# EDGAR Filing Document

**Accession Number:** 0000924727
**File Stem:** 0001752724-23-046809
**Filing Date:** 2023-2
**Character Count:** 131090
**Document Hash:** 3831369cee6d994e3091fed930e57c38
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-046809.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-046809

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FPA FUNDS TRUST
- **CENTRAL INDEX KEY:** 0000924727
- **IRS NUMBER:** 043236699
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08544
- **FILM NUMBER:** 23683321

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** 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       |  |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** FPA FUNDS TRUST

- **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:** 11601 WILSHIRE BOULEVARD

  - **City:** LOS ANGELES

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 90025

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

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

- **a. Name of Series:** FPA 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:** 2022-12-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $690697390.83

**Total Liabilities:** $4791004.64

**Net Assets:** $685906386.19

**Cash Not Reported:** $2351.28

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -1018.38000000 | **1-Year:** -28263.45000000 | **5-Year:** -19197.21000000 | **10-Year:** -1778.30000000 | **30-Year:** 0.00000000

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

- **3-Month:** -486.57000000 | **1-Year:** -11468.45000000 | **5-Year:** -23812.51000000 | **10-Year:** -2694.90000000 | **30-Year:** -183.41000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000227168 | -0.53%               | 0.86%                | 0.37%                |
| Class ID C000207154 | -0.52%               | 0.86%                | 0.27%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-323054.14              | $-6092777.45                               |
| Month 2  | $-631623.78              | $4278150.46                                |
| Month 3  | $-1627998.16             | $1594778.17                                |

