Flat Rock Opportunity Fund (FROPX) NT NPORT-P Flat Rock Opportunity Fund (Aug 2024 report)

Flat

Rock

Enhanced

Income

Fund

Schedule

of

Investments

September

30,

2024

-

(Unaudited)

COLLATERALIZED

LOAN

OBLIGATIONS

DEBT

(a)

—

103.49%

Principal

Amount

Fair

Value

ABPCI

Direct

Lending

Fund

ABS

II

LLC,

Series

2022-2A,

Class

C,

8.24%,

3/1/2032

(b)

$

5,430,423‌

$

5,005,006‌

ABPCI

Direct

Lending

Fund

ABS

III

LLC,

Series

2023-1A,

Class

E,

12.05%,

8/1/2027

(b)

16,500,000‌

16,472,371‌

ABPCI

Direct

Lending

Fund

ABS

IV

LP,

Series

2024-1A,

Class

C,

13.15%,

5/1/2034

(3M

US

SOFR

+

783

bps)

(b)(c)

11,000,000‌

10,973,643‌

ABPCI

Direct

Lending

Fund

CLO

I

LLC,

Series

2023-12A,

Class

E,

14.94%,

4/29/2035

(3M

US

SOFR

+

968

bps)

(b)(c)

6,200,000‌

6,279,068‌

ABPCI

Direct

Lending

Fund

CLO

Ltd.,

Series

2023-15A,

Class

E,

13.86%,

10/30/2035

(3M

US

SOFR

+

860

bps)

(b)(c)

3,000,000‌

3,017,594‌

ABPCI

Direct

Lending

Fund

CLO

Ltd.,

Series

2019-5A,

Class

D,

13.42%,

1/20/2036

(3M

US

SOFR

+

813

bps)

(b)(c)

14,000,000‌

14,096,951‌

ABPCI

Direct

Lending

Fund

CLO

Ltd.,

Series

2023-16A,

Class

E,

13.79%,

2/1/2036

(3M

US

SOFR

+

861

bps)

(b)(c)

12,000,000‌

12,082,489‌

Barings

Middle

Market

CLO

Ltd.,

Series

2023-IIA,

Class

E,

15.76%,

1/20/2032

(3M

US

SOFR

+

1043

bps)

(b)(c)(d)

8,500,000‌

8,360,141‌

Barings

Middle

Market

CLO

Ltd.,

Series

2021-IA,

Class

D,

14.19%,

7/20/2033

(3M

US

SOFR

+

891

bps)

(b)(c)

1,000,000‌

1,004,818‌

Barings

Middle

Market

CLO

Ltd.,

Series

2023-IA,

Class

D,

13.96%,

1/20/2036

(3M

US

SOFR

+

862

bps)

(b)(c)

11,500,000‌

11,572,803‌

BCC

Middle

Market

CLO

LLC,

Series

2023-1A,

Class

E,

15.12%,

7/20/2035

(3M

US

SOFR

+

984

bps)

(b)(c)

3,750,000‌

3,810,620‌

BCC

Middle

Market

CLO

LLC,

Series

2018-1A,

Class

DR,

13.60%,

4/20/2036

(3M

US

SOFR

+

832

bps)

(b)(c)

10,000,000‌

10,216,551‌

BlackRock

Maroon

Bells

CLO

XI

LLC,

Series

2022-1A,

Class

E,

14.80%,

10/15/2034

(3M

US

SOFR

+

950

bps)

(b)(c)

4,162,500‌

4,178,526‌

Blackrock

Mt.

Hood

CLO

X

LLC,

Series

2023-1A,

Class

E,

15.37%,

4/20/2035

(3M

US

SOFR

+

950

bps)

(b)(c)

14,413,362‌

14,615,337‌

Brightwood

Capital

MM

CLO

Ltd.,

Series

2020-1,

Class

ER,

14.02%,

1/15/2031

(3M

US

SOFR

+

872

bps)

(b)(c)

13,000,000‌

12,892,342‌

Brightwood

Capital

MM

CLO

Ltd.,

Series

2024-2A,

Class

E,

13.84%,

4/15/2036

(3M

US

SOFR

+

855

bps)

(b)(c)

5,000,000‌

5,031,369‌

Churchill

Middle

Market

CLO

Ltd.,

Series

2019-1A,

Class

ER,

13.42%,

4/23/2036

(3M

US

SOFR

+

814

bps)

(b)(c)

16,000,000‌

16,112,602‌

CIFC-LBC

Middle

Market

CLO

LLC,

Series

2023-1A,

Class

E,

14.58%,

10/20/2035

(3M

US

SOFR

+

930

bps)

(b)(c)

3,750,000‌

3,799,604‌

Fortress

Credit

Opportunities

XIX

CLO,

LLC,

Series

2022-19A,

Class

ER,

13.31%,

10/15/2036

(3M

US

SOFR

+

800

bps)

(b)(c)

14,000,000‌

14,000,000‌

Fortress

Credit

Opportunities

XXI

CLO,

LLC,

Series

2023-21A,

Class

E,

13.40%,

1/21/2035

(3M

US

SOFR

+

812

bps)

(b)(c)

14,000,000‌

14,071,663‌

Great

Lakes

CLO

Ltd.,

Series

2019-1A,

Class

E,

13.56%,

7/15/2031

(3M

US

SOFR

+

800

bps)

(b)(c)

7,512,500‌

7,560,580‌

Great

Lakes

CLO

Ltd.,

Series

2021-5A,

Class

E,

13.06%,

4/15/2033

(3M

US

SOFR

+

776

bps)

(b)(c)

9,950,000‌

9,486,096‌

Great

Lakes

Kcap

F3c

Senior

LLC,

Series

2017-1A,

Class

E,

12.58%,

12/20/2029

(3M

US

SOFR

+

750

bps)

(b)(c)

9,000,000‌

8,977,500‌

Flat

Rock

Enhanced

Income

Fund

Schedule

of

Investments

(continued)

September

30,

2024

-

(Unaudited)

COLLATERALIZED

LOAN

OBLIGATIONS

DEBT

(a)

—

103.49%

-

continued

Principal

Amount

Fair

Value

Guggenheim

Corp.

