# EDGAR Filing Document

**Accession Number:** 0000885709
**File Stem:** 0001752724-25-156045
**Filing Date:** 2025-6
**Character Count:** 106552
**Document Hash:** 3c899536932ff0bcbe687ca90f7bf46a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-156045.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0001752724-25-156045

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250625

**DATE AS OF CHANGE**: 20250625

**PERIOD START**: 20251031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06625
- **FILM NUMBER:** 251073070

**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 Low Duration Fund (Series ID: S000011755)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000032180 | Payden Low Duration Fund (Investor Class) | PYSBX           |
| C000236135 | Payden Low Duration Fund (SI Class)       | PYLDX           |
| C000248241 | Payden Low Duration Fund (Adviser Class)  | PYLWX           |

## 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 Low Duration Fund

- **b. EDGAR series identifier (if any):** S000011755

- **c. LEI of Series:** JBE5Q1GFOJSHZAIQ1855

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $954621070.13

**Total Liabilities:** $20440872.71

**Net Assets:** $934180197.42

**Cash Not Reported:** $2004290.17

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 101.85653120 | **1-Year:** 1142.31059000 | **5-Year:** 56000.94833000 | **10-Year:** 11485.75322000 | **30-Year:** 36051.23341000

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

- **3-Month:** 0.00000000 | **1-Year:** 318.88916610 | **5-Year:** 8264.16729300 | **10-Year:** 458.78907630 | **30-Year:** 6984.80098700

