# EDGAR Filing Document

**Accession Number:** 0000885709
**File Stem:** 0000940400-25-002830
**Filing Date:** 2025-9
**Character Count:** 85701
**Document Hash:** a8d0fcfae74802c78ac48b2d5dd4d734
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-002830.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0000940400-25-002830

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**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:** 251348691

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

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

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

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

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

## Series and Classes Contracts Data

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

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000236944 | Payden Securitized Income Fund (Investor Class) | PYSFX           |
| C000236945 | Payden Securitized Income Fund (SI Class)       | PYSCX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** PAYDEN & RYGEL INVESTMENT GROUP

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

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

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

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

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

  - **City:** Los Angeles

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 90071

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

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2025-07-31

**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:** $78600869.47

**Total Liabilities:** $779333.72

**Net Assets:** $77821535.75

**Delayed Delivery Securities:** $599999.93

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 1099.00000000 | **10-Year:** 4005.00000000 | **30-Year:** 10835.00000000

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 60.00000000 | **10-Year:** 264.00000000 | **30-Year:** 1249.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000236945 | 0.63%                | 0.62%                | 0.33%                |
| Class ID C000236944 | 0.62%                | 0.51%                | 0.43%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2400.34                | $127974.71                                 |
| Month 2  | $-2045.51                | $165953.01                                 |
| Month 3  | $4836.55                 | $-108346.25                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Fannie Mae - CAS                       | Connecticut Avenue Securities Trust 2023-R08                  | CUSIP: 20755CAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    176273 | PA      | $176932.07    | 0.23%             | 2043-10-25      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| HTL Commercial Mortgage Trust          | HTL Commercial Mortgage Trust 2024-T53                        | CUSIP: 404300AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    380000 | PA      | $383951.39    | 0.49%             | 2039-05-10      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                       | Colt 2025-1 Mortgage Loan Trust                               | CUSIP: 196920AC6<br>LEI: 21380069FFOP8RZNF423 | Long             | ABS-MBS          | CORP              | US        |    521703 | PA      | $522545.40    | 0.67%             | 2070-01-25      | Variable      | 5.70%                 | No            |                  2 | On Loan: No      |
| TierPoint Issuer LLC                   | TierPoint Issuer LLC                                          | CUSIP: 88651CAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    333333 | PA      | $333284.80    | 0.43%             | 2053-06-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                  | Palmer Square CLO 2022-1 Ltd                                  | CUSIP: 69689QAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    600000 | PA      | $601378.20    | 0.77%             | 2035-04-20      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                    | Freddie Mac STACR REMIC Trust 2021-DNA7                       | CUSIP: 35564KND7<br>LEI: 5493000ISOMSKCX2AW62 | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $257779.80    | 0.33%             | 2041-11-25      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| Wheels Fleet Lease Funding LLC         | Wheels Fleet Lease Funding 1 LLC                              | CUSIP: 96328GCF2<br>LEI: 549300BSFY0E0XXREF43 | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $500485.95    | 0.64%             | 2040-01-18      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| Castle Hill INGOTS Ltd                 | CSTL Commercial Mortgage Trust 2024-GATE                      | CUSIP: 22945JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    610000 | PA      | $605800.15    | 0.78%             | 2041-11-10      | Variable      | 4.76%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd               | Neuberger Berman Loan Advisers CLO 46 Ltd                     | CUSIP: 64134QAN7<br>LEI: 549300LCOEVXWN75LP18 | Long             | ABS-CBDO         | CORP              | KY        |    400000 | PA      | $401383.20    | 0.52%             | 2037-01-20      | Floating      | 6.08%                 | 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        |    462992 | PA      | $455815.34    | 0.59%             | 2027-06-10      | Fixed         | 1.03%                 | No            |                  2 | On Loan: No      |
| OneMain Direct Auto Receivable         | Onemain Direct Auto Receivables Trust 2022-1                  | CUSIP: 68269DAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    329030 | PA      | $328688.48    | 0.42%             | 2029-03-14      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable         | Westlake Automobile Receivables Trust 2025-1                  | CUSIP: 96043VAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $500113.70    | 0.64%             | 2028-01-18      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| BX Trust                               | BX Trust 2024-CNYN                                            | CUSIP: 05612HAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    393096 | PA      | $394771.11    | 0.51%             | 2041-04-15      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| BX Trust                               | BX Trust 2025-VLT7                                            | CUSIP: 123913AJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $351916.18    | 0.45%             | 2044-07-15      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| Life Financial Services Trust          | Life 2022-BMR Mortgage Trust                                  | CUSIP: 53218DAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $584565.48    | 0.75%             | 2039-05-15      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| SWCH Commercial Mortgage Trust         | SWCH Commercial Mortgage Trust 2025-DATA                      | CUSIP: 78489CAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $349377.67    | 0.45%             | 2042-02-15      | Floating      | 7.68%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust           | Ford Credit Auto Owner Trust 2022-C                           | CUSIP: 34535AAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    550000 | PA      | $552484.85    | 0.71%             | 2030-03-15      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobi         | GM Financial Consumer Automobile Receivables Trust 2021-4     | CUSIP: 362554AD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    132596 | PA      | $131280.30    | 0.17%             | 2027-10-18      | Fixed         | 0.99%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management            | RCKT Mortgage Trust 2025-CES5                                 | CUSIP: 74942CAA7<br>LEI: 2549008EA2IHW9G2TZ48 | Long             | ABS-MBS          | CORP              | US        |    635884 | PA      | $640202.75    | 0.82%             | 2055-05-25      | Variable      | 5.69%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga         | MF1 2025-FL19 LLC                                             | CUSIP: 55287KAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    520000 | PA      | $522969.30    | 0.67%             | 2042-05-18      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus         | Bravo Residential Funding Trust 2025-Nqm3                     | CUSIP: 105927AC1<br>LEI: 254900KREJHICFBDC014 | Long             | ABS-MBS          | CORP              | US        |    570089 | PA      | $574578.18    | 0.74%             | 2065-03-25      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| BX Trust                               | BX Commercial Mortgage Trust 2024-XL5                         | CUSIP: 05612GAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    310832 | PA      | $311986.91    | 0.40%             | 2041-03-15      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt         | Benefit Street Partners CLO XXVIII Ltd                        | CUSIP: 08179KAU7<br>LEI: 549300VHDAICRAGZNJ35 | Long             | ABS-CBDO         | CORP              | JE        |    500000 | PA      | $503300.50    | 0.65%             | 2037-10-20      | Floating      | 7.23%                 | No            |                  2 | On Loan: No      |
| AREIT CRE Trust                        | AREIT 2025-CRE10 Ltd                                          | CUSIP: 00193DAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    600000 | PA      | $599614.20    | 0.77%             | 2029-12-17      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| Flatiron CLO Ltd                       | Flatiron CLO 23 LLC                                           | CUSIP: 33883DAW4<br>LEI: 254900WPX2H2R5L2RO76 | Long             | ABS-CBDO         | CORP              | US        |    250000 | PA      | $249989.25    | 0.32%             | 2036-04-17      | Floating      | 7.02%                 | No            |                  2 | On Loan: No      |
| OCTAGON INVESTMENT PARTNERS 40         | Octagon Investment Partners 40 Ltd                            | CUSIP: 67592BBC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    430000 | PA      | $429385.53    | 0.55%             | 2035-01-20      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                       | Connecticut Avenue Securities Trust 2024-R02                  | CUSIP: 20754GAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $252859.20    | 0.32%             | 2044-02-25      | Floating      | 6.15%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                           | USD/EUR FORWARD                                               | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-10473.46    | -0.01%            |  |  |  | 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        |    229093 | PA      | $229037.09    | 0.29%             | 2028-12-16      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                               | BXMT 2025-FL5 Ltd                                             | CUSIP: 05613YAE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    400000 | PA      | $399412.40    | 0.51%             | 2042-10-18      | Floating      | 6.90%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                | Dryden 113 CLO Ltd                                            | CUSIP: 26253EBB3<br>LEI: 254900XN9Y85HJGYJ219 | Long             | ABS-CBDO         | CORP              | JE        |    250000 | PA      | $250616.50    | 0.32%             | 2037-10-15      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| TPG Real Estate Finance                | TRTX 2025-FL6 Issuer Ltd                                      | CUSIP: 897764AA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    600000 | PA      | $598839.72    | 0.77%             | 2042-09-18      | Floating      | 5.89%                 | No            |                  2 | On Loan: No      |
| Octagon Investment Partners 45         | Octagon Investment Partners 45 Ltd                            | CUSIP: 67577MAQ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    430000 | PA      | $431019.96    | 0.55%             | 2035-04-15      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Lo         | Arbor Realty Commercial Real Estate Notes 2021-FL4 Ltd        | CUSIP: 03880RAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    310763 | PA      | $311519.44    | 0.40%             | 2036-11-15      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| World Omni Auto Receivables Tr         | World Omni Auto Receivables Trust 2022-A                      | CUSIP: 98164GAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    155390 | PA      | $154724.70    | 0.20%             | 2027-05-17      | Fixed         | 1.66%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC         | Enterprise Fleet Financing 2024-2 LLC                         | CUSIP: 29375RAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    418560 | PA      | $420281.85    | 0.54%             | 2026-12-20      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| CarMax Select Receivables Trus         | CarMax Select Receivables Trust 2025-A                        | CUSIP: 14319UAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    290000 | PA      | $294697.54    | 0.38%             | 2031-07-15      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| OCTAGON INVESTMENT PARTNERS 41         | Octagon Investment Partners 41 Ltd                            | CUSIP: 67592FBA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    600000 | PA      | $599829.60    | 0.77%             | 2033-10-15      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                       | Connecticut Avenue Securities Trust 2022-R02                  | CUSIP: 20754BAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    174000 | PA      | $181583.06    | 0.23%             | 2042-01-25      | Floating      | 8.85%                 | No            |                  2 | On Loan: No      |
| VB-S1 Issuer LLC                       | VB-S1 Issuer LLC - VBTEL                                      | CUSIP: 91823ABC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $403040.32    | 0.52%             | 2054-05-15      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| BX Trust                               | BX Commercial Mortgage Trust 2023-XL3                         | CUSIP: 12434GAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    164682 | PA      | $165205.46    | 0.21%             | 2040-12-09      | Floating      | 6.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                       | Connecticut Avenue Securities Trust 2024-R02                  | CUSIP: 20754GAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     79314 | PA      | $79366.08     | 0.10%             | 2044-02-25      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                           | USD/EUR FORWARD                                               | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | N/A              | DFE              | CORP              | US        |         1 | NC      | $29305.91     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                    | PFS Financing Corp                                            | CUSIP: 69335PFW0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $300270.03    | 0.39%             | 2029-04-15      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                       | Connecticut Avenue Securities Trust 2024-R03                  | CUSIP: 207941AB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $252417.15    | 0.32%             | 2044-03-25      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust             | GLS Auto Receivables Issuer Trust 2024-3                      | CUSIP: 