# EDGAR Filing Document

**Accession Number:** 0000885709
**File Stem:** 0000940400-26-011779
**Filing Date:** 2026-3
**Character Count:** 112437
**Document Hash:** e54de91233b95af58152c9ca0b9acd01
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-011779.hdr.sgml**: 20260327

**ACCESSION NUMBER**: 0000940400-26-011779

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260130

**FILED AS OF DATE**: 20260327

**DATE AS OF CHANGE**: 20260327

**PERIOD START**: 20261031

**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:** 26805623

**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 | Payden Securitized Income Fund (Investor Class) | PYSFX           |
| C000236945 | Payden Securitized Income Fund (SI Class)       | PYSCX           |

## 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:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-30

**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:** $123963640.62

**Total Liabilities:** $9852151.34

**Net Assets:** $114111489.28

**Delayed Delivery Securities:** $900320.00

**Stand-by Commitments:** $8837496.97

**Cash Not Reported:** $785457.60

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 2157.00000000 | **1-Year:** 3.00000000 | **5-Year:** 1120.00000000 | **10-Year:** 6276.00000000 | **30-Year:** 17336.00000000

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

- **3-Month:** 183.00000000 | **1-Year:** 0.00000000 | **5-Year:** 60.00000000 | **10-Year:** 226.00000000 | **30-Year:** 4364.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000236944 | 0.44%                | 0.34%                | 0.60%                |
| Class ID C000236945 | 0.45%                | 0.35%                | 0.50%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-6633.59                | $60758.41                                  |
| Month 2  | $42196.63                | $16531.20                                  |
| Month 3  | $85509.43                | $134272.12                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| STATE STREET GLOBAL MARKETS, LLC            | USD/GBP FORWARD                                               | CUSIP: 000000000<br>LEI: 549300FDEDF5ORXCMQ56 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-9853.66     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Jubilee CDO BV                              | Jubilee CLO 2021-XXV DAC                                      | CUSIP: 000000000<br>LEI: 635400APBYBGXMTWEE61 | Long             | ABS-CBDO         | CORP              | IE        |    450000 | PA      | $534220.73    | 0.47%             | 2035-10-15      | Floating      | 3.77%                 | 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        |    700000 | PA      | $704852.82    | 0.62%             | 2033-10-13      | Variable      | 4.87%                 | No            |                  2 | On Loan: No      |
| Hotwire Funding LLC                         | Hotwire Funding LLC                                           | CUSIP: 44148JAB5<br>LEI: 254900ZCO90MCT7Y9348 | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $589731.60    | 0.52%             | 2051-11-20      | Fixed         | 2.66%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Commercial Real E              | Arbor Realty Commercial Real Estate Notes 2025-FL1 LLC        | CUSIP: 03881KAE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    350000 | PA      | $352162.02    | 0.31%             | 2043-01-20      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Ally Bank Auto Credit-Linked N              | Ally Bank Auto Credit-Linked Notes Series 2025-B              | CUSIP: 02007G6S7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    223723 | PA      | $224590.43    | 0.20%             | 2033-09-15      | Fixed         | 6.16%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                    | Neuberger Berman Loan Advisers CLO 46 Ltd                     | CUSIP: 64134QAN7<br>LEI: 549300LCOEVXWN75LP18 | Long             | ABS-CBDO         | CORP              | KY        |    400000 | PA      | $400939.60    | 0.35%             | 2037-01-20      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                    | OBX 2025-NQM2 Trust                                           | CUSIP: 67120VAA3<br>LEI: 2549006BC0G3YEF5SL09 | Long             | ABS-MBS          | CORP              | US        |    596812 | PA      | $604312.84    | 0.53%             | 2064-11-25      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Fannie Mae Connecticut Avenue Securities                      | CUSIP: 30711XDY7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |    295221 | PA      | $310721.37    | 0.27%             | 2029-04-25      | Floating      | 13.06%                | No            |                  2 | On Loan: No      |
| Starwood Commercial Mortgage T              | STWD 2022-FL3 Ltd                                             | CUSIP: 78485KAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    335679 | PA      | $335437.89    | 0.29%             | 2038-11-15      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2025-BCAT                        | CUSIP: 12433HAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    479142 | PA      | $480392.50    | 0.42%             | 2042-08-15      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-DNA7                       | CUSIP: 35564KNE5<br>LEI: 5493000ISOMSKCX2AW62 | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $420082.08    | 0.37%             | 2041-11-25      | Floating      | 11.50%                | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2025-FL19 LLC                                             | CUSIP: 55287KAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    520000 | PA      | $522271.93    | 0.46%             | 2042-05-18      | Floating      | 5.16%                 | 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      | $250604.63    | 0.22%             | 2036-07-15      | Floating      | 6.14%                 | 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      | $499779.50    | 0.44%             | 2034-10-20      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2025-VLT7                                            | CUSIP: 123913AJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $351185.10    | 0.31%             | 2044-07-15      | Floating      | 7.43%                 | No            |                  2 | On Loan: No      |
| Palmer Square European Loan Fu              | Palmer Square European Loan Funding 2025-2 DAC                | CUSIP: 000000000<br>LEI: 254900595EZPT26ANZ17 | Long             | ABS-CBDO         | CORP              | IE        |    300000 | PA      | $359281.96    | 0.31%             | 2035-02-15      | Floating      | 4.56%                 | No            |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM TRU              | SoFi Consumer Loan Program Trust 2026-1                       | CUSIP: 83408AAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $300949.11    | 0.26%             | 2035-12-26      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Tru              | OneMain Financial Issuance Trust 2022-S1                      | CUSIP: 68267HAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    390000 | PA      | $392247.14    | 0.34%             | 2035-05-14      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| DI Issuer LLC                               | Lmdv Issuer Co LLC                                            | CUSIP: 538908AC8<br>LEI: 254900A6HRP8XHJJGM20 | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $501740.20    | 0.44%             | 2055-12-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| BDS Ltd                                     | BDS 2021-FL10 Ltd                                             | CUSIP: 07335YAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    420000 | PA      | $421327.16    | 0.37%             | 2036-12-16      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX 2025-BIO3 Mortgage Trust                                   | CUSIP: 123911AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $614006.70    | 0.54%             | 2042-02-10      | Fixed         | 6.14%                 | 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        |    455000 | PA      | $465446.35    | 0.41%             | 2028-11-15      | Fixed         | 6.79%                 | 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      | $245158.32    | 0.21%             | 2038-10-15      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2025-8                             | CUSIP: 924930AH3<br>LEI: 213800K8E68XJS6Z1D09 | Long             | ABS-MBS          | CORP              | US        |    409000 | PA      | $414889.93    | 0.36%             | 2070-09-25      | Fixed         | 5.73%                 | 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      | $251266.00    | 0.22%             | 2034-11-16      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| Palmer Square European Loan Fu              | Palmer Square European Loan Funding 2025-3 DAC                | CUSIP: 000000000<br>LEI: 254900VGFCQBASWATQ78 | Long             | ABS-CBDO         | CORP              | IE        |    400000 | PA      | $476577.93    | 0.42%             | 2035-07-15      | Floating      | 4.07%                 | No            |                  2 | On Loan: No      |