### Schedule of Portfolio Investments

| Name                                              | Title                                                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Verizon Master Trust                              | Verizon Master Trust                                 | CUSIP: 92348KAT0<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-O            | CORP              | US        |   2555000 | PA      | $2460470.62   | 0.36%             | 2028-11-20      | Variable      | 3.64%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust       | MF1 Ltd.                                             | CUSIP: 58003UAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    423614 | PA      | $415189.86    | 0.06%             | 2035-11-15      | Floating      | 6.15%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                    | Cascade Funding Mortgage Trust                       | CUSIP: 12527LAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    610599 | PA      | $577660.11    | 0.08%             | 2036-06-25      | Variable      | 0.90%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd                    | Golub Capital Partners CLO 42M Ltd.                  | CUSIP: 38176KAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3006000 | PA      | $2909859.10   | 0.42%             | 2031-04-20      | Floating      | 6.24%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                                   | SBA Tower Trust                                      | CUSIP: 78403DAR1<br>LEI: N/A                  | Long             | DBT              |  | US        |   1334000 | PA      | $1101449.92   | 0.16%             | 2028-01-15      | Fixed         | 2.33%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                          | Madison Park Funding XIII Ltd.                       | CUSIP: 55818MBA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    519059 | PA      | $513833.21    | 0.07%             | 2030-04-19      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Estate Notes            | Greystone CRE Notes Ltd.                             | CUSIP: 39809PAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $2852166.60   | 0.42%             | 2039-07-15      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| BTC HOLDINGS FUND I, LLC                          | BTC Holdings Fund I LLC                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    542479 | PA      | $542478.89    | 0.08%             | 2027-01-28      | Variable      | 6.95%                 | Yes           |                  3 | On Loan: No      |
| J.C. Penney Corporation, Inc.                     | JC Penney Corp., Inc.                                | CUSIP: 46611NAJ2<br>LEI: 8TDNUQ07MEFMWW1VHP39 | Long             | LON              | CORP              | US        |    480181 | PA      | $48.02        | 0.00%             | 2023-06-23      | Variable      | 1.00%                 | Yes           |                  2 | On Loan: No      |
| Capital Automotive Reit                           | CARS-DB4 LP                                          | CUSIP: 12510HAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    292952 | PA      | $273006.64    | 0.04%             | 2050-02-15      | Fixed         | 2.69%                 | No            |                  2 | On Loan: No      |
| LoanCore 2018-CRE1 Issuer, Ltd.                   | LoanCore Issuer Ltd.                                 | CUSIP: 53946CAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    479116 | PA      | $464819.71    | 0.07%             | 2035-07-15      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| Santander Retail Auto Lease Trust                 | Santander Retail Auto Lease Trust                    | CUSIP: 80287CAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2084000 | PA      | $1982922.46   | 0.29%             | 2025-07-21      | Fixed         | 1.34%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Federal Home Loan Mortgage Corp. REMICS              | CUSIP: 3137B2J84<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     64101 | PA      | $61995.43     | 0.01%             | 2028-06-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| DISH NETWORK CORP                                 | DISH Network Corp.                                   | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2054800.00   | 0.30%             | 2027-11-15      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| Ivy Hill Middle Market Credit Fund Ltd            | IVY Hill Middle Market Credit Fund XII Ltd.          | CUSIP: 46600DAE8<br>LEI: 5493003XZKSFJKWICW70 | Long             | ABS-CBDO         | CORP              | KY        |   1086000 | PA      | $954466.94    | 0.14%             | 2033-07-20      | Floating      | 12.41%                | 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        |   4140000 | PA      | $3980231.60   | 0.58%             | 2031-06-01      | Fixed         | 4.02%                 | No            |                  2 | On Loan: No      |
| Wheels SPV LLC                                    | Wheels SPV 2 LLC                                     | CUSIP: 96328DBU7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3542000 | PA      | $3380322.93   | 0.49%             | 2029-08-20      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                       | Hertz Vehicle Financing III LP                       | CUSIP: 42806MAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3499000 | PA      | $3030616.86   | 0.44%             | 2027-12-27      | Fixed         | 1.68%                 | No            |                  2 | On Loan: No      |
| Woodmont Trust                                    | Woodmont Trust                                       | CUSIP: 97988UAN5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2657000 | PA      | $2598657.59   | 0.38%             | 2031-07-15      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| LoanCore 2021-CRE5 Issuer, Ltd                    | LoanCore Issuer Ltd.                                 | CUSIP: 53947XAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    363000 | PA      | $348795.96    | 0.05%             | 2036-07-15      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Fixed Income Clearing Corp                        | FIXED INC CLEARING CORP.REPO                         | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |  59861000 | PA      | $59861000.00  | 8.73%             |  |  |  | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                               | DT Auto Owner Trust                                  | CUSIP: 26253WAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    704000 | PA      | $647015.78    | 0.09%             | 2027-09-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fortress Credit Opportunities XIX CLO LLC         | Fortress Credit Opportunities XVII CLO Ltd.          | CUSIP: 34963VAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3177749 | PA      | $3110879.33   | 0.45%             | 2030-01-15      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                                   | SBA Tower Trust                                      | CUSIP: 78403DAZ3<br>LEI: N/A                  | Long             | DBT              |  | US        |   1049000 | PA      | $1046436.98   | 0.15%             | 2028-01-15      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners Funding                    | Golub Capital Partners ABS Funding Ltd.              | CUSIP: 38177UAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   2267000 | PA      | $2069725.66   | 0.30%             | 2029-01-22      | Fixed         | 3.21%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                    | CFMT LLC                                             | CUSIP: 12530BAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    889045 | PA      | $833873.54    | 0.12%             | 2031-10-27      | Variable      | 1.15%                 | No            |                  2 | On Loan: No      |
| GM Financial Automobile Leasing Trust             | GM Financial Automobile Leasing Trust                | CUSIP: 36265MAF2<br>LEI: 2549001DWK2615D9KR84 | Long             | ABS-O            | CORP              | US        |   2044000 | PA      | $1944948.17   | 0.28%             | 2026-02-20      | Fixed         | 2.64%                 | No            |                  2 | On Loan: No      |
| RCO Mortgage LLC                                  | RCO VII Mortgage LLC                                 | CUSIP: 74938JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1307377 | PA      | $1200393.31   | 0.18%             | 2026-09-25      | Variable      | 2.12%                 | No            |                  2 | On Loan: No      |
| AmeriCredit Automobile Receivables Trust          | AmeriCredit Automobile Receivables Trust             | CUSIP: 03066JAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1153000 | PA      | $1095091.84   | 0.16%             | 2026-08-18      | Fixed         | 0.76%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners Funding                    | Golub Capital Partners ABS Funding Ltd.              | CUSIP: 38178XAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5697000 | PA      | $4711677.64   | 0.69%             | 2029-10-19      | Fixed         | 3.99%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust      | American Credit Acceptance Receivables Trust         | CUSIP: 02530WAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2838000 | PA      | $2660147.93   | 0.39%             | 2028-03-13      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Commercial Mortgage Trust                         | CUSIP: 05609VAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1410000 | PA      | $1311767.13   | 0.19%             | 2036-09-15      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust        | JPMBB Commercial Mortgage Securities Trust           | CUSIP: 46644YAU4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    540845 | PA      | $512600.09    | 0.07%             | 2048-08-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                       | Hertz Vehicle Financing LLC                          | CUSIP: 42806MAA7<br>LEI: 5493004IHDYOZ9K9WF47 | Long             | ABS-O            | CORP              | US        |   4442000 | PA      | $4104633.65   | 0.60%             | 2025-12-26      | Fixed         | 1.21%                 | No            |                  2 | On Loan: No      |
| Barings Middle Market CLO Ltd.                    | Barings Middle Market CLO Ltd.                       | CUSIP: 06761EAA3<br>LEI: 549300NSFWDKJE15UK02 | Long             | ABS-CBDO         | CORP              | KY        |   1460000 | PA      | $1322317.62   | 0.19%             | 2033-07-20      | Floating      | 12.89%                | No            |                  2 | On Loan: No      |
| BRAZOS SECURITIZATN LLC                           | Brazos Securitization LLC                            | CUSIP: 106230AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    863000 | PA      | $848658.84    | 0.12%             | 2031-09-01      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| Frontier Communications Corp.                     | Frontier Communications Corp.                        | CUSIP: 35906EAQ3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1110095 | PA      | $1056444.11   | 0.15%             | 2028-05-01      | Variable      | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Farfetch US Holdings, Inc                         | Farfetch U.S. Holdings, Inc.                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4000000 | PA      | $3420000.00   | 0.50%             | 2027-10-20      | Variable      | 10.21%                | Yes           |                  2 | On Loan: No      |
| AIR CANADA 2020-1C PTT                            | Air Canada Pass-Through Trust                        | CUSIP: 008911BD0<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1030000 | PA      | $1045585.75   | 0.15%             | 2026-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| HPEFS Equipment Trust                             | HPEFS Equipment Trust                                | CUSIP: 40441TAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    718000 | PA      | $686775.40    | 0.10%             | 2029-09-20      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust             | Westlake Automobile Receivables Trust                | CUSIP: 96043FAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1738000 | PA      | $1666503.20   | 0.24%             | 2026-03-16      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| General Motors                                    | GMF Floorplan Owner Revolving Trust                  | CUSIP: 361886CN2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6890000 | PA      | $6622346.93   | 0.97%             | 2025-10-15      | Fixed         | 0.96%                 | No            |                  2 | On Loan: No      |
| ABPCI Direct Lending Fund CLO Ltd                 | ABPCI Direct Lending Fund CLO II LLC                 | CUSIP: 000840AC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3062000 | PA      | $2676910.63   | 0.39%             | 2032-04-20      | Floating      | 11.84%                | No            |                  2 | On Loan: No      |
| Brightwood Capital MM CLO 2021-2 Ltd              | Brightwood Capital MM CLO Ltd.                       | CUSIP: 10949WAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4401000 | PA      | $4327701.35   | 0.63%             | 2030-11-15      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| AmeriCredit Automobile Receivables Trust          | AmeriCredit Automobile Receivables Trust             | CUSIP: 03066EAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    342000 | PA      | $323986.59    | 0.05%             | 2026-02-18      | Fixed         | 1.48%                 | No            |                  2 | On Loan: No      |
