168 | PA      | $1441613.63   | 0.07%             | 2037-05-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST DEV FIN AUTH                       | Oklahoma Development Finance Authority                                          | CUSIP: 6789084F8<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   1694071 | PA      | $1685101.21   | 0.08%             | 2033-12-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CREDIT INCOME                         | Blue Owl Credit Income Corp.                                                    | CUSIP: 69120VBB6<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |   5727000 | PA      | $5864425.09   | 0.28%             | 2028-06-13      | Fixed         | 7.95%                 | 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        |   2788262 | PA      | $2753408.59   | 0.13%             | 2031-06-01      | Fixed         | 4.02%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partne                 | PRET 2024-RPL1 Trust                                                            | CUSIP: 693989AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    889778 | PA      | $852447.08    | 0.04%             | 2063-10-25      | Variable      | 3.90%                 | Yes           |                  2 | On Loan: No      |
| PG&E RECOVERY FND LLC                          | PG&E Recovery Funding LLC                                                       | CUSIP: 71710TAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3124999 | PA      | $3164061.82   | 0.15%             | 2032-07-15      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137FQ3A9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2550000 | PA      | $2421878.06   | 0.12%             | 2029-09-25      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137FQ3Z4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6883000 | PA      | $6503112.78   | 0.31%             | 2029-10-25      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| PG&E RECOVERY FND LLC                          | PG&E Recovery Funding LLC                                                       | CUSIP: 71710TAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4534710 | PA      | $4601801.39   | 0.22%             | 2033-06-01      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137FQKC6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4314000 | PA      | $4097418.22   | 0.20%             | 2029-10-25      | Fixed         | 2.54%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137FQKN2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6001000 | PA      | $5700149.47   | 0.27%             | 2029-11-25      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137FREH0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2381000 | PA      | $2238054.28   | 0.11%             | 2030-01-25      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137FRUJ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    449000 | PA      | $413080.85    | 0.02%             | 2030-01-25      | Fixed         | 1.87%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137FRUT6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1718000 | PA      | $1597803.22   | 0.08%             | 2030-01-25      | Fixed         | 2.07%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137FRZA2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    894000 | PA      | $822467.39    | 0.04%             | 2030-01-25      | Fixed         | 1.64%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137FTBM8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1265000 | PA      | $1146618.14   | 0.05%             | 2030-03-25      | Fixed         | 1.52%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137FTFY8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1920000 | PA      | $1736458.75   | 0.08%             | 2030-04-25      | Fixed         | 1.56%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137FTZQ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    695000 | PA      | $627471.16    | 0.03%             | 2030-04-25      | Fixed         | 1.48%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137FUZC1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    258000 | PA      | $230955.82    | 0.01%             | 2030-05-25      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137FV5N8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1000000 | PA      | $900239.90    | 0.04%             | 2030-06-25      | Fixed         | 1.34%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137FVNG3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1407000 | PA      | $1259669.37   | 0.06%             | 2030-06-25      | Fixed         | 1.37%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137FWG79<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1978000 | PA      | $1770844.46   | 0.08%             | 2030-06-25      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137FWHT0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    564000 | PA      | $504953.71    | 0.02%             | 2030-07-25      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| ABPCI Direct Lending Fund ABS                  | ABPCI Direct Lending Fund ABS II LLC                                            | CUSIP: 00090NAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1267593 | PA      | $1263553.41   | 0.06%             | 2032-03-01      | Floating      | 5.77%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137FX3Q9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   9296000 | PA      | $8276528.13   | 0.40%             | 2030-08-25      | Fixed         | 1.41%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137HA4B9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   8157000 | PA      | $8201179.13   | 0.39%             | 2030-03-25      | Fixed         | 