| NYC Commercial Mortgage Trust               | NYC Commercial Mortgage Trust 2025-28L                        | CUSIP: 67123JAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $502762.20    | 0.44%             | 2038-11-05      | Variable      | 4.67%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2022-R05                  | CUSIP: 20754DAJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $533267.00    | 0.47%             | 2042-04-25      | Floating      | 10.70%                | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mor              | Morgan Stanley Residential Mortgage Loan Trust 2025-NQM8      | CUSIP: 61779QAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    946986 | PA      | $951522.24    | 0.83%             | 2070-09-25      | Variable      | 4.96%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2024-CNYN                                            | CUSIP: 05612HAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    360605 | PA      | $361428.89    | 0.32%             | 2041-04-15      | Floating      | 5.12%                 | 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      | $571801.66    | 0.50%             | 2041-07-15      | Floating      | 5.37%                 | 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      | $294217.01    | 0.26%             | 2070-02-25      | Variable      | 6.48%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2023-LIFE                                            | CUSIP: 05609DAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    305000 | PA      | $299892.38    | 0.26%             | 2028-02-15      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| Sculptor European CLO                       | Sculptor European CLO XIII DAC                                | CUSIP: 000000000<br>LEI: 635400AEWKYSCOEXA293 | Long             | ABS-CBDO         | CORP              | IE        |    280000 | PA      | $337144.31    | 0.30%             | 2039-07-15      | Floating      | 4.37%                 | 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        |    173095 | PA      | $173621.98    | 0.15%             | 2026-12-20      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2022-R01                  | CUSIP: 20754LAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $519143.65    | 0.45%             | 2041-12-25      | Floating      | 9.70%                 | No            |                  2 | On Loan: No      |
| BDS Ltd                                     | BDS 2025-FL15 LLC                                             | CUSIP: 05556EAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    800000 | PA      | $801815.28    | 0.70%             | 2043-03-19      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| Cedar Funding Ltd                           | Cedar Funding VI CLO Ltd                                      | CUSIP: 15032DAZ4<br>LEI: 549300PQ60B57EBTK013 | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $750120.75    | 0.66%             | 2034-04-20      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM TRU              | SoFi Consumer Loan Program 2025-3 Trust                       | CUSIP: 83390JAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    865803 | PA      | $868537.52    | 0.76%             | 2034-08-15      | Fixed         | 4.47%                 | 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        |    108625 | PA      | $108722.25    | 0.10%             | 2027-11-10      | Fixed         | 4.61%                 | 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        |     69477 | PA      | $69567.90     | 0.06%             | 2042-04-25      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| Flatiron CLO Ltd                            | Flatiron CLO 23 LLC                                           | CUSIP: 33883DAW4<br>LEI: 254900WPX2H2R5L2RO76 | Long             | ABS-CBDO         | CORP              | US        |    250000 | PA      | $251046.00    | 0.22%             | 2036-04-17      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2024-XL4                         | CUSIP: 05611VAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    369358 | PA      | $370348.32    | 0.32%             | 2039-02-15      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2021-R03                  | CUSIP: 20754AAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $516749.10    | 0.45%             | 2041-12-25      | Floating      | 9.20%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2025-BCAT                        | CUSIP: 12433HAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    335400 | PA      | $337380.96    | 0.30%             | 2042-08-15      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2024-XL5                         | CUSIP: 05612GAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    280000 | PA      | $280729.12    | 0.25%             | 2041-03-15      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| LoanCore 2018-CRE1 Issuer, Ltd              | LoanCore 2025 2025-CRE8 Issuer LLC                            | CUSIP: 53947FAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $1002615.60   | 0.88%             | 2042-08-17      | Floating      | 5.06%                 | 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      | $250689.75    | 0.22%             | 2036-07-25      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| BrightSpire Capital, Inc                    | BRSP 2021-FL1 Ltd                                             | CUSIP: 05591XAE1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    400000 | PA      | $402027.44    | 0.35%             | 2038-08-19      | Floating      | 5.69%                 | 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      | $250783.50    | 0.22%             | 2035-04-20      | Floating      | 5.47%                 | 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        |    239689 | PA      | $241436.02    | 0.21%             | 2032-07-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2025-VLT6                                            | CUSIP: 12433KAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $350591.92    | 0.31%             | 2042-03-15      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| Hotwire Funding LLC                         | Hotwire Funding LLC                                           | CUSIP: 44148HAC7<br>LEI: 254900ZCO90MCT7Y9348 | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $305023.47    | 0.27%             | 2053-05-20      | Fixed         | 7.00%                 | 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        |    485631 | PA      | $486527.38    | 0.43%             | 2040-01-18      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                    | OBX 2025-NQM2 Trust                                           | CUSIP: 67120VAD7<br>LEI: 2549006BC0G3YEF5SL09 | Long             | ABS-MBS          | CORP              | US        |    330000 | PA      | $337498.66    | 0.30%             | 2064-11-25      | Variable      | 6.49%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2025-INV1                          | CUSIP: 924929AC6<br>LEI: 213800YO7QOQOFRSRN78 | Long             | ABS-MBS          | CORP              | US        |    671331 | PA      | $680113.17    | 0.60%             | 2070-02-25      | Variable      | 5.55%                 | 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      | $601444.32    | 0.53%             | 2029-03-15      | Floating      | 4.31%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2022-R02                  | CUSIP: 20754BAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    174000 | PA      | $179732.67    | 0.16%             | 2042-01-25      | Floating      | 8.20%                 | No            |                  2 | On Loan: No      |