37989AAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    185004 | PA      | $185234.34    | 0.24%             | 2027-08-16      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| BX Trust                               | BX Commercial Mortgage Trust 2021-XL2                         | CUSIP: 05609KAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    245000 | PA      | $245116.38    | 0.31%             | 2038-10-15      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                       | Connecticut Avenue Securities Trust 2022-R05                  | CUSIP: 20754DAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    171877 | PA      | $172587.69    | 0.22%             | 2042-04-25      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| Securitized Term Auto Receivab         | Securitized Term Auto Receivables Trust 2025-B                | CUSIP: 81378WAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | CA        |    325114 | PA      | $325477.69    | 0.42%             | 2032-12-29      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust         | Carvana Auto Receivables Trust 2022-P3                        | CUSIP: 14686MAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    304734 | PA      | $304636.77    | 0.39%             | 2027-11-10      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC               | OBX 2023-NQM3 Trust                                           | CUSIP: 67117PAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $350434.88    | 0.45%             | 2063-02-25      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Lo         | Arbor Realty Commercial Real Estate Notes 2021-FL3 Ltd        | CUSIP: 03880KAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    100000 | PA      | $99254.51     | 0.13%             | 2034-08-15      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust           | Dell Equipment Finance Trust 2023-3                           | CUSIP: 24702EAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     85695 | PA      | $86155.77     | 0.11%             | 2029-04-23      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                   | Cross 2025-H1 Mortgage Trust                                  | CUSIP: 22758NAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    290000 | PA      | $291868.64    | 0.38%             | 2070-02-25      | Variable      | 6.48%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management            | RCKT Mortgage Trust 2025-CES7                                 | CUSIP: 74943AAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    700000 | PA      | $701785.21    | 0.90%             | 2055-07-25      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                    | PFS Financing Corp                                            | CUSIP: 69335PFC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $500702.50    | 0.64%             | 2028-01-15      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 21 Ltd                     | Elmwood CLO 21 Ltd                                            | CUSIP: 289907AQ0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250377.50    | 0.32%             | 2036-10-20      | Floating      | 6.53%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec         | American Credit Acceptance Receivables Trust 2024-4           | CUSIP: 024945AE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    370000 | PA      | $370146.15    | 0.48%             | 2031-08-12      | Fixed         | 4.91%                 | 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        |    243716 | PA      | $244830.61    | 0.31%             | 2028-04-18      | Fixed         | 8.14%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC               | OBX 2023-NQM4 Trust                                           | CUSIP: 67448GAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $301673.52    | 0.39%             | 2063-03-25      | Variable      | 7.13%                 | No            |                  2 | On Loan: No      |
| Buckhorn Park CLO, Ltd.                | Buckhorn Park CLO Ltd                                         | CUSIP: 118382BA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $499758.00    | 0.64%             | 2034-07-18      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                       | Connecticut Avenue Securities Trust 2022-R01                  | CUSIP: 20754LAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $505673.60    | 0.65%             | 2041-12-25      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| SWCH Commercial Mortgage Trust         | SWCH Commercial Mortgage Trust 2025-DATA                      | CUSIP: 78489CAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $249138.95    | 0.32%             | 2042-02-15      | Floating      | 6.43%                 | No            |                  2 | On Loan: No      |
| BX Trust                               | BX Commercial Mortgage Trust 2021-SOAR                        | CUSIP: 05608WAN4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    249870 | PA      | $249894.57    | 0.32%             | 2038-06-15      | Floating      | 6.26%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl         | Santander Drive Auto Receivables Trust 2025-2                 | CUSIP: 80287NAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    290000 | PA      | $294181.51    | 0.38%             | 2031-05-15      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                       | COLT 2025-5 Mortgage Loan Trust                               | CUSIP: 19689AAD7<br>LEI: 213800S6EGXVNRKXHN58 | Long             | ABS-MBS          | CORP              | US        |    320000 | PA      | $323415.74    | 0.42%             | 2070-05-25      | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus         | Bravo Residential Funding Trust Series 2025-NQM1              | CUSIP: 10569MAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    268879 | PA      | $269333.25    | 0.35%             | 2064-12-25      | Variable      | 5.91%                 | No            |                  2 | On Loan: No      |
| TIAA CLO Ltd                           | TIAA CLO IV Ltd                                               | CUSIP: 88631YAL1<br>LEI: 5493000Q4E256SBMCY29 | Long             | ABS-CBDO         | CORP              | KY        |    378380 | PA      | $378670.63    | 0.49%             | 2032-01-20      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| LoanCore 2021-CRE5 Issuer, Ltd         | LoanCore 2021-CRE5 Issuer Ltd                                 | CUSIP: 53947XAJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249369.70    | 0.32%             | 2036-07-15      | Floating      | 6.81%                 | No            |                  2 | On Loan: No      |
| GPMT Ltd.                              | GPMT 2021-FL3 Ltd                                             | CUSIP: 36264BAC4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $481423.45    | 0.62%             | 2035-07-16      | Floating      | 6.31%                 | 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        |    289207 | PA      | $289139.65    | 0.37%             | 2028-10-16      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Secur         | Bridgecrest Lending Auto Securitization Trust 2023-1          | CUSIP: 108056AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    170637 | PA      | $170975.62    | 0.22%             | 2027-11-15      | Fixed         | 6.51%                 | No            |                  2 | On Loan: No      |