| Oasis Securitisation                              | Oasis Securitization Funding LLC                     | CUSIP: 67422AAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     90318 | PA      | $88998.08     | 0.01%             | 2033-02-15      | Fixed         | 2.58%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                               | Oportun Issuance Trust                               | CUSIP: 68377WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4976000 | PA      | $4351020.87   | 0.63%             | 2031-10-08      | Fixed         | 2.18%                 | No            |                  2 | On Loan: No      |
| Elm Trust                                         | Elm Trust                                            | CUSIP: 28924AAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    330000 | PA      | $306855.25    | 0.04%             | 2029-10-20      | Fixed         | 2.29%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                        | Flagship Credit Auto Trust                           | CUSIP: 33845AAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    456000 | PA      | $425785.12    | 0.06%             | 2027-02-15      | Fixed         | 1.49%                 | No            |                  2 | On Loan: No      |
| Vericrest Opportunity Loan Transferee             | VOLT XCIV LLC                                        | CUSIP: 92873AAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4859632 | PA      | $4357543.45   | 0.64%             | 2051-02-27      | Variable      | 2.24%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Federal National Mortgage Association REMICS         | CUSIP: 3136ADTP4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    301051 | PA      | $293179.39    | 0.04%             | 2043-02-25      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                        | Progress Residential Trust                           | CUSIP: 74333XAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    726390 | PA      | $598344.29    | 0.09%             | 2039-01-17      | Fixed         | 2.28%                 | No            |                  2 | On Loan: No      |
| OWL ROCK CORE INCOME COR                          | OWL Rock Core Income Corp.                           | CUSIP: 69120VAF8<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |   5384000 | PA      | $4826606.32   | 0.70%             | 2027-02-08      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Elm Trust                                         | Elm Trust                                            | CUSIP: 289338AC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    897000 | PA      | $804348.51    | 0.12%             | 2029-08-20      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                               | PFS Financing Corp.                                  | CUSIP: 69335PEE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    713000 | PA      | $650250.30    | 0.09%             | 2026-08-15      | Fixed         | 1.09%                 | No            |                  2 | On Loan: No      |
| Fortress Credit Opportunities XIX CLO LLC         | Fortress Credit Opportunities XI CLO Ltd.            | CUSIP: 34961WAC9<br>LEI: 254900FRBH7KBHJT7O18 | Long             | ABS-CBDO         | CORP              | KY        |   2624000 | PA      | $2561157.82   | 0.37%             | 2031-04-15      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                               | PFS Financing Corp.                                  | CUSIP: 69335PEL5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    879000 | PA      | $836054.61    | 0.12%             | 2027-05-15      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| Capstone Acquisition Holdings, Inc.               | Capstone Acquisition Holdings, Inc.                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     91099 | PA      | $86202.43     | 0.01%             | 2027-11-12      | Variable      | 9.13%                 | Yes           |                  2 | On Loan: No      |
| NextGear Floorplan Master Owner Trust             | NextGear Floorplan Master Owner Trust                | CUSIP: 65341KBT2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4685000 | PA      | $4394345.41   | 0.64%             | 2027-03-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                      | Dell Equipment Finance Trust                         | CUSIP: 24703WAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1109000 | PA      | $1063752.13   | 0.16%             | 2027-08-23      | Fixed         | 2.72%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority            | Oklahoma Development Finance Authority               | CUSIP: 6789084C5<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   2095000 | PA      | $1962365.84   | 0.29%             | 2037-05-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                               | Oportun Issuance Trust                               | CUSIP: 68377GAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1020000 | PA      | $911562.27    | 0.13%             | 2031-05-08      | Fixed         | 1.47%                 | No            |                  2 | On Loan: No      |
| Emerald TopCo Inc                                 | Emerald TopCo, Inc.                                  | CUSIP: 29102TAB8<br>LEI: 549300HC42NZULO53062 | Long             | LON              | CORP              | US        |   2076756 | PA      | $1900231.31   | 0.28%             | 2026-07-24      | Variable      | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                    | Enterprise Fleet Financing LLC                       | CUSIP: 29374JAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2419000 | PA      | $2349477.94   | 0.34%             | 2029-05-21      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| VMC Finance LLC                                   | VMC Finance LLC                                      | CUSIP: 91835TAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1089723 | PA      | $1051869.20   | 0.15%             | 2037-01-18      | Floating      | 5.99%                 | No            |                  2 | On Loan: No      |
| Parliament CLO Ltd                                | Parliament CLO II Ltd.                               | CUSIP: 701631AD5<br>LEI: 5493009BTB3REE8RVW84 | Long             | ABS-CBDO         | CORP              | KY        |   2646000 | PA      | $2383477.11   | 0.35%             | 2032-08-20      | Floating      | 8.38%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners Funding                    | Golub Capital Partners ABS Funding Ltd.              | CUSIP: 38178HAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1924000 | PA      | $1671087.70   | 0.24%             | 2029-04-20      | Fixed         | 3.82%                 | No            |                  2 | On Loan: No      |
| GM Financial Securitized Term Auto Receivables Tr | GM Financial Consumer Automobile Receivables Trust   | CUSIP: 380146AC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2070000 | PA      | $1958917.38   | 0.29%             | 2026-11-16      | Fixed         | 1.26%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Federal National Mortgage Association REMICS         | CUSIP: 3136ABJH7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     83565 | PA      | $80533.72     | 0.01%             | 2042-04-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                       | Hertz Vehicle Financing LLC                          | CUSIP: 42806MBA6<br>LEI: 5493004IHDYOZ9K9WF47 | Long             | ABS-O            | CORP              | US        |   4846000 | PA      | $4631585.82   | 0.68%             | 2026-09-25      | Fixed         | 3.73%                 | No            |                  2 | On Loan: No      |
| Vantage Data Centers LLC                          | Vantage Data Centers LLC                             | CUSIP: 92212KAB2<br>LEI: 5493000RL8X7WTQ7HO20 | Long             | ABS-O            | CORP              | US        |   1344000 | PA      | $1193749.67   | 0.17%             | 2045-09-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust             | Westlake Automobile Receivables Trust                | CUSIP: 96043JAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3653000 | PA      | $3478662.77   | 0.51%             | 2027-01-15      | Fixed         | 1.29%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                               | PFS Financing Corp.                                  | CUSIP: 69335PDU6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4503000 | PA      | $4327460.00   | 0.63%             | 2025-10-15      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                      | Drive Auto Receivables Trust                         | CUSIP: 262081AE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3814000 | PA      | $3563970.94   | 0.52%             | 2027-01-15      | Fixed         | 1.47%                 | No            |                  2 | On Loan: No      |
| BDS Ltd                                           | BDS Ltd.                                             | CUSIP: 05492KAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    268000 | PA      | $265770.00    | 0.04%             | 2036-08-15      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| TVEST 2020A, LLC                                  | TVEST LLC                                            | CUSIP: 90115AAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    160628 | PA      | $158238.83    | 0.02%             | 2032-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd                    | Golub Capital Partners CLO 36M Ltd.                  | CUSIP: 38175BAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3439000 | PA      | $3371317.04   | 0.49%             | 2031-02-05      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                               | Oportun Funding XIV LLC                              | CUSIP: 68377BAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    532000 | PA      | $492693.66    | 0.07%             | 2028-03-08      | Fixed         | 1.21%                 | No            |                  2 | On Loan: No      |
| Monroe Capital Income Plus ABS Funding LLC        | Monroe Capital Income Plus ABS Funding LLC           | CUSIP: 61033MAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3700000 | PA      | $3280062.58   | 0.48%             | 2032-04-30      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Zais Clo 7 llc                                    | Zais CLO 7 Ltd.                                      | CUSIP: 98887VAA1<br>LEI: 549300XFDOUEB0QTZS87 | Long             | ABS-CBDO         | CORP              | KY        |    564110 | PA      | $555255.40    | 0.08%             | 2030-04-15      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| Cerberus                                          | Cerberus Loan Funding XXIX LP                        | CUSIP: 15674HAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   9334000 | PA      | $9194867.40   | 1.34%             | 2032-10-15      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC              | PRET LLC                                             | CUSIP: 74143KAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4870312 | PA      | $4277409.62   | 0.62%             | 2051-10-25      | Variable      | 2.49%                 | No            |                  2 | On Loan: No      |
| Cerberus                                          | Cerberus Loan Funding XXXIX LP                       | CUSIP: 15673VAE5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3600000 | PA      | $3600000.00   | 0.52%             | 2033-01-20      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| HPEFS Equipment Trust                             | HPEFS Equipment Trust                                | CUSIP: 40441TAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    416000 | PA      | $395283.37    | 0.06%             | 2029-09-20      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| THL Credit Lake Shore MM CLO I Ltd.               | Lake Shore MM CLO III LLC                            | CUSIP: 510760AA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1228000 | PA      | $1192762.54   | 0.17%             | 2031-10-17      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC              | PRET LLC                                             | CUSIP: 69362GAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1456624 | PA      | $1313284.77   | 0.19%             | 2051-07-25      | Variable      | 2.49%                 | No            |                  2 | On Loan: No      |
| New Residential Advance Receivables Trust Advance | NRZ Advance Receivables Trust                        | CUSIP: 62942QCW1<br>LEI: 549300RNWDDBV4LFKJ17 | Long             | ABS-O            | CORP              | US        |   2720000 | PA      | $2615073.55   | 0.38%             | 2053-09-15      | Fixed         | 1.48%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                      | GS Mortgage Securities Trust                         | CUSIP: 36250GAQ8<br>LEI: 549300L45M7638EL0H21 | Long             | ABS-MBS          | CORP              | US        |    213417 | PA      | $207837.71    | 0.03%             | 2050-05-10      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                    | CFMT LLC                                             | CUSIP: 12530BAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1183000 | PA      | $1085344.18   | 0.16%             | 2031-10-27      | Variable      | 2.12%                 | No            |                  2 | On Loan: No      |
| ABPCI Direct Lending Fund CLO Ltd                 | ABPCI Direct Lending Fund CLO XI LP                  | CUSIP: 00091UAL7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2000000 | PA      | $1916966.00   | 0.28%             | 2034-10-27      | Floating      | 13.76%                | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust                    | Hyundai Auto Receivables Trust                       | CUSIP: 44935FAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1523000 | PA      | $1435782.97   | 0.21%             | 2026-05-15      | Fixed         | 0.74%                 | No            |                  2 | On Loan: No      |