| Driven Brands Funding, LLC                  | Driven Brands Funding LLC                                     | CUSIP: 26209XAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100851 | PA      | $99550.00     | 0.09%             | 2050-07-20      | Fixed         | 3.79%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2021-R01                  | CUSIP: 20754RAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $412720.80    | 0.36%             | 2041-10-25      | Floating      | 9.70%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2024-7                             | CUSIP: 924925AH3<br>LEI: 213800HQOHEFNJCQYJ07 | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $353540.18    | 0.31%             | 2069-09-25      | Variable      | 7.81%                 | 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      | $295931.54    | 0.26%             | 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      | $251050.30    | 0.22%             | 2045-02-25      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Lo              | Arbor Realty Commercial Real Estate Notes 2021-FL4 Ltd        | CUSIP: 03880RAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    218802 | PA      | $219335.26    | 0.19%             | 2036-11-15      | Floating      | 5.14%                 | 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      | $250429.25    | 0.22%             | 2032-10-17      | Floating      | 5.12%                 | 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      | $252955.20    | 0.22%             | 2064-10-25      | Variable      | 6.17%                 | No            |                  2 | On Loan: No      |
| CarMax Select Receivables Trus              | Carmax Select Receivables Trust 2025-B                        | CUSIP: 14320BAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $404277.00    | 0.35%             | 2031-07-15      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| Stellantis Financial Underwrit              | Stellantis Financial Underwritten Enhanced Lease Trust 2025-A | CUSIP: 858928AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    392374 | PA      | $394016.60    | 0.35%             | 2027-07-20      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2025-9                             | CUSIP: 92490EAA1<br>LEI: 2138002AFCEWDDRL8N22 | Long             | ABS-MBS          | CORP              | US        |    484066 | PA      | $486915.69    | 0.43%             | 2070-10-27      | Variable      | 4.93%                 | 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      | $295477.67    | 0.26%             | 2031-05-15      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                 | RCKT Mortgage Trust 2025-CES5                                 | CUSIP: 74942CAA7<br>LEI: 2549008EA2IHW9G2TZ48 | Long             | ABS-MBS          | CORP              | US        |    756240 | PA      | $767778.15    | 0.67%             | 2055-05-25      | Variable      | 5.69%                 | 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        |    161796 | PA      | $161957.28    | 0.14%             | 2028-06-12      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Fannie Mae Connecticut Avenue Securities                      | CUSIP: 30711XBQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |    311646 | PA      | $313613.35    | 0.27%             | 2028-08-25      | Floating      | 15.56%                | 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      | $255384.40    | 0.22%             | 2070-01-25      | Variable      | 6.63%                 | No            |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM TRU              | SoFi Consumer Loan Program 2025-3 Trust                       | CUSIP: 83390JAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $405429.20    | 0.36%             | 2034-08-15      | Fixed         | 5.04%                 | 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      | $99568.93     | 0.09%             | 2039-07-15      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| LoanCore 2018-CRE1 Issuer, Ltd              | LoanCore 2025 2025-CRE8 Issuer LLC                            | CUSIP: 53947FAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    360000 | PA      | $360736.42    | 0.32%             | 2042-08-17      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2024-9                             | CUSIP: 92540RAC8<br>LEI: 213800LFRCPWSTP6LX39 | Long             | ABS-MBS          | CORP              | US        |    407003 | PA      | $411325.21    | 0.36%             | 2069-11-25      | Variable      | 5.44%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable              | Westlake Automobile Receivables Trust 2023-4                  | CUSIP: 96041AAN6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    405000 | PA      | $419599.72    | 0.37%             | 2029-07-16      | Fixed         | 7.19%                 | 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        |   1024668 | PA      | $1037314.41   | 0.91%             | 2043-04-25      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2024-XL4                         | CUSIP: 05611VAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    371214 | PA      | $371816.74    | 0.33%             | 2039-02-15      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                                    | BXMT 2025-FL5 Ltd                                             | CUSIP: 05613YAE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    400000 | PA      | $398960.00    | 0.35%             | 2042-10-18      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2022-R06                  | CUSIP: 20754NAR6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $556590.20    | 0.49%             | 2042-05-25      | Floating      | 14.30%                | No            |                  2 | On Loan: No      |
| SCG Hotel Issuer Inc                        | SCG Trust 2025-SNIP                                           | CUSIP: 78398JAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $754224.45    | 0.66%             | 2042-09-15      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management EUR              | Goldentree Loan Management Eur Clo 7 DAC                      | CUSIP: 000000000<br>LEI: 549300O3AX8Z1RQYEB12 | Long             | ABS-CBDO         | CORP              | IE        |    450000 | PA      | $533407.50    | 0.47%             | 2037-07-20      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                  | GLS Auto Receivables Issuer Trust 2023-4                      | CUSIP: 362929AF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    201000 | PA      | $207880.91    | 0.18%             | 2029-08-15      | Fixed         | 7.18%                 | No            |                  2 | On Loan: No      |
| DGWD Trust                                  | DGWD Trust 2025-INFL                                          | CUSIP: 23347FAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $603377.28    | 0.53%             | 2035-08-15      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2025-VOLT                                            | CUSIP: 05619PAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $301939.26    | 0.26%             | 2044-12-15      | Floating      | 6.43%                 | 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      | $99633.36     | 0.09%             | 2043-11-13      | Fixed         | 1.19%                 | 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      | $600639.60    | 0.53%             | 2033-10-15      | Floating      | 4.76%                 | 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      | $310543.08    | 0.27%             | 2054-05-15      | Fixed         | 8.87%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                     | CUSIP: 01F052623<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2110000 | PA      | $2139680.86   | 1.88%             | 2056-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec              | American Credit Acceptance Receivables Trust 2025-2           | CUSIP: 024938AG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $406398.36    | 0.36%             | 2031-07-14      | Fixed         | 5.50%                 | 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        |    641258 | PA      | $648878.07    | 0.57%             | 2065-06-25      | Variable      | 5.59%                 | 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      | $249703.13    | 0.22%             | 2042-02-15      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2025-VLT6                                            | CUSIP: 12433KAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $350587.51    | 0.31%             | 2042-03-15      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2025-TAIL                                            | CUSIP: 123912AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $350693.35    | 0.31%             | 2035-06-15      