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000032180 | 0.75%                | 0.37%                | 0.56%                |
| Class ID C000236135 | 0.85%                | 0.38%                | 0.57%                |
| Class ID C000248241 | 0.82%                | 0.23%                | 0.52%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-13421.54               | $2902933.66                                |
| Month 2  | $315169.61               | $-978064.98                                |
| Month 3  | $280706.31               | $992264.10                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | 2 YEAR U.S. TREASURY NOTE                                             | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      1112 | NC      | $1972687.41   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| DANSKE BANK A/S                             | Danske Bank A/S                                                       | CUSIP: 23636ABG5<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |   1960000 | PA      | $1992703.78   | 0.21%             | 2028-03-01      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| Wheels Fleet Lease Funding LLC              | Wheels Fleet Lease Funding 1 LLC                                      | CUSIP: 96328GCE5<br>LEI: 549300BSFY0E0XXREF43 | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4012907.20   | 0.43%             | 2040-01-18      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R06                          | CUSIP: 20755RAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1150000 | PA      | $1150346.61   | 0.12%             | 2044-09-25      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| COMMONSPIRIT HEALTH                         | CommonSpirit Health                                                   | CUSIP: 20268JAK9<br>LEI: 4SXHN5XW08IBO0UG2V58 | Long             | DBT              | CORP              | US        |   3190000 | PA      | $3306596.80   | 0.35%             | 2027-11-01      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2024-DNA2                               | CUSIP: 35564NCW1<br>LEI: 529900GRKKKHILZX4347 | Long             | ABS-MBS          | CORP              | US        |   3896920 | PA      | $3896783.51   | 0.42%             | 2044-05-25      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS BANK USA                      | Goldman Sachs Bank USA/New York NY                                    | CUSIP: 38151LAF7<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |   4300000 | PA      | $4329488.28   | 0.46%             | 2027-03-18      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL                    | Penske Truck Leasing Co Lp / PTL Finance Corp                         | CUSIP: 709599BY9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1025000 | PA      | $1037063.57   | 0.11%             | 2027-01-12      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| AGCO CORP                                   | AGCO Corp                                                             | CUSIP: 001084AR3<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | DBT              | CORP              | US        |   1020000 | PA      | $1029281.93   | 0.11%             | 2027-03-21      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                    | Vistra Operations Co LLC                                              | CUSIP: 92840VAT9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    580000 | PA      | $582987.00    | 0.06%             | 2026-12-30      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                    | Capital One Financial Corp                                            | CUSIP: 14040HDB8<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   2605000 | PA      | $2696296.13   | 0.29%             | 2027-10-29      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRI INC/NY                    | Standard Industries Inc/NY                                            | CUSIP: 853496AC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1539713.60   | 0.16%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                    | AerCap Ireland Capital DAC / AerCap Global Aviation Trust             | CUSIP: 00774MBN4<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   3570000 | PA      | $3592005.23   | 0.38%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BrightSpire Capital, Inc                    | BRSP 2021-FL1 Ltd                                                     | CUSIP: 05591XAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2120000 | PA      | $2099004.37   | 0.22%             | 2038-08-19      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| CONCENTRIX CORP                             | Concentrix Corp                                                       | CUSIP: 20602DAA9<br>LEI: 5493000EAJN1KMPVA737 | Long             | DBT              | CORP              | US        |   2940000 | PA      | $2995613.72   | 0.32%             | 2026-08-02      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                            | T-Mobile USA Inc                                                      | CUSIP: 87264ABR5<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    865000 | PA      | $848544.67    | 0.09%             | 2026-02-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC              | Enterprise Fleet Financing 2024-1 LLC                                 | CUSIP: 29375PAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1900000 | PA      | $1936964.50   | 0.21%             | 2030-09-20      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                     | Dell International LLC / EMC Corp                                     | CUSIP: 24703TAL0<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    520000 | PA      | $524284.55    | 0.06%             | 2028-04-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                               | Carnival Corp                                                         | CUSIP: 143658BY7<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    795000 | PA      | $789970.27    | 0.08%             | 2030-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl              | Santander Drive Auto Receivables Trust 2024-2                         | CUSIP: 80286YAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2539223.50   | 0.27%             | 2029-07-16      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust                     | Carmax Auto Owner Trust 2025-2                                        | CUSIP: 14320AAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5600000 | PA      | $5623217.60   | 0.60%             | 2030-03-15      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| Capital Automotive Reit                     | CARS-DB5 LP                                                           | CUSIP: 12510HAK6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8510627 | PA      | $8127041.28   | 0.87%             | 2051-08-15      | Fixed         | 1.44%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2024-DNA2                               | CUSIP: 35564NCX9<br>LEI: 529900GRKKKHILZX4347 | Long             | ABS-MBS          | CORP              | US        |   1500044 | PA      | $1499698.76   | 0.16%             | 2044-05-25      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                         | American Express Co                                                   | CUSIP: 025816DG1<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   5650000 | PA      | $5709579.93   | 0.61%             | 2027-07-28      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                         | American Express Co                                                   | CUSIP: 025816ED7<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   2890000 | PA      | $2917273.88   | 0.31%             | 2029-04-25      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                    | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc                   | CUSIP: 77313LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3350000 | PA      | $3235644.07   | 0.35%             | 2026-10-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                    | Warnermedia Holdings Inc                                              | CUSIP: 55903VBA0<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |   2570000 | PA      | $2501762.80   | 0.27%             | 2027-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ARTHUR J GALLAGHER & CO                     | Arthur J Gallagher & Co                                               | CUSIP: 04316JAK5<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |    975000 | PA      | $982868.15    | 0.11%             | 2027-12-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                        | Las Vegas Sands Corp                                                  | CUSIP: 517834AJ6<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |   2300000 | PA      | $2330385.42   | 0.25%             | 2027-06-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2022-DNA7                               | CUSIP: 35564KL31<br>LEI: 5493000IRUQLXTG4SV18 | Long             | ABS-MBS          | CORP              | US        |    507547 | PA      | $514124.18    | 0.06%             | 2052-03-25      | Floating      | 6.85%                 | No            |                  2 | On Loan: No      |