Funding,

Series

2023-6A,

Class

E,

14.40%,

1/25/2036

(3M

US

SOFR

+

911

bps)

(b)(c)

$

7,500,000‌

$

7,595,526‌

HPS

Private

Credit

CLO

LLC,

Series

2023-1A,

Class

E,

15.15%,

7/15/2035

(3M

US

SOFR

+

985

bps)

(b)(c)

11,000,000‌

11,177,343‌

HPS

Private

Credit

CLO

LLC,

Series

2024-2A,

Class

E,

13.32%,

5/15/2036

(3M

US

SOFR

+

812

bps)

(b)(c)

16,000,000‌

16,080,704‌

Jefferies

Credit

Partners

Direct

Lending

CLO

Ltd.,

Series

2024-1A,

Class

E,

13.42%,

7/25/2036

(3M

US

SOFR

+

825

bps)

(b)(c)

1,200,000‌

1,208,576‌

Lake

Shore

MM

CLO

II

Ltd.,

Series

2019-2A,

Class

ERR,

13.94%,

10/17/2031

(3M

US

SOFR

+

865

bps)

(b)(c)

18,000,000‌

18,099,443‌

Lake

Shore

MM

CLO

V

LLC,

Series

2022-1A,

Class

C,

14.44%,

10/15/2034

(3M

US

SOFR

+

914

bps)

(b)(c)

15,476,364‌

15,584,497‌

Maranon

Loan

Funding

Ltd.,

Series

2021-3A,

Class

ER,

12.64%,

10/15/2036

(3M

US

SOFR

+

782

bps)

(b)(c)

19,700,000‌

19,503,000‌

MCF

CLO

IV,

LLC,

Series

2014-1A,

Class

ERR,

14.19%,

10/20/2033

(3M

US

SOFR

+

865

bps)

(b)(c)

2,000,000‌

2,009,478‌

MCF

CLO

LLC,

Series

2019-1A,

Class

ER,

13.35%,

4/17/2036

(3M

US

SOFR

+

891

bps)

(b)(c)

5,000,000‌

5,027,052‌

MCF

CLO

VIII

Ltd.,

Series

2018-1A,

Class

ER,

13.30%,

4/18/2036

(3M

US

SOFR

+

800

bps)

(b)(c)

2,000,000‌

2,010,482‌

Monroe

Capital

MML

CLO

Ltd.,

Series

2019-2A,

Class

E,

14.24%,

10/22/2031

(3M

US

SOFR

+

896

bps)

(b)(c)

3,000,000‌

3,007,263‌

Monroe

Capital

MML

CLO

Ltd.,

Series

2021-1A,

Class

E,

13.93%,

5/20/2033

(3M

US

SOFR

+

880

bps)

(b)(c)

6,000,000‌

6,032,708‌

Monroe

Capital

MML

CLO

Ltd.,

Series

2019-1X,

Class

ER,

13.74%,

11/22/2033

(3M

US

SOFR

+

862

bps)

(b)(c)

2,000,000‌

2,009,004‌

Monroe

Capital

MML

CLO

Ltd.,

Series

2023-1A,

Class

E,

14.78%,

9/23/2035

(3M

US

SOFR

+

909

bps)

(b)(c)

3,000,000‌

3,031,549‌

Monroe

Capital

MML

CLO

Ltd.,

Series

2024-1A,

Class

E,

13.08%,

7/23/2036

(3M

US

SOFR

+

779

bps)

(b)(c)

24,000,000‌

23,610,477‌

Monroe

Capital

MML

CLO

VIII

Ltd.,

Series

2019-1A,

Class

ER,

13.74%,

11/22/2033

(3M

US

SOFR

+

862

bps)

(b)(c)

4,200,000‌

4,218,908‌

Monroe

Capital

MML

CLO

X

Ltd.,

Series

2020-1A,

Class

ER,

13.88%,

5/20/2034

(3M

US

SOFR

+

875

bps)

(b)(c)

4,500,000‌

4,522,859‌

Mount

Logan

Funding

LP,

Series

2018-1A,

Class

ER,

14.00%,

1/22/2033

(3M

US

SOFR

+

872

bps)

(b)(c)

2,000,000‌

2,008,191‌

PennantPark

CLO

V

Ltd.,

Series

2022-5A,

Class

ER,

13.25%,

10/15/2033

(3M

US

SOFR

+

795

bps)

(b)(c)

6,000,000‌

6,019,900‌

TCP

Whitney

CLO

Ltd.,

Series

2017-1A,

Class

ER,

13.55%,

8/22/2033

(3M

US

SOFR

+

842

bps)

(b)(c)

4,000,000‌

4,018,728‌

Venture

46

CLO

Ltd.,

Series

2022-46A,

Class

E,

13.54%,

7/20/2035

(3M

US

SOFR

+

826

bps)

(b)(c)

2,000,000‌

2,013,219‌

TOTAL

COLLATERALIZED

LOAN

OBLIGATIONS

DEBT

(Cost $366,140,127)

372,406,581‌

SHORT-TERM

INVESTMENTS

-

5.82%

Flat

Rock

Enhanced

Income

Fund

Schedule

of

Investments

(continued)

September

30,

2024

-

(Unaudited)

3M

US

SOFR

–

3

Month

SOFR

as

of

September

30,

2024

was

5.31%.

MONEY

MARKET

FUNDS

-

5.82%

First

American

Government

Obligations

Fund,

Class

X,

4.82%

(e)

20,940,083‌

$

20,940,083‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$20,940,083)

20,940,083‌

TOTAL

INVESTMENTS

—

109.31%

(Cost

$387,080,210)

393,346,664‌

Liabilities

in

Excess

of

Other

Assets — (9.31)%

(33,504,646‌)

NET

ASSETS

—

100.00%

$

359,842,018‌

(a)

The

level

3

assets

were

a

result

of

unavailable

quoted

prices

from

an

active

market

or

the

unavailability

of

other

significant

observable

inputs.

