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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2022

 

Commission file number: 000-50728

 

FUTURES PORTFOLIO FUND, LIMITED PARTNERSHIP

 

Organized in Maryland                                           IRS Employer Identification No.: 84-3698129

 

c/o Steben & Company, LLC

687 Excelsior Boulevard

Excelsior, MN 55331

(952) 767-6900

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 

Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 

  Large accelerated filer Accelerated filer  
  Non-accelerated filer Smaller reporting company  
      Emerging growth company  

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). 

Yes ☐ No

 

Securities registered pursuant to Section 12(b) of the Act: N/A

 

 

 

 

 

PART I: FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

Futures Portfolio Fund, Limited Partnership

Statements of Financial Condition

June 30, 2022 (Unaudited) and December 31, 2021

 

   June 30,     
   2022   December 31, 
   (Unaudited)   2021 
Assets          
Equity in broker trading accounts          
Cash  $55,820,339   $44,372,309 
Net unrealized gain (loss) on open futures contracts   (1,253,237)   (723,716)
Net unrealized gain (loss) on open forward currency contracts   274,783    328,039 
Net unrealized gain (loss) on swap contracts   213    270,782 
Total equity in broker trading accounts   54,842,098    44,247,414 
Cash and cash equivalents   20,757,136    5,647,881 
Investment in private investment company, at fair value (cost$ 1,119,755 and $782,292)   3,644,383    3,200,634 
Investment in securities, at fair value (cost $95,876,511 and $102,304,347)   93,884,029    101,773,959 
Exchange membership, at fair value (cost $189,000 and $189,000)   158,250    112,000 
Dividend and interest receivable   15,910    901 
Total assets  $173,301,806   $154,982,789 
           
Liabilities and Partners’ Capital (Net Asset Value)          
Liabilities          
Trading Advisor management fees payable  $263,180   $225,938 
Trading Advisor incentive fees payable   2,814,581    721,914 
Commissions and other trading fees payable on open contracts   15,512    22,309 
Cash Managers fees payable   28,245    30,354 
General Partner management and performance fees payable   212,138    192,096 
General Partner 1% allocation payable   234,458    107,771 
Selling Agent payable - General Partner   192,795    176,331 
Broker dealer servicing fees payable - General Partner   7,548    6,718 
Administrative fee payable - General Partner   63,185    57,037 
Dividend and interest payable       3,384 
Redemption payable   2,310,913    1,285,931 
Total liabilities   6,142,555    2,829,783 
           
Partners’ Capital (Net Asset Value)          
Class A Interests – 24,383.9525 and 25,762.1732 units outstanding at June 30, 2022 and December 31, 2021, respectively   113,565,223    104,241,918 
Class A2 Interests – 340.7072 and 340.7072 units outstanding at June 30, 2022 and December 31, 2021, respectively   424,449    366,207 
Class A3 Interests – 0.0000 and 38.0000 units outstanding at June 30, 2022 and December 31, 2021, respectively       39,588 
Class B Interests – 5,843.2204 and 6,103.5404 units outstanding at June 30, 2022 and December 31, 2021, respectively   44,568,288    40,086,210 
Class I Interests – 256.4767 and 256.4767 units outstanding at June 30, 2022 and December 31, 2021, respectively   333,501    285,819 
Class R Interests – 6,486.0209 and 6,505.3148 units outstanding at June 30, 2022 and December 31, 2021, respectively   8,267,790    7,133,264 
Total partners’ capital (net asset value)   167,159,251    152,153,006 
           
Total liabilities and partners’ capital (net asset value)  $173,301,806   $154,982,789 

 

The accompanying notes are an integral part of these financial statements.

