# EDGAR Filing Document

**Accession Number:** 0000885709
**File Stem:** 0000940400-25-013951
**Filing Date:** 2025-12
**Character Count:** 129527
**Document Hash:** ea86d3a726b6a1a3b654f9a320189de3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-013951.hdr.sgml**: 20251219

**ACCESSION NUMBER**: 0000940400-25-013951

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251219

**DATE AS OF CHANGE**: 20251219

**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:** 251587233

**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 Strategic Income Fund (Series ID: S000045226)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000140807 | Payden Strategic Income Fund (Investor Class) | PYSGX           |
| C000140808 | Payden Strategic Income Fund (SI Class)       | PYSIX           |
| C000248246 | Payden Strategic Income Fund (Adviser Class)  | PYSLX           |

## 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 Strategic Income Fund

- **b. EDGAR series identifier (if any):** S000045226

- **c. LEI of Series:** 5493002EUNEMBLRCKL57

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

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

- **b. Date as of which information is reported:** 2025-10-31

**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:** $170723881.76

**Total Liabilities:** $3913958.70

**Net Assets:** $166809923.06

**Delayed Delivery Securities:** $550000.00

**Cash Not Reported:** $1621926.34

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 142.00000000 | **5-Year:** 4573.00000000 | **10-Year:** 12798.00000000 | **30-Year:** 23020.00000000