(b)

Security

exempt

from

registration

under

Rule

144A

or

Section

4(2)

of

the

Securities

Act

of

1933.

These

securities

may

normally

be

sold

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

fair

value

of

Rule

144A

securities

amounts

to

$372,406,581,

which

representing

103.49%

of

net

assets

as

of

September

30,

2024.

(c)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

September

30,

2024.

For

securities

based

on

a

published

reference

rate

and

spread,

the

reference

rate

and

spread

(in

basis

points)

are

indicated

parenthetically.

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.

These

secu

rities,

therefore,

do

not

indicate

a

reference

rate

and

spread.

(d)

Illiquid

security.

Security

is

being

fair

valued

in

accordance

with

the

Trust's

fair

valuation

policies

and

represents

2.32%

of

the

Fund's

net

assets.

(e)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

September

30,

2024.

SOFR

-

Secured

Overnight

Financing

Rate

Flat

Rock

Core

Income

Fund

Schedule

of

Investments

September

30,

2024

-

(Unaudited)

COLLATERALIZED

LOAN

OBLIGATIONS

EQUITY

(a)(b)

—

7.68%

Principal

Amount

Fair

Value

Barings

Middle

Market

CLO

Ltd.,

Series

2021-1,

Subordinated

Notes,

19.55%,

7/20/2033

(c)(d)

$

6,300,000‌

$

5,549,675‌

BlackRock

Elbert

CLO

V,

LLC,

Series

5I,

Subordinated

Notes,

8.16%,

6/15/2034

(c)(d)

2,000,000‌

1,376,142‌

BlackRock

Maroon

Bells

CLO

XI,

LLC,

Series

1A,

Subordinated

Notes,

13.26%,

10/15/2034

(c)(d)

10,191,083‌

5,166,645‌

Blackrock

Mt.

Hood

CLO

X,

LLC,

Series

1A,

Class

VDN,

32.11%,

4/20/2035

(c)(d)

5,000,000‌

2,436,887‌

Churchill

Middle

Market

CLO

III

Ltd.,

Series

2021-1A,

Subordinated

Notes,

14.48%,

10/24/2033

(c)(d)

5,000,000‌

3,529,660‌

TCP

Whitney

CLO

Ltd.,

Series

1A,

Class

SUB2,

8.40%,

8/20/2033

(c)(d)

5,000,000‌

3,097,951‌

TOTAL

COLLATERALIZED

LOAN

OBLIGATIONS

EQUITY

(Cost $23,021,410)

21,156,960‌

COLLATERALIZED

LOAN

OBLIGATIONS

DEBT

(a)

—

44.96%

Principal

Amount

Fair

Value

ABPCI

Direct

Lending

Fund

ABS

II,

LLC,

Series

2A,

Class

B,

4.99%,

3/1/2032

(c)

7,405,122‌

6,772,091‌

ABPCI

Direct

Lending

Fund

ABS

IV

LP,

Series

2024-1A,

Class

C,

13.15%,

5/1/2034

(3M

US

SOFR

+

783

bps)

(c)(e)

2,000,000‌

1,995,208‌

ABPCI

Direct

Lending

Fund

CLO,

Series

2019-5A,

Class

D,

13.42%,

1/20/2036

(3M

US

SOFR

+

813

bps)

(c)(e)

5,250,000‌

5,286,357‌

ABPCI

Direct

Lending

Fund

CLO

I,

LLC,

Series

2016-1A,

Class

E2,

14.27%,

7/20/2033

(3M

US

SOFR

+

899

bps)

(c)(e)

5,000,000‌

5,021,391‌

ABPCI

Direct

Lending

Fund

CLO

XI

LP,

Series

2022-11A,

Class

E,

14.96%,

10/27/2034

(3M

US

SOFR

+

970

bps)

(c)(e)

3,000,000‌

3,019,891‌

Barings

Middle

Market

CLO

Ltd.,

Series

2023-11A,

Class

D,

14.00%,

1/20/2032

(3M

US

SOFR

+

867

bps)

(c)(e)

5,000,000‌

5,021,959‌

Brightwood

Capital

MM

CLO

Ltd.,

Series

2019-1A,

Class

D1,

11.28%,

1/15/2031

(3M

US

SOFR

+

598

bps)

(c)(e)

2,425,000‌

2,430,171‌

Brightwood

Capital

MM

CLO

Ltd.,

Series

2023-1A,

11.79%,

10/15/2035

(3M

US

SOFR

+

646

bps)

(c)(e)

7,900,000‌

8,037,319‌

Brightwood

Capital

MM

CLO

Ltd.,

Series

2023-1X,

Class

D,

11.79%,

10/15/2035

(3M

US

SOFR

+

646

bps)

(c)(e)

1,500,000‌

1,526,073‌

Brightwood

Capital

MM

CLO

Ltd.,

Series

2024-2A,

Class

D,

11.04%,

4/15/2036

(3M

US

SOFR

+

575

bps)

(c)(e)

5,000,000‌

5,088,813‌

Deerpath

Capital

CLO

Ltd.,

Series

2020-1A,

Class

DR,

11.68%,

4/17/2034

(3M

US

SOFR

+

639

bps)

(c)(e)

4,125,000‌

4,192,942‌

Fortress

Credit

Opportunities

XIX

CLO,

LLC,

Series

2022-19A,

Class

ER,

0.0%,

10/15/2036

(3M

US

SOFR

+

800

bps)

(c)(e)

5,000,000‌

5,000,000‌

Fortress

Credit

Opportunities

XXI

CLO,

LLC,

Series

2023-21A,

Class

E,

13.40%,

1/21/2035

(3M

US

SOFR

+

812

bps)

(c)(e)

10,000,000‌

10,051,188‌

Great

Lakes

CLO

Ltd.,

Series

2014-1A,

Class

FR,

15.59%,

10/15/2029

(3M

US

SOFR

+

1026

bps)

(c)(e)