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                | Drive Auto Receivables Trust 2025-S1                          | CUSIP: 26210HAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    168016 | PA      | $169751.24    | 0.15%             | 2029-06-16      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                           | Magnetite XXIV Ltd                                            | CUSIP: 55954WAN9<br>LEI: 549300P6T1S83Z2MDF55 | Long             | ABS-CBDO         | CORP              | KY        |    430000 | PA      | $430942.13    | 0.38%             | 2035-04-15      | Floating      | 5.42%                 | 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        |    241276 | PA      | $241695.24    | 0.21%             | 2028-01-18      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                        | Cross 2024-H8 Mortgage Trust                                  | CUSIP: 22757GAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    816794 | PA      | $825783.70    | 0.72%             | 2069-12-25      | Variable      | 5.55%                 | 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        |   1000000 | PA      | $1004759.90   | 0.88%             | 2039-10-19      | Floating      | 5.31%                 | 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      | $294745.62    | 0.26%             | 2031-07-15      | Fixed         | 5.16%                 | 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      | $500617.00    | 0.44%             | 2035-07-15      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                  | GLS Auto Receivables Issuer Trust 2025-2                      | CUSIP: 37989BAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $506346.90    | 0.44%             | 2029-10-15      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2024-VLT4                                            | CUSIP: 05612TAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    540000 | PA      | $541280.66    | 0.47%             | 2041-06-15      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2022-R04                  | CUSIP: 20753YAL6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $542723.45    | 0.48%             | 2042-03-25      | Floating      | 13.20%                | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus              | BRAVO Residential Funding Trust 2025-NQM7                     | CUSIP: 10570TAP0<br>LEI: 254900I1LYOO3G3UAT10 | Long             | ABS-MBS          | CORP              | US        |    406045 | PA      | $410423.32    | 0.36%             | 2065-07-25      | Variable      | 5.46%                 | No            |                  2 | On Loan: No      |
| USB Auto Owner Trust                        | USB Auto Owner Trust 2025-1                                   | CUSIP: 90367VAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    350000 | PA      | $355370.61    | 0.31%             | 2031-03-17      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                                    | BXMT 2020-FL2 LTD                                             | CUSIP: 12434LAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $498730.95    | 0.44%             | 2038-02-15      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 5YR NOTE (CBT)                                             | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        62 | NC      | $-26611.19    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| CIFC Funding Ltd                            | CIFC Funding 2022-IV Ltd                                      | CUSIP: 12567WAS8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    400000 | PA      | $403052.80    | 0.35%             | 2035-07-16      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| Driven Brands Funding, LLC                  | Driven Brands Funding LLC                                     | CUSIP: 26209XAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    392319 | PA      | $371711.46    | 0.33%             | 2051-10-20      | Fixed         | 2.79%                 | No            |                  2 | On Loan: No      |
| VTR Commercial Mortgage Trust               | VTR Commercial Mortgage Trust 2025-STEM                       | CUSIP: 92890YAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    125000 | PA      | $125582.58    | 0.11%             | 2039-10-13      | Variable      | 6.06%                 | 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        |    551599 | PA      | $557077.99    | 0.49%             | 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      | $100049.41    | 0.09%             | 2037-08-19      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| AREIT CRE Trust                             | AREIT 2025-CRE10 Ltd                                          | CUSIP: 00193DAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    600000 | PA      | $600026.52    | 0.53%             | 2029-12-17      | Floating      | 5.06%                 | 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        |    366406 | PA      | $346916.65    | 0.30%             | 2051-06-20      | Fixed         | 2.86%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                    | OBX 2024-NQM18 Trust                                          | CUSIP: 673913AA7<br>LEI: 254900NK9PNLY9I00149 | Long             | ABS-MBS          | CORP              | US        |    542710 | PA      | $547829.63    | 0.48%             | 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        |    630674 | PA      | $643150.23    | 0.56%             | 2034-12-10      | Variable      | 6.99%                 | No            |                  2 | On Loan: No      |
| DURST Commercial Mortgage Trus              | Durst Commercial Mortgage Trust 2025-151                      | CUSIP: 266895AE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $510638.60    | 0.45%             | 2042-08-10      | Variable      | 6.02%                 | No            |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM TRU              | SoFi Consumer Loan Program 2025-4 Trust                       | CUSIP: 83405UAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    489534 | PA      | $490579.10    | 0.43%             | 2035-08-25      | Fixed         | 4.24%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2022-R03                  | CUSIP: 20753XAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $547026.30    | 0.48%             | 2042-03-25      | Floating      | 13.55%                | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2025-VOLT                                            | CUSIP: 05619PAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $403053.92    | 0.35%             | 2044-12-15      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| SCG Hotel Issuer Inc                        | SCG Trust 2025-SNIP                                           | CUSIP: 78398JAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $151466.01    | 0.13%             | 2042-09-15      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2025-R04                  | CUSIP: 20755TAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $352012.99    | 0.31%             | 2045-05-25      | Floating      | 5.20%                 | 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      | $257129.73    | 0.23%             | 2043-07-25      | Floating      | 6.40%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                     | Dryden 121 CLO Ltd                                            | CUSIP: 26253VAJ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    400000 | PA      | $402406.00    | 0.35%             | 2037-01-15      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                  | GLS Auto Receivables Issuer Trust 2024-2                      | CUSIP: 37964VAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    260000 | PA      | $267062.28    | 0.23%             | 2030-02-15      | Fixed         | 6.19%                 | 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        |    600000 | PA      | $583507.86    | 0.51%             | 2039-05-15      | Floating      | 4.98%                 | 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      | $500967.50    | 0.44%             | 2034-07-18      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                            | Colt 2025-1 Mortgage Loan Trust                               | CUSIP: 196920AC6<br>LEI: 21380069FFOP8RZNF423 | Long             | ABS-MBS          | CORP              | US        |    780342 | PA      | $789808.80    | 0.69%             | 2070-01-25      | Variable      | 5.70%                 | No            |                  2 | On Loan: No      |