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

- **3-Month:** 0.00000000 | **1-Year:** 1772.00000000 | **5-Year:** 3931.00000000 | **10-Year:** -534.00000000 | **30-Year:** 2885.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000140807 | 1.13%                | 0.80%                | 0.50%                |
| Class ID C000140808 | 1.04%                | 0.91%                | 0.41%                |
| Class ID C000248246 | 0.90%                | 0.78%                | 0.27%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-340316.02              | $1586414.70                                |
| Month 2  | $54769.26                | $511367.39                                 |
| Month 3  | $63695.50                | $-207803.92                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MORGAN STANLEY & CO. LLC                               | GBP/USD FORWARD                                                              | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |         1 | NC      | $39180.41     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                              | IRS USD                                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-125770.18   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| SAAVI ENERGIA SARL                                     | Saavi Energia Sarl                                                           | CUSIP: 78518PAA3<br>LEI: 254900A2V0IO8K56UH35 | Long             | DBT              | CORP              | LU        |    300000 | PA      | $322875.00    | 0.19%             | 2035-02-10      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                              | CUSIP: 3140QPVD6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    853621 | PA      | $836833.19    | 0.50%             | 2052-07-01      | Fixed         | 4.50%                 | 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        |    400000 | PA      | $398989.32    | 0.24%             | 2042-02-15      | Floating      | 7.37%                 | No            |                  2 | On Loan: No      |
| MICRON TECHNOLOGY INC                                  | Micron Technology Inc                                                        | CUSIP: 595112CD3<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |    350000 | PA      | $361906.50    | 0.22%             | 2031-01-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| PATTERSON-UTI ENERGY INC                               | Patterson-UTI Energy Inc                                                     | CUSIP: 703481AD3<br>LEI: 254900XGFBKIXD6G0697 | Long             | DBT              | CORP              | US        |    550000 | PA      | $586425.24    | 0.35%             | 2033-10-01      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| CPPIB CAPITAL INC                                      | CPPIB Capital Inc                                                            | CUSIP: 12593CAJ0<br>LEI: 549300KW9NB55HTDK075 | Long             | DBT              | NUSS              | CA        |    830000 | PA      | $574339.52    | 0.34%             | 2029-09-30      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| OHI GROUP SA                                           | OHI Group SA                                                                 | CUSIP: 67712MAB5<br>LEI: 529900GW2J8DSYJHEH26 | Long             | DBT              | CORP              | LU        |    332500 | PA      | $343638.75    | 0.21%             | 2029-07-22      | Fixed         | 13.00%                | No            |                  2 | On Loan: No      |
| Cologix Data Centers Issuer LL                         | Cologix Canadian Issuer LP                                                   | CUSIP: 19521DAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | CA        |    675000 | PA      | $477810.77    | 0.29%             | 2052-01-25      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| CROWN AMERICAS LLC                                     | Crown Americas LLC                                                           | CUSIP: 228180AC9<br>LEI: RPPGGRL1J75WGF2DFO04 | Long             | DBT              | CORP              | US        |    350000 | PA      | $355023.20    | 0.21%             | 2033-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                                     | Regal Rexnord Corp                                                           | CUSIP: 758750AP8<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    400000 | PA      | $428891.10    | 0.26%             | 2033-04-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                              | IRS USD                                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-134744.29   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                              | CUSIP: 3140QT4F3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    566133 | PA      | $594563.31    | 0.36%             | 2054-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                               | OBX 2024-NQM16 Trust                                                         | CUSIP: 67120GAA6<br>LEI: 254900AIRPH5Q5COT575 | Long             | ABS-MBS          | CORP              | US        |    301920 | PA      | $303698.36    | 0.18%             | 2064-10-25      | Variable      | 5.53%                 | No            |                  2 | On Loan: No      |
| Juniper Receivables 2021-2 DAC Holding Class R-1 Notes | Juniper Receivables 2021-2 DAC Holding Class R-1 Notes                       | CUSIP: 48204VAA2<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |         1 | NS      | $150152.69    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| BKV UPSTREAM MIDSTREAM L                               | BKV Upstream Midstream LLC                                                   | CUSIP: 05619CAA3<br>LEI: 254900LG75NBYHBBAU18 | Long             | DBT              | CORP              | US        |    300000 | PA      | $300687.48    | 0.18%             | 2030-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                                        | United States Treasury Inflation Indexed Bonds                               | CUSIP: 91282CNB3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3775815 | PA      | $3823061.23   | 2.29%             | 2030-04-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                              | CUSIP: 31418ELY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1030876 | PA      | $1047958.90   | 0.63%             | 2052-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| REPSOL E&P CAP MARKETS                                 | Repsol E&P Capital Markets US LLC                                            | CUSIP: 76026AAB3<br>LEI: 894500D0J12FRZ3Q0M15 | Long             | DBT              | CORP              | US        |    500000 | PA      | $502043.21    | 0.30%             | 2030-09-16      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                  | Wells Fargo & Co                                                             | CUSIP: 95000U4A8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    750000 | PA      | $748054.04    | 0.45%             | 2029-09-15      | Fixed         | 4.08%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS PRIVATE CR                               | Goldman Sachs Private Credit Corp                                            | CUSIP: 38152BAE1<br>LEI: 549300TD27G6372IYJ65 | Long             | DBT              | CORP              | US        |    300000 | PA      | $300424.48    | 0.18%             | 2029-01-31      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| LIMAK CIMENTO SANAYI                                   | Limak Cimento Sanayi ve Ticaret AS                                           | CUSIP: 53263AAA6<br>LEI: 789000EEUQIGHI88WH47 | Long             | DBT              | CORP              | TR        |    350000 | PA      | $360074.67    | 0.22%             | 2029-07-25      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                              | IRS USD                                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $113846.16    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                              | CUSIP: 31418ET75<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    906918 | PA      | $930222.45    | 0.56%             | 2053-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fr Br Holdings, L.L.C.                                 | FR BR HOLDINGS LLC                                                           | CUSIP: 30260XAD1<br>LEI: 549300FJFG2CK1VX3Y85 | Long             | LON              | CORP              | US        |    300000 | PA      | $299250.00    | 0.18%             | 2030-10-09      | Floating      | 8.19%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                     | Dominican Republic International Bond                                        | CUSIP: 25714PEZ7<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    350000 | PA      | $370090.00    | 0.22%             | 2036-06-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI                               | Antero Midstream Partners LP / Antero Midstream Finance Corp                 | CUSIP: 03690AAM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $299767.38    | 0.18%             | 2033-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD                                             | goeasy Ltd                                                                   | CUSIP: 380355AM9<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $491833.83    | 0.29%             | 2030-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Last Mile Logistics Pan Euro F                         | Last Mile Logistics Pan Euro Finance DAC                                     | CUSIP: 000000000<br>LEI: 635400NOPX1IKIAX7N90 | Long             | ABS-MBS          | CORP              | IE        |    186553 | PA      | $215119.18    | 0.13%             | 2033-08-17      | Floating      | 3.93%                 | No            |                  2 | On Loan: No      |
| TENN VALLEY AUTHORITY                                  | Tennessee Valley Authority                                                   | CUSIP: 880591EH1<br>LEI: 549300HE1ISW43LNKM54 | Long             | DBT              | USGA              | US        |    950000 | PA      | $1015952.64   | 0.61%             | 2039-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PARAGUAY                                   | Paraguay Government International Bond                                       | CUSIP: 699149AD2<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |    172000 | PA      | $173228.08    | 0.10%             | 2027-03-27      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| BSPRT Issuer, Ltd.                                     | BSPRT 2025-FL12 Issuer LLC                                                   | CUSIP: 05619BAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    300000 | PA      | $299841.12    | 0.18%             | 2043-01-17      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| LCM Ltd Partnership                                    | LCM 39 Ltd                                                                   | CUSIP: 50204NAQ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    750000 | PA      | $750201.75    | 0.45%             | 2034-10-15      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                              | IRS USD                                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-126655.28   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                  | Venture Global Plaquemines LNG LLC                                           | CUSIP: 922966AC0<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    400000 | PA      | $419235.20    | 0.25%             | 2034-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                                     | META PLATFORMS INC                                                           | CUSIP: 30303MAD4<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    450000 | PA      | $452163.98    | 0.27%             | 2035-11-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BBVA BANCOMER SA TEXAS                                 | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX | CUSIP: 07336UAC7<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |    300000 | PA      | $309675.00    | 0.19%             | 2029-09-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ABU DHABI NATIONAL ENERG                               | Abu Dhabi National Energy Co PJSC                                            | CUSIP: 00388WAQ4<br>LEI: 213800UNJSVQFNUYYW03 | Long             | DBT              | CORP              | AE        |    700000 | PA      | $706965.70    | 0.42%             | 2031-10-09      | Fixed         | 4.38%                 | No            |                  2 | On Loan: —       |
| Fannie Mae - CAS                                       | Fannie Mae Connecticut Avenue Securities                                     | CUSIP: 30711XCH5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |    493772 | PA      | $513954.97    | 0.31%             | 2028-09-25      | Floating      | 16.55%                | No            |                  2 | On Loan: No      |