| ALLIANT ENERGY FINANCE                      | Alliant Energy Finance LLC                                            | CUSIP: 01882YAF3<br>LEI: 54930033ER6EOI5DL570 | Long             | DBT              | CORP              | US        |   1270000 | PA      | $1288011.37   | 0.14%             | 2027-06-06      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust                     | CarMax Auto Owner Trust 2024-4                                        | CUSIP: 14290DAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2300000 | PA      | $2318524.43   | 0.25%             | 2031-08-15      | Fixed         | 5.36%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                      | CUSIP: 91282CLY5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4405000 | PA      | $4442081.16   | 0.48%             | 2026-11-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| RIO TINTO FIN USA PLC                       | Rio Tinto Finance USA PLC                                             | CUSIP: 76720AAR7<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |   1060000 | PA      | $1069295.39   | 0.11%             | 2028-03-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| ATHENE GLOBAL FUNDING                       | Athene Global Funding                                                 | CUSIP: 04685A3T6<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   4945000 | PA      | $5026080.59   | 0.54%             | 2027-03-25      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                    | Vistra Operations Co LLC                                              | CUSIP: 92840VAF9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    935000 | PA      | $927663.20    | 0.10%             | 2027-07-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust              | Carvana Auto Receivables Trust 2024-P2                                | CUSIP: 14688PAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3150000 | PA      | $3183358.50   | 0.34%             | 2029-07-10      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| SANTANDER HOLDINGS USA                      | Santander Holdings USA Inc                                            | CUSIP: 80282KBK1<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |    795000 | PA      | $803849.61    | 0.09%             | 2027-05-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| KEY BANK NA                                 | KeyBank NA/Cleveland OH                                               | CUSIP: 49327M3G7<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |   1220000 | PA      | $1218317.36   | 0.13%             | 2026-01-26      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                      | CCO Holdings LLC / CCO Holdings Capital Corp                          | CUSIP: 1248EPBT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1530099.09   | 0.16%             | 2027-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Esta              | Greystone CRE Notes 2021-HC2 LTD                                      | CUSIP: 39809XAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2438512 | PA      | $2441515.03   | 0.26%             | 2039-12-15      | Floating      | 6.24%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                    | OBX 2024-NQM12 Trust                                                  | CUSIP: 67448PAA1<br>LEI: 254900MY906NOBBPOA44 | Long             | ABS-MBS          | CORP              | US        |   3393782 | PA      | $3396605.39   | 0.36%             | 2064-07-25      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2024-XL4                                 | CUSIP: 05611VAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2430024 | PA      | $2429292.83   | 0.26%             | 2039-02-15      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| HIH Trust                                   | HIH Trust 2024-61P                                                    | CUSIP: 40444VAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1978000 | PA      | $1976760.98   | 0.21%             | 2041-10-15      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| BANK OF NEW YORK MELLON                     | Bank of New York Mellon/The                                           | CUSIP: 06405LAH4<br>LEI: HPFHU0OQ28E4N0NFVK49 | Long             | DBT              | CORP              | US        |   1470000 | PA      | $1491080.89   | 0.16%             | 2029-04-20      | Fixed         | 4.73%                 | No            |                  2 | On Loan: —       |
| ICON INVESTMENTS SIX DAC                    | Icon Investments Six DAC                                              | CUSIP: 45115AAA2<br>LEI: 635400FQ1M7J2CHLAS59 | Long             | DBT              | CORP              | IE        |   1525000 | PA      | $1555894.50   | 0.17%             | 2027-05-08      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| BANQUE FED CRED MUTUEL                      | Banque Federative du Credit Mutuel SA                                 | CUSIP: 06675FBC0<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |   2225000 | PA      | $2248377.36   | 0.24%             | 2027-01-23      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| HOLCIM FINANCE US LLC                       | Holcim Finance US LLC                                                 | CUSIP: 43475RAB2<br>LEI: 529900FB2F1WKLFNGY62 | Long             | DBT              | CORP              | US        |   3270000 | PA      | $3295257.74   | 0.35%             | 2028-04-07      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| CyrusOne Data Centers Issuer I              | CyrusOne Data Centers Issuer I LLC                                    | CUSIP: 23284BAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3760000 | PA      | $3641467.50   | 0.39%             | 2049-05-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ALLISON TRANSMISSION INC                    | Allison Transmission Inc                                              | CUSIP: 019736AE7<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1522773.48   | 0.16%             | 2027-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                      | CUSIP: 91282CKV2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7595000 | PA      | $7755207.03   | 0.83%             | 2027-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| KEY BANK NA                                 | KeyBank NA/Cleveland OH                                               | CUSIP: 49327M3F9<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |   4723000 | PA      | $4851332.84   | 0.52%             | 2027-11-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan               | New Residential Mortgage Loan Trust 2017-1                            | CUSIP: 64829JAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1804550 | PA      | $1755406.34   | 0.19%             | 2057-02-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC              | Enterprise Fleet Financing 2024-2 LLC                                 | CUSIP: 29375RAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2900000 | PA      | $2958175.74   | 0.32%             | 2028-04-20      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| HELIOS SOFT/ION CORP SOL                    | Helios Software Holdings Inc / ION Corporate Solutions Finance Sarl   | CUSIP: 42329HAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $777635.84    | 0.08%             | 2029-05-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI                    | Antero Midstream Partners LP / Antero Midstream Finance Corp          | CUSIP: 03690AAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2450000 | PA      | $2443367.36   | 0.26%             | 2027-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                       | Freedom Mortgage Holdings LLC                                         | CUSIP: 35641AAA6<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |    720000 | PA      | $734086.80    | 0.08%             | 2029-02-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                      | CUSIP: 91282CLG4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6955000 | PA      | $6979451.14   | 0.75%             | 2027-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                          | Energy Transfer LP                                                    | CUSIP: 29273VAR1<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   3585000 | PA      | $3658118.84   | 0.39%             | 2026-12-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                            | Colt 2024-7 Mortgage Loan Trust                                       | CUSIP: 19688YAA2<br>LEI: 213800EA95GXXC9AJO50 | Long             | ABS-MBS          | CORP              | US        |   2386394 | PA      | $2391056.04   | 0.26%             | 2069-12-26      | Variable      | 5.54%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-DNA6                               | CUSIP: 35564KLU1<br>LEI: 5493000ISONLNOUKGB71 | Long             | ABS-MBS          | CORP              | US        |   3100000 | PA      | $3179432.85   | 0.34%             | 2041-10-25      | Floating      | 7.75%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                          | Regal Rexnord Corp                                                    | CUSIP: 758750AL7<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |   2945000 | PA      | $2962559.36   | 0.32%             | 2026-02-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                       | Wells Fargo & Co                                                      | CUSIP: 95000U3L5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1930000 | PA      | $1973514.09   | 0.21%             | 2028-04-22      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                       | Toronto-Dominion Bank/The                                             | CUSIP: 89115A3E0<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   3885000 | PA      | $3939991.98   | 0.42%             | 2028-01-31      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| CENCORA INC                                 | Cencora Inc                                                           | CUSIP: 03073EAV7<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |   1065000 | PA      | $1073073.88   | 0.11%             | 2027-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                           | NatWest Group PLC                                                     | CUSIP: 639057AJ7<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   1440000 | PA      | $1453777.36   | 0.16%             | 2027-03-02      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                             | SBA Tower Trust                                                       | CUSIP: 78403DAP5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2850000 | PA      | $2789892.65   | 0.30%             | 2026-01-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                      | CUSIP: 91282CLP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  74740000 | PA      | $74502058.48  | 7.98%             | 2026-09-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HPEFS Equipment Trust                       | HPEFS Equipment Trust 2023-1                                          | CUSIP: 40443DAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3264536 | PA      | $3267765.79   | 0.35%             | 2028-02-22      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                         | JPMorgan Chase & Co                                                   | CUSIP: 46647PEP7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1915000 | PA      | $1920809.17   | 0.21%             | 