| Prestige Auto Receivables Trust                   | Prestige Auto Receivables Trust                      | CUSIP: 74113XAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1965000 | PA      | $1873326.27   | 0.27%             | 2026-04-15      | Fixed         | 1.19%                 | No            |                  2 | On Loan: No      |
| Santander Retail Auto Lease Trust                 | Santander Retail Auto Lease Trust                    | CUSIP: 80287CAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    612000 | PA      | $569570.90    | 0.08%             | 2026-01-20      | Fixed         | 1.61%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                         | Towd Point Mortgage Trust                            | CUSIP: 89176VAK8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     47384 | PA      | $44287.53     | 0.01%             | 2058-07-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                    | Enterprise Fleet Financing LLC                       | CUSIP: 29374GAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1601000 | PA      | $1593974.17   | 0.23%             | 2029-10-22      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Ivy Hill Middle Market Credit Fund Ltd            | Ivy Hill Middle Market Credit Fund IX Ltd.           | CUSIP: 46604EAQ5<br>LEI: 549300UJCX58VC2FZI80 | Long             | ABS-CBDO         | CORP              | KY        |   6250000 | PA      | $5544837.50   | 0.81%             | 2034-04-23      | Floating      | 12.26%                | No            |                  2 | On Loan: No      |
| PG&E RECOVERY FND LLC                             | PG&E Recovery Funding LLC                            | CUSIP: 71710TAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2244000 | PA      | $2246191.04   | 0.33%             | 2032-07-15      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust            | Santander Drive Auto Receivables Trust               | CUSIP: 80286MAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3700000 | PA      | $3532232.75   | 0.51%             | 2027-09-15      | Fixed         | 3.44%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                               | PFS Financing Corp.                                  | CUSIP: 69335PDY8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    197000 | PA      | $187799.00    | 0.03%             | 2026-02-15      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| BDS Ltd                                           | BDS Ltd.                                             | CUSIP: 05493JAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    770409 | PA      | $742451.18    | 0.11%             | 2036-01-18      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| VCAT Asset Securitization, LLC                    | VCAT LLC                                             | CUSIP: 91822YAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1972465 | PA      | $1774989.18   | 0.26%             | 2051-03-27      | Variable      | 2.12%                 | No            |                  2 | On Loan: No      |
| HPEFS Equipment Trust                             | HPEFS Equipment Trust                                | CUSIP: 40441RAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1076000 | PA      | $991017.30    | 0.14%             | 2029-05-21      | Fixed         | 1.96%                 | No            |                  2 | On Loan: No      |
| Polaris Newco LLC                                 | Polaris Newco LLC                                    | CUSIP: 73108RAB4<br>LEI: 254900LEPDAG7EDOA064 | Long             | LON              | CORP              | US        |   2677197 | PA      | $2436248.93   | 0.36%             | 2028-06-02      | Variable      | 8.73%                 | Yes           |                  2 | On Loan: No      |
| ABPCI Direct Lending Fund ABS Ltd                 | ABPCI Direct Lending Fund ABS II LLC                 | CUSIP: 00090NAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1670000 | PA      | $1625507.86   | 0.24%             | 2032-03-01      | Floating      | 6.15%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                      | Drive Auto Receivables Trust                         | CUSIP: 262104AE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2324000 | PA      | $2235715.66   | 0.33%             | 2027-10-15      | Fixed         | 0.87%                 | No            |                  2 | On Loan: No      |
| CLECO SECURITIZATION I                            | Cleco Securitization I LLC                           | CUSIP: 185512AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1868000 | PA      | $1751993.84   | 0.26%             | 2031-03-01      | Fixed         | 4.02%                 | No            |                  2 | On Loan: No      |
| BlackRock Maroon Bells CLO XI LLC                 | BlackRock Maroon Bells CLO XI LLC                    | CUSIP: 09262NAQ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   5540000 | PA      | $5285082.44   | 0.77%             | 2034-10-15      | Floating      | 12.68%                | No            |                  2 | On Loan: No      |
| Applied Systems, Inc.                             | Applied Systems, Inc.                                | CUSIP: 03827FAX9<br>LEI: 549300NSKGF0SY5SWQ62 | Long             | LON              | CORP              | US        |         0 | PA      | $0.00         | 0.00%             | 2024-09-19      | Variable      | 9.08%                 | Yes           |                  2 | On Loan: No      |
| PFS Financing Corp.                               | PFS Financing Corp.                                  | CUSIP: 69335PEP6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5205000 | PA      | $5060331.19   | 0.74%             | 2027-08-15      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd   | Arbor Realty Commercial Real Estate Notes Ltd.       | CUSIP: 03881JAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2524000 | PA      | $2465717.56   | 0.36%             | 2037-05-15      | Floating      | 6.19%                 | No            |                  2 | On Loan: No      |
| Chesapeake Funding II LLC                         | Chesapeake Funding II LLC                            | CUSIP: 165183CM4<br>LEI: 5493000HT7H4OFOD6Z12 | Long             | ABS-O            | CORP              | US        |    368000 | PA      | $353825.93    | 0.05%             | 2032-08-15      | Fixed         | 2.14%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority            | Oklahoma Development Finance Authority               | CUSIP: 6789083Z5<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |    887000 | PA      | $850523.37    | 0.12%             | 2034-02-01      | Fixed         | 4.29%                 | No            |                  2 | On Loan: No      |
| Lake Shore MM CLO IV LLC                          | Lake Shore MM CLO IV Ltd.                            | CUSIP: 51075LAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    704800 | PA      | $695820.81    | 0.10%             | 2033-10-15      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| TCP Whitney CLO LTD                               | TCP Waterman CLO LLC                                 | CUSIP: 87240GAG6<br>LEI: 549300YFKQJL35BDIM44 | Long             | ABS-CBDO         | CORP              | KY        |   2429000 | PA      | $2167316.54   | 0.32%             | 2033-08-20      | Floating      | 12.84%                | No            |                  2 | On Loan: No      |
| Cologix Data Centers Issuer LLC                   | Cologix Data Centers U.S. Issuer LLC                 | CUSIP: 19521UAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4273000 | PA      | $3721793.68   | 0.54%             | 2051-12-26      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Cologix Data Centers Issuer LLC                   | Cologix Data Centers U.S. Issuer LLC                 | CUSIP: 19521UAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3235000 | PA      | $2696226.93   | 0.39%             | 2051-12-26      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| CNH Equipment Trust                               | CNH Equipment Trust                                  | CUSIP: 12663JAD3<br>LEI: 549300BIZ8MA1TOD5D46 | Long             | ABS-O            | CORP              | US        |    581000 | PA      | $554959.35    | 0.08%             | 2028-03-15      | Fixed         | 3.91%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Commercial Mortgage Trust                         | CUSIP: 05609VAQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2319000 | PA      | $2134445.40   | 0.31%             | 2036-09-15      | Floating      | 6.72%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                        | Progress Residential Trust                           | CUSIP: 74333WAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4554942 | PA      | $3734847.71   | 0.54%             | 2040-12-17      | Fixed         | 2.39%                 | No            |                  2 | On Loan: No      |
| Monroe Capital ABS Funding LTD                    | Monroe Capital ABS Funding Ltd.                      | CUSIP: 610331AC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    907000 | PA      | $822028.61    | 0.12%             | 2031-04-22      | Fixed         | 3.91%                 | No            |                  2 | On Loan: No      |
| Packers Holdings, LLC                             | Packers Holdings LLC                                 | CUSIP: 69519UAF9<br>LEI: 549300X0L6OJNRPME518 | Long             | LON              | CORP              | US        |   2663766 | PA      | $2318808.69   | 0.34%             | 2028-03-09      | Variable      | 7.54%                 | Yes           |                  2 | On Loan: No      |
| DT Auto Owner Trust                               | DT Auto Owner Trust                                  | CUSIP: 23344QAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    800000 | PA      | $749973.60    | 0.11%             | 2027-05-17      | Fixed         | 0.87%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Federal Home Loan Mortgage Corp. REMICS              | CUSIP: 3137AYHU8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    253254 | PA      | $243038.24    | 0.04%             | 2033-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association             | CUSIP: 38380PLB8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5260900 | PA      | $343574.64    | 0.05%             | 2062-02-16      | Variable      | 0.87%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE                            | Blackstone Private Credit Fund                       | CUSIP: 09261HAD9<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |   4545000 | PA      | $3761612.89   | 0.55%             | 2026-12-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                           | Frontier Communications Holdings LLC                 | CUSIP: 35906ABE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3066000 | PA      | $2845156.02   | 0.41%             | 2027-10-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| AREIT CRE Trust                                   | AREIT Trust                                          | CUSIP: 00217LAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     15682 | PA      | $15401.41     | 0.00%             | 2036-09-14      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust               | Exeter Automobile Receivables Trust                  | CUSIP: 30165JAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2169000 | PA      | $2046019.22   | 0.30%             | 2027-10-15      | Fixed         | 1.46%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust             | Westlake Automobile Receivables Trust                | CUSIP: 96043JAJ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3647000 | PA      | $3411518.32   | 0.50%             | 2027-01-15      | Fixed         | 1.58%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                    | Enterprise Fleet Financing LLC                       | CUSIP: 29373MAB5<br>LEI: RKWYUSIDZTWNAX1D9U96 | Long             | ABS-O            | CORP              | US        |   2309066 | PA      | $2211991.91   | 0.32%             | 2027-08-20      | Fixed         | 0.77%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                                    | Amazon.com, Inc.                                     | CUSIP: 023135BY1<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |   1834000 | PA      | $1577815.33   | 0.23%             | 2028-05-12      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust             | Preston Ridge Partners Mortgage LLC                  | CUSIP: 69360XAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2491510 | PA      | $2256771.63   | 0.33%             | 2026-10-25      | Variable      | 2.36%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Federal National Mortgage Association                | CUSIP: 3138EHXE7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     88675 | PA      | $88746.40     | 0.01%             | 2027-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Diamond Issuer LLC                                | Diamond Issuer                                       | CUSIP: 25267TAS0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1718000 | PA      | $1347043.94   | 0.20%             | 2051-11-20      | Fixed         | 3.79%                 | No            |                  2 | On Loan: No      |