| Apidos CLO                                  | Apidos CLO XXIII                                              | CUSIP: 03765YBJ2<br>LEI: 635400C39IXGGYE6DH05 | Long             | ABS-CBDO         | CORP              | KY        |    400000 | PA      | $399193.60    | 0.35%             | 2033-04-15      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US               | Goldentree Loan Management US CLO 1 Ltd                       | CUSIP: 38136FBY8<br>LEI: 549300BE2068MP2P8N06 | Long             | ABS-CBDO         | CORP              | KY        |    380000 | PA      | $380520.60    | 0.33%             | 2034-04-20      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                    | OBX 2024-NQM11 Trust                                          | CUSIP: 67119EAA4<br>LEI: 254900F5LT8CA1U6PK21 | Long             | ABS-MBS          | CORP              | US        |    370318 | PA      | $375216.25    | 0.33%             | 2064-06-25      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| Ally Bank Auto Credit-Linked N              | Ally Bank Auto Credit-Linked Notes Series 2025-A              | CUSIP: 02007G5H2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    199458 | PA      | $200637.88    | 0.18%             | 2033-06-15      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| Contego CLO X DAC                           | Contego CLO X DAC                                             | CUSIP: 000000000<br>LEI: 635400JWXSB9BYFICZ26 | Long             | ABS-CBDO         | CORP              | IE        |    350000 | PA      | $415803.56    | 0.36%             | 2038-05-15      | Floating      | 4.76%                 | 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      | $250582.25    | 0.22%             | 2034-12-02      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                | Ares LXV CLO Ltd                                              | CUSIP: 04019FAL1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1001055.00   | 0.88%             | 2034-07-25      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Fannie Mae Connecticut Avenue Securities                      | CUSIP: 30711XCR3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |    172358 | PA      | $176327.28    | 0.15%             | 2028-10-25      | Floating      | 15.56%                | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2025-R05                  | CUSIP: 20753CAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $402162.20    | 0.35%             | 2045-07-25      | Floating      | 5.30%                 | 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        |    232333 | PA      | $234853.36    | 0.21%             | 2064-12-25      | Variable      | 5.91%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                            | COLT 2025-9 Mortgage Loan Trust                               | CUSIP: 12675LAF9<br>LEI: 2138009YFK2M431KTX57 | Long             | ABS-MBS          | CORP              | US        |    420000 | PA      | $424085.13    | 0.37%             | 2070-09-25      | Variable      | 5.88%                 | 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      | $252942.00    | 0.22%             | 2044-03-25      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| DROP Mortgage Trust 2021-FILE               | DROP Mortgage Trust 2021-FILE                                 | CUSIP: 26210YAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    280000 | PA      | $276607.74    | 0.24%             | 2043-10-15      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| Flatiron CLO Ltd                            | Flatiron RR CLO 22 LLC                                        | CUSIP: 33883QAU9<br>LEI: 5493000CIUZPG6SZO932 | Long             | ABS-CBDO         | CORP              | US        |    435000 | PA      | $435971.36    | 0.38%             | 2034-10-15      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                    | OBX 2024-NQM17 Trust                                          | CUSIP: 673911AF0<br>LEI: 254900HMH8TR6ZSMCB34 | Long             | ABS-MBS          | CORP              | US        |    330000 | PA      | $336870.47    | 0.30%             | 2064-11-25      | Variable      | 6.65%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust                 | Extended Stay America Trust 2026-ESH2                         | CUSIP: 30227WAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    135000 | PA      | $136479.51    | 0.12%             | 2043-02-15      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Lin              | Santander Bank Auto Credit-Linked Notes Series 2023-A         | CUSIP: 80290CBY9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    475127 | PA      | $493348.97    | 0.43%             | 2033-06-15      | Fixed         | 13.75%                | No            |                  2 | On Loan: No      |
| Fort Greene Park CLO                        | Fort Greene Park CLO LLC                                      | CUSIP: 18914KAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $749989.50    | 0.66%             | 2034-04-22      | Floating      | 4.62%                 | No            |                  2 | On Loan: No      |
| VTR Commercial Mortgage Trust               | VTR Commercial Mortgage Trust 2025-STEM                       | CUSIP: 92890YAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $251262.80    | 0.22%             | 2039-10-13      | Variable      | 6.71%                 | 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      | $250656.05    | 0.22%             | 2042-08-18      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2022-R02                  | CUSIP: 20754BAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $528932.75    | 0.46%             | 2042-01-25      | Floating      | 11.35%                | No            |                  2 | On Loan: No      |
| Woodward Capital Management                 | RCKT Mortgage Trust 2025-CES8                                 | CUSIP: 74939WAA8<br>LEI: 254900FCN7EI8DTYGA19 | Long             | ABS-MBS          | CORP              | US        |    553195 | PA      | $557704.52    | 0.49%             | 2055-08-25      | Variable      | 5.15%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust                 | Extended Stay America Trust 2026-ESH2                         | CUSIP: 30227WAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    230000 | PA      | $232099.97    | 0.20%             | 2043-02-15      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable              | Westlake Automobile Receivables Trust 2025-3                  | CUSIP: 96043QAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    800000 | PA      | $801209.60    | 0.70%             | 2028-04-17      | Fixed         | 4.31%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust              | Carvana Auto Receivables Trust 2021-P3                        | CUSIP: 14687JAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    192914 | PA      | $191761.58    | 0.17%             | 2027-06-10      | Fixed         | 1.03%                 | 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        |   1427208 | NS      | $1427208.37   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| OneMain Financial Issuance Tru              | OneMain Financial Issuance Trust 2019-2                       | CUSIP: 68269BAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $96614.85     | 0.08%             | 2036-10-14      | Fixed         | 4.05%                 | 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      | $290406.00    | 0.25%             | 2035-01-15      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                            | COLT 2024-6 Mortgage Loan Trust                               | CUSIP: 19688XAA4<br>LEI: 213800U2X2TO1PQH1O75 | Long             | ABS-MBS          | CORP              | US        |    681502 | PA      | $687309.40    | 0.60%             | 2069-11-25      | Variable      | 5.39%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                                    | BXMT 2025-FL5 Ltd                                             | CUSIP: 05613YAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    800000 | PA      | $802440.72    | 0.70%             | 2042-10-18      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| SFS Auto Receivables Securitiz              | SFS Auto Receivables Securitization Trust 2025-3              | CUSIP: 78398KAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1001465.80   | 0.88%             | 2029-03-20      | Fixed         | 4.11%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2022-FL8 Ltd                                              | CUSIP: 55284JAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    