2028-10-22      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SM ENERGY CO                                | SM Energy Co                                                          | CUSIP: 78454LAX8<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |    690000 | PA      | $645263.38    | 0.07%             | 2029-08-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2024-DNA3                               | CUSIP: 35564NFA6<br>LEI: 529900P3PHNE8PW64Z68 | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $997314.30    | 0.11%             | 2044-10-25      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                      | Williams Cos Inc/The                                                  | CUSIP: 969457CH1<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |   1080000 | PA      | $1086088.22   | 0.12%             | 2026-03-02      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE SECURED LEND                     | Blackstone Secured Lending Fund                                       | CUSIP: 09261XAB8<br>LEI: 549300KM7KWQHVBNH962 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4833448.80   | 0.52%             | 2026-09-16      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK FINAN NA                      | Daimler Truck Finance North America LLC                               | CUSIP: 233853AY6<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |   1770000 | PA      | $1790435.78   | 0.19%             | 2027-09-25      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MARS INC                                    | Mars Inc                                                              | CUSIP: 571676AX3<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |   3210000 | PA      | $3245490.59   | 0.35%             | 2028-03-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMER PIPELINE                    | Plains All American Pipeline LP / PAA Finance Corp                    | CUSIP: 72650RBL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2300000 | PA      | $2300946.59   | 0.25%             | 2026-12-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BANQUE FED CRED MUTUEL                      | Banque Federative du Credit Mutuel SA                                 | CUSIP: 06675FBA4<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |   4995000 | PA      | $5077415.50   | 0.54%             | 2026-07-13      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl              | SANTANDER DRIVE AUTO RECEIVABLES TRUST 2024-S2                        | CUSIP: 80287MAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4759865 | PA      | $4757732.88   | 0.51%             | 2028-12-16      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2020-SBT1                         | CUSIP: 20753VCZ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $934707.24    | 0.10%             | 2040-02-25      | Floating      | 8.12%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                          | Credit Agricole SA                                                    | CUSIP: 22534PAE3<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |   2805000 | PA      | $2843552.45   | 0.30%             | 2026-07-05      | Fixed         | 5.59%                 | No            |                  2 | On Loan: —       |
| Santander Bank Auto Credit-Lin              | Santander Bank Auto Credit-Linked Notes Series 2022-A                 | CUSIP: 80290CAS3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     67875 | PA      | $67877.52     | 0.01%             | 2032-05-15      | Fixed         | 5.28%                 | 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        |   1000000 | PA      | $1049796.70   | 0.11%             | 2054-05-15      | Fixed         | 8.87%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Tru              | OneMain Financial Issuance Trust 2022-2                               | CUSIP: 68268VAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3541116 | PA      | $3539279.59   | 0.38%             | 2034-10-14      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION                    | Hess Midstream Operations LP                                          | CUSIP: 428102AG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    640000 | PA      | $650585.18    | 0.07%             | 2029-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                         | JPMorgan Chase & Co                                                   | CUSIP: 46647PEA0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1390000 | PA      | $1403819.99   | 0.15%             | 2028-01-23      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| Diamond Issuer LLC                          | Diamond Issuer LLC                                                    | CUSIP: 25267TAN1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7650000 | PA      | $7171578.18   | 0.77%             | 2051-11-20      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| VAR ENERGI ASA                              | Var Energi ASA                                                        | CUSIP: 92212WAD2<br>LEI: 549300LIVN3FFOJN2K47 | Long             | DBT              | CORP              | NO        |   1550000 | PA      | $1635153.13   | 0.18%             | 2028-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| XHR LP                                      | XHR LP                                                                | CUSIP: 98372MAE5<br>LEI: 549300M88BPT83ZL2164 | Long             | DBT              | CORP              | US        |    480000 | PA      | $473414.23    | 0.05%             | 2030-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                      | Match Group Holdings II LLC                                           | CUSIP: 57665RAG1<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1526124.73   | 0.16%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EARTHQUAKE AUTH               | California Earthquake Authority                                       | CUSIP: 13017HAP1<br>LEI: 254900P2MGLOUH3QS859 | Long             | DBT              | MUN               | US        |   2330000 | PA      | $2353902.62   | 0.25%             | 2027-07-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| SANTANDER HOLDINGS USA                      | Santander Holdings USA Inc                                            | CUSIP: 80282KBN5<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |   4525000 | PA      | $4542558.58   | 0.49%             | 2029-03-20      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO                               | DTE Energy Co                                                         | CUSIP: 233331BM8<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |   1485000 | PA      | $1500564.24   | 0.16%             | 2027-07-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                        | Cross 2024-H8 Mortgage Trust                                          | CUSIP: 22757GAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2342581 | PA      | $2350322.42   | 0.25%             | 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        |   4350000 | PA      | $4344137.51   | 0.47%             | 2039-10-19      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| BLUE OWL TECHNOLOGY FINA                    | Blue Owl Technology Finance Corp                                      | CUSIP: 691205AE8<br>LEI: 254900G5EZJSOD3UKL16 | Long             | DBT              | CORP              | US        |   1520000 | PA      | $1483314.40   | 0.16%             | 2026-06-17      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PENSKE AUTOMOTIVE GROUP                     | Penske Automotive Group Inc                                           | CUSIP: 70959WAJ2<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | DBT              | CORP              | US        |   1380000 | PA      | $1370721.16   | 0.15%             | 2025-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NATIONAL FUEL GAS CO                        | National Fuel Gas Co                                                  | CUSIP: 636180BS9<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5058752.85   | 0.54%             | 2026-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AAR ESCROW ISSUER LLC                       | AAR Escrow Issuer LLC                                                 | CUSIP: 00253PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    830000 | PA      | $850430.06    | 0.09%             | 2029-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BDS Ltd                                     | BDS 2021-FL9 Ltd                                                      | CUSIP: 05493NAC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2003519.20   | 0.21%             | 2038-11-16      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                         | Sirius XM Radio LLC                                                   | CUSIP: 82967NBL1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1509687.29   | 0.16%             | 2026-09-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                    | OBX 2024-NQM13 Trust                                                  | CUSIP: 67119PAP6<br>LEI: 254900W2SY2Z6X7UAX78 | Long             | ABS-MBS          | CORP              | US        |   2472070 | PA      | $2464375.98   | 0.26%             | 2064-06-25      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                     | Starwood Property Trust Inc                                           | CUSIP: 85571BBD6<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |    645000 | PA      | $649284.74    | 0.07%             | 2030-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NATIONAL BANK OF CANADA                     | National Bank of Canada                                               | CUSIP: 63307A3A1<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |   4865000 | PA      | $4923672.58   | 0.53%             | 2027-07-02      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                              | Air Lease Corp                                                        | CUSIP: 00914AAJ1<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |   4576000 | PA      | $4512078.36   | 0.48%             | 2026-01-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| BAE SYSTEMS PLC                             | BAE Systems PLC                                                       | CUSIP: 05523RAH0<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | DBT              | CORP              | GB        |   1200000 | PA      | $1216129.04   | 0.13%             | 2027-03-26      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Taco Bell Funding, LLC                      | Taco Bell Funding LLC                                                 | CUSIP: 87342RAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4598438 | PA      | $4600020.28   | 0.49%             | 2046-05-25      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| PAYDEN CASH RESERVES MONEY MARKET           | PAYDEN CASH RESERVES MONEY MARKET                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   5398580 | NS      | $5398580.37   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Vantage Data Centers LLC                    | Vantage Data Centers Issuer LLC                                       | CUSIP: 92212KAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6550000 | PA      | $6457487.15   | 0.69%             | 2045-09-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                    | OBX 2024-NQM18 Trust                                                  | CUSIP: 673913AA7<br>LEI: 254900NK9PNLY9I00149 | Long             | ABS-MBS          | CORP              | US        |   1931386 | PA      | $1935121.16   | 0.21%             | 2064-10-25      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC              | Enterprise Fleet Financing 2023-3 LLC                                 | CUSIP: 29374LAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1030000 | PA      | $1074280.73   | 0.11%             | 2030-06-20      | Fixed         | 6.41%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2022-DNA6                               | CUSIP: 35564KH36<br>LEI: 5493000IS30HKV5IAS29 | Long             | ABS-MBS          | CORP              | US        |    600219 | PA      | $604457.65    | 0.06%             | 2042-09-25      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                    | Benchmark 2018-B6 Mortgage Trust                                      | CUSIP: 08162CAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 116530000 | PA      | $1046194.69   | 0.11%             | 2051-10-10      | Variable      | 0.55%                 | No            |                  2 | On Loan: No      |
| Wingstop Funding LLC                        | Wingstop Funding LLC                                                  | CUSIP: 974153AB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4432500 | PA      | $4208139.26   | 0.45%             | 2050-12-05      | Fixed         | 2.84%                 | 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        |   2000000 | PA      | $1936471.60   | 0.21%             | 2039-05-15      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| TEXAS NATURAL GAS SECURITIZTN               | Texas Natural Gas Securitization Finance Corp                         | CUSIP: 88258MAA3<br>LEI: N/A                  | Long             | ABS-O            | MUN               | US        |   9329830 | PA      | $9530531.15   | 1.02%             | 2035-04-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| SMITH & NEPHEW PLC                          | Smith & Nephew PLC                                                    | CUSIP: 83192PAC2<br>LEI: 213800ZTMDN8S67S1H61 | Long             | DBT              | CORP              | GB        |   1070000 | PA      | $1083167.22   | 0.12%             | 2027-03-20      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust              | Carvana Auto Receivables Trust 2025-P1                                | CUSIP: 14689MAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2014018.80   | 0.22%             | 2030-05-10      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                      | CUSIP: 91282CMV0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12145000 | PA      | $12202404.07  | 1.31%             | 2027-03-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK FINAN NA                      | Daimler Truck Finance North America LLC                               | CUSIP: 233853BC3<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |   1015000 | PA      | $1023132.03   | 0.11%             | 2028-01-13      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2025-VLT6                                                    | CUSIP: 12433KAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3100000 | PA      | $3070216.44   | 0.33%             | 2042-03-15      | Floating      | 6.21%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA                      | Morgan Stanley Bank NA                                                | CUSIP: 61690U8E3<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |   2545000 | PA      | $2571429.19   | 0.28%             | 2028-07-14      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                      | CUSIP: 91282CME8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  32835000 | PA      | $33136415.12  | 3.55%             | 2026-12-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                              | Morgan Stanley                                                        | CUSIP: 61747YEX9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   2905000 | PA      | $2923045.28   | 0.31%             | 2026-10-16      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                      | PNC Financial Services Group Inc/The                                  | CUSIP: 693475BV6<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    985000 | PA      | $999608.38    | 0.11%             | 2028-01-21      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| HCA INC                                     | HCA Inc                                                               | CUSIP: 404119CY3<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   1085000 | PA      | $1097675.66   | 0.12%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MERITAGE HOMES CORP                         | Meritage Homes Corp                                                   | CUSIP: 59001ABA9<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |    680000 | PA      | $686596.68    | 0.07%             | 2027-06-06      | Fixed         | 5.12%                 | No            |                  2 | On Loan: —       |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2021-R01                          | CUSIP: 20754RAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2740000 | PA      | $2786526.30   | 0.30%             | 2041-10-25      | Floating      | 7.45%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                         | PFS Financing Corp                                                    | CUSIP: 69335PFE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4150000 | PA      | $4193203.99   | 0.45%             | 2029-02-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| PBF HOLDING CO LLC                          | PBF Holding Co LLC / PBF Finance Corp                                 | CUSIP: 69318FAM0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1233941.38   | 0.13%             | 2030-03-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: —       |
| ONEMAIN FINANCE CORP                        | OneMain Finance Corp                                                  | CUSIP: 85172FAN9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   1560000 | PA      | $1574921.40   | 0.17%             | 2026-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                              | Transocean Inc                                                        | CUSIP: 893830BY4<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |    850000 | PA      | $686056.85    | 0.07%             | 2029-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| EVERGY KANSAS CENTRAL                       | Evergy Kansas Central Inc                                             | CUSIP: 30036FAE1<br>LEI: J75GNWGEO73W89ZV3S44 | Long             | DBT              | CORP              | US        |   1610000 | PA      | $1627811.01   | 0.17%             | 2028-03-13      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Diamond Infrastructure Funding              | Diamond Infrastructure Funding LLC                                    | CUSIP: 25265LAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7500000 | PA      | $7092330.75   | 0.76%             | 2049-04-15      | Fixed         | 1.76%                 | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC                         | Axon Enterprise Inc                                                   | CUSIP: 05464CAC5<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |    760000 | PA      | $775126.91    | 0.08%             | 2030-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CNH Equipment Trust                         | CNH Equipment Trust 2025-A                                            | CUSIP: 12674BAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2550000 | PA      | $2560453.47   | 0.27%             | 2030-08-15      | Fixed         | 4.36%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                      | CUSIP: 91282CLS8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9305000 | PA      | $9359157.98   | 1.00%             | 2026-10-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable              | Westlake Automobile Receivables Trust 2021-3                          | CUSIP: 96043JAL9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1491193 | PA      | $1479542.38   | 0.16%             | 2027-01-15      | Fixed         | 2.12%                 | 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        |   1800000 | PA      | $1762442.82   | 0.19%             | 2027-06-10      | Fixed         | 1.03%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                               | Boeing Co/The                                                         | CUSIP: 097023DP7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1900000 | PA      | $1957805.43   | 0.21%             | 2027-05-01      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| Payden Cash Reserves Money Market Fund      | Payden Cash Reserves Money Market Fund                                | CUSIP: 704329598<br>LEI: 549300SI0EB26HO5RT16 | Long             | STIV             | RF                | US        |   2868824 | NS      | $2868824.24   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| BSPRT Issuer, Ltd.                          | BSPRT 2023-FL10 Issuer Ltd                                            | CUSIP: 05610VAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3999004 | PA      | $3998293.76   | 0.43%             | 2035-09-15      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                         | JPMorgan Chase & Co                                                   | CUSIP: 46647PEL6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2515000 | PA      | $2544679.52   | 0.27%             | 2028-07-22      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                            | COLT 2024-6 Mortgage Loan Trust                                       | CUSIP: 19688XAA4<br>LEI: 213800U2X2TO1PQH1O75 | Long             | ABS-MBS          | CORP              | US        |   2799116 | PA      | $2806330.12   | 0.30%             | 2069-11-25      | Variable      | 5.39%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Mortgage Trust Series 2024-NQM1                             | CUSIP: 465983AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2300123 | PA      | $2315643.56   | 0.25%             | 2064-02-25      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                      | CUSIP: 91282CGV7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  45001000 | PA      | $44939701.44  | 4.81%             | 2026-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| WHISTLER PIPELINE LLC                       | Whistler Pipeline LLC                                                 | CUSIP: 96337RAA0<br>LEI: 549300NG57SGLTNW5C85 | Long             | DBT              | CORP              | US        |   3650000 | PA      | $3679665.81   | 0.39%             | 2029-09-30      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Hotwire Funding LLC                         | Hotwire Funding LLC                                                   | CUSIP: 44148JAM1<br>LEI: 254900ZCO90MCT7Y9348 | Long             | ABS-O            | CORP              | US        |   1600000 | PA      | $1640872.00   | 0.18%             | 2054-06-20      | Fixed         | 9.19%                 | No            |                  2 | On Loan: No      |
| BLUE RACER MID LLC/FINAN                    | Blue Racer Midstream LLC / Blue Racer Finance Corp                    | CUSIP: 095796AJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    725000 | PA      | $738308.83    | 0.08%             | 2029-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                    | EQT Corp                                                              | CUSIP: 26884LAM1<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |   3906000 | PA      | $3831300.52   | 0.41%             | 2026-05-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| LoanCore 2021-CRE5 Issuer, Ltd              | LoanCore 2021-CRE5 Issuer Ltd                                         | CUSIP: 53947XAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3185510 | PA      | $3167192.00   | 0.34%             | 2036-07-15      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                     | BPCE SA                                                               | CUSIP: 05571AAT2<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    285000 | PA      | $289143.64    | 0.03%             | 2027-01-18      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| MICROCHIP TECHNOLOGY INC                    | Microchip Technology Inc                                              | CUSIP: 595017BK9<br>LEI: 5493007PTFULNYZJ1R12 | Long             | DBT              | CORP              | US        |   1650000 | PA      | $1654113.00   | 0.18%             | 2028-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| TRAVEL + LEISURE CO                         | Travel + Leisure Co                                                   | CUSIP: 98310WAS7<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |   1565000 | PA      | $1577175.70   | 0.17%             | 2026-07-31      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Stack Infrastructure Issuer LL              | Stack Infrastructure Issuer LLC                                       | CUSIP: 85236KAE2<br>LEI: 254900AV7V87H3A2WM57 | Long             | ABS-O            | CORP              | US        |   2400000 | PA      | $2328292.80   | 0.25%             | 2046-03-26      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Verizon Master Trust                        | Verizon Master Trust                                                  | CUSIP: 92348KDE0<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-O            | CORP              | US        |   6400000 | PA      | $6407138.56   | 0.69%             | 2030-08-20      | Fixed         | 4.17%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R01                          | CUSIP: 20753UAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2700000 | PA      | $2707115.04   | 0.29%             | 2044-01-25      | Floating      | 6.15%                 | No            |                  2 | On Loan: No      |
| THE CAMPBELLS COMPANY                       | The Campbell's Company                                                | CUSIP: 134429BM0<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1626756.24   | 0.17%             | 2027-03-19      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA                      | Morgan Stanley Bank NA                                                | CUSIP: 61690U8G8<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |   4335000 | PA      | $4340885.98   | 0.46%             | 2027-10-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                     | Goldman Sachs Group Inc/The                                           | CUSIP: 38145GAM2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   4655000 | PA      | $4666090.54   | 0.50%             | 2026-08-10      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CAPITAL CORP                       | Blue Owl Capital Corp                                                 | CUSIP: 69121KAC8<br>LEI: 2549000BD79OOCPF2L94 | Long             | DBT              | CORP              | US        |   2160000 | PA      | $2154375.99   | 0.23%             | 2025-07-22      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| DLLST LLC                                   | DLLST 2024-1 LLC                                                      | CUSIP: 23346HAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1005087.60   | 0.11%             | 2027-08-20      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                     | BPCE SA                                                               | CUSIP: 05583JAN2<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |   3245000 | PA      | $3271577.20   | 0.35%             | 2027-01-18      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC              | Enterprise Fleet Financing 2023-1 LLC                                 | CUSIP: 29375CAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4240777 | PA      | $4254073.90   | 0.46%             | 2029-01-22      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2022-DNA2                               | CUSIP: 35564KRF8<br>LEI: 5493000ISA3AUOXQEF68 | Long             | ABS-MBS          | CORP              | US        |   1300000 | PA      | $1327926.08   | 0.14%             | 2042-02-25      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                    | OBX 2025-NQM6 Trust                                                   | CUSIP: 67448UAA0<br>LEI: 254900W46UQEWQMYYZ02 | Long             | ABS-MBS          | CORP              | US        |   1768657 | PA      | $1779161.02   | 0.19%             | 2065-03-25      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl              | Santander Drive Auto Receivables Trust 2024-S3                        | CUSIP: 80288CAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3159712 | PA      | $3158582.23   | 0.34%             | 2028-10-16      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| FRANKLIN BSP CAPITAL CO                     | Franklin BSP Capital Corp                                             | CUSIP: 35250VAB0<br>LEI: 549300KJEVMKATLINB36 | Long             | DBT              | CORP              | US        |   1270000 | PA      | $1293342.09   | 0.14%             | 2029-06-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                    | Ford Motor Credit Co LLC                                              | CUSIP: 345397A60<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   2665000 | PA      | $2663050.87   | 0.29%             | 2025-06-16      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                    | CUSIP: 3137F7L37<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5475749 | PA      | $5064154.41   | 0.54%             | 2054-04-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                    | OBX 2024-NQM15 Trust                                                  | CUSIP: 67449DAA7<br>LEI: 254900YXEB756F6RCA13 | Long             | ABS-MBS          | CORP              | US        |   1898685 | PA      | $1898263.30   | 0.20%             | 2064-10-25      | Variable      | 5.32%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl              | Santander Drive Auto Receivables Trust 2023-S1                        | CUSIP: 80286QAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2184768 | PA      | $2206673.55   | 0.24%             | 2028-04-18      | Fixed         | 8.14%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                                    | BXMT 2021-FL4 Ltd                                                     | CUSIP: 05609GAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   5137537 | PA      | $5080630.00   | 0.54%             | 2038-05-15      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| Switch ABS Issuer, LLC                      | Switch ABS Issuer LLC                                                 | CUSIP: 871044AE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $4971274.00   | 0.53%             | 2054-06-25      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| ALUMINA PTY LTD                             | Alumina Pty Ltd                                                       | CUSIP: 02220AAA5<br>LEI: 2138002VD9MW2WT8HR38 | Long             | DBT              | CORP              | AU        |   1000000 | PA      | $992744.30    | 0.11%             | 2030-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ACREC LLC                                   | Acrec 2025 Fl 3 LLC                                                   | CUSIP: 00112HAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2500000 | PA      | $2477933.25   | 0.27%             | 2042-08-18      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| BRAZOS SECURITIZATN LLC                     | Brazos Securitization LLC                                             | CUSIP: 106230AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2303785 | PA      | $2352802.87   | 0.25%             | 2031-09-01      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                 | Citibank NA                                                           | CUSIP: 17325FBL1<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |   4890000 | PA      | $4924502.08   | 0.53%             | 2027-11-19      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                              | Morgan Stanley                                                        | CUSIP: 61747YFY6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   2440000 | PA      | $2473704.38   | 0.26%             | 2029-04-12      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| HPEFS Equipment Trust                       | HPEFS Equipment Trust 2024-2                                          | CUSIP: 40444MAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3100000 | PA      | $3131223.82   | 0.34%             | 2031-10-20      | Fixed         | 5.36%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust                     | Carmax Auto Owner Trust 2024-3                                        | CUSIP: 14319GAH4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2850000 | PA      | $2903831.66   | 0.31%             | 2031-01-15      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                         | American Express Co                                                   | CUSIP: 025816DV8<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   2715000 | PA      | $2753574.37   | 0.29%             | 2028-07-26      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                         | PFS Financing Corp                                                    | CUSIP: 69335PFP5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5048758.00   | 0.54%             | 2029-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TierPoint Issuer LLC                        | TierPoint Issuer LLC                                                  | CUSIP: 88651CAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    800000 | PA      | $801643.36    | 0.09%             | 2053-06-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                       | WELLS FARGO & CO                                                      | CUSIP: 95000U3T8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   3610000 | PA      | $3656123.31   | 0.39%             | 2029-04-23      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| ARCELORMITTAL SA                            | ArcelorMittal SA                                                      | CUSIP: 03938LBE3<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | DBT              | CORP              | LU        |   4465000 | PA      | $4645412.52   | 0.50%             | 2027-11-29      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                      | General Motors Financial Co Inc                                       | CUSIP: 37045XEF9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   2065000 | PA      | $2069746.30   | 0.22%             | 2026-04-06      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust              | Carvana Auto Receivables Trust 2023-P5                                | CUSIP: 14687RAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2400000 | PA      | $2425715.52   | 0.26%             | 2029-01-10      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| GREAT AMERICA LEASING RECEIVAB              | GreatAmerica Leasing Receivables Funding LLC Series 2024-2            | CUSIP: 39154GAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2600000 | PA      | $2633474.48   | 0.28%             | 2028-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust              | Carvana Auto Receivables Trust 2024-P1                                | CUSIP: 14688NAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8700000 | PA      | $8757624.45   | 0.94%             | 2029-04-10      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| CITADEL FINANCE LLC                         | Citadel Finance LLC                                                   | CUSIP: 17287HAD2<br>LEI: 549300BQL283NCR7P163 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1092835.78   | 0.12%             | 2030-02-10      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Provident Funding Mortgage Tru              | Provident Funding Mortgage Trust 2020-F1                              | CUSIP: 74387TAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3379885 | PA      | $3007661.00   | 0.32%             | 2036-01-25      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Fannie Mae Connecticut Avenue Securities                              | CUSIP: 20754KAB7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |  13150000 | PA      | $13168883.40  | 1.41%             | 2041-11-25      | Floating      | 6.35%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                   | ONEOK Inc                                                             | CUSIP: 682680BH5<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |   1930000 | PA      | $1954288.26   | 0.21%             | 2026-11-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                        | Glencore Funding LLC                                                  | CUSIP: 378272BR8<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |   1770000 | PA      | $1795170.36   | 0.19%             | 2027-04-04      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2022-R08                          | CUSIP: 20755DAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1891693 | PA      | $1931003.80   | 0.21%             | 2042-07-25      | Floating      | 6.90%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                | Dell Equipment Finance Trust 2025-1                                   | CUSIP: 24703UAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5400000 | PA      | $5438712.60   | 0.58%             | 2031-02-24      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2019-HRP1                         | CUSIP: 20754PAC4<br>LEI: 549300Z5THZ1JXIHVK60 | Long             | ABS-MBS          | CORP              | US        |    405072 | PA      | $405840.01    | 0.04%             | 2039-11-25      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| Nissan Master Owner Trust Rece              | Nissan Master Owner Trust Receivables                                 | CUSIP: 65479VAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6500000 | PA      | $6583268.90   | 0.70%             | 2029-02-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON NATIONAL BANK                    | Huntington National Bank/The                                          | CUSIP: 44644MAK7<br>LEI: 2WHM8VNJH63UN14OL754 | Long             | DBT              | CORP              | US        |   3045000 | PA      | $3060571.31   | 0.33%             | 2028-04-12      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP                      | Aviation Capital Group LLC                                            | CUSIP: 05369AAR2<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    995000 | PA      | $996445.47    | 0.11%             | 2027-04-14      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                     | Hyundai Capital America                                               | CUSIP: 44891ACQ8<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    985000 | PA      | $991223.68    | 0.11%             | 2025-11-03      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2024-GPA2                                | CUSIP: 12433DAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4400000 | PA      | $4405518.04   | 0.47%             | 2041-11-15      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust              | Carvana Auto Receivables Trust 2024-P4                                | CUSIP: 14076LAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2400000 | PA      | $2414989.92   | 0.26%             | 2030-01-10      | Fixed         | 4.64%                 | No            |                  2 | On Loan: No      |
| TERRAFORM POWER OPERATIN                    | TerraForm Power Operating LLC                                         | CUSIP: 88104LAE3<br>LEI: 5493000S2OLR3UT5BE13 | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1511089.27   | 0.16%             | 2028-01-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                          | Banco Santander SA                                                    | CUSIP: 05964HBF1<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   4000000 | PA      | $4077552.40   | 0.44%             | 2028-07-15      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION                        | M&T Bank Corp                                                         | CUSIP: 55261FAU8<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |   1540000 | PA      | $1543602.86   | 0.17%             | 2029-01-16      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                      | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC | CUSIP: 013092AF8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1595000 | PA      | $1567094.52   | 0.17%             | 2026-03-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Kubota Credit Owner Trust                   | Kubota Credit Owner Trust 2024-2                                      | CUSIP: 50117DAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1025365.80   | 0.11%             | 2030-05-15      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| WESTINGHOUSE AIR BRAKE                      | Westinghouse Air Brake Technologies Corp                              | CUSIP: 960386AQ3<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | DBT              | CORP              | US        |   1340000 | PA      | $1336994.17   | 0.14%             | 2025-06-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2021-VOLT                                | CUSIP: 05609VAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $989981.00    | 0.11%             | 2036-09-15      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R05                          | CUSIP: 20754XAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2926850 | PA      | $2924713.57   | 0.31%             | 2044-07-25      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                    | OBX 2024-NQM14 Trust                                                  | CUSIP: 67119XAC8<br>LEI: 254900C7ZCEHM7Y5MX79 | Long             | ABS-MBS          | CORP              | US        |   1967739 | PA      | $1956105.76   | 0.21%             | 2064-09-25      | Variable      | 4.94%                 | No            |                  2 | On Loan: No      |