| Oak Street Investment Grade Ne         | Oak Street Investment Grade Net Lease Fund Series 2020-1      | CUSIP: 67181DAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    297500 | PA      | $289407.76    | 0.37%             | 2050-11-20      | Fixed         | 2.26%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables          | Exeter Automobile Receivables Trust 2025-2                    | CUSIP: 30168JAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    290000 | PA      | $291965.21    | 0.38%             | 2031-07-15      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| Hotwire Funding LLC                    | Hotwire Funding LLC                                           | CUSIP: 44148JAA7<br>LEI: 254900ZCO90MCT7Y9348 | Long             | ABS-O            | CORP              | US        |    425000 | PA      | $409378.23    | 0.53%             | 2051-11-20      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust                | Carmax Auto Owner Trust 2024-3                                | CUSIP: 14319GAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    222771 | PA      | $223239.95    | 0.29%             | 2027-09-15      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC               | OBX 2024-NQM17 Trust                                          | CUSIP: 673911AF0<br>LEI: 254900HMH8TR6ZSMCB34 | Long             | ABS-MBS          | CORP              | US        |    330000 | PA      | $333710.06    | 0.43%             | 2064-11-25      | Variable      | 6.65%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                   | Cross 2024-H8 Mortgage Trust                                  | CUSIP: 22757GAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    465098 | PA      | $465893.60    | 0.60%             | 2069-12-25      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| FS Rialto Issuer Ltd                   | FS Rialto 2025-FL10 Issuer LLC                                | CUSIP: 30340KAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    700000 | PA      | $701048.81    | 0.90%             | 2042-08-19      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus         | BRAVO Residential Funding Trust 2024-NQM7                     | CUSIP: 105698AC8<br>LEI: 254900T3YTF92WA96N66 | Long             | ABS-MBS          | CORP              | US        |    644769 | PA      | $645259.90    | 0.83%             | 2064-10-27      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| Chase Auto Credit Linked Notes         | Chase Auto Credit Linked Notes Series 2025-1                  | CUSIP: 46591HCV0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    340031 | PA      | $341160.37    | 0.44%             | 2033-02-25      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables          | Exeter Automobile Receivables Trust 2024-5                    | CUSIP: 30165BAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    390000 | PA      | $388699.74    | 0.50%             | 2031-02-18      | Fixed         | 5.06%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC               | OBX 2025-NQM2 Trust                                           | CUSIP: 67120VAD7<br>LEI: 2549006BC0G3YEF5SL09 | Long             | ABS-MBS          | CORP              | US        |    330000 | PA      | $332939.18    | 0.43%             | 2064-11-25      | Variable      | 6.49%                 | No            |                  2 | On Loan: No      |
| Oak Street Investment Grade Ne         | Oak Street Investment Grade Net Lease Fund Series 2021-1      | CUSIP: 67190AAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    198500 | PA      | $173970.66    | 0.22%             | 2051-01-20      | Fixed         | 3.26%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag         | Wells Fargo Commercial Mortgage Trust 2024-MGP                | CUSIP: 95003TAW3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $250533.73    | 0.32%             | 2041-08-15      | Floating      | 7.28%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust           | Drive Auto Receivables Trust 2025-S1                          | CUSIP: 26210HAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    192177 | PA      | $192676.83    | 0.25%             | 2029-06-16      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                               | BXMT 2025-FL5 Ltd                                             | CUSIP: 05613YAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    500000 | PA      | $498101.45    | 0.64%             | 2042-10-18      | Floating      | 5.99%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                    | COMM 2025-SBX Mortgage Trust                                  | CUSIP: 20047UAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $599640.00    | 0.77%             | 2041-08-10      | Variable      | 5.43%                 | No            |                  2 | On Loan: No      |
| SONA FIOS CLO                          | Sona Fios CLO I DAC                                           | CUSIP: 000000000<br>LEI: 635400DKZUMF3VS6WZ22 | Long             | ABS-CBDO         | CORP              | IE        |    250000 | PA      | $285300.00    | 0.37%             | 2036-07-15      | Floating      | 4.53%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC               | OBX 2024-NQM18 Trust                                          | CUSIP: 673913AD1<br>LEI: 254900NK9PNLY9I00149 | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $250318.10    | 0.32%             | 2064-10-25      | Variable      | 6.17%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                           | Voya CLO 2021-1 Ltd                                           | CUSIP: 92918QAS9<br>LEI: 549300TZK6NKU72KPL60 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249149.00    | 0.32%             | 2034-07-15      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                       | Connecticut Avenue Securities Trust 2024-R01                  | CUSIP: 20753UAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    467794 | PA      | $467841.36    | 0.60%             | 2044-01-25      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| Hotwire Funding LLC                    | Hotwire Funding LLC                                           | CUSIP: 44148HAC7<br>LEI: 254900ZCO90MCT7Y9348 | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $305298.66    | 0.39%             | 2053-05-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust             | Verus Securitization Trust 2025-1                             | CUSIP: 92540TAA8<br>LEI: 213800JOKZMXZECMAB50 | Long             | ABS-MBS          | CORP              | US        |    562006 | PA      | $563657.73    | 0.72%             | 2070-01-25      | Variable      | 5.62%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust         | Carvana Auto Receivables Trust 2024-P4                        | CUSIP: 14076LAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    382552 | PA      | $382494.79    | 0.49%             | 2028-02-10      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Tru         | OneMain Financial Issuance Trust 2022-3                       | CUSIP: 68269PAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    267637 | PA      | $268967.75    | 0.35%             | 2034-05-15      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd               | Madison Park Funding LVII Ltd                                 | CUSIP: 55822GAQ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    600000 | PA      | $600910.80    | 0.77%             | 2034-07-27      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| Stellantis Financial Underwrit         | Stellantis Financial Underwritten Enhanced Lease Trust 2025-A | CUSIP: 858928AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $500582.35    | 0.64%             | 2027-07-20      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| MMAF Equipment Finance LLC             | MMAF Equipment Finance LLC 2021-A                             | CUSIP: 55317JAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $97907.97     | 0.13%             | 2043-11-13      | Fixed         | 1.19%                 | No            |                  2 | On Loan: No      |