3,000,000‌

2,862,575‌

Great

Lakes

CLO

Ltd.,

Series

2019-1A,

Class

E,

13.56%,

7/15/2031

(3M

US

SOFR

+

800

bps)

(c)(e)

6,000,000‌

6,038,400‌

Flat

Rock

Core

Income

Fund

Schedule

of

Investments

(continued)

September

30,

2024

-

(Unaudited)

COLLATERALIZED

LOAN

OBLIGATIONS

DEBT

(a)

—

44.96%

-

continued

Principal

Amount

Fair

Value

Maranon

Loan

Funding

Ltd.,

Series

2021-3A,

Class

DR,

9.63%,

10/15/2036

(3M

US

SOFR

+

481

bps)

(c)(e)

$

5,000,000‌

$

4,975,000‌

MCF

CLO

IV,

LLC,

Class

ERR,

14.19%,

10/20/2033

(3M

US

SOFR

+

891

bps)

(c)(e)

5,000,000‌

5,023,695‌

MCF

CLO

VII

LLC,

Series

2017-3A,

Class

ER,

14.69%,

7/20/2033

(3M

US

SOFR

+

941

bps)

(c)(e)

5,000,000‌

5,022,277‌

Monroe

Capital

MML

CLO

VIII

Ltd.,

Series

2019-1A,

Class

ER,

13.74%,

11/22/2033

(3M

US

SOFR

+

862

bps)

(c)(e)

6,250,000‌

6,278,138‌

Monroe

Capital

MML

CLO

XIV,

LLC,

Series

2022-2A,

Class

E,

15.42%,

10/24/2034

(3M

US

SOFR

+

1002

bps)

(c)(e)

3,000,000‌

3,018,499‌

Monroe

Capital

MML

Ltd.,

Series

2019-2A,

Class

E,

14.24%,

10/22/2031

(3M

US

SOFR

+

896

bps)

(c)(e)

1,625,000‌

1,628,934‌

Monroe

Capital

MML

Ltd.,

Series

2021-1A,

Class

E,

13.93%,

5/20/2033

(3M

US

SOFR

+

880

bps)

(c)(e)

5,000,000‌

5,027,257‌

Mount

Logan

Funding

LP,

Series

2018-1A,

Class

ER,

14.00%,

1/22/2033

(3M

US

SOFR

+

872

bps)

(c)(e)

6,500,000‌

6,526,618‌

PennantPark

CLO

V

Ltd.,

Series

2022-5A,

Class

ER,

13.25%,

10/15/2033

(3M

US

SOFR

+

795

bps)

(c)(e)

4,000,000‌

4,013,266‌

PennantPark

CLO

VII,

LLC,

Series

2023-7A,

Class

D,

12.28%,

7/20/2035

(3M

US

SOFR

+

700

bps)

(c)(e)

3,000,000‌

3,047,993‌

TCP

Whitney

CLO,

LLC,

Series

2017-1A,

Class

DR,

9.24%,

8/20/2033

(3M

US

SOFR

+

411

bps)

(c)(e)

1,897,000‌

1,890,021‌

THL

Credit

Lake

Shore

MM

CLO

I

LTD,

Series

2019-1A,

Class

ER,

14.53%,

4/15/2033

(3M

US

SOFR

+

923

bps)

(c)(e)

5,000,000‌

5,023,040‌

TOTAL

COLLATERALIZED

LOAN

OBLIGATIONS

DEBT

(Cost $121,416,740)

123,819,116‌

FIRST

LIEN

SENIOR

SECURED

DEBT

(a)

—

60.00%

24

Seven

Holdco,

LLC,

11.43%,

11/16/2027

(1M

US

SOFR

+

600

bps

(1.00%

Floor))

(e)(f)

4,280,487‌

4,241,107‌

Accordion

Partners,

11.58%,

8/29/2029

(3M

US

SOFR

+

600

bps

(0.75%

Floor))

(e)(f)

4,507,685‌

4,505,882‌

ALM

Media,

LLC,

10.84%,

2/21/2029

(3M

US

SOFR

+

625

bps

(1.00%

Floor))

(e)(f)

6,965,000‌

6,839,630‌

Bounteous,

Inc.,

10.20%,

8/2/2027

(1M

US

SOFR

+

475

bps

(1.00%

Floor))

(e)(f)

4,287,222‌

4,226,344‌

Broder

Bros

Co.,

11.86%,

12/4/2025

(3M

US

SOFR

+

600

bps

(1.00%

Floor))

(e)(f)

5,334,254‌

5,334,254‌

Congruex

Group,

LLC,

11.74%,

5/3/2029

(3M

US

SOFR

+

575

bps

(0.75%

Floor))

(e)(f)

6,864,912‌

6,629,446‌

Consor

Intermedia

II,

LLC

-

Delayed

Draw

Term

Loan,

0.0%,

7/18/2028

(1M

US

SOFR

+

475

bps)

(e)(f)(g)

2,535,211‌

2,509,859‌

Consor

Intermediate

II,

LLC

-

Revolver

Unfunded,

0.0%,

7/18/2028

(1M

US

SOFR

+

475

bps

)

(e)(f)(g)

676,056‌

669,296‌

Consor

Intermediate

II,

LLC

-

Term

Loan,

10.08%,

7/18/2028

(1M

US

SOFR

+

475

bps)

(e)(f)

2,788,732‌

2,760,845‌

Flat

Rock

Core

Income

Fund

Schedule

of

Investments

(continued)

September

30,

2024

-

(Unaudited)

FIRST

LIEN

SENIOR

SECURED

DEBT

(a)

—

60.00%

-

continued

Crane

Engineering

Sales,

10.51%,

8/25/2029

(3M

US

SOFR

+

525

bps

(1.00%

Floor))

(e)(f)

$

5,955,000‌

$

5,931,180‌

Cyber

Advisors

Delayed

Draw

Term

Loan

-

Unfunded,

10.71%,

7/18/2028

(3M

US

SOFR

+

525

bps

(1.00%

Floor))

(e)(f)

1,500,000‌

1,485,000‌

Cyber

Advisors

Term

Loan,

0.0%,

11/15/2025

(3M

US

SOFR

+

525

bps

(1.00%

Floor))