| PFP III                                           | PFP Ltd.                                             | CUSIP: 69290LAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    438952 | PA      | $426437.02    | 0.06%             | 2038-04-14      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| VCP RRL ABS I, Ltd                                | VCP RRL ABS I Ltd.                                   | CUSIP: 92243RAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1796334 | PA      | $1627504.07   | 0.24%             | 2031-10-20      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association             | CUSIP: 38378X2M2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1259085 | PA      | $26912.18     | 0.00%             | 2057-01-16      | Variable      | 0.45%                 | No            |                  2 | On Loan: No      |
| Windstream Services, LLC                          | Windstream Services LLC                              | CUSIP: 97381JAE3<br>LEI: 549300KT9GVEBYCD2N29 | Long             | LON              | CORP              | US        |    830680 | PA      | $752803.79    | 0.11%             | 2027-09-21      | Variable      | 10.67%                | Yes           |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                    | CFMT LLC                                             | CUSIP: 12526PAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    877570 | PA      | $846100.86    | 0.12%             | 2031-02-25      | Variable      | 0.80%                 | No            |                  2 | On Loan: No      |
| Cerberus                                          | Cerberus Loan Funding XXVIII LP                      | CUSIP: 15673EAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2079484 | PA      | $2055054.48   | 0.30%             | 2031-10-15      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| Acres PLC                                         | ACRES Commercial Realty Ltd.                         | CUSIP: 00103CAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2604000 | PA      | $2531020.30   | 0.37%             | 2036-06-15      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association             | CUSIP: 38380PBP8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3486904 | PA      | $231935.57    | 0.03%             | 2062-03-16      | Variable      | 0.94%                 | No            |                  2 | On Loan: No      |
| ABPCI Direct Lending Fund CLO Ltd                 | ABPCI Direct Lending Fund IX LLC                     | CUSIP: 000806AJ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2378000 | PA      | $2309848.90   | 0.34%             | 2031-11-18      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| HERA Commercial Mortgage Ltd                      | HERA Commercial Mortgage Ltd.                        | CUSIP: 42704RAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2823000 | PA      | $2726618.26   | 0.40%             | 2038-02-18      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| MIDCAP FINANCIAL ISSR TR                          | Midcap Financial Issuer Trust                        | CUSIP: 59567LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10563000 | PA      | $9057772.50   | 1.32%             | 2028-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MCF CLO LLC                                       | MCF CLO IX Ltd.                                      | CUSIP: 55281XAM3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   7029000 | PA      | $6863424.88   | 1.00%             | 2031-07-17      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust       | MF1 Ltd.                                             | CUSIP: 55284AAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2750000 | PA      | $2631050.13   | 0.38%             | 2036-10-16      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd   | Arbor Realty Commercial Real Estate Notes Ltd.       | CUSIP: 03881CAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2210000 | PA      | $2147074.67   | 0.31%             | 2035-12-15      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Lease Trust                      | Ford Credit Auto Lease Trust                         | CUSIP: 345329AF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1044000 | PA      | $984897.49    | 0.14%             | 2026-05-15      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| BTC OFFSHORE HOLDINGS FUND                        | BTC Offshore Holdings Fund                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2000000 | PA      | $2000000.00   | 0.29%             | 2029-10-20      | Variable      | 6.85%                 | Yes           |                  3 | On Loan: No      |
| NextGear Floorplan Master Owner Trust             | NextGear Floorplan Master Owner Trust                | CUSIP: 65341KBQ8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    253000 | PA      | $235016.30    | 0.03%             | 2026-07-15      | Fixed         | 0.85%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                        | Flagship Credit Auto Trust                           | CUSIP: 33844WAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1004000 | PA      | $942008.12    | 0.14%             | 2027-06-15      | Fixed         | 1.27%                 | No            |                  2 | On Loan: No      |
| COPPER EARNOUT TR                                 | Copper Earnout Trust                                 | CUSIP: 21751C209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7803 | NS      | $27310.50     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Honda Auto Receivables Owner Trust                | Honda Auto Receivables Owner Trust                   | CUSIP: 43815GAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2354000 | PA      | $2232755.82   | 0.33%             | 2026-01-21      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association             | CUSIP: 38380PHG2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2882117 | PA      | $208788.05    | 0.03%             | 2062-01-16      | Variable      | 1.09%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association             | CUSIP: 38379KAT5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1345840 | PA      | $22675.80     | 0.00%             | 2057-01-16      | Variable      | 0.30%                 | No            |                  2 | On Loan: No      |
| Cimpress Public Limited Company                   | Cimpress Public Ltd. Co.                             | CUSIP: 000000000<br>LEI: 549300IW5HMWD8APDH34 | Long             | LON              | CORP              | US        |   1203762 | PA      | $1078872.14   | 0.16%             | 2028-05-17      | Variable      | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Ladder Capital Commercial Mortgage Securities LLC | LCCM Trust                                           | CUSIP: 50202KAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    390000 | PA      | $380688.59    | 0.06%             | 2038-12-13      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                        | Progress Residential Trust                           | CUSIP: 74333QAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    725507 | PA      | $597068.74    | 0.09%             | 2040-11-17      | Fixed         | 2.01%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                               | DT Auto Owner Trust                                  | CUSIP: 26253WAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    704000 | PA      | $676511.55    | 0.10%             | 2026-05-15      | Fixed         | 1.02%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust            | Santander Drive Auto Receivables Trust               | CUSIP: 80286EAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2116000 | PA      | $2018334.12   | 0.29%             | 2028-04-17      | Fixed         | 2.56%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust             | Wells Fargo Commercial Mortgage Trust                | CUSIP: 94989AAV7<br>LEI: 5493007CD1Q2V06I4172 | Long             | ABS-MBS          | CORP              | US        |    384324 | PA      | $374624.82    | 0.05%             | 2047-12-15      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd   | Arbor Realty Commercial Real Estate Notes Ltd.       | CUSIP: 03880RAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3148000 | PA      | $3034046.81   | 0.44%             | 2036-11-15      | Floating      | 5.67%                 | No            |                  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        |   4398685 | PA      | $4066685.67   | 0.59%             | 2031-10-20      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                               | PFS Financing Corp.                                  | CUSIP: 69335PEK7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5700000 | PA      | $5433198.39   | 0.79%             | 2027-05-15      | Fixed         | 3.89%                 | No            |                  2 | On Loan: No      |
| Santander Retail Auto Lease Trust                 | Santander Retail Auto Lease Trust                    | CUSIP: 80287CAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1118000 | PA      | $1048798.71   | 0.15%             | 2026-01-20      | Fixed         | 1.42%                 | No            |                  2 | On Loan: No      |
| Owl Rock CLO Ltd                                  | Owl Rock CLO III Ltd.                                | CUSIP: 691204AA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    800000 | PA      | $780338.40    | 0.11%             | 2032-04-20      | Floating      | 6.04%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners Funding                    | Golub Capital Partners ABS Funding Ltd.              | CUSIP: 38177UAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1404000 | PA      | $1253287.62   | 0.18%             | 2029-01-22      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UPWORK INC                                        | Upwork, Inc.                                         | CUSIP: 91688FAB0<br>LEI: 5493004QJ6WWBXVE2S70 | Long             | DBT              | CORP              | US        |   3400000 | PA      | $2549521.59   | 0.37%             | 2026-08-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC          | Avis Budget Rental Car Funding AESOP LLC             | CUSIP: 05377RDQ4<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    607000 | PA      | $564609.43    | 0.08%             | 2026-03-20      | Fixed         | 2.36%                 | No            |                  2 | On Loan: No      |
| KANSAS GAS SVC SEC I LLC                          | Kansas Gas Service Securitization I LLC              | CUSIP: 484915AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2470000 | PA      | $2497227.06   | 0.36%             | 2032-08-01      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| MetroNet Infrastructure Issuer LLC                | MetroNet Infrastructure Issuer LLC                   | CUSIP: 59170JAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3800000 | PA      | $3789621.44   | 0.55%             | 2052-10-20      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd   | Arbor Realty Commercial Real Estate Notes Ltd.       | CUSIP: 03880XAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3442000 | PA      | $3331958.57   | 0.49%             | 2037-01-15      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| Ellington CLO LTD                                 | Ellington CLO IV Ltd.                                | CUSIP: 28853RAL3<br>LEI: 25490064KF1PM0300Z69 | Long             | ABS-CBDO         | CORP              | KY        |    564253 | PA      | $560613.00    | 0.08%             | 2029-04-15      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Federal Home Loan Mortgage Corp. REMICS              | CUSIP: 3137B3SE9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     46404 | PA      | $45657.05     | 0.01%             | 2031-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                           | Royal Caribbean Cruises Ltd.                         | CUSIP: 780153AZ5<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    354000 | PA      | $379445.52    | 0.06%             | 2025-06-01      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| Fortress Credit Opportunities XIX CLO LLC         | Fortress Credit Opportunities IX CLO Ltd.            | CUSIP: 34961JAY0<br>LEI: 2549008RD44HDM6DNP14 | Long             | ABS-CBDO         | CORP              | KY        |   5645000 | PA      | $5431664.16   | 0.79%             | 2033-10-15      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| Independence Plaza Trust                          | Independence Plaza Trust                             | CUSIP: 45378YAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    819000 | PA      | $764668.28    | 0.11%             | 2035-07-10      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| Parliament Funding II Ltd                         | Parliament Funding II Ltd.                           | CUSIP: 70163QAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2164000 | PA      | $2116952.48   | 0.31%             | 2031-10-20      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| GM Financial Automobile Leasing Trust             | GM Financial Automobile Leasing Trust                | CUSIP: 36265MAD7<br>LEI: 2549001DWK2615D9KR84 | Long             | ABS-O            | CORP              | US        |   2794000 | PA      | $2670131.08   | 0.39%             | 2026-02-20      | Fixed         | 1.96%                 | No            |                  2 | On Loan: No      |