| Allegro CLO Ltd                        | Allegro CLO XI Ltd                                            | CUSIP: 01750HAU6<br>LEI: 2549008FHFGEJOVBP855 | Long             | ABS-CBDO         | CORP              | KY        |    321540 | PA      | $322499.15    | 0.41%             | 2033-01-19      | Floating      | 6.23%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                       | Connecticut Avenue Securities Trust 2023-R06                  | CUSIP: 20754EAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $258723.65    | 0.33%             | 2043-07-25      | Floating      | 7.05%                 | 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        |   4405516 | NS      | $4405515.57   | 5.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Benefit Street Partners CLO Lt         | Benefit Street Partners CLO VIII Ltd                          | CUSIP: 08180XAS1<br>LEI: 549300D98ZLKNSI8CN63 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $501145.00    | 0.64%             | 2031-01-20      | Floating      | 6.04%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management            | RCKT Mortgage Trust 2025-CES6                                 | CUSIP: 748949AB0<br>LEI: 2549002LEW4WNQBOMB89 | Long             | ABS-MBS          | CORP              | US        |    494388 | PA      | $496633.67    | 0.64%             | 2055-06-25      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| BX Trust                               | BX Commercial Mortgage Trust 2021-VOLT                        | CUSIP: 05609VAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    242207 | PA      | $241390.43    | 0.31%             | 2036-09-15      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC               | OBX 2025-NQM2 Trust                                           | CUSIP: 67120VAA3<br>LEI: 2549006BC0G3YEF5SL09 | Long             | ABS-MBS          | CORP              | US        |    725637 | PA      | $725807.35    | 0.93%             | 2064-11-25      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| AGL CLO 14, LTD.                       | AGL CLO 14 Ltd                                                | CUSIP: 00851WAQ2<br>LEI: 254900G6P36ERQHAIS15 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250601.75    | 0.32%             | 2034-12-02      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust             | GLS Auto Receivables Issuer Trust 2023-4                      | CUSIP: 362929AF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    201000 | PA      | $208118.35    | 0.27%             | 2029-08-15      | Fixed         | 7.18%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Esta         | Greystone CRE Notes 2021-FL3 Ltd                              | CUSIP: 39809PAG0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    100000 | PA      | $99373.96     | 0.13%             | 2039-07-15      | Floating      | 6.46%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                    | Freddie Mac STACR REMIC Trust 2023-DNA2                       | CUSIP: 35564KT58<br>LEI: 5493000IRI80KQJUNK40 | Long             | ABS-MBS          | CORP              | US        |    387177 | PA      | $393915.51    | 0.51%             | 2043-04-25      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                       | Connecticut Avenue Securities Trust 2025-R04                  | CUSIP: 20755TAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $351358.84    | 0.45%             | 2045-05-25      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| Starwood Commercial Mortgage T         | STWD 2022-FL3 Ltd                                             | CUSIP: 78485KAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    446924 | PA      | $446178.15    | 0.57%             | 2038-11-15      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| VB-S1 Issuer LLC                       | VB-S1 Issuer LLC - VBTEL                                      | CUSIP: 91823ABG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $311379.06    | 0.40%             | 2054-05-15      | Fixed         | 8.87%                 | No            |                  2 | On Loan: No      |
| Jubilee CDO BV                         | Jubilee CLO 2021-XXV DAC                                      | CUSIP: 000000000<br>LEI: 635400APBYBGXMTWEE61 | Long             | ABS-CBDO         | CORP              | IE        |    450000 | PA      | $514548.18    | 0.66%             | 2035-10-15      | Floating      | 3.78%                 | No            |                  2 | On Loan: No      |
| LoanCore Issuer, Ltd.                  | LoanCore 2025 2025-CRE8 Issuer LLC                            | CUSIP: 53947FAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    360000 | PA      | $358837.74    | 0.46%             | 2042-08-17      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC               | OBX 2024-NQM11 Trust                                          | CUSIP: 67119EAA4<br>LEI: 254900F5LT8CA1U6PK21 | Long             | ABS-MBS          | CORP              | US        |    444775 | PA      | $446289.38    | 0.57%             | 2064-06-25      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                       | Connecticut Avenue Securities Trust 2021-R02                  | CUSIP: 20754KAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    306479 | PA      | $309007.61    | 0.40%             | 2041-11-25      | Floating      | 6.35%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable         | Westlake Automobile Receivables Trust 2023-1                  | CUSIP: 96042XAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    105000 | PA      | $107596.98    | 0.14%             | 2028-11-15      | Fixed         | 6.79%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limit         | Bain Capital Credit CLO 2019-2                                | CUSIP: 05682LBC0<br>LEI: 549300WZ8E2KQS66KT95 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250230.50    | 0.32%             | 2032-10-17      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                    | Freddie Mac STACR REMIC Trust 2022-DNA5                       | CUSIP: 35564KYW3<br>LEI: 5493000IS349P4O9HR58 | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $330274.62    | 0.42%             | 2042-06-25      | Floating      | 11.10%                | No            |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Lin         | Santander Bank Auto Credit-Linked Notes Series 2022-C         | CUSIP: 80290CBJ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     10471 | PA      | $10490.79     | 0.01%             | 2032-12-15      | Fixed         | 11.37%                | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                       | Connecticut Avenue Securities Trust 2025-R02                  | CUSIP: 20754TAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $251437.75    | 0.32%             | 2045-02-25      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| FS Rialto Issuer Ltd                   | FS Rialto 2024-FL9 Issuer LLC                                 | CUSIP: 30338WAL3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    600000 | PA      | $601794.36    | 0.77%             | 2039-10-19      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust         | Carvana Auto Receivables Trust 2025-P1                        | CUSIP: 14689MAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    436356 | PA      | $436058.65    | 0.56%             | 2028-06-12      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Lo         | Arbor Realty Commercial Real Estate Notes 2022-FL1 Ltd        | CUSIP: 03880XAG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    220000 | PA      | $221388.88    | 0.28%             | 2037-01-15      | Floating      | 6.64%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt         | Benefit Street Partners CLO XXIV Ltd                          | CUSIP: 08182NAJ1<br>LEI: 254900F6RDYGOMBGPF86 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $499501.50    | 0.64%             | 2034-10-20      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategi         | Carlyle