# EDGAR Filing Document

**Accession Number:** 0000885709
**File Stem:** 0001752724-25-156052
**Filing Date:** 2025-6
**Character Count:** 69081
**Document Hash:** 0def23e5c797af3db2231014bde9101e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-156052.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0001752724-25-156052

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250625

**DATE AS OF CHANGE**: 20250625

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PAYDEN & RYGEL INVESTMENT GROUP
- **CENTRAL INDEX KEY:** 0000885709

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06625
- **FILM NUMBER:** 251073075

**BUSINESS ADDRESS:**
- **STREET 1:** 333 S GRAND AVE
- **STREET 2:** 40TH FL
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071
- **BUSINESS PHONE:** 2136251900

**MAIL ADDRESS:**
- **STREET 1:** 333 S GRAND AVE
- **STREET 2:** 40TH FL
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PAYDENFUNDS
- **DATE OF NAME CHANGE:** 20010423

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PAYDEN & RYGEL INVESTMENT GROUP
- **DATE OF NAME CHANGE:** 19940104

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** P&R INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 19920929

## Series and Classes Contracts Data

### Payden Securitized Income Fund (Series ID: S000076847)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000236944 | Investor Class |  |
| C000236945 | SI 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:** PAYDEN & RYGEL INVESTMENT GROUP

- **b. Investment Company Act file number:** 811-06625

- **c. CIK number of Registrant:** 0000885709

- **d. LEI of Registrant:** 549300QJNYRKYZS3P282

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

  - **Street Address 1:** 333 South Grand Avenue

  - **City:** Los Angeles

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 90071

  - **Telephone number:** 213-625-1900

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

- **a. Name of Series:** Payden Securitized Income Fund

- **b. EDGAR series identifier (if any):** S000076847

- **c. LEI of Series:** 5493006B73QWG4AQGF75

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-04-30

**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:** $61592174.60

**Total Liabilities:** $140695.80

**Net Assets:** $61451478.80

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.14068314 | **5-Year:** 918.45406880 | **10-Year:** 3381.31407400 | **30-Year:** 8901.55835400

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 65.05081777 | **10-Year:** 94.40886658 | **30-Year:** 466.25327570