| Last Mile Logistics Pan Euro F                         | Last Mile Logistics Pan Euro Finance DAC                                     | CUSIP: 000000000<br>LEI: 635400NOPX1IKIAX7N90 | Long             | ABS-MBS          | CORP              | IE        |    785485 | PA      | $904431.37    | 0.54%             | 2033-08-17      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                             | CUSIP: 3133KQEW2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    778812 | PA      | $792356.82    | 0.48%             | 2052-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                               | Capital One Financial Corp                                                   | CUSIP: 14040HDC6<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    275000 | PA      | $310233.46    | 0.19%             | 2031-10-30      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                              | CUSIP: 31418ES68<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1393354 | PA      | $1430850.80   | 0.86%             | 2053-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TPG Real Estate Finance                                | TRTX 2021-FL4 Issuer Ltd                                                     | CUSIP: 87276WAG8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $300956.43    | 0.18%             | 2038-03-15      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                              | IRS USD                                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $179644.69    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Arbys Funding LLC                                      | Arbys Funding LLC                                                            | CUSIP: 038779AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    208450 | PA      | $201702.47    | 0.12%             | 2050-07-30      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| FERTITTA ENTERTAINMENT                                 | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc           | CUSIP: 31556TAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $231934.42    | 0.14%             | 2030-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                               | Western Midstream Operating LP                                               | CUSIP: 958667AF4<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105223.76    | 0.06%             | 2029-01-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| AMFAM HOLDINGS INC                                     | AmFam Holdings Inc                                                           | CUSIP: 03115AAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    725000 | PA      | $631574.48    | 0.38%             | 2031-03-11      | Fixed         | 2.81%                 | No            |                  2 | On Loan: No      |
| PT SORIK MAR GEO POW                                   | Sorik Marapi Geothermal Power PT                                             | CUSIP: 74390TAA7<br>LEI: 254900OW9VKG09S8C597 | Long             | DBT              | CORP              | ID        |    432135 | PA      | $444018.71    | 0.27%             | 2031-08-05      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| GOVT OF BERMUDA                                        | Bermuda Government International Bond                                        | CUSIP: 085209AH7<br>LEI: 549300FP5PUZXX9FVJ40 | Long             | DBT              | NUSS              | BM        |    200000 | PA      | $142984.00    | 0.09%             | 2050-08-20      | Fixed         | 3.38%                 | No            |                  2 | On Loan: —       |
| REPUBLIC OF PERU                                       | Peruvian Government International Bond                                       | CUSIP: 715638EB4<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    300000 | PA      | $308703.00    | 0.19%             | 2035-02-08      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                               | OBX 2024-NQM12 Trust                                                         | CUSIP: 67448PAA1<br>LEI: 254900MY906NOBBPOA44 | Long             | ABS-MBS          | CORP              | US        |    368563 | PA      | $370208.73    | 0.22%             | 2064-07-25      | Variable      | 5.47%                 | 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        |    330174 | PA      | $331848.86    | 0.20%             | 2028-05-25      | Floating      | 14.80%                | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                             | Verus Securitization Trust 2024-8                                            | CUSIP: 92540PAA6<br>LEI: 213800RZ8QGNZ38DSP77 | Long             | ABS-MBS          | CORP              | US        |    288357 | PA      | $289696.45    | 0.17%             | 2069-10-25      | Variable      | 5.36%                 | No            |                  2 | On Loan: No      |
| ATHENE HOLDING LTD                                     | Athene Holding Ltd                                                           | CUSIP: 04686JAJ0<br>LEI: 549300H316CT32FQXI76 | Long             | DBT              | CORP              | US        |    500000 | PA      | $498398.30    | 0.30%             | 2054-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CAPITAL CORP                                  | Blue Owl Capital Corp                                                        | CUSIP: 69121KAH7<br>LEI: 2549000BD79OOCPF2L94 | Long             | DBT              | CORP              | US        |    400000 | PA      | $405420.54    | 0.24%             | 2029-03-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN SF MTG                         | Idaho Housing & Finance Association                                          | CUSIP: 45129Y7Z3<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    350000 | PA      | $365466.79    | 0.22%             | 2065-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BANCO BILBAO VIZCAYA ARG                               | Banco Bilbao Vizcaya Argentaria SA                                           | CUSIP: 05946KAL5<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |    425000 | PA      | $439526.76    | 0.26%             | 2028-09-14      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                                    | Intesa Sanpaolo SpA                                                          | CUSIP: 46115HCB1<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |    650000 | PA      | $781185.06    | 0.47%             | 2054-06-20      | Fixed         | 7.78%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                     | Energy Transfer LP                                                           | CUSIP: 29273VAQ3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    400000 | PA      | $418945.28    | 0.25%             | 2033-02-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                                        | United States Treasury Inflation Indexed Bonds                               | CUSIP: 91282CHP9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2986872 | PA      | $2940003.38   | 1.76%             | 2033-07-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                   | Cross 2024-H7 Mortgage Trust                                                 | CUSIP: 22757CAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    248135 | PA      | $249829.13    | 0.15%             | 2069-11-25      | Variable      | 5.58%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                    | Freddie Mac STACR Trust 2019-FTR3                                            | CUSIP: 35565EAE2<br>LEI: 5493009ZFZYH4FRCW638 | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $323295.27    | 0.19%             | 2047-09-25      | Floating      | 9.27%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                              | CUSIP: 3140QPSR9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    977903 | PA      | $958001.76    | 0.57%             | 2052-07-01      | Fixed         | 4.50%                 | 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        |    550000 | PA      | $541931.94    | 0.32%             | 2049-05-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP                                     | Expand Energy Corp                                                           | CUSIP: 165167DH7<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |    750000 | PA      | $772465.74    | 0.46%             | 2035-01-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| DC Commercial Mortgage Trust                           | DC Commercial Mortgage Trust 2023-DC                                         | CUSIP: 24023AAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $413405.44    | 0.25%             | 2040-09-12      | Fixed         | 6.31%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                                  | Foundry JV Holdco LLC                                                        | CUSIP: 350930AB9<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    500000 | PA      | $525774.59    | 0.32%             | 2030-01-25      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                        | United States Treasury Note/Bond                                             | CUSIP: 912810UM8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1550000 | PA      | $1571312.50   | 0.94%             | 2055-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                        | United States Treasury Note/Bond                                             | CUSIP: 912810SZ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1940000 | PA      | $1150662.50   | 0.69%             | 2051-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                               | Western Midstream Operating LP                                               | CUSIP: 958667AE7<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    250000 | PA      | $263542.27    | 0.16%             | 2033-04-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                                     | Banco Santander SA                                                           | CUSIP: 05964HAN5<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    400000 | PA      | $391423.67    | 0.23%             | 2027-09-14      | Fixed         | 1.72%                 | No            |                  2 | On Loan: No      |
| BSPRT Issuer, Ltd.                                     | BSPRT 2025-FL12 Issuer LLC                                                   | CUSIP: 05619BAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    400000 | PA      | $399707.00    | 0.24%             | 2043-01-17      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                                   | Cleveland-Cliffs Inc                                                         | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    600000 | PA      | $614245.72    | 0.37%             | 2032-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: —       |
| Driven Brands Funding, LLC                             | Driven Brands Funding LLC                                                    | CUSIP: 26209XAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1118516 | PA      | $1099620.49   | 0.66%             | 2050-07-20      | Fixed         | 3.79%                 | No            |                  2 | On Loan: No      |
| SANTANDER HOLDINGS USA                                 | Santander Holdings USA Inc                                                   | CUSIP: 80282KAZ9<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |    450000 | PA      | $446577.20    | 0.27%             | 2026-10-05      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| NXPT Commercial Mortgage Trust                         | NXPT Commercial Mortgage Trust 2024-STOR                                     | CUSIP: 67119YAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $742736.25    | 0.45%             | 2041-11-05      | Variable      | 4.31%                 | No            |                  2 | On Loan: No      |
| Montmartre Euro CLO                                    | Montmartre Euro CLO 2020-2 DAC                                               | CUSIP: 000000000<br>LEI: 213800HCQ9D9IBM16U83 | Long             | ABS-CBDO         | CORP              | IE        |    250000 | PA      | $287674.93    | 0.17%             | 2034-07-15      | Floating      | 2.97%                 | No            |                  2 | On Loan: No      |