| Hotwire Funding LLC                               | Hotwire Funding LLC                                  | CUSIP: 44148JAC3<br>LEI: 254900ZCO90MCT7Y9348 | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1066672.75   | 0.16%             | 2051-11-20      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                    | CFMT LLC                                             | CUSIP: 12529LAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    228917 | PA      | $221936.53    | 0.03%             | 2030-12-26      | Variable      | 0.95%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust        | JPMBB Commercial Mortgage Securities Trust           | CUSIP: 46644UBB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    441469 | PA      | $430374.92    | 0.06%             | 2048-07-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| Santander Retail Auto Lease Trust                 | Santander Retail Auto Lease Trust                    | CUSIP: 80287UAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1680000 | PA      | $1622716.20   | 0.24%             | 2027-03-22      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Cerberus                                          | Cerberus Loan Funding XXVI LP                        | CUSIP: 15673YAN9<br>LEI: 549300U8RSYT04O8Z019 | Long             | ABS-CBDO         | CORP              | KY        |    436000 | PA      | $428485.54    | 0.06%             | 2031-04-15      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| A10 Securitization                                | A10 Bridge Asset Financing LLC                       | CUSIP: 04681EAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1670225 | PA      | $1585161.08   | 0.23%             | 2038-10-01      | Fixed         | 2.59%                 | No            |                  2 | On Loan: No      |
| Press Ganey Holdings, Inc.                        | Press Ganey Holdings, Inc.                           | CUSIP: 29102TAF9<br>LEI: 549300HC42NZULO53062 | Long             | LON              | CORP              | US        |   1955175 | PA      | $1788985.13   | 0.26%             | 2026-07-24      | Variable      | 8.17%                 | Yes           |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust             | Preston Ridge Partners Mortgage LLC                  | CUSIP: 69360HAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3195962 | PA      | $2873771.41   | 0.42%             | 2026-10-25      | Variable      | 2.49%                 | No            |                  2 | On Loan: No      |
| Heartland Dental, LLC                             | Heartland Dental LLC                                 | CUSIP: 42236WAQ0<br>LEI: 5493008FRC0GRKBN1075 | Long             | LON              | CORP              | US        |   4017065 | PA      | $3725827.83   | 0.54%             | 2025-04-30      | Variable      | 8.04%                 | Yes           |                  2 | On Loan: No      |
| Copper Property CTL Pass Through Trust            | Copper Property CTL Pass-Through Trust               | CUSIP: 217519107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     58520 | NS      | $775390.00    | 0.11%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BXMT Ltd                                          | BXMT Ltd.                                            | CUSIP: 05609GAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2899000 | PA      | $2864883.12   | 0.42%             | 2038-05-15      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust      | American Credit Acceptance Receivables Trust         | CUSIP: 02530TAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1827000 | PA      | $1749422.66   | 0.26%             | 2028-02-14      | Fixed         | 1.32%                 | No            |                  2 | On Loan: No      |
| THL Credit Lake Shore MM CLO I Ltd.               | Lake Shore MM CLO III LLC                            | CUSIP: 510760AJ0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    575000 | PA      | $516289.63    | 0.08%             | 2031-10-17      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| Diamond Infrastructure Funding LLC                | Diamond Infrastructure Funding LLC                   | CUSIP: 25265LAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    512000 | PA      | $396365.11    | 0.06%             | 2049-04-15      | Fixed         | 3.48%                 | No            |                  2 | On Loan: No      |
| Starwood Commercial Mortgage Trust                | Starwood Ltd.                                        | CUSIP: 78486BAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1468000 | PA      | $1417932.39   | 0.21%             | 2038-04-18      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust            | Santander Drive Auto Receivables Trust               | CUSIP: 80285VAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3197000 | PA      | $3042696.80   | 0.44%             | 2027-02-16      | Fixed         | 1.26%                 | No            |                  2 | On Loan: No      |
| Cerberus                                          | Cerberus Loan Funding XXXI LP                        | CUSIP: 15674EAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1569292 | PA      | $1543816.08   | 0.23%             | 2032-04-15      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| BMW Vehicle Lease Trust                           | BMW Vehicle Lease Trust                              | CUSIP: 05601XAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1810000 | PA      | $1705164.08   | 0.25%             | 2025-05-27      | Fixed         | 1.23%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                               | COMM Mortgage Trust                                  | CUSIP: 12592LBH4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    710599 | PA      | $680990.18    | 0.10%             | 2047-11-10      | Fixed         | 3.33%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Lease Securitization Trust           | Hyundai Auto Lease Securitization Trust              | CUSIP: 44891WAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2128000 | PA      | $2027680.12   | 0.30%             | 2025-12-15      | Fixed         | 1.32%                 | No            |                  2 | On Loan: No      |
| HPEFS Equipment Trust                             | HPEFS Equipment Trust                                | CUSIP: 40441RAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3943000 | PA      | $3794464.43   | 0.55%             | 2029-05-21      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Vericrest Opportunity Loan Transferee             | VOLT XCV LLC                                         | CUSIP: 92873BAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1169338 | PA      | $1078933.05   | 0.16%             | 2051-03-27      | Variable      | 2.24%                 | No            |                  2 | On Loan: No      |
| ARAMARK SERVICES INC                              | Aramark Services, Inc.                               | CUSIP: 038522AR9<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | DBT              | CORP              | US        |   2460000 | PA      | $2433604.20   | 0.35%             | 2025-05-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PHI Group Inc/DE                                  | PHI Group, Inc.                                      | CUSIP: 69360B104<br>LEI: 5493002853B5XXHLIP12 | Long             | EC               | CORP              | US        |     75292 | NS      | $941150.00    | 0.14%             |  |  |  | Yes           |                  3 | On Loan: No      |
| General Motors                                    | GMF Floorplan Owner Revolving Trust                  | CUSIP: 361886CD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1953000 | PA      | $1896064.00   | 0.28%             | 2026-04-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| GOLUB CAPITAL BDC                                 | Golub Capital BDC, Inc.                              | CUSIP: 38173MAA0<br>LEI: 2549005WE0QLGK9APF78 | Long             | DBT              | CORP              | US        |   1487000 | PA      | $1432148.73   | 0.21%             | 2024-04-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                                   | SBA Tower Trust                                      | CUSIP: 78403DAT7<br>LEI: N/A                  | Long             | DBT              |  | US        |    426000 | PA      | $358030.93    | 0.05%             | 2026-11-15      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| OWL ROCK CORE INCOME COR                          | OWL Rock Core Income Corp.                           | CUSIP: 69120VAL5<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |   7439000 | PA      | $7207906.72   | 1.05%             | 2025-03-21      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                         | Towd Point Mortgage Trust                            | CUSIP: 89178BAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5711938 | PA      | $5149796.15   | 0.75%             | 2059-10-25      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd   | Arbor Realty Commercial Real Estate Notes Ltd.       | CUSIP: 03881EAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2370000 | PA      | $2300798.84   | 0.34%             | 2036-05-15      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| GHX Ultimate Parent Corporation                   | GHX Ultimate Parent Corp.                            | CUSIP: 36172KAC5<br>LEI: 549300DSS2JT4D8XDT30 | Long             | LON              | CORP              | US        |   4011006 | PA      | $3910730.92   | 0.57%             | 2024-06-28      | Variable      | 7.98%                 | Yes           |                  2 | On Loan: No      |
| PFS Financing Corp.                               | PFS Financing Corp.                                  | CUSIP: 69335PEG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1380000 | PA      | $1292356.20   | 0.19%             | 2027-02-15      | Fixed         | 2.77%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                    | Enterprise Fleet Financing LLC                       | CUSIP: 29374FAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    760000 | PA      | $720180.56    | 0.10%             | 2029-07-20      | Fixed         | 4.29%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust             | Westlake Automobile Receivables Trust                | CUSIP: 96042WAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3419000 | PA      | $3243148.86   | 0.47%             | 2027-03-15      | Fixed         | 3.11%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                               | DT Auto Owner Trust                                  | CUSIP: 23345YAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1212000 | PA      | $1152177.13   | 0.17%             | 2027-11-15      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| OWL ROCK CORE INCOME COR                          | OWL Rock Core Income Corp.                           | CUSIP: 69120VAN1<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |   5122000 | PA      | $5086658.20   | 0.74%             | 2027-09-16      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Ivy Hill Middle Market Credit Fund Ltd            | Ivy Hill Middle Market Credit Fund XVIII Ltd.        | CUSIP: 46600QAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3766000 | PA      | $3296805.36   | 0.48%             | 2033-04-22      | Floating      | 12.07%                | No            |                  2 | On Loan: No      |
| HPEFS Equipment Trust                             | HPEFS Equipment Trust                                | CUSIP: 40441RAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1619000 | PA      | $1531624.84   | 0.22%             | 2029-05-21      | Fixed         | 1.79%                 | No            |                  2 | On Loan: No      |
| ReadyCap Commercial Mortgage Trust                | Ready Capital Mortgage Financing LLC                 | CUSIP: 75574YAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    738911 | PA      | $716811.76    | 0.10%             | 2038-04-25      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| ARI Fleet Lease Trust                             | ARI Fleet Lease Trust                                | CUSIP: 00217QAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    644000 | PA      | $618134.45    | 0.09%             | 2031-01-15      | Fixed         | 3.43%                 | No            |                  2 | On Loan: No      |
| Volkswagen Auto Loan Enhanced Trust               | Volkswagen Auto Loan Enhanced Trust                  | CUSIP: 92868KAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2858000 | PA      | $2711942.77   | 0.40%             | 2026-06-22      | Fixed         | 1.02%                 | No            |                  2 | On Loan: No      |
| KREF 2021-FL2 Ltd                                 | KREF Ltd.                                            | CUSIP: 48275RAA5<br>LEI: 54930083ELM2GCMVTQ91 | Long             | ABS-CBDO         | CORP              | KY        |    834000 | PA      | $804066.41    | 0.12%             | 2039-02-15      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                               | PFS Financing Corp.                                  | CUSIP: 69335PED3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1925000 | PA      | $1762666.87   | 0.26%             | 2026-08-15      | Fixed         | 0.77%                 | No            |                  2 | On Loan: No      |
| Santander Retail Auto Lease Trust                 | Santander Retail Auto Lease Trust                    | CUSIP: 80286TAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    114000 | PA      | $107469.40    | 0.02%             | 2026-03-20      | Fixed         | 1.14%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                               | PFS Financing Corp.                                  | CUSIP: 69335PEF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6716000 | PA      | $6259471.84   | 0.91%             | 2027-02-15      | Fixed         | 2.47%                 | No            |                  2 | On Loan: No      |