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000236944 | 0.00%                | 0.19%                | 0.41%                |
| Class ID C000236945 | 0.00%                | 0.20%                | 0.32%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $-1094.40                | $-36938.04                                 |
| Month 3  | $-2173.06                | $-59923.11                                 |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BX Trust                               | BX Trust 2024-CNYN                                        | CUSIP: 05612HAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    422641 | PA      | $422928.89    | 0.69%             | 2041-04-15      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                       | Connecticut Avenue Securities Trust 2023-R08              | CUSIP: 20755CAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    205763 | PA      | $206173.13    | 0.34%             | 2043-10-25      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| AREIT CRE Trust                        | AREIT 2025-CRE10 Ltd                                      | CUSIP: 00193DAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $490367.10    | 0.80%             | 2029-12-17      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| STORE Master Funding LLC               | Store Master Funding I-VII XIV XIX XX                     | CUSIP: 86190BAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    367812 | PA      | $343981.61    | 0.56%             | 2051-06-20      | Fixed         | 2.86%                 | No            |                  2 | On Loan: No      |
| BX Trust                               | BX Commercial Mortgage Trust 2024-AIRC                    | CUSIP: 12433CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    553310 | PA      | $554205.99    | 0.90%             | 2039-08-15      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC               | OBX 2024-NQM18 Trust                                      | CUSIP: 673913AA7<br>LEI: 254900NK9PNLY9I00149 | Long             | ABS-MBS          | CORP              | US        |    459854 | PA      | $460743.13    | 0.75%             | 2064-10-25      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| Tharaldson Hotel Portfolio Tru         | THPT 2023-THL Mortgage Trust                              | CUSIP: 87252LAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    371138 | PA      | $376412.36    | 0.61%             | 2034-12-10      | Variable      | 7.23%                 | No            |                  2 | On Loan: No      |
| SBNA Auto Lease Trust                  | SBNA Auto Lease Trust 2023-A                              | CUSIP: 78436TAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     25608 | PA      | $25630.07     | 0.04%             | 2026-04-20      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| BrightSpire Capital, Inc               | BRSP 2021-FL1 Ltd                                         | CUSIP: 05591XAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    581252 | PA      | $577325.41    | 0.94%             | 2038-08-19      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust             | Verus Securitization Trust 2025-1                         | CUSIP: 92540TAA8<br>LEI: 213800JOKZMXZECMAB50 | Long             | ABS-MBS          | CORP              | US        |    590360 | PA      | $592637.55    | 0.96%             | 2070-01-25      | Variable      | 5.62%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 21 Ltd                     | Elmwood CLO 21 Ltd                                        | CUSIP: 289907AQ0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250755.00    | 0.41%             | 2036-10-20      | Floating      | 6.47%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                    | Freddie Mac STACR REMIC Trust 2023-HQA3                   | CUSIP: 35564K3F4<br>LEI: 529900ZTXRUUVE8G8W08 | Long             | ABS-MBS          | CORP              | US        |    551818 | PA      | $556855.60    | 0.91%             | 2043-11-25      | Floating      | 6.20%                 | No            |                  2 | On Loan: No      |
| BX Trust                               | BX Commercial Mortgage Trust 2024-BIO2                    | CUSIP: 05613GAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    196020 | PA      | $197712.24    | 0.32%             | 2041-08-13      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                       | Connecticut Avenue Securities Trust 2023-R06              | CUSIP: 20754EAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $257938.80    | 0.42%             | 2043-07-25      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                       | COLT 2025-INV2 Mortgage Loan Trust                        | CUSIP: 12673UAA2<br>LEI: 213800M5KYYIOHI7KW93 | Long             | ABS-MBS          | CORP              | US        |    385296 | PA      | $387447.69    | 0.63%             | 2070-02-25      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Lo         | Arbor Realty Commercial Real Estate Notes 2021-FL3 Ltd    | CUSIP: 03880KAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    760000 | PA      | $758586.32    | 1.23%             | 2034-08-15      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust             | GLS Auto Receivables Issuer Trust 2024-3                  | CUSIP: 37989AAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    303430 | PA      | $303936.40    | 0.49%             | 2027-08-16      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Life Financial Services Trust          | Life 2022-BMR Mortgage Trust                              | CUSIP: 53218DAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $484117.90    | 0.79%             | 2039-05-15      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| BX Trust                               | BX Commercial Mortgage Trust 2023-XL3                     | CUSIP: 12434GAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     71601 | PA      | $71748.12     | 0.12%             | 2040-12-09      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| Buckhorn Park CLO, Ltd.                | Buckhorn Park CLO Ltd                                     | CUSIP: 118382BA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $497505.50    | 0.81%             | 2034-07-18      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| Starwood Commercial Mortgage T         | STWD 2021-FL2 Ltd                                         | CUSIP: 78486BAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    113471 | PA      | $111625.61    | 0.18%             | 2038-04-18      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                       | Colt 2025-1 Mortgage Loan Trust                           | CUSIP: 196920AC6<br>LEI: 21380069FFOP8RZNF423 | Long             | ABS-MBS          | CORP              | US        |    545845 | PA      | $558391.11    | 0.91%             | 2070-01-25      | Variable      | 5.70%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC               | OBX 2024-NQM11 Trust                                      | CUSIP: 67119EAA4<br>LEI: 254900F5LT8CA1U6PK21 | Long             | ABS-MBS          | CORP              | US        |    482928 | PA      | $485926.49    | 0.79%             | 2064-06-25      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Esta         | Greystone CRE Notes 2021-HC2 LTD                          | CUSIP: 39809XAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    487702 | PA      | $488303.01    | 0.79%             | 2039-12-15      | Floating      | 6.24%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                         | Apidos CLO XXIII                                          | CUSIP: 03765YBJ2<br>LEI: 635400C39IXGGYE6DH05 | Long             | ABS-CBDO         | CORP              | KY        |    400000 | PA      | $393987.60    | 0.64%             | 2033-04-15      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| AGL CLO 14, LTD.                       | AGL CLO 14 Ltd                                            | CUSIP: 00851WAQ2<br>LEI: 254900G6P36ERQHAIS15 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $248118.00    | 0.40%             | 2034-12-02      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| PFP III                                | PFP 2024-11 Ltd                                           | CUSIP: 69291WAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    487810 | PA      | $487745.08    | 0.79%             | 2039-09-17      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| Castle Hill INGOTS Ltd                 | CSTL Commercial Mortgage Trust 2024-GATE                  | CUSIP: 22945JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    610000 | PA      | $607641.92    | 0.99%             | 2041-11-10      | Variable      | 4.92%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Tru         | OneMain Financial Issuance Trust 2022-3                   | CUSIP: 68269PAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    372254 | PA      | $374160.93    | 0.61%             | 2034-05-15      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust                | Carmax Auto Owner Trust 2024-3                            | CUSIP: 14319GAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    310192 | PA      | $311005.54    | 0.51%             | 2027-09-15      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus         | Bravo Residential Funding Trust Series 2025-NQM1          | CUSIP: 10569MAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    285133 | PA      | $286244.42    | 0.47%             | 2064-12-25      | Variable      | 5.91%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                       | Connecticut Avenue Securities Trust 2021-R01              | CUSIP: 20754RAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $254245.10    | 0.41%             | 2041-10-25      | Floating      | 7.45%                 | No            |                  2 | On Loan: No      |
| Lex Commercial Loan Master Tru         | LEX 2024-BBG Mortgage Trust                               | CUSIP: 52885AAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    370000 | PA      | $371879.08    | 0.61%             | 2033-10-13      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                       | Connecticut Avenue Securities Trust 2024-R03              | CUSIP: 207941AB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $250492.53    | 0.41%             | 2044-03-25      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| BX Trust                               | BX Commercial Mortgage Trust 2021-XL2                     | CUSIP: 05609KAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    245000 | PA      | $243118.82    | 0.40%             | 2038-10-15      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                    | Freddie Mac STACR REMIC Trust 2021-DNA7                   | CUSIP: 35564KND7<br>LEI: 5493000ISOMSKCX2AW62 | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $257131.58    | 0.42%             | 2041-11-25      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| Allegro CLO Ltd                        | Allegro CLO XI Ltd                                        | CUSIP: 01750HAU6<br>LEI: 2549008FHFGEJOVBP855 | Long             | ABS-CBDO         | CORP              | KY        |    321540 | PA      | $321019.75    | 0.52%             | 2033-01-19      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC               | OBX 2024-NQM17 Trust                                      | CUSIP: 673911AF0<br>LEI: 254900HMH8TR6ZSMCB34 | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $303423.21    | 0.49%             | 2064-11-25      | Variable      | 6.65%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                    | Freddie Mac STACR REMIC Trust 2022-HQA3                   | CUSIP: 35564KE39<br>LEI: 5493000IRJ8RDHSNEL96 | Long             | ABS-MBS          | CORP              | US        |    482813 | PA      | $489989.17    | 0.80%             | 2042-08-25      | Floating      | 6.65%                 | No            |                  2 | On Loan: No      |
| ACREC LLC                              | Acrec 2025 Fl 3 LLC                                       | CUSIP: 00112HAE7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    250000 | PA      | $246600.93    | 0.40%             | 2042-08-18      | Floating      | 6.26%                 | No            |                  2 | On Loan: No      |
| Payden Cash Reserves Money Market Fund | Payden Cash Reserves Money Market Fund                    | CUSIP: 704329598<br>LEI: 549300SI0EB26HO5RT16 | Long             | STIV             | RF                | US        |   2323491 | NS      | $2323490.54   | 3.78%             |  |  |  | No            |                  1 | On Loan: No      |
| FS Rialto Issuer Ltd                   | FS Rialto 2022-Fl4 Issuer LLC                             | CUSIP: 30326MAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    186557 | PA      | $186085.25    | 0.30%             | 2039-01-19      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC               | OBX 2025-NQM2 Trust                                       | CUSIP: 67120VAA3<br>LEI: 2549006BC0G3YEF5SL09 | Long             | ABS-MBS          | CORP              | US        |    580731 | PA      | $583005.19    | 0.95%             | 2064-11-25      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt         | Benefit Street Partners CLO VIII Ltd                      | CUSIP: 08180XAS1<br>LEI: 549300D98ZLKNSI8CN63 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $499547.50    | 0.81%             | 2031-01-20      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| TTAN                                   | TTAN 2021-MHC                                             | CUSIP: 87303TAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    653688 | PA      | $652815.33    | 1.06%             | 2038-03-15      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Lo         | Arbor Realty Commercial Real Estate Notes 2021-FL3 Ltd    | CUSIP: 