4.41%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137HAGZ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2774000 | PA      | $2774682.13   | 0.13%             | 2030-07-25      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                 | Government National Mortgage Association                                        | CUSIP: 38380PLB8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4684394 | PA      | $264955.86    | 0.01%             | 2062-02-16      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| ABPCI Direct Lending Fund ABS                  | ABPCI Direct Lending Fund ABS II LLC                                            | CUSIP: 00090NAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5296566 | PA      | $5100169.53   | 0.24%             | 2032-03-01      | Fixed         | 8.24%                 | Yes           |                  2 | On Loan: No      |
| ABPCI Direct Lending Fund ABS                  | ABPCI Direct Lending Fund ABS I Ltd.                                            | CUSIP: 00090TAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    683665 | PA      | $622885.44    | 0.03%             | 2030-12-29      | Fixed         | 3.20%                 | Yes           |                  2 | On Loan: No      |
| ABPCI Direct Lending Fund ABS                  | ABPCI Direct Lending Fund ABS I Ltd.                                            | CUSIP: 00090TAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1742708 | PA      | $1568435.16   | 0.08%             | 2030-12-29      | Fixed         | 4.93%                 | Yes           |                  2 | On Loan: No      |
| AIR CANADA 2017-1AA PTT                        | Air Canada 2017-1 Class AA Pass-Through Trust                                   | CUSIP: 00908PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1548008 | PA      | $1459705.43   | 0.07%             | 2031-07-15      | Fixed         | 3.30%                 | Yes           |                  2 | On Loan: No      |
| Ally Auto Receivables Trust                    | Ally Auto Receivables Trust 2023-1                                              | CUSIP: 02007WAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    931000 | PA      | $942172.84    | 0.05%             | 2028-11-15      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                 | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377RHG2<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   4981000 | PA      | $5137950.81   | 0.25%             | 2029-12-20      | Fixed         | 5.81%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage A                 | Government National Mortgage Association                                        | CUSIP: 38384P7L8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2524146 | PA      | $2330115.30   | 0.11%             | 2045-06-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GREAT AMERICA LEASING RECEIVAB                 | GreatAmerica Leasing Receivables Funding LLC Series 2023-1                      | CUSIP: 39154TCD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1675000 | PA      | $1691611.31   | 0.08%             | 2030-03-15      | Fixed         | 5.06%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                 | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377RHM9<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   3599000 | PA      | $3735530.94   | 0.18%             | 2030-02-20      | Fixed         | 6.02%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                 | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377RHY3<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   1728000 | PA      | $1767570.68   | 0.08%             | 2030-06-20      | Fixed         | 5.36%                 | Yes           |                  2 | On Loan: No      |
| GREAT AMERICA LEASING RECEIVAB                 | GreatAmerica Leasing Receivables Funding LLC                                    | CUSIP: 39154TCR7<br>LEI: 549300JFP7GIDD4UWO79 | Long             | ABS-O            | CORP              | US        |   1385000 | PA      | $1386689.01   | 0.07%             | 2032-09-15      | Fixed         | 4.29%                 | Yes           |                  2 | On Loan: No      |
| HPS CORPORATE LENDING FU                       | HPS Corporate Lending Fund                                                      | CUSIP: 40440VAF2<br>LEI: 549300ZS7IHUA6FKFV61 | Long             | DBT              | CORP              | US        |   2981000 | PA      | $3019951.24   | 0.14%             | 2029-01-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HRT DNT / HRT DNT FIN                          | Heartland Dental LLC / Heartland Dental Finance Corp.                           | CUSIP: 42239PAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    938000 | PA      | $963795.00    | 0.05%             | 2028-04-30      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                    | Hertz Vehicle Financing III LP                                                  | CUSIP: 42806MAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3499000 | PA      | $3447016.76   | 0.17%             | 2027-12-27      | Fixed         | 1.68%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137HBC51<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  11142000 | PA      | $11446787.18  | 0.55%             | 2030-11-25      | Variable      | 4.94%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 3140JCCP7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2540341 | PA      | $2336351.30   | 0.11%             | 2051-08-01      | Floating      | 1.97%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                    | Hertz Vehicle Financing LLC                                                     | CUSIP: 42806MAN9<br>LEI: 5493004IHDYOZ9K9WF47 | Long             | ABS-O            | CORP              | US        |   3489000 | PA      | $3412651.96   | 0.16%             | 2028-06-26      | Fixed         | 2.33%                 | Yes           |                  2 | On Loan: No      |