| BofA Auto Trust                             | BofA Auto Trust 2024-1                                                | CUSIP: 09709AAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1900000 | PA      | $1937615.82   | 0.21%             | 2030-06-17      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2022-R01                          | CUSIP: 20754LAF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3750000 | PA      | $3824637.75   | 0.41%             | 2041-12-25      | Floating      | 7.50%                 | No            |                  2 | On Loan: No      |
| Cantor Commercial Real Estate               | Cantor Commercial Real Estate Lending 2019-CF1                        | CUSIP: 12529MAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  21556725 | PA      | $686991.28    | 0.07%             | 2052-05-15      | Variable      | 1.27%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                      | CUSIP: 91282CHU8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  93088000 | PA      | $93784341.99  | 10.04%            | 2026-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Capital One Prime Auto Receiva              | Capital One Prime Auto Receivables Trust 2024-1                       | CUSIP: 14043NAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1900000 | PA      | $1924044.50   | 0.21%             | 2030-01-15      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| ABN AMRO BANK NV                            | ABN AMRO Bank NV                                                      | CUSIP: 00084DBA7<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |   2400000 | PA      | $2453759.45   | 0.26%             | 2027-09-18      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| ARI Fleet Lease Trust                       | ARI Fleet Lease Trust 2025-A                                          | CUSIP: 04033CAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1501632.30   | 0.16%             | 2034-01-17      | Fixed         | 4.46%                 | 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        |   2600000 | PA      | $2601283.36   | 0.28%             | 2044-02-25      | Floating      | 6.15%                 | No            |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION                    | Hess Midstream Operations LP                                          | CUSIP: 428102AH0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2280000 | PA      | $2286696.36   | 0.24%             | 2028-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Ally Bank Auto Credit-Linked N              | Ally Bank Auto Credit-Linked Notes Series 2024-A                      | CUSIP: 02007GZ71<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1338769 | PA      | $1353042.85   | 0.14%             | 2032-05-17      | Fixed         | 6.32%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                | UBS Group AG                                                          | CUSIP: 225401BC1<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   2240000 | PA      | $2301132.38   | 0.25%             | 2027-12-22      | Fixed         | 6.33%                 | No            |                  2 | On Loan: —       |
| HILTON DOMESTIC OPERATIN                    | Hilton Domestic Operating Co Inc                                      | CUSIP: 432833AP6<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    935000 | PA      | $945439.85    | 0.10%             | 2029-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BrightSpire Capital, Inc                    | BRSP 2021-FL1 Ltd                                                     | CUSIP: 05591XAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4373777 | PA      | $4344230.79   | 0.47%             | 2038-08-19      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| SUBWAY FUNDING LLC                          | Subway Funding LLC                                                    | CUSIP: 864300AG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2985000 | PA      | $2965931.52   | 0.32%             | 2054-07-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                      | CUSIP: 91282CMN8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2440000 | PA      | $2482890.61   | 0.27%             | 2028-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                      | CUSIP: 91282CLL3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  28615000 | PA      | $28487014.83  | 3.05%             | 2027-09-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| ONE Park Mortgage Trust                     | ONE 2021-PARK Mortgage Trust                                          | CUSIP: 682413AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4850000 | PA      | $4745688.14   | 0.51%             | 2036-03-15      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                     | Goldman Sachs Group Inc/The                                           | CUSIP: 38141GC77<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   2455000 | PA      | $2478065.27   | 0.27%             | 2028-04-23      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl              | Santander Drive Auto Receivables Trust 2024-S1                        | CUSIP: 80286UAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1478436 | PA      | $1480719.11   | 0.16%             | 2029-03-16      | Fixed         | 8.32%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                   | Sunoco LP                                                             | CUSIP: 86765KAB5<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    550000 | PA      | $566014.90    | 0.06%             | 2029-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan               | New Residential Mortgage Loan Trust 2017-4                            | CUSIP: 64829NAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1220758 | PA      | $1178012.15   | 0.13%             | 2057-05-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| ESSENTIAL UTILITIES INC                     | ESSENTIAL UTILITIES INC                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  17500000 | PA      | $17497798.50  | 1.87%             | 2025-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SYNOPSYS INC                                | Synopsys Inc                                                          | CUSIP: 871607AB3<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |   1960000 | PA      | $1982927.63   | 0.21%             | 2028-04-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| MANUF & TRADERS TRUST CO                    | Manufacturers & Traders Trust Co                                      | CUSIP: 55279HAV2<br>LEI: WWB2V0FCW3A0EE3ZJN75 | Long             | DBT              | CORP              | US        |   1470000 | PA      | $1469423.19   | 0.16%             | 2026-01-27      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| General Motors                              | GMF Floorplan Owner Revolving Trust                                   | CUSIP: 361886DQ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5150000 | PA      | $5211758.80   | 0.56%             | 2029-11-15      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| GREAT AMERICA LEASING RECEIVAB              | GreatAmerica Leasing Receivables Funding LLC                          | CUSIP: 39154GAJ5<br>LEI: 549300JFP7GIDD4UWO79 | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1006538.60   | 0.11%             | 2029-04-16      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2024-R1                                    | CUSIP: 924926AA6<br>LEI: 213800A8V9BALJ9WKP38 | Long             | ABS-MBS          | CORP              | US        |   1203796 | PA      | $1202580.16   | 0.13%             | 2069-09-25      | Variable      | 5.22%                 | No            |                  2 | On Loan: No      |
| ARI Fleet Lease Trust                       | ARI Fleet Lease Trust 2024-B                                          | CUSIP: 04033HAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1400000 | PA      | $1425237.66   | 0.15%             | 2033-04-15      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-DNA7                               | CUSIP: 35564KND7<br>LEI: 5493000ISOMSKCX2AW62 | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $3085578.90   | 0.33%             | 2041-11-25      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                               | Citigroup Inc                                                         | CUSIP: 17327CAW3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   4685000 | PA      | $4708974.74   | 0.50%             | 2029-03-04      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                         | Bank of Nova Scotia/The                                               | CUSIP: 06418GAP2<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |   4660000 | PA      | $4713597.50   | 0.50%             | 2029-02-14      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2021-ARIA                                                    | CUSIP: 05608RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4000000 | PA      | $3972137.60   | 0.43%             | 2036-10-15      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2024-VLT4                                                    | CUSIP: 05612TAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3600000 | PA      | $3571174.44   | 0.38%             | 2029-07-15      | Floating      | 6.26%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                    | OBX 2024-NQM16 Trust                                                  | CUSIP: 67120GAA6<br>LEI: 254900AIRPH5Q5COT575 | Long             | ABS-MBS          | CORP              | US        |    892331 | PA      | $894210.47    | 0.10%             | 2064-10-25      | Variable      | 5.53%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                             | SBA Tower Trust                                                       | CUSIP: 78403DAT7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3800000 | PA      | $3619026.14   | 0.39%             | 2026-11-15      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Sandi Brents

**Name of Signer:** Sandi Brents

**Title:** Compliance Officer