03880KAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    100000 | PA      | $99970.13     | 0.16%             | 2034-08-15      | Floating      | 6.29%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                  | Palmer Square CLO 2022-1 Ltd                              | CUSIP: 69689QAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    600000 | PA      | $600175.20    | 0.98%             | 2035-04-20      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| Starwood Commercial Mortgage T         | STWD 2022-FL3 Ltd                                         | CUSIP: 78485KAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    504339 | PA      | $502483.73    | 0.82%             | 2038-11-15      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                       | COLT 2024-6 Mortgage Loan Trust                           | CUSIP: 19688XAA4<br>LEI: 213800U2X2TO1PQH1O75 | Long             | ABS-MBS          | CORP              | US        |    611140 | PA      | $612715.41    | 1.00%             | 2069-11-25      | Variable      | 5.39%                 | No            |                  2 | On Loan: No      |
| KKR Financial CLO Ltd                  | KKR CLO 27 LTD                                            | CUSIP: 48253YBS6<br>LEI: 5493007WGG1LNIZXEI24 | Long             | ABS-CBDO         | CORP              | KY        |    290000 | PA      | $287760.62    | 0.47%             | 2035-01-15      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                       | Connecticut Avenue Securities Trust 2025-R03              | CUSIP: 20754VAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $301891.50    | 0.49%             | 2045-03-25      | Floating      | 6.60%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga         | MF1 2022-FL8 Ltd                                          | CUSIP: 55284JAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    486362 | PA      | $485471.62    | 0.79%             | 2037-02-19      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| LoanCore 2021-CRE5 Issuer, Ltd         | LoanCore 2021-CRE5 Issuer Ltd                             | CUSIP: 53947XAJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249880.40    | 0.41%             | 2036-07-15      | Floating      | 6.79%                 | No            |                  2 | On Loan: No      |
| Oak Street Investment Grade Ne         | Oak Street Investment Grade Net Lease Fund Series 2020-1  | CUSIP: 67181DAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    297875 | PA      | $287422.89    | 0.47%             | 2050-11-20      | Fixed         | 2.26%                 | No            |                  2 | On Loan: No      |
| GM Financial Securitized Term          | GM Financial Consumer Automobile Receivables Trust 2021-4 | CUSIP: 362554AD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    148000 | PA      | $145445.02    | 0.24%             | 2027-10-18      | Fixed         | 0.99%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus         | BRAVO Residential Funding Trust 2025-NQM3                 | CUSIP: 105927AC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    589146 | PA      | $597295.97    | 0.97%             | 2065-03-25      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                       | Connecticut Avenue Securities Trust 2022-R05              | CUSIP: 20754DAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    223623 | PA      | $224355.11    | 0.37%             | 2042-04-25      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt         | Benefit Street Partners CLO XXIV Ltd                      | CUSIP: 08182NAJ1<br>LEI: 254900F6RDYGOMBGPF86 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $497447.00    | 0.81%             | 2034-10-20      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| VB-S1 Issuer LLC                       | VB-S1 Issuer LLC - VBTEL                                  | CUSIP: 91823ABC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $302313.72    | 0.49%             | 2054-05-15      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| AmeriCredit Automobile Receiva         | AmeriCredit Automobile Receivables Trust 2024-1           | CUSIP: 023947AC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    543284 | PA      | $542960.49    | 0.88%             | 2028-02-18      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust            | Extended Stay America Trust 2021-ESH                      | CUSIP: 30227FAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    240655 | PA      | $239912.39    | 0.39%             | 2038-07-15      | Floating      | 6.69%                 | No            |                  2 | On Loan: No      |
| Juniper Valley Park CLO, Ltd           | Juniper Valley Park CLO Ltd                               | CUSIP: 48206KAS5<br>LEI: 213800ACSV8GAJ4CCO70 | Long             | ABS-CBDO         | CORP              | JE        |    250000 | PA      | $247502.25    | 0.40%             | 2036-07-20      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| Stack Infrastructure Issuer LL         | Stack Infrastructure Issuer LLC                           | CUSIP: 85236KAE2<br>LEI: 254900AV7V87H3A2WM57 | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $242530.50    | 0.39%             | 2046-03-26      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt         | Benefit Street Partners CLO XXVIII Ltd                    | CUSIP: 08179KAU7<br>LEI: 549300VHDAICRAGZNJ35 | Long             | ABS-CBDO         | CORP              | JE        |    500000 | PA      | $499984.00    | 0.81%             | 2037-10-20      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| TPG Real Estate Finance                | TRTX 2025-FL6 Issuer Ltd                                  | CUSIP: 897764AA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    600000 | PA      | $598539.66    | 0.97%             | 2042-09-18      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Lo         | Arbor Realty Commercial Real Estate Notes 2021-FL4 Ltd    | CUSIP: 03880RAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    430000 | PA      | $430791.59    | 0.70%             | 2036-11-15      | Floating      | 6.14%                 | No            |                  2 | On Loan: No      |