| MAGNOLIA OIL GAS/MAG FIN                               | Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp           | CUSIP: 559665AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    450000 | PA      | $456675.75    | 0.27%             | 2032-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                                    | Bank of Nova Scotia/The                                                      | CUSIP: 0641598V1<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    700000 | PA      | $747612.60    | 0.45%             | 2084-01-27      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus                         | Bravo Residential Funding Trust 2025-NQM9                                    | CUSIP: 10569WAC5<br>LEI: 254900XY2WSFF1Q6S467 | Long             | ABS-MBS          | CORP              | US        |    496151 | PA      | $495948.94    | 0.30%             | 2065-09-25      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus                         | Bravo Residential Funding Trust 2025-NQM10                                   | CUSIP: 10570BAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    700000 | PA      | $698740.00    | 0.42%             | 2065-09-25      | Variable      | 4.87%                 | No            |                  2 | On Loan: No      |
| HP ENTERPRISE CO                                       | Hewlett Packard Enterprise Co                                                | CUSIP: 42824CCA5<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |    700000 | PA      | $694666.58    | 0.42%             | 2030-10-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                            | RCKT Mortgage Trust 2025-CES5                                                | CUSIP: 74942CAA7<br>LEI: 2549008EA2IHW9G2TZ48 | Long             | ABS-MBS          | CORP              | US        |    372417 | PA      | $376996.22    | 0.23%             | 2055-05-25      | Variable      | 5.69%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES                                  | Huntington Bancshares Inc/OH                                                 | CUSIP: 446150BF0<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    600000 | PA      | $621721.42    | 0.37%             | 2039-11-18      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| Planet Fitness Master Issuer L                         | Planet Fitness Master Issuer LLC                                             | CUSIP: 72703PAC7<br>LEI: 549300NX9W3U2DO53T22 | Long             | ABS-O            | CORP              | US        |    386425 | PA      | $370422.45    | 0.22%             | 2049-12-05      | Fixed         | 3.86%                 | No            |                  2 | On Loan: No      |
| Nationstar Mortgage Loan Trust                         | Nationstar Mortgage Loan Trust 2013-A                                        | CUSIP: 63861HAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     23477 | PA      | $22589.19     | 0.01%             | 2052-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                                  | Guatemala Government Bond                                                    | CUSIP: 000000000<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    590000 | PA      | $588566.30    | 0.35%             | 2026-05-03      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                               | Republic of South Africa Government International Bond                       | CUSIP: 836205AY0<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    250000 | PA      | $259054.64    | 0.16%             | 2030-06-22      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SANTANDER CONSUMER AUTO RECEIVABLES TRUST 2021-C       | SANTANDER CONSUMER AUTO RECEIVABLES TRUST 2021-C                             | CUSIP: 80281HAD6<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        50 | NS      | $559832.62    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| SYNOPSYS INC                                           | Synopsys Inc                                                                 | CUSIP: 871607AC1<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |    700000 | PA      | $712623.44    | 0.43%             | 2030-04-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                | Dryden 55 CLO Ltd                                                            | CUSIP: 26245MAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    174637 | PA      | $174719.77    | 0.10%             | 2031-04-15      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                | Goldman Sachs Group Inc/The                                                  | CUSIP: 38141GB29<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    500000 | PA      | $511726.04    | 0.31%             | 2030-07-23      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                              | CUSIP: 31418EJ76<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1281341 | PA      | $1283717.97   | 0.77%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Emg Utica Midstream Holdings LLC                       | EMG UTICA MIDSTREAM HOLDINGS LLC                                             | CUSIP: 26869HAB3<br>LEI: 254900H5HLPM7ZD1LU54 | Long             | LON              | CORP              | US        |    497495 | PA      | $501847.60    | 0.30%             | 2030-04-01      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE SECURED LEND                                | Blackstone Secured Lending Fund                                              | CUSIP: 09261XAB8<br>LEI: 549300KM7KWQHVBNH962 | Long             | DBT              | CORP              | US        |    625000 | PA      | $616789.90    | 0.37%             | 2026-09-16      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| CNX RESOURCES CORP                                     | CNX Resources Corp                                                           | CUSIP: 12653CAL2<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |    370000 | PA      | $386080.20    | 0.23%             | 2032-03-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| PHILLIPS EDISON GROCERY                                | Phillips Edison Grocery Center Operating Partnership I LP                    | CUSIP: 71845JAA6<br>LEI: 549300WUPIVS6ZE0ZI51 | Long             | DBT              | CORP              | US        |    525000 | PA      | $467837.07    | 0.28%             | 2031-11-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| TIERRA MOJADA LUX II SRL                               | Tierra Mojada Luxembourg II Sarl                                             | CUSIP: 30260LAA3<br>LEI: 254900H2U8PBIY32VI94 | Long             | DBT              | CORP              | LU        |    264572 | PA      | $260105.19    | 0.16%             | 2040-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                                     | Ally Financial Inc                                                           | CUSIP: 02005NBM1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    450000 | PA      | $441357.98    | 0.26%             | N/A             | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA WTR & SWR AUT                         | District of Columbia Water & Sewer Authority                                 | CUSIP: 254845JZ4<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |    250000 | PA      | $222841.11    | 0.13%             | 2114-10-01      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF UZBEKISTAN                                 | Republic of Uzbekistan International Bond                                    | CUSIP: 91822Q2E6<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |    575000 | PA      | $535215.61    | 0.32%             | 2031-10-19      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| SAUDI ARABIAN OIL CO                                   | Saudi Arabian Oil Co                                                         | CUSIP: 80414L2Q7<br>LEI: 5586006WD91QHB7J4X50 | Long             | DBT              | CORP              | SA        |    600000 | PA      | $599790.00    | 0.36%             | 2064-07-17      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| VAR ENERGI ASA                                         | Var Energi ASA                                                               | CUSIP: 92212WAE0<br>LEI: 549300LIVN3FFOJN2K47 | Long             | DBT              | CORP              | NO        |    400000 | PA      | $462255.87    | 0.28%             | 2032-11-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                | HCA Inc                                                                      | CUSIP: 404119CA5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    260000 | PA      | $249873.47    | 0.15%             | 2030-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                                               | BX Commercial Mortgage Trust 2024-XL5                                        | CUSIP: 05612GAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    528383 | PA      | $530405.36    | 0.32%             | 2041-03-15      | Floating      | 6.72%                 | No            |                  2 | On Loan: No      |
| MOSS CREEK RESOURCES HLD                               | Moss Creek Resources Holdings Inc                                            | CUSIP: 61965RAC9<br>LEI: 54930037SLMSPWKYIX36 | Long             | DBT              | CORP              | US        |    680000 | PA      | $657014.78    | 0.39%             | 2031-09-01      | Fixed         | 8.25%                 | 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      | $311467.83    | 0.19%             | 2054-05-15      | Fixed         | 8.87%                 | No            |                  2 | On Loan: No      |
| JH NORTH AMERICA HOLDING                               | JH North America Holdings Inc                                                | CUSIP: 46593WAA3<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |    500000 | PA      | $510282.50    | 0.31%             | 2031-01-31      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC.                          | SWOP CDS CDX.NA.HY.44.V1                                                     | CUSIP: 000000000<br>LEI: MBNUM2BPBDO7JBLYG310 | N/A              | DCR              | CORP              | US        |   7300000 | NC      | $82125.00     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                               | Corebridge Financial Inc                                                     | CUSIP: 21871XAH2<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    900000 | PA      | $857094.10    | 0.51%             | 2032-04-05      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Lackawanna Energy Center LLC                           | LACKAWANNA ENERGY CENTER                                                     | CUSIP: 000000000<br>LEI: 549300IW2LJBNY42EC59 | Long             | LON              | CORP              | US        |    321652 | PA      | $322737.21    | 0.19%             | 2032-08-05      | Floating      | 7.11%                 | 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        |    111890 | PA      | $111997.82    | 0.07%             | 2034-10-14      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| HPS CORPORATE LENDING FU                               | HPS Corporate Lending Fund                                                   | CUSIP: 40440VAL9<br>LEI: 549300ZS7IHUA6FKFV61 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250982.81    | 0.15%             | 2027-06-05      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EARTHQUAKE AUTH                          | California Earthquake Authority                                              | CUSIP: 13017HAP1<br>LEI: 254900P2MGLOUH3QS859 | Long             | DBT              | MUN               | US        |    295000 | PA      | $298765.33    | 0.18%             | 2027-07-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| FIEMEX ENERGIA - BANC AC                               | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple             | CUSIP: 05974EAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |    198101 | PA      | $209862.76    | 0.13%             | 2041-01-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                           | UBS Group AG                                                                 | CUSIP: 902613BE7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    750000 | PA      | $878984.25    | 0.53%             | N/A             | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                                | GLP Capital LP / GLP Financing II Inc                                        | CUSIP: 361841AQ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    550000 | PA      | $526531.28    | 0.32%             | 2031-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DUQUESNE LIGHT HOLDINGS                                | Duquesne Light Holdings Inc                                                  | CUSIP: 266233AJ4<br>LEI: 4CUJ1D8WDXK9X7QI6B93 | Long             | DBT              | CORP              | US        |    975000 | PA      | $867235.15    | 0.52%             | 2032-01-07      | Fixed         | 2.77%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                   | Cross 2024-H8 Mortgage Trust                                                 | CUSIP: 22757GAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    222045 | PA      | $223474.77    | 0.13%             | 2069-12-25      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                                | Starwood Property Trust Inc                                                  | CUSIP: 85571BBF1<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |    500000 | PA      | $502124.00    | 0.30%             | 