(e)(f)

3,500,000‌

3,465,000‌

Diversified

Risk

Holdings

-

Term

Loan,

11.74%,

4/30/2026

(3M

US

SOFR

+

625

bps)

(e)(f)

7,057,316‌

6,916,170‌

Diversified

Risk

Holdings

Revolver

-

Funded,

13.75%,

4/30/2026

(3M

US

SOFR

+

625

bps)

(e)(f)(g)

118,519‌

116,148‌

Diversified

Risk

Holdings

Revolver

-

Unfunded,

0.0%,

4/30/2026

(3M

US

SOFR

+

625

bps)

(e)(f)

177,778‌

174,222‌

Drive

Automotive

Services,

LLC

TL,

11.48%,

8/2/2026

(3M

US

SOFR

+

615

bps

(Floor

1.00%))

(e)(f)

4,217,332‌

4,133,829‌

ETC

Group,

11.26%,

10/8/2029

(3M

US

SOFR

+

600

bps

(Floor

0.50%))

(e)

(f)

1,990,319‌

1,522,594‌

Flagship

Oral

Surgery

Partners

Delayed

Draw

Term

Loan

-

Unfunded,

11.37%,

11/20/2025

(3M

US

SOFR

+

600

bps

(Floor

1.00%))

(e)(f)(g)

4,375,183‌

4,344,119‌

Flagship

Oral

Surgery

Partners,

LLC,

11.38%,

12/20/2027

(3M

US

SOFR

+

600

bps

(Floor

1.00%))

(e)(f)

624,817‌

624,817‌

Galactic

Litigation

Partners,

0.0%,

6/21/2024

(h)(i)

7,274,854‌

5,834,433‌

Garmat

USA,

LLC,

Term

Loan,

10.44%,

6/19/2025

(1M

US

SOFR

+500

bps

(1.00%

Floor)

)

(e)(f)

4,865,234‌

4,861,342‌

George

Intermediate

Holdings,

Inc.,

11.82%,

8/15/2027

(3M

US

SOFR

+

650

bps)

(e)(f)

7,880,000‌

7,928,855‌

Inmar,

Inc.,

10.84%,

5/1/2026

(1M

US

SOFR

+

550

bps

(1.00%

Floor))

(e)(f)

3,960,000‌

3,960,673‌

Isagenix

International,

LLC,

2.50%,

4/14/2028

(3M

US

SOFR

+

660

bps)

(e)

(f)(j)

1,172,262‌

703,357‌

Mag

Aerospace,

10.94%,

4/1/2027

(3M

US

SOFR

+

550

bps

(1.00%

Floor))

(e)(f)

3,617,009‌

3,481,371‌

Magnate

Worldwide,

LLC,

10.99%,

12/30/2028

(3M

US

SOFR

+

550

bps

(0.75%

Floor))

(e)(f)

3,805,366‌

3,695,010‌

NorthPole

US,

LLC,

14.50%,

3/3/2025

(3M

US

SOFR

+

700

bps)

(e)(f)

1,750,000‌

61,250‌

Oak

Point

Partners

Term

Loan,

10.69%,

12/1/2027

(1M

US

SOFR

+

525

bps

(1.00%

Floor))

(e)(f)

4,341,525‌

4,242,539‌

Perennial

Services

Group,

LLC

Term

Loan,

10.94%,

8/9/2029

(3M

US

SOFR

+

550

bps

(1.00%

Floor))

(e)(f)

4,967,630‌

4,860,826‌

Profile

Products,

LLC,

Term

Loan,

10.69%,

11/12/2027

(1M

US

SOFR

+

550

bps

(0.75%

Floor))

(e)(f)

2,950,233‌

2,854,350‌

S&P

Engineering

Solutions,

12.32%,

5/2/2030

(3M

US

SOFR

+

700

bps

)1.00%

Floor))

(e)(f)(h)

4,975,000‌

4,933,708‌

SGA

Dental

Partners,

10.79%,

7/17/2029

(3M

US

SOFR

+

550

bps

(Floor

1.00%))

(e)(f)

6,230,000‌

6,105,400‌

SGA

Dental

Partners

-

Unfunded,

0.0

%,

7/17/2029

(3M

US

SOFR

+

550

bps

(Floor

1.00%))

(e)(f)(g)

770,000‌

762,300‌

Solaray,

LLC,

11.93%,

12/15/2025

(3M

US

SOFR

+

650

bps

(1.00%

Floor))

(e)(f)

1,381,640‌

1,283,267‌

Flat

Rock

Core

Income

Fund

Schedule

of

Investments

(continued)

September

30,

2024

-

(Unaudited)

FIRST

LIEN

SENIOR

SECURED

DEBT

(a)

—

60.00%

-

continued

Solaray,

LLC

Inc.,

11.93%,

12/15/2025

(3M

US

SOFR

+

650

bps

(1.00%

Floor))

(e)(f)

$

1,664,864‌

$

1,546,326‌

Solaray,

LLC

Term

Loan

1L,

11.93%,

12/15/2025

(3M

US

SOFR

+

650

bps

(1.00%

Floor))

(e)(f)

1,575,076‌

1,462,931‌

Spencer

Spirit

IH,

LLC,

10.34%,

7/15/2031

(1M

US

SOFR

+

550

bps)

(e)(f)

5,000,000‌

4,993,750‌

Thryv,

Inc.,

12.09%,

5/1/2029

(1M

US

SOFR

+

675

bps)

(e)(f)

2,521,665‌

2,551,093‌

Trulite

Holding

Corp.,

11.34%,

3/1/2030

(1M

US

SOFR

+

600

bps

(1.00%

Floor))

(e)(f)

4,968,750‌

4,794,844‌

Vehicle

Management

Services,

LLC

TL,

11.66%,

7/26/2027

(1M

US

SOFR

+

625

bps

(1.00%

Floor))

(e)(f)

8,450,899‌

8,450,898‌

Watchguard

Technologies,

Inc.,

10.59%,

6/30/2029

(1M

US

SOFR

+

525

bps

(0.75%

Floor))

(e)(f)

4,927,349‌

4,865,757‌

Watterson,

12.00%,

1/14/2025

(f)(h)(j)

4,103,961‌

4,058,817‌

Xanitos,

Inc.