| BDS Ltd                                | BDS 2021-FL10 Ltd                                         | CUSIP: 07335YAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    420000 | PA      | $418648.90    | 0.68%             | 2036-12-16      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust             | Verus Securitization Trust 2024-9                         | CUSIP: 92540RAC8<br>LEI: 213800LFRCPWSTP6LX39 | Long             | ABS-MBS          | CORP              | US        |    481712 | PA      | $482149.16    | 0.78%             | 2069-11-25      | Variable      | 5.44%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable         | Westlake Automobile Receivables Trust 2023-1              | CUSIP: 96042XAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    105000 | PA      | $107659.90    | 0.18%             | 2028-11-15      | Fixed         | 6.79%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                       | Connecticut Avenue Securities Trust 2024-R02              | CUSIP: 20754GAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     93439 | PA      | $93195.89     | 0.15%             | 2044-02-25      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| Flatiron CLO Ltd                       | Flatiron CLO 19 Ltd                                       | CUSIP: 33883JBA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $247554.25    | 0.40%             | 2034-11-16      | Floating      | 6.21%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                       | Connecticut Avenue Securities Trust 2022-R01              | CUSIP: 20754LAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $251304.10    | 0.41%             | 2041-12-25      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| CAMB Commercial Mortgage Trust         | CAMB Commercial Mortgage Trust 2019-LIFE                  | CUSIP: 12482HAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $499654.55    | 0.81%             | 2037-12-15      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable         | Westlake Automobile Receivables Trust 2025-1              | CUSIP: 96043VAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $500156.60    | 0.81%             | 2028-01-18      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| BX Trust                               | BX Commercial Mortgage Trust 2024-XL4                     | CUSIP: 05611VAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    386860 | PA      | $386743.42    | 0.63%             | 2039-02-15      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| MMAF Equipment Finance LLC             | MMAF Equipment Finance LLC 2021-A                         | CUSIP: 55317JAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $97223.47     | 0.16%             | 2043-11-13      | Fixed         | 1.19%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                   | Cross 2025-H1 Mortgage Trust                              | CUSIP: 22758NAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    290000 | PA      | $291315.21    | 0.47%             | 2070-02-25      | Variable      | 6.48%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                    | Freddie Mac STACR Debt Notes 2015-HQA2                    | CUSIP: 3137G0HM4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    248085 | PA      | $258026.45    | 0.42%             | 2028-05-25      | Floating      | 14.97%                | No            |                  2 | On Loan: No      |
| BX Trust                               | BX Commercial Mortgage Trust 2024-XL5                     | CUSIP: 05612GAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    345881 | PA      | $345618.41    | 0.56%             | 2041-03-15      | Floating      | 6.26%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl         | SANTANDER DRIVE AUTO RECEIVABLES TRUST 2024-S2            | CUSIP: 80287MAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    246200 | PA      | $246089.63    | 0.40%             | 2028-12-16      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| HGI CRE CLO Ltd                        | HGI CRE CLO 2021-FL2 Ltd                                  | CUSIP: 40390JAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    493210 | PA      | $490844.43    | 0.80%             | 2036-09-17      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                           | ARES Loan Funding III Ltd                                 | CUSIP: 04009BAS7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249090.50    | 0.41%             | 2036-07-25      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| BX Trust                               | BX Commercial Mortgage Trust 2021-SOAR                    | CUSIP: 05608WAN4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    249870 | PA      | $247861.07    | 0.40%             | 2038-06-15      | Floating      | 6.24%                 | No            |                  2 | On Loan: No      |
| Invesco CLO 2022-1, Ltd.               | Invesco CLO 2022-1 Ltd                                    | CUSIP: 460988AC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    250000 | PA      | $249626.25    | 0.41%             | 2035-04-20      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| SWCH Commercial Mortgage Trust         | SWCH Commercial Mortgage Trust 2025-DATA                  | CUSIP: 78489CAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $246104.45    | 0.40%             | 2042-03-15      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| ARI Fleet Lease Trust                  | ARI Fleet Lease Trust 2023-B                              | CUSIP: 04033GAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    120943 | PA      | $121917.19    | 0.20%             | 2032-07-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| OCTAGON INVESTMENT PARTNERS 40         | Octagon Investment Partners 40 Ltd                        | CUSIP: 67592BBC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    430000 | PA      | $426861.43    | 0.69%             | 2035-01-20      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| ARES Commercial Mortgage Trust         | ARES Commercial Mortgage Trust 2024-IND                   | CUSIP: 03990DAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    570000 | PA      | $570906.36    | 0.93%             | 2041-07-15      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| Hotwire Funding LLC                    | Hotwire Funding LLC                                       | CUSIP: 44148HAC7<br>LEI: 254900ZCO90MCT7Y9348 | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $306152.94    | 0.50%             | 2053-05-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl         | Santander Drive Auto Receivables Trust 2024-S3            | CUSIP: 80288CAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    249451 | PA      | $249361.76    | 0.41%             | 2028-10-16      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| Wheels Fleet Lease Funding LLC         | Wheels Fleet Lease Funding 1 LLC                          | CUSIP: 96328GCF2<br>LEI: 549300BSFY0E0XXREF43 | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $498149.95    | 0.81%             | 2040-01-18      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategi         | Carlyle Global Market Strategies CLO 2016-1 Ltd           | CUSIP: 14312HBE5<br>LEI: 549300N3CJKPCWZ7KX23 | Long             | ABS-CBDO         | CORP              | KY        |    600000 | PA      | $597622.20    | 0.97%             | 2034-04-20      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Lin         | Santander Bank Auto Credit-Linked Notes Series 2022-C     | CUSIP: 80290CBJ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     81019 | PA      | $81675.35     | 0.13%             | 2032-12-15      | Fixed         | 11.37%                | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                    | Freddie Mac STACR REMIC Trust 2022-DNA5                   | CUSIP: 35564KYW3<br>LEI: 5493000IS349P4O9HR58 | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $330072.12    | 0.54%             | 2042-06-25      | Floating      | 11.10%                | No            |                  2 | On Loan: No      |