 

1 

 

Futures Portfolio Fund, Limited Partnership 

Condensed Schedule of Investments

June 30, 2022 (Unaudited)

  

       Description  Fair Value   % of Partners’
Capital (Net
Asset Value)
 
INVESTMENTS IN SECURITIES            
U.S. Treasury Securities               
Face
Value
   Maturity Date  Name   Yield1           
$3,000,000   8/31/22  U.S. Treasury   0.13%  $2,993,285    1.79%
 2,500,000   2/15/23  U.S. Treasury   2.00%   2,508,628    1.50%
 7,000,000   8/15/23  U.S. Treasury   2.50%   7,029,652    4.21%
Total U.S. Treasury securities (cost: $12,527,964)         12,531,565    7.50% 
                        
U.S. Commercial Paper               
Face
Value
   Maturity Date  Name   Yield1           
Automotive                       
$1,200,000   7/15/22  PACCAR Financial Corp.   1.49%  1,199,253    0.72%
Banks                       
 1,200,000   7/18/22  MUFG Bank - New York Branch   1.07%   1,199,360    0.72%
                        
Diversified financial services                
 1,200,000   7/22/22  National Rural Utilities Cooperative Finance Corporation   1.67%   1,198,776    0.72%
 1,200,000   8/23/22  Nieuw Amsterdam Receivables Corporation B.V.   1.86%   1,196,643    0.71%
 1,200,000   7/7/22  DCAT, LLC   0.99%   1,199,770    0.72%
Food                       
 1,200,000   7/19/22  Walmart Inc.   0.92%   1,199,418    0.72%
Machinery                       
 1,200,000   8/18/22  John Deere Capital Corporation   1.44%   1,197,648    0.72%
Pharmaceuticals                       
 1,200,000   7/19/22  Novartis Finance Corporation   1.52%   1,199,040    0.72%
Water                       
 1,100,000   7/14/22  American Water Capital Corp.   1.55%   1,099,337    0.65%
Total U.S. commercial paper (cost: $10,682,312)         10,689,245    6.04%

 

The accompanying notes are an integral part of these financial statements.

2 

 

Futures Portfolio Fund, Limited Partnership

Condensed Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

       Description  Fair Value   % of Partners’ Capital (Net Asset Value) 
Foreign Commercial Paper               
Face
Value
   Maturity Date  Name   Yield1           
Automotive                       
$1,200,000   7/25/22  Nationwide Building Society   1.56%  $1,198,696    0.72%
Banks                       
 1,200,000   8/8/22  KfW   1.32%   1,198,290    0.72%
 1,200,000   8/26/22  National Bank of Canada   1.91%   1,196,379    0.71%
 1,200,000   7/27/22  Sumitomo Mitsui Banking Corporation   1.54%   1,198,613    0.72%
 Diversified financial services                
 1,200,000   7/6/22  Ontario Teachers’ Finance Trust   0.83%   1,199,833    0.72%
 1,200,000   7/8/22  Glencove Funding DAC   1.01%   1,199,732    0.72%
 1,200,000   7/29/22  Great Bear Funding Designated Activity Company   1.58%   1,198,469    0.72%
Total foreign commercial paper (cost: $8,383,476)         8,390,012    5.03%
Total commercial paper (cost: $19,065,788)         19,079,257    11.43%
                        
U.S. Corporate Notes               
Face
Value
   Maturity Date  Name   Yield1           
Aerospace                       
$3,000,000   5/1/25  Boeing Company   4.88%   3,014,664    1.80%
 1,600,000   8/16/23  Raytheon Technologies Corporation   3.65%   1,621,892    0.97%
Automotive                       
 4,000,000   6/14/24  NVIDIA Corporation   0.58%   3,796,975    2.27%
Banks                       
 4,000,000   5/5/23  Credit Suisse AG, New York Branch   1.00%   3,924,058    2.35%
 4,000,000   12/5/24  JPMorgan Chase & Co.   0.00%   4,000,274    2.39%
 2,000,000   7/23/24  Bank of America Corporation   0.00%   2,022,915    1.21%
 2,000,000   12/6/24  Truist Bank   2.15%   1,931,066    1.16%
 4,250,000   1/24/24  Wells Fargo & Company   3.75%   4,332,213    2.59%
Diversified financial services                       
 4,000,000   1/8/24  Athene Global Funding   0.95%   3,817,473    2.28%
 2,700,000   4/1/24  Brookfield Finance LLC   4.00%   2,721,732    1.63%
 4,600,000   3/8/24  Goldman Sachs Group, Inc.   0.67%   4,504,309    2.69%
 600,000   12/7/23  The Bank of New York Mellon Corporation   0.35%   577,576    0.35%
Machinery                       
 2,000,000   1/10/25  John Deere Capital Corp Fxd   1.25%   1,907,547    1.14%
Media                       
 3,000,000   3/15/24  Magallanes, Inc.   3.43%   2,977,640    1.78%
Pharmaceuticals                       
 3,500,000   2/1/23  Zoetis Inc.   3.25%   3,542,965    2.12%
Telecommunications                       
 3,000,000   3/22/24  Verizon Communications Inc.   0.75%   2,867,672    1.72%
Total U.S. corporate notes (cost: $49,289,980)         47,560,971    28.45%