| Hotwire Funding LLC                            | Hotwire Funding LLC                                                             | CUSIP: 44148HAA1<br>LEI: 254900ZCO90MCT7Y9348 | Long             | ABS-O            | CORP              | US        |   1385000 | PA      | $1396154.93   | 0.07%             | 2053-05-20      | Fixed         | 5.69%                 | Yes           |                  2 | On Loan: No      |
| Hotwire Funding LLC                            | Hotwire Funding LLC                                                             | CUSIP: 44148JAC3<br>LEI: 254900ZCO90MCT7Y9348 | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1239142.00   | 0.06%             | 2051-11-20      | Fixed         | 4.46%                 | Yes           |                  2 | On Loan: No      |
| Hudson Yards                                   | Hudson Yards 2025-SPRL Mortgage Trust                                           | CUSIP: 44855PAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1100000 | PA      | $1124888.71   | 0.05%             | 2040-01-13      | Variable      | 5.47%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 3140JCE42<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2433254 | PA      | $2216474.38   | 0.11%             | 2052-04-01      | Floating      | 1.89%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 3140KSXK8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1389396 | PA      | $1268429.90   | 0.06%             | 2052-01-01      | Floating      | 1.96%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 3140L0LQ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    917128 | PA      | $802070.51    | 0.04%             | 2041-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 3140LS6W1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    317555 | PA      | $289937.84    | 0.01%             | 2051-07-01      | Floating      | 1.73%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust                 | Hyundai Auto Receivables Trust 2023-B                                           | CUSIP: 44933XAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1112000 | PA      | $1127027.79   | 0.05%             | 2029-08-15      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                       | JP Morgan Mortgage Trust 2021-5                                                 | CUSIP: 46592LAH3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    522498 | PA      | $473595.47    | 0.02%             | 2051-08-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 3140LTAH7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    209686 | PA      | $190156.42    | 0.01%             | 2051-09-01      | Floating      | 1.61%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 3140W0CF0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    839230 | PA      | $708239.63    | 0.03%             | 2042-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                       | JP Morgan Mortgage Trust 2021-7                                                 | CUSIP: 46592NAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3140514 | PA      | $2829917.14   | 0.14%             | 2051-11-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                       | JP Morgan Mortgage Trust 2021-8                                                 | CUSIP: 46592TAF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1903123 | PA      | $1715237.70   | 0.08%             | 2051-12-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 3140W0H24<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4473126 | PA      | $4453354.34   | 0.21%             | 2050-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 3140W1LC5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4749993 | PA      | $4015077.48   | 0.19%             | 2042-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                               | CUSIP: 3136G5EV8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   9705000 | PA      | $8839132.03   | 0.42%             | 2045-09-25      | Fixed         | 2.00%                 | No            |                  3 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 31374CSC1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2982895 | PA      | $2809723.66   | 0.13%             | 2044-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                       | JP Morgan Mortgage Trust 2021-13                                                | CUSIP: 46592XAF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9309547 | PA      | $8390305.86   | 0.40%             | 2052-04-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                       | JP Morgan Mortgage Trust 2024-7                                                 | CUSIP: 465971AH2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    398583 | PA      | $360922.48    | 0.02%             | 2053-04-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                       | JP Morgan Mortgage Trust 2021-4                                                 | CUSIP: 46652VAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5007266 | PA      | $4536066.23   | 0.22%             | 2051-08-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                       | JP Morgan Mortgage Trust 2021-6                                                 | CUSIP: 46653PAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9274410 | PA      | $8369218.84   | 0.40%             | 2051-10-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 3140W1N90<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   