| DataBank Issuer LLC                               | DataBank Issuer                                      | CUSIP: 23802WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1400000 | PA      | $1209359.34   | 0.18%             | 2051-02-27      | Fixed         | 2.06%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC       | BBCMS Trust                                          | CUSIP: 05547HAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    900748 | PA      | $848695.95    | 0.12%             | 2035-08-10      | Fixed         | 3.31%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Federal National Mortgage Association REMICS         | CUSIP: 3136A6FU3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     86429 | PA      | $82275.23     | 0.01%             | 2027-05-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| OPENDOOR TECHNOLOGIES IN                          | Opendoor Technologies, Inc.                          | CUSIP: 683712AA1<br>LEI: 254900KX11YZ4HV5BQ47 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $1561171.36   | 0.23%             | 2026-08-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| PetVet Care Centers, LLC                          | PetVet Care Centers LLC                              | CUSIP: 70476XAK1<br>LEI: 549300V0HK8MSXZNOM91 | Long             | LON              | CORP              | US        |   2642219 | PA      | $2480383.09   | 0.36%             | 2025-02-14      | Variable      | 7.88%                 | Yes           |                  2 | On Loan: No      |
| DT Auto Owner Trust                               | DT Auto Owner Trust                                  | CUSIP: 23345EAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $3796092.40   | 0.55%             | 2027-02-16      | Fixed         | 1.10%                 | No            |                  2 | On Loan: No      |
| ABPCI Direct Lending Fund CLO Ltd                 | ABPCI Direct Lending Fund CLO I LLC                  | CUSIP: 00086BAC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2944000 | PA      | $2683370.62   | 0.39%             | 2033-07-20      | Floating      | 12.97%                | No            |                  2 | On Loan: No      |
| Acres PLC                                         | ACRES Commercial Realty Ltd.                         | CUSIP: 00500JAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    809000 | PA      | $772499.54    | 0.11%             | 2037-01-15      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| Owl Rock CLO Ltd                                  | Owl Rock CLO VI Ltd.                                 | CUSIP: 69120WAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3634000 | PA      | $3560306.11   | 0.52%             | 2032-06-21      | Floating      | 6.20%                 | No            |                  2 | On Loan: No      |
| MCDERMOTT SUPER SENIOR EXIT LC                    | McDermott International, Inc.                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    640000 | PA      | $505600.00    | 0.07%             | 2024-06-30      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC              | Pretium Mortgage Credit Partners I LLC               | CUSIP: 741391AB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4123645 | PA      | $3625655.88   | 0.53%             | 2060-10-27      | Variable      | 2.36%                 | 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        |   2833463 | PA      | $2555027.06   | 0.37%             | 2031-10-20      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust      | American Credit Acceptance Receivables Trust         | CUSIP: 025286AC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1731000 | PA      | $1682490.63   | 0.25%             | 2027-11-15      | Fixed         | 0.98%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust                           | CarMax Auto Owner Trust                              | CUSIP: 14315FAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     61000 | PA      | $57746.00     | 0.01%             | 2026-04-15      | Fixed         | 1.69%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association             | CUSIP: 38380PAD6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2178637 | PA      | $170300.34    | 0.02%             | 2061-11-16      | Variable      | 1.26%                 | No            |                  2 | On Loan: No      |
| Ford Credit Floorplan Master Owner Trust          | Ford Credit Floorplan Master Owner Trust             | CUSIP: 34528QHM9<br>LEI: 5493001DTG5N7T8BG747 | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $962841.80    | 0.14%             | 2025-09-15      | Fixed         | 0.98%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                            | CCO Holdings LLC/CCO Holdings Capital Corp.          | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2633000 | PA      | $2474335.42   | 0.36%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                               | PFS Financing Corp.                                  | CUSIP: 69335PEB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    310000 | PA      | $291637.71    | 0.04%             | 2026-04-15      | Fixed         | 0.96%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC              | Pretium Mortgage Credit Partners I LLC               | CUSIP: 741386AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1721930 | PA      | $1521153.89   | 0.22%             | 2060-06-27      | Variable      | 1.99%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd                    | Golub Capital Partners CLO 38M Ltd.                  | CUSIP: 38175DAE0<br>LEI: 254900AGTMBDCCW4M473 | Long             | ABS-CBDO         | CORP              | KY        |   1993000 | PA      | $1878663.58   | 0.27%             | 2030-07-20      | Floating      | 7.04%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority            | Oklahoma Development Finance Authority               | CUSIP: 6789084F8<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   2335000 | PA      | $2133739.53   | 0.31%             | 2033-12-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Pawnee Equipment Receivables                      | Pawnee Equipment Receivables LLC                     | CUSIP: 704100AB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    826833 | PA      | $789414.95    | 0.12%             | 2027-07-15      | Fixed         | 1.10%                 | No            |                  2 | On Loan: No      |
| BlackRock Mt. Adams CLO IX LP                     | BlackRock Mount Adams CLO IX LP                      | CUSIP: 09261TAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1395000 | PA      | $1355930.24   | 0.20%             | 2031-09-22      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| WH Borrower, LLC                                  | WH Borrower LLC                                      | CUSIP: 92942LAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2825918 | PA      | $2684621.63   | 0.39%             | 2027-02-15      | Variable      | 9.36%                 | Yes           |                  2 | On Loan: No      |
| ABPCI Direct Lending Fund CLO X LP                | ABPCI Direct Lending Fund CLO X LP                   | CUSIP: 000848AA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    678000 | PA      | $663761.32    | 0.10%             | 2032-01-20      | Floating      | 6.19%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust               | Citigroup Commercial Mortgage Trust                  | CUSIP: 17320DAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     74915 | PA      | $74663.03     | 0.01%             | 2046-04-10      | Fixed         | 3.09%                 | No            |                  2 | On Loan: No      |
| WINDSTREAM WARRANTS                               | Windstream Holdings, Inc.                            | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |     11258 | NS      | $112580.00    | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| VCAT Asset Securitization, LLC                    | VCAT LLC                                             | CUSIP: 91790CAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5479224 | PA      | $5165385.38   | 0.75%             | 2050-12-26      | Variable      | 2.29%                 | No            |                  2 | On Loan: No      |
| TPG Real Estate Finance                           | TRTX Issuer Ltd.                                     | CUSIP: 87277JAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2356000 | PA      | $2267575.08   | 0.33%             | 2039-02-15      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd                    | Golub Capital Partners CLO 45M Ltd.                  | CUSIP: 38172HAC8<br>LEI: 254900SGGS5FSVUNJG17 | Long             | ABS-CBDO         | CORP              | KY        |   1429000 | PA      | $1380193.93   | 0.20%             | 2031-10-20      | Floating      | 6.79%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners Funding                    | Golub Capital Partners ABS Funding Ltd.              | CUSIP: 38178XAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4896000 | PA      | $4174701.21   | 0.61%             | 2029-10-19      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| ABPCI Direct Lending Fund ABS Ltd                 | ABPCI Direct Lending Fund ABS II LLC                 | CUSIP: 00090NAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6978000 | PA      | $6515993.60   | 0.95%             | 2032-03-01      | Fixed         | 8.24%                 | No            |                  2 | On Loan: No      |
| Legal Fee Funding                                 | Legal Fee Funding LLC                                | CUSIP: 524708AA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    104836 | PA      | $104836.16    | 0.02%             | 2036-07-20      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| Cerberus                                          | Cerberus Loan Funding XXXVI LP                       | CUSIP: 15674UAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1950927 | PA      | $1940275.33   | 0.28%             | 2033-11-22      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| DataBank Issuer LLC                               | DataBank Issuer                                      | CUSIP: 23802WAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1250653.20   | 0.18%             | 2051-02-27      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| Springcastle SPV                                  | SpringCastle America Funding LLC                     | CUSIP: 85022WAP9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1368257 | PA      | $1244103.37   | 0.18%             | 2037-09-25      | Fixed         | 1.97%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                           | Frontier Communications Holdings LLC                 | CUSIP: 35908MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1636000 | PA      | $1284260.00   | 0.19%             | 2030-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VCP CLO II Ltd                                    | VCP CLO II Ltd.                                      | CUSIP: 91824EAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4460000 | PA      | $4117842.18   | 0.60%             | 2031-04-15      | Floating      | 12.49%                | No            |                  2 | On Loan: No      |
| FCI Funding, LLC                                  | FCI Funding LLC                                      | CUSIP: 30260GAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    222487 | PA      | $217286.87    | 0.03%             | 2033-04-15      | Fixed         | 1.13%                 | No            |                  2 | On Loan: No      |
| ACRE COMMERCIAL MORTGAGE TRUST                    | ACRE Commercial Mortgage Ltd.                        | CUSIP: 00489TAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    313125 | PA      | $310028.29    | 0.05%             | 2037-12-18      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| Gracie Point International Funding                | Gracie Point International Funding                   | CUSIP: 38411EAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1802307 | PA      | $1795078.50   | 0.26%             | 2023-11-01      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| CD&R SMOKEY BUYER INC                             | CD&R Smokey Buyer, Inc.                              | CUSIP: 12510CAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3866000 | PA      | $3305430.00   | 0.48%             | 2025-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GM Financial Automobile Leasing Trust             | GM Financial Automobile Leasing Trust                | CUSIP: 380144AE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    284000 | PA      | $272565.73    | 0.04%             | 2025-05-20      | Fixed         | 0.69%                 | No            |                  2 | On Loan: No      |
| Fanniemae Strip                                   | Federal National Mortgage Association Interest Strip | CUSIP: 31364HP50<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    109703 | PA      | $98395.16     | 0.01%             | 2027-07-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Shelter Growth CRE                                | Shelter Growth CRE Issuer Ltd.                       | CUSIP: 822866AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    605647 | PA      | $584124.13    | 0.09%             | 2036-09-15      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| Vericrest Opportunity Loan Transferee             | VOLT C LLC                                           | CUSIP: 91835DAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    992103 | PA      | $895370.43    | 0.13%             | 2051-05-25      | Variable      | 1.99%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Lease Trust                      | Ford Credit Auto Lease Trust                         | CUSIP: 345329AE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1055000 | PA      | $999694.16    | 0.15%             | 2025-01-15      | Fixed         | 0.66%                 | No            |                  2 | On Loan: No      |
| World Omni Auto Receivables Trust                 | World Omni Auto Receivables Trust                    | CUSIP: 98163LAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $272973.39    | 0.04%             | 2027-06-15      | Fixed         | 1.04%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust            | Santander Drive Auto Receivables Trust               | CUSIP: 80286EAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6336000 | PA      | $6131593.67   | 0.89%             | 2026-08-17      | Fixed         | 2.36%                 | No            |                  2 | On Loan: No      |