Global Market Strategies CLO 2016-1 Ltd               | CUSIP: 14312HBE5<br>LEI: 549300N3CJKPCWZ7KX23 | Long             | ABS-CBDO         | CORP              | KY        |    600000 | PA      | $600940.80    | 0.77%             | 2034-04-20      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| ARI Fleet Lease Trust                  | ARI Fleet Lease Trust 2023-B                                  | CUSIP: 04033GAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     98509 | PA      | $99248.26     | 0.13%             | 2032-07-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga         | MF1 2022-FL8 Ltd                                              | CUSIP: 55284JAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    436888 | PA      | $437437.44    | 0.56%             | 2037-02-19      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| BrightSpire Capital, Inc               | BRSP 2024-FL2 Ltd                                             | CUSIP: 05613BAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    100000 | PA      | $100049.24    | 0.13%             | 2037-08-19      | Floating      | 6.73%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                    | COMM 2025-167G Mortgage Trust                                 | CUSIP: 12674VAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $399052.32    | 0.51%             | 2040-08-10      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Invesco CLO 2022-1, Ltd.               | Invesco CLO 2022-1 Ltd                                        | CUSIP: 460988AC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    250000 | PA      | $250826.25    | 0.32%             | 2035-04-20      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                       | COLT 2025-INV2 Mortgage Loan Trust                            | CUSIP: 12673UAA2<br>LEI: 213800M5KYYIOHI7KW93 | Long             | ABS-MBS          | CORP              | US        |    553969 | PA      | $554440.50    | 0.71%             | 2070-02-25      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust             | Verus Securitization Trust 2024-9                             | CUSIP: 92540RAC8<br>LEI: 213800LFRCPWSTP6LX39 | Long             | ABS-MBS          | CORP              | US        |    463744 | PA      | $463341.58    | 0.60%             | 2069-11-25      | Variable      | 5.44%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                    | Freddie Mac STACR Debt Notes 2015-HQA2                        | CUSIP: 3137G0HM4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    248165 | PA      | $254044.16    | 0.33%             | 2028-05-25      | Floating      | 14.96%                | No            |                  2 | On Loan: No      |
| Thompson Park CLO, LTD                 | Thompson Park CLO Ltd                                         | CUSIP: 884887AS9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    400000 | PA      | $401252.40    | 0.52%             | 2034-04-15      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| Palmer Square European Loan Fu         | Palmer Square European Loan Funding 2025-2 DAC                | CUSIP: 000000000<br>LEI: 254900595EZPT26ANZ17 | Long             | ABS-CBDO         | CORP              | IE        |    300000 | PA      | $342360.00    | 0.44%             | 2035-02-15      | Floating      | 4.55%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                | Dryden 68 CLO Ltd                                             | CUSIP: 26252QAS1<br>LEI: 254900MX6QAMC9XBAB53 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $499985.50    | 0.64%             | 2035-07-15      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| FS Rialto Issuer Ltd                   | FS Rialto 2022-Fl4 Issuer LLC                                 | CUSIP: 30326MAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    184823 | PA      | $185896.92    | 0.24%             | 2039-01-19      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| Juniper Valley Park CLO, Ltd           | Juniper Valley Park CLO Ltd                                   | CUSIP: 48206KAS5<br>LEI: 213800ACSV8GAJ4CCO70 | Long             | ABS-CBDO         | CORP              | JE        |    250000 | PA      | $249390.50    | 0.32%             | 2036-07-20      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| ARES Commercial Mortgage Trust         | ARES Commercial Mortgage Trust 2024-IND                       | CUSIP: 03990DAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    570000 | PA      | $572767.69    | 0.74%             | 2041-07-15      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                    | Freddie Mac STACR REMIC Trust 2023-HQA3                       | CUSIP: 35564K3F4<br>LEI: 529900ZTXRUUVE8G8W08 | Long             | ABS-MBS          | CORP              | US        |    539895 | PA      | $546492.58    | 0.70%             | 2043-11-25      | Floating      | 6.20%                 | No            |                  2 | On Loan: No      |
| Stack Infrastructure Issuer LL         | Stack Infrastructure Issuer LLC                               | CUSIP: 85236KAE2<br>LEI: 254900AV7V87H3A2WM57 | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $244662.13    | 0.31%             | 2046-03-26      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                           | ARES Loan Funding III Ltd                                     | CUSIP: 04009BAS7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250366.25    | 0.32%             | 2036-07-25      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust             | GLS Auto Receivables Issuer Trust 2024-2                      | CUSIP: 37964VAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    260000 | PA      | $266375.10    | 0.34%             | 2030-02-15      | Fixed         | 6.19%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Lo         | Arbor Realty Commercial Real Estate Notes 2021-FL3 Ltd        | CUSIP: 03880KAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    760000 | PA      | $760916.48    | 0.98%             | 2034-08-15      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust             | GLS Auto Receivables Issuer Trust 2025-2                      | CUSIP: 37989BAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $502753.05    | 0.65%             | 2029-10-15      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| BX Trust                               | BX Trust 2025-VLT6                                            | CUSIP: 12433KAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $350336.28    | 0.45%             | 2042-03-15      | Floating      | 6.53%                 | No            |                  2 | On Loan: No      |
| BX Trust                               | BX Commercial Mortgage Trust 2024-BIO2                        | CUSIP: 05613GAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    196020 | PA      | $197842.63    | 0.25%             | 2041-08-13      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                    | Freddie Mac STACR REMIC Trust 2021-HQA4                       | CUSIP: 35564KNK1<br>LEI: 5493000ISE4NWBTOSK36 | Long             | ABS-MBS          | CORP              | US        |    450747 | PA      | $450695.31    | 0.58%             | 2041-12-25      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                       | Connecticut Avenue Securities Trust 2022-R01                  | CUSIP: 20754LAF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $256567.30    | 0.33%             | 2041-12-25      | Floating      | 7.50%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd               | Neuberger Berman Loan Advisers CLO 35 Ltd                     | CUSIP: 64133CAS8<br>LEI: 549300MYVO80EQUJK294 | Long             | ABS-CBDO         | CORP              | KY        |    593206 | PA      | $591605.22    | 0.76%             | 2033-01-19      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Lo         | Arbor Realty Commercial Real Estate Notes 2021-FL4 Ltd        | CUSIP: 03880RAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    430000 | PA      | $431117.87    | 0.55%             | 2036-11-15      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Tharaldson Hotel Portfolio Tru         | THPT 2023-THL Mortgage Trust                                  | CUSIP: 87252LAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    371138 | PA      | $376762.79    | 0.48%             | 2034-12-10      | Variable      | 6.99%                 | No            |                  2 | On Loan: No      |