2028-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                          | Boeing Co/The                                                                | CUSIP: 097023DS1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    700000 | PA      | $774893.47    | 0.46%             | 2034-05-01      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN                               | Ascent Resources Utica Holdings LLC / ARU Finance Corp                       | CUSIP: 04364VBA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $305598.60    | 0.18%             | 2033-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                                 | BP Capital Markets PLC                                                       | CUSIP: 05565QDW5<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |    350000 | PA      | $374152.80    | 0.22%             | N/A             | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| ALCOA NEDERLAND HOLDING                                | Alcoa Nederland Holding BV                                                   | CUSIP: 013822AH4<br>LEI: 5493000UL1QLQLT1VQ42 | Long             | DBT              | CORP              | NL        |    550000 | PA      | $581822.45    | 0.35%             | 2031-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Basswood Park CLO Ltd                                  | Basswood Park CLO Ltd                                                        | CUSIP: 070252AJ0<br>LEI: 5493005HSAGIQZIVAS94 | Long             | ABS-CBDO         | CORP              | KY        |    650000 | PA      | $649987.00    | 0.39%             | 2034-04-20      | Floating      | 4.91%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                               | OBX 2025-NQM1 Trust                                                          | CUSIP: 673914AC1<br>LEI: 2549007E8KF1RJ2ZV866 | Long             | ABS-MBS          | CORP              | US        |    434733 | PA      | $438089.36    | 0.26%             | 2064-12-25      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                             | CUSIP: 3132D6DK3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    711938 | PA      | $720213.66    | 0.43%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRIES INC                                | STANDARD INDUSTRIES INC                                                      | CUSIP: 85350EAB2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    152062 | PA      | $152749.06    | 0.09%             | 2028-09-22      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| Juniper Valley Park CLO, Ltd                           | Juniper Valley Park CLO Ltd                                                  | CUSIP: 48206KBC9<br>LEI: 213800ACSV8GAJ4CCO70 | Long             | ABS-CBDO         | CORP              | JE        |    400000 | PA      | $400000.00    | 0.24%             | 2036-07-20      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| BDS Ltd                                                | BDS 2024-FL13 LLC                                                            | CUSIP: 05555MAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    450000 | PA      | $451334.52    | 0.27%             | 2039-09-19      | Floating      | 5.61%                 | 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        |    334822 | PA      | $337018.28    | 0.20%             | 2064-10-27      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                           | UBS Group AG                                                                 | CUSIP: 902613BN7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    500000 | PA      | $512468.50    | 0.31%             | N/A             | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                    | STACR Trust 2018-HRP2                                                        | CUSIP: 35564ACC3<br>LEI: 549300YG8OJES76WL398 | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $366522.78    | 0.22%             | 2047-02-25      | Floating      | 14.80%                | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                               | OBX 2024-NQM13 Trust                                                         | CUSIP: 67119PAP6<br>LEI: 254900W2SY2Z6X7UAX78 | Long             | ABS-MBS          | CORP              | US        |    356633 | PA      | $357106.22    | 0.21%             | 2064-06-25      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| BrightSpire Capital, Inc                               | BRSP 2021-FL1 Ltd                                                            | CUSIP: 05591XAJ0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    600000 | PA      | $597014.16    | 0.36%             | 2038-08-19      | Floating      | 6.85%                 | No            |                  2 | On Loan: No      |
| Pegasus Bidco Bv                                       | PEGASUS BIDCO BV                                                             | CUSIP: 000000000<br>LEI: 254900U303DPAFR7MA71 | Long             | LON              | CORP              | NL        |    343908 | PA      | $346487.07    | 0.21%             | 2029-07-12      | Floating      | 6.76%                 | No            |                  2 | On Loan: No      |
| AZULE ENERGY FINANCE PLC                               | Azule Energy Finance Plc                                                     | CUSIP: 05501YAA6<br>LEI: 2138006X6O82RJSQDB63 | Long             | DBT              | CORP              | GB        |    300000 | PA      | $301787.79    | 0.18%             | 2030-01-23      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| BX Trust                                               | BX Commercial Mortgage Trust 2024-XL4                                        | CUSIP: 05611VAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    742428 | PA      | $746137.69    | 0.45%             | 2039-02-15      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                            | Ivory Coast Government International Bond                                    | CUSIP: 221625AT3<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    300000 | PA      | $317362.55    | 0.19%             | 2033-01-30      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                               | OBX 2024-NQM18 Trust                                                         | CUSIP: 673913AA7<br>LEI: 254900NK9PNLY9I00149 | Long             | ABS-MBS          | CORP              | US        |    197743 | PA      | $198652.08    | 0.12%             | 2064-10-25      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                    | American Express Co                                                          | CUSIP: 025816DK2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    700000 | PA      | $735052.75    | 0.44%             | 2034-07-28      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                             | CUSIP: 3132D6C57<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    441409 | PA      | $446540.11    | 0.27%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                             | Verus Securitization Trust 2024-9                                            | CUSIP: 92540RAC8<br>LEI: 213800LFRCPWSTP6LX39 | Long             | ABS-MBS          | CORP              | US        |    303811 | PA      | $305650.47    | 0.18%             | 2069-11-25      | Variable      | 5.44%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                              | CUSIP: 31418EMT4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    881718 | PA      | $895333.80    | 0.54%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                     | Energy Transfer LP                                                           | CUSIP: 29273VAU4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    600000 | PA      | $656047.05    | 0.39%             | 2033-12-01      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                                    | Nigeria Government International Bond                                        | CUSIP: 65412JAR4<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    400000 | PA      | $393931.26    | 0.24%             | 2028-09-28      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                       | COLT 2025-10 Mortgage Loan Trust                                             | CUSIP: 12675XAA4<br>LEI: 213800STFGFKQEQSRE63 | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $250110.78    | 0.15%             | 2070-10-25      | Variable      | 5.09%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                       | Colt 2025-1 Mortgage Loan Trust                                              | CUSIP: 196920AC6<br>LEI: 21380069FFOP8RZNF423 | Long             | ABS-MBS          | CORP              | US        |    611265 | PA      | $616836.36    | 0.37%             | 2070-01-25      | Variable      | 5.70%                 | No            |                  2 | On Loan: No      |
| UNIV OF CALIFORNIA CA RGTS MED                         | Regents of the University of California Medical Center Pooled Revenue        | CUSIP: 913366KV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $594487.06    | 0.36%             | 2032-05-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                               | OBX 2025-NQM16 Trust                                                         | CUSIP: 67122DAF0<br>LEI: 254900WI6P4MRT24JH23 | Long             | ABS-MBS          | CORP              | US        |    296908 | PA      | $296615.61    | 0.18%             | 2065-08-25      | Variable      | 5.06%                 | No            |                  2 | On Loan: No      |
| NTT FINANCE CORP                                       | NTT Finance Corp                                                             | CUSIP: 62954WAP0<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |    300000 | PA      | $302323.17    | 0.18%             | 2027-07-16      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                    | Petroleos Mexicanos                                                          | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    450000 | PA      | $449895.51    | 0.27%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Regatta XXII Funding Ltd.                              | Regatta XXII Funding Ltd                                                     | CUSIP: 758968AN1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    900000 | PA      | $900781.20    | 0.54%             | 2035-07-20      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                             | CUSIP: 3133KPUP1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    645851 | PA      | $647049.33    | 0.39%             | 2052-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN                               | USA Compression Partners LP / USA Compression Finance Corp                   | CUSIP: 91740PAH1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $401807.60    | 0.24%             | 2033-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                              | CUSIP: 3140QT2Z1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    687683 | PA      | $696562.60    | 0.42%             | 2054-02-01      | Fixed         | 5.50%                 | 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      | $288140.02    | 0.17%             | 2036-07-15      | Floating      | 7.91%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                              | ONEOK Inc                                                                    | CUSIP: 682680BK8<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    300000 | PA      | $315670.11    | 0.19%             | 2030-11-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                       | Fannie Mae Connecticut Avenue Securities                                     | CUSIP: 30711XCR3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |    763811 | PA      | $799500.16    | 0.48%             | 2028-10-25      | Floating      | 16.05%                | No            |                  2 | On Loan: No      |