Term

Loan,

11.56%,

6/25/2026

(3M

US

SOFR

+

650

bps

(1.00%

Floor))

(e)(f)(h)

3,487,141‌

3,481,562‌

Zavation

Medical

Products,

LLC,

11.82%,

6/30/2028

(3M

US

SOFR

+

650

bps

(1.00%

Floor))

(e)(f)

6,531,961‌

6,531,961‌

Zavation

Medical

Products,

LLC

-

Revolver,

10.29%,

6/30/2028

(3M

US

SOFR

+

650

bps

(1.00%

Floor))

(e)(f)

105,309‌

105,309‌

Zavation

Medical

Products,

LLC

-

Unfunded

Revolver,

0.0%,

6/30/2028

(3M

US

SOFR

+

650

bps

(1.00%

Floor))

(e)(f)

362,730‌

362,730‌

TOTAL

FIRST

LIEN

SENIOR

SECURED

DEBT

(Cost $168,956,482)

165,204,401‌

COMMON

STOCKS

(a)

—

0.00%

Shares

Fair

Value

Isagenix

International,

LLC

(k)

85,665‌

—‌

Total

Common

Stocks

(Cost $–)

—‌

PRIVATE

INVESTMENT

FUNDS

(a)

—

15.26%

Shares

Fair

Value

BCP

Great

Lakes

II

-

Series

A

Holdings

LP

11,517,297‌

11,905,718‌

Hercules

Private

Global

Venture

Growth

Fund

I

LP

14,425,511‌

14,589,471‌

TriplePoint

Private

Venture

Credit,

Inc.

1,324,395‌

15,521,904‌

TOTAL

PRIVATE

INVESTMENT

FUNDS

(Cost $45,527,259)

42,017,093‌

SHORT-TERM

INVESTMENTS

-

0.73%

MONEY

MARKET

FUNDS

-

0.73%

First

American

Government

Obligations

Fund,

Class

X,

4.82%

(l)

2,020,527‌

2,020,527‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$2,020,527)

2,020,527‌

TOTAL

INVESTMENTS

—

128.63%

(Cost

$360,942,418)

354,218,097‌

Liabilities

in

Excess

of

Other

Assets — (28.63)%

(78,830,353‌)

NET

ASSETS

—

100.00%

$

275,387,744‌

(a)

The

level

3

assets

were

a

result

of

unavailable

quoted

prices

from

an

active

market

or

the

unavailability

of

other

significant

observable

inputs.

Flat

Rock

Core

Income

Fund

Schedule

of

Investments

(continued)

September

30,

2024

-

(Unaudited)

Reference

Rates:

1M

US

SOFR

–

1

Month

SOFR

as

of

September

30,

2024

was

5.16%.

3M

US

SOFR

–

3

Month

SOFR

as

of

September

30,

2024

was

5.31%.

(b)

Collateralized

loan

obligation

(“CLO”)

equity

positions

are

entitled

to

recurring

distributions

which

are

generally

equal

to

the

remaining

cash

flow

of

payments

made

by

underlying

securities

less

contractual

payments

to

debt

holders

and

CLO

expenses.

The

effective

yield

is

estimated

based

upon

the

current

projection

of

the

amount

and

timing

of

these

recurring

distributions

in

addition

to

the

estimated

amount

of

terminal

principal

payment.

Effective

yields

for

the

CLO

equity

positions

are

updated

generally

once

a

quarter

or

in

connection

with

a

transaction

such

as

an

add-on

purchase,

refinancing

or

reset.

The

estimated

yield

and

investment

cost

may

ultimately

not

be

realized.

Total

fair

value

of

the

securities

is

$21,156,960,

which

represents

7.68%

of

net

assets

as

of

September

30,

2024.

(c)

Security

exempt

from

registration

under

Rule

144A

or

Section

4(2)

of

the

Securities

Act

of

1933.

These

securities

may

normally

be

sold

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

fair

value

of

Rule

144A

securities

amounts

to

$144,976,076,

which

representing

52.64%

of

net

assets

as

of

September

30,

2024.

(d)

Estimated

Yield.

(e)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

September

30,

2024.

For

securities

based

on

a

published

reference

rate

and

spread,

the

reference

rate

and

spread

(in

basis

points)

are

indicated

parenthetically.

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.

These

securities,

therefore,

do

not

indicate

a

reference

rate

and

spread.

(f)

All

or

a

portion

of

the

security

has

been

pledged

as

collateral

in

connection

with

the

credit

facility

with

certain

funds

and

accounts

managed

by

Cadence

Bank,

N.A.

(the

“Credit

Facility”).

At

September

30,

2024,

the

value

of

securities

pledged

amounted

to

$159,369,968,

which

represents

approximately

57.87%

of

net

assets.

(g)

Investment

has

been

committed

to

but

has

not

been

funded

by

the

Fund

as

of

September

30,

2024.

(h)

Investment

was

acquired

via

participation

agreement.

(i)

Investment

is

past

its

legal

maturity

date

and

facility

is

currently

winding

down.

(j)

A

portion

of

the

stated

interest

rate

is

payment-in-kind.

(k)

Non-income

producing

security.

(l)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

September

30,

2024.