7064524 | PA      | $5967210.07   | 0.29%             | 2042-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 3140W1VV2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   8709269 | PA      | $7343340.04   | 0.35%             | 2042-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                       | JP Morgan Mortgage Trust 2021-10                                                | CUSIP: 46654AAF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6169930 | PA      | $5539927.96   | 0.27%             | 2051-12-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                       | JP Morgan Mortgage Trust 2021-10                                                | CUSIP: 46654AAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2161927 | PA      | $1899876.83   | 0.09%             | 2051-12-25      | Variable      | 2.00%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                       | JP Morgan Mortgage Trust 2021-11                                                | CUSIP: 46654KAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9680029 | PA      | $8710602.08   | 0.42%             | 2052-01-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                       | J.P. Morgan Mortgage Trust 2021-15                                              | CUSIP: 46654TAF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4779798 | PA      | $4280769.20   | 0.21%             | 2052-06-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                       | JP Morgan Mortgage Trust 2022-3                                                 | CUSIP: 46654UAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    513718 | PA      | $459017.58    | 0.02%             | 2052-08-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 3140W2NA5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5082956 | PA      | $5059598.72   | 0.24%             | 2050-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                 | CUSIP: 3140W4L39<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  12435709 | PA      | $12104993.29  | 0.58%             | 2049-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac REMICS                                                              | CUSIP: 3137A6WW8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    834758 | PA      | $818287.94    | 0.04%             | 2041-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac REMICS                                                              | CUSIP: 3137AYHU8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     64877 | PA      | $63703.47     | 0.00%             | 2033-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd                 | Golub Capital Partners Clo 46M Ltd.                                             | CUSIP: 38178UAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   5388000 | PA      | $5394233.92   | 0.26%             | 2037-04-20      | Floating      | 5.48%                 | Yes           |                  2 | On Loan: No      |
| Golub Capital Partners Funding                 | Golub Capital Partners ABS Funding 2021-2 Ltd.                                  | CUSIP: 38178XAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3546003 | PA      | $3346696.17   | 0.16%             | 2029-10-19      | Fixed         | 2.94%                 | Yes           |                  2 | On Loan: No      |
| Golub Capital Partners Funding                 | Golub Capital Partners ABS Funding 2021-2 Ltd.                                  | CUSIP: 38178XAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4126139 | PA      | $3835799.38   | 0.18%             | 2029-10-19      | Fixed         | 3.99%                 | Yes           |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd                 | Golub Capital Partners CLO 67M                                                  | CUSIP: 38179PAA7<br>LEI: 2549002FTXMYDDCWWA09 | Long             | ABS-CBDO         | CORP              | US        |   4361000 | PA      | $4371100.08   | 0.21%             | 2036-05-09      | Floating      | 6.16%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage A                 | Government National Mortgage Association                                        | CUSIP: 38378X2M2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    710711 | PA      | $13078.79     | 0.00%             | 2057-01-16      | Variable      | 0.49%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                 | Government National Mortgage Association                                        | CUSIP: 38379KAT5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1231616 | PA      | $15057.50     | 0.00%             | 2057-01-16      | Variable      | 0.29%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137BKGK0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2981000 | PA      | $2904064.27   | 0.14%             | 2030-04-25      | Fixed         | 3.51%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                 | Freddie Mac Multifamily Structured Pass-Through Certificates                    | CUSIP: 3137F72P9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2108000 | PA      | $1877034.03   | 0.09%             | 2030-10-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Ford Credit Floorplan Master O                 | Ford Credit Floorplan Master Owner Trust A                                      | CUSIP: 34528PAK2<br>LEI: 5493001DTG5N7T8BG747 | Long             | ABS-O            | CORP              | US        |  10771000 | PA      | $10692395.40  | 0.51%             | 2030-11-15      | Fixed         | 4.06%                 | No            |                  2 | On Loan: No      |