| Chenango Park CLO, Ltd.                | Chenango Park CLO Ltd                                         | CUSIP: 16409TAL3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    276804 | PA      | $276720.30    | 0.36%             | 2030-04-15      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                       | Fannie Mae Connecticut Avenue Securities                      | CUSIP: 30711XQX5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |    465951 | PA      | $477043.53    | 0.61%             | 2030-02-25      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                       | COLT 2024-6 Mortgage Loan Trust                               | CUSIP: 19688XAA4<br>LEI: 213800U2X2TO1PQH1O75 | Long             | ABS-MBS          | CORP              | US        |    573943 | PA      | $573698.37    | 0.74%             | 2069-11-25      | Variable      | 5.39%                 | No            |                  2 | On Loan: No      |
| BrightSpire Capital, Inc               | BRSP 2021-FL1 Ltd                                             | CUSIP: 05591XAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    555149 | PA      | $554500.23    | 0.71%             | 2038-08-19      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                    | Freddie Mac STACR REMIC Trust 2022-HQA3                       | CUSIP: 35564KE39<br>LEI: 5493000IRJ8RDHSNEL96 | Long             | ABS-MBS          | CORP              | US        |    448572 | PA      | $457044.47    | 0.59%             | 2042-08-25      | Floating      | 6.65%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                       | Colt 2025-1 Mortgage Loan Trust                               | CUSIP: 196920AF9<br>LEI: 21380069FFOP8RZNF423 | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $253028.93    | 0.33%             | 2070-01-25      | Variable      | 6.63%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 16 Ltd                     | Elmwood CLO 16 Ltd                                            | CUSIP: 29002UAN0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250520.50    | 0.32%             | 2037-04-20      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                       | Connecticut Avenue Securities Trust 2021-R01                  | CUSIP: 20754RAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    262403 | PA      | $263284.08    | 0.34%             | 2041-10-25      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| Flatiron CLO Ltd                       | Flatiron CLO 19 Ltd                                           | CUSIP: 33883JBA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $251754.75    | 0.32%             | 2034-11-16      | Floating      | 6.23%                 | No            |                  2 | On Loan: No      |
| BX Trust                               | BX Commercial Mortgage Trust 2024-XL4                         | CUSIP: 05611VAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    378788 | PA      | $379805.69    | 0.49%             | 2039-02-15      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Esta         | Greystone CRE Notes 2025-FL4 LLC                              | CUSIP: 39810MAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    500000 | PA      | $501522.30    | 0.64%             | 2043-01-15      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| Alinea CLO LTD                         | Alinea CLO 2018-1 Ltd                                         | CUSIP: 016269AE2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    161053 | PA      | $161163.06    | 0.21%             | 2031-07-20      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                               | BXMT 2021-FL4 Ltd                                             | CUSIP: 05609GAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    297629 | PA      | $296541.91    | 0.38%             | 2038-05-15      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| KKR Financial CLO Ltd                  | KKR CLO 27 LTD                                                | CUSIP: 48253YBS6<br>LEI: 5493007WGG1LNIZXEI24 | Long             | ABS-CBDO         | CORP              | KY        |    290000 | PA      | $290423.98    | 0.37%             | 2035-01-15      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                       | Connecticut Avenue Securities Trust 2021-R01                  | CUSIP: 20754RAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $255672.25    | 0.33%             | 2041-10-25      | Floating      | 7.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                       | Connecticut Avenue Securities Trust 2025-R05                  | CUSIP: 20753CAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $400525.60    | 0.51%             | 2045-07-25      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| BX Trust                               | BX Commercial Mortgage Trust 2024-XL4                         | CUSIP: 05611VAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    376894 | PA      | $378469.17    | 0.49%             | 2039-02-15      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust             | Verus Securitization Trust 2025-INV1                          | CUSIP: 924929AC6<br>LEI: 213800YO7QOQOFRSRN78 | Long             | ABS-MBS          | CORP              | US        |    617964 | PA      | $618514.18    | 0.79%             | 2070-02-25      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| BDS Ltd                                | BDS 2021-FL10 Ltd                                             | CUSIP: 07335YAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    420000 | PA      | $420504.04    | 0.54%             | 2036-12-16      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC               | OBX 2024-NQM8 Trust                                           | CUSIP: 67119CAA8<br>LEI: 254900Y1YRD8JNADSC78 | Long             | ABS-MBS          | CORP              | US        |    362694 | PA      | $366219.71    | 0.47%             | 2064-05-25      | Variable      | 6.23%                 | No            |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Lin         | Santander Bank Auto Credit-Linked Notes Series 2023-A         | CUSIP: 80290CBY9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $538423.00    | 0.69%             | 2033-06-15      | Fixed         | 13.75%                | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC               | OBX 2024-NQM18 Trust                                          | CUSIP: 673913AA7<br>LEI: 254900NK9PNLY9I00149 | Long             | ABS-MBS          | CORP              | US        |    427193 | PA      | $425996.20    | 0.55%             | 2064-10-25      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| BX Trust                               | BX Commercial Mortgage Trust 2024-GPA2                        | CUSIP: 12433DAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $501957.80    | 0.65%             | 2041-11-15      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| ACREC LLC                              | Acrec 2025 Fl 3 LLC                                           | CUSIP: 00112HAE7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    250000 | PA      | $248764.80    | 0.32%             | 2042-08-18      | Floating      | 6.29%                 | No            |                  2 | On Loan: No      |