| General Motors                         | GMF Floorplan Owner Revolving Trust Series 2025-1         | CUSIP: 361886DX9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $599227.08    | 0.98%             | 2029-03-15      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC               | OBX 2025-NQM2 Trust                                       | CUSIP: 67120VAD7<br>LEI: 2549006BC0G3YEF5SL09 | Long             | ABS-MBS          | CORP              | US        |    290000 | PA      | $291022.66    | 0.47%             | 2064-11-25      | Variable      | 6.49%                 | No            |                  2 | On Loan: No      |
| TIAA CLO Ltd                           | TIAA CLO IV Ltd                                           | CUSIP: 88631YAL1<br>LEI: 5493000Q4E256SBMCY29 | Long             | ABS-CBDO         | CORP              | KY        |    460701 | PA      | $460294.44    | 0.75%             | 2032-01-20      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                | Dryden 113 CLO Ltd                                        | CUSIP: 26253EBB3<br>LEI: 254900XN9Y85HJGYJ219 | Long             | ABS-CBDO         | CORP              | JE        |    250000 | PA      | $249345.00    | 0.41%             | 2037-10-15      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| Chenango Park CLO, Ltd.                | Chenango Park CLO Ltd                                     | CUSIP: 16409TAL3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    351818 | PA      | $351473.32    | 0.57%             | 2030-04-15      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                    | Freddie Mac STACR REMIC Trust 2022-DNA4                   | CUSIP: 35564KWS4<br>LEI: 5493000IS4CDPWRMWB65 | Long             | ABS-MBS          | CORP              | US        |    206816 | PA      | $210040.84    | 0.34%             | 2042-05-25      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| CAMB Commercial Mortgage Trust         | CAMB Commercial Mortgage Trust 2019-LIFE                  | CUSIP: 12482HAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    280000 | PA      | $279420.68    | 0.45%             | 2037-12-15      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| CarMax Select Receivables Trus         | CarMax Select Receivables Trust 2025-A                    | CUSIP: 14319UAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    290000 | PA      | $289600.00    | 0.47%             | 2031-07-15      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                       | Connecticut Avenue Securities Trust 2025-R02              | CUSIP: 20754TAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $249361.98    | 0.41%             | 2045-02-25      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                       | Connecticut Avenue Securities Trust 2021-R01              | CUSIP: 20754RAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    294359 | PA      | $294784.84    | 0.48%             | 2041-10-25      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust             | GLS Auto Receivables Issuer Trust 2025-1                  | CUSIP: 36271KAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    630000 | PA      | $629921.44    | 1.03%             | 2027-12-15      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC               | OBX 2024-NQM18 Trust                                      | CUSIP: 673913AD1<br>LEI: 254900NK9PNLY9I00149 | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $249232.78    | 0.41%             | 2064-10-25      | Variable      | 6.17%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limit         | Bain Capital Credit CLO 2019-2                            | CUSIP: 05682LBC0<br>LEI: 549300WZ8E2KQS66KT95 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249163.25    | 0.41%             | 2032-10-17      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                               | BXMT 2021-FL4 Ltd                                         | CUSIP: 05609GAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    344689 | PA      | $340870.63    | 0.55%             | 2038-05-15      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl         | Santander Drive Auto Receivables Trust 2025-2             | CUSIP: 80287NAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    290000 | PA      | $291515.19    | 0.47%             | 2031-05-15      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC         | Enterprise Fleet Financing 2024-2 LLC                     | CUSIP: 29375RAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    537440 | PA      | $540204.02    | 0.88%             | 2026-12-20      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust           | Dell Equipment Finance Trust 2023-3                       | CUSIP: 24702EAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100813.16    | 0.16%             | 2029-04-23      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust         | Carvana Auto Receivables Trust 2025-P1                    | CUSIP: 14689MAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $500228.40    | 0.81%             | 2028-06-12      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                       | Colt 2025-1 Mortgage Loan Trust                           | CUSIP: 196920AF9<br>LEI: 21380069FFOP8RZNF423 | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $252386.55    | 0.41%             | 2070-01-25      | Variable      | 6.63%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd               | Neuberger Berman Loan Advisers CLO 35 Ltd                 | CUSIP: 64133CAS8<br>LEI: 549300MYVO80EQUJK294 | Long             | ABS-CBDO         | CORP              | KY        |    600000 | PA      | $595143.60    | 0.97%             | 2033-01-19      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 16 Ltd                     | Elmwood CLO 16 Ltd                                        | CUSIP: 29002UAN0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250416.00    | 0.41%             | 2037-04-20      | Floating      | 6.77%                 | No            |                  2 | On Loan: No      |