SOFR

-

Secured

Overnight

Financing

Rate

Flat

Rock

Opportunity

Fund

Schedule

of

Investments

September

30,

2024

-

(Unaudited)

COLLATERALIZED

LOAN

OBLIGATIONS

EQUITY

(a)(b)

—

103.80%

Principal

Amount

Fair

Value

Allegro

CLO

XIV

Ltd.,

Series

2021-2A,

Subordinated

Notes,

12.06%,

10/15/2034

(c)(d)

$

11,800,000‌

$

6,244,596‌

ALM

2020

Ltd.,

Series

2020-1A,

Subordinated

Notes,

0.0%,

10/15/2029

(c)

(d)

8,000,000‌

396,000‌

Audax

Interests,

Series

2023-8a,

13.55%,

10/20/2035

(c)(d)

15,000,000‌

12,278,371‌

Audax

Senior

Debt

CLO

9

LLC,

Series

2024-9A,

Subordinated

Notes,

16.19%,

4/20/2036

(c)(d)

19,000,000‌

16,964,387‌

Bain

Capital

Credit

CLO

Ltd.,

Series

2021-3A,

Subordinated

Notes,

11.39%,

7/24/2034

(c)(d)

12,800,000‌

6,637,452‌

Barings

Middle

Market

CLO

Ltd.,

Series

2021-1,

Subordinated

Notes,

19.52%,

7/20/2033

(c)(d)

3,240,000‌

2,854,119‌

Barings

Middle

Market

CLO

Ltd.,

Series

2023-1A,

Subordinated

Notes,

15.48%,

1/20/2036

(c)(d)

17,000,000‌

17,415,840‌

Benefit

Street

Partners

CLO

XXV

Ltd.,

Series

2021-25A,

Subordinated

Notes,

13.50%,

1/15/2035

(c)(d)

9,246,257‌

6,622,208‌

BlackRock

Baker

CLO

Ltd.,

Series

2021-8A,

Class

VDN,

19.23%,

1/15/2034

(c)(d)

7,347,140‌

3,732,325‌

BlackRock

Elbert

CLO

V,

LLC,

Series

5I,

Subordinated

Notes,

8.06%,

6/15/2034

(c)(d)

6,500,000‌

4,472,460‌

BlackRock

Maroon

Bells

CLO

XI,

LLC,

Series

1A,

Subordinated

Notes,

12.46%,

10/15/2034

(c)(d)

11,643,312‌

5,902,892‌

Blackrock

Mt.

Hood

CLO

X,

LLC,

Series

1A,

Class

VDN,

20.12%,

4/20/2035

(c)(d)

20,600,000‌

9,834,232‌

Brightwood

Capital

MM

CLO

Ltd.,

Series

2023-1,

Class

E,

13.48%,

10/15/2035

(c)(d)

14,945,879‌

11,109,730‌

Churchill

Middle

Market

CLO

III

Ltd.,

Series

2021-1A,

Subordinated

Notes,

14.43%,

10/24/2033

(c)(d)

21,500,000‌

15,177,536‌

Churchill

Middle

Market

CLO

IV

Ltd.,

Series

1I,

Subordinated

Notes,

18.74%,

4/23/2036

(c)(d)

7,000,000‌

4,967,016‌

Great

Lakes

CLO

Ltd.,

Series

2014-1A,

Subordinated

Notes,

0.0%,

10/15/2029

(c)(d)

26,740,000‌

13,650,503‌

Guggenheim

MM

CLO

LLC,

Series

2023-6A,

Subordinated

Notes,

13.48%,

1/25/2036

(c)(d)

20,000,000‌

18,541,479‌

Ivy

Hill

Middle

Market

Credit

Fund

XX

Ltd.,

Series

20A,

Subordinated

Notes,

14.41%,

4/20/2035

(c)(d)

18,000,000‌

15,928,446‌

Jefferies

Credit

Partners

Direct

Lending

CLO

Ltd.,

Series

2024-1A,

Subordinated

Notes,

17.79%,

7/25/2036

(c)(d)

20,403,000‌

18,000,547‌

Lake

Shore

MM

CLO

V

LLC,

Series

1A,

Subordinated

Notes,

13.13%,

10/15/2034

(c)(d)

22,400,000‌

15,548,296‌

LCM

Ltd.,

Series

34A,

Income

Notes,

2.71%,

10/20/2034

(c)(d)

8,696,000‌

3,833,025‌

Maranon

Loan

Funding

Ltd.,

Series

3A,

Subordinated

Notes,

24.63%,

1/15/2034

(c)(d)

10,000,000‌

7,002,954‌

New

Mountain

CLO

Ltd.,

Series

2A,

Subordinated

Notes,

13.06%,

4/15/2034

(c)(d)

8,250,000‌

5,761,636‌

Flat

Rock

Opportunity

Fund

Schedule

of

Investments

(continued)

September

30,

2024

-

(Unaudited)

COLLATERALIZED

LOAN

OBLIGATIONS

EQUITY

(a)(b)

—

103.80%

-

continued

Principal

Amount

Fair

Value

New

Mountain

CLO

Ltd.,

Series

1A,

Subordinated

Notes,

14.46%,

10/15/2034

(c)(d)

$

10,520,364‌

$

8,302,010‌

New

Mountain

CLO

Ltd.,

Series

3A,

Subordinated

Notes,

14.01%,

10/20/2034

(c)(d)

10,000,000‌

7,007,677‌

New

Mountain

CLO

Ltd.,

Series

4A,

Subordinated

Notes,

9.93%,

4/20/2036

(c)(d)

16,500,000‌

12,304,698‌

Oaktree

CLO

Ltd.,

Series

2019-2A,

Subordinated

Notes,

29.80%,

4/15/2031

(c)(d)

10,880,000‌

5,251,095‌

Oaktree

CLO

Ltd.,

Series

2022-1A,

Subordinated

Notes,

14.12%,

5/15/2033

(c)(d)

9,000,000‌

5,722,869‌

Oaktree

CLO

Ltd.,

Series

2019-3A,

Subordinated

Notes,

16.84%,

10/20/2034

(c)(d)

8,981,520‌

5,097,087‌

Oaktree

CLO

Ltd.,

Series

2019-4A,

Subordinated

Notes,

22.40%,

7/20/2037

(c)(d)

9,000,000‌

6,706,242‌

OCP

CLO

Ltd.,

Series

2020-20,

Subordinated

Notes,

15.52%,

4/18/2037

(c)

(d)

6,000,000‌

4,426,719‌

Symphony

CLO

Ltd.,

Series

30A,

Subordinated

Notes,

10.98%,

4/20/2054

(c)(d)