 

The accompanying notes are an integral part of these financial statements. 

 

3 

 

Futures Portfolio Fund, Limited Partnership

Condensed Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

       Description  Fair Value   % of Partners’ Capital (Net Asset Value) 
Foreign Corporate Notes               
Face
Value
   Maturity Date  Name   Yield1           
Banks                       
$3,000,000   6/9/23  Nordea Bank Abp   1.00%  $2,938,884    1.76%
Diversified financial services                
$4,000,000   1/13/25  UBS AG (London Branch)   1.38%  $3,784,315    2.26%
Total foreign corporate notes (cost: $6,932,129)         6,723,199    4.02%
Total corporate notes (cost: $56,222,109)         54,284,170    32.47%
                        
U.S. Asset Backed Securities               
Face
Value
   Maturity Date  Name   Yield1           
Automotive                       
 501,495   6/18/25  Americredit Automobile Receivables Trust 2020-3   0.53%   495,880    0.30%
$350,000   12/16/24  CarMax Auto Owner Trust 2019-2   2.77%   349,359    0.21%
 160,123   6/9/25  Carvana Auto Receivables Trust, Series 2020-P1   0.44%   158,116    0.09%
 417,566   1/10/25  Carvana Auto Receivables Trust 2021-P3   0.38%   413,958    0.25%
 950,000   8/15/24  Nissan Auto Lease Trust 2022-A   1.70%   950,089    0.57%
 136,822   8/15/24  Santander Consumer Auto Receivables Trust 2020-B_1   0.46%   136,614    0.08%
 295,000   4/15/25  Santander Consumer Auto Receivables Trust 2020- B_1   0.54%   291,588    0.17%
 965,000   10/15/26  Santander Drive Auto Receivables Trust 2022-2   1.98%   959,916    0.57%
 439,907   4/15/24  Ford Credit Auto Lease Trust 2021-B   0.24%   436,064    0.26%
 416,003   3/20/25  TESLA 2021-A A2   0.36%   411,248    0.25%
Equipment                       
 615,550   10/20/23  Dllmt 2021-1 Llc.   0.60%   608,280    0.36%
 53,603   10/22/24  Dell Equipment Finance Trust 2019-2   1.91%   53,626    0.03%
 348,000   5/22/26  Dell Equipment Finance Trust 2021-1   0.43%   338,763    0.20%
 575,000   1/21/25  Dllst 2022-1 Llc   3.40%   572,553    0.34%
 183,097   7/22/30  HPEFS Equipment Trust 2020-2   0.69%   182,952    0.11%
 368,534   3/20/31  HPEFS Equipment Trust 2021-1   0.00%   367,186    0.22%
 300,000   3/20/31  HPEFS Equipment Trust 2021-1   0.00%   293,865    0.18%
 306,897   4/15/24  MMAF Equipment Finance LLC Series 2021-A   0.30%   304,497    0.18%
 68,118   7/22/24  Verizon Owner Trust 2020-A   1.85%   67,970    0.04%
 610,000   4/21/25  Verizon Owner Trust 2020-C   0.41%   596,513    0.36%
Total U.S. asset backed securities (cost: $8,060,650)         7,989,037    4.77%
Total investments in securities (cost: $95,876,511)       $93,884,029    56.17%

 

The accompanying notes are an integral part of these financial statements.