| GENERAL MOTORS CO                                      | General Motors Co                                                            | CUSIP: 37045VAZ3<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    550000 | PA      | $573997.82    | 0.34%             | 2032-10-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| TPG Real Estate Finance                                | TRTX 2025-FL7 issuer Ltd                                                     | CUSIP: 87277LAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    550000 | PA      | $551925.00    | 0.33%             | 2043-06-18      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| SOLSTICE ADVANCED MATERI                               | Solstice Advanced Materials Inc                                              | CUSIP: 83443QAA1<br>LEI: 2138004GZ4H9TW6HK435 | Long             | DBT              | CORP              | US        |    500000 | PA      | $500755.00    | 0.30%             | 2033-09-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                           | UBS Group AG                                                                 | CUSIP: 225401BJ6<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    500000 | PA      | $509207.78    | 0.31%             | N/A             | Fixed         | 7.12%                 | 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        |    550000 | PA      | $554252.44    | 0.33%             | 2044-03-25      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                               | OBX 2024-NQM17 Trust                                                         | CUSIP: 673911AC7<br>LEI: 254900HMH8TR6ZSMCB34 | Long             | ABS-MBS          | CORP              | US        |    204139 | PA      | $206155.40    | 0.12%             | 2064-11-25      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                                          | CoreWeave Inc                                                                | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |    300000 | PA      | $301252.50    | 0.18%             | 2031-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE                               | Petrobras Global Finance BV                                                  | CUSIP: 71647NBN8<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    450000 | PA      | $444426.40    | 0.27%             | 2036-01-10      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                         | NRG Energy Inc                                                               | CUSIP: 629377CX8<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    800000 | PA      | $824256.80    | 0.49%             | 2034-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD                                        | IHS Holding Ltd                                                              | CUSIP: 44963HAC9<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |    450000 | PA      | $459874.62    | 0.28%             | 2030-05-29      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| BX Trust                                               | BX Commercial Mortgage Trust 2021-VOLT                                       | CUSIP: 05609VAQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    605518 | PA      | $605277.31    | 0.36%             | 2036-09-15      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP                                 | Extra Space Storage LP                                                       | CUSIP: 30225VAR8<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |    600000 | PA      | $637667.31    | 0.38%             | 2031-01-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                               | Graphic Packaging International LLC                                          | CUSIP: 38869PAP9<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |    300000 | PA      | $295867.00    | 0.18%             | 2026-04-15      | Fixed         | 1.51%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                        | United States Treasury Note/Bond                                             | CUSIP: 91282CLW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2050000 | PA      | $2081510.73   | 1.25%             | 2034-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                            | RCKT Mortgage Trust 2025-CES8                                                | CUSIP: 74939WAA8<br>LEI: 254900FCN7EI8DTYGA19 | Long             | ABS-MBS          | CORP              | US        |    535401 | PA      | $538300.59    | 0.32%             | 2055-08-25      | Variable      | 5.15%                 | 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        |   9978808 | NS      | $9978808.15   | 5.98%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTENE CORP                                           | Centene Corp                                                                 | CUSIP: 15135BAR2<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    450000 | PA      | $443832.21    | 0.27%             | 2027-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ALGONQUIN PWR & UTILITY                                | Algonquin Power & Utilities Corp                                             | CUSIP: 015857AF2<br>LEI: 549300K5VIUTJXQL7X75 | Long             | DBT              | CORP              | CA        |    550000 | PA      | $552703.93    | 0.33%             | 2026-06-15      | Variable      | 5.37%                 | No            |                  2 | On Loan: No      |
| LAND O'LAKES INC                                       | Land O' Lakes Inc                                                            | CUSIP: 514666AN6<br>LEI: 4ONCJWH5BBCYSJIJYX61 | Long             | DBT              | CORP              | US        |    200000 | PA      | $174091.16    | 0.10%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PARAGUAY                                   | Paraguay Government International Bond                                       | CUSIP: 699149AM2<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |    450000 | PA      | $475087.50    | 0.28%             | 2033-08-21      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| HPS CORPORATE LENDING FU                               | HPS Corporate Lending Fund                                                   | CUSIP: 40440VAQ8<br>LEI: 549300ZS7IHUA6FKFV61 | Long             | DBT              | CORP              | US        |    550000 | PA      | $546147.57    | 0.33%             | 2028-09-11      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                             | CUSIP: 3132DPM96<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    670889 | PA      | $690770.38    | 0.41%             | 2053-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BANC CREDITO INVERSIONES                               | Banco de Credito e Inversiones SA                                            | CUSIP: 05890MAC7<br>LEI: 549300E9E5Y3PKW24142 | Long             | DBT              | CORP              | CL        |    350000 | PA      | $376666.50    | 0.23%             | N/A             | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                               | Occidental Petroleum Corp                                                    | CUSIP: 674599EL5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    450000 | PA      | $456148.35    | 0.27%             | 2034-10-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: —       |
| US TREASURY N/B                                        | United States Treasury Note/Bond                                             | CUSIP: 91282CLF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1810000 | PA      | $1789460.74   | 1.07%             | 2034-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Galaxy CLO Ltd                                         | Galaxy XXII CLO Ltd                                                          | CUSIP: 36320TBD4<br>LEI: 54930022KENWLYJ8SJ86 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1001391.00   | 0.60%             | 2034-04-16      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KENYA                                      | Republic of Kenya Government International Bond                              | CUSIP: 491798AP9<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |    200000 | PA      | $196126.54    | 0.12%             | 2033-10-09      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| MAIN STREET CAPITAL CORP                               | Main Street Capital Corp                                                     | CUSIP: 56035LAH7<br>LEI: 5493001FS9QJLJNF3E20 | Long             | DBT              | CORP              | US        |    300000 | PA      | $312908.97    | 0.19%             | 2029-03-01      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| WHISTLER PIPELINE LLC                                  | Whistler Pipeline LLC                                                        | CUSIP: 96337RAA0<br>LEI: 549300NG57SGLTNW5C85 | Long             | DBT              | CORP              | US        |    400000 | PA      | $410138.54    | 0.25%             | 2029-09-30      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Taurus CMBS                                            | Taurus 2021-1 UK DAC                                                         | CUSIP: 000000000<br>LEI: 635400SG2ZVJCYHITE32 | Long             | ABS-MBS          | CORP              | IE        |    794167 | PA      | $1045535.11   | 0.63%             | 2031-05-17      | Floating      | 6.59%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                             | CUSIP: 3133KPY93<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    508357 | PA      | $511725.18    | 0.31%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOLDEN ST TOBACCO SECURITIZATI                         | Golden State Tobacco Securitization Corp                                     | CUSIP: 38122NB50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $460662.32    | 0.28%             | 2034-06-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| BlackRock European CLO DAC                             | Blackrock European CLO VII DAC                                               | CUSIP: 000000000<br>LEI: 635400IDVZFM7YPKHY80 | Long             | ABS-CBDO         | CORP              | IE        |    700000 | PA      | $807388.33    | 0.48%             | 2031-10-15      | Floating      | 3.31%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                           | Barclays PLC                                                                 | CUSIP: 06738ECF0<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    450000 | PA      | $453567.82    | 0.27%             | 2027-05-09      | Fixed         | 5.83%                 | 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        |    247604 | PA      | $217196.92    | 0.13%             | 2050-11-20      | Fixed         | 2.26%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                                    | Ashtead Capital Inc                                                          | CUSIP: 045054AQ6<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    450000 | PA      | $464376.82    | 0.28%             | 2033-05-30      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                                  | Quikrete Holdings Inc                                                        | CUSIP: 74843PAB6<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |    300000 | PA      | $312434.40    | 0.19%             | 2033-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW USA INFRA HLDS                               | South Bow USA Infrastructure Holdings LLC                                    | CUSIP: 83007CAF9<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |    550000 | PA      | $552309.41    | 0.33%             | 2034-10-01      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                              | CUSIP: 3140QQKG9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    859442 | PA      | $841340.96    | 0.50%             | 2052-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                    | American Tower Corp                                                          | CUSIP: 03027XAU4<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    560000 | PA      | $554720.44    | 0.33%             | 2029-03-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN                         | California Pollution Control Financing Authority                             | CUSIP: 130536RK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245111 | PA      | $39.22        | 0.00%             | 2039-12-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                          | Pennsylvania Economic Development Financing Authority                        | CUSIP: 70869PFT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $441462.55    | 0.26%             | 2039-06-15      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| Veritiv Operating Co                                   | VERITIV OPERATING CO                                                         | CUSIP: 92338TAB2<br>LEI: 5493004G8OK5L1UTIY12 | Long             | LON              | CORP              | US        |    544500 | PA      | $524378.00    | 0.31%             | 2030-11-29      | Floating      | 7.85%                 | No            |                  2 | On Loan: No      |