| LoanCore Issuer, Ltd.                  | LoanCore 2025 2025-CRE8 Issuer LLC                        | CUSIP: 53947FAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    360000 | PA      | $354391.96    | 0.58%             | 2042-08-17      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Esta         | Greystone CRE Notes 2021-FL3 Ltd                          | CUSIP: 39809PAG0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    100000 | PA      | $99080.70     | 0.16%             | 2039-07-15      | Floating      | 6.44%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                       | Connecticut Avenue Securities Trust 2024-R01              | CUSIP: 20753UAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    515083 | PA      | $513609.40    | 0.84%             | 2044-01-25      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                    | Freddie Mac STACR REMIC Trust 2023-DNA2                   | CUSIP: 35564KT58<br>LEI: 5493000IRI80KQJUNK40 | Long             | ABS-MBS          | CORP              | US        |    419001 | PA      | $424521.25    | 0.69%             | 2043-04-25      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| BX Trust                               | BX Commercial Mortgage Trust 2024-XL4                     | CUSIP: 05611VAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    291603 | PA      | $291609.12    | 0.47%             | 2039-02-15      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec         | American Credit Acceptance Receivables Trust 2024-4       | CUSIP: 024945AE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    370000 | PA      | $368713.33    | 0.60%             | 2031-08-12      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                               | BXMT 2025-FL5 Ltd                                         | CUSIP: 05613YAE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    400000 | PA      | $399417.60    | 0.65%             | 2042-10-18      | Floating      | 6.87%                 | No            |                  2 | On Loan: No      |
| OneMain Direct Auto Receivable         | Onemain Direct Auto Receivables Trust 2022-1              | CUSIP: 68269DAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    423682 | PA      | $423697.02    | 0.69%             | 2029-03-14      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Oak Street Investment Grade Ne         | Oak Street Investment Grade Net Lease Fund Series 2021-1  | CUSIP: 67190AAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    198750 | PA      | $172361.27    | 0.28%             | 2051-01-20      | Fixed         | 3.26%                 | No            |                  2 | On Loan: No      |
| Thompson Park CLO, LTD                 | Thompson Park CLO Ltd                                     | CUSIP: 884887AS9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $247668.50    | 0.40%             | 2034-04-15      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| FS Rialto Issuer Ltd                   | FS Rialto 2025-FL10 Issuer LLC                            | CUSIP: 30340KAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    500000 | PA      | $494670.60    | 0.80%             | 2042-08-19      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| HTL Commercial Mortgage Trust          | HTL Commercial Mortgage Trust 2024-T53                    | CUSIP: 404300AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    380000 | PA      | $385264.41    | 0.63%             | 2039-05-10      | Variable      | 6.07%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                       | Fannie Mae Connecticut Avenue Securities                  | CUSIP: 20754KAB7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |    315000 | PA      | $315452.34    | 0.51%             | 2041-11-25      | Floating      | 6.35%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust           | Ford Credit Auto Owner Trust 2022-C                       | CUSIP: 34535AAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    550000 | PA      | $554037.11    | 0.90%             | 2030-03-15      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| OCTAGON INVESTMENT PARTNERS 41         | Octagon Investment Partners 41 Ltd                        | CUSIP: 67592FBA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    600000 | PA      | $596857.20    | 0.97%             | 2033-10-15      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| Driven Brands Funding, LLC             | Driven Brands Funding LLC                                 | CUSIP: 26208LAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    237836 | PA      | $236304.28    | 0.38%             | 2049-04-20      | Fixed         | 4.64%                 | No            |                  2 | On Loan: No      |
| Ford Credit Floorplan Master O         | Ford Credit Floorplan Master Owner Trust A                | CUSIP: 34528QHQ0<br>LEI: 5493001DTG5N7T8BG747 | Long             | ABS-O            | CORP              | US        |     90000 | PA      | $88793.74     | 0.14%             | 2027-09-15      | Fixed         | 1.06%                 | No            |                  2 | On Loan: No      |
| VB-S1 Issuer LLC                       | VB-S1 Issuer LLC - VBTEL                                  | CUSIP: 91823ABG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $314939.01    | 0.51%             | 2054-05-15      | Fixed         | 8.87%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd               | Madison Park Funding LVII Ltd                             | CUSIP: 55822GAQ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    600000 | PA      | $598233.60    | 0.97%             | 2034-07-27      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust               | JP Morgan Mortgage Trust Series 2025-NQM1                 | CUSIP: 46593QAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    494928 | PA      | $502470.60    | 0.82%             | 2065-06-25      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |
| World Omni Auto Receivables Tr         | World Omni Auto Receivables Trust 2022-A                  | CUSIP: 98164GAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    291445 | PA      | $289193.32    | 0.47%             | 2027-05-17      | Fixed         | 1.66%                 | No            |                  2 | On Loan: No      |
| SWCH Commercial Mortgage Trust         | SWCH Commercial Mortgage Trust 2025-DATA                  | CUSIP: 78489CAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $241963.68    | 0.39%             | 2042-03-15      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                    | Freddie Mac STACR REMIC Trust 2021-HQA4                   | CUSIP: 35564KNK1<br>LEI: 5493000ISE4NWBTOSK36 | Long             | ABS-MBS          | CORP              | US        |    483651 | PA      | $480238.85    | 0.78%             | 2041-12-25      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| BX Trust                               | BX Trust 2025-VLT6                                        | CUSIP: 12433KAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $247053.98    | 0.40%             | 2042-03-15      | Floating      | 6.51%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC               | OBX 2024-NQM8 Trust                                       | CUSIP: 67119CAA8<br>LEI: 254900Y1YRD8JNADSC78 | Long             | ABS-MBS          | CORP              | US        |    392373 | PA      | $396218.85    | 0.64%             | 2064-05-25      | Variable      | 6.23%                 | No            |                  2 | On Loan: No      |