289731 | PA      | $290034.91    | 0.25%             | 2037-02-19      | Floating      | 5.02%                 | 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        |    455592 | PA      | $357382.50    | 0.31%             | 2050-11-20      | Fixed         | 2.26%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Esta              | Greystone CRE Notes 2025-FL4 LLC                              | CUSIP: 39810MAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    500000 | PA      | $501835.65    | 0.44%             | 2043-01-15      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                    | OBX 2023-NQM4 Trust                                           | CUSIP: 67448GAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $301312.62    | 0.26%             | 2063-03-25      | Variable      | 7.06%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus              | Bravo Residential Funding Trust 2025-Nqm3                     | CUSIP: 105927AC1<br>LEI: 254900KREJHICFBDC014 | Long             | ABS-MBS          | CORP              | US        |    640152 | PA      | $647145.65    | 0.57%             | 2065-03-25      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| Securitized Term Auto Receivab              | Securitized Term Auto Receivables Trust 2025-B                | CUSIP: 81378WAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | CA        |    256808 | PA      | $259759.91    | 0.23%             | 2032-12-29      | Fixed         | 5.12%                 | 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        |    400000 | PA      | $404589.44    | 0.35%             | 2054-05-15      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                         | PFS Financing Corp                                            | CUSIP: 69335PFW0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $301161.57    | 0.26%             | 2029-04-15      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| LoanCore 2018-CRE1 Issuer, Ltd              | LoanCore 2025-CRE9 Issuer LLC                                 | CUSIP: 538912AA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    900000 | PA      | $901633.14    | 0.79%             | 2042-08-18      | Floating      | 5.13%                 | 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      | $248767.83    | 0.22%             | 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      | $502535.50    | 0.44%             | 2037-10-20      | Floating      | 6.57%                 | 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      | $601672.98    | 0.53%             | 2042-09-18      | Floating      | 5.21%                 | 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      | $431121.48    | 0.38%             | 2036-11-15      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2025-VLT6                                            | CUSIP: 12433KAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    650000 | PA      | $651663.35    | 0.57%             | 2042-03-15      | Floating      | 5.12%                 | 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      | $430564.16    | 0.38%             | 2035-01-20      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2025-DELC                                            | CUSIP: 05594MAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $403371.84    | 0.35%             | 2042-12-15      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Fannie Mae Connecticut Avenue Securities                      | CUSIP: 30711XDB7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |    294785 | PA      | $306681.69    | 0.27%             | 2029-01-25      | Floating      | 14.06%                | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                  | GLS Auto Receivables Issuer Trust 2025-3                      | CUSIP: 37989YAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    450000 | PA      | $452273.31    | 0.40%             | 2031-06-16      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| COOPR Residential Mortgage Tru              | COOPR Residential Mortgage Trust 2025-CES4                    | CUSIP: 12636SAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    586381 | PA      | $589856.96    | 0.52%             | 2060-11-25      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| NRTH PARK Mortgage Trust                    | NRTH Commercial Mortgage Trust 2025-PARK                      | CUSIP: 669985AC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $301608.18    | 0.26%             | 2040-10-15      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| Diamond Issuer LLC                          | Diamond Issuer LLC                                            | CUSIP: 25267TAS0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    282000 | PA      | $273392.63    | 0.24%             | 2051-11-20      | Fixed         | 3.79%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag              | Wells Fargo Commercial Mortgage Trust 2025-HI                 | CUSIP: 949933AE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    225000 | PA      | $226969.65    | 0.20%             | 2042-10-15      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| Dryden Leveraged Loan CDO                   | Dryden Euro CLO                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | IE        |    350000 | PA      | $419892.46    | 0.37%             | 2039-10-18      | Floating      | 4.48%                 | No            |                  2 | On Loan: No      |
| Juniper Valley Park CLO, Ltd                | Juniper Valley Park CLO Ltd                                   | CUSIP: 48206KBE5<br>LEI: 213800ACSV8GAJ4CCO70 | Long             | ABS-CBDO         | CORP              | JE        |    400000 | PA      | $400998.00    | 0.35%             | 2036-07-20      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust                 | Extended Stay America Trust 2025-ESH                          | CUSIP: 30227TAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $252792.20    | 0.22%             | 2042-10-15      | Floating      | 6.28%                 | 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      | $600101.40    | 0.53%             | 2034-04-20      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Lo              | Arbor Realty Commercial Real Estate Notes 2022-FL1 Ltd        | CUSIP: 03880XAG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    220000 | PA      | $221351.83    | 0.19%             | 2037-01-15      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | EUR/USD FORWARD                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-1116.59     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-DNA5                       | CUSIP: 35564KHE2<br>LEI: 5493000ISU5NYXNHD479 | Long             | ABS-MBS          | CORP              | US        |    437971 | PA      | $439660.45    | 0.39%             | 2034-01-25      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| VB-S1 Issuer LLC                            | VB-S1 Issuer LLC - VBTEL                                      | CUSIP: 91823ABA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $296788.44    | 0.26%             | 2052-02-15      | Fixed         | 5.27%                 | 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      | $323708.76    | 0.28%             | 2042-06-25      | Floating      | 10.45%                | No            |                  2 | On Loan: No      |
| UK Logisitics                               | UK Logistics 2025-2 DAC                                       | CUSIP: 000000000<br>LEI: 635400CRV6HKMHJF8S64 | Long             | ABS-MBS          | CORP              | IE        |    310000 | PA      | $426771.81    | 0.37%             | 2035-08-17      | Floating      | 6.76%                 | No            |                  2 | On Loan: No      |