| GM Financial Automobile Leasing Trust             | GM Financial Automobile Leasing Trust                | CUSIP: 36265MAE5<br>LEI: 2549001DWK2615D9KR84 | Long             | ABS-O            | CORP              | US        |    793000 | PA      | $757886.83    | 0.11%             | 2026-02-20      | Fixed         | 2.23%                 | No            |                  2 | On Loan: No      |
| Parliament CLO Ltd                                | Parliament CLO II Ltd.                               | CUSIP: 701631AA1<br>LEI: 5493009BTB3REE8RVW84 | Long             | ABS-CBDO         | CORP              | KY        |   1756000 | PA      | $1706400.02   | 0.25%             | 2032-08-20      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                               | PFS Financing Corp.                                  | CUSIP: 69335PDX0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3998000 | PA      | $3769804.55   | 0.55%             | 2026-02-15      | Fixed         | 0.97%                 | No            |                  2 | On Loan: No      |
| ARES CAPITAL CORP                                 | Ares Capital Corp.                                   | CUSIP: 04010LBA0<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |   4513000 | PA      | $3822979.90   | 0.56%             | 2026-07-15      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                      | Dell Equipment Finance Trust                         | CUSIP: 24702VAJ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    765000 | PA      | $723184.64    | 0.11%             | 2026-12-22      | Fixed         | 0.94%                 | No            |                  2 | On Loan: No      |
| World Omni Auto Receivables Trust                 | World Omni Auto Receivables Trust                    | CUSIP: 98163CAH3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    176000 | PA      | $161784.36    | 0.02%             | 2027-05-17      | Fixed         | 1.39%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                       | Asurion LLC                                          | CUSIP: 04649VAW0<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |   5262275 | PA      | $5099144.65   | 0.74%             | 2024-11-03      | Variable      | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                      | Dell Equipment Finance Trust                         | CUSIP: 24703WAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1139000 | PA      | $1091343.67   | 0.16%             | 2027-08-23      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| VCP CLO II Ltd                                    | VCP CLO II Ltd.                                      | CUSIP: 91824DAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   6216000 | PA      | $6148612.34   | 0.90%             | 2031-04-15      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                      | Dell Equipment Finance Trust                         | CUSIP: 24703WAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7144000 | PA      | $6914479.71   | 1.01%             | 2027-08-23      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Federal National Mortgage Association                | CUSIP: 3140X4GL4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     35270 | PA      | $34706.89     | 0.01%             | 2031-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                               | PFS Financing Corp.                                  | CUSIP: 69335PDZ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2543000 | PA      | $2395357.74   | 0.35%             | 2026-04-15      | Fixed         | 0.71%                 | No            |                  2 | On Loan: No      |
| AIR CANADA 2017-1AA PTT                           | Air Canada Pass-Through Trust                        | CUSIP: 00908PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1998338 | PA      | $1689671.97   | 0.25%             | 2030-01-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Prestige Auto Receivables Trust                   | Prestige Auto Receivables Trust                      | CUSIP: 74113XAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    705000 | PA      | $655839.43    | 0.10%             | 2028-02-15      | Fixed         | 1.53%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust             | Preston Ridge Partners Mortgage LLC                  | CUSIP: 69362QAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2764546 | PA      | $2500070.34   | 0.36%             | 2026-11-25      | Variable      | 2.49%                 | No            |                  2 | On Loan: No      |
| AXIOM GLOBAL INC                                  | Axiom Global, Inc.                                   | CUSIP: 05464KAC7<br>LEI: 549300W2I02HCGWMMJ20 | Long             | LON              | CORP              | US        |   3079336 | PA      | $2948464.11   | 0.43%             | 2026-10-01      | Variable      | 9.04%                 | Yes           |                  2 | On Loan: No      |
| Elm Trust                                         | Elm Trust                                            | CUSIP: 28924AAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    985000 | PA      | $886058.33    | 0.13%             | 2029-10-20      | Fixed         | 3.87%                 | No            |                  2 | On Loan: No      |
| ABPCI Direct Lending Fund ABS Ltd                 | ABPCI Direct Lending Fund ABS I Ltd.                 | CUSIP: 00090TAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3273000 | PA      | $2977160.08   | 0.43%             | 2030-12-20      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust             | Preston Ridge Partners Mortgage LLC                  | CUSIP: 69359UAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5842170 | PA      | $5299107.95   | 0.77%             | 2026-03-25      | Variable      | 2.12%                 | No            |                  2 | On Loan: No      |
| Woodmont Trust                                    | Woodmont Trust                                       | CUSIP: 97988UAY1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1679000 | PA      | $1642132.52   | 0.24%             | 2031-07-15      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| CIMPRESS PLC                                      | Cimpress PLC                                         | CUSIP: 17186HAC6<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | CORP              | IE        |   8557000 | PA      | $5936418.75   | 0.87%             | 2026-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                         | Towd Point Mortgage Trust                            | CUSIP: 89175VAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    462209 | PA      | $437864.53    | 0.06%             | 2058-03-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust               | Exeter Automobile Receivables Trust                  | CUSIP: 30167JAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3168000 | PA      | $3002642.44   | 0.44%             | 2028-06-15      | Fixed         | 2.56%                 | No            |                  2 | On Loan: No      |
| Fortress Credit Opportunities XIX CLO LLC         | Fortress Credit Opportunities IX CLO Ltd.            | CUSIP: 34961MAE7<br>LEI: 2549008RD44HDM6DNP14 | Long             | ABS-CBDO         | CORP              | KY        |   8814000 | PA      | $7767443.27   | 1.13%             | 2033-10-15      | Floating      | 12.14%                | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust                           | CarMax Auto Owner Trust                              | CUSIP: 14317CAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3713000 | PA      | $3525394.73   | 0.51%             | 2026-12-15      | Fixed         | 1.47%                 | No            |                  2 | On Loan: No      |
| Owl Rock Technology Financing                     | Owl Rock Technology Financing LLC                    | CUSIP: 69120LAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3099000 | PA      | $3055719.37   | 0.45%             | 2031-01-15      | Floating      | 7.03%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust                           | CarMax Auto Owner Trust                              | CUSIP: 14315XAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1940000 | PA      | $1861625.16   | 0.27%             | 2025-11-17      | Fixed         | 2.34%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust             | Westlake Automobile Receivables Trust                | CUSIP: 96042RAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2450000 | PA      | $2320726.49   | 0.34%             | 2026-07-15      | Fixed         | 0.89%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED COMMUNICATI                          | Consolidated Communications, Inc.                    | CUSIP: 20903XAF0<br>LEI: 549300WW675Y48HDVX34 | Long             | DBT              | CORP              | US        |   1119000 | PA      | $868836.36    | 0.13%             | 2028-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GM Financial Securitized Term Auto Receivables Tr | GM Financial Consumer Automobile Receivables Trust   | CUSIP: 362590AF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    142000 | PA      | $134070.38    | 0.02%             | 2026-01-16      | Fixed         | 1.37%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust                      | Ford Credit Auto Owner Trust                         | CUSIP: 345286AC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1998000 | PA      | $1898300.60   | 0.28%             | 2026-06-15      | Fixed         | 1.29%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners Funding                    | Golub Capital Partners ABS Funding Ltd.              | CUSIP: 38178HAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   3868000 | PA      | $3497631.65   | 0.51%             | 2029-04-20      | Fixed         | 2.77%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Lease Securitization Trust           | Hyundai Auto Lease Securitization Trust              | CUSIP: 44891VAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    124000 | PA      | $119320.57    | 0.02%             | 2025-08-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| Elm Trust                                         | Elm Trust                                            | CUSIP: 289338AB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5662000 | PA      | $5285911.28   | 0.77%             | 2029-08-20      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| ABPCI Direct Lending Fund ABS Ltd                 | ABPCI Direct Lending Fund ABS I Ltd.                 | CUSIP: 00090TAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1284000 | PA      | $1169310.55   | 0.17%             | 2030-12-20      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Monroe Capital ABS Funding LTD                    | Monroe Capital ABS Funding Ltd.                      | CUSIP: 610331AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   2912000 | PA      | $2629946.59   | 0.38%             | 2031-04-22      | Fixed         | 2.81%                 | No            |                  2 | On Loan: No      |
| Coinstar Funding, LLC                             | Coinstar Funding LLC                                 | CUSIP: 19260MAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2516535 | PA      | $1925350.60   | 0.28%             | 2047-04-25      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| Hawaii Hotel Trust 2019-MAUI                      | Hawaii Hotel Trust                                   | CUSIP: 41975AAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1384000 | PA      | $1325254.46   | 0.19%             | 2038-05-15      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Cerberus                                          | Cerberus Loan Funding XXVIII LP                      | CUSIP: 15673EAD5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2236000 | PA      | $2152389.25   | 0.31%             | 2031-10-15      | Floating      | 9.38%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                               | DT Auto Owner Trust                                  | CUSIP: 23344GAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    168000 | PA      | $161296.67    | 0.02%             | 2026-10-15      | Fixed         | 0.84%                 | No            |                  2 | On Loan: No      |
| Conn Funding II, L.P                              | Conn's Receivables Funding LLC                       | CUSIP: 20825GAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2369000 | PA      | $2332170.58   | 0.34%             | 2026-05-15      | Fixed         | 2.87%                 | No            |                  2 | On Loan: No      |
| Verizon Master Trust                              | Verizon Master Trust                                 | CUSIP: 92348KAU7<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-O            | CORP              | US        |    663000 | PA      | $638130.41    | 0.09%             | 2028-11-20      | Variable      | 3.89%                 | No            |                  2 | On Loan: No      |
| Capstone Acquisition Holdings, Inc.               | Capstone Acquisition Holdings, Inc.                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1789175 | PA      | $1693006.60   | 0.25%             | 2027-11-12      | Variable      | 9.13%                 | Yes           |                  2 | On Loan: No      |
| Fortress Credit Opportunities XIX CLO LLC         | Fortress Credit Opportunities VI CLO Ltd.            | CUSIP: 34960JAU9<br>LEI: 254900D3ZKYJFB38KE25 | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $3882152.00   | 0.57%             | 2030-07-10      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-18

**Name of Applicant:** FPA FUNDS TRUST

**Signature:** Lake Setzler

**Name of Signer:** Lake Setzler

**Title:** Treasurer