 

4 

 

Futures Portfolio Fund, Limited Partnership

Condensed Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

       Description  Fair Value   % of Partners’ Capital (Net Asset Value) 
OPEN FUTURES CONTRACTS            
Long U.S. Futures Contracts               
        Agricultural commodities       $(786,528)   (0.47)%
      Currencies       (219,202)   (0.13)%
        Energy        (1,660,594)   (0.99)%
        Equity indices        (8,129)   0.00%
        Interest rate instruments        717,627    0.43%
        Metals2        (2,754,194)   (1.65)%
Net unrealized gain (loss) on open long U.S. futures contracts        (4,711,020)   (2.81)%
                        
Short U.S. Futures Contracts               
        Agricultural commodities        202,028    0.12%
        Currencies        466,752    0.28%
        Energy        213,282    0.13%
        Equity indices        123,023    0.07%
        Interest rate instruments        (441,749)   (0.26)%
        Metals2        2,925,242    1.75%
Net unrealized gain (loss) on open short U.S. futures contracts        3,488,578    2.09%
                        
Total U.S. Futures Contracts - net unrealized gain (loss) on open U.S. futures contracts        (1,222,442)   (0.72)%
                        
Long Foreign Futures Contracts               
        Agricultural commodities        (105,552)   (0.06)%
        Currencies        (122,107)   (0.07)%
        Energy        120,818    0.07%
        Equity indices        (177,914)   (0.11)%
        Interest rate instruments        487,981    0.29%
        Metals        34,393    0.02%
Net unrealized gain (loss) on open long foreign futures contracts        237,619    0.14%

 

The accompanying notes are an integral part of these financial statements.

 

5 

 

Futures Portfolio Fund, Limited Partnership

Condensed Schedule of Investments (continued)

June 30, 2022 (Unaudited)

 

       Description  Fair Value   % of Partners’
Capital (Net
Asset Value)
 
OPEN FUTURES CONTRACTS (continued)            
Short Foreign Futures Contracts               
      Agricultural commodities       3,356    0.00%
        Currencies        35,217    0.02%
        Energy            0.00%
        Equity indices        348,107    0.21%
        Interest rate instruments        (655,094)   (0.39)%
Net unrealized gain (loss) on open short foreign futures contracts        (268,414)   (0.16)%
                        
Total foreign futures contracts - net unrealized gain (loss) on open foreign futures contracts        (30,795)   (0.02)%
                        
Net unrealized gain (loss) on open futures contracts       $(1,253,237)   (0.74)%
                        
OPEN FORWARD CURRENCY CONTRACTS               
U.S. Forward Currency Contracts               
        Long2       $(1,132,495)   (0.68)%
        Short2        1,300,169    0.78%
Net unrealized gain (loss) on open U.S. forward currency contracts        167,674    0.10%
                        
Foreign Forward Currency Contracts               
        Long        167,368    0.10%
        Short        (60,259)   (0.04)%
Net unrealized gain (loss) on open foreign forward currency contracts        107,109    0.06%
                        
Net unrealized gain (loss) on open forward currency contracts       $274,783    0.16%
                        
TOTAL RETURN SWAP CONTRACTS               
                        
        Long       $213    0.00%
                        
INVESTMENT IN PRIVATE INVESTMENT COMPANY3              
        Galaxy East Alpha (cost: $1,119,755)       $3,644,383    2.18%

 

1Represents the annualized yield at date of purchase for discount securities or the stated coupon rate for coupon-bearing securities.

 

2No individual futures or forward currency contract position constituted one percent or greater of partners’ capital (net asset value). Accordingly, the number of contracts and expiration dates are not presented.