9,227,500‌

5,960,383‌

Symphony

CLO

XXIV

Ltd.,

Series

24X,

Subordinated

Notes,

17.92%,

1/23/2032

(c)(d)

5,000,000‌

2,637,656‌

TCP

Whitney

CLO

Ltd.,

Series

1A,

Class

SUB2,

8.59%,

8/20/2033

(3M

US

SOFR

+

411

bps)

(c)(d)

3,575,763‌

2,215,508‌

TCP

Whitney

CLO

Ltd.,

Series

1I,

Subordinated

Notes,

12.55%,

8/20/2033

(c)(d)

11,500,000‌

5,562,818‌

TCW

CLO

Ltd.,

Series

2021-2A,

Subordinated

Notes,

10.20%,

7/25/2034

(c)

(d)

8,125,000‌

4,324,696‌

TCW

CLO

Ltd.,

Series

2021-2A,

Income

Notes,

10.26%,

7/25/2034

(c)(d)

7,000,000‌

3,725,549‌

TCW

CLO

Ltd.,

Series

2024-2A,

Subordinated

Notes,

16.57%,

7/17/2037

(c)

(d)

18,000,000‌

14,394,600‌

Voya

CLO

Ltd.,

Series

2021-1A,

Income

Notes,

8.74%,

7/15/2034

(c)(d)

6,960,000‌

3,935,212‌

Voya

CLO

Ltd.,

Series

2022-1A,

Subordinated

Notes,

11.89%,

4/20/2035

(c)

(d)

8,000,000‌

5,710,132‌

Voya

CLO

Ltd.,

Series

2024-2A,

Subordinated

Notes,

15.42%,

7/20/2037

(c)

(d)

10,500,000‌

9,450,000‌

Woodmont

Trust,

Series

2022-9A,

Subordinated

Notes,

21.19%,

10/25/2036

(c)(d)

24,084,000‌

23,435,888‌

TOTAL

COLLATERALIZED

LOAN

OBLIGATIONS

EQUITY

(Cost $379,688,403)

359,046,889‌

COLLATERALIZED

LOAN

OBLIGATIONS

DEBT

(a)

—

4.42%

Brightwood

Capital

MM

CLO

Ltd.,

Series

2020-1,

Class

ER,

15.56%,

1/15/2031

(3M

US

SOFR

+

872

bps)

(c)(e)

6,500,000‌

6,446,170‌

Brightwood

Capital

MM

CLO

Ltd.,

Series

2023-1A,

16.90%,

10/15/2035

(3M

US

SOFR

+

1036

bps)

(c)(e)

5,804,225‌

5,944,499‌

NewStar

Fairfield

Fund

CLO

Ltd.,

Series

2015-2A,

Class

DN,

14.15%,

4/20/2030

(3M

US

SOFR

+

764

bps)

(c)(e)

3,000,000‌

2,888,071‌

Flat

Rock

Opportunity

Fund

Schedule

of

Investments

(continued)

September

30,

2024

-

(Unaudited)

3M

US

SOFR

–

3

Month

US

SOFR

as

of

September

30,

2024

was

5.31%.

TOTAL

COLLATERALIZED

LOAN

OBLIGATIONS

DEBT

(Cost $14,590,344)

$

15,278,740‌

PRIVATE

INVESTMENT

FUNDS

(a)

—

5.70%

Shares

Fair

Value

New

Mountain

Guardian

IV

Rated

Feeder

III

Ltd.,

Income

Notes

144A

-

Series

2024-2A

(f)

20,000,000‌

19,700,000‌

TOTAL

PRIVATE

INVESTMENT

FUNDS

(Cost $19,700,000)

19,700,000‌

SHORT-TERM

INVESTMENTS

-

1.66%

MONEY

MARKET

FUNDS

-

1.66%

First

American

Government

Obligations

Fund,

Class

X,

4.82%

(g)

5,738,781‌

5,738,781‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$5,738,781)

5,738,781‌

TOTAL

INVESTMENTS

—

115.58%

(Cost

$419,717,528)

399,764,410‌

Liabilities

in

Excess

of

Other

Assets — (15.59)%

(53,904,829‌)

NET

ASSETS

—

100.00%

$

345,859,581‌

(a)

The

level

3

assets

were

a

result

of

unavailable

quoted

prices

from

an

active

market

or

the

unavailability

of

other

significant

observable

inputs.

(b)

Collateralized

loan

obligation

(“CLO”)

equity

positions

are

entitled

to

recurring

distributions

which

are

generally

equal

to

the

remaining

cash

flow

of

payments

made

by

underlying

securities

less

contractual

payments

to

debt

holders

and

CLO

expenses.

The

effective

yield

is

estimated

based

upon

the

current

projection

of

the

amount

and

timing

of

these

recurring

distributions

in

addition

to

the

estimated

amount

of

terminal

principal

payment.

Effective

yields

for

the

CLO

equity

positions

are

updated

generally

once

a

quarter

or

in

connection

with

a

transaction

such

as

an

add-on

purchase,

refinancing

or

reset.

The

estimated

yield

and

investment

cost

may

ultimately

not

be

realized.

Total

fair

value

of

the

securities

is

$359,046,889,

which

represents

103.80%

of

net

assets

as

of

September

30,

2024.

(c)

Security

exempt

from

registration

under

Rule

144A

or

Section

4(2)

of

the

Securities

Act

of

1933.

These

securities

may

normally

be

sold

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

fair

value

of

Rule

144A

securities

amounts

to

$394,025,629,

which

representing

113.92%

of

net

assets

as

of

September

30,

2024.

(d)

Estimated

Yield.

(e)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

September

30,

2024.

For

securities

based

on

a

published

reference

rate

and

spread,

the

reference

rate

and

spread

(in

basis

points)

are

indicated

parenthetically.

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.

These

securities,

therefore,

do

not

indicate

a

reference

rate

and

spread.

(f)

Non-income

producing

security.

(g)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

September

30,

2024.

SOFR

-

Secured

Overnight

Financing

Rate