| Fort Greene Park CLO                   | Fort Greene Park CLO LLC                                      | CUSIP: 18914KAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $749987.25    | 0.96%             | 2034-04-22      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                       | Connecticut Avenue Securities Trust 2023-R03                  | CUSIP: 20753AAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    650000 | PA      | $691627.37    | 0.89%             | 2043-04-25      | Floating      | 8.25%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl         | Santander Drive Auto Receivables Trust 2024-S1                | CUSIP: 80286UAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    202155 | PA      | $202386.76    | 0.26%             | 2029-03-16      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| STORE Master Funding LLC               | Store Master Funding I-VII XIV XIX XX                         | CUSIP: 86190BAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    367344 | PA      | $344092.15    | 0.44%             | 2051-06-20      | Fixed         | 2.86%                 | No            |                  2 | On Loan: No      |
| BX Trust                               | BX Trust 2021-ARIA                                            | CUSIP: 05608RAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $349837.88    | 0.45%             | 2036-10-15      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| Lex Commercial Loan Master Tru         | LEX 2024-BBG Mortgage Trust                                   | CUSIP: 52885AAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    370000 | PA      | $369995.34    | 0.48%             | 2033-10-13      | Variable      | 4.87%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust            | Extended Stay America Trust 2021-ESH                          | CUSIP: 30227FAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    300205 | PA      | $301041.26    | 0.39%             | 2038-07-15      | Floating      | 6.71%                 | No            |                  2 | On Loan: No      |
| BX Trust                               | BX Trust 2024-VLT4                                            | CUSIP: 05612TAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    370000 | PA      | $370706.66    | 0.48%             | 2029-07-15      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| General Motors                         | GMF Floorplan Owner Revolving Trust Series 2025-1             | CUSIP: 361886DX9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $601634.58    | 0.77%             | 2029-03-15      | Floating      | 4.94%                 | 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        |    136503 | PA      | $136798.34    | 0.18%             | 2039-12-15      | Floating      | 6.26%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                               | BXMT 2020-FL2 LTD                                             | CUSIP: 12434LAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $497512.10    | 0.64%             | 2038-02-15      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust             | GLS Auto Receivables Issuer Trust 2025-1                      | CUSIP: 36271KAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    592026 | PA      | $592081.43    | 0.76%             | 2027-12-15      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| USB Auto Owner Trust                   | USB Auto Owner Trust 2025-1                                   | CUSIP: 90367VAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    350000 | PA      | $352549.19    | 0.45%             | 2031-03-17      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| HGI CRE CLO Ltd                        | HGI CRE CLO 2021-FL2 Ltd                                      | CUSIP: 40390JAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    319578 | PA      | $319412.79    | 0.41%             | 2036-09-17      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| Driven Brands Funding, LLC             | Driven Brands Funding LLC                                     | CUSIP: 26208LAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    378585 | PA      | $376949.08    | 0.48%             | 2049-04-20      | Fixed         | 4.64%                 | No            |                  2 | On Loan: No      |
| BX Trust                               | BX Commercial Mortgage Trust 2024-AIRC                        | CUSIP: 12433CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    720870 | PA      | $724333.08    | 0.93%             | 2039-08-15      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                            | OCP CLO 2015-9 Ltd                                            | CUSIP: 67091YBL7<br>LEI: 254900XV0U0WEM36A370 | Long             | ABS-CBDO         | CORP              | KY        |    290000 | PA      | $288896.26    | 0.37%             | 2037-01-15      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus         | BRAVO Residential Funding Trust 2025-NQM6                     | CUSIP: 10570MAF7<br>LEI: 254900U9H6FFPW4O4S55 | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $348646.52    | 0.45%             | 2065-06-25      | Variable      | 6.03%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                      | Magnetite XXIV Ltd                                            | CUSIP: 55954WAN9<br>LEI: 549300P6T1S83Z2MDF55 | Long             | ABS-CBDO         | CORP              | KY        |    430000 | PA      | $430388.72    | 0.55%             | 2035-04-15      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| BX Trust                               | BX Trust 2025-TAIL                                            | CUSIP: 123912AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $250833.85    | 0.32%             | 2035-06-15      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                         | Apidos CLO XXIII                                              | CUSIP: 03765YBJ2<br>LEI: 635400C39IXGGYE6DH05 | Long             | ABS-CBDO         | CORP              | KY        |    400000 | PA      | $397814.00    | 0.51%             | 2033-04-15      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| AmeriCredit Automobile Receiva         | AmeriCredit Automobile Receivables Trust 2024-1               | CUSIP: 023947AC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    326697 | PA      | $326846.14    | 0.42%             | 2028-02-18      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| Starwood Commercial Mortgage T         | STWD 2021-FL2 Ltd                                             | CUSIP: 78486BAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     90092 | PA      | $89818.13     | 0.12%             | 2038-04-18      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| Ford Credit Floorplan Master O         | Ford Credit Floorplan Master Owner Trust A                    | CUSIP: 34528QHQ0<br>LEI: 5493001DTG5N7T8BG747 | Long             | ABS-O            | CORP              | US        |     90000 | PA      | $89600.90     | 0.12%             | 2027-09-15      | Fixed         | 1.06%                 | No            |                  2 | On Loan: No      |
| PFP III                                | PFP 2024-11 Ltd                                               | CUSIP: 69291WAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    433158 | PA      | $433931.71    | 0.56%             | 2039-09-17      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust               | JP Morgan Mortgage Trust Series 2025-NQM1                     | CUSIP: 46593QAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    469286 | PA      | $473529.26    | 0.61%             | 2065-06-25      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-18

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

**Signature:** Sandi Brents

**Name of Signer:** Sandi Brents

**Title:** Compliance Officer