| BHMS Mortgage Trust                         | BHMS Commercial Mortgage Trust 2025-ATLS                      | CUSIP: 088928AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    950000 | PA      | $957658.14    | 0.84%             | 2042-08-15      | Floating      | 5.53%                 | 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        |    263800 | PA      | $264997.61    | 0.23%             | 2041-10-25      | Floating      | 5.25%                 | 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        |    210099 | PA      | $210302.55    | 0.18%             | 2027-12-15      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                     | CUSIP: 01F050627<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2270000 | PA      | $2269906.66   | 1.99%             | 2056-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                                    | BXMT 2021-FL4 Ltd                                             | CUSIP: 05609GAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    196655 | PA      | $195932.93    | 0.17%             | 2038-05-15      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                            | COLT 2025-5 Mortgage Loan Trust                               | CUSIP: 19689AAD7<br>LEI: 213800S6EGXVNRKXHN58 | Long             | ABS-MBS          | CORP              | US        |    320000 | PA      | $325910.59    | 0.29%             | 2070-05-25      | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| Madison Park Euro Funding                   | Madison Park Euro Funding XV DAC                              | CUSIP: 000000000<br>LEI: 635400THE8DBQ1GDIN16 | Long             | ABS-CBDO         | CORP              | IE        |    600000 | PA      | $712522.89    | 0.62%             | 2036-07-15      | Floating      | 3.82%                 | 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        |     35040 | PA      | $35213.33     | 0.03%             | 2029-04-23      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables               | Exeter Automobile Receivables Trust 2024-4                    | CUSIP: 30166UAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $410813.64    | 0.36%             | 2030-12-16      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec              | American Credit Acceptance Receivables Trust 2026-1           | CUSIP: 02531FAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $501199.20    | 0.44%             | 2033-01-12      | Fixed         | 4.55%                 | 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      | $250391.25    | 0.22%             | 2037-04-20      | Floating      | 6.17%                 | 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        |    570228 | PA      | $570706.08    | 0.50%             | 2033-01-19      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Commercial Real E              | Arbor Realty Commercial Real Estate Notes 2025-FL1 LLC        | CUSIP: 03881KAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $1001456.20   | 0.88%             | 2043-01-20      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| GPMT Ltd.                                   | GPMT 2021-FL3 Ltd                                             | CUSIP: 36264BAC4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500014.25    | 0.44%             | 2035-07-16      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Esta              | Greystone CRE Notes 2025 HC-4 LLC                             | CUSIP: 39809NAE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    470000 | PA      | $469775.95    | 0.41%             | 2042-10-15      | Floating      | 6.47%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec              | American Credit Acceptance Receivables Trust 2024-3           | CUSIP: 02490BAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $101989.20    | 0.09%             | 2030-07-12      | Fixed         | 6.04%                 | 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        |    505287 | PA      | $505605.21    | 0.44%             | 2029-03-14      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Tru              | OneMain Financial Issuance Trust 2021-1                       | CUSIP: 68269MAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $93064.94     | 0.08%             | 2036-06-16      | Fixed         | 2.47%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                 | RCKT Mortgage Trust 2025-CES9                                 | CUSIP: 74942JAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1421750 | PA      | $1423873.63   | 1.25%             | 2055-09-25      | Variable      | 4.79%                 | 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        |    198250 | PA      | $123998.14    | 0.11%             | 2051-01-20      | Fixed         | 3.26%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                         | COMM 2025-167G Mortgage Trust                                 | CUSIP: 12674VAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    492000 | PA      | $492915.12    | 0.43%             | 2040-08-10      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JDAC 0 08/15/29                             | JDAC 0 08/15/29                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $129922.25    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Thompson Park CLO, LTD                      | Thompson Park CLO Ltd                                         | CUSIP: 884887AS9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    400000 | PA      | $401177.60    | 0.35%             | 2034-04-15      | Floating      | 5.57%                 | 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        |    850000 | PA      | $850612.77    | 0.75%             | 2042-08-19      | Floating      | 5.06%                 | 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      | $385030.55    | 0.34%             | 2039-05-10      | Variable      | 5.88%                 | 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      | $552089.67    | 0.48%             | 2030-03-15      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| Regatta XII Funding Ltd.                    | Regatta XII Funding Ltd                                       | CUSIP: 75888HBA8<br>LEI: 2549001ZYXDVCT6R4I31 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $502721.00    | 0.44%             | 2037-10-15      | Floating      | 5.72%                 | 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      | $601136.40    | 0.53%             | 2034-07-27      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| Starwood Commercial Mortgage T              | STWD 2025-FL4 LLC                                             | CUSIP: 863922AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    800000 | PA      | $801426.40    | 0.70%             | 2042-11-19      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                | Drive Auto Receivables Trust 2025-2                           | CUSIP: 262103AG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $401240.64    | 0.35%             | 2032-12-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Driven Brands Funding, LLC                  | Driven Brands Funding LLC                                     | CUSIP: 26209XAK7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    349125 | PA      | $348951.07    | 0.31%             | 2055-10-20      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| BFLD Trust                                  | BFLD Trust 2025-FPM                                           | CUSIP: 05556HAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $812273.28    | 0.71%             | 2040-10-10      | Variable      | 5.18%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                    | OBX 2024-NQM8 Trust                                           | CUSIP: 67119CAA8<br>LEI: 254900Y1YRD8JNADSC78 | Long             | ABS-MBS          | CORP              | US        |    299566 | PA      | $304030.33    | 0.27%             | 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      | $501424.60    | 0.44%             | 2041-11-15      | Floating      | 5.22%                 | 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      | $250677.75    | 0.22%             | 2034-07-15      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2022-R07                  | CUSIP: 20754MAL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $283956.10    | 0.25%             | 2042-06-25      | Floating      | 15.70%                | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                    | OBX 2023-NQM3 Trust                                           | CUSIP: 67117PAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $350066.64    | 0.31%             | 2063-02-25      | Variable      | 6.52%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2023-R05                  | CUSIP: 207942AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    543444 | PA      | $548150.43    | 0.48%             | 2043-06-25      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                        | Cross 2025-H7 Mortgage Trust                                  | CUSIP: 22757JAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    962261 | PA      | $965264.63    | 0.85%             | 2070-09-25      | Variable      | 4.93%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables               | Exeter Automobile Receivables Trust 2025-4                    | CUSIP: 30167KAF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $404600.00    | 