| Ford Credit Floorplan Master O                 | Ford Credit Floorplan Master Owner Trust A                                      | CUSIP: 34528QJF2<br>LEI: 5493001DTG5N7T8BG747 | Long             | ABS-O            | CORP              | US        |   6057000 | PA      | $6218095.61   | 0.30%             | 2031-04-15      | Fixed         | 5.24%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                       | J.P. Morgan Mortgage Trust 2022-1                                               | CUSIP: 46654WAH4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  21720783 | PA      | $19422419.93  | 0.93%             | 2052-07-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                       | J.P. Morgan Mortgage Trust 2022-4                                               | CUSIP: 46655GAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    877140 | PA      | $801144.31    | 0.04%             | 2052-10-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Ford Credit Floorplan Master O                 | Ford Credit Floorplan Master Owner Trust A                                      | CUSIP: 34528QJQ8<br>LEI: 5493001DTG5N7T8BG747 | Long             | ABS-O            | CORP              | US        |   3949000 | PA      | $3949625.13   | 0.19%             | 2031-09-15      | Fixed         | 4.40%                 | Yes           |                  2 | On Loan: No      |
| Fortress Credit Opportunities                  | Fortress Credit Opportunities IX CLO Ltd.                                       | CUSIP: 34961JAY0<br>LEI: 2549008RD44HDM6DNP14 | Long             | ABS-CBDO         | CORP              | KY        |   4946871 | PA      | $4950922.24   | 0.24%             | 2033-10-15      | Floating      | 5.48%                 | Yes           |                  2 | On Loan: No      |
| Fortress Credit Opportunities                  | Fortress Credit Opportunities IX CLO Ltd.                                       | CUSIP: 34961MAE7<br>LEI: 2549008RD44HDM6DNP14 | Long             | ABS-CBDO         | CORP              | KY        |   8814000 | PA      | $8673346.19   | 0.42%             | 2033-10-15      | Floating      | 11.99%                | Yes           |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                        | Frontier Communications Holdings LLC                                            | CUSIP: 35908MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1636000 | PA      | $1641922.32   | 0.08%             | 2030-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                       | J.P. Morgan Mortgage Trust 2022-8                                               | CUSIP: 46655VAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    106214 | PA      | $101542.05    | 0.00%             | 2053-01-25      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                       | JP Morgan Mortgage Trust Series 2024-3                                          | CUSIP: 46657QAH4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3897003 | PA      | $3557445.39   | 0.17%             | 2054-05-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Seasoned Mortgage Tr                 | JP Morgan Seasoned Mortgage Trust Series 2025-1                                 | CUSIP: 46659PAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4255806 | PA      | $3979846.76   | 0.19%             | 2063-01-25      | Variable      | 3.68%                 | Yes           |                  2 | On Loan: No      |
| John Deere Owner Trust                         | John Deere Owner Trust 2023-C                                                   | CUSIP: 47787CAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1664000 | PA      | $1690315.83   | 0.08%             | 2030-08-15      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| General Motors                                 | GMF Floorplan Owner Revolving Trust                                             | CUSIP: 361886CW2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2130000 | PA      | $2179267.75   | 0.10%             | 2030-06-15      | Fixed         | 5.34%                 | Yes           |                  2 | On Loan: No      |
| General Motors                                 | GMF Floorplan Owner Revolving Trust                                             | CUSIP: 361886DF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6852000 | PA      | $7008439.38   | 0.34%             | 2031-03-15      | Fixed         | 5.06%                 | Yes           |                  2 | On Loan: No      |
| John Deere Owner Trust                         | John Deere Owner Trust 2023-B                                                   | CUSIP: 477920AD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1203000 | PA      | $1213647.87   | 0.06%             | 2030-05-15      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities                  | GS Mortgage-Backed Securities Corp. Trust 2021-PJ5                              | CUSIP: 36261HAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6261106 | PA      | $5637030.75   | 0.27%             | 2051-10-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities                  | GS Mortgage-Backed Securities Trust 2021-PJ7                                    | CUSIP: 36262CAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3947126 | PA      | $3539830.60   | 0.17%             | 2052-01-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities                  | GS Mortgage-Backed Securities Trust 2021-PJ6                                    | CUSIP: 36262LAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5836219 | PA      | $5243149.37   | 0.25%             | 2051-11-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities                  | GS Mortgage-Backed Securities Trust 2021-PJ10                                   | CUSIP: 36262PAH4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2718008 | PA      | $2433280.67   | 0.12%             | 