| DANSKE BANK A/S                                        | Danske Bank A/S                                                              | CUSIP: 23636ABH3<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |    300000 | PA      | $311984.83    | 0.19%             | 2030-03-01      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| Rockford Tower CLO Ltd                                 | Rockford Tower CLO 2018-2 Ltd                                                | CUSIP: 77342KAA8<br>LEI: 5493001SZ764RMCNU069 | Long             | ABS-CBDO         | CORP              | KY        |    225875 | PA      | $225967.83    | 0.14%             | 2031-10-20      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                       | Fannie Mae Connecticut Avenue Securities                                     | CUSIP: 30711XDB7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |    489979 | PA      | $519039.86    | 0.31%             | 2029-01-25      | Floating      | 14.55%                | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                              | CUSIP: 31418EM23<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    178406 | PA      | $183719.87    | 0.11%             | 2052-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                  | Wells Fargo & Co                                                             | CUSIP: 95000U3W1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    600000 | PA      | $618904.84    | 0.37%             | 2031-04-23      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                                  | Guatemala Government Bond                                                    | CUSIP: 401494AZ2<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    350000 | PA      | $377650.00    | 0.23%             | 2037-02-06      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                              | CUSIP: 3140QPSJ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1213252 | PA      | $1157148.43   | 0.69%             | 2052-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Esta                         | Greystone CRE Notes 2025 HC-4 LLC                                            | CUSIP: 39809NAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    550000 | PA      | $550413.16    | 0.33%             | 2042-10-15      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Lin                         | Santander Bank Auto Credit-Linked Notes Series 2023-A                        | CUSIP: 80290CBX1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     15096 | PA      | $15167.72     | 0.01%             | 2033-06-15      | Fixed         | 10.07%                | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                               | OBX 2025-NQM18 Trust                                                         | CUSIP: 673918AC2<br>LEI: 254900JLM1WC0WGYCA96 | Long             | ABS-MBS          | CORP              | US        |    248453 | PA      | $248581.76    | 0.15%             | 2065-09-25      | Variable      | 5.06%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag                         | Wells Fargo Commercial Mortgage Trust 2025-HI                                | CUSIP: 949933AE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    550000 | PA      | $551512.28    | 0.33%             | 2042-10-15      | Floating      | 6.72%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.            | US 2YR NOTE (CBT)                                                            | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       229 | NC      | $-38558.29    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Palmer Square CLO Ltd                                  | Palmer Square CLO 2018-2 Ltd                                                 | CUSIP: 69688MAN5<br>LEI: 549300EYS8N79JYSXL17 | Long             | ABS-CBDO         | CORP              | KY        |    700000 | PA      | $701533.70    | 0.42%             | 2037-04-16      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                        | United States Treasury Note/Bond                                             | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7720000 | PA      | $7824943.75   | 4.69%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman Loan Advisers                         | Neuberger Berman Loan Advisers Euro CLO 2 DAC                                | CUSIP: 000000000<br>LEI: 549300PWQEWJ6XJV7687 | Long             | ABS-CBDO         | CORP              | IE        |    500000 | PA      | $577028.69    | 0.35%             | 2034-04-15      | Floating      | 3.04%                 | No            |                  2 | On Loan: No      |
| ACWA POWER MGMT INVST                                  | Acwa Power Management And Investments One Ltd                                | CUSIP: 005117AA4<br>LEI: 635400M3OWQGQBZOYO38 | Long             | DBT              | CORP              | AE        |    599950 | PA      | $616695.45    | 0.37%             | 2039-12-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVT SUKUK                                   | Perusahaan Penerbit SBSN Indonesia III                                       | CUSIP: 71567TAB8<br>LEI: 254900G208H6Q0L5B953 | Long             | DBT              | NUSS              | ID        |    700000 | PA      | $721759.16    | 0.43%             | 2034-07-02      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| STORE Master Funding LLC                               | Store Master Funding I-VII XIV XIX XX XXIV XXII                              | CUSIP: 86212XAM2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    496250 | PA      | $508570.94    | 0.30%             | 2054-05-20      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                               | OBX 2024-NQM15 Trust                                                         | CUSIP: 67449DAA7<br>LEI: 254900YXEB756F6RCA13 | Long             | ABS-MBS          | CORP              | US        |    279825 | PA      | $281151.06    | 0.17%             | 2064-10-25      | Variable      | 5.32%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD                                             | goeasy Ltd                                                                   | CUSIP: 380355AH0<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |    700000 | PA      | $726168.10    | 0.44%             | 2028-12-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| ARES STRATEGIC INCOME FU                               | Ares Strategic Income Fund                                                   | CUSIP: 04020EAL1<br>LEI: 549300IANZJVZPTICV54 | Long             | DBT              | CORP              | US        |    400000 | PA      | $401776.07    | 0.24%             | 2028-09-09      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Voya Euro CLO                                          | Voya Euro CLO III DAC                                                        | CUSIP: 000000000<br>LEI: 635400K38PBPFZARQW28 | Long             | ABS-CBDO         | CORP              | IE        |    255062 | PA      | $294119.37    | 0.18%             | 2033-04-15      | Floating      | 2.93%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.            | US ULTRA BOND CBT                                                            | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        -9 | NC      | $-41234.31    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| SHRIRAM FINANCE LTD                                    | Shriram Finance Ltd                                                          | CUSIP: 82556FAA0<br>LEI: 335800TM2YO24B76XL26 | Long             | DBT              | CORP              | IN        |    800000 | PA      | $819609.60    | 0.49%             | 2027-04-22      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                        | United States Treasury Note/Bond                                             | CUSIP: 91282CNW7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    320000 | PA      | $319950.00    | 0.19%             | 2032-08-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BRASKEM NETHERLANDS                                    | Braskem Netherlands Finance BV                                               | CUSIP: 10554TAD7<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |    400000 | PA      | $161236.00    | 0.10%             | 2030-01-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                          | Citigroup Inc                                                                | CUSIP: 172967QF1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    650000 | PA      | $650930.04    | 0.39%             | 2031-09-11      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                              | CUSIP: 3140QVAV6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    550110 | PA      | $563778.77    | 0.34%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                                    | Synchrony Financial                                                          | CUSIP: 87165BAU7<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |    280000 | PA      | $296942.20    | 0.18%             | 2033-02-02      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                               | Ford Motor Credit Co LLC                                                     | CUSIP: 345397D83<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    550000 | PA      | $556325.06    | 0.33%             | 2027-03-05      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| MACQUARIE BANK LTD                                     | Macquarie Bank Ltd                                                           | CUSIP: 556079AD3<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |    750000 | PA      | $680754.24    | 0.41%             | 2036-03-03      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| FS Rialto Issuer Ltd                                   | FS RIALTO                                                                    | CUSIP: 30319YAG3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1050000 | PA      | $1048158.41   | 0.63%             | 2038-05-16      | Floating      | 6.20%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                            | RCKT Mortgage Trust 2025-CES8                                                | CUSIP: 74942JAA2<br>LEI: 254900FCN7EI8DTYGA19 | Long             | ABS-MBS          | CORP              | US        |    791365 | PA      | $789232.46    | 0.47%             | 2055-09-25      | Variable      | 4.79%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.            | US 5YR NOTE (CBT)                                                            | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -386 | NC      | $46136.46     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                                         | Morgan Stanley                                                               | CUSIP: 61762V853<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |     40000 | NS      | $1024400.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                                        | United States Treasury Note/Bond                                             | CUSIP: 91282CGH8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    490000 | PA      | $489062.11    | 0.29%             | 2028-01-31      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                                     | Ally Financial Inc                                                           | CUSIP: 02005NBU3<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    450000 | PA      | $474883.28    | 0.28%             | 2030-01-03      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| STELLANTIS FIN US INC                                  | Stellantis Finance US Inc                                                    | CUSIP: 85855CAA8<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |    800000 | PA      | $772989.14    | 0.46%             | 2027-01-29      | Fixed         | 1.71%                 | No            |                  2 | On Loan: No      |
| PALOMINO FUNDING TRUST I                               | Palomino Funding Trust I                                                     | CUSIP: 69754AAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    650000 | PA      | $688264.33    | 0.41%             | 2028-05-17      | Fixed         | 7.23%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust                            | Extended Stay America Trust 2025-ESH                                         | CUSIP: 30227TAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $201134.26    | 0.12%             | 2042-10-15      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                              | CUSIP: 3140QPAY3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    981500 | PA      | $936294.25    | 0.56%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                               | Republic of South Africa Government International Bond                       | CUSIP: 836205BA1<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    250000 | PA      | $250072.89    | 0.15%             | 2029-09-30      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| BRIT COL MUNI FIN AUTH                                 | Municipal Finance Authority of British Columbia                              | CUSIP: 62620DAH4<br>LEI: 549300XJ89QPG8565B79 | Long             | DBT              | NUSS              | CA        |    500000 | PA      | $353613.06    | 0.21%             | 2029-10-09      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Driven Brands Funding, LLC                             | Driven Brands Funding LLC                                                    | CUSIP: 26209XAK7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    550000 | PA      | $548475.95    | 0.33%             | 2055-10-20      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                               | EUR/USD FORWARD                                                              | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |         1 | NC      | $133709.55    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                               | BX Trust 2024-BIO                                                            | CUSIP: 05612AAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    700000 | PA      | $699584.06    | 0.42%             | 2041-02-15      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                             | CUSIP: 3132DWES8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    679413 | PA      | $666077.15    | 0.40%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ALAMEDA CNTY CA                                        | County of Alameda CA                                                         | CUSIP: 010878BM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $878005.44    | 0.53%             | 2033-08-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| CEMEX SAB DE CV                                        | Cemex SAB de CV                                                              | CUSIP: 151290CC5<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |    225000 | PA      | $234045.00    | 0.14%             | N/A             | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                             | CUSIP: 3132D6EU0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    220461 | PA      | $222928.24    | 0.13%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION                                   | M&T Bank Corp                                                                | CUSIP: 55261FAU8<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    500000 | PA      | $506234.87    | 0.30%             | 2029-01-16      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                            | RCKT Mortgage Trust 2025-CES7                                                | CUSIP: 74943AAA0<br>LEI: 254900E35NYYFOUTHD06 | Long             | ABS-MBS          | CORP              | US        |    432891 | PA      | $436538.23    | 0.26%             | 2055-07-25      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                               | OBX 2024-NQM14 Trust                                                         | CUSIP: 67119XAC8<br>LEI: 254900C7ZCEHM7Y5MX79 | Long             | ABS-MBS          | CORP              | US        |    303210 | PA      | $302655.59    | 0.18%             | 2064-09-25      | Variable      | 4.94%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                | Hyundai Capital America                                                      | CUSIP: 44891ACR6<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    650000 | PA      | $689746.28    | 0.41%             | 2029-01-16      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Payden Emerging Markets Corporate Bond Fund            | Payden Emerging Markets Corporate Bond Fund                                  | CUSIP: 704329176<br>LEI: 549300YZ4XY581C25P40 | Long             | EC               | RF                | US        |    101806 | NS      | $900982.83    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                               | USD/CAD FORWARD                                                              | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |         1 | NC      | $25690.36     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION                                 | Clydesdale Acquisition Holdings Inc                                          | CUSIP: 18972EAD7<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |    500000 | PA      | $502106.50    | 0.30%             | 2032-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec                         | American Credit Acceptance Receivables Trust 2024-1                          | CUSIP: 02531AAJ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    450000 | PA      | $462040.38    | 0.28%             | 2031-11-12      | Fixed         | 7.98%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                              | CUSIP: 31418EJF8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1654955 | PA      | $1655465.70   | 0.99%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                            | RCKT Mortgage Trust 2025-CES6                                                | CUSIP: 748949AA2<br>LEI: 2549002LEW4WNQBOMB89 | Long             | ABS-MBS          | CORP              | US        |    188059 | PA      | $189873.83    | 0.11%             | 2055-06-25      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| Zaxby's Funding LLC                                    | Zaxbys Funding LLC                                                           | CUSIP: 98920MAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    631950 | PA      | $591972.27    | 0.35%             | 2051-07-30      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| ENERGUATE TRUST 2 0                                    | Energuate Trust 2 0                                                          | CUSIP: 29277RAB1<br>LEI: 2549000ZL9MU01FZK194 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $200875.40    | 0.12%             | 2035-09-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                             | CUSIP: 3133KQK47<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1173835 | PA      | $1193991.30   | 0.72%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| C&W SENIOR FINANCE LTD                                 | C&W Senior Finance Ltd                                                       | CUSIP: 12665MAA0<br>LEI: 213800CG16G1YMJRCG10 | Long             | DBT              | CORP              | KY        |    550000 | PA      | $561239.80    | 0.34%             | 2033-01-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Altice France SA                                       | NUMERICABLE US LLC                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    495003 | PA      | $494562.00    | 0.30%             | 2031-05-30      | Floating      | 10.86%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF CHILE                                      | Chile Government International Bond                                          | CUSIP: 000000000<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    550000 | PA      | $659785.26    | 0.40%             | 2034-07-05      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.            | US 10YR ULTRA                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       161 | NC      | $220824.38    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CPPIB OVM MEMBER US LLC                                | CPPIB OVM MEMBER US LLC                                                      | CUSIP: 12673CAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    247501 | PA      | $248318.78    | 0.15%             | 2031-08-20      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                | Romanian Government International Bond                                       | CUSIP: 77586RAY6<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    300000 | PA      | $307335.00    | 0.18%             | 2030-09-16      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                             | Verus Securitization Trust 2025-1                                            | CUSIP: 92540TAA8<br>LEI: 213800JOKZMXZECMAB50 | Long             | ABS-MBS          | CORP              | US        |    662550 | PA      | $668176.94    | 0.40%             | 2070-01-25      | Variable      | 5.62%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY DAC                                   | Flutter Treasury DAC                                                         | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |    300000 | PA      | $303937.50    | 0.18%             | 2031-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                              | Sunoco LP                                                                    | CUSIP: 86765KAD1<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255589.00    | 0.15%             | 2033-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FLOWERS FOODS INC                                      | Flowers Foods Inc                                                            | CUSIP: 343498AD3<br>LEI: 7YNCQQNDK8FBM9BBTK25 | Long             | DBT              | CORP              | US        |    500000 | PA      | $505802.17    | 0.30%             | 2035-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Capital Automotive Reit                                | CARS-DB4 LP                                                                  | CUSIP: 12510HAJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    360000 | PA      | $329495.33    | 0.20%             | 2050-02-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                | Dryden XXVI Senior Loan Fund                                                 | CUSIP: 26250UAY1<br>LEI: 549300ENU7ZZLTPT3E22 | Long             | ABS-CBDO         | CORP              | KY        |    400000 | PA      | $384586.00    | 0.23%             | 2029-04-15      | Floating      | 9.71%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                                    | CDW LLC / CDW Finance Corp                                                   | CUSIP: 12513GBL2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $359607.42    | 0.22%             | 2034-08-22      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                               | OCP SA                                                                       | CUSIP: 67091TAH8<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    250000 | PA      | $261941.62    | 0.16%             | 2030-04-30      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                              | IRS USD                                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $143731.39    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                                | Jane Street Group / JSG Finance Inc                                          | CUSIP: 47077WAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    600000 | PA      | $611061.60    | 0.37%             | 2032-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Taco Bell Funding, LLC                                 | Taco Bell Funding LLC                                                        | CUSIP: 87342RAK0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    550000 | PA      | $548585.02    | 0.33%             | 2055-08-25      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| CIA DE MINAS BUENAVENTUR                               | Cia de Minas Buenaventura SAA                                                | CUSIP: 204448AB0<br>LEI: 529900WQB1ZU9KB6EL71 | Long             | DBT              | CORP              | PE        |    250000 | PA      | $260625.00    | 0.16%             | 2032-02-04      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| Payden Emerging Markets Local Bond Fund                | Payden Emerging Markets Local Bond Fund                                      | CUSIP: 70432T867<br>LEI: 549300ZRY78UEWJB7K76 | Long             | EC               | RF                | US        |    197095 | NS      | $1919709.54   | 1.15%             |  |  |  | No            |                  1 | 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        |    539863 | PA      | $539680.66    | 0.32%             | 2029-03-16      | Fixed         | 8.32%                 | No            |                  2 | On Loan: No      |
| INVITATION HOMES OP                                    | Invitation Homes Operating Partnership LP                                    | CUSIP: 46188BAD4<br>LEI: 549300147YMUQB3GW319 | Long             | DBT              | CORP              | US        |    430000 | PA      | $416309.71    | 0.25%             | 2032-04-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| BREAD FINANCIAL HLDGS                                  | Bread Financial Holdings Inc                                                 | CUSIP: 018581AP3<br>LEI: 549300G8S4PO686J7H97 | Long             | DBT              | CORP              | US        |    400000 | PA      | $427229.60    | 0.26%             | 2029-03-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                                  | PennyMac Financial Services Inc                                              | CUSIP: 70932MAG2<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |    200000 | PA      | $208776.80    | 0.13%             | 2032-05-15      | Fixed         | 6.88%                 | 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        |    155324 | PA      | $150077.25    | 0.09%             | 2057-05-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| MIC Glen LLC                                           | MIC GLEN LLC                                                                 | CUSIP: 55304PAH4<br>LEI: 549300XD843A2SP50882 | Long             | LON              | CORP              | US        |    427649 | PA      | $431097.81    | 0.26%             | 2028-07-21      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-19

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

**Signature:** Sandi Brents

**Name of Signer:** Sandi Brents

**Title:** Compliance Officer