| BX Trust                               | BX Commercial Mortgage Trust 2024-GPA2                    | CUSIP: 12433DAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $500627.05    | 0.81%             | 2041-11-15      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                           | Voya CLO 2021-1 Ltd                                       | CUSIP: 92918QAS9<br>LEI: 549300TZK6NKU72KPL60 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $246957.00    | 0.40%             | 2034-07-15      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl         | Santander Drive Auto Receivables Trust 2023-S1            | CUSIP: 80286QAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    260958 | PA      | $263574.90    | 0.43%             | 2028-04-18      | Fixed         | 8.14%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                   | Cross 2024-H8 Mortgage Trust                              | CUSIP: 22757GAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    488038 | PA      | $489650.51    | 0.80%             | 2069-12-25      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                      | Magnetite XXIV Ltd                                        | CUSIP: 55954WAN9<br>LEI: 549300P6T1S83Z2MDF55 | Long             | ABS-CBDO         | CORP              | KY        |    430000 | PA      | $428312.68    | 0.70%             | 2035-04-15      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| FS Rialto Issuer Ltd                   | FS Rialto 2024-FL9 Issuer LLC                             | CUSIP: 30338WAL3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    600000 | PA      | $599191.38    | 0.98%             | 2039-10-19      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                | Dryden 68 CLO Ltd                                         | CUSIP: 26252QAS1<br>LEI: 254900MX6QAMC9XBAB53 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $497989.00    | 0.81%             | 2035-07-15      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| Octagon Investment Partners 45         | Octagon Investment Partners 45 Ltd                        | CUSIP: 67577MAQ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    430000 | PA      | $428915.54    | 0.70%             | 2035-04-15      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables          | Exeter Automobile Receivables Trust 2025-2                | CUSIP: 30168JAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    290000 | PA      | $292913.63    | 0.48%             | 2031-07-15      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| Galaxy CLO Ltd                         | Galaxy XX CLO Ltd                                         | CUSIP: 36320MAL2<br>LEI: 549300S1CAKZT00VQL17 | Long             | ABS-CBDO         | CORP              | KY        |    188122 | PA      | $188138.65    | 0.31%             | 2031-04-20      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| BX Trust                               | BX Commercial Mortgage Trust 2021-VOLT                    | CUSIP: 05609VAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $247495.25    | 0.40%             | 2036-09-15      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| BX Trust                               | BX Trust 2024-VLT4                                        | CUSIP: 05612TAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    370000 | PA      | $367799.83    | 0.60%             | 2029-07-15      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                       | Fannie Mae Connecticut Avenue Securities                  | CUSIP: 30711XQX5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |    493654 | PA      | $503558.11    | 0.82%             | 2030-02-25      | Floating      | 7.12%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust         | Carvana Auto Receivables Trust 2022-P3                    | CUSIP: 14686MAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    412332 | PA      | $412309.51    | 0.67%             | 2027-11-10      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                    | PFS Financing Corp                                        | CUSIP: 69335PFC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $500879.15    | 0.82%             | 2028-01-15      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust         | Carvana Auto Receivables Trust 2024-P4                    | CUSIP: 14076LAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    555010 | PA      | $554827.82    | 0.90%             | 2028-02-10      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                            | OCP CLO 2015-9 Ltd                                        | CUSIP: 67091YBL7<br>LEI: 254900XV0U0WEM36A370 | Long             | ABS-CBDO         | CORP              | KY        |    290000 | PA      | $285980.60    | 0.47%             | 2037-01-15      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                       | Connecticut Avenue Securities Trust 2022-R01              | CUSIP: 20754LAF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $254975.85    | 0.41%             | 2041-12-25      | Floating      | 7.50%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                               | BXMT 2020-FL2 LTD                                         | CUSIP: 12434LAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $491487.85    | 0.80%             | 2038-02-15      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl         | Santander Drive Auto Receivables Trust 2024-S1            | CUSIP: 80286UAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    224614 | PA      | $224911.07    | 0.37%             | 2029-03-16      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                       | Connecticut Avenue Securities Trust 2024-R02              | CUSIP: 20754GAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $250123.40    | 0.41%             | 2044-02-25      | Floating      | 6.15%                 | No            |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Secur         | Bridgecrest Lending Auto Securitization Trust 2023-1      | CUSIP: 108056AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    385420 | PA      | $386854.46    | 0.63%             | 2027-11-15      | Fixed         | 6.51%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus         | BRAVO Residential Funding Trust 2024-NQM7                 | CUSIP: 105698AC8<br>LEI: 254900T3YTF92WA96N66 | Long             | ABS-MBS          | CORP              | US        |    542598 | PA      | $544087.99    | 0.89%             | 2064-10-27      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| BrightSpire Capital, Inc               | BRSP 2024-FL2 Ltd                                         | CUSIP: 05613BAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    100000 | PA      | $99708.83     | 0.16%             | 2037-08-19      | Floating      | 6.70%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-23

**Name of Applicant:** PAYDEN & RYGEL INVESTMENT GROUP

**Signature:** Sandi Brents

**Name of Signer:** Sandi Brents

**Title:** Compliance Officer