2052-03-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| GM Financial Revolving Receiva                 | GM Financial Revolving Receivables Trust 2021-1                                 | CUSIP: 36263HAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3383000 | PA      | $3344815.74   | 0.16%             | 2034-06-12      | Fixed         | 1.17%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities                  | GS Mortgage-Backed Securities Trust 2022-PJ1                                    | CUSIP: 36263NAH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4367999 | PA      | $3896618.28   | 0.19%             | 2052-05-28      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities                  | GS Mortgage-Backed Securities Corp. Trust 2021-PJ4                              | CUSIP: 36264PAH2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1645613 | PA      | $1483242.50   | 0.07%             | 2051-09-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities                  | GS Mortgage-Backed Securities Corp. Trust 2022-PJ4                              | CUSIP: 36264RBE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5360494 | PA      | $4781432.70   | 0.23%             | 2052-09-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities                  | GS Mortgage-Backed Securities Corp. Trust 2022-PJ4                              | CUSIP: 36264RBH7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1084987 | PA      | $989602.54    | 0.05%             | 2052-09-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities                  | GS Mortgage-Backed Securities Corp. Trust 2022-PJ2                              | CUSIP: 36267EBT7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5892020 | PA      | $5387589.24   | 0.26%             | 2052-06-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities                  | GS Mortgage-Backed Securities Trust 2022-PJ6                                    | CUSIP: 36267JAX8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7806778 | PA      | $6950203.99   | 0.33%             | 2053-01-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Se                 | Wells Fargo Mortgage Backed Securities 2022-1 Trust                             | CUSIP: 95003HAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    404827 | PA      | $361461.70    | 0.02%             | 2051-08-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| WEPCo Environmental Trust Fina                 | WEPCO ENVIRONMENTAL TRUST FINANCE I LLC                                         | CUSIP: 950739AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    757070 | PA      | $680343.65    | 0.03%             | 2035-12-15      | Fixed         | 1.58%                 | No            |                  2 | On Loan: No      |
| HLEND SENIOR NOTES DUE 3/15/2028   /           | HLEND SENIOR NOTES DUE 3/15/2028   /                                            | CUSIP: 952JRDII2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5000000.00   | 0.24%             | 2028-03-15      | Fixed         | 8.17%                 | Yes           |                  3 | On Loan: No      |
| World Omni Auto Receivables Tr                 | World Omni Auto Receivables Trust 2023-C                                        | CUSIP: 98164FAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1107000 | PA      | $1117219.16   | 0.05%             | 2029-11-15      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| World Omni Auto Receivables Tr                 | World Omni Auto Receivables Trust 2023-A                                        | CUSIP: 98164JAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1251000 | PA      | $1256416.20   | 0.06%             | 2029-05-15      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| World Omni Auto Receivables Tr                 | World Omni Auto Receivables Trust 2023-B                                        | CUSIP: 98164QAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2055000 | PA      | $2064411.08   | 0.10%             | 2029-05-15      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| Apollo Debt Solution BDC Senior Notes   /      | APOLLO DEBT SOLUTION DELAYED DRAW TERM LO   /                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3644000 | PA      | $3644000.00   | 0.17%             | 2028-09-28      | Fixed         | 8.62%                 | Yes           |                  3 | On Loan: No      |
| JC PENNEY CORP INC                             | Copper Sub Corp., Inc.                                                          | CUSIP: 46611NAJ2<br>LEI: 8TDNUQ07MEFMWW1VHP39 | Long             | LON              | CORP              | US        |    464034 | PA      | $46.40        | 0.00%             | 2027-06-23      | Floating      | 5.57%                 | Yes           |                  3 | On Loan: No      |
| LEALAND FINANCE CO BV                          | Lealand Finance Co. B.V.                                                        | CUSIP: N5200EAB7<br>LEI: N/A                  | Long             | LON              | CORP              | NL        |     13737 | PA      | $11264.36     | 0.00%             | 2027-12-31      | Floating      | 7.78%                 | Yes           |                  3 | On Loan: No      |
| WH BORROWER LLC                                | WH Borrower LLC                                                                 | CUSIP: 92942LAG6<br>LEI: 2549009H920CQUE3R944 | Long             | LON              | CORP              | US        |   8294050 | PA      | $8294050.00   | 0.40%             | 2032-02-20      | Floating      | 8.16%                 | Yes           |                  2 | On Loan: No      |