 

3Private investment company is a separate series that is part of the Galaxy Plus Managed Account Platform (Platform), which is sponsored by New Hyde Park Alternative Funds, LLC (Sponsor). Each series on the Platform invests in Master Fund that allocates assets to a Commodity Trading Advisor (“CTA”). The CTA of our master fund investment trades global commodities markets primarily through futures contracts. The CTA is paid a management fee of up to 1.00% and a 20% share of the trading profits. The Fund may redeem any portion of its investment on a daily basis. Any requested redemption will be satisfied within two days. There are no restrictions on liquidity for the Fund.

 

The accompanying notes are an integral part of these financial statements.

 

6 

 

 

Futures Portfolio Fund, Limited Partnership 

Condensed Schedule of Investments

December 31, 2021

 

       Description  Fair Value   % of Partners’ Capital (Net Asset Value) 
INVESTMENTS IN SECURITIES            
U.S. Treasury Securities               
Face Value   Maturity Date  Name   Yield1           
 4,500,000   9/15/23  U.S. Treasury   0.13%  $4,460,194    2.93%
 6,000,000   10/31/23  U.S. Treasury   0.38%   5,970,104    3.92%
Total U.S. Treasury securities (cost: $10,451,673)         10,430,298    6.85%
                        
U.S. Commercial Paper               
Face Value   Maturity Date  Name   Yield1           
Banks                   
 1,200,000   1/26/22  Mitsubishi UFJ Trust and Banking Corporation (USA)   0.20%   1,199,825    0.79%
Diversified financial services                   
 1,200,000   1/6/22  Citigroup Global Markets Inc.   0.11%   1,199,979    0.79%
 1,200,000   1/20/22  DCAT, LLC   0.12%   1,199,918    0.79%
 1,200,000   1/5/22  Gotham Funding Corporation   0.09%   1,199,985    0.79%
 1,100,000   2/18/22  ING (U.S.) Funding LLC   0.16%   1,099,765    0.72%
 1,200,000   1/10/22  J.P. Morgan Securities LLC   0.11%   1,199,964    0.79%
 1,200,000   4/1/22  Liberty Street Funding LLC   0.23%   1,199,310    0.79%
 1,200,000   1/11/22  Manhattan Asset Funding Company LLC   0.11%   1,199,960    0.79%
 1,200,000   1/11/22  National Rural Utilities Cooperative Finance Corporation   0.17%   1,199,937    0.79%
Food                   
 1,200,000   1/12/22  Archer-Daniels-Midland Company   0.05%   1,199,978    0.79%
Water                   
 1,200,000   1/4/22  American Water Capital Corp.   0.10%   1,199,987    0.79%
Total U.S. commercial paper (cost: $13,097,222)         13,098,608    8.62%

 

The accompanying notes are an integral part of these financial statements.

 

7 

 

Futures Portfolio Fund, Limited Partnership

Condensed Schedule of Investments (continued)

December 31, 2021

 

       Description  Fair Value   % of Partners’ Capital (Net Asset Value) 
Foreign Commercial Paper               
Face Value   Maturity Date  Name   Yield1           
Automotive                   
$1,200,000   1/12/22  Nationwide Building Society   0.12%  $1,199,952    0.79%
Banks                       
 1,200,000   2/7/22  DBS Bank Ltd.   0.15%   1,199,815    0.79%
 1,200,000   1/14/22  DNB Bank ASA   0.11%   1,199,948    0.79%
 1,200,000   2/15/22  KfW   0.12%   1,199,820    0.79%
Diversified financial services                   
 1,200,000   1/20/22  Experian Finance plc   0.25%   1,199,835    0.79%
 1,200,000   3/8/22  Glencove Funding DAC   0.24%   1,199,472    0.79%
Total foreign commercial paper (cost: $7,197,809)         7,198,842    4.74%
Total commercial paper (cost: $20,295,031)         20,297,450    13.36%
                        