0.35%             | 2032-01-15      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                 | RCKT Mortgage Trust 2025-CES7                                 | CUSIP: 74943AAA0<br>LEI: 254900E35NYYFOUTHD06 | Long             | ABS-MBS          | CORP              | US        |    618529 | PA      | $625388.29    | 0.55%             | 2055-07-25      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Fannie Mae Connecticut Avenue Securities                      | CUSIP: 30711XQX5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |    411207 | PA      | $419350.30    | 0.37%             | 2030-02-25      | Floating      | 6.46%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                         | COMM 2025-SBX Mortgage Trust                                  | CUSIP: 20047UAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    850000 | PA      | $854981.51    | 0.75%             | 2041-08-10      | Variable      | 5.26%                 | 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      | $290737.76    | 0.25%             | 2037-01-15      | Floating      | 5.32%                 | 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        |     82881 | PA      | $82921.43     | 0.07%             | 2028-02-10      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust                 | Extended Stay America Trust 2025-ESH                          | CUSIP: 30227TAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $101488.73    | 0.09%             | 2042-10-15      | Floating      | 7.03%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec              | American Credit Acceptance Receivables Trust 2025-1           | CUSIP: 02528DAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $101581.42    | 0.09%             | 2031-08-12      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| AREIT CRE Trust                             | AREIT 2025-CRE11                                              | CUSIP: 04002DAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    600000 | PA      | $601932.00    | 0.53%             | 2043-07-25      | Floating      | 5.23%                 | 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      | $251807.85    | 0.22%             | 2044-02-25      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Chase Auto Credit Linked Notes              | Chase Auto Credit Linked Notes Series 2025-1                  | CUSIP: 46591HCV0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    281920 | PA      | $283400.86    | 0.25%             | 2033-02-25      | Fixed         | 6.02%                 | 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        |    110750 | PA      | $110982.81    | 0.10%             | 2043-10-25      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus              | BRAVO Residential Funding Trust 2025-NQM6                     | CUSIP: 10570MAF7<br>LEI: 254900U9H6FFPW4O4S55 | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $355118.19    | 0.31%             | 2065-06-25      | Variable      | 6.03%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2024-AIRC                        | CUSIP: 12433CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    667783 | PA      | $670117.56    | 0.59%             | 2041-08-15      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| BrightSpire Capital, Inc                    | BRSP 2021-FL1 Ltd                                             | CUSIP: 05591XAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    243347 | PA      | $243669.85    | 0.21%             | 2038-08-19      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2025-1                             | CUSIP: 92540TAA8<br>LEI: 213800JOKZMXZECMAB50 | Long             | ABS-MBS          | CORP              | US        |    938568 | PA      | $950007.92    | 0.83%             | 2070-01-25      | Variable      | 5.62%                 | No            |                  2 | On Loan: No      |
| Beechwood Park CLO Ltd.                     | Beechwood Park CLO Ltd                                        | CUSIP: 07355TBL5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1000440.00   | 0.88%             | 2035-01-17      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Flatiron CLO Ltd                            | Flatiron CLO 28 Ltd                                           | CUSIP: 33884EAU5<br>LEI: 254900U51J2X527SRJ56 | Long             | ABS-CBDO         | CORP              | KY        |    525000 | PA      | $526191.75    | 0.46%             | 2036-07-15      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                            | COLT 2025-INV2 Mortgage Loan Trust                            | CUSIP: 12673UAA2<br>LEI: 213800M5KYYIOHI7KW93 | Long             | ABS-MBS          | CORP              | US        |    927566 | PA      | $940015.43    | 0.82%             | 2070-02-25      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2024-3                             | CUSIP: 92540MAF2<br>LEI: 2138005NRONUFED1TZ38 | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $358352.44    | 0.31%             | 2069-04-25      | Variable      | 8.40%                 | No            |                  2 | On Loan: No      |
| Starwood Commercial Mortgage T              | STWD 2021-FL2 Ltd                                             | CUSIP: 78486BAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     81603 | PA      | $81327.06     | 0.07%             | 2038-04-18      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| FS Rialto Issuer Ltd                        | FS Rialto 2025-FL10 Issuer LLC                                | CUSIP: 30340KAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    450000 | PA      | $449110.26    | 0.39%             | 2042-08-19      | Floating      | 5.27%                 | 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      | $198739.84    | 0.17%             | 2041-08-13      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2023-R03                  | CUSIP: 20753AAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    650000 | PA      | $685669.53    | 0.60%             | 2043-04-25      | Floating      | 7.60%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                 | RCKT Mortgage Trust 2025-CES6                                 | CUSIP: 748949AB0<br>LEI: 2549002LEW4WNQBOMB89 | Long             | ABS-MBS          | CORP              | US        |    423797 | PA      | $429560.68    | 0.38%             | 2055-06-25      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec              | American Credit Acceptance Receivables Trust 2024-4           | CUSIP: 024945AJ6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    425000 | PA      | $438659.08    | 0.38%             | 2032-04-12      | Fixed         | 7.19%                 | No            |                  2 | On Loan: No      |
| PFP III                                     | PFP 2024-11 Ltd                                               | CUSIP: 69291WAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    281843 | PA      | $282512.62    | 0.25%             | 2039-09-17      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Hotwire Funding LLC                         | Hotwire Funding LLC                                           | CUSIP: 44148JAA7<br>LEI: 254900ZCO90MCT7Y9348 | Long             | ABS-O            | CORP              | US        |    425000 | PA      | $417713.29    | 0.37%             | 2051-11-20      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| DLLAD LLC                                   | DLLAD 2021-1 LLC                                              | CUSIP: 233262AD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    619923 | PA      | $618114.06    | 0.54%             | 2029-06-20      | Fixed         | 0.90%                 | 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      | $614842.67    | 0.54%             | 2041-11-10      | Variable      | 4.76%                 | No            |                  2 | On Loan: No      |
| SWCH Commercial Mortgage Trust              | SWCH Commercial Mortgage Trust 2025-DATA                      | CUSIP: 78489CAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $349277.85    | 0.31%             | 2042-02-15      | Floating      | 7.02%                 | 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        |    102050 | PA      | $102367.95    | 0.09%             | 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        |     66540 | PA      | $66643.96     | 0.06%             | 2027-09-15      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-27

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

**Signature:** Sandi Brents

**Name of Signer:** Sandi Brents

**Title:** Compliance Officer