| CAPSTONE ACQ HLDGS BANK DEBT 11/12/2029   /    | CAPSTONE ACQ HLDGS BANK DEBT 11/12/2029   /                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1823710 | PA      | $1851966.75   | 0.09%             | 2029-11-12      | Variable      | 8.27%                 | Yes           |                  3 | On Loan: No      |
| Copper Property CTL Pass Throu                 | Copper Property CTL Pass-Through Trust                                          | CUSIP: 217519107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     58520 | NS      | $635527.20    | 0.03%             |  |  |  | Yes           |                  1 | On Loan: No      |
| MSILF Treasury Portfolio                       | MSILF Treasury Portfolio - Class Institutional                                  | CUSIP: 61747C582<br>LEI: 549300D1XR6GP7EZ0T47 | Long             | STIV             | RF                | US        |  16052170 | PA      | $16052169.65  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| OCREDIT BDC SENIOR NOTE DDTL   /               | OCREDIT BDC SENIOR NOTE DDTL   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1557000 | PA      | $1557000.00   | 0.07%             | 2029-03-07      | Fixed         | 7.77%                 | Yes           |                  3 | On Loan: No      |
| PHI Group Inc/DE                               | PHI Group, Inc.                                                                 | CUSIP: 69360B104<br>LEI: 5493002853B5XXHLIP12 | Long             | EC               | CORP              | US        |     75292 | NS      | $2254995.40   | 0.11%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Uniti Group Inc                                | Uniti Group, Inc.                                                               | CUSIP: 912932100<br>LEI: 549300V3NU625PJUVA84 | Long             | EC               | CORP              | US        |     11258 | NS      | $105600.04    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CNH Equipment Trust                            | CNH Equipment Trust 2023-A                                                      | CUSIP: 12664QAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    644000 | PA      | $647900.45    | 0.03%             | 2030-10-15      | Fixed         | 4.77%                 | No            |                  2 | On Loan: No      |
| CNH Equipment Trust                            | CNH Equipment Trust 2023-B                                                      | CUSIP: 12666DAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1805000 | PA      | $1838804.22   | 0.09%             | 2031-03-17      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust                        | Carmax Auto Owner Trust 2023-2                                                  | CUSIP: 142921AE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2027000 | PA      | $2044570.64   | 0.10%             | 2028-11-15      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust                        | CarMax Auto Owner Trust 2023-1                                                  | CUSIP: 14318DAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    904000 | PA      | $906818.67    | 0.04%             | 2029-01-16      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Porsche Financial Auto Securit                 | Porsche Financial Auto Securitization Trust 2023-1                              | CUSIP: 73328QAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1721000 | PA      | $1729009.88   | 0.08%             | 2031-06-23      | Fixed         | 4.72%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                     | Progress Residential 2024-SFR3 Trust                                            | CUSIP: 74331VAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2110172 | PA      | $1998254.54   | 0.10%             | 2041-06-17      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                     | Progress Residential 2024-SFR5 Trust                                            | CUSIP: 74332HAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1827622 | PA      | $1725606.25   | 0.08%             | 2029-08-09      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                     | Progress Residential 2021-SFR10 Trust                                           | CUSIP: 74333WAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3738266 | PA      | $3537912.81   | 0.17%             | 2040-12-17      | Fixed         | 2.39%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                     | Progress Residential 2021-SFR11 Trust                                           | CUSIP: 74333XAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1410235 | PA      | $1331623.89   | 0.06%             | 2039-01-17      | Fixed         | 2.28%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                     | Progress Residential 2025-SFR3 Trust                                            | CUSIP: 74334BAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2751000 | PA      | $2601176.69   | 0.12%             | 2042-07-17      | Fixed         | 3.39%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                     | Progress Residential 2025-SFR6 Trust                                            | CUSIP: 74334EAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2561000 | PA      | $2472222.94   | 0.12%             | 2042-12-17      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                     | Progress Residential 2025-SFR2 Trust                                            | CUSIP: 74334GAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7296320 | PA      | $6882958.92   | 0.33%             | 2042-04-17      | Fixed         | 3.31%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-13

**Name of Applicant:** Investment Managers Series Trust III

**Signature:** /s/ Maureen Quill

**Name of Signer:** Maureen Quill

**Title:** President