U.S. Corporate Notes               
Face Value   Maturity Date  Name   Yield1           
Aerospace                       
$4,000,000   5/1/22  Boeing Company   2.70%   4,042,997    2.66%
 1,600,000   8/16/23  Raytheon Technologies Corporation   3.65%   1,684,350    1.11%
Automotive                       
 4,000,000   6/14/24  NVIDIA Corporation   0.58%   3,964,887    2.61%
Banks                       
 2,000,000   7/23/24  Bank of America Corporation   3.86%   2,118,449    1.39%
 4,000,000   5/5/23  Credit Suisse AG, New York Branch   1.00%   4,013,970    2.64%
 5,000,000   4/25/23  JPMorgan Chase & Co.   2.78%   5,056,552    3.32%
 4,000,000   5/17/22  Truist Bank   2.80%   4,043,637    2.66%
 4,250,000   1/24/24  Wells Fargo & Company   3.75%   4,531,975    2.98%
Diversified financial services                
 4,000,000   1/8/24  Athene Global Funding   0.95%   3,991,593    2.62%
 2,700,000   4/1/24  Brookfield Finance LLC   4.00%   2,872,854    1.89%
 4,600,000   3/8/24  Goldman Sachs Group, Inc.   0.67%   4,592,049    3.02%
 600,000   12/7/23  The Bank of New York Mellon Corporation   0.35%   594,886    0.39%
Pharmaceuticals                   
 4,000,000   5/16/22  Bristol-Myers Squibb Company   2.60%   4,047,412    2.66%
 3,500,000   2/1/23  Zoetis Inc.   3.25%   3,612,107    2.37%
Telecommunications                 
 4,000,000   2/9/22  Apple Inc.   2.50%   4,040,632    2.66%
 3,500,000   6/30/22  AT&T Inc.   3.00%   3,527,728    2.32%
 3,000,000   3/22/24  Verizon Communications Inc.   0.75%   2,987,465    1.96%
Total U.S. corporate notes (cost: $60,212,369)      59,723,543    39.26%

 

The accompanying notes are an integral part of these financial statements.

 

8 

 

Futures Portfolio Fund, Limited Partnership

Condensed Schedule of Investments (continued)

December 31, 2021

 

       Description  Fair Value   % of Partners’ Capital (Net Asset Value) 
Foreign Corporate Notes               
Face Value   Maturity Date  Name   Yield1           
Banks                       
$3,000,000   6/9/23  Nordea Bank Abp   1.00%  $3,008,775    1.98%
Total foreign corporate notes (cost: $2,996,910)       3,008,775    1.98%
Total corporate notes (cost: $63,209,279)         62,732,318    41.24%
                        
U.S. Asset Backed Securities               
Face Value   Maturity Date  Name   Yield1           
Automotive                       
 590,000   6/18/25  Americredit Automobile Receivables Trust 2020-3   0.53%   588,969    0.39%
 350,000   12/16/24  CarMax Auto Owner Trust 2019-2   2.77%   358,066    0.24%
 625,000   9/19/29  Carvana Auto Receivables Trust 2021-P3   0.38%   624,086    0.41%
 210,000   6/9/25  Carvana Auto Receivables Trust, Series 2020-P1   0.44%   209,473    0.14%
 45,202   12/15/23  Drive Auto Receivables Trust 2021-1   0.36%   45,208    0.03%
 625,000   4/15/24  Ford Credit Auto Lease Trust 2021-B   0.24%   623,654    0.41%
 371,000   8/15/28  Ford Credit Auto Owner Trust 2017-Rev1   2.62%   372,354    0.24%
 410,834   8/15/24  Santander Consumer Auto Receivables Trust 2020-B   0.46%   410,767    0.27%
 295,000   4/15/25  Santander Consumer Auto Receivables Trust 2020-B   0.00%   294,814    0.19%
 183,585   4/15/24  Santander Drive Auto Receivables Trust 2021-2   0.28%   183,574    0.12%
 593,233   3/20/25  TESLA 2021-A A2   0.36%   592,005    0.39%
 126,149   12/15/23  World Omni Auto Receivables Trust 2020-C   0.35%   126,170    0.08%
 94,072   6/17/24  World Omni Select Auto Trust 2020-A   0.47%   94,096    0.06%
Equipment                
 340,908   10/22/24  Dell Equipment Finance Trust 2